£Lo L4qO3L.ZOIO.I ". Onaway The Onaway Trust Flnan¢ial slatemonts forthe y•ar ended 31 Decefflr 2020 S¢oldsh Charlty Number. SC049032
The Onaway Trust Contents Page TFUStees' annual rep(Kt Independent auditrrfs report to the mwnbe 10-12 statement of financial *ivrl 13 Statement of finanaal positiL 14 Notes to the finarKial stalemer 15-30 The following page$ do not forni part tho financial stat•m?nts Anatysis of grants made 31
The Onaway Trust Chartty Infonnallon Trustees Reglstwed & Prlndpal Offic• Donawjurd Famihousè Ik)navourd PH16 5JS Aet Managws Sixth Flcor, Atra One Edinburgh EH3 8EX Bankers CAF BANK Linniied 25 Kings Him Aver8 Ktngs Hill West MalliNJ Kent ME194JJ Sollcitors J&HMitchelWS 51 Athol Ri% Piitochry PH16 5BU Audltors 45 Queens Rd AB154ZN 5ttIsh Charfty Number
Th• Onaway Trust Trustees, annual report The Trustees piesent their rekkn and the financial statements of the for the year ended 31 December 2020.The tharity infwrnakn set ryjt on page I forn wi of thk8 rerM)rt. Slgnincxrt changes In th¢ year Fdk)wing the completion of registration wilh the l)ffte of the Scotttsh Charity Regulator (08CR) to becxjme a Scottish Charitatrfe IrthrprTrted Organisalion {SCIO) in 2019, on 3ftJ September 2019, in line wrth agreements with the Charity Commisshjn of ErylaThJ Wales. au assets from the Onaway Trust We transfe to the new SCIO. Onaway Trust 2019. The Onaway Trust is rts)w a fuuy inixjrporated havi1¥3 charitable status under the charleS and Trustee Investment Ad 2005. 2020 saw the ntInUation of progress in long%Jlanned slructurat charoes designed to nK#Jemise stre11 the structure of the charlty and lo simplfy its regulation. On 10 March 2020. OSCR approved the Charity changing its to The Onaway TrusL The Twsl also (Xjmrnenced the pro$ of winding up its related company, Onaway Property Limited, by initiating the pro$ of transfer1Th the hertsbfe woperty from Ihe company to the Tnjst. The legal transfer ofthe heFitth wopty tcNJ( pe on 11 Mawth 2020. The ¢onnected company, cknaay F¥cp8rty Limiled, was dtssofved vi8 volurtary stre off 22nd June 2021. Tnt daed arKI new SCIO constitullon The 01Y Trust was orignalty established in 1974 under a Tnrsl deed (amended Apnl 2Q14 and July 2018) and govemed ty Charity Commissil of Englar#J Wal8s and OSCR. Thrs giStration ceased on 3rd September 2019. and wa5 supwsd by the nv SCIO constitution arml govemod solefy by OSCF Agreeing the new consltiutton provided tdeal OPWnty to refine the woth ofthe organisation - whilst carefulty keeping within the (xiginal #itentions of the late foUlets. As a result, the Charitable Purposes of the new SCIO are: to provide fin1 an(J otrw suppK to 1r19en0 pers around the wothj whlth helps to nntain their and dignty. aml thweby ains. to relie their Fovety LY finaxI hardsti¥ty. to tharM tsir educat[(, to advance their religon or beliets. to advare their arts, OJure, trtage or scler, to advance envinnmenta protèction or rmprovemenL to promote equalty and diveTsty. or ratial harmony. andlor to advance human ThJh ¢ty)fiicl resOtion or re¢onialiatton; and lo pffjwde support and a$35stan lo rwAe In r*ed as a resith offamine andlor natural disasters aroun(J the wortd. The Trustees of The Onaway Trust honour and respect its late founders, Barbara Jean Pilkington and John Morris. Their genemsity of spirit and clear vlsion in providing seed funds for community pmjects Ihives on in the new constitution and continues to strengthen and impmve the lives of Indigenous Peoples.
The Onaway Tn4St Trugtses. annual report (conllnuod) Appolntm•nt of Tru8tO0S Al each Amual Mwnbers Meelry. on1 Of Twste65 (wthe nearest number downwards) shal relire from offi. A retlring Trustee shall be el*tble kn reeleclM)n after one tenn of office, but no Trustee can serve rwe than thre8 consecutive temts of offi. wlhout at least e year ¢rt of office befr)re being eligiblo again. If no otherTrustee has or TNstee5 have dery.ded or agreed to retire. the Trustees to ttle al each AMM shall be ttM)se who have been bngest in office since Iheir last electton as belween persons who were elected (Y lasl rtreleC1 Twstees on the same day, the one ones to relire shall lUeSS they othefwse agree a)n9SttheMSely9} bg detemiined by tot. Electlon of any Trustee Shall b8 by vots of ts olhw Trustees. eath Tnjstee one vote for ead) vancY in the Trustees on the Bfwd. New Trustees wll b8 gNen a frjll induction and iitrotheed to the managent and athnintstration systems In pla. To ensure Ihe charity is eiTicienl. effective and w)perty managed, Trustees are provided access to 81ectronic c(Vi8s of the finani?al statements. Trustee minutes and the latest OSCR publications for good governae and reo)mmended practice. AJI Trustees of Th Onaway frust are asked to sign a 'Dedaration of Elig)11. in line with cJJrrent regulations and T8mmendatiOns. In selecting persons to be appOted as Trustees. Trustees take into aco)unt the beneffts of appointing 8 person who is abte. by virtue of his or h8r pers(1 or professional qualificathS. to makè a contrltrArticrf) to the puNilt of Its oty'ects and tho managewit of Ihe charity. Rlsk managoment The Onaway Trust has d8Yeknj a rk strategyfor M&asurg probabilty and impact whilst agreeing steps for mitigation. This is rev4evKd on an ongfyng basis with any Wential risks Jded and Sed 8cuYdwigty. Throug dlreclor, e prwiwal responsibilty for day4trday Op81 was delegated to the Trust's The Trust88s of Onaway from a variety of backgrounts and toOier possess a balance of charitable, govemartt, elhi¢al. legal and c4)mmerc481 experienc8. Where apwopriate, the Onaway Trust employs professlonals to advise on Investm accounting and W matters. The proper knsurance agreements are in to [tect the SCI(Ys assets. trusts8S. P)tential eMpb)Ye I voluntws and L>Jttraclots. The Trust Conslders its key fflanagemt pws(mel to be the TnBlees.
Th• (kny Trust Trustees, annual report (contlnued) Related party transactions Durbng 2020 an inherited and related paty tr8nsaclion wl)ich ped a fjnancial rk to the SCIO was finally resofved. As a re5uIt. and folbJwing th ieg advice, the SCIO accepted litle to the heritable propety (valued at £552.000> avmfj the tstandIng loan {valu8 £220,156) wlth the conneLd Llmlted Company dissobrtl) was waved, hayw &Kev$ty be WOVFded for in full. Details of olher related party trans1 can b8 #i nole 16. - nbi@ctlves and actlvities for the P1¢ offt As per Ihe new n$tOn, thEOnawtyTrnst-wovMknkn_l and other suprx%t to indigenous P80ples around the Wk1 hélping maintain their identity and dignty. Indigenous pop(tsts0nsftsTrHW- to be habitually disGriminated against so grants are made through small ¢haiilies trj ensure funds The Trustees continue to pronM>t8 selt-hdp and seW-SLÉts¥)abilty waLces aThl en¢oLW organic principles to [te(l and promote tr 0¥8 of the sol. In addition. the SCIO also swports caNs for ManItarIan asslstanc6 for immedrate reli8f fdtowing nalural disasters or other ¢afamilies. Trustees Onalty make tr¥ts to audit the result of pr(4ects the ground, and to seek possible new project opportuThties either direclly or through trusted pathers. During 2020. due to travel restricbons as a resu of CoYid-19, thts vas not InsteJ. the chW Telied on trusted local partners to provide assurance o)st effectivety. Grant maklng polky AppIatS are made to the SCIO tlwglMxrt the year via the bsite. ty trusted kMg.terni associates overseas or by persal recommendation by Trustees. These are then analysed for the extenl to which they net the cklritable pwposes and other criteria. Short4thd prciecls are then nsidered for funding by the Board. How Onaway grant delivered public b•nefft- a revl•w of a¢hièvements and perfomwnce In 2020 In setting thw objectives and plaming aclivitss, tr Ixiard rrf Trustees have gNan careful conslderalion to tr* Charities avxl Trustee Investrnent {Scotland) Act 2005. Advan Running Strong for American Indian Youth- US- È4.032 pl Inlemational - Slim Buttes Garden- US- £3.764 Tribes and Nabjres Defenders- Philippines- £16.993 Lrght Kids kniety- India- £7,579 VITA- IrelandEthiopia- £5,976
The Onaway Trust Tw8t•os' annual r•port Iconllnu How Onaway grant prograrnmgs dglivor•d publk b8Mfft- a review of achlevements and perfommnce In 2020 Icontlnuod To relleve thelr orfioanrijl hardshi Sacred Healing Ctrclg- US- £3.759 Tairona Heritage Trust Kogi- Cd19 reff- UKIColL)mbia- £5,(K)O Tribes and Nalures Defenders- Covid19 relief - PTrHlippvies- £7.978 Liierale$ WeEfaTr Association - Covid19 relief - IrKka- £9,421 Lilerates Welfare ASS0on - &)ats project- INlia- £9.233 Plenty Canada - Covid19 relef - GuaternalalPevu £8.160 Plenty Canada - Cowd19 ree1- Peru £7,933 Plwty Intemational- Anpo 'MiW Davis- £4,062 an Sacred Heallng Circle- US- £1.710 Advancè thèir oducation Magic of Life Trust- UK- £2,1)01 Joseph Educat50nal Trust- India- £2.869 The Friends of H.O.P.E. Sch¢)ol fees- Ir- £350 Advance thelr rell lon or ljelléls PLENTY Intemath)nal- Llnda DekThler- £5.722 Monltorfng achi•v•m•nt We also made Iestments to support the development ofthe dwty to better enable us to xhi8ve our objects over the medium and long4emi. Thts bulds on strdtegic devetopment work carried out in previous years. Thi8 indudes the final settlerrent of a £1.8W lo ONLY Studv) for work cawied out in earlier reporting wiods. Th& Trustees have due regard to OSCR gufvjaTh on tenefft when exercising any power or duty to which the guidanrk is relevanL As part of its fvndvig proF)sa every prwt must makè a Stateff of its anticipated benefits. This provKles the brnk agwst wPuth to measuro ac1w¥L There are a number of non-ex¢lusfve methods measurfng this. The first is that every wqect is required to wowde a reporL backed with photcgaplwc evtdence at the end of the project and before additional stage payments are All these rep are scrutinised by Ihe Trustees: a sample are then consider&J in more detad to lessons to Knprovo fubJr8 grant deasions or to identfy wtential followwon This reliance on written reports does ratse a risk that fiKyJs may be misapplied or. likely, the achievement overstated. Given the size of Ihe (tsity, the size of the ants (rarely exceeding £10.000) and the worldwide spread of benefKiaries. it is not judged proFNtionate or ac*levabte to conduct an iTrp8Tr0n audit visit to each Hcpwever. a number of mitrjattons are put in pla. The first is that w4e¢t pr(4)osals need to be sthnitted by aEyoved and authorised charitable organisations operating a valtyj bank account. This provides a basi$ level of assurance wtth all forelgn grants made via bank transfer- eliminating any risk aSl?1ed with cheque interception. Secondly. Injsted inth¢D1ry lnterkMJrt VFSit wr4e(ts arvj pYovKl8 inf(¥mal and forn1 progress reports.
Tho Onaway Trust Tn. annual rewt (¢ontinu•d) H¢M Onaway grant programmos deliv bornfft- • rnview of a¢hievwnonts ?nd perfomwi¢e In 2020 (Contlnued) Flnanclal Revlew Th& capit81 reserves ofth8 OnwKay Trust lnate from its f(d. Miss B J Pl1kn and conth)ue to provide the core ofthe charilrfs caFital. The main (kniective cl Onaway board is to preseThe the capital value of the inestment fund (including UK infiation - RPI) in order to FKo¥ide an inc4Jmè for the Charitable Purposes ofthe Tnjst and the projects it suprA)rts. total value of the POTlfoiK) reduced from £5,010.29212019) to £4,781.951 (2020) representing a -drop_of4.56% during 2020. Since Ihen. waation has recovered to £5,352.490 (5 Aug 211. The Onaway Tru$t'$ investments are managed by Brevm Dc4pTrKn SeCUritshl0bjeCtsVe of-_ achiewng kng term grThvlh of both capital arKI inme. Investff1 perfomance is measured against the SE APCIMS KKlex and infiatron uS 1.5 per cenL InVeStmlS are selected to ensure they do rt diredty conflict th the ¢lwiWs aims and i¥ls. The inveswt pdiGy was confirmed with the chaty.$ investment manageTS in 2020. The breakdown pwcenlage is 85 f1(A¥s. UKE Overseas E uities Bonds Attematives Pro other Cash Total 23.8 43.0 14.0 11.3 1fJ).O InvoStm•nt poll¢y and perfOnanC• There were 53 separate holdings within the p[0 at 31 Dember 2020 aThJ the syoss yi@Id stood at 2.56%. The performanr£ of Ihe [N)rtfOl is manag&l on an ongotng basis by Brewin Dolphin, the portfolio manager. Reports are a¥aable to the Board at all tTmes a1 furtherre detailed quarterly reports are $utmitted to the Board to Trustees, meeliro& The number of projects furKJed decreased (from 16 to 15) and Ihe overall am(nt offiJnding also decreased. tti a totsl of £106.542 (2019- £124.978) bwng avrarded. This is in part because of funding inteTnal deveknpment wcffk to alow us to meet OLf charitable purposes more effectivety in the future and the ajdbtional woth Invo creating lh8 new legal frameth. Addit¥)nalty, the impxt of COVID19 saw a number of projects held in abeyance durfng 2020 whilst other costs were redwed to wcffkiw rerW. Latest market analysls from Brewin Dwln With lockdown restrictions easing, we have seen econombc activity continuing to pick up across major devew markets, resulting in another quarter of strong retums for equities. The stroNJ economic growth, combined with stgnifieant and persistent g)venNnent SFending, however, has led to concerns over inflation, with any change in sentiment in the outkd( Cfeating volatKty for investors. We continue to believe that an investff1 strategy foojsed on long-term qualty grovrth stctks with a good18Yd of underlyN)g diversifKj wll offer almbve reiums for long.term Invest5. COVID-19 is still a major proL4em al aT alxoad. but the wothj 15 leaming to wlth11, even In some of those sectors that suffered the most. Travel remaiFLS tMJgely probkniatic a$ the delta vari8nt of COVltk19 is the uninvited guest govemment wants to allow in. But progressivdy mo economic activity is reopening as vaccination rates rise. and that is helw.ng the economy r8¢over
Tha Onaway Trust Trust¢os' annual report (eonllnu•d) Rasèrves pollGy Thé maiority of the Trusvs Inc(me is dwived from Nest w08 with onty nominal sums comlr from gifts, donalions, or otlw Lvtroff types of income. Trustees a thefore of the view that a s1gnrfant proOn of its reser¥es shoukl continue to be held in the fomi of in(xNne bearing investments. Tho Onaway Trust has pc4irAes in p ewtirwJ woiects are mori on orvJoing basis and rewewed for fvnding every threè yeats. The Trustees eThJeavour to communicate openty with Trust projects. encourage their obyn aubIlity •KI do not make assurdnces. fwwicia or othef¥WSe. wht¢h cannot later be IOUred. The Trustees monltor market con(Stions arKI orKJoing expenditure dosety wtth monthty forecasts of axpenditure and income prepared to ¢n$ure lunds remain avarlable lor new project considerations and ongoing commitments. If rnarket conditions chang8 suddenly fesulting in a drop to the Trust's Income, Thè Onaway Trust has funds available to seThice its short4nedium term cL)mnMtments. During this period these induded a salary (unlbl September 20191. operaling costs and an allowance towards grants approved but not yet pa#1. Ttte reserve funds are assessed to amount to £50.000, which is approximately 3 months owating costs and the currènt funds held SignifanY exceed t5 amount at £5,526,0fj8 (2019- £5,677,327) ol unrestricled funds trdd. Re$lri¢ted fund$ amount to £20,000 (2019- £20.000). There are also destgnated funds cl £1,632 (2019- £10,164) for ebsite devekwmenL Plans for th• ful COVID To date the imparA of the pwxlemic on Chlaway has been twofcthj. Firsty, due to a reduction in Share divldend yield. expecled annual Ire has droprd almost 25% - representtng a decrease of around £40.CKi). Sewndly. some of the planned indigenous projects for 2020 have been cancelled or scaled ba¢k consklerably. pathc9h hugety disapwinting for those (wmunilies invofved, fuTrJs have t)een redirecled towards inueasirvJ the sustau)abHity of gardening projects (US) and provmling emergency re8f to indigenous ComnitieS (Peru. Guaternala. lThJia and Colombia) to provide vitsl lifesavlng food packag8& Tho board of Trustees o)ntinue to keep a close eye on the globa Impact of Coronavirus on indjerK C(ffimunities arKI VAI wovide slrntegic SUPFth where necessary as fuTrts allN. The Board'5 strategic objeclNe durirKJ 2021 Fs to the structural ndeMiSatIon of the charity while continuiryJ to provide Urlm1Shed suE4)ort towards indigeTh)us people and other causes consistent with ils charitable purr)ses. noting in partilar the disproporbonate Impact of Cov119 on indlgenou$ peoples, Th? OnaTMay Trust will strive to Indigej5 peiyle5 in their recovery from COVID19.
The Onaway Trust TTUStees' annual rep(Mt (conlinu•d) Statomort of dlsclosum of Infonnalion to audltsx So far as the Trustees are aware. the is no relevant infrnal ofwhich the charity's auditor is unaware. and each Tr18• has taken all steps thal they OLwJht to have taken as a Trustee in order lo make Ihem aware of any audit iTrforynalion and to establish that the charity's auditor is aware ofthat The Trustees, annual reportwas app0Ved on ............................................... 2021 and signed on behalf of the board of Trustees by.
Tho Onaway Trust The TfUSt88$ are reskN)nsible for prepamg the Trustees. teFrt and the fmancial statements in accordance with applicable t8w and United Kryd(Kn AccA)urthng Standards (United Kkngdom Generalty Accepted Accountiig PractKe). The law applicable to ctwits in Scthnd rewires the charity Trustees to prepare fwwicial Blatements for each year which gve a true aThl faw view of the state of affaits of the ¢lrity ar of the ini¥)ming resources and appllcation of resources, of the charity for Ihat riod. In preparfng these fknandal slatements. th8 Tnth are requIrj to: select su¢table accountlTh3 th apkty Ihem c1StentI. obseTre the hodS and pr1rapkn in the aFfli¢atAe Chwitss SORP 20191FRS 102),. s12te whèther apFdicable UK Ac¢wntTrng Standarts have been folloKYd, subi8Ct to any materia departur8s disclosed and explained bi the fmancial slatements; ppare the financqal statements C the going basis wdess it is inapwoprÉate to psUMe thal the charity will contviue in buwess. The Trustees are re$sIble fly keeping adequate accOlIng records that are sUlent to show and explain the chariws transactions and thsckjse b¥lth feasble at any time the financial position of the ¢harlty and enable them to ensure Ihat the ffftancial statements compty with the Charilies Act 2011. chare$ and Trustees Investm (Scotland) Act 2005. the Charity Accounts (Scolland) Regulations 2006 (as ameThJed). and the wJvis)ns of Tntst Deed. They are also responsible for safeguwding the assets ofthe charity and hence tsking reasonable $tep$ for the prevention and detection of fraLMJ and other irregulaiities.
Tho Onaway T1 Indewthnt auditorfs roport to the members of Th• Onw Trust Oplnlon We have audited the financial slatemenls of The Tn1 tsthe 0d endod 31 December 2020 which comprise the stment offKwcial activilies. balae sheet arKI the fylate(I notes, induding a summary of Signifan1 a)untIng WcleS. The fina1?1 rop(¥ting framework that ha8 been applied in th&ir pYeparion is apPrable Law and United Kingd Accounting Standards, induding FRS 102 The FancIal Rewbng Standard appIlble in the UK and Republic of Ireland (Uniled Kingdom Generally Acwled Acc(MJnting Pracbce). In our opHiion the fal81 stat8m8nt&' gNe a true and fair view of the state ofthe affrS as at 31 Dember 2020 and of its - Ineor.and.tsa . K8tion of resour$, for the year then ended,. have be8n PKopety prepared in a¢cordartce wIrngngdOnrsener8mAcGePt&l______ Accounting Practice: arml have been wepared in accordanr with the requyements of the Charities and Trustee Investsment {Scotland) Ad 2(K)5 arKI Regulation 8 of the Charities Accounts (Scotland) Regulattorts 21J16 (as annI18¢1} aThJ Chaiilks Act 2011. Basis of oplnlon We c4)rNJucted our audit in accordm with Intematl Standards on kniting IUK) {ISAs {UK>) and appllcable law. Our responsibilities urmler Ihose standards are fijrther described in tho Auditorfs respons)1111[es for the audit of the financial ststeffthts section of our report. We are independent of the Trust in accorda1¢ with the ethi¢21 requirements that we relevant to our audit ofthe financial statements in the UK, induding the FRC'S Ethical Standard and the provislons available for small enfjttes. in the cirCufftanceS set (Njt in note 16 to the financial ststements. and w¢ have fulfilled our other ethi&91 resF¥)wbilitses in ac¢ordan¢e with these requirements. We believe Ihat the audit eviderKe we have obtained is sufftlt arKI apprqxiate to pro¥k a basss for opinion. Conejuslons relallng to golng n¢•ffl In auditing the financial stat&ne. have (x)nled that the TrEtstees' use of the going concern basis of acwjntlng In the Preparat of the fjrrdThial sIalem is appropriat& Based on the work we have perf0Th, we have Identi any material uncertainties rdatirg to events or conditions thal, indiwdualy llectivety. may cast doubt charity's ability tr) continue as a wng concern for a wicrtl of at leasl hvelve months from when the finanpjal slateffwts are authorised for issue. Ir responsibilitiès and the rest11 of the dIFerA( with respect to going c>xem are descrlbed the relevant sections of this repxL Othor Information The other infomiation Coryises the MIA)mtIon Iruded #? Tnjstees. report, other than the financial statements and ow a11$ re[ thereon. The trustees are responsib for the other information. Our opinton on the finanrAal statements does rnt cover the other infcrtion a1. eXpt to the extent otherwise expli(Jty stated in our we do not express any fomi of assurance conclusion Iherw)n. In conneclion wilh cwr audit of finarnial statements. respSibilitY is to read the oth infomialion and, in doing so. nSider thther Ihe other wrformation ts mateiialty inconsisknt wilh the finanoal slaternertts or our kncvledge obtainad in Ihe a111 or otherwise appgars to b8 matertal misstated. Ifwe identify su¢h material inconsistertues or apPnt material mk%Statements. we are required to detemiine whether tr*R is a material misstslement in the ffftaniial statements or a material misstatement of the other infonnatson. If, based on the work have performed, we collKIe that there is a material misstatement of this Oth Inf. we e required to report that fact. We have nolhlig to pty1 in this regard. 10
Thg Onway Trust Independont audltor'$ report to th• mombers of Tho 0naWayTnt {wttlnued Matters on whlth we ar• rnqulred to report by •xctytion In light of the knowledge and Und)g of The Chlaway Trust its environment obtaned in the urse of the audrf(. we have rnt Klenlffied rnateI Misstatements in Ihe Trustees. reporL We have nothkng to reF4Xt in resp1 ofts folcwiv¥J matters vthwe ts Charfties Trustse Inveslmenl Iscovand) Act 2(M)5 and the Chaiities AL¥>)unts (Scollarnl) Regjlations 2006 (as amended) require us to rewxt to you rf. in our onic. • ad8quate accountH)g reo)rts have not bew kep( ty relwns adequat8 ft)r our audit have not been received from branches not visited by us", the fina18[ ststements are nc in reement ¥tyth the aco)untiThJ records and retums: or certain dlsdosures of trustee5 remunerat specified by law are not made: or W8 have not re¢etved al the nformation and explanations we rewire fc ow a11. or the trustees were not entitjed to Fwr8 the thanGial statements in accordance with the small companies regime and lake advantage of the small companies. exemption in preparing thè directors. report and take advanlage of the smaH cornpanies exemption from the requiremont to prepa a strategic report. ResponsibHttlas of Trustee5 As explained rre fvlty In thg Tntstees. R6sponsitsTries Statemen( the TTUStees are responsible for the preparation of Ihe financial statements and for being satisfied that give a true and fair view, and for such inlemal fJ)ntrol as the Tnjstees detemiine is necessary lo enable the prepardtion of financial statements that are free from material misslatemenL whether due to fraud or eTror. In preparing Ihe fin8n¢ial statements. the trustees are responsibte for assessing the Trust's ability to continue as a going Gonom. disctosing, as apPlble. matters related to going concem and using the going nCern basls of accounting unlgss the Trustees eilher intend to liqUJats the Trust orto cease operations, or have no realisti¢ allernative but to th) so. Audltofs responsujlliths forth# audit of the fInanC statements We have been appoNrtod as auclitor under sectKJn 4411Xc) of the Chiiw and Ttea Irbveslment {Scotlandl Aci 2005 and report in ac0Xdan wlh regulations made under tw Act. Our objectives are to obtain reasonth assura atM)ut ththether the finanGial statements as a whoEe arg free from material mis5tat•ment. whether due to fraud or error. and lo issue an audito¢s report that includes tyjr opinion. Reasonable assurance is a high level crf assurance, but 15 not a guarantee that an audit conducted in accLYdance with ISAS {UK> wil always detect a material misstatement when it oxists. Misstatements can afise frcKn fraud or effor and are considered matertal rf, Individually or In the aggregate, they cOd reasonably be eXFj to 1rrflue8 lh8 economÉc decisk)ns of users taken on the ba8Ls ofthese financial statements. IrregLdarili8s, includlTrJ fraud. instances (4 Tr)nwcompfkqn¢e wtlh laws arml regulations. We des(gn procedures in line with our responsibilities, outlned atrf)ve. lo detect material misstatements in Spect of irregulariÈies. inclu(thng fraud. The Spea procere this engagement and th& extent to whlth these are capable of detectlng irYeguFarthes. including fr1. 15 detaikd bek)vr. enquiring with Mgent about any k¥ or suspected of non.o)mpliance with laws and regulatio, including GDPR arKI fraud.. review of coThespondence regulators OSCFI. revi of legal fee expeTrJiture arKI board rrinule5' challenging assumptions and J$38m rnade by manwent in their significant a¢¢ounting estimates,. and, auditing the risk of management oveffKle of contrcls, testing jownal entiies and other adjustrrnts apwOten8s
Th• Onaway Trust Ind&pendent audltsfs rep lo the memlm olThe Ortaway Tntst IntInued> Auditorfs responbIlitieS forthe audil of the finan¢Fal Slatn {contlnuod) Because of fiekl n which the Lthent operates. idenlFfied the following area5 a5 those most IrelY to have a material inwt on the financial statements: Health and Safety; GDPR and compliance with the Chittes and Truste8 Investsnenl (scollar> Act 2005 arxl the Charities Accounts R&3ulations 2006. Owng to the inhorent limitations of an audL there 15 an unavoidable risk that sorne material mKsstatements in the financial statements Thrdy fK>t be deleded. even though the audtt FS properfy nning and Frfomied YJ acrdanCe with the ISAS (UKI. For lnStsre, Ihe fvrther removed non- compliance is from the events and transactions reftectgJ in the finanryal statements, the less likely the auditor ts to be) aware of its or to re. . Ae the rn-COmPae. A further description of our resp41111es for the audit OF financtal statements is knated the Finanoal Reporttng Council's website at h s:Ilwv•N.frc.o -uklaudilorsres nsibilities. Thls description fomB part of our auditorfs reporL Use of our report This report is made sow to the Tntstees. as a bcmty. in a¢¢cKd with SectV 44 {1)l¢l of the Charbtses and Trustee Investsnent (Scolland) Act 2005 and Regulat 10 oflhe Charilies Accounts (Scoknd) Regulations 2006 las amded> and under Section 144 of Ihe Charlties Act 2011 and regulations under Ihese &ts. Our audit work has been undertaken so that V might state lo the Trustees those matters we are required to state to Ihem in an auditorfs report and for rK) Other purpose. To the fullest extent pwmitted by law. we do not aoxpt ty assume responsibility to anyone other than ts Ch and Fts Trustee5 as a W for our alIt work, for this reporL or for the opinions we have fomied. io LLP Henderson Loggie LLP Chartered Accountants Statutory Auditor 45 Queens Rd Aberdeen AB154ZN 9 Septwbgr2021 12
Th Onaway Trust Statement of financlal actlvlll•s tor the yèar endod 31 December 2020 Unrestrlcted fund8 Re•trlctsd funds 2020 Total funds Unrèstricted funds Restrlded funds 2019 Totsl funds Income Donations and legacles Investment income 1,845 147,281 350 170,598 350 170,598 147,281 Total Incoffl• 149,126 149,126 170,948 170.948 Exp•ndlturo Raising fvnds Charitable actlvitles 26,963 131,120 26,983 131,120 30.232 201.719 30232 201.719 Total •xpendttur• 158,083 158,083 231,951 231.951 N8t •xpendlturo b•for• othar r•¢ogn180d galn8 and losses 18,957} (8,957) {61,003) (61,0031 Net g8lng1(l0sseg) on Investments <150,834) (130,834) 874,236 674.236 Net mov•mont In fund• b•for• tran$f•r8 (159,791) (169,791) 613,233 813,233 Transfgrs (964) Net movement In funds 1159,791) (159,791) 614,197 (964} 613,233 R•con¢lllatlon of fitndg Total funds brought forward 13 5,687.491 20,000 5,707,491 5,073,294 20,964 5.094.258 Totsl funds ¢arrled forward 13 5.527,700 20.000 5,547,700 5,687.491 20,000 5,707,491 The statement of financial activities includes all gains and losses recognised In the year. All income and 8xpendlture derlve from continug activlties. 13
Th• Onaway Trust Statement of flnanclal pog11ion as at 31 Decem 2020 2020 2019 Fixed assets Intangible assets Tangible fixed assets Investments Investment propety 8.532 518 4781.951 $52.000 17.064 1.036 5.010292 5.341IX11 5,028,392 Current assets Debtors Cash at bank and in harKI 10 7.011 211.6TI 546,856 149,291 218,688 696.147 Credltor8". amounls fang the wlthln one year 11 113,989) (17.0481 Not current assfjts 204.699 679.099 Totsl a880ts 4547.700 5,707,491 Not assets 7,700 5.707,491 Funds Reslricted fund5 Unrestricted 13 13 20,000 S.687,491 5,527,700 Total charhy fvnds 5.547,70Q 5,707,491 These financial statements were approved by the board of Tnjstees and are signed on behalf of the rustee Trustee The notes on pages 14 to 29 foTh part of thes8 fina181 statements. 14
The Onaway TTUSt N¢ths to the flnanclal statemonts Charlty Infomiallon The charity 1$ a rettted as a SCIO in Scotl. The athess of the Principal office Is Donavourd Farnihou5e, Don8vw. Pith)thy. PH16 S. Bas18 of prnparallon financial statements havè been prepared on the histortcal cost basis. as modified by tho fevaILkq0n of certain finandal assets liatm1rt and H)¥estsnents m&ured at fair value through income or expeNlitur8. The finawal statements are rffepared in erfing, whith is tr of the charrty. Monetary amounts in these financial statements are rounded to the nearest £. These financlal 8tstem8nls have been iepared with FRS 102. Yhe FInarla1 Reporting Standard apFAicable in the UK and the RepUbC of Iretand.. the Statement of Recommended Prad¢ce aFvlicabEe to charitEs prepariThJ their accounts in accAKdance with the Financial Reportlng Standard applicable in UK and Republic of Ireland (FRS 102) (Charitiès SORP {FRS 102) and the Charities A¢t 2011, Chariii8s and Trtlee Investments (Swuand) Act 2005 and the Chatity Acoyjnts (Scotland) RegulatKM)s 2006 (as amended). The charity constiiuie$ 8 Pulth Bwefft Entity &% defined by FRS 102. Staiemont ol cash Ilows Th8 Ilnanclal staleffwts do not incaude a ststement of cash Ilows as it is a small chwlty. Golng con¢em At the time of ap[VIng Il IhwKial statem. the Twstees have a reasonable expts1 that the charity has adequate resources lo Contr in operatK)nal existence lor the foreSeeae future. The Trustees have assessed the risk impM)sed on the chity by the ongoing COVID-19 pand8mi¢ and are comfortable that the risk i8 sufficienuy mitigated due to the fact that grants paid out are Strtcted to the level of itKome reived from the investment porttolio. Income All cOMe Is induded in the statern offinandal athitss entillement has passed to the charity; it is probable that the economtc beneffts associated wikh the transartion will flow to the charity and the amount can be reliably r[Sur. The folowing pc4ities we apped to particular categorie5 of Incce. ineA>me from donations are recognised there is evIdere of entitkm8nt to Ihe gift. receipt is probable ar*J its amount can nred rebably. Invesbnent income is irduded when the tharity ts eniitled to the income. il is wobable the Inoyne WAI b8 reiVed and vtsi it be meawrd TrlatAy. 15
Onaway Trust Notes to the fin•Klal staterne {continued) A¢countlng pollcles (contlnued) Exp•ndltur• Expenditure is recognksed when th8re is legal or C(strUctive obhgatton commiiting the charity to that expenditi¥e. is probable that setknwrt w0j be tequwe(l arvJ th8 amount of the obligalM)n can be rrtred liab. Raislng furmts are those costs in(xxred in relatKffi to managrng the dwlty's portfolio of investrments. charitable and st¥port costs. sup[ Costs 9)VeMan ntral funct$ and havo alted to activity o)st cateJ( Ths a basis o)nstsknt with the use of the fèsources. Grants payable are p8yments maje to thrd parties N) Ihe furtheranL¥ of the charitable objects of the Trust. In the case of an uncorKlItal grant offer is acwed once the recipient has been nolFfied of the grant award. The tiallOn gives the rec#pient a reasonabl8 expectation that they will receive the one year rx multi-year grant. Grants awards that are subject lo the recrpient fulfilling rforManCe condityB are orAy awued when Ihe recipient has been nolified of the grant and any remaining unfuffilled rmjitions attaching to that grant are outside of the control of the TrusL Prowsions fw grants are made when the intention to make a grant has been communicated to ts recipit Ixrt there is uncertainty as to the tming of the grant or the amount of grant payable. Intsngible assets Intangible assets are inilmlly recorded at Gtst and are sUbSeqY stated at cost less any accumulated amortFsatM)n arwj impairmerrt losses. Any inlangibl8 assets caThied at revalued amounts. are recorded at the fair vakne at the date of ValUatIon. as delermined by reference to an aclive matket. less any subse(pnt accumulated amortis*Th and subsequent acMUlated impainnent b)sses. Intanglble assets acquired as pwt of a trfjsiness (xxyknnakn a recthed at the fair value al the aL7tuÉgitton date. Amortisation is catculate(I so as Io TATite off the cost orvdUati of an 8s88( less Its resvJual v4ue. over the usefvl econonmc life of Ihat asset as follows.. 20% strahjht Iwie to 31 D8cember 2019 and the decisron vras taken, by lh8 Tn&ees, lo swèaj tha romaing depreciation over a 2 year pericd. Tanglble a¥sets deweclation AI fixgd assets we initiaty recxxded at rxEL Deweciation is calated so as lo bwite off the ojst or valuatiM of an assgt. less its residual Office equiwent Library books 10% to 25% straight Wne 10% straw line 16
The Onaway Trust N¢Ae$ to the finandal slatem•nts (¢onUnued) A¢IntIng poll¢les {ConUnuI Investments Unlisted equity tnv6slNnts we lnilty rec¥xdwJ at cotsL and subsequenty rnured at fair value. H falr value Ganrttx be reliabty rneasU. assets are measLwed * Cost less imparm8nL Listed investm8nts arn Included at fw value. Realised and losses. representing tt dIfferer betsveen sa18 proceeds fair vabje al the prevMx]s fina)ci4 Y end or purchase cost If acquired durir¥J th8 year. are dealt with in the statefftnt of financial activitles. Unrealis& gains and tosses. representing the nvement tn the fair value of Investrnents over the finan¢ial year crf from theK date of purchase if acquired dufin9 the financial year. a deall with in the statemont of financial tIVitIes. In the case of a pennanent (liminution in the ¥ae of WNeStsY. pr$1 is made to rwkne the carryN)g value of investments to their ffec0ver8 anoL The Tnjst do8s not ar4uiro put 0C, derivakn other compkx fjnancial instrum. The main fomi offinancial risk facad by th8 Tt is that of volatility in equity markets and Investment markets due to wider economÈc lnl10ns. the attitude of investor to investrnent rfsk, 8nd changes in sentiment con(wning equities and within parthwlar sectors or sub sectors. Investment woperty Investment propety. whth is held to eam Wla1$ andlor for caFMtal appreciation, is initially recwnised at cost, which indudes the purchase cost and dectlY attfibutabte èxpendilure. Subsequenlly, it is measured at fair vabje at the reporting end date. Th8 surplus or deficit on revaluation 15 rectydnised in the ststement of financial activtties. InN)aImnt (rfflx8d ass A review for indic*ors impaimient is carried (Alt at each ting date. vhth the recoverable amount being estimated vthere Sbjch irlcat0rn e$L Where the carrying value exceeds th8 recoverable amounl. the asset is irnpaired acts. Prior impaThnts are also reviewed for pos&bie reversal at eath rep(xtiry date. For the pUoSe$ of Impatrment testing. when it is not F¥Jssible to estimate the recoveraLqe amount of an individual asset, an estimate is made of the recoverable amount to the ¢ash- generating unit to whth the asset belongs. The cash-generatmg unit is the smalSest identifiable group of assets that In¢deS the asset and geneFat8s cash inllows that largely indendent of the cash inllows fr( other assets or groups of assets. Trade and othor debtors a remgnised at the Settle amount du8. Prepants are valued at the amount prepaid. Cash at bank and In hand Cash at bank arKI cash In haml (xsh and cash hekl in a desIt or similar account Credftorn and provlslons Creditors and provisions are recognised where the charity has a present obIga resultbng from a past event that will probabty reSt in the trartsfer offijnds to a Ihrd party and the amount due to settle the obligation can te Tha$ed or estimated reliably. Creditors and provislons are nomialty rè¢ognised at th&r settlement amount after allowing for any trade discounL 17
Tho Qnaway Trust Ilotss to Ilnanclal statemonts (conlin) A¢¢ounting pollcles (continued) FSnan¢ial In8truments The Trust has thala1 assets and firwicial li8111e$ of a kind that qualtfy as basic financial struments. Ba financial instruments a initialty tecog)ised at transaction value and subsewently measur&J at thwr settlernent value. Where investments in shares are pubw traded on ltieirfar value othepwise be measured reably. Ihe inveslment rs sutsequenty measured at fair value with changes in falr --¥alueJe(x)gni&ed in B)come and eXPditure. All other such investinents are subsequenty measured * Cost less impainwiL-_- Financial assets Ihal are measured at cost OT amortised cost are mlebved for obJe¢live evMlen(t of impairment al the wxl of eath reporimg date. W them is D'ectIVe evpJen¢8 of impairment. an impaimient loss is reccMJnised under the appropriated headlng In the statement of financial actsvities in *thich the initial gain was reccgnised. Any reversals of impairment a recognised Immediatsly, to the extent that the reversal do88 not result in a carfying annt of the financial asset that exceeds what Carrying amount w(wld have been had Hnpaimwnt not prevmxth been re[nIsed. Fund accounting unrestric fuThJs are available for use at the tjweuon of the Trustees to further 8ny of tha charitys wrpose& Designated fimds are Unrestr ftmds earnwked by the Tr[ee$ for particularfirture Restricted fdS are suty'ected lo reStsK1m on theK exF¢nditure declared by the donor or throW the teTms d an appeaL A transfer is made from uNestrthd fuThJs to li)Mpte aH restsic fvnds which woukl otherwise be in defmit al the date. Judg•monts In applylng a¢¢ountlng pollclfrs In the 8PFlicalion ofthe chariws aCt0j pdicae4 the Trustees are requlred to make judgements, eslimates and assumpltons atrf)ui the nYIng arrnunt ofassets and liabilities that are not readity apparent from other sources. Tr estimates and associated assumptior are based on historical experien and otljer ftOrS that are considwed to be relevanl. Actual results may differ from these eslimates. In wepafing these fin181 statem. Ihe Tntstees have made the following jLIJgnts.' Intsngible fixed assets and fixed assets are depreckgted over a pericMI to ref their estimaled usebjl INes. The applabty of the a55urned lives is reviewed annually. taking into aCunt fact(xs such as physical C#11. maintenarKe and tholescence. Fixed assets are atso assessed as to whetherthat are iTrJicats of Impairment. This assessment invohes (x)rlderat10n ofthe ec4)nomic viabHity of the pwpose for which the as56t is used. 18
The Onaway Trust Notes to the financlal Statoments {eontinued) Incom• Total 2020 funds Totsl 2019 lund$ Unre$trfctsd funds R¢8trl¢ted funds Unrestrlcled fvnds Restrictèd funds Donatlons and 1ogacl•s Clonations 1,845 1,845 350 350 Invostment Ineom• In¢ome from listed Investrnenls 8ank Interest receivab18 147,249 32 147,249 170,518 80 170,518 147,281 147,281 170,598 170.598 Total Incom• 149.126 149,128 170,948 170,948 19
Tho Onaway Trust Noles to Ihg flnanclal statements Icontlnued) Expendlture Unrnstrlctsd charltab actlvltle8 Totsl fund8 2020 Total funds 2019 Ralslng funds Unr•strict•d gov•rnan¢• Raislng fvnd8 4nre$tdded charitable i adivll urlCted govemanca Invesknent manager costs Grants made lo organisallon8: Indlgenous- Amerlcas Indlg¢nous- Rest of World 26,963 26.963 30.232 30.232 44,142 62.400 44,142 62,400 77,618 47,360 77,618 47.360 8upport easts Stsff ¢o$ts (note 5) Premlses costs Communlcatlons and IT Depr8¢iallon Amorb6allon FlnanGifjl c051$ Wrlle back of bad dobt PTovlslon Other costs AccounlanGy le8$ Audit fee$ Legal ar>d professlonal fees Trustee meeting8 exp¢n808 12,563 9.837 2.509 540 5.688 350 12,563 25.126 9.837 10,540 2,S16 518 8,532 140 17,000) 10,540 2,516 518 8,532 140 17,000) 540 5,688 350 1,181 1,182 1.181 1.182 4.819 23,580 1,929 1,667 1,687 4,592 2.135 938 4,819 23,580 1,929 2.135 28,963 123,455 7,865 158,083 30,232 158,828 42,891 231,951
The Onaway Trust Notes to the finandal 8tal•monts (conlln The tota SLcOsts enwloyee benefits kn the reF11)g pwiod are analy as folhjws:. 2019 Wages and &qlaries Social security costs Pension costs 23.510 675 25,126 The average head of emph)yees during the year was 1 (2019- 1). No omployeg reIVed employee ljenefits of ryKYB £60.IXiI in erlher year. a Trustee and sole empbyee of the dwity. rectt¥8d renneratIon induding empk)yerf$ national InsWan costs. anountiro to £nil durin 12019-£24,185)- The Trust also paKI employerfs Fension ¢tribUti( rela1w to of £nil in the year12019 - £941). eIved no Trmuneralion after the Trst converted to a SCIO The Trust considers its key p¥sne1 to ¢crfnpe ofthe Trustees. During tha year. Iwo TnLstees wer• relMted tfavel arKI subsistonce expenses totsIlg £702 (2019- three tnjstees rèimbursed a total of £1,929). Travel and SubSience expenses on behalf of the Trustees slEst on Trust tsJsin8ss durirKJ the year lotalliro £702 (2019- £1,929). Intanglble assets Webslte 2020 Cost At 1 January 2020 and 31 Decemb8r 2020 Amortisatlon At 1 January 2020 Charge for the year 11,376 8.532 At 31 Decthnbgr 2020 19,908 Cwrylng amounl 8,532 At 31 Decemb8r 2019 17,064 21
The Onaway Trust Notss to the flnancL4 stat•m•nts Iconllnued) Intangibh assets {¢Mtinued) Website 2019 At 1 January 2019 and 31 2019 28,440 Amortisation Al 1 January 2019 Charge for Ihe y8ar 5,688 At 31 Decomber 2019 - JJ..31fi_ Carrying amount At 31 Dmber 2019 17,064 At 31 Decemter 2018 22,752 Tanglble fiMd assets Llbrary books Totsl equlpment Cost At 1 January 2020 Additi 10.103 14.938 At 31 December 2020 10.103 14,938 At 1 January 2020 Charge for the y 9.C67 518 4.835 13,902 518 At 31 December 2020 9,585 435 14,420 Carrylng amount At 31 December 2020 518 518 At 31 December 2019 1.036 1.036
The Onaway Tnwt Noto8 to tho flftanew s&thmonts (¢ontkMMdl Tanglble fix•d 495ots {¢onllnued) Library Tot 2019 At 1 January 2019 and 31 Decem 2019 10.103 14,938 Depreclatlon At 1 January 2019 Charye for the year 8.527 4.835 13,362 540 At 31 December 2019 4.835 13,902 Carrying amount At 31 Dec*mber 2019 1.036 1,036 At 31 December 2018 1.576 1,576 A valuatkn of the Ltrary BiJc&s wa$ on 13 Septeth 2018 for sUrae purposes by Professbjnal LIary Services. The valuation as at this date amounted to £68,252 aThJ rewesenled a gcrfxl relaTrl reFlacement of Ihe asset held. Listsd 2020 Cost or valuatlon At 1 January 2020 Addltions Disposals at fair value Unrealised loss on Inveslments 5,010,292 865,047 (1,122.777) 29.389 At 31 December 2020 4781,951 Carrylng amount At 31 December 2020 4781.951 At 31 December 2019 5.010.292
The Onaway Trust Notes to the financlal statements Icontlnu¢d) Invoslm•nts (conlinuod) Realised k)ss on sale at fair vak* Unrealised gain on appreciat#)n (180,223) 29,389 (150.834} The Trustees uJnsMler ir#lbvidual Invests hcthlings In exctss of 5% of the portfolio to be Ishares Cofe S&P 5(M) JP Mryi Funds Ltd US Equty IMe K 8NY Mellon Fund Managers Newt In¢ U 330,491 244,772 Listed Inveslment 2019 Cost or valuation At 1 January 2019 Additrons tlisFwls at fair value Unrealised k)ss on invesknents 4.407,361 419.501 {384,130) 567,560 At 31 December 2019 5.010.292 Carrying amount At 31 December 2019 5,010.292 At 31 December 2018 4,407.361 All investments sh(vm above are hekl at v&lJation. Realised gain on sale al fair value UnlISed gain on app(jaon 106,676 567.560 Net gain 674.236 The Tnlee5 consider 1¥ual investment In excess 015% ofth8 Portfolio to be AYNa Investors UK US Equty 2 I ShaTrs S&P 5LKI JP Morgan FurKts Ltd US In(x3rn8 K 316,377 373,958 340,480 24
Tho Onaway Trust Investments {eontlnuedl Investment Rlskg FRS 102 wuires the th$¢b$u of infonyokn in 01 to wlain inV8StM risks. These rfsks are set by FRS 102 as follLY4VS: Cr8dil rtsk.. this15 th8 iisk that (Th paty to a rman instrwnent w1 cause a financial loss for thè olher p8ty by failrng to discharge an obhgW. Market risk: ths comprtses rtsk. interest rats risk aThJ other pric risk. Currency risk: Ihts Is Ihe rf$k that the fair value or fvture Gosh fiDWS of a finalaT asset Interest rate risk: this is the risk that th8 fair valu8 or future 12sh Ilows of a financtal asset wilt fluctuate because of thanges in market irrterest rat8S. Other price risk: this is the risk that the fair value Of future cash Ilows of a fla1 asset will Ituctuate because of changes in Maet prices (other than tre arising from interest rate risk or currency risk). ether those changes are USed ty factors spe¢ifi¢ to Ihe indrvidual financial instrument or its issuer. or factors affecbng all smnilar fin&81 lnslnwFts traded in the markéL The Tnjst has exposure to Ilw risks because of the investments it makes to implement its inve5trnent strategy. The Trustees manage investment risks. indudir¥J credit risk and market risk, within agreed risk lirnits whth are set taking into account the Trust's strategic investment objectives. These investment otyecbves and risk linits are impl8mented through the investment manager agreements in rAa¢e wilh the Trust's Kwestment managers and monitored by tha Trustèes by règular r8vi8ws of tho investment porrfths. Further uiformation on the Tntste8s' aprAch to iisk manl and the Trusys exposure to credit arKI mark8t risks are set (art beknv. Crodlt rlsk The Tfust invests in pcded investment v8hleS and is therefore directly exposed to credit risk In relation to the instruments it hohjs n th8 pcx)led investrmt vehicles ard is indirectly exposed to credit risks arisirKJ on the fanCIal held by the pooted inve5trn8nt vehides. Anatysts oldlrnct ctydit rfsk Direct credit Tisk arisirvJ from pooled investrnent vehicles is mitigated by the underlying assets ofthe pooled arrangements being rinrtett from the kMx)ted manager, the regulalcry environments in whth the poc4ed managers operdte and of investments amongst a number of pled aTrarwJements. The Trustees Cary out due diligence checks on the appointment of new FM)oled investment managers and on an ongoHig bass monitor any changes to the regutalrxy and operatA¥J wwwonrrwt of the pTr)led manager. Pooled inveslment angements used by the Trust c¢)mtw authiSed unit trusts. Indir6¢t credit fisk aw in rtIon to undwfying Inves held the bond F#xled Investment vehlGks. This risk 15 fF1gaIed by only YwestiTrJ in p(led funds which invesl li at CurrenGy rfsk The Trust is subject to CUTr6rry risk because some of the Trusts iTrvestmenls are held In overseas markets. via the pooled investment vehicles.
Th? Onaway Trust Notes to the Ilnanclal statements (c4xttlnuedl Investrwrt (¢onOnued) The Trust is subject to interest rate risk Invest lwIs1r bonds. Olher price risk arlses wincipally in relatm to equities held in pooled vehicles. The Trust manages thts exposure to other pri risk by consInling a diverse portfolio of investments across various markets. Investment proporty At 1 JaNary 2020 552,000 At 31 De¢¢mber 2020 552.000 Carrying amount At 31 Dec•mbtr 2020 552,000 At 31 Decentsr 2019 10 Debtors 2020 2019 iounts owed by uThJertakws in whith the charity has a participating interest Provishjn for doubtful debts 772,1S6 1227.156) Balance owed by underlakHy in 7whi¢h the tharY has a participating inlwest 545,000 1,856 7M1 7.011 546.856 11 Credft¢)rs 2019 Amounts falling due wh1 one year. Grants payable 421 13.568 1.884 15.164 13P89 17,048 12 Penslon and other postrfelirement benefits D•fined nlImlOn an$ Pension contributions paKI in year to the defined conts1 plan was £nll (2019- £941).
The Onaway Tru$t Notss to the Ilnanclal statsments (contlnued) 13 Fund8 At l January 2020 At 31 Docember 2020 Net galns in year Incom• Expgnditur• Tran$f•r• 2020 R¢8trlctsd fund$ J Moffls Legacy 20,000 20,000 20,000 20,000 Unrostrlctod funds General funds De81gnal8d fund - webstte fund 5,6TI,327 10.164 149,126 (149,551> 18,5321 (150,834 6,520.068 1.632 6,687,491 149,126 (158,083) (150,834) 5,527,700 8,707,491 149,126 (158,083 (150,834 5,847.700 Th• general fund18 tho free reserves wilh whlch to further the aims and obl8Ctiv88 of the Trust after 811owlng for the do$lgnated and restdcted fund8. Thè Testdcted Incom? fvnd ¢on$lsts of a tegacy from tho late John Morrls, £45.000 was bequeathed to th& Trust durlng the year to 31 Decèmber 2014 with £20,000 for the upkeep and fulure management of lh& Llbrary and £25,000 to be spent at tho dlscrellon of the Trustées. At 31 Dmbar 2020, £20,000 was ramaining. The de8lgnate¢J fund relates to a website whlch Is shr)wn as an intangible asget. As thg website 1$ now fully operational. the asset is b8lng amortl88d over Ihe expeclgd useful life of S years. The designated fund Is being rel&asèd over Ihe sam& period. 27
The Onaway Trust Notes to the flnanclal statsm•nt8 (contlnued) 13 Funds (conllnued) At 1 January 2019 Net (Ioss8sy, Igains I At 31 Oecember 2019 Income Expenditure Transfgrs 2019 Rèstrlct•d fund8 J Mords Legacy Salary donatlon 20,000 20,000 19641 20,964 20,000 Unro•trlct•d fund8 General fund8 D•signated fund- web8lte fund 5,057,442 15,652 170.948 1226.2631 (5.6881 674,2a6 5,677,327 10,164 5.073,294 170.948 1231,9511 674,2P6 5,687.491 5,094,258 170.948 1231.9511 874,*6 5,707,491 28
The Onaway Trust Notes to the flnanclal 61atoM {continuod) 14 Anatysls ol net assets beiweon funds Totsl fvnds 2020 2020 funds funds Intangible assets Tangible fix assets Investments Investment prr4)wty Cash at bank afxl in haNi Net current 855ets 532 518 4781,951 552,1)IXI 191,677 1&978) 8,532 518 4781.951 552.000 211,6TI 16,978) 2QOOO Nèt asséts 4527,700 20,000 5,547,700 un$tri Restric Total fvnds fijnds funds 2019 2019 Intangib assets Tangible fixed a5s8ts Investments Cash at bank and In harml Net current assets 17.064 1.036 5.010.292 129.291 529.808 17,064 1,036 5.010.292 149.291 529,808 20,1)CKI Not aJs6ts 5.687,491 20.000 5.707A91 1S Fh)an¢lal Inslruments 2020 2019 Flnanclal assets m&gsur¢d at fair valuo through Incomo and expendlture Listed investments Investment pmpwty 781.951 552.000 5.010.292 &333.951 5.010,292
Tho Onaway T1 Notss to the fin¢031 stateménts {contSnuod) 16 Rolated parties Onaway Property Limtled. a C kniied by guarantee was set up during 2CrfJ7 to ilit8te the Purchase of Off premises for The Onaway Twst. At 310ecember 2020, £nil (2019- £772.156) had been loaned to Onaway Prop8ty Limited. The lo paid during the year by Onaway Property Limited transfermg the propety arKI assets to The Onaway Trust. The loan was interest free and there was Th) fixed date for repayment. At 31 Decèmber 2015 a provision was recognised for the drfference bee&n Ihe cunI lo amount and the estimated mwket value of the assets hekl by the company. lo reflecl the probabAity Ihal the fvH loan amounl may not be fuW recoverabie. The amount of provisvjn was £202.156. A fvther provision of £25.000 was reoJgni5ed at 31 Decerrthr 2017 to reftect a reduction in the erns Thèd in3rk8rvalutroFthtrwopeWlhatdat&QuDng.theJear, £7.OCQ of the provision was written back to The Onaway Trust due to the transfer of assets from Onawayl>ropenf- Lmniled. The total108n at the date of the trartsfer ofthe propety to the TnBt amounted to £220.156. Onaway Promy Limited dwged The OnadY Trust £nil (2019- £1.447} for heat and ligm the course of the use of its pre1 as Ihe Tntst's actrninistratKJn office durirvJ the year ended 31 December 2020. Onaway F*operty LirrNted was dissol¥ed at Cc4npaTr House on 22 June 2021 with 811 assets transferred to The Onavrny Twust rKior lo this date. A donalh)n of£40 to Ihe Tn1 VAS also received from Anthew Macnaughton durirvJ the year. 17 Non•audil seTvlcos wovthd by auditor In ¢omnKH) with many organisations of our size and nature. use dItOr to assist with preparation of the finan(ial Statent&
The Onaway Trust Analysis of grnnts awarded 2020 2019 Indlgenous- Amerfcas Indian Youth- Rurining strry for American Indian Plenty US Misty Davis Slim Butts Garden Linda Delornier Wdakota Waklorf Siety_ Walt for Lakota te Sacred Healing Circle EduGation awarerws Treaty Meeting- Black Hills reclam Wasna Proje Ehyer Medical Care PEenty Internaknnal enty Canada Amantani- support ft)r school thildren in Pe Acate Amazon ConseNation Tairona Heritage Trust- Coh)mbta Unfy the Wc*ld- lThJwJenous Grandnth Prqect 4.032 4.062 1764 &722 28.043 1.710 11,596 4.606 11 4759 7.731 7,181 9,190 5.556 2,000 1,704 14093 &ooo 44.142 77,618 Indlgen¢w$- R88t of the W¢Jrld Magic of Ufe Trust Tribes and Nature Oefend. Phillipin8S Lighl Kids Swety. India Joseph EthJcatK)nal Trust. India Literates Welfare AssociatKffi, India Friends of Hope- Ed(Thtional Bursary (Indta) Phllippines - Plthse of ancestral land Brunswick Organlc Nursery- Drainage Proied The Brillsh Mu$eum- Artistic CommIssm. Ardic Ethiopia Dassene¢h Support for Water ReWable World- Sokr Prngram. Nepal Iom 24,971 7,579 18,654 10.395 10,340 10,000 7.250 5,375 4.000 SJ76 62,400 47,360 Total donatlons and wants 106.542 124,978 31
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