Company Number: 3031537
Charity Number: 1044904
McGill UNIVERSITY TRUST (A company limited by guarantee)
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31° MAY 2022
McGILL UNIVERSITY TRUST
Trustees:
J.J. Nelson (Chairman)
L.. Blondeau
C. Cook (Retired 14.12.21.) V.P.M. Dahdaleh M. Ridley
- M. Weinstein
Secretary
J.J. Nelson
Business Address & Registered Office: 12, The Courtyard Ladycross Business Park Hollow Lane Lingfield Surrey RH7 6PB
Charity Number: 1044904
Page: 2. Trustees’ Report
- Statement of Financial Activities 6. Balance Sheet
3 Notes forming part of the financial statements
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McGILL UNIVERSITY TRUST
TRUSTEES’ REPORT
The Trustees present their report, together with the financial statements ofthe charity, for the year ended 31st May 202? which are also prepared to mect the requirements for a directors’ report and accounts for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ofIreland (FRS. 102) (effective 1 January 2019).
DIRECTORS AND TRUSTEES
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The directors of the charitable company (the charity) arc its trustees for the purpose of charity law.
The trustees and officers serving during the year and since the year end were:
J.J. Nelson (Chairman) L.. Blondeau ae C, Cook (Retired 14,12.202T) ° V.PM. Dahdaleh M. Ridley M. Weinstein
Having served as a director and trustee since 1996, Corey Cook retired from the Board of Trustees on 14" December 2021. His wise counsel over the years has been much appreciated by his fellow trustees and his contribution to their deliberations is duly noted with gratitude.
OBJECTIVES, ACTIVITY and ACHIEVEMENTS
The MeGull University Trust was established as a charity to support the general welfare of MeGill University and to encourage UK students to attend the University, both through offering, scholarship and bursary schemes and assisting, McGill with its UK student recruitment programme.
The Trust receives donations from alumni and friends of McGill based in the UK and the rest of Europe. During this last fiscal year, funds raised were slightly above the
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record amount raised in the previous year. This is a satisfactory outcome for the Trust, again achieved through some notable individual donations, for which the Trustees and McGill are most grateful.
In fiscal 2021-22, there was a large increase in the Trust's Direct Charitable Expenditure. This related to donation monies received by the Trust during both the 2020-21 and 2021-22 fiscal years being granted to McGill in fiscal 2021-2022.
Ome of the aims of the Trust is to promote MeGuill to UK students, both through its own Scholarship and Bursary programme and sharing, the costs of MeGill's UK student recruitment initiatives. Given the continuing travel restraints imposed by the Covid-19 pandemic during 2021-22, McCill’s recruitment in the UK was again undertaken through webinars and virtual one on one meetings. While these sessions proved an efficient way of promoting the merits of McGill, the intention is to resume in person UK school visits during 2022-23. ‘The number of student registrations from the UK fell during the Covid-10 pandemic but since then it has risen to its highest level for the current academic year, which is encouraging.
‘The Trust's Scholarship and Bursary scheme has made good progress, with an increase in the number and amount of scholarships and bursaries it supports. ‘The funding for this scheme is derived from the income from the Trust's own endowment fund, together with some gencrous direct donations. The Trust's endowment fund has been built up over the years from such donations and the fund's underlying investment erowth.
The Trust's endowment fund is managed by McGill's Office of Investments, 2021-22 was a challenging ycar for investment markets, and there was a small fall in the Canadian dollar value ofthe fund. However in sterling terms, there was modest growth in the valuc of the fund.
STRUCTURE, GOVERNANCE AND MANAGLMENT
MeGill University Trust is incorporated as a company limited by guarantee and governed by its memorandum and articles ofassociation. The Board of Trustees undertakes the management of the Trust. ‘Trustees are appointed by the Board of Trustees after a sclection process which takes into account personal knowledge of McGill and Canada, as well as governance responsibilities. MoGill’s Student Enrolment and Student Aid Office administers the McGill University ‘Trust Awards.
‘The Trust is administered by Chapel & York International, the cost of which is funded direetly by McGill. The Trustees are grateful to Chapel & York's staff for their professional performance in 2021-22.
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PUBLIC BENEFIT STATEMENT
The Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission, in exercising their powers or duties.
Approved by the Trustees oni Nore bey Chuan fel # Trustee: J.J. Nelson
2022 and signed on their behalf by:
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MeGILL UNIVERSITY TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31% MAY 2022
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||||||
|---|---|---|---|---|
|Notes|£|£|
|INCOME:|2|557,365|SS|1,875|
|DIRECT CHARITABLE|
|EXPENDITURE|3|-539,000|-322,491|
|18.365-|229,384|
|ADMINISTRATIVE|
|EXPENSES|4|-1,927|-1,795|
|INCREASE|IN|
|ENDOWMENT FUND|5|a743|22,652|
|EXCHANGE GAINALOSS)|B|e|tee|-2.985|
|SURPLUS|FOR|
|THE. YEAR|26,486|247,256|
|ACCUMULATED|FUNT|
|BROUGHT FORWARD|603.760|356,504|
|ACCUMULATED|FUND|
|CARRIED FORWART)|630,246|603.760|
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The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
‘The notes on pages 7 and 8 form part of these accounts.
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MeGILL UNIVERSITY TRUST
BALANCE SHEET AS AT 31% MAY 2022
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||||||||
|---|---|---|---|---|---|---|
|Note|2022|2021|
|£|£|
|CURRENT|ASSETS|
|Lindowment|Fund|5|155,274|149|561|
|Income Tax|recoverable|S57|1382|
|Cash|at bank|476,265|454,567|
|632,096|605,510|
|CURRENT|LIABILITIES|
|Creditors|falling|due within one|year|___|1.850|1,750|
|TOTAL|ASSETS|LESS|
|CURRENT|LIABILITIES|630,246.|603,760|
|ACCUMULATED FUND|630.246|603.760|
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For the year ended 31" May 2022 the Trust was entitled to exemption from audit under Section 477 of the Companies Act 2006. The members have not required the Trust to obtain an audit under Section 476 of the Companics Act 2006,
The Trustees acknowledge their responsibility for:
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1} ensuring that the Trust keeps accounting records and the prepares accounts which comply with the requirements of the Companies Act: and
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2) preparing accounts which give a true and fair view of the state of affairs of the ‘Trust as at the end of the financial year in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP.
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime,
These accounts were approved by the Board of Trustees on /! Atte 2022 and signed on their behalf by: Trustee: J4.[evapNelson
The notes on pages 7 and $ form part ofthese accounts.
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MeGILL UNTVERSITY TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31" MAY 2022
1. ACCOUNTING POLICIES
Basis ofAccounting
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated im the relevant note(s) to these accounts,
The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charilics preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FIRS 102) and with the Charities Act 2011.
Endowment Puna
Investments held in the Endowment Fund are shown. at market value on the Balance Sheet date. Appreciation or depreciation in the valuc in the year is taken to the Statement of Financial Activities.
Foreien Currencies
Donations and other transactions in foreign currencies are translated at average tales. Assets and liabilities are translated at the rate on the Balance Sheet date. i:xchange gains and losses are taken to the Statement of Financial Activities.
| 2.INCOME | INCOME | 2022 | 2021 |
|---|---|---|---|
| £ | £ | ||
| Donations for : | |||
| MeGill University |
451,681 | 444,559 | |
| MeGill University ‘TrustAwards |
6,854 | 4.373 | |
| 458,535 | 448,732 | ||
| Gift Aid receivable | OS 808 | 103,002 | |
| Investment income | eee | 141 | |
| 25/303 | 551875 | ||
| 3. | DIRECTCHARITABLE EXPENDITURE | ||
| 2022 f |
2021 £ |
||
| Mc(nill University Development Fund | 539,000 | 318,118 | |
| Mc(iill University TrustAwards | - 539.000 |
4,373 322,491 |
sf
McGILL UNIVERSITY TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31% MAY 2022
(Continued)
| 4, | ADMINISTRATIVE EXPENSES | 2022 £ |
2021 £ |
|---|---|---|---|
| Accountancy Bank charges |
1BOM) 127 |
1,750 45 |
|
| 1,927 | 1,795 |
5. ENDOWMENT FUND
Included mm the Statement ofFinancial Activities are the following amounts relating to the Endowment Fund.
| : | £ | ||
|---|---|---|---|
| Balance at startofyear Income¢amed Distributions Receivedfrom MeGillUniversity Trust Investment (depreciation)/appreciation [xchangegain/(loss) |
ee | 149 561 3,594 - -10,207 10,326 |
126,909 5,904 -5,770 3,863 19,53] -876 |
| [33.274 | 149.561 |
Fe
JOHN W. TIMMIS F.C.A.
BEGGARS ROOST»WADHURST « EAST SUSSEX = TNS 60G _ TELEPTIONE: (01892) 782160 = Email: Johneeiwtimmis.couk
The Trustees, MeGill University Trust C/o The Hon J.J. Nelson Forest Lodge Nr. Wincanton Somerset BAY BLL
om
T” November 2022
Dear Sirs,
MeGill University Trust: Accounts for the Year Ended 31" May 2022 I confirm that, without carrying out an audit; these accounts have been prepared from the books and records of the Trust and that they are in accordance therewith.
Yours faithfully,
Tle4a John Timmis
Independent cxaminer’s report to the trustees of MeGill University Trust Company ‘the Company’)
[ report to the charity trustees on my examination of the accounts of the Company for the year ended 31" May 2022.
Responsibilities and basis of report
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the accounts of the Company are nol required to be audited under Part 16 of the 2006 Act and are cligible for independent examination, | report in respect of my examination of your charity’s accounts as carried out under Section 145 of the Charities Act 2011 (‘the 2011 Act"). In carrying out my examination | have followed the Directions given by the Charity Commission under Section 145(5) of the 2011 Act.
Independent examiner's statement
The Company’s gross income exceeded £250,000 and Tam qualified to undertake the examination because T am a fellow of the Institute of Chartered Accountants in England and Wales,
Thave completed my examination. I confirm that ne matters have come to my attention in connection with the examination giving me cause to believe:
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I. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act: or tg
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the accounts do not accord with those records: or
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the accounts do not comply with the accounting requirements ofSection 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination: or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FERS 102). | have ne concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: _ . Tw ns _ fk Po Weve tye, Lett John W Timmis F.C.A Beggars Roost, Wadhurst TN5 60G