Envekjpo ID.. CED73BOA-OD574eBB2>D2F2$FDl0D REGISTERED COMPANY NUMBER.. 03031537 (England and Wales) REGISTERED CHARITY NUMBER.. 1044904 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2026 FOR MCGILL VNNERSITY TRUST Parkers Comelius House 178-180 Church Road Hove East Sussex BN3 2DJ
Docuy9n Envek)pe ID.. CED73POA-OD5748D$4825-D2F25A4FD10D MCGILL UNIVERSITY TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2025 Page Report of the Trustees Independent Examlnerfs Report Statsrngnt of Flnanclal Actlvltles Balance Sheet Notes to the Financial Statements 7 10 11 Dotailed Statement of Flnanclal Actbvltles 12
Docusyn En1 10.. ceD7380A41D574BD82O2F2s44Fo1Tro MCGILL UNIVERSITY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MAY 2025 The Iruslees who are also directors of the charity for Ihe purposes of the Companies Act 20C6, prgsenl their report with the financial stslemenls of the charity for the year end 31st May 2025. The trustees have adopted the provisions of Accounting and Repo.ng by Charityès.. Statement of Recemmended Pracltce applicab to chartties prepariTYJ their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectwe 1 January 20191. OWECTIVES AND ACTMTIES Objectives and aims The McGill University Trust was 8stsblished as a charrty lo support the general weware of McGill Univetsity and lo encourage UK students lo attend the University. both through offering scholarship and buJsary schemes and 8SSiStin9 McGill wrth its UK student ruitment programme. The Trust recewes donation$ from alumni and friends of MeGill based in the UK and the rest of Europe. During this last fiscal year, income was down compared with la51 year. when the Trust benefitted from a small number of large individual gifts. However. the amount of donalp)ns rKeived during this last fiscal year was comparable lo previous years. One aim of the Trust is to promote McGill lo UK students, t)olh through the TTusYs own Scholwship and Butsary programme and McGIll's UK student clu11Men1 iniiiatives. The Tnjsl's Scholarship and Butsary scheme supported two existing scholars and one new one for 2025-26. In addrtion, a larger amount of bursary funding was provided lo UK students al McGill in financial need. Thi5 scheme is a valuable support for the recrurtmenl of UK students to McGIll. As mentioned below, the funding for the scheme is derived from the Trust's endowment funds income. together with annual direct donatn5 New UK regislr8tion of students at McGill is slightly down, as was the ease across Canada. McGill's UK sludenl recruttmenl programme is addressing this wf(h several rw initiativeg being pursued. In particular. McGill has soined the Unrfrog Plaffomi Partnership, a trusted platfomi for UK students, parents 8nd counsellors considering studying abroad. The Trust mnlinues to support financially McGill's recruitment pr¢>Jrammè. The Trust's endovrnenl fund has been built up over the years, from both annual donations and fund's Undering investment performance. The fund continues to grow, such that, together with donations received during the year, f( was able for 2025-26 10 increase by 50.kn thg amount the Trust can make avaipable foT rts Scholarship and Bursary schen for UK 51udenls al McGill. The Trust's end¢Mmenl fund is managed by MeGill's offi of Investments Publlc benefft The Trustees have complted with their duty lo have due regard to the guidan on public benefrt published by the Chaity commisOn, in exercisirJ their powers or duties. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document McGill Universty Trust is incoTPmted as a company fimited by guarantee and govemed by 4t8 mernorandum and arbcles of associati. The Board of Trustees undertakes the management of the Trust. Trustees are appointed by the Board of Trustees after a selection process which takes into account personal knledge of McGill and Canaja. as well as governanee responsibilf(ies. During the course of this last fiscal year, John Timmis, the Trust's long-standing accountant and Independent Examiner, sadty passed away. We gal appreciated all his assistance over the yeats, and our thoughts are wrth his family. After a wmpelf(Ne lender, Pathers have been appointed as his replacement. M¢Gill's Student Enrolment and Student Aid Office administers the McGill University Trust UK S¢hotaTship and Bursary Awards scheme. The Trust is administered by Chapel & York International, the cost of their seNces are funded direcuy by McGill Universty. The Trustees are gratefijl to Chapel & York's staff for their professKJnal perfomiance in 2024-25. Page 1
Docu5vJD Envebpe ID." CED73BOA4)D574Bf*.BB25-D2F2S44FD10D MCGILL UNIVERSITY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MAY 2025 REFERENCE AND ADMINISTIIAnVE DETAILS Registered Company number 03031537 IEngland and Wales) Registered Charty numbèr 1044904 Registered office 12 The Coutyard Hollow Lane Dom)ansland Lingfield Surrey RH7 6PB Truste8$ L Blondeau V P M Dahdaleh G Lamotte J J Nelson M K Ridley M Weinstein Company Secretary J J Nelson Independent Examingr Pather5 Cornelius House 178-180 Church Road Hove East Sussex BN3 2DJ Approved by order of the board of trustees on November 11 2025 and syned on rts behalf by.. AAll)lIk4¥¢.....-................................. J J Ndson - Trustee Page 2
Dw$bn Env¥10.. cED7380A-OD574BD6-BB22F2sA4Fo100 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MCGILL UNIVERSITY TRUST Independent examinerfs rgport to the trustees of McGill University Trust Ilhg Company'l I report to the charity trustees on ry examination of the )unIS of the Company kn the year ended 31st May 2025. Responslbilitles and basis of report As the chartty's trUstS of the Coryany land 81s0 rts directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance wrth the Tequirements of the Companies Act 20061.lhe 2006 Act'l. Having satisfied myself that the accounts of the Company are not required lo be audited under Part 16 of the 20(E Act and are eligibte fDr independent examination, I report in respect of my examinatK)n of your charitls accounts as camed out under SectKJn 145 of the Charities Act 2011 fihe 2011 Act'l. In carrying out my oxaminalK)n I have fdlowed the Directions gNen by the Charty C¢Jmmission under Section 14515) (bl of the 2011 Act. Independgnt axaminer's statement I have completed my examination. I confinn that no matters have come lo my attention in connection wf(h the examination giving me cause lo believe.. ac(ounling r&ords were nc< kept in respect of the Ctynpany as required by Section 386 of the 20C6 Act., or the 8ccounts do not accord with those records.. or the accounts do not comply wrth the accounting requirem1$ of Secth)n 396 of the 2006 Act other than any Nuiremenl that the accounts give a true and tair view which p8 not a mattèr considered as Part of an independent examination.. cf the accounts have not been prepared in accordance with the nwllxxls and prinaples of the Statement of Recommended practi for accounting and reporting by charrties (applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republ of Ireland IFRS 10211. I have no concems and have tome across no other matteTS in ConneCtn with the examinati to which attention should be drawn in this report in ordeT to enable a proper understsnding of the aOUnts to reached. Annette Watson PhD Bsc FCA Parkers Comelius House 178-180 Church Road Hove East Sussex BN3 2DJ Page 3
Docu5Jn Enveknpo ID." CED73BOA-OD574Bs2>D2F2s44FD10D MCGILL UNIVERSITY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MAY 2025 2025 Total funds 2024 Total funds s restsled Unrestricted Endowment fund fund Notes INCOME AND ENDOWMENTS FROM Donab'ons and legac5 110,965 3.274 114.239 604,013 Investment income 6.897 7,384 9,716 Totsl 111A52 10,171 121,623 613,729 EXPENDITURE ON Charitable activitles McGill Univeisity 189,318 17A51 206.769 492,555 Net gains on investments 8.164 8.164 10,418 NET INCOMEIIEXPENDITUREI 177.8661 884 176,9821 131.592 RECONCIUATION OF FUNDS Total funds brought forward 193,441 190,311 383,752 252,160 TOTAL FUNDS CARRIED FORWARD 115,575 191,195 306,770 383,752 The notes form part of these financial statements Page 4
DooJ81gn Envalw ID.. CED7380A-OD574BC6882&D2F2S44FD1OD MCGILL UNIVERSITY TRUST BALANCE SHEET 31ST MAY 2025 2025 Total 2024 Tthl fijnds as reslaled Unrestricted Endowment fund fund Notes FIXED ASSETS Investments 190.608 1,608 189,229 CURRENT ASS5 Debtors Cash al bank 29.384 87.972 2.533 194,390 87,385 587 116.769 587 117,356 196,923 CREDITORS Amounts falling due within one year 11.1941 {1.194} {2,400) NET CURRENT ASSETS 115,575 587 116,162 194.523 TOTAL ASSETS LESS CURRENT LIABILITIES 115.676 191,195 306.770 383.752 NET ASSETS 115.575 191,195 306,770 383,752 FUNDS Unrestricted funds Endowment funds 11575 191,195 193,441 190,311 TOTAL FUNDS 306,770 383,752 The Charitab company 1$ enlrtled lo exempl from audit under Sedion 477 of the C(ynpanies Act 20(E for the year ended 31st May 2025. The members have not Tequired the corrpany to obtain an aLKlil of ts financial stalerrEnls for the year ended 31 st May 2025 in accordance wrth Section 476 ofthe Companies Act 201%. The trustees acknowledge their responsibilities for (al ensuring that the charrtable company keeps accounting records that comply wf(h Sections 386 and 387 of the Companies Act 20C6 and Ibl preparing financial statements which give a true and fair view of the state of affairs of the charitsble company as al the end of each financial year and of ils surplus or def11 for each financkgr year in accord8n¢e wf(h the requirements of Sections 394 antl 395 and which otherwise comply wf(h the requirements of the Companies Ad 2006 relating lo financial slatemenls, so far as applicabl¢ to the ¢haritsble company. Tho notes fom) part of these financial statements Page 5 continued...
Docusbn Enve* ID." CED7380A4)D5748D6SB2D2F2sI4FplOD MCGILL UNIVERSITY TRUST BALANCE SHEET- continued 31ST MAY 2025 These financial statements have been prepared in accordan wi(h the provisions applicab lo charrtable companies subject lo the small compan5 regime. The financial statements were approved by the Board of TILtstees and aulhorised for issue on November 11 2025 and were signed on its behaw by.. J J Nelson - Twstee The notes form part of these financial statements Page 6
Docusgn Enwjknpe ID.. CED73BOMQ574BtWB2>2F2S0AFDfoD MCGILL UNIVERSITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2025 ACCOUNTING POLICIES Basls of preparing the finan¢lal ststements The financial slalemenls of the charitable company, whth is a public beneffil entty under FRS 102, have been prepared in accordance with the Charities SORP IFRS 102} 'AccDunling 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 of Ireland IFRS 102) leffedNe 1 January 20191,, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historieal cost convention, wth the exceptign of investments whh are included al market value, as modffied by the revaluation of certain assets. Income All income is recognised in the Statement of Finanaal AetNities onee the ehanty has enlillemenl to the funds, il is probable that the income will be received and amount can be measured reliably. Expandilure Liabilf(ies a COgniSed as expendrture as swn as there is a legal or conslruclNe obligation committi'ng the charity lo that expendrture. it is pr¢)bable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured liab. Expenditure is accounted for on an accruaLs basis and has been dassffied under headings that aggregate all cost related lo the category. Where costs c¥nnol be directly attributed to particular headings they have been altocated lo adiwlies on a basis consistent with the use of resources. Grants offered subject lo condilv)ns which have not been met al the year end dale ale noted as 8 commitment but not accrued as expenditure. Taxation The charty is exempt from corporation lax on its charitable actmlies. Fund accountlng Unrestricted funds can be used in a¢¢cfdance with the charitable ctsjectives at the diseretKJn of the tru$lees. Restricted funds can only be used for parbcular reslrited purp¢xs wrthin the objects of the charty. Restrictions arise when specified by the donor or when funds are Taised for particular restred purpo$os. Further explanation of the nature arKI purpose of each fijnd is iluded in the notes lo the financial siaements. Foreign currencies Assets and liabilities in foreign currencies are translated into sterling at the rale5 of exchange ruling at the balants sheet date. Transath'ons in foreign currencies are tran51aled into sterfing al the rate of exchan9e ruling at the dale of Iransadion. Exchange drenCeS are taken into account in arriving at the operating resutt. Endowment fvnd Investments held in the Endvwment Fund ars sh¢)wn at market value on the balance sheet date. Appreciati¢J) or depreciation in the value in the year 1$ taken lo the Statement of Financial Activth'es. Pagè 7 continued...
Docu$*Jn Envtbpe Ll.. CED736(14-0D574B-BB2&D2F25A4FD10D MCGILL UNIVERSITY TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MAY 2025 INVESTMENT INCOME 2025 2024 as restated Other fixed asset invest- Fll Bank interest receivable 6,897 7,477 2,239 7,384 9.716 TRUSTEES. REMUNERA TION AND BENEFITS There were no trustees, remuneration or 011r benefrts for the year ended 31st May 2025 nor for the year ended 31st May 2024. Trustees, expenses There were no Iruslees, expenses pa for the year ended 31st May 2025 nor for the year ended 3151 May 2024. PRIOR YEAR ADJUSTMENT The prior perth has been restated lo correct the presentation of the endowment fund. The adjustment has no net impact on the pnor year or the current year Surplus FIXED Ass INVESTMENTS Endovrnenl Fun¢J MARKET VALUE At 1st June 2024 Add(tions Revaluations Exchange drfferences 189.229 8,164 {11,8311 Al 31st May 2025 190.608 NET BOOK VALUE At 31st May 2025 190,608 Al 31st May 2024 189,229 Investment assets are held as part of the endowment in Canada. Cost valuation at 31 st May 2025 is represented by.. Endowmen Fund Valuation in 2025 Cost 44,677 145,931 190,608 Page 8 continued...
DocJJ81gn En¥alop¢ ID.. cE073BOA-0D574BD8-BB2F2sIAFol0D MCGILL UNIVERSITY TRUST NOTES TO THE FINANCIAL STATEMENTS - conlinuod FOR THE YEAR ENDED 31ST MAY 2025 FIXED ASSET INVESTME1s- contlnued If fixed asset investrrients had not been revalued thèy wouhy have been included al the following historical cost.. 2025 2024 as restated 145,931 140,885 Fixed asset investments were valued on an open market basis on 31st May 2025 by McGill Unwersty. DE8TORS.' AMOUNTS FALUNG DUE WITHIN ONE YEAR 2025 2024 reslaled DationS in Iransrt Gift Aid recoverable 26,350 3.034 2,533 29,384 2,533 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 as restated Accwed expenses 1,194 2.4CJO MOVEMENT IN FUNDS Net mOvenI in funds Al 3115r25 At 116124 Unrestrfcted funds General lund 193.441 7,8661 115.675 Endowment funds Endowment Fund 190.311 191.195 TOTAL FUNDS 383.752 176,9821 306.770 PwJe 9 continued,..
Docu8*n Env8W ID.. CED73BOA-OD574BD&BB25-D2F2&44FD10D MCGILL UNIVERSITY TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST IMY 2025 MOVEMENT IN FUNDS- contlnued Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 111.452 1189J181 177,8661 Endowment funds Endowment Fund 10.171 117,4511 8,164 TOTAL FUNDS 121,623 206,7691 8,164 176,9821 Comparntives for movemgnt in funds Net movement in funds At 116123 3115124 Unrestricted funds General fund 87,272 106,169 193.441 Endowment funds Endowment Fund 164,888 25,423 190,311 TOTAL FUNDS 252,160 131,592 383,752 Conyaralive net movement in funds, included in the above are as follows.. ITomIng resources Resourtss exFended Gains and losses Movement in funds Unrestricted funds General ftjnd 587,338 1481,1691 106.169 Endovmient funds Endowment Fund 26.391 111,3861 10,418 25,423 TOTAL FUNDS 613,729 1492,5551 10.418 131,592 Page 10 ccx)linued..
Docu8vJn Envah)w ID.. CED73BOMD574BWB2>D2F2&8AFD10D MCGILL UNIVERSITY TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31ST MAY 2025 MOVEMENT IN FUNDS- contlnued A current year 12 months and prior year 12 months combined position is a$ folh)w$'. Net movement in fvnds Al 3115125 At 116123 Unrestricted funds General fund 87,272 28,303 115,575 Endowment funds Endcwmient Fund 164,888 26,307 191.195 TOTAL FUNDS 252,16D 54,610 306.770 A current year 12 months and prior year 12 months ctynbined net movement in fund5, included in the above are as follows.. Incoming resources Resources expended Gains and Movement losses in funds Unr¢stri¢ted funds General fund 698.7 1670.4871 Endowment fund5 Endowment Fund 128,8371 18,582 26,307 TOTAL FUNDS 735,352 1699,3241 18,582 54,610 RELATED PARTY DISCLOSURES There were no related paty tranSactn9 forthe year ended 31st May 2025. Page11