Envekjpo ID.. CED73BOA-OD574e￿BB2>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 En￿1￿ 10.. ceD7380A41D574BD￿82￿O2F2s44Fo1Tro
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 donat￿n5
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
Under￿ing 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 commis￿On, in exercisir*J 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 kn￿ledge 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 g￿al￿ 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..
A￿All)￿lIk4¥¢.....-.................................
J J Ndson - Trustee
Page 2

Dw$bn Env¥￿￿10.. cED7380A-OD574BD6-BB2￿2F2sA4Fo100
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
MCGILL UNIVERSITY TRUST
Independent examinerfs rgport to the trustees of McGill University Trust Ilhg Company'l
I report to the charity trustees on ry examination of the ￿)unIS of the Company kn the year ended
31st May 2025.
Responslbilitles and basis of report
As the chartty's trUst￿S of the Coryany land 81s0 rts directors for the purposes of company lawl you are
responsible for the preparation of the accounts in accordance wrth the Tequirements of the Companies Act
20061.lhe 2006 Act'l.
Having satisfied myself that the accounts of the Company are not required lo be audited under Part 16 of the
20(E Act and are eligibte fDr independent examination, I report in respect of my examinatK)n of your charitls
accounts as camed out under SectKJn 145 of the Charities Act 2011 fihe 2011 Act'l. In carrying out my
oxaminalK)n I have fdlowed the Directions gNen by the Charty C¢Jmmission under Section 14515) (bl of the
2011 Act.
Independgnt axaminer's statement
I have completed my examination. I confinn that no matters have come lo my attention in connection wf(h the
examination giving me cause lo believe..
ac(ounling r&ords were nc< kept in respect of the Ctynpany as required by Section 386 of the 20C6
Act., or
the 8ccounts do not accord with those records.. or
the accounts do not comply wrth the accounting requirem￿1$ 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 ConneCt￿n with the examinati￿ to which
attention should be drawn in this report in ordeT to enable a proper understsnding of the a￿OUnts to
reached.
Annette Watson PhD Bsc FCA
Parkers
Comelius House
178-180 Church Road
Hove
East Sussex
BN3 2DJ
Page 3

Docu5￿Jn Enveknpo ID." CED73BOA-OD574B￿s￿2>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 legac￿5
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 ASS￿5
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
115￿75
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 def￿11 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)D5748D6SB2￿D2F2sI4FplOD
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 compan￿5 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 wh￿h 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$lees.
Restricted funds can only be used for parbcular reslrited purp¢xs wrthin the objects of the charty.
Restrictions arise when specified by the donor or when funds are Taised for particular restr￿ed
purpo$os.
Further explanation of the nature arKI purpose of each fijnd is i￿luded 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 d￿re￿nCeS 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 011￿r 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-BB2￿F2sIAFol0D
MCGILL UNIVERSITY TRUST
NOTES TO THE FINANCIAL STATEMENTS - conlinuod
FOR THE YEAR ENDED 31ST MAY 2025
FIXED ASSET INVESTME1￿s- 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
D￿ationS 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
mOve￿￿nI
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..
IT￿omIng
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 tranSact￿n9 forthe year ended 31st May 2025.
Page11