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← Middlebury College UK Trust Limited

2025-06-30-accounts

Middlebury College UK Trust Limited Company Number: 04133294 Charity Number: 1086407

Report and Accounts for the year ended 30th June 2025

Wenn Townsend Chartered Accountants

Oxford

Middlebury College UK Trust Limited

Charity Information

Trustees/Directors: Peter G Aspbury Jason Bacon Emily C Bartels Alberto Citarella Pamela D Johnston Erika H Lederman Jayne L W Maxwell Chris Metzler David Provost Carlos J Velez-Blasini

Company Secretary: Jayne L W Maxwell Principal: Guy Perry Registered Office: Middlebury College - CMRS Shoe Lane Oxford OX1 2DP Company Number: 04133294 Charity Number: 1086407 Bankers: Handelsbanken Oxford Examiner: Wenn Townsend Oxford

Middlebury College UK Trust Limited

Report of the Trustees (including the Directors Report)

for the year ended 30th June 2025

The Trustees present their report and the audited financial statements of the charity for the year ended 30th June 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) charity.

Structure, Governance and Management

Middlebury College UK Trust Limited is a charitable company limited by shares and was set up on 27th December 2000. It is governed by its Memorandum and Articles of Association. It is registered as a charity with the Charity Commission (Charity No: 1086407). It has no liability to corporation tax on its charitable activities. Any surplus arising on the winding up of the charity after payment of all debts and liabilities shall be given or transferred to some other charitable body having similar objects to Middlebury College UK Trust Limited.

Trustees Induction and Training

Any new trustees appointed are briefed by the board of Trustees of their legal obligation under charity and company law and the contents of the Memorandum and Articles of Association. They are given copies of the Memorandum and Articles of Association, recent trustees meeting minutes and the latest financial information. They are also directed towards the Charity Commission website, especially to booklets CC3, . Trustees are encouraged to attend appropriate training events which will help them to know their responsibilities.

Key Management Personnel Remuneration

The Trustees consider the Board of Trustees and the Principal as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All Trustees give of their time freely and no Trustee remuneration was paid in the year. Details of Trustee expenses and related party transactions are disclosed in notes 7 and 15 to the accounts.

decisions where a conflict of interest arises.

The pay of the Principal is reviewed annually and is normally increased in accordance with average earnings. The remuneration is reviewed to ensure that it is fair and not out of line with similar roles.

Organisational and Decision Making Structure

For the year ended 30th June 2025, the Trustees have been responsible for all aspects of running the Charity.

Risk Management

The Trustees have conducted their own review of the major risks to which the charity is exposed and systems and policies have been established to mitigate those risks.

Objectives and Activities

The objective of the charity is to advance education. Principally, this is done through receiving grants from the President and Fellows of Middlebury College. These grants allow Study Abroad programs to be run for the benefit of Middlebury students, and for the benefit of all other students who attend these institutions.

partners in the UK, so as to permit the continuance, betterment and expansion of the M-CMRS educational programme.

The principal significant activity is the continuance, betterment and expansion of the M-CMRS educational program, which contributes to the advancement of education.

1

Middlebury College UK Trust Limited

Report of the Trustees (including the Directors Report) (continued) for the year ended 30th June 2025

Owing to the levels of professionalism that are required to run such an educational program, the significance of

Fundraising Standards Information

The charity does not raise funds from the general public, and has had no complaints or concerns raised during the period in this respect.

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 and duties.

Achievements and Performance

The main charitable activities/achievements have been to continue to provide a high quality educational experience in an era of spiralling costs. In this respect, the charity has continued to perform very well against its main objective. The key performance indicators of this include pressure on admissions, student satisfaction, student achievement, and reports/feedback from a wide variety of internal and external stakeholders.

Financial Review

The results for the year are as shown on page 7. During the current period, significant donations were received for specific purposes, as detailed in note 13. During the prior period the charity received one-off income by way of

Any future investments, investment policy and/or objectives would have to be formally approved by the Board of Trustees.

Principal Risks

During the period in question these were assessed as:

Reserves Policy

The charity does not hold free reserves as it is funded by grants from President & Fellows of Middlebury College to meet its obligations to run the Middlebury College CMRS Oxford Humanities Programme and the Bread Loaf School of English at Lincoln College programme. Total funds held at the year end of c£1,653,000 (2024: c£1,018,000) are carried forward to meet the following year's obligations. This includes c£789,000 of restricted funds resulting from the above noted donations received, leaving c£865,000 of general funds at 30[th] June which is deemed sufficient and in line with historic policy and approach.

Plans for Future Periods

The charity aims to continue with its existing operations as required by Middlebury College.

2

Middlebury College UK Trust Limited

Report of the Trustees (including the Directors Report) (continued) for the year ended 30th June 2025

Statement of T

Responsibilities

The trustees (who are also directors of Middlebury College UK Trust Limited for the purposes of company law) applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware:

Signed by order of the Board

Alberto Citarella Trustee

10[th] December 2025

3

Middlebury College UK Trust Limited

Independent Auditor's Report to the Members of Middlebury College UK Trust Limited

Opinion

We have audited the financial statements of Middlebury College UK Trust Limited the year ended 30[th] June 2025 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees' annual report, other than the financial The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

4

Middlebury College UK Trust Limited

Independent Auditor's Report to the Members of Middlebury College UK Trust Limited

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

3, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

5

Middlebury College UK Trust Limited

Independent Auditor's Report to the Members of Middlebury College UK Trust Limited

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-ofthe-auditor%E2%80%99s-responsibilities-for

Use of our report

16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than for the opinions we have formed.

Benjamin Hayes BSc FCA Senior Statutory Auditor For and on behalf of Wenn Townsend, Statutory Auditor Oxford

10[th] December 2025

6

Total 2024 £ 1,000,000 6,500 4,944 180,948 _ 1,192,392 _ 943,137 3,394
 _ 946,531 _ 245,861 772,406 245,861 _ 1,018,267
Restricted Funds £ - 2,375 - - _ 2,375 _ - -
 _ -
 _ 2,375 - 2,375 _ 2,375
Middlebury College UK Trust Limited Statement of Financial Activities (including income and expenditure account) for the year ended 30th June 2025 Note
Unrestricted
Restricted
Total
Unrestricted		 Funds
Funds
2025
Funds		 £
£
£
£		 Income from: Grants from President & Fellows of Middlebury College 2
900,000
-
900,000
1,000,000		 Donations
3
10,925
831,555
842,480
4,125		 Interest income
4,873
-
4,873
4,944		 Other income
3
-
-
-
180,948		 _
_
_
_		 Total income
915,798
831,555
1,747,353
1,190,017		 _
_
_
_		 Expenditure on: Charitable activities
4
1,063,019
-
1,063,019
943,137		 Donations made to Middlebury College
4,125
45,375
49,500
3,394


 _
_
_
_		 Total expenditure
1,067,144
45,375
1,112,519
946,531


 _
_
_
_		 Net income/(expenditure)
(151,346)
786,180
634,834
243,486		 Reconciliation of funds carried forward Fund balances brought forward
1,015,892
2,375
1,018,267
772,406		 Net movements in funds (above)
(151,346)
786,180
634,834
243,486		 _
_
_
_		 Funds balances carried forward
864,546
788,555
1,653,101
1,015,892		 All income and expenditure derive from continuing activities. The statement of financial activities includes all gains and losses recognised during the year.

Middlebury College UK Trust Limited

Balance Sheet
30th June 2025
Note 2025 2024
£ £
Fixed Assets
Tangible assets 8 625,868 618,544
Current Assets
Debtors 9 12,080 -
Cash at bank and in hand 10 1,104,631 538,823
_ _
Current Assets 1,116,711 538,823
Creditors: Amounts falling due within one year 11 (89,478) (139,100)
_ _
Net Current Assets 1,027,233 399,723
_ _
Net Assets 1,653,101 1,018,267
Financed by:
Share capital 12 100 100
Funds
restricted		 13 788,555 2,375
Funds
unrestricted		 13 864,446 1,015,792
_ _
Total Charity Funds 13 1,653,101 1,018,267

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 applicable to small companies.

Approved by the Board of Trustees on 10[th] December 2025 and signed on their behalf by :

Alberto Citarella Trustee

Company number: 04133294

The notes on pages 10 to 17 form part of these financial statements

8

Middlebury College UK Trust Limited

Statement of Cash Flows for the year ending 30th June 2025

Note
2025
£
Cash flow from operating activities
14
643,228
_
Cash flows from investing activities
Interest income
4,873
Purchase of tangible fixed assets
(82,293)
_
Cash used in investing activities
(77,420)
_
Increase in cash and cash equivalents in the year
565,808
Cash and cash equivalents at the beginning of the year
538,823
_
Total cash and cash equivalents at the end of the year
1,104,631		 2024
£
409,685
_
4,944
(94,156)
_
(89,212)
_
320,473
218,350
_
538,823

9

Middlebury College UK Trust Limited

Notes to the Accounts

for the year ended 30th June 2025

1 Summary of Significant Accounting Policies

Basis of Preparation

Middlebury College UK Trust Limited is a charitable company in the United Kingdom. The address of the registered office is given in the charity information at the front of these financial statements. The nature of the charity's operations and principal activities are noted in the Trustees Report.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity, and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Income Recognition

All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Grants from the parent entity are recognised with their receipt.

In the prior year, the charity received government grants in respect of the Coronavirus Job Retention Scheme. Income from this grant is recognised in income on a systematic basis over the periods in which the charity recognises the related costs for which the grant is paid to compensate.

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of those resources.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for beneficiaries. It includes costs that can be allocated directly to such activities, and those costs of an indirect nature necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.

Grants Payable

Grants are payable to charitable organisations in accordance with the charity's governing instruments. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the grant will be paid.

10

Middlebury College UK Trust Limited

Notes to the Accounts (continued)

for the year ended 30th June 2025

1 Summary of significant accounting policies (continued)

Tangible Fixed Assets and Depreciation

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Leasehold improvements - 20 years (or term of the lease, whichever is shorter) Fixtures, fittings and equipment - 7 years, straight line

Surpluses arising on the disposal of fixed assets are adjusted for in the depreciation charge for the year. The standard capitalisation threshold for capitalising assets has been established as US $5,000 following the parent company's Fixed Asset Policy.

Rare Books

Rare books are capitalised and included at cost or donated value.

These items are not depreciated, as is appropriate to their nature.

Fund Accounting

Income received for specified purposes is considered to be restricted and may only be applied to those purposes. Income which may be applied to any of the charity's objectives is treated as unrestricted.

Foreign Currency

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the SOFA.

Operating Leases

Rentals applicable to operating leases are charged to the SOFA over the period in which the cost is incurred.

Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Debtors and Creditors Receivable/Payable Within One Year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

Going Concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising the financial statements. They have included an assessment of the continued potential impact of significant global macro-economic factors on these forecasts. The budgeted income and expenditure is sufficient with the level of reserves held for the charity to be able to continue as a going concern.

11

Middlebury College UK Trust Limited

Notes to the Accounts (continued) for the year ended 30th June 2025

2 Grant income

This grant income comprises funds transferred from the Presidents and Fellows of Middlebury College at Middlebury, VT, USA to finance the operations of the Oxford programmes.

3 Donation and other income

Donations
Unrestricted
Restricted
£
£
Donations
10,925
831,555
Other income
Unrestricted
Restricted
£
£
Rental income
-
-
Right to light concession
-
-
_
_
-
-		 Total
2025
£
842,480
Total
2025
£
-
-
_
-		 Total
2024
£
6,500
Total
2024
£
17,948
163,000
_
180,948

12

Middlebury College UK Trust Limited

Notes to the Accounts (continued) for the year ended 30th June 2025

4 Expenditure

Basis of
Allocation
Charitable expenditure
Academic costs:
Wages and benefits
Time
Tuition and exam fees
Direct
Bodleian Library
Direct
Keble Fellowship
Direct
Field trips & meeting refreshments
Direct
Dues and membership
Direct
Library
Direct
Support costs (note 5)
Usage
Accommodation costs:
Advertising
Direct
Association fees
Direct
Repairs and maintenance
Direct
Rent and rates
Direct
Cleaning and laundry
Direct
Accommodation utilities
Direct
Insurance
Direct
Junior De
wages and benefits
Direct
Support costs (note 5)
Usage		 Staff
Other
Support
Total
Total
Costs
Costs
Costs
2025
2024
£
£
£
£
£
214,665
-
-
214,665
188,648
-
97,620
-
97,620
125,095
-
32,134
-
32,134
44,438
-
48,887
-
48,887
46,603
-
39,669
-
39,669
44,582
-
4,105
-
4,105
8,496
-
2,082
-
2,082
2,397
110,805
-
71,704
182,509
122,459
325,470
224,497
71,704
621,671
582,718
-
-
-
-
385
-
63,743
-
63,743
92,922
-
42,826
-
42,826
34,909
-
51,104
-
51,104
41,300
-
4,074
-
4,074
8,360
-
49,305
-
49,305
14,774
-
16,228
-
16,228
8,736
24,225
-
-
24,225
22,781
64,636
-
41,827
106,463
71,434
88,861
227,280
41,827
357,968
295,601

Governance costs

Basis of
Allocation
Legal and professional
Direct
- audit / examination work
Direct
- other work
Direct
Wages and benefits
Time
Support costs (note 5)
Usage
Total charitable expenditure		 Staff
Other
Support
Total
Total
Costs
Costs
Costs
2025
2024
£
£
£
£
£
-
49,416
-
49,416
39,341
-
7,570
-
7,570
7,140
-
8,022
-
8,022
5,099
3,162
-
-
3,162
3,033
9,234
-
5,976
15,210
10,205
12,396
65,008
5,976
83,380
64,818
426,727
516,785
119,507 1,063,019
943,137

13

Middlebury College UK Trust Limited

Notes to the Accounts (continued) for the year ended 30th June 2025

5 Allocation of support costs

60%
35%
5%
Charitable
Charitable
Governance
Programme
Accommodation
Costs
£
£
£
Administrators
salary & benefits
110,805
64,636
9,234
Computer
3,798
2,215
317
Travelling
2,457
1,433
205
Office supplies
10,930
6,376
910
Other contracted services
9,286
5,417
774
Sundry
102
59
10
Depreciation
44,981
26,239
3,749
Bank charges
150
88
11
_
_
_
182,509
106,463
15,210		 Total
2025
£
184,675
6,330
4,095
18,216
15,477
171
74,969
249
_
304,182
Total

2024

£
96,695
7,563
8,222
13,507
11,837
159
66,095
20
_
204,098

6 Staff costs and numbers

Wages and salaries
Social security costs
Pension costs
Health and life insurance
Ex-gratia and settlement		 2025
£
314,879
29,084
19,841
4,118
58,805
426,727		 2024
£
270,713
22,526
15,526
2,392
-
311,157

During the year, the average number of employees and the number of full-time equivalent (FTE) staff, analysed by function was:

analysed by function was:
2025 2024
FTE
Number		 FTE
Number
Education and accommodation 8
10		 7
9

No employee earned between £70,001-£80,000 during the year (2024: one) One employee earned between £80,001-£90,000 during the year (2024: none) One employee earned between £120,001-£130,000 during the year (2024: none)

7 Trustees and key management personnel remuneration and expenses

The Trustees neither received nor waived any remuneration or reimbursement for expenses during the year (2024: £Nil).

The Trust considers its Key Management Personnel comprise the Board of Trustees and Principal. The total amount of employee remuneration and expenses received by key management personnel during the year was £92,445 (2024: £88,065).

14

Middlebury College UK Trust Limited

Notes to the Accounts (continued) for the year ended 30th June 2025

8 Tangible fixed assets

Leasehold
Fixtures,
Rare Books
Improvements
Fittings
& Equipment
£
£
£
Cost
At 1st July 2024
200,000
571,402
48,664
Additions
-
82,293
-
_
_
_
At 30th June 2025
200,000
653,695
48,664
_
_
_
Depreciation
At 1st July 2024
-
158,527
42,995
Charge for the year
-
69,300
5,669
_
_
_
At 30th June 2025
-
227,827
48,664
_
_
_
Net book values
At 30th June 2024
200,000
412,875
5,669
At 30th June 2025
200,000
425,868
-
Debtors
2025
£
Prepayments and accrued income
12,080
Bank and cash in hand
2025
£
Bank accounts
1,104,445
Petty cash
186
_
1,104,631		 Total
£
820,066
82,293
_
902,359
_
201,522
74,969
_
276,491
_
618,544
625,868
2024
£
-
2024
£
538,572
251
_
538,823

9 Debtors

10 Bank and cash in hand

15

Middlebury College UK Trust Limited

Notes to the Accounts (continued) for the year ended 30th June 2025

11 Creditors

Accrued expenses
Taxation and social security
Share Capital
Authorised:
100 Ordinary shares of £1 each
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
Statement of funds
At 30th
June 2024
Income
£
£
Unrestricted funds
1,015,892
915,798
Restricted funds:
Visual Arts Scholarship Fund
-
81,000
Crew and Rugby Fund
-
737,083
Other Scholarship Funds
2,375
13,472
_
_
Total restricted funds
2,375
831,555
_
_
Total funds
1,018,267
1,747,353
At 30th
June 2023
Income
£
£
Unrestricted funds
772,406
1,190,017
Restricted funds:
Other Scholarship Funds
-
2,375
_
_
Total restricted funds
-
2,375
_
_
Total funds
772,406
1,192,392		 2025
2024
£
£
62,250
131,835
27,228
7,265
_
_
89,478
139,100
2025
2024
£
£
100
100
100
100
At 30th
Expenditure
June 2025
£
£
(1,067,144)
864,546
(43,000)
38,000
-
737,083
(2,375)
13,472
_
_
(45,375)
788,555
_
_
(1,112,519)
1,653,101
At 30th
Expenditure
June 2024
£
£
(946,531)
1,015,892
-
2,375
_
_
-
2,375
_
_
(946,531)
1,018,267

12 Share Capital

13 Statement of funds

The Visual Arts Scholarship Fund represents a donation received in the period for the Middlebury College Financial Aid and Bursary Programme.

The Crew and Rugby fund represents a donation received in the period to be used for the Middlebury College Crew and Rugby Support fund.

16

Middlebury College UK Trust Limited

Notes to the Accounts (continued) for the year ended 30th June 2025

14 Reconciliation of net movement in funds to net cash flow from operating activities

Net movement in funds
Depreciation charge
Interest income
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash flow from operating activities		 2025
£
634,834
74,969
(4,873)
(12,080)
(49,622)
_
643,228		 2024
£
245,861
66,095
(4,944)
2,775
99,898
_
409,685

15 Parent undertaking and related party transactions

Since 30th June 2015, the holding company is President & Fellows of Middlebury College Inc., a registered company incorporated in the U.S.A.

Aside from monies transferred from the parent, detailed in note 2, there were no related party transactions in the period (2024: none).

17