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2023-07-31-accounts

CHARITY REGISTRATION NUMBER: 1137545

UNIV. OLD MEMBERS’ TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

UNIV. OLD MEMBERS’ TRUST

CONTENTS TO THE FINANCIAL STATEMENTS

INDEX PAGE
Report of the trustees 1 - 6
Independent auditor’s report 7 – 10
Principal accounting policies 11 – 13
Statement of financial activities 14
Balance sheet 15
Notes to the financial statements 16 - 23

UNIV. OLD MEMBERS’ TRUST

CONTENTS TO THE FINANCIAL STATEMENTS

Charity registration numbers: 1137545
Address: Alumni & Development Office
University College
High Street
OXFORD
OX1 4BH
Trustees: J Cummins (Chairman) Dr N P Yeung
Dr A I Grant Dr A Bell
A Tse M Chamberlain
JP Spencer Cpt P Grant
G Proudfoot S Williams
A Jaijee K Siddique
NSA Paul
Interim Director of Development Rebecca Baxter
Bankers: Barclays Bank plc HSBC Bank plc
54 Cornmarket Street 65 Cornmarket Street
OXFORD OXFORD
OX1 3HS OX1 3HY
Fund managers: Ruffer LLP
80 Victoria Street
LONDON
SW1E 5JL
Auditor Crowe U.K.LLP
Aquis House
49-51 Blagrave Street
Reading
Berkshire
RG1 1PL

UNIV. OLD MEMBERS’ TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 JULY 2022

REPORT OF THE TRUSTEES

The trustees present their annual report and financial statements of the charity for the year ended 31 July 2022. The financial statements have been prepared in accordance with the accounting policies set out on page 11 and comply with the charity’s trust deed, the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in March 2018 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Deed that established the original Univ Old Members’ Trust (“the old OMT”) in 1988 states that no part of the capital shall be permanent endowment. At the meeting of the trustees on 14[th] June 2009 it was agreed to reconstitute the old trust through the establishment of a new trust that has the capacity to hold capital as permanent endowment. The new Univ. Old Members’ Trust (“the new OMT”) was registered with the Charity Commission on 19 August 2010.

The new trust’s registration number with the Charity Commission is 1137545. A uniting direction was received from the Charity Commission on 5[th] July 2011 allowing one set of accounts to be produced for both the old OMT & new OMT. In these financial statements references to the “Trust” incorporates both the old and new OMT trusts.

The trustees shall be not more than twenty-one nor fewer than six of whom not more than three shall be appointed (save in the case of the Original College Trustees) by the College from amongst the Master, Fellows and lecturers of the College.

The remainder (up to a maximum number of 18) shall be Old Members appointed (save in the case of the Original Old Members' Trustees) by the trustees acting by a majority (or, if there is no Old Members' Trustee, the College).

The Trust has two sub-committees: the Finance sub-committee and the Student Support and Access sub-committee. Both of these sub-committees are chaired by a trustee and their membership consists of a mixture of trustees and other Old Members of the College.

The Finance Committee is responsible for the management of the investments and for making recommendations on spending. The Student Support and Access sub-committee considers applications for bursaries and makes recommendations on allocations and on widening access. Both of these committees report to meetings of the Trust where their recommendations are either ratified or amended.

The Trust provides new trustees with a Welcome Pack, comprising a description of the Trust, its workings, objectives and policies; a trustee job description; minutes of recent meetings; the most recent audited accounts; information on other trustees and a Deed of Adherence. Taken together, and in combination with the opportunity to ask questions of experienced trustees or if necessary the Trust's legal or accounting advisors, the Trust believes that this provides new trustees with an adequate basis for performing their tasks.

The Trust monitors developments that may affect its operations or the obligations of its trustees (for example changes in charities regulation) and seeks to update trustees accordingly.

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UNIV. OLD MEMBERS’ TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 JULY 2022

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

The purpose of both the old and new OMT trusts is the furthering the educational purposes of University College, Oxford (“the College”). The trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives, in planning future activities, and setting the grant making policy for the year. The Trust furthers its charitable purposes for the public benefit through

In addition to the Trust's annual contribution to specific requests from the College, its immediate financial objectives are to manage funds in order:

GRANT MAKING POLICY

Each year, the Trust asks the College to outline its needs, and considers a grant in support of the College’s request based on funds available from capital and/or income.

In the case of graduate Scholarship awards, the Trust asks the College to select Scholarship award winners each year from amongst graduate students of the College, on the basis of academic or other merit as determined by the individual parameters of the award(s) made.

In the case of undergraduate Bursary awards, the Trust has appointed a Student Support and Access sub-committee (currently comprised of two trustees, five non-trustee Old Members, two non-trustee Fellows, three members of the Academic office at the College and a current student). Bursaries are allocated purely on the basis of financial need as evaluated by the committee by looking at the costs of living for an academic year in Oxford and the level of support students will receive from the government and from the Oxford Bursary scheme. Holders of bursaries must matriculate at the College to receive their funding.

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UNIV. OLD MEMBERS’ TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 JULY 2022

A REVIEW OF OUR ACHIEVEMENTS AND PERFORMANCE

The trustees are pleased that the achievements and performance of the Trust, as set out below, demonstrate success.

The Trust supported the following fellowships at the College:

The Trust supported the Access initiatives of the College by contributing towards the cost of the Schools Liaison work.

The Trust supported individual undergraduates by way of bursaries. In 2021/22 96 students benefited (2021: 77). The total of awards was £ 134,410 (2021: £129,646).

FINANCIAL REVIEW

The Trust currently depends on donations from individuals, corporations, and other benefactors together with fund raising activities and investment returns.

The Trust is extremely thankful for all those that supported the work of the Trust during 2021/22.

At 31 July 2022 the value of the Trust’s funds was £11,095,093 (2021:£11,148,965). The total of donations received during the year including Gift aid recovered increased to £88,380 (2021:£35,023). Investment income increased to £213,214 (2021: £84,248). Investment returns were negative £19,857 this year. (2021: positive £1,091,727).

INVESTMENT POLICY AND PERFORMANCE

The Trust holds capital and income, to apply as it thinks fit for all or any one or more of the objects of the Trust .

Historically the Trust has used two main investment managers at any one time with approximately 50% of the Trust’s investments held with each manager. As noted in last year’s report the Trust is in the process of moving approximately 25% of the Trust’s funds to a second investment manager. At the year end all the investments were still held at Ruffer LLP.

The Trust has set itself an investment objective of generating a 3% real return on investment over the medium term, while incurring moderate levels of investment risk. The Trust regards its overall investment performance relative to these objectives as being satisfactory. The investments yielded a positive return of 1.77% in the year ended 31 July 2022 (2021: 10.26%).

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FOR THE YEAR ENDED 31 JULY 2022

UNIV. OLD MEMBERS’ TRUST

REPORT OF THE TRUSTEES

RISK MANAGEMENT

The Trust’s income is in part dependent on the grants received from major individual contributors, and on various donations received on an ad hoc basis. The charity actively pursues additional sources of funding through the support of the College’s professional fundraisers, and maintains contact with the existing providers of grants and donations via regular reporting of results.

Further, the Trust depends on income from investments; these investments are managed by professional firms, the activity of which is overseen by the Finance Committee. The Finance Committee regularly monitors investment value and income received from the professional fund managers.

The Trust does not require combined or liability insurance for the users of the Trust's services, nor are health, safety and environmental matters relevant, because the beneficiaries are either the College and/or its students and as such are covered by the College’s insurances. This situation is kept under full and continuous review.

Internal financial controls, budgeting and reporting procedures are appraised regularly by the Finance Committee (and therefore by the wider Trust) for their effectiveness in providing accurate and timely information, and are updated as necessary.

RESERVES POLICY

The Trust’s reserves policy is to maintain sufficient free reserves to meet expected expenditures for 12 months ahead. As stated below the Trustees consider a distribution rate equal to 3% of funds as appropriate. The Trustees have set aside these free reserves in order to protect future operations of the Trust from the effects of any unforeseen variations in its income streams. As at 31 July 2022 free reserves were on target at £332,940 (2021: £334,470).

Total funds of the Trust at the year end amounted to £11,095,093 (2021: £11,148,965). This includes endowment capital of £9,309,316 (2021: £9,279,782), unspent restricted funds totalling £687,958 (2021: £750,123) and unrestricted funds £1,097,819 (2021: £1,119,060). Unrestricted funds comprise the designated fund for the support of College activities of £764,879 (2021: £784,590) and the Trust’s general free reserve of £332,940 (2021: £334,470).

PLANS FOR THE FUTURE

The Trust's objective is to support the education purposes of the College. It fulfils this function through two main streams of activity; raising, managing and disbursing funds to support various activities at the College and developing and implementing an approach to student support bursaries. These activities are performed in close collaboration with the College's Development Office, which provides administrative support to the Trust.

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UNIV. OLD MEMBERS’ TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 JULY 2022

The Trust has no plans to change this overall approach to meeting its objective. However, there are some specific initiatives which should shape much of the Trust's activity for the next few years:

  1. Continuing to support existing specific commitments, for example fellowships, through managing the Trust's funds on a basis that should allow these to be supported for the long term. It is envisaged that this will entail making donations to the College at a rate of about 3% of the Trust's capital available for these purposes;

  2. Developing, in close coordination with the College, an updated Bursaries policy that will recognise the changing structure of financial support available to European undergraduates, and which may involve increasing support for graduate students.

The Trust enjoys a close working relationship with the College, and stands ready to provide ad hoc advice or support as requested, which could involve adopting new policies or initiatives in the future.

KEY MANAGEMENT PERSONNEL REMUNERATION

The trustees consider the Interim Development Director and her team the key management personnel of the Trust in charge of directing and controlling the Trust and running and operating the Trust on a day to day basis. All trustees give of their time freely and no trustee remuneration was paid in the year. Trustees are required to disclose all relevant interests and register them with the Chairman and in accordance with the Trust’s policy withdraw from decisions where a conflict of interest arises.

The trustees of the charity during the year and subsequently appointed were as follows:

J Cummins (Chairman) A Tse M Chamberlain JP Spencer A Jaijee Cpt P Grant G Proudfoot S Williams K Siddique NSA Paul

College fellow trustees:

Dr A I Grant Dr N P Yeung Dr A G Bell

During the year the trustees did not receive any remuneration and no expenses were reimbursed to them.

During the year the trustees made charitable donations of £15,000 (2021: £nil) to the Trust.

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FOR THE YEAR ENDED 31 JULY 2022

UNIV. OLD MEMBERS’ TRUST REPORT OF THE TRUSTEES

RELATED PARTIES

The College is a related party of the Trust. The Finance Bursar of the College is a trustee of the Trust as are two Fellows of the College. In addition, the Master and the Development Director are invited to attend meetings of the Trust.

TRUSTEES’ RESPONSIBILITIES STATEMENT

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions, disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AUDITOR

Crowe U.K. LLP offer themselves for reappointment as auditor in accordance with the Charities Act 2011.

ON BEHALF OF THE TRUSTEES

ageMt 28 May 2023

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Crowe U.K. LLP Chartered Accountants Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL Tel: +44 (0)118 959 7222 Fax: +44 (0)118 958 4640 www.crowe.co.uk

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF UNIV OLD MEMBERS’ TRUST

Opinion

We have audited the financial statements of Univ Old Members’ Trust for the year ended 31 July 2022 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of 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:

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’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF UNIV OLD MEMBERS’ TRUST

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 6, the trustees 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.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability 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 charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF UNIV OLD MEMBERS’ TRUST

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the Charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Charity for fraud. The laws and regulations we considered in this context for the Charity were Charity Commission legislation, General Data Protection Regulation (GDPR); anti-fraud, bribery and corruption legislation and taxation legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included inquiries of management their own identification and assessment of the risks of irregularities, sample testing on income and the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance. Our audit procedures to respond to revenue recognition risks included sample testing of income across the year to agree to supporting documentation and testing income either side of the year to ensure this has been correctly recognised.

9

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF UNIV OLD MEMBERS’ TRUST

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Statutory Auditor

Reading

Date: 30 May 2023

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UNIV. OLD MEMBERS’ TRUST PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2022

BASIS OF PREPARATION AND ASSESSMENT OF GOING CONCERN

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on the 16 June 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Trust constitutes a public benefit entity as defined by FRS 102.

With respect to the next reporting period, 2022-223, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the trustees’ annual report for more information). The Trust has cash resources and has no further requirement for external funding in excess of current facilities. The Trustees have a high expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.

INCOME

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations, are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment manager of the dividend yield of the investment portfolio.

GRANTS PAYABLE

Grants are included in the accounts only when an unconditional commitment exists.

EXPENDITURE

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the

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UNIV. OLD MEMBERS’ TRUST PRINCIPAL ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 JULY 2022

grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.

Allocation of support and governance costs:

Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs. Governance costs and support costs relating to charitable activities have been allocated to general funds.

Costs of raising funds:

The costs of generating funds consist of investment management costs and certain legal fees.

Charitable activities:

Costs of charitable activities include grants made, governance costs and an apportionment of support costs as shown in note 3.

INVESTMENTS

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted mid-market price. Unlisted investment funds are valued on a net asset basis as determined by the administrators while other unlisted securities are valued on price or a net asset basis as supplied by a recognised vendor. Investment gains and losses are recognised in the Statement of Financial Activities in the period to which they relate. Movements in market value are apportioned between restricted and unrestricted funds based on the percentage of the total Trust Fund held by each fund.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

FUND ACCOUNTING

Restricted funds are to be used for specific purposes laid down by the donor. Expenditure for these purposes is charged to each fund at the trustees' discretion.

General funds are donations and other incoming resources received or generated for expenditure on the general objectives of the charity.

Income from investments, interest on bank balances held by the fund managers and gains/losses on investments are apportioned across restricted and general funds based on the percentage of the total held by each fund. Interest income on bank balances not held by the fund manager is credited to general funds.

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UNIV. OLD MEMBERS’ TRUST PRINCIPAL ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 JULY 2022

CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash at banks, with investment managers and in hand and short term deposits with a maturity date of three months or less.

FINANCIAL INSTRUMENTS

Debtors and creditors receivable or payable within one year of the reporting date are initially recognised at their transaction price and subsequently measured at amortised cost.

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UNIV. OLD MEMBERS’ TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 JULY 2022

Unrestricted
Funds		 Restricted
Funds		 Endowment
Funds		 2022 2021
Total Total
Notes £ £ £ £ £
Income and Endowments
Donations legacies 1 32,277 10,041 46,062 88,380 35,023
Investments 2 21,507 191,707 - 213,214 84,248
Total income 53,784 201,748 46,062 301,594 119,271
Expenditure on:
Charitable activities 73,032 262,577 - 335,609 304,296
Total expenditure 3 73,032 262,577 - 335,609 304,296
Net expenditure beforegains (19,248) (60,829) 46,062 (34,015) (185,025)
Net gains/(losses) on investments 6 (1,993) (1,336) (16,528) (19,857) 1,091,727
Net movement in funds (21,241) (62,165) 29,534 (53,872) 906,702
Transfers between funds - - - - -
Net movement in funds (21,241) (62,165) 29,534 (53,872) 906,702
Total funds brought forward at 1
August 2021		 1,119,060 750,123 9,279,782 11,148,965 10,242,263
Total funds carried forward at 31 July
2022		 15 1,097,819 687,958 9,309,316 11,095,093 11,148,965

The accompanying accounting policies and notes numbered 1 to 15 form a part of these accounts.

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UNIV. OLD MEMBERS’ TRUST BALANCE SHEET

FOR THE YEAR ENDED 31 JULY 2022
Note 2022 2021
£ £
Fixed assets
Investments 6 10,896,424 10,916,281
Current assets
Debtors 7 47,756 11,548
Cash at bank and in hand 8 1,751,693 1,496,695
1,799,449 1,508,243
Creditors: amounts falling due within one year 9 (1,600,780) (1,275,559)
Net current assets 198,669 232,684
Net Assets 11,095,093 11,148,965
Funds
Endowment funds 15 9,309,316 9,279,782
Restricted funds 15 687,958 750,123
Unrestricted funds - General 15 332,940 334,470
Unrestricted funds - Designated 764,879 ~~7~~ 784,590
~~7~~
10 11,095,093 ~~7~~ 11,148,965
~~7~~

The Financial statements were approved by the Board of Trustees on 28 May 2023.

The accompanying accounting policies and notes numbered 1 to 15 form a part of these accounts.

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UNIV. OLD MEMBERS’ TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

1. DONATIONS AND LEGACIES

----- Start of picture text -----
Total Total
2022 2021
£ £
Donations and Legacies
Unrestricted funds 32,277 13,642
Restricted funds 10,041 13,420
Endowment funds 46,062 7,961
88,380 35,023
2. INVESTMENT INCOME
Total Total
2022 2021
£ £
Unrestricted funds
Income from UK Bond Portfolio - -
Income from unlisted investments 21,389 9,089
High interest account 118 163
21,507 9,252
Restricted funds
Income from unlisted investments 191,707 74,996
191,707 74,996
Total Investment Income 213,214 84,248
3. ANALYSIS OF EXPENDITURE
Other Total Total
2022 2021
£ £ £
Charitable expenditure
Grants to institutions 185,919 185,919 160,453
Grants to individuals 134,410 134,410 129,646
Support and governance costs 15,280 15,280 14,197
Total Charitable expenditure 335,609 335,609 304,296
Total Expenditure 335,609 335,609 304,296
----- End of picture text -----

All support costs are unrestricted and allocated directly by the activity undertaken. Governance costs include auditor’s remuneration of £9,750 (2021:£7,125) . The Trust does not employ any staff however staff employed by University College are engaged in activities that benefit the Trust. An estimate of the value of these services is £1,300 (2021: £1,000) .

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UNIV. OLD MEMBERS’ TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

4. GRANTS AND AWARDS

During the year the Trust made the following grants and awards from its unrestricted and restricted funds.

Unrestricted
OMT graduate fund (scholarships, conferences & course related travel)
Contribution towards restricted fund expenditures
Total unrestricted charitable activities expenditure
Restricted
Bardel Bursary
Bartlett Scholarship
Biology Fellowship
Bursaries
Bursaries & Access
Carfagna Bursary
Cawkwell Fellow in Ancient History
Cawkwell Graduate Scholarship
Chellgren Graduate Scholarship
Chemistry Fellowship
Modern History Fellowships
Dorothy L Bernhard Bursary
Economics & Management
OMT Undergraduate Bursaries
Fischer Family Scholarships
Green Bursary
Law Fellowship
Loughman Special Scholarship
Molecular Science
Physics Fellowship
Postgraduate Bursaries & Scholarships
Power Fundraising
Opportunity Programme
Reid Scholarship
Salinsky Scholarship
Slingsby Scholarship
Schroder PPE Fellowship
Stevenson JRF
Stocken Scholarship
Tomlinson Bursary
Tutorial Support
Watts Scholarship
Wood Scholarship
Yallop Bursary
Other
Total restricted charitable activities expenditure		 2022
£
3,125
54,627
57,752
1,000
2,500
6,129
1,538
113,848
1,000
21,497
938
2,000
2,498
8,834
1,500
157
-
11,024
1,000
10,024
4,500
839
5,330
1,086
7,221
-
500
1,000
-
13,794
26,810
-
-
9,010
1,000
-
1,000
5,000
262,577		 2021
£
5,483
109,318
114,801
-
1,348
2,379
64,646
5,000
500
8,344
278
1,037
970
3,429
1,500
61
30,951
16,346
1,000
3,891
1,000
326
2,069
-
3,687
1,331
1,495
890
-
5,354
10,407
2,220
955
2,500
1,000
384
-
-
175,298

17

UNIV. OLD MEMBERS’ TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

5. PAYMENTS TO TRUSTEES AND CONNECTED PERSONS

No trustee or person with a family or business connection with a trustee received remuneration or reimbursement of expenses in the year, directly or indirectly, from either the charity or an institution or company controlled by the charity. The Trust does not have any employees.

6. FIXED ASSET INVESTMENTS

----- Start of picture text -----
2022 2021
£ £
Valuation at start of year 10,916,281 9,822,351
Additions - 66,521
Disposals - (64,318)
Revaluations in value of investments (19,857) 1,091,727
Market Value as at 31 July 2022 10,896,424 10,916,281
Investments comprise:
UK Listed Investments 10,896,424 10,916,281
10,896,424 10,916,281
----- End of picture text -----

18

UNIV. OLD MEMBERS’ TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

7. DEBTORS

7. DEBTORS
2022 2021
£ £
Other debtors 47,756 11,548
47,756 11,548

8. CASH AT BANK

8. CASH AT BANK
2022 2021
£ £
Current accounts 891,159 885,523
High interest account 859,961 611,172
Cash with investment manager 573 -
1,751,693 1,496,695

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Other creditors 1,600,780 1,275,559
1,600,780 1,275,559

10. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Investments
Current assets
Current liabilities
Investments
Current assets
Current liabilities		 Unrestricted
Funds
£
937,175
888,602
(727,958)
1,097,819
Unrestricted
Funds
£
886,376
789,985
(557,301)
1,119,060		 Restricted
Funds
£
687,958
872,822
(872,822)
687,958
Restricted
Funds
£
750,123
718,258
(718,258)
750,123		 Endowment
Funds
£
9,271,291
38,025
-
9,309,316
Endowment
Funds
£
9,279,782
-
-
9,279,782		 2022 Total
Funds
£
10,896,424
1,799,449
(1,600,780)
11,095,093
2021 Total
Funds
£
10,916,281
1,508,243
(1,275,559)
11,148,965

19

UNIV. OLD MEMBERS’ TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

11. CAPITAL COMMITMENTS

The Trust had no capital commitments at 31 July 2022 or 31 July 2021.

12. RELATED PARTY TRANSACTIONS AND TRUSTEE EXPENSES AND REMUNERATION

The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2021: £nil). Expenses paid to the trustees in the year totalled £nil ( 2021: £nil ).

During the year donations of £15,000 ( 2021: £nil ) were received from trustees.

University College is a related party of the Trust. During the year a grant of £185,919 ( 2021: £160,453 ) was made to University College. At the year end a balance was due of £1,571,020 ( 2021: £1,250,690 ).

13. FINANCIAL INSTRUMENTS

The financial statements include the following in respect of their financial instruments

Financial assets at fair value £10,896,424 (2021:£10,916,281) Financial assets at amortised cost £1,799,449 (2021:£1,508,243) Financial liabilities at amortised cost £1,600,780 (2021:£1,275,559)

14. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
Funds		 Restricted
Funds		 Endowment
Funds		 Total
2021 2021 2021 2021
£ £ £ £
Income and Endowments:
Donations and legacies 13,642 13,420 7,961 35,023
Investment income 9,252 74,996 - 84,248
Total income 22,894 88,416 7,961 119,271
Expenditure on:
Charitable activities 128,998 175,298 - 304,296
Total expenditure 128,998 175,298 - 304,296
Net Expenditure beforegains (106,104) (86,882) 7,961 (185,025)
Netgains/(losses) on investments 118,012 80,623 893,092 1,091,727
Net movement in funds 11,908 (6,259) 901,053 906,702
Total funds brought forward at 1 August 2020 1,107,152 756,382 8,378,729 10,242,263
Total funds carried forward at 31 July 2021 1,119,060 750,123 9,279,782 11,148,965

20

UNIV. OLD MEMBERS’ TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

15.F UN D S T o tal fund
value at 1
A ugust 2021		 Income Expenditure Investment
Gains		 T ransfers T o tal fund
value at 31
July 2022
£ £ £ £ £ £
Endo wment F unds
Univ 20/20 General 555,803 - - (990) - 554,813
Cawkwell P’Grad. Scholarship 26,888 - - (48) - 26,840
Bobby Berman Postgraduate
Scholarship		 2,308 - - (4) - 2,304
Helen Cooper Postgraduate
Scholarship		 153 - - (0) - 153
Gareth Evans Postgraduate
Scholarship		 1,476 - - (3) - 1,473
Strawson Postgraduate
Scholarship		 656 - - (1) - 655
Finnis Law Postgraduate
Scholarship		 603 125 - (1) - 727
Bob Thomas Chemistry
Postgraduate Scholarship		 13,364 3,000 - (24) - 16,340
Chamberlain Bursary 43,052 - - (77) - 42,975
Ancient History/Classics 1,124,695 - - (2,003) - 1,122,692
Biology 320,643 - - (571) - 320,072
Buildings 8,802 - - (16) - 8,786
Chemistry 130,695 - - (233) - 130,462
Economics & M anagement 8,221 - - (15) - 8,206
Law 524,443 - - (934) - 523,509
M odern History 462,180 31 - (823) - 461,388
M olecular Science 43,876 - - (78) - 43,798
Physics 278,852 - - (497) - 278,355
PPE 721,673 6 - (1,285) - 720,394
Stevenson JRF 1,402,716 - - (2,498) - 1,400,218
Power FundraisingFund 378,064 - - (673) - 377,391
Power/Sir M aurice Shock Fund 274,880 - - (490) - 274,390
Bardel Scholarship 76,189 - - (136) - 76,053
Bartlett Scholarship 181,523 - - (323) - 181,200
BrazgScholarship 18,612 150 - (33) - 18,729
Carfagna Scholarship 71,461 - - (127) - 71,334
Chellgren Scholarships 139,842 - - (249) - 139,593
Craft Scholarship 50,183 - - (89) - 50,094
Dean Scholarship 58,083 - - (103) - 57,980
DorothyL Bernhard Scholarship 145,651 - - (259) - 145,392
Fischer Family Trust Scholarships 1,403,008 - - (2,499) - 1,400,509
Green Scholarship 70,524 - - (126) - 70,398
Loughman Scholarship 159,900 - - (285) - 159,615
Reid Scholarship 84,246 - - (150) - 84,096
SalinskyScholarship 54,744 - - (98) - 54,646
SlingsbyScholarship 62,101 - - (111) - 61,990
Stocken Scholarship 81,317 - - (145) - 81,172
Tomlinson Bursary 130,965 42,750 - (233) - 173,482
Watts Scholarship 61,665 - - (110) - 61,555
Wood Scholarship 51,774 - - (92) - 51,682
YallopScholarship 53,951 - - (96) - 53,855
Endo wment F unds subto tal 9,279,782 46,062 - (16,528) - 9,309,316

21

UNIV. OLD MEMBERS’ TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

T o tal fund
value at 1
A ugust 2021		 Inco me Expenditure Investment
Gains		 T ransfers T o tal fund
value at 31
July 2022
15.F UN D S C ON T IN UED
R estricted F unds
£ £ £ £ £ £
Endo wment Linked Inco me
F unds
Univ 20/20 – General - Income 82,176 12,194 - (146) - 94,224
Cawkwell P’Grad. Scholarship
Income		 417 522 (938) (1) - 0
Bobby Berman Postgraduate
Scholarship- Income		 21 45 - (0) - 66
Helen Cooper Postgraduate
Scholarship– Income		 17 3 - - - 20
Strawson Postgraduate
Scholarship– Income		 91 14 - - - 105
Gareth Evans Postgraduate
Scholarship– Income		 217 32 - - - 249
Finnis P’Grad. Scholarship –
Income		 4 12 - - - 16
Bob Thomas Chemistry
Postgraduate Scholarship –
Income		 88 257 - - - 345
Chamberlain Bursary– Income 2,115 863 - (4) - 2,974
Ancient History/Classics - Income - 21,497 (21,497) - -
Biology– Income - 6,129 (6,129) 0 - 0
Buildings – Income 3,013 226 - (5) - 3,234
Chemistry– Income - 2,498 (2,498) - - -
Economics & M anagement –
Income		 - 157 (157) - - -
Law – Income - 10,024 (10,024) - - -
M odern History- Income - 8,834 (8,834) - - -
M olecular Science – Income - 839 (839) - - -
Physics – Income - 5,330 (5,330) - - -
PPE - Income - 13,794 (13,794) - - -
Stevenson JRF – Income - 26,811 (26,811) - - -
Power Fundraising Fund – Income - 7,226 (7,221) - - 5
Power/Sir M aurice Shock Fund -
Income		 25,164 5,735 - (45) - 30,854
Bardel Scholarship– Income 565 1,467 (1,000) (1) - 1,031
Bartlett Scholarship– Income - 3,470 (2,500) 0 - 970
BrazgScholarship– Income 406 363 - (1) - 768
Carfagna Scholarship– Income 1,079 1,387 (1,000) (2) - 1,464
Chellgren Scholarships –Income - 2,673 (2,000) (0) - 673
Craft Scholarship– Income 2,180 1,001 - (4) - 3,177
Dean Scholarship– Income 1,279 1,135 - (2) - 2,412
Dorothy L Bernhard Scholarship –
Income		 852 2,800 (1,500) (2) - 2,150
Fischer Family Trust Scholarships
– Income		 267 26,822 (11,024) (0) - 16,065
Green Scholarship– Income 2,253 1,391 (1,000) (4) - 2,640
Loughman Scholarship – Income 1,964 3,094 (4,500) (3) - 555
Reid Scholarship - Income 1,998 1,648 (500) (4) - 3,142
Salinsky Scholarship – Income - 1,046 (1,000) 0 - 46
Slingsby Scholarship – Income 461 1,196 (1) - 1,656
c/f 126,627 172,535 (130,096) (225) - 168,841

22

UNIV. OLD MEMBERS’ TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

15.F UN D S C ON T IN UED £ £ £ £ £ £
Restricted funds b/f 126,627 172,535 (130,096) (225) - 168,841
Stocken Scholarship – Income 8 1,554 - (0) - 1,562
Tomlinson Bursary – Income - 2,503 - 0 - 2,503
Watts Scholarship – Income 359 1,185 (1,000) (1) - 543
Wood Scholarship – Income - 990 - (0) - 990
Yallop Scholarship – Income 405 1,039 (1,000) (1) - 443
Other R estricted Inco me
F unds:
Tutorial 1,442 28 (1,467) (3) - (0)
Tutorial – Engineering 2,116 40 (2,153) (3) - (0)
Tutorial – M odern Languages 3,325 64 (3,383) (6) - (0)
Tutorial – Humanities 1,200 23 (1,220) (2) - 1
Tutorial – Social Sciences 760 15 (773) (1) - 1
Tutorial - Physical Sciences 8 0 (8) (0) - 0
Tutorial – Library 7 0 (5) (0) - 2
Anniversary Bursaries 183,647 3,510 - (328) - 186,829
Bursaries & Access 305,282 11,862 (113,848) (545) - 202,751
Bursaries 80,484 1,817 (1,538) (144) - 80,619
Opportunity programme 758 639 - (1) - 1,396
Undergraduate Bursaries - 150 - (0) - 150
Student support 4,365 1,493 - (7) - 5,851
Postgraduate Bursaries &
Scholarships		 604 12 (616) (0) - 0
Postgraduate Scholarship -
Humanities		 462 9 (470) (1) - (0)
Computers 2,392 46 - (4) - 2,434
Library 7,066 135 - (13) - 7,188
Other 28,806 2,099 (5,000) (51) - 25,854
R estricted F unds Subto tal 750,123 201,748 (262,577) (1,336) - 687,958
-
General (unrestricted)
funds		 -
General funds 334,470 53,784 - (596) (54,718) 332,940
Designated Fund – College
support		 784,590 - (73,032) (1,397) 54,718 764,879
General Funds Subtotal 1,119,060 53,784 (73,032) (1,993) - 1,097,819
-
T o tal funds 11,148,965 301,594 (335,609) (19,857) - 11,095,093

23