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2024-07-31-accounts

CHARITY REGISTRATION NUMBER: 1137545

UNIV. OLD MEMBERS’ TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

UNIV. OLD MEMBERS’ TRUST

CONTENTS TO THE FINANCIAL STATEMENTS

INDEX PAGE
Report of the trustees 1 - 6
Independent auditor’s report 7 – 9
Statement of financial activities 10
Balance sheet 11
Principal accounting policies 12 – 14
Notes to the financial statements 15 - 25

UNIV. OLD MEMBERS’ TRUST

CONTENTS TO THE FINANCIAL STATEMENTS

Charity registration number: 1137545
Address: Development, Communications & Alumni Relations Office
University College
High Street
OXFORD
OX1 4BH
Trustees: K Siddique Professor N P Yeung
Dr A Bell A Hofmaier
Dr A I Grant G Paterson
G Proudfoot Dr R Norris
A Skipper D Marks
S Shah Dr O Cox
Director of Development, Felice Nassar
Communications and Alumni
Relations
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
55 Ludgate Hill
London
EC4M 7JW

FOR THE YEAR ENDED 31 JULY 2024

UNIV. OLD MEMBERS’ TRUST

REPORT OF THE TRUSTEES

REPORT OF THE TRUSTEES

The trustees present their annual report and financial statements of the charity for the year ended 31 July 2024. The financial statements have been prepared in accordance with the accounting policies set out on page 12 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.

Page 1

UNIV. OLD MEMBERS’ TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 JULY 2024

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, six non-trustee Old Members, one non-trustee Fellow 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.

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:

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UNIV. OLD MEMBERS’ TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 JULY 2024

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 2023/24 82 students benefited (2023: 119). The total of awards was £122,944 (2023: £137,765).

FINANCIAL REVIEW

The Trust currently depends on donations from individuals, corporations and other benefactors together with fund raising activities, and investment returns to provide the wherewithal for its elective expenditure on student support.

The Trust is extremely thankful for all those that supported the work of the Trust during 2023/24.

At 31 July 2024 the value of the Trust’s funds was £10,734,285 (2023:£10,792,249). The total of donations received during the year including Gift aid recovered decreased to £54,865 (2023:£110,573). Investment income decreased to £241,207 (2023: £355,433). Capital movements on investment returns were slightly negative £(23,167) this year (2023: negative £439,071).

As stated in Note 3 to the Financial Statements, the Trust does not employ any staff. Instead, staff employed by the College are engaged in activities that also benefit the Trust, using the same systems and processes that the College uses. The Trust uses the same fundraising database Raiser’s Edge NXT, to maintain contact details for alumni and donors. The Trust continues to work to maintain the integrity of its data and to ensure that all evidence of consent, whenever it is required, is recorded along with documentation to support to Gift Aid claims.

The Trust’s compliance with GDPR regulations and the Charities (Protection and Social Investment) Act 2016 are central to the governance of its development activity. It is the College that is formally registered with the Fundraising Regulator and follows its guidance and best practice when working with vulnerable people.

The fundraising strategy for the OMT is determined by its Trustees in close liaison with the College and aims to seek funds in its core objective of student bursaries. Fundraising is led by the College’s Director of Development, Communications & Alumni Relations,(“DC&AR”) who is invited to attend the meetings of the Trustees. Fundraising activity is directed at alumni of the College, and those Trusts and Foundations with objectives aligned with those of the Trust. A variety of methods are used including direct mail, email and social media, telephone and face-to-face approaches to discuss fundraising opportunities with supporters and potential supporters. The Trust has had no complaints about its fundraising engagement processes in 2023 - 2024 (there were no complaints in 2022-2023).

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 .

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UNIV. OLD MEMBERS’ TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 JULY 2024

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 4% 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 2.08% in the year ended 31 July 2024 (2023: (0.77%)).

In the matter of the Trust’s investments, a Statement of Investment Principles was ratified by the trustees after the balance sheet close but before signing of this Report and Financial Statements.

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 2024 free reserves were on target at £333,916 (2023: £323,851).

Total funds of the Trust at the year end amounted to £10,734,285 (2023: £10,792,249). This includes endowment capital of £9,020,154 (2023: £9,011,363), unspent restricted funds totalling £648,801 (2023: £693,003) and unrestricted funds £1,065,330 (2023: £1,087,883). Unrestricted funds comprise the designated fund for the support of College activities of £731,414 (2023: £764,032) and the Trust’s general free reserve of £333,916 (2023: £323,851).

CONSIDERATIONS OF A GOING CONCERN

The Trustees have duly reflected on the declared statements within this report, the considerations for the current reporting period and looking ahead for at least 12 months from the signing of this Report and conclude that the Trust is a going concern. While there remains significant uncertainty in the investment assets performance and unknowable income from benefactors, the trust has a sufficiency

Page 4

UNIV. OLD MEMBERS’ TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 JULY 2024

of unrestricted funds to meet all likely outgoings. It also notes that its student support is elective and can be adjusted in extremis to ensure expenditures remain affordable.

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.

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 Director of Development, Communication & Alumni Relations 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 and no expenses were reimbursed to them. 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 (Resigned 2 November 2023) G Proudfoot A Tse (Resigned 22 March 2024) K Siddique M Chamberlain (Resigned 2 November 2023) G Paterson (Appointed 22 March 2024) JP Spencer (Resigned 2 November 2023) D Marks (Appointed 22 March 2024) Cpt P Grant (Resigned 22 March 2024) R Norris (Appointed 22 March 2024) S Williams (Resigned 22 March 2024) O Cox (Appointed 22 March 2024) NSA Paul (Resigned 2 November 2023) S Shah (Appointed 22 March 2024) A Hofmaier A Skipper (Appointed 22 March 2024)

College fellow trustees:

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

During the year the trustees made charitable donations of £4,000 (2023: £15,000) to the Trust.

Page 5

UNIV. OLD MEMBERS, TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 RELATED PARTIES The College is a related party of th6 Twst. The Finance Bursar of the College Is a trustee of the Trust as are Fellows of the College. In additlon, the Master and the Director ID,C&AR) are Invlted to attend meetlngs of the Trust. TRUSTEES. RESPONSIBILITIES STATÉMENT The TTUStees are responslble for preparing the Trustees, Annual Report and the finandal stslements In ac(x)rdance appllcable law and Unlted Kingdom Generally Accepted Accounting Practlce {Untted Kingdom Accounting Standards}- The law applicable to charitles in England and Wales requlres the Trustees to prepare financSal statements for each finandal year which gNe a true and fair view of the stale of affairs of the charty and of the incoming resources and application of resources of the chafity for thal perfod. In preparing these financial statements. the Trustees are requlred to: select sultable accountlng polides and then apply thèm consistenUy', observe the methods and principles in the Charllles SORP., make Judgments and estlmates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any materfal departures disdosed and explained In the financial statements., prepar8 Ihe financ181 statements on the going concem basls unless 11 is Inappropriate to presume that the charity wll conllnue In business. The Trustees ar8 responsible for keeping adequate acwunting records that are sufficient tts show and explain the charity's transactions, disdose with reasonable accijracy at any time the financSal posllion of the charity and enable them to ensure that the financial statements comply wlth the Charities Act 2011, the Charfties (Accounts and Reports) Regulations 2008 and the provlglons of the charfty's constitution. They are also responsible for safeguarding the assets of th8 chartty and hence for taklng reasonable steps for the prevenlon and delectlon of fraud and other irregularities. AUDITOR Crowe U.K. LLP offer themselves for reappointment as audltor In accordance wlth tho Charities Act 2011. ON BEHALF OF THE TRUSTEES D Marks, Chalr Trustee Dr A l Grant Trustee Page 6

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 2024 which comprise Statement of Financial Activities, Balance Sheet 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:

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

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of 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 charity'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 trustees are responsible for the other information contained within the annual report. 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.

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 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.

Page 7

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.

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.

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:

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 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

Page 8

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.

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.

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

London

Date 16 May 2025

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 9

UNIV. OLD MEMBERS’ TRUST STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 JULY 2024

Notes
Income and Endowments
Donations legacies
1
Investments
2
Total income
Expenditure on:
Charitable activities
Total expenditure
3
Net expenditure before
gains
Net gains/(losses) on
investments
6
Net Income/(Expenditure)
Transfers between funds
Net movement in funds
Total funds brought forward
at 1 August 2023
Total funds carried forward
at 31 July 2024
15		 Unrestricted
Funds
Restricted
Funds
Endowment
Funds
2024
2023
Total
Total
£
£
£
£
£
12,581
5,729
36,555
54,865
110,573
44,313
196,894
-
241,207
355,433
56,894
202,623
36,555
296,072
466,006
77,094
245,337
8,438
330,869
329,779
77,094
245,337
8,438
330,869
329,779
(20,200)
(42,714)
28,117
(34,797)
136,227
(2,353)
(1,488)
(19,326)
(23,167)
(439,071)
(22,553)
(44,202)
8,791
(57,964)
(302,844)
-
-
-
-
-
(22,553)
(44,202)
8,791
(57,964)
(302,844)
1,087,883
693,003
9,011,363
10,792,249
11,095,093
1,065,330
648,801
9,020,154
10,734,285
10,792,249

Page 10

UNIV. OLD MEMBERS, TRUST PRINCIPAL ACCOUTING POLICIES FOR THE YEAR ENDED 31 JULY 2024 Notg 2024 2023 Flxed assgts Inveslments 10,434,508 10,457,671 Current as$ots Debtors Cash at bank and in hand 27,252 1,603.447 1,630,699 101,845 2.148,454 2,250,299 Creditors: amounts falllng due wlthln one year 1330 922 1,915,721 Net current assets 299,7TI 334,578 Net Assots 10.734.285 10,792,249 Funds Endowment funds Reslricled funds Unrestricted fijnds - General Unrestrioted funds - Designated 15 15 15 9.020,154 648,801 333,916 731.414 10,734,285 9.011.363 693,003 323,851 764,032 10,792,249 10 The Financial slatements werè approved by the Board of Trustees on 13 March 2025. D Marks Truslee The accompanying accounting pollcies and notes numbered 1 to 16 forni a part of these accounts. Page11

UNIV. OLD MEMBERS’ TRUST

PRINCIPAL ACCOUTING POLICIES

FOR THE YEAR ENDED 31 JULY 2024

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, 2024-25 and beyond for at least 12 months from the signing of this report, 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

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UNIV. OLD MEMBERS’ TRUST PRINCIPAL ACCOUTING POLICIES

FOR THE YEAR ENDED 31 JULY 2024

the grant award. The notification gives the recipient a reasonable expectation that they will receive the 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.

Page 13

UNIV. OLD MEMBERS’ TRUST

PRINCIPAL ACCOUTING POLICIES

FOR THE YEAR ENDED 31 JULY 2024

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.

Page 14

UNIV. OLD MEMBERS’ TRUST NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

1. DONATIONS AND LEGACIES

Donations and Legacies
Unrestricted funds
Restricted funds
Endowment funds
2. INVESTMENT INCOME
Unrestricted funds
Income from unlisted investments
High interest account
Restricted funds
Income from unlisted investments
Total Investment Income
3. ANALYSIS OF EXPENDITURE
Charitable expenditure
Grants to institutions
Grants to individuals
Support and governance costs
Total Charitable expenditure
Total Expenditure		 Other
£
181,508
122,944
26,417		 Total
2024
£
12,581
5,729
36,555
54,865
Total
2024
£
22,072
22,241
44,313
196,894
196,894
241,207
Total
2024
£
181,508
122,944
26,417
330,869
330,869		 Total
2023
£
11,230
28,894
70,449
110,573
Total
2023
£
34,611
5,637
40,248
315,185
315,185
355,433
Total
2023
£
175,618
137,765
16,396
330,869 329,779
330,869 329,779

All support costs are unrestricted and allocated directly by the activity undertaken. Governance costs include auditor’s remuneration of £13,125 (2023:£12,500). 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 £1,000 (2023: £4,100).

4. GRANTS AND AWARDS

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

15

UNIV. OLD MEMBERS’ TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

Endowment
Buildings
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
Brazg Scholarship
Bursaries
Bursaries & Access
Carfagna Bursary
Cawkwell Fellow in Ancient History
Cawkwell Graduate Scholarship
Chellgren Graduate Scholarship
Chemistry Fellowship
Craft Scholarship
Modern History Fellowships
Dorothy L Bernhard Bursary
Economics & Management
Fischer Family Scholarships
Green Bursary
Law Fellowship
Loughman Special Scholarship
Molecular Science
Physics Fellowship
Power Fundraising
Reid Scholarship
Slingsby Scholarship
Schroder PPE Fellowship
Stevenson JRF
Stocken Scholarship
Tomlinson Bursary
Tutorial Support
Undergraduate Bursaries
Watts Scholarship
Wood Scholarship
Yallop Bursary
Buildings
Computers
Library
Total restricted charitable activities expenditure		 2024
£
8,438
8,438
3,959
46,718
50,677
500
-
6,237
500
-
81,700
2,021
21,877
523
-
2,542
1,000
8,991
1,500
160
30,075
1,000
10,201
-
853
5,424
10,874
1,500
1,000
14,038
27,285
-
1,000
4
-
-
-
1,500
3,485
2,415
7,132
245,337		 2023
£
-
-
1,573
-
1,573
500
4,167
10,091
500
80,248
16,519
500
35,395
846
1,500
4,113
1,000
14,546
1,500
259
17,488
1,000
16,505
500
1,381
8,776
11,323
1,000
1,000
22,712
44,145
2,794
6,871
-
151
2,480
1,000
1,000
-
-
-
311,810

16

UNIV. OLD MEMBERS’ TRUST NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

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

Valuation at start of year
Additions
Disposals
Revaluations in value of investments
Market Value as at 31 July 2024
Investments comprise:
UK Listed Investments
. DEBTORS
Other debtors
. CASH AT BANK
Current accounts
High interest account
Cash with investment manager		 2024
£
10,457,671
4
-
(23,167)
10,434,508
10,434,508
10,434,508
2024
£
27,252
27,252
2024
£
10,730
1,592,463
254
1,603,447		 2023
£
10,896,424
318
-
(439,071)		 2023
£
10,896,424
318
-
(439,071)
10,457,671
10,457,671
10,457,671
2023
£
101,845
101,845
2023
£
893,358
1,254,839
257
2,148,454

7. DEBTORS

8. CASH AT BANK

17

UNIV. OLD MEMBERS’ TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other creditors 2024
£
1,330,922
1,330,922		 2023
£
1,915,721
1,915,721

10. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Investments
Current assets
Current liabilities
Investments
Current assets
Current liabilities		 Unrestricted
Funds
£
765,553
635,677
(335,900)
1,065,330
Unrestricted
Funds
£
753,305
1,065,669
(731,091)
1,087,883		 Restricted
Funds
£
648,801
995,022
(995,022)
648,801
Restricted
Funds
£
693,003
1,184,630
(1,184,630)
693,003		 Endowment
Funds
£
9,020,154
-
-
9,020,154
Endowment
Funds
£
9,011,363
0
-
9,011,363		 2024 Total
Funds
£
10,434,508
1,630,699
(1,330,922)
10,734,285
2023 Total
Funds
£
10,457,671
2,250,299
(1,915,721)
10,792,249

11. CAPITAL COMMITMENTS

The Trust had no capital commitments at 31 July 2024 or 31 July 2023.

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 (2023: £nil). Expenses paid to the trustees in the year totalled £nil (2023: £nil).

During the year donations of £4,000 (2023: £15,000) were received from trustees.

University College is a related party of the Trust. During the year a grant of £181,510 (2023: £175,617) was made to University College. At the year end a balance was due of £1,315,172 (2023: £1,900,722).

18

UNIV. OLD MEMBERS’ TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

13. FINANCIAL INSTRUMENTS

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

Financial assets at fair value £10,434,508 (2023: £10,457,671) Financial assets at amortised cost £1,630,447(2023: £2,250,299) Financial liabilities at amortised cost £1,330,922 (2023: £1,915,721)

14. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

Income and Endowments:
Donations and legacies
Investment income
Total income
Expenditure on:
Charitable activities
Total expenditure
Net Expenditure before gains
Net gains/(losses) on investments
Net movement in funds
Total funds brought forward at 1 August 2022
Total funds carried forward at 31 July 2023		 Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Total
2023
2023
2023
2023
£
£
£
£
11,230
28,894
70,449
110,573
40,248
315,185
-
355,433
51,478
344,079
70,449
466,006
17,970
311,809
-
329,779
17,970
311,809
-
329,779
33,508
32,270
70,449
136,227
(43,444)
(27,225)
(368,402)
(439,071)
(9,936)
5,045
(297,953)
(302,844)
1,097,819
687,958
9,309,316
11,095,093
1,087,883
693,003
9,011,363
10,792,249

19

UNIV. OLD MEMBERS’ TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

15. FUNDS

5. FUNDS
Endowment Funds
Univ 20/20 General
Cawkwell P’Grad. Scholarship
Bobbby Berman PGrad Scholarship
Helen Cooper PGrad Scholarship
Gareth Evans PGrad Scholarship
Strawson PGrad Scholarship
Finnis Law PGrad Scholarship
Bob Thomas Chemistry PGrad
Scholarship
Chamberlain Bursary
Ancient History /Classics
Biology
Buildings
Chemistry
Economics & Management
Law
Modern History
Molecular Science
Physics
PPE
Stevenson JRF
Power Fundraising Fund
Power/Sir Maurice Shock Fund
Bardel Scholarship
Bartlett Scholarship
Brazg Scholarship
Carfagna Scholarship
Chellgren Scholarships
Craft Scholarship
Dean Scholarship
Dorothy L Bernhard Scholarship
Fischer Family Trust Scholarships
Green Scholarship
Loughman Scholarship
Reid Scholarship
Salinsky Scholarship
Slingsby Scholarship
Stocken Scholarship
Tomlinson Bursary
Watts Scholarship
Wood Scholarship
Yallop Scholarship
Endowment Funds subtotal		 Total fund
value at 1
August
2023
Income
Expenditure
Investment
Losses
Transfers
Total fund
value at 31 July
2024
£
£
£
£
£
£
532,857
-
-
(1,144)
-
531,713
25,778
(55)
-
25,723
2,213
-
-
(5)
-
2,208
147
-
-
-
-
147
1,415
-
-
(3)
-
1,412
629
-
-
(1)
-
628
811
125
-
(2)
-
934
18,093
2,400
-
(39)
-
20,454
41,274
(89)
-
41,185
1,078,263
(2,315)
-
1,075,948
307,406
(660)
-
306,746
8,438
(8,438)
-
-
-
125,299
(269)
-
125,030
7,881
(17)
-
7,864
502,792
(1,079)
-
501,713
443,160
25
(951)
-
442,234
42,065
(90)
-
41,975
267,340
(574)
-
266,766
691,891
5
(1,485)
-
690,411
1,344,807
(2,887)
-
1,341,920
362,456
(778)
-
361,678
263,531
(566)
-
262,965
73,043
(157)
-
72,886
174,029
(374)
-
173,655
18,138
125
(39)
-
18,224
68,511
(147)
-
68,364
134,069
(288)
-
133,781
48,112
(103)
-
48,009
55,686
(120)
-
55,566
139,638
(300)
-
139,338
1,345.086
(2,886)
-
1,342.200
67,612
(145)
-
67,467
153,298
(329)
-
152,969
80,768
(173)
-
80,595
52,483
(113)
-
52,370
59,537
(128)
-
59,409
77,960
(167)
-
77,793
234,367
33,875
(503)
-
267,739
59,119
(127)
-
58,992
49,637
(107)
-
49,530
51,724
(111)
-
51,613
9,011,363
36,555
(8,438)
(19,326)
-
9,020,154

20

UNIV. OLD MEMBERS’ TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

15. FUNDS CONTINUED
Restricted Funds
Endowment Linked Income Funds
Univ 20/20 – General - Income
Cawkwell P’Grad. Scholarship Income
B Berman PGrad Scholarship - Income
H Cooper PGrad Scholarship – Income
Strawson PGrad Scholarship – Income
Gareth Evans PGrad Scholarship –
Income
Finnis P’Grad. Scholarship – Income
Bob Thomas Chemistry PGrad
Scholarship – Income
Chamberlain Bursary – Income
Ancient History/Classics - Income
Biology – Income
Buildings – Income
Chemistry – Income
Economics & Management – Income
Law – Income
Modern History - Income
Molecular Science – Income
Physics – Income
PPE - Income
Stevenson JRF – Income
Power Fundraising Fund – Income
Power/Sir Maurice Shock Fund -Income
Bardel Scholarship – Income
Bartlett Scholarship – Income
Brazg Scholarship – Income
Carfagna Scholarship – Income
Chellgren Scholarships –Income
Craft Scholarship – Income
Dean Scholarship – Income
Dorothy L Bernhard Scholarship – Income
Fischer Family Trust Scholarships –
Income
Green Scholarship – Income
Loughman Scholarship – Income
Reid Scholarship - Income
Salinsky Scholarship – Income
Slingsby Scholarship – Income
c/f		 Total fund
value at 1
August
2023
Income
Expenditure
Investment
Losses
Transfers
Total fund
value at 31 July
2024
£
£
£
£
£
£
110,957
13,063
(238)
123,782
-
523
(523)
-
138
48
186
24
3
27
125
16
141
294
35
329
38
17
55
857
385
(2)
1,240
4,305
925
(9)
5,221
-
21,877
(21,877)
-
-
6,237
(6,237)
-
-
3,485
242
(3,485)
(7)
235
-
2,542
(2,542)
-
-
-
-
160
(160)
-
-
-
-
10,201
(10,201)
-
-
-
-
8,991
(8,991)
-
-
-
-
853
(853)
-
-
-
-
5,424
(5,424)
-
-
-
-
14,038
(14,038)
-
-
-
-
27,285
(27,285)
-
-
-
581
7,366
(10,874)
(1)
-
(2,928)
39,256
6,143
(84)
45,315
2,920
1,541
(500)
(6)
3,955
2,508
3,582
(5)
6,085
853
385
(500)
(2)
736
3,201
1,455
(2,021)
(7)
2,628
3,568
2,793
(8)
6,353
3,730
1,052
(1,000)
(8)
3,774
4,221
1,215
(9)
5,427
5,217
2,939
(1,500)
(11)
6,645
42,601
28,155
(30,075)
(91)
40,590
3,839
1,450
(1,000)
(8)
4,281
5,083
3,213
(11)
8,285
4,768
1,735
(1,500)
(10)
4,993
1,768
1,101
(4)
2,865
2,597
1,261
(1,000)
(6)
2,852
246,934
178,251
(151,586)
(527)
273,072		 Total fund
value at 1
August
2023
Income
Expenditure
Investment
Losses
Transfers
Total fund
value at 31 July
2024
£
£
£
£
£
£
110,957
13,063
(238)
123,782
-
523
(523)
-
138
48
186
24
3
27
125
16
141
294
35
329
38
17
55
857
385
(2)
1,240
4,305
925
(9)
5,221
-
21,877
(21,877)
-
-
6,237
(6,237)
-
-
3,485
242
(3,485)
(7)
235
-
2,542
(2,542)
-
-
-
-
160
(160)
-
-
-
-
10,201
(10,201)
-
-
-
-
8,991
(8,991)
-
-
-
-
853
(853)
-
-
-
-
5,424
(5,424)
-
-
-
-
14,038
(14,038)
-
-
-
-
27,285
(27,285)
-
-
-
581
7,366
(10,874)
(1)
-
(2,928)
39,256
6,143
(84)
45,315
2,920
1,541
(500)
(6)
3,955
2,508
3,582
(5)
6,085
853
385
(500)
(2)
736
3,201
1,455
(2,021)
(7)
2,628
3,568
2,793
(8)
6,353
3,730
1,052
(1,000)
(8)
3,774
4,221
1,215
(9)
5,427
5,217
2,939
(1,500)
(11)
6,645
42,601
28,155
(30,075)
(91)
40,590
3,839
1,450
(1,000)
(8)
4,281
5,083
3,213
(11)
8,285
4,768
1,735
(1,500)
(10)
4,993
1,768
1,101
(4)
2,865
2,597
1,261
(1,000)
(6)
2,852
246,934
178,251
(151,586)
(527)
273,072
273,072

21

UNIV. OLD MEMBERS’ TRUST NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

15 FUNDS CONTINUED
Restricted fund b/f
Stocken Scholarship – Income
Tomlinson Bursary – Income
Watts Scholarship – Income
Wood Scholarship – Income
Yallop Scholarship – Income
Other Restricted Income Funds:
Tutorial
Tutorial – Engineering
Tutorial – Modern Languages
Tutorial – Humanities
Tutorial – Social Sciences
Tutorial - Physical Sciences
Tutorial – Library
Anniversary Bursaries
Bursaries & Access
Bursaries
Opportunity programme
Undergraduate Bursaries
Student support
Computers
Library
Other
Restricted Funds Subtotal
General (unrestricted) funds
General funds
Designated Fund – College support
General Funds Subtotal
Total funds		 Total fund
value at 1
August
2023
Income
Expenditure
Investment
Losses
Transfers
Total fund
value at 31 July
2024
£
£
£
£
£
£
246,934
178,251
(151,586)
(527)
273,072
1,314
1,608
(3)
2,919
1,081
4,777
(1,000)
(2)
4,856
1
1,199
1,200
1,612
1,040
(3)
2,649
1,137
1,072
(1,500)
(2)
707
-
-
-
1
(1)
-
-
1
(1)
-
-
-
-
2
(2)
-
-
-
185,326
3,760
(398)
188,688
192,262
7,187
(81,700)
(413)
117,336
-
188
188
2,010
666
(4)
2,672
-
25,963
1,937
(56)
27,844
2,415
49
(2,415)
(5)
44
7,131
145
(7,132)
(15)
129
25,813
744
(60))
26.497
693,003
202,623
(245,337)
(1,488)
648,801
-
323,851
56,894
(444)
(695)
379,606
764,032
(76,650)
(1,658)
685,724
1,087,883
56,894
(77,094)
(2,353)
1,065,330
10,792,249
296,072
(330,869)
(23,167)
10,734,285

22

UNIV. OLD MEMBERS’ TRUST NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

Note 16. Additional Prior Year Comparatives- analysis of Movement on Funds

15. FUNDS
Endowment Funds
Univ 20/20 General
Cawkwell P’Grad.
Scholarship
Bobby Berman
Postgraduate Scholarship
Helen Cooper Postgraduate
Scholarship
Gareth Evans Postgraduate
Scholarship
Strawson Postgraduate
Scholarship
Finnis Law Postgraduate
Scholarship
Bob Thomas Chemistry
Postgraduate Scholarship
Chamberlain Bursary
Ancient History /Classics
Biology
Buildings
Chemistry
Economics & Management
Law
Modern History
Molecular Science
Physics
PPE
Stevenson JRF
Power Fundraising Fund
Power/Sir Maurice Shock
Fund
Bardel Scholarship
Bartlett Scholarship
Brazg Scholarship
Carfagna Scholarship
Chellgren Scholarships
Craft Scholarship
Dean Scholarship
Dorothy L Bernhard
Scholarship
Fischer Family Trust
Scholarships
Green Scholarship
Loughman Scholarship
Reid Scholarship
Salinsky Scholarship
Slingsby Scholarship
Stocken Scholarship
Tomlinson Bursary
Watts Scholarship
Wood Scholarship
Yallop Scholarship
Endowment Funds
subtotal		 Total fund
value at 1
August 2022
Income
Expenditure
Investment
Losses
Transfers
Total fund
value at 31
July 2023
£
£
£
£
£
£
554,813
-
-
(21,956)
-
532,857
26,840
-
-
(1,062)
-
25,778
2,304
-
-
(91)
-
2,213
153
-
-
(6)
-
147
1,473
-
-
(58)
-
1,415
655
-
-
(26)
-
629
727
113
-
(29)
-
811
16,340
2,400
-
(647)
-
18,093
42,975
-
-
(1,701)
-
41,274
1,122,692
-
-
(44,429)
-
1,078,263
320,072
-
-
(12,666)
-
307,406
8,786
-
-
(348)
-
8,438
130,462
-
-
(5,163)
-
125,299
8,206
-
-
(325)
-
7,881
523,509
-
-
(20,717)
-
502,792
461,388
31
-
(18,259)
-
443,160
43,798
-
-
(1,733)
-
42,065
278,355
-
-
(11,015)
-
267,340
720,394
5
-
(28,508)
-
691,891
1,400,218
-
-
(55,411)
-
1,344,807
377,391
-
-
(14,935)
-
362,456
274,390
-
-
(10,859)
-
263,531
76,053
-
-
(3,010)
-
73,043
181,200
-
-
(7,171)
-
174,029
18,729
150
-
(741)
-
18,138
71,334
-
-
(2,823)
-
68,511
139,593
-
-
(5,524)
-
134,069
50,094
-
-
(1,982)
-
48,112
57,980
-
-
(2,294)
-
55,686
145,392
-
-
(5,754)
-
139,638
1,400,509
-
-
(55,423)
-
1,345,086
70,398
-
-
(2,786)
-
67,612
159,615
-
-
(6,317)
-
153,298
84,096
-
-
(3,328)
-
80,768
54,646
-
-
(2,163)
-
52,483
61,990
-
-
(2,453)
-
59,537
81,172
-
-
(3,212)
-
77,960
173,482
67,750
-
(6,865)
-
234,367
61,555
-
-
(2,436)
-
59,119
51,682
-
-
(2,045)
-
49,637
53,855
-
-
(2,131)
-
51,724
9,309,316
70,449
-
(368,402)
-
9,011,363

23

UNIV. OLD MEMBERS’ TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

15. FUNDS CONTINUED
Restricted Funds
Endowment Linked Income Funds
Univ 20/20 – General - Income
Cawkwell P’Grad. Scholarship
Income
Bobby Berman Postgraduate
Scholarship - Income
Helen Cooper Postgraduate
Scholarship – Income
Strawson Postgraduate Scholarship –
Income
Gareth Evans Postgraduate
Scholarship – Income
Finnis P’Grad. Scholarship – Income
Bob Thomas Chemistry Postgraduate
Scholarship – Income
Chamberlain Bursary – Income
Ancient History/Classics - Income
Biology – Income
Buildings – Income
Chemistry – Income
Economics & Management – Income
Law – Income
Modern History - Income
Molecular Science – Income
Physics – Income
PPE - Income
Stevenson JRF – Income
Power Fundraising Fund – Income
Power/Sir Maurice Shock Fund -
Income
Bardel Scholarship – Income
Bartlett Scholarship – Income
Brazg Scholarship – Income
Carfagna Scholarship – Income
Chellgren Scholarships –Income
Craft Scholarship – Income
Dean Scholarship – Income
Dorothy L Bernhard Scholarship –
Income
Fischer Family Trust Scholarships –
Income
Green Scholarship – Income
Loughman Scholarship – Income
Reid Scholarship - Income
Salinsky Scholarship – Income
Slingsby Scholarship – Income
c/f		 Total fund
value at 1
August
2022
Income
Expenditure
Investment
Losses
Transfers
Total
fund
value
at 31
July
2023
£
£
£
£
£
£
94,224
20,462
-
(3,729)
-
110,957
-
846
(846)
-
-
-
66
75
-
(3)
-
138
20
5
-
(1)
-
24
105
24
-
(4)
-
125
249
55
-
(10)
-
294
16
23
-
(1)
-
38
345
526
-
(14)
-
857
2,974
1,449
-
(118)
-
4,305
-
35,395
(35,395)
-
-
-
-
10,091
(10,091)
-
-
-
3,234
379
-
(128)
-
3,485
-
4,113
(4,113)
-
-
-
-
259
(259)
-
-
-
-
16,505
(16,505)
-
-
-
-
14,546
(14,546)
-
-
-
-
1,381
(1,381)
-
-
-
-
8,776
(8,776)
-
-
-
-
22,712
(22,712)
-
-
-
-
44,145
(44,145)
-
-
-
5
11,898
(11,322)
-
-
581
30,854
9,623
-
(1,221)
-
39,256
1,031
2,430
(500)
(41)
-
2,920
970
5,743
(4,167)
(38)
-
2,508
768
615
(500)
(30)
-
853
1,464
2,295
(500)
(58)
-
3,201
673
4,422
(1,500)
(27)
-
3,568
3,177
1,679
(1,000)
(126)
-
3,730
2,412
1,904
-
(95)
-
4,221
2,150
4,652
(1,500)
(85)
-
5,217
16,065
44,660
(17,488)
(636)
-
42,601
2,640
2,303
(1,000)
(104)
-
3,839
555
5,050
(500)
(22)
-
5,083
3,142
2,750
(1,000)
(124)
-
4,768
46
1,724
-
(2)
-
1,768
1,656
2,007
(1,000)
(66)
-
2,597
168,841
285,522
(200,746)
(6,683)
-
246,934

24

UNIV. OLD MEMBERS’ TRUST NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

15.FUNDS CONTINUED
Restricted funds b/f
Stocken Scholarship – Income
Tomlinson Bursary – Income
Watts Scholarship – Income
Wood Scholarship – Income
Yallop Scholarship – Income
Other Restricted Income
Funds:
Tutorial
Tutorial – Engineering
Tutorial – Modern Languages
Tutorial – Humanities
Tutorial – Social Sciences
Tutorial - Physical Sciences
Tutorial – Library
Anniversary Bursaries
Bursaries & Access
Bursaries
Opportunity programme
Undergraduate Bursaries
Student support
Computers
Library
Other
Restricted Funds Subtotal
General (unrestricted) funds
General funds
Designated Fund – College
support
General Funds Subtotal
Total funds		 Total fund
value at 1
August
2022
Income
Expenditure
Investment
Losses
Transfers
Total fund
value at 31
July 2023
168,841
285,522
(200,746)
(6,683)
-
246,934
1,562
2,608
(2,794)
(62)
-
1,314
2,503
5,548
(6,871)
(99)
-
1,081
543
1,957
(2,480)
(19)
-
1
990
1,661
(1,000)
(39)
-
1,612
443
1,712
(1,000)
(18)
-
1,137
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1
-
-
-
-
1
1
-
-
-
-
1
-
-
-
-
-
-
2
-
-
-
-
2
186,829
5,890
-
(7,393)
-
185,326
202,751
14,054
(16,519)
(8,024)
-
192,262
80,619
2,818
(80,248)
(3,189)
-
-
1,396
669
-
(55)
-
2,010
150
5
(151)
(4)
-
-
5,851
20,344
-
(232)
-
25,963
2,434
77
-
(96)
-
2,415
7,188
227
-
(284)
-
7,131
25,854
987
-
(1,028)
-
25,813
687,958
344,079
(311,809)
(27,225)
-
693,003
-
-
-
332,940
51,478
-
(13,176)
(47,391)
323,851
764,879
-
(17,970)
(30,268)
47,391
764,032
1,097,819
51,478
(17,970)
(43,444)
-
1,087,883
-
-
11,095,093
466,006
(329,779)
(439,071)
-
10,792,249

25