UNIVERSITY COLLEGE DURHAM TRUST AI¥NUAL REPORT FOR TIIE YEAR ENDED 5 APRIL 2024 Charity No: 1151821
UNIVERsrfY COLLEGE DURHAM TRUST CONTII IYTS PAGE LEgal and administi'ative infoiination Report of the trustees Iiidependeiit Exain inei s report Statement of financial activities Balancc sheet Notes to the finaiicial statements 10
UNIVERSITY COLLEGE DURHAM TRUST LEGAL AND ADMINISTRATIVEI INFORMATION YEAR ENDED 5 APRIL 2024 Trustees W Powers (Chair) MJ Maneely (Treasurer) J Dell IC Hawes AJ Molloy (appointed 5 Septembei. 2023) AJ Nelson JD Rowley Cori'espondence Address Uiiivei3ity Collegc Durham Trust clo University Coll¢ge DLlI'hain Castle Dui'ham DHI IRW Inilepeiident examiner M Pooley FCA Banliers Barclays Bank pl 6 Mai'ket Place Diii'ham DFII 3NB Investment managers Rathbone Investment Maiiagement Liinited Earl GIEY House 75-85 Gi'ey Street Newca%tle Upon Tyne NEI 6EF
UNIVERSITY COLL1 GE DItIUIAM TRUST REPOIIT OF THE TRUSTEES FOR THE YEAR EfqDED 5 APRIL 2024 The Trustees have pleasui'e presenting tliis Report, together witl) the AccouLits of Univei'sity College Trust {"tli¢ cli1ty,), for thc year elided 5 April 2024. Constitution and objeets Tlie affairs of the Charity ar¢ Tegulated by a Trust Deed ('%lie Deed") dated 15 October 1990 as amended by Deeds dated 25 November 1996 and 8 November 2006, Tl)e Deed piY)vid¢s for th¢ establishinent and maintenaiice of a fund for the benefit of Univeisity College ("tlie Collcge") in the University of Diirl)am. The Tnistees shall hold tlie capital and income in triist for any charitable purpose or charitable puryoses coiinected with oi. relating to the College or its inembei's. The TSteeS cali apply any pait or parts of tlie income or capital of the chai'ity tOw'dS any of tlle following pui'poscs: The impi'ovemenL enlai'gement, altei'ation or addition to tl)¢ site of the College and its biiildings, playing fields and fixed and otlier equipment. The pi'ovision (or, wheiE appropriate, the replaceinent oi. i'epair) of plaiit, Inachincry> equipmcnt, funiiture oi. other chattels of all kinds oi. tlie pi'ovision of amenitics oi. seivices of any natlllE wl)atsoever for tl)e benefit of the Collcgc or its members oi. soine of them. The assistance of any clubs or societies, fellowships or cominon rooins die meinbei'sliip of whicli is, at that time, siibstantially confined to the ineinbei's of Collcgc; The pi'ovision of scholarships, bursai'ies, fellowships or the provisioii of fiiiancial assistance to students (both ui)dcrgraduates aiid post8rnduates) who aiE oi. sliall becomc iiicmbers of College. and The furtherance of any general charitable object for the benefjt of tlie College or its members, Main aclivities undertalcen for the public beDefit Th¢ Triistees confirm that tliey have referred to tlie guidance coiitaincd in the Cliai'ity Cominission's genei'al giiidance on public benefit when revAewing the Chai'ity's aims aiid objectives and in planning future actlvities and setting the grant making policy for the yeai.. The Chai'ity carries out its objects by providiiig grants to siipport Univei'sity College in the Univei'sity of Dui'ham. Trustees The Trustees fi'om 6 AprAI 2023 up to and including the date of tllls Report are as stated on page 2. The D¢ed provides for a body of nine Trustees.. one of whom is the IvIastcr of the College. one of whom is the S¢cretary of the Durliam Castle Society. one of whoin is the Durham Castle Soci¢ty repi'esentative on tbe College Council of the College. four of wlioin are members of the Durliam Castle Society and the remaining two Trustees being co-opted by the existllig Trustee body. The trustees are cUentlY looking to reciuit new t1'uste to bring their numbers to full compliment.
UNIVERSITY COLLEGII DURHAM TRUST REPORT OF THE TRUSTEES FOR THE Yli AR [1 NDED 5 APIUL 2024 Ti'iistees (continued) New Ti'ustees al'e introdiiced at Tiijstcc meetiiigs and are provided with the necessary illfoimation i'egai'ding the Cliarity. Main achievements during the year The busiiiess of the Trustees was traiisacted at two meetings held during tlie ycai.. Income from donations and investments enabled tlie Tiustees to make one-off ltS for vai'ious pi'ojects as detailed in the notes to the Statemeiit of Financial Activities. Reseryes Policy As at 5 April 2024, total funds amounted to £1,874,769 (2023., £1,745,976), Of tliese, £15,000 (2023: £15,000) al'e not available for geiieral pury)oses as tliey are included in an endowment fvnd, IEstricted fiinds Iield total £78,516 (2023: £32,575) aiid £1 1,574 (2023: £11,574) have been dcsignated by the Trustees towards tlie West Courtyard IEfiii'bisliment pi'oje¢t. Aftei, Imaking allowance for the above commitsnent5. the i'cmaining reserves of die Chai'ity ai"e £1,769,679 (2023: £1,686,827). The Triistees, policy is for reserves to reach £2m over the Inedium terin. This will allow gi'ants to be made at an appropriate level yet allow tlie maii)tenance of capital for futuit gi'aiit pi'ovision. Tliis policy acknowledges the iii)certainty associated with deriving incoine fi'oin donations and invGstments. As reserves have yet to reach the target level the Trustees are exainining ways to increase donations and othei. incoine to the Cliai'ity and will consider the impact on i'eseives wlicn aiithorising fiiture grants. Investment Policy Under the Deed, tlie TrUsts niay invest the funds of the Charity il) any investsnents and propertics as the Trustees tliink fit. The Trustees, policy is to increase tlie capit<il value of tlie Chai'ity over the long-term by investment in a poitfolio of equitics, bonds and cash. Grant Making Policy The Charity invitcs applications foi. nding. Applications are IEviewed by a full meetii)g of Trustees against the objects of the Cliarity as stated abov¢. Rislc Maiiagement The Trustees fiiave reviewed the major risks to which the Charity is exposed. as identified by thcin, and confirm that they have establishcd systems to duce those risks. Key managemeiit personnel remuneration The Tiustees consider the board of Ti'ustees as comprising the key management personnel of the Charity iii charge of directing and controlling th¢ Charity and nnIng and operating the
UNIVERSITY COLLEGE DURHAM TRUST RIPORT OF THE TRUSTEES FOR THE YEAR EIWED 5 APRIL 2024 Key management pei¥onnel remuneratioii (continued) Cliai'ity on a day-to-day basis. All Tiustees give of their time freely aiid no Ti'ustec I'emunei'ation was paid iii the year. Responsibilities of the Trustees The TrLlSt¢es air responsible for pitpai'ing the Repoit of the Trustees and tlic finaiicial statcments in accordance wit]] applicable law and Unitcd Kingdom AOUntIng Standaiyls (Uiiited Kingdom Gciierally Accepted Accounting Practice), iiicluding FRS 102 "rhe Finallcial Repoiting Staiidard applicable in the UK aiid Republic of Jreland" The law applicable to Charities in England aiid Wales reqiiires the Triiste¢s to prepaiE financial statcincnts for each fin¢incial year which give a ti'ue and fail. view of tlie state of tlie affaii's of the chai'ity and of the incoming Jrsoui'ces and application of i'esoiiires for tliat peiiod. In prepai'ing tliose ftnancial stateinents, tlie Triistees al'e Itquired to., select siiitable accoiinting policies and tlicn apply tliem consistently. observe the methods and principles in tlie Cliaritics SORP; make judgeincnts and estimates tliat are iEasonable aiid prudent; state whetlier applicable UK Accounting Standaiyls l)ave beeii followed, SLibject to any Inatej'ial depaitui'es disclosed and explaiiied in the finaiicial statemei)ts; and pi'cparc the financial statements oil tlie going conceiii basis unless it is inappiDpi'iate to assuine that the cliai'ity will contiiiiie on tliat basis. The Ti'iistees are responsible for maintaining proper accounting recoixls whicli disclose witl) IEasonable accui'acy at any time the financial position of tlie chai'itable coinpany and to enable thein to eiisiire that tlje finai)cial statements comply with the Chai'ities Act 2011. Ilie Chai'ities (Accoiints & Reports) Regulatioi)s 2008 and the piDvisions of the Trust Deed. They are also i'csponsible foi. safegiiarding the assets of the chai'ity and hence foi. taking reasonable steps foi. tlie pi'eveiition and deteclion of fraud and other irArgiilarities. Sigiied for and on behalf of University College Durhain Trust Tnistee Name.. Mattliew aneely Date.. 5 FebrLiary 2025
UNIVERSITY COLLEGEI DURHAM TRUST ]NDEPENDENf EXAmER's REPORT FOR THE YEAR ENDID 5 APIIIL 2024 Indei)endent examiner's report to the Trnstees of The Ullivei'sity College DurhAm Ti'ust I R'eport to the trustees on my examination of the accoiints of University College Dui'ham Trust foi. the yeai- ended 5 Api'il 2024, which coinprisc th¢ Stateinent of Flliancial Activities, tlie Balance Sheet and tlie notes to the ac¢oiints, including a simimaiy of significant accounting policies. Respective respollsibllities of trustees and examiller and basis of repoi't As tlie cliai'ity's triistees you are responsible for the preparation of the accoiints in accordancc witli tlie itqiiii'eineiits of the Charitics Act 2011 ('the Act,). I report in respect of iny examination of tlje charity's accoiints cari'ied out ui)der section 145 of the Act and in carrying out iny exaniinalion I have followed all the applicable DiiEctioiis given by the Chai'ity Coininission under section 145(5)(b) of tli¢ Act. Independent examiner's statement I have coinpleted iny examination. I confirni that no material matters have come to Iiiy atteiitioii in connection with thc exam ination giving me caus¢ to believe that in any iiiatei'ial rcspcct,, accoiinting records w¢r¢ not kept iii respect of the ch'ItY as iEquired by section 130 of the Act. or the accoiints do not accord with thosc records. or the accounts do not comply with the applicable requiiEinei)ts conc¢i'i)ing tlie foiin and content of accouiits set oiit in tlie Cliai'ities (Accounts and Reports) Regulations 2008 otlier than any I'eqiiii'ement tliat the accouiits give a tiwe and fair view wliicli is not a matt¢i' considei'ed as part of an Éndepeiident exainination. I Iiav¢ no coiicerns and have come across no other matters in connection with the exainination to which attention sl)ould be drawii in this iEport in 0jer to enable a piDpei' undei'standing of tlie accoiints to be reacl)ed. Mark Pooley Relevant professional qiialification or body: FCA Addi'ess: Apartmcnt 74. The Cresceiit, Hannov¢i' Quay, Bristol, BS I SJP Date: 5 February 2025
UNIVERSITY COLLEGE DURHAM TRUST STATEMINT OF FINANCIAL ACTIVITIES YEAR ENDED 5 APR]L 2024 Restricted Funds Unrestricted Endowment FLiiids Fuiids Total 2024 Total 2023 Notes Ineome and endowments from: Doiiations and legacics 61,941 33,735 95,676 331,932 Invcstm¢nt income 35,738 35,738 30,873 Total 61,941 69,473 131,414 362,805 I xpenditure on. Raising fiinds (12,803) (12,803) (67,316) (12,470) (89,124) Charitable activities (16,000) (51,316) Total (16,000) (64,119) (80,119) (101,594) Net (losses)/gains on llivestments 7 Net incomeJ(expenditure) 77,498 82,852 77,498 128,793 (69,447) 191,764 45,941 Ti'aiisfeiE between funds io Net movement in funds 45,941 82,852 128,793 191,764 Total funds bi'ought foiwai'd 32,575 1,698,401 15.000 1,745,976 1,554,212 Total fiinds carried forwai 78,516 ,781,257 15,000 1,874,769 1,745,976 The notes on pages 10 to 15 forni part of these financial statemellts
uNivr,.RsrrY COLLII GE DURHAM TRUST BALANCE SHEFT AS AT 5 APRIL 2024 2024 2023 Notes FIXED ASSETS Investments 1512 576 1415 827 CURRE, NT ASSETS D¢bioi's C&sh at bank and in Iiand 9,280 352 913 362,193 12,500 317 649 330,149 LIABIt,ITIrs Creditors: Amoiints falling due witliin oneyear NET CURRtI NT ASSETS 362,193 330,149 ET ASSETS 1,874,769 1,745 L)76 FUNDS Eiidowmciit funds Rests'icted fiinds Unrestricted funds 10, 11 10, 11 10, 11 15,000 78,516 1,781,253 15,000 32,575 1,698,401 1,874,769 1,745,976 AppiDved by the Boai'd on 5 Fcbriiaiy 2025 and sigi)ed on tlieir behalf by Mattliew Man Ti'llstee The notes on pages 10 to 15 forni part of thC finaneial statements
UNIVE, RSITY COLLEGF DURHAM TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR EfiDED 5 APRIL 2024 ACCOUNTING POLICIES Basis of accounting I'he financial statements have been piEpared in accoiylance wÉtli the Slateinent of Recommeiided Practice: Aocoiiiiting and Reporting by Cliarities preparing tlieir accouiits in accordance wÉtli the Financial Repoiling Standai'd applicable iii the UK and Republic of Ireland (FRS 102) and tlie Charities Act 2011. Income Income is recognised when: the Cl)ai'ity becoines entitled to tlie iEsourccs' it is piDbable that tlie Cliarity will IEceive tlie resoiirces; and tlie Inoijetary value can be measured with su*fici¢nt i'eliabilily, LegaLies Le8acies al'e recognised as receivable when tlie administrators of tlie estate Iiave advised the c11ai'ity of the appi'oxiii)ate amouiil of the legacy. Any amoiints in excess of tlie original estiinate al'e takeii into incom¢ a5 I'eceived. Resources expended Liabilities are ircognised as soon as there is a le8al or co1)StiCtive obligation committing the charity to pay out resoiiires. Resoiirces cxpcnded aiE incllided ii) the Statement of Financial Activities on an accruals basis, iiiclusive of aiiy VAT wliich caiinot be recovered. Gi'ants payable will be charged in the year when the offer is conveyed to the recipieiit except lll tliose cases where thc offer is coiiditional, such gi7nts beiiig i'ecogiiised as expendilure wlien tli¢ conditions attaching are fiilfilled. GoveiTftance costs include costs of the preparation and examiiiation of the statutoiy accounts, tlie costs of Trustees meetiiigs and of any legal advice to Trustees on goveniaiice or instittitional mattel's. Investments Investments arc a fomi of basic fmancial instrument and are initially COgniSed at their transaction value and siibsequently measured at th¢ir fair valu¢ as at the balance sheet date using the closing quoted market price. The statement of finaiicial activitTes includes the net gains and losses arising on revaluation and disposals throughout tlic year. io
UNIVERSITY COLLEGE DURHAM TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDFD S APRIL 2024 The main form of fmancial risk faced by tlie charity is that of volatility in equity Jnarkets and investment markets due to wider economic conditions, the attitude of investors to investineiit risk ]d, changes in sentiinenl conceiming equities and witliiii particular seclors oi siib sectOl3. Realised gains And losses All gains and losses are taken to tlie Stateinent of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales pi'oceeds and theii. opening cai'rying value or tlieii. puirhase value if acquiird subsequent to ilie first day of the financial year. Um'ealised gakns and losses alt calculated as the diffeirnce betweeii tlie fair value at tlie year end and thcir carrying value. Realised and iinrealised investment gains aiid losses ai'c Mbined in the Statement of Financial Activities. Fund accounting Rcsti'icted fiinds aiE funds whicli are to bc used in accordance witli specific i'estrictions iinpos¢d by tlie donoi.. Unrestricted income fiinds can bc used in accolance witli tlie cljaritable objectives at tlie discretion of tlie Tnistees. Ujirestrictcd fiinds include deS1]ated fijnds where the Ti'ustees, at their disci'etion, liave created a fund foi. a specific purpose. Endowineiit fiinds are those fiinds which tlie cliarity must hold and retain tlie capital aiid not speiid as income. Tlie incoiiie arising AS used foi. cliaritable purposes &s ui)resti'icted iiicoine. Fiittlier explanation of the natiire and puiyose of each fund is included in tlie notes to tlie accounts. DONATIONS AIYD LEGACIES Restricted funds Unrestricted Endowmeiit fuiids fuiids Total 2024 Total 2023 Donations Legacies 20,691 41,250 30,402 3,333 51,093 44,583 92,832 239,100 61,941 33,735 95,676 331,932
UNIVERSITY COLLEGE DURHAM TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2024 NVSTNT INCOME Restricted funds UnTeStricted Endowmei)t funds fuiids Tota 2024 Total 2023 Incoine fix)m listed investinents lllterest on cash deposits 32,054 3,684 32,054 3,684 30,328 545 35,738 35,738 30,873 COSTS OF RAISING FUNDS Restricted funds Uiiirstricted Endowmciit funds fui)ds Total 2024 Total 2023 Investiment manageinent fees 12,803 12,803 12,470 CHARITABLE ACTIVITIES Restricted Unrc5tricted Endowment Fiinds fiiiids nds Total 2024 Total 2023 Gi'ants payable Other Costs 16,000 49,795 1,521 65,795 ,521 87,571 1,553 16,000 51,316 67,316 8l),124 GRANTS PAYABLE 2024 Number 2024 2023 Nuiiiber 2023 Grants payable to iiidividuals Grants payable to iiistitiilions 65,795 87,571 65.795 87,571 12
UNIVE,RsrfY COILEI GE DURHAM TRUST NOTEI S TO TItE FINANCIAL STATEIIIENTS YEAR EINDED 5 APRIL 2024 FIXED ASSltTS INVESTMENTS 2024 2023 Analysls of movement on investmeiits during the year Market valiie at 6 Api'il Additions at cost Disposals at caiiying valu¢ Net gain on i'evaluation 1,329,462 2S2,433 (202,485) 77,498 1,417,182 243,318 (261,591) (69,447) 1,456,908 1,329,462 2024 2023 Investment8 Rt fail. value comprised: Listed investments Casli lield witliiii the invcstment portfolio 1,456,908 55,668 1,329,462 86,365 1,512,576 1,415,827 DEBTORS Restricted Unrestricted Ei)dowmeiit luiids i)ds funds Total 2024 Total 2023 Other d¢btors 9,280 9,280 12,500 CREI DITORS Restrictcd Uiirestricted Endowincnt fiinds funds funds Total 2024 Total 2023 Gi'ants payable 13
UNIVERSITY COLLEGE DI)IIHAM TRUST NOTES TO THE FI]NANCLAL STATEMENTS YFAR El[1D S AFR 2024 10. ANALYSIS OF tT ASSETS BII TWEI EN FUNDS Restricted uns.1Cted Endowment fiinds fuiids fuiids Total 2024 Total 2023 TAiigible fixed assets CuiTenl assets Cui'i'ent liabilities 1.497,576 283,677 15,000 1,512,576 1,415,827 362,193 330,149 78,516 78,516 1,781,253 15,000 1,874,769 1,745,976 11, MOVEMENT OF FUNDS Balance 6 April 2023 liicoiiiiiig Outgoing Ti'ansfers 13alaiice 5 Api'il 2024 Restricted Fiinds Margai'et Mallctt Scholarsliip Fund Worswick Hai'dship Fund Other i'estiicted funds Bell Scholarship Byth¢ll Ti'avel Fund Nortli Terrace Appcal 19,650 12,000 925 2,400 22,050 12,000 2,925 (975) 41,250 1,626 78,516 2,000 15,025 (16,000) 41,250 1,626 61,941 (16,000) 32,575 Unrestricted fi unds General Designated - West Courtyard Fund 1,686,827 146,971 (64,119) 1,769,679 11,574 1,698.401 11,574 1,781,253 146,971 (64,119) Endowment Funds John Crowther Fund 15,000 15,000 Total Funds 1,745,976 208,912 (80,119) 1,874,769 Details of Restricted Funds Otlicr restricted funds - being for smallcr restricted donatioiis of £2,000 oi. less. Margaret Mallett Scholarship Fund - Established ill 2018 to support advanced study in early Ye'S and primary English language and literacy. 14
UNIVEI RSITY COLLEGE DURHAM TRUST NOTES TO FINANCL4L STATELENTs YEAR EI NDED 5 APRIL 2024 Worswick Hai'dsliip Fund Established in 2018 to aid an Uiidei'graduate oi. Postgraduate by supplementiiig the student with £500 across a university calendar yeai. to aid them iii pei'sonal eXpIditurC. Bclffi Scholai'sliip - Establtshed in 2023 to provide a scliolai'ship. Bytlicll Ti'avel Fund - Established iIi 2024 witl) a legacy fi'oin Diincaii Bytl)ell to provide travel awai'ds foi. students at University Colleg¢. Noith Tei'race Appeal - Established in 2024 to I'aise fuiids for the rcfLlI'bisliment of tlie Nortli Tei'race. I)etails of DesignAtcd Fund West Courtyard Fund - Establishcd by the triistees in 2015 to support the IE-development of the West Courtyai'd following a legacy fiDm Mr R McKenLie. Details of Endowment Fund John Crowthei, Fiind - Established in 2002 ii) returi) for the Trust to award a £500 scliolai'sliip fit)In uiircstricted funds evely year. At John Crowthei s request, this was i11caSed to £600 in 2012 and to £700 in 2019. 12. RELATED PARTY TRANSACTIONS None of the Tnistees received any remuiieratioii for their services (2023: £NIL) and one trustee (2023: two) received total reimbiirsemeiits of £695 (2023: £742). Tliis I'elales to the Iriiiibiirsement of insiirance aiid legally required gist1tion costs totalling £695 (2023: £742). There wei'e no otlier related paity transactions not already disclosed in these accouiits. 15