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 COLL￿1 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¢ cli￿1ty,), 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 T￿SteeS 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 cU￿entlY 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 TrUst￿s 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