The Southampton University Development Trust Annual Report For the year ended 31 July 2024 Charity Registered Number: 295753
THE SOUTHAMPTON UNIVERSITY DEVELOPMENT TRUST 295753 CONTENTS Referenc¢ and Administration Details of ihe Charity Report of th¢ Trustee 34 Statement of financial activities Balance sheet Notes to the annual ac¢ounts 7-10 Independent Examiner's Report
THE SOUTHAMPTON UNIVERSITY DEVELOPMENT TRUST 295753 Reference and AdmlnlstratiOD DetaiLs of the Charity For the yeor ended 31 July 2024 Trust information Charlty registration Dumber 295753 Registered address University of Southamplon University Road Southampton S017 IBJ CorporAte Trustee The University ol Southampton llldepettdettt Examiner Eric Jones J&S Accountants Limiled 6 Northlands Road Southampton S015 2LF
THE SOUTHAMPTON UNIVERSITY DEVELOPMENT TRUST 295753 Report of the Trustee for the year ended 31 July 2024 The Trustee presents its annual report and ac¢ounts of the charity for the year ended 31 July ?024. The ac¢ounts have been prepared in accordance with ihe accounling wblicies set out in note 2 to the accounts, and th¢ Statement of Recommended Practice.. Accounting and ReFK>rtiTJg by Charities preparing their accounts in accordance with the Financial Re5KYrting Standard applicable in the UK and Republic of Ireland (FRS 102), effective from l January 2019 and with the Charities Act 2011. Structure, Governance and M#ttagement The Trusi is an uninwrwrated trust, ¢onstilut¢d under a Trust Dttd dated 15 Octor 1986, as amended by R¢solulion of the Trustees daied 22 January 2009, and is a registered charity, nuinber 295753. The Trust Deed was subsequently arnended by Resolution of the Sole Trustee dated 31 July 2018. The University of Southampton is the Sole Corwjrate Truste¢. No new Trustee appointments have been made in this p¢riod and no Trustc¢ r¢muneration paid in thc year. Objectives and aetivities for the public benefit The main purpose of the Tn]st is to financially supwjrt ihe University of Southampton by way of gift, legacy, grant, loan. guaranlee or such other forni of financial assistance as the Trustee shall consider appropriate for the advancement or knefit of the University. The University of Southampton enables over 24,000 full-tiTne and part-time students annually to enjoy the benefits of higher education. and pursue5 resear¢h across a wide range of dis¢iplin¢s to enhance society, improve healih¢are and increase ¢conomi¢ well-being. The Sole Corrate Trustee is mindful of its responsibility as a charity under the 2011 Charities A¢t. The Sole Corporale Trustee has referred to the guidance contained in the Charity Commission's general guidan¢e on public benefit when r¢viewing its aims and objectives and in planning for future activities. Acbievements & Performance The Fund contribut¢d £35,000 towards twelve bursaries awarded via the University of Southampton. Financial Review The Fund has been invested wilh Aegon Asset Managemenl ( Kames Capital plc ) Since June 2018. Fundraising Review The Tt does not actively fundraise &5 all monies are being directed through the University. Grant makillg policy All funds received by the Trust are allated io meet the priorities in lin¢ with the original donation.
THE SOUTHAMPTON UNIVERSITY DEVELOPMENT TRUST 295753 Report of the Trustee for the year ended 31 July 2024 (eontinved) Risk M#nagement The University Council and Audit Committee review the University risk register af regular intervals and ¢onsider that it is consisl¢nt ivith their knowledge of the University's activities and addresses the key aspe¢t5 of the University's strategic plan. The main risks that have been identified and acted upon for this finai)¢ial year are laid out in the 'University of SouthaTnpton Annual Review and Financial Statements 2023-24,. Reserves policy The Trust can operale on a minimal level of reserves sufficient to cover on going governan¢e costs. Future Plalls SUDT will remain open until 2027 to conlinue lo administer ihe Richard Newitt Endowment Fund as per the Deed of Appointmenl and Retirement of TTUStees. Its aim is to achieve enough investment income to cover the annual bursaries. The priorities for the forthcoming year are to maintain ihe Trust to oversee the one remaining endowment fund and to honour any lega¢y agreements made in favour of Southampton University Development Trust. Trustee's responsibilities in relation to the accounts The Trustee is responsible for preparing the Trustee's Report and annual accounts in accordan¢e with applicable law and United Kingdom Accounting Standards. The law applicable to ¢hariti¢s in England and Wales requires the Trustee to prepare annual accounts for each financial year which give a tru¢ and fair view of the stale of affair5 of the charity and of incoming resources and application of reSou¢S of the charity for that period. In preparing th¢s¢ accounts. the Sole CorpKJrate Trustee 15 required to.. select suitable accounting PKJlicies and then apply them consi5tently' observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and pmdenl. state whether applicable accounting stsndards have E*¢n followed. subject to any material departures disclosed and explained in the annual accounts" and. prepare the annual accounts on the going Concern basis unless it is inappropriate to presume that the charity will continue in operation. Keep adequate accounting record5 Safeguard the assets of the charity and hence tske reasonable steps for the prevention and detection of fraud and other irregularities For and on behalf of the Trustee Joanne Donahoe, Executive Director of tkvelopment & Alumni Relations Date: ki ft4 , 909<
THE SOUTHAMPTON UNIVERSITY DEVELOPMENT TRUST 295753 Statement of Fsnanci*l Activities For the year ended 31" July 2024 Unresricted Fvnds Restricied Funds Endowmenl Funds Total Fund5 2024 Total Funds 2023 Note INCOMING RESOURCFS Ineome And endowments from: Donaiions Investsnents 41,088 41.088 34,779 Totsl 41,088 41,088 34,779 RESOURCES EXPENDED Exptnditllre on: Charitsble activilics 35.000 35,000 34,140 Governance costs Support cost5 Totsl 35.005 35,005 34,143 Net intomtl lexpenditurel befort tran5f¢r5 6,083 6.083 636 Transfers (toll from lJniver5ity' of Southampton Net incornel expenditure) before tnvestment 6.083 6.083 636 Gainsl ILossesI on investment 190.800 I.8{)0 (86.159) Net movwDtDt ith fulld$ 196.883 196,883 (85,523) Re¢on¢ili#tiott of fund5: Total funds brought forn'ard at l August 2023 1.500.748 1,500.748 ,586.271 Total fund5 carried forward at 31 July 2024 1.697.631 1.697.631 1.500.748
THE SOUTHAMPTON UNIVERSITY DEVELOPMENT TRUST 295753 Balance Sheet A5 at 31 July 2024 21124 2023 Notes Flxed Asstt$ InYesimenis- endowment fund5 1,666,805 1.476,005 Current A$set5 Debtors Cash al bank and in hand 65.826 .732.631 58.883 1.534.888 Creditors: Amounts Falling Dut withiTh One Year 135,000) (34,140) Net Current Assets 1.697.631 1.500.748 Total Net A55et$ 1,697.631 1.500.748 Fund$ of the Charity Endowmeni FuT)ds 1.697.631 1,500,748 Restricted income funds Unresiricted funds Total Funds 1.697.631 1.500,748 The annual accounts were approved by the Trustee and w¢r¢ signed on its behalf by: Joanne Donahoe, Ex¢¢ulive Dir¢¢lor of Development & Alumni R¢lations Dale: /lb•, 9co<
THE SOUTHAMPTON UNIVERSITY DEVELOPMENT TRUST Notes to the annual accouDt5 For tbe year ended 31 July 2024 295753 l. Basis of Prepgration 1.1 Basis of Accounting These a¢¢ounts have been prepared under the historical c05t convention with items recognised al cost or transaction value unless otherwise stated in the relevant note(5) lo these accounts. The accounts have been prepared in accordance with the StateTncnt of R¢cownmended Practice.. Accounting and Reporting by Charilies preparing their accounts in accordance with the Financial R¢porting Standard applicable in the UK and Republic of Ireland {FRS 102} effective from I January 2019 and with the Charities Act ?01 l. 1.2 Going CoDcerD These accounts are prepared under the going concern basis. 2. Accounting Policies 2.1 Income Income is recogni5ed in the period in which the Trusl is ¢nlitled to receipt and the amount can be measured with reasonable certainty. Donations are only included in the SOFA when the general income recognition criteria are met. Incom¢ from interest and dividends is included in the accounts when ihe receipt is probable and the amount r¢¢¢ivable can be measured reliably. Investment gains and losses includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing invesimenls lo market valu¢ at the end of th¢ year. 2.2 Expenditure and ligbilities Expenditure is included on an ac¢rn21s basis. Support costs have been allocated be¢¢n governance costs and other suprM)rt. Governance costs comprise all cost5 involving publi¢ accounlability of the charity and its compliance with regulalion and good practice. Support costs include central functions. The charity has creditors which are measured at settlement amounts less any trade discounts. 2.3 Assets Inveslmenls ¢ompris¢ of an endowment fund which is measured at fair value, its mark¢1 value. at the year end. The endowmeni fund represents those &ssets which must be held pernianently by the Charity. Any Capital gains or losses arising on the investments fom part of the endowment fund. Debtors are m¢asur¢d at the cash or other considerdtion expected to be received. Cash held includes cash and cash equtval¢nts with a maturity date of les5 than one year held for investm¢nt purposes rather than to meet short temi cash commitment5 a5 they fall due. They ar¢ valued at faiT value.
THE SOUTHAMPTON UNIVERSITY DEVELOPMENT TRUST 295753 Notes to the annual gccounts Forthe year ended 31 July 2024 3. Analysis of income Unrestri¢ted Funds Restricted Endojyment FUd8 Fund5 Total 2024 Total 2023 Analysis tk)nations Income from inve5tments'. Interest income 37,878 37,878 31.992 Dividend income other income 3.210 3.210 2.787 41,088 41.088 34.779 4. An#lysi5 ofexpenditure Expenditure o cbaritable activities UDreslricted Restricted Endowment Funds FuDds Funds Total 2024 Total 2023 Grants 35,000 35.000 34,140 Governance costs Support costs 35.005 35,005 34,143 5. Fees for examinalion of the accounts Independent examiner's fee for the year is £390 (2023-. £390) and relates solely lo the eAamination with no additional work undertaken. The fec is paid for directly by The University of Southampton (Sole Corporate Trustee).
THE SOUTHAMPTON LfNIVERSITY DEVELOPMENT TRUST 295753 Notes to the annual accoullt5 For the year ended 31 Juty 2024 6. Fixed Asset Investments Ricbard Nem'itt Bursaries Richard Nem'itt Bursaries 2024 2023 Fund b*lan¢es brought fonyird 1,500,748 1.586.271 Income 41,088 34,779 Expenditure (35,005) (34,143) Transfer5 Gains and Ios5e5 190.800 86,159 Fund balances earned forwgrd 1.697,631 ,500,748 The Richard Newitt Bursaries wa5 set up in 2008 to provide bursarics to sdentS of the University of Southampton. 7. Debtot¥ 2024 2023 Other Debtors 8. Creditors and accruals 2024 2023 Accruals Creditors 35.000 35,000 34,140 34.140 9. Transactions with Trnstees and related pirties The University of Southampton is the Sole Corwrate Trusle¢. During th¢ year grants to the University were made totalling £35.000 (2023.. £34.140) and at the year-¢nd £Nil (2023: £Nil) was due to the University. Transactions with the Corporate Trustee comprise of supwrt services provided by the University of Southarnpton in administering the annual bursary awards. No remuneration has been paid to the Corporate Tntee in the year (2023 - same).
THE SOUTHAMPTON UNIVERSITY DEVELOPMENT TRUST 295753 10. Control The financial control of the charity 15 held by the Corwrate Trustee and in accordance wilh ihe Trust Deed. 10
THE SOUTHAMPTON UNIVERSITY DEVELOPMENT TRUST 295753 llldepettdent examiner's report to the trustee of Tbe Soutbampton UnTI'er6ity Development Trust for the year ended 31 July 2024 I report on the accounts of the Trust for the year ended 31 July 2024, which are set out on page5 3 to l O. RespoD5ibilities and basis of report As the charity's trustees, you are responsible for ih¢ preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the A¢t"). I report in respect of my examination of the Trust's accounts ¢arried out under section 145 of the 201 l Act and in carrying out my examination, I have followed all the appIlble DitiOnS given by ih¢ Charity Commission under section 145(5)(b) of the Act. Independen¢ eIgmiDer's statement I hav¢ ¢ompleted my examination. I confirm that no material matters have come to my attention in ¢onne¢tion with the examination which gives me cause to believe that in. any material respect: the accounting records We not k¢pl in a¢¢ordance with section 130 of the Charities Act- or the a¢counts did not accord with the accounting records- or the accounts did not comply with the applicable requirements concerning the fonn and content of accounts set OL¢t in the Charities {A¢counts and Reports) Regulalions 2008 oiher than any requirement that the a¢¢ounls give a 'true and fair, view which is not a matter considered a5 part of an independent examination. I have no concerns and have come across no other mafters in connection wilh the examin8tion to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Eric Jones FCA J & S A¢¢ountants Limited 6 Northlands Road Souihamplon S0152LF Date: i¥[.,]-