The Southampton University Development Trust Annual Report For the year ended 31 July 2025 Charity Registered Number: 295753 THE SOUTHAMPTON UNIVERSIIY DEVELOPMENT TRUST 295753 COIYTENTS Reference and Administration Details of the Charity Report of the TTUSt¢e 34 Statement of financial activities Balance Sheet Notes to the annual accounts 7-10 Independent Examiner's lieport 'rHE SOUTHAMPTON UNIVERSITY DEVELOPMENT TRUST 295753 Reference and Admillistration Details of the Charity For the year etyded 31 July 2025 Trust infornig1io Charity registrglion Dumber 295753 Registered addre UniveTSity of Southampton University Road SOuthamp￿n S017 IBJ cor￿￿te Truslee The University ofsouthampton IDdepeDden¢ Examiner Eric Jones J&S Accountants Limii 6 Northlands Road Southampton S015 2LF THE SOUTHAMVI'ON UNIVERSITY DEVELOPMENT TRUST 295753 Report of the Trustee for the year ended 31 July 2025 The Trustee presents its annual report and accounts of the chariiy for the yearended 31 July 2025. The accounts have been prepared in accordance with the accounting policies set out in note 2 to thc accounts, and the Stalem¢nl of R¢¢omm¢nded Practi¢e: Acwunting and Reporting by ChaTities preparing their accounts in accordance with the Finan¢ial R¢portin¥ Stsndard applicable in the UK and Republic of Ireland (FRS 102). effeclive from l January 2019 and with the Charities Act 2011. Structure, Governance 74Dd Manllgement 'I'he "frust is an unincorwjrdted trusL constituted under a Trust Deed dated 15 October 1986. as amended by Resolution of the Trusiees dated 22 January 2009, and is a registered charity. number 295753. Thc Trust Deed was subsequently amended by Resolution of the Sole I'rustee dated 31 July 2018. The University of Southampton is the Sole CoTporat¢ Trustee. No new Trustee appoinlments have been made in thi5 period and no Trustee remuneraiion was paid in the year. Objectives and gctivities for the public benefit The main purpK)se of the Trust is to financially support the University of Southamplon by way of gifl legacy. grant, loan, guarantee or such other form of financial assistance as the TrUS￿e shall consider appropriate for the advancement or b¢nefit of the University. The UniveTsity of Southamplon enables over 24.000 full_time and part-time Students annually to enjoy the benefits of higher education and pursues Yesearch across a wide range of disciplines lo enhance society. improvc healthcare and increase cconomic wcll-being. The Sole Corporate Trustee is mindful of its responsibility 8s a charity undeT the 201 I Charities ACL The Sole CortK)r8te Tru￿ee has referred to the guidance contsined in the Charity Commission's general guidance on public benefit when reviewing its aims and objectives and in planning for future activities. Achievements & Performance The Fund contributed £25.000 iowards twelve buTsaries awarded via the UniveTSity of Southampton. Finanei*l Review I"he Fund ha5 b¢¢n inv¢st¢d with A¢8on Asset Management {Kames Capilal plc) since June 2018. FundraisiDg Review 'I'he I rust does not a¢tiv¢ly fundrdiS¢ as all monies ar¢ being direcled through the University. Gr#nt making policy All funds received by the Trust are allocaied to meet the priorities in line with the OTiginal donation. I'HE SOUTHAMPTON UNIVERSITY DEVELOPMENT TRUST 295753 Report of the Trustee for the year ended 31 July 2025 (continued) Risk M2tsagemeDt Thc Univcrsity Council and Audit Committee review the Unii'crsil). risk register at regular intervals and consider that il is consistent with their knowlcdge of the University's activities and addresses the key aspects of the UniveTsity's slrategic plan. The main risks that have beeri identified and acted upon for this fiT]ancial year are laid out in the 'Universily of Southampion Annual Review and Financial Statemcnts 2024-25.. Reserves policy 'The Trust can operate on a minimal level of Te5eTves suffi¢ienl lo cover on going govcrnance costs. Future Plans SUDT will remain open uniil 2027 to conliT]ue to administer the Richard Newitt Endowment Fund as per the Deed of Appointmcnt and Retirement of'i-rustrcs. Its aim is to achieve enough investment income to cover the annual bursaries. The priorities for the forthcoming year are to maintain the Trust to oveTS¢¢ the one remaining endowment fund and to honour any legacy agreements Tnade in favour of Southamplon University Developmenl Trust. Trknstee'5 responsibilitits in relation to tbe annual *tcounts I'he -frustee is responsible for prcparing th¢ -Irustee's Report and annual accounts in accordance with applicable law and United Kingdom Accouniing Stsndards. The law applicable to charities in England and Wales requirc5 the'l rustec lo prepare annual accounts for each financial year which give a true and fair view of the state of afyairs of the charity and of incoming resources and application of resource5 of the charity for that period. In preparing these a¢counts. the Sol¢ Corpordte TTUStec is required to.. s¢l¢ct suitable a¢¢ounting ￿)lICi￿ and then apply them consistently. observe th¢ methcd5 and principlcs in the ChaTiiie5 SORP. makc judgements and e5timales thai arc rel￿nable aThJ pruden state whether applicable accounting standaTd5 have E*¢n followed. subject to any material departures disclosed and explained in the annual accounts; and. prepare th¢ a¢)nual accounts on th¢ goin8 concern b&sis unless it is inappropriate to presume that the charity will continue in oFration. Keep adequat¢ accounting records Safeguard the &sseLs of thc chaTity and hcnce take reasonable slw fcff tl* prevention and detection of fraud and othu irregulaTiiies For and on behaifof the Trnstee Joanne Donahoe, Executive Director of Development & Alumni Relation5 Dale.. 0510212026 THE SOUTHAMPTON UNIVERSIIV DEVELOPMENT TRUST 295753 StatemeDt of Finantial Activities For the year ended 31" July 2025 Unrestriclcd Funds Re5trided und5 Endowment Fun(L Totsl Fund5 2025 Tothl bunds 2024 Note INCOMING RFSOURCLS Income •bd cNdowrnents from: DDllaL0115 Invcsbncnts 43.076 43.076 41,088 To¢•1 43.076 43,076 41,088 RLSOURCES EXPENDED Kxpenditure on: Charitable aciiviiics 25.000 25.000 35,000 Gov¢mancc c05t5 Support costs Total 25.003 25.003 35.005 Net IDcomel lexpenditurel before transfers 18.073 18.073 6,083 'I'ransfcts (toy from unive￿ilY of outharnpion Intomel (txptnditurtl befott investment gginslllossts) 18.073 18.073 6,083 Gain￿lI￿55Cs) o invcsuneni (3,058) {3.058) 190,800 Net Tnovtment in funds 15.015 15.015 196.883 RecontiliAIitiD of funds: I"o&l furtd5 brought forward ai l Au8L15t 1.697.631 1.697,631 1,500,748 2024 Total lunds ¢#rrl¢d forwird at 31 July 2025 ,712,646 1.712,646 1,697,631 THE SOUTHAMPTON UNIVERSITY DEVELOPMENT TRUST 295753 Balanre.Shtet As at 31 July 2025 2025 2024 Notes Fixed Assets Inveslments- endowmeni funds 1.663,747 .666,805 Current Assets Debtors Cash at bank and in hand 73,899 1.737.646 65.826 1.732.631 Creditors: AMoU￿ts F811ing Due within One Year (25.0￿) (35,(KJO) Net C￿Tr¢￿t Assets 1.711646 1.697,631 Total Net Assets 1.712,646 1.697.631 Funds of the Ch¥4rlty EndownJ¢nt Funds 1.712.646 ,697,631 Rc5tricied incorne fwids Unrestricted funds Total Funds 1.712,646 1.697,631 I'he annual accounts wcre approved by the Trustee and wer¢ signed on its behalf by: Joanne Donah(K. Executive DIr￿tOr of Dev¢lopment & Alumni Rclations Date.'0510212026 THE SOUTHAMPTON UNIVERSITY DEVELOPMENT TRUST 295753 Note5 to the #nnuNI *c¢ounts For ihe year ended 31 July 2025 l. Basis of Prepar4tion 1.1 Basis of Accounting These aecounts have been prepared under the historical cost convention with ilems recogni5ed al C05t or trdnsaction value unless otherwise stated in the relevant nolels) to these accounts. The accounts have been prepared in xcordance with the Statrment of Recornmended Practice: Accounting and Reporting by Chariti¢s preparing iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) effective from I January 2019 and with th¢ Charili¢s Act 2011. .2 Going Con¢ern 'I'hese accounts a￿ prepared under the going concern basi5. 2. Ae¢ountiDg Policies 2.1 Income Income is recognised in the period in which the Trust 15 entitled to Teceipt and the amount be measured with reasonable certainty. Donations are only included in the SOFA when the general income recognition criteria are mel. Income from interest and dividend5 is included in the accounts when the receipt is probable and the amount receivable can be measured Teliably. Investment gains and losse5 includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investrnents to market value at the end of th¢ year. 2.2 Expenditure gnd liabilities Expenditure is included on an accruals basis. Support costs have been allocaled between governance costs and other support. Governance costs mpris¢ all costs involving public accountsbility ofthe chariiy and its compliance with regulation and g(M)d Practice. SuppM)rt costs include central functions. The charity has creditors which are measured al settlement amounts less any tTade discounts. 2J Assets Investhlents comprise of an endowmeni fund which is measured at fair value. its markei value. at the year end. The endowmeni fund represents those ￿ets which must ￿ held pern)anently by the charity. Any Capital gain5 or losses arising on the investments forn] part of the endowment fund. Debtors aTe measured ai the cash or other consideraiion expected io be received. Cash held includes cash and cash equivalents with a maiurity dale of less than one year held for inv¢stment purposes rather than to mect short tcnn cash commitmcnts a5 thcy fall due. They are valued at fair value. THE SOUTHAMwfoN UNIVERSIIV DEVELOPMENT TRUST 295753 Notes lo the annual accounts For ihe yt4reDded 31 July 2025 3. Analysis of illcome Unrestri¢ted Funds Restrieted EDdowmeD¢ Fullds Funds Total 2025 Total 2024 Analysis Donations IncoTne from investsnents: Inter¢st income 39,971 39,971 37.878 Dividend income Other income 3,105 3.105 3,210 43,076 43,076 41.088 4. Analysis of expenditure ExpeDdilur¢ on ch2ri1able activities Unrestricicd Restritted EDdowmenl Funds Funds Funds TotAI 2025 Total 2024 GTants 25,000 25,000 35.000 Governance costs Support costs 25,003 25.003 35,005 5. Fees for examination ofthe accounts Independcnt exa¥nin¢r's fee for thc year is £396 (2024.. £390) and fflat¢5 solely io thc examination with no additional work undertaken. Th¢ fee is paid for dirccily by The University of Southampton (Sole CorpoTate 'I'rusicc). THE SOUTHAMPTON UNIVERSITY DEVELOPMENT TRUST 295753 No¢es to the gnnu41 gCCOUDts For the year ended 31 July 2025 6. Fixed Asset Investments Richard Newitt Bursaries Richard Newitt Bursaries 2025 2024 F￿lld balallces broughi forward ,697,631 1,500,748 Income 43.076 41,088 Ex￿ndItUre (25.003) (35.005) Transfers Gains and losses 190,800 Fund balances carried fomTd 1.712.646 1.697,631 The Richard Newitt Bursaries was set up in 2008 to provide bU￿all¢S to siud¢nts of the University of Southampion. 7. Debtors 2025 2024 Other Debtors 8. Crediton athd ac¢ruAIs 2025 2024 Accruals Creditors 25.000 25.000 35.000 35.000 9. Transactions with Trustees And related parties The University of Southampton is the Sole co[￿rat¢ TTU5*e. During the year grdnts to the University were made totalling £25,OIKI (2024-. £35,000) and at the year-end £Nil (2024: £Nil) wa5 due to the University- Trnnsa¢lions with thc Corporatc I"ru5t¢C COTnprise of support services provided by the University of Southampton in adminislering the annual bursary awards. No remuneration has been paid to the Cotpordtr T￿￿tee in the year (2024- same). THE SOUTHAMPTON UNIVERSITY DEVELOPMENTTRUST 295753 10. Control The financial control of the charity is held by the COT￿rat¢ Trustee and in accordance with the Trust Deed. 10 THE SOUTHAMwfoN UNIVERSITY DEVELOPMENT TRUST 295753 Independent examiner's report to the trustee of The SoutbamptOD UDivernity Development Trust for tbe year ended 31 July 2025 I report on the accounts of th¢ Trust for the year ended 31 July 2025. which are set out on pages 3 to 10. Responsibilities and basis of report As the charity's trustces, you arc rcsponsiblc for the prepaTalion of the accounts in accoTdancc with thc requirements of the Charities Act 2011 ("the Aci"). L report in respeci of my examinalion of the Trus1'5 a¢counts carried out under se¢lion 145 of th¢ 2011 Acl and in carying out my examinalion. I have follow￿ all the applicable Directions given by the Charity Commission und¢r s¢¢tion 145(5Xb) of the A¢1. Independent ex&miner's ststemeDI I have completed my examination. I confirn) ihat no maierial matters have come to my attention in connection with the examination which give5 me cause to believe that in, any material Tespecl: the accounting records were not kept in accordance with section 130 of the Charities Act" or the accounts did not accord with the accounting records- or the accounts did not comply with the applicable requirements concerning the forni and content of accounts sel out in the Charities {Ac¢ounts and Reports) Regulations 2008 other than any requirement that the a￿OUnts give a 'true and fair. view which is not a matier considered as part of an inde￿ndent examination. I have no con¢ems and have come across no other matters in ¢onneclion with the examination to which attention should be drdwn in this report in order to enable a proper understanding of the accounts to be reached. Eric Jones FCA J & S Accountants Limited 6 Northlands Road SouthaTnpton S015 2LF Date.. ..) Ltyi 11