The University of Aberdeen Development Trust (Charity Number SC002938) Financial Statements For the year ended 31 July 2024
The University of Aberdeen Development Trust Financial Statements for the Year Ended 31 July 2024 Contents Page Chair Report Report of the Trustee. including Statement of Trustees. Responsibilities Independent Auditor's Report to the Trustee of the University of Aberdeen Development Trust Statement of Financial Activities 10 Balance Sheet 11 Cash Flow Statement 12 Notes lo the Financial Statements 13
The Unlversity of Aberdeon Development Trust Chair Reportfor the Year Ended 31 July 2024 l am pleased to provide a brief introduction to the Annual Accounts for the University of Aberdeen Development Trust ISC0029381. Following reoryanisalion, the sole Trustee is the University of Aberdeen Development Trust SCIO, the SCIO now being the main recipient of donations. The Trust {SC0029381 will remain open for as long as necessary lo receive donations that cannot come lo the scio. l again invite the readers of these accounts to discover more from the Univer5ty of Aberdeen Development Trust SCIO ISC0509961 Annual Report, which also in¢orF)orates the results of the original Trust, in the Group accounts. Total income of the Trust for 2024 was £147k12023.' £2.7ml including £141,000 for donations and legacies {2023.' £1.5ml, and £6,000 from investment income12023'. £0.5ml- There was no income in 2024 relati'ng to operational funding in12023'. £0.8m}. Awards for University projects amounted to £8k for the 12 months to 31 July 2024 compared with £1,894k for the prior year. A further £150k was transferred for disbursement from the SCIO. Closing cash balances were £171 k cornpared with £197k in the prior year. Unrestricted funds have been retained lo meet future governance costs. The balance of £274k of restricted funds comprises of a legacy that the Trust has been notified of, bul the funds a yet to be received. wth many thanks to our donors for gift5 received into the Trust and lo our colleagues in Finance for Chair of the Board of Tiuslees of the SCIO on behalf ol the Trustee Date.. 20 November 2024
The University of Aberdeen Development Trust Report of the Trustee for the Year Ended 31 July 2024 ststement of the Trustee's responsibilities in respect of the Trustee's annual report and the financial statements Under charity law, the Trustee is responsible for preparing a Trustee's Annual Report and financial statements for each fiscal year which show a true and fair view of the slate of affairs of the charity and of the excess of income over expenditure for that period. The Trustee has elected to prepare the financial statements in accordance with UK Accounting Standards, Including FRS 102 The Financial R&porting Standard applicabl& in th6 UK and Republic of Ireland. In preparing these financial statements, generally accepted accounting pwctice entails that the Trustee.. selects SLJitable accounting policies and then applies them consistently., makes judgements and estimates that are reasonable and prudent., ststes whether the recommendations of the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements.. states whether the financial slalemenls comply with the trust deed and rules, subject to any material departures disclosed and explained in the financial slalements., assesses the charity's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern., and uses the going concern basis of accounting unless il either intends lo liquidate the charity or lo Cease operations or has no realistic alternative but to do so. The Trustee is required lo act in accordance with the trust deed and the rules of the charity, within the framework of trust law. It is responsible for keeping proper accounting records, sufficient lo disclose at any lime, with reasonable accufftcy, the financi81 position of the charity al that time, and lo enable the Trustee lo ensure that, whefft any slalements of accounts are prepared by il under the Charities and Trustee Investment IScotl8ndl Act 2005, those statements of accounts comply with the requirements of regulations under that Act. It is responsible for such internal control as il determines is necessary lo enable the prepamtion of financial statements that are free from material misslalemenl, whether due lo fraud or error, and has geneol responsibility for 13king such steps as are reasonably open lo it lo safeguard the assets of the charity and lo prevent and delecl fraud and other irregularities. The Trustee is responsible for the maintenance 8nd inlegrty of the financial and other information included on the charity's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The Trustee presents ils report and audited fi'nancial sl8tement5 for the year ended 31 July 2024. This report is prepared in accordance with the recommendations oflhe Statement of Recommended Practice IFRS102) and complies with applicable law and regulations.
The University of Aberdeen Development Trust Report of the Trustee for the Year Ended 31 July 2024 Reference and Administration Details The University of Aberdèen Development Trust has been entered into the Scottish Charity Register and is enlilled, in accordance with section 13 {11 of the Charities and Trustee Investment (Scollandl Act 2005, to fer to itself 8s a charity registered in Scotland (Scollish Charity number SC0029381. The University of Aberdeen Development Trust is a registered charity (Scottish Charity number SC0029381 that appeals for, and receives, private funds for the benefit of the University of Aberdeen, for the purposes set out below. 11 was formed by the University Court on 27 August 1982 and, following the transfer of the assets of the Trust lo the newly formed University of Aberdeen Development Trust SCIO ISC0509961, the original Trust's so5e Trustee is the Trust SCIO. The Trustee during the financial year or thereafter to the dale of this report is- The University ofAberdeen Development Trust SCIO ISCO509961 The University of Aberdeen Development Trust ISC0029381 and it5 affairs are now administered by the Trust SCIO. As 8 result, there is no longer a Senior Management Team in place. Principal Advisors and Professional Setvlces Auditor. EY LLP Alri8 One 744 Morrison Street Edinburgh EH3 8EX Investment Advisor." Goldman Sachs PlUmte Court 25 Shoe L8ne London EC4A 4AU Banker. Bank of Scot18nd 39 Albyn Place Aberdeen ABIO IYN Princi 81 Address. stru¢ture, Governance & Management The Trust remains governed by the updated Deed of Trust, ensuring that all activities are aligned with the standard3 of best practice pursued by all leading ¢harilie5. The terms of the Deed of Trust encourage developments in the University of Aberdeen and the promotion of research therein. The purposes of the Deed of Trust, approved by the Office ofthe Scottish Charity Regulator IOSCRI, have been updated as follows following the creation of the SCIO.. To further the charitable purposes of the SC10 and in so doin9'. in order to advance education and other charitable activities of the University, to receive and ingalher any legacies, donations and other payments Ilhe "Legacies") lo the Trust and to then pay or make over the Legacies to the SCIO., and in the event that the SCIO no Songer exists, in order lo further the charitsble purposes of the University, to pay or make over the Legacies to the Universty. Trustee The SCIO Board of Trustees is required lo meet al least four times per year to monitor the Trusts perfomianTr and lo discuss long and short-lerm strategic issues.
The University of Aberdeen Development Trust Report of tho Trustee for the Year Ended 31 July 2024 Key Management Personnel Remuneration All SCIO Trustees gave Iheirtime freely and no SCIO Trustee remuneration was paid in the year. Details of SCIO Trustee expenses are disclosed in note 6 to the accounts. The Trust has no employees so there were no direct personnel costs. Related Parties Transactions with related parties are disclosed in note 16 to the accounts. Objectives and Activities Summary of Aims and Objectives The Trust continues lo carry out its activities in support of ils founding mission to attract philanthropic support for the University of Aberdeen. However, substantially all of this activity was transferred lo the Trust SCIO in Februzry 2023. The main activities of the Trust are likely to be restricted lo the receipt of legacies and gifts that cannot be received directly into the Trust SCIO. Such gifts will be transferred to the Trust SCIO whilst ensuring that their initial purposes are retained. Investment Perfomance The Trust no longer holds an investment portfolio following the transfer lo the Trust SCIO in February 2023. Flnanclal Revlew Since the transfer of the majority of the Trust's assets to the Trust SCIO in February 2023, there has been minimal activity within the Trust itself. Overall, there was a reduction of £10k in the funds of the Trust during the year. Total income of the Trust for 2024 was £147k12023'. £2.7ml including £141 k for donations and legacies 12023.. £1.5ml, and £6k from investment income12023." £0.5ml. There was no income in 2024 relating lo opemtional funding12023." £0.8ml. Awards for University projects amounted to £158k for the 12 months to 31 July 2024 compared with £1,894k for the prior yèar. There was no expenditure on fundraising activities and administrative costs in 2024, bul a refund of £1.6k relating to historical fundraising costs was received12023'. £470kl. Net outgoing resources We £1 Ok compared to outgoing resources of £51.5m in the prior year, which was a reflection of the transfer of assets to the SCIO. Closing cash balances were £171 k compared with £197k in the prior year. Unreslricled fund5 of £162k have been retained to meet future governance cost5 and the balance of £274k of reslricled funds comprises a legacy that the Trust h85 been notified of, but the funds are yet to be received. Plans for Future Perlods Key Aims and Objectlves for Future Periods With the introduction of the Trust SCIO in the prior year, the Trust has been retained purely collect legacies and gifts that are unable lo be awarded directly lo the SCIO. Note 1 to the Accounts refers to our resulting assessment of going concern. As ever, the Trust MainS commilled to operating al the highest level of governance besl-praclice and this will continue as long as the Trust remains active. The Trust remains committed to the management and disbursal of funds in accordance with ils Deed of Trust.
The Unlverslty of Aberdeen Development Trust Report of the Trustee for the Year Ended 31 July 2024 order of tle Trii<lee Chair of the Board of Trustees of the University of Aberdeen Development Trust SCIO on behalf of the Trustee Dale.. 20 November 2024
Independent Auditor's Report to the Trustees of the University of Aberdeen Development Trust for the Year Ended 31 July 2024 Opinion We have audited the financial slalernents of the University of Aberdeen Development Trust for the year ended 31 July 2024 which comprise the Statement of Financial A¢livilies, Balance Sheet, Cash Flow Statement and the related notes I 10 17, including a summary of significant accounting poSi¢ies. The financial reporting framework that has been applied In their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel, including FRS 102 'The Financial Reporting standard applicable in the UK and Republic of Ireland" In our opinion the financial statements.. give a true and fair view of the stale of the charity's affairs as at 31 July 2024 and of ils incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the Charities and Trustee Investment (Scotlandl Act 2005 and regulation 8 of the Charities Accounts Iscouandl Regulations 2006. Basis for opinion We conducted our audit in accordance with Intemalional Standards on Auditing IUKI IISAS IUKII 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 below. We a independent of the charity in accordance with the ethical requirements Ihat are relevant lo 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. Emphasis of matter- financial statements prepared on a basis other than golng concern We draw attention to note 1 to the financial statements which explains that the Trustee intends to wind down the Development Trust following the creation of the University of Aberdeen Development Trust SCIO ISC0509961 and the subsequent transfer of the vasl majority of the Development Trust's assets. The Trustee does not therefore consider it lo be appropriate lo adopt the going concern basis of accounting in preparing the financial stalemenls. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 1. Our opinion is not modified in respect ol this matter. Other Informatlon The other information comprises the information included in the annual report other than the financial statements and our auditor's report Ihereon. The Trustee is resFK)nsible for the other information contsined in the annual report. Our opinion on the financial slalements does not cover the other information and we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other inform8lion is materially inconsislenl with the financial slalemenls or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we Identify such material inconsistencies or apparent material misstatements. we are required lo determine whether this gives rise lo a material misstatement in the financial statements themselves.
Independent Auditorfs Report to the Trustees of the Unlversity of Aberdeen Development Trust for the Year Ended 31 July 2024 If, based on the work we have performed, we conclude that there is a material misstslemenl of the other information, we 8re required to report that fact. We have nothing to report in this regard. Matters on whlch we are requSred to report by exception We have nothing lo report in respect of the following mallers in relation to which the Chanties Accounts (Scotlandl regulations 2006 requires us lo report lo you if, In our opinion.. the information given in the financial slalements is inconsistent in any material respect with the trustees, report., or proper accounting records have not been kept ', or the financial ststemenls are not in agreement with the accounting records and returns., or we have not received all the infomalion and explanations we requi for our audit. Responsibilities of The Trustee As explained more fully in the trustees, responsibilities statement set out on page 3, the Trustee is responsible for the prepamtion of the financial statements and for being satisfied that give a true and fair view, and for such internal control as the Iruslees determine Is necessary lo enable the preparation of financial statements that are free from material misststement, whether due lo fraud or error. In preparing the financial statements, the Trustee is responsible for assessing the charity's ability to continue as a going concern, disclosing. as applicable, mattèrs related lo going concern and using the going concern basis of accounting unless management either intends lo liquidate the charity or lo cease operations, or has no realistic alternative but lo do so. Auditor's responslbilitles for the audit of the financial statements We have been 8ppoinled as 8udilor under section 44111 Icl of the Charities and Trustee Investment Iscollandl Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectNes are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and lo issue an auditor's port that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstalemenl when il exists. Misstalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stalemenls. Explanation as to what extent the audlt was consldered capable of detectlng irregularitlg$, including fraud Irregularities, including fraud, are instsnces of non-compliance with laws and regulations. Vve design procedures in line with our responsibilities, outlined above, to detect irregularities. including fr8ud. The risk of not detecting a material misslalemenl due lo fraud is higher than the risk of not delecling one resulting from error, as fraud may involve deliberate conce81menl by, for example. forgery or intentional misrepresentations, or through collusion. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below. However. the primary responsibility for the prevention and detection of fraud rests with both those Charged with governance of the entity and management.
Independent Auditor's Report to the Trustees of the University of Aberdeen Development Trust for the Year Ended 31 July 2024 We obtained an understanding of the legal and regulatory frameworks that 8re applicable to the charity and determined that the most significant are FRS 102 and the Charities S18temenl of Recommended Practice. We understood how the University of Aberdeen Development Trust Is complying with those frameworks by making enquiries of management and those osponsible for legal and compliance procedures We corroborated our enquiries through our review of the Board of Trustees of the SCIO meeting minutes, as well as consideration of the results of our audit procedures lo either corrobor8te 01 provide contrary evidence which was then followed up We assessed the susceplibilily of the charity's financial statements lo material misslalement, including how fraLJd might occur by meeting with management to understand where they considered there was susceptibility lo fraud. Where this risk was considered higher, we performed audit procedures lo addfftss the risk of fraud and management override. Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved enquiries of management. those charged with governance and those responsible for legal and compliance procedures., journal entry lesling with a focus on journals Indicating large or unusual transactions b8sed on our understanding of the business,. review of Board of Trustee meeting minutes lo identify any non- compliance with laws and regulations, and inspection of any correspondence between the charity and the Office of the Scottish Charity Regulator. A further description of our responsibilities for the audit of the finaneial stalernenls is located on the Financial Reporting Council's website at.. htt s."Ilwww.frc.or .uklaudilorsres onsibiliti'es. This description forms part of our auditor's report. Use of our report This report is made solely to the charity's members, as a body, in accordance with Regulation 10 of the Charities Accounts (Scollandl Regulations 2006. Our audit work has been undertaken so that we might stsle lo the charity's trustees those mallers we are required lo stale to them in an aLJdilor's report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility lo anyone other than the charity. the charity's Iruslees as a body. for our audit work, for this reFX)rt, or for Ihp. nr)Inionq wp hAv* fnrmg.A Eiiist & Youiiy LLP, Statutoiy Auditor Glasgow 27 Novernber 2024
The University of Aberdeen Development Trust Statement of Financial Activities for Year Ended 31 July 2024 Total Funds 2024 £000 Total Funds 2023 £000 Unrestricted Restrlcted Endowment Funds Funds Funds £000 £000 £000 Note Income from: Donations and Legacies External Funding Investments Total Ineorne 124 17 141 1,469 782 483 2,734 124 17 147 Expenditure on.. Fundraising Costs Investment Management Costs (11 427 26 453 11) Expendlture on Charitable Activities: Grants Awarded Transfers to University of Aberdeen Development Trust SCIO 1,894 133 133 17 17 150 158 51,953 53,847 Total Expenditure 133 17 157 54,300 Net IExpenditurelllncome before Galns & Losses on Investments 19} 1101 151,5661 Net (Losses) on Investments 11,5661 Transfers Net Incomelmovement In Funds {91 1101 153,1321 Total Funds at 1 August 2023 163 284 447 53,579 Total Funds at 31 July 2024 162 275 437 447 10
The University of Aberdeen Development Trust Balance Sheet as at 31 July 2024 Note 2024 £000 2023 £000 Fixed Assets Investments Current A$sets Debtors Cash at bank and in hand 274 171 445 299 197 495 Liabilities Creditors.. amounts falling due within one year 10 49 Net Current Asset$ 437 447 Total Assetg less Current Llablllties 437 447 Net Assets 437 447 Represented by: Funds of thg Charity Unrestricted Funds Reslricled Funds Total Charity Funds 162 275 437 163 12 447 The financial statements of the University of Aberdeen Development Trust (Registered Charity SC0029381 on pages 10 to 19 were approved by the SCIO Board of Trustees and signed on its behalf on 20 November 2024 by.. Chair of the Board ol Trustees ol the University of Aberdeen Development Trust SCIO on behalf of the Trustee
The University of Aberdeen Development Trust Cash Flow Statement for the Year Ended 31 July 2024 Note 2024 £000 2023 £000 Cash Flows from Operating Activities., Net Cash provided by operating activities 13 1321 Cash flows from Investing Actlvltles: Bank interest Dividends received Proceeds from the sale of investments Purchase of investments Net cash provided by Investing Actlvltles 62 421 3,364 12,8811 Cash flows from Flnanclng Activities., Change in cash and cash equivalents 15 1261 113,9921 Cash and cash equivalents 8t the beginning of the year 197 14,189 Total cash and cash equlvalents at the end of the year 171 197
The University of Aberdeen Development Trust Notes to the Financial Statements for the Year Ended 31 July 2024 Note 1 Principal Accounting Policies The financial statements for the year ended 31 July 2024 have been prepad in accordance with applicable Accounting Standards in the United Kingdom, the recommendations set out in the Statement of Recommended PracliTr - "Accounting and Reporting by Charities IFRS102 effective l JanLJary 20191., the Charities and Trustee Investment (Scotland} Act 2005 and regulation 8 of the Charities Accounts (Scollandl Regulations 2006. The accounting policies sel out below have, unless otherwise slated, been applied consistently lo all periods presented in these financial slalements. The financial slalemenls are prepared in accordance with the historical cost convention, apart from investments which have been staled at market value. Management has made judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet dale and the amounts reported for revenues and expenses during the year. Notable judgements pertain lo the recognition of legacies and inveslmenl income amounts. The cash value obtained could differ from any estimates made. Going Concern As explained in the chair's Report, the Trustee intends that the Development Trust will wind as soon as is feasible and has been retained purely collect legacies and gifts that are unable to be awarded directly lo the SCIO. As a result, the Development Trust is expected lo become dormant in due course and the financial statements have been prepared on a basis other than that of the going concern basis. No provision has been made for the future costs of terminating the Trust unless such costs were commilled al the reporting date. Unreslricled reserves carried forward are £162k. which is sufficient to meet all forecast costs and agreement is in place with the University of Aberdeen for the year to 31 July 2025 for any additional costs lo be borne by the University. Investments Investments are slated at market value at the balance sheet dale and are staled al bid prices where available. Structured notes (buffered equity) are st8led al cost. The Trust applies a sustainable investment policy held by the approved advisors. The policy stales that funds are not invested in directly fossil fuel companies or those which normaSly derive more than 1 00/0 of their turnover from armaments, tobacco products or coal and lar sands. It also slates th81 fund managèrs must engage on social, environmental and governance issues and be signstories to the United Nations Principles of Resp)nsible Investment. INCOME Income is recognised when the charity has entillemenl to the funds. any performance conditions attached to the ilemlsl of income have been mel. il is probable that the income will be received, 3n the amount can be meaSud reliably. Don81ions or legacies notifièd to the charity, bul which do not meet the criteria are disclosed, where material, as a contingent asset. Specific income sources are recognised as follows". Donations Donations and gifts are recognised in the slalement of financial activities in the year of receipt. Where there is Sufficient evidence lo provide the necessary probability that a donation will be received and the value of the incoming resources can be measured with sufficient reliability, the donation is accrued for. Pledges are only recognised once the gift has been received, gifts of investments are recorded at market value on the date of transfer. Legacie5 Legacies are cdited lo the statement of fin8nci81 activities in the year of receipt. Where there is sufficient evidence to provide the necessary probability that a legacy will be received 2nd the value of the incoming resources can be measured with sufficient reliability, the legacy is accrued for. In the event that the gift is in the form of an asset other than cash or E financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being liablY measurable with a degree of reasonable accuracy and the ti15e to the asset having been transferred lo the charity. 13
The University of Aberdeen Development Trust Notes to the Financial Statements for the Year Ended 31 July 2024 External fundlng External funding represents the value of income ceIvable during the year from the University of Aberdeen. Investments Interest on bank deposits is credited in the year in which they are receivable. All other investments were transferred to the SCIO in the previous year. EXPENDITURE All expenditure is accounted for on an accruals basis. All expenses including support and governance C051s are apportioned to the applicable expenditure heading as detailed below. Grants to University ofAberdeen Payments of grants to the University are recognised when an approved offer 15 communicated and are charged directly lo the appropriate fund. Support Costs Management & adminislralion costs are charged lo unrestricted funds, these include the cost of adminislralion and support staff and other costs associated with the general operation of the Trust. All support costs are allocated lo the single charitable activity of the provision of funding lo the University of Aberdeen. Realised and Unrealised gains and losses Realised gains and losses are allocated lo the invested funds in proportion to the opening balance on the funds. Unrealised gains and losses are held sepamtely and are only allocated once realised by disposal of the investment. Trade and Other Debtors and Creditors Trade debtors primarily consist of prepayments in relation to Soare and other subscriptions and are recognised based on the number of months oulstsnding. Other debtors include accrued leg2cies that are recognised in line with SORP recognition guidelines and outstanding Gift Aid. Creditors are recognised based on amounts due to external parties al the year-end date. These include invoices received and offer letters approved prior lo 31 July 2024. Taxation The Trust is recognised by HM Revenue & Customs as a charity for thè purposes of s505 of the Income and Corporats'on Taxes Act 1988 and is exempl from corporation tax on its charitable activities. Cash Cash, for the purpose of thè cash flow statement, comprises cash in hand and deposits repayable on demand and cash held for inveslmenls, less overdrafts payable on csemand. Funds Policy Funds are analysed beeen reslricled, unreslricled and endowment funds. Unreslricled funds are predominantly used for fundraising and administrative activities. Restricted funds are created to meet the wishes of donors or for major campaigns. Endowment funds are created to establish a fund whereby only the annual income can be awarded and is often used to preserve the longevity of scholarships or prizes. Awards are only made lo the University where sufficient funds exist or where income is guaranteed in the future. Funds will usually only be in deficit due lo liming differences. 14
The University of Aberdeen Development Trust Notes to the Financial Statements for the Year Ended 31 July 2024 Note 2 Voluntary Income Unrestricted Restricted Funds Funds £000 £000 Endowment Funds £DOO Total 2024 £000 Total 2023 £000 Gifts & Don81ions Legacies Funding - University of Aberdeen 121 17 138 992 477 782 2,251 124 17 141 Note 3 Investment Incomg Unrestricted Funds £000 Restricted Funds £000 Endowment Funds £000 Total 2024 £000 To181 2023 £DOO Dividends on Investments Interest on Cash Deposits 421 62 483 Note 4 Fundraising Costs Unrestricted Funds £000 Restricted Funds £000 Endowment Funds £000 Total 2024 £000 Total 2023 £000 Staff Costs Travel Hospitality Publications & Subscriptions Other Costs 382 16 25 121 427 Note S Charitable Activities Support and Governance Costs £000 Grant Activity £000 Total 2024 £000 Tol81 2023 £000 For the Provision of.. Grants Awards 1,894 Grants lo the University of Aberdeen 8re to support teaching, research, sludenl support and other major capital proiecls Support and govern8nce costs relating to the provision of these grants is audit costs.
The University of Aberdeen Development Trust Notes to the Financial Statements for the Year Ended 31 July 2024 Note 6 Total Expenditure Staff Costs £000 Other Costs £000 Total 2024 £000 Total 2023 £000 Transfer to University of Aberdeen Development Trust SCIO Generating Voluntary Income Govemance Costs Grant Awards lo University of Aberdeen Investment Management Costs Support Costs 150 {11 150 51,953 427 18 1,805 26 71 54,300 157 157 Staff Costs 2024 £000 2023 £000 S8laries Social Security Costs Pension Costs 336 70 440 During the year to 31 July 2024 the University of Aberdeen Development Trust had no direct employees. Staff costs were donated by the University of Aberdeen lo the University of Aberdeen Development Trust SCIO during the year. Due to the transfer of activities lo the SCIO in the previous year. there were no travelling or subsistence expenses paid from the Development Trust lo the Board of the Trustee in the year12023'. £1 kl. Note 7 Net ILossesllGains on Investments 2024 £000 2023 £000 Realised Gains on Disposal of Investments Realised ILossesl on Transfer of Investments Unrealised (Losses) on Revaluation of Investments 11,5661 11.5661 Note 8 Flxed Asset Investments All investments were transferred to the University of Aberdeen Development Trust SCIO ISC0509961 during the previous financial year. 2024 £000 2023 £000 39,264 3,364 141,0621 11,5661 Market Value al 1 August Additions Transfer lo SCIO Net Investment GainsllLossesl Market Value at 31 July Hlstorlcal Cost at 31 July 16
The University of Aberdeen Development Trust Notes to the Financial Statements for the Year Ended 31 July 2024 Note 9 Debtors.. Amounts falllng due wlthln one year 2024 £000 2023 £000 Income Tax Recoverable Other Debtors 29 270 299 274 274 Note 10 Creditors: Amounts falllng due wlthln one year 2024 £000 2023 £000 Accruals Trade Creditors 49 49 Note 11 Movement in Reserves Funds at 1 August 2023 £000 Funds at 31 July 2024 £000 Incoming £000 Outgoing £000 Restricted Funds Endowment Funds Unrestricted Funds 284 124 17 11331 1171 171 1157) 275 163 447 162 437 147 Funds at 1 August 2022 £000 35,889 17,130 560 53,579 Funds al 31 July 2023 £000 Incoming £000 1,773 174 787 2,734 Outgoing £000 137,3781 117.3041 11,1841 55,8661 Restricted Funds Endowment Funds Unrestricted Funds 284 163 447 Unrestricted funds may be used by the Trust for any purpose and currently support administration costs. Restricted funds are lo be used for particular purposes specified by the donor and are listed on page 19 in Note 17 - Movement In Funds for the Year. Endowment funds ale a subcategory of Restricted fund whereby, as standard practice, only the accumulated annual investment income is available for the specified charitable acts'vits'es. Note 12 Analysis of Net Assets betwoen Funds Funds at 31 July 2024 £000 Funds at 31 July 2023 £000 Tangible Fixed Assets £000 Flxed Asset Investments £000 Net Current Assets £000 Restricted Funds Unrestricted Funds 275 162 437 275 162 437 284 163 447 Individual funds are listed in Note 17 Movement in Funds for the Year.
The University of Aberdeen Development Trust Notes to the Financial Statements for the Year Ended 31 July 2024 Note 13 Reconciliation of Changes In Resources to Net Cash Inflow from Operatlng Actlvities 2024 £000 2023 £000 151,5661 41,062 14831 96 1220) Nel Incoming Resources for the Year Donation of Investments Investment Income Decreaselllncreasel in Debtors (Decreaselllncrease in Creditors Net Cash Inflow from Operating Activities {61 25 41} 132} Note 14 Reconcillation of Net Cash Flow to Movement In Net Funds 2024 £000 2023 £000 113,9471 14,144 197 (Decreaselllncrease in Cash during the Year Nel Funds al the Beginning of the Year Nel Funds al the End of the Year 1261 197 368 Note 15 Analysis of Change in Cash during th9 Year 2024 £000 2023 £000 Movement £000 Cash al Bank and held for Investments 171 197 1261 Note 16 Related Partles In the 2023124 financial year the University of Aberdeen Development Trust directly received donations from Trustees tolalling £nil wilhoul condilions12023'. £19kl. There were no donations made by Trustees requiring separate disclosure as outlined in the Charities SORP IFRS1021. The following related party transactions have been identified for disclosure for the University of Aberdeen Development Trust. The University of Aberdeen transaction re5ates lo the reimbursement of expenses to the Trust. 2024 Organisation Relationship Nature Receipts Payments £000 £000 The University of Aberdeen The University of Aberdeen Development Trust SCIO Charity Parent Oper8tionslGrants Tmnsfer of assets 150 2023 Organisalion Relationship Nature Receipts £000 782 Payments £000 2,512 51,953 The University of Aberdeen The University of Aberdeen Development Trust SCIO Charity Parent OperationslGrants Transfer of assets 18
The University of Aberdeen Development Trust Notes to the Financial Statements for the Year Ended 31 July 2024 Note 17 Movement In Funds forthe Year Funds at 1 August 2023 £000 Funds at 31 July 2024 £000 Incoming £000 Outgoing £000 Restricted Funds Legacy Accruals Maternal Health Appeal Fund Miscellaneous Transferred to University of Aberdeen Development Trust SCIO in full 275 275 141 151 124 11241 284 124 11331 275 Endowment Funds Transferred lo University of Aberdeen Development Tru51 SCIO in ftjll 17 1171 Unrestricted Funds Operations 163 {71 162 Total Funds 447 147 11571 437