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
PlUmt￿e 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 prepa￿d 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 meaSu￿d 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 c￿dited 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 So￿are 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 be￿een 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