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← University Of Edinburgh Development Trust

2025-07-31-accounts

Charity No. SC004307

UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST

TRUSTEES’ ANNUAL REPORT

and

FINANCIAL STATEMENTS For the year ended 31 July 2025

UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST TRUSTEES ANNUAL REPORT

The Trustees present their annual report and financial statements of the charity for the year ended 31[st] July 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s trust deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting standards applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Objective and activities

The Court of the University of Edinburgh directed that the Trust may accept, hold and apply any sums of money, funds, investments or property of any kind, from any source for the following purposes:

A review of our achievements and performance

In 2024/25 total income was £25.153 million, which was a decrease of £15.474 million or 38.0% on 2023/24. The decrease in income was primarily due to the full recognition of a large multi-year pledge worth £18 million in 2023/24. The following table shows the total annual income for the last ten years.

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Total Income
£45.0
£40.0
£35.0
£30.0
£25.0
£20.0
£15.0
£10.0
£5.0
£0.0
2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25
Restricted Unrestricted
£'MILLION
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Major gift fundraising contributed substantially to the income of the Trust. In 2024/25 the Trust received donations (excluding legacies) greater than £200,000 from 12 individuals and organisations (8 in 2023/24). These totalled £6.574 million or 26.1% of total income.

UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST TRUSTEES ANNUAL REPORT

The following table shows all donations (excluding legacies) and income from charitable activities greater than or equal to £200,000.

Legacy income was £6.164 million, an increase of £0.611 million or 11.0% on legacy income of £5.553 million in 2023/24. This was made up by £6.001 million in restricted legacies and £0.163 million unrestricted. 9 legacies were £200,000 or greater, and these accounted for 74.4% of the total legacies. There were 43 new legacy pledgers to the University for the financial year (47 in 2023/24).

UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST TRUSTEES ANNUAL REPORT

The following table shows all legacies of greater than £200,000:

The ten-year rolling average shown in the chart below takes into account volatility from year to year and this highlights the ongoing growth in legacy income.

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Total Legacies - 10 year rolling annual average
£5.0
£4.5
£4.0
£3.5
£3.0
£2.5
£2.0
£1.5
£1.0
£0.5
£0.0
£'million
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The regular giving programme continued to be an important source of donations and £0.379 million was collected via direct debits in 2024/25 (compared to £0.397 in 2023/24).

UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST TRUSTEES ANNUAL REPORT

29 restricted funds received 100 or more donations, this is an increase from 21 in 2023/24 and the five restricted funds that received the highest number of donations are shown below:

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Total No. of
Fund Details
Donated Donations
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Access Edinburgh
Scholarships		 £249,391 5,499 Funds the Access Edinburgh undergraduate
scholarships for UK students.
Alzheimer Scotland Funds the Alzheimer Scotland Dementia
Dementia Research Centre £107,751 2,813 Research Centre to further research into
Fund Alzheimer's and dementia.
Low Grade Serous Ovarian
Cancer Research		 £51,708 2,679 Funds research into low grade serous ovarian
cancer (LGSOC) which disproportionately affects
younger women.
Euan MacDonald Centre for
MND Research
£102,968		 2,445 Donations for the Euan MacDonald Centre
which conducts research into motor neurone
disease.
Hope Park Donations Fund £26,687 1,521 Donations to support the work of the Hope Park
Counselling Centre.

The total expenditure of the Trust for 2024/25 was £23.720 million compared to £38.349 million in 2023/24. £23.431 million (£37.917 million in 2023/24) in awards and grants were made while support costs were £0.289 million (£0.277 million in 2023/24).

Financial review

Total income in 2024/25 was £25.154 million compared to £40.627 million the previous year. Total expenditure was £23.720 million (£38.349 million in 2023/24) resulting in a net increase in funds of £1.433 million. The fall in both income and expenditure is primarily a result of recognition of an £18m pledge, and a corresponding increase in the trust’s intercompany creditor position, in the 2023/24 financial year.

As at the 31[st] July 2025 total funds held by the Trust were £25.865 million (£24.432 million at the 31[st] July 2024).

Restricted income for the year was £24.412 million (£38.039 million in 2023/24) and the Trust had restricted expenditure of £21.943 million (£36.900 million in 2023/24). Restricted income exceeded expenditure by £2.468 million and total restricted funds carried forward were £25.865 million at 31[st] July 2025.

Unrestricted income was £0.742 million (£2.588 million in 2023/24) and the Trust spent £1.777 million (£1.449 million in 2023/24) from unrestricted income. Unrestricted expenditure exceeded income by £1.036 million and so total unrestricted funds carried forward at 31[st] July 2025 were in deficit by £0.082 million. The trust is confident that this shortfall will be covered by unrestricted donations received early in the subsequent financial year.

Cash balances increased by £0.463 million during 2024/25 and were £44.470 million at 31[st] July 2025 (£44.008 million at 31st July 2024). The Trust held no investments at 31[st] July 2025 as longer-term cash balances are managed by the University of Edinburgh.

UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST TRUSTEES ANNUAL REPORT

Investment policy and performance

The Trust’s investment policy is to manage treasury funds to:

The University of Edinburgh manages the cash balances on behalf of the Trust. This has the benefit of reducing the administrative burden on the Trust, diversifying the range of funds held by the Trust thereby decreasing the investment risk and potentially increasing the average yield that these cash holdings generated. The Trust will conduct a review of its investment policy in the subsequent financial year.

Income from investments in 2024/25 was £1.940 million which was £0.121 million lower than 2023/24. The majority of the Trust’s cash is managed by the University of Edinburgh.

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Annual Investment Income
£2,500
£2,000
£1,500
£1,000
£500
£0
2014/1 2015/1 2016/1 2017/1 2018/1 2019/2 2020/2 2021/2 2022/2 2023/2 2024/2
5 6 7 8 9 0 1 2 3 4 5
£'000 £99 £93 £68 £102 £172 £299 £18 £154 £1,345 £2,061 £1,940
£'000
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Risk management

The risk register, was refreshed and reviewed at the April 2025 board meeting. The Trustees regularly monitor the risk register which focuses on higher level and strategic risks.

All Trustees receive a training pack that includes financial, operational and legislative information relating to the Trust and the charitable sector. The Secretary of the Trust and the Vice-Principal Philanthropy and Advancement hold induction meetings with new Trustees.

Reserves policy

The policy of the Trust is to transfer funds to the University, as soon as possible, or when performance related conditions have been met or on request when the funds are accumulated to meet requirements to support projects. Donations which are to be held by the University as endowments are transferred to the University as soon as the fund has been set up. The Trust’s Cash can be invested in the University’s short term cash investments which ensures the capital is protected and the cash is immediately available or alternatively invested in the University endowment, enabling investment in the full range of financial

UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST TRUSTEES ANNUAL REPORT

assets, and maximising return. The Trust does not charge any fees for administration of funds and passes on all interest generated.

The Trustees consider the ideal level of reserves on unrestricted funds at each meeting, based on the ability to make future disbursements to the University. The majority of funds are allocated to the University within the year of receipt with the aim to allocate all unrestricted reserves within two years of receipt. Where unrestricted reserves are held for a period of time, they are invested in line with the treasury management policy outlined above. The trust reviews unrestricted awards commitments against forecasts of unrestricted income for up to 5 years.

Restricted funds build up due to many on-going fundraising campaigns. Many projects aim to raise money from a number of donors over a period of time. For these projects, funds are invested as outlined in the treasury policy. Once the project becomes live the funds are transferred to the University project account on the instructions of the area managing the project. The main restricted funds held at 31[st] July 2025 are shown in Note 16.

Plans for the future

Trustees continue to support a focus for funding activities that resonate with donors, flowing directly from the University’s Strategy 2030, that open doors to education, pave the way for new innovations, and create opportunities for our students to achieve.

Trustees have welcomed the increased profile of the Development Trust within the University community with greater understanding and visibility of the enabling role of philanthropy, particularly across the four themes of Culture, Health, AI and Students. The board supports a focused drive to rebuild the University’s broad donor base, engaging stakeholders through theme-focused events and communications, and the promotion of budget-relieving gifts, endowed giving, and legacy programmes.

The Trustees confirmed at their annual strategy session that a continued (though not sole) focus for allocations from unrestricted funding would be connected to access to education for students from less traditional and economically advantaged backgrounds.

Projects that meet a current financial commitment at the University, where donors can co-invest with the University and where there is potential to leverage external funding (whether private or public) continue to be a priority.

Operationally we will continue to ensure requests for funding follow established process and comply with relevant governance and sector requirements, including the Fundraising Regulator’s revised Code of Fundraising Practice.

Structure, governance and management

The University of Edinburgh Development Trust (the Trust) was established by resolution of the Court of The University of Edinburgh (the University) under a declaration of Trust dated 12 July 1990 and registered in the Books of Council and Session on 20 July 1990. The Trust was established to receive, administer and apply any funds and properties donated for the benefit of the University.

In December 2019 University Court approved a change in the trusteeship of the Development Trust such that it be made up of two ex-officio trustees: the Principal and the University Secretary; two VicePrincipals (or equivalent) recommended by the Principal for approval by Court; and a fifth trustee from among the lay members of Court. In October 2023 University Court approved a further ‘independent trustee’ position to be created, with an appropriate level of distance and independence from the existing

UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST TRUSTEES ANNUAL REPORT

governance structures of the University.

The University and specifically the Development and Alumni department are responsible for fund-raising and meeting philanthropic targets. In this context, the Trust operates as a vehicle for receipt and disbursement of philanthropic funds. It continued to support fundraising objectives in 2024/25, and to deliver and develop the stewardship of donors and fundraising projects.

The senior management team of the Development and Alumni department of the University manage the Trust. The department consists of the following teams:

The department, on behalf of the Trust, is legally obliged when accepting restricted funds given for a specific purpose, to spend the funds according to a donor’s wishes and expectations. If the donor’s wishes cannot be met the funds may need to be returned to the donor.

Unrestricted funds given for support of the University are allocated each year by the Trustees of the Trust, advised by the University’s central management group and Development and Alumni management. Trustees have a responsibility to see that funds are directed to a project within a reasonable time of receipt of the gift.

Key management personnel remuneration

Trustees received no payments from the Trust in 2024/25. Key management personnel are directly employed by the University of Edinburgh and their time is donated to the Trust and shown as a donated service.

UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST TRUSTEES ANNUAL REPORT

Reference and administrative information

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||| |---|---| |Name|University of Edinburgh Development Trust| |Registered Charity No|SC004307| |Registered office|Charles Stewart House| |9-16 Chambers Street| |Edinburgh, EH1 1HT|

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Ex-Officio Trustees

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||| |---|---| |Principal|Professor Sir Peter Mathieson MBBS, PhD, FRCP, FRCPE, FMedSci.| |University Secretary|Mrs Leigh Chalmers|

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Nominated Trustees

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||| |---|---| |Trustees|Professor Colm Harmon| |Professor Kim Graham| |Ms. Perdita Fraser| |Ms. Ruth Girardet|

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||| |---|---| |Senior Management| |Secretary of the Development Trust|Mrs Kate Brook| |Chief Financial Officer|Mr James Gray| |Vice-Principal Philanthropy and Advancement|Mr Christopher Cox|

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||| |---|---| |Independent Auditors|PricewaterhouseCoopers LLP| |Edinburgh Atria One,| |PwC LLP Atria One,| |144 Morrison Street,| |Edinburgh,| |EH3 8EX| |Bankers|Bank of Scotland| |75 George Street| |Edinburgh, EH2 3EW| |Solicitors|Panel Firms:| |Pinsent Masons| |Brodies| |Shepherd Wedderburn|

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UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST TRUSTEES ANNUAL REPORT

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Trustees’ Annual Report and Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity and of the incoming resources and application of reserves of the charity for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, and the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees' Report was signed for and on behalf of the University of Edinburgh Development Trust Trustees by:

Trustee - Professor Sir Peter Mathieson MBBS, PhD, FRCP, FRCPE, FMedSci.

Date: 10[th] December 2025

Trustee - Mrs Leigh Chalmers Date: 9[th] December 2025

UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST TRUSTEES ANNUAL REPORT

Independent auditors’ report to the trustees of University of Edinburgh Development Trust

Report on the audit of the financial statements

Opinion

In our opinion, University of Edinburgh Development Trust’s financial statements (the financial statements”):

We have audited the financial statements, included within the Trustees’ Annual Report and Financial Statements (the “Annual Report”), which comprise: the Balance Sheet as at 31 July 2025; the Statement of Financial Activities for the year then ended; the statement of cash flows for the year then ended; and the notes to the financial statements, which include a description of the significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the charity’s ability to continue as a going concern.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST TRUSTEES ANNUAL REPORT

Based on our work undertaken in the course of the audit, The Charities Accounts (Scotland) Regulations 2006 (as amended) requires us also to report certain opinions and matters as described below.

Trustees’ Annual Report

Under The Charities Accounts (Scotland) Regulations 2006 (as amended) we are required to report to you if, in our opinion the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements. We have no exceptions to report arising from this responsibility.

Responsibilities for the financial statements and the audit

Responsibilities of the trustees for the financial statements

As explained more fully in the Statement of Trustees’ Responsibilities, the trustees are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We are eligible to act and have been appointed auditors under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the charity/industry, we identified that the principal risks of non-compliance with laws and regulations related to the Charities and Trustee Investment (Scotland) Act 2005 and The Charities Accounts (Scotland) Regulations 2006 (as amended), and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the recording of inappropriate journal entries to manipulate financial performance. Audit procedures performed included:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST TRUSTEES ANNUAL REPORT

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the charity’s trustees as a body in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulations made under that Act (regulation 10 of The Charities Accounts (Scotland) Regulations 2006 (as amended) and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

The Charities Accounts (Scotland) Regulations 2006 (as amended) exception reporting

Under The Charities Accounts (Scotland) Regulations 2006 (as amended) we are required to report to you if, in our opinion:

We have no exceptions to report arising from this responsibility.

PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Edinburgh 11 December 2025

UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST FINANCIAL STATEMENTS For the year ended 31 July 2025

Statement of Financial Activities For the year ending 31 July 2024

Unrestricted Restricted Total
Funds Funds Funds
Note £'000 £'000 £'000
Income and endowments from:
Donations and legacies 2 2,427 5,748 8,175
Charitable activities 2 - 30,391 30,391
Trading Activities
Interest income 2 161 1,900 2,061
Total income 2,588 38,039 40,627
Expenditure on:
Charitable activities 4 1,449 36,900 38,349
Total expenditure 1,449 36,900 38,349
Net (expenses)/income for the year 1,139 1,139 2,278
Net movement in funds 1,139 1,139 2,278
Total funds brought forward (185) 22,339 22,154
Total funds carried forward 954 23,478 24,432

UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST FINANCIAL STATEMENTS For the year ended 31 July 2025

The financial statements on pages 14 to 26 were approved by the Board of Trustees on 28/11/2025 and signed on its behalf by:

Trustee - Professor Sir Peter Mathieson MBBS, PhD, FRCP, FRCPE, FMedSci. Date: 10th December 2025

Trustee - Mrs Leigh Chalmers Date: 9th December 2025

UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST FINANCIAL STATEMENTS For the year ended 31 July 2025

UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

1. Accounting Policies

(a) Basis of preparation and assessment of going concern

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these financial statements. The financial statements have been prepared in accordance with

The trust constitutes a public benefit entity as defined by FRS 102 and is an unincorporated charity.

The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.

(b) Funds structure

Unrestricted Funds - General

These represent sums raised or donated for no specified purpose and are disbursed at the discretion of the Trustees.

Restricted Funds

These represent sums raised or donated for a specific purpose or University department. The largest of these funds are set out in note 16 and a full list is available on request.

(c) Incoming resources

Nature and purpose of donations

The Trust's fundraising programme is designed to ensure a proper balance between offering a high degree of donor choice while retaining as much flexibility as possible that allows the Trustees to respond to new and changing circumstances.

Gifts and legacies

Gifts and legacies are recognised when all of the following criteria are met:

Investment income

Investment income is accounted for on the accruals basis. Interest is allocated to qualifying restricted funds with a cash balance exceeding £1,000 on a quarterly basis.

(d) Resources expended

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Trust to the expenditure. All expenditure is accounted for on an accruals basis and is classified under headings that aggregate all costs related to the category.

Disbursements to the University

Disbursements from unrestricted funds are grants made by the Trustees on the recommendation of the development and alumni senior management team. These grants are made to areas of special need or to projects of strategic importance for the future of the University. Disbursements from restricted funds are made according to the wishes of the individual donors.

UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

Designated Funds

The trust designates unrestricted funds within the financial year to support the two grant schemes that are managed by the University of Edinburgh.

(e) Investments

Accounts realisable after 30 days are classed as investments. There were no such accounts held in 2024/25.

(f) Transfers between reserves

(g) Support costs and governance costs

All support costs and governance costs are met by the University by a donation of service. The Trustees received no remuneration or expenses during the year from the Trust.

(h) Recognition of donated services and facilities

Donated services and facilities are provided by the University. The staff members who process donations for the Trust are directly employed by the University. Donated services and facilities are the audit fee for the year, annual bank fees and the share of the costs of the staff involved in processing donations.

(i) Cash and cash equivalents

Accounts realisable within 30 days are classed as cash and cash equivalents. This includes funds held at Bank of Scotland and cash and cash equivalents managed by the University of Edinburgh on behalf of the Trust.

(j) Taxation

The Trust is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable trust for UK income tax purposes. Accordingly, the Trust is potentially exempt from taxation in respect of income or capital gains received within categories covered by Part 10 Income Tax Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

(k) Bad debt provision

The Trust regularly reviews all its debtors and when the Trust is sure the debt will not be paid then the debtor is written-off during the year. At the year-end all debtors are assessed and if there is significant doubt as to their collectability then a bad debt provision is created.

UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

2. Analysis of Income

Unrestricted Restricted Total
Funds Funds Funds
2024 2024 2024
£'000 £'000 £'000
Donations and legacies
Donations
Legacies
Gift aid
Donated services		 412
1,723
28
264		 1,737
3,830
181
-		 2,149
5,553
209
264
Charitable activities
Projects
Scholarships and bursaries
Chairs and fellowships		 2,427
-
-
-		 5,748
28,702
1,295
394		 8,175
28,702
1,295
394
Interest income
Interest on cash and cash equivalent		 -
161		 30,391
1,900		 30,391
2,061
161 1,900 2,061
Total income 2,588 38,039 40,626

UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

3. Cost of generating voluntary income

The costs of generating voluntary income are met by the University of Edinburgh, principally by the Development and Alumni department. The University of Edinburgh is responsible for these costs and so they are not included in the Trust’s financial statements.

4. Charitable Activities

UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

5. Administration Costs

Administration of the voluntary income is the responsibility of the Trust. Staff who operate the Trust are directly employed by the University. £0.246 million (2024: £0.240 million) represents the share of the development and alumni departmental staff costs. These are included in the Trust’s financial statements and also included in donated services and facilities.

The proportion of the staff involved are shown below:

2025 2024
Executive Director of Development 5.0% 5.0%
Director of Advancement Operations 33.3% 33.3%
Finance Manager 50.0% 50.0%
Senior Finance Officer 85.0% 55.0%
Finance Officer 80.0% 80.0%
Finance Assistant 85.0% 85.0%
Finance Admin Assistant 90.0% 90.0%
Head of Donor Relations 33.3% 33.3%
Donor Relations Officer 33.3% 33.3%

6. Governance Costs

The audit fee for the year is £17,178 (2024: £16,500). The fee is paid by the University and included in donated services.

UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

7. Finance Cost

8. Write offs and Bad debt provision

Write offs and bad debt provision for the year were £0.278 million (2023/24: £0.155 million). These costs related to write-offs of pledges and changes in the bad debt provision.

9. Debtors

UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

Debtors figures are shown net of any bad debt provision.

10. Creditors falling due within one year

UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

11. Deferred Income

12. Reconciliation of net cash flow from operating activities

13. Reconciliation of net cash flow to movement in net funds

14. Analysis of changes in net funds

UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

15. Analysis of Charitable Funds

At 1 August Income Expenditure Transfers At 31 July
2023 2024 2024 2024 2024
£'000 £'000 £'000 £'000 £'000
Unrestricted funds
Designated funds
Restricted funds		 (185)
-
22,339		 2,588
-
38,039		 (1,449)
-
(36,900)		 -
-
-		 954
-
23,478
Total 22,154 40,627 (38,349) - 24,432

16. Restricted Funds

The trust maintains a database of over 1,700 separate restricted funds. During the year 379 of these restricted funds received incoming resources. Income for most of these restricted funds is transferred to the University in the month following it being received. However, there are a number of funds where the Development Trust holds the donations and only transfers these to the University in line with the gift agreement or on request. At the 31[st] July 2025, the Trust held cash balances of £27.243 million in restricted funds in 104 separate restricted funds. Below is a list of all restricted cash balances of greater than £250,000 at 31[st] July 2025.

At 1 August Cash Cash At 31 July
2023 Income Expenditure 2024
£'000 £'000 £'000 £'000
The Rowling Fund - Phase 2 15,237 827 - 16,064
Simons Foundation Capital Award 3,018 1,714 - 4,732
Simons Foundation Initiative 2,969 4,691 (4,121) 3,539
Annoymous Scholarship Fund 957 52 (133) 876
Dr Alfred Wild Legacy 832 41 (111) 762
Asylum Seekers Scholarship 352 69 - 421
Patrick Wild Centre 399 20 (31) 388
Edinburgh High Blood Pressure 352 20 - 372

UNIVERSITY OF EDINBURGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

The Rowling Fund – Phase 2 is the second major gift from J K Rowling to fund the ongoing research into neurodegenerative research at the Anne Rowling Clinic. This gift will also fund the further capital developments at the Anne Rowling Clinic.

The Simons Initiative Dev Brain relocation to QMRI is a gift from the Simons International Foundation to contribute £7.5 million to the relocation of the Simons Initiative for the Developing Brain to Queens Medical Research Institute.

Anonymous Scholarship Fund is a fund from an anonymous donation to support undergraduate scholarships in the College of Arts Humanities and Social Sciences.

Simons Foundation Initiative Award 1175658 is part of a multiyear agreement with The Simons Foundation and Simons International Foundation to fund fundamental and clinical research into autism within the Patrick Wild Centre.

The Dr Alfred Wild Legacy to the Patrick Wild Centre is a £1.646 million gift to help fund research into autism at the Patrick Wild Centre. As per the terms of the will the money is held in the Development Trust and awards are made to specific projects.

Patrick Wild Centre is a fund to support the research into autism at the Patrick Wild Centre. Funds are raised from community fundraising and legacies.

Master of Surgery in Clinical Ophthalmology is a fund to support postgraduate scholarships in Ophthalmology for students from lower and middle income countries, particularly in Africa.

Asylum Seekers Scholarship is a fund to support undergraduate scholarships for asylum seekers at the University of Edinburgh.

Carl R and Gillean M Kjeldsberg Scholarships is a scholarship fund to support Scottish undergraduate medical students and to support postgraduate students who are nationals of, and resident/working in African countries as trained medical professionals.

17. Related Party Transactions

The Trustees consider that The University of Edinburgh (registered number SC005336) is regarded as a controlling party, and the ultimate parent entity. These financial statements will be consolidated into those of The University of Edinburgh. The consolidated financial statements of the University of Edinburgh can be obtained from University of Edinburgh, Old College, South Bridge, Edinburgh, EH8 9YL.

During the year, the Trust made awards and grants of £23.679 million (2023/24: £37.584 million) directly to the University of Edinburgh. The University of Edinburgh donated services to the Trust to the value of £0.246 million (2023/24: £0.260 million).

The University of Edinburgh USA Development Trust Inc., is an independent 501 (c) 3 organisation (EIN# 52-1802057) based in the United States that supports teaching, research and student activities at the University of Edinburgh and has an independent board. In 2024/25 The University of Edinburgh USA Development Trust Inc. donated £2.515 million (2023/24: £1.191 million) to The University of Edinburgh Development Trust to fund a range of projects across the University.

During 2024/25 there were no other material transactions or donations that required disclosure as defined by section 33 of FRS 102 (2023/24: nil).