THE ROLAND SUTTON ACADEMIC TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended: 31 Miirch 2025 Charity No. SCO16776
THE ROLAND SUTTON ACADEMIC TRUST CONTENTS PAGE Report of the Trustees Report of the Independent Examiner Statement of Financial Activities Balance Sheet Notes to the Accounts 8-12
THE ROLAND SUTTON ACADEMIC TRUST Report of the Trustees for the year ended 31 March 2025 The Trustees present their report along with the financial statements of the Trust for the year ended 31 March 2025. The financial statements have been prepared in accordance with Accounting aiid Reporting by Cliarities: Statemei)t of Recommended Practice applicable to charities preparing their accouiits in accordance with the Financial R¢porting Standard applicable in the United Kingdoin and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and tlie Charities Accounts (Scotland) Regulations 2006. Objeetives and Activities The principal object of the Trust is to improve the health of the population linder the care of what is known as NHS Grampian (fonnerly GrpIan Health Board). The Trust's objectives iT]clude the funding of research and teaching related to Radiology and in that context, resource has been allocated to individuals undertaking undergraduate and poslgraduate research and other educatioiial grants were awarded. W¢ have allocated funding to allow a team to develop and investigate an autoinatcd method to objectively quantify the amount of brain atrophy present on non-contrast CT head examinations. This could then be used to identify the earliest stages of excessive atrophy compared to age related norn]s and to predict future dementia risk. Awards We also made to individuals attending aiid presenting at national and international scientific conferences. Grant making policy All applications received by the Trust are initially reviewed by the Monitoring Sub-committee, omprising a minimuin of two Trustees and an external member, before being forwarded to the full Board of Trustees recoiTJTnendin¥ ilwiird or rejeclion. All funded applications are advis¢d of detailed conditions of award and the Monitoring Sub-committ¢¢ rnonitors dclivery on those funded. A review of achievements and performance a) Academic Report: The Academic Department was introduced in 1996 with funding from this Trust. The Trust continues to offer funding and reviews the Academ ic Report annually. The 2024 report, extending to 19 pages demonstrates a breadth of portfolio in ternis of research, grant funding awards and publications which the Trustees commended. b) Education Report: The Training Programme Director submits an annual report and in 2024125 reported that the training programme capacity is 28, with 26 trainees currently, and 5 of these trainees less than full time and I trainee in an academic SCREDS (Scottish Clinical Research Exc¢ll¢iic¢ Development Scheme) post. The IR post is still vacant, despite advertisiiig and interviewing but the candidate decided iiot to take up the post. It is planned to re-advertise later in 2025. Four trainees are due to complete their clinical traiiiing during 2025. The Trustees also commended the extensive report showing the development and achievement of the Nortli East Scotland Training Programme. Monitoring achievement All funded awards are required to submit a final report and these are circulated to Trustees to ensure tliat tlie outcomes are achieved. Financial review The results for tlie year are set out in the attaclied financial statements on pages 6-12. The net movement in funds for the year is a deficit of £56,898 (2024 - surplus of £41,702) and total funds at the year end amouiited to £1,276,184 (2024 - £1,333,082).
THE ROLAND SUTTON ACADEMIC TRUST Report of tbe Trustees for the year ended 31 March 2025 (continued) Investment policy and performance Quilter Cheviot Limited, the Trust's Investmeiit Manag¢rs, have significant experience in the sector and benchinark the perforn]ance of the fiinds agyainst similar orgaiiisations. The appointinent of oiir investment manag¢rs is reviewed regularly. For the Trust to achieve its investment objective, the Trustees have aiithorised its Investmeiit Managers to adopt a medium term risk approach to achieve a balance betweeii capital growth and the generation of income. Duriiig tlie year, on the recommeiidation of the investment managers, the Trustees reconsidered the charity's investment strategy and as a result the previously held investments in equities and fixed interest securities were sold and the proceeds were reinvested iii Quilter Investors Limited QC Global Incoine and Growtl) Fund. The market valiie of the portfolio was £1.250,047 as at 31 March 2025 (2024.. £1,296.528). During the year the investment portfolio generated an income of £47,937 (2024: £50,065). A net deficit arose on the disposal and in year revaluation of investments of £23,886 (2024: surplus of £67.884)- Risk Management Tlie Trustees continually assess and address the major risks associated with the operations and finances of the Trust. The most significant risk that faces the Trust is loss from a fall iii value of iiivestinents. The Trustees have considered carefully tliis risk and review the perforniance of the Investment Fund Managers on a regular basis to ensu that both ¢xpeiiditure and financial commitments remain in line with thc level of resource available to the Trust. The expenditure recommendations of the monitoring sub-committee are reviewed by all of the Tnistees and all requests for funding are carefLilly scrutiiiiscd by th¢ Trustees to ensure that the Trust meets its charitable objectives. Reserves PoIiey The Trustees have considered the reserves required and have taken into account current and future commitments. The current strategic direction of tlie Trust ts to maintain sufficient reserves to ensure tlie medilim to long tenn longevity of the Trust. The Trustees aim to maiiitain free reserves at a level of at least three months of charitable expenditure and coiisider that this level will provide sufficient funds to respond to applications for grants and ensure that support and governance costs are covered. The balance held as unrestricted funds at 31 March 2025 was £1,276,184 (2024 - £1,333.082). Plans for the Future including grant awards The Trustees will continue to ensure that the Trust's primary objectives are met. As in the past. it will continue to provide support for post graduate out of programme experience aiid salary costs for adm iii support to tlie NHS Training Programme Director. It will contiiiue to supply half the salary for Mrs Teresa Morris, Imaging Facilities Co-ordiiiator for the academic departlTJent and Admiiiistrator of the Trust. The Trust, in principle, has agreed to focus on fundiiig awards to 3 priinary categories naincly atteiidance at conferences, fundiiig personnel and funding equipineiit.
THE ROLAND surroN ACADEMIC TRUST Report of the Trustees for the year ended 31 March 2025 (continued) Structure, Governance aml Management The Roland Sutton Academic Trust was founded in 1990 following an iiiitial donalioii frorn th¢ lat¢ Mr and Mrs Roland Sutton for the purpose of establishing and operating ali academic base for leaching and research within the DL'partmcnt of Diagnostic Radiology in Grampian for Ilie bei)efit of the citiieiis of Scotland served by the (irampiai) Health Board 14ospitals and olher facilities. SubsLquent to the initial funding, turtlier signiticant donations were received by the I rust from Mrs Lilian Sutton before she died in January 2006. Following the death of Mrs Lilian Sutton. a significant proportion of her estate was bequeathed to this Trust. The final payrnejit Mas received in 2008109. Tlie Tru%1 hciS been in existence since August 1990 and of ihc original Trustees. remain as Trustees. The replacement Trustees for thoK who have Icft or retired have been se ecte with a view to tlieir bringing academic and clinical rigour to thc Trustees. deliberati(Ins. The constinition of the Board of Tru%tee% is de%igiied to eii%ure that the TrLiSt is ful ly independeiit of NHS Grampian and the University of Aberdeen. 'I"he 'frustees are fully informed of the requirements of OSCR and have been given detailed d(Kiimentation on Trustee responsibilities. Tlie Trustees schedulc two meetings ea¢li year but communicate electronically to achieve consensus if dccisions are required betwcen schcdulcd rncctings. The Monitoring Subcommittee, comprising a illiniiiiuin of two Trustees and an external membcr considers, in dclail, all applicatioiis for fuiiding and th¢), Inoiiitor d¢liv¢ry oli those fuiided. Key management rYOne1 remuneration The Trust does not directly remunerate any personnel. Reference 2nd Administrative Information Tru%teo8: Monitoring Sub-committee:
THE ROLAND surroN ACADEMIC TRIJST Report of the Trustees for the year ended 31 March 2025 (continued) Princip21 ()ftice: CharitTr No. SC016776 er: Bankers: Vir¥in Money, l Qiieen's Cross, Aberdeen, ABI 5 4XU Investment Managers: Quilter Cheviot Limited Senator House, 85 Queen Victoria Street London, EC4V 4AB AdmÉni5tration Finance: Tlie Trust is administered from ihe financial aspects through Aberdeen. Uiiiv¢rsity of The I'rustees are responsible for the maintenance aiid integrtty of the financial inforniation incliided oli the charity's website. Legislatioii in the Uiiiled Kiiigdoim governing the prcparation and disseminatioii of financial statements may differ from legislation in other jurisdictions. On behalf of the trustees Chainnan Date: /f./1 2025
THF. ROI.,AND SUTTON ACADEMIC TRUST INDEPENDF,NT EXAMINER'S REPORT TO THE TRUSTEES OF THE ROLAND SUTTON ACADEMIC TRUST I report on the accoLints of the charity for the year ended 31 March 2025 which are set out on pages 6 to 12. Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparatioll of tlie accouiits in accordance witli the terms of the Charities and Triistee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Rcgulatioiis 2U06. '1'he charity trustees consider that the audit rcquircment of K¢gulation l O( l ) (a) to (c} of the Accounts R¢gulations does not apply. It 15 my rcsponsibility to ¢.Kamine th¢ accounts as required undcr seLtion 44(1) (c) of the Act and to state ivheth¢r particular matters have come to my attcnlion. Ba8is of independent exarniner's statement My exainiiiation is carried oiit in accordance with Regulation I l of the 2006 Accoiints Reglilations. An examination includes a review of the accoLinting records kept by the charity and a comparison of the acLouiits presenled M'ith those records. It also includes consideratioii of any iinusual items or disclosures in the accounls and seeks cxplanations from the trustees coiicerning any such rnatters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not exprcss an audit opinion on the view given by thc accouiits. Independent examiner's statement In the Lourse of Iny exaill iiialioii, iio inatter has com¢ to Iny alleiition= which gives me reasonable cause to believe that in any material respect the requiremcnts: to keep accounting records in accnrdance Th'ith Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and lo prepare a¢wunts which accord ivith the accounting records and comply with Regulation 8 ofthe 2006 Accouiits Regulatioiis; have not been met; or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accouiits to be reached. Use of the reporl This report is madc to the charity's board of tStees, as a body, in accordance with the terms of engagement. My work has been undcrtakcn to ciiablc me to undertake an independent examiiiation of the charity's accounts on bdialf of the charity's board of trustees and for no other purpose, To the fullest exteiit penn itted by law, I do not accept or assuine responsibility to anyone othcr than the charity and the charity's board of trustees as a body, for rny work or for this report. Date I 20is-
THE ROLAND suON ACADEMIC TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Note Total Unrestricted Funds 2025 Total Unrestricted Funds 2024 Income and Endowments from: Investment income 48,450 51,188 Total income 48,450 51,188 Expenditure on: Rui.singfvnds.' Investment Management Costs (9,623) (8.812) Charitable activitie.s Grants payable for project/salarics Graiits payable for travel/courses Grants payabl¢ for equipmciit Govern]ee costs (62,802) (6,070) (2,967) (59.421) (9,137) Total charitable activities Total expenditure 71,839 81,462 68.558 77,370 Net gains/(losses) on investments 23,886 67,884 Net Incomel(Expenditure) and net movement in funds (56,898) 41,702 Funds Reconcilialion Total Funds brought fonvard lJ33,082 1,291,380 Total Funds carried fOard 1,276,184 1,333.082
THE ROI.AND SUTTON ACADEMIC, TRUST BALANCE SHEET AS AT 31 MARCH 2025 Nole 2025 2024 Fixed Assets Investments 1250,047 1.296,528 1350,047 1.296,528 Current Aets. Debtors Cash at bank and in hand 9,808 40,939 48.887 62,473 Current Liabilities: Crcditors falliiig due within onc ycar 10 (24,610) (25,919) Net Current Assets 26,137 36,554 Total Assets less Currenl Liabilities 1276,184 1,333,082 The Funds of the Charity: Unrcstrict¢d fi]nds 1276,184 1,333,082 Total Charitv Funds 1376,184 1,333,082 The notes at pages 8 to 12 form part of these accounts. Approved by the Trustees on /?. //. Z 0 25 and signed on iheir behalf by: Roland Sutton Academic Trust
THE ROLAND SUTTON ACADEMIC TRUST NOTES TO THE ACCOUNTS Accounting Policies (a) Basis of Preparation The financial statements have been prepared linder the historic cost conventioii. with the exception of the investments which are included at fair value. Tlie financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to cliarities prepariiig their accounts iii accordance with the Finaiicial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), Finajicial Rcporting Staiidard applicable in the UK aiid Republic of Ireland (FRS102) Cliapter l A Small Entities, tlie Cliarities aiid Trustee Investment (Scotland) Act 2005 aiid the Charities Accounts (Scotland) Regulations 2006. The Trust constitutes a Public Benefit Entity as d¢fin¢d by FRSI 02. The TrLlStecs consider that there are no material uncertainties about the Trust's ability to continue as a goiiig concerii. The financial statements arc prepared in sterling which is the functional currency of the Trust and rounded to the nearest £. (b) Income All income is recognised once the Trust has entitlement to it, it is probable that the income will be rcceived and the monetary value can be measured with sufficient reliabiltty. (c) Expenditure All expenditure is accounted for on an accrLJals basis and has been classified under headings that aggregFate all costs related to the category. All expenditure is recognised once there is a legal or constructive obligation committtng the Trust to the expenditure. The irrecoverable clement of VAT is included with the item of expense to which it relates. (d) Charitable Activities Costs of charitable activities comprise all costs incurred in the pursuit of the Trust's objectives. (e) Governance Costs Governance costs comprise all costs attributable to ensuring the public accountability of the Trust and its compliance with regulatioii and good practice. (O Fixed Asset Investments Investments are stated at fair value as at the Balance Sheet date. Net giains and losses arising from revaluation and disposals of investments througliout the year are included in net incoin¢lexpeiiditure in the Statement of Financial Activities. The fair vallie of quoted stocks and shares Is based on their market value at close of business at the balance sheet date.
THE ROLAND SUTTON ACADEMIC TRUST NOTES TO THE ACCOUNTS (continued) g) Financial instruments The Trust has elected to apply the provisions of Section I I 'Basie Fiiiancial Instriiments, and Section 12 '0ther Financial Instruinents Issues of FRS 102 to all of its financial instruinents. Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presentcd in the financial statem¢iits, when thcre is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basicfinancial ossets Basic financial assets, which include debtors and cash and bank balances, are initially measured at traiisactioii price including transaction costs and are subsequently carried at amortised cost using the effective int¢st method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of intcrest. Financial assets classified as receivable within on¢ year are Iiot ainortised. Basicfinancial liabililie& Basic financial liabilities, including creditors and accruals are initially r¢cognised at transaction price unless the arrangement constitutes a financing traiisaction, where the debt instrument is measured at the preseiit value of the fiiture payments discounted at a market rate of interest. Finaiicial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Derecognilion offinancial lirtbilities Financial liabilities are derecognised when the Trust's contractual obligations expire or are discharged or cancelled. h) Cash and casb equivalents Cash and cash equivalents include ca%h in liand, deposits held at call with banks and other short-term liquid iiivestments with original maturities of three months or less. i) Funds All funds held by the Trust are unrestricted funds whicli have been donated or generated with no specific purpose and are therefore available as gciieral funds.
THE ROLAND SUTTON ACADEMIC TRUST NOTES TO THE ACCOUI¥TS (continued) 2. Critical accounting estiniates and judgements In tlie applicatioii of the Trust's accounting policies, the trustees are required to make judgements, ¢stimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assuinptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised iii the period in which the estimate is revised where the revision affects only that period, or iii tlie period of the revision and fiitlire periods where the revision affects both current and future periods. The Trustees consider that there no estimates and underlying assuniptions which have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities. 3. Investment Income 2025 2024 Investment income Bank interest received 47,937 513 50,065 1.123 48,450 51,188 4. Analysis of direct charitable expenditure The Trust undertook direct charitable activities in support of the Roland Sutton Academic Trust and its related parties by making grants under the following activity headings.. Total 2025 Total 2024 Equipment Salaries on providing servi¢es/Project costs Travellcoiirses Total Grants payable 2,967 62,802 6,070 71,839 59,421 9,137 68.558 Governance costs Independent examination Total 71,839 68,558 5. Analysis of Grants All grants are Inade subject to the approval of the Trustees. The total cost of making grants is set oiit above. Grants of £6.070 (2024 - £9.137) were made to individuals with the balaiice of £65,769 (2024 £59,421 paid to institutions. 10
THE ROLAND SUTTON ACADEMIC TRUST NOTES TO THE ACCOUNTS (continued) 6. Trustee remuneration and expense The Trustees received no remuneration from the Trust during the year ended 31 March 2025 (2024- Nil). Expenses paid or reimburscd in the year to Trustees amounted to Nil (2024 - Nil)- 7. Fixed Asset Investments Movement in fixed asset investments: 2025 2024 Historic cost at l April 2024 Add unalised gains at l April 2024 Fair value at l April 2024 Add: additions to investments at cost Disposal proceeds Add: iiet (loss)/gain on revaluation 952,986 343,542 1,296,528 1,309J55 (lJ31,950) (23,886) 990,226 273,871 1,264,097 40,387 (75,840) 67,884 Fair Valuc as at 31 March 2025 1,250,047 1,296,528 Investments at fair value comprised: Eqiiities F ixcd interest securitics Unit Trust 1,178,094 118,434 1250,047 Total 1,250,047 1,296,528 DITring the year. the Trustees reconsidered the charity's investment strategy and as a result the previously held investments in equities and fixed int¢st securities were sold and the proceeds were invested in Quilter Investors Limited QC Global Income and Growth Fund. 8. Debtors 2025 2024 Cash fuiids - held by investment manager 9,808 9,808 48.887 48,887 9. Analysis of cash at bank and in hand 2025 2024 Cash funds 40,939 40,939 13,586 13.586
THE ROLAND SUTTON ACADEMIC TRUST NOTES TO THE ACCOUNTS (continued) 10. Analysis of Creditors falling due within one year 2025 2024 Accruals 24,610 24,610 25,919 25,919 11. Analysis of Charitable Funds Gains and Losses Bal blf Income Expenditure Fund c/f Analysis of fund movements Unrestricted funds lJ33,082 48,450 81,462) 23,886 1,276,184 12. Related Party Transactions Th¢r¢ w¢r¢ no r¢lat¢d party transactions. 12