The University of Aberdeen Development Trust SCIO (Charity Number SC050996) Financial Statements For the Year Ended 31 July 2024
The Univeyslty of Abordeen 06velowent Trnst scio Financial Statem•nts for the Year Ended 31 July 2024 Conlonts Chaits Report to ts SCIO Trusts Retx¥t ofthe SGIO Trustee$ Indepdent Auditors ReFXKt to the SCIO Trustees of the Unrver8ty ofAbtrdeen Oevelopmont Trust SCIO 1D Slaterrenl of Fin$Ial kdvi¥88 (lncorporatw In¢ome and Ex[lture fvtsount) Balance Sheet 13 15 Cash Fl¢M Statement 16 Noles la th8 Flnancial Sta*nts
The Univer¥ity of Alrde0n Develo19nt Tnwt SCIO Chairfs Report to the SCIO Trusto0s For the Year Ended 31 Juty 2024 11 Is my tssure to wesent this reF•xI tothe SCIO Trustee5. Tr acco presentsd ar• th098 of tha SCIO Group trtat 0)rdateS the resutts of the Untversity of Atwdeen Developmgnl Tntst scio (SC05099618nd the original UnNer&ty of Aberdeen Dev8h)Fvnenl Trust ISCOLY29381. The actounts sx8senle(l in this pOrt. cxwer the ffinancial yw from 1 Aust 2023 until 31 Juty 2¢f24. l am eaSed io report on a highly 8u(xessful year for tt 10, with 8Enrfrant uplift kn fiJnd8 raid durfng thi8 pèrfcwy. We rnmain hugety gratelul to UniverW8lumnl, doTh)rs. and frlènds whose gerOtty ntrfbules to stratsgiG of the Unfv¢r8ity OIAbeeen and impxts not onty our studont fjtsff communities. tArt our Iccal rogr. and the wthr world. In 2023r24. the SCIO'8 don8 and InM8 w99 £6.2m, wlth the Group's donatFCmS and leg5 Income tot811ino £6.4m. Thi5 15 a sljnifkant in(Tease on the prbr ye8rf8 Income of £2,9m and waÈ wedominatsty dnven by a number of high value W gln5 reeefved wrthln the yo8r. The princrpal areas $upport8d ty donrys conb.nuo to be sludents, indudiThJ 8cholar5hlps. stsJdent eyrienL and idening xces4 aB well ai t( arna8 ol a¢a(rrK rn¥earclL Vle are htsgety gratefvl lor th8 numbBr of all1 aThJ don 8upprted the Developmnt Trust SCIO grfts in Ih8lT wlll this y8ar. red a very generous18gacy glft fr(xn Ruth Snith, ol Bernerd H Snith. M8ChB 1940. Furtlr generous 1gJacy grfb weffj rec•l¥•J from Dr lan sSor and Miss Jemina St8warL among many otrws. These18ga¢ies w7H help supwrt neurthJral r88e8rch. Ihe Interdis¢ipln8ry Insblute and oflr strategk WeS. refflemt 811 those who gave 8 91ft In thelr will b 8UFWt futrjre to trlwri8h at th16 groat trotut. have agaln re SUF( from Individua18. fwriU•8. grouth al a8 p¥trr chwrties mpanles, trusts, and ftyJrtdatn8. Every Cth"butln fs deepty apprec48twJ and v•lu•J. Cm bgh8 ofall at thé SCIO l offer our grnt8fv1 thanks to oui many supporters durtrffj past 12 month8. 18lso thank lh8 mmbws ofst8ff In th• l)8vek)pment aThd Afumni Relation8 and Flnance tea, lorthelr gffort8 Ihts year, and the many colWuK a¢ro86 the Unfvw¥rty who SUPF¥Xt philanthrDPy and erwmnl wilh our 8tetM)Id•rn. In c1061no I wil repeat my gralthl thanks on Lfjhaif crf aw at Ihe SCIO Group for ex(lonal g8ner• ofthe glot*l Abardagn famity.. your ¢ryWnu•d SUPFrf helps ki an Aberdeen thlucetion accesslble to all. drives ford WOfb>claBs r88e8rth and to protect and en{h our unkue CarnPL15es Dale". 20 Nov8mber 2024
The Universty of Aberde•n Developm•nt Tnt SCIO Report of the SCIO Trustees For the Year Ended 31 July 2024 ObS•ctlves and Actlvltl•s The SCIO continues to cond1 all its 8th01ies In supp of ts founding missw)n to attra¢t +Ianthropl¢ support for the Unfversty of Aberdepn. Its aGtr¥iti8s are gu8(1 ty the SCIO rtjnstituticm. The SCIO focusses on vath)n of mw rifeb. and bJxy gifts frc#n hvJh-tevel doncfs maudir tndivKlualslalumnl. eoiwni8s. and chart•bb trusts and fDundotrJns. As In previous perKM15, prinapal fvTrJing scvrces Include lThJNkYud donors. both alumi and non-alumni tharitable trusts and foundations. and c£mpanie5 and c))nity groups. AJI awards made adhere to the charitabl8 ObltrIeS of ts SCIO ond meet the reouirements of any ¢oThYitknns imposed UFon the SCIO from these fiJndirwJ sourcs. A fonr£l oppliG8tion prcttss is in pr so trtat approprlats )veTnance 15 maintain&Y over d[Sbuern9nI of all lunds. The SCIO ensures that any grant 8ppltati)n compl5 with re5trttfons and that sufficlent funding 15 in place to make an award. Tha Disbursement Committee, a S&rtee of SCIO Tru8tees. meets annually lo reviow 8pplic8tkMs for unrestrtcted fijnds and donalions. Offers of fvndlng are onty made available c8 these acthJn8 havè been comtAeted. Volunts•rn Many vc4unteers generou5ty C0ntn"rte their kn"me. sknlls. and knowledge lo support the activities of the SCIO. This tskes many forms and include5 offemg profè$wial and neiwo1n9 Advrce and contacts an¢$ serving on the Boerd ar1 its SuMMittee5. Volunteers aL80 makè a si9nifi¢gnl impact through community fiJndr8r6lng' hosb"ThJ or p8rb'ciW'ng in lundraising events- e.g . taking In runnlng or cyding ch8lleng88. ar¥J colting donatwxts fr(xn frbends and to ¥uppNt the SCIO'8 fijndraislng prlorftth. Rolatlon•hip with Futh and Benelkl•rl•6 Development staff work with a wide range of stakeholJw5 to rnin¥se phibnthropic SUPFQrt. The SCIO also rgcelv05 SUPPOrt from volunteers in a variety of ways 8.g., Boaru membership, hogting evènts, guest lectures w provKling nxnlcwing for students. Development 5tsff establish and maintsln excellent relationships wth key aljern and nrK$4cadernic stttff at the UnNefsity. In partular. SCIO works chjsety wth a range of'academic champicfis, whose vl8ion is essenti¥l in cffder lo present high-qualtty proposals to Wentid donors. Acadern colleague¥, contn'bulons are wtsl when dobursing charffob lunds for speofi"c wrposes., ensuring that proigcts for whKh lunding h8s beèn ured arg covry)leted as anfied. Acedemk colkagues also support Ih? producth)n of'donor rew8, folknwing grants behig experthd. Achltvwnents & P•rfornwn¢e Duflng the pariod Covered by thi8 ret the SCIO 8ttr8ttèd Support tjr a wide fange of pr¢>iects acr08S thè Universty indLKllng sGholarships and sludentship5. Student expernCe, prizès linduding Sn m8rnori8m gifts) r•sear< acn>88 d18c1plnes. Flttanclal Rèvlgw Total income of the SCIO Group for 2024 was £7.5m (2023.. £4.7ml including £6.4m for donations and legacEs {2023: £2.9m) alld £1.2m frorn inv&stmenl inMe12023.. £0.8ml. The was £nil from operational fvThJing In 2024 12D23.' £1.(knl. Awarcls for UnNeNty projects amounted to £5.4m, an increasé of £0.1 m from the wevious year. Expanditure on fund(aLwng aCtwrt lo18lSed 3$ than £0.1m12023'. £0.7ml. Nei Ir01rMng reswTCgS werè £1.8m L¥)mpared to 01r& resour of £1.6m in the prevbus year. Cash levels increased during ihe year to £10.9m l?Ir23.' £9ml. Unrtttricted funds as at 31 July 2024 amounted to £0.6m12023." £0.7ml, re5trthd funds were £39.8m (2023." £34.4m} and dOWnI lund b8Lgnos £18.9m12023". £17.1m). Investment P•rfonn•nee The SCIO Group's investnnl pJrtfDlio has o)ntsnued to Pgrform robustly given the challenging economic circurnstances of the few ye8T5. The portfotK) was valued at £4&2m a8 at 31 July 2024 compared wfth £42.8m in tr*e yèar. with the yYth havlng been diiven by th8 strorkg performance in the year
The Unfversty of Abordeen DlOpment Trnst SCIO Report of the SCIO Trustees For tho Year Ended 31 July 2024 8CIO Trustees. mpoMlbllftt¢• in rnlatlon to the financlal sttomonts Under charity knv, the SCIO Trustees are responsible for preparing a TStee$. Annual Rgport and finaneial slatem9nts for each fi8cal year whh show a true and falr view of the stale of affaits of the chArrty and of the excess of inCc ¢)ver expenditure forthal period. The SCIO Tru5tee5 have el& to prepare the financral Statements in accordance wilh UK £counting Stsndardts. induding FRS 102 The Finèr181 Re[ing Standaal appIble in th8 UKand Republic oflrol8nd. In weparing those fin&81 Jtstelrthts, generalty aeMed accthntsng wa(Xice entails that the SCIO Trustees.. sdecl suitabla accounung and then appty them consk%tenty. make judgments and estimates that are reasonable and Fxud8nt slate whether the recofflrnendatsons of the Ststerront of ReconYn8ThJgd Pocfice have bg&n followed, subject io ¥ny materFal departures (lisclosed and exFAaine(J kn the hnancial staloments,. state whelh•r the ffnarKial statements 0)Mp wilh the applicae const¥tuknonal documents and rules, subject to any material departures diosed and expL4ined in the finaroal $temenls', 8sse8S the chanty's ability to tntino as a 90ing Ix>ncem. dnc1081ng, as apble. matters related to Lmilng Ccern,. 8nd use the going concern tssis of accounhng unles$ they eifhèr Intend to liquklots the chanty or to cease operations or have no lI$'C aliematNe but lo do $0. The SCIO Tru$tees are rwuired to xt in accordance the consttlutiLK and the tules ol the charity. wjthin the framework of charrty and other relevant laws. They ore responsible for keeping proper accwnling rerAxds, suftsnt lo dse al any tirn, wrlh reasongbkg ac, the financial position of the charity at that ttme, and to enab ts SCIO Truslees to enGur6 that, where any ststements of counts ere prepared by them under the Chartttes and Trustee Investrrl Iscotkndl Act 2CQ5, those Statements of Èccounts compty with Ihe requirents of regulatknns ur)¢ler thèt Act They ar8 iesponsibla tr Such Internal control as they detennine is rSSary ts) en8ble the pparatiOn of nanclal statements that are Ire8 from material mi$sloteffnl, whether due to Iraud or error. and have general responslbllty for taklng such steps as 8re reasonably open to them to 88f8guard the a88ets of the tharity and to prevent and detect Ir8u(i and other irregularitie8. The SCIO TrLL8lees ere responstbk tr the MaintenCe iniegrtty ol t1 finantyal and other Inlomation included on the chaity's webslte. LegL8khJn in the UK governing Ihe pparatIon and alsseminatk)n of fmanclal statements dlffeT from gi51ath)n in otherjurLsdctson$.
Thg Unlversity of Aberdeen D•v8lopment Tn SCIO Report of the SCIO Trustees For the Year Ended 31 July 2024 Tru¥t•e• and Key Management P•rBonnel The SCIO Trusls who served during the financial year or Ittreafter to the dale of thts rerth are.. TherE have Deen no resignatron5 to ltte date of financial ststenxnts. The 58nior m8nager is Head of Athncemenl Ser4lce$ and pald by the Unfver&iy ol hO¢iaaer,. Jnd Unjversty don8ts6 her lime to Éts scio. s employed R•f•r•nc• and Admlnl•tratlv• Detall• The UniVerty of Aberdeen DevglopTrnl Trust SCIO has been entered into the S¢ott&%h Chamty Reglster and is enttjed, in 8cctJrd8nce wtth sgctton 1311) of the Charitre8 and Tnjstee Invesln*nl (Scotlandl P£1 2005, to r8ler to itsew as 8 chartty r8gtstgrgd In ScoUan¢J ISo)ttBh Charity number SC0509961. Th8 Universty olAberdeen Development Trust SCIO appeals I, and rnceTr48s. prtvole funds tr the benofft af thé UnNersty of AbOen. the puIpc3 set out below. Principal Advl80rn and Prof•sslonal S•Thtc•• Auditor. EY LLP Atria On8 144 Moffison Strnet Edinburyh EH3 8EX Inv8stm8ntAoknsor. Goklm8n Sachs Plumtrg9 Court 25 Shoe L8ne Lmdon EC4A 4AU 88nker Bank olscottand 39 Albyn P149Cg A810 IYN Principal A&lress.' The Univ8 ofAbgnl8en DonI Tntst SCIO Powts G8t8. Coltsp Bounds Ab8then A824 3UG
The Unlverslty of Aberdeen D•volopment Tnt SCIO Report of the SCIO Trust•es For the Year Endéd 31 July 2024 StntUro, Governan¢e & Managgmènt The Unlversityof Aberdeen Dev8lopmentTrust SCIO is a Scoth"sh Charilabte Inc£Jrporated Organi&p)n and is govemed ty its Constilut)n. ensuring that al aCti¥'eS are h3ned with the standards of b85t PraCce pursued by atl bing canttes. The teTTr otthe Conslitutlon ertourage devebprnnts In the University DfAberdeen and the prorrnllon of research therein The purposes of the c0rtstitUn, appTov&J by the Office of the &)tt Charity Regulator IOSCRI. afe tal below.. 1. To fvndr8ise fn accordanrx wrth the Code of Fundrain9 Prxtke from Ilme to time 4¥ other reputsb Code or prote¢wl adopted as best practi and to manage the investrTwI and drobur8ennI of thelunds of the SCIO for the ad¥anc8menl al adueation, h8allh. the arts, Irie 8nd 5cien¢x. for the primary benefit of the Unt¥erslty In pursuance ol Its strateg Pian trom b'me to timè, the Universty community lundergraduales. p05tgraduates, alumni 8n(J others} Induding but not liffutèd to ts foUthvirKJ.'" 2. To eno)4Jwe new devdopments and inrthiatJns in the research lexhing ol the Unlvergty and to the 6UPWt of 8ILklent acwJemic aChlovennt and financial 3. To assist in the pr88ervatK)n of tha heritA9e of the Untvefsity, ether by preservatbon ot parbcular builth"ng$ end enhancement of the environment or 01heTr8e. 4. To enhance th8 résources of thè Universty Iltrfirifjs, 8poual ¢dl•ction8, aThJ other faclliJe8 which IRlp to fulfil mIssft dthe Unety. 5. To maintsln aTrJ Strwythen the link8 beWn the UnNerslty and the widw wtyld inc4udnig the community and GuKure of the north of Scotland by wy m88n8. 8. To pft)vkJe fa¢ilitie8 for the welfare of Staff and students of the Unthlty. IFlUdIng provistn for disabled or ecOnnicAlty deprNed sludents. 7. To partner th other agencth In research and equlpmenl purchase where thèrè is a rreanlngful tenefft to the Unfverslty lor t8achlno andlor r88e8rch purposes. 8. To supp¢¥t arry cther purpose or activlty whrh may be approved ty the SCIO Trustees provhtied always that they are excluswety ehariiable cr &Jucabonal and of m8t8rial benefft to the unwStty. 8tatsm•nt a• to Dl8¢lo¥urH of Inforniatlon to Audftor• So far 88 the SCIO Trustees are ayrore, thefe is no rdevant audit infoimaDn of which ts rtharity's auditors are unaware, and each IrLf8tee has t2ken all the steps owJhl lo have taken a$ a INstee In ord•r to mak& thams8fv9s aware of any rdevanl audit informabon arMI to establish thal the chartty, auditors ar8 aware ofthat InfDman. SCIO Trustegs The SCIO Trustees fft at teast four times Fer year to nx)nikr the SCIO'5 perfornance and to di5CUSS bng and short-term stratagr issues. Follcr•4lng the recommèndalicns ol theG¢)vemance and Nominatsng Committe8, new SCIO Truste8s Can bè elec et a Tnjstees. reting. The Principal ofthe of Aberdeen, UnNersty Chancdlor. and Lord Provost of Aberdeen are enlrtled to te appointed as SCIO Trustees ex offtKJ. arKI :he Bppoinlments. The Unpiersity's Pro ChanLxlkJr. inr. •al pnd l ord Provost hgve aLrep1 such has ac(*pted such apw'rrtment has teen appDinled Trustee and
The Unlverslty of Aberdeen D¢velopm8nt Trust SCIO
Report of the SCIO Trustees
For the Year Ended 31 July 2024
The term of trnmEer5hip of SCIO Trustees is an Inal tetm of up to three years with eligibllty, Subiect
to approval by the Board. to extend foi a peri¢>J of up to three year5, and the potential, at the sole
di8crthn of the Board, lo be reappointed for a further Feriod of up lo 3 year5.
IndLKtion fcf newSCIO Trustees takesthe ftjrm ofan inthvidual on the background ofthe SCSO,
ils aims snd cèjecttves, the role of trLLtee. aThl details of the current broad development and aMn1
programme. Al SCIO Trustees are provided ¥th 8 pY of OSCR GUelIneS and recen{8 re9ularonline
OSCR o)mmunkallons.
The prlor Oirector ol Advancèment d8partwJ her PJBI in May 2024 and the position remains Vacant al
the b'rne ol issue of this report. The Interim Dirtor of Advancement is CLtrrently re8Fonsible for the
daily operion ol the lundra65ing and alurnni lat)S proJrammes with the support of He8d of
Aknmni Relations and Regular Giving. and the HeJ of Phllanthropy wrthin the Universrty ofAberd$er).
The Intsiim Director of AIv8nc¢nI akn mkles r8JuLgr repryts to the SCIO Trustees outlinlng
fvndraising and alumni engagement p•brm8nce. The SCIO Trustee5 to dtscuss strateoy,
fundr8lsing prdgress, and expendrture. 4nd lo app(ove skdnificant finanal undertakings. Addrtijnal
informatKin se6sions 8r& also provided thIn the schedule of mknngB. giving UnNersity senior and
ademic staff the oppcflunity to present lo SCIO Truste8s. enabk'rwJ t group to bo¢om• lamik'ar wllh
svJnlkant re8earch or capital investment prDi.
The Board devolves approv•1 of eXndItUre of phAantFrytG funds to the Hoad of Advancement
SeNth8, or sn 8ppOIn dewty. up lo £50,CW. Any cne SCIO Tru$te8 can approve awards over
£50,000 prDvldlng the expendlture rrets the guidelines for whth the fund ¥ras establsBhgd.
The Head of Advancemènt ServrRs senior manager for the univety ofAberdeen Dgvgloprnent
Trust SCIO whose tim8, along WTih th8toftt Gtfts and FUts Offer. th8 Glfts and Funds Collordin8tor
and a portion of Ime of one SenhJT FianGl hxwntant, is donated to the SCIO by the Unerlty
ol Aberdeen.
AII SCIO Tru51ee5 glve Ihelr Treety and no Trustee remunarnlon was p81 in the year. Details of
Trustee expenses are discl¢)sed in note 8 to Ac£ounts. The Head of Advanment Services 15 the
k8y &Yrnini8tratNe rule for the SCIO 8ThJ h'aises with the UnNersty of hterdeen'6 Interim Director of
A
The Unlverslty of Aberdeen Davolopm?nt Trust SCIO Report of the SCIO Trte•s For the Yoar End 31 July 2024 responsibty. The SCIO Trustees also reccgnise that a continued nability to meet lundrgising tsrgets %K)uld impa¢t upon the SCIO'S capacty adeqtelY to 5UFWrtthe aMb"0S aims ofthe University. The Interim Dirthr of Advan¢2mwl regularfy reviews fundraising perfmnc8, npthodologies, and pr08pedve income sources to SrE a broad and varied porffolio of donors. This breadth of in&rym8 helps to guard agalnst k)ng-tem, sustslned decreases in dration inccfft. The Universty of Aberdeen Devdowrwt and Aturnni RePations Diiecior¥te 18 indudèd in the wider risk- rnanagement programff for the UnNeTsty's Kjng's College campus. This E due to a shared ekment ol busines¥ continuity annIrwj from opering at the sam campu$ locatn. )w0ver, this is independent of the aforenEnboned SCIO specific risk registei. The SCIO'$ own regi¥tw iden16f# a Tenge of Wential risks, indudlng invesfmnl performance. a8sess6s th8 like11ho of these is8 arisng and outlKes the actKJn teing laken lo mitigate thls. uslng th8 Universty lempL3te lor best practs(. Inv••tm•nt Pollcy The Investment Polky sel ty SCIO Tlee& is.. To maximise Ihe >ng-term total relum ol sutyoct to the r75k8 nomMIty e¥sociat8d wilh a balared approh to fijnd management. 2. To Hnage the portfolio In order to a¢he the irthn Ve1 requk8d to ftthre expenditure commitments and then athieve grDWth in the PDrtfolk. To revi6W Fwlmn¢e ofthe wofes8iond managefs agalnsl an index olthrltablg funds. Man8gernent of the SGIO'S Investnt lg pled with tho1 ol the Univer8ity mnaged via the UniversSty'¥ Investment Corrynittee. Mr AThdr Gordon and Mr Foyer Lund are the SCIO Grt)UP representstive# on the Committee which has a lund manwennt agreement wilh extemal investment advi80r8 who manage the FQrtfolio on their behalf. The Committee revws the Ferformanc8 of the professional fund m8nogers in Icoking after Ihe ffijnds of the Tnjst ané thB University. The main fun m8nagers are CLwr8ntly Goldm8n Sochs. DecisKJn¥ by the Comnyttee relatlng to the inve8trnnl ol t TYUBI'S invesLm8nts require Ihe 8Fwoval of th8 SCIO Group's rewosentativgs. Aly•S Pollcy R6strict8d ftJnd5 comprise funds don81ed for specffic wrposes wtthin Ihe SCIO'5 Qbjeclfves. Grant awards 8re mada dependant on the re8C4JK88 avallabk in order to 8n3ure that the SCIO can meet hs commitrnenls. The SCIO has no Speci larget18vel of re8erv86, and are h&fvJ until awarded. Thè SCIO must ensure that donations a use(1 fof purposes swified by th• dDn0, white 8180 ensuring tst best value is achieved from the gi prop915 are welcfftd from the UnNerslty of Atrdaon, and those are confrmed by way of an off8r authorised by staff and Trustees for targer awards. Th8 SCIO must consider th6 umeslrfcted reserves of the ch8rity. The SCIO Trustegs are of the ownion that the Pevel of unre51rtcted lunding L8 8ufficienl for oper8tiDnal exFendilure. Following the change in Structu and the Unfversity of Abgrdeen ncAv meettng all Stsff cc6ts the majonty of vperalin9 CO515. the SCSO Trustees are content that Itv"s e1 of reseeS sufficknt lo deal wllh any unfo$&n costs that may arise. Fundlng sou8 The SCIQ has a number of funding sources.. a regJlw gfvlno prograrn lIC lev•1 Iless than £10,000) gifts frorn alumni through emal and direct mail. guided by revant d?ta protection law5 where applicable. Ccfflmunty fundrnising 1$ also a source ol income with iTrJNidual and stsff fundrai&ng nitiatives. The Philanthropy team lo5e5 gift iwjme strea incljdmg grfis frcffl lTrafvlduals arKI organisab'ons. a3 well &s lew VIro.
Tho Unlverslty ol Aberdeen Development Trt SC Réport of the SCIO Tnlee5 For the Year Endèd 31 July 2024 Pl•M for Futyr• P•rtods Th8 SCIO remains comnmtted to the nWnagenI and dithrsal offurKts in axordance wlth ts genernl duties a5 set out In its consbtubon. includng the COn1j of an Annual General Meeting and complianc• 91 ielevant18gi8lalion. Going Conc¢rn The SCIO Group's aclNili88, finarcial perf0rrlw8 and fingn¢lal posltJn, togotherith fxtors Ilkely lo affect its lulure development h4¥8 boon (>)nsvJgred In the Universty's gng concern 85sessment (yjtiined In Note I to Ihe ffftancial stalwr*nls. 2024 8¥ned on thelr behalf by..
Indepndent Audltofs Report to tho Trustee8 of the Unrvornity of Aberdeen Development Trust SCIO and Its Group for the Year Ended 31 Juty 2024 Oplnlon INe have audrted the ffftanGwl statewnts of the Unrrfeiw of htenJ&n ebpment Trust SCIO for the year ended 31 2024 which comprtse the Consolidated Staterrnl of FinancL91 Actlvities, Charfty Statement ofFinartial Nthlties. Group and Charrty Ba&rce Sheet c(501afrd Cash Ftow Statement and Ihe related notes 1 to 20. includlng a sunlmary of 5wltsnt accciinting poficies. The finanryal rewbng frarrEwork that has been apphed in thelr FThwab'on is appIae Iw and Unitèd Kingdorn Ac£ounting Stsn¢Jards (United Kingthjm Generalty AcceFtsd Accounting practi1. including FRS 102 "The FinanGial ReFortin9 Standard apFrfKab In the UK arKI Reput4ic of Ireland". In our op6nlon the financl81 Jtstements.. glve a twe and fair of the state of the charity arKY group's aff8irs as at 31 Juty 2024 arbj of Its Incoming resour and applution of resource5 for the year then ended,. ve been wopedy wepared in a¢LI)rdanr wllh Lknitsd Klngdom Generalty Ac¢apted Accounbng Prorti¢e'. have been prepared in ac¢onlanGe wilh the Charities and Trustse Inve5trnent (SGoIAndl fv£l 2005 8nd regulatn 8 of the Charities Accounts {s¢x)IlI Rggulglv)n$ 2006. B••l• for oplnk>n llle conducted our audit in acClane wilh Intemalkjnal Stsndar(Is on Audttlng (UKI IIW IUKII and appluble law. Our iesponsibililies under thos8 slandartls are fiJrthei dewbed in Ihe Aud05 respon8ibllrtiesfor the audrt ol th8 financial statemerts sedlon of our rèp)rt b9knw. We are Indopendenl of the charity and group In a¢cordance with the elhr31 requirements that relevant to our audit of the financial ststements in the UK, including FRC'S Ethic¥ Stsndar(J, arKI we have fvIfiIW our other ethlcal re8ponsibilitw in accordan¢e th these roqLtirements. Vve believ• that the audit wAlonc• wè have ottsined Xfflent and approprwte to provrde J basis for our opinKIn. Con¢lu•lon8 rel•tlng to golng conc•m In gudlling the ffnancigl statements. we hgve eed that the trustees, use ofthe golng concem bas15 of acts)unknng In the prepatsts.on of the finwcial stslemenij i8 8pwopriate. on the work have perforrmj. we hwe not i(lenllfied any materi81 uncertalntses relating to events or coThYrtions th81. individualfy or colbedivety. may Gast swnrficanl doubt on the Gharty or group's ability lo continue as a g(xng corthm tr a TiCl of 12 from Wh the financial stateffEnts are authorised for issue. Our re$1b11rtieS and the resw)nsibililies of the Irustees wfth Spect tQ 90ing concem aré descrfb8d In the relev8nl 5ectsons of this report. Huwever. beG9use not all future events or conditions can bè predlGted. this ststement is not a gu&¥ntee as to Ihe trustee's ability lo conttnue as a golng cx)nc8m. Oth•r Inlomwuon The other infrsrmalion comprises the infomjalon induded in the 8nnual report other than the financial staternts and our audrtOl'5 report thereon. The Irustees are reSpollb for the other Informal>)n contain&J in the annual report Our opinion on the fin8nc4al staterrent8 does t cover the othor informatron and we do not gxpre8S ary fom ol assuraN* conclusion Ihereon. 10
Independent Auditovs Report to the Tru$tè•g of the Univer8ity of Abgrdeen Development Tftt SCIO and Its Group for th• Year Ended 31 Juty 2024 Our responsibility is to the other inlormation and. kn doing so, c(Thlder whethff Ihe other Informalfvjn is rnaterialty Thiconsistent wrth the financi81 staterrEnts or our knowkdge obtained in the awJil or Othe1&e apFearg to be Thoterlalty misslated. If wg idenlfy such rrotenal inconsr6tenGies or apparenl nthnal misstatements. we are required to d8terniine wthother this gNes rise to a material misstatement in thé Tinarla1 statents msefves. If, b88ed on ts work we have parfomgd. we conclude that the 15 a maten.al nwsslaternenl of the olher fftfomwti)n, are rEquir&d to report that f8Ct. We have nothng to rerrfjrt in thls regard. Matt•rn on whl¢h we •r• r•qulr•d to r•port by exceon È have nothing to reptsrt in re5P8Ct of the mattern in [da1• to whth the Charfties Accounts {Scotlond) regulallons 2(th wuires u8 tr) rewt to you rl, in our 0plrtn.. the informatlon given in the finarK4al statements ts WnSIstent In any matérid re8P6Ct with Ihe trustees, report,. or prop8r 8c£ountirvJ re¢ords have not b8tn ke0," th8 fInanCk stateffnts Bro Trol in agmeffnt 7Mih thè enI1 T0rdS and returns; or ¥ have ncl recefved all the infonr4tTh arKI •xpl8nations requi br our audlt. RMpDn•Ibllttl of tru•tse• As exF181ned fvlty rn the trustee8' r88pon8ibilitss stater1nI set out on p898 4, the Iruslees are r85wsible lor the prepar8kn of the fin8ncl gt8t•m8nts and k>r 1rj sattsfied thal gkè a Inje and falr view. and for ch intemal control as Ihe tnL8lees (Jetermin• 1$ necessary to enoble the preparadon of financlal 818tem8nts that are free from material mlsststsnni. wheth&r due to fraud or error. In Prepan9 Ihe financial statements, the trustees ere responsible for asse681ng the charlty and group'8 ablllty lo oJnllnue as a going conwn. ¢Jr6ck•sing, as apFAible, matters reLated to gdng conrn and using the golng concern basis of xeounting unless man8g8ment ther Intends to Iuld8t6 the ¢harfty or lo Gease cperatfjons, or has reall3ti altemat(ve but to do . Audltorf• r••ponlblllllx for the atsdh olthe flnancl•l •tat•m•nts We have tjeen appointed as audthr under $8¢bon 44111 (cl of the Charitss and Trustee Inv8stsnenl Iscovandl Act 2005 and reprxt In actNdance tmth thè Act and Tglevant rg9uth'on5 or èffect thereunder. Our objectives aro to obtBin re880nabte a8suranGe about vthether financ6al ststements 88 8 who are Iree from meleri?I mlsstatennt, whgther due lo fraud or ermr. 8nd to issue an aujitor's report Ihat Indudes our opinion. Reasonabk assurance is a hgh bvgf ofa8wrarKe. but 1$ not 8 guaranteo that an auditconducled in rdancE wllh ISAS (UK) will ahvays delecl a rnatsrial mtsslatementwhen il exists. Mi8stslements can arise fr(xn fraud or error and are considèred malerral rf, individually or in thè aggregate, they c{ld reasonabty te expe¢ted kn InflUer the dea5n5 ol users taken on the basls of these finanual statements.
Independont Audltorfs Roport lo tho Tr1 of the Unlvernlty of Aberdeen Doveloprnont Trust SCIO and Its Group for the Year Ended 31 Juty 2024 Explanatlon as to wlmt gXt•nt th• audtt w•s ¢OnsI capble ol d•tecdng lrngularM•4 Indtsding fraud lffegul8rities, indudry fraud. arè instarus of ry)n-C¥)Mp1lan 18w8 and regul8tson5. design prctedures in line wrth our responsibilities. ab. to delect irwularrtte8, InGdIng fraud. The rfsk ol rt detectiro a materfal misststement due to fwd rs hher than tha tsk of not det&tlng one re6uIOng from err. a5 fraud may Invofye deliterate 0)nlOnI ty, fDr exarrpi8. forgery or InlèntKJnal mlsrepres8ntatp)ns. through collu5kn. The gxtent towhKh our [¥edureS are capablg of d8tectir¥J irregulafiti8s, including fraud is detsiled below. HLThvevw, the primary resF¢ll5itrflity foT the preVtIon and detec of fraud rasts with both tIK)se charged wrth 9o¥ernarboe of the entity management oitsined an urthrstanding of th? legal and regulatsy fraffework8 th8t are applie4b to Ihe charity and thtened that lh8 slgnffrani are FRS 102 and ts Ch8ritfies StsteryEnl of RethrnThEnd Prthe. understocé the Unwslty of Aivdeen DeloPment scio is o)mptylng wlth those trameworks by nkiig enqu of man4emenl and those re¥nsIble for al and ¢cmpllanee prOCure3. We cx1rrobora our wuirw through our revi of the Board of Trustses of the SCIO minute4 os vrnll as con8ideraticn of re8Utts of our audit proc•dures lo either coNoborgle or yovKJe vJntr8ry 8¥ILl9r was than folbwed up. We 8sse88&J th8 suscepts'bilty cl the charity and group's flnandal 6tat8ments to m8terfal mlsstatemenL knGluding fraud rnight occur by me81iry wth nwiageffpnt to und6r8land where th•y considered Ifwe wa8 siisfjeptiiilty trj fraud. lther8 th18 risk was c¢nsidered hlgher, V porfrymgj woceOJw b) address thts risk offraud and managerrthtoverrkle. Bxod C this und¢T5tanding we d88igMd our audit prttedures to Klentify roncomplsance Ih law8 and rw3ulalions. Our procdurps in¥Ved qurns ol managemen( those chaBJed with g¢ernae and rtspongblfr for legal and corrplne4 procedureJ', joum•l enty tesllng with a focus on kAJm#ls irKJicabng largo or unusual transaction6 based on our understanding of the busiss.. revifw ol Board of Truslee minutes b ents.fy n<ompliance Ylth Im arKI reguiatiorn, and inspectknn of any cornrond•nce b8tr*eèn the cbarty and the OIFKQ of Ihe Scotb8h Cttanty Reguktrrt. A further dCrIpOn (rf responsii j11rti for thè audit of th8 finanefjal $tstemBnts15 Ioc8ted t Flnanci41 ReForting Councd's weLK8ite at hlty)s'.Ilwthi frc.org.ukJauditorsre8pDnsthllr8s. d08&1ptbn forms part ofour wditorf$ re Thll UM ofour rwrt Thts report is made lo the charty's me)erS. as a body. in accrydBfrwlth Regulati(m 10 ofthe Charities Iscovand) Regulations 2xI. Our audltwork ha$ been Ltndertaken sothatwe might state to the charity'8 tru8tee3 Ihose matter5 are requtyed to state to thwn in an audhorfs report and for no other purFose. To the fullest extent perynrtted kn¥, wa do not Wl or a6sume responsbbll lo anyone other than the charrty, the charity's tntstees a5 8 body, for our audit for this reFQrt forthe oplnkJn8 we hrn form&Y. Ernst & Young LLP. StslutoryAuéknr 27 No¥eL4ber 2024 12
The Unlverslty of Abenleen Devdopment Trust SCIO Consolidated Statsment of Flnancial A¢tIvit5 Incorporating Income and Expondltur• Account AS at 31 July 2024 Group Group UTrreGtrf¢led RestrfGted Endowment Fundg Funds Funds Fund8 2024 Funds 2023 £000 Income from: t)al1n9 and Legaci88 Exiemal Funding Investm8nts Total Incom• 6.11h3 52 6,353 2.870 1,043 783 781 392 Expgndlturo on: Fundraising Costs Inve51rrent Management Casts 202 60 726 4T 20 780 Expenditur• on Charltabl• ActIvie8. Grants Award•J Govem8n¢e Costs Supp)rt Costs S,093 281 Sh06 5286 37 188 5,511 200 6,631 281 Totsl Exp•ndltur• 267 301 Not IExpwidltur•ylncom• b•lor• Galn8 & LoB8eB on Inve•tm•nt# 1.747 143 1,8JT (1,5951 N•t Galrw on Inv••tm•nt8 3,618 1,761 6.377 217 Trnn8f•r¥ (211 N•t Movement In Fund¥ 6.387 1,883 7,214 11,3781 Totsl Fund• at 1 AugUIt 2023 718 34,423 17.C60 82,201 53,579 Tot*1 Fundw •t 31 Juty 2024 662 15 52201 This stslement of finanaal actrvrties include5 811 galns and1086es recc¥Jniyed in the year. All incomè and expenditure derives from continuing &bvilw. 13
The Unlverstty of Aberdn Dovelopment Trusl SCIO Charlty Statement of Flnanclal Activities Incorporatlng Incomo and Expéndlture Account As at 31 July 2024 Charfty Charity Unrnstrkted Re5tr1ct•d Endowrnent Funds Funds Funds Funds Funds 2024 2023 £01 £000 £000 £OOD Income ftom: Donations and Legaae5 Transfer from University of Atrdeen Oeveloprnenl Trust Exiemal Fundi Inve8tsnenls Totsl Incomè 195 5,982 133 31 6.208 1,401 150 52.621 261 300 7 534 54 583 17 781 392 198 Expendlture on.. Fundraising Costs Inv8strment Managerrrt Costs 299 28 327 20 zo 60 47 ExndItur• on Charllabl• Actfvltlgs: Grants Awarded Govemance Co$ts Support Costs 32 17 200 8,093 281 3.481 117 19 3.817 17 5,093 281 5,823 Total Exp•ndknr• 200 3Q1 N•t IExpgnditur•lllncom• GalnB & Los¥M on Invtstm•nts (52) 1,758 139 1,843 50,639 N•1 (L888vGaIn ¢n ITrv•8tm•nts 3,616 1.781 5,37T 1.119 Tranf•r8 13) (211 Net Mov•m•ni In Fund• 166) SJ96 1.879 7,220 S1.768 Totsl Funds at 1 Augu8t 2023 555 34,139 17.084 51,750 Total Fund• It 31 Juty 2024 943 68 978 51758 This statement of finanaal %tfvrties indudes all gains grd k)ss¢s rocognls•d in the yoar. ASI incorne and exFendire derfves from continuing activllle 14
Tho Unlvelslty of Ab•rd••n D•velownt TnJ8t SCIO Consolidatsd and Charity Balance She•t A8 at 31 July 2024 Group Group Charfty Charmy 2023 2024 2023 Flx•d A8wts T8ngibl8 assots Investments £LN)o 48224 42845 24 42845 48 224 42 845 48 224 Currnnt Ass•ts Deblo Cash Hekj In Nt)tKe AcCrt Cash held ftjr Investments Cash al t)ank ond in hand 589 261 9,899 97 97 901 11 Llabllltle8 CredttoryJ.' 8m(MMts IBlling dLK• within Ce y•ar 11 257 Not Currgnl A•••l• Total AB•at• l•M Cunnt Llablllll•• .410 52,201 80,978 61.768 R•prM•nt•d by: Fund• Charfty RestriGted Endowments Unr•8trlctod Tol41 Charlty Fund• 39.810 34,423 18.943 17.080 682 718 13 16 52201 39,63S 18,943 soo 34,139 17,064 555 The flnand41 st8t8ments crt the Unwwty of Aberdeen D•v•bwwl Tntst (Registered Charity SC05091 on pages 13 to 26 were appr(>ved by th8 Board ol Trugte88 and wgned on rts beh8lfon 20 November2024 15
The Universtty of Aberdeen Devolowi•nt Tntht SCIO Consolidatsd Cash Flow Stalanent For the Year ended 31 July 2024 Group Not• 2024 Group 2023 Charlty 2024 Charity 2023 Cash Flows from Oporntlng Actlvltlos: Net Cash provKled by operating xtivr 14 718 (2.5841 700 8.527 Ca¥h fli)wJ from Invmtlng Athitles: Bank internst DNidends reCe@d Purchase of tanglbLq Xed a558t8 Pr¢xeeds from the sak of Inv8Stments Purchase of investments N•( cash provldod by In¥••tlng Aclfvltlel C••h flovrn from Financlng Actlvlll•s 310 872 144 639 304 872 218 1,400 1.180 12.581) 1,174 300 Chonge in cash and cash equivalents 16 1.898 15,1651 1,924 8.827 C86h and c*yh equlvalents at Ihe beginryng ot the yr 9,024 14.189 B,827 Totsl cash and rA•h 6qufval•nts •t th• •nd of th• y•ar 10,922 9.Q24 10.751 8.827 16
The Unlyerslty of Aldeen Develown• Trust SCIO Note8 to the Financial Slatoments for the Year ended 31 July 2024 Note I Prlnclpal Accountlmg Polici Basis of Pr9[110n The finarK4818t8tements for the yw ended 31 JUPY 2024 twve preparyl in attcd8nc appIAble Accounllng St4ndgrd8 in the United K)fvn. tre recrynmerMla¥ons set out In Stalemenl of Recommen PracU¢e - 'AcCntir@ arKI RèFWtiryJ by Charib"es IFRS102 - eff&ve 1 Januwy 20191.. tha Charrtie5 and Trusteè Investment (Scand>ACt2O0s and regul8thJn 8olthè ChariliesAcc£rtJnt8 IAnd) Regulalion8 20L%. Th• aecoLntlng pokw set out love. urAo88 otrise slated. bèen Wied conslstenuy to al pertody presented In thes8 finAncJ81 statements. Th8 firnncaal statements we prepared In accordere th the hlstoric ost Con¥tiOn, akfdrt frDm InVestmts hava tthn statsd at m8rk8t ¥e. Managèment ha8 madèjLklw•n18, e8twnst¢8 8fKI assumptn5 that affect Ihe amrmrts repMed for888ets aTh Ilak41111es as al ltte bdaru sheet date ?nd Ihe arnoLnts rpport•d lor vanue6 and experws the yew. Notsble judgrnents pertain to Ihe recogn11n of la9•cies Thathient inc)m• amourts. cash valu• obt8ined could differ Ireffi any e¥tirnates made. 8cow of th• A¢counts The SCIO Trustè&S Ffesent thw"r report •nd alited 8t&ernen¢8 for ye¥ ed 31 JLIY 2024 for th• SCIO Grwp. cornprigng ol the Univ¢W of Aberdeen DelOpment Twsl SCIO ISC0509961 and tre Unlvèrsity of Developmanl 7ru$l (SC2938). This r•port * Wgparg4 in acco¢ with th? recommendaoons of Ihe Statemont ol Recommtsrthd pr(? (FRSI(r2) and c¢Ynpll•s llh yAic8t4¢ Iw4 and faguIAtiM8. Group Fln•ncl41 StAt•m•nts T finendal staiemerrts con801idate the re8th15 of thg Unfv•r8tty ol Abefdeen Dev¢ent Truat SCIO and th• Univerrity ofAtérdeen Devd¢JF¥nerrt Tr1 (SC(2938) It Is th8 Trustsè. Golnp Conc•m The finandal 51atem8nts have b8en prgpar•d on th4 gclng conrn bs818. Follcwng th8 thange of¥¢r(tthire in FY2023f24. the SCIO has agieed with ts Ur¥¥er5rty of Ab8fdoon thgt staff supwt and othgr reWrS requir•d lo m8nage SCIO Gmp ftnds bbill be provided by the UntverTAty ¥ffld (naknJ to tho SCIO. Tr Universlty hu conffrThd Its int•ntion to &Jniinue kn th1$ kwice. AS at 31 July 2024. the Group Wd net asset balanctt 01 £59.4 mlllth. iTrS(bdlng Invg8trngnts of £48.2 rnlllion and cash balonceg of £10.9 mllllon. AA a $ll[ Ihe Tru8t•es maln (nLn 1$ lo onÉt&r8 that onty funds hèld can be awBr¢ed. and the •ppltc4tion and w•Ard8 FOCe• dewknd M page 3 i• In Flace to SUre that the c))ntrd Is In F40¢e. Conwuonly, the SCIO TruetèO8 afewffident Ihat tFx SCIO WIN he suffjd8ntfujS1O conWnu8to m88t thr liatslities as thty f1 duo for at le88t 12 month6 trom the date of approval of finarrAd stalernents. Th• SCIO Trust••i C(nSKl¢r that the or8 no materfai Bb0 SCIO'I abltty to cMllnu8 BB a golng conw. T•nglbl• Flxed A8••ts and Depre¢lallon TaTrJible fixed assety th 8 Ct of mwe art c4italN¥ed. Is yovld&J to V+Ttte off tho o)8t oftangst4e fixed a68•ts by oqu81 in4ments Dv•rfv1rirn tives as dats1 below. CompLrf•rnand Lther OqwFent.' 4 year8 141Cl pliw.. 2 y•8 In¥eJtmonts Investments a ated at rnarket value at Ihe b8law $heet date •rKI #ro stated at t¥d pites where avallable. Movements are gnISed in the sUlUS or defidt. Str[$ The$ (buffered equity) arè Staled al cost. The Trust appl$ a 8V9tatn81)te i1nl poh'cy trd ty the apwov•J ad7Ayors. Inme Income 1$ recwi$•d wknen ts c+ has enblement lo the fwwjs. any Fertrnca c¥Jnthti(S 8ttachthJ to the item{$) of incrme have rnel, rt is probable that inGcrfne will be rpceived, aTrJ the arnount ¢an ba measured rellably. Donatlons or Wdes to the •, Ixrtbbthich do not meetthe critetia WE di3closed, wherp material, as a conttw asset SF(Jfjc ifmm8 SOUTC88 ar8 rwnwl as [1#. 17
The University of Abwdeen Develo01 Trust SCIO Note8 to the Financlal Statsrngnts for the Y•ar onded 31 July 2024 Nots1 Prlnclpal AGcountlng Pollcl•¥- conllnu•d Donatlon$ DctionS ard gffts ore ststemgnt Lrfnart>81 in the year 0fr8CPI. Where tfv&re Is Sufficient evidence to pThide the necessary probabilrty thal a ckn8tion recetved and the value of the InmIr$ re50urc•¥ be rneasLff&J with Suffvienl tabIlty. the a¢L7ued for. PleJggs are onjy recogn5sed once the gfft has b8en re1Ve, gfts of investrnerts are feeorded at market value on Ihe date of Dcfiatiorffj gl¥n for¥ r#¥biLtod purpo8ewill ter•¢wed vAthln a restrictedlend¢M furKlforthal pwpose. Donat•d Setvlc•• Donatsd s&r¥i¢e8 are Tewni8ed as income m Ihe b3s1$ of the valu8 01 the to the SCIO. a c(Jrrosponding amount is recow1 in eywiditure in the riS ofreceipt Leg•¢l•• L•g¥C1 ore crethted to thè statement of finarKld ath"vitfvs in thg year of reIpt there 18 suftient &[10neS ttl provide the n$s•ry probabhty that a leL¥Cy b%YIJ be recdved th8 value Of Ihe Incomlro rosources can bo measured v4rth 8ulfiiyent reliabilty. the18gxy 18 accru8d tsr. In the event that ts grft li In the form ¢f an assgt other than cash. or a Ilnanclal asset tr•Yed on a recognised stcck exthange, recognition ig SLknje¢t lo Ihe v8lup of the gift btiir¥J mea5uratAe w(th a degr88 of rellsonable acwraGy and thè te tr) 888•t bean trwMfw•d to ctwity. Extsrnal fundlnq Ext8mal lundlng r¢presents value pf tm0 rncavth rtn9 year trrtn Ihp Unlver8fty ofAbwde•n. InvMtm•nt In¢omo DivideTrJs, for fijnds Yhth pr•Jed Inbwknenls. and Intwest are 011(ted in wopcth lothe balance of tho fLffld atlhe beginning of the yeor. Di¥Klend8 ond inlw•d bank de11$ (xedllvd kn the y•aT In they A receivable. ExpeThdMure All 8xwnditure Is a¢trJunted for on an acc115 baBls. Afi oxpBn6eB Iu1 Bupm and governancè costs 8r8 apporb'on•d tts the exdIttJr0 hèadwg a$ d6tall•J beb. Grnnta to Unl¥erslty of Abenl•frn PayThgnts of grarts lo the Universlty ern r•wilsod an •prOVed offer is cornmuricated 4ThJ ch8r9•d (tir•cty lo the wroph8te fd. Support cts M8n#ggment & 8dmini81r•ofi ttats, wtrlch Indudes thé dted cost admlr8tratic gnd supp)n stgff. g charg8d lo unreslrl¢ted ftmds. All SLPPOrt cos18 are 8llocat•d to the singlg th¥ritae ¥Ity of the wovS8lon ol fund9 to th8 Unlver81ty ol Aterdeen. Fundralslng Costs The SCIO does IrKuT8ny funthwsFng co9 Costs in respect offurbaln9 r•laltry lo fiJnd8 are allocated to the reEevaN ftnd8. R•all8•d and Unr•alls•d galns and 1¢$ R&8lised galn8 8nd are allocated t¢ tre inv95t8d fund8 in proportion to the op8ning balance on the funds. Unreallsed gains and Ic68es are held 5epar8tety and are cfflly 8lkaled r)n¢o r&ali59d by disposal of invethnt Trado and Oth•r D•trtor¥ and Cr•dltors Trnde debtOf3 prilnarily conwst of kwayments in relalK)n lo software and otr*r $utscrfption8 and are itgnISed b88ed the nurnter of month8 OLrtstsrKltng. Otlv ¢Jebtors irKguOe rUe le9$ that are recognised in line with SORP recTranition gLdelineS 8n¢ LNJtsianding Grft CreditorB r15ed ba8ed on amounts due tts extem81 Fothes 8t the year-end date. Tthe I110 in¥dc¢8 re¢elved And offer lèttern approved yior to 31 Jy. Cash Cash, forthe ppOse ofthe cayjh flcw statemwrt. ¢xffiFYi88s eash in twd And TgW8ble demand and Gash hold for 1rNestrn, overthats payabl8 on demand.
The Unlverslty of Aberdeen Develown¢nt Trust SCIO Notss to the Flnaneial Statsments for the Year ended 31 July 2024 N¢)t• 1 Prln¢lpal Accountlng Polklg5- ¢onllnu¢d Fund8 Poll¢y Fund5 are anafywj bel reslrtcted, Unre8trIc erxyMnent furth. Trustses may opr to alljcate unreslrithd donaborB to swyfic campaign pnlythes as desKJrte fund$ with Ihe unrestrrded classfication. Re$trlcted funds are cts8ted to me811he wtsh8s ol or for major c•rnpwgn8. ETrdDhMmertl fvndÈ are created to e¥t8bli8h a fijnd %thebY onty the annval inGome can be awafd&J is often used to w8s8tv8 the g•vity of schol4rBNps or priz8$. AwardB arg onty made to Ihe utty tltherv wffident fuThJs exi¥t ur 6ncome is gu¥anted in the futuro. FurKls usualty only in deficit ts lo bmirvJ differences. Flnaftclttl In8trum•nts The SCIO only h&8 fin8n(a* aMet8 and fina liabditi¥J of a kir¥J t qualfy as basic firnCIal inslrumonts. Baslc financlal Instruments are InlU81ty roeogThwl at tr31( vakn and rnea8ured 81 their 8eWemenl value. Not• 2 Con•oHdat•d Voluntary Incom• Unr••trlei•d R••trlet•<l Endowmont Fund8 Fund8 Fund# £000 £0 2024 Éooo Grft8 & Don•tn5 Leg Funding- unarsty of Abwdeen 19L4 52 1,891 4662 4662 195 Unrn8trthd Funds Rèstricted Funds £ocK) Endowment Fund5 2023 £ocNJ Grfts & Donatons Legaclgs Funding- Unlver5ty of Aberts 23 1,667 1,213 1,212 24 Not• 3 COnlIdat9 Inv•8tm•nt Incom• Unrxtrlct•d R•$trfc¢ ErKlowm•nt Fund• Funds Funds £000 2L124 £000 Dwldends on Investments Inl8Wt on Cash Deposts 577 204 781 872 310 97 392 Endowment FuThJs Funds Funds £000 2023 £OOD Dividends on Invgslffents Interest on Cash tknpo$its 429 98 527 210 40 250 639 144 783 19
Th• Univer3ity of Ab8nleen Dovelopment Trust scio Notes to the Flnanclal Statements for the Year endod 31 July 2024 Note 4 Con801idated Fundrnlslng Costs UnvBstrleted Restrlcted Endowment Fund8 Fund¥ Funds £000 £000 2024 £000 St8fl Costs Travel Hospttality Publicakn"ons Consultancy Misllaneous Uniestrlcaed Funds Restrthd Funds EndOWnt Funds £000 2023 staff Costs Travel Hospitslty Publications Consultancy Mi5cdlaneous 23 31 43 29 43 29 718 Not• 3 Conwlldated Charltablo Actlvltl Support a Govem•nce Grnnt Acdvty £000 2024 £000 For th8 Provwon ot. Grant Awards 226 631 SupFQrt & Grant Athty £(M)O 2023 £000 For IP Provlw'on ol.. Grant Awards £000 225 225 (knnts lo the University of Aberdeen are to supwt teoclyng. research, student support and major capital projects. Detalls of the type and value of wMrds made are given in stat•ment of fvnds. Not• 8 Consolldatod Total Expendhur• Other Cost• 2024 Generating Voluntsry Incc Govemance Costs Grant Awards lo the UrfvÈrslty ofAbeftleen Inveslmenl Managoment Costs SupF4)rt Costs SN06 6A06
The Univorslty of Aberrleen Developnent Trust SCIO Notes to the Flnan¢lal Statements for the Year ended 31 July 2024 Noto 6 Consolldotod Totsl EXndlewe- continued Slaff Costs Salaries ial Security Costs Pension Costs 2024 156 16 23 190 The Govemance cLJsts amouftting to £25k {2023'. £37k) we lor the external aLKI lee. Stsff Other Costs £000 2023 £000 £000 Generating Volunlary Incom Governance Costs Gmnt Awards to Ihe UnNerstty ofALwdeen Investment Managemenl Costs Support Costs 560 37 5,286 37 5,288 143 703 45 staff cts S818ri98 SrKi81 Se¢urtty Costs Pension Costs 2023 £000 537 90 76 703 Staff Co•ts ond K•y Managenwnt P•rnonnel The univeIty ofAberdeen Development Trust SCIO ha5 rn direct emrAoyees. Staff and operatin9 cost$ have been don8M ty the Unlverety of Aberdeen during the year- x the per lo November 2023. thls included 3.0 full Im• 04ufvalent admln18trthe staff membor¥, and from December 2023 this Increased to 3.7 full tirne equivalents. Trustees wèrg not paid or rece&d 8ny other tenefftj frcrfn empfvjywil with the Tru81. ExFense8 of £2k wern paid to SCIO Trustees during the year12023. less than £1k). No 8t8ff w8re PaKf mor• than £60k during Ihe year. Not• 7 Con•olld*t¢d Net Galn•l(Loues) ¢)n ¥lMols 2024 2023 £000 Reoli8ed Lo55es Unrealised Gair Net Galns on Inv•lments 1921 89 217 217 Nots8 Tinglbl• Flxed AM•t8- Group and Charfty Unre8trl¢t•d R•Btrlct¢d £000 Total AtAugusl 2023 Additions At 31 July 2024 113 58 171 113 171 21
The Unlverslty of Abordggn Devolopment Trust SCIO
Notss ta the Flnancial Statements for the Year ended 31 July 2024
Note 8
Tanglblè Flx¢d A$s•ts- Group and Charlty- Contlnu•d
Deproclation
At August 2023
Charge for Year
At 31 July 2024
113
58
171
113
58
171
Ntrt Book Value
At 31 July 2024
Al 31 Juty 2023
Note 9
Flxed A88•t Inv••¢rMnts- Group and ClIty
2024
M•rk•t V•lu•
2023
Markd ValL
£000
Inv••trn•nts
Listgd inve61mènts- Equity
Listad investmfjnts - Fix1 Incon
29,789
Buffered èqulty Investments
9,020
1,250
Non.mainstrewn p)oled prowty ve 3s
41
£000
36,955
8,818
1,250
29.788
7.619
1.250
31,612
7,OOD
1.250
Listed inveslnnts and )1ed property vehides are held at tair vslug.
Buffered equty investments are held at cc61.
1024
£000
2023
£000
Marl
The Unlver81ty of Aberdeen Development Tt SCK) Notss to the Financial Statements for the Yoar ended 31 July 2024 Note 10 D•btorn: Amounts F•lllng due wlthin one year Grnup 2024 £000 2023 £000 Charlty 2024 2023 Inwm8 Tav Recover&4e other Debtor8 85 524 589 529 538 255 261 258 294 Nots 11 Crodltor: Amounts Falllng due wlthln on• y•ai Group 2024 £DOO 223 Charlty 2024 £000 2023 £000 Accrual$ Tr&le Credito 120 257 112 257 258 Not• 12 Movement In Rw•rv•s- Group Funds 31 July 2023 FuThd• •t 31 July 2024 Ineomlftg Oulgolng Tran•lorn £000 Restrkted FuThJ$ Endowment Funds Unrestrthd Funds 34A23 17,iJeo 718 10,503 2,205 (5.140} 13011 257 24 (21} 39110 18,943 682 Fund• •t 31 July 2022 Fund¥ al 31 July 2023 £000 InmIng Outy¢lng Tran8f•r• £000 Restricted Funds Endowment Funds Unrestricted Fund5 35.889 17,130 15.045) 13031 943 143 11431 376 34.423 17.080 718 Transfer8 cccur when the dOrr requ8$1 that luThJs prevKJL donabj are to b8 Converted fn>m endoWnI to rostrthd funds to eUre the best use of their donaiw. Note 13 Analys1• of N•t A8Mts betwn Fund•- GfOUP T•nolble Flxed Asoet Flxed ABsts Inv•8tments CuTr•nt Asset8 £000 Fund8 at 31 2024 £oDo R88trfctl FurJs Endowment FuS UnrestriGtEd Funds 31.922 16.302 788 2.641 39J10 18.943 59 16
The Univorslty of Aberdeen Developmeirt Trust SCIO Notes to the Financlal Statements for the Year ended 31 July 2024 Notg 13 Analy81• of Net A8••ts 1)otwe•n Fuftd8- Group- conilnu•d Tangible Flx•d A88ets Flxed A88•1 Invastments N•t Current Amets £000 Funds at 31 Juty 2023 ReStrted Funds EndownnI Funds unresth.cted Funds 29.081 13.764 5.342 3.296 718 34.423 17,060 718 Unrestn'cted lund5 may te use(1 by the SCIO fcf any purpos• and cwrenuy sUprt thJndraisin9 and adminijtration costs as these rJJrrentty represent unuw grant fundlng pro¥ided by the Unrver5ity ofAberdeen. Trustee8 may opt to sel aside unrestricted grfts fr)r Sp c4mpaign rAiorities as deslgn8ted funds within unresthctect funds. There are CUlTeMly no designatgd fund8 (2023: nir). Restrthd funds are to be for p¥far purposes 8rodllBd ty the donor and ar8 li8ted from page 25 in Note 18 - Movement in Fund8. Endthvrrwt fvnds aro a suLr4legory of Restrteted fund whereby. as Standard practi¢e, only thè accumubted annud investment irwme 1$ avarlable ts the specifi&J Gkritable actrvilies. Nolo 14 Reconclllatlon ol Changm In Rmourus to N•t Cash Inllow frorn Opgr•llng Actlvltlo Gn)up 2023 Charlty 2024 £000 2023 Nel {Outgc4ngllncoming Rgsources lor the Y Depreciation Investmonl Inco Donation of Investrnents {IncréaseYDecreas0 in DebtS Increaselloecreasel in Credilorg Net Cash Inilowlloufflowl from O&w4ting Aclvft8 1,837 {1,5951 1,843 ,639 (1,182 17831 11,176 13001 141,7261 {2941 208 (1941 12 33 750 Not• 15 ReconcNlatloTr of Not Cuh Flow to Mov•m•nt Sn Nol Fund• 2024 £000 2023 £000 In¢re8sellDecreas6) in Cash duriw the Year Nel Fund5 at the Beginning of the Year Net Funds al the End ol Yoar 1,898 15,165} Not• 16 Analy•lg of Change In Cash dudng the Year 2024 2023 £000 Movement £000 Group Cash al Bank and hek1 for InvtMentS Cash al Bank and hefvJ for Investmts 10,922 9,024 Charity 1,898 10.751 8.827 1.924
The Unlversity of Aberdoen Development Trust SCK) Notos to thè Financlal Statements for tho Yev ended 31 July 2024 Note 17 Related Partieg The Board of SCIO TnJstees are drawn tr a pod of individuals acrctss a varf8ty of professions and therefore transadknns will trcasionalty take place wrth (ynisations in a Trlee may have an inte$1. The folbwfng transacbjns were Identsfd for disck)gJre for the Group: Oryani¥atk R•l•tIOhIP Naturn Ra¢•lpts £000 Payments The Unlversrty of Aberdeen OperatiDn&lGrants In financial year 2023r24, the Group directty wived ¢)nations from SCIO Twstees awntirg to £3k without conditions12023.' £37k). Th8r8 were no don?n$ made ty SCIO Tru81ee8 requwing separate dixlosure as outtingj thè Charites Statennt of Recomffende(I Practte (FRS1021. There were tstandIng bal8n¢es £15K a9 kj reed part$ 88 at 31 July 202412023.. £28k). Financral Year 2022r23". Orgnh•tk)n R•l•tlonihlp RtIPt Paymonts £000 The Unfver8ty ofAberdeen Charity operan81Gfants 6,030 Noto 18 Ilov?m•nt In Fund• Fur3 wllh cbsing baknc8s Of less than £0.25m Ic. 0.5%) DI tctsl have teen grouped to06ther Yt8 1)th•r Funds wlhin the Restr184 a)d End(Med FtsTrls anatysts. Endow•d Fund Funds •t 1 August Incomlng Outgtslng 2023 Ro8ource• Resources Transf•rn £000 £000 Funth •1 31 July 2024 £000 Kirby LalThJ Poffi D1)r•I FenDwJhlp (En¢knYd) RIISS CentrelGlucJman (Endewedl PrOfr Roy Wdr Fund (EThy0rf} E112ab•th D Jamle IAqII TN8t IEnO>4 JIM Durun Sch&ar8Np Dr G¢Jdon Ferrlo8. MedirAI Rese1 (rms) (Er Sheila Ferres MBE- Phy8iother¥pt- 8one Researr {Endowd) H Smdh Nevrdogy Choir {Eiid Dlana Eltiateth MerKJri?l Twst- (Endow Fell¢)wshlp Tn Haemalulogy IEr Adthphus SchcAarnhip IEThJowe¢) Fl(knrt Corfck Memori81 Trust IEndtrrd) Inne8 11 SLdaTTthlp IEndthd) Donald INthrtngton (En¢Yowed) Scholarsh Hrxn FllY Scol8r8hlp (Erthl The IA8rgarf E S March•nt Memorial SthokrBhOp (Endow> Other Endo%d Furls Unrealised Gain5 Endobved FdI Total Endowed Funds 1,708 1,646 1.299 1.247 1, 155 885 797 37 133} 1141 131 1511 {17} 12) 12) {102) 1.712 1,06e 1,324 1,223 1,163 s¢r2 812 28 27 25 19 17 778 595 479 411 353 343 313 287 298 17 13 10 693 607 471 419 1181 {1) {1) 16) 23 334 31J3 303 171 4.111 359 17,064 105 1.792 2201 (56) 15 (301 {21) 4,139 2,166 1211 1843
The un1vors of Abordeen Dwglopment TnBt SCK)
Notes to the Flnanclal Statemonts for the Year ended 31 July 2024
Note 18
Mov•ment in Fund¥- Contknuod
R•8tr1cted Fund#
Funds at
1 August Incomlng Outgolng
FurKls at
31 Juty
2023 ResOvrC Re8our¢M TrdTrsf•r8 2024
£000
£000
£000
Bemartl H Smlth & Ruth H Smlth Fd
Anlhony & Mwgar•t Johrmfrn Fvnd
Medical Fats8 at F