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 Trust*s Retx¥t ofthe SGIO Trustee$ Indep￿dent 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 Al￿rde0n Develo￿19nt 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)r￿￿dateS 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 A￿ust 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 rai*d durfng thi8 pèrfcwy. We rnmain hugety gratelul to UniverW8lumnl, doTh)rs. and frlènds whose ge￿rO￿tty ntrfbules to stratsgiG of the Unfv¢r8ity OIAbe￿een and impxts ￿ not onty our studont fjtsff communities. tArt our Iccal rogr￿. and the wthr world. In 2023r24. the SCIO'8 d￿￿on8 and In￿M8 w99 £6.2m, wlth the Group's donatFCmS and leg￿5 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 all￿￿1 aThJ don￿ 8upp￿rted the Developmnt Trust SCIO ￿ grfts in Ih8lT wlll this y8ar. r￿￿￿ed a very generous18gacy glft fr(xn Ruth Snith, ol Bernerd H Snith. M8ChB 1940. Furtl*r generous 1gJacy grfb weffj rec•l¥•J from Dr lan s￿Sor and Miss Jemina St8warL among many otrws. These18ga¢ies w7H help supwrt neurthJral r88e8rch. Ihe Interdis¢ipln8ry Insblute and ofl*r strategk W￿￿eS. refflemt￿ 811 those who gave 8 91ft In thelr will b 8UFWt futrjre to trlwri8h at th16 groat trot*ut￿. have agaln re￿￿ SUF(￿ from Individua18. fwriU•8. grouth al a8 p¥tr￿r chwrties mpanles, trusts, and ftyJrtdat￿n8. Every Cth"but￿ln 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 8t*etM)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 fo￿rd WOfb>claBs r88e8rth and to protect and en{￿h our unkue CarnPL15es Dale". 20 Nov8mber 2024 The Universty of Aberde•n Developm•nt Tn*t SCIO Report of the SCIO Trustees For the Year Ended 31 July 2024 ObS•ctlves and Actlvltl•s The SCIO continues to cond￿1 all its 8th01ies In supp￿￿ of ts founding missw)n to attra¢t ￿+￿Ianthropl¢ support for the Unfversty of Aberdepn. Its aGtr¥iti8s are gu￿8(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 Obl￿trIeS of ts SCIO ond meet the reouirements of any ¢oThYitknns imposed UFon the SCIO from these fiJndirwJ sourc*s. A fonr£l oppliG8tion prcttss is in pr￿ so trtat approprlats )veTnance 15 maintain&Y over d[Sbu￿ern9nI of all lunds. The SCIO ensures that any grant 8ppltati)n compl￿5 with re5trttfons and that sufficlent funding 15 in place to make an award. Tha Disbursement Committee, a S￿&￿r￿￿tee of SCIO Tru8tees. meets annually lo reviow 8pplic8tkMs for unrestrtcted fijnds and donalions. Offers of fvndlng are onty made available c￿8 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 neiwo￿1n9 Advrce and contacts an¢$ serving on the Boerd ar￿1 its Su￿￿MMittee5. 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 col*ting 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 a￿ljern￿ and nrK$4cadernic stttff at the UnNefsity. In partular. SCIO works chjsety wth a range of'academic champicfis, whose vl8ion is essenti¥l in cffder lo present high-qualtty proposals to Wentid donors. Acadern￿ colleague¥, contn'bulons are wtsl when dobursing charffob￿ lunds for speofi"c wrposes., ensuring that proigcts for whKh lunding h8s beèn ￿ured arg covry)leted as ￿anfied. Acedemk colkagues also support Ih? producth)n of'donor rew8, folknwing grants behig experthd. Achltvwnents & P•rfornwn¢e Duflng the pariod Covered by thi8 re￿t the SCIO 8ttr8ttèd Support tjr a wide fange of pr¢>iects acr08S thè Universty indLKllng sGholarships and sludentship5. Student exper￿nCe, prizès linduding Sn m8rnori8m gifts) r•sear<* acn>88 d18c1p￿lnes. Flttanclal Rèvlgw Total income of the SCIO Group for 2024 was £7.5m (2023.. £4.7ml including £6.4m for donations and legacEs {2023: £2.9m) alld £1.2m frorn inv&stmenl in￿Me12023.. £0.8ml. The￿ was £nil from operational fvThJing In 2024 12D23.' £1.(knl. Awarcls for UnNeNty projects amounted to £5.4m, an increasé of £0.1 m from the wevious year. Expanditure on fund(aLwng aCtwrt￿ lo18lSed ￿3$ than £0.1m12023'. £0.7ml. Nei Ir￿01rMng 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 ￿dOW￿￿nI lund b8Lgnos £18.9m12023". £17.1m). Investment P•rfonn•nee The SCIO Group's investn*nl 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 y￿Yth havlng been diiven by th8 strorkg performance in the year The Unfversty of Abordeen D￿lOpment Trnst SCIO Report of the SCIO Trustees For tho Year Ended 31 July 2024 8CIO Trustees. mpoMlbllftt¢• in rnlatlon to the financlal st*tomonts Under charity knv, the SCIO Trustees are responsible for preparing a T￿Stee$. Annual Rgport and finaneial slatem9nts for each fi8cal year wh￿h 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 e*l& to prepare the financral Statements in accordance wilh UK *£counting Stsndardts. induding FRS 102 The Finèr￿181 Re[￿ing Standaal appI￿*ble in th8 UKand Republic oflrol8nd. In weparing those fin￿&81 Jtstelrthts, generalty a￿eMed 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 applica￿e const¥tuknonal documents and rules, subject to any material departures di*osed and expL4ined in the finaroal $t*emenls', 8sse8S the chanty's ability to t￿ntin￿o as a 90ing Ix>ncem. dnc1081ng, as ap￿￿ble. matters related to Lmilng C￿cern,. 8nd use the going concern tssis of accounhng unles$ 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, sufts*nt lo d￿se 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 Investrr￿l Iscotkndl Act 2CQ5, those Statements of Èccounts compty with Ihe require￿nts of regulatknns ur)¢ler thèt Act They ar8 iesponsibla tr Such Internal control as they detennine is r￿SSary ts) en8ble the p￿paratiOn of nanclal statements that are Ire8 from material mi$sloteff*nl, whether due to Iraud or error. and have general responslbllty for taklng such steps as 8re reasonably open to them to 88f8guard the a88ets of the tharity and to prevent and detect Ir8u(i and other irregularitie8. The SCIO TrLL8lees ere responstbk tr the Mainten￿Ce iniegrtty ol t1￿ finantyal and other Inlomation included on the chaity's webslte. LegL8k*hJn in the UK governing Ihe p￿paratIon and alsseminatk)n of fmanclal statements dlffeT from *gi51ath)n in otherjurLsdctson$. 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 Trusl*s 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 UniVer￿ty of Aberdeen DevglopTr*nl 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 AbO￿en. the puIpc￿3 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 Do￿nI Tntst SCIO Powts G8t8. Coltsp Bounds Ab8then A824 3UG The Unlverslty of Aberdeen D•volopment Tn*t SCIO Report of the SCIO Trust•es For the Year Endéd 31 July 2024 Stn￿tUro, 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 PraC￿ce pursued by atl b*ing c*anttes. The teTTr￿ otthe Conslitutlon ertourage devebprnnts In the University DfAberdeen and the prorrnllon of research therein The purposes of the c0rtstitU￿n, appTov&J by the Office of the &￿)tt￿ Charity Regulator IOSCRI. afe ￿tal￿￿ below.. 1. To fvndr8ise fn accordanrx wrth the Code of Fundrai￿n9 Prxtke from Ilme to time 4¥ other reputsb￿ Code or prote¢wl adopted as best practi￿ and to manage the investrTwI and drobur8en￿nI of thelunds of the SCIO for the ad¥anc8menl al adueation, h8allh. the arts, I￿ri￿e 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 inrthiat*Jns in the research lexhing ol the Unlvergty and to the 6UPWt of 8ILklent acwJemic aChloven￿nt 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 01heTr￿8e. 4. To enhance th8 résources of thè Universty Iltrfirifjs, 8poual ¢dl•ction8, aThJ other faclliJe8 which IRlp to fulfil mIss￿ft dthe Un￿e￿ty. 5. To maintsln aTrJ Strwythen the link8 be￿Wn 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. IF￿lUdIng provist*n for disabled or ecOn￿nicAlty 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 un￿wStty. 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 InfDma￿n. SCIO Trustegs The SCIO Trustees ff￿t 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. r*eting. 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 aLrep￿1 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 In￿al 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 trLL*tee. aThl details of the current broad development and a￿Mn1 programme. Al SCIO Trustees are provided ¥￿th 8 ￿pY of OSCR GU￿elIneS 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 Dir*tor of Advancement is CLtrrently re8Fonsible for the daily oper*ion ol the lundra65ing and alurnni ￿lat￿)￿S proJrammes with the support of He8d of Aknmni Relations and Regular Giving. and the He*J of Phllanthropy wrthin the Universrty ofAberd$er). The Intsiim Director of *AIv8nc¢￿nI akn mkles r8JuLgr repryts to the SCIO Trustees outlinlng fvndraising and alumni engagement p•brm8nce. The SCIO Trustee5 to dtscuss strateoy, fundr8lsing prdgress, and expendrture. 4nd lo app(ove skdnificant finan￿al undertakings. Addrtijnal informatKin se6sions 8r& also provided ￿thIn the schedule of mknngB. giving UnNersity senior and ademic staff the oppcflunity to present lo SCIO Truste8s. enabk'rwJ t￿ group to bo¢om• lamik'ar wllh svJnlkant re8earch or capital investment prDi￿. The Board devolves approv•1 of eX￿ndItUre of phAantFrytG funds to the Hoad of Advancement SeNth8, or sn 8ppOIn￿ dewty. up lo £50,CW. Any cne SCIO Tru$te8 can approve awards over £50,000 prDvldlng the expendlture rr*ets the guidelines for whth the fund ¥ras establsBhgd. The Head of Advancemènt ServrRs senior manager for the unive￿ty ofAberdeen Dgvgloprnent Trust SCIO whose tim8, along WTih th8toftt* Gtfts and FU￿ts Off￿er. th8 Glfts and Funds Collordin8tor and a portion of Ime of one SenhJT F*ianGl￿ hxwntant, is donated to the SCIO by the Un￿er￿lty ol Aberdeen. AII SCIO Tru51ee5 glve Ihelr Treety and no Trustee remunarnlon was p8*1 in the year. Details of Trustee expenses are discl¢)sed in note 8 to Ac£ounts. The Head of Advan￿ment Services 15 the k8y &Yrnini8tratNe rule for the SCIO 8ThJ h'aises with the UnNersty of hterdeen'6 Interim Director of A. deCI￿onS relating to repurposing historic donalions whose originally Intended purp￿ can no lorrfJer Le ochieved, finan￿al investment, and nominations for the Benefactoi to the Unlverstty Award. The SCIO'S Gfft AcceptarKo Poly vra5 apwOV￿ by the Davelopmanl T￿￿1 Trustees in A￿112022. The complian￿ Commrtta8 consider5 the atteptance of gts excess of £500,000 or where, in lh& opinA)n of staff cx SCIO Trnstees. the source may give rise to fepulational ris As wi the previous perlcAa. the SCIO Trustees ttfitinue lo wnise th8t the ongoing uncertw.nty in the global e￿n(￿nY means there (s a risK as there for all UK (*arities, that the SCIO will be unable to athieve the anticipated levels of fundroisin9. The SCIO Trustees femain 5atisfEd that these ri5k5 a minimised by careful mariagen*nl oftha grant-rnakJng pmcess which ensures that fiJThds are expended The Unlverslty of Aberdeen Davolopm?nt Trust SCIO Report of the SCIO Tr￿te•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 adeq￿telY to 5UFWrtthe aMb￿"0￿S aims ofthe University. The Interim Dirthr of Advan¢2mwl regularfy reviews fundraising perfmnc8, npthodologies, and pr08pedve income sources to ￿S￿rE a broad and varied porffolio of donors. This breadth of in&rym8 helps to guard agalnst k)ng-tem, sustslned decreases in dr￿ation 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 oper*ing at the sam campu$ locat￿n. ￿￿)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 T￿lee& is.. To maximise Ihe *>ng-term total relum ol sutyoct to the r75k8 nomMIty e¥sociat8d wilh a balar￿ed appro*h to fijnd management. 2. To ￿Hnage the portfolio In order to a¢h￿e 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 Invest￿nt lg p*led 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 manwen*nt agreement wilh extemal investment advi80r8 who manage the FQrtfolio on their behalf. The Committee rev*ws 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. A￿ly•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￿ prop￿915 are welcfftd from the UnNerslty of At*rdaon, 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 rese￿eS sufficknt lo deal wllh any unfo￿$&n costs that may arise. Fundlng sou￿8 The SCIQ has a number of funding sources.. a regJlw gfvlno prograrn￿ ￿lIC￿￿ lev•1 Iless than £10,000) gifts frorn alumni through emal and direct mail. guided by re￿vant d?ta protection law5 where applicable. Ccfflmunty fundrnising 1$ also a source ol income with iTrJNidual and stsff fundrai&ng nitiatives. The Philanthropy team lo￿5e5 gift iwjme strea￿￿ incljdmg grfis frcffl lTrafvlduals arKI organisab'ons. a3 well &s lew ￿VIro. Tho Unlverslty ol Aberdeen Development Tr￿t SC Réport of the SCIO Tn￿lee5 For the Year Endèd 31 July 2024 Pl•M for Futyr• P•rtods Th8 SCIO remains comnmtted to the nWnage￿￿nI and dithrsal offurKts in axordance wlth ts genernl duties a5 set out In its consbtubon. includng the COn￿1￿j of an Annual General Meeting and complianc• 91 ielevant18gi8lalion. Going Conc¢rn The SCIO Group's aclNili88, finarcial perf0rrlw￿8 and fingn¢lal poslt*Jn, togother*ith fxtors Ilkely lo affect its lulure development h4¥8 boon (>)nsvJgred In the Universty's g￿ng 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 statew*nts of the Unrrfeiw of htenJ&n ￿ebpment Trust SCIO for the year ended 31 2024 which comprtse the Consolidated Staterr*nl of FinancL91 Actlvities, Charfty Statement ofFinartial Nthlties. Group and Charrty Ba&rce Sheet c(￿501￿￿afrd 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 appI￿a￿e Iw and Unitèd Kingdorn Ac£ounting Stsn¢Jards (United Kingthjm Generalty AcceFtsd Accounting practi￿1. 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 regulat￿n 8 of the Charities Accounts {s¢x)I￿lI Rggulglv)n$ 2006. B••l• for oplnk>n l*lle conducted our audit in acC￿lane￿ wilh Intemalkjnal Stsndar(Is on Audttlng (UKI IIW IUKII and appluble law. Our iesponsibililies under thos8 slandartls are fiJrthei dewbed in Ihe Aud￿0￿5 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 ￿ Xffl￿ent 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 ￿e￿￿ed 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 ￿TiC￿l of 12 from Wh￿ the financial stateffEnts are authorised for issue. Our re$￿￿1b11rtieS and the resw)nsibililies of the Irustees wfth ￿Spect tQ 90ing concem aré descrfb8d In the relev8nl 5ectsons of this report. Huwever. beG9use not all future events or conditions can bè predlGted. this ststement is not a gu&¥ntee as to Ihe trustee's ability lo conttnue as a golng cx)nc8m. Oth•r Inlomwuon The other infrsrmalion comprises the infomjalon induded in the 8nnual report other than the financial stater￿nts and our audrtOl'5 report thereon. The Irustees are reSpoll￿b￿ for the other Informal>)n contain&J in the annual report Our opinion on the fin8nc4al staterrent8 does ￿t cover the othor informatron and we do not gxpre8S ary fom ol assuraN* conclusion Ihereon. 10 Independent Auditovs Report to the Tru$tè•g of the Univer8ity of Abgrdeen Development Tft￿t 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 Othe￿1&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 Tinar￿la1 state￿￿nts ￿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 exce￿on 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 0plrt￿n.. the informatlon given in the finarK4al statements ts W￿nSIstent In any matérid re8P6Ct with Ihe trustees, report,. or prop8r 8c£ountirvJ re¢ords have not b8tn ke0," th8 fInanCk￿ stateff*nts Bro Trol in agmeff*nt 7Mih thè ￿e￿nI1￿ T0￿rdS 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 stater1￿nI set out on p898 4, the Iruslees are r85wsible lor the prepar8kn of the fin8nc￿l gt8t•m8nts and k>r ￿1r￿j 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 mlsststsn*ni. wheth&r due to fraud or error. In Prepa￿n9 Ihe financial statements, the trustees ere responsible for asse681ng the charlty and group'8 ablllty lo oJnllnue as a going conwn. ¢Jr6ck•sing, as apFAi￿ble, matters reLated to gdng con*rn and using the golng concern basis of xeounting unless man8g8ment *ther Intends to I￿uld8t6 the ¢harfty or lo Gease cperatfjons, or has ￿ reall3ti altemat(ve but to do *. Audltorf• r••pon*lblllllx for the atsdh olthe flnancl•l •tat•m•nts We have tjeen appointed as audthr under $8¢bon 44111 (cl of the Charitss and Trustee Inv8stsnenl Iscovandl Act 2005 and reprxt In actNdance tmth thè Act and Tglevant rg9uth'on5 or èffect thereunder. Our objectives aro to obtBin re880nabte a8suranGe about vthether ￿ financ6al ststements 88 8 who are Iree from meleri?I mlsstaten*nt, whgther due lo fraud or ermr. 8nd to issue an aujitor's report Ihat Indudes our opinion. Reasonabk assurance is a hgh bvgf ofa8wrarKe. but 1$ 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 dea5￿n5 ol users taken on the basls of these finanual statements. Independont Audltorfs Roport lo tho Tr￿1￿ 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, InG￿dIng fraud. The rfsk ol r￿t detectiro a materfal misststement due to fwd rs h￿her than tha tsk of not det&tlng one re6uIOng from err￿. a5 fraud may Invofye deliterate 0)n￿l￿OnI 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 preV￿tIon 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 thte￿ned that lh8 slgnffrani are FRS 102 and ts Ch8ritfies StsteryEnl of RethrnThEnd￿ Prthe. understocé the Unwslty of Aivdeen De￿loPment scio is o)mptylng wlth those trameworks by n*kiig enqu￿￿ of man4emenl and those re¥￿nsIble for *al and ¢cmpllanee prOC￿ure3. We cx1rrobora￿ our wuirw through our revi￿ of the Board of Trustses of the SCIO minute4 os vrnll as con8ideratic*n 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 proc*durps in¥￿Ved ￿qurns ol managemen( those chaBJed with g¢￿erna￿e and rtspongblfr for legal and corrpl￿ne4 procedureJ', joum•l enty tesllng with a focus on kAJm#ls irKJicabng largo or unusual transaction6 based on our understanding of the busi￿ss.. revifw ol Board of Truslee minutes b ￿￿ents.fy nved 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 y￿r 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 Al￿deen 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 attc*d8nc* appI￿Able Accounllng St4ndgrd8 in the United K￿)fvn. tre recrynmerMla¥ons set out In Stalemenl of Recommen PracU¢e - 'AcC￿ntir@ arKI RèFWtiryJ by Charib"es IFRS102 - eff&￿ve 1 Januwy 20191.. tha Charrtie5 and Trusteè Investment (Sc￿and>ACt2O0s and regul8thJn 8olthè ChariliesAcc£rtJnt8 I￿And) Regulalion8 20L%. Th• aecoLntlng pokw set out love. urAo88 otr**ise slated. bèen Wied conslstenuy to al pertody presented In thes8 finAncJ81 statements. Th8 firnncaal statements we prepared In accorder￿e ￿th the hlstoric ost Con¥￿tiOn, akfdrt frDm InVestm￿ts hava tthn statsd at m8rk8t ¥￿￿e. Managèment ha8 madèjLklw•n18, e8twnst¢8 8fKI assumpt￿n5 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 recogn11￿n 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 a￿lited 8t&ernen¢8 for ￿ ye¥ ￿￿ed 31 JLIY 2024 for th• SCIO Grwp. cornprigng ol the Univ¢W of Aberdeen De￿lOpment Twsl SCIO ISC0509961 and tre Unlvèrsity of Developmanl 7ru$l (SC￿2938). This r•port * Wgparg4 in acco￿￿¢￿ with th? recommendaoons of Ihe Statemont ol Recommtsrthd pr￿￿(? (FRSI(r2) and c¢Ynpll•s *llh yAic8t4¢ Iw4 and faguIAtiM8. Group Fln•ncl41 StAt•m•nts T￿ finendal staiemerrts con801idate the re8th15 of thg Unfv•r8tty ol Abefdeen Dev¢￿ent Truat SCIO and th• Univerrity ofAtérdeen Devd¢JF¥nerrt Tr￿1 (SC(￿2938) It Is th8 Trustsè. Golnp Conc•m The finandal 51atem8nts have b8en prgpar•d on th4 gclng con￿rn bs818. Follcwng th8 thange of¥¢r(tthire in FY2023f24. the SCIO has agieed with ts Ur¥¥er5rty of Ab8fdoon thgt staff supwt and othgr re￿Wr*S requir•d lo m8nage SCIO Gmp ftnds bbill be provided by the UntverTAty ¥ffld (*naknJ to tho SCIO. Tr Universlty hu conffrThd Its int•ntion to &Jniinue kn th1$ 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 ￿$ll[ Ihe Tru8t•es maln (￿nL￿n 1$ lo onÉt&r8 that onty funds hèld can be awBr¢ed. and the •ppltc4tion and w•Ard8 F*OCe*• 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￿ suffjd8ntfu￿jS1O conWnu8to m88t th￿r liatslities as thty f￿1 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 C￿t of mwe art c4italN¥ed. Is yovld&J to V+Ttte off tho o)8t oftangst4e fixed a68•ts by oqu81 in4￿ments Dv•rfv1r￿irn￿ tives as dats1￿ below. CompLrf•rnand Lther OqwF￿ent.' 4 year8 141C￿l￿ pliw.. 2 y•8 In¥eJtmonts Investments a￿ *ated at rnarket value at Ihe b8law $heet date •rKI #ro stated at t¥d pites where avallable. Movements are ￿gnISed in the sU￿lUS or defidt. Str￿[￿$ Th￿e$ (buffered equity) arè Staled al cost. The Trust appl￿$ a 8V9tatn81)te i￿￿1n￿l￿ poh'cy tr￿d ty the apwov•J ad7Ayors. In￿me 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 Develo￿￿0￿1 Trust SCIO Note8 to the Financlal Statsrngnts for the Y•ar onded 31 July 2024 Nots1 Prlnclpal AGcountlng Pollcl•¥- conllnu•d Donatlon$ Dc￿￿tionS ard gffts ore ststemgnt Lrf*nart>81 in the year 0fr8C￿PI. Where tfv&re Is Sufficient evidence to pThide the necessary probabilrty thal a ckn8tion recetved and the value of the In￿mIr$ re50urc•¥ be rneasLff&J with Suffvienl ￿tabIlty. the a¢L7ued for. PleJggs are onjy recogn5sed once the gfft has b8en r￿e1Ve￿, gfts of investrnerts are feeorded at market value on Ihe date of Dcfiatiorffj gl¥*n for¥ r#¥biLtod purpo8ewill ter•¢w*ed vAthln a restrictedle*nd¢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 ￿ri￿S ofreceipt Leg•¢l•• L•g¥C1￿ ore crethted to thè statement of finarKld ath"vitfvs in thg year of re￿Ipt there 18 suftient &￿[10neS ttl provide the n￿$s•ry probabhty that a leL¥Cy b%YIJ be recdved th8 value Of Ihe Incomlro rosources can bo measured v4rth 8ulfiiyent reliabilty. the18gxy 18 accru8d tsr. In the event that ts grft li In the form ¢f an assgt other than cash. or a Ilnanclal asset tr•Yed on a recognised stcck exthange, recognition ig SLknje¢t lo Ihe v8lup of the gift btiir¥J mea5uratAe w(th a degr88 of rellsonable acwraGy and thè t￿e tr) 888•t bean trwMfw•d to ￿ ctwity. Extsrnal fundlnq Ext8mal lundlng r¢presents value pf t￿m0 rncavth ￿rtn9 ￿ year trrtn Ihp Unlver8fty ofAbwde•n. InvMtm•nt In¢omo DivideTrJs, for fijnds Yhth pr•Jed Inbwknenls. and Intwest are 011(￿￿ted in wopcth lothe balance of tho fLffld atlhe beginning of the yeor. Di¥Klend8 ond inlw•d ￿ bank de￿￿11$ (xedllvd kn the y•aT In they A receivable. ExpeThdMure All 8xwnditure Is a¢trJunted for on an acc￿115 baBls. Afi oxpBn6eB I￿u￿1￿ Bupm and governancè costs 8r8 apporb'on•d tts the ex￿dIttJr0 hèadwg a$ d6tall•J beb*. Grnnta to Unl¥erslty of Abenl•frn PayThgnts of grarts lo the Universlty ern r•wilsod an •p￿rOVed offer is cornmuricated 4ThJ ch8r9•d (tir•cty lo the wroph8te f￿d. Support c￿ts M8n#ggment & 8dmini81r•￿ofi ttats, wtrlch Indudes thé d￿ted cost ￿ admlr*8tratic￿ gnd supp)n stgff. g charg8d lo unreslrl¢ted ftmds. All SLPPOrt cos18 are 8llocat•d to the singlg th¥rita￿e ￿￿¥Ity of the wovS8lon ol fund￿9 to th8 Unlver81ty ol Aterdeen. Fundralslng Costs The SCIO does IrKuT8ny funthwsFng co9￿ Costs in respect offurb*al￿n9 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 8lk*aled 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 $utscrfption8 and are it￿gnISed b88ed ￿ the nurnter of month8 OLrtstsrKltng. Otlv ¢Jebtors irKguOe ￿rUe￿ le9￿$ that are recognised in line with SORP recTranition gL￿delineS 8n¢ LNJtsianding Grft CreditorB r￿￿15ed ba8ed on amounts due tts extem81 Fothes 8t the year-end date. Tthe I￿1￿10 in¥dc¢8 re¢elved And offer lèttern approved yior to 31 J￿y. Cash Cash, forthe p￿pOse 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￿ erx*yMnent furth. Trustses may opr to alljcate unreslrithd donaborB to swyfic campaign pnlythes as desKJr￿te￿ fund$ with Ihe unrestrrded classfication. Re$trlcted funds are cts8ted to me811he wtsh8s ol or for major c•rnpwgn8. ETrdDhMmertl fvndÈ are created to e¥t8bli8h a fijnd %the￿bY onty the annval inGome can be awafd&J is often used to w8s8tv8 the g•vity of schol4rBNps or priz8$. AwardB arg onty made to Ihe u￿tty tltherv wffident fuThJs exi¥t ur 6ncome is gu¥ante*d 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 fir￿nCIal inslrumonts. Baslc financlal Instruments are InlU81ty roeogThwl at tr￿31(￿ vakn and rnea8ured 81 their 8eWemenl value. Not• 2 Con•oHdat•d Voluntary Incom• Unr••trlei•d R••trlet•al and tsr sands. It also ststes that fijnd managers musl engage on sock?1, environffffjntal govemancg issu89 and be sh3natorns to the Unitgd Nations Pri￿lpleS of Responsitle InvostrnonL The Unlver81ty of Aberdeen Development T￿￿t 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 2￿23 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 In￿mIng 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 dOr￿r requ8$1 that luThJs prevKJL* donabj are to b8 Converted fn>m endoW￿￿nI to rostrthd funds to e￿Ure the best use of their donaiw. Note 13 Analys1• of N•t A8Mts bet*wn Fund•- GfOUP T•nolble Flxed Asoet Flxed ABs*ts Inv•8tments CuTr•nt Asset8 £000 Fund8 at 31 2024 £oDo R88trfct*l Fur*Js Endowment Fu￿S UnrestriGtEd Funds 31.922 16.302 7￿88 2.641 39J10 18.943 59 16 The Univorslty of Aberdeen Developmeirt Trust SCIO Notes to the Financlal Statements for the Year ended 31 July 2024 Notg 13 Analy81• of Net A8••ts 1)otwe•n Fuftd8- Group- conilnu•d Tangible Flx•d A88ets Flxed A88•1 Invastments N•t Current Amets £000 Funds at 31 Juty 2023 ReStr￿ted Funds Endown￿nI Funds unresth.cted Funds 29.081 13.764 5.342 3.296 718 34.423 17,060 718 Unrestn'cted lund5 may te use(1 by the SCIO fcf any purpos• and cwrenuy sUp￿rt thJndraisin9 and adminijtration costs as these rJJrrentty represent unuw grant fundlng pro¥ided by the Unrver5ity ofAberdeen. Trustee8 may opt to sel aside unrestricted grfts fr)r Sp￿ c4mpaign rAiorities as deslgn8ted funds within unresthctect funds. There are CUlTeMly no designatgd fund8 (2023: nir). Restrthd funds are to be for p¥f￿ar purposes 8rodllBd ty the donor and ar8 li8ted from page 25 in Note 18 - Movement in Fund8. Endthvrrwt fvnds aro a suLr4legory of Restrteted fund whereby. as Standard practi¢e, only thè accumubted annud investment irwme 1$ 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 Debt￿S Increaselloecreasel in Credilorg Net Cash Inilowlloufflowl from O&w4ting Aclvft￿8 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 Inv￿tMentS 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 Tr￿lee may have an inte￿$1. The folbwfng transacbjns were Identsf￿d for disck)gJre for the Group: Oryani¥atk R•l•tIO￿hIP Naturn Ra¢•lpts £000 Payments The Unlversrty of Aberdeen OperatiDn&lGrants In financial year 2023r24, the Group directty wived ¢*)nations from SCIO Twstees awntirg to £3k without conditions12023.' £37k). Th8r8 were no don?￿n$ made ty SCIO Tru81ee8 requwing separate dixlosure as outtingj thè Charites Staten*nt of Recomffende(I Practte (FRS1021. There were ￿tstandIng bal8n¢es ￿£15K a￿￿9 kj re*ed part￿$ 88 at 31 July 202412023.. £28k). Financral Year 2022r23". Org*nh•tk)n R•l•tlonihlp R￿tIPt* Paymonts £000 The Unfver8ty ofAberdeen Charity opera￿n81Gfants 6,030 Noto 18 Ilov?m•nt In Fund• Fur￿3 wllh cbsing baknc8s Of less than £0.25m Ic. 0.5%) DI tctsl have teen grouped to06ther Yt8 1)th•r Funds wlhin the Restr￿184 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 D￿1)r•I FenDwJhlp (En¢knYd) RIISS CentrelGluc*Jman (Endewedl PrOf*￿r Roy Wdr Fund (EThy0￿rf} E112ab•th D Jamle IAqII TN8t IEnO>4 JIM Durun Sch&ar8Np Dr G¢Jdon Ferrlo8. MedirAI Rese￿1 (rms) (Er Sheila Ferres MBE- Phy8iother¥p￿t- 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 IEndtr*rd) Inne8 ￿11 SL*daTTthlp IEndth*d) Donald INthrtngton (En¢Yowed) Scholarsh Hrxn F￿llY Sc*ol8r8hlp (Erth￿l The IA8rgarf E S March•nt Memorial SthokrBhOp (Endow￿> Other Endo%*d Fur*ls Unrealised Gain5 Endobved F￿dI 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 18￿43 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 F￿d Anlhony & Mwgar•t Johrmfrn Fvnd Medical Fa￿ts￿8 at F 11) (1) 1171 11631 (4) (1￿) 165) 652 551 499 491 47S 853 525 451 10 11 15 458 440 438 419 389 342 342 334 329 611 411 382 350 450 359 419 291 289 372 9,179 759 23 10503 55 121) 10 68 1,836 {124) (1.887} 28 274 2&3 8.952 24 24 Unmtrfet•d FurKI• Funds at 1 Augult Incomlng Outgolng 2023 R••ourceg Re8ourco8 TrnnsfÈrs £000 £000 Furéds at 31 July 1024 £000 Total Unrestrktèd Fun 718 204 662 Total Fund• Note 20 Subaequ•nt Events There arn no subsequent events to reporL