SAC TRUST FUNDS: SUMMARY OF DISBURSEMENT 2011/12

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1 SAC TRUST FUNDS: SUMMARY OF DISBURSEMENT 2011/12 1. Introduction The collective Trust Funds from across SAC are managed as an investment portfolio that has a current value (March, 2012) of ca. 3.2M and provides an annual income of 110K (2011/12 values). Appendix A describes the SAC Trust Disbursement Policy. The purpose of this paper is to summarise the 2011/12 awards and propose future trends of Trust Fund disbursement. 2. Summary of Disbursement The total awarded in 2011/12 was 86K compared to 90K in 2010/11. The existing disbursement limit is 90K. The primary beneficiaries were student and staff travel, research studentships, student traineeship and student Centenary bursaries. In addition 10,000 was carried forward from the 2010/11 year to secure the installation of SAC art works (stained glass window panels) to mark our business installation at the Roslin Institute Building and SAC Riverside, Ayr. Each year, as the budget permits, some 10% of income is re-invested in the Trust portfolio. In total, 519 SAC students were in receipt of some from of support together with 27 staff. This represented an increase of around 30 % over the 2010/11 student participation. The current level of participation now sits above the 4-year average of ca 490 students/ annum. Learning Division ensure that the breadth of applications fully represents all teaching groups and geographic locations of our students. In addition, following the suggestion of the SAC Board, Trust support is provided to new and original proposals rather than routine or recurrent activities. Table 1 describes the range of disbursement categories across Divisions and beneficiaries. 3. Projections During 2011/12 the anticipated funding to a range of categories was described as follows:- Funding Recipient Projected Disbursement (2011/12) K Actual Disbursement (2011/12) K Projected Disbursement (2012/13) K Consulting Division (student traineeship/staff travel) Research Division (staff travel) Learning Division (student/staff travel/projects) Research Studentships (UK) SAC Centenary Bursaries Student Prizes EMT Trust Funds Paper 2012.doc

2 Student Training Campus art work (c/f from 2010/11) 10 0 (10) Total 95K 86K 85K The variance between projected and actual disbursement can be explained as follows: In the Consulting Division, staff did not make applications for support. Only one new PhD programme (in carbon management) was supported via Trust funds although SAC has used development funds to maintain several additional post-graduates in 2011/12. During the year, the programme of support for staff travel in connection with research secured fewer bids than expected. This may have arisen since SAC has a separate Internationalisation initiative that can fund staff travel. Essentially, the lower demand from consulting and research Divisions has been taken up by the learning Division through increased support to student and student-related programmes. The successful collaboration between Learning and Consultancy to sponsor third and fourth year students in the SAC Traineeship continues with 6 students within the scheme. In summary, the pattern of disbursement has been adjusted in the 2011/12 year to allow continued support to student-based activities. Thus the dominant recipient group was students (ca. 90% of funding). Given that the income for the Trust investment portfolio may have stabilised at ca. 100K annum the recommended disbursement target for 2011/12 will be 90K. George Marshall 6 February,

3 Table 1 SAC Trust Funds Summary of Awards (2011/12) Divisions Research and Development Learning & Training Consulting Travel: Staff & Students Nos Award ( ) 5 4,727 Nos Award ( ) ,655 Nos Award ( ) Totals ( ) 0 5 (4,727) 492 (38,655) Training: Staff Students (multiple) Equipment 5, , (12,600) Research: Studentships 1 10,000 1 (10,000) Centenary Bursaries 26 20, (20,000) Totals 5 4, , ,000 85,982 3

4 Appendix A SAC TRUST DISBURSEMENT POLICY 1. Purpose This paper sets out the current arrangements for the disbursement of SAC Trust Funds to staff and students. 2. Organisational Structure The SAC Board has established an SAC Trusts Committee to oversee and direct the management of SAC Trust funds and joint trusts. This committee is responsible for policy and has determined that it is appropriate to have an SAC Trust Disbursements Committee with a membership that is well placed to make informed decisions about the disbursements of funds within the agreed policy. The operation of the SAC Trusts Disbursement Committee and its relationship with staff, students and other Trustees is summarised in Figure Trust Funds SAC is fortunate to have received, over a significant number of years, a number of gifts, bequests and donations. The majority of these were given to the former regional colleges and in some cases there are particular conditions attached. In some instances, the funds are held jointly with the University of Aberdeen and the University of Edinburgh. These are referred to as Joint Management Funds. The collective Trust Funds from across SAC are managed as one single investment portfolio that has a current value of ca 2.5M and provides an annual income of ca 145K (2008/9 values). Background Not all Trust Funds available across SAC can be managed exclusively by SAC due to the nature of the bequests. At Aberdeen and Edinburgh, there are funds from the former North and East of Scotland College areas, which must be managed with other non-sac Trustees such as representatives from the Universities of Aberdeen and Edinburgh. Some of these Joint Managed Trust funds are chaired by representatives external to SAC. All Trust Funds originating from the former West of Scotland area are exclusive to and managed by SAC (paragraph 4 applies). Trust Funds Conjoint with SAC Most of these Funds are available to receive applications from staff and students from the former North and East of Scotland areas. Normally, Deans of the Centre work with the non-sac Trustees to secure agreement upon disbursement of funds. The categories of awards are similar to those described in 4.3 however, there is often input from relevant University staff and other Trustees. 4

5 4. Applications: SAC Trust Funds 4.1 Application Forms Proposals from SAC staff and students are submitted on Forms A and B (staff and students respectively). Guidance notes on the protocols for completion of the applications and required authorisation procedures are provided on the SAC web: ( In addition, the Deans at Ayr, Aberdeen and Edinburgh can also provide advice to potential applicants. 4.2 Review Procedures The SAC Trusts Disbursement Committee receives applications three times each year (April 30, September 30 and December 31). The Committee discuss the applications and agree which should be approved. Minutes from the meetings are distributed to Committee members and the SAC Trusts Committee. 4.3 Categories of Awards Whilst some of the Trust funds are general in nature others have specific criteria for their disbursement. In order to be able to analyse the monies available in a meaningful manner for disbursement and ensure that the terms of the original bequests are met, funds with similar benefits are grouped in functional categories. Awards are made as follows: (a) General (b) Research (c) Education (d) Prizes The categories each include funding opportunities for the following activities: General - Staff and student travel - Staff and student projects including research and continuing professional development - Outreach activities - Purchase of equipment/furnishings for staff and student use Research - Staff and student research projects - Research-related staff and student travel Education - Post-graduate education and research - Student travel - Bursaries and scholarships - Continuing professional development - Outreach/public engagement 5

6 Prizes - A wide range of prizes for students and staff are awarded annually. The majority of the prizes are administered via the Education and Training Division. Staff prizes are administered via the SAC Trusts Disbursement Committee. 4.4 Reporting Reports on the range of activities that are funded via the SAC Trusts are provided by recipients to the SAC Trusts Disbursement Committee. In the absence of reports that are overdue, funding can be retrieved from the recipient. Prize winners are reported through the Annual SAC Graduation Ceremony, campus prize-givings or via the SAC Corporate Information Officer. 5. Joint Management Trust Funds 5.1 Application Forms Calls for application/nominations are sent out normally in March each year with descriptors and forms where appropriate. In some cases, calls may be forwarded only in cycles of three years depending upon the availability of funding, for example, for a particular studentship. 5.2 Review Procedures At SAC Edinburgh, applications are reviewed by individual Trust Committees by end of May each year. The local Trust Committees are chaired by the Dean of Centre and have representation appropriate to the constitution of each including the Chair of the SAC Trusts Committee (a non-executive Director on the SAC Board). For some Trusts, final ratification involves agreement with external Trustees. At SAC Aberdeen, applications are reviewed by the Dean of Centre and the individual Trust Committees as appropriate. 5.3 Reporting/Interaction with SAC Trust Disbursement Committee The SAC Trust Disbursement Committee receives reports from the Deans of the Centre on relevant local Trust awards. Disbursement of non-sac Trust Managed Funds covers similar categories of award to those described in 4.3 however, the number of individual Fund accounts involved is much less that in the SAC Trusts. George Marshall 27 October 2005 Revised 3 September

7 OPERATION OF THE SAC TRUST DISBURSEMENT COMMITTEE AND ITS RELATIONSHIP WITH STAFF, STUDENTS AND OTHER TRUSTEES Figure 1 Proposals from staff and students Applications from SAC staff and students Guidance protocols from SAC web/deans offices Applications submitted on Forms A/B (staff/students) Deadlines: April/August/December Applications alternatively submitted to Trustees of Jointly Managed Funds via Deans at Aberdeen/Edinburgh Reports Applications reviewed by SAC Trust Disbursements Committee Awards agreed via SAC & Trustees at Aberdeen/Edinburgh Awards Disbursed Categories: General Research Education Prizes Report of awards by Deans of Centre Awards Disbursed Categories: General Research Education Prizes Reporting To Trustees 7