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i Annual Report Carnegie Universities Trust of Scotland Annual Report One hundred and fourteenth Annual Report for the year to 30th September 2015 Carnegie Universities Trust of Scotland Annual Report ii Annual Report One hundred and fourteenth Annual Report for the year to 30th September 2015 Andrew Carnegie House Pittencrieff Street Dunfermline KY12 8AW Tel 01383 724 990 Fax 01383 749 799 Email admincarnegie-trust.org Web www.carnegie-trust.org Incorporated by Royal Charter. Scottish Charity Number SC015600. Carnegie Universities Trust of Scotland Annual Report iv Contents Index to tables and charts 1 Chairs Introduction 2 Structure Governance and Management 3 Trust Constitution and Powers 3 Objects of the Trust 4 Risk Management Statement 4 Statement of the Trustees Responsibilities 4 Operating Policies of the Trust 5 Secretarys Report 7 Activity report 11 Summary statistics for 2014-15 11 Undergraduate funding 12 Postgraduate funding 18 Research funding 25 History of the Trust 31 Archives 31 Former beneficiaries 31 Financial review 33 Accounts for the year ended 30th September 2015 35 Statement of financial activities 35 Balance sheet 36 Cash flow statement 37 Notes to the Accounts 38 Report by the Auditors 44 Trustees and Standing Committees 2014-15 46 Nominated Members of the Trust 46 Ex-Officio Trustees 48 Executive Committee 48 Investment Committee 49 Audit Committee 49 Members of staff 49 Auditors 49 Bankers 49 Investment Managers 49 Solicitors 49 Photo credits 50 1 Annual Report Carnegie Universities Trust of Scotland Index to tables and charts List of Benefactors 2 Asset allocation 5 Summary statistics for 2014-15 11 Applications numbers and success rates 11 Gender split of awards in the research funding schemes 11 Undergraduate fee assistance grants by university 12 Vacation Scholarships by university 14 Gender balance of Vacation Scholarships 15 Allocation of Carnegie-Cameron Bursaries by university 18 Gender and discipline balance awarded Carnegie-Cameron Bursaries 19 Field of research of PhD awards 20 Research Incentive Grants Success rate by university 25 Performance of the investments 33 Statement of financial activities 35 Balance sheet 36 Cash flow statement 37 Investment management costs 39 Charitable activities 39 Support costs 40 Clause A and Clause B analysis 41 Governance costs 42 Salaries and pension 42 Fixed assets 42 Investments 43 Provision for scholarship costs 43 Movements on funds 43 Carnegie Universities Trust of Scotland Annual Report 2 Sir David brought great wisdom and unfailing commitment to the Trust for over 19 years as a Trustee and 12 years as Chair. The Trust has continued to flourish during his leadership and he leaves us in a strong position to face future challenges. The Trust has a clear mission to support the Universities of Scotland and it is a great pleasure to contribute to delivering Andrew Carnegies legacy in supporting and acknowledging excellence in higher education. The environment in which we operate is changing continually and I welcome the Chairs Introduction The year covered by this report includes my first four months as Chair of the Trust. I am delighted to have taken up this position and I would like to acknowledge the tremendous contribution of my predecessor Sir David Edward.Figure 1 Dame Anne Glover Chair enthusiasm from the Trustees to work hard over the next year to increase the visibility and impact of the work of the Trust. We will explore how we might increase the value of our endowment so that we might achieve even more of Andrew Carnegies vision. I am impressed by the number of examples of the impact of the work of the Trust that you will find in this Annual Report and I hope you will be inspired by reading them. Dame Anne Glover DBE FRSE FASM List of Benefactors 2014-15 Name Value Description John William Hitchcock Logan 200 Legacy repayment of fee assistance Edinburgh Science 1964-65 Colin T McCrae 500 Donation repayment of fee assistance Aberdeen Law 1970-72 Madalena Cameron 5000 Fee Repayment Glasgow Arts 1941-44 T C K Brown 120 Fee repayment St Andrews Medicine 1954-58 Christabel Macdonald nee Fraser 1000 Fee repayment Aberdeen Medicine 1956-63 with Gift Aid Adam Wilson Foundation 20000 Donation in support of Special Supplementary Fund A C Boswell 120 Fee Repayment Gift aid CAF James Williamson 230 Fee Repayment CAF donation 3 Annual Report Carnegie Universities Trust of Scotland Trust Constitution and Powers The Trust was founded by Andrew Carnegie through a Trust Deed dated 7th June 1901 and incorporated by Royal Charter on 21st August 1902. This Charter was replaced on 10th July 1978 by the present Royal Charter which with its By-Laws governs the operations of the Trust. During the financial year amendments proposed to the 1978 Charter and By-Laws were submitted to the Privy Council and these were approved on 8th October 2015. The Trust operations for the year reported here were governed by the unamended 1978 Charter as follows. The ex-officio Trustees are the Principals of the Universities of Scotland the First Minister and the Lord Provosts of Edinburgh and Glasgow. There are fourteen nominated Trustees who are elected or re-elected at the Annual Meeting of Trustees. The Royal Charter requires that three of the nominated Trustees shall retire each year in order of seniority of appointment. Additionally the Executive Committee has resolved that all nominated Trustees should be asked every three years whether they wish to seek re-election. Nominated Trustees are proposed by the existing Trustees and others knowledgeable in Higher Education. They are appointed by the Trustees on the advice of a nominations sub-committee which works to ensure an appropriate range of experience in the Trust. Trustee induction takes place through provision of relevant background information and early involvement as a participant or observer in the committees of the Trust. The provisions of the 1978 Royal Charter and its By-Laws required the administration and management of the Trust to be conducted by the Executive Committee. Matters reserved to the Trustees under the 1978 Royal Charter and its By-Laws comprised the following amending By-Laws appointing Trustees receiving the Annual Report and Accounts and appointing members of the Executive Committee and the Investment Committee. With the exception of these matters the Executive Committee exercised the full powers of the Trustees in administering the affairs of the Trust. The amendments to the Charter approved on 8th October 2015 will bring the governance of the Charity in line with modern expectations through the abolition of the Executive Committee. The revisions enable equal participation of all Trustees in the governance of the Trust reflecting their joint responsibility for its operation. The opportunity was also taken to update the Charter by termination of the ex officio appointments as Trustees of the Lord Provosts of Edinburgh and Glasgow with their agreement the Provost of Dunfermline a non-existent post and the Secretary of State for Scotland as requested by the First Minister. Executive Committee The Executive Committee consisted of five nominated Trustees and four of the Principals of the Scottish Universities in rotation. All Trustees were invited to attend the meetings. Matters reserved to the Executive Committee were the creation of subcommittees the approval for submission to Trustees of the accounts approval of the budget staff remuneration and regulations for the Trusts grant schemes. With these exceptions the Executive Committee delegated all decision making to the Secretary and Treasurer and through him to other key staff. Investment Committee The Trustees are required to constitute an Investment Committee numbering not fewer than four members of whom not fewer than three shall be persons qualified by their ability in and practical experience of financial matters. The Investment Committee keeps the Trusts investments under constant review. Structure Governance and Management Carnegie Universities Trust of Scotland Annual Report 4 Audit Committee The Executive Committee has constituted an Audit Committee comprising no fewer than three Trustees of whom at least one shall be an ex-officio Trustee chaired by a nominated Trustee from outside the Executive Committee. Staffing and Nominating Trustees Committees The Trustees set up these sub-committees which are convened on an ad hoc basis as required. Objects of the Trust By the Royal Charter one half of the net income is to be applied to the improvement and expansion of the Universities of Scotland Clause A and one half to the payment of fees for qualifying Scottish students in respect of courses leading to a degree at a Scottish University Clause B. The Executive Committee has complete discretion over the disposal of any surplus under either heading towards these objectives and may transfer any unexpended income to a reserve fund. The activities undertaken by the Trust in fulfilling these objects are summarised in the Secretary and Treasurers report. Risk Management Statement The Trustees have examined the major strategic business and operational risks which the Trust faces and confirm that systems have been established to monitor and control these risks and to mitigate any adverse impact on the Trust. Statement of the Trustees Responsibilities The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards United Kingdom Generally Accepted Accounting Practice. The Royal Charter dated 10 July 1978 the By- Laws of the Trust and the law applicable to charities in Scotland require the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements the Trustees are required to select suitable accounting policies and then apply them consistently observe the methods and principles of the Charities SORP make judgements and estimates that are reasonable and prudent state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment Scotland Act 2005 the Charities Accountants Scotland Regulations 2006 as amended and the provisions of the Royal Charter and By-Laws of the Trust. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 5 Annual Report Carnegie Universities Trust of Scotland The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charitys website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Operating Policies of the Trust Reserves policy The General Reserve is an unrestricted fund corresponding to the sums accumulated from historical surpluses of income over expenditure which the Trustees are free to use in accordance with the charitable objects of the Trust. It is held to protect the Trust from unexpected fluctuations in future income so as to maintain at a minimum continuing support for staff and administration costs including investment management fees as committed for the next 12 months. The appropriate level of the reserve is reviewed by the Trustees annually. Special Supplementary Fund a fund created from sums placed at the disposal of the Trustees to alleviate hardship of students already receiving fee assistance from the Trust who find themselves in exceptionally necessitous circumstances. Property Reserve Fund a fund set up to support the investment in Andrew Carnegie House which is jointly owned and occupied with the other UK based Carnegie Trusts. The Endowment Fund represents the original endowment together with surpluses and deficits to date and larger legacies received. Investment policy and performance The Trustees investment powers are governed by the Royal Charter which permits them to invest in a broad range of investments issued by any government or municipal or public authority authorised to borrow money or any company with limited liability and to invest in property in Scotland England Wales and Northern Ireland. The objective agreed with the Trusts investment managers is to achieve real growth in both income and capital within the investment guidelines in respect of type of investment and asset allocation contained within the discretionary management agreement with the investment managers. The current risk guidelines agreed are that there will be a minimum of 50 holdings none of which may represent more than 10 of the net asset value of the fund that the ten largest holdings of the fund will represent no more than 60 of the net asset value of the fund and that no single stock should account for more than 4 of the forecast income for the fund. The current guidelines set asset allocation as seen in the table below. The flexibility on changing the asset allocation depends on the Investment Managers requirement to grow the income in real terms. The types of investment permitted include UK equities convertibles preference shares UK and European fixed interest securities unit trusts and investment trusts. Non UK equity investments are also permitted as necessary to provide flexibility in maintaining balance of sectors in the context of the revised risk guidelines. Underwriting or sub- underwriting of issues or offers for sale of Asset allocation Permitted Range Performance Benchmark UK Equities 55100 FTSE All share Index Overseas equities 020 - BondsCash 025 - Carnegie Universities Trust of Scotland Annual Report 6 securities is permitted but the funds may not without permission of the Trust include securities where an issue or offer for sale was underwritten managed or arranged within the previous twelve months by the Investment Manager. Investments in tobacco companies are not permitted. The Investment Committee meets three times annually with the Investment Managers to review the reports on performance and to monitor the risk strategy for investments in respect of business risk and portfolio risk. As part of the periodic reporting the Investment Managers report on internal compliance with risk management procedures with an annual review of such risk management arrangements being carried out by the Bursar and Secretary and Treasurer. The performance for the year is set out in the Financial Review on page 33. Grant making policy In accordance with Andrew Carnegies wishes the Royal Charter enables the Trust to support the 15 Universities of Scotland their staff and students. The schemes of support available during the year ended 30 September 2015 are described below. Fee Assistance may be provided to support undergraduates studying for a first degree who are not eligible for support through the SAAS. A competitive Vacation Scholarship scheme is operated to assist undergraduate students who wish to undertake research in the summer vacation. At the postgraduate level a prestige scheme of Scholarships supports a limited number of graduates with first class Honours degrees who will pursue three years of postgraduate research leading to a PhD. Carnegie-Cameron Bursaries are made available to support fees for one-year taught postgraduate degree courses and are awarded through the Universities. Academic members of staff of Scottish Universities are eligible to apply for the Trusts Research Incentive Grant scheme which awards grants of up to 7500 for personal research. A competitive Collaborative Research Grant Scheme with awards of up to 50000 encourages applications for joint programmes of collaborative projects from research groups within the Scottish Universities. The Scottish Universities are invited to compete for up to three Carnegie Professorships per year to encourage World Class scholars to spend a sabbatical period in Scotland. 7 Annual Report Carnegie Universities Trust of Scotland Retirement of Sir David Edward The most significant event this year has been the retirement of Sir David Edward as the Trusts Chair and the appointment in his place of Dame Anne Glover. Sir David was Chairman for 12 years and a Trustee for a total of 19 years. His final meeting in the chair was the AGM held on 29 May 2015. That occasion and the subsequent lunch provided numerous opportunities for Trustees and Staff to acknowledge the outstanding contribution he has made over these years to the Trust and the universities of Scotland. Later in the year we were able to honour Sir Davids term in office with a formal dinner hosted by the University of Edinburgh in the Raeburn Room of the Old College. An evening of good food and wine and excellent speeches culminated in the presentation of a pair of engraved silver beakers as mementos of his period of service. Lady Edwards stalwart support throughout this time was also acknowledged and marked by a bouquet of flowers. A further gift took the form of a hardbound book incorporating reminiscences and good wishes from present and former Trustees and officers of other Carnegie international foundations plus an extensive collection of photographs recording Sir Davids term of office and some of the major events. Other retirements In the course of this year four long-standing Trustees also stood down Dr Janet Lowe the Reverend Charlie Robertson Dr David Smith and Ms Louise Adams. All four have given outstanding service to the Trust and will be greatly missed by the other Trustees and staff. The departure from the Board of Louise a great-great-granddaughter of Andrew Carnegie is a particular loss but she has agreed to keep in touch with the Trust and its activities. Appointment of Professor Anne Glover The May AGM saw the confirmation of Professor Anne Glover CBE as the new Chair of the Trust. Professor Glover had recently completed a three year term as the first Chief Scientific Adviser to the President of the European Commission. Prior to that appointment she was the first Chief Scientific Adviser for Scotland 2006-2011. We look forward to a most fruitful period for the Trust under her leadership. The 2015 Queens Birthday Honours list In June we were delighted to see a number of our Trustees in the Queens Birthday Honours list. Our incoming Chair Anne Glover was made a Dame Commander of the Order of the British Empire and Iain McMillan former Director of CBI Scotland and Peter Downes Principal of the University of Dundee both became Knights Bachelor. Congratulations to all. Secretarys Report Figure 2 Sir David Edward Chairman 2003-2015 Carnegie Universities Trust of Scotland Annual Report 8 Grants and Scholarship In the course of the year 2014-15 the Trust distributed 2.4m in grants and awards up 3 on the previous year. We were able to support 74 undergraduate students through tuition fee assistance and supplementary grants the same number as last year. Awards are made in support of the limited number of Scottish resident students who under special circumstances do not qualify for Scottish Government support. Undergraduate students have also been supported through the award of 85 Vacation Scholarships. Last year the Trustees increased support provided for postgraduate Masters study through the Carnegie-Cameron Bursaries Scheme raising the number of potential awards to 100. This year another 100 bursaries for taught postgraduate study were allocated to the Scottish Universities. During the year 73 Research Incentive Grants of a total value of 434829 and 9 Collaborative Research Grants were made to academics in Scottish universities to a total value of 416672. In addition we have supported 42 PhD Scholarships plus 4 Carnegie Professorships. Further details on all these schemes are provided in our Activity Report. New Research Grant arrangements Following the 201314 review this year saw the introduction of the Trusts revised research grant arrangements. The new Research Incentive Grants scheme with awards of up to 7500 proved popular and we received 277 applications across two grant rounds. In total 73 grants were awarded. The Collaborative Research Grants scheme was exceptionally popular this year attracting a total of 180 applications three times as many as in the previous year. This resulted in a very low success rate as the budget permitted only 9 grants to be awarded see page 28. We are pleased to report that the Scottish academic community has been very supportive in offering their services as Carnegie Research Assessors permitting us to operate an independent peer review process for both of these research grant schemes. This support is greatly appreciated by the Trust. Collaborative Research Grants Review As a result of the very high numbers of applications in the 2015 Collaborative Research Grants round and consequent low success rate the Trustees convened a Working Group to undertake a further review of this scheme with the aim of focussing it somewhat so as to achieve a better match between the available budget and the numbers of applications being received. The following Trustees kindly agreed to join the Secretary on this Group Lady Balfour Eileen Mackay Principals Petra Wend Clive Mullholland and Acting Principal Julian Jones. The Group completed its report in September 2015 and submitted it to the October meeting of Trustees at which approval for the proposed changes was forthcoming. The new arrangements are now in place for implementation within 2015-16. The key change is to specify a series of priority criteria that the scheme wishes to support namely i. A strong collaborative aspect with balanced contributions clear synergy possible new partnership etc. ii. The participation of early career researchers as co-investigators PIs or the Lead Applicant iii. An interdisciplinary aspect to the project and iv. A match to the background capacity and research strategies of the collaborating universities. 9 Annual Report Carnegie Universities Trust of Scotland These four priority criteria will form the basis of an initial sift of proposals in the office. While projects will not need to deliver fully on all four criteria only proposals scoring sufficiently highly on these factors will be sent on to Carnegie Research Assessors for research quality review. University and Other Visits It is always a great pleasure to take up opportunities to visit the universities. During the earlier part of the year under review Patricia Krus Administrative Manager and I visited a further four universities to complete the briefing sessions designed to roll out the new research grant scheme processes to the academic community. Together with the Chairman we also attended the excellent talk given in November 2014 by Carnegie Centenary Professor David Battisti University of Washington at the University of Edinburgh. The 2014 Robertson Medal awarded to the best candidate for a Carnegie PhD Scholarship in that year went to Wilf Wilson at the University of St Andrews. I had the pleasure of accompanying the Chairman to the January 2015 award event hosted by Principal Louise Richardson in her St Andrews residence. Wilf is a mathematician whose research is directed at ways in which Computational Algebra can help deal with the design analysis and implementation of algorithms for manipulating algebraic objects including semi-groups. In April I was pleased to join a fund-raising dinner at Perth College University of the Highlands and Islands. And over the summer Patricia and I attended two Carnegie Lectures given by Centenary Professors James Coyne University of Pennsylvania at the University of Stirling and Brett Finlay University of British Columbia at the University of Glasgow including the subsequent dinners. In October 2015 I was able to participate in the award ceremony for the Carnegie Medals of Philanthropy in New York. As a member of the Selection Committee I had the honour of awarding one of the medals. This biennial event is also used as an opportunity for all the Carnegie foundations worldwide to come together and exchange information on their activities and consider opportunities for joint working. In 2013 the Scottish Carnegie Trusts hosted such a gathering in Edinburgh. Sir David Edward was also invited and attended the ceremony and the associated meetings. Figure 3 Wilf Wilson receiving the Robertson Medal from Sir David Edward I was surprised and delighted to be awarded the Robertson Medal. At the ceremony I was especially keen to meet some of the people behind the Carnegie Trust and they taught me a lot more about the work the Trust does. It was a great reminder of the support and the encouragement that the Carnegie Trust provides to me and many others. Wilf Wilson Robertson Medallist 2014-15 Carnegie Universities Trust of Scotland Annual Report 10 Events were arranged throughout the week including a visit to the grave of Andrew Carnegie in the Sleepy Hollow Cemetery during which a wreath was laid by descendants of Andrew Carnegie together with Vartan Gregorian President of the Carnegie Corporation of New York. At the general meeting of the Carnegie organisations Sir David was invited to address the gathering in recognition of his major contributions to the Carnegie Family during his time as Chair of the Carnegie Trust for the Universities of Scotland. Professor Andy Walker Secretary and Treasurer Figure 4 Carnegie Medal of Philanthropy Figure 5 Heads of Carnegie-Institutions worldwide in-front of Andrew Carnegies grave at Sleepy Hollow Cemetery New York 11 Annual Report Carnegie Universities Trust of Scotland The Trust aims to support the very best students and researchers in the Scottish universities through a portfolio of grants open to undergraduate or postgraduate students and academic staff. The following sections provide an overview of the awards made and report on the progress of existing awards during the financial year under review. Summary statistics for 2014-15 Activity report Distribution of amounts awarded 400000 Carnegie Cameron Bursaries 434829 Research Incentive grants 80000 Centenary Professorships 149231 UG Fee Assistance 94850 Vacation Scholarships 416672 Collaborative Research Grants 864700 PhD Scholarsips Applications numbers and success rates Scheme Applications received Awards made Success rate UG Fee Assistance 94 74 79 Vacation Scholarships 141 85 60 Carnegie Cameron Bursaries 393 98 25 PhD Scholarships 57 14 25 Research Incentive Grants 277 73 26 Collaborative Research Grants 180 9 5 Centenary Professorships 12 3 25 Applications for the Carnegie-Cameron Bursaries made directly to the Scottish universities Gender split of awards in the research funding schemes 761 applications received 356 awards made 15 universities supported PhD Scholarships Applied Awarded Research Incentive Grants Applied Awarded Collaborative Research Grants Applied Awarded Centenary Professorships Applied Awarded Male Female 1000 5025 75 17.7 40 60 3664 3961 4060 3763 3367 5050 100 17.4 3.3 6.1 3.9 16.3 35.3 Carnegie Universities Trust of Scotland Annual Report 12 Undergraduate funding Undergraduate fee assistance The Trust has continued to provide tuition fee assistance to students ineligible for SAAS support due to prior study or to their residency status. The number of awards remained on par with the previous year with 74 grants awarded to students attending the fifteen Scottish universities. The highest number of awards was to the University of Dundee 15 awards followed by Glasgow and Glasgow Caledonian 9 awards each. Of the students funded in 2014-15 36 received further support through the Special Supplementary Fund which helps with living and study costs. The chart below shows the number of awards per university. 74 awards made 93 of students studying full-time 54 of awards to female students 36 of students received Special Supplementary Funds 14986 average annual household income of award holders Key statistics This figure is based on the annual income before income tax. Undergraduate fee assistance grants by university Aberdeen Abertay Dundee Edinburgh Edinburgh Napier Glasgow Glasgow Caledonian Heriot-Watt Highlands Islands Queen Margaret Robert Gordon St Andrews Stirling Strathclyde West of Scotland 0 15105 5 5 9 9 2 2 2 8 8 3 3 15 1 1 1 13 Annual Report Carnegie Universities Trust of Scotland Students funded under this scheme have reported progress in their studies with David Moffatt 2nd year student of Architecture at the University of Strathclyde receiving the Edwin Morris Prize. This year I received the Edwin Morris Prize which is for excellence in the design of a building using timber technology. Only one student in second year receives this award so I am very pleased to have been chosen. David Moffat 2nd year Architecture student University of Strathclyde Figure 6 David Moffat in front of his timber designs Figure 7 Brianella Scott on her graduation day June 2015 My final year has been my busiest and most demanding year thus far however it has also been the most exhilarating and rewarding. I knew that through hard work motivation and dedication I could attain a first class law degree. Therefore I set my goals and ensured I did my dissertation my dissertation poster and my work placement to the best of my ability. I am extremely happy and I cant wait to see what the future holds for me. Brianella Scott Law student University of Stirling Brianella Scott achieved a First Class LLB at the University of Stirling and has now embarked on a Diploma in Professional Legal Practice at the University of Strathclyde. Brianellas primary interest lies in Human Rights Law and her undergraduate thesis examined forced marriage legislation in the UKassessing whether it offered adequate and effective protection to victims and the effect of its criminalisation. Carnegie Universities Trust of Scotland Annual Report 14 Vacation Scholarships Vacation Scholarships encourage students to gain research experience in the long summer vacation before their final year of study. The overall success rate for this scheme was 60 and the majority of applicants and award holders 75 were students studying a subject in Science Engineering or Technology. Funded projects reflect the breadth of topics offered by Scottish universities to their undergraduates. Aberdeen student Katie Grimmond looked at the impact of neophobia the fear of the new on the cognitive and learning abilities of passerine bird populations. Adam Wynne Life Sciences Glasgow applied the relatively new method of soundscape ecology to study acoustic variations at two RSPB reserves Lochwinnoch and Loch Lomondand measured how the presence of anthropogenic noise at both sites may alter the acoustic behaviour of bird species and reduce species biodiversity. 141 applications received 85 awards made 60 success rate 15 universities supported Key statistics Vacation Scholarships by university Aberdeen Abertay Dundee Edinburgh Edinburgh Napier Glasgow Glasgow Caledonian Heriot-Watt Queen Margaret Robert Gordon St Andrews Stirling Strathclyde UHI West of Scotland 0 302010 Applications Awards 9 7 1 1 9 5 10 13 1 12 10 8 2 16 8 7 5 9 2 8 28 19 4 6 5 2 8 4 2 5 15 Annual Report Carnegie Universities Trust of Scotland In the Social Sciences Reizan Al Haddad School of Arts and Creative Industries Edinburgh Napier aimed to understand the transitional process a refugee child experiences when forced to live and integrate into a new culture using ethnographic research to study the production of identity and the role of collective memory in forming the self. Politics student Stephen Campbell University of Strathclyde combined data from the Scottish Index of Multiple Deprivation SIMD with data from neighbourhood polling districts in Scotlands local authority areas to measure the correlation between deprivation and voter turnout in the Scottish Parliamentary Elections 2011 the recent UK General Election 2015 and most importantly the Scottish Independence Referendum 2014. His research shows that the unique mobilising effect of the Independence Referendum among voters in deprived areas fell immediately back into the pre-referendum pattern by the time of the UK General Election just six months later. Stephen hopes to develop further research on this topic in the future. Gender balance of Vacation Scholarships Figure 8 Adam Wynne conducting acoustic measurements at RSPB Lochwinnoch I feel that my project afforded me the chance to experience all the stages of a project from its conception and execution all the way through to the reporting process and presenting the results to a wider audience. Adam Wynne University of Glasgow Applied Awarded Male Female 58 5742 43 Carnegie Universities Trust of Scotland Annual Report 16 In Mechanical Engineering Lewis Carson Heriot-Watt University designed a curved miniature hydrogen fuel cell which can be 3D printed providing a more cost effective alternative to existing fuel cells. Claire Baxter School of Physics and Astronomy University of Edinburgh spent 10 weeks at Swinburne Figure 9 Online-edition of the Mercurius Caledonius Figure 10 Neil Ackermann I moved to Orkney from Glasgowin 2012to study archaeology at the University of the Highlands and Islands. Being surrounded by the spectacular archaeology here has sparked my interest in the prehistory of Orkney and Northern Scotland so I jumped atthe opportunity to do some original researchat the internationally renownedNess of Brodgar site. Having received this scholarship and being able to produce visible work from it should also help when applying for funding in the future. Neil Ackermann 3rd year Archaeology student UHI In Arts Humanities Kevin Gallagher Scottish Literature University of Glasgow undertook the mammoth task of transcribing all twelve editions of the Mercurius Caledonius one of Scotlands earliest newspapers. Published in 1660-1 by Thomas St. Serf the newspaper covered news and events from the three kingdoms of Scotland Ireland and England and the principality of Wales as well as from mainland Europe. Kevin has published the transcribed text online and his work is now being used as a teaching resource. Neil Ackermann Archaeology University of the Highlands Islands contributed to the growing body of research on the Ness of Brodgar in Orkney examining the structure of the few surviving roof slates from this exceptional Neolithic site in order to better understand the roofing technology and techniques of the period. Computer Science student Andrew Pond University of Dundee aimed to design a small theorem prover to check type inference arising from generic language programming in Haskell while Jack Reid Mathematics University of St Andrews used mathematical modelling techniques to study the interaction between species of hosts and parasites. Both students were able to work alongside established teams of academics and develop their own research which will inform the interests of the wider research groups in the future. 17 Annual Report Carnegie Universities Trust of Scotland Universitys Centre for Astrophysics and Supercomputing in Melbourne Australia. Her project aimed to determine the size and shape of HI discs -- Neutral hydrogen or HI is a neutral unbonded hydrogen atom -- in the WHISP galaxies and investigated correlations between multiple variables such as HI radius and morphology of a galaxy HI radius and optical radius HI radius and environment. Findings were then used to statistically analyse the evolutionary and morphological state of the galaxy. In the Biological and Biomedical Sciences Molly MacFadyens project University of Glasgow studied the distribution of two proteins Mid1anillin and Vps4 involved in the final stage of the cell division cycle in the model organism Schizosaccharomyces pombe a type of fission yeast. Using fluorescent tags and confocal microscopic imaging Molly observed the effect of mutations in the mid1 gen on the distribution of both proteins. The data Molly gathered in her project will be developed in further research and a publication on the interaction between these two proteins and their role in cytokinesis. Ahlam Darasi contributed to the ongoing research in the Institute of Biomedical and Environmental Health Research IBEHR University of the West of Scotland by investigating whether obesity induced in vivo or inflammation induced ex vivo leads to elevated expression of Protease-activated receptors on the perivascular adipose tissue PVAT surrounding arteries. Ahlam received a certificate of merit from the University of the West of Scotland in recognition of her outstanding research results. Figure 11 Ahlam Darasi receiving her certificate of merit from Dr Andrew Mackenzie UWS The Carnegie Trust Vacation Scholarship has provided me with not just a valuable laboratory experience and skills but has also given me a greater confidence in my own abilities and independence as a student. Undertaking a PhD was something I have always thought of doing in the future and now thanks to the Carnegie scholarship my desire to have a career in research has intensified and I have a clearer idea of the kind of research I am interested in. Ahlam Darasi University of the West of Scotland Carnegie Universities Trust of Scotland Annual Report 18 Postgraduate funding Carnegie-Cameron Bursaries The Carnegie-Cameron Taught Postgraduate Bursaries introduced in 2008-09 provide fee assistance for Scottish students or those who have studied in Scotland for at least three years to undertake a one-year taught postgraduate degree course at a Scottish university. Each university is allocated a number of Bursaries proportional to the total number of their UK domiciled postgraduate taught students. The universities award these Bursaries informing the Trust when decisions have been made. Each university was allocated the following number of bursaries from the Trust 100 bursaries allocated 58 of recipients female 25 overall success rate 26 of awards in Economics Business or Management Key statistics Allocation of Carnegie-Cameron Bursaries by university Aberdeen Abertay Dundee Edinburgh Edinburgh Napier Glasgow Glasgow Caledonian Heriot-Watt Highlands Islands Queen Margaret Robert Gordon St Andrews Stirling Strathclyde West of Scotland 0 15105 7 3 8 14 5 12 6 6 3 3 7 3 4 14 5 19 Annual Report Carnegie Universities Trust of Scotland Among the 98 recipients of the bursaries taken up the majority are female taking up 58 of the awards overall although the gender balance differs strongly depending on the subject area of the courses studied. The highest number of awards was made to students enrolled on programmes in Economics Business and Management followed by Arts Humanities and Social Sciences. About 20 of the awards were for students in Engineering Physical Sciences and Biological Biomedical Sciences. Gender and discipline balance awarded Carnegie-Cameron Bursaries Arts Humanities Economics Business Management Engineering Computing Law Criminology Medical Biomedical Biological Sciences Physical Chemical Sciences Social Sciences 0 5 10 15 20 25 Female Male 18 12 5 2 9 2 2 8 7 2 3 12 3 13 57 nominations received 14 awards made 6 universities supported Key statistics PhD Scholarships For a number of years the PhD Scholarship scheme has been greatly oversubscribed. Following feedback from the independent reviewers assessing the nominations and a discussion with Trustees it was decided to limit the number of submissions for each university. The total number of applications is limited to 60 and the quota of nominations per university is calculated on the basis of the number of PhD degrees awarded by each Scottish university over a period of 5 years up to 2012-2013 using the UKPIs Research output table R1 published by the Higher Education Statistics Agency. Each university is allowed 2 nominations by default plus a percentage of the remaining 30 places. In March 2015 the Trust received 57 nominations. Following a review of the nominations a selection panel was convened comprising Professor Sue Black Dundee Dr David Ditchburn Trinity College Dublin Professor Robert Donovan Edinburgh Professor Jan MacDonald Glasgow and Professor Claire Wallace Aberdeen. A total of 14 awards were agreed with a reserve list to fill any offers of scholarships declined by nominees. Carnegie Universities Trust of Scotland Annual Report 20 As in previous years the Trust received a very low number of applications in the Social Sciences and the offer of a scholarship to one student in this area was declined in preference to funding from the Scottish Graduate School for Social Science. An equal number of awards were made in Arts Humanities and in Physical Sciences. A further 42 scholars were in post during the year under review of which 6 submitted their theses and a further 4 graduated and are now in full-time employment in academia industry or the charity sector. Aberdeen Edinburgh Glasgow Robert Gordon St Andrews Strathclyde Field of research of PhD awards Physical Sciences Biological Sciences Social Sciences Arts Humanities 0 10 20 Nominations Initial Offers Final acceptances 17 7 16 7 17 6 7 1 7 PhD scholarship awards by university 2 4 2 1 3 2 21 Annual Report Carnegie Universities Trust of Scotland Martin Stanford Chemistry University of Edinburgh Many current synthetic catalytic strategies rely on toxic rare and expensive transition metal catalysts for the activation of chemical bonds. My research focuses on the development of cheaper and more benign main group alternatives based on low- valent silicon and aluminium. Recently it has been shown that main group compounds are able to carry out some basic elementary steps involved in catalysis oxidative addition alkene binding and reductive elimination. With 35 of the earths crust being made up of silicon and aluminium their functional compounds are particularly desirable. The aim of my research is to develop novel main group compounds to investigate the extent of their potential for catalysis. A series of compounds based on low-valent silicon and aluminium will be synthesised and their catalytic-type reactions will be tested including the activation of some industrially- significant small molecules. Furthermore a new concept of tandem systems will be explored where the catalytic compound will contain two reaction centres. This is intended to solve the problem of the relatively small size of main group elements compared with transition metals. Boying Liu Engineering Robert Gordon University Scotland has been one of the industrial powerhouses of Europe from the time of the Industrial Revolution onwards. Nowadays it is a major challenge for power intensive industries in Scotland to utilize renewable energy in order to ensure long-term sustainable economic growth. Strategies for engineering systems to reduce their energy consumptions are becoming compulsory. My doctoral project will develop new control strategies for general engineering systems to maintain their performance within a satisfactory level by using minimum control energy. The project has the potential to innovate the current control technology and such a technique would be suitable for sustainable engineering applications and could make significant economic impacts. The project will pay special attention to the applications in the oil and gas industry particularly for deep downhole drilling but the applicable areas of the project can be even broader including but not limited to biology mechanics electronics optics neuroscience and so on. Multistability exists everywhere in engineering systems while it is unexplored properly which inspires my research curiosity. Boying Liu Highlighted new scholars research projects Figure 12 Martin Stanford 1st year Scholar Edinburgh Figure 13 Boying Liu 1st year Scholar Robert Gordon University Carnegie Universities Trust of Scotland Annual Report 22 Craig Anderson completed his PhD in Mathematics Statistics at the University of Glasgow in 2015 and is now a post- doctoral researcher at the University of Technology Sydney Australia. Craig what are you researching as part of your post-doc Im working in the area of health statistics and Im currently involved in two main projects.As part of the Australian Research Council Centre of Excellence for Mathematical and Statistical Frontiers ACEMS I am developing statistical models for ischaemic heart disease risk in New South Wales.These models allow us to identify differences in the risk across the region and also to identify trends in the disease risk over time. I am also working on a major international project with the Bill and Melinda Gates Foundation which aims to use statistical methodology to improve child health across the world. As part of that project I am currently working on developing models for child growth. What are the main differences in the research environment and campus life at Australian and Scottish universities I havent noticed any huge differences although there appears to be a more concerted effort at creating inter-university collaboration in Australia. The ACEMS project I am working on is funded by the Australian government and has nodes at six different universities across Australia and collaboration is encouraged. The campus life in Australia is somewhat different in the sense that people spend a lot more time outdoors. Much of that is down to the weather though How important is it today for postgraduates to gain international experience I think its hugely important to gain international experience. The world is becoming a lot smaller and most academic researchers will be expected to work with international collaborators at some point. Its important to allow your work to be influenced by different mindsets and different cultures in order to have a more rounded understanding of your area of research. Theres also the very big bonus of getting to explore new countries and do some travelling as part of your job. Figure 14 Dr Craig Anderson Interviews with recent PhD Alumni 23 Annual Report Carnegie Universities Trust of Scotland Twin sisters Claire and Carol Forsyth completed their PhDs in Engineering at the University of Strathclyde in 2015 and are now both working in industry. During their tenure as Carnegie Scholars Claire and Carol were both awarded the Robertson Medal in 2012. You both recently completed your PhDs and are now working in industry. Can you tell us a bit more about your current roles Claire I am now working as a project engineer at NEL in East Kilbride. NELs work is largely related to fluid flow the area I studied for my PhD and it has expertise on on-site flow measurement instrument testing and calibration and research and development. I am in the multiphase flow group where we are looking at the complexities associated with multiphase flows. In particular I am looking at how flow meters are affected by wet gas flows. My job involves a lot of data analysis and report writing so the PhD prepared me well for that. Carol I am a graduate process engineer for Booth Welsh in Irvine. Booth Welsh is a specialist integrated engineering services company and a global market leader in control system design and delivery. I have been working on areas including process automation and safety for projects from GSK and AkzoNobel. The work has been fast- paced interesting and enjoyable. How easy was it to make the transition from postgraduate studies to working in industry Claire The transition has been easier than I expected. Everyone has been friendly and helpful and I think the PhD has made me feel more confident in my work than I would have if I had gone straight into industry after my undergraduate degree. I do miss certain aspects of university life such as working on a novel area the flexible hours and holidays and the people but I am enjoying the new challenges of a job. Carol Its the same for me. People at my new job have been friendly and welcoming. The working environments are quite different. For example working in industry has been faster- paced but the final stages of my PhD project such as writing my thesis and preparing for my viva prepared me well for this. What were the most rewarding aspects of your time as a postgraduate student If you had to do it again what would you change Claire For me it was when I came up with an idea and was able to put it into practice in the lab. I also liked the way the research I was doing was very novel so it was interesting to work on stuff that has not been done before. I also found getting the final copy of my thesis printed and bound rewarding. If I had to do it again I would try to have a clearer idea of which direction I wanted to take my project in from earlier on. I spent the first few months being unsure of what I wanted to do but once I had a clearer idea things became easier. Carol The most rewarding aspect was the large amount of freedom I was given. My supervisor allowed me to direct my research to areas that were of most interest to me which made it enjoyable. A flexible holiday allowance was also a bonus If I had to do it again I would have made better use of the large amount of state of the art equipment available at Strathclyde such as their 3D printing machines. I would also go to more international conferences as these are a good way to see how your research fits on a global scale. Figure 15 Dr Claire Forsyth Figure 16 Dr Carol Forsyth Carnegie Universities Trust of Scotland Annual Report 24 Patrycja Kupiec was a Carnegie Scholar in Archaeology at the University of Aberdeen until September 2015 and she is now an Events Officer in the Schools Programme at the Royal Society of Edinburgh. Patrycja tell us a bit more about your role at the RSE. What does it entail As a Schools Programme Officer I am involved in all aspects of the RSE educational outreach programme. I organise school talks with our experts liaise with our partner universities to deliver Start-up Science Masterclasses twice a year and I assist in organising our annual Christmas Lecture this year we are hosting a YouTube legend Stampy Cat I also prepare Resource Packs related to our events for teachers which enables me to research new topics in detail. The last pack was on the Science of Fashion so quite different from Viking archaeology We also started a new YouTube series called Quiz a Whiz whereby we invite school pupils to submit questions to our Fellows and speakers coming to the RSE. I was responsible for the overall look of the series and I worked closely with an animation production company to design the logo for the series and intro for the videos. I also interview the whizzes such as Ian Rankin Sue Black Peter Higgs David Attenborough Jim Al-Khalili Roger Penrose and many more. All in all no two days are the same and I absolutely love working here How did you become interested in educational outreach and public engagement with science Throughout my studies I volunteered at a number of public engagement events from the Night at the Museum to Science Masterclasses British Science Week and Public Open Days at excavations. I really enjoyed all of these experiences and during my PhD I realised that I would like to work in a role that will combine working with the public education and research. My job at the RSE is exactly what I had in mind What advice would you give to PhD students wishing to get involved in public engagement activities Just go for it There are so many opportunities to get involved in public engagement activities at universities museums science centres and educational charities like the RSE etc. Festivals are also a great opportunity to get some public engagement experience. If you are interested in science education specifically then I would recommend becoming a STEM Ambassador. Just be open to different opportunities and I guarantee you will learn a lot and have fun while doing it Figure 17 Patrycja Kupiec 25 Annual Report Carnegie Universities Trust of Scotland Research funding Research Incentive Grants In April 2014 the Trust launched the Research Incentive Grants to replace the Small Research Grants. This new scheme aims to support either stand-alone projects or initial studies that could lead to a more extensive project. The principal criterion for the award of a Research Incentive Grant is that the planned research is of excellent quality and is likely to be of benefit to one or more of the universities of Scotland. Highlighted projects Dr Andrew Glencross Politics Stirling Project title The European Neverendum Lessons for 2015 from the 1975 EEC Referendum The aim of my research is to analyse the 1975 UK referendum on membership of the European Economic Community the precursor of todays EU. This historical episode has gained a new significance in that 40 years later Britons are being asked to vote again on the UK relationship with Europe. To explore why the 1975 vote did not resolve the matter I explored archival material relating to the campaign including party documents newspaper articles public Key statistics 277 applications received 73 awards made 26 success rate 5956 average grant value 14 universities supported Figure18DrAndrewGlencross Aberdeen Abertay Dundee Edinburgh Napier Edinburgh Glasgow Caledonian Glasgow Heriot-Watt Highlands Islands Queen Margaret Robert Gordon St Andrews Stirling Strathclyde West of Scotland 0 30 402010 RIG Success rate by university 28 7 33 33 20 13 13 37 39 16 7 25 27 40 Carnegie Universities Trust of Scotland Annual Report 26 opinion records and diplomatic communications with foreign embassies. These data offer a fascinating insight into continuities and ruptures in the subsequent four decade-long debate or neverendum over Europe. The principal similarity between now and then is the fact that the British government approaches European integration as a pragmatic and utilitarian foreign policy its about maximizing benefits and minimizing costs. So the complaints about the detrimental impact of the EEC mirror criticisms of the current EU. However Euroscepticism is far more ingrained in British media today which corresponds with the heightened saliency of an issue that never made it into the 1975 campaign immigration. My findings show that the referendum debate never went away because the impact of EU membership and the nature of popular consent are inherently contestable. Dr Fionnala E. Sinclair History University of Edinburgh Project title Blood Territory and Identity Occitan Literature and the Albigensian Crusade This research project addresses the question of Occitan identity in the 13th century during and following the years of the Albigensian Crusade 12091229. This is a significant period in the development of French identity as a whole as during the 13th century the southern part of modern- day France had its own culture language and history and was politically divided from the Capetian north. The Albigensian Crusade marked a rupture in southern culture on many levels. Ostensibly a religious campaign aimed at eradicating Catharism a religion perceived as heretical in the south the northern crusade also carried a weighty political and cultural agenda and ultimately led to the integration of the southern regions into the Capetian kingdom of Louis VII of France. The literature produced in medieval Occitania was predominantly composed of lyric poetry with fewer historiographical and epic narratives. My project studies texts across these genres in order to assess the regions changing sense of self-identity as expressed through its culture at a time when this culture was under threat. Language lineage and place are crucial aspects of the formation of cultural identity and the importance of these are all reflected in the texts of the period. In turn the literature originating in Occitania may itself be reshaped and re-focused by its changing context as poets in particular left Occitania for Northern Italy or Catalonia. The study of changing ideas about allegiance and belonging and the factors that shape notions of identity is significant in the context of medieval Europe at a time when political economic and cultural change was rapid. Its significance continues in the context of modern European identity studies as these same factors language kinship and homeland still serve to create notions of cultural identity today. Dr Alexander Lorenz Biological Sciences Aberdeen Project title Immediate visualization of meiotic recombination events in Schizosaccharomyces pombe Most organisms shuffle their gene pools by undergoing sexual reproduction.This process is essential in order to make sure that in-breeding effects are offset and the attributes of the mating partners are shared in the progeny.Sexual reproduction involves a specialized cell division called meiosis in which chromosomes are re-assorted and recombined to make new chromosome Figure 19 Dr Fionnala E Sinclair Figure 20 Dr Alexander Lorenz 27 Annual Report Carnegie Universities Trust of Scotland configurations. During meiosis the double chromosome set one originally inherited from each parent is halved and segregated equally into gametes by deliberately breaking and subsequently repairing the chromosomes. The repair process is used to physically connect the equivalent maternal and paternal chromosomes this is essential for their correct segregation. The repair process also recombines different versions of genes alleles thereby generating offspring with newly combined parental traits. This Research Incentive Grant project aimed to develop a novel microscopy-based research tool for the model organism fission yeast which enables unique experimental setups to elucidate meiotic DNA repair. Dr James Cobley and Peter Moult Division of Sport Exercise Abertay University Project title Role of reactive oxygen and nitrogen species in denervation-reinnervation cycling implications for neuromuscular ageing The age-related loss of muscle mass and function increases disease incidence and institutionalisation in the elderly. Effective treatments for musculoskeletal ageing are urgently required. Effective treatment depends on understanding the biological progression of musculoskeletal ageing. Degradation of the neuromuscular junction NMJ the muscle- nerve connection appears to underpin musculoskeletal ageing. How age-related NMJ degradation occurs is however unclear. Cycles of transient NMJ loss denervation and reforming reinnervation may contribute but how they contribute is similarly unclear. The present project addresses the possibility that reactive oxygen species contribute to NMJ degradation. To explore this novel hypothesis the present project employs an innovative muscle-nerve co-culture model amenable to the use of state-of-the-art techniques to measure reactive oxygen species. Importantly cell culture methods actively contribute to a reduction in the use of animals in research. This project has successfully established the co-culture method and on-going experiments are systematically manipulating levels of reactive oxygen species to determine their role in denervation-reinnervation cycling. Ultimately these experiments will help unravel the biological progression of musculoskeletal ageing. Figure 21 A muscle nerve co-culture. Red circle neuromuscular junction. Yellow arrow muscle cell. Orange arrow motor neuron Carnegie Universities Trust of Scotland Annual Report 28 Collaborative Research Grants Among the new projects selected in 2015 the Dundee-Edinburgh partnership between historians Dr Julian Goodare Edinburgh and Alan MacDonald Dundee will investigate agriculture and Teind reform in early modern Scotland. Dr Catriona MacDonald History Glasgow Professor Kirstie Blair English Studies Stirling and Professor Gerrard Carruthers Scottish Literature Glasgow will look at how popular verse culture performed in streets pubs meeting houses or other events responded to changes in Scottish politics during periods of unrest linked to the extension of the franchise. The role of oceans in the biogeochemical cycles of atmospheric gases is examined in the collaboration between Dr Andrew McLeod Geosciences Edinburgh and Professor Angela Hatton Marine Science UHI-SAMS. Their work will focus on the ultraviolet component of sunlight which drives photochemical reactions that can produce methane and carbon dioxide from organic matter in seawater using samples from Loch Etive. Early career academics Dr Heidi Burdett Environmental Sciences St Andrews and Dr Sebastian Hennige Life Sciences Heriot- Watt are collaborating with Senior Lecturer Dr Nick Kamenos Earth Sciences Glasgow to analyse the genetic and growth data locked in coral skeletons in order to measure whether recent coral bleaching trends represent a natural variability or a sudden response to rapid warming. The team hope the project will enable them to assess the future survival trajectories for coral reefs in warmer oceans. Goose Games led by Dr Nils Bunnefeld Environmental Sciences Stirling Professor Steve Redpath Biological Environmental Sciences and Dr Aidan Keane GeoSciences Edinburgh builds on recent advances in behaviour games to understand peoples choices to test scenarios beneficial to both people and biodiversity. They will be using existing conflict between conservation and farming arising from increasing geese populations in Scotland as a case study. Combining the microfluidic engineering expertise at Heriot-Watt and the clinical expertise at Edinburgh University and NHS Lothian Dr Mawenn Kersaudy-Kerhoas and Dr James Dear are developing a rapid microRNA purification platform which will enable the fast detection of drug induced liver injury in patients admitted to emergency departments. Key statistics 180 applications received 9 awards made 5 success rate 46296 average grant value 8 universities collaborating 29 Annual Report Carnegie Universities Trust of Scotland Centenary Professorships In July 2015 twelve nominations were submitted on behalf of high profile academics affiliated with universities in Australia Canada France India and the United States of America. The Selection Panel comprising Professor Dame Anne Glover Chair CTUS Professor Peter Grant Edinburgh Professor Janet Carsten Edinburgh Professor Cairns Craig Aberdeen and Professor Andy Walker CTUS made awards to the following individuals Professor Claire Kramsch Languages and Education UC Berkeley will be spending 4 months at the University of Stirling Professor Elizabeth Thompson Medical Statistics University of Washington will be working with colleagues at the University of St Andrews and Professor Cornelia Weyand Medicine Berkeley will be visiting the University of Glasgow. During the year under review four Centenary Professors visited Scotland interacting with researchers students and the wider public across the country. In November 2014 Professor David Battisti The Tamaki Endowed Chair of Atmospheric Sciences at the University of Washington USA explored the likely impact of climate change and volatility in food production and availability in the foreseeable future in a very well attended public lecture at the University of Edinburgh. In May 2015 Professor James Coynes lively intentionally controversial but evidence-based talk at the University of Stirling explained why routine screening for depression can have unintended consequences and is unlikely to improve the depression levels in the community. Fundamentally he argued that the effectiveness of screening depends on a Key statistics 12 nominations received 4 continents represented among nominees 3 awards made 24117 average grant value Figure 22 Professor James Coyne Figure 23 Professor David Battisti Carnegie Universities Trust of Scotland Annual Report 30 well-functioning system assuring completion of referral and timely delivery of routine care of sufficient quality and intensity to benefit patients. If these conditions are met screening is not needed. Professor Coyne is a Professor of Psychology in Psychiatry a Senior Fellow at the Leonard Davis Institute and Director of Behavioral Oncology at the Abramson Cancer Center at the Perelman School of Medicine the University of Pennsylvania. During his visit to Scotland he also participated in Skeptics in the Pub talks in Glasgow and Aberdeen and a Caf Scientifique in Inverness. Professor Brett Finlay Biochemistry and Molecular Biology and Microbiology and Immunology University of British Columbia explained the major role of microbes and bacteria in both infectious diseases and human health in a talk entitled Bugs R Us The role of microbes in health disease and society held at the University of Glasgow in June 2015. Professor Finlay reviewed how new technologies have allowed us unprecedented insights into how populations of these organisms in the human gut affect how we function. The same month Professor Graham Farquhar Biology Australian National University gave a talk at the University of Glasgow entitled Water- use efficiency and water use effectiveness a stomatal perspective using stable isotopes. Professor Farquhars interests include photosynthesis its interactions with nitrogen and water use of plants stomatal physiology and their impact on global environmental change. His work in the 1980s led to some of the first quantitative models of CO2 and transpirative gas exchange from plants in the field still widely cited in the literature and used as a benchmark in the field. More recently his research has included development of Drysdale a water-efficient strain of wheat. Figure 25 Professor Graham FarquharFigure 24 Professor Brett Finlay It was our great pleasure to host the visit of Professor James Coyne to the University of Stirling under the Carnegie Centenary Professorship scheme during the period March August 2015. Professor Coyne engaged in a wide range of activities contributing to the intellectualacademic environment within both the University of Stirling as well as numerous institutions across Scotland. Dr Fiona Harris University of Stirling 31 Annual Report Carnegie Universities Trust of Scotland Archives In August 2015 a new online form was added to the Trusts website to enable individuals who have received funding or whose ancestors may have had a grant to request a search in the Trusts archives of grantholders. Following a notice in the ScotlandsPeople Newsletter about one hundred requests have been received. Further announcements have also been made through the Scottish Association of Family Historians as well as in a number of Scottish Family History Societies in Canada Australia New Zealand and the United States. Whenever a match is found a short life history of the recipients is requested from the descendants. These testimonies demonstrate the role of the Trusts funding in enabling social mobility among Scottish people in particular during the first half of the twentieth century. Notably the scholarships enabled many students from disadvantaged backgrounds to gain the necessary qualifications to become teachers doctors or academics. Former beneficiaries Jessie Thom 1885-1966 In September 2015 Douglas Norrie contacted the Trust to enquire about funding received by his grandmother Jessie Thom. Jessie was a student at the University of St Andrews before gaining her medical qualifications from the University of Dundee in 1911. She was part of the first generation of female graduates to train in medicine at Dundee. She went into general practice in that same city and its surroundings. The photo shows Jessie with her two daughters out visiting her patients. John Johnston 1881- unknown Another relative John McPherson Johnston also studied medicine but at the University of Edinburgh where he received funding in 1901-02 and 1902-03 before heading to London where he trained at the London Fever Hospital. In 1914 John joined the Royal Army Medical Corps and gained the rank of Captain. After the war John became an expert on tuberculosis and was appointed Medical Director of the Tor-na-dee sanatorium on Deeside before retiring to Blairgowrie around 1949. Agnes and Walter Grieve Richard Grieves mother and uncle both received support from the Trust and went on to become teachers. History of the Trust Figure 26 Jessie Thom Figure 27 Record card for John Johnston Figure 28 Record card for Walter Grieve Carnegie Universities Trust of Scotland Annual Report 32 Walter Ferguson Grieve 1892-1972 After graduation he became a secondary school teacher at Lenzie Academy c. 1913. He was then conscripted during the First World War and was an officer in the Cameron Highlanders fighting on the front line in and around the Somme between 1916 and 1918. In the last big German offensive of March 1918 The Ludendorff Offensive he was gassed and captured and spent the last months of the War in a German Prisoner of War camp in West Prussia where he used the period of enforced imprisonment to teach mathematics to other POWs. Returning to Scotland after the War he resumed teaching mathematics and held posts at several Glasgow secondary schools. He eventually became a Headmaster first at Calder Street School then at St Georges Road and finally at Riverside Senior Secondary School all in Glasgow. He retired after completing 40 years of service. He was also active in choral music and was for many years the President of Glasgow Philharmonic Male Voice Choir. Agnes Inglis Grieve 1889-1975 After graduating Agnes Grieve became a primary school teacher first in Glasgow and later in Cockenzie East Lothian. Part of her career was in the state school system but at different times in her life she ran a private kindergarten firstly in Galashiels and later in Gorebridge Midlothian. Richard Maitland Porter 1888-1979 The only son of a shoe and bootmaker in Aberdeen Richard Maitland Porter graduated as MA in 1908 and MB ChB with honours in March 1912. He was awarded the John Murray Medal and Scholarship as being the most distinguished graduate of his year. Throughout his undergraduate career he was recognised as being an earnest and capable student winning gold medals in anatomy and clinical surgery. He was President of the Students Representative Council in 1910 to 1911. He entered the Indian Medical Service gaining first place in the UK wide entry exams. At the beginning of World War 1 he was commissioned into an Indian cavalry regiment and went on to have a distinguished military career being awarded a Military Cross in 1919 for service in Persia and on the North West Frontier modern day Pakistan. He continued to serve in the peacetime Indian Medical Service until 1931 with a particular interest in surgery. In 1926 he was appointed as the first professor of Surgery in the newly established Prince of Wales Medical College in Patna the state capital of Bihar India. Richard Porter was the grandfather of Kate Ellis the Trusts bursar. Figure 30 Richard Maitland Porter Figure 31 Record card for Richard Maitland Porter Figure 29 Record Card for Agnes Grieve 33 Annual Report Carnegie Universities Trust of Scotland The Trusts investments at 30th September 2015 had a market value of 70 million-a decrease of 1.6 million from the previous year reflecting the downward trend of the market in the last months of the year. The unrealised revaluation for the year was a deficit of 2.7million which was offset by gains on investments realised and the transfer of surplus cash to the investment managers for investment. The average month end valuation was approximately 73 million. Both total and capital returns were better than the Trusts benchmark target. In 2011 so as to reduce the concentration of income the Investment Committee directed that no stock should produce more than 4 of the expected income. To implement this policy without losing exposure to key sectors up to 20 of the portfolio was permitted to be invested in non-UK stocks. At the year-end 13.6 by value was invested in European stocks and 2.5 in North American stocks compared to 16.4 in total last year. Growth of 7 in dividend income from 2.73 million to 2.93 million resulted in an increase in total income to 2.97 million. The investment income included a number of special dividends which were not included in initial forecasts. After deducting costs of investment management the net incoming resource available for charitable application was 2.78 million compared to 2.68 million in the previous year. The overall amount expended under Clause A and Clause B see page 41 was 2.66 million net of refunds and unclaimed grants an increase of 2.7 from 2.59 million last year in line with increases in income received. Excluding the sums awarded last year to the universities from the one-off grant received from the Carnegie Corporation of New York expenditure on Clause A increased by 2 and that on Clause B by 3. In Clause A this was mainly due to the award of additional Collaborative Research Grants in response to the level of demand and the number of high quality projects. The new Research Incentive Grants were awarded in place of the discontinued Research Grant scheme at a broadly similar total amount of 0.4m. The reconciliation of amounts unclaimed or unspent in the discontinued scheme brought in some 42000 of refunds in the year. In Clause B based on income forecasts in February 2014 the Trustees increased the value of Carnegie Cameron bursaries for 2014- 15 the cost of which offset falls in the level of undergraduate fee assistance and the value of Vacation Scholarships actually taken up. During the year the Trustees reviewed the accounting treatment of the postgraduate PhD scholarship scheme in the light of best practice and changes to the current operation of the scheme. They agreed that it would be appropriate to change the treatment so that the full cost of the 36 or 42 month duration grant was recognised when the scholar Financial review Performance of the investments Actual for the year Benchmark income target Total return 1.52 2.30 Capital return 2.64 5.60 Dividend and interest income from investments 2943427 2800000 Carnegie Universities Trust of Scotland Annual Report 34 took up post. As a result it was necessary to make a non-recurring charge to provide for the estimated outstanding future costs for all scholars already in post during the financial year. This has resulted in a charge of 953699 which was added to the cost of charitable activities shown in note 3 to the financial statements on page 39 and analysed in note 10 on page 43. The Support costs shown in note 4 to the Accounts amounting to 229574 2014 245580 remained stable overall except that as a result of changes in the operation of the schemes no honoraria were paid to advisers 2014- 16600. Staff costs have increased due to individual staff changes and cost of living increases. The overall level of non-pay costs was less than last year. The ratio of support costs to total incoming resources less investment management costs has decreased from 9.6 last year to 8.3. The net operating result for the year on the General Fund before the scholarship provision was a surplus of 34469 deficit 107436 in 2014. This outcome was better than the planned position which anticipated a deficit on the General Fund of 172000. This result was achieved by improvement in the income from that originally forecast and by adjusting spending plans to reflect changes in the income received. The result after the one- off charge for PhD scholarships was a deficit of 919230. The Special Supplementary Fund received a welcome addition to its income by way of a legacy from a former beneficiary and a donation from the Adam Wilson Foundation. The operating surplus of 4867 for designated funds is arrived at after charging the depreciation on the building to the property reserve and the distribution of Special Supplementary fund income. The total net incoming resources of 39336 offset by the provision of 953699 give rise to the Trust deficit for the year before investment gains of 914363. Net investment gains realised amounted to 0.67 million and together with the unrealised investment loss of 2.7 million brought the net movement in funds for the year to 2.97 million. The total funds at 30 September 2015 were 70670861 comprising the Endowment Fund of 69320861 the amount of 250914 designated as the Special Supplementary Fund the Property Reserve Fund of 536290 represented by the share of Andrew Carnegie House and the General Reserve of 562766. The net amount available as General Reserve at September 2015 represents just over one year of operating costs including investment management. The Trustees continue to review the level of reserves reflecting on the prospects for income and the effects of external decisions made for example on student tuition fees and the funding of Scottish universities. The Trustees will use the reserve as required to make any necessary adjustment to schemes and to maintain the Trusts ability to deliver for its beneficiary groups. 35 Annual Report Carnegie Universities Trust of Scotland Accounts for the year ended 30th September 2015 Statement of financial activities For the year ended 30th September 2015 Note Unrestricted funds Designated funds Endowment funds 2015 Total 2014 Total Incoming resources Incoming resources from generated funds Investment income Dividends and interest on investments 2922834 9706 - 2932540 2727897 Bank deposit interest 10886 - - 10886 15147 2933720 9706 - 2943426 2743044 Voluntary income Other income Clause B 6640 25000 - 31640 8630 Carnegie Corporation of New York grant - - - 121693 Total incoming resources 2940360 34706 - 2975066 2873367 Resources expended Costs of generating funds 2 192355 - - 192355 190399 Charitable activities 3 3618586 29839 - 3648425 2758861 Governance costs 6 48649 - - 48649 51447 Total resources expended 3859590 29839 - 3889429 3000707 Net incomingoutgoingresources before other recognised gains and losses 919230 4867 - 914363 127340 Realised gains - - 2132500 2132500 1864990 Realised losses - - 1456812 1456812 2271339 - - 675688 675688 406349 Unrealised gains - 222 4249319 4249541 5576999 Unrealised losses - - 6979320 6979320 2044810 - 222 2730001 2729779 3532189 Net movement in funds 919230 5089 2054313 2968454 2998500 Balance brought forward at 1 October 2014 1481996 782115 71375204 73639315 70640815 Balance carried forward at 30 September 2015 562766 787204 69320891 70670861 73639315 Analysis of funds Fixed assets 29440 536290 - 565730 586675 Investments 500000 226565 69320891 70047456 71601548 Net current assets 987025 24349 - 1011374 1451092 Provision 953699 - - 953699 - 562766 787204 69320891 70670861 73639315 All of the above results are derived from continuing activities. Carnegie Universities Trust of Scotland Annual Report 36 Balance sheet As at 30th September 2015 Note 2015 2014 Tangible Fixed Assets Andrew Carnegie House and contents 8 565730 586675 Investments At market value 9 70047456 71601548 Total fixed assets 70613186 72188223 Current assets Accrued income from investments 179120 212980 Other debtors and prepayments 13533 60212 Cash at bank and in hand 1397729 1742957 1590382 2016149 Current liabilities Grants awarded but not taken up 445829 396908 CCNY grants payable - 66000 Centenary Professorships 69880 39082 Accrued expenses of administration 63299 63067 579008 565057 Net Current assets 1011374 1451092 Provision for scholarship costs 10 953699 - NET ASSETS 70670861 73639315 Represented by Endowment Funds 69320891 71375204 Unrestricted funds General fund 562766 1481996 Designated funds Property reserve fund 536290 550849 Special Supplementary Fund 250914 231266 787204 782115 TOTAL FUNDS 11 70670861 73639315 Approved by the Trustees on 5 February 2016 and signed on their behalf Dame Anne Glover DBE Chairman 37 Annual Report Carnegie Universities Trust of Scotland Cash flow statement For the year ended 30th September 2015 Unrestricted funds Designated funds Endowment funds 2015 Total 2014 Total Net incoming outgoing resources before other unrecognised gains and losses 919230 4867 - 914363 127340 Depreciation 8549 14559 - 23108 22567 Accrued income sundry debtors tax recoverable increasedecrease 80540 - - 80540 36200 Current liabilities increase 13951 - - 13951 308882 Provision for scholarships 953699 - - 953699 - Net cash inflow from operating activities 137509 19426 - 156935 167909 Capital expenditure and financial investment Acquisitions of fixed assets 2163 - - 2163 553 Payments to acquire investments - - 8829664 8829664 10743241 Receipts from realisation of investments - - 7254653 7254653 11266511 Increase decrease in cash in investment portfolio 500000 - 1575011 1075011 1096190 502163 - - 502163 573473 Net cash inflowoutflow for the year 364654 19426 - 345228 405564 Cash at bank and in hand at 1 October 2014 1738034 4923 - 1742957 2148521 Cash at bank and in hand at 30 September 2015 1373380 24349 - 1397729 1742957 Carnegie Universities Trust of Scotland Annual Report 38 Notes to the Accounts 1 Accounting Policies The Accounts of the Trust have been prepared in accordance with the following policies a Accounting Basis The accounts have been drawn up to comply with the provisions of the Charities and Trustee Investment Act Scotland 2005 the Charity Accounts Scotland Regulations 2006 as amended and the recommendations of the revised Statement of Recommended Practice for Charities approved by the Accounting Standards Board in February 2005. The accounts are prepared under the historical cost convention as modified by the revaluation of UK listed investments. On the basis of the Trusts reserves and cash position and the expected incoming resources for the next twelve months the Trustees consider that it is appropriate to prepare the financial statements on a going concern basis. b Fixed Assets and Depreciation Expenditure on heritable property and on contents is recorded as capital expenditure. Depreciation is provided to write off the cost of fixed assets over their estimated useful lives on a straight line basis as follows Buildings 2 Furniture fixtures and fittings 5-25 Computers 25 Plant and equipment 5-10 c Investments Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. Investment income is accounted for in the year in which the Trust is entitled to receipt. d Legacies and donations Larger legacies of a non-recurring nature are credited to the Endowment fund in the year in which they are receivable. Other legacies and donations on a scale commensurate with students fees advanced in earlier years are included in Clause B income. e Resources expended Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Trust to the expenditure. Expenditure is accounted for on an accruals basis. f Charitable activities Costs of charitable activities include grants made and an apportionment of overhead and support costs as shown in note 5. Grants payable are charged when approved by the Executive Committee except where approval is subject to subsequent fulfilment of conditions. g Governance costs Governance costs comprise all costs involving the public accountability of the Trust and its compliance with regulation and good practice. These costs include statutory audit and legal fees together with costs of meetings of the Trustees and committees. h Provision for scholarship costs Postgraduate scholarships are awarded for a duration of 36 or 42 months subject to satisfactory progress being made. Provision is made for the outstanding future costs estimated to be payable for all scholars in post during the financial year. i Pension arrangements Contributions paid towards personal pensions for four employees amounted to 12280 2014 12290. These contributions are included in support costs. An autoenrolment compliant scheme was established with NOW Pensions with effect from 1st August 2015. Employees who are eligible are automatically enrolled but may choose to optout of this scheme. j Fund accounting The General Reserve is an unrestricted fund which the Trustees are free to use in accordance with the charitable objects of the Trust. 39 Annual Report Carnegie Universities Trust of Scotland j Fund accounting Designated Funds Special Supplementary Fund consists of sums placed at the disposal of the Trustees for existing students receiving fee assistance and in exceptionally necessitous circumstances. Property reserve fund a fund set up to support the investment in Andrew Carnegie House which is jointly owned and occupied with the other UK based Carnegie Trusts. Endowment Fund the original endowment of the Trust as augmented by net surpluses together with the larger legacies received. The income from the fund less costs of management is treated as unrestricted income in line with the terms of the Royal Charter. Transfers to and from General Reserve are made each year to bring the Endowment Fund into balance with the value of its net assets. 2. Investment management costs Notes 2015 2014 Investment advisers fee Management fee 192355 190399 3. Charitable activities Notes Unrestricted funds Designated funds Endowment funds 2015 Total 2014 Total Grants paid Clause A 5 1828539 - - 1828539 1903292 Clause B 5 619098 - - 619098 588666 Provision for scholarship costs 10 953699 - - 953699 - Special Supplementary fund payments - 15280 - 15280 20051 Medals of Philanthropy 2235 - - 2235 1272 Support costs 4 215015 14559 - 229574 245580 3618586 29839 - 3648425 2758861 Carnegie Universities Trust of Scotland Annual Report 40 4. Support costs Notes 2015 2014 Salaries and pension Note 7 213192 211824 Staff training and other costs 1528 1514 Recruitment costs - 2173 Honoraria to expert advisers - 16600 Rates and insurance 3435 3561 Heating lighting and cleaning 5159 5430 Upkeep of premises and equipment 5125 4007 Computer maintenance and support 7333 5197 Computer development 1899 5423 Printing and stationery 3979 6047 Postages and telephones 1649 2282 Travel and subsistence 2134 1804 Meeting costs 2938 3879 Miscellaneous 206 1681 248577 268060 Depreciation Andrew Carnegie House 14559 14559 Other fixed assets 8549 8008 271685 290627 Less attributable to governance costs 6 42111 45047 229574 245580 Support costs are the proportion of central costs incurred directly in support of expenditure on the objects of the Trust. Governance costs are those incurred in connection with administration of the Trust and compliance with constitutional and statutory requirements and include costs of meetings general legal expenses and audit fees. 41 Annual Report Carnegie Universities Trust of Scotland 5. Clause A and Clause B analysis 2015 2014 Clause A Clause B Clause A Clause B INCOME Unrestricted income 2933720 Investment management costs 192355 Net annual income 2741365 1370683 1370682 1271470 1271469 Grant from Carnegie Corporation of New York - - 121693 - Legacies and students fees repaid - 6640 - 3630 Net income available for grant making 1370683 1377322 1393163 1275099 EXPENDITURE Allocation to Universities of CCNY grants - - 121000 - Awards for advanced study and research Research Grants refunded 42208 - 427384 - Research Incentive Grants 431757 - - - Collaborative Research Grants 414110 - 375153 - Scholarships 864700 - 903181 - Centenary professorships 160180 - 76574 - Carnegie- Cameron bursaries - 391559 - 351150 Fee Assistance - 142839 - 146621 Vacation Scholarships - 84700 - 90895 1828539 619098 1903292 588666 Support costs of grant making 107508 107507 115510 115511 1936047 726605 2018802 704177 CLAUSE A AND CLAUSE B SURPLUS INCOME 565364 650717 625639 570922 565364 625639 Medals of Philanthropy 2235 1272 83118 55989 Governance costs 48649 51447 Net incoming resources on general fund before provisions 34469 107436 Provision for scholarship costs 953699 - Net incoming resources on general fund 919230 107436 In terms of Clause A of the Trust Deed one half of the net annual income shall be applied towards the improvement and expansion of the Universities of Scotland under Clause B the other half of the income or such part thereof as in each year may be found requisite shall be devoted to assistance with fees exigible by the Universities. Any surplus income which may remain after satisfying the requirements under Clause A and B shall be at the disposal of the Executive Committee of the Trust. Details of the numbers of grants awarded are set out in the activity report on pages 11-30. All grants are awards to individuals but mainly payable to their institutions. Carnegie Universities Trust of Scotland Annual Report 42 6. Governance costs 2015 2014 Support costs per note 4 42111 45047 Auditors fee 6538 6400 48649 51447 No remuneration was paid to Trustees during the year. Two trustees received reimbursement of expenses in the year totalling 1678 including 1147 2014 nil in connection with liaison with the international network of Carnegie foundations. 7. Salaries and pension 2015 2014 Average number employed including part-time employees 5 5 Wages and salaries Social security costs Other pension costs 190658 18145 12280 189508 18025 12290 Total emoluments of employees 221083 219823 Less reimbursed by co-owners of building 7891 7999 213192 211824 One employee received remuneration in the band 60000- 70000 2014- one. There were no prepaid or outstanding pension costs. 8. Fixed assets Andrew Carnegie House 25 share Contents Total Cost at 1 October 2014 648756 117911 766667 Additions - 2163 2163 Disposals - 2340 2340 Cost at 30 September 2015 648756 117734 766490 Depreciation at 1 October 2014 97907 82085 179992 Disposals - 2340 2340 Charge for year 14559 8549 23108 Depreciation at 30 September 2015 112466 88294 200760 Book value at 30 September 2015 536290 29440 565730 Book value at 30 September 2014 550849 35826 586675 Andrew Carnegie House assets include 62500 of land that is not depreciated. 43 Annual Report Carnegie Universities Trust of Scotland 9. Investments UK equities Fixed Interest Cash deposits Settlements outstanding Total Market value at 1 October 2014 65476967 1300552 4824029 - 71601548 Purchases 8829664 - 8829664 - - Sales proceeds 7254653 - 7254653 - - Exchange gain 541 - - - 541 Gain Loss on sale 675146 - - - 675146 Revaluation for the year 2757504 27725 - - 2729779 Cash introducedwithdrawn - - 500000 - 500000 Market value at 30 September 2015 64970161 1328277 3749018 - 70047456 The historical cost of UK Listed investments was 55269644 2014 49976973. The gain on sale of investments at historical cost was 3717119 2014 4371144. Shareholdings with a value in excess of 5 of the total portfolio value-nil 2014 nil. 10. Provision for scholarship costs Payable within 1 Year Payable 2-5 years At 30 September 2015 Scholars appointed 2012 and earlier 37066 1721 38787 Scholars appointed 2013 263276 5164 268440 Scholars appointed 2014 283528 362944 646472 Total 583870 369829 953699 11. Movements on funds Unrestricted funds Designated funds Endowment funds Total funds Property Reserve Fund Special supplementary Fund At 1 October 2014 1481996 550849 231266 71375204 73639315 Incoming resources 2940360 - 34706 - 2975066 Outgoing resources 3859590 14559 15280 - 3889429 Gains and losses - - 222 2054313 2054091 At 30 September 2015 562766 536290 250914 69320891 70670861 11. Ultimate Controlling Party The Trust is incorporated by Royal Charter and is controlled by its Trustees. Carnegie Universities Trust of Scotland Annual Report 44 Report by the Auditors 34 Melville Street Edinburgh EH3 7HA United Kingdom Independent Auditors Report to the Trustees of The Carnegie Trust for the Universities of Scotland We have audited the financial statements of The Carnegie Trust for the Universities of Scotland for the year ended 30 September 2015 which comprise the Statement of Financial Activities the Balance Sheet the Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards United Kingdom Generally Accepted Accounting Practice. This report is made solely to the charitys trustees as a body in accordance with section 441c of the Charities and Trustee Investment Scotland Act 2005 and regulation 10 of the Charities Accounts Scotland Regulations 2006 as amended. Our audit work has been undertaken so that we might state to the charitys trustees those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law we do not accept or assume responsibility to anyone other than the charity and its trustees as a body for our audit work for this report or for the opinions we have formed. Respective responsibilities of trustees and auditors As explained more fully in the Statement of Trustees Responsibilities the trustees are responsible for the preparation of financial statements which give a true and fair view. We have been appointed as auditors under section 441c of the Charities and Trustee Investment Scotland Act 2005 and report in accordance with regulations made under that Act. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing UK and Ireland. Scope of the audit An audit includes examination on a test basis of evidence relevant to the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from misstatement whether caused by fraud or error. This includes assessment of whether the accounting policies are appropriate to the charitys circumstances and have been consistently applied and adequately disclosed the reasonableness of significant accounting estimates made by the trustees and the overall adequacy of the presentation of the financial statements. In addition we read all the financial and non-financial information in the Trustees Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on or materially inconsistent with the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. 45 Annual Report Carnegie Universities Trust of Scotland Opinion on the financial statements In our opinion the financial statements give a true and fair view of the state of the charitys affairs as at 30 September 2015 and of its incoming resources and application of resources for the year then ended have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice and have been prepared in accordance with the Charities and Trustee Investment Scotland Act 2005 and regulation 8 of the Charities Accounts Scotland Regulations 2006 as amended. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charity Accounts Scotland Regulations 2006 as amended require us to report to you if in our opinion the information given in the Trustees Report is inconsistent in any material respect with the financial statements or proper accounting records have not been kept or the financial statements are not in agreement with the accounting records and returns or we have not received all of the information and explanations we require for our audit. Henderson Loggie 5 February 2016 Chartered Accountants and Statutory Auditors Eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 Edinburgh Carnegie Universities Trust of Scotland Annual Report 46 Nominated Members of the Trust Professor Dame Anne Glover DBE FRSE FASM. Chair since May 2015. Professor Sir David Edward KCMG PC QC LLD Drhc DUniv FRSE Chairman March 2003-May 2015 Trustee 1996-2015. Judge of the European Court of Justice 1992-2004. He is a Professor Emeritus of the University of Edinburgh where he was formerly Professor of European Institutions and Director of the Europa Institute. He is a trustee of the Trier Academy of European Law President of the Franco-Scottish Society and a Vice-President of the British Institute for International and Comparative Law the Industry and Parliament Trust and the United Kingdom Association for European Law. He is a member of European Studies committees in several British universities. Louise Adams LLB Hons MBA. Trustee 2010-May 2015. LLB Hons from University of Edinburgh. Admitted as a solicitor in Scotland and New South Wales Australia. MBA from University of Edinburgh. Practising Advocate at the Scottish Bar. The Lady Balfour of Burleigh CBE MA DPhil LLD DLitt FRSE. Trustee since 1994. Non-executive Director of the Scottish Oriental Smaller Companies Trust plc Murray International plc and Albion Enterprise VCT plc. Chairman of the Nuclear Liabilities Financing Assurance Board Director of the Nuclear Decommissioning Authority Archives Ltd Fellow of the Royal Society of Edinburgh Trustee of the Trusthouse Charitable Foundation and the Royal Anniversary Trust Member of the American Philosophical Society. Richard Burns Esq. MA LLB. Trustee since 2005. MA from Oxford in Modern History and LLB from Edinburgh University. Formerly joint senior partner of Baillie Gifford Co investment managers in Edinburgh Chancellors Assessor and Chairman of the Finance Committee of the Court of the University of Dundee. Director of three investment trust companies. Sir John Grant KCMG. Trustee since 2013. Currently Executive Vice President Policy and Corporate Affairs BG Group. Before joining the BG Group in 2009 John had been president of BHP Billiton Europe since 2007. Prior to that he was a member of the Diplomatic Service from 1976 to 2007 holding posts in Stockholm Moscow and Brussels where he was the UKs Permanent Representative to the European Union from 2003 to 2007. Lord Kerr of Kinlochard GCMG HonLLD FRSE. Deputy Chairman 2013- Trustee since 2005. Educated at Glasgow Academy and Pembroke College Oxford. A Diplomatic Service career included spells as Permanent Representative to the EU Ambassador to the USA and Foreign Office Permanent Under Secretary when he was a member of the British Council Board. Chairman of Imperial College 2005-11 and Deputy Chairman of Royal Dutch Shell 2005-12. Now Deputy Chairman of Scottish Power Chairman of the Centre for European Reform and a director of the Scottish American Investment Company. Formerly a Rhodes Trustee and Fulbright Commissioner. A crossbench peer since 2004. Janet Lowe CBE BA MBA EdD Hon DEd FRSE. Trustee 2005-May 2015. Graduate of Dundee University and Stirling University. Honorary Professor at the University of Stirling. Honorary graduate of Queen Margaret University. Formerly Principal of Lauder College. Previous posts were at Hull University Napier University and Duncan of Jordanstone Trustees and Standing Committees 2014-15 47 Annual Report Carnegie Universities Trust of Scotland College of Art. Formerly a member of the Court of Heriot Watt University and of the Court of University of Dundee. Member of the Scottish Funding Council for Further and Higher Education from 2005-2013. Scotlands Fulbright Commissioner from 2009-2012. Eileen A Mackay CB MA FRSE FRSGS FCIBS. Trustee since 2000. Graduate of Edinburgh University. Formerly a civil servant with the Scottish Office. Currently a lay Governor of the Royal Conservatoire of Scotland and an independent Court member of the University of the Highlands and Islands. Previous non-executive appointments include The Royal Bank of Scotland Group plc the court of University of Edinburgh the Economic and Social Research Council and the British Library. Sir Iain McMillan CBE FCIB FCIBS FAIA CCMI FSQA FRSA. Trustee since 2010. Currently Chairman of the Scottish North American Business Council SNABC Chairman of Work Place Chaplaincy Scotland and Chairman of the University of Strathclyde Business School Advisory Board. Honorary Air Commodore of 602 City of Glasgow Squadron Royal Auxiliary Air Force. Formerly Director of CBI Scotland Vice-Chairman and Board member of the Scottish Qualifications Authority Board member of the Scottish Ambulance Service and a Trustee of the Teaching Awards Trust. The Reverend Charles Robertson LVO MA. Trustee 2005-May 2015. Minister-Emeritus of Canongate Kirk The Kirk of Holyroodhouse and a Chaplain to Her Majesty The Queen. Formerly Chaplain to Moray House College of Education and Edinburgh University. One time member of the Broadcasting Standards Council and of Historic Building Council for Scotland. Formerly Justice of the Peace for the City of Edinburgh and Governor of St Columbas Hospice Edinburgh. Editor of hymn books and liturgical works for the Church of Scotland. Judith Sischy OBE BA MA. Trustee since 2011. Former Chief Executive Director of Education for the Scottish Council of Independent Schools SCIS appointed on the Scottish Qualifications Authority Advisory Board General Teaching Council for Scotland Governments Curriculum for Excellence Management Board. Member of the Court of Queen Margaret University the Institute of Chartered Accountants for Scotland and of the Appointments Committee of the General Teaching Council for Scotland. She has previously served on the Sick Childrens Trust in Edinburgh Childline Common Purpose and Edinburgh Rotary Past President. Awarded an OBE in 2009 for services to education and the voluntary sector. David B B Smith OBE Dr hc MA LLB FRSA FIoD NP. Trustee 2005-February 2015. Graduate of formerly Vice Convenor of Court Edinburgh University. Immediate past chairman of University Investment Committee Board Member NHBC UK and Chairman NHBC Scotland. Past Chairman of the Carnegie Dunfermline and Hero Fund and former Trustee of the Carnegie UK Trust. Formerly Director and Chief Executive Dunfermline Building Society and Vice Chairman Scottish Opera. Past chairman of the Talbot Rice Gallery. Ian Sword CBE HonDSc PhD FRSC FRSE FRCPE. Trustee since 2005. Honorary Research Associate University of Glasgow Trustee Royal Botanic Garden Edinburgh. Lord Wilson of Tillyorn KT GCMG PhD PPRSE. Trustee since 2000. Chancellor of the University of Aberdeen 1997-2003. Master of Peterhouse Cambridge until June 2008. Formerly Governor of Hong Kong and Chairman of Scottish Hydro Electric plc later Scottish and Southern Energy plc. PhD in Modern Chinese History. President of the Royal Society of Edinburgh from October 2008 to October 2011. Carnegie Universities Trust of Scotland Annual Report 48 Ex-Officio Trustees Principals and Vice-Chancellors of the Universities of Scotland Aberdeen University of Professor Sir Ian Diamond BSc PhD DL FBA FRSE Abertay Dundee University of Professor Nigel Seaton BSc PhD Dundee University of Professor Sir Peter Downes OBE FRSE Edinburgh University of Professor Sir Timothy OShea BSc PhD FRSE Edinburgh Napier University Professor Andrea Nolan OBE MVB PhD FRSE MRCVS Glasgow University of Professor Antonio Anton Muscatelli MA PhD FRSA FRSE AcSS Glasgow Caledonian University Professor Pamela Gillies CBE BSc PGCE Med MMedSci PhD FRSA FFPH AcSS Hon FRCPS Glasg Heriot-Watt University Professor Steve Chapman BSc PhD CChem FRSE FRSC MBS MSBIC to August 2015 Heriot-Watt University Professor Richard A. Williams OBE FREng FTSE BSc Eng PhD CEng ARSM DIC FIMMM FIChemE CSci from 1st August 2015 Highlands and Islands University of Professor Clive Mulholland BSc PhD CSci FIBMS SFHEA FRSA Queen Margaret University Professor Petra Wend PhD FRSA Robert Gordon University Professor Ferdinand von Prondzynski MRIA BA LLB PhD St Andrews University of Professor Louise Richardson BA MA PhD FRSE Stirling University of Professor Gerry McCormac BSc PhD Strathclyde University of Professor Sir Jim McDonald FREng FRSE FIET FInstP West of Scotland University of Professor Craig Mahoney BEd MA PhD TTC CPsychol The Lord Provosts of Edinburgh and Glasgow The Rt Hon The Lord Provost of Edinburgh Donald Wilson The Rt Hon The Lord Provost of Glasgow Councillor Sadie Docherty The First Minister Assessor for the First Minister E J Weeple CB MA from February 2014 until October 2015 Executive Committee Sir David Edward Chairman Lady Balfour of Burleigh Richard Burns representing the Investment Committee Dr David Smith The Principals and Vice-Chancellors of the Universities of Scotland From February 2013 to May 2015 the Principals of St Andrews Stirling Strathclyde and Aberdeen held the voting powers. 49 Annual Report Carnegie Universities Trust of Scotland Investment Committee Richard Burns Chairman Sir David Edward Dr David Smith until January 2015 David Cumming MA Sir Iain McMillan Stuart Paul LLB Edward A W Tulloch BSc until January 2015 Mark Tyndall BA Maxwell C B Ward MA Audit Committee Dr Ian Sword Chairman until November 2014 Sir Iain McMillan Chairman from December 2014 Sir David Edward Mrs Judith Sischy Professor Nigel Seaton Dr Janet Lowe until November 2014 Members of staff Secretary and Treasurer Professor Andy Walker BA MSc PhD FInstP FRSE Administrative Manager Patricia Krus MA PhD Bursar Kate Ellis BSc FCA DChA Administrative Officers Barbara Bianchi BA MBA PGCE MSc Julianne Black Auditors Henderson Loggie 34 Melville Street Edinburgh EH3 7HA Bankers Lloyds Banking Group plc Henry Duncan House 120 George Street Edinburgh EH2 4TS Investment Managers Martin Currie Investment Management Ltd Saltire Court 20 Castle Terrace Edinburgh EH1 2ES Solicitors Lindsays WS Caledonian Exchange 19A Canning Street Edinburgh EH3 8HE Copies of the Royal Charter and of its By-Laws may be obtained from the Secretary of the Trust on payment of a reasonable charge. The charity registration number of the Trust is SC 015600. Carnegie Universities Trust of Scotland Annual Report 50 Figure 1 Dame Anne Glover Chair photo curtesy of Robert Taylor 2 Figure 2 Sir David Edward 7 Figure 3 Wilf Wilson receiving the Robertson Medal from Sir David Edward 9 Figure 4 Carnegie Medal of Philanthropy 10 Figure 5 Heads of Carnegie-Institutions worldwide in-front of Andrew Carnegies grave at Sleepy Hollow Cemetery New York 10 Figure 6 David Moffat in front of his timber designs 13 Figure 7 Brianella Scott on her graduation day June 2015 13 Figure 8 Adam Wynne conducting acoustic measurements at RSPB Lochwinnoch 15 Figure 9 Online-edition of the Mercurius Caledonius 16 Figure 10 Neil Ackermann 16 Figure 11 Ahlam Darasi receiving her certificate of merit from Dr Andrew Mackenzie UWS 17 Figure 12 Martin Stanford 1st year Scholar Edinburgh 21 Figure 13 Boying Liu 1st year Scholar Robert Gordon University 21 Figure 14 Dr Craig Anderson 22 Figure 15 Dr Claire Forsyth 23 Figure 16 Dr Carol Forsyth 23 Figure 17 Patrycja Kupiec 24 Figure 18 Dr Andrew Glencross 25 Figure 19 Dr Fionnala E Sinclair 26 Figure 20 Dr Alexander Lorenz 26 Figure 21 A muscle nerve co-culture. Red circle neuromuscular junction. Yellow arrow muscle cell. Orange arrow motor neuron 27 Figure 22 Professor James Coyne 29 Figure 23 Professor David Battisti 29 Figure 24 Professor Brett Finlay 30 Figure 25 Professor Graham Farquhar 30 Figure 26 Jessie Thom 31 Figure 27 Record card for John Johnston 31 Figure 28 Record card for Walter Grieve 31 Figure 29 Record Card for Agnes Grieve 32 Figure 30 Richard Maitland Porter 32 Figure 31 Record card for Richard Maitland Porter 32 Photo credits 51 Annual Report Carnegie Universities Trust of Scotland Carnegie Universities Trust of Scotland Annual Report 52 Carnegie Trust for the Universities of Scotland Andrew Carnegie House Pittencrieff Street Dunfermline KY12 8AW Phone 01383 724 990 Fax 01383 749 799 Email admincarnegie-trust.org Scottish Charity number SC015600 ISSN 0309-3875