2023-06-30-accounts

MAGDALENE COLLEGE CAMBRIDGE REPORTS AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 Registered Charity Number 1137542

MAGDALENE COLLEGE, CAMBIUDGE FIINAYI CIAL STATEMENTS YEAR ENDED 30 JUNE 2023 Contents Page Fellowship Principal Officers and Professional Adyisers Report of the Governing Body Statement of Public B¢nefit 14 Statement of Internal Control 17 Responsibilitie5 of the Govemtng Body Independent.4uditors' Report tt) ihe Governing Body Statement of Principal Accounting Policies Consolidated Ststetnent of Comprehensiv¢ Income and Expenditure StateTnent of Changes in R¢serve5 Consolidated Balance Sheet 18 19 22 29 30 Consolidated Staternent of Cash Flows 32 Notes to the Financial SMements 33 Pag¢ I

MAGDALENE COLLEGE, CAMBRIDGE FELLOWSHIP YEAR ENDED 30 JUNE 2023 FELLOWSHIP CoverDing Body (Trusttts of the ¢karity) Sir Christopher Greenwood GBE CMG KC, MA, LLM J R Patterson. MA, PhD M E J Hughes, MA. PhD Professor T Spencer. MA, PhD (until 30 September 2022) Professor B J Burchell. MA, PhD {Warwick) Professor S Martin, MA. PhD Professor T N Harper, MA. PhD Professor N G Jones, MA. LLM, PhD Professor H Babinsky, MA. PhD (Cranfield) Professor P Dupree, MA, PhD Professor S K F Stoddart, MA, PhD Professor T A Coombs. MA, PhD Professor H Azérad. MA, PhD A L Hadida, MA, PhD Professor C S Watkins. MA. MPhil, PhD l¥ofessor A L Du Bois-Pedain. MJur {Oxon) Professor S C Mentch¢n, MA S J Morris, BA {Newcastle), FCA. IPFA R M Burnstein, MB, BS. PhD G P Pearce, MA, PhD Professor C Brassett. MB. Bchir. Mchir, FRCS Profe550r M J Waith¢, MA (Leed%), PhD C D Lloyd. MA (Kent) R L Roebuck. MEng, PhD Professor A K Bennison, PhD (London) Professor L C SkitJn¢r, MPhil, PhD Professor E So. MEng, PhD. CEng Professor W T Khale4 MA. PhD A Ercole. ￿, PhD. PG Dipl, MB Bchir, FRCA T G Euser, Msc, PhD (Twente) J M Munn5, MA (Durham). MPhil (Bristol). PFLD. FRSA S A Bacallado. PhD Professor S Dubow, DPhil (Oxon) Professor S J Eglen, DPhil (Oxon) N R CaTroll. MA. MB, Bchir Professor J J Orr. PhD The Revd S Aikins, MA Professor P J Lane, MA. PhD A Meghji, MA. MPhtl, PhD (until 31 December 2022) M C SkotL PhD (until 30 September 2022) A Mills, DipABRSM, MA. BCL (Oxon). BaTris*r * Law (Gray's Inn) E Gallo, MPhil. DPhil (Oxon) S Ravenwroli MA (Nottingham). PhD J Patter50n, MA (London). PhD {Manchester} (from I September 2022 until 30 September 2023) C Whitely, MPhil {London). PhD (LSE) (from I September 2022 to 31 August 20?3) Professor K Okkenhau& PhD (Toronto, Canada) lfrom l October 2022} Professor L G Fisher. MA (Si Andrews), PhD (from I Ckiober 2022) A BryaTE. MA (York), PhD (London) (from I September 2023) Page 2

MAGDALF.NE COLLEGE. CAMBRIDGE FELLOW.SHIP (continued) YEAR ENDED 30 JUNE 2023 Erneritus Fellows Profesior P J Grnbb. SCD Profesyor R Hyam, LittD P E R¢)￿01￿5, SCD His Honour C F Kolb¢r4 MA. PhD Profess(Trr N Boyle. LittD. FBA Profe550r R J S Spence, MA. PhD Profe550r E Duffy. DD, FBA Professor N Rushion, MD Professor H A Chase, S¢D, FREng Professor M A Carpenter. SCD K Patel. MA. MSC, PhD IEssex) Professor T Spencer. MA. PhD (From l October 2022) Research Fellow5 S Caputo, PhD {until 30 September 2022) Y Glazer-EJtan, PhD (uniil 31 December 2022) A Baez-Orteg4 PhD D Dunkelmann, MS¢ (Zurich), PhD P Asimov-Hofmann, AB (Brown). Mst (Oxon), PhD H Marshall, MA (Brown), PhD (from l October 2022) . Msc (Fudan. China) {from l October 2022) Sertlor Restar¢h Fellows P M s￿ele. MPhil, PhD A P Ctsutts, MSC. PhD luntil 31 December 2022) A Neumann, MA, PhD S L Caddy, PhD {until 30 September 2022) Professor F Aigbirhio, MA. DPhil. Cchem, FRSC Professor D A S Fergusson OBE, MA (G1&5gow), BD (Edinburgh), DPhil (Oxon), DD, FBA, FRSE T Li¢tn¢e MA. MPhil. PhD, FHEA, FRHistS. FSA (from I September 2022) S Caputo, Mk {Edinburgh}, PhD (from l Ocrober 2022) A l.efauve. Msc. Pht) (from l October 2022) Professor A Fia]kov, Msc, PhD (Tel Aviv, Isrdel) (fr(￿ l December 2022) Life Fellows M D Billinge. MA, PhD A R Thompson, MBE, MA, MPhil Professor T H Clutton-Brock, SCD, FRS S Halper, PhD Prof¢ssor E H CIM)per. Lit￿, FBA Professor T A J Cockerill, MA, MPhil (Leeds). PhD (Manchester) (deceased 12 June 2023) Professor E Rothschild CMG, MA Professor J R Raven MA. PhD. LittD. FRA M C Skoo PhD (from l Ouober 2022) Page 3

MAGDALENE COLLEGE, CAMBRIDGE FELLOWSHIP (Continued) YEAR ENDED 30 JUNE 2023 Bye-Fellows O F R HoardL PhD {until 30 September 2022) F Englan(L MEng (London). MRes (until 30 September 2022) C Vassiliu, MPhil (until 30 September ?022) V Vitaliev, MA (Kharkiv), PhD (Moscow) (until 30 September 2023} M Hrebeniak, PhD {London). MA {honorary) (uniil 31 December 2022) C MacKenzie, PhD (ANU. Australia) (froln l O¢tober 2022) Z BoniL MA lfrom l October 202?) R Hall Maudslay. MEng (from l Ociober 2022 until 30 September 2023) M-R Newis. MPhil lfrom l (knober 2022 uutil 30 September 2023) J Hauge. PhD (from l October 20?2) Visiting Fellows Prof¢ssor C Casey MA, PhD (Dublin) (until 30 Sepiemter 2022) Professor D Chisho]m. PhD (W&%hington} {from l October 2022 to 31 December 2022) Professor G Bagna￿0 Gianni. MA (Milanol, PhD (PeTugia) (from l Ottober 2022 to 31 December 2022) Professor A Orellana. PhD (CU Chile) (from 17 April 2023 to 31 July 2023) Professor C Whelon, Msc {Ireland), PhD {from 17 April 2023 10 31 July 2023) Mr D Mulhall, MA (Cork, Republic of Ireland) (from l (ktober 2022 to 30 September 2023) Honorary Fellows HRH the Duk¢ of Gloucester KG, GCVO. MA Professor Sir John Boardman, MA, FBA. Hon RA Professor Sir David Hopw(M)(L MA, PhD. Dsc (Gl&sgow), FRS Professor H H Vendler, AB, PhD (Hatyard), Hon Litt D J C F-simpson CBE, MA, FRGS Sir Colin Corness. MA Professor Sir Richard Jolly KCMG, MA, PhD (Yale) Professor Sir John Gurdon. PbD. Hon SCD. Hon Dsc (Oxon), FRS D J H Murphy. MA Professor D C Clary. SCD, FRS The Rt Hon Lord Mail(Kh Brown KCMG, MA RWHCrippsAM Th¢ Rt Hon Lord Ilgor} Judge KL PC. MA. Hon LLD The Rt Hon Sir Andrew MorrttL PC, CVO. MA R H Vignole& BA, Bmus. ARCM, Hon RAM, Hon FRCM The Hon Yan Lung Wong, SC. MA, JP Kh¢)on Hong Kuok, BA {Singapore) D D Robinson. CBE, MA and MA (Yale). FSA, DL (deceased 2 December 2022) Professor S Springman, CBE, PhD. FREng C I von Christierson, MA HRH Sultan Nazrin Shah. BA (Oxon). PhD (HarYard} L L Cardozo Kindersley MBE Dame C A Duffy DBE. BA {LIve4X￿1) A Tennent. BA, MIB T Cripps. BA. MBA The Rt Revd & Rt Hon the Lord Williams of Oysterniouth. PC. DD. Hon L￿L (Oxford). FBA Professor the Lady Williams of Oysterrnouth. MA The Ri Hon Brenda Marjorie Hale. Baroness Hale of Rich[nOn￿ DBE. PC, FBA M C Newell, BA The Very Revd Dr D M Hoyle MBE, ￿ PbD C B M Derham, MA M Mooman, MPhil A Schulw MA Page 4

MAGDALENE COLLEGE, CAMBRIDGE FELLOWSHIP (continued) YEAR ENDED 30 JUENE 2023 Fellow-Commoner5 R L Skelton, MA A l J Fitrsimons, Diplomé¢ de I'ISIT 04TiS) J J Hellyer JoThes, MA, FRCO P J Marsh. MPhil. Honorary PhD (Uniyersity of Central England) R V Chartener. AB (Princeton). MPhil, MBA (Harvard) C H L Foord. MAAT. Assoc CIPD Sir Andrew Ritchie, KC. MA (until 8 NovemiKr 2022) Professor C V S Br&sted-Pike, MA, Msci. PhD G H Walk¢r, MA, LRAM, PGDip (RAM) (until 31 Augu￿ 2022) H Critchlow, PhD L Masuda-Nakagawa. PhD (Tokyo) Sir Bradley Fried, MBA (Pennsylv￿14), CA(SA) (until 31 May 2023) F Schuery, MA A Thom, MA, PhD (until 10 February 2023) C N Spottiswoode, PhD J M Potter, BA (Oxon), lfrom I September 2022) Page 5

MACDALENE COLLF.GE, CAMBRIDGE PRINCIPAL OFFICERS AND PROFESSIONAL ADVISERS YEAR ENDED 30 JUNE 2023 Address Magdalene College CaTnbrid8e CB3 OAG Officers Master: Pre5idtnt: Sir Christopher Greenw(rt)d GBE CMG KC. MA, LLM Professor B J Burchell. MA and PhD (Wati¥ick) (until 30 September 2023) N R Carroll, MA, MB, Bchir (from l (ktober 2023) Professor Stuart Martin, MA. PhD Mr Steven Morris, BA (Newcasile). FCA. IPFA Mrs Corinne Lloy4 MA (Kent) Senior Tutor: Settlor Bursar: Development Director: Professional Adviser5 Audltors: Peters Elworthy & Moore Salisbury House Station Road Cambridge CBI 2LA B&Dkers: Lloyds Bank 3 Sidney Street Cambridge CB2 3HQ Property Managers: (Commercial) Cheffins Commer¢ial Clifton House 1-2 Clifton Road Cambridge CBI 7EA Property ManageTS: (Agricultural) Savills Olympic House DDddin8ton Road Lincoln LN6 3SE Seeuriti¢5 Manager5". Baillie Giffi)rd & Co Calion Square l Gre¢n5ide Row Edinburgh EHI 3AN Cazenove Capital l London Wall Pl￿¢ Lottdon EC2Y SAU Troy Asset Management 33 Davie5 Street LoDd¢)n WIK 4BP Solleitors: Ashtons Legal Chequer5 House 77-81 Newmarket Ro Cambridg¢ CB5 8EU Page 6

MAGDALENE COLLEGE, CAMBRIDGE REPORT OF THE GOVERNING BODY YEAR ENDED 30 JUNE 2023 The Gov¢rntng Body of Magdalene College presents its Re[￿rtS and Accounts for the year ended 30 June 2023. STATUS The College of Saint Mary Magdalene. one of31 Colleges in the UDrversity of CaTnbrid8e, cornmonly called Magdalene College, was re-founded by Lord Audley of Walden in 1542. The 1542 Chart¢r provides that th¢ Coll¢g¢ 15 for the advancemenl of knowledge, Iwls, learning and virtue undfor ihe odvancemeni of moral siudies in ¢he University of Cambridge., The College became a regislered charity on 18 Augusi 2010. The Charity Commission of England and Wales is therefore th¢ principal regulator for the College. The College is a legally independent CQTFKJrntion within the collegiate University of Cambridge. A system of University-wide committees exists to plan and discu&8 the joini affairs of the wllegiate University. AJMS AND OWEcfivES The Govemtng Body has adopted a Strategic Plan to deteTmin¢ the ￿￿jre direction and size of the College. Thi5 plan identifies the priorities to be addressed to maintain and enhance leaching provision and the College's academic resources, and to provide appropriate residential aDd r¢cr¢ational amenities. The College's charitsble putpose &8 a place of religion, education. leorning and trsearch is clearly reflected by objectives in the Strategic Plan: io deliver a world-class undergraduate eduution by safeguarding the provision of smail-group Coll¢g¢-based supervision teaching. to maintain and devel¢)p a commitment lor er]¢ouraging applicwions from th¢ most talented students irrespeciive of social, ethnic and religiou5 background in tsndern with a need$-blit￿ adtnission system supported by a comprehensive bursary programme. and to promote academic research of the high¢5t quality. GOVERNANCE The Governing Body of the College comprises the Master and the Fellows (Cl&8%es A. B and C. if aged below 67 years) and they are defuelo the tsvsiees of the College. This body is constiwted and regulated in accordance with the College Statutes {reviscd 1997) and is respon5ibl¢ for the str*¢gi¢ direction of the Coll¢g¢, for its adtnÈnistration atxd for ihe management of its fjnances and assets. 11 meets at Ivdst seven times a year under the chairnianship of the Master. The Presidents of the Middle Common Room IMCR) and the Junior Common Room {JCR) attend for unreserved business. The Goyerning Body acknowledges its responsibiliry to act with pnjdence and care and io ensure the College ¢omplies with relevant laws and regulations. The Governing B￿Y elects all Fellows of the College. Infonnation is given to new Fellows re8arding the College and how it is governed. Th¢ principal committees of the Governing Body include the: Academic Committee; which establishes policy and monitors progress in respecl of the College's main activities of education and research. The Conunittee meets five times a year and its membership is drawn from the Goyeming Body" Fellowship Committee. which advises on the recrnitsnent and the retention of College Fellows including recomTnendaiions about individual elections. The Conllniuee meets at least four times a year. Its membership, whiLh is drawn from the Governing Body. reflects the range of academic disciplines; Finance & Genernl P￿TF￿e$ C<xnmittee' which has re5pon$ibilÈry for the oveTSi8ht of the College's financial and administrative affairs and meets 5iK times a year. MemEeTShip is drawn from the Governing B(￿Y.. Page 7

MAGDALENE COLLEGE, CAMBRIDGE REPORT OF THE GOVERNING BODY (continued) YEAR ENDED 30 JUNE 2023 Investsnents Committee; which has overstght and sets policy for the College's endowment. The Committee meets four times a year and Él includes external memtxrs with knowledge and experience of investments. and Developmeni Committee. which oversees and sets wlicy for the College's alumni relations and fundraising programmes. Th¢ Committee rneets at Iwi three times a year and its membership is from the Governing Body and the wider Fellowship. As secretary to the Governing Body, the S¢nior Bursar matntsins a register of interests for members of the Goveming Body. Declardiions of interest are stsnding item5 on the agendas of the Governing B￿Y and its prin¢ip81 comrnittees. The Governing Body has established Stipends and Remuneration Committees. with memberships which are independenl from it, to review and to advise on the benefits appertaining to Fellows. This Committee met on one occasion during the fjnancial year to review relevant p)licy proposals. In ternis of the College's pay policy, including that of senior management. a fornal triennial review agai[￿ compaAtive role5 is undertaken to benchmark pay and subsequent recommendations appertaintng to Fellows I College Officers are made to the Stipends and Remuneration Committees, which advise the Governing Body accordingly. Additional disclosure on the Salaries of Fellow5 of the College who fomi the trustee body ts gÉven in the Notes to the ac¢ounts. The Master is the chainnan of the tTh￿tee5 and has a duty to prornote the welfare of the College and to ensure the College maintains an appropriate learning environmeni for its members. The Presideni &% a senior fellow, supports th¢ interests of the fellowship and acts &8 the vice-rn&Ster. The Senior Tutor day-tfrday responsibility for the adrnission, education and welfare of undergraduate and postgradu*e students and supporting the research activities of the College. The Governing Body appoints Admissions Tutors to sUp￿)rt the Senior Tutor in the selection of suitable students for admission to the College. The Senior Bursar h&8 resEMinsibiliry for the estates, finance and administration of the College. Th¢ College appoints a Director of SNdies for each undewaduate and providcs small group tvaching in addition to the teaching provided by the University. The College also provides a Tutor for eath student and access to other fornis of pasioral care. including a Dean of Chapel. Nurse and Counsellors. Together. the Dean and the Tutors have resFonsibility for tnaint2ining $L￿dardS of behaviour and go(Ml order in the College. Members of the MCR and the JCR elect annually an exttutive committee to support and pr¢)mote their welfare. The College makes grdnts to these sNdeni l)odies, as well &¥ to SPOTts and cultural societies. PROGRE&S MADE DURING THE YEAR This year has been the f]rsi 'nortnal' year of college operdiions and activity since the pandemic. This has a]lowed students to return to nornial residence and to undertake teaching and social attivities without health related restrictions. It has pernjitted international travel and in-lurn a gradual return io conferences and local busin¢$5es to operate unregtslated again so commercial property rental income has markedly improved. The tollege has transltioned to hybrid working pr￿1]r¢S where ever praetieal and has aimed to rekindle the strong community on which it is based. The College is always slriving to improve its own academic stsndard4 and is active tn promoting the wider collegiate University's standing in iernis of teaching and resvarch and the ￿5]tion of the colleges within it. The College aims to build upon its existing academi¢ 5tr¢ngths by recruiting Fellows who are outstsndillg in their field of study and by admitting talented students. Although the New Librdry was operntional from earty 2021 it has thrÉved this year as a multi-functional resource and learning centre for the college and its students. OUT S￿dents have enjoyed the high quality setting in which to study and prowss in consolidating the archives inio a stngle location h&5 been substsntial. Th¢ art gallery has proven a great 5ucces& operating with three exhibttions per year, this has provided an enhancement to th¢ local community and new ¢onnections with similar institutions nationally and internationally are being made. The College was proud to win a number of design and material award5 within the consmiciion Tndusty and was nominated as a fmalisi and subsequently won the RIBA Stirling prize. This recognised the high qua]ity design and very long temi expected life of th¢ building. Since this success the college has on occasions opened the building to the public and is conducting tours for member5 and other interested parties. Page 8

MAGDALENE COLLEGE. CAMBRIDGE REPORT OF THE GOVERNING BODY (conlinued) YEAR ENDED 30 JUNE 2023 The college also d¢¢ided to re-start its plans to restoye and itnprov¢ the Samuel Pepys building in order to und¢rtak¢ a substantial refurbishment of the building in the near future. It will require a new fundraising effort as well a5 a Substantial financial commitment from the college. Perhaps the niost significant impact during the yedr ihough h&8 been inflationary pressures on college costs in conjllnction with a labour shortage. This has led io high staff turnover, high wage growth and substantial tncrease in the day-to-day costs on colleg¢ ottrdtions. Owrtt]nities to grow income in line with inflation are limited which in- turn is leading to financial pressures on the college's (V¢￿tIonal budgeL FINANCIAL REVIEW Seope of FinaD¢i81 Statements The fmancial statements include the accounts of Magdalene College and its subsidiary undertaking. Sources of Funding The principal sources of income of the College are.. Students through fees charged for educaiion provided The University through fees charged for education provided io its sttthnts Donor5 through grants for re5¢a￿h Members and friends of the College through donations and Iwuests Students and Fellows through charges for g{￿ds. seTViC¢S and facilities provi(ted Conference customers for g￿d5. services and facililies provided Investtnent income from the xcUMula￿d endowmeni. Results for the Yegr The fmaneial results for the year are given as follows.. 2023 2022 •/• Change Total Income Total Expenditure Surplu5 before investment gains or changes to pension schemes Gain on investtnents Actuarial (loss)Igain on pensions Total Comprehensive Income 15,167 (13,49?) .675 3.184 (133) 4,726 12,899 11,690 1.209 +17.6% +15.4% 438.501. +1.060.3 /0 510 1,722 +174.4O/(* The College deems it prudent to plan for a mod¢5t recurreni surplus to pftivide stsbility and to allow for new funds for r¢inv¢stinent. Ineome Overall income (before investment gains and a¢luarial pension changes) has increased by 17.6Q/ts when compared to the previous year. This was due to a full recovery following the pandemi¢ in member income for accommodation and catering. a partial recovery of conference business and in investmenl inwrne. In addition, donations r¢lat¢d to student support tncreased in the year. In a reversal from l&st year. markd gains on securiti¢s significantly offset solne smaller capital losses in commercial property values. Income from academic fee5 w&s slightly lower than the PTevious year as fewer postgraduate students were admitted. There was Teduction in research activity and income sUPPOrt from the University towards the Cambridge Bursary Scheme. Page 9

MAGDALENE COLLEGE, CAMBRIDGE REPORT OF THE GOVERNING BODY (conlinued) YEAR ENDED 30 JUNE 2023 Income from Coll¢g¢-provided accomm(yJation ar￿ ￿tering was £3.988k (£3.165k for 2021-22). an inctra8e of 260/0 on last year. Although College member accomrnodation and catering income have l)oth rKovered and now exceed pre- pandetnic levels. confer¢nc¢ revenues have been slow¢r to recover. Income from conf¢T¢nce activity w&8 just und¢r s￿/0 of pre-pandemic levels. Investment income incrv&sed by 13.If/o to £4,214k (£3.726k previous year} against a bwkdrop of turbulent financial markets. Despite these challenges actual incotne grew by 11.4 /0. The FKJlicJ' spending rdte on a total retum accounting basis, which had be¢n r¢duced in 2020 to 3fy/•, wa5 reinstaied 10 3.25tl/o for 2022-?3. Rentsl income from the commercial property estate sirnilarly increased by I1.4(/y with giN)d rental collKlion and few voids lollowing the challenging period of the pandemic. Total donation incom¢ was £3.727k (£2,616k 2021-22), refiecting wntinued generou5 th)nations in support of student welfare and fu)ancial assistsnce, a large student bursaries reled gift and a substantial donation towards the Pepys Building restoration project. Expenditure Expendiwre on education increas¢d to £5.855k (£5.049k previous year). which compares to £2.894k received {£3,016k previous year) directly frotn academic fees. providing a ￿lCulated deficit on educationJ activity of £2,961k (£2.033k previous year). This deriv¢5 from an Incre￿ in teaching and tutorial related costs, including the New Library faciliiy and investment Én 5tud¢nt mentsl health and wellbeing. Expenditure on educatÈon accounts for 43.40/( (previous year 43.20/0) of toial expenditure. ExpeThditure on College-provided accommodation and catering increased io £5.023k (£4,164k previous yearl fully recovering from pandemic restrictions. Other opeming costs related io accommodation and e&tering and ¢onf¢r¢n¢es increased by over 92•/• ID line with a return to nonnal activity and due to incre&5¢ COnfe￿n¢t activity. Total staifing costs in¢r¢ased by 23.￿/th over the previo￿% year and amounting to £5244k (£42(Ak previous year) or 38.W/o of total costs (36.50/0 the previou5 year). This reflects the coniinued tighi laknur market throughout th¢ y¢ar. In particular, staff reiention and recNittnent was challenging. The College followed the pay award Èn line with th¢ higher education sector for its employees, but fither enhanced this with an uplift given to stsff on lower pay rates in accordance with the College's policy to mat¢h the 'iieal Living Wage.. During the year, the College also paid two discretionary bonuses to staff in recognition of the growing cost of living. The Governing Body remains concerned almiut th¢ long-terni costs of providing defmed benefit pensions, and whilst it has taken steps to ty io limii future liabilities by ceasing to ofTer a defined benefit scheme io new Tron-academic staff, rnany current employees participate IEJ a defined benefit salary scheme. There h&s been an increase in the FRS 102 pension deficii. £2.01 Ik l£1.969k 2021-22), with the deficits for CCFPS incre&8ing by 25.5Yo and USS scheme decre&5ing by 17.40/0. The USS wision provision accounting adjustm¢nt is included in Other Expenditure. Depreciation costs for operdtional buildings remained constant at £1,646k (£1,642k previous year). there being no significant capital expendibjre on opemional buildang5 in the year. College net assets increased from £197.Im to £201.8m * the of the year. Endowment values tncreased due to generous donations and a marked improvement in financial market va]ues compar¢d with the previous year end. Unrestricted reserves increased by £1,369k due to the reclas5ificaiion of funds previously treated as restrÈ¢t Capital Eipendlture The College's operaiional assets, the largest assd ¢las5 of the College, remain a financial pressure for the Coll¢ge. There was no capiial expenditure (separnte from building maintenance) in the year while the programme coneentrnled on significant main￿nanCe projects. Effrfts from the pandwnic continue to reach into the maintenance programme although the back log in the genernl progrdmme has been reduced and molnentum (Tathering on improvement projects planning. The Coll¢ge commissi(Trns a rolling condition survey of its operdiional e5taie whioh infornis its forward-looking fiv¢-year maintenance plan. The mainienance programme is designed ro maintain and improve the estste and additional resouwes have been allocated to it in recent years, recognising the need to increase investtnent in the long-term mainienanee of its operdtional estate. Inflationary pressures have meant tha( despitr incr¢&5ed investment the progr4mme had to b¢ reviewed as the College tries to recover from the pandemic. Page 10

MAC.DALENE COLLEGE, CAMBRIDGE REPORT OF THE GOVERNIN'G BODY (conlinued) YEAR ENDED 30 JUNE 2023 Inve5trnent Poliry 4nd P¢rform#llet The College manages its investments in securilies OT its financial assets and directly owned property to produ¢e the highest retuni ronsi5tent with the preservation of capitsl value in real terms for the long tem) and given the asso¢iated risks. The principal reswinsibility of the Goveming Body in investing the College'5 endowment is to ensure the real value of the endowment is maintained after spending. consistent with the risLlreturn profile adopied and within a suitably diversified porfolio. The Governing Body expecw within the scope of thi5 fiduciary duty, its fund managers to engage actively with companies to prolnote and support acceptable 5tsThdards of prdctice in respect of their business activities and how they impact on their employee& the environmenL and the communities in which they operate. The Investments Committee undertakes an ongoing review of its responsible investtneni policy. The Governing B(NJy approved a Statement of Investment Principles. whi¢h clearly sets out the investsneni objectives, risk appetite and responsible investhjeni policy. The purpose of the endowtnent is to preserye the rwal value after making distributions and inflation and to provide a steady reliable cashflow to SUp￿rt the college. The College expects its fund managers to integraie a responsible investment approach and to align with the principles of the LN Compact. The Coll¢ge holds a securities-based portfolio which w&s valued at £57.Om (£50.Om previous year). Its principal fund manager is t3aillie Gifford (managing £37.Om in 2022-23 and £44.5m previous j'earl. During the year the C(Trllege de¢ided to diversify its fund tnanagers by moving £12.4m from a Baillie Gifford ￿nd to tsvo new managers Cazenove Capital and Troy Asset Management. The College h&5 a duty to m&Kimise relurn from its inYestm¢nts, but it does so in a tnanner to be consistent with the College's charitable mission. The College also has direct property and agricultural land holdings (£43.4m in 2022-23). The direct pro￿rtY. which is managed by Cheifins. is held a% a long-terni strdtegi asset, Mith the policy of rn&ximising yieliL whilst the agriculDJral land is rnanaged by Savills. The Investments Comrnittee, for its securiiies portfolio, ¥greed to reinstste the to￿ return policy to the pr￿pandern1C 3.25 /• spending rule and thi5 resulted in a drawdown (frorn capital and income) of £1,491 k (£1 ?07k in 2021-22). The unapplied totsl return fund provides a ¢ontingency sum ID the event of falling capital values in financial tnarkets and thus pemiits drawn down in adverse market conditions. Given the impact of volatile fllwicial markeE growing inflationary pressures and Consequential rnonetary tighientn& the Colleg¢ ha5 been generdlly pleased with ihe performance of the endowment. Strong capital gains in f]nancial markets in the College'5 equity related investments have m(Y¢ than cancelled th¢ previous years capital losses and the offsei remrns from diredly (and indirectly) held prom. Directly held property returned 3.60/r* in the year {13Yo 2021-22), whilsr the Clwities Property Fund rett]rned -13.30/ again51 the Index average of -17.4 /0 for the same l?_month period. The Baillie Gifford funds had mixed fortunes with the ResponstTr)le Global Equity Income fitnd perforniing strongly with a net return of 14.411/0 against a target benchmark of I l.P/¥J whilst th¢ Multi Asset Growth Fund perfom12nce was disappointing with a net return for one year of -8.V/.. The College had previously decided to diversify its fi]nd managers and used the sum invested in the Ballie-Gifford Multi Asset Growth Fund to invest with an alternative fimd manager. Following an exiensive selection process Cazenove Capithl and TTOY Asset Managemeni were employed. and £12.4m Wa5 lrtves￿d in two tranches with half allocated io each manager. Returns for the two funds since investment were -1.6/0 and 0.2Yo respertively. A fijrther £lm has been placed on fixed term deposit for 9 months with return5 on cash following int¢r¢5t rnte rises being more competitive once again. During th¢ y¢ar the College Increased its iDve5tment in the University'5 endowment ￿n{L the interim year end valuation of the holding being c.£6.8m: wforn)ance and year end valuatton information for the Y￿ to June 2023 is unavailable until later in the year. Donati0115 and FuThdraislng Magd&lene's primary fundraising efforts are directed ai raising monies thrO￿8h Major donations as well as by regular givin& and to add to the Coll¢g¢'s ¢ndowtnent. Key objeciives for the College Include teachin& research, and swdent support. The main focus of fundrdising effojts for the y¢ar w&$ on student support with in excess of £2m donated to SUPPtsrt students in a variety of way5'. mental health and wellbeing. scholarships. student bursaries and student socieiies. The College is truly grnt¢ful for the generous response, ¢nthusiasm for and support of the College's fi￿draising efforts. Pagell

MAGDALEYE COLLEGF., CAMBRIDGE REPORT OF THE GOVERNING BODY (colllinued) YEAR ENDED 30 JUNE 2023 The ongoing sUPPOrt of our mem￿￿ fri¢nds and the Fellowship is porti¢ularly welcome and appr￿lated during these trying economic times. Over the course of 2022-23, donations to the College exceeded expectations with the focu5 on student support resonaling with donors. Despite the difficult economic climate, the 2023 Telethon rnis¢d £390k. Th¢ C(Trllege is grateful to its member5 ond supporter5. The costs of fundrdising ¢ffoTts were £216k (£209k for 2021-22}. During the year the College reviewed its plans io fundr8is¢ for th¢ restoration of the Pepy5 buildin& parti¢ularly in lighi of increasing inflationary pressures on project cost& The College is registered with the Fundraising Regulator and continues to develop a shared understanding and agreement for activities concerntng alumni. be it communicaiions. attendance of events and use of dats. The College has a Data Protection Staiement which governs the use of any personal data held and the College insists alumni grant their consent ￿ holding personal dat& The College did not engage professional fundraiser5 during the year and does Dot s¢¢k io raise funds from members of the public Reserves, Endowment Funds and Associated Policy Total College reserves and finds amounted to £201.8m. Within the College's ¢ndowm¢nt fimds th¢rt are almosl 100 trust fimds supporting the College in achieving its aims. These reserves are represented by the College's operntional estate and to a large extenL the pemianeni endowment asse and, are iherefore unavailable as income funds to be speni. Collectively the College Maintains its free revenue reserves and its eamiarked designated reserves, after tsking account of the pension deficit. These are liquid unrestrict¢d funds. The Governing Body considers it prudent to hold sufficient Unr￿tricted reserv¢s and appropriate earmarked reserves in Ihe eveni of tnajor Y3riations to the College's income and expendiwre and ha8 concluded that its general unrestricted free re$eryes should be 2￿/th of annual income and that its building re%Yv¢ should represent IO/• of the insutable value of the operati¢)nal estate. Together this amoullts to £4.6m. Unrestricted Reserves shown in the Balance sheet Of which constitute f]xed and heritsge &55¢ts L¢5s pension provisions Leaving unrestricted liquid reserves £119.Om (£105.4m) £ 21)m £ 11.6m Target Free Resetryes in accordance with College Policy £ 4.6m After taking these specific funds into account and a specific building repairs fimd for its commercial and operntional property, the College has a suffi¢i¢nt level of genernl funds ayailable as a tonlingency rneasure to support its operations. Cash Flow and Treasury Managemellt The College's tre&8ury management policy requires cash de￿IS1ts to spread across a rdnge of ¢ounterpartie& all of which must be ai least Fitch A credit rated. Net cash funds decre&8ed by £2.354k. from £6,348k to £3,994k over the year. Cash levels at the year end reflect an influx of donations in the quarter of the year which have since bcen placed in long ieTh investsneni into the endowm¢nL Goillg Concerp A 5tat¢meni in respect of the College and its financial sustaitthility 15 given in the Ststement of Principal Accouniing Policies and explains that the financial ststements have been prepared on a going concern basi5. The College plans ahead, preparing detailed budgets looking three years ahea4 and has undertaken some financia] scenario planning. particularly in relation to differing assumpÈions on infiation forecasts. The College also holds a healthy level of liquid funds io meet unexpe¢ted demands or Changes in income streams. PRINCIPAL RISKS The College Tnaintains a Major Risks Retsj5ter identifies whai it considers the major risks to which the College is exposed and their assessed impact and probability of o￿lTrence. (his reviewed and updated during the year. As (Trutlined in the Governing B￿ty.5 slatemeni on Intrrnal Controls the risk registtt is reviewed regularly by the principal Page 12

MAGDALENE COLLEGE. CAMBRIDGE REPORT OF THE GOVERNING BODY (conlinued) YEAR EIYDED 30 JUNE 2023 College Officers and ihe Finance & Genernl Committee. and then final considerntion by the Governing Body. As far as is practical the College then takes additional measures io mitigate key risks and where appropriate insurance cover is put in place. Nevertheless, the College is exposed to a vatiery of significant risks. Presently the known principal risks in¢ludc.' Significant harni to the Tepuwion of the Colleg¢ a5 a constituent part of the coll¢giate university Th¢ long-temi impact of climate chang¢ and the need ￿ transiiion to a low cart¥)n carnpus with wide ranging 5UStainable policies The risk of cyber-attacks and unauthorised acccss to prolecd digital data Advers¢ perforn)ance of fthancial markets and th¢ real economy which would in-turn impacl on the College's endowment assets and other incom¢ Str¢aTns The causal effect of the global pandemic and consequential societsl restriaions and the thort¢r-lerni disruption lo global supplies of g¢xKls. Se￿IceS and laknur and internati¢)nal travel The cost of employtt defmed benefit p¢nsions ￿hernes Signifi¢ant unexpected expendibjre on building maintenance Rapid changes in inflation am)ss all expendiDJre hea The tnipact of government policy on College income and itidividual student ftnances The strategic itnpact of government policy and any a$S￿l￿ed regulatory burden on College academic policy and govemance arrangements Adverse events impacling on the College'5 academic standing of the college The forhjnes of the I￿￿] economy in iernis of demand for commettial pro￿rtY in Cambridge The ¢hallenge5 of the local transpotuion system and its tmplicaiions for rtcruitment and retention of ¢mploy¢¢s The on-going impact on the economy and supply chains of infl&ionary pressure5 and the Russian invasion of Ukrdine. The local labour m*et and the Ability to attract and retsin staff The College through its financial planning and O￿ational management Aim5 to mittgate the impacl or sel astde resources in the event of such risks taking place. Across the collegiaie university the University and the colleges work ollectively to identify and manage common risks and share lleps to manage known risks. FINANCIAL OUTLOOK AND PLANS FOR THE FUTURE Looking fotivard and with the pandemic hopefidly behiAd us alL the fu￿1¢1a1 oudook for the ¢olleg¢ is very ¢hallenging. Tnflationary for¢eg have fed quickly into fofyj. o)ergy. labour and building costs during 2022 and into 2023_ Although there ar¢ signs of infl￿1(￿n easing back overnll la￿Vr and fo￿1 ¢05ts rernain elevated. Although Cambridg¢ 15 a strong r¢gional economy it is still feeling the economic impad of inflation, lowering consumer and business onfidence. Rising interest rates have at least improved the fmancial p05Ètion of most defmed benefit pensions schemes including the s¢rtor's USS. The college has had to set another defEClt budget in 2023-24 which aims to give the college time to review and if necessary reshape some of its expenditure without impacting on general services and college life too severely. Student mentsl health and welfare are a secior and university wide pri(Ytry with further resource5 being invested ￿rOSS the colleges and the university. The college will advance its prepa￿lOThs for a major capitsl project restoring and tmproying the Pepys building and will also focus on its buildings fabric and infrastrucnwe. Th¢ wlleg¢ plans lo advance its long I¢Tm sustainability plarLS to reduce IL% impact on the ettvironment. Appr b the Gove 12 October 21)23 C J Greenwood M2$ter S J Morris Senior Bursar Page 13

MAGDALF.NE COLLEGE, CAMBRIDGE ST ATEMENT OF PUBLIC BENEFIT YEAR ENDED 30 JUNE 2023 The Governing Body is satisfied that the activiti¢5 as descnThed in these reF￿ and accounts meet the public benefit requirements of a regi%iercd charity and io its regul￿Or th¢ Charity Commission. Objeets By maintaining an academic community of the M￿eT, Fellows. schol￿ and other sthdents the College is ￿lfIllIng its charitable objecis as a place of religion. education. learning and research within the University of Cambridge. Edueation The College provides Aft educatton for some 372 (2022.. 390) undergraduate and 151 (202?: 171) ￿)stgraduate fee• paying swdents which is recognised internationally &8 being of the highest Stsndard. The education develops students intelleetually and advances their leadership qualities and interpersthlll skills, and so prepares them to play full and effective roles in society. In ￿lCUlar. the College provides: teaching facilities, bursarie4 and individual OT small-group 5upetvision, as well as pastoral, administrative and academic 5UPPOrt through its directors of S￿di¢S and Niorial and postgraduate mentoring 5yStem& thereby ¢nabling students both io develop personally and intellectually and to proceed to degrtts of the University of Cambridge (and in some cases other qualif1￿10nS). specialist choral Tnusi¢a] education for its choral including provision of thoral and organ 5¢holarships' a r¢sidential community with sociat, cultUTal. musical, recreational and sporting faciliiies that enable each of its students to realise as much ￿ wTrssible of their academic and personal poteniial whilst Skn&dying at the College. accommodation and eat¢ring at re&8onable rales. Research In the same way the College advances knowledge and learning thmugh: supporting research Work pursued by its Fellows through promoting interaeti¢)n between them and acr055 disciplines. and providing facilities and grdnts for attendance at national and intemational conferenc¢s and reSt8￿h trips. and other resources for research. providing ReSe2￿h Fellowships to outstanding ac&Jemics in the early stages of their careers. whi¢h enable thern to develop and focus on their rcsearch in thi5 fornmtive Peri￿ ￿fOre they underrake the full t¢￿hIng and administrative duties of an academic post: providing Fellows and ac￿eMIC staff with SDJdy rwms; encouraging Yisits from outstsnding academics from other in5titution4 with or without the provision of accomtnodation and meals at the CQTntnon tsbl¢' and encouraging the dissemination of research undettsken by membeTS of the Coll¢ge through th¢ publication of books. papers in academic journals, or other 5uitsble mean5. Libraries The College Library provides a valuable resource for students and Fellows of the Colleg¢. The College also maintains an Old Library for its members and Membe￿ of other Colleges and the University of Cambridge more widely. and for external scholars and researchers. The Pepys Librdry. which is a colltttion of iniernational significance. provides an educational restsu￿e for acadesnics, allows access to organised tours by loe&l children and institutions, aThd is resularly open for visits by th¢ gcneral publi¢. Page 14

MAGDALENE COLLEGE, CAMBRIDGE STATELVIENT OF PUBLIC BENEFIT (conlinued) YEAR ENDED 30 JUNE 2023 Gallery The Rob¢rt Cripps Gallery, which is inCOrE￿ated inio the New Librdry building. provide5 a progrdmme of open and free to access exhibitions throughou¢ the year. In wicular the gallery provides an additional high quality facility to the local glnmuniry. During the course of the year the￿ were 1,464 visitors to the gallery. BeDeficlarle5 The resident members of the College. both students and academic Fellow4staff. are the primary beneficiaries and are d]r¢￿[Y ¢nga8ed in education. l¢arning or research. However, beneficiaries also include". students and acadelnic staff from other Colleges in Cambridge and the University of Cambridge more wid¢ly, visiting a¢ademi¢s from other higher edu¢ation instithtions. and alumni of the College who have an opwrtuniry to attend educalional events at the College or use its academic facilities and take meals at the common table. The general public are also able io attend various educational ac(ivi(ies in the College such as Open Garden exhibitions, and the College'5 educational fesiivals. Subject to certain reasonable restrictions, the grounds of the College are open to the gener￿ public Ino￿ days of th¢ ye#r withoui charge. Adrnisslons The College thits ￿ SDJdents those who have the highesl potential for benefiting from the education provided by the College and the University and recNits as Fellows and academi¢ staff those who are able to contribute most to the academic ex¢ellenc¢ of the College. regardless of their fmancial, s￿141, religious or ethnic background.. there are no 8eographical restrictions in ihe College's objects and students. Fellows and academic staff of the College are drawn from acros5 the UK and internatsonally; whilst Students of ihe College are predominantly Ettween 18 and 24 year5 old. there are no ag¢ restriciions in the College's obj¢cts. and many posigrdduate students are older than 24 years. and th¢re are no religious r¢strictions in the College's objects and members of the College have a wide variety of faith traditions or none. The focus of the College is strongly aC￿eMiC and students ￿ed to satisfy high ac*Jemic enty rwuirements. The Coll¢ge chaTges the following fe¢s= College ftts ai externally regulated rates to Und￿￿adUat¢S entitled to Studeni Support and to p)stgraduate studenis {with those undergraduat¢ fees being paid by grant funding through arrangements approved by the GoNernment); and A fee deterEnined by the College amiually to overse&s undergraduates 2nd any HomeEU undergraduates not entiiled to Student sup￿rt. Student sUp￿rt In order to &ssist undergraduates entitled to siudent supwjrt the College provides. through a scherne Ope￿ed in common with the University and other Colleges (the Cambridge Bursary Scheme), bursary suppon for those of Itmited f￿ancIal means. {For the academic year 2022-23. the numbeT of awards Tnade w&$ 76. out of a Ho[ne￿u undergraduate population of 301. 35 of ihe awards were ai the maxitnum value of £3,5(M): and the average value of the awards was £2,643.) The Scheme is approved by the Office of Fair Access and provides benefits al a substantially higher level than the minimuni OFFA requirement. Supplementing the Cambridge Bursary Scheme. the College is committed to raising funds to award an enhat)ced bursary io every undergraduaie eligible for the scheme's rnaximum £3.500 award. During 2022.23 the College w&4 able io SUPFM)rt 32 undergradu￿¢ students through thi5 enhanced bursary scheme and a fi]rther 12 third year undergraduates were assisted through the -topup' buw trial scheme. In response to the growing cost of living (he College offered an uplift bursary to 71 students at an average pa)rynent of £)50 swdeni. Page 15

MAGDALENE COLLEGE, CAMBRIDGE STATEMENT OF PUBLIC BENEFIT (conlinued) YEAR ENDED 30 JUNE 2023 To support postgraduate students, the College wJvide$ substantial f￿ancial support. This includes severnl s¢holarship5 to fund fees and living costs and 'topup' to fill shortfalls in students. fi￿ding packages. The College has also established a Post￿dU￿e Research Fund io aSSTSt PQStgraduates with expenses &8sociated with research conferences and aciiviiies, usually in conjunction with the University- Awards are based U￿)n academic criteria as well as th¢ financial position of students. During the year the Colleg¢ provided fmancial 18sistsnce amouniing to £464k from th¢s¢ schemes. The College also offer5 SUPPOrt to all students through a grant %heme to assist with academic materials, supporting the costs (Trf related short courses {e.g. language S￿dIeS). and attendance at conferences. These awards are given following an evaluation of the academic relevanc¢ and the fillancial means of the s￿dent. The College provide5 a range of at￿Ual trdvel awards to provid¢ opportwiith¢S to travel io complemeni acadellltc study. Total travel awards made in 2022-23 were £22.4k The Gov¢rning Body usually approves annual prizes and %holarships for undergraduates obtaining outstanding examination succcss. Du¢ to the national marking boycott th¢ College has been unable to ll￿ke th¢s¢ awards. A prov15ion of £23k has been Éncluded in the accounts pending to outcome of exarnination r¢sults. Finally. the College operates a Iwdship s¢hem¢, which a]so partialty contributes to the cost of the Cambridge Bursary Scheme, for all swdents in f￿ancial har(Lship and is aciively campaigning to raise additional funds from its Tnetnber5. Awards are assessed by the stud¢nt'5 Tulor and are based upon the specific fuwhcial situation of the student. The combined cost5 for th¢5e financial awards were £29.8k for the year. Ace¢ss The College aims to attra¢1 outstsnding applicants irrespective of their p¢rsonai or education backgrounl by coordinating an extensive programme of outreach activities. In the l&st year. the outreach progrdmme has engaged over 5,000 pupi15 from across the UK. Recent events have included the Liverp￿)1 Event for Years 10 and I I pupils in Matth 2023,. the Magdalene Residential for Year 125 in April ?023. and UCAS Fairs it] Liverpool. Bangor, and the Isle of Man in June 2023. The College also hosts regular Ot¢n visits from %hool group& online webinars. and an essay competition for Year 12 pupils interested in Arts and Humanities subjects. The outreach programme is supported by College Fellows, stsff, and existing Swdeni AmbassadoT5 to provide an insight into academic and s￿dent life at Magdalene. Religion The College CWTies forward the tradition. continuous sin¢e its foundatio[4 of being a place of spiritual and ethical reflection on the Christian faith and its implÈcations for the individual and society. In particular, the College.. Maintain5 and supp)rts the Cha￿1 as a plxe of religious woYshTP and holds a variety of religious services on weekday5 and at weekends during terni. which are open to the generdl public and visitois; Maintsins its choral tradition. which is integral io the provision of divine service in its Chapel, through th¢ College's Choir, Support& through th¢ College Chaplain and through others. the emoiionaL mentsl and spiritttal well-being of all members of the College community whatev¢r their faith tradilion, or none. Strive5 to maintsin a Coll¢ge cottllnunity which is socialty cohesive and is supportive of its members from all faith backgrounds orllone,. and Maintsins its historic connection with the work of the Chuycb of England particulariy through its involvement &$ Patron or joint Patron of I I pprishes. There is no geographical. age or religious restriction on who may attend Chapel in th¢ College and in prddice those attending are highly varied and include those who do not follow the Christian faith. The pastoral services of the clergy of the College are available to all members of the College whatever their faith trdditions or none. Page 16

MAGDALENE COLLEGE, CAMBRIDGE STATEMENT OF INTERNAL CONTROL YEAR ENDED 30 JUNE 2023 The Governing Body is responsible for maintaining a sound sysl¢m of internal cot)trol that supm the achievement of policies, aims and objeciives. while safeguarding ihe public and other fund5 and assets for which the Governing Body is responsible, in accordance wilh the College's the reqU]￿Ments of the Charity Commission and the Education Memorandum with the Univ¢r5ity of Carnbridge. The system of internal control is designed to manage ratheT than eliminate the risk of failure to achieve these wilicies. aims and objectives. li iherefore provides reasonable bui not absolute &ssuran¢¢ of eff¢£tivene5S. The systeln of tnternal control is designed to identify the principal risks to the achievement of policies, aims 8md objectives, to evaluate the nature and extent of those risks and to manage them efficiently, effeciively and economically. The process was in place for the year ended 30 June 2023 and up to the date of approvai of the f￿ancIal sLilements. The Governing Body is respOnsi￿le for Teviewing the effeciiveness of the system of internal control. The following processes ha￿e been established.. The Governing Body meets regularty through0￿ the year to consider ihe progress being made by the College. the effectiveness of ils policies and plans whrch suptrf)rt the Str*egic dir¢dion of the College The Governing Body receives relevanl reports from its committees concerning its policies. the risks and any specific issues in conneciion with the system of interna] control A College risk register is maintained and reviewed regularty A sy51em of risk ranking i5 used to monitor rtsks and to highlight th¢ principal risks Risks are assigned responsibility to College OfficeT5 and Heads of tkpartsn¢nts of th¢ College The Finance and General Purposes Committee und¢rtak¢s a d¢tsilcd annual review of the risk register and briefs the Governing B￿Y accordingly. Th¢ Gov¢rning Body's review of the effecttveness of the system of internal wntrol is infornied by the work and advice of College Officer5 and Heads of DepartrnenL who have operational reswibility for the maintenance and development of the internal control system. The Governing BLKly's review of the effectiveness of the system of internal control is a]50 Inform￿ by the work of the exiernal audiiors, thro￿gh their comments in the man￿ement letter and other repons. Page 17

MAGDALENE COLLEGE, CAMBRIDGE RESPONSIBILITIES OF THE GOVERNING BODY YEAR ENDED 30 JUNE 2023 The Ooverning Bcxly is reS￿nSIble for preparing the ATmual ReFM)rt ond fmancial statements in accordance with applicable law and United Kingdom A￿ounting Standards Wnit¢d Kingdom Generally Accepted Accouniing Praciice). The College's Statutes and Èhe SthNtes and Ordinances of the University of Cambridge require the Governing Body to prepare f￿ancial statelnents for each financial year which give a tsue and fair view of the state of affairs of the College and of (he surplus or deficit of the College for thai period. ID preparing these fllwhcial statements. the Governing Body is required to.. select suitsble accounting rM)licies and then apply them consistently. make judgements and estim¥4te5 that are re￿￿able and Prudent; stste whether applicable accounting 5thndards have been followe& subject to any rnaterial d¢parture5 disclos¢d and explained in the fmancial ststemenrs. and prepare ihe fmancial ststements on the going concern b&8is unless it is inappropriate to presume the College will continue in wion. The Governing Body is responsible for keeping accounting re¢ords which di5c105e with reasonable aceuracy at any time Ihe financial position of the College and enable them io ensure that the financial statements C4)mply with the Statutes of the University of Cambridge. They are also resrM)nsible for safeguarding the &8sets of the College and hence for takÉng reasonable 5t¢P5 for the prevention and detection of fraud and other irregularities. The Govcrning Body i5 rcsponsible for the maintenance and integrity of the cortx)rate and f￿anCial information included on the College's website. Legislaiion in the United Kingdom governing the preparation and dissemination of fmanthal statements may differ from legislaiion in other jurisdictions. Page 18

MAGDALENE COLLEGE, CAMBRIDGE INDEPENDF.NT AUDITORS, REPORT TO THE GOVERNING BODY YEAR ENDED 30 JUNE 2023 Opinion We hav¢ audited ihe financial 5tat¢ments of Magdalene College. Cambridge (the'college.) and subsidiary {'the Group.) for the year ended 30 June 2023 which comprise the Con501ida(ed Stst¢menl of Comprehensive Income and Expenditure. the Statement of Change5 in Reserves. the Consolidated Balance SheeL the Consolidated Cash Flow Ststement and notes to the financial ststementy including a sumtnary of significant accounting policies. The financial reporting fratnework that has been applied in their preparntion is applicable law and Untt¢d Kingdom Accounting Standards, including Finaneial Reporting Standard 102 The Financial Reporiing Si(7ndard applicot51e in ihe UK Republic oflreland{United Kingdom Generally Accepted A￿OUntIng Practice). In our opinion. the fmancial stalements: give a tru¢ and fair view of the state of the Group's and College's affaiT5 a5 at 30 June 2023 and of its incoming resouwes and applicaiion of resources for the y¢ar then ended: have been properly prepared in accordance with United Kingdom Generalty Ac¢eNed Accounting Practic¢. have be¢n pr¢par¢d in accordance with the requirernents of the Charities Act 2011 and the Siatutes of the Unii'er5ity of Cambridg¢,' and Basis for opinio We conducted our audit in accordance with International Stsndards on Auditing IUK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are fitrther described in ihe Audiiors. resp)nsibilities for the audit Of the financial statements section of our repon. We are indyndent of the Group in accordance with the ethical requirements that are releN'ant to our audit of the financial ststements in the United Kingdom, including the FÉnancial Reporting Council's Ethical Standard. and we have fulfilled our other ethical resFN)nsibilities in accordance with these requirements. We believe that the audit evidence we hay¢ obtsined is sUtTi¢ient and appropriate to provide a basis for our opinion. CoDelusiollS relating to golttg eolltern In auditing the fmancial sraternen￿ we have concluded the TnLSttts' use of the going concem basis of accounting in the preparation of the fmancial statements is appropriate. Based on the work we have Frfornie(L we have not identified any rnaterial unc¢rtainti¢s r¢lating to ¢Yents or conditions thaL individually or collectivety, may cast Significant doubt on the Group's ability lo continue a5 a gotng ¢oncem for a period ofat least twelve monihs from when ihe financial staiements are authorised for issue. Our responsibilities and the re5ponsibilitie5 of the Tn￿ceS with respect to going concern are de5crib¢d in the relevant sections of this report. Other information The Governing Body is responsible for the other infomiaiion. The other inforniation comprises the infornation included in the Report of the Governing Body other than the fmanciaj sraments and our audiiors report thereon. Our opinion on the financial bthtements does not cover the other inforniation an(L except to the extent otherwise explicitly ststed in our report, we do not express any forni of assurdnce conclusion thereon. In connection with our audtl of the f￿anCial s￿ements. our responsibility is to read the other infonnation an¢L in doing so, consider whether the other inforn)*ion is m￿eriallY Inconsis￿nI with the financial stsrements or our knowledge obttined in the course of the audiL or otherwise appears to be materially misstated. If we idenÉify such materkal incon5iStencies or apparent Tnaterial misststements. we are required io deierniine whether there is a materÈal misstatement in the fmancial stsi¢Tnents or a material misststemeni of the other information. If. based the work we have perfomie¢L we conclude that there is & material misstatement of this other Informatio￿ we are required tt> report that facL We have nothing to report in this regard. Page 19

MAGDALENE COLLEGE. CAMBRIDGE INDEPENDEiYf AUDITORS, REPORT TO THE GOVERNING BODY (conlinued) YEAR ENDFD 30 JUNE 2023 Opinion on other matters preseribed by tbe Ststutes ol tbe University of Cambridge In our opinion based on the work undertaken in the course of the audit.. The contribution due from the College to the University has been computed as advised in the provisional sse55ment by the University of Cambridge and in accordanee with the provisions of Sthtute G,11, of the University of Cambridge. M#tter5 on wbicb we 8r¢ required to report by eiception In the light of the knowledge and understanding of the Group and its envirO[￿tient obtained in the course of the audit, we have not identified m*erial misstatements in the Report of the Governing Body. We hav¢ nothing to report in respect of the following matters in relation to which the Charities (Accounts and RetM)rts) Regulations 2008 require us to report to you if. in our opinion= suificient accounting record% have not been kepL or the financial siatements are not in agreement with the accounting records. or we have not received all the infornjation and explanations we require for our audiL Respon5ibilitie5 of the Governillg Body As explained more fully in the resExinsibilities of the Goveming Body statemeni se( out on page 19, the Governing Body is responsibl¢ for the prepardtion of the financial statements and for being sarisfied that they give a tNe and fair view. and for such internal control as the Governing Body determine is necessary io enable the preparation of f￿ancial ststemenis that are free from material miss¢at¢menL whether due io fraud or error. In preparing the fmancial statements, the trustees are respnsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable. tnatter5 related io going concern and using the going concern basis of accounting unless the trust¢¢s either iniend to liquidate th¢ Group. College or subsidiary io cease operations, or have no realisti¢ alternative but to do so. Auditors, responsibiliti￿ for the audit of tbe fin4Trcial statements Our objectives are to obtain rvdsonable ￿SUr￿¢t aboui wheth¢r the fmancial statements as a whole are fre¢ from material misstatemenL whether due to fraud or error, and to issue an Audilors, report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guardniee that an audit conducted tn accordance with ISAS (UK) will always detect a material misstsiement when it exists. Mi55tatements can arise froln fraud or error and are consider¢d material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the b&8ts of th¢se financial stst¢m¢nts. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design pr￿edureS in line with our respjnsibiliiies. outlined a￿Ve. to detect material misslatements in respect of irregularities. including frau(L The extent to which our procedures are capable of deterting irregulariti¢s. including fraud T5 detailed below: Our approach to identifying and as5e55ing the risks of material misstatement in respeci of irregularities. including fraud and non-¢ompliance with laws and regulations, wL5 a5 follows-. the engagement partn¢r ensured that the engagcment team collectively had the appropriate competence, capabilities and skills to ideniify. or recognise non-COTnpliance with applicable laws and regu18tions,' we ideniified the laws and regulaiions applicable to the Group through discussions with Trustees and other managemenL and from our knowledge and experÉenc¢ of the education sector. we obtsined an understanding of the legal and regulatory framework applicable ￿ the Group and how th¢ Group is complying wÈth thai framework- we obtained an understanding of the Group's ￿lIcIeS and pr￿edureS on compliance with laws and regUl￿10n$. including documentaiion of any instances of non-compliance. w¢ identified w'hich law5 and regulations were signifEcant in the context of the Group. The Laws and regulations we considered in this coniexi were Charities Ad 2011. the Stamtes of the University of Cambridge and t&xaiion Page 20

MAGDALENF. COLLF.GE, CAMBRIDGE INDEPENDENT AUDITORS, REPORT TO THE GOVERNING BODY (continued) YEAR ENDED 30 JUNE 2023 legislation. We &5sessed th¢ requiT¢d compliance with these laws and regulations as part of our audii procedures on the related fmancial ststement items: in addition, we considered wovisions of other laws and regulattons do not have a direct effect on the financial s￿erne￿ts but compliance with which might be fundamcntal to the College's and the Group's ability io operate or io avoid material penalty- and identified law5 and regulations were corntnunicated within the audit team r¢gularty and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Group's financial ststements to material misstatemenL including obtaining an Understandin￿ of how frdud might occur. by.. making enquiries of management as to where they considered there was susceptibility to frau4 their knowledge of actual, su5pect¢d and alleged fraud- and • considering th¢ internal contro]5 in place to mitigate risks of fraud and Don-compliance with laws and regulations. To address the risk of fraud through fftanagement bi&% and oyerride of controls. we; • tested joumal entries to id¢nlify unusual transacti¢)ns' asse55ed whether judgements and assumpiions made in determining the accounting ¢stimate5 set out in the accounttng policy were indt¢alive of Fotential bias. and investigated the rationale behind significant or unusual transactions. In response io the risk of irregularities and nonacompliance with laws znd regulations. we de5ign¢d procedures which included. but were not limÉt¢d to.. agreeing f￿anCIal statement digclosures to underlying sup￿ting d(￿Umen￿l0n. reviewing minutes of meetings of those charged with governance. enquiring of management as to actual and potential liiigation and clairns" and • reviewing correspondence with relevant regulators and the Group's legal advisors." There are inherent limitations in our audit procedures descnbed atrf)ve. The more removed that laws and regulations are from financial trdnsactions. the less likely it is that w¢ would b¢c4)me aware of non-compliance. Auditing standard5 a150 lilnit th¢ audit pr(Kedures required to identify noD-¢ompliance with laws and regulations to enquiry of th¢ Trustees and other managem¢nl and th¢ inspection of regulatory and legal COTrestA)ndence, if any. Materi21 misstatements that arise due lo fraud ¢an be harder io detect than those that arise froTn error as they may involve deliberate concealment or collusion. A further des¢ription of our respnsibilitie5 for the audtt of the financial statements is k￿ed on the Financial Reporting Council's websit¢ at". www.fvc.org.uk/audiiorsresponsibiltics. Thi5 description fornis pan of our audilors. report. Use of our report This report is made solely to the College trustees. as a body. in accordance with College's siaiutes. the Statutes of the University of Cambridge and the Chartties A¢1 2011. Our audit work has been undertaken $0 that we might Statc lo the Governing Body those tnattets we are required to slate to them in an Audiiors. Report and for no other purpose. To the fullest extent pertnitted by law. we do not accept or ￿ume responsibility to anyone oth¢r than the College and the College's Governing Bthly as a tKdy, for our audit work. for this reporl or for the opinions we have fomied. PÉkm eLLOC*-¥ H. PETERS ELWORTHY & MOORE Chartered Accountartts and Stawtory Auditors Salisbury House, Station Road. Cambridge CBI 2LA 13 October 2023 Peters Elwofthy & M¢x)r¢ is ¢ligible to act as an auditor tn lerms of section 1212 of the Compantes Act 2006.

MAGDALENE COLLEGE, CAMBRtDGE ST ATEMENT OF PRINCIPAL ACCOUNTING POLICIES YEAR ENDED 30 JUNE 2023 Basis of preparatlon The fmancial statements have been prepared in accordance with the provisions of the Statute5 of the College and of the University of Cambridge. using the Recommended Cambridge College Ac£ounts (RCCA) forniat- and applicable United Kingdom Accounttng Sthndards. including Financial Reporting Standard 102 (FRS102) and the Statement of liecommended Pra¢tice (SORP).. Accounting for Further and Higher Education issued ill 2019. The Consolidated Statement of Comprehensive Inwme and Expenditure includes activity analysis in order io d¢monstratc that all fee income is spent for edu￿tIonal purposes. The analysis required by th¢ SORP is set out in noie 6. The College is a public benefit entity and therefore has applied the rel¢vant public b¢n¢fit requirement of the applicable UK laws and accounting standanls. Going coneerD The finartcial statement5 have been prepared on a going wncern basis. The College h&5 a150 5¢t a detailed budget plan for the 2023-24 financial year and outline budgets up to financial year end 2026. This ffftancial planning work has included an analysis of the Colleg¢'s unrestricred liquid resources. and wgether these fmancial plan5, demonstrate that the College has sutricient resourc¢5 to meet liabilities 18 they fall due for a period of no less than 12 months from the date these financial statetn¢nts are approved. The Governing Body. &$ the trustee Ix)dy of the College. considers preparation of these f]nancial statements using a going concern b&sis to be appropriate. B•$is of #ecounting The [￿a￿tial 5tatemeDts have been prepared under the historical cosl convelltio￿ &% miNlifi¢d by the revaluation of investment assels and certain operational land and buildtngs at deemed cost. Ba515 of con501idatlon The Consolidaied Financial S￿ernents tnclude the College and its subsidiary undertakin& Cloverleaf Limited. Intra- group transactions are elimina(ed uExTrn consolidation. The activities of student wieties have noi been consolidated. A s¢parate balance sheet and related notes for the College only are not included because Cloverleaf Limited 15 a desi￿) and build company and therefor¢ the balan¢¢ sheet of the College would not be materiaily different ￿ the one included in these accounts. Some dethils of the subsidiary undertaking are given in noie 26. Recognition of It)eome Aeademie fees Academic fees are recognis¢d in the peri(Ml to which they ￿late and include a]1 fees chargeable to students or their sponsors. The wsts of any fees waived or written off by the Coll¢ge are included Ls expendivjre. Restricted earch i income Researeh grants received from non-governmenl sources are recognised withtn the Con501iilared Statement of Comprehensive Income and Expenditure when the College is entitled ￿ the income and ￿rfOrMance related conditions have been rnet. Donations and end ents Non exchange transactions without perforniance related conditions are donations and ¢ndowments. Donations and endowments with donor ]rn￿sed restrictions are recognised withtn the Consolidated Statement of Comprehensive Income and Expenditure when the College 1% entiiled to the income. Income is retained within restricted reserves until such lime that it 15 Utili5ed in line with such restrictions at which w)int the incom¢ is released to genera] reserves through a reserve transfer. Donations and end0￿￿entS with restrictions are classified as Testricted Teserves and additiona] details are provided within (he notcs to the accounts. Page 22

MAGDALENE COLLEGE, CAMBRIDGE ST ATEMENT OF PRINCIPAL AccouKfiNG POLICIES (conlinued) YEAR ENDED 30 JUNE 2023 There are four main types of donations and endowm•Jts with restriction5: l. Restricied donations- Ihe donor has specificd that th¢ donation rn￿￿ be used for a particular Obj￿tlY¢. 2. Unrestricied pernianent endowments - the donor specifi¢d that th¢ fund 15 to b¢ pern￿lentlY invest¢d io generate an in¢ome stream for the general benefit of the College. 3. Restricted expendable endowments- the donor specified a particular objective and the College can convert the donated sum inio income. 4. Restricted pennanent endowments - the donor h&8 specified the fimd is to be pemanently invested to generate an income stream to be applied w a particular objective. Donations Mith no restrictions are recorded within the Consolidatrd Stsment of Comprehensive Income and Expenditure when the College is efttitled to the Éncome. Total return The College invests its securititt investtnent porrfolio and allocates a proporti(￿ of the related earnings and capital appreciation to the income and expenditure account in accordance with the total return investment concept. The allocation to income ts deterniined by a spending rule, currently 3.250/0, whith is de5rgned io stabilise annual spending levels from the endowThenr. The income tt7nsferred to the consolidated Statemeni of Comprehensive Income and Expenditure on thi5 total r¢turn basis is calculatcd by a foTmula that uses the weighied average value of the College's securities portfolio over a three-y¢ar p¢riod up to the conunencement of the Currenl a￿ounting y¢8r. Details are given in note 3. InvestmeTtt income and chan e in value of invesknent assets Investment in¢orne and any Change in value of investtnent assets is recorded in income in the year in which it arises and as either restricted or unrestricted income xcording to the iernis or other restrictiODS applied to the individual endowment fund. ther incolne Income is received from a rdnge of activities including accommodion, ￿teTing ujnferences and other service5 rendered. Cambrid e B cheme In 2022-23, payneni of the Cambridge Bursarie5 to eltgible students was made direcily by the Student Loans Company -.ble students and the (SLC}. As a consequence. the College r¢imbursed the SLC for the fijll amount paid to their eli" College subsequently received a contribution frorn the Univetsity of Cambridge towards this payment. The llet paymeni of £123k is shown within the Consolidated Sw¢ment of colnp￿IktnslVc In¢ome and Expenditure as follows.. Income {see nole l).. Expenditure.. £66k £189k Pension sebemes The College participates in the Universities Sup¢rJnnuation Scheme. With effeci from l (ktober 2016, the scheme changed from a defined benefit only pension scheme to a hybrid pension scheme, providing defll)ed benefits (for all members). as well as d¢fined contribuiion benefits. The assets of the scheme are held in a Separa￿ trustee-administered fund. B￿aU)e of the mumal nature of the scheme. the assets are not attributed to individual institutions and a scheme- wide contribution rdte is set. The College is therefore exposed to a£￿ana7 risks associated with other institutions. eTnployees and is unable to identify its share of the underlying &￿tS and liabilities of the scheme on a con5lStent and reasonable basis. As required by Seciion 28 of FRS102 "Elnployee benefits- the College therefore a￿QuILIS for the scheTn¢ &$ if it were a wholly defmed contribution scheme. As a resulL the arnount charged to the profit and loss account represents the contributions payable to the %heme. Since the College has entered into an agreerneni {the Recovery Plan) that deterniine5 how each employer within the scheme will fimd the overall deficit, the College recognises a liability for the contributions p¥4y4bl¢ arise from the agreement (to the exient that they relate to the deficit) and therefore all expense is recognised. Th¢ College also contributes to the Cambridge Colleges Federated Pension Scheme, which i5 a similar defined b¢nefit pension scheme. Unlik¢ the UniveTSities Superannuation Schetne. this scheme has surpluses and deficits directly Page 23

MAGDALENE COLLEGE, CAMBRIDGE ST ATEMENT OF PRtNClPAL ACCOUliTING POLICIES (continued) YEAR ENDED 30 JUNE 2023 attributsble to indiyidual Coll¢g¢s. Pension costs are accounid for over the period during which the College benefits frotn the eTnployees' servi¢¢s. Becaus¢ of the mutual nature of the Church of England Funded Pension Scheme, the College is unable to identify its share of the underlying ossets and liabilities of each %heme on a consisient and reasonable basi5 and therefore accounts for the scheme a5 if it were a d¢fined contribution scheme. As a r¢sul¢ the amouni ¢harged to the Statement of Comprehensive Income and Expenditure represents the contributions payable to the scheme in respeci of the aeeounting period and expenses accrued in that year. plus any impacl of d¢ficit contribulions. Since the College has entered into a recovery plan that de￿M}ineS how each employer within the scheme will fvnd the overall deficiL the College recognises a liability for the contributtons payable thai arise from th¢ agreemeni ￿ the extent they relate to the dcficit and the resulting expense in the Stat¢m¢nt of Comprehensive kncomc and ExF¢nditure in accordance with Section 28 of FRS 102. The College offers a d¢fined contribution pension ￿h¢me for non-academic staff. For staff employed before l April 2014 this was the Catnbridge Colleges Group Pension Scheme. For staff employed after that date it is the NOW.. Pensions S¢h¢m¢. Th¢ assets of l)oih those d¢fin¢d contribution Schemes are held separnt¢ly frorn those of the College. The annual contributions payable are charged io the Ststement of Compr¢h¢nsive income and Expenditure. T8ngibl¢ fixed assets Land and buildin Fixed assets are stated ai d¢¢m¢d cost less accumulated depreciation and accumulated itDpairmeni losses. Costs incurred in relation io land and buildings after initia] purchase or conswctiO￿ and prior to valuation. are capitalised to the extent that they increase the expected filture benefits to the College. Freehold land is not depreciated as it is considered to have an indefmiie useful life. Freehold operational building5 are depreciated on a straight line basis over their expected useful lives &8 follow5= the stwcthte bettveen 41 and yea the internal fit-out beiwttn 15 and 35 years the mechanical and electrÉcal service5 betwttn 10 gnd 35 years Buildings under the tour5e of constyuction are valued ai COSL based on the value of 8￿hiteC￿. certificates and any other direct cost5 in¢urred. They are not depreciated until they are brought illto use. The cosi of additions to operational property shown in the balance sheet includes the cost of lan A review for impainnent of a fjxed &sset is carried ou¢ if events or ¢I￿1geS in cirCun￿¢eS indicate that the carrying alnount of the ftxed asset may not be recoverable. Maintenance of rernises The College has a five year rolling maintenance plan which is reviewed on an annual basis. The ¢o5t of routine maintenance is showTr in the consolidated Statement of Comprehensive Income and Expendiwre a% it Is incurred. The cost of major refijrbishmeni and maintenance which restores or improves value 15 capttalised and depreciated over the expe¢ted useful economic life of the asset ¢oncerned. The College also sets &side sums periodically to meet furure maintenance costs. these being disclosed within unrestrlc￿d reserv￿. ui Equipment costing le&8 than £5,000 per individua] item or gft)up of related items is written off in the year of purchase. All other equipment is capitalised and depreciated over their ex￿ useful life &8 follows.. Furnitttre and equipment Energy regeneration Librdry books Infomation te¢hnology Catering & conference equipment 10 year5 20 year5 15 yea[¥ 3 or 5 years 5, 10 or 20 years Page 24

MAGDALENE COLLEGE, CAMBIUDGE STATEMENT OF PIUNCIPAL ACCOUNTING POLICIES (continued) YEAR ENDED 30 JUNF 2023 Where equipment is acquired with the aid of specific bequ¢sts or d￿ationS it is capitalised and deprecied. The related benefaction5 are ¢redit¢d to in¢ome in the year it arises. Herita e assets The College holds and conserves two book ¢ollections which are of historical and cultural importan¢¢. The majority of assets held in the College's collections were acquired before 1st July 1999 and, be¢ause reliable estimates of ¢ost or valuation are not available for these on a cost-benefit basis, they have not been capitalised. During the year ended 30 June 2023, the College was gifted two item5 of cultural irnWTlance: a bust and a 17 ¢entury spinet. These assets hav¢ been capiialised.. the bust at artual cost and the spinet the insuran¢¢ value has been take[] the deemed cost. Heritage assets are not depreciated since their long economic lift and high residual value mean that any deptrciation would noi be material. Investments Securities Securities are shown at their fair value on 30 June each year. except for investments in the subsidiary undertakings which are stated in ihe College's balance sheet at Cost and eliminated on consolidation. Dir¢ct Investment prop¢rties are included ai fair valuion and the aggregate surplus or deficii is transfetTed to Unrestricted Rcs¢rv¢5. A formal Yaluation is perfornjed at leasi every 5 year5. For commercial property holdings, a forn)al valuation is undertaken every 3 years. and for the inteThening years regional yields published by third party property spe¢iali5ts. such as Knight Frank or Savills, for differing property uses is being adopted. A fornial valuation for agriculturdl land wa5 carri¢d out by FPD Savills ag * 30 June 2￿23. Stocks Stocks are valued ai the lower of CO￿ and realisable value. Employment btnefits Shon ierni employment benefits such as salaries and cOMpa￿led absences are recogDis¢d as an expense in the year tn which the eniployees render service to the College. Any unused benefirs are accrued and measured as the additional amount the College expects to pay a5 a result of the unused entitlemenL Provisions Provisions are recogni5¢d when the College has a present legal or consirucliv¢ obligation &% a result of a past evenL it is probable that a transfer of economic benefit will be required to settle th¢ obligation and a reliable estimat¢ can be made of the amount of th¢ obligaiion. Contingent liabilities and #ssets A contingent liability arises from a p&st event that gives the College a p05sibl¢ oblkgation whose existence will only be onfirmed b>, the ¢xcurrence OT otherwise of uncertain future events. Dot wholly within the control of the College. Contingent liabilities also artse in circumstances where a pmvision would otherwis¢ be made bui either it is not probable that an outflow of resources will be required or the amouni of the obligation canDoi be M￿Sured reliably. A contingent &ss¢1 arises where an event taken place that gives the College a trfJssil>le asset whose existence will only be ronfirmed by the occurrence or otherwise of uncertain fubjre events not wholly within the control of the Coll¢g¢. Contingent &Esets and liabiliiies are not recognised in the bo]ance theet but are disclosed In the noÉes. Financial instruments The College has elected to adopt Sections I l and 12 of FRS 102 in rest¢¢t of the re¢ognition. measurement and disclosure of financial instruEnents. Financial assets and liabilities are recognised when the College becomes party Page 25

MAGDALENE COLLEGE, CAMBRIDGE ST ATEMENT OF PRINCIPAL ACCOUNT1Tr4G POLICIES (conlinued) YEAR ENDED 30 JUNE 2023 to the contrdctual provision of the inslnunent and th¢y aff ¢I￿lfied according to the substance of the contrdctual arrangements entered into. A financial wet and a financial liability ar¢ offset onty when there is a legalty enforceable right to set off the recognised amounts and an intention either to settle on a net basi5, or to realise the asset and settle the liability simultsneously. Financial assets Basic financial assets include trade and other receivables. cash and cash equivalents and investments in ¢ommewial paper (i.e. deposits and bonds). These ￿ets are initially recognised at transaction price unless the arrangement constitutes a fu)ancing transaction, where the transaction is measured ai the present Value of the future receipts discounted at a market rate of inte￿$[. Such assets a￿ subsequenily carried at amortised cosi using the effective interest rate method. Financial assets ar¢ aswsed for indicatOTS of impairment at each reporting date. If there is objectsve evidence of impairn)enL an impairmeni loss is rwised in the Sthtemeni of Comprehensive Income. For financial assets carried at amortised cost the impaim)ent loss is the difference beNeen the canying amount of the asset and the present value of the estimated futtfft c&th flo￿ diswunted ￿ the asset's original effective interest rate. Other ffftancial assets, including investtn¢nts in equkty instnunents, whi¢h are not subsidiaries or joint ventures, are initially measured at fair value which is t￿l¢allY the transaction price. These assets are subsequently carried at fair value and chang¢s in fair Yalu¢ at the rewrting date are recognised in the Swement of Comprehensive Income. Where the investment in equity in5tNmenrs is not publicly traded and where the fair value cannot be reliably ￿easUr¢d, the assets ar¢ m¢asured at cost 1¢$5 impairn)ent. Investtnents in property or other physical &8sets do not constitute a fmancia] instrument and are not included. Financia] assets are de-recognised whell the rontradual rights io the c&5h flows from the asset expire or are Settled or substantially all of the risks and rewards of owneT5hip are tranSf¢￿ed io another party. Financial Liabilities Basic financial liabilitics include trdde and other payablo, bank loan5 and intergroup loans. These liabilities are initially recognised at transaction price unless the arrdngemeni constitutes a financing transaction, where the debt in5trum¢nt is measured at the present value of the fumre payments di%ounted at a market rate of inierest. Debi instruments are subsequently carricd at alnortised cost using the effKtive interest ￿te tnethod. Fees paid on the establishment of loan facilities are recognised as transaciion costs of th¢ Ii)an to the extent thai it is probable thai some or all of the facility will be drawn down. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If noL they are pr¢5¢nt¢d as non-current liabilities. Trade payables are recognised initially at transaction pri¢e and subsequently tneaswed at amortised cost using the effeciive inierest rate metho D¢rivaliv¢s, including forward f(Trr¢ign exchange contrdcts, ar¢ not basic fmancial in5trutn¢nts. Derivatives ar¢ initially recognised at fair value on the date the derivative contract is entered into and are subsequently re-measured at their fair value at ihe reporting date. Changes in the fair value of derivaiives are recognised in the S￿eMent of Compreh¢nsive IDcom¢ in finance costs or fmance tncome as appropriate, unless they are included in a hedging arrangement. To the extent that the College en￿r$ into forward foreign exchange wntracts which remain unsettl¢d ￿ the rep)rting dale the fair value of the contracts is revi¢wed at thai de. The initial fair value is measured as the transaction price on the date of inception of the wntracts. Subsequent valu&ions ate constdered on the basis of the forward rates for those unsettled contracts at the reporting de. The College does not apply any hedge accounting in respeci of forward foreign exchange contracis held to manage cash flow ex￿SUre5 of forec&si transactions den0￿Inated in foreign CUTTenoi¢s. Finan¢ial liabilities are de-recognis¢d when the liability is di%harged cancelle¢ or expires. Page 26

MAGDAI,ENE COLLEC.E, CAMBIUDGE STATEMENT OF PRINCIPAL ACCOUNTING POLICIES (continued) YEAR ENDED 30 JUNE 2023 Foreign eurrenty trRslgtRon Trdnsactions denomiTtated in foreign CUrre￿¢le5 are recorded at the rdte of exchange ￿lIng at the dates of the transartion. Monetary asset5 and liabilities denominated in foreign currencie5 are Iranslated inco sterling ai year end rates or, where there are related forward foreign exchange cOntrdc￿ at conttacted rdtes. The resulting exchange difference% are dealt with in the deierfflination of income and expenditure for the fll)ancial year. Taxation The College is a registered charity (number 1138143) and also a clwity within the meaning of section 467 of th¢ corpordtion T&x Act 2010. Accordingty. the College is exempi from tsxation in respect lo income or capitsl gains received within the categories covered by Sections 478 to 488 of the Corporniion Aet 2010 or Section 256 of the T￿atIon of Chargeable Gains Acl 1992 to the extrnt such income or gains are applied io exclusively charitable purposes. The College receives no similar exempiion in res￿¢1 of the Value Added Tay. Contribution under Statute G, 11 The College is liable to be assessed for Contribution under the provisions of Stsiuie G.11 of the University of Carnbridge. Contribution is us¢d to fimd grants to colleges from the Colleges Fund_ The College may from time to time be eligible for such grants. Th¢ liability for the year is as advisd io th¢ College by the University based on an assessable amount derived frotn the value of the College's assets as ￿ the end of the previous financia] yew. Reserves Reseryeg are allocated beNeen Testricted and unresthded reserves. Endowmeni resetves include balances which. in respect of endowTheni to the College. are held as P¢TTnanent fiThd& which the College must hold in peTpetuity. Restricted re5erYes include balance5 in respect of which the donor h&8 designad a specific p￿r￿)se and therefore the College is r¢5tricted in the use of these funds. Critical accounting ¢5timatU aDd judgtmeDts The preparation of the College'5 accounts requires rnanagement to make judgements, estimates and &ssurnptions that affect the application of accounting wlicies and reported amounts of assets and liabilities. income and expenses. These judgemenis. estimates and associated assumptions are based on hisiorical experience and other factors, including expectations of future events ar¢ believed to be reasonable under the cirwm51anc¢s. Th¢ resulting accounting estitnate3 will, by d¢finition, s¢ldom ¢qual th¢ Telated athal ￿Sults. Management consider the ar¢&s set out klow to b¢ those wh¢Te rrttica] accounting judgements bave been applied and the resulting estimates and assumptions may lead to adjuslments to the future ￿Ying amounts of assets and liabilities. reco ition Judgemeni is applied in d¢terniining the value and timing of ¢¢rtatn iTtcome items to be recognised in the accounts. This includes detemiining wh¢n perforfftance related conditions have met and detern)ining the appropriate recognition timing for donations, bequests and legacies. In general, the latter are reCo￿lsed when at the probate stage. Use￿1 lives of lant and ui Property, plant and equipment represeTJt a srg¢Jificant propMion of the College's tots] &ssets. Therefore. the esttmated useful lives can have a significant impact QD th¢ d¢preciatioD charged and the College's reported performance. Us¢fvl lives are detemiined at the titne the &%set is aquired and re￿eWed Tegularly for appropriateness. The lives are based o historical experiences with similaT a￿1$, profrs5iona] advice and antici￿lon of fijture events. Details of the caThying values of property. plant and equipment are shown in note 8 Investtnent Properties are revalued to their fair value at the rewfin8 date by using regional yields inforniation published by third party propertv specialists. Any valuation is based on the assumptions and judgements whÉch are influenced by a variety of factors including markei and other economic changes. Page 27

MAGDALENE COLLEGE, CAMBIUDGE STATEMENT OF PRINCIPAL ACCOUNTING POLICIES (continued) YEAR ENDED 30 JUNE 2023 Pensions FRS102 makes the distin¢¢ion beNeen a group plan and a multi-employer scheme. A group plan consists of a collection of entities und¢r common control typically with a sponsoring employer. A multi-employer scheme is a scheme for entiiies not under common control and represents It)Tiically) an industy-wide scheme such as USS. The accounting for a multi-eTnplov¢r Scheme where the employer has entered inio an agreement with the scherne that deteTmines how the employer will fijnd a deficit results in the reCo￿llIon of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in profit or loss in a¢cordance with section 28 of FRS 10? The Governing Body is satisfied that the 5¢heme provided by USS and the Church of England Funded Pension Scheme meet the defmition of a multi-employer scheme and has therefore recognised the dÉscounted fair value of the cOntraCth￿ contnbutions under the fimding plan in existence at the date of approving the f￿ancial stsiements. All other accounting judg¢Tnents and esiimates 8r¢ detailed under the ap￿0p￿e ac¢owiling policy. Page28

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MAGDALENE COLLEGE, CAMB]UDGE CONSOLIDATED BALANCE SHEET YEAR ENDED 30 JUNE 2023 Note 202J 2022 £￿0 Non-currenl assets Fixed assets Heritage Assets Investments 8a 8b 105.100 264 101,345 206,709 106.650 178 93,931 200,759 CUr￿￿t assets Stocks Trade and other receivables Cash and ¢ash equivalents 10 191 2,762 189 1,551 12 6.947 8.088 Creditors: amounts falliTrg due withiD ODe year 13 Net current assets 3.155 4,753 Creditors: YlmOIIDl$ fslliDg due #fter mort thgD year 14 (6,012) (6.428) Provisions Pension provisions 15 (2.011) (1,969) Total net assets 201.841 197 115 Restricted reserves Income and expendiwre reserve- endowmenl re5erv¢ Income and expendittwe reserve- restricted reserve 16 17 74,423 8,360 82,783 71,352 79,426 Unrestricted reserves Income and expenditure r¢s¢rve- unrestricted 119.058 117,689 Totsl reserves 201.841 197 115 These fin&Dcial stateme beh ere approved by the Governing Body on 12 October 2023 and are signed on their CJG wood S J Morris Senior Bursar Master The notes OD pages 33 to 51 fortn part of these accounts Page31

MAC.DALENE COLLEGE, CAMBRIDGE CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 30 JUIYE 2023 2023 2022 £000 Note Net cash Inflowl(OMtnow) from oper*tlDg ¥4Ctiviti 18 (1,573) 488 C4$b flow5 from iDvestiDg activities 19 (121) 2,239 Cash flows frorn financing activities 20 (660) 1674) Inerea5el(decr¢ase) in easb ￿5h equivalents in the y￿r 2.053 Cash and cash equivalents at ￿ginnIng of the year Cash and cash equivalent5 at end of the year 6.348 4,295 12 The noies on pages 33 10 51 forni part of th￿C ￿￿Ounts Page 32

MAGDALEEYE COLLEGE, CAMBIUDGE NOTES TO THE FINANCIAL STATEMENTS YEAR EIYDED 30 JUNE 2023 Acadernie fees and ebarEes 2023 £000 2022 £000 Coll¢ge fees.. Fee income r¢c¢iv¢d at the Regulat¢d Und¢rgraduate rate Fee income received at the Unregulated Undergraduate rate Fee in¢(Trme received at the Postgrdduate rdte ,324 865 706 1,393 868 755 Res¢arch income Calnbridge Bursary scheme 96 65 98 Total 3,056 3,254 Income from 8ccomrnod*tititt, tatering attd eOllfereDees 2023 £0 2022 £000 Ac¢ommodation College members Conferences College Members Conferences 2.408 334 933 313 2,309 95 081 80 Catering Total 3,988 Endowment retmrn and investm¢nt Income 2023 2022 £000 Analysis Total return contribution (stt note 3b) Incomt from.. Freehold land and buildings Unit Trust Scheme Cash Deposits 1.491 1,207 2.737 2,457 105 38 Total 4.333 3b. Summsry of total retur 2023 2022 £000 Income from: Quoted and other securities and c&5h 1.372 1.232 G4in5 eDdowment •ssets: Quoted and other securities and cash 3,656 (2,967) Investment rnanagement Costs (5¢¢ note 3¢) Total returTh for year 214 4,814 223 (1,958) Total retum tronsferred to income and expendI￿re reserve (see note 3a} Unapplied tot81 return for year included within Ststement of Comprehensive Income and E%pendÉture Unapplied totsl return ¥41 iKginniTrg of year 1.491 1.207 3.323 19,461 (3.165) 22.626 Unapplied tot81 rel￿rn at end of yt•r 22.784 19,461 Page 33

MAGDALENE COLLEGE, CAMBRIDGE NOTES TO THE FINANCIAL STATEMENfs (continued) YEAR ENDED 30 JUNE 2023 3& Investment rnanagemeMt costs 2023 2022 Quoted security- equities Pooled investtnents Fixed interest securiti Investment managtmeDt costs included wÈthiD Ilote Jb Freehold Land and Buildings 214 223 214 223 66 74 Total 288 289 Education expenditure 2023 £000 2022 £000 Teaching Tutorial Admissions Research Scholarships and awards Other educational factliti¢S 2.525 804 665 731 856 274 2.167 651 551 618 251 Total (note 6) 5.855 Aceomrnodation. (attring and conference5 expenditure 2023 2022 £000 Accornm￿lott College member5 Conferences College members Conferences 3.688 625 1,335 625 3.259 319 905 330 c￿¢rIng Total (note 6) 6,273 4,813 8e34

MAGDALENE COLLEGE, CAMBRIDGE NOTES TO THE FIIYANCIAL STATEMEiYfs (conlinued) YEAR ENDED 30 JUNE 2023 6a. Analysis of 2022r23 eIpenditure by 8cliYity Other op¢r8tiDg expellses Stsff costs (note 7) Depreciation £000 Total £000 Education (note 4) A¢¢ommodation, catering and conferences (note 51 InveSt￿ent managemeni costs (note 3c) Other expenditure Coniribution under Stathte G, 11 2,562 2.431 2.764 2.752 529 1,090 5,855 6273 288 779 19 288 1,057 19 251 27 1,646 Expenditure includes fundraising costs of £217k. This expenditure doe5 not include the costs of alumni rel*ions. 6b. Analysi$ of 2021122 eipenditure by activity Other operatÉDg expenses S¢•ff costs (note 7) Depreciation Total £000 Educaiion (note 4) Accommodation, catering and conferences (note 51 Investment management costs (notr 3c) Other expenditure Contribution under Stat￿e G. Il 2202 2.319 1.905 528 1,087 5,049 4,813 289 1255 16 289 ,523 16 241 27 Expenditure includ¢s fundraising costs of £209k. This ex￿)dIture doe5 Dot in¢lude the costs of alumni relations. Auditors remunerntion 2023 2022 £000 Other opeming expense5 include". Audit fees payable to College's external auditors 31 25 Page 35

MAGDALENE COLLEGE. CAMBRIDGE NOTES TO THE FINAIYCIAL STATEMENTS (continued) YEAR ENDED 30 JUNE 2023 Staff Non- acdetNics Acdemic 2023 Total 2023 Total 2022 £000 2023 Si¥ff Costs Salarie5 National Insurante P¢nsion costs {not¢ 24) 971 3,520 274 258 4.491 358 395 3,629 308 327 137 1.192 Average stsff nuttyber Z023 Numberof FMII-time Fellows equKvslents 65 4.264 Average staff numbers (ful￿time equfv*leDts) Average staff number 1022 Number Full-tirne of Fellows equivalents 57 Academic Non-a¢ademics ioi 88 68 60 88 At the Balance Sheet date there were 43 members of the Governtng Body. During the year the numb¢r receiving remuneration was 40 who are included irt the 68 remunerated Fellows shown above. The number of officers and employees of the College, including Head of House, who received remuneration in the following ranges was- 2023 Number 2022 Number £ioo,00 i - £1 10.000 £110.001-£120.0(XI £120.001-£130.0 £130,001- £140.0(MJ £140,001- £150,000 £150,001- £160,(K)O Remuneration in¢ludes salary, employerfs national insurdnce contnl)UtiOTts, employels pension contributions plus any tsxable benefits either pai4 payable or provide(L gross ofany salary sacrifice arrangements. Key matsagetnent personnel Totsi 2023 £0( Total 2022 £0( Key management personn¢l are those p¢r50ns having authority and r¢sponsibility for planning. direciing and controlling the aciivities of the College. The key management personnel of th¢ College are therefore the twstees. The aggregated remuneration paid io key management personnel consists of salary. etnployer's nalional in5ufdnce contributi¢)ns. employer's pension contributloll5, plus any tsxable benefits either pai4 payable or provide(L gross of any salary sacrifa¢e arrang¢ments. 972 880 Aggregated remuneration The T￿￿teeS received no remuneration in their Cap￿lty as Tn￿CeS of th¢ Charity, these paym¢nts relat¢ to their capacity as College Offi¢ers. Page 36

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MAGDALENE COLLEGE, CAMBRIDGF. NOTES TO THE FINANCIAL STATEIMENTS (continued) YEAR ENDED 30 JUNE 2023 8b. Fixed 5$5ets (continued) HeTitage assets The College holds and conserves two b￿k collection5 which are of historical and cultural itnportance. Thes¢ rotnprise the Pepys Library and the Old Library, which provide a valuable research and ¢ducational resou￿¢. In respect of thes¢ collections, the Coll¢ge's practice 15 to preserve, conserve and manage the iterns in its care- to augment the collections where appropriate and within the limited resources available: to enable and encourage access to and use of the collections for teaching and research. and io enable access to and engagement with the Pepys library wlle£tion of books by membets of the public. The College hold5 and Conserv￿ a collection of artsvork that is of culttLTal importanee. In respeci of this colle£tion, the College's practice is to preserve, conserve and manage the items in Éts care: to augtnent the collection where ppropriate and within the limited resources available: io enable and encourdge access to and use of the collection for teaching and reseawh,. and to enable access io and engagetnent with the Collcge's collections by members of thc public. The majority of assets held in the College's collections were acqtsired before 1st July 1999 and, because reliable estimates of cost or ValU￿1￿n are not available for these on a cosi-benefit basis, they have not been capitalised. During the year ended 30 June 2023. the College was gifted two items of culturdl importance.. a bust and a itr centiiry spinet. These assets have been capitalised.. the busi ai acitsal cost and the spinet the ingurnice value been taken as the deetned cost. Heritsge assets are not depreciated since their long economic life and high residual value mean that any depreciation would noi Ix matrrial. 2023 Total 2022 Tot&1 £000 109 Balance at beginning of year 178 Acquisitions gifted Acquisltions purchased Total ¢ost of acquisitions 82 69 69 At end of year 264 178 Investments 2023 Totsl £000 2022 Totsl £000 Balance ￿ beginning of year Additions Di5PQ5a15 proceeds Appreciation on revaluation Increase in cash balances held at fi￿d managers 93,931 15,370 (11,335) 3,184 195 92,474 2,950 (1,307) (189) Balance ai end of year 101.345 Represented by: Property Unit Trnst Scheme Other investtn¢nts Cash held for reinvesknent 43,422 6.763 50.160 43.894 4,698 45,339 101 345 93,931 Investsnenis held by the Coll¢ge also include an addilional £1 (2022: £1) investsnent in the subsidiary company at wst. {$ee not¢ 261 Page 38

MAGDALENF. COLLEGE, CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 JUNE 2023 ID. Stocks 2023 £￿0 2022 £000 Goods for resale: Catering Fellows Wine Merchandise 24 157 10 29 150 10 191 189 I l. Trade and other receivables 2023 £000 2022 £000 Member5 of the College Rents Conferences Other receivables 144 797 127 1.694 114 20 706 2,762 .551 12. Cash and ¢85h equivalents 2023 £000 2022 £000 Bank deposiLs Current accounts Cash in hand 2,722 1,272 3.407 2,941 3,994 6.348 13. Creditors: falllng due within one ye8r 2023 2022 Bank loans Due to tradesmen and others Universiry fees Advance deposits- S￿dellts Caution money Contribution to Colleges Fund Other creditors Accruals and deferred income Deferred research income 470 1.299 37 463 209 19 470 777 566 206 16 145 983 55 1,062 67 Page 39

MAGDALENE COLLEGE, CAMBIUDGE NOTES TO THE FINANCIAL STATEMENTS (conlinued) YEAR ENDED 30 JUNE 2023 14. Creditors: #mounts falling due after more ¢h*n ODe year 2023 £000 2022 £000 Bank loans Fee deposits 5,405 607 5,875 553 6.012 15. Pethsion provisions CEFPS CCFPS uss 2023 2022 £000 £00 Balance at beginning of year 833 1.134 1.969 1.878 Movement in the year Current service cost including life assuratlce Contributions Other fll)ance cost Actuarial (gain) reCO￿lSed in Stat¢m¢nt of Comprehensive Income and Exp¢nditure Remaining ehange in balance sheei liabiliry recognised in SOCIE 16 31 32 82 (288) 38 98 (258) 70 913 (341) 29 133 133 (510) (i) BAI8Dce 4t eDd of ye8r 966 Page 40

MAGDALENE COLLEGE, CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 JUNE 2023 16. EndowtDent funds Restricted net assets relating to endowments are &8 follows.. Restricted Unrestricted permatteDt permanent endowments endowments 2023 Total 2022 Total £000 Consolidated Balance at begiDIiIDg of year Capital New donations and endowments Fund transfers In¢reaselldecrease) in market value of investments 29268 1,802 (1.168) 1.884 42,084 71,352 1,802 {1.168) 70,969 292 553 2,437 91 Balance at end of year 31.786 42.637 74,423 Analysis by type of purpose Fellowships Stud¢nt Hardship and Bursaries Postgraduate Scholarships Undergraduate Scholarships and Priz¢$ Travel Awards Music. Chapel and Choir sthdent Sports and Culture Library Funds Other Funds Corporate Capita] 11.345 7J14 6.198 1553 343 425 989 2.624 995 11,345 7,314 6.198 1.553 343 425 989 2,624 995 42,637 10,494 5,694 5,659 1,447 321 398 927 3.392 937 42,083 42.637 31.786 42,637 71.352 Analysis by assel Property L¢ss Bank loan Securities Cash 43289 (5.875) 5,188 35 43.289 (5,875) 36,974 35 43,761 (6.345) 33,902 34 31,786 Fund transfers during the year from restricied peTman¢nt endowments of £1,168k comprise £lm unresthcted legacy received i 2017118 and accumulated gaiDS on the legacy which had be¢D treated as pemianent Clldowment for the New College Library. In accordance with the tern15 of the Will, the unrestricted legacy h&% IKen transferred to unrestricted reserves. Page41

MAGDALENE COLLEGE, CAMBRIDGE IYOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 30 JUNE 2023 17. Restricted Reserves Reserves with restrictions as follows.. PernialleDt nspent and other restricted income Consolidted Capit1 grants nspent Restricted expendable endowrnent 2023 Total 2022 Total £000 Balanee at beginning of year Capital A¢¢umulated income 13 5.026 5,039 4,224 2,626 6,850 3.035 13 5.026 8,074 New donations Fund transfer Endowment return transferred Other income IncreaselldecreJse} in rna￿et value of investm¢nts 86 1.394 1.480 1,836 19 817 132 (i) 95 58 212 212 (173) Trdnsfers {102) (595) (697) R¢lease of capittl fimds spent in year (100) (100) (260) Expenditure (588) (1.126) (1.714) (1,148) Balance at elld ofyear 3.248 8,074 CapÉtal AcCu]nulat￿ income (i) 5,113 5.112 5.039 3,248 (i) 5.113 8,360 8,074 Analysis of other rotrieted fund51donations by type of purpose Fellowships Student Hardship and Burstiri¢s Postgraduate S¢hvlarships Undergraduate Scholarships and Prizes Travel Award5 Music. Chapel and Choir Student Sport5 and Culnwe Library Funds New Library Funds Other Fund5 1,083 1,350 389 2271 624 311 797 53 3.354 1.974 700 981 112 59 54 78 780 268 3,366 1.512 787 1,045 135 59 59 52 72 43 154 14 967 781 268 3.248 8,360 8,074 Fund transfers during th¢ year from permanent and other restricted income and restricted expendable endowment of £697k comprised £433k unrestricted legacy received in 2019120 iniiially being treated a5 restricted, bul subsequently. in accordan¢e with the Wtll. transferred to unrestricted reserves. A fiuther trdnsfer of £162k beang in reSp￿t of correction of unrestrict¢d funds treated as restri¢ied in 2021122. £102k income from the uDrestricted legacy at note 16 was also tran5fetTed in th¢ year to unrestricted reserves. Page 42

MAGDALENE COLLEGE, CAMBRIDGE NOTES TO THF. FINANCIAL STATEMENTS (continued) Y[4 AR ENDED 30 JUNE 2023 18. Re¢on¢ili&tion of coDsolid4ted surplu5 for the ye8r to Det tasb iDnow from opernting setivities 2023 £000 2022 £￿0 Surplus for the year 4,859 1,212 Adjustment for nott-eash Items Depreciation Investment income DecTeose in stocks DecTease in trade and other receivabl¢s Increase in creditors Movement in pen5LOll deficit {GainyI0ss on I￿v￿[nent Donated Heritage Assets Adjustment for investing or financing 4cttvitrs Investment income Interest paid 1,654 1.645 (2) (1211) 509 (92) (3,184) (82) 239 379 601 (3) (69) (4.214) 190 (3,726) 204 Net cash inflnw frorn operating aetiylties 488 19. Cash flows from investing activities 2023 £000 2022 £000 Investment income Non-current inyestsnent disposal Endowment funds invested Payments made to acquire non4urreni ￿ets 4,214 11,335 {15,563) (107) 3.726 .307 (2,762) (32) Total cash flows from investi￿% Aetivities 121 20. Cash nows frnm finaneing aetiviti¢s 2023 2022 £000 terest paid Repayments of amounts borrowed (190) (470) (204) (470) Total easb flows frorn fin8ncing activities 660 674 Page 43

MAGDALENE COLLEGE, CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 JUNE 2023 21. Con$olidated reconciliation analysiq of net debt At Juty 2022 Casb Aequl$itioDs Ne Other Flow$ & Dis￿$81 finallee non-cash leases changes Change5 i market v#lue 8Dd exchange ratss At30 June 2023 subsidiaries £000 Ca$b and cash equiv8l¢nts 6.348 (2J54} 3.994 Borrowings: amounts falling due withirt one year Unsecured loan5 Bank overdraft Obligations under fujance leases Derivatives (470) (470) (470) Borrowing5: Amounts falling due afttr more than one year Unsecured loans Obligation5 under fmanr¢ leases Derivatives (470) (5,875) 470 (5,405) (5.875) 470 (5,405) 1,881 22. Flttan¢ial Instr￿MeTh￿ 2023 £(￿0 2022 Financial a55ets Finan¢ial assets that ar¢ equity instnlments measure at ¢ost Ic55 impairnieni (hher investments Financial assets that are debt instnunents at amortisd cost Cash and cash equivalents Other debtors 56.921 50,037 3.994 2.697 6,348 1.423 Finan¢ial liabllitie5 Financial liabilities measure at amortised cost Loans Trade creditors Other Creditors 5,875 1.299 1.51)0 6,345 777 1,604 23. Capital commilments 2023 2022 £000 Capital Commitments at 30 June are follows.. Authorised and Contracted Page 44

MAGDALENE COLLEGE, CAMBRIDGE NOTES TO THE FINANCIAL STATEMENfs (con¢inued) YEAR ENDED 30 JLNE 2023 24. Pen$lon Schem Th¢ College participaies in three defin¢d benefii schemes and two d¢fined contribution schemes. The d¢fined benefit schemes are the Univer5iti¢s Superamiuation ScheTn¢ (USS), the Cambridge Colleges Fed¢rated Pension Sch¢m¢ (CCFPS) and the Church of England Funded Pensions Scheme ICEFPS). The deftned contribution schemes are the NOW". Pensions %hem¢ and the Carnbridge Colleges Group Pellsion Scheme. The detsils of the schemes are as follows.. Univtrsitieg Superannuation Scb¢me The latest available complete actuarial valuatton of the Retirement Income Builder is as at 31 March 2020 (the valuaiion date) and was carried out using the proj¢¢icd unit method. Since th¢ ins¢ithtion cannot identify its share of USS Retirement Income Builder (defined knefit) assets and liabilities, the followÉng disclosures reflect those relevani for those assets and liabilities as a whole. The 2020 valuation was the sixth valuation for the scheme under the seheme-specific funding regime introduced by the Pensions Aci 2(NJ4, which requires schemes to have sufficient and appropriatr assets to cover their technical provisions. Ai the valuation date, the value of the &5sets of the scheme was £66.5 billion and the value of the scheme's technical provisions was £80.6 billion indicating a shortfall of £14.1 billion and a funding ratio of 83%. The key financtal &ssumptions used in the 2020 valuion are described below. More detail is set out in the Statement of Funding Principles (uss.¢o.uklaTrKJut-Uslvaluation-and-fun(bn￿%tattMent-0f-fundlng-pTin¢lpjeS). CPI assumption5 Temi dependent raies in line with the difference betwe¢n the Fixed Interest and Index Linked yield curveg less". I. Ivo P.& to 2030. reducing linearly Ey O.IVfy P.& lo a long-terni differenc¢ of O.IVo p.& from 2￿0 Pension increases (subject to a fl(bor of ￿.)) CPI assumplion plus 0.05Yo Discount rate (fonvard rates) Fixed interest gilt yield curve plus.. Pre-rdtrement.. 2.75(/• P.& Post reiirement.. l.owo P. The main demographic assumption5 used relate to th¢ mortality ￿umptiOns. The￿ assumptions are b&5¢d on analysis of the scheme's experience carried out part of the 2020 a¢tuarial valuation. The mortality assumptions used in th¢se figures are a5 follow5." 2020 v•luatio IOIO/o of S2PMA"lighf for males and 950/0 of S3PFA for females CMI 2019 with a sm(K)thing parameter of 7.5. an initial addition of 0.5% p.a. and long-iem improverneni rnte of l.V/o pa for male5 and 1.6Ph pa for f¢mal¢s Mortality base table Future improv¢ments to Page 45

MAC.DALENE COLLEGE, CAML BRIDGE NOTES TO THE FINALNCIAL STATEMEwfs (continued) YEAR ENDED 30 JUNE 2023 24. Pension Schemes toDtinued The ¢UTrent life expeciancies on retirement at age 65 8re.' 2023 24.0 25.6 26.0 27.4 2022 23.9 25.5 25.9 27.3 Males ¢urrently aged 65 (years) Females currently aged 65 (years) Males currently aged 45 (year5) Female5 currently aged 45 lyeaTS) A deficit recovery plan was put in place as part of the 2020 Valuation, which requires paynent of 6.20/0 of salaries over th¢ period l April 2022 until 31 March 2024, at which point the fdte will increase to 6.30/•. The 2023 deficit recovery liability reflects this plan. The liability figures have been pr(Mluced using the follow￿8 as5umpiions'. 2023 2022 3.3 IO/r 4.45 /( Discount rate Pension increases (CPI) 2.82V• Cgmbridge Colleges, Federated Pells1O￿ S¢htme The College operates a defthed benefit plan for the College's employtts of the Cambridge Colleges. Federated Pension Scheme. Th¢ liabilities of th¢ plan have been calculate4 at 30 June 2023. for the purtN)se5 of FRS102 using a valuaiion system d¢signed for the Management Committtt, acting as Trustee of the Cambridge Colleges. Fed¢rnied Pension Scheme, but allowing for the different assumpiions required under FRS102 and tsking fully into consid¢ration changes in the plan benefit stwcture and rnembership since thai date. The principal actuarial assumptions at the balance sbe¢t date were follows.. 2023 /• p.a. 5.20 3.35 3.40 2.80 2.05 2022 ./• p.a. 3.80 3.25 3.45 2.75 2.05 Discount rate [nc￿a$¢ in salaries Retail Prices Index (RPI) assumption Consumer Prices Index ICPI) assumption Pension Increases in paym¢nl (CPI M&x 2.5V( P.&) The underlying mortality wumpiion is b&sed upon the standard thble known as S3PA on a year of bitth usage with CMI 2022 future improvement factors and a long-tem) re of fvwre improvement of 1.250/17 per annum, a standard Stnoothing factor (7.0) and no allowance for additional improvements (20?2.. S3PA with CMI 2021 futur¢ itnprov¢menE factor5 and a long-temi future improvement rdte of l ?5lJ/o per annutn, a standard smi)othing factor (7.0) and no allowance for addilional improv¢ments). This results in the following life expectancies.. Male age 65 now has a life expectsncy of 21.4 years {previously 21.9 years). Female age 65 now has a life expectancy of 23.9 years (previou51y 24.3 years). Male age 45 now and reliring tn 20 years has a life expectsncy of 22.6 years (pr¢viousty 23.2 years). Femal¢ age 45 now and reiiring in 20 years h&% a lif¢ expectsncy of 25.3 year5 (previously 25.7 years). M¢mbers are assumed to retire at their nornial retiremeni age (65) apart from in the (ollowÈng indicatrd t￿5.. Mal¢ FeJn8le Active Membets- ONion l Benefits tkfetred MemPKrs- Option l Benefits 63 62 Page 46

MAGDALENE COLLEGE, CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDF.D 30 JUNE 2023 24. Pension Schernes contlDued Allowance been Enade at reiiremeni for non-retired members to commute part of their pension for a lump sum on the b￿1$ of the current commutation faciors in these calculations. The amount5 recognised in the balance sheet as at 30 June 2023 (with compamive figures &5 at 30 June 2022) are as follows= 2023 2022 Present value of plan liabilities Market vallte of plan &ssets Net defined b¢￿er11 assevoiability) 15.587,216) (6,411.539) 4.541,875 5 578.193 1.045J41 833 46 The amounts to be recognised in profit and loss for the year ending 30 June 2023 (with comparative figures for the year ending 30 June 2022) are Ls follows.. 2023 2022 Current seryice cost Adtninistrntive expenses Interest on n¢t der￿ed benefii (assetyiiabilty Lossl(gain) on plan changes Curtailment {gainJaoss Totsl 15,918 31,732 15,918 24,593 40.514 Changes in the present value of the plan liabilities for the year ending 30 June 2023 (with comparative rig￿eS for the year ending 30 June 2022) are as follows.. 2023 2022 Present valu¢ of plan liabilitie5 * beginning of period Current servi¢e cost Employee c4)ntributions Benefits paid Int¢rest on plan liabilitie5 Actuarial losSe￿(gains) Lossl(gain) on plan changes Curtailment {gainyIoss Present value of pian liabilities *1 end ofperlod 6.411.539 8.101,861 (267,979) (275258) 238.594 143,367 (794,938) (1,558,431) 5J87216 6411.539 Changes in the fair value of ihe plan assets for the year endll￿ 30 June 2023 (with comparativ¢ figures for the year ending 30 June 2022) are &s follows: 2022 Market value of plan assets * beginning of period Contribution5 paid by the College Employee Contributions Bertefiis paid Adrninistrative expenses paid Interest OD plan assets Return on assets, less inierest included in Profit & Loss Market Yalue of piall assets at end of period 5,578,193 (30.700). 6.736.394 62,536 (267.979) (19.399) 206.86? 925.102 4,541 75 (275258) {17,942) 118.771 1046,308 5 578,193 ' an overpaid deficit reduction conknl>ution of £43,(K(I w&$ refunded to the College A¢tual return on plan assets 718240 927.537 Page 47

MAGDALENE COLLEGE, CAMBIUDGE NOTES TO THE FIYI ANCIAL STATEIMELYfs (continued) YEAR ENDED 30 JUNE 2023 24. PeDSROn Schemes continued The major ¢at¢gories of plan &ssets for the year endÈng 30 June 2023 (with wmparative figures at 30 June 2022) are as follows.. 2023 4W/o 38ty/ 2022 Equities Bonds & C&th Property Total 340/ 140A loo/. IIJO•/• The plan has no inv¢stm¢nts in property ￿Up1￿ by. assets used by or financial insknjments issued by the College. Analysis of the rerne&surem¢nt of the net defin¢d benefit liability recognised Other Comprehensive Inc4)me (OCI) for the year ending 30 JEme 2023 (with comparative figu￿ for the year ¢nding 30 June 2022) are as follows.. 2023 21122 Return on assets, less interest included in Pmfrt & Loss Expected 1¢s5 aett￿l plan expenses EX￿ri¢n¢e gatns and 105S¢5 arising on plan liabilities Changes in assumptions underlying the present value of plan liabilities Remea5urement of ntt defined benefit liability reco£nised ID OCI (925,102) (I.(M6,308) (3.481) {2,024) (353.138) (597.637) 1.148.076 2 156.068 133.64 Movement in net defined benefil asseV{liability) during the year ending 30 June 2023 (with comparative figures for the year ending 30 June 2022) are &5 follows: 2023 2022 Net der￿ed assetllliability) at beginning of yeaT Recowised in Profil and Loss Contributions paid by the College Remeasurement of net defined benefii liability recogni5ed in I￿] Net defilled benefit asseV(li4bility) at ¢Thd of year (833.346) (1.365.467) (47.650) (40.514) {30.700)' 62.536 133 645 1.045 41 833 an overpatd deficit reduetion contribution of £43,W) w&s refunded to the College Funding Policy A¢¢uarial Yaluations are carried out every three years on behalf of the Management Committee. acting &8 the Trustee of the Scheme, by a qualified independent actuary. The actyarial assutnplions underlying the actuarial valuation are different to th05¢ adopted under FRSIO2. The such actijarial valuattoll Wa5 as at 31 March 2020. ThT5 showed that the plan's assets were insuffici¢nt lo cover the liabilities on the fimding basis. A Recovery Plan has been agreed with the College. which ¢ommits the College io paying contribution5 to fund the shortfall. These deficit reduction contributions are incorporated into the plan's S¢hedule of Contributions dated 21 May 2021 and are as follows.. Annual contributions of not less than £48,974 perannum payable for the period to 30 June 2021 No contnljuiions thereafter. The College continued paying conknl>utions to 30 June 2022, the over-payment was refvnded in July 2022. These payments ar¢ subject to review following the next fijnding valuation. due &s & 31 March 2023. Page 48

MAGDALENE COLLEGE, CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS (conlinued) YEAR ENDED 30 JUNE 2023 24. Pen5ioD Schemes eoDtinued Other Pension Schemes The College partieipates in three other pension schemes: NOW: Pensions Th¢ Colleg¢ apwkinted NOW: PensiOI]5 to provide its workplace pension scheme for its Tjoll-academic staff from I April 2014. NOW.. Pensions provid¢5 a def]ned contribution scheme which invests employer and employee contributions to provide a member specific fimd that will be converted into pension on the m¢mb¢r's retirement. There were cgntribution5 of £25k (2022.. £17k) outstanding at the year end due to NOW.. Pensions. Carnbridge Colleges Croup Personxl Pettslon Scheme The College offered a defined contrtbution pension scheme to its non-acadLYlliC Staff until April 2014. The pension cost for this scheme represents contributions payable by the College. plus the set-up costs. Ther¢ were tontribuiions of £2k (2022.. £2k} outstanding &s ai the year end due to the Combridge Colleges Group Personal Pension Scheme. Churcb of England Funded PeD$itillS Seheme Magdalene College (Cambridge) partieipates in the Church of Engl￿d Funded Pensions Scheme for stipenditiry clergy. a defined benefit pension scheme. This scheme is adminiMered by the ChU￿b of England Pensions Borf which holds the assets of the schemes separntely from those olthe ReswL5ibl¢ Bodies. Each participating R￿pOnSIble Body in the ￿hern¢ pays contribuiions ￿ a common contnbution rate applied to pensionable stipends. The %heTne i5 considered to be a multt-employer scheme as described in Sttiion 28 of FRS 102. ThTS means tt 15 not Possible io attribute the ScheTne's assets and liabilities to each specific Responsible Body, and this means contributions are accounted for as if the Scheme were a defmed contribulion scheme. A Yaluation of the Scheme is carri¢d out once every thrtt ye4rs. Th¢ m05t recent Scheme valuation completed wa5 arried out as at 31 December 2021. The 2021 valuation revealed a surplus of £560m, based on &ssets of £2,720m and a funding tsrgei of £2.160m, as5¢ssed using the following wumption: An average discount raie of 2.7Vo P. Incre&se in pensionable stip¢nd5 of 2.8Vo p.a RPI inflation of 3.6/0 p.a. {and pension incrvdses ¢onsi5tent with this) Mortality in arcordance with 900/0 of the S3NA VL tables, with allowance for improvements in mortality rates in line the CM12020 extended rn￿¢] with a long-tern) annua] rwe of improvemenl of 1.5Q/o, a smoothing pardmeter of 7 and an initial addition to mortality improvements of 0.5Vfy P. Following the 31 D¢cember 2018 valuation. a deficit Yecovery plan w&$ put in place until 31 December 2022 and the deficit recovery contributions (as a percentage of pensionable stipends) are set out in the table below. An interim reduction to deficit ¢ontributions to 3.2•/0 of pensionable stipends was made with effect from l April 2022. Following finalisation of the 31 December 2021 valuation, defi¢it contributions ceased with effect from l January 2023, since the Scheme w&s in surplus. As at 31 December 2020 and 31 December 2021 the deficit recovery conknbutions under the rewvery plan in forc¢ were a5 set out in the tsble below. For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the Scheme's rules. /0 of pensionable stipends Deficit repair contributions Jan-18 10 tkc-20 11.(p/ Jan-21 to De¢-22 7.1/ Page 49

MAGDALENE COLLEGE, CAMBRIDGE NOTF.S TO THE FINANCIAL STATEMENTS {con¢inued) YEAR ENDED 30 JUNE 2023 24. Pension Schemes eontinued Section 28.1 IA of FRS 102 requires agreed deficit recovery pa￿ents io be reCO￿lS¢d as a liability. However. as there are no weed deficit re¢ov¢ry payments from l January 2023 on￿￿ the balance Sheet liability as at 31 December 2022 is nil. The movement in the balance sheet liability over 2021 and over 2022 is sei out in the table below. 2022 2021 Balance sheet liability * l January Deficit contribution paÈd Remaining change to the balance shttt liability. (recognised in S(￿lE) Balance sheei liability at 31 tkcember 2,000 (l.O(M)) 4,000 {2.0(M)) * Comprises Ch￿Se in agreed deficit recovery plan and change in discount Tat¢ and assumptions betwttn year-end5. This liability represents the present value of the deficit contributions weed as at the accounting date and has been valued using the following assumptions. No as%umptlODs are needed for December 2022 there are no agreed defieit recovery payments going fotward. No price inflation a55umplion was needed for December 2021 since pensionable stipends for the remainder of the recovery plan were already known. Dec-22 Dee-21 Dec-20 Discount rate Price inflation la O.OO/o pa 0.20/0 pa 3.IO/vpa 1.6Q/o pa Increase to total pensionable payroll -1.50/0 pa The legal structure of the scheme is such that if another Responsible Body fail4 Magdalene College {C8mbridg¢) could become responsible for paying a share of that Responsible Body's pensiott liabilitie5. The lotsl pension cosi for the year to 30 June (see note D w&s as follows.. 2023 £000 206 (47) 236 395 2022 USS.. Contribution5 CCFPS.. Chargedl(Credited) to S(KIE Oth¢r Schemes 242 (47) 326 25. Related Party Trnn5aCtions Owing to the nature of the College's oper*ions and the comp)sition of the Gov¢rning Body, it Is inevitable that transactions will take place with organisaitons in whi¢h a Governing Body member may have an interest. All Iiansactions involving owi&itions in which a rnember of the Governing Wy may have an Int¢re￿ are conducted at arm's length and in accordance with the College's nonnal procedures. Th¢ College maintains a register of Inte￿Sts for all Governtng Body members and where any memtr¢r of the Governing Body has a material inierest in a College matter they are required io declare that fact. During the yfdr no f¢¢s or expenses w¢r¢ paid to Fellows in respect of the￿ duties as Tn￿¢¢5. Fellows are remunerdted for teaching. research and other duties within the College. Fellows ar¢ billed for any private catering. The TTUStees remun¢rdtion is oveTSttn by the Remuneration Committee. Page 50

MAGDALENE COLLEGE, CAMBIUDGE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 JUNE 2023 25. Related Party Transactions coDtiDued Th¢ salari¢5 paid to T￿￿te¢S in th¢ year are summarised in the tsble below: 2023 2022 From To £io.000 £20,000 £30,0(K> £40,(MM) £50.(MM> £60.( £70.0 £80.(KMI £90,0(XI £IOO,(M £iio,000 £120.IMX) Totsl £1 £io,(x)I £20.(x)I £30.(X)I £40.1H)I £50.(H)I £60,001 £70,001 £80,001 £90,001 £ioo,001 £iio.001 24 24 40 40 The iotal Tru￿et salaries were £758k for the year (2022: £&)2k). The trustees werc a]so paid other wxable benefits (including a￿lated employer National Insurance contrtbutions and employer contributions io pensions) which totslled £214k for the year (2022= £188k). The College has one trading subsidiary. Cloverleaf Limited which is consolid￿ed In￿ these accounts. Cloverleaf Limit¢d 15 lo￿/￿ owned by the College and is registered and operatiD8 in ￿gland #nd Wales. The College hos taken advantage of the eXem￿lOn within section 33 of FRS 102 not to disclose transactions with wholly owned grouped ¢ompantes that are relaied parties. 26. Principal 5ub5idi8ry &Dd a5￿clled undertaklttgs #ttd other slgnlfleant Investments Clw of sltares Holding Clov¢rleaf Limited Ordinary lo￿/0 The principal activity of the alxTrve company is the development of the grounds and buildings of Magdalene College. Cambridge. This company is included in these consolided financial Sts￿ments. Page 51