vvvv MAGDALEN COLLEGE Annual Report and Financial Statements Year ended 31 July 2022 Charity Registration No. 1142149 Message from the President l am pleased lo present the 2022 annual report and financial stalements for Magdalen College. The 2021122 financial year marked a return to normal life al Magdalen. Tutorials, lectures, and most exams were held in person again, and there was a renewed enthusiasm for College life amongst the students. We were once again able to meet members of the Magdalen community on visits to the US and London, and meet many more at alumni dinners, gaudies. lectures, garden parties, and other events al College. Thanks lo the generosity of one Magdalen member, we held a party for students, staff, and Fellows (The Wilde Party}, and we celebrated May Moining in person for the first lime since the pandemic., il was wonderful to hear the Choir sing at dawn from the top of the Great Tower again. Over the year, we held a total of 144 access and outreach events with over 4,300 participants, including our first in-person Open Days for two years and our Law at Magdalen Programme. Teachers and Year 10 pupils from four stale schools also came to Magdalen in April for the Coram Shakespeare Schools Foundation festival.. a two-day residential programme that culminated in performances of four abridged Shakespeare plays in our auditorium. We also held our fourth Palhway to Success leadership and development residential. With the disruption finally behind us, we were able to launch our new len-year College slralegy. The strategy will evolve over time, with much still at the planning stage. However, we have already begun lo implement some of our key goals. This year, we have been able to offer 23 new graduate scholarships, funded by our increased endowment and by generous donations from our alumni. This is the first slep in our plan lo expand the number of new scholarships to around 60 over the next three years. at an annual cost to the College of ovei £1 million. This will be the most significant single investment in post-graduate study and research in the College's history. Student support and welfare continue to be key priorities for the College. Last year we distributed £1.14m to students in bursaries, scholarship, and student support payments, and we have redesigned our College welfare provision. The College now has the benefit of a dedicated Welfare Dean, in addition to our Senior Dean of Arts and Dean for Discipline. We have begun lo make progress in implemenling our plans to redevelop the College Estate to provide beautiful and practical accommodation and teaching spaces for undergraduates, and to develop a new social hub in the heart of the College. The ambition of our strategy has been made possible by (the generosity of our donors and) an increase in the value of our endowment following the creation of a joint venture with GIC, the Singapore Sovereign Wealth Fund, for further development of The Oxford Science Park, the College's largesl single asset. So l am pleased lo end by reporting that the College ends the financial year with a strengthened financial position that. from 2022123, will generate a growing income stream lo fund Coll8ge activilies and meet the challenges of the current inflationary environment. It will also enable the College to deliver its pnmary focus for the next decade of continuing lo enhance both the excellence of the education we provide and the cohesion, inclusiveness and sustainability of our community. Dinah Rose KC MAGDALEN COLLEGE Annual Report and Financial Statements Contents Page Report of the Governing Body Membership of the Governing Body, Committee Membership and College Advisors 14 Statement of Accounting and Reporting Responsibilities 17 Auditor's Report 18 statement of Accotjnting Policies 22 Consolidated Statement of Financial A¢livilies 27 Consolidated and College 8alance Sheets 28 Consolidated Statement of Cash Flows 29 Notes to the Financial Statements 30 MAGDALEN COLLEGE Report ofthe Governing Body Year ended 31 July 2022 The Members of the Governing Body, who act as the Charity Tiustees, present their Annual Report for the year ended 31 July 2022 in accordance with the Charities Act 2011. together with the audited financial slalements for the year. 1. REFERENCE and ADMINISTRATIVE INFORMATION The College of Sl Mary Magdalen in the University of Oxford I'lhe University"). which is known as Magdalen College I'the College I, is a chartered charitable corporation aggregate, 11 was founded in 1458 by William Waynflele, Bishop of Winchester. The College was registered with the Charity Commission on 27 May 2011 (registered number 11421491, Thè names of all Members of the Governing Body al the dale of this report and of those in office during the year, together with details of the advisers of the College, are given on pages 14 10 16. 2. STRUCTURE, GOVERNANCE and MANAGEMENT Governing Documents The College is governed by ils Slaltjles dated 7 March 2018. Governlng Body The Governing Body is eonsliluled and regulated in accordance with the College slalules. the terms of which are enforceable ultimately by the Visitor, who is the Bishop of Winchester. The Governing Body is self-appointing. The Governing Body sets the strategic direction of the College and regulates ils administration and the management ol ils finances and assets. 11 meets regularly under the chairmanship of the President and is advised by its standing commillees. Recruitment and Training of Members of the Governing Body New Members of the Governing Body are recruited through open competition to adverlised posts or through promotion, and are elected on the basis of their abilities in leaching, research or administration. They are inducted into the workings ol the College. including Governing 8ody policy and procedures. by the President, other College Officers and assigned mentors, and are encouraged lo allend internal and external Iruslee training and information courses lo keep them informed about regulatory requirements and current Issues in the sector. Remuneratlon of Members of the Governing Body and Senior College Staff Members of the Governing Body who are fellows are leaching, research or adminislralive employees of the College andlor the University and receive no remuneration or benefits from their Irusleeship of the College, Those Iiuslees that are also employees of the College receive remuneration for their work as employees of the College which is sel based on the advice of the College's remvneralion committee. which consists of seven elected members including no more than one person who either is a slipendiary fellow or Inol being a fèllow) is remunerated by the College. Where appropriate, remuneration Is sel in line with that awarded lo the University's academic staff. Organisatlonal Management The Governing Body normally meets eleven times a year. Standing commillees of the Governing Body develop policies for approval by the full Governing Body and subsequently monitor their implemenlalion. The duties and membership of the standing commillees are described in detail in the stalules and bylaws of the College. The main standing committees and their areas of responsibility are.. MAGDALEN COLLEGE Report of the Governing Body Year ended 31 July 2022 Tutorial Board," academic matters including the selection and appointment of lulorial fellows and lecturers, and the admission, instruction, support and discipline of junior members of thè College. Bursarial Committee,, all financial mallers relevant lo the College including the preparation of budgets. monitoring actual income and expenditure through management accounts and oversees the management of financial risk. Investment Commillee., policy for the investment of endowment and other assets and overseeing the management of these assets in a manner consislenl with approved policy. Develo ment and Alumni Relations Committee,. objectives and strategies for fundraising and alumni Telalions. Cha el and Choir Committee,. matters connected with the chapel and choir. Human Resources Commillee,. ensuring that the College operates in Gompliance with the law and best prackn'ce in employment matters. Libraries and Archives Committee., mallers concerning the libraries and archives. Fellowshi Committee.. matters relating lo fellowship appoinlmenls. Remuneration Committee., matters relating to remuneration and benefits payable lo fellows in accordance with the College slatules. The day-lo-day management of the College is delegated to ils main officers.. The President Ims D G L Rosel, Vice President (Prof. N Stargardll, SeniorTutor {Dr M P Pobjoyl, CFO & Bursar (Mr N Brown). Home Bursar (Mr A Rayl and Development Director (Mr S Raineyl. The Dean of Divinity (Revd Dr A Bowyerl is responsible for the Chapel and the Librarian (Dr Lucy Gwynn) for the Library and Archives. Group Structure and Relationships At 31 July 2022, the college had the following subsidiary companie5 and connected bodies.. The Oxford Science Park Limited is a wholly owned trading subsidiary of Magdalen College. Ils principal activities are the management of the Oxford Science Park and related property development. The company's annual profits are donated to the College under the Gift Aid Scheme. The Oxford Science Park (Properties) Limited 15 a 600h owned subsidiaTy', a real estate investment trust lo which the College's assets al the Oxford Science Park were leased in 2021 for a term of 155 yeais. The company collects rent from income producing assets and continues lo develop ew facilities at the Park. Magdalen College Trading Limited is a wholly owned trading subsidiary of Magdalen College. 11 undertakes general trading activities, including providing conference facilities and operating a visitor scheme at the College and providing accommodation for old members visiting the College. The company's annual profits are donated to the College under the Gilt Aid Scheme. Magdalen College Educational Conferences Limited is a Company limited by guarantee. Its principal activity is the provision of conference facilities al the College. Magdalen College Development Trust is a charitable Irusl. The trust was established primarily as a fundraising body to meet the needs of the College and to support the College on fundraising strategy, projects and execution. Magdalen Development Company Limited is a who11y owned subsidiary of Magdalen College. Ils principal activity is property development. The College is part of the collegiate University. Material interdependencies between the University and the College arise as a consequence of this relationship. MAGDALEN COLLEGE Report of the Governing Body Year ended 31 July 2022 3. OBJECTIVES and ACTIVITIES Charltable Objects and Aims The College's objects, described in 115 slalules, are.. lal lo further study, learning, education and research and lo be a College within the University of Oxford wherein men and women may carry out advanced study and research (described in the Slalules as learning and educalionl., Ibl lo provide for public worship through the provision, support and maintenance of a chapel and choir,. and Icl insofar as it is not incompatible with objects (al and Ibl, the advancement of the arts. heritage, culture and science for the benefit of the public. Alms for the Publlc Benefit The Governing Body has considered the Charity Commission's guidance on public benefit and in keeping with ils objects, the College's aims for the public benefit are.. lo admit undergraduate and graduate students of the highest academic standard., to provide the best education and facilities for undergraduate and graduate students lo enable them lo fulfil their potential as effective and productive members of society.. lo provide Support and facilities for study and research by students and fellows., to support students financially through the provision of scholarships, bursaries, grants and allowances., lo support the College choir and provide for public worship in the College chapel., and lo preserve the College buildings and grounds for the benefit of current and future members of the College and members of the public who may visit the College. Although the Members of the College, both students and academic staff. are the primary beneficiaries and are directly engaged in study, learning. education or research, there are many other beneficiaries. These include students and academic staff from other Colleges within the University and from the University more broadly, visiting academics fron7 other inslilulions of higher education, visiting students and schoolchildren, and the general public. The output from research undertaken by students and fellows in the sciences, social sciences and humanities Provides exceptional long-term public benefit. The College's subsidiary companies help finance the achievement of the College's aims, described above. Actlvities and Objectives of the College The College's activities are focused on furthering ils stated objects and aims for the public benefit. The principal activities of the College are study, learning, education and research. The College admits undergraduates for course5 at the University and accepts graduates admilled by the University. In conjunction with the University, the College provides a world-class education IhroLJgh small- group leaching and academic supervision for undergraduates. Tutorial teaching is provided by fellows with international research reputations in all the subjects studied by the College's undergraduates. This provision is reinforced by the appointment of slipendiary and retained lecturers and additional tutors. The College makes available seminars, lectures and other academic gatherings for all students. MAGDALEN COLLEGE Report of the Governing Body Year ended 31 July 2022 The College provides a specialist choral musical education for ils choral 51udènls, who, together with the choristers of Magdalen College School. make up the CoSlege's inlernalionally renowned choir. The College provides academic advisers for graduate students to assist each student's academic development. Forthose graduates who are Clinical medical students, the College also provides clinlcal leaching. The College aims to support research of the highest international quality carried out and published by Fellows and graduate students. The appointment of junior research fellows (fellows by examinalionl and visiting fellows also furthers this aim. The College directly supports the work of ils fellows and students by providing study space and library facilities, encouraging interaction across academi¢ disciplines and making funding available for allendance al nation81 and international conferences, field trips 2nd research materials. In addition. the College has sever81 seminar rooms and an excellent auditorium th81 can accommodate up lo 160 people, facilities that may also be used by groups from outside the College. The College maintains five libffiries, delivering essential resources for students and fellows, other members of the University, visiting scholars and researchers. as well as members of the public. There is also an extensive and valuable collection of archives dating back lo the twelfth century. A full-lime professional archivist is employed who assists academics and members of the public with their enquiries. The College provides intemel conneclivily lo all its members and staff and m2inlains an informats've website. The College provides living accommodation for all its undergraduates and guarantees at least years, accommodation for ils graduates. Some fellows live in College and all lulorial fellows have an appTOPTiate leaching room in College. Welfare support for all students is offered by the Deans of Arts, the Dean of Divinity, the Tutor for Equality and Diversity, the Tutor for WeSfare, fellows and other membeis of the College stsff. students are encouraged lo lake part in extra-curricular activities, and excellent facilities are available in College for this purpose, particularly for SPOTIS, music and theatre. Student pailicipalion in societies in the College and University is also encouraged. The College's strategic plan for the period 2021 2031, includes its vision as a welcoming and inclusive community of scholars. dedicated lo world-leading teaching and research, and lo the advancement of the public good. Three goals were identified in the plan.. excellence, broadly defined., enhancing the community", and contributing lo the wider public good. The College's estates masterplan will consider the optimum use of the College site and Ils immediate surroundings. The College has agreed to expand the number of graduate students by about 100 over the next decade, while ensuring that graduate places are fully funded, and to provide excellent new student accommodation and community facilities. 11 has also agreed lo continue lo priorilise its access and outreach aclivilies, to ensure that it allracts those with the greatest potential lo benefit Irom and contribute to the opportunities the College offers, and to provide enhanced support lor the tutorial system. Equality of Opportunily The College is commilled to equality of opportunity in its selection and appointment processes. The focus of the College is strongly academic, so students and academic staff musl satisfy high academic entry requirements. The College admits to slLJdenl places those who have the highest potential for benefiting from the education provided by the College and the University. and appoints lo academic positions those who are able lo contribute most lo the academic excellence of the College and the University. The College's objects are not restricted by geography, age or religious affiliation. Students and staff are drawn from across the UK and internationally.. there are no age restrictions in the College's objects., and members of the College have a wide variety of faith traditions or none. MAGDALEN COLLEGE Report ofthe Governing Body Year ended 31 July 2022 To help raise educational aspiration and allfacl oulslanding candidates who might not otherwise have considered applying, the College supports various outreach activities, including visits to Schools, visits by schools lo the College, open days, and the provision of guidance and information on the College website for prospective applicants. The College and the University jointly provide Oxford Bursaries la scheme approved by the Office for Fair Access), lo help support undergraduate students with limited financial means. The College also operates a Sludenl Support Fund lo assist any of ils students who experience financial hardship, and supports all ils students through travel and research grants (see section 4c for delailsl. The College continues lo promote equality of opportunity through delivery of the objectives in its outreach strategy for the period 2018-23 (see section 4a for details}. 4. ACHIEVEMENTS AND PERFORMANCE Academic The student population of the College consisted of 413 undergraduates, undertaking a mixture of three- and lour-year courses, and 235 graduates, of whom 87 were studying for degrees in clinical medicine1321 or laughl maslerfs degrees1551 and 148 were undertaking research for doctorates. In their Fin81 Examinations, 43 out of 106 finalists gained first class honours. Of the 112 students silting the first public examination. 39 achieved distinctions or firsl-class results. Eighteen graduates who completed laught courses achieved distinctions in their final examinations. Many University prizes and awards were won by undergraduates and graduates of the coll￿e. The main achievements of the College in the year under review include the following.. Magdalen Fellows published numerous research papers, books, and other original works during the academic year. Fellows, research was recognised with a range of awards. Magdalen Fellow Lucy Bowes has been awarded the lille of Professor of Developmental Psychopathology in the 2021 University of Oxford Recognition of Distinction awards. Emeritus Fellow Professor David Rodney (Roger) Healh-Brown received the Sylvester Medal for his many important contributions lo the study of prime numbers and solutions lo equations in integers. Professor Simon Gilson, Magdalen Fellow and Agnelli-serena Professor of Italian Studies al the University of Oxford, has been made a Fellow of the British Academy, Professor Conslanlin Coussios FREng, Director of the Oxford Institute of Biomedical Engineering and Professorial Fellow in Engineering Science, has been awarded an OBE for services lo Biomedieal Engineering in the Queen's Birthday Honours 2022. Mr Rory Maw was elected lo a Fellowship by Special Election whilst CEO of The Oxford Science Park. Professor Clare Harris was elected to 8 Fellowship by Special Election. Dr Laura Swift was elected to a Tutorial Fellowship in Classics, in association with the position ol Associate Professor of Greek Language and Lileralure. Professor Michael Neidig was elected lo a Tutorial Fellowship in Inorganic Chemistry, in association with an Associate Professorship of Inorganic Chemistry. Elections lo Fellowships by Examination included Dr Marco Sanlini in Classics, Dr Danfeng Wu in Linguistics and Philology, and Dr Giles Masters in Music. Visiting Fellows included,. Professor Gwen Seabourne, Dr Adam Shear, Professor Sebastian Sobecki, Dr Eniko Regos. Professor Antonio Rodriguez-moreno, Dr Kerry Mccarthy, Professor Shin-lchi Ohkoshi, Ms Hanna Wilberg. and Professor Ernest Lim. MAGDALEN COLLEGE Report ofthe Governing Body Year ended 31 July 2022 Access and Outreach The College embarked upon the fourth year of ils outreach stffttegy for 2018-23, which involves the following four goals.. To give opportunities for outstanding education to students regardless of background. To increase the presence of under-represented groLJPS at Magdalen College and al Oxford. To promote the College and Oxford lo all students with the potential for academic excellence. To support the University as a whole in its outreach and access work. The strategy is underpinned by an operational plan, which has included incre2sed staffing,. the team now consists ol Iwo fellowship-level positions {Access Fellow and Widening P2rlieipalion Fellow), and two full-time outreach and access officership posits'onsl. Over the course of 2021-22, Magdalen College ran or participated in 144 outreach events (compared lo 117 in the previous yearl. During this period, the College returned lo a full programme of 'Tasler Days. lafler the lifting of the previous year's pandemic reslriclionsl, which are offered lo school groups from ils seven link regions - Barnsley, Rotherham, Sheffield, Brent. Weslminsler, Nollingham, and Nottinghamshire - or from other areas in the East Midlands. The 144 events included 54 'Taster Days, 26 virtual events Ilalks, workshops, or virtual 'Tasler Days., which are now open to participants from anywhere In the UK), 35 outbound visits, and vaTiOUS other events including Universily-wide initiatives, offer-holder events, sessions for teachers, and ad hoc work. Twenty-five of the events were partnered with other organisations. In the course of the year, the College directly engaged with approximately 4,300 PTospective students (not including those al Open Days), teachers, and parenlslcarers. Sixty of the College's ac2demics, undergraduate students, and graduate students - not including those who supported Open Days helped with the College's outreach activities. Participant feedback from all three terms of the year has been overwhelmingly positive, with many parlicipanls reporting taster lectures or sessions as the most enjoyable parl of the day. For the second time, the College ran the Magdalen Mentorship Scheme, after the successful pilot in the previous year Ithen known as the 'Posl-Offer Scheme'l. This included Magdalèn's first In- person Welcome Day, which 28 of ils least advantaged offer-holders allended with a parent or carer. Thirty offer-holders also look parl in mentoring provided by the College's access mentors. many ol whom had themselves been participants in last year's scheme. Over the Easter vacation, the College hosted ils first residential with the Coram Shakespeare Schools Foundation. This large-scale project involved parlicipanls from four schools, who stayed in College for vo nights, taking part in a programme of university enrichment and engagement with Shakespeare. Al the end of their slay, the groups performed abridged Shakespeare plays to an audience in the College's auditorium. The event received very positive feedback, with the percentage of students who strongly agreed that they are interested in applying lo a lop university doubling after the event. This collaboration was lacililaled by Peter Kessler, with support from Laurie Maguire. Among the other organisations with which Magdalen collaborated this year were Inlouniversity, The Access Project, and the University's African and Caribbean Society. The College once again hosted rising stars from the world of politics and business in a residential as parl of the Pathway lo Success Leadership and Development programme, an initiative designed by Operation Black Vole and the House of Commons in collaboration with the College, the Blavatnik School of Government, and Lloyds Banking Group to help create the next generation of ethnic minority leaders. In the University's Annual Admissions Stalislical Report published in May 2022, which was the first in which all three years of figures represented students who had applied lo Oxford since the launch of the College's five-year outreach strategy, the proportion of Magdalen's UK-domiciled students from socioeconomi¢ally disadvantaged areas was 19.2 10 Iuniversily average 15.2D/ol, and from areas with low progression to higher education 19.3010 (University average 15.5¥01. MAGDALEN COLLEGE Report of the Governing Body Year ended 31 July 2022 The proportion of female students was 55.2Dfi (University average 54.60AI, the proportion from BME backgrounds was 23.20A (University average 23.4 /01. and the proportion who allended a stale secondary school wa5 62.5 /0 Iuniversily average 66.5 101. Student Experiènce A high strategic priority of the College is an oulslanding collegial experience for all members of the Magdalen community, and the College continued lo offer numerous cultural activities musical concerts and society gatherings- and opportunities for sport in 2021-22. including In the Sludenl 8aromeler, which surveys all full-time and part-lime undeigraduale. postgraduate laught. and poslgraduale research students al the University and enables il lo benchmark their feedback on the student experience from application lo graduation against that of students at 120 other universities, for the period 2016-21, Magdalen College came 4th among the Oxloid colleges and permanent private halls for students, overall satisfaction with all aspects of their University experience, and for the period 2019-21, il came 5th. Financial Support for Students In order lo assist undergraduates entitled lo public support, the College and the University jointly provide Oxford Bursaries lo help those of limited financial means. In 2021122, 88 {2021.' 87} students received Oxford Bursaries and a lolal of £270k12021'. £234kl was awarded. The College contributed £78k12021.. £89kl lowards the cost of Oxford Bursaries. The College also operates a Sludenl Support Fund 10 2SSlSt ils students in financial need. In 2021122, the Student Support Fund made grants and awards tolalling £664k12021. £689kl. Magdalen College, in partnership with the Unlversity of Oxford, has launched a graduate scholarship scheme for refugees from Ukraine. The new scheme will help those whose lives have been impacted by war lo continue their academic work in safely al Magdalen. Scholars will receive a package of financial and welfare assistance during their lime here which will include free accommodation, meals within College, and a grant lo support their study and living costs. Chapel and Choir After the disruption of the previous two years, the last year has marked the slarl of a more conventional year in the life of the chapel and choir starling with our'Be a Chorister Day, workshop and a Choir Reunion Evensong with around 100 former choristers, clerks, and members of the Consort of Voices, aged between 13 and 80. On the first Sunday of the academic year, the President admilled 3 new academical clerks, and 4 new choristers to the Foundation. Two new slipendiary clerks, and 3 probationers were also welcomed along with 2 new members to the Consort of Voices and a new Assistant Chaplain. Our newest students were given an historical lour of the Chapel and a rolling series of morning teas were available for all the new gradu8te8. There was also a special Evensong lo welcome College newcomers showcasing lo them the beauty of our tradition 2nd the skill of our musicians. All these events and services gave the Dean of Divinity the opportunity to explain the place of the chapel in the life of the College, lo offer some advice and encouragement lo new members, lo provide information about pastoral care provision in the College, and to invite students to the various inlerlaith events planned in addition to the USLtal chapel activities. The choir made il through ils traditional Carols by Candlelight services, and a concert in aid of St Michael's Hospice, in Odiham. Hampshire, before the rise of Omicron saw the final lew events of the term sadly cancelled. One of the last events al which the choir sang in 2021 was the funeral of Anthony Smith, former President of the College, which was also live-streamed from the chapel. MAGDALEN COLLEGE Report of the Governing Body Year ended 31 July 2022 Hilary Term was something of a rollercoasler ride, as choristers and clerks disappeared into isolation due to Covid one after another. Following the end of term, the choir were delighted to be invited to perform in the Barnes Music Festival, in a concert of Slainer's Crucifixion and a few days later, they sang lo a sold-oul Sheldonian Theatre alongside the other choral foundations ol Oxford New College Choir and the Choir of Christ Church Cathedral and Instruments of Time and Truth. Over the Easter vacation, the Mander organ had been removed and an electronic organ wa5 installed and used in services throughout the term. The start of term also saw the release of the Choir's latest recording, 'The Sweet and Merry Month- Music for May Morning,. A week later, May was sung in properfy for the first time since 2019, from the lop of the Tower. Farewells were said lo our leaving choristers, departing clerks. and those concluding their lime as members of the Consort of Voices. Once again, the academical clerks, performance in University examinations was exceptional. with a number of dislinclions, firsts and prizes in both firsl-year exams and finals. Public Access The Old Library (which houses the College's laTge iare books and manuscripts collection) is normally open lo the public one afternoon per week (Wednesday, 2.00 10 4.30pml lo allow viewing of the temporary exhibition and for the space to be seen. Individual scholars from outside College visit to consult material in the College Libraries and Archives lo further their own research. The College grounds, chapel and hall are normally open lo the ptjblic throughout the year except over the Christmas period. Access is free for local residents, alumni and various special-inlerest groups. During 2021122, the Covid lockdowns were lifted and there were 14,32212021.. 6,9071 adult paying visitors and 10,08712021.. 3,9321 visitors who paid al a concessionary rate. In addition. family lickels were purchased by 87412021,. 4261 families. During the 2022 Long Vacation, a further 14412021.. 28) visitors bought a guided lour licketwhich included areas of the grounds not open on the ordinary visitor ticket. The College participates in several programmes that offer free access lo members of the public. We were able lo open for the National Gardens Scheme in April 2022 and had in excess of 38012021.. nil) visitors. The lolal gate receipts were sent to the National Gardens Scheme. We also partlClP8ted in the Oxford Open Doors scheme in September 2022 which enabled us to offeT free access to over 3,00012021.. 1,3301 people who visited the College over the two days. The joint admission ticket scheme with the Oxford Botanic Garden continued and 649 12021.. 131) visitors lo the College bought this ticket. Development and Alumni Relations The Development Office is responsible for securing philanthropic income IOT the College, primarily from alumni. and in 2021122 secured £5.7m12021., £2.2ml in gifts and legacies. Priorities for 2021122 were lo secure additional funding to underpin core College aclivilies, particularly for the growth area of outreach and access, as well as financial support for graduate scholarships, and sludenl hardship awards (via the Student Support Fund}. These prioiilies were successfully addressed with nearly 1,400 individuals making donations to the College. A notable fundraising highlight was the successful completion of a campaign to fully fund a Ukranian Graduate Studenlship and a 2-year Fellowship for an academic fleeing war or persecution. Following the relaxation of Covid reslriclions, the Alumni Engagement Programme enjoyed a Telurn to in-person events welcoming alumni back lo College and lo events in London, New York and Washington DC. The past year saw the launch of two new donor recognition societies, lo recognise regular donors (Longwall Societyl and donors who have given more than £1,458 in the previous year {1458 Society)., inaugural events were held for these in College. MAGDALEN COLLEGE Report of the Governing Body Year ended 31 July 2022 For 2022123, the fundraising plans are lo identify and engage potential major donors, sharing the College's new strategy and seeking their support for the capital projects in particular. Fundraising for Access & Outreach will remain a lop priority and we will also launch a fundraising initiative, in memory of the late College President, Tony Smith, to SLJpporl students in their extra-curricular 2clivilies and inleresls. We will continue to provide increased and improved OPPOTlunilies for alumni engagement. particularly via careers advice and mentorship for students, alongside a comprehensive list of alumni events both in the UK and abroad and also online. Our approach lo fundraising relies upon high levels of positive alumni engagement in order that we may altracl, steward, and maintain support from our alumni donors and prospective donors. Additionally, il allows us lo protect our reputation, maintain a high profile, and establish with this audience our relevance amongst a wide array of charitable organisalions vying for their phi18nthFOPIC support. A key element underpinning our work is the segmenlalion of alumni through our 'DARS customer relationship management database. This allows us lo provide our alumni with invilalions, publications and fundTaising appeals al appropriate frequencies and ensures that alumni who have opted out do not receive unwanted communications and appeals. Magdalen College is registered with the Fundraising Regu18tor IFRI, and contrtbules lo the FR levy on fundraising charities according lo its income. The College adheres lo the FR Cocle of Practice and lo Charity Commission guidelines, particularly CC20 (Charity fundraising.. a guide lo Iruslee duliesl. Trustees are aware of the Commission's six fundraising principles and ensure adherence by the Development Office staff. Failures lo comply with poliC￿S and procedures will be reported lo the FR if they occur, as will complaints, for which there is a process lo follow if received.. there have been none of either in the last financial year or Sin￿ the FR was introduced. 5. FINANCIAL REVIEW Results for the Year The College reported total income of £29.6m {2021." £20.3ml for the year to 31 July 2022, of which £7.5m12021.' £5.grril related lo charitable aclivilies, principally teaching, research, and associated residential income, the laller of which was parliculaTly adversely affected by the pandemic in the prior year. Trading income from conferences, tourism and merchandise was £542k12021.. £266kl. Donations and legacies amounted lo £5.7m12021'. £2.3m). The increase in activity at The Oxford Science Park accounts for most of the increase in investment income which increased lo £15.8m (2021.. £11.5ml. Total expenditure for the year increased lo £30 lm {2021'. £21.5ml. Expenditure on charitable activities was £18.3m 12021.. £14.9m}, having been suppressed in 2021 due lo reduced activity during the pandemic. 2022 èxpenditure was also impacted by recognizing an increased pension deficit and increased activity at The Oxford Science Park. The equity and allemalive investment portfolio showed good performance over the year with gains on investments of £10.4m offselting below benchmark performance of the equity PDrlfolio1£8.3m lossl. Agricultural properties saw an incre8se in value of £2.9m12021.' £6.6ml while Comme￿ ial properties other than the Science Pa¥k saw a slight drop in value1£1.2m lossl. On 30 September 2021, the College completed a joint venture with GIC, a sovereign wealth fund of the stale of Singapore, under which the assets of The Oxford Science Park were transferred to a new joint venture, The Oxford Science Park (Properliesl Limited, in which the College owns 60¥0. The College's wholly owned subsidiary, The Oxford Science Park Limited, continues to manage the operations and the development of Ihg Park under a management contract. 10 MAGDALEN COLLEGE Report of the Govemlng Body Year ended 31 July 2022 High demand for space al the Oxford Science Park has meant occupancy remains high across the park with upward pressure on rents. The assets of the park also saw a subslanlial increase in value during the year increasing by £384.1 m lo £510.9m al 31 July 2022. During the year, one long leasehold building on the park was taken back within the Group's control at a cost of £42.5m. in line with strategy for consolidating ownership on the park where suitably priced opportunities arise, while one plot was leased with a premium of £35.8m received. Construction of a new laboratory building with nel lellable area I'NLA'I of 89,000 square feet commenced in the year with a further building of 81,000 square feel of NLA scheduled lo commence construction in calendar year 2023. Planning foT development of the remaining plots on the park with an eslimaled 450,000 square feel of NLA continues. A new debt facility lo be used to fund development activities was raised after the year end. Total inveslmÈnt returns for the year net of management fees (from the Group's other inveslmenlsl were £105.2m12021". £332.5kl. This contributed lo an increase in consolidated funds of £81.4m12021'. £325,7m}. Within this total, College endowment funds increased by £77.Om12021.' £295.5ml. During the year, the College received £3.4m12021'. £3.2ml in tuition fees and Ofs grant funding from the University bul spent £17.4m12021.. £14.3ml on leaching, research and accommodation, the deftcit being funded from College funds. The College spent £2.8m (2021.. £2.2ml on improvements to its estate and plans lo increase investment in future years. Reserves Policy Total funds of the College and ils subsidiaries lex¢luding the interest of non-controlling entiliesl at the year-ènd amounled lo £749.1 m12021.' £667.7ml. This includes endowment capital of £710.8m12021.' £663.8ml and unspent reslricled income funds totalling £5.7m12021'. £2.4ml. Free reserves at the year-end amounted to £5.2m12021'. £3.Om}. In addition, the fixed asset reserve lolals £32.6m12021.' £30.8ml. In line with FRS 102. the Group has recognised a provision of £5.2m 12021.. £2.7ml in respect of ils share of the Universities Supe¥annualion Scheme, the Oxford Staff Pension Scheme, both of which are mulli-employer pension5. and the College's own closed Staff Retirement Benefits Scheme. The College's reserves policy is lo maintain sufficient free reserves lo enable it, even in the event of an unexpected ￿venue shortfall or major capital expenditure requirement to meet ils short-lerm financial obligations-, to allow the College to be managed efficiently. and lo provide a buffer that would ensure uninterrupted services without drawing from ils endowment over and above its drawdown rule. In addition lo ensuring that il was able lo provide services and support to its staff and students throughout the pandemic, the College has drawn on ils free Teserves lo fund a number of major capital projects, including the completion Winter Common Room and the refurbishment of ils properties on Longwall Street. Investment Policy* Objectives and Performance The College's investment assets are held across a range of different asset classes and are managed for total return. The Trustees also 8dDpled a duly aulhorised policy of total return accounting for the College investment returns with effect from 31 July 2003. The investment return to be applied as income is calculated as up lo 3.50/D of the rolling five-year average value. The preserved Ifrozenl value of the invested endowment capital represents ils open market value al 31 July 2003 together with all subsequent endowments valued at date of oifl. The investment policy is lo generate optimum risk-adjusled returns lo enable sufficient funds to be drawn in order to meet operation21 requirements whilst maintaining the real inflation-adjusled value 11 MAGDALEN COLLEGE Report of the Governlng Body Year ended 31 July 2022 of the investment assets and hsving so regard lo b81ancing the needs of current and future benefioiarie5. In managing ils inveslmenls, 2 reasonable diversification of assets is maintained and performance is measured by total return regardless of whether return is derived from income or from capital growth. No fixed benchmark has been adopted, although the College's Investment Committee monitors returns relative lo a range of market and peer group performance data. 11 is the responsibility of the College's Investment Committee lo recommend lo the College, policy for the investment of endowment and other assets, and to oversee the management of th9se assets in a manner collsislenl with the College's policies on asset allocation, foreign exchange exposure, risk and emerging views on ESG management. In 2021 the decision was taken to enter a joint venture with GIC of Singapore for the operation and future development of The Oxford Science Park, and with the objective of managing College's exposure lo this single asset which represented a significant concentration risk in the investment portfolio. That transaction completed on 31 October 2021, with the College retaining the head lease and a 600/0 interest in the residual assets of the park, with the remaining 400/0 being acquired by GIC for cash while providing reliable evidence lo revalue the Colleges interest in the park. College continues as the investment advisor lo the joint venture. The cash proceeds are being progressively deployed into the equities allocation in the investment portfolio. The gross asset allocation 8131 July 2022, following transfer of The axford Science Park to the joint venture with GIC was.. marketable equities 36.20/0 12021. 32.00/01. private equity and venture capi1814.80/.12021'. 3.4¥01. properly 49.4 /012021.' 63.80/01, including 43.60/01202157.60/0} in respect of The Oxford Science Park, and cashlcash equivalents of 9.6Qh12021.' 0.80/01. Rlsk Management The College has on-going processes for identifying, evaluating and managing the principal risks and uncertainties il and Ils subsidiaries faced in undertaking their aclivilies. The College augments its own resources where necessary by taking advice from external experts with specialist knowledge. Risk management policies and procedures are reviewed by the relevant College committee Financial risks are assessed by the Bursarial Committee and investment risks are monitored by the Investment Committee. The Home Bursar and domestic staff heads meet regularly lo consider the idèntification and management of risk associated with health & safety and other operational matters. Tutorial Board fulfils a similar role in respect of the educational activities of the College with other areas of risk subject lo oversight by one or more College commillees of Governing Body. Training Courses and other forms of career development are available lo members of staff when requested lo enhance their skills in risk-related areas. The Oxford Science Park has a different risk profile lo College's other operations and has a separate board with relevant expertise and which includes external. non-execulive members. That board has the primary responsibility for the idenlificalion and management of risk for the park. The Group ends the year in a strong financial position, with an endowment value (excluding the interest of non-controlling enlitiesl which has increased by 12Q/o since 31 July 2021. The increased size of the endowment and the annual transfer that it generates provides a high level of resilience at a time of economic uncertainly, Whilst a sustained period of investment underperformance would have a material impact, the College's Investment Committee has established a set of policies designed lo maximise the long-lerm growth of, and returns from. the endowment. In particular, short-lerm market volatility is mitigated by the rolling five-year average approach used lo determine income lo the College from ils investment portfolio, as noted above. This is a policy which is considered lo have served the College well over a long period and particularly in uncertain times. 12 MAGDALEN COLLEGE Report of the Governing Body Year ended 31 July 2022 As P8TI of ils process for managing risk, the College maintains a comprehensive register which records key oper81ional and other risks, miligaling controls and areas in which further risk management measures have been identified and are being implemented. Those risks include sus181nabilily Safeguarding Fire and flood,. and Information technology including data protection. The Governing Body, which ha5 ultim81e responsibility for managing any risks faced by the College, regularly reviews the processes in place for managing risk and is content that adequate systems are in place to manage these risks. 6. OBJECTIVES for 2022123 The College will continue lo aim for excellent standards in learning, tea¢hing and research in the academic year 2022123. Major projects will include." Continued implementation of the College's Strategic Plan for 2021-31., Completion of the implemenlalion of the 2018-23 Outreach Sliategy and evolution of the strategy for the next five years., Implemenlalion of propos81s for improving and expanding the College's facilities under its current Maslerplan., Planning major new fundraising campaigns,. Development and implementation of a comprehensive suslainabilily strategy for the College., and Continued expansion of The Oxford Science Park in conjunction with the College's joint venture partner. 13 MAGDALEN COLLEGE Membership ol the Governlng Body. Commlttee Membership and College Advisors Year ended 31 July 2022 MEMBERSHIP of the GOVERNING BODY The Members of the Governing Body are the College's charity Iruslees under charity18w. The members of the Governing Body who served in office as Trustees during the year or subsequently and the commillees on which they served are detailed below. 111 121 13) 141 {51 161 171 181 191 1101 Ms DGL Ro88 KC Piof KD Grevling Prof N StaTgardt Prof JFBB Adams-Prassl President vI￿-PresIdent {MT211 Vice-Presidenl IHT22 & Tt221 Prof A Ardavan Prof RM Bagshaw Prof GD Barr Prof TG Barraclough Prof J Berestycki Dr PD Billingham Dr EN Bolorinos Allard Piof ML Booth Prof LN Bowes The Rev'd Dr AD Bowyer Prof MR Bridson Mr N Brtswn DrKCai Appointed 1011122 CFO & Buisar Resigned 3019122 Appointed 1110121 Dr RE Carlson Dr JL Castle Dr M Cattaneo Resigned 3019r22 Prof DM Clark Prof RO Cleveland Prof RJ Gornall Prof C Coussios Prof TJ Donohoe Prof RJ Dougla5-Fairhursl DrRDue Prof PD Elbouine Prof AM Elheridge Prof L Fortunalo Prol CJ Garland Prol RSS Garrod Revd Prof RJG Gilbert Prof SA Gilson Prof J Glngrioh Prof SF Goodwn Prof JF Gregg 14 MAGDALEN COLLEGE MembeTship of the Governlng Body, Committee Membership and College Advisors Year ended 31 July 2022 MEMBERSHIP of the GOVERNING BODY Icontinuedl 11) 12) {3) 14} 151 181 {71 18) 191 1101 Prof CE Harris Resigned 3019122 Prof AVS Hill Prof SCP Horobin Dr AD Karenowska Prol J Krislensen Dr SR Larsen DI BE Lee Appolnted 1110121 to 3118122 Dr CT Leitmeir Prof AS Lilschilz Prof SR Mackenzie Prof O Magidor M¥ JRH DAaw Resigned 3111122 Prol G Miesenbock Dr A Moreno Prof JBW Nightingale Dr FA Nizami Dr TWL Norrnan Dr LS Oswald Appointed 1110121 Dr H Park Dr MM Pfeffer Dr MP Pobjoy Prof SK Pooley Dr Y Qing Mr SF Rainey MrAE Ray Prof BJ Salow Senior Tutor Resigned 3019r22 Development Director Appointed 1110121 Hotne Bursar Prof JW Sampson Prof R Santhanam Resigned 3019122 Prof QJ Sattent8U Dr AP Shillilo Prof JAC Smith Resigned 3019122 Prof AJ Turberfield Dr R Wheatley Prof H Whilehouse Appointed 1110121 Mr MT Williams Profz You During the year the activities of the Governing Body were carried out through several standing commillees., {91 Tutorial Board 121 BLJrsarial Committee 13} Investment Committee 141 Development and Alumni Relations Commillee151 Chapel & Choir Committee161 Human Resources Commillee17} Remuneration Commillee181 Fellowship Commitleelg) Library & Archives Commillee1101 House Committee. 15 MAGDALEN COLLEGE Membership ofthe Governing Bodyi Committee Membershlp and College Advisors Year ended 31 July 2022 In addition, external members currently serve on College Commillees a5 follows.. Bursarial Committee M Bilhell, P Beckwilh Investment Committee G Bamerl, J Biistow, E Davies, D Higgins, C Plowden. J Turner, D Easton Devèlopment and Alumni Relations Committee J Cronin, S Haslam. R Leechman, B Domayne-Hayman, V Chandra Remuneration Committee D Black, E Doran, R Dunbar, L Maguire COLLEGE ADVISERS Investment services Cazenove Capital Management Ltd 7 London Wall Place London EC2Y SAU Investment property managers Savills Wylham Court 11 Weslway Oxford OX2 OQL Audltor Moore Kingston Smith LLP 6lh Floor, 9 Appold Street London EC2A 2AP Bankers Nal Wesl plc Willow Court Minns Business Park, 7 Wesl Way Oxford OX2 OJB Solicitors Blake Moryan Seacourl Tower Wesl Way Oxford OX2 OFB College address High Street Oxford OX14AU Website: www.ma d.ox.&c.uk 16 MAGDALEN COLLEGE Statement of Accounting and Reportlng Responslbllitles Year ended 31 July 2022 The Governing Body is responsible foT preparing the Report of the Governing Body 2nd the financial statements in accordance with applicable law and regulations. Charity law requires the Governing Body to prepare financial statements for each financial year. Under that law the Governing Body has prepared the financial slalements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law}, including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Under charily law the Governing Body musl not approve the financial statements unless il is satisfied that they give a true and fair view of the stale of affairs of the College and of ils nel income or expenditure lor that period. In preparing these financial ststements, the Governing Body is required to.. select the most suitable accounting policies and then apply them consistently.. make judgments and accounting eslimales that are reasonable and prudent., stale whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements,. slate whether a Slalement of Recommended Practice ISORPI applies and has been followed. subject lo any material departures which are explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the College will continue to operate. The Governing Body is responsible for keeping proper accounting records that are sufficient to show and explain the College's Iiansactions and disclose with reasonable accuracy al any time the financial position of the College and enable them lo ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the College and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Governing Body on 30 November 2022 2nd signed on its behalf by.. Ms DGL Rose KC President 17 MAGDALEN COLLEGE Independent Audltor's Report to Member5 of the Governing Body of Magdalen College Year ended 31 July 2022 Opinion We have audited the financial statements of Magdalen College for the year ended 31 July 2022 which comprise the Consolidated Statement of Financial Aclivilies, the Consolidated and College Balance Sheets, the Consolidated Cash Flow Slalemenl, and notes lo the financial slatemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law 2nd United Kingdom Accounting Standards. including FRS 102 'The Financial Reporting Standard Applicable in the UK and Ireland, (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial slatemenls.. give a true and fair view of the slate of the of the College's and the group's affairs as at 31 July 2022, and of the incoming resources of the group and application of resources, for the year then ended., have been properly prepared in accordance Mqlh United Kingdom Generally Accepted Accounb'ng Practice.. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing ILIKI IISASIUKII and applicable law. Our iesponsibililies under those standards are further described in the Auditor's Responsibilities for the audit of financial statements section of our report We are independent of the charity in accordanGe with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we havè fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relating to going concern In auditing the financial st81ements, we have concluded that the trustees, use of the going concern basis of accounting in the p￿paratIOn of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are aulhoiised for issue. Our responsibilities and the responsibilities of the trtjstees with respect to going concern are described in the relevant sections of this report. other Information The other information comprises the information included in the annual report, other than the financial slalements and our auditorfs report Ihereon. The Members ofthe Governing Body are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except lo the exlenl otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the fi'nancial statements or our knowledge obtained in the audit or otherwise appears lo be mateiially misslaled. If we identify such material inconsistencies or apparent material misslalemenls, we are required lo determine whether there is a material misstatement in the financial statements or a material misslalemenl of the other infomialion. If, based on the work we have performed, we conclude that there is a material misslatemenl of this other information, we are required lo report that fact. We have nothing to report in this regard. 18 MAGDALEN COLLEGE Independent Auditor's Report to Members of the Governing Body of Magdalen College Year ended 31 July 2022 Matters on which we are requlred to report by exception We have nothing to report in respect of the following mallers where the Charities Act 2011 requires us to report lo you if, in our opinion-. the infoTmalion given in the Members of the Goveming Body's Annual Report is inconsistent in any material respect with the financial slatemenls,. or the charity has not kept adequate accounting records.. or the financial slalements are not in agreement with the awounting records and returns., OT we have not received all the information and explanations we required for our audit. Responsibilities of the Members of Governing Body A5 explained more fully in the Members of the Governing Body's responsibilities statement sel out on page 18, the Iruslees are responsible for the preparation of the financial statements and for being satisfied that they give a truè and fair view, and for such internal control as the Members of the Governing Body determine is necessary lo enable the preparation of financial statements that are free from material misslalement, whether due lo fraud or error. In preparing the financial statements, the Member5 of the Governing Body are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Members of the Governing Body either intend to liquidate the charity or lo cease operations, or have no realistic alternative bul lo do so. Auditorfs responsibilitios for the audit of the financial statements We have been appointed as audiloT under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due lo fraud or error, and to issue an audilovs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misslalement when it exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalemenls. As part ofan aLJdil in accordance with ISAS {UKI we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial slalements, whether due to fraud or error, design and perform audit procedures responsive lo those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misslatemenl ￿suIt1ng from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant lo the audit in order lo design audit procedures that are appropriate in the circumstances, bul not for the purposes of expressing an opinion on the effectiveness of the charity's internal control. Evaluate the appropriateness of aecounling policies used and the reasonableness of accounting estimates and related disclosure5 made by the Members of the Governing Body. 19 MAGDALEN COLLEGE Independent Auditor's Report to Members of the Governing Body of Magdalen College Year ended 31 July 2022 Conclude on the appropriateness of the Members of the Governing Body's use of the goiTrg concern basis of ac¢ounling and, based on the audit evidence obtained, whether a material uncertainly exists related to events or conditions that may cast significanl doubt on the Charity's ability lo continue as a going concern. If we conclude that a material uncertainly exists, we are reqLtired lo draw attention in our auditor's report lo the related disclosures in the financial statements or, if such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained up to the dale of our audito¢s report. However. future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and conlenl of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and liming of the audit and significant audit findings, including any significant deficiencies in internal control that we Kjenlify during our audit. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design proceduies in line with our responsibilities, outlined above, lo delect material misslalemenls in respect of irregularities, includin9 fr8ud. The exlenl to which our procedures are capable of detecting irregularities, including fmud is detailed below. The objectives of our audit in respect of fraud, are., to identify and assess the risks of material misstalemenl of the financial statements due lo fraud,. lo obtain sufficient appropriate audit evidence regarding Ihe assessed risks of material misslatemenl due to fraud, through designing and implementing appropriate responses to those assessed risks,. and to respond appropriately to instances of fraud 01 suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity. Our approach was as follows.. WÈ obtsined an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. We obtained an understanding of how the charity complies with these requirements by disCuss￿nS with management and those charged with governance. We assessed the risk of material misslalement of the financial slalemenls, including the risk of material misstatement due lo fraud and how il might occur, by holding discussions ￿th management and those charged with governance. We inqUiTed of management and those charged with governance as lo any known instances of non- ¢ompliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures lo identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as reqijired. 20 MAGDALEN COLLEGE Independent Audltor's Report to Members of the Governing Body of Magdalen College Year ended 31 July 2022 There are inherent limitations in the audit procedures described above. We are less likely lo become aware ol instances of non-compliance with laws and regulations that are not closely related lo events and transactions reflected in the fi'nancial slalemenls. Also, the risk of not delecling a material misslatemenl due lo fraud is higher than the risk of not delecling one resulting from etrDr, as fraud may involve deliberate concealment by, for example. forgery or intentional misrepresentations. or through collusion. Uso of our report This report is made 501ely to the Members of the charity's Governing Body, in accordance with Chapter 3 of Parl 8 of the Charities Act 2011. Our audit work has been undertaken so that we might slate lo the Members of the Governing Body those mallers we are required lo stale lo them in an audilorts report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo any party other than the charity and the Members of the Governing Body as a body, for our audit work, for this report, or for the opinion we have formed. K, 4￿ra￿L Moore Kingston Smith LLP Slalutory Auditor 61h Floor 9 Appold Street London EC2A 2AP Moore Kingston Smith LLP is eligible lo act as auditor in terms of Section 1212 of the Companies Act 2006. Date.. 1 December 2022 21 MAGDALEN COLLEGE Statement of Aceounting Pollcles Year ended 31 July 2022 Scope of the Financial Statements The financial statements present the Consolidated Statement of Financial Activities (SOFA), the Consolidated and College Balance Sheets and the Consolidated Slalemenl of Cash Flows for the College and ils subsidiary and a550ciated undertakings Ilogelher the Group").. The Oxford Science Park Limited, Magdalen Development Company Limited, Magdalen College Trading Limited, Magdalen College Educational Conferences Limited and Magdalen College Development Trust. The College holds 600/0 of the shareholding and voting rights in The Oxford Science Park {Properlie81 Limited and is therefore ils parent company and prepare5 consolidated accounts that include the aclivilies, assets and liabilities of The Oxford Science Park IProperliesl Limited for ils reporting period lo 31 March adjusted 10 31 JLJIY 2022. No separate SOFA has been presented for the College alone as ctjrrently permilled by the Charity Commission on a concessionary basis for the filing of consolidated financial slalements. A surnmary of the results and financial position of each of the College's subsidiaries for the reporting year are disclosed in note 12. Prior year comparative information has been updated to conform with current year presentation. 2. Basls ol Accounting The College's individual and consolidated financial slalemenls have been prepared in accordance with United Kingdom Accounting Standards, in particular -FRS 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland, IFRS 1021. The College is a public benefit enlily for the purposes of FRS 102 and a registered charity. The College has therefore also prepared its individual and consolidated financi81 statements in accordance with 'The Statement of Recommended Practice applicable to charities preparing their accounts in accoTd2nce with the Financial Reporting Standard applicable in the UK and Republic of Ireland. (The Charities SORP (FRS 10211. The financial slalemenls have been prepared on the going concern basis and on the historical cost basis, except for the measurement of investments and certain financial assets and liabilities al fair value with movements in value reported within the SOFA. 3, Golng Concern The Members of the Governing Body have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the College lo continue as a going concern. The College has prepared cash flow and other forecasts, taking into account the potential pressures on income and costs, which confirm the College will have sufficient liquidity lo operate for at least the next twelve months from the dale of approval of these financial statements. The College therefore continues to adopt the going concern basis in preparing its financial sl8temenls. The principal accounting policies adopted are set out below and have been applied consislenlly throughout the year. 4. Accounting Judgements and Estlmation Uncertainty In preparing financial statements il is necessary lo make certain judgements, estimates and assumptions that affect the amoLJnts recognised in the financial slatemenls. The following judgements and estimates are considered by the Governing Body to have most significant effect on amounts recognised in the financial slalemenls. The College carries investment properly al fair value in the balance sheet, with changes in fair value being recognised in the income and expenditure sects'on of the SOFA. Independent valuations are obtained lo determine fair value al the balance sheet dale. 22 MAGDALEN COLLEGE Statement of Accounting Policies Year ended 31 July 2022 4. Accounting Judgements and Estlmatlon Uncertainty Iconlinuedl 8efore legacies are recognised in the financial slatemenls, the Governing Body has lo exercise judgement as lo what constilules sufficient evidence ot enlillement ID the bequest. Sufficient entillemenl exists once nolificalion of payment has bèen received from the execulorlsl of the estate or eslale accounts are available which indicate there are suffi'cient funds in the eslale after meeting liabilities for the bequest lo be paid. In calculating the amount of the defined benelil pension liability, the amount of the provision is based on a number of actuarial assumptions. These reflect the advice of the actuaries appointèd by the Iruslees of each pension scheme. The level of future contributions lo the USS pension scheme is currently subject lo consultation and agreement and there is Tesulling uncertainly around the level of the pension provision in the financial slalemenls. The College has relied on the fact that the University has concluded that, based on available information, the current schedule of contributions upon which the provision is based is the appropriate one lo use. The pension delicils recorded are dependent on eslimales of future employment patterns and interest rates. The effects of Changes to these assumptions are shown in note 22. S. Income Recognition All income is recognised once the College has enlillement to the income, the economic benefit is probable and the amount can be reliably measured. a. Income from Fg9s, Office for Students IOFSI support and other charges for services Fees receivable, OFS support and charges for setwices and use of the premises are recognised in the period in which the related service is provided. b. Income from Donations, Grants and Legacies Donations and grants that do not impose specific future performance~related Dr other specific conditions are recognised on the dale on which the charity has enlillement to the resource, the amount can be reliably measured and the economic benefit lo the College of the donation or grant is probable. Donations and grants subject lo perfoim2nce-relaled conditions are recognised a5 and when those conditions are mèl. Donations and grants subject lo other specific conditions are recognised as those conditions are mel or their fulfilmenl is wholly within the control of the College and it is probable that the specifi'ed conditions will be mel. Legacies are recognised following grant of probate and once the College has received sufficient information from the executorlsl of the deceased's estate lo be satisfied that the grft Can be reliably measured and that the economic benefit lo the College is probable. Donations, grants and legacies accruing for the general purposes of the College are credited to unreslri¢led funds. Donations, grants and legacies, which are subject to conditions as to their use imposed by the donor or sel by the terms of an appeal, are credited lo the relevant restricted fund or, where the donation, grant or legacy is required lo be held as capital, to the endowment funds. Where donations are Teceived in kind las distinct from cash or other monetary asselsl, they are measured al the fair value of those assets at the dale ol the gift. ¢. Investment Income Interest on bank balances is accounted for on an accruals basis with interest recognised in the period lo which the interest relates. IncorNe from fixed interest debt securities is recognised using the effective interest rate method. Dividend income and similar dislribulions are recognised on the dale the inwme becomes ex-dividend or when the right to the dividend can be established. Income from investment properties is recognised in the period lo which the rental income relates. 23 MAGDALEN COLLEGE statement of Accounting Pollcies Year ended 31 July 2022 6. Expenditure Expenditure is accounted for on an accruals basis. A liability and related expenditure is recognised when a legal or constiuclive obligation comrllils the College to expenditure that will probably require selllemenl, the amount of which can be reliably measured or eslimaled. Grants including scholarships, bursaries 8nd other allowances that are not performance-related are charged as an expense as soon as a leg81 or constructive obligation for their payment arises. Grants subject lo perlormance-relaled conditions are expensed as the specified conditions of the grant are mel. All expenditure incluLfing support costs and governance costs are allocated or apportioned lo the applicable expenditure categories in the Statement of Financial Activrties {Ihe SOFA). Support Costs which include governance costs Icosls of complying with conslilulional and slalutory requirements) and other indirect costs are apportioned lo expenditure categories in the SOFA based on the eslimaled amount atlribulable lo that activity in the year, either by reference lo staff lime or the use made of the underlying assets, as appropriate. Irreeoverable VAT is included with the item ol expenditure lo which it relates. Inlra-group sales and charges between the College and ils subsidiaries are excluded from tmding income and expetTrditure in the consolidated financi81 slatemenls. 7. Leases Leases that do not transfer all the risks and rewards ol ownership are classified as operating leases. Rentals payable under operating leases are Charged in the SOFA on a'slraighl line, basis over the relevant kase terms. Any lease incentives are rec(yJnised over the lease term on a 'straighl line. basis. 8. Tangible Fixed Assets Land is staled al cost. Buildings and equipment are slated al cost less accumulated depreciation and any accumulated impairment10sses. Expenditure on the acquisition or enhancement of land 2nd on the acqui511ion, construction and enhancement of buildings which is directly allribulable lo bringing the asset to its working condition for ils intended use and amounting lo more than £50,000 together with expenditure on equipment costing more than £1.500 and IT equipment costing more than £500 is capilalised and carried in the balance sheet at historical cost. Where a parl of a building or item of equipment is replaced and the costs capitalised, the carrying value of those parts replaced is derecognised and expensed in the SOFA. Other expenditUTe on equipment incurred in the normal day-lo-day running of the College and ils subsidiaries is charged lo the SOFA as incurred. 9. Dopreciatlon Depreciation is providèd lo write off the cost of all relevant tangible fixed assets, less their estimated residual value, in equal annual instalments over their expected useful economic lives as follows.. Freehold properties, including major extensions 50 years Equipment 3- 10 years Freehold land is not depreciated. The cost of maintenance is ¢hargeLI in the SOFA in the period in which 11 is incurred. Al the end of each reporting period, the residual v21ues and useful lives of assets are reviewed and adjusted if necessary. In addition, if events or change in circumstances indicate that the carrying value may not be recoverable then the carrying values of tangible fixed assets are reviewed for impairment. 24 MAGDALEN COLLEGE Statement of Accounting Policies Year ended 31 July 2022 10. Herltage Assets The College does not consider that it holds any heritage assets that meet the definition of heritage assets under the SORP. It has subslanlial long held historic assets which are used in the course of it5 teaching and research aclivilies. These collections include anliquilies, works of arl, tapestries, book5 and manuscripts, archives, silverware, furniture and sculptures. As these assets are in regular use to support the main objects of the College, they are regarded as functional rather than heritage asset5. The college has taken advantage of the exemption within FRS 102 not lo disclose transactions before 1 January 2015 as obtaining fair values for these assets would be impraclioable and the cost of obtaining such valuations would outweigh the benefits lo the users of these financial statements. From lime lo time, the College receives papers and manuscripts but these have not been aGcorded a value in the financial statements due lo the difficulty in ascertaining a fair value. 11. Investments Investment properties are initially recognised al their cost and subsequently measured at their fair value Imarkel value) at each reporting date. Purchases and sales of investment properties are recognised on exchange of contracts. Listed investments are initially measured al their cost and SLJb5equenlly measured al their fair value at each reporting dale. Fair value is based on their quoted price al the balance sheet dale wilhoul deduction of the eslimaled future selling costs. Investments such as private equity funds which have no readily identifiable market value are initially measured al their costs and subsequently measured at their fair value 81 each reporting dale without deduction of the eslimaled future selling Costs. Fair value is based on the most recent valuations available from their respective fund managers. Other unquoted investments are valued using primary valuation techniques such as eamings multiples, recent transactions and net assets where reliable eslimales can be made otheNise at cost less any impairment. Changes in fair value and g2ins and losses arising on the disposal of investments are credited or charged lo the income or expenditure section of the SOFA as 'gains or losses on investments. and are allocated lo the fund holding or disposing of the relevant investment. 12. Stocks stocks afe valued al the lower of cost and net realisable value, cost being the purchase price on a first in, first out basis. 13. Foreign Currencies The functional and presentation currency of the College and Group is the pound sterling. Transactions denominated in foreign currencies during the year are translated into pounds sterling using the spot exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are Irans18ted into pounds sterling at the rates applying at the reporting date, Foreign exchange gains and losses resulting from the settlement of transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the exchange rates at the reporting date are recognised in the income and expenditure section of the SOFA. 14. Total Return Investment Accountlng The College Slalutes aulhorise the College lo adopt a 'lotal return, basis for the investment of its permanent endowment. The College can invest ils permanent endowments wilhoul regard lo the capilallincome distinctions of standard trust law and with discretion to apply any parl of the accumLJlaled total return on the investment as income for spending each year. Until this power is exercised, the total return is accumulated as a component of the endowment known as the unapplied lolal return that can either be retained for investment or released lo income at the discretson of the Governing Body. 25 MAGDALEN COLLEGE Statement of Accounting Pollcles Year ended 31 July 2022 15. Fund Accounting The lolal funds of the College and Group are allocated to unrestricted, resliicled or endowment funds based on the terms sel by the donors or sel by the terms of an appeal. Endowment funds are further sub- divided into permanent and expendable. Unrestricted funds can be used in furtherance of the objects of the College 81 the discretion of the Governing Body. The Governing Body may decide that part ofthe unreslricled funds shall be used in future for a specific purpose and this will be 8ccounted for by transfers lo appropriate designated funds. Restricted funds ¢omprise gifts, legacies and grants where the donors have specified that the funds are to be used for particular purposes of the College. They consist of either gifts where the donor has specified that both the capital and any income arising musl be used for the purposes given or the income on gifts where the donor has required that the capital be maintained and the income used for specific purposes. Permanent endowment funds arise where donors specify that the funds are lo be retained as capital for the permanent ber>efit of the College. Any parl of the total return arising from the Capital that is allocated lo income will be accounted for as unreslricled funds unless the donor has placed restriction on the use of that income, in which case il will be accounted for as a reslricled fund. Expendable endowment funds are similar to permanent endowment in that they have been given, or the College has determined based on the circumstances in which they have been given, for the long term benefit of the College. However. the Governing Body may at their discretion determine to spend all or part of the capital. 16. Pension Costs FRS 102 makes the distinction be￿een a group plan and a mulli-employer scheme. A group plan consists of a collection of enlilies under common control typically with a sponsorirTrg employer. A mulli-employer scheme Is a scheme for enlilies not under common control such as the Universities Superannuation Scheme I'USS'I and the Oxford Staff Pension SGheme I"OSPS°l. The accounting for 8 mulli-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a delicil results in the recognition of a liability for the contributions payable that arise from the agreemènt Ilo the exlenl that they relate lo the deficit) and the resulting expense in profil or loss in accordance with section 28 of FRS 102. The Trustees are satisfied that the USS and the OSPS meet the definition of a mulli-employer scheme and the College has therefore recognised the discounted fair value of the conlraclual contributions under the recovery plan in existence al the dale of approving these financial stalemenl5. The College also operates a defined benefit pension scheme that is closed lo new members, the Magdalen College Retirement Benefits Scheme. The cost of this scheme is accounted for in accordance with the requirements of FRS 102. 26 MAGDALEN COLLEGE Consolidated Statement of Flnancial Actlvltles For the year ended 31 July 2022 Unrestricted Restrieted Funds Funds £'ooo £'ooo Endowed Funds £'ooo 2022 Total £'ooo 2021 Total £'(xJo Notes INCOME AND ENDOWMENTS FROM: Charitable activities Teaching, research and residential Public worship Heritag8 Other trading income Donatlons and legacies Investments Investment incoTne Total return allocated lo income 7,201 13 312 7,201 13 312 5,841 79 542 542 266 559 4,410 721 S,690 2,286 15,763 111,3(X)I 15,768 11,539 13 9,074 2,226 Other incom8 30 30 280 Total income 17,736 6.636 5.184 29.556 20,304 EXPENDITURE ON.. ChaTttable a¢tivitles Teaching, research and resid8ntial Public worship Heritage 14,677 580 185 2,715 17.392 691 257 14,266 587 55 72 Generatlng funds.. Fundraising Trading expenditure Investment management costs 739 522 739 522 10.488 637 10,488 5,937 Total expenditure 16,703 2,898 10,488 30,089 21.495 Net Incomellexpenditurel before gains 1,033 3,738 15,304) 15331 11.1911 Net galns orTr investments 10.11 99,885 99.885 326,872 Net income 1,033 3,738 94,581 99,352 325,681 Transfers between funds 18 15 13901 375 Non-controlling interest {17,9861 117.9861 Net movement in fund8 for the year 1,048 3,348 76,970 81.366 325,681 Fund balances brought forward 18 31,511 2,388 633,818 667,715 342,034 Funds carried forward at 31 July 32.559 5,736 710.786 749,081 667,715 27 MAGDALEN COLLEGE Consolidated and College Balance Sheets As at 31 July 2022 2022 Group £'ooo 2021 Group t￿00 2022 College £'ooo 2021 College £'ooo Notes FIXED ASSETS Tangible assets Property inveslmenls Other inveslrnents 49.12Y 552,401 298,133 899,661 34,971 423,365 235,291 693,627 32,564 67,826 562,652 663,042 30,767 342,330 245,301 618,398 10 CURRENT ASSETS Stocks Oeblors Investments Cash al bank and in hand Total Current Assets 1,095 7,484 70,410 18,615 97,604 1,010 4.(K)O 3,541 9,997 18,548 1,078 23,139 70,410 1,685 96.312 1,000 19,595 3,541 8,592 32,728 14 25 CREDITORS.. falling due within ona year 15 119,8201 {11,768} 15,2741 17,9221 NET CURRENT ASSETS 77,784 6,780 91,038 24,806 TOTAL ASSETS LESS CURRENT LIABILITIES 977,445 700,407 754,080 643,204 CREDITORS.. falllng due after more than on8 yèar 16 129,8841 130,0001 129,8841 130,0001 NET ASSETS BEFORE PENSION LIABILITY 947,561 670,407 724,196 613.204 Defined benefit penslon scheme liability 17 15,2341 12,6921 15,067 12,5651 TOTAL NET ASSETS 942,327 667.715 719.129 610,e39 FUNDS OF THE COLLEGE 18,19 Endowment funds 710,786 633,816 681,379 576.916 Restricted funds 5,736 2,388 5,303 2.388 Unrestricted fund8 Designated funds General funds lexcludlng pension reserve) Pension reserve 32,592 5,201 15,2341 31.048 3,028 {2,5651 32,592 4,922 15.0671 31,048 2,852 12.565} 749,081 667.715 719,129 610,639 Non-controlllng Intsrest 193,246 942,327 e67,715 719,129 610.639 The financial statements wore approved and aulhorised for issue by the Governing Body of Magdalen College on 30 November 2022. President FO and Bursar 28 MAGDALEN COLLEGE Consolldated Statement of Cash Flows For the year ended 31 July 2022 2022 Group £'ooo 2021 Group £'ooo Notes Net cash used Sn operating activities 24 13,6601 15,3831 Cash flows from investing activities DividerFd5. Illterest 8nd rents frorn inveslmenls Purchase of prtsperiy, plant and equipment Proceeds from the sale of property, plant and equipment Pr￿￿ed5 from sale of investments Pur¢h85e of invesltnenls 5,275 116,072 5,432 13,8261 37,841 1196,7031 1169,6S91 5,225 13,951} 2.889 13 Nèt cash provlded by I lused inl inve8ting activities Cash flows from financing activities Repayrnenls ol borrowing Cash inflows from new borrowng Issue of ordinary share capitsl Receipt of endowment Net cash provided by (used inl flnanclng actlvities 15,0001 10,956 175.260 721 5,000 888 181.937 5.888 Change in cash and cash equlvalents in the reporting perfod 8,618 3,394 Cash and cash equivalents at the beginning ol the reporting period 9,997 6,603 Cash and Cash equlv81ent8 at thè end of the reporting period 25 18,615 9,997 29 MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2022 INCOME FROM CHARITABLE ACTIVITIES 2022 £'ooo 2021 £'ooo Tea¢hing, research and resldèntlal Unr8slricled Funds Tuition fees- UK 8nd EU students Tuition fees- Overseas students Other fees Other grant support Other acadetnic income College residential income Reslricted Funds other academic income 1,687 1,348 133 324 57 3,652 1,703 1,126 365 21 2,514 7.201 5,841 Publlc worshlp Unrest￿LI￿d Funcls Sundry income 13 Herltage Income Unrestricted Funds klerilage income 312 79 7,526 The above analysis includes £3,358k receNed from the Univorslty of Oxford from publicly accountable funds under the College Ftjnding Formula Scheme12021'. £3,193kl. INCOME FROM OTHER TRADING ACTIVITIES 2022 £'ooo 2021 £'ooo Subsidiary company trading income Other trading income 502 40 542 1(X) 266 DONATIONS AND LEGACIES 2022 £'ooo 2021 £'ooo Unie51ricled funds Restricted funds Endowed funds 5S9 4,410 721 S,690 493 905 888 2,286 INVESTMENT INCOME 2022 £'ooo 2021 £'(x)o Unrestricted fijnds Interest on fixed tem deposits and cash 30 MAGDALEN COLLEGE Notes to the Flnanclal Statements For the year ended 31 July 2022 INVESTMENT INCOME Icontinuedl 2022 £'ooo 2021 £'ooo Endow&d funds Agricultural rent Cornmeicial rent Other property income Equity dividends Interest on fixed lerrr deFK)sils and cash Other investment income 449 742 13,727 731 114 845 9,851 531 23 15,763 11,536 5 ANALYSIS OF EXPENDITURE 2022 £'ooo 2021 £'ooo Charltable expendlture Direct staff costs 811ocated to.. Teaching, research and residential Public worship Heritage 9,139 247 140 7,049 222 11 Other direct Costs allocated lo.. Teaching, research and residential Public worship Heritage 5,923 381 94 5,049 348 44 Support and governan￿ costs alloGaléd lo.. Teaching, research and residential Publish worship Heritage 2,330 63 23 2,168 18,340 14,908 Expenditure on raisSng funds Direct slafl costs allocated lo.. Fundraising Trading Expenditure Investmenl management costs 484 330 1,202 1,011 Other d1￿ct costs allocated lo.. Fundraising Trading expenditure Investment management costs 153 55 7,784 148 3,425 Support and governance costs allocated lo.. Fundiaising Trading exp8nditure Investment tnanagement costs 102 137 1,502 20 1,501 11,749 8,587 Total Expenditure The 2021 resources expended of £21.495k is represented by.. £14.112k from unrestricted fund8, £572k from restricted fund5 and £6,811k from endowment funds. The College is liab18 to be asse55ed for ContribulKTrn under (he provision of Statue XV of the University of Oxford. The Contribution Fund is usetj to make grants and loans lo colleges on th8 basis of need. Contribulior)s are calculated annually in aooord8nce with regulations made by the Council of the University ol Oxford. The teaching and research costs include College Contribution paid of £401,855 {2021= £309.4221. 31 MAGDALEN COLLEGE Notes to the Financlal Statements For the year ended 31 July 2022 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS Generating Te8chSng Funds Research 8 Re5idenli81 £'aoo Public Worship HBiilage 2022 Total £'ooo £'ooo £'ooo £'ooo Financial administration Domestic adminisliation Human resources 431 62 24 65 363 344 228 274 34 1,007 821 418 280 346 42 1,122 1,048 80 4,1S7 12 28 Governance Depreciation Loan interest Pay8ble Othei finance charges 103 1.048 12 80 2,330 1,741 63 23 Gènerating Teaching Funds Resèarch & Re5iderTrlial £'o(xi Public Worship Heiilage 2021 Total £'ooo £'ooo £'ooo £'ooo Financial administration Domestic adminislralion Human resources 402 471 356 124 215 28 924 191 873 356 124 17 13 88 232 41 1,029 191 995 69 3,710 Governance Depreciation Loss on fixed a55et disposals Loan interost payable Olher finan￿ charges 17 995 10 1.525 59 2.168 17 Depreciation costs and profit or loss on disposal of fixed assets are attributed according to the use made of the underlying assets. Interest and other finance eharges are allributed accoiding lo the purpose of the related financing. Govem8nce cost5 are allocated based on an assessment of time taken. 2022 £'ooo 2021 £'ooo Governance costs comprise: Auditor's remuneration- audit setvices Audilof s remuneration- other se1vi￿S Other governan￿ costs 38 35 42 41 No amount has been included in governance costs for the direct employrnenl costs or reimbursed expenses of the college trustees on the basis Ihal these payments relate to the trustees, involvement in the College's charitable a¢livilies. Deiails of thè r8tnuneration of the Iruslees and their reimbursed expenses are included in note 21. 32 MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2022 GRANTS AND AWARDS During the year the College funded reseaich 8WaTds and butsaries to students from ils funds as follows.. 2022 £'ooo 2021 £'ooo Unrestrlcted funds Giants lo Individuals.. Scholarships. prizes and grants Bursaries snd hardship award5 20 133 26 107 153 Grants to institutions 205 346 Restricted funds Grants to individuals.. Scholarships. prizes and grants Bursaries and hardship awards 770 427 321 1Q5 1,196 640 Grants to institutions Total grants and awards 1,349 1,413 The figures for grants and awards include the cost to the College of the Oxford Bursary scheme. Students of the College received £270,217 frorn this soh8me 12021.. £233,522). The above costs are included within charitable expenditure on Teaching and Research. Grants to other institutions comprise payments lo Magdalen College School, Oxft>rd of £211,86012021'. £205.184), as a contribution towards the education of the College's choristers. This sum Is included within charilable expenditure on Public Worship. STAFF COSTS The aggregate payroll costs for the year weie as follows.. 2022 £'ooo 2021 £'ooo Salaries and wages Social security costs Pension costs 8,107 732 1,370 10,209 2,479 12,688 7.971 654 1,200 9,825 Pension provision 9,825 Key management remuneration Key management are considered lo be the President. the Vice-President, Senior Tutor, CFO & Bu15ar. Home Bursar &nd Development Director. Theii total remuneration including National Insurance costs arllounled to £740,78012021'. £747,000}. The averag& nutnber of employees of the College, excluding Iiuslees, was as follows.. 2022 2021 number number Tuition 8nd research College residential Public worship Fundraising Support Total 150 111 24 13 17 315 156 113 18 19 313 33 MAGDALEN COLLEGE Notes to the Financlal Statements For the year ended 31 July 2022 STAFF COSTS Icontinuedl The average number Of etnployed College trustees during the year was 85 follows.. 2022 2D21 Tutorial fellows (Universllyl Tutorial fBllows (College) Other leaching and research Other 23 25 11 20 16 Tol81 59 58 The following infomialion relates lo the employees of the College exclLJding the College trLJStees. Details of the remuneration and reimbursed expenses of the College Iiuslees is included in note 21. The number of employees lexcluding the College Irusleesl during the year whose gros5 pay and benefits lexcludlng employer Nl and pension conlribulionsl fell within the followirig bands was.. 2022 2021 £60,00110 £70,000 £70,001 to £80,000 9 TANGIBLE FIXEDASSETS Group Freehold Buildings Fixiures, Land & under Fittsngs and Building5 Conslruclio EquiptTrent £'ooo £'(M)O College Freehold FixlurÈ5. Land 3nd Fillings and Bullding5 Equipment £'ooo £'o rotsl Total £'ooo vooo £'ooo Cost At start ol year Additions Disposals At end of year 36,851 2.193 3,751 13,039 17831 16,007 7,329 840 47,931 16.072 12,2681 61,735 36,851 2,193 6,202 637 43.143 2,830 18B11 45,092 11.4851 6.684 18811 6,048 39,044 39,044 Dèpreclation At start of year Charge for the year Disposals At ènd of year 8,753 730 4,207 392 12,960 1,122 11.4741 12,608 8,753 730 3,623 293 12,376 1,023 18711 12,528 {1,4741 3,125 18711 3.045 9,483 9,483 Net book value At 8nd of year Al start of year 29,561 16,007 3,559 49.127 29,561 3,003 32,564 28,098 3,751 3,122 34.971 28,098 2,669 30,767 34 MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2022 g TANGIBLE FIXED ASSETS (continued) The College has substantial long-held historic assets whleh are used in the Course of ils 188ching and research activities. Th8se collections include anliquilies, works of art, tapestries, books and manuscripts. archives, silverware, furniture and sculptures. They dale from the early medi&v81 period to the present day. Many arg unique to the College, being either commi551oned by Ihe College or don2led. They ale appropriately presewed. conserved and catalogued, through a continuous and evolving pro￿sS. The College employs two archivists, and is a metnber ol the Oxford Colleges ConsetV81ion Consortium. These historic assets were appraised by Sotheby's in March 2015 and are insured Ihrough an appropriate policy. Access to such assets by visiting iesearchers is permitted by appointment. All such assets are held al oosl less depreciation, where relevant. The tnajority (If these historic assets hove been held for many years and accurate historic cost information is not available for these assets. However, the ITuslees consider that their historical cost less depreciation would not be material. As these assets are in regular use lo support the main objects of the College, they 8ie iegaided as functional rather than hglilagè assets. Some ol the more recent acquisilions have been capitalised in accordance with the College's accounting policies and are included within Tangible Fixed Assets under the heading Fixtures, fitlings and eqU￿pMent" There have been no disposals of heiitgge assets in recent years. The College has taken adv8nlag8 of the exemption within FRS 102 not to disc105e transactions before 1 January 2015 as obtaining fair values lor these assets would be impracticable and th8 Gosl of obtaining such valuations would outweigh the benefits to the users of these financial statements. 10 PROPERTY INVESTIVIENTS Agricultural Commercial Other 2022 2021 Group Total Tot81 £'ooo £'ooo £'ooo £'ooo £'ooo Valuation at start of year Additions and impiovements at cost Transfers frtsm fixed assets 25.653 816 392,911 42,900 5,801 423,365 43,716 147,693 396 1,639 15771 274,214 423,365 Disposals Revaluation gains in the year Valuation at end of year {3,6741 2,934 133,2671 118,593 520,137 190C¥l 1,634 6.535 137,8411 123,161 552,401 25,729 Agricultural Commercial Olhgr 2022 Total 2021 Total College £'ooo £'ooo £'ooo £'ooo £'ooo Valuation at start of year Additions and improvements at cost Disposals Revaluation gains in the year Valuation at ènd of year 25,653 816 310,87e 5.801 342,330 816 1900} 1279,4491 1.634 4,129 8,535 67,826 101,255 396 1577} 241,256 342,330 13.6741 1274,8751 2,934 {4391 25,729 35,562 A formal valuation oflhe agricullural, commercial and other properties was prepared by the College's estate managers, Savills, al 31 July 2022. A foimal valuation ol the Oxtoid Science Parkwas prepared by Avisori Young at 31 July 2022. Both valuations were conducted in accordance with the RICS Valuation Global St8ndards effective from 31 January 2020. 35 MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2022 11 OTHER INVESTMENTS 2022 É'ooo 2021 £'ooo Valuation at start of year New money invested AmoLsnts withdrawn Reinvested incorne Increase in vslug of investments 235,291 63.364 14,3111 1,725 2,064 188,041 3.024 18,986) 531 52,681 Group investments at end of year Investment in subsidiaries College investments at end of year 298,133 264,519 562,652 235.291 10,010 245,301 Group investrnents comprl$e'. H8fd OUts￿e the UK £'ooo Held in Ihe UK £'ooo 2022 Held outsid8 Total the UK £'ooo £'ooo Held in the UK e'ooo 2021 Tot81 £'ooo Equity investments Alternative & other investments Fixed term deposits and cash Total Group Investments 266,582 7.107 37 266,582 31,514 37 216,079 5.137 317 216,079 18,895 317 24,407 13,758 24,407 273,726 298,133 13.758 221,533 235,291 12 PARENT AND SUBSIDIARY UNDERTAKINGS The financial statements oonsolidate the aecounls of Magdalen College and the following bodies: The Oxford Sci8n¢e Park Limited A wholly owned trading subsidiary (company number 022873411 whose principal activity is investrnent manager of The Oxford Science Park IPropertiesl Limlled, The Oxford Science Park (Properties) A cotnpany IJFSC number 1381961, owned 600/0 by the College and 40% Limited by GIC for the purposes of owning and developlng the Oxford Sciencè Park assets. Magdalen College Trading Limited A wholly owned trading subsidiary leompany number 066440771 whose activities make use of College lacililies and include the provision of accommodation lor old members of college, the provisitsn of conferen facilities and the op8ralion of a visitor scheme, A company limited by guararilee (number (￿644047> whose principal actlvily Is lo provide conference fa￿lItIeS at Magdalen College. Magdalen College Developrnent Trust A charitable trust Inutnber 2738601 established primarily as a fundraising body to meet the needs of the College and to support the Coll898 on fundraising strategy, projeols and execution. A wholly owned subsidiary (company number 019839071 engaged Sn property devfjlopmenl activities. Magdalen College Education81 Conferences Limited Magdalen Development Company Limited 36 MAGDALEN COLLEGE Notes to the Flnanclal Statements For the year ended 31 July 2022 12 PARENT AND SUBSIDIARY UNDERTAKINGS (continued) The Oxfoid The Oxford Magdalen Magdalen Magdalen Magdalen Scl8n* Park Science College College College Development IPiopertie51 Park Gompany Limited Trading Educational Development Llrniled Limited Conferences Trust Limited Limited £'ooo 458 14581 £'ooo 11,557 18,0521 3,505 £'ooo 6,810 {3,627) 3,183 1864) 2,319 £'ooo 811 15491 2e2 11551 107 £'ooo 4,982 (4,5531 429 £'ooo 22 {221 Income Expenditure Result for the year Di5tiibution under girt aid Movement In re8ervg5 3,505 429 Total assets Totsl liabilities Nel funds at the end of year 516.441 133,3271 483,114 4.217 1844) 3.373 582 {5821 5,307 14,858) 449 17361 262 161 13 STATEMENT OF INVESTMENT TOTAL RETURN The Trustees have adopled a duly aulhorised policy of total return accounting for the College investment returns. wilh effect from 31 July 2003. The investment return, to be applied as income, is calculated as 3.5.10 {2021'. 3.5Y.l of the aveTage of the year-end values of Ihg relevant investments in 88ch of the last 5 years. The preserved Ilrozenl value of the invested endowment capital represents its open market value a131 July 2003 together with all subsequent endowrnenls valued at date of gift. PerEnanenl Endowment Trust for Unapplied Investment Total Relum Expendable Total Endowment Total 2022 £'ooo £'(y)o £'ooo £'ooo £'ooo At the bèginnlng of the year.. Gift component of the permanent endowment Unapplied total return Expendable endowment Total Endowments 6,581 6,581 6,711 6.581 6.711 620,524 633,816 6,711 620,524 620,524 6,581 6,711 13,292 Movements in the reporting period: Gift of endowment funds Investment return.. lolal inv8slm8nt income Invesknenl relurn.. real￿ed and unrealised gains and bs$e$ Investment management costs Other transfers Non-contrtslling interest in non-charilable subsidiary Total Unapplled total r8turn allocated lo In reporting period Expendable endowments transferred to income Net movgments In reportlng period 718 721 114 15.649 15,763 78 99,807 99,885 1471 110,4411 110,4881 375 37S 117.9861 117,9861 88,122 88,270 13601 110.9401 110,9401 77,182 76,970 114 78 1471 145 {3601 13601 12151 At end of the reportlng perlod.. Gift component ol the permanent endowment Unapplied total return Expendable 8ndowmenl Totsl Endowments 6,584 6,584 6,496 6,584 6,496 697,706 710,786 8,496 697,706 697,706 6,584 6,496 13,080 37 MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2022 13 STATEMENT OF INVESTMENT TOTAL RETURN {continuedl The total ielurn for the prior ye8r was as follows.. Perm8nenl Endowment Trust for Unapplied Inveslmpnt Total Return £'OLK) Expendable Total Endowment Total 2021 £'wo £'ooo £'ooo £'ooo At the beginning of the year: Gift component of the peimanent endowmonl Unapplied total return Expendable endowment Total Endowments 6,580 6,580 3,791 6.580 3.791 294.134 304,505 3,791 294,134 294,134 6.580 3,791 10,371 Movements in the reporting period.. Gift ol endowment funds Investment return.. lolal investment incotlle Inveslrnenl return.. realised and unrealised gains and losses Investment management costs Olhfyi transfers Total Unapplied total return allocated lo income in reporting period Expendable endowments transferred to inoome Nel movements in reporting perlod 887 11.448 324,324 15.9111 3.080 333.828 888 11.536 326.995 15,9371 3,493 336,975 {2281 17,4381 329,311 88 2,671 1261 413 3.146 12261 88 2,671 1261 413 3,147 12261 17,4381 326,390 2,920 2,927 At end of the reportlng period.. Gift component of the permanent endowment Unapplied lolal return Expendable endowmeril Total Endowment5 6,581 6,581 6,711 6.581 6,711 620,524 633,816 6,711 620,524 620,524 6,581 6,711 13,292 14 DEBTORS 2022 Group £'ooo 2021 Group £'OtKI 2022 College £'ooo 2021 College £'ooo Amounts fallinu due within one year- Trade debtors Amounts owed by Collego members Amounts owed by Group undert8king8 Loans repayable within one year Prepaytnenls and accrued income Other debtors Loan lo group undertaking 1.728 103 726 14 75 103 6,020 253 59 196 16,433 245 14 529 244 59 679 253 1.104 4.207 244 584 922 Amounts falllng du8 after more than one yèar: Amounts outstanding under lease incentive arrangements Loan to group undertaking 89 1,510 402 17.423 7,484 4,000 23,139 19,595 38 MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2022 q5 CREDITORS: falling due withln one year 2022 Group £'ooo 2021 Group £'ooo 2022 College £'ooo 2021 College £'ooo Bank loans Tiade creditors Amounts owed lo College tnembeis Amounts owed lo Group undertakings Taxation and Social security Acciu8ls and deferred income Olher cieditors Loan from co-inveslor 5,000 1,233 5.000 405 3,646 S7 546 58 1,875 1,665 904 226 1,659 2,426 1,076 10,956 293 3,154 2,025 55 1,129 1,270 19.820 11,768 5.274 7,922 In 2022, the College's co-investor in The Oxford Science Paik (Properties) Limited advanced funds lor the acquisitio of investment property and to fund construction commilmenls. Thè ltsan is interest free and repayable on demand. 16 CREDITORS: falling due after more than one year 2022 Group £'ooo 2021 Group £'ooo 2022 College £'ooo 2021 College £'ooo Fixed rate loan 29.884 30,000 29,884 30,000 The College enleTed into a private placement of £30 mllllon in unsecured fixed rate loan notes with a slngle institutional investor in September 2015, which have an average term of 25 years and an average coupon of 3.32Vts. Unamortised issue costs of £116k ai& included above. 17 DEFINED BENEFIT PENSION SCHEME LIABILITY 2022 Group £'ooo 2021 Group £'o 2022 College £'ooo 2021 College £'ooo At the start of the year Charged in the Statement of Flnancial Activities 2,692 2.542 2,660 32 2,565 2,502 2,479 86 Al the end ol the year 5,234 2,692 5.067 2,565 The College is a member of the Unlversilies Superannuation Scheme I'USS'I and University of Oxford Staff Pension Scheme I'OSPS'I. The Oxfoid Sclert￿ Park Limited is also a member of OSPS. These are multi-employer pension schemes both ol which are in deficit. The College has recognised a provision lor 11$ corMmitment5 under the agreed deficit reduction plans for each scheme. In caloulaling these provisions, Ihe College h85 estimated thal salary expense will increase al 4% p.a. and the liability is discounted al a high-quality corporate bond iale of 3.19Vo12021'. 0.89/01. A sensitivity analysis lo ohanges in salary and discount late changes is shown in note 22. Prior to 1 October 2005, staff were able lo accrue bènèfils for setvice in the Magdalen College Staff Relirernent Benefits Scheme (the 'SRBS'I. All members of staff weFe offered the opportunity to join OSPS Irom 1 October 2005 In order to secure benefits for sewice from that dale and weie no longer able to accrue benefits in the SRBS. AI 31 July 2022, as a result of making a significant contribution in 2015116. the scheme was in surplus. 39 MAGDALEN COLLEGE Notes to the Financial Statements For the year endèd 31 July 2022 18 ANALYSIS OF MOVEMENTS ON FUNDS Al 31 July 2021 Incorne Expenditure Transfers Gains I Interest of At 31 July Oossesl non- 2022 controlling £'CKJO £'ooo £'ooo £'ooo £'ooo £{￿0 £'ooo Endowment Funds Permanfynl Endowment 13,292 117 1471 13601 78 13.080 Expendable Endowmenl General Funds Specific Funds 487.700 75,924 1.969 1,025 11,4771 (230) 98,179 11,690} 5.970 929 592,341 75,958 Total College 576.916 3.111 11.7541 96,129 6,977 681.379 Held by subsidiaries 56,900 13,373 18,734) 1107.054) 92,908 47,393 Non-controlling Interest 117,9861 117,9861 117,9861 710,786 Total Group 633,816 16,484 110.4881 110,9251 99,885 Restricted Fund9 College Held by subsidiary Total Group 2,388 3.977 433 {2,8981 1,836 5.303 433 2.388 4,410 12,8981 1,836 S,736 Unre$tri¢ted Fund5 D&signated- Fixed Assets Deslgnaled- Other 30,767 281 31,048 1,797 1253} 1,544 32,564 28 32,592 Gene[81 Reserve 2,853 8.510 116,6561 10,275 4.922 Pension Reserve 12,5651 {2.500) 15,0671 Total Co118g8 Held by subsidiarfès.. General Re5erv& PensSon Reserve 31.336 8.510 116,6561 9,257 32,447 175 152 147) 280 11681 11681 Total Group Total Funds 667,715 29,556 130,0891 99,885 {17,9861 749.081 40 MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2022 18 ANALYSIS OF MOVEMENTS ON FUNDS {conlinuedl Prior Year Al 31 July 2020 Income Expenditure Transfers Gains I ILosses) £'ODO At 31 July 2021 £'ooo £'ooo £'ooo £'ooo Endowment Funds Permanent Endowrnenl 10,371 11051 265 2,671 13,292 Expendable Endowment General Funds 214,430 56,642 281,443 23,062 304,505 5,924 1.044 7,058 5,366 12.424 11,763) 1882) 12,750) 14,060} {6,810) 16.8061 3.669 12,8721 14261 {3,2981 275,915 15,451 294,037 32,958 326,995 487,700 75,924 576,916 56,900 633,816 Specific Funds Total College Held by subsidiaries Total Group Restrlcted Funds Total College Unrestricted Funds 2.205 907 1572) 11521 2,388 Fixed Assets Designated Designated ResetVe8 General Reserve 30.270 5,615 2,269 12,479> 35,675 13511 35,324 497 30.767 281 2.853 (2,5651 31.336 175 {5,3341 7,316 1861 2,393 1,057 3,450 7.230 114,09n 135 PensKJn Reserve Total College Held by subsidiarles Totsl Group 7,230 12571 6,973 114,0971 1161 114,1131 135 12581 11231 31.511 Total Funds 342,034 20,304 121,4951 326,872 667,715 f9 DETAILS OF THE COLLEGE FUNDS The following 15 a summary of the origins and purposes of each category of fund. Permanent Endowment Donations where income derived from capital. but not the origin81 capil81, can be used for ro81iicled purposes ol the College. endable Endowment General Endowment Fund Donalior18 and past eapitalisation ol income where either income, or incom8 and capital, can bo used for the general purposes of Ihe College. Donatior)s and past capilalisalion ol income where either income, or income and capital, can be used for restricted purposes of the College. RevenLJe gifts given for restricted purposes. Specrfic Endowtn8nl Fund$ Restrlcted Fund UnrestrScted Funds Designated Funds Unrestricted funds allocated by the Iruslees for designated future purposes including the Fixed Asset Funds which are represented by Ihfy ng1 book value of tangible fixed assets of the College. AccumLJlated inctsme from the College and Group's activities and other sources that are ovailable for the general PLsrposes of the College. General Uniestricled Funds 41 MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2022 20 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds £'ooo Re51rict8d Endowment Funds Funds £'ooo £'ooo 2022 Total £'ooo Tangible fixed assets Property inve51rnents Other investments 32,584 16,563 552,401 298,133 66.819 {29,8841 49,127 552,401 298,133 77,784 129,8841 15,2341 1193,2461 1193,2461 710,786 749,081 Nel current assets 5,229 5,736 Long lerm liabilities Defined benefil pension scheme liability Non-conlrolling interest in trading subsidiary 15,2341 32,559 5,736 Th8 analysis for the prior year was 38 follows.. Unreslricled Fund5 £'ooo Restricted EndowTnent Funds Funds £'ooo £'ooo 2021 Total £.(￿0 Tangible fixed assets Property investments Other investments Net cuirent assets Long term liabilities Defflned benefit pension scheme liability 30,767 4,204 423,365 235,291 1,083 130.0001 11271 633,816 34.971 423.365 235,291 6,780 130,000) 12,6921 667.715 3,309 2,388 12,5651 31,511 2,388 21 TRUSTEES. REMUNERATION The Itustees of the College compiise the pem)anent Governing Body Fellows. The fellows who are trustees of the Colleg8 for the purposes of charity law receive no remuneration for acting as charity truslees bul are paid by either or both of the University and the College for the academic or man8gemenl services they provide. Trustees of the College fall into the following calegories,. Non-slipelldiary IProfessori811 Fellows. Tutorial Fellows, Fellows by Examination (Junior Research Fellows), full-time College Officers IPresidenl, Senioi Tutor, CFO & Bursar, Home Bursar. Developrnenl Director, Dean of Divinity). Trustees of the College who receive salaries for Iheirwork as employees a￿ paid on extemal academicand academic- related scales and often under joint arrangemen15 Wlth the University of Oxford except that the pay of 4 full-limo College offi￿[5 is decided by Goveming Body, Additional stipends are paid lo fellows, including some norTr-slipendiary fellow5, who hold a pos11ion ol part-time Colleg8 officer in addition to their academic work, for example. Vice President. Senior and Junior Deans, Dean of Degrees, Tutor for Admissions, Tutor for Equality & Diversity and Widening Participation Fellow. These amounts are includèd in the gross ￿m￿neratIOn figurès below, Remuneration is scrutinised by the Remuneration Committee who make recommendations to Gov8ining Body on pay and benefits which are outsid8 of external scales. All Iruslees may eat al Common Table, free of charg8. All Offi¢ial and Research Fellows are eligible for a¢¢ommodation in Cdlege-owned housing or a houslng allowance. The values of Ihese benefits 8rfj included within the remuneration figures bek)w. 42 MAGDALEN COLLEGE Note5 to the Financial Statements For the year ended 31 July 2022 21 TRUSTEES, REMUNERATION Icontinuedl 2022 Gross remuneration, taxable benefits and penslon cont¥lbution5 £ 2021 Gros5 retnunèratlon. taxable benefits and pension GoDtributions £ Number of Trustees I Fellows Number of Trustees I Fellows R8nge nil to £ 999 £ ff.OOD to £ 1,999 £ 2.000 10 £ 2,999 £ 4,000 to £ 4,999 £ 5.000 10 £ 5.999 £ 6.000 10 £ 6.999 £ 7,000 10 £ 7,999 £ 9,000 10 £ 9.999 £ 12,000 10 £ 12.999 £ 13.000 10 £ 13.999 £ 15.000 to £ 15.999 £ 16.000 to £ 16,999 £ 18,000 to £ 18,999 £ 21,000 to £ 21,999 £ 22,000 to £ 22.999 £ 23,000 t0 £ 23,999 £ 26,000 to £ 26,999 £ 27,000 to £ 27,999 £ 28,000 10 £ 28,999 £ 29,000 10 £ 29,999 £ 30,000 10 £ 30,999 £ 31,000 10 £ 31,999 £ 32,000 10 £ 32,999 £ 33.000 10 £ 33.999 £ 34.000 10 £ 34.999 £ 35.000 to E 35,999 E 36,000 to £ 36.999 £ 37,000 to £ 37.999 £ 38.000 to £ 38.999 £ 39,000 to £ 39.999 £ 41,OW to £ 41,999 £43,OLNJ to £43,999 £ 44,000 to £ 44,999 £ 46,000 10 £ 46,999 £ 48,000 10 £ 48,999 £ 50,000 10 £ 50,999 £52,(K)0 10 £52,999 £54,(K)O 10 £54,999 £ 55,wo 10 g 55,999 £56,(M)0 10 £56,999 £57,(M)0 10 £57,999 £59.fMlO 10 £59,999 £ 60.mo to E 60,999 £ 61,000 10 £ 61,999 £ 63,000 10 £ 63,999 £ 64.000 10 £ 64.999 £ 65.000 10 £ 65.999 £ 66,000 10 £ 66,999 406 1.290 15 333 1,000 2,8( 4,294 4.273 11,019 6,291 7,064 9.693 7,792 12,190 13,132 30,762 16,882 18,213 30.670 18.846 63,482 22,200 23,188 53,486 27,204 56,841 29,716 338.635 57.414 58.801 30,551 313,446 32.194 33,512 34,012 106,521 10 33,785 35,36S 36,785 37,762 77.509 39,237 41,370 82,962 43,867 134,204 46.754 97,881 50,667 52,371 S4,￿0 55,953 56,551 57,283 59,667 60,(￿5 59.241 61.690 63.410 63,667 64.610 326.712 66,097 65.194 66.480 43 MAGDALEN COLLEGE Notes to the Flnanclal Statements For the year ended 31 July 2022 21 TRUSTEES, REMUNERATION Iconlinuedl 2022 Gross remuneratlon, laxablÈ bDneflts Hnd penslon contrtbuttons £ 2021 Gross remunera￿0n. taxable b8n8fits and pension contrlbutlons £ Number of Tru5te85 1 Fellows Number of Trustees 1 Fellows Rang? £67,CM)O to £67.999 £ 68,000 10 £ 68,999 £ 71,000 10 £ 71,999 £ 72,000 10 £ 72,999 £ 74,000 to £ 74.999 £ 75,000 to £ 75,999 £ 79,￿0 to £ 79,999 £ 82.￿0 to £ 82,999 £83.(X)o to £83.999 £ 84,000 10 £ 84,999 £ 94,000 10 £ 94,999 £ 95,000 10 £ 95,999 £ 96.000 to £ 96.999 É 97.￿0 to £ 97.999 £ 98,000 to £ 98,999 £ 99,000 to £ 99,999 £100,000 10 £1￿,999 £101,0￿ 10 £101,999 £102,OLK) 10 £102,999 £103.0(h) to £103,999 £112.000 to £112.999 £115,000 to £115.999 £120,000 trj £120,999 £136,000 10 £136,999 £138,000 10 £138,999 67.6 68,189 143,252 145,380 74,244 75,614 79,550 82,407 83.082 169.739 94.280 95.281 192,804 97.486 98.120 99,401 100,787 202,8C6 102.402 103.513 112,872 115.045 120.501 136,416 138,819 79 3.033.085 BO 3.238,850 There were 12 Iru81ee3 during the year {2021'. 141 who weie not employees of the College and did not receive remuneration, other transactions with trustees Fellows a180 receive reimbursement ol personal expenses neoessarily incurred in conn&ction wilh their services lo the College as Ttuslees. During the year a total of £nil12021 £nill was reimbursed to Trustee5 for travel expenses. Additional informaliDn on tran58clions with trustees is set out in nole 28 Related Party Transactions. 22 PENSION SCHEMES Open pension sch•m05 The Gollege participates in two principal pension schemes for its staff - the Universities Superannuation sche￿ I'USS'I and the Universily of Oxford Staff Pension Scheme I'OSPS'I. Staff employed at the Oxford Science Park Limited are members of OSPS. The assets of each scheme are each held in separate trustee-adminislered funds. The USS and OSPS schemes are contribLJtory mlxed benefit schemes. They provide benefit5 on a defined benefit basis (based on length of service and pensionoble salary) and on a defined contribution basis {b8sed on contributions Into the scheme). Both are multi*mployer schemes the College is unable to identify its shale of the underlying assets and liabilities relating to defined benefits of eath scheme on a consistent and reasonable ba81S. 44 MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2022 22 PENSION SCHEMES Iconlinuedl Therefore. in 8¢cordance with accounting standard FRS 102 paiagraph 28.11, the College accounts foi the schemes as il they weie defined conlribulion schemes only. As a result, the amount charged lo the Income and Expenditure Account represents the contributions payable to the schemes in respect of the accounting period. In the event of the wilhdiawal of any of the participating employers in USS or OSPS. the amount ol any pension funding shortfall (which cannot be olhenfvise recovered) in respect ofthat employerwill be spread across the remaining p8rticip2ting employers and reflected in the next actuarial valuation of the scheme. The College has also made available the National Employment Savin95 Tiust to employees who are eligible under automatic ellrolment regulations to pension benefits. bul not eligible for elther USS or OSPS. Schemes accounted for under FRS 102 paragraph 2B.11 as defined contribution 8chemes Actuarlal valuatlons Qualified actuaries perK)di¢ally value the USS & OSPS schemes using the'projecled unit rnethod, embracing a market value approach. The resulting levels of contribution take account of actuari81 stjrpluses or deficrts in each scheme. The financial assumptions were deTived Irorn market conditions prevailing al the valuation date. The results of the latest actuarial valuations and the assurnptions which have the most significant effect on the iesulls a￿ set out below. uss osps Date of valuation- 31 Maich 2020 30 September 2021 £80.6bn £66.5bn 31 March 2019 Dale valuation results published.. Value ol liabililios.. 19 June 2020 £848m Value of assets". Funding deficit.. Principal assurnptitsns,. Discount r818 £735m {£14.1 bn) 1£113ml Fixed interest gilt yield curve lal Gilts + 0.54/0-2.25% Ibl Rate of increase in salaries Rate of in¢￿aSe in pensiorts Assumed life expectancies on retiremenl al age 65.. Males cuirontly aged 65 Fernales cutr8ntly aged 65 Males currently aged 45 Females currently aged 45 RPI Average RPIICPI Id) CPI +0.05% Ic} 23.9 years 25.5 years 25.9 years 27.3 years 21.7 years 24.4 years 23.0 years 25.8 years Funding R8tlOS'. Technical provlsltsns basis Slalulory Pension Piotection Fund basis 'Buy-oul' basis Ernployer contribution rate las .1¢ of pensionable salaries)= Eflective date ol next valuation.. 83% 64% 51Yll 74Vo fjovo 21.1% to 30 Seplemb8r 2021 2f.4OA from 1 October 2021 19% 31 March 2023 31 March 2022 la) The dSscount rate {fo￿ard rates) for the USS valu*lon were.. Fixed interest gill yield CLJNe plus.. Pre-retiremenl 2.75Q/o, Post-retirement 1.00° Ibl The discount rates for the OSPS valuation were.. Pre-reliremenl.. Equal to the UK nominal gill Gurve at the vhluation date plus 2.25/¢ p.a. al each term. Post-retiremenl.. Equal lo the UK nominal gilt cutve al the valuation date plus 0.5/0 p.a. at each term. 45 MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2022 22 PENSION SCHEMES Icontinuedl Icl Pensions increases ICPI) for the USS valuation wero.. Term dependent rates in line wth the difference between the FIx8d Interest and Index Link8d yield curves, ss 1.1°/Tr p.a. to 2030, ieducing linearty by 0.1Q/o p.a. lo a long term differen￿ of 0.1% p.a. from 2040. Increases lo pensions in payment for the OSPS valuation were.. RPI inflation derived from the geometric difference belween the UK nominal gill curve and the UK index- linked curve at the valu81ion dale, less 0.30A p.a. at each term. CPI inflation is derived frorn the RPI inflation assumption. less the scherne actuary's best estimate of the long-letw difference between RPI and CPI inflation from time to time11.01o p.a. as at 31 March 20191. For pension increases linked lo inflation, a pension increase curve is constructed based on either the RPI, CPI or the average of the RPI and CPI inffation curves described above, adjusted lo allow lor the different maximum and minimum annual increases that apply, and the scheme actuary s best estimate of inflation vol8lilily from lime to timè. The USS and OSPS employer contribution rates include provisions for the cost of fuluie accrual of defined benefits, defiat conliibutions, administrative expenses and defined contributions. Idl Sensltlvlty of actuarial valuatlon assumptlons Suipluses or deficits whlch arise at future valuation5 rnay impact on the Group's future contribution cornmitmenl. The 5ensilivilies regarding tha principal assumptions used lo measure each scherlle's liabililies and their impact are sel out below.. Assumplion Initial pre-r81iiemenl discount ralo Post-retirement discount rale USS Change in assumption increase by 0.25tyA decrease by 0.250/0 decrease by 0.1% more prudent assumption118duce the adjustment lo the base mort81ity table by 5%) more Prudent assumption lincrease the annual mortality improvernents long-tertn rates by 0.2°1) Impacl on USS liabilities decrease by £1.3bn increase by £2.8bn decrease by £1.5bn inGrease by £1.2bn cpi Life expectancy Rale of mortality inciease by £0.6bn Assumplion Valuation rate of interest RPI Impact on OSPS technicalprowsions increase by £45m increase by £40rn OSPS Change assumpli(In decrease by 0.25°1tr increase by 0.25/0 Delicit Rècovèry Plans In line with FRS 102 paragraph 28.11A, the College has recognised a liability for the contribvlions payable for the agreed defiat funding plan. The principal assumptions used in these caleulalions are tabled below.. 2021122 uss osps uss osps 3110312038 3010112028 31103r2028 3010112028 1.60Y. 1.60% 1.600/¢ 1.60% 4.OOQ/. 4.00% 4.00% 4.OOV 3.19° 3.19Y. 0.89% 0.89/ £169,700 £17,050 £101,800 £29,500 £373,400 £55.e50 £208.700 £101.000 2020r21 Finish Dale foT Deficit Recovery Plan Average staff nufflber increase Average stsff salary increase Average discount rate oveT period Effect of +0.5 /¢ change in discount rate Effect of +1.0 /0 change in staff growth 46 MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2022 22 PENSION SCHEMES Iconlinuedl A provision of £5.23m has been made at 31 July 202212021.. £2.69ml for the pr8senl valu8 of the estimaled fulure deficit funding elemenl of the contributions payable under these agreements. using the assumptions shown. The Provision reduces as the delicil is settled according lo the pension iecovery scheme. Closed ponsion scheme Prior to 1 October 2005. staff were able to accrue benefits foT service in the Magdalen College Slaff Retirement Benefits Scheme (the 'SR8S'I. All tn8mbers of staff were offered the opportunity lo join OSPS from 1 October 2005 in order to secure benefits for service and wei8 no longer able to accrLJe benefits in the SRBS. The SRBS provides benefits based on length of service and final pensionable salary. The assets of the SRBS are held in separate trustee- administered funds. The scheme is periodically valued by qualified actuarles using the projected unit method. A full actuarial valuation wa5 Garried out at 31 July 2018 and updated lo 31 July 2021 by 8 qualified actuary. independent of the scheme's sponsoring employer. The major assumptions used by the actuary a18 shown below. 2022 £'ooo 12,3181 2,779 461 2021 £'ooo 13,4301 3.796 366 Present value of funded obligations Fair value of plan assets Unrecognised surplus Changes in the present value of the defined benefit obligation ale a5 folLows'. 2022 £'ooo 13.4301 2021 £'ooo 13,4931 Opening defined benefit obligation C05t (excluding inte￿$t) Interest cost Actuarial gainlllossl Benefits paid Defined benefit obligation at end ol year 1541 1,054 133 (2,3181 {551 {211 139 3,430 Changes in the fair value of the scheme assets arg as follows-. 2022 £'ooo 3,796 60 19441 11331 2,7Y9 2021 £'aoo 3.824 60 51 139 3.796 Opening fair value of scheme assets Expeeled return Actuarial Oossllgain Benefits paid Fair value of scheme assets al the year end The a¢lu8110s8 on the plan assets over the period ended 31 July 2022 was £884,000, The arnounls induded within the Statement of Financial Activities are as follows.. 2022 £'ooo 2021 £'ooo Nel interest cost Losses on ¢urt8ilm8nts, changes, introductions Return on plan assets lexduding arnounls induded in net interest C05tl- Oossllgain Experlence ga1ns and losses arising on the plan liabilities- Ilossllgain Gainl{lossl from changes in the demographic & financial assumptions underlying the present valLte of Ihe plan liabilities Loss from chang8s in the amount of surplus not recoverable lexcluding amounts included in nel intere51 eosl} Total amount credited to the Statement of Financial Actiwlios 1211 19441 11481 51 39 1,202 160) 1891 (30) 47 MAGDALEN COLLEGE Notes to thè Financial Statements For the year ended 31 July 2022 22 PENSION SCHEMES Iconlinuedl The major categories of scherne assets as a percentage of lolal scheme assets are as follows.. 2022 2L121 Phoenix Life / Scoltish Mutual wilh-profits fund 100Y. 100Qh The overall expected rale of return on the scheme assets is determined by reference lo UK long dated bond yields at the balance sheet dale. The expected long term rates of relum for each accounting period are set out below. Prlnoipal assumptions at the balance Sheet date.. Di5counl rale Price inflation- RPI Price inflation- CPI AIIow8nce for 18v8lualion of deferred pensions of CPI or 5Q/o pa if less Allowance for pension in payment increase5 of RPI Allowallce for commutation of pension for cash al retirement Assurned life expectations retirement aged 65.. Retiring loday- males Retirtng lod8y- fernales Retiring in 20 years- males Reliiing in 20 years- females 2022 2021 3.50. 3.40V 2.80V¢ 2.80Y. 3.40% nla 2.80° 2.80° 3.30V nla 22.3 24.1 24.0 25.9 21.9 23.9 23.6 25.7 Tho best eslirnate of contributions lo be paid by Ihe College lo the scheme ftsr the period commencing 1st August 2022 is nil, The cost of levies lo the Pension Protection Fund and management and administration expenses are payable in addition by the College as and when they fall due. Pension chargè lor the year- all schemes The pension charge recorded by the College during the Beeounlirig period (excluding pension fi'nance costs) was equal to the contributions payable after allowance for the deficit recovery plan as follows.. 2022 £'ooo 2021 £'ooo Scheme Universities Superannuation Scheme University of Oxford Staff Pension Schem Magdalen College Staff Retirement Benefits Scherne National Employment Savings Tiusl 3,264 557 657 638 28 3,849 24 1,319 Included in other creditors are pen8ion contributions payable of £6,10112021'. £2,734) Summary of movement in penslon provision 2022 Total £'ooo 2021 Total £'ooo uss t'ooo osps £'ooo SRBS £'ooo Opening provision Movernent in the year Closing provision 1,468 2,593 4,(￿1 1,224 1511 1,173 2,892 2,542 5,234 2,660 32 2,692 48 MAGDALEN COLLEGE Notes to the Financial Statement5 For the year ended 31 July 2022 23 TAXATION The college lakes advantage of the lax exemptions available to charlties in respect of Sncome and capital gains re￿iVed lo the extent that such income and gains are applied to excluslvely charitable purposes. No liability lo corporation lax arises in the College's subsidiary companies because the directors ol theso companies have indicated that they intend to make donations each year to the College equal lo the taxable piofils of the oompany under the Gift Aid scheme. Accordingly. no provision for taxation has been included In Ihg financial slaletllenls. 24 RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH FLOW FROM OPERATIONS 2022 £'ooo 2021 £'ooo Net expenditure before gains Elimination of non-operating cash flows.. Net investment income 15331 11,1911 15.2751 17211 794 15,7261 18881 191 1,029 Endowment donations Lossllsurplusl on sale of fixed assets Depreciation Amortisation ol bond issue costs Increase in stock 1,122 1851 13,6071 2.096 2.542 13,6601 (181 233 (Increase) I decrease in debtors Inc¥ease in tredrtors Increase in pension scheme liability Net cash used In oparatlng actlvltits 1,155 32 15,3831 25 ANALYSIS OF CHANGES IN NET DEBT At start of year £'ooo Cash Other flows movements £'ooo £'ooo At end of year £'ooo Cash 81 bank and in hand Short term investments 9,997 3,541 15,0001 130,0001 121.4621 e,s18 66,869 15,9561 18,615 70,410 110.9561 129,884} 48,1 85 Loans due within one year L08ns due after tnore than one ye8T 116 69,531 118 26 FINANCIAL COMMITMENTS As a131 July 2022, the Group had total commitments under non-cancellable operaling leases as follows.. 2022 £'ooo 2021 £'ooo Equlpmènt payable wilhin one year payable between two and fsve years 11 17 23 49 MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2022 27 CAPITAL COiVIMITMENTS The College had eonliacled capital Commitments at 31 July 2022 for capital projects totalling £0.7tll 12021.. £3.2ml. The Oxford Science Park IPropertie51 Limited h8d contracted commitments at 31 July 2022 for capital projects lotalling £46.4m12021.' £1.1 ml. 28 RELATED PARTYTRANSACTIONS The College Is part of the collegiate University of Oxford. M81èrial interdependencies between the University 3nd the College arise as a Consequen￿ of this relationship. For reporting purposes, the University and the other Colleges are not treated as related p8rt18s as defined in FRS 102. Tha Collag8 ieceived income from and had outstandlng bal8nce5 Wlth ils subsidiary entities BS follows.. 2022 £'ooo 2021 £'ooo Income received from I (expenditure paid tol: The Oxford Science Park Limited The Oxford Science Park (Propertles) Limited Magdalen College Trading Limited Magdalen College Educational Conferences Limitèd Magd8len College Development Trust Magdalen Development Company Limited 335 318 664 458 4.549 1221 4,509 380 68 2,290 Outstanding balances at 31 July owed by I lowed tol subsldlary entltias The Oxford Science Paik Limitsd Inter-company balar Loèn Inler-company balance Loan 11.8701 572 17,423 The Oxford Science Park (Properties) Limited 394 16.433 670 507 4,449 Magdalen College Trading Limited Magdalen College Educblion&l Conferences Limiled Magdalen College Developrllenl Trust Magd81en Development Company Limrted 151 68 310 Members of the Governing Body, who are trustees of the College and consequently related parties as defi4)ed by FRS 102. receive remuneration and facilities as employees of the College. Details ol these payments and reimbursed expenses as Iruslees are disclosed in note 21. The College makes availablè h68llhc8r8 benefits to its staff and trustees. It pay5 the annual premium due to the Oxford Colleges Healthcaie Scheme al the start of the scheme year. The cost payable by members is recovered on a monthly basis. The amounts due lo the College from trustees at the end of the year are as follows.. 2022 2021 Total Numbèr of arnount Number of trustees outstandlng trusteès Total amount oulslanding Range £0 10 £999 £1,000 to £1,999 4,718 6,776 4.488 6,586 50 MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2022 28 RELATED PARTY TRANSACTIONS Iconlinuedl The College has two properties owned jointly with tiuslees under joinl equily ownership agreements. The financial conliibulions made by the College are £272.500 foi one property and £300,001 lor the other. These values are included within property illve5tments. Joint equity properties are subject to sale on Ihe departure of the trustee from the College. In consideration for permitting a truslee to occupy a joinl equity property. an annual occup81ion fee 15 payable by the Iruslee lo the College. This is based on the Bank ol England base rate plus a rnargin ranging from-0.10/o to 41.5% depending on the lenglh of occupation. In addition, the College ha5 rnade loans totalling £147.750 to two trustees under the Gollege's housing loan scheme. The interest charge is based on the Bank of England base f818. The College has made a loan of £80.000 lo one trustee to fund exceptional medical costs. Interest is being charged al 1 per annum on the amount advanced. DoTrations of £49,821 have been received from alumni and fellows which will be used to offset this loan in part al the appropriate lime. 51