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2023-07-31-accounts

Annual Report and Financial Statements Year ended 31 July 2023

Charity Registration No. 1142149

MAGDALEN COLLEGE Annual Report and Financial Statements Contents

Page
Report of the Governing Body 2
Membership of the Governing Body, Committee Membership and College Advisors 15
Statement of Accounting and Reporting Responsibilities 18
Auditor’s Report 19
Statement of Accounting Policies 23
Consolidated Statement of Financial Activities 29
Consolidated and College Balance Sheets 30
Consolidated Statement of Cash Flows 31
Notes to the Financial Statements 32

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MAGDALEN COLLEGE Report of the Governing Body Year ended 31 July 2023

The Members of the Governing Body, who act as the Charity Trustees, present their Annual Report for the year ended 31 July 2023 in accordance with the Charities Act 2011, together with the audited financial statements for the year.

1. REFERENCE and ADMINISTRATIVE INFORMATION

The College of St Mary Magdalen in the University of Oxford (“the University”), which is known as Magdalen College ("the College"), is a chartered charitable corporation aggregate. It was founded in 1458 by William Waynflete, Bishop of Winchester.

The College was registered with the Charity Commission on 27 May 2011 (registered number 1142149).

The names of all Members of the Governing Body at the date 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 to 16.

2. STRUCTURE, GOVERNANCE and MANAGEMENT

a. Governing Documents

The College is governed by its Statutes dated 7 March 2018.

b. Governing Body

The Governing Body is constituted and regulated in accordance with the College statutes, 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 its administration and the management of its finances and assets. It meets regularly under the chairmanship of the President and is advised by its standing committees.

c. Recruitment and Training of Members of the Governing Body

New Members of the Governing Body are recruited through open competition to advertised posts or through promotion and are elected on the basis of their abilities in teaching, research or administration. They are inducted into the workings of the College, including Governing Body policy and procedures, by the President, other College Officers and assigned mentors, and are encouraged to attend internal and external trustee training and information courses to keep them informed about regulatory requirements and current issues in the sector.

d. Remuneration of Members of the Governing Body and Senior College Staff

Members of the Governing Body who are fellows are teaching, research or administrative employees of the College and/or the University and receive no remuneration or benefits from their trusteeship of the College. Those trustees that are also employees of the College receive remuneration for their work as employees of the College which is set based on the advice of the College's remuneration committee, which consists of seven elected members including no more than one person who either is a stipendiary fellow or (not being a fellow) is remunerated by the College. Where appropriate, remuneration is set in line with that awarded to the University's academic staff.

e. Organisational Management

The Governing Body normally meets eleven times a year. Standing committees of the Governing Body develop policies for approval by the full Governing Body and subsequently monitor their implementation. The duties and membership of the standing committees are described in detail in the statutes and bylaws of the College. The main standing committees and their areas of responsibility are:

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Tutorial Board; academic matters including the selection and appointment of tutorial fellows and lecturers, and the admission, instruction, support and discipline of junior members of the College.

Bursarial Committee; all financial matters relevant to the College including the preparation of budgets, monitoring actual income and expenditure through management accounts and oversees the management of financial risk.

Investment Committee; policy for the investment of endowment and other assets and overseeing the management of these assets in a manner consistent with approved policy.

Development and Alumni Relations Committee; objectives and strategies for fundraising and alumni relations. 

Chapel and Choir Committee; matters connected with the chapel and choir.

Human Resources Committee; ensuring that the College operates in compliance with the law and best practice in employment matters.

Libraries and Archives Committee; matters concerning the libraries and archives.

Fellowship Committee; matters relating to fellowship appointments. 

Remuneration Committee; matters relating to remuneration and benefits payable to fellows in accordance with the College statutes.

The day-to-day management of the College is delegated to its main officers: The President (Ms D G L Rose KC), Vice President (Prof. N Stargardt), Senior Tutor (Dr M P Pobjoy), Bursar (Mr Y Shen), Home Bursar (Mr A Ray) and Development Director (Mr S Rainey). The Dean of Divinity (Revd Dr A Bowyer) is responsible for the Chapel and the Librarians (Dr Lucy Gwynn & Ms A Chesher) for the Library and Archives.

f. Group Structure and Relationships

At 31 July 2023, the College had the following subsidiary companies and connected bodies:

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3. OBJECTIVES and ACTIVITIES

a. Charitable Objects and Aims

The College's objects, described in its statutes, are:

b. Aims for the Public Benefit

The Governing Body has considered the Charity Commission's guidance on public benefit and in keeping with its objects, the College's aims for the public benefit are:

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 from other institutions 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.

c. Activities and Objectives of the College

The College's activities are focused on furthering its 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 courses at the University and accepts graduates admitted by the University.

In conjunction with the University, the College provides a world-class education through smallgroup teaching 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 stipendiary and retained

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lecturers and additional tutors. The College makes available seminars, lectures and other academic gatherings for all students.

The College provides a specialist choral musical education for its choral students, who, together with the choristers of Magdalen College School, make up the College's internationally renowned choir.

The College provides academic advisers for graduate students to assist each student's academic development. For those graduates who are clinical medical students, the College also provides clinical teaching.

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 examination) and visiting fellows also furthers this aim. The College directly supports the work of its fellows and students by providing study space and library facilities, encouraging interaction across academic disciplines and making funding available for attendance at national and international conferences, field trips and research materials. In addition, the College has several seminar rooms and an excellent auditorium that can accommodate up to 160 people, facilities that may also be used by groups from outside the College.

The College maintains five libraries, 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 to the twelfth century. A full-time professional archivist is employed who assists academics and members of the public with their enquiries. The College provides internet connectivity to all its members and staff and maintains an informative website.

The College provides living accommodation for all its undergraduates and guarantees at least two years' accommodation for its graduates. Some fellows live in College and all tutorial fellows have an appropriate teaching 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 Welfare, fellows and other members of the College staff.

Students are encouraged to take part in extra-curricular activities, and excellent facilities are available in College for this purpose, particularly for sports, music and theatre. Student participation 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 to world-leading teaching and research, and to the advancement of the public good. Three goals were identified in the plan: excellence, broadly defined; enhancing the community; and contributing to the wider public good. The College’s estates masterplan will consider the optimum use of the College site and its 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. It has also agreed to continue to prioritise its access and outreach activities, to ensure that it attracts those with the greatest potential to benefit from and contribute to the opportunities the College offers, and to provide enhanced support for the tutorial system.

d. Equality of Opportunity

The College is committed to equality of opportunity in its selection and appointment processes. The focus of the College is strongly academic, so students and academic staff must satisfy high academic entry requirements. The College admits to student places those who have the highest potential for benefiting from the education provided by the College and the University, and appoints to academic positions those who are able to contribute most to 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

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restrictions in the College's objects; and members of the College have a wide variety of faith traditions or none.

To help raise educational aspiration and attract outstanding candidates who might not otherwise have considered applying, the College supports various outreach activities, including visits to schools, visits by schools to 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 (a scheme approved by the Office for Fair Access), to help support undergraduate students with limited financial means. The College also operates a Student Support Fund to assist any of its students who experience financial hardship, and supports all its students through travel and research grants (see section 4c for details). The College continues to promote equality of opportunity through delivery of the objectives in its outreach strategy for the period 2018-23 (see section 4b for details).

4. ACHIEVEMENTS AND PERFORMANCE

a. Academic

The student population of the College consisted of 416 undergraduates (plus one 2[nd] BA student), undertaking a mixture of three- and four-year courses, and 242 graduates, of whom 86 were studying for degrees in clinical medicine (31) or taught master’s degrees (55) and 156 were undertaking research for doctorates.

At the time of writing, it is not yet possible to give details of Final Examination results, because of the effects of industrial action, but many University prizes and awards have been won by undergraduates and graduates of the College.

The main achievements of the College in the year under review include the following:

Magdalen Fellow Professor David Gann CBE has been appointed as the inaugural Chair of UK Industrial Fusion Solutions (UKIFS).

The King approved the nomination of The Right Reverend Philip Mounstephen (1980), Bishop of Truro and alumnus of Magdalen, for election as Bishop of Winchester, making him the ex officio Visitor to the College.

Alumnus and Regius Professor of Medicine at the University of Oxford Professor Sir John Irving Bell (1975) has been appointed a Companion of Honour in the King’s Birthday Honours list for his work in medicine and life sciences.

Katie Mitchell OBE (1983) and Helen Mountfield KC (1986) have been elected Honorary Fellows of Magdalen College.

Stephen A. Schwarzman Chairman, CEO, and co-founder of Blackstone has been elected a Waynflete Fellow of Magdalen College.

Professor Gero Miesenböck, Waynflete Professor of Physiology and Director of the Centre for Neural Circuits and Behaviour, has been awarded this year’s Japan Prize.

Alumnus and Magdalen Fellow in Law Roderick Bagshaw (1988) has received the title of full Professor in the University of Oxford Recognition of Distinction Awards.

Emeritus Fellow Professor David Rodney (Roger) Heath-Brown received the Sylvester Medal for his many important contributions to the study of prime numbers and solutions to equations in integers.

Dr Sophie Duncan was elected to Fellowship by Special Election as Dean for Welfare and Research Fellow, Professor Véronique Gouverneur was elected as Waynflete Professorship of Chemistry and Professorial Fellow of Magdalen, Professor Lars Østergaard was elected as Sherardian Professorship of Botany and Professorial Fellow of Magdalen, Mr Yong Shen was elected to an Official Fellowship

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as Bursar, Dr Rosa Vidal Doval was elected to a Tutorial Fellowship in Spanish, in association with the position of Associate Professorship of Medieval Iberian Literature, Professor Daniel Freeman was elected to a Professorship of Psychology and Professorial Fellow of Magdalen, Professor Christian Rupprecht was elected to an Official Fellowship as Tutor in Computer Science in association with the position of Associate Professor of Computer Science and Dr Mauricio Villarroel was elected to a Fellowship by Special Election in association with his APNTF in Biomedical Engineering (Youth Sports Medicine Technology).

Elections to Fellowships by Examination included Dr Barnabás Janzer in Mathematics, Dr Teresa Barucci in Medieval History, Dr Lauren Phillips in Pharmacology and Dr Peter Watson in Chemistry.

Visiting Fellows included Prof. Adrian Kuenzler, Prof. Mark Roseman, Prof Hanna Wilberg, Prof. Angela Daly, Prof. James McGrath, Prof Shin-Icho Ohkoshi, Dr Suzanne Schneider, Prof. Nick Huggett, Dr Matthew Palmer, Dr Amy Wachholtz, Prof Koji Fujiwara and Prof. David Nesbitt.

b. Access and Outreach

The College embarked upon the fifth and final year of its outreach strategy for 2018-23, which involves the following four goals:

  1. To give opportunities for outstanding education to students regardless of background.

  2. To increase the presence of under-represented groups at Magdalen College and at Oxford.

  3. To promote the College and Oxford to all students with the potential for academic excellence. 4. To support the University as a whole in its outreach and access work.

The strategy is underpinned by an operational plan, which has included increased staffing; the team now consists of two fellowship-level positions (Access Fellow and Widening Participation Fellow), and two full-time outreach and access officership positions. As the strategy has now reached the end of its cycle, this team will consider and update the strategy for the next five years.

Over the course of 2022-23, Magdalen College ran or participated in 128 outreach events (compared to 144 in the previous year). During this period, the College continued to run its full programme of ‘Taster Days’, which are offered to school groups from its seven link regions - Barnsley, Rotherham, Sheffield, Brent, Westminster, Nottingham, and Nottinghamshire - or from other areas in the East Midlands. The 128 events included 62 ‘Taster Days’, 24 virtual events (talks, workshops, or virtual ‘Taster Days’), and 42 were outbound visits or other events such as universitywide initiatives, offer-holder events, sessions for parents and other ad hoc work. Of all the events, 25 were partnered events.

In the course of the year, the College directly engaged with approximately 4,250 prospective students (not including those at Open Days), teachers, and parents/carers, which is a similar number to last academic year. 62 of the College’s academics, 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 participants highly valuing their interactions with undergraduates and academics.

For the third year, the College ran the Magdalen Mentorship Scheme for the College’s least advantaged undergraduate offer-holders. This included an in-person Welcome Day, which 32 of the College’s eligible offer-holders attended with a parent or carer. 30 offer-holders also took part in mentoring provided by the College’s access mentors, many of whom had themselves been participants in last year’s scheme. A further 3 offer-holders will be taking up the mentoring now that they have received their A-Level results.

Over the Easter vacation, the College hosted its second annual residential with the Coram Shakespeare Schools Foundation, following a successful pilot last year. This large-scale project involved participants from four schools, who stayed in College for two nights, taking part in a

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programme of university enrichment and engagement with Shakespeare. At the end of their stay, the groups performed abridged Shakespeare plays to an audience in the College’s auditorium. The event received very positive feedback from all involved. This collaboration was facilitated by Peter Kessler, with support from Sophie Duncan and Alexy Karenowska.

This year we firmly established our partnership with the Social Mobility Foundation, and have instituted a calendar of collaborative events across the year. In the past academic year these have included hosting 10 of their students on each of our Law and Physics & Engineering residential programmes; running webinars on Critical Thinking, Oxbridge Admissions and Personal Statements; and hosting a day trip to Oxford by 45 students from their cohort.

Among the other organisations with which Magdalen collaborated this year were The Access Project and the University’s African and Caribbean Society. The College also partnered with Univ College and the History and Modern Languages faculties to run the fourth annual BAME Humanities Study Day online, which was attended by 75 students of BAME heritage from across the UK.

In the University’s Annual Admissions Statistical Report published in May 2023, which was the first in which all three years of figures represented students who had applied to Oxford since the launch of the College’s five-year outreach strategy, the proportion of Magdalen’s UK-domiciled students from socio-economically disadvantaged areas was 20.4% (University average 16.2%), and from areas with low progression to higher education 17.3% (University average 16.2%).

The proportion of female students was 54.4% (University average 54.1%), the proportion from BME backgrounds was 22.2% (University average 25.3%), and the proportion who attended a state secondary school was 63.7% (University average 68.3%).

c.

Student Experience

A high strategic priority of the College is an outstanding collegial experience for all members of the Magdalen community, and the College continued to offer numerous cultural activities – including musical concerts, society gatherings and opportunities for sport in 2022-23.

The most recent Student Barometer, which surveys all full-time and part-time undergraduate, postgraduate taught, and postgraduate research students at the University and enables it to benchmark their feedback on the student experience from application to graduation against that of students at 120 other universities, for the period 2016-21, Magdalen College came 4th among the Oxford colleges and permanent private halls for students’ overall satisfaction with all aspects of their University experience, and for the period 2019-21, it came 5th.

d. Financial Support for Students

In order to assist undergraduates entitled to public support, the College and the University jointly provide Oxford Bursaries to help those of limited financial means. In 2022/23, 47 (2022: 88) students received Oxford Bursaries and a total of £191k (2022: £270k) was awarded. The College contributed £89k (2022: £78k) towards the cost of Oxford Bursaries. The College also operates a Student Support Fund to assist its students in financial need. In 2022/23, the Student Support Fund made grants and awards totalling £691k (2022: £664k).

Magdalen College, in partnership with the University of Oxford, continues to support a graduate scholarship scheme for refugees from Ukraine. This scheme helps those whose lives have been impacted by war to continue their academic work in safety at Magdalen. Scholars receive a package of financial and welfare assistance during their time here which includes free accommodation, meals within College, and a grant to support their study and living costs.

Magdalen College started a graduate scholarship program in 2023 with initial funding of £300k (2024 £600k), during the year 33 graduates received financial help. It is intended that this support will

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continue and grow over the coming years with increasing contributions planned to this designated fund.

e. Chapel and Choir

During the Summer Vacation of 2022, a new organ, built in Germany, was delivered to the College Chapel, and throughout Michaelmas Term there were extended periods of closure and significant disruption owing to the installation and voicing of the instrument. Despite this, the regular programme of daily services took place, in addition to a ‘Be a Chorister for a Day’ event, memorial services for Sir Jack Baldwin, for Professor Roger Smith and Mrs Maralynn Smith and for the Reverend Brian Findlay, a Solemn Requiem Mass for All Souls Day and a Service of Remembrance. Christmas saw a full schedule of carol services, including the introduction of a service for alumni at All Saints Church, Margaret Street, London, sung by the Consort of Voices.

On the first Sunday of the academic year, the President admitted two new choristers, seven new clerks and an organ scholar to the Foundation. Other highlights of Michaelmas Term included Evensong accompanied by the viol consort, Phantasm, led by Emeritus Fellow, Professor Laurence Dreyfus, and an address from Baroness Hale of Richmond at Sunday Evensong on 6th November. Other visiting preachers were Professor Jeremias Adams-Prassl, the Reverend Dr Jennifer Strawbridge, and the Venerable Jonathan Chaffey. At the Advent Carol Service, the Choir gave the first performance of a new work by the renowned New York composer, Nico Muhly, Alma redemptoris mater, and on 8th December, the Choir appeared at Dorchester Abbey alongside the actors Jeremy Irons and Sinead Cusack for an evening of music and readings in aid of the charity Autism at Kingwood.

Hilary Term began with the opening of the new Eule organ in a service of Evensong sung by the combined forces of the College Choir and the Consort of Voices, attended by former organists, friends of the College and Choir and all those involved in the building project, including the Eule family and Johannes Adler, Chief Voice of Hermann Eule Orgelbau. The Bishop of Oxford blessed the instrument during the service, which was preceded by a recital given by former organ scholars Anna Lapwood and Richard Pinel. The Informator Choristarum paid tribute to Tony Smith, former President of the College, whose generous bequest to the College had funded the new instrument in its entirety. The lives of Dr Catherine Wills and Metropolitan Kallistos Ware were celebrated in memorial services held in the Chapel, and the Choir was joined in Evensong by the Salisbury Cathedral Youth Choir, and by the Foundation Scholars of the Pimlico Musical Foundation, a charity seeking to offer opportunities to children in central London who would otherwise have no access to music education. Special services for Candlemas, Ash Wednesday, St David’s Day, St Patrick’s Day and the Feast of the Annunciation were well attended.

During the Trinity Term, a new icon depicting St Mary Magdalen, designed by renowned iconographer, Aidan Hart, was displayed in the Antechapel, having been given to the College thanks to a generous bequest from the former Dean of Divinity, the Reverend Brian Findlay. May Morning, falling on a Bank Holiday Monday, was attended by a very large crowd and live-streamed on social media once again, attracting tens of thousands of viewers from across the world. A joint service with the Choirs of New College and Christ Church Cathedral in May featured a new anthem by Nico Muhly, commissioned by the College’s Apgar Fund for New Music, and a second Muhly anthem to a text by Thomas Traherne was premiered by the College Choir on Saturday 3rd June. The Choir also gave first performances of works by Romain Bornes and Aidan MacLean, both undergraduates at the College. The Right Reverend Humphrey Southern visited the College on Trinity Sunday for a service of Baptism and Confirmation, and visiting preachers during the term were the Reverend Dr Alun Ford, Ms Buki Fatona, the Reverend Sam Maginnis, the Reverend Dr Peter Groves, the Venerable Jonathan Sedgwick and Professor Peter McCullough. Services to commemorate the lives of former students, Paul Sartain and Roly Wickenden, were held in the Chapel, and a number of other special events took place for St Mark’s Day, Ascension Day, Corpus

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Christi, the Feast of St John the Baptist, and the Eve of the Feast of St Mary Magdalen. Following the end of term, the Choir sang a service of Evensong celebrating the life of former President of the College, Tony Smith, in the parish church of Ewelme, and performed in Amsterdam, Duurstede and Dordrecht during a tour of the Netherlands. A concert in Christ Church Cathedral featuring the choirs of Christ Church, Magdalen and New College, marked the four hundredth anniversary of the deaths of the composers William Byrd and Thomas Weelkes, and concluded with a performance of Thomas Tallis’s 40-part motet, Spem in alium. During the course of the year, two new recordings were made by the Choir, both featuring the new organ, due for release in the coming year.

Throughout the year, the Dean of Divinity hosted weekly meetings of the Addison Society, a forum for conversation about the arts, culture, current affairs and spirituality, termly Inter-faith dinners for students, staff and Fellows from all faith traditions, and weekly post-Compline drinks. Two afterdinner speakers were included in the programme of events outside the Chapel itself: Mr Enver Solomon, CEO of the Refugee Council UK, and Mr Alex Wenham, a stone carver who described his restoration of the stone work above the Chapel’s west door. The Chapel also hosted regular recitals mounted by the College Music Society, in addition to several special events, including a silent film with organ improvisation by the College’s Assistant Organist, Alexander Pott, as part of the Oxford Festival of the Arts, and a number of demonstrations of the College’s new and highlyregarded organ. Between September 2022 and August 2023, the College hosted ten weddings and wedding blessings.

f. Public Access

The Old Library (which houses the College's large rare books and manuscripts collection) is normally open to the public one afternoon per week (Wednesday, 2.00 to 4.30pm) to 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 to further their own research.

The College grounds, chapel and hall are normally open to the public throughout the year except over the Christmas period. Access is free for local residents, alumni, Bod card holders and various specialinterest groups. During 2022/23 there were 25,881 (2022: 14,322) adult paying visitors and 21,869 (2022: 10,087) visitors who paid at a concessionary rate. In addition, family tickets were purchased by 1,553 (2022: 874) families. During the 2023 Long Vacation, a further 279 (2022: 144) visitors bought a guided tour ticket which included areas of the grounds not open on the ordinary visitor ticket.

The College participates in several programmes that offer free access to members of the public. We were able to open for the National Gardens Scheme in April 2023 and had in excess of 250 (2022: 380) visitors. The total gate receipts of £1,686 were sent to the National Gardens Scheme. We also participated in the Oxford Open Doors scheme in September 2023 which enabled us to offer free access to over 5,000 (2022: 3000) people who visited the College over the two days.

The joint admission ticket scheme with the Oxford Botanic Garden continued and 2,184 (2022: 649) visitors to the College bought this ticket.

g.

Development and Alumni Relations

The Development Office is responsible for securing philanthropic income for the College, primarily from alumni, and in 2022/23 secured £7.8m (2021/22: £5.7m) in gifts and legacies, a record year.

The priority for 2022/23 was to identify and engage potential major donors, sharing with them the College’s strategy and seeking their support for the College’s forthcoming capital projects. This met with some considerable success; more than 150 individual face-to-face meetings were undertaken, securing not only a number of sizable gifts and pledges, but also generating great interest and enthusiasm for our philanthropic priorities amongst many of our potential major donors.

During the year the College launched a new legacy fundraising appeal to alumni, its first in a number of years, and this received a very positive response. Promoting gifts to the College through Wills,

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primarily from alumni, is amongst the Development Office’s top priorities and we have partnered with the National Free Wills Network to help advance this.

Two separate Telephone fundraising campaigns were held during the year, one directed towards US alumni, achieving a giving rate of 74%, and another much larger campaign to all other contactable alumni, achieving a giving rate of 68%.

The Alumni Engagement programme continued to build on its prior success with 45 events held in Oxford, London and abroad attracting 1,767 individual alumni, up from 1,365 in the previous year. The Communications function was enhanced during the year with the recruitment of an additional member of the team, and the College’s communications output, particularly on social media, continues to receive amongst the highest levels of engagement and audiences across the University.

For 2023/24, the fundraising plans are to continue to identify and engage potential major donors with the aim of securing additional support for the College’s forthcoming capital projects. Fundraising for Access & Outreach will remain a priority and we will continue to look for support for Graduate Scholarships. The Alumni Engagement programme for 2023/24 is expected to attract an even greater number of attendees than 2022/23, continuing an upward trajectory of participation.

Our approach to fundraising relies upon high levels of positive alumni engagement in order that we may attract, steward, and maintain support from our alumni donors and prospective donors. Additionally, it allows us to protect our reputation, maintain a high profile, and establish with this audience our relevance amongst a wide array of charitable organisations vying for their philanthropic support. A key element underpinning our work is the segmentation of alumni through our ‘DARS customer relationship management database. This allows us to provide our alumni with invitations, publications and fundraising appeals at appropriate frequencies and ensures that alumni who have opted out do not receive unwanted communications and appeals.

Magdalen College is registered with the Fundraising Regulator (FR), and contributes to the FR levy on fundraising charities according to its income. The College adheres to the FR Code of Practice and to Charity Commission guidelines, particularly CC20 (Charity fundraising: a guide to trustee duties). Trustees are aware of the Commission's six fundraising principles and ensure adherence by the Development Office staff.

Failures to comply with policies and procedures will be reported to the FR if they occur, as will complaints, for which there is a process to follow if received; there have been none of either in the last financial year or since the FR was introduced.

5. FINANCIAL REVIEW

a. Results for the Year

The College reported total income of £42.2m (2022: £29.6m) for the year to 31 July 2023, of which £8.2m (2022: £7.5m) related to charitable activities, principally teaching, research, and associated residential income. Trading income from conferences, tourism and merchandise was £1,246k (2022: £542k). Donations and legacies amounted to £7.8m (2022: £5.7m). The increase in activity at The Oxford Science Park accounts for most of the increase in investment income which increased to £24.7m (2022: £15.8m).

Total expenditure for the year increased to £38.3m (2022: £30.1m). Expenditure on charitable activities was £16.3m (2022: £18.3m). 2023 expenditure was impacted by recognizing a decreased pension deficit and increased activity at The Oxford Science Park.

The public equity investment portfolio showed good performance over the year with gains on investments of £21.9m offsetting below benchmark performance of the private equity portfolio (£7.3m loss). Agricultural properties saw an increase in value of £1.6m while commercial properties other than the Science Park saw a slight drop in value (£0.6m loss).

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On 30 September 2021, the College completed a joint venture with GIC, a sovereign wealth fund of the state of Singapore, under which the assets of The Oxford Science Park were transferred to a new joint venture, The Oxford Science Park (Properties) Limited, in which the College owns 60%. The College's wholly owned subsidiary, The Oxford Science Park Limited, continues to manage the operations and the development of the Park under a management contract .

High demand for space at the Oxford Science Park has meant occupancy remains above 95% across the park with upward pressure on rents. Construction of the Iverson building is expected to complete in October 2023 and significant progress has been made to the planning for the remaining plots on the park. Planning permission, in principle was obtained in February 2023 for plots 23-26.

In November 2022 a loan of £144m was drawn down to fund the development activities.

Total investment returns for the year net of management fees (excluding the 40% non-controlling interest) were £39.3m (2022: £87.2m). This contributed to an increase in consolidated funds of £38.5m (2022: £81.4m). Within this total, College endowment funds increased by £25.7m (2022: £77.0m).

During the year, the College received £3.7m (2022: £3.5m) in tuition fees and OfS grant funding from the University but spent £15.3m (2022: £17.4m) on teaching, research and accommodation, the deficit being funded from College funds.

The College spent £2.8m (2022: £2.8m) on improvements to its estate and plans to increase investment in future years.

b. Reserves Policy

Total funds of the College and its subsidiaries (excluding the interest of non-controlling entities) at the year-end amounted to £787.6m (2022: £749.1m). This includes endowment capital of £736.5m (2022: £710.8m) and unspent restricted income funds totalling £11.8m (2022: £5.7m). Free reserves at the year-end amounted to £8.3m (2022: £5.2m). In addition, the fixed asset reserve totals £34.2m (2022: £32.6m). In line with FRS 102, the Group has recognised a provision of £3.2m (2022: £5.2m) in respect of its share of the Universities Superannuation Scheme, the Oxford Staff Pension Scheme, both of which are multi-employer pensions, and the College’s own closed Staff Retirement Benefits Scheme.

The College's reserves policy is to maintain sufficient free reserves to enable it, even in the event of an unexpected revenue shortfall or major capital expenditure requirement

In addition to ensuring that it was able to provide services and support to its staff and students, the College has drawn on its free reserves to fund a number of major capital projects, including the refurbishment of its properties on Longwall Street.

c. 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 adopted a duly authorised 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 to 3.5% of the rolling five-year average value. The preserved (frozen) value of the invested endowment capital represents its open market value at 31 July 2003 together with all subsequent endowments valued at date of gift. The investment policy is to generate optimum risk-adjusted returns to enable sufficient funds to be drawn in order to meet operational requirements whilst maintaining the real inflation-adjusted value

12

MAGDALEN COLLEGE Report of the Governing Body Year ended 31 July 2023

of the investment assets and having so regard to balancing the needs of current and future beneficiaries.

In managing its investments, a 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 to a range of market and peer group performance data.

It is the responsibility of the College's Investment Committee to recommend to the College, policy for the investment of endowment and other assets, and to oversee the management of these assets in a manner consistent 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 to 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 60% interest in the residual assets of the park, with the remaining 40% being acquired by GIC for cash while providing reliable evidence to revalue the Colleges interest in the park. College continues as the investment advisor to the joint venture. The cash proceeds are being progressively deployed into the equities allocation in the investment portfolio.

The gross asset allocation at 31 July 2023, following transfer of The Oxford Science Park to the joint venture with GIC was: marketable equities 37.5% (2023: 36.2%), private equity and venture capital 3.7% (2022: 4.8%), property 42.2% (2022: 49.4%), including 36.6% (2022 43.6%) in respect of The Oxford Science Park, and cash/cash equivalents of 16.6% (2022: 9.6%).

d. Risk Management

The College has on-going processes for identifying, evaluating and managing the principal risks and uncertainties it and its subsidiaries faced in undertaking their activities. 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 to consider the identification 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 to oversight by one or more College committees of Governing Body. Training courses and other forms of career development are available to members of staff when requested to enhance their skills in risk-related areas.

The Oxford Science Park has a different risk profile to College’s other operations and has a separate board with relevant expertise and which includes external, non-executive members. That board has the primary responsibility for the identification 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 entities) which has increased by 3.6% since 31 July 2022. The increased size of the endowment and the annual transfer that it generates provides a high level of resilience at a time of economic uncertainty. Whilst a sustained period of investment underperformance would have a material impact, the College's Investment Committee has established a set of policies designed to maximise the long-term growth of, and returns from, the endowment. In particular, short-term market volatility is mitigated by the rolling five-year average approach used to determine income to the College from its investment portfolio, as noted above. This is a policy which is considered to have served the College well over a long period and particularly in uncertain times.

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MAGDALEN COLLEGE Report of the Governing Body Year ended 31 July 2023

As part of its process for managing risk, the College maintains a comprehensive register which records key operational and other risks, mitigating controls and areas in which further risk management measures have been identified and are being implemented. Those risks include

The Governing Body, which has ultimate 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 2023/24

The College will continue to aim for excellent standards in learning, teaching and research in the academic year 2023/24. Major projects will include:

14

MAGDALEN COLLEGE Membership of the Governing Body, Committee Membership and College Advisors Year ended 31 July 2023

MEMBERSHIP of the GOVERNING BODY

The Members of the Governing Body are the College's charity trustees under charity law. The members of the Governing Body who served in office as Trustees during the year or subsequently and the committees on which they served are detailed below.

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
Ms DGL Rose KC President ● ● ● ● ● ● ● ● ●
Prof N Stargardt Vice-President ● ● ● ● ● ● ●
Prof JFBB Adams-Prassl ● ●
Prof A Ardavan ●
Prof RM Bagshaw ●
Prof GD Barr ●
Prof TG Barraclough ●
Prof J Berestycki ● ●
Dr PD Billingham ●
Prof ML Booth
Prof LN Bowes ● ●
The Rev'd Dr AD Bowyer ● ●
Prof MR Bridson ●
Mr N Brown Resigned 30/12/2022 ● ● ● ●
Dr K Cai Resigned 30/9/22
Dr RE Carlson
Dr JL Castle ● ● ●
Dr M Cattaneo Resigned 30/9/22
Prof RO Cleveland ●
Prof RJ Cornall
Prof C Coussios ●
Prof TJ Donohoe ● ●
Prof RJ Douglas-Fairhurst ●
Dr R Due ●
Prof PD Elbourne ●
Prof AM Etheridge
Prof L Fortunato ●
Prof CJ Garland ● ● ●
Prof RSS Garrod ● ● ●
Revd Prof RJC Gilbert ● ●
Prof SA Gilson
Prof J Gingrich Resigned 31/12/22 ● ● ●
Prof SF Goodwin ●
Prof JF Gregg ● ●
Prof KD Grevling ● ●
Prof CE Harris ●

15

MAGDALEN COLLEGE Membership of the Governing Body, Committee Membership and College Advisors Year ended 31 July 2023

MEMBERSHIP of the GOVERNING BODY (continued)

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
Prof AVS Hill
Prof SCP Horobin ● ●
Dr AD Karenowska
Prof J Kristensen ●
Dr BE Lee Appointed 1/10/21 to 31/8/22
Prof CT Leitmeir ● ● ●
Prof AS Lifschitz ●
Prof SR Mackenzie ● ● ● ● ●
Prof O Magidor
Dr GT Masters
Prof G Miesenböck
Dr A Moreno ● ●
Prof M L Neidig Appointed 1/1/23 ●
Prof JBW Nightingale ●
Dr FA Nizami
Dr TWL Norman ●
Prof L Østergaard, Appointed 26/4/23
Dr LS Oswald
Dr LC Phillips Appointed 8/3/23
Dr MP Pobjoy Senior Tutor ● ●
Prof SK Pooley ●
Dr Y Qing Resigned 30/9/22
Mr SF Rainey Development Director ●
Mr AE Ray ● ● ●
Prof B Salow ● ●
Prof JW Sampson Resigned 30/9/22 ●
Prof R Santhanam ● ●
Dr M Santini Appointed 1/10/22
Prof QJ Sattentau Resigned 31/12/22 ●
Dr AP Shillito Resigned 30/9/22
Mr Y Shen Appointed 16/1/23 ● ● ● ● ●
Dr L Swift Appointed 1/9/22 ● ●
Prof AJ Turberfield
Dr PD Watson Appointed 8/3/23
Dr R Wheatley
Prof H Whitehouse ●
Mr MT Williams ● ● ● ●
Dr D Wu Appointed 1/10/22
Prof Z You ● ●

16

MAGDALEN COLLEGE Membership of the Governing Body, Committee Membership and College Advisors Year ended 31 July 2023

During the year the activities of the Governing Body were carried out through several standing committees; (1) Tutorial Board (2) Bursarial Committee (3) Investment Committee (4) Development and Alumni Relations Committee (5) Chapel & Choir Committee (6) Human Resources Committee (7) Remuneration Committee (8) Fellowship Committee (9) Library & Archives Committee (10) House Committee.

In addition, external members currently serve on College Committees as follows:

Bursarial Committee M Bithell (resigned 31 May 2023), P Beckwith G Bamert, J Bristow, E Davies, D Higgins, C Plowden, J Turner, D Investment Committee Easton Development and Alumni J Cronin, S Haslam, K Hudson, R Leechman, B Domayne-Hayman, Relations Committee V Chandra Remuneration Committee D Black, E Doran, R Dunbar, L Maguire

COLLEGE ADVISERS

Investment services

Cazenove Capital Management Ltd 1 London Wall Place London EC2Y 5AU

Investment property managers

Savills Wytham Court 11 West Way Oxford OX2 0QL

Auditor

Moore Kingston Smith LLP 6[th] Floor, 9 Appold Street London EC2A 2AP

Bankers

Nat West plc Willow Court Minns Business Park, 7 West Way Oxford OX2 0JB

Solicitors

Blake Morgan Seacourt Tower West Way Oxford OX2 0FB

College address

High Street Oxford OX1 4AU Website: www.magd.ox.ac.uk

17

MAGDALEN COLLEGE statement of Accounting and Reporting Responsibilities Year ended 31 July 2023 The Governing Body 15 responsible for preparing the Report of the Governing Body and the financial slalements in accordance with applicable law and regulations. Charity law requires the Governing Body lo prepare financial statements for each financial year. Under that law the Governing Body ha5 prepared the financial slalemenls in accordance with United Kingdom Generally Accepted Accounting Practice Iuniled Kingdom Accounting Standards and applicable lawl, including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Under charity law the Governing Body musl not approve the fi'nancial statements unless it is satisfied that they give a true and fair view of the slate of attairs of the College and of its nel income or expenditure for that period. In preparing these financial ststemenls, the Governing Body is required to.. select the most suitable a¢¢ounling policies and then apply them consistently., make judgments and accounting estimates that are reasonable and prudent", slate whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial slatemenls", stale whether a Statemènt of Recommended Practice ISORPI applies and has been followed, subject to any material departures which are explained in the financial 5tatemenls', and prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the College will continue to operate. The Governing Body is responsible for keeping proper accounting records that are sufficient lo show and explain the College's Ir8ns8Ctions and disclose with ieasonable accufftcy al any time the financial position of the College and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for sateguarding 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 29 November 2023 and signed on its behalf by.. Ms DGL Rose KC President 18

MAGDALEN COLLEGE Independent Auditor's Report to Members of the Governing Body of Magdalen College Year ended 31 July 2023

Opinion

We have audited the financial statements of Magdalen College for the year ended 31 July 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated and College Balance Sheets, the Consolidated Cash Flow Statement, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 `The Financial Reporting Standard Applicable in the UK and Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities 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 accordance 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 have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt 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 authorised for issue.

Our responsibilities and the responsibilities of the trustees 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 statements and our auditor's report thereon. The Members of the Governing Body are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated 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 to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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MAGDALEN COLLEGE Independent Auditor's Report to Members of the Governing Body of Magdalen College Year ended 31 July 2023

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of the Members of Governing Body

As explained more fully in the Members of the Governing Body's responsibilities statement set out on page 18, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Members of the Governing Body determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Members of the Governing Body are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Members of the Governing Body either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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 misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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MAGDALEN COLLEGE Independent Auditor's Report to Members of the Governing Body of Magdalen College Year ended 31 July 2023

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify 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 procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or 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:

21

MAGDALEN COLLEGE Independent Auditor's Report to Members of the Governing Body of Magdalen College Year ended 31 July 2023

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the Members of the charity's Governing Body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the Members of the Governing Body those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to 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.

Moore Kingston Smith LLP Statutory Auditor

30 November 2023

6[th] Floor 9 Appold Street London EC2A 2AP

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

22

MAGDALEN COLLEGE Statement of Accounting Policies Year ended 31 July 2023

1. 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 Statement of Cash Flows for the College and its subsidiary and associated undertakings (together 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 60% of the shareholding and voting rights in The Oxford Science Park (Properties) Limited and is therefore its parent company and prepares consolidated accounts that include the activities, assets and liabilities of The Oxford Science Park (Properties) Limited for its reporting period to 31 March adjusted to 31 July 2023.

No separate SOFA has been presented for the College alone as currently permitted by the Charity Commission on a concessionary basis for the filing of consolidated financial statements. A summary 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. Basis of Accounting

The College's individual and consolidated financial statements 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' (FRS 102).

The College is a public benefit entity for the purposes of FRS 102 and a registered charity. The College has therefore also prepared its individual and consolidated financial statements in accordance with ‘The Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland’ (The Charities SORP (FRS 102)).

The financial statements 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 at fair value with movements in value reported within the SOFA.

3. Going 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 to 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 to operate for at least the next twelve months from the date of approval of these financial statements. The College therefore continues to adopt the going concern basis in preparing its financial statements.

The principal accounting policies adopted are set out below and have been applied consistently throughout the year.

4. Accounting Judgements and Estimation Uncertainty

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the Governing Body to have most significant effect on amounts recognised in the financial statements.

The College carries investment property at fair value in the balance sheet, with changes in fair value being recognised in the income and expenditure section of the SOFA. Independent valuations are obtained to determine fair value at the balance sheet date.

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MAGDALEN COLLEGE Statement of Accounting Policies Year ended 31 July 2023

4. Accounting Judgements and Estimation Uncertainty (continued)

Before legacies are recognised in the financial statements, the Governing Body has to exercise judgement as to what constitutes sufficient evidence of entitlement to the bequest. Sufficient entitlement exists once notification of payment has been received from the executor(s) of the estate or estate accounts are available which indicate there are sufficient funds in the estate after meeting liabilities for the bequest to be paid.

In calculating the amount of the defined benefit pension liability, the amount of the provision is based on a number of actuarial assumptions. These reflect the advice of the actuaries appointed by the trustees of each pension scheme. The level of future contributions to the USS pension scheme is currently subject to consultation and agreement and there is resulting uncertainty around the level of the pension provision in the financial statements. 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 to use. The pension deficits recorded are dependent on estimates of future employment patterns and interest rates. The effects of changes to these assumptions are shown in note 22.

5. Income Recognition

All income is recognised once the College has entitlement to the income, the economic benefit is probable and the amount can be reliably measured.

a. Income from Fees, Office for Students (OFS) support and other charges for services

Fees receivable, OFS support and charges for services 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 or other specific conditions are recognised on the date on which the charity has entitlement to the resource, the amount can be reliably measured and the economic benefit to the College of the donation or grant is probable. Donations and grants subject to performance-related conditions are recognised as and when those conditions are met. Donations and grants subject to other specific conditions are recognised as those conditions are met or their fulfilment is wholly within the control of the College and it is probable that the specified conditions will be met.

Legacies are recognised following grant of probate and once the College has received sufficient information from the executor(s) of the deceased's estate to be satisfied that the gift can be reliably measured and that the economic benefit to the College is probable.

Donations, grants and legacies accruing for the general purposes of the College are credited to unrestricted funds.

Donations, grants and legacies, which are subject to conditions as to their use imposed by the donor or set by the terms of an appeal, are credited to the relevant restricted fund or, where the donation, grant or legacy is required to be held as capital, to the endowment funds. Where donations are received in kind (as distinct from cash or other monetary assets), they are measured at the fair value of those assets at the date of the gift.

c. Investment Income

Interest on bank balances is accounted for on an accruals basis with interest recognised in the period to which the interest relates.

Income from fixed interest debt securities is recognised using the effective interest rate method.

Dividend income and similar distributions are recognised on the date the income becomes ex-dividend or when the right to the dividend can be established.

Income from investment properties is recognised in the period to which the rental income relates.

24

MAGDALEN COLLEGE Statement of Accounting Policies Year ended 31 July 2023

6. Expenditure

Expenditure is accounted for on an accruals basis. A liability and related expenditure is recognised when a legal or constructive obligation commits the College to expenditure that will probably require settlement, the amount of which can be reliably measured or estimated.

Grants including scholarships, bursaries and other allowances that are not performance-related are charged as an expense as soon as a legal or constructive obligation for their payment arises. Grants subject to performance-related conditions are expensed as the specified conditions of the grant are met.

All expenditure including support costs and governance costs are allocated or apportioned to the applicable expenditure categories in the Statement of Financial Activities (the SOFA).

Support costs which include governance costs (costs of complying with constitutional and statutory requirements) and other indirect costs are apportioned to expenditure categories in the SOFA based on the estimated amount attributable to that activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates.

Intra-group sales and charges between the College and its subsidiaries are excluded from trading income and expenditure in the consolidated financial statements.

7. Leases

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rentals payable under operating leases are charged in the SOFA on a ‘straight line’ basis over the relevant lease terms. Any lease incentives are recognised over the lease term on a ‘straight line’ basis.

8. Tangible Fixed Assets

Land is stated at cost. Buildings and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses.

Expenditure on the acquisition or enhancement of land and on the acquisition, construction and enhancement of buildings which is directly attributable to bringing the asset to its working condition for its intended use and amounting to more than £50,000 together with expenditure on equipment costing more than £1,500 and IT equipment costing more than £500 is capitalised and carried in the balance sheet at historical cost.

Where a part 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 expenditure on equipment incurred in the normal day-to-day running of the College and its subsidiaries is charged to the SOFA as incurred.

9. Depreciation

Depreciation is provided to 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 charged in the SOFA in the period in which it is incurred. At the end of each reporting period, the residual values 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.

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MAGDALEN COLLEGE Statement of Accounting Policies Year ended 31 July 2023

10. Heritage Assets

The College does not consider that it holds any heritage assets that meet the definition of heritage assets under the SORP. It has substantial long held historic assets which are used in the course of its teaching and research activities. These collections include antiquities, works of art, tapestries, books 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 assets. The college has taken advantage of the exemption within FRS 102 not to disclose transactions before 1 January 2015 as obtaining fair values for these assets would be impracticable and the cost of obtaining such valuations would outweigh the benefits to the users of these financial statements. From time to time, the College receives papers and manuscripts but these have not been accorded a value in the financial statements due to the difficulty in ascertaining a fair value.

11. Investments

Investment properties are initially recognised at their cost and subsequently measured at their fair value (market value) at each reporting date. Purchases and sales of investment properties are recognised on exchange of contracts.

Listed investments are initially measured at their cost and subsequently measured at their fair value at each reporting date. Fair value is based on their quoted price at the balance sheet date without deduction of the estimated future selling costs.

Investments such as private equity funds which have no readily identifiable market value are initially measured at their costs and subsequently measured at their fair value at each reporting date without deduction of the estimated 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 earnings multiples, recent transactions and net assets where reliable estimates can be made — otherwise at cost less any impairment.

Changes in fair value and gains and losses arising on the disposal of investments are credited or charged to the income or expenditure section of the SOFA as `gains or losses on investments' and are allocated to the fund holding or disposing of the relevant investment.

12. Stocks

Stocks are valued at the lower of cost and net realisable value, cost being the purchase price on a first in, first out basis.

13. Cash and Cash Equivalents

Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of three months or less from the balance sheet date. Cash deposits with original maturities of more than three months are shown as current asset investments.

14. Foreign Currencies

The functional and presentation currency of the College and Group is the pound sterling. Monetary amounts in these financial statements are rounded to the nearest thousand pounds.

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 translated into pounds sterling at the rates applying at the reporting date,

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MAGDALEN COLLEGE Statement of Accounting Policies Year ended 31 July 2023

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.

15. Total Return Investment Accounting

The College Statutes authorise the College to adopt a `total return' basis for the investment of its permanent endowment. The College can invest its permanent endowments without regard to the capital/income distinctions of standard trust law and with discretion to apply any part of the accumulated 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 total return that can either be retained for investment or released to income at the discretion of the Governing Body.

16. Fund Accounting

The total funds of the College and Group are allocated to unrestricted, restricted or endowment funds based on the terms set by the donors or set by the terms of an appeal. Endowment funds are further subdivided into permanent and expendable.

Unrestricted funds can be used in furtherance of the objects of the College at the discretion of the Governing Body. The Governing Body may decide that part of the unrestricted funds shall be used in future for a specific purpose and this will be accounted for by transfers to appropriate designated funds.

Restricted funds comprise 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 must 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 to be retained as capital for the permanent benefit of the College. Any part of the total return arising from the capital that is allocated to income will be accounted for as unrestricted funds unless the donor has placed restriction on the use of that income, in which case it will be accounted for as a restricted 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.

17. Pension Costs

The College participates in the Universities Superannuation Scheme (USS) and the University of Oxford Staff Pension Scheme (OSPS). These schemes are hybrid pension schemes, providing defined benefits as well as benefits based on defined contributions. The assets of each scheme are held in a separate trustee-administered fund. Because of the mutual nature of the schemes, the assets are not attributed to individual employers and scheme-wide contribution rates are set. The College is therefore exposed to actuarial risks associated with other employers’ employees and is unable to identify its share of the underlying assets and liabilities of the schemes on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the College therefore accounts for the schemes as if they were wholly defined contribution schemes. As a result, the amount charged to the profit and loss account represents the contributions payable to each scheme. Since the College has entered into agreements (the Recovery Plans) that determine how each employer within the schemes will fund the overall deficit, the College recognises a liability for the contributions payable that arise from the agreements (to the

27

MAGDALEN COLLEGE Statement of Accounting Policies Year ended 31 July 2023

extent that they relate to the deficit) with related expenses being recognised through the profit and loss account.

FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control such as the Universities Superannuation Scheme (“USS”) and the Oxford Staff Pension Scheme (“OSPS”). The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in profit or loss in accordance with section 28 of FRS 102. The Trustees are satisfied that the USS and the OSPS meet the definition of a multi-employer scheme and the College has therefore recognised the discounted fair value of the contractual contributions under the recovery plan in existence at the date of approving these financial statements.

The College also operates a defined benefit pension scheme that is closed to new members, the Magdalen College Retirement Benefits Scheme. The cost of this scheme is accounted for in accordance with the requirements of FRS 102.

28

MAGDALEN COLLEGE Consolidated Statement of Financial Activities For the year ended 31 July 2023

Unrestricted
Funds
Notes
£'000
INCOME AND ENDOWMENTS FROM:
Charitable activities
1
Teaching, research and residential
7,741
Public worship
14
Heritage
438
Other trading income
2
1,246
Donations and legacies
3
261
Investments
Investment income
4
45
Total return allocated to income
13
11,762
Other income
199
Total income
21,706
EXPENDITURE ON:
Charitable activities
5
Teaching, research and residential
13,063
Public worship
608
Heritage
195
Generating funds:
5
Fundraising
972
Trading expenditure
969
Investment management costs
0
Total expenditure
15,807
Net income/(expenditure) before gains
5,899
Net gains on investments
10,11
0
Net income
5,899
Transfers between funds
18
857
Non-controlling interest
0
Net movement in funds for the year
6,756
Fund balances brought forward
18
32,559
Funds carried forward at 31 July
39,315		 Unrestricted
Funds
Notes
£'000
INCOME AND ENDOWMENTS FROM:
Charitable activities
1
Teaching, research and residential
7,741
Public worship
14
Heritage
438
Other trading income
2
1,246
Donations and legacies
3
261
Investments
Investment income
4
45
Total return allocated to income
13
11,762
Other income
199
Total income
21,706
EXPENDITURE ON:
Charitable activities
5
Teaching, research and residential
13,063
Public worship
608
Heritage
195
Generating funds:
5
Fundraising
972
Trading expenditure
969
Investment management costs
0
Total expenditure
15,807
Net income/(expenditure) before gains
5,899
Net gains on investments
10,11
0
Net income
5,899
Transfers between funds
18
857
Non-controlling interest
0
Net movement in funds for the year
6,756
Fund balances brought forward
18
32,559
Funds carried forward at 31 July
39,315		 Restricted
Funds
£'000
38
0
0
0
7,289
0
2,285
0
9,612
2,215
137
76
0
0
0		 Endowed
Funds
£'000
0
0
0
0
235
24,694
(14,047)
0
10,882
0
0
0
0
0
20,075
20,075
(9,193)
44,846
35,653
265
(10,223)
25,695
710,786
736,481		 2023
Total
£'000
7,779
14
438
1,246
7,785
24,739
0
199
42,200
15,278
745
271
972
969
20,075
38,310
3,890
44,846
48,736
0
(10,223)
38,513
749,081
787,594		 2022
Total
£'000
7,201
13
312
542
5,690
000
15,768
0
30
000
29,556
17,392
691
257
00
00
739
522
10,488
00
15,807 2,428 30,089
5,899
0
5,899
857
0
6,756
32,559
39,315		 7,184
0
7,184
(1,122)
0
6,062
5,736
11,798		 (533)
99,885
99,352
0
(17,986)
81,366
667,715
749,081

29

MAGDALEN COLLEGE Consolidated and College Balance Sheets As at 31 July 2023 2023 Group £'ooo 2022 Group £'ooo 2023 College £'ooo 2022 College £'ooo Notes FIXED ASSETS Tangible assets Property investments Other investrnent5 82.204 602,365 318,437 1,003,006 49,127 552,401 298.133 899.661 34,130 73,423 582,956 690,509 32,564 67,826 562,652 663,042 10 CURRENT ASSETS Stocks Debtors Investments C85h al bank 8nd hand Total Current Assets 1,189 12,179 124,120 15.850 153.138 1,096 7,484 70,410 18,615 97,605 1.166 20,358 124.120 1,060 146,704 1,078 23.139 70.410 1,685 14 25 CREDITORS.. falling due withrn one year 15 126,2011 119,8201 12.6941 15,2741 NET CURRENT ASSETS 126,937 77,785 144,010 91,038 TOTAL ASSETS LESS CURRENT LIABILITIES 1,129,943 977,446 834,519 754,080 CREDITORS: falling due after MO￿ than one year 16 1173,8911 129,8841 129,8911 129,8841 NET ASSETS BEFORE PENSION LIABILITY 956,052 947,562 804,628 724.196 Defined benefit pension scheme liability 17 13,1751 (5,2351 13,1701 15,0671 TOTAL NET ASSETS 952,877 942.327 801,458 719,129 FUNDS OF THE COLLEGE 18,19 Endowment funds 736,481 710,786 750,571 681,379 Restricted funds 11.798 5.736 11.798 5,303 Unrestricted funds Designated funds General funds (excluding pension reserve) Pension reserve 34,171 8,318 13,1741 32,592 5,201 15.2341 34,171 8,088 13,1701 32,592 4,922 15.067} 787,594 749.081 801,458 719.129 NOn￿OntrOllIng interest 165,283 193,246 952,877 942.327 801,458 719.129 The financial statements were approved and authorised for issue by the Governing Body irf Magdalen College on 29 Novernber 2023 President Bursar 30

MAGDALEN COLLEGE Consolidated Statement of Cash Flows For the year ended 31 July 2023

Notes
Net cash used in operating activities
24
Cash flows from investing activities
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Proceeds from the sale of property, plant and equipment
Proceeds from sale of investments
Purchase of investments
Net cash provided by / (used in) investing activities
Cash flows from financing activities
Repayments of borrowing
Cash inflows from new borrowing
Issue of ordinary share capital
Receipt of endowment
Net cash provided by (used in) financing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
25		 2023
Group
£'000
(37,471)
4,664
(34,378)
0
2,522
(84,221)
(111,413)
0
145,684
0
235
145,919
(2,965)
18,615
15,650		 2022
Group
£'000
(3,660)
5,275
(16,072)
0
37,841
(196,703)
(169,659)
(5,000)
10,956
175,260
721
181,937
8,618
9,997
18,615

31

MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2023

1 INCOME FROM CHARITABLE ACTIVITIES

Teaching, research and residential
Unrestricted Funds
Tuition fees - UK and EU students
Tuition fees - Overseas students
Other fees
Other grant support
Other academic income
College residential income
Restricted Funds
College residential income
Public worship
Unrestricted Funds
Sundry income
Heritage income
Unrestricted Funds
Heritage income		 2023
£'000
1,731
1,406
178
382
69
3975
0
38
7,779
14
438
8,231		 2022
£'000
1,687
1,348
133
324
57
3,652
0
0
7,201
13
312
7,526

The above analysis includes £3,520k received from the University of Oxford from publicly accountable funds under the College Funding Formula Scheme (2022: £3,358k).

2 INCOME FROM OTHER TRADING ACTIVITIES

Subsidiary company trading income
Other trading income
3
DONATIONS AND LEGACIES
Unrestricted funds
Restricted funds
Endowed funds
4
INVESTMENT INCOME
Unrestricted funds
Interest on fixed term deposits and cash		 2023
£'000
855
391
1,246
2023
£'000
261
7,289
235
7,785
2023
£'000
45		 2022
£'000
502
40
542
2022
£'000
559
4,410
721
5,690
2022
£'000
5

32

MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2023

4 INVESTMENT INCOME (continued)

Endowed funds
Agricultural rent
Commercial rent
Other property income
Equity dividends
Interest on fixed term deposits and cash
Other investment income		 2023
£'000
338
650
19,862
991
2,853
0
24,694		 2022
£'000
449
742
13,727
731
114
0
15,763
5
ANALYSIS OF EXPENDITURE
Charitable expenditure
Direct staff costs allocated to:
Teaching, research and residential
Public worship
Heritage
Other direct costs allocated to:
Teaching, research and residential
Public worship
Heritage
Support and governance costs allocated to:
Teaching, research and residential
Publish worship
Heritage
Expenditure on raising funds
Direct staff costs allocated to:
Fundraising
Trading Expenditure
Investment management costs
Other direct costs allocated to:
Fundraising
Trading expenditure
Investment management costs
Support and governance costs allocated to:
Fundraising
Trading expenditure
Investment management costs
Total Expenditure		 2023
£'000
5,020
276
149
0
7,695
395
98
0
2,563
74
24
00
16,294
590
379
1,540
0
261
445
16,914
0
121
145
1,621
0
22,016
38,310		 2022
£'000
9,139
247
140
0
5,923
381
94
0
2,330
63
23
00
18,340
484
330
1,202
00
153
55
7,784
00
102
137
1,502
0
11,749
30,089

The 2022 resources expended of £30,089k is represented by: £16,703k from unrestricted funds, £2,898k from restricted funds and £10,488k from endowment funds.

The College is liable to be assessed for Contribution under the provision of Statute XV of the University of Oxford. The Contribution Fund is used to make grants and loans to colleges on the basis of need. Contributions are calculated annually in accordance with regulations made by the Council of the University of Oxford. The teaching and research costs include College Contribution paid of £522,670 (2022: £401,855).

33

MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2023

6 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

Financial administration
Domestic administration
Human resources
IT
Governance
Depreciation
Loan interest payable
Other finance charges
Financial administration
Domestic administration
Human resources
IT
Governance
Depreciation
Loan interest payable
Other finance charges		 Generating
Funds
Teaching
Research &
Residential
Public
Worship
£'000
£'000
£'000
469 0
407 0
16
67 0
261 0
0
34 0
311 0
39
69 0
286 0
7
7 0
54 0
0
239 0
1051 0
12
995 0
0 0
0
7 0
193 0
0
1,887
2,563
74
Generating
Funds
Teaching
Research &
Residential
Public
Worship
£'000
£'000
£'000
431
363
16
62
344
0
24
228
28
65
274
7
8
34
0
103
1,007
12
1,048
0
0
0
80
0
1,741
2,330
63		 Heritage
2023
Total
£'000
£'000
11 0
903
13 0
341
0 0
384
0 0
362
0 0
61
0 0
1302
0 0
995
0 0
200
24
4,548
Heritage
2022
Total
£'000
£'000
11
821
12
418
0
280
0
346
0
42
0
1,122
0
1,048
0
80
23
4,157		 Heritage
2023
Total
£'000
£'000
11 0
903
13 0
341
0 0
384
0 0
362
0 0
61
0 0
1302
0 0
995
0 0
200
24
4,548
Heritage
2022
Total
£'000
£'000
11
821
12
418
0
280
0
346
0
42
0
1,122
0
1,048
0
80
23
4,157
4,548
2022
Total
£'000
821
418
280
346
42
1,122
1,048
80
4,157

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 charges are attributed according to the purpose of the related financing. Governance costs are allocated based on an assessment of time taken.

Governance costs comprise:
Auditor’s remuneration – audit services
Auditor’s remuneration – other services
Other governance costs		 2023
£'000
54
6
1
61		 2022
£'000
47
3
1
51

No amount has been included in governance costs for the direct employment costs or reimbursed expenses of the College trustees on the basis that these payments relate to the trustees’ involvement in the College’s charitable activities. Details of the remuneration of the trustees and their reimbursed expenses are included in note 21.

34

MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2023

7 GRANTS AND AWARDS

During the year the College funded research awards and bursaries to students from its funds as follows:

Unrestricted funds
Grants to individuals:
Scholarships, prizes and grants
Bursaries and hardship awards
Grants to institutions
Restricted funds
Grants to individuals:
Scholarships, prizes and grants
Bursaries and hardship awards
Grants to institutions
Total grants and awards		 2023
£'000
310
18
86
414
782
521
158
1,461
1,875		 2022
£'000
20
26
107
153
770
321
105
1,196
1,349

The figures for grants and awards include the Graduate Scholarship program, started this year with initial funding of £300k, it also includes the cost to the College of the Oxford Bursary scheme. Students of the College received £337,519 from this scheme (2022: £270,217). The above costs are included within charitable expenditure on Teaching and Research. Grants to other institutions comprise payments to Magdalen College School, Oxford of £216,375 (2022: £211,860), as a contribution towards the education of the College’s choristers. This sum is included within charitable expenditure on Public Worship.

8 STAFF COSTS

The aggregate payroll costs for the year were as follows:

Salaries and wages
Social security costs
Pension costs
Pension provision		 2023
£'000
8,905
826
1,486
11,217
(2,058)
9,159		 2022
£'000
8,107
732
1,370
10,209
2,479
12,688

Key management remuneration

Key management are considered to be the President, the Vice-President, Senior Tutor, Bursar, Home Bursar and Development Director. Their total remuneration including National Insurance costs amounted to £759,035 (2022: £740,780).

The average number of employees of the College, excluding trustees, was as follows:

The average number of employees of the College, excluding trustees, was as follows:
Tuition and research
College residential
Public worship
Fundraising
Support
Total		 2023
Number
136
124
21
18
17
316		 2022
Number
150
111
24
13
17
315

35

MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2023

8 STAFF COSTS (continued)

The average number of employed College trustees during the year was as follows:

Tutorial fellows (University)
Tutorial fellows (College)
Other teaching and research
Other
Total		 2023
22
11
19
5
57		 2022
23
11
20
5
59

The following information relates to the employees of the College excluding the College trustees. Details of the remuneration and reimbursed expenses of the College trustees is included in note 21.

The number of employees (excluding the College trustees) during the year whose gross pay and benefits (excluding employer NI and pension contributions) fell within the following bands was:

2023 2022
£60,001 to £70,000 6 3
£70,001 to £80,000 1 0

9 TANGIBLE FIXED ASSETS

Cost
At start of year
Additions
Disposals
At end of year
Depreciation
At start of year
Charge for the year
Disposals
At end of year
Net book value
At end of year
At start of year		 Group
Freehold
Land &
Buildings
Buildings
under
Construction
Fixtures,
Fittings and
Equipment
Total
£’000
£'000
£'000
£'000
39,044
16,007
6,684
61,735
1,534 0
31,416 0
1,428 0
34,378
0 00 00 00
40,578
47,423
8,112
96,113
9,483
0
3,125
12,608
757
0
544
1,301
0
0
0
0
10,240
0
3,669
13,909
30,338
47,423
4,443
82,204
29,561
16,007
3,559
49,127		 Group
Freehold
Land &
Buildings
Buildings
under
Construction
Fixtures,
Fittings and
Equipment
Total
£’000
£'000
£'000
£'000
39,044
16,007
6,684
61,735
1,534 0
31,416 0
1,428 0
34,378
0 00 00 00
40,578
47,423
8,112
96,113
9,483
0
3,125
12,608
757
0
544
1,301
0
0
0
0
10,240
0
3,669
13,909
30,338
47,423
4,443
82,204
29,561
16,007
3,559
49,127		 Group
Freehold
Land &
Buildings
Buildings
under
Construction
Fixtures,
Fittings and
Equipment
Total
£’000
£'000
£'000
£'000
39,044
16,007
6,684
61,735
1,534 0
31,416 0
1,428 0
34,378
0 00 00 00
40,578
47,423
8,112
96,113
9,483
0
3,125
12,608
757
0
544
1,301
0
0
0
0
10,240
0
3,669
13,909
30,338
47,423
4,443
82,204
29,561
16,007
3,559
49,127		 College
Freehold
Land and
Buildings
£'000
39,044
1,534
0		 Fixtures,
Fittings and
Equipment
£'000
6,048
1,097
0		 Total
£'000
45,092
2,631
0
40,578 47,423 8,112 40,578 7,145 47,723
9,483
757
0		 0
0
0		 3,125
544
0		 9,483
757
0		 3,045
308
0		 12,528
1,065
0
10,240 0 3,669 10,240 3,353 13,593
30,338 47,423 4,443 30,338 3,792 34,130
29,561 16,007 3,559 29,561 3,003 32,564

36

MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2023

9 TANGIBLE FIXED ASSETS (continued)

The College has substantial long-held historic assets which are used in the course of its teaching and research activities. These collections include antiquities, works of art, tapestries, books and manuscripts, archives, silverware, furniture and sculptures. They date from the early medieval period to the present day. Many are unique to the College, being either commissioned by the College or donated. They are appropriately preserved, conserved and catalogued, through a continuous and evolving process. The College employs two archivists, and is a member of the Oxford Colleges Conservation Consortium. These historic assets were appraised by Sotheby's in March 2015 and are insured through an appropriate policy. Access to such assets by visiting researchers is permitted by appointment. All such assets are held at cost less depreciation, where relevant. The majority of these historic assets have been held for many years and accurate historic cost information is not available for these assets. However, the trustees consider that their historical cost less depreciation would not be material. As these assets are in regular use to support the main objects of the College, they are regarded as functional rather than heritage assets.

Some of the more recent acquisitions have been capitalised in accordance with the College's accounting policies and are included within Tangible Fixed Assets under the heading "Fixtures, fittings and equipment". There have been no disposals of heritage assets in recent years.

The College has taken advantage of the exemption within FRS 102 not to disclose transactions before 1 January 2015 as obtaining fair values for these assets would be impracticable and the cost of obtaining such valuations would outweigh the benefits to the users of these financial statements.

10 PROPERTY INVESTMENTS

Group
Valuation at start of year
Additions and improvements at cost
Disposals
Revaluation gains in the year
Valuation at end of year
College
Valuation at start of year
Additions and improvements at cost
Disposals
Revaluation gains in the year
Valuation at end of year		 Agricultural
Commercial
Other
£'000
£'000
£'000
25,729
520,137
6,535
433
21,208
1
0
85 0
1,635
26,631
(29)
27,797
568,061
6,507
Agricultural
Commercial
Other
£’000
£’000
£’000
25,729
35,562
6,535
433
1,030
1
0
0
0
1,635
2,527
(29)
27,797
39,119
6,507		 2023
Total
£'000
552,401
21,642
85
28,237
602,365
2023
Total
£'000
67,826
1,464
0
4,133
73,423		 2022
Total
£'000
423,365
43,716
(37,841)
123,161
552,401
2022
Total
£'000
342,330
816
(279,449)
4,129
67,826

A formal valuation of the agricultural, commercial and other properties was prepared by the College's estate managers, Savills, at 31 July 2023. A formal valuation of the Oxford Science Park was prepared by Avison Young at 31 July 2023. Both valuations were conducted in accordance with the RICS Valuation — Global Standards effective from 31 January 2020.

37

MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2023

11 OTHER INVESTMENTS

OTHER INVESTMENTS
Valuation at start of year
New money invested
Amounts withdrawn
Reinvested income
Increase in value of investments
Group investments at end of year
Investment in subsidiaries
College investments at end of year		 2023
£'000
298,133
7,846
(2,522)
939
14,041
318,437
264,519
582,956		 2022
£'000
235,291
63,364
(4,311)
1,725
2,064
298,133
264,519
562,652

Group investments comprise:

Equity investments
Alternative & other investments
Fixed term deposits and cash
Total Group Investments		 Held outside
the UK
£’000
0
24,226
0
24,226		 Held in the
UK
£’000
291,239
0
2,972
294,211		 2023
Total
£’000
291,239
24,226
2,972
318,437		 Held outside
the UK
£'000
0
31,514
0
31,514		 Held in the
UK
£'000
266,582
0
37
266,619		 2022
Total
£'000
266,582
31,514
37
298,133

12 PARENT AND SUBSIDIARY UNDERTAKINGS

The financial statements consolidate the accounts of Magdalen College and the following bodies:

The Oxford Science Park Limited

The Oxford Science Park (Properties) Limited

Magdalen College Trading Limited

Magdalen College Educational Conferences Limited Magdalen College Development Trust

Magdalen Development Company Limited

A wholly owned trading subsidiary (company number 02287341) whose principal activity is investment manager of The Oxford Science Park (Properties) Limited.

A company (JFSC number 138196), owned 60% by the College and 40% by GIC. TOSP(P)L has seven wholly owned subsidiaries for the purposes of owning and developing the Oxford Science Park assets.

A wholly owned trading subsidiary (company number 06644077) whose activities make use of College facilities and include the provision of accommodation for old members of college, the provision of conference facilities and the operation of a visitor scheme.

A company limited by guarantee (number 06644047) whose principal activity is to provide conference facilities at Magdalen College.

A charitable trust (number 273860) established primarily as a fundraising body to meet the needs of the College and to support the College on fundraising strategy, projects and execution.

A wholly owned subsidiary (company number 01983907) engaged in property development activities.

38

MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2023

12 PARENT AND SUBSIDIARY UNDERTAKINGS (continued)

Income
Expenditure
Revaluations
Result for the year
Distribution
Movement in reserves
Total assets
Total liabilities
Net funds at the end of year		 The Oxford
Science Park
(Properties)
Limited
The Oxford
Science
Park
Limited
Magdalen
College
Trading
Limited
Magdalen
College
Educational
Conferences
Limited
Magdalen
College
Development
Trust
£’000
£’000
£’000
£’000
£’000
18,837
4,937
1,625
598
7,800
(19,574)
(2,560)
(1,415)
(598)
(8,229)
26,294
0
0
0
0		 Magdalen
Development
Company
Limited
£’000
362
(362)
0
25,557
2,377
210
0
(429)
(95,465)
(3,245)
(262)
0
0		 0
0
(69,908)
(868)
(52)
0
(429)		 0
600,122
2,974
401
325
316
(186,915)
(474)
(191)
(324)
(296)		 19
(19)
413,207
2,500
210
1
20		 0

13 STATEMENT OF INVESTMENT TOTAL RETURN

The Trustees have adopted a duly authorised 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 3.5% (2022: 3.5%) of the average of the year-end values of the relevant investments in each of the last 5 years. The preserved (frozen) value of the invested endowment capital represents its open market value at 31 July 2003 together with all subsequent endowments valued at date of gift.

At the beginning of the year:
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
Total Endowments
Movements in the reporting period:
Gift of endowment funds
Investment return: total investment income
Investment return: realised and unrealised gains and losses
Investment management costs
Other transfers
Non-controlling interest in non-charitable subsidiary
Total
Unapplied total return allocated to income in reporting period
Expendable endowments transferred to income
Net movements in reporting period
At end of the reporting period:
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
Total Endowments		 Permanent Endowment
Trust for
Investment
Unapplied
Total Return
Total
£’000
£’000
£’000
6,584
0
6,584
0
6,496
6,496
0
0
0		 Expendable
Endowment
£’000
0
0
697,706		 Total

2023
£’000
6,584
6,496
697,706
6,584
6,496
13,080		 697,706 710,786
2
0
2
0
146
146
0
319
319
0
(49)
(49)
0
0
0
0
0
0		 233
24,548
44,527
(20,026)
265
(10,223)		 235
24,694
44,846

(20,075)
265

(10,223)
2
416
418
0
(364)
(364)
0
0
0		 39,324
0
(13,683)		 39,742
(364)

(13,683)
2
52
54		 25,641 25,695
6,586
0
6,586
0
6,548
6,548
0
0
0		 0
0
723,347		 6,586
6,548
723,347
6,586
6,548
13,134		 723,347 736,481

39

MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2023

13 STATEMENT OF INVESTMENT TOTAL RETURN (continued)

The total return for the prior year was as follows:

Permanent Endowment
Trust for
Investment
Unapplied
Total Return
Total
£’000
£’000
£’000
At the beginning of the year:
Gift component of the permanent endowment
6,581
0
6,581
Unapplied total return
0
6,711
6,711
Expendable endowment
0
0
0
Total Endowments
6,581
6,711
13,292
Movements in the reporting period:
Gift of endowment funds
3
0
3
Investment return: total investment income
0
114
114
Investment return: realised and unrealised gains and losses
0
78
78
Investment management costs
0
(47)
(47)
Other transfers
0
0
0
Non-controlling interest in non-charitable subsidiary
0
0
0
Total
3
145
148
Unapplied total return allocated to income in reporting period
0
(360)
(360)
Expendable endowments transferred to income
0
0
0
Net movements in reporting period
3
(215)
(212)
At end of the reporting period:
Gift component of the permanent endowment
6,584
0
6.584
Unapplied total return
0
6,496
6,496
Expendable endowment
0
0
0
Total Endowments
6,584
6,496
13,080
DEBTORS
2023
2022
Group
Group
£'000
£'000
Amounts falling due within one year:
Trade debtors
2,270
1,728
Amounts owed by College members
39
103
Amounts owed by Group undertakings
0
0
Loans repayable within one year
119
253
Prepayments and accrued income
3,193
1,104
Other debtors
6,418
4,207
Loan to group undertaking
0
0
0
Amounts falling due after more than one year:
0
Amounts outstanding under lease incentive arrangements
140
89
Loan to group undertaking
0
0
0
12,179
7,484		 Permanent Endowment
Trust for
Investment
Unapplied
Total Return
Total
£’000
£’000
£’000
6,581
0
6,581
0
6,711
6,711
0
0
0		 Permanent Endowment
Trust for
Investment
Unapplied
Total Return
Total
£’000
£’000
£’000
6,581
0
6,581
0
6,711
6,711
0
0
0		 Permanent Endowment
Trust for
Investment
Unapplied
Total Return
Total
£’000
£’000
£’000
6,581
0
6,581
0
6,711
6,711
0
0
0		 Expendable
Endowment
£’000
0
0
620,524		 Total
2022
£’000
6,581
6,711
620,524
6,581
6,711
13,292		 620,524 633,816
3
0
3
0
114
114
0
78
78
0
(47)
(47)
0
0
0
0
0
0		 718
15,649
99,807
(10,441)
375
(17,986)		 721
15,763
99,885
(10,488)
375
(17,986)
3
145
148
0
(360)
(360)
0
0
0		 88,122
0
(10,940)		 88,270
(360)
(10,940)
3
(215)		 (212) 77,182 76,970
6,584
0
0
6,496
0
0		 6.584
6,496
0		 0
0
697,706		 6,584
6,496
697,706
6,584
6,496		 13,080 697,706 710,786
2023
Group
£'000
2,270
39
0
119
3,193
6,418
0
140
0		 2022
Group
£'000
1,728
103
0
253
1,104
4,207
0
0
0
89
0
0		 2023
College
£'000
130
39
933
119
43
134
18,960
0
0		 2022
College
£'000
75
103
6,020
253
59
196
16,433
0
0
0
0
0
12,179 7,484 20,358 23,139

14 DEBTORS

40

MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2023

15 CREDITORS: falling due within one year

Bank loans
Trade creditors
Amounts owed to College members
Amounts owed to Group undertakings
Taxation and social security
Accruals and deferred income
Other creditors
Loan from co-investor		 2023
Group
£'000
0
3,964
76
0
476
7,775
1,270
12,640
26,201		 2022
Group
£'000
0
3,646
57
0
1,659
2,426
1,076
10,956
0
19,820		 2023
College
£'000
0
829
76
0
476
1,065
248
0
2,694		 2022
College
£'000
0
546
58
1,875
1,665
904
226
0
0
5,274

In 2023, the College’s co-investor in The Oxford Science Park (Properties) Limited advanced funds for the acquisition of investment property and to fund construction commitments. The loan is interest free and repayable on demand.

16 CREDITORS: falling due after more than one year

2023 2022 2023 2022
Group Group College College
£'000 £'000 £'000 £'000
Fixed rate loan 173,891 29,884 29,891 29,884

The College entered into a private placement of £30 million in unsecured fixed rate loan notes with a single institutional investor in September 2015, which have an average term of 25 years and an average coupon of 3.32%. Unamortised issue costs of £109k are included above. In 2023, The Oxford Science Park (Properties) Ltd group took out a senior loan of £144 million. The loan accrues interest on a monthly basis at SONIA plus 1.85%. The senior loan is due for repayment in full in November 2027. The loan is secured by a charge over some of the group’s investment property assets.

17 DEFINED BENEFIT PENSION SCHEME LIABILITY

At the start of the year
Charged in the Statement of Financial Activities
At the end of the year		 2023
Group
£'000
5,234
(2,059)
3,175		 2022
Group
£'000
2,692
2,542
0
5,234		 2023
College
£'000
5,067
(1,897)
3,170		 2022
College
£'000
2,565
2,502
0
5,067

The College is a member of the Universities Superannuation Scheme (‘USS’) and University of Oxford Staff Pension Scheme (‘OSPS’). The Oxford Science Park Limited is also a member of OSPS. These are multi-employer pension schemes both of which are in deficit. The College has recognised a provision for its commitments under the agreed deficit reduction plans for each scheme. In calculating these provisions, the College has estimated that salary expense will increase at 4% p.a. and the liability is discounted at a high-quality corporate bond rate of 5.81% (2022: 3.19%). A sensitivity analysis to changes in salary and discount rate changes is shown in note 22.

Prior to 1 October 2005, staff were able to accrue benefits for service in the Magdalen College Staff Retirement Benefits Scheme (the ‘SRBS’). All members of staff were offered the opportunity to join OSPS from 1 October 2005 in order to secure benefits for service from that date and were no longer able to accrue benefits in the SRBS. At 31 July 2023, as a result of making a significant contribution in 2015/16, the scheme was in surplus.

41

MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2023

18 ANALYSIS OF MOVEMENTS ON FUNDS

Endowment Funds
Permanent Endowment
Expendable Endowment
General Funds
Specific Funds
Total College
Held by subsidiaries
Non-controlling interest
Total Group
Restricted Funds
College
Held by subsidiary
Total Group
Unrestricted Funds
Designated - Fixed Assets
Designated - Other
General Reserve
Pension Reserve
Total College
Held by subsidiaries:
General Reserve
Pension Reserve
Total Group
Total Funds		 At 31 July
2022
Income
Expenditure
Transfers
Gains /
(losses)
Interest of
non-
controlling
entities
At 31 July
2023
£'000
£'000
£'000
£'000
£'000
£'000
£'000
13,080
149
(49)
(364)
318
0
13,134
00
00
00
0
0
0
592,341
4,628
(1,971)
50,696
15,188
0
660,882
75,958
825
(252)
(1,924)
1,948
0
76,555
681,379
5,602
(2,272)
48,408
17,454
0
750,571
47,393
19,326
(17,803)
(62,189)
27,392
0
14,119
(17,986)
0
0
0
0
(10,223)
(28,209)
710,786
24,928
(20,075)
(13,781)
44,846
(10,223)
736,481
5,303
7,327
(2,428)
1,596
0
0
11,798
433
0
0
(433)
0
0
0
5,736
7,327
(2,428)
1,163
0
0
11,798
32,564
0
0
1,566
0
0
34,130
28
0
(287)
300
0
0
41
32,592
0
(287)
1,866
0
0
34,171
4,922
9,945
(15,520)
8,741
0
0
8,088
(5,067)
0
0
1,897
0
0
(3,170)
32,447
9,945
(15,807)
12,504
0
0
39,089
280
0
0
(49)
0
0
231
(168)
0
0
163
0
0
(5)
32,559
9,945
(15,807)
12,618
0
0
39,315
749,081
42,200
(38,310)
0
44,846
(10,223)
787,594

42

MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2023

18 ANALYSIS OF MOVEMENTS ON FUNDS (continued)

Prior Year
Endowment Funds
Permanent Endowment
Expendable Endowment
General Funds
Specific Funds
Total College
Held by subsidiaries
Non-controlling interest
Total Group
Restricted Funds
College
Held by subsidiary
Total Group
Unrestricted Funds
Fixed Assets Designated
Designated Reserves
General Reserve
Pension Reserve
Total College
Held by subsidiaries
Total Group
Total Funds		 At 31 July
2021
Income
Expenditure
Transfers
Gains
Interest of
non-
controlling
entities
At 31 July
2022
£'000
£'000
£'000
£'000
£'000
£’000
£'000
13,292
117
(47)
(360)
78
0
13,080
00
00
00
0
0
0
487,700
1,969
(1,477)
98,179
5,970
0
592,341
75,924
1,025
(230)
(1,690)
929
0
75,958
576,916
3,111
(1,754)
96,129
6,977
0
681,379
56,900
13,373
(8,734)
(107,054)
92,908
0
47,393
0
0
0
0
0
(17,986)
(17,986)
633,816
16,484
(10,488)
(10,925)
99,885
(17,986)
710,786
2,388
3,977
(2,898)
1,836
0
0
5,303
0
433
0
0
0
0
433
2,388
4,410
(2,898)
1,836
0
0
5,736
30,767
0
0
1,797
0
0
32,564
281
0
0
(253)
0
0
28
2,853
8,510
(16,656)
10,215
0
0
4,922
(2,565)
0
0
(2,502)
0
0
(5,067)
31,336
8,510
(16,656)
9,257
0
0
32,447
175
152
(47)
(168)
0
0
112
31,511
8,662
(16,703)
9,089
0
0
32,559
667,715
29,556
(30,089)
0
99,885
(17,986)
749,081

19 DETAILS OF THE COLLEGE FUNDS

The following is a summary of the origins and purposes of each category of fund.

Permanent Endowment

Donations where income derived from capital, but not the original capital, can be used for restricted purposes of the College.

Expendable Endowment

General Endowment Fund

General Endowment Fund Donations and past capitalisation of income where either income, or income and capital, can be used for the general purposes of the College. Specific Endowment Funds Donations and past capitalisation of income where either income, or income and capital, can be used for restricted purposes of the College.

Revenue gifts given for restricted purposes.

Restricted Funds

43

MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2023

Unrestricted Funds

Designated Funds Unrestricted funds allocated by the trustees for designated future purposes including the Fixed Asset Funds which are represented by the net book value of tangible fixed assets of the College.

General Unrestricted Funds Accumulated income from the College and Group’s activities and other sources that are available for the general purposes of the College.

20 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Property investments
Other investments
Net current assets
Long term liabilities
Defined benefit pension scheme liability
Non-controlling interest in trading subsidiary
The analysis for the prior year was as follows:
Tangible fixed assets
Property investments
Other investments
Net current assets
Long term liabilities
Defined benefit pension scheme liability
Non-controlling interest in trading subsidiary		 Unrestricted
Funds
£'000
34,130
0
0
8,355
0
(3,170)
0
39,315
Unrestricted
Funds
£'000
32,564
0
0
5,229
0
(5,234)
0
32,559		 Restricted
Funds
£'000
0
0
0
11,798
0
0
0
11,798
Restricted
Funds
£'000
0
0
0
5,736
0
0
0
5,736		 Endowment
Funds
£'000
48,074
602,365
318,437
106,784
(173,891)
(5)
(165,283)		 2023
Total
£'000
82,204
602,365
318,437
126,937
(173,891)
(3,175)
(165,283)
787,594
736,481
Endowment
Funds
£'000
16,563
552,401
298,133
66,819
(29,884)
0
(193,246)		 2022
Total
£'000
49,127
552,401
298,133
77,784
(29,884)
(5,234)
(193,246)
749,081
710,786

21 TRUSTEES' REMUNERATION

The trustees of the College comprise the permanent Governing Body Fellows. The fellows who are trustees of the College for the purposes of charity law receive no remuneration for acting as charity trustees but are paid by either or both of the University and the College for the academic or management services they provide.

Trustees of the College fall into the following categories; Non-Stipendiary (Professorial) Fellows, Tutorial Fellows, Fellows by Examination (Junior Research Fellows), full-time College Officers (President, Senior Tutor, Bursar, Home Bursar, Development Director, Dean of Divinity).

Trustees of the College who receive salaries for their work as employees are paid on external academic and academic-related scales and often under joint arrangements with the University of Oxford except that the pay of 4 full-time College Officers is decided by Governing Body. Additional stipends are paid to fellows, including some non-stipendiary fellows, who hold a position of part-time College 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 included in the gross remuneration figures below.

Remuneration is scrutinised by the Remuneration Committee who make recommendations to Governing Body on pay and benefits which are outside of external scales. All trustees may eat at Common Table, free of charge. All Official and Research Fellows are eligible for accommodation in College-owned housing or a housing allowance. The values of these benefits are included within the remuneration figures below.

44

MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2023

21 TRUSTEES' REMUNERATION (continued)

2023 2022
Number of Gross remuneration, Number of Gross remuneration,
Range Trustees / taxable benefits and Trustees / taxable benefits and
Fellows pension contributions £ Fellows pension contributions £
£ nil to £ 999 12 0 13 406
£ 1,000 to £ 1,999 1 1,290 1 1,290
£ 2,000 to £ 2,999 1 2,370 - 0
£ 3,000 to £ 3,999 2 6,595 - 0
£ 4,000 to £ 4,999 - 0 1 4,273
£ 5,000 to £ 5,999 3 15,911 2 11,019
£ 6,000 to £ 6,999 1 6,344 1 6,291
£ 7,000 to £ 7,999 - 0 1 7,064
£ 8,000 to £ 8,999 2 16,232 - 0
£ 9,000 to £ 9,999 - 0 1 9,693
£ 10,000 to£ 10,999 1 10,269 - 0
£ 13,000 to£ 13,999 2 26,481 1 13,132
£ 15,000 to£ 15,999 1 15,475 2 30,762
£ 16,000 to£ 16,999 1 16,040 1 16,882
£ 17,000 to £ 17,999 1 17,947 - 0
£ 18,000 to£ 18,999 - 0 1 18,213
£ 19,000 to£ 19,999 1 19,020 - 0
£ 20,000 to £ 20,999 1 20,204 - 0
£ 22,000 to£ 22,999 1 22,513 - 0
£ 23,000 to£ 23,999 - 0 1 23,188
£ 26,000 to£ 26,999 - 0 2 53,486
£ 28,000 to£ 28,999 2 56,315 2 57,414
£ 29,000 to£ 29,999 1 29,335 2 58,801
£ 30,000 to£ 30,999 1 30,364 1 30,551
£ 31,000 to£ 31,999 7 222,920 10 313,446
£ 32,000 to£ 32,999 - 0 1 32,194
£ 33,000 to£ 33,999 - 0 1 33,512
£ 34,000 to£ 34,999 3 102,690 1 34,012
£ 35,000 to£ 35,999 2 70,764 3 106,521
£ 37,000 to£ 37,999 2 75,602 1 37,762
£ 38,000 to£ 38,999 1 38,410 - 0
£ 39,000 to£ 39,999 1 39,060 1 39,237
£ 40,000 to £ 40,999 1 40,557 - 0
£ 41,000 to£ 41,999 - 0 1 41,370
£ 42,000 to £ 42,999 2 84,778 - 0
£ 48,000 to£ 48,999 - 0 2 97,881
£ 50,000 to£ 50,999 1 50,443 1 50,667
£ 52,000 to£ 52,999 - 0 1 52,371
£ 53,000 to £ 53,999 1 53,447 - 0
£ 54,000 to£ 54,999 1 54,847 1 54,960
£ 55,000 to£ 55,999 - 0 1 55,953
£ 59,000 to£ 59,999 - 0 1 59,241
£ 61,000 to£ 61,999 - 0 1 61,690
£ 62,000 to £ 62,999 1 62,848 - 0
£ 63,000 to£ 63,999 1 63,142 1 63,410
£ 65,000 to£ 65,999 1 65,428 1 65,194
£ 66,000 to£ 66,999 1 66,485 1 66,480

45

MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2023

21 TRUSTEES' REMUNERATION (continued)

Range
£ 67,000to£ 67,999
£ 68,000to£ 68,999
£ 70,000
to £ 70,999
£ 71,000to£ 71,999
£ 72,000to£ 72,999
£ 74,000to£ 74,999
£ 75,000to£ 75,999
£ 76,000
to £ 76,999
£ 82,000to£ 82,999
£ 83,000to£ 83,999
£ 84,000to£ 84,999
£ 87,000to£ 87,999
£ 88,000to£ 88,999
£ 89,000to£ 89,999
£ 98,000to£ 98,999
£100,000to£100,999
£101,000to£101,999
£102,000to£102,999
£106,000to£106,999
£112,000to£112,999
£116,000to£116,999
£136,000to£136,999
£139,000to£139,999		 2023
Number of
Trustees /
Fellows
Gross remuneration,
taxable benefits and
pension contributions £
1
67,076
1
68,277
1
70,887
-
0
-
0
1
74,626
1
75,017
2
152,889
-
0
-
0
-
0
2
175,260
1
88,828
1
89,583
-
0
-
0
-
0
2
205,664
2
212,064
1
112,267
1
116,493
-
0
1
139,650
79
3,052,707		 2022
Number of
Trustees /
Fellows
Gross remuneration,
taxable benefits and
pension contributions £
-
0
-
0
-
0
2
143,252
2
145,380
1
74,244
1
75,614
-
0
1
82,407
1
83,082
2
169,739
-
0
-
0
-
0
1
98,120
1
100,787
2
202,806
-
0
-
0
1
112,872
-
0
1
136,416
-
0
79
3,033,085		 2022
Number of
Trustees /
Fellows
Gross remuneration,
taxable benefits and
pension contributions £
-
0
-
0
-
0
2
143,252
2
145,380
1
74,244
1
75,614
-
0
1
82,407
1
83,082
2
169,739
-
0
-
0
-
0
1
98,120
1
100,787
2
202,806
-
0
-
0
1
112,872
-
0
1
136,416
-
0
79
3,033,085
3,033,085

There were 12 trustees during the year (2022: 12) who were not employees of the College and did not receive remuneration.

Other transactions with trustees

Fellows also receive reimbursement of personal expenses necessarily incurred in connection with their services to the College as Trustees. During the year a total of £nil (2022 - £nil) was reimbursed to Trustees for travel expenses. Additional information on transactions with trustees is set out in note 28 Related Party Transactions.

22 PENSION SCHEMES

Open pension schemes

The College participates in two principal pension schemes for its staff - the Universities Superannuation Scheme (‘USS’) and the University of Oxford Staff Pension Scheme (‘OSPS’). Staff employed at the Oxford Science Park Limited are members of OSPS. The assets of each scheme are each held in separate trustee-administered funds. The USS and OSPS schemes are contributory mixed benefit schemes. They provide benefits on a defined benefit basis (based on length of service and pensionable salary) and on a defined contribution basis (based on contributions into the scheme). Both are multi–employer schemes and the College is unable to identify its share of the underlying assets and liabilities relating to defined benefits of each scheme on a consistent and reasonable basis.

46

MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2023

Therefore, in accordance with accounting standard FRS 102 paragraph 28.11, the College accounts for the schemes as if they were defined contribution schemes only. As a result, the amount charged to the Income and Expenditure Account represents the contributions payable to the schemes in respect of the accounting period.

In the event of the withdrawal of any of the participating employers in USS or OSPS, the amount of any pension funding shortfall (which cannot be otherwise recovered) in respect of that employer will be spread across the remaining participating employers and reflected in the next actuarial valuation of the scheme.

The College has also made available the National Employment Savings Trust to employees who are eligible under automatic enrolment regulations to pension benefits, but not eligible for either USS or OSPS.

Schemes accounted for under FRS 102 paragraph 28.11 as defined contribution schemes

Actuarial valuations

Qualified actuaries periodically value the USS & OSPS schemes using the ‘projected unit method’, embracing a market value approach. The resulting levels of contribution take account of actuarial surpluses or deficits in each scheme. The financial assumptions were derived from market conditions prevailing at the valuation date. The results of the latest actuarial valuations and the assumptions which have the most significant effect on the results are set out below.

USS OSPS
Date of valuation: 31 March 2020 31 March 2022
Date valuation resultspublished: 30 September 2021 27 June 2023
Value of liabilities: £80.6bn £914m
Value of assets: £66.5bn £961m
Fundingdeficit: (£14.1bn) £47m
Principal assumptions:

Discount rate

Rate of increase in salaries

Rate of increase in pensions
Assumed life expectancies on retirement at age 65:

Males currently aged 65

Females currently aged 65

Males currently aged 45

Females currently aged 45
Funding Ratios:

Technical provisions basis

Statutory Pension Protection Fund basis

‘Buy-out’ basis		 Fixed interest gilt
yield curve (a)
Plus 1% - 2.75%
CPI +0.05% (c)
24.0 years
25.6 years
26.0 years
27.4 years
83%
64%
51%		 Gilts + 0.5% -2.25% (b)
RPI
Average RPI/CPI (d)
105%
98%
62%
Employer contribution rate
(as % ofpensionable salaries):		 21.4% - 21.6%
from 1 April 2022		 19% down to 16.5% for DB
members from 1 Oct 23
Effective date of next valuation: 31 March 2023 31 March 2025

(a) The discount rate (forward rates) for the USS valuation were:

Fixed interest gilt yield curve plus: Pre-retirement 2.75%, post-retirement 1.00%

Pre-retirement: Equal to the UK nominal gilt curve at the valuation date plus 2.25% p.a. at each term. Post-retirement: Equal to the UK nominal gilt curve at the valuation date plus 0.5% p.a. at each term.

47

MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2023

22 PENSION SCHEMES (continued)

Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves, less 1.1% p.a. to 2030, reducing linearly by 0.1% p.a. to a long term difference of 0.1% p.a. from 2040.

RPI inflation derived from the geometric difference between the UK nominal gilt curve and the UK indexlinked curve at the valuation date, less 0.3% p.a. at each term and 1.0% post 2030. CPI inflation is derived from the RPI inflation assumption, less the scheme actuary’s best estimate of the long-term difference between RPI and CPI inflation from time to time (1.0% p.a. pre-2030 and 1.0% p.a. post-2030).

For pension increases linked to inflation, a pension increase curve is constructed based on either the RPI, CPI or the average of the RPI and CPI inflation curves described above, adjusted to allow for the different maximum and minimum annual increases that apply, and the scheme actuary’s best estimate of inflation volatility as applies from time to time.

(e) The USS and OSPS employer contribution rates include provisions for the cost of future accrual of defined benefits, deficit contributions, administrative expenses and defined contributions.

Sensitivity of actuarial valuation assumptions

Surpluses or deficits which arise at future valuations may impact on the Group’s future contribution commitment. The sensitivities regarding the principal assumptions used to measure each scheme’s liabilities and their impact are set out below:

out below: out below: out below:
Assumption
USS Change in assumption
Impact on USS liabilities
Initialpre-retirement discount rate increase by0.25% decrease by£1.3bn
Post-retirement discount rate decrease by0.25% increase by£2.8bn
CPI decrease by0.1% decrease by£1.5bn
Life expectancy more prudent assumption (reduce the
adjustment to the base mortalitytable by5%)		 increase by £1.2bn
Rate of mortality more prudent assumption (increase the annual
mortalityimprovements long-term rates by0.2%)		 increase by £0.6bn
Assumption
OSPS Change in assumption
Impact on OSPS
technical provisions
Valuation rate of interest decrease by 0.25% increase by 2% of
pensionable salaries
RPI increase by 0.25% increase by 1.5% of
pensionable salaries

Deficit Recovery Plans

In line with FRS 102 paragraph 28.11A, the College has recognised a liability for the contributions payable for the agreed deficit funding plan. The principal assumptions used in these calculations are tabled below:

2022/23 2022/23 2021/22 2021/22
USS OSPS USS OSPS
Finish Date for Deficit Recovery Plan 31/03/2038 30/09/2023 31/03/2028 30/01/2028
Average staff number increase 1.6% 1.6% 1.60% 1.60%
Average staff salary increase 4.0% 4.0% 4.00% 4.00%
Average discount rate over period 5.81% 0.00% 3.19% 3.19%
Effect of +0.5% change in discount rate £113,937 £0 £169,700 £17,050
Effect of +1.0% change in staff growth £248,804 £0 £373,400 £55,850

48

MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2023

22 PENSION SCHEMES (continued)

A provision of £3.17m has been made at 31 July 2023 (2022: £5.23m) for the present value of the estimated future deficit funding element of the contributions payable under these agreements, using the assumptions shown. The provision reduces as the deficit is settled according to the pension recovery scheme.

Closed pension scheme

Prior to 1 October 2005, staff were able to accrue benefits for service in the Magdalen College Staff Retirement Benefits Scheme (the ‘SRBS’). All members of staff were offered the opportunity to join OSPS from 1 October 2005 in order to secure benefits for service and were no longer able to accrue 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 trusteeadministered funds. The scheme is periodically valued by qualified actuaries using the projected unit method.

A full actuarial valuation was carried out at 31 July 2018 and updated to 31 July 2023 by a qualified actuary, independent of the scheme's sponsoring employer. The major assumptions used by the actuary are shown below.

Present value of funded obligations
Fair value of plan assets
Unrecognised surplus
Changes in the present value of the defined benefit obligation are as follows:
Opening defined benefit obligation
Cost (excluding interest)
Interest cost
Actuarial gain/(loss)
Benefits paid
Defined benefit obligation at end of year
Changes in the fair value of the scheme assets are as follows:
Opening fair value of scheme assets
Expected return
Actuarial (loss)/gain
Benefits paid
Fair value of scheme assets at the year end
The actual loss on the plan assets over the period ended 31 July 2023 was £471,000.
The amounts included within the Statement of Financial Activities are as follows:
Net interest cost
Losses on curtailments, changes, introductions
Return on plan assets (excluding amounts included in net interest cost) – (loss)/gain
Experience gains and losses arising on the plan liabilities – (loss)/gain
Gain/(loss) from changes in the demographic & financial assumptions underlying the
present value of the plan liabilities
Loss from changes in the amount of surplus not recoverable (excluding amounts
included in net interest cost)
Total amount credited to the Statement of Financial Activities		 2023
£'000
(1,486)
1,886
400
2023
£'000
(2,318)
(54)
(76)
540
422
(1,486)
2023
£'000
2,779
92
(563)
(422)
1,886
2023
£'000
0
(54)
(563)
(45)
585
77
0		 2022
£'000
(2,318)
2,779
461
2022
£'000
(3,430)
(21)
(54)
1,054
133
(2,318)
2022
£'000
3,796
60
(944)
(133)
2,779
2022
£'000
0
(21)
(944)
(148)
1,202
(89)
0

49

MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2023

22 PENSION SCHEMES (continued)

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Phoenix Life / Scottish Mutual with-profits fund

2023 2022
100% 100%

The overall expected rate of return on the scheme assets is determined by reference to UK long dated bond yields at the balance sheet date. The expected long term rates of return for each accounting period are set out below.

Principal assumptions at the balance sheet date: 2023 2022
Discount rate 5.10% 3.50%
Price inflation – RPI 3.40% 3.30%
Price inflation – CPI 3.00% 2.80%
Allowance for revaluation of deferred pensions of CPI or 5% pa if less 3.00% 2.80%
Allowance for pension in payment increases of RPI 3.50% 3.30%
Allowance for commutation of pension for cash at retirement n/a n/a
Assumed life expectations on retirement aged 65:
Retiring today - males 21.7 22.3
Retiring today - females 23.6 24.1
Retiring in 20 years - males 23.2 24.0
Retiring in 20 years - females 25.4 25.9

The best estimate of contributions to be paid by the College to the scheme for the period commencing 1st August 2023 is nil. The cost of levies to the Pension Protection Fund and management and administration expenses are payable in addition by the College as and when they fall due.

Pension charge for the year – all schemes

The pension charge recorded by the College during the accounting period (excluding pension finance costs) was equal to the contributions payable after allowance for the deficit recovery plan as follows:

Scheme
Universities Superannuation Scheme
University of Oxford Staff Pension Scheme
Magdalen College Staff Retirement Benefits Scheme
National Employment Savings Trust		 2023
£'000
(39)
(560)
0
27		 2022
£'000
3,264
557
0
28
(572) 3,849

Included in other creditors are pension contributions payable of £664 (2022: £6,101)

Summary of movement in pension provision

Opening provision
Movement in the year
Closing provision		 2023
USS
OSPS
SRBS
Total
£’000
£’000
£'000
£'000
4,061
1,173
0
5,234
(912)
(1,148)
0
(2,060)		 2022
Total
£’000
2,692
2,542
3,149
25
0
3,174		 5,234

50

MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2023

23 TAXATION

The College takes advantage of the tax exemptions available to charities in respect of income and capital gains received to the extent that such income and gains are applied to exclusively charitable purposes.

No liability to corporation tax arises in the College's subsidiary companies because the directors of these companies have indicated that they intend to make donations each year to the College equal to the taxable profits of the company under the Gift Aid scheme. Accordingly, no provision for taxation has been included in the financial statements.

24 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATIONS

Net income/(expenditure) before gains
Elimination of non-operating cash flows:
Net investment income
Endowment donations
Loss/(surplus) on sale of fixed assets
Depreciation
Amortisation of bond issue costs
Increase in stock
(Increase) / decrease in debtors
Increase in creditors
Increase in pension scheme liability
Net cash used in operating activities		 2023
£'000
3,890
(40,282)
(235)
0
1,301
7
(94)
(4,695)
4,697
(2,060)
(37,471)		 2022
£'000
(533)
(5,275)
(721)
794
1,122
7
(85)
(3,607)
2,096
2,542
(3,660)

25 ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand
Short term investments
Loans due within one year
Loans due after more than one year		 At start of
year
£’000
18,615
70,410
(10,956)
(29,884)
48,185		 Cash
flows
£’000
(2,965)
53,710
(1,684)
(144,000)
(94,939)		 Other
movements
£’000
0
0
0
(7)
(7)		 At end of
year
£’000
15,650
124,120
(12,640)
(173,891)
(46,761)

26 FINANCIAL COMMITMENTS

As at 31 July 2023, the Group had total commitments under non-cancellable operating leases as follows:

Equipment
payable within one year
payable between two and five years		 2023
£'000
11
28
39		 2022
£'000
11
4
15

51

MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2023

27 CAPITAL COMMITMENTS

The College had contracted capital commitments at 31 July 2023 for capital projects totalling £8.5m (2022: £0.7m).

The Oxford Science Park (Properties) Limited had contracted commitments at 31 July 2023 for capital projects totalling £6.3m (2022: £46.4m).

28 RELATED PARTY TRANSACTIONS

The College is part of the collegiate University of Oxford. Material interdependencies between the University and the College arise as a consequence of this relationship. For reporting purposes, the University and the other Colleges are not treated as related parties as defined in FRS 102.

The College received income from and had outstanding balances with its subsidiary entities as follows:

2023 2022
Income received from / (expenditure paid to): £'000 £'000
The Oxford Science Park Limited 4,108 335
The Oxford Science Park (Properties) Limited 57,516 318
Magdalen College Trading Limited 1,249 664
Magdalen College Educational Conferences Limited 594 458
Magdalen College Development Trust 8,224 4,549
Magdalen Development Company Limited (359) (22)

Outstanding balances at 31 July owed by / (owed to) subsidiary entities

The Oxford Science Park Limited Inter-company balance 376 (1,870)
Loan 0 0
The Oxford Science Park (Properties) Limited Inter-company balance 61 394
Loan 18,960 16,433
Magdalen College Trading Limited 124 670
Magdalen College Educational Conferences Limited 78 507
Magdalen College Development Trust 291 4,449
Magdalen Development Company Limited 1 (5)

Members of the Governing Body, who are trustees of the College and consequently related parties as defined by FRS 102, receive remuneration and facilities as employees of the College. Details of these payments and reimbursed expenses as trustees are disclosed in note 21.

The College makes available healthcare benefits to its staff and trustees. It pays the annual premium due to the Oxford Colleges Healthcare Scheme at the start of the scheme year. The cost payable by members is recovered on a monthly basis. The amounts due to the College from trustees at the end of the year are as follows:

2023 2023 2022
Total Total
Range Number of
trustees		 amount
outstanding		 Number of
trustees		 amount
outstanding
£ £
£0 to £999 9 5,140 9 4,718
£1,000 to £1,999 6 8,074 6 6,776

52

MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2023

28 RELATED PARTY TRANSACTIONS (continued)

The College has two properties owned jointly with trustees under joint equity ownership agreements. The financial contributions made by the College are £272,500 for one property and £300,001 for the other. These values are included within property investments.

Joint equity properties are subject to sale on the departure of the trustee from the College. In consideration for permitting a trustee to occupy a joint equity property, an annual occupation fee is payable by the trustee to the College. This is based on the Bank of England base rate plus a margin ranging from -0.1% to +1.5% depending on the length of occupation and is subject to a maximum of 1.0%.

In addition, the College has made loans totalling £147,750 to two trustees under the College’s housing loan scheme, one of the loans £67,500 was repaid during the year. The interest charge is based on the Bank of England base rate.

The College had made a loan of £80,000 to one trustee to fund exceptional medical costs, this was repaid during the year. Interest was being charged at 1% per annum on the amount advanced. Donations of £49,821 had been received from alumni and fellows which was used to offset this loan in part.

53