vvvv MAGDALEN COLLEGE Annual Report and Financial Statements Year ended 31 July 2025 Charity Registration No. 1142149 MAGDALEN COLLEGE Annual Report and Financial Statèmènt$ Contants Page Raport of the Governing Body Mernbership of the Governing Body. Committ88 Membership and College Advisors 16 Stslemenl of Accounting and Reporting Responsibilities 19 Auditor's Report 20 Statement of Accounllng Policies 24 Consolidated Slalemenl of Financial Activities 30 ConsoliLlaled and College Balance Sheets 31 Consolidated Sla18menl of Cash Flows 32 Notes to the Financial Statement 33 MAGDALEN COLLEGE Report of the Governlng Body Y8ar ended 31 July 2025 The Members of the Governing Body, who act as the Charity Trustees. present their Annual Report for the year ended 31 July 2025 in accordance with (he Charilie5 Act 2Q11, together with the audited financial statements for the year. 1. REFERENCE and ADMINISTRATIVE INFORMATION The College of St Mary Magdalen in Ihe University of Oxford {"Ihe Unlversily"), which is known as Magdalen College I'the College"), is a chartered charitable corporation aggregate. li was founded In 1458 by William Waynflete, Bishop of Winchester. The College was registered wilh the Charity Commlssion on 27 May 2011 Iregislered numbar 11421491. Tho names of all Members of the Goveming Body al tha dale of this report and of thos8 in office during the year, together wllh del8ils of the advisers of the College. are glven on pages 16 to 18. 2. STRUCTURE. GOVERNANCE and MANAGEMENT Goveming Documents The College is governed by ils Slatules dated 7 March 2018. Governing Body The Governing Body is constituted and regLJlaled in accordance with the College slalLJles. the terms of which are enforceable ultimately by the Visitor, who is the Bishop of Winchester. The Governing Body is self-8ppoinling. The Governing Body sets the strategic dlreclion of the College and regulates ils adminislr8lion and Ihe management of ils finances and assets. It meets regularly under the chairmanship of the President and Is advised by its standing commille88. RocrLFltment and Training of Membars of tha Govarning Body New Members of Ihe Governing Body are recruited Ihrough open competltion lo advertised posts or through promotion and are elected on the basis of their abilities in leaching, research or administralion. 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 ex18ri181 Iruslee training and information courses lo keep them informed about regulatory requirements and current issues in the sector. Remuneratlon of Members of the Governlng Body and Senlor Collage Staff Members of the Governing Body a￿ leaching, research or adminislralive employees of the College andlor the University. Those Irus168s Ihal are also employees ol the Coll8g8 rèceive remuneration for Ihelr work as employees of the Coll8ge which is sel based on the 8dvioe of the College's remuneration commillee. whlch conslsls of seven elected members including no more than one person who either is a stipendiary fellow or Inol being a fellow) is remunera18d by the College. Where appropriate, remuneration is sel in line wllh Ihal awarded to the University's academic staff. Organlsational Management The Governing Body noimally meets eleven times a year. Slandlng committees oflhe Governing Body develop pollcies for approval by the full Governing Body and subsequently monitor their implemenlalion. The dulle5 and m8mbership of the standing committees aro described in detail in the stalules and bylaws of the College. The main standing committees and their areas of responsibility Bre: MAGDALEN COLLEGE Report of the Governlng Body Year ended 31 July 2025 Tutorial Board,. academic mallers including the selection and appointment of tutorial fellows and lecturers. and the admission, instruction. support and dlscipline of junior members of the College. Flnance Risk and Audit Commlttee formall Bursarial Committee all financial matters ral&vanl lo the College including the preparation of budgets and monitoring actual ineome and expenditure through management accounts. Oversight of the external audit and management of financial risk. Investment Commilte8', pollcy for the investment of endowment and other assets and ovérseeing the management of these assets in a manner consi8lenl with approved policy. Develo ment and Alumni Relations Committee,. objectives and strategies for fundraising and alumni relations. Cha el and Choir Commillee.. mallers conn8cteé with the chapel and choir. Human Resour¢&s ComTnillee', ensuring Ihal the College operates in compliance with the law and best practice in employment mallers. Libraries and Archives Commitlee.. matters concerning the libraries and archives. Fellowshi Commi e., mallers Kelaling lo fellowship appoinlmenls. Remuneration Commillee., mallers relating lo remuneration and benefits payable lo fellows in accordance with the College statutes. The day-to-day management of the College is rjelegated to its main Offi￿r5.. The President {Ms D G L Rose KCI. Vice President IThe Revd Prof. R J C Gilbert), Senior Tutor IDr M P Pobjoyl, Bursar {Mr Y Shenl, Home Bursar (Mr A Rayl and Developmenl Director (Mr S Rainey). The Dean of Divinity (The Revd Dr A Bowyer) is responsible lor the Chapel and the Librarians (Dr L Gwynn & Ms C Robe) for the Library and Archivas. Group Structure and Rèlatlonshlps Al 31 July 2025. the College hod the following subsidiary companies and connected bodies.. The Oxford Science P8rk Llmiled is a wholly owned trading subsidiary of Magdalen Colleg8. Ils principal a¢livilias are the management of the Oxford Science Park and related property development. The company's annual profits are donated lo the College under the Gift Aid Scheme. The Oxford Science Park (Properties) Limited is a 60Yo owned subsidiary., e real eslale investment trust lo which the College's assets al the Oxford Science Park were leased in 2021 for a term of 155 years. The company collects rent from income produclng assets and continues to dev&lop new facilities at the park. TOSPIPIL has seven wholly owned subsidiaries. Magdalen College Trading Limited is a wholly owned trading subsidiary of Magdalen College. 11 undertakes ggneral tradlng activities, Including providing conference f8¢1111ies and operating a vlsilor scheme at the College and provlding accommodation for old members visitlng the College. The company's annu81 profits are donated lo the College under the Gift Aid Scheme. Magdalen College Educational Conferences Limited Is a wholly owned subsidiary of Magdalen College and is a company limited by guarantee. Ils principal activity is the provision of educational conference facilities al the College. South Oxfordshire Scienc8 Village Developments Limited is 8 wholly owned subsidiary of Magdalen College. Ils pdncipal activity is property development. MAGDALEN COLLEGE Report ofthe Governlng Body Year ended 31 July 2025 Magdalen College Development Trust Is a charitable l¥ust. The trust was established primarily as a fundraisSng body lo meet the needs of the College and lo support the College on fundraising strat8gy, proj8cts, and execution. Magdalen Development Company Limil8d is a wholly owned subsidiary of Magdalen College. Its principal activity is property development. The College is part of th8 collegiate University. Material interdependencies belwè8n the University and the College arise as a consequénce of this relalionship. 3. OBJECTIVES and ACTIVITIES Charltable ObSe¢ls and Alms The College's objects, described in ils slalules, are.. lal to further study, learning, 6dLJcalion and research and lo be a College within the University of Oxford wherein men and women may carry out advanced study and research (described in the Slalutes as learning and educalionl., {b) lo provide for public worshlp through the pmvision. support and maintenance of a chapol and choir,. and Ic) insofar as il is not incompallble with objects (al and Ib}. the advancement of the arts, heritage, culture and science for the benefit of the public. Aims for thtr Publlc B&neflt The Goveming Body has considered the Charily Commission's guKlance on public benefrt and in keeping with ils Dbjecls, the College's aims for the public benefit are.. lo admit undergraduate and graduate students of the highest academic standard,. lo provide the best educ81ion and facilities for Ljndergraduale and graduate students lo enable them lo fulfil their potential as effecllve and productive members of society., lo provide support and facilities for study and research by students and fellows.. to support students financially through the provislon of scholarshlps, bursavies, grants and allowances., to 8UPPOrt the College choir and provide for public worship In the College chapel- and lo preserve the Coll&ge buildings and grounds for the benefit of current and future members of the College and members of the public who may visit the College. Although the Members Df the College. both sludenl8 and academlc staff, are the primary beneficlarles and ar8 directly engaged in study, learning, eclucalion or res8arch, there are many other beneficiaries. These include sludenls and acadomic staff from other Colleges within the Univ8rsity and from the University more broadly, vi51ting academics from other institutions of higher education, visiting students and school Chi￿re￿, and the gener81 public. The oulpul from research undertaken bysluéenls and fellows in the sCien￿s. social sciences and humanities provides exceptional long-term public benefit. The College's subsidiary companies help finan￿ the achi8vemenl of the College's aims. described above. MAGDALEN COLLEGE Report of thg Governing Body Year ended 31 July 2025 Actlvlties and Oblectives of the College The College's activities are focused on furthering ils slated 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 al the University 2nd accepts graduates admilled by the University, In conjunction with the University. the College provides 8 world-class education through small- group teaching and academic supervision for undergraduates. Tutorial teaching is provided by fellows wilh International research reputatlons in all the subjects studied by the College's undergraduates. This provision is reinforced by the appointment of stipendiary and retained lecturers and additional tutors. The College makes available seminars, leclures and other acadernic gatherings for all stLJdents. The College provides a specialist choral musical education for its choral students. who. together with the chorislers of Megdalen College School, make up the College's inlernalionally renowned choir. The College provides academic advisers for graduate 51udenls lo assist each student's academic development. For those graduates who are clinical medical sludenls, the College also provides cllnical leaching. The College aims to support research ol the hlghesl international qualily carried out and published by Fellows and graduate students. The appointment of junior research lellows (fellows by examinalionl and visiting fellows also furthers this aim. The Collaue directly supports the work of ils fellows and students by providing study space and Ilbrary facilities, encouraging interactlon across 8caderrTric dbsciplines and making funding available for allendance at national and international conferences, field trips and research materials. In addition. the College has several seminar rooms and 2n excellent auditorium that can accommodate up lo 160 people, lacililies that ay also be used by groups from outside the College. The College mainlains live 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 ol archives dating back lo the twelfth century. A lull-time professional archivist is employed who assists academics and members of the public wilh their enquiries. Tha College provides internet connectivily to 811 its members and staff and maintains an inforrnalive w&bsile. The College provides living accommodation for all ils undergraduates and guarantees al18asl two ye8TS' accommodation lor its graduates, Some fellows live in College and all tutorigl fellows have an appropriate leaching room in Colltrge. Welfare support for all students is offered by the Deans ol Arts, the Dean of Divinity, th8 Tutor for Equality and Dlversity, the Tutor for Welfare, fellows and other members of the College staff. Studen15 ale encouraged lo lake part in extra-curricular 8clivilies, and excellent facilities are available in College lor this purpose, particularly for sports, music and Ihealre. Student participation in socleli&s in the College and University IS 8lso encouraged. The College's strategic plan for the period 2021 2031. includes ils vision as a welcoming and inclusive community ol schol8rs, dedicated lo woHd-leading teaching and research, and lo the advan￿ment of the public good. Three goals were idgnlified in Ihe plan.. 6x¢ellence, broadly defined., enhancing the communlly,. and conlribuling to the wider pijbllc good. The College's estates maslerplan will consider the optimum use of the College sil8 and ils immediate surroundings. The College has agreed lo expand the number of graduate students by about 100 over the next de¢adg, while ensurlng that graduate places are fully funded, and to provide excellent new student accommodation and communily faciliti¢s. 11 h¥s also agreed lo continue to priorilise ils access and outreach aclivilies, to ensure that il allracls those with the greatest potenli811o benefit from and contribute lo the opportunities the College offers, and lo provide enhanced support lor the lulorial system. MAGDALEN COLLEGE Report ofthe Governlng Body Year ended 31 July 2025 Equality of Opportunlty Th8 College is cornmilled lo equality of opportunity in ils selection and appointment processes. The focus of the College is strongly academic, so students and academic staff musl satisfy high academic entry requirements. The College admits lo student places those who have the highest potential for benefiting from the edLJcalion provided by the College and the Unlversily, 2nd appoints lo £cademic positions those who are able to contribute most lo the acaclemic exce116nce of Ihe College and the University. The College's objects are not reslrictad by geography, age or religious affiliallon. Slud8nls and staff are drawn from across the UK and inlern81ionally,' there are no ag@ reslriclions In the College's objects., and members of tha College have a widè variety of fallh traditions or none. To help raise educational aspiration and allracl oulslanding ¢andidates who might not otherwise have considered applying, the College SUPPDrts various outreach aclivities. including vSsils lo schools, vSsils by schools lo the College, open days, and the provision of guidance and information on the College website for prospective applicants. The College and the University jointly provide Oxford Bursaries la scheme approved by Ihe Office for Fair Access), to help support undergraduate students wilh limiled financial means. The College also operates a Student Support Fund lo assist any of its sludants who experience financial hardship, and supports 811 ils students through trav81 and research grants (seè section 4d for detallsl. The College continues lo promote equality of opportunity through dellvery of Ihe objectives in ils outreach strategy (see section 4 b for details). 4. ACHIEVEMENTS AND PERFORMANCE Academic The student population of the College consisted of 386 underyraduales. undertaking a mixture of three-, four-, and five-year COUTses, and 260 orarluales, of whom 81 were studying for degrees in clinical medicine1311 or taught Maslerfs degrees 1501, and 179 were undtsrtaking research degrees 1178 of Ihern doclorales). Th8 performance of Magdalen undergradtjates taking Finals this year was eX￿lIent, with 48 OLJI of 102 achieving Fiisl Class Honours Iwith one result lo come), and one student achieving the top First in their subjeGI across the University. Of the 115 undergraduates silting Ihe First Public Examlnalion, 37 achieved distinctions or Firsl-class results. Eighteen graduates who completed taught courses achieved clFslinclions in their final examinations. Many University prizes and awards were won by undergraduates and graduates of the College. The maSn a¢hi8V8ments of the College In tho year und8r review include th8 following.. Professor Laura Swift was awarded a Recognition of Oislinclion lo Professor of Greek. Professor Julien Bereslycki was awarded a Recognition of Distinction to Professor of Probability and Stalislics. Prol8ssor Andrew Tulberlield formerly Tutorial Fellow in Physics, was elected lo an Emeritus Fellowshlp. Visiting Fellows Included Professor Mads Andenas, Professor Anne tIupTat, Professor Mike Gagne, Professor Miriam Goldby, Professor Andrew O'shaughnessy, Professor Jennie Ikula and Professor Michael Sturley. Eleclitsns to Fellowships by Examination included Dr Christian Drerup In Biological Sciences, Dr Kulay Onayli in Modern and Mediaev81 European Languages and Lileralure, Dr Bruno Schmidl- Feuerheerd in Polili¢al and Development Studies, and Dr Ilamar Toussi8 Cohen being elected lo Fellowshlp by Examination in Asian and Middla Eastern Studies. MAGDALEN COLLEGE Report of the Governlng Body Year ended 31 July 202S Prof Gillian Ramchand was elected lo a Non-sllpendiary Fellowship by Special Election (without membership ol Governing Body) in association with the position of APNTF in Syntax and Semantics. hAr Bryan Leach WAS elected lo a Waynflele Fellowship. Dr Jennifer Gaudiani was elected to 8 Waynllele Fellowship. Professor Jason Chln was elected lo a Non-slipendiary Fellowship by Special Election Iwilhout membership of Governing Body) In assoclation with his appointment lo the Elllson Institute ol Technology {EITI team and his Professorial appoinlmenl wilhln the Deparlmonl of Chemistry. Prof8ssor James Durrant was elected to a Non-sllpendiary Fellowship by Speclal Election Iwilhoul membership of the Governing Body) in association with his Research Chair IRSIIVII in SLJStainable Photochemistry wilhln the Department of Chemistry. Mr Steven M. Berzin was elected to a Waynflele Fellowship. AccÈ5s and Outreach Our Outreach work is carried out with the following four goals-. l. To provid8 support in reaching leading universities to students from currently und8riepresenled groups. 2. To promote Magdalen and Oxford as an accessible place of study to all sludenls with the potenllal for academic excellence, regardless ol background. 3. To Increase the pres8nce of under-represented groups 21 Magdalen and al Oxford. 4. To SLtpporl the University as a whole in its outreach and access work. Over the course of 2024-25. Magdalen College ran or participated in 121 outreach events. During thi5 period, the College continued to rijn its full programme of 'Tas1gr Days,, which are offered lo school groups from ils seven link regions - Barnsley, Rotherham, Shellield. Brenl, Weslminsler, Nollingham. and Nollingharnshire - or from other areas in the E8sI Midlands. The 121 events included 54 'Tasler Days,, 14 virtual events (talks. webin8rs, or subject evenlsl, 17 outbound visits lo schools, and 36 other events such as universily-wide initiatives, offer-holder events, sesslons for parents and other ad hoc work. Of all the events, 40 were events in which wè collaborated or partnered with other Oxford colleges, universities Isuoh as Cambridge). or charities. Several of these partnered events were part of our on going suslainerl~contact programme foi Ihe East Midlands. Oxford NexlGen. which we run In collaboration with Sl Edmund Hall and Lincoln College. In the course of the year, the College directly engag8d with approximately 4,000 prospective studenls {not including those 01 Open Days), teachers, and parenlslcarers, which is a similar number lo last academic yèar. Almost 100 of the College's academics, und8rgraduale sludants, and graduate sludents helped with the Collegè's outreach aclivilies. Parlicipanl feedback from all three terms of th8 year has been overwhelmingly posilive, with many parllcipants highly valulng their inter8Ctions with undergraduates and academics. For the fifth year. the College ran the Magdalen Mentorship Scheme for the College's least advantaged undergraduate off8r-holclers. This included an in-person Welcome Day which 37 of our eligible offer-holders attended, most accompanied by a parent or ¢arer. 38 offer-holders also MAGDALEN COLLEGE Report of the Governing Body Year ended 31 July 2025 look part in mentoring provided by th8 Collgge's A¢cess Mentors. many of whom had themselves been participants in last year's scheme as offer-holders. Over the Easter vacallon, the College hosted ils fourth annual residential with the Coram Shakespeare Schools Foundation. This largescale project involved small 'casls" from four of our priority schoolslgroups from the East Mid18nds, who came to stay in college for iwo nights, participating in a programme of university enrichment and engagement with Shakespeare. At the end ol Ihèir stay, the groups performed abridged Shakespeare plays lo an audience in the Audllorium, including many Magdalen members and f¥iends. The event recelv6d very positive feedback from partlcipants. Thls collaboration was facilitated by Peter Kessler. wllh support from Professors Gill Woods and Alexy Karenowska, and sponsored by an alumnus. Our partnership with Ihe Social Mobility Foundation continued for ils third year. A large group of other SMF students v15ilod Magdalen in May lor a Taster Day, and 10 space$ ltsf 401 on each of the Law and Physics & Engineering residential programmes in August were given lo SMF participants. Next year we plan to pilot an English and Classics residential in place of the Law programme, and will repeal the Physlcs & Engineerlng residenll81. We are in our second y8ar of twinning with St Francis C.E. Primary School in East Oxford as parl of the Oxford Hub's Primary School Twinning Programme. Over 2024-5, the school brought 3 groups of students (Years 4. 5 and 61 lo each visit Magdelen for a day of activities. and academics from Magdalen visited the school twice. The Year 4 and 5 classes completed th8 'Lel's Bulld a Town" project with Music at Oxford and Magdalen Fellow by Examinalion Giles Masters, with a Iriumphanl performance in March in Ihe Olivier Hall at Sl Edward's School. In addition. we piloted the Tutoring side ol th8 Twinning Programme this year, with several undergraduate students visiting the school each week lo read or do malhs one-to-one with children in need of additional support. We have had very positive feedback from staff and pupils at the school on this yèor's activities, and next year hope lo run similar acllvilles. We also hope to host events In college which paronts ancl supporters can attend. such as the Chrlslmas Nativity, n order to foster more links with the local communlty. We are in our second year of partnership with the charity LtpReach. whos8 CEO is a Magdalen alumnus, lo provide on-course careers mentoring & opporlunilies for low-income undergraduates. This is intended lo be a follow-on from the Mentorship Scheme for less.advanlaged offer-holders. The first two finalists have just finished their lim8 al Magdalen and upReach will continue lo support them Ihrough Iheir first year after graduating. After a successful pilot last year, we once again collaborated with a handful of other Oxford collègès to host 120 students on the Future Leaders programmè for a day VlSIt. The students are 11 from dis8dvant8ged backgrounds In London. W8 also hos18d vlsils and ran online webinars for two Yorkshire-based charities: The Linacre Institute and Heppsy. For the first lime. we hosted the Physics Department's residential event EMPower for Black Ye8r 10 students interested in Engineering, Materials ScienGe or Physics, in March 2025. We also hosted one week of UNIQ, which is Oxford's flagship residential programme for disadvantaged Year 12 students. Among the other organisalions which Magdalen collaboratgd with or supported this y6ar were The Access Project, Target Oxbridge, Oxford Su's Class Acl campaign, the Oxford University Afrlcan and Caribbean Society, and the Oxford University Pakistan Society. The College also partnored with University College and the History and Modein Languages faculties to run the sixth annual BAME Humanities Study Day onllne. which was altandod by almost 70 students of BAME herllage from across the UK, wllh another 140 students r8celvlng the recorded malorlals. MAGDALEN COLLEGE Report ofthe Governlng Body Year ended 31 July 2025 In the University's Annual Admissions Statistical Report published in June 2025, the proportion of Magdalen's UK-cSomiciled students admilled in 2022-24 from socio-economically ijisadvanlaged areas was 16.2°/. (University average 14.8Y.I, and from areas with low progres5i0n lo higher education was 14.3% (University average 14.5°hl. The proportion of female students admilled in the same lime period was 55.40/0 (University average 52.40AI, the proportion from BME backgrounds was 29.6U/. {University average 29.2%), and th8 proportion who allended a state secondary school was 63.5°A (University averagè studant Expèrlenco A high strategic priority ol the College is an oulslanding collegial experience for all members of the Megdalen community, and the College ¢onllnued lo offer numerous cultural activities includlng musical concerts, society gatherings and opportunities for sport in 2024-25. During the year the eonslruction of a new College gym slarted with this pmject compleling ready for the start of Michaelmas Term 2025, offering excellent facilities for all students and staff. Flnanclal Support for Students In order lo assist iJndergradual8s èntllled lo public support, the College and the Unlverslly jointly provide Oxford Bursaries lo help those of limlled financial means. In 2024125, 95 (2024.. 921 Magdalen students received Oxford Bursarles and a total of £425k 12024.. £372kl w8s awardecl. The College contributed £77k12024: £74kl towards the cosl of the Oxford Bursaries, with the Universily paying the balance. The College also operates a Sludenl Support Fund lo assist ils students in financ￿21 need. In 2024125, the Sludenl Support Fund made grants 8nd awards lolalling £527k {2024.' £712kl. 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. S¢hol8rs receive a package of financial and welfare assistance during their time here which includes fre& accommodation. meals within Colleg8, and a grant lo support their sttjdy and Ilving costs. Magdalen College started a new graduatè scholarship programme in 2022 with initial funding of £300k. In 2023124 £600k and in 2024125 a further £931 k was made available and during the year 42 graduates received financial help. In 25126 an additional £1135k is budgeted to be spent and il Is intended that this support wlll continLJe and grow over the coming years with increasing ¢ontributions planned lo Ihls designated fund. Th¢ scheme has had a huge Impact on the ability of Magdalen lo fund its graduate sludenl populatlon and secure the admission of outstanding graduate students lo the College. Chapel and Cholr Highlights of the year In th& Chapel included the ever-popular Advént and Christmas carol services. poignant memorial services for James WhilboL)rn {lormer Academical Clerk) and Professor Bolan Bujic (Fellow and Tutor in Music), well-altendèd Services for Holy Week and Easter Day, and special services for All Souls, Candlemas. Ascension and Corpus Christi amongst olhers. Highlights for the Choir included a sold-oul Christmas concert with Dominic Wesl and Juliet Stevenson in Dorchesler Abbey in December, performing al the Installation ol Lord Hague as Chancellor in the Sheldonian Theatre in February. a performance ol Batth's Sl John Passion in the Chapel and the first recording lo be made by the Consorl of Voices In March, the annual May Morning celebration, a lour lo Sweden in July. Throughout the year, the Choir enjoyed a fruitful relationship with the celebrated New York-based Composar, Nico Muhly, Premiering new commissions al the Christmas carol services, the MAGDALEN COLLEGE Rèport of the Goveming Body Year ended 31 July 2025 Candlemas service and procession, and on the Sunday after Ascension Day. The culmination of this residency was a recording projeGI in the Chapel in July 2025, undertaken by the College Choir in the presence of the composer. The Choir and Con80rt of Voices collaborated with a number of groups over the course of the year, singing Evensong wllh the Cholr of Marlborough College in January, the Foundation Scholars of Pimlico Musical Foundation in February, Salisbury Cathedral Youth Choir in March, 2nd the Chorist6rs of Grace Cathedral, San FranclsGO, and Magdalen College School Junlor Chamber Choir In June. The College Choir also joined the cholr8 of Christ Church and Mew Co118ge and Instruments of TIM& & Truth for a Choral Foundations concert in the Town Hall July. Two recordings by the Choir were released on Ihe CORO label - Voices of Thund@r, featuring works that showcase the new Eule organ, in November 2024, and Se slill my soul, featuring hymns from the Anglican tradition, in April 202S. Gramophone m8gazine reviewed (he former as 'anolher triumph for the Magdalen musicians, and EBC Afjusic Magazine praised the1811er's 'nicely-balanced line-up, and the 'relinement and care, of the singing. Over the course of the year, weekly organ recitals ware held in Iha Chapel during term lirne, organised by the new Assistant Organist, Drew Sellis. and a number of renowned inlernational organists performed as parl of the 'Guest Organ Recital, series, held three times per term on Monday evenings. These included Isabelle Demers, Ludger Lohmann, and Matthew Marlin. The Informator Chorislarum appeared alongside two members of the Consort of Voices and viol player. Chrls Terepin, in an evening meditation ori the Wednesday of Holy Week, featuring FranFois Couperin's L￿￿on$ de Ténèbres. with the Assistant Organist arid Organ Scholars performing Marcel Dupré's Le Ch8min de la Croix the following night. The Chapel also hosted regular recitals mounted by Iha College Music Society, in addition to several $pe¢ial èv6nts as part of the Oxford Festival of the Arts. The Chapel was used by Magdalan College School for speclal services to welcome new students. for Chrlslmas, and lo bid farewell lo leavers. A number of external groups and university ensembles hired the Chapel for rehearsals, concerts and other events. Throughout Ihe year, the Choir sang al various events for the Development and Alumni Office. including Gaudys and 8 ¢arol service for alumni helcl al All Saints Church, Margaret Street. London. The Clerks sang al various dinners and soci81 events. including College dinners for the Restoration, Thanksgiving, Burns Night. Sl David's Day, Sl Patrick's Day, Ihe Waynflele Di nner. Founder'5 Day and Sl Mary Magdalen Day. Belween September 2024 and August 2025, the College hosted len weddirbgs and wedding blessings, including three services for current or former Fellows. The College's team of eight clergy Ilhe D6an of Divinity Andrew Bowyer, the Asslslanl Chapl8ln Oliver Wright, the Fellows, Chaplain Robert Gilbert, the Honorary Chaplains Sabina Alkir8, Wealands Bell, Laura Biron-scotl. Andrew Shamel and Jane Shawl presided al all the services in the Chapel, preaching sermons on Sunday mornings and al weekday eucharists. Visiting preachers during the year were Jonalhan Osborne. Susan Gillingham. Will Lamb, Hannah Swithinbank, Stephanie Burelle, Judilh Maltby, David Fergusson, Frances Ward, Robin Ward. Rosemarie Mallett, and Humphrey Southern. The Remembrance Sunday address and the Sl John the 8aplisl Day University Sermon were given by old members, Sir John Scarlell and Philip Krinks, respecllvely. Throughout Ihe year. the Dean of Divinity host8d we6kly meetings of the Addison Society, a forum for conversation about the arts, culture, current affairs ancl spSrituallly.' weekly posl-compline drinks, and termly inter-faith dinners for Students, staff and Fellows from all faith Iradillons. with vlslllng speakers Sabina Alkire. Allsler McGralh. and Jonathan Willenb&ro. 10 MAGDALEN COLLEGE Report of the Governing Body Year ended 31 July 2025 Through retiring Collections following Sunday services and Gerlain special occasions, including the various Advent and Christmas services, Ihe Chapel collected money for various Ghari118s. The charities supported during the academic year 24-25 were CARA {the Council for Al-Risk Academics), Oxford Samaritans, the Red Cross Middle East Hum8nil8rian Appeal. the Royal Schools of Church Music, Helen & Douglas House, and Asylum Welcome. Through the 'provision ol public worshlp, lone of the statutory obligallons of the College), the Chapel welcomed sév8r31 thousand people college members ané their friends and famlly, members of the university, local residents, and visitors from all over the world - lo servlces durlng the year. Hundreds allended concerts and recitals hosted in the Chapel, thoijsands vislled the building as lourisls, and lens of thousands more encountered the Choir through broadcasts, webcasts, concerts, and through the tradition81 May Morning ceremony Iboth in person and via its livestre8ml. Magdalen College Chapel and ils Choir continue lo play a vi181 and important role in Ihe life of the College. University, and City. The coming year will see an increase in the number of services and concerts made available online las livestreams or recordings). as well as the conlinuallon of a long-term cleaning and maintenance project in tha Chapel. The Choir will visit the wesl coast of the USA In April 2026. Publlc Access The Old Library (which houses the College's large rare books and manuscripts collection) is often open lo the public one afternoon per week (Wednesday, 2.00 10 4.30pml when there are exhibitions. Individual 5cholaws from outside the College can visil lo consult material in the College Libraries and Archives lo further their own research. The College grounds, chapel and hall are normally open to the public Ihroughoul the year except over the Christmas period. Access is frée for local residents. alumni, Bod card holders and various special- Interest groups. During 2024125 Ih8re were 36.386 12024.. 28,5811 adult paying visitors and 36,660 12024.. 27,9391 vlsilors who paid al a concessionary ratè. In addition, family tickets were purchased by 2,296 12024.. 1,8371 families. During the 2025 Long VacalSon, a further 609 12024.. 1141 vlsilors bought a guided lour lickel which included areas of the grounds not open on the ordlnary vlsllor Ilckel. The College participates In several programmes that off8r free access lo members ol the public. We We￿ able to open for the National Gardens Scheme in April 2025 and had in exces5 01334 12024.. 3301 visitors. The lolal gate receipts of £3.387 were s8nl to the Nalional Gar(Jens Scheme. We also participated in the Oxford Open Doors scheme in September 2U24 whlch enabled us lo offer free access lo over 5,00012024". 5,0001 people who visited the College over the Iwo days. The joint admission lickel scheme with the Oxford Botanic G8rden conlirlued and 2,68212024.. 2,0601 visitors to the College boyghl this lickel. Development and Alumnl Relallons The Development Office is responsible for securing philanlhiopic Income for the College, prirn8rily from alumni, and in 2024125 secured £10.1 m12023124.. £3.8ml in gifts and legacies. This office consists of a team of nine fundraising and alumni relations executlV85 undertaking a wide range of activities lo both build engagement wllh alumni and donors and deliver fundraising strategies primarily with the College's alumni base. The priority for 2024125 was lo continue lo Identify and engage polenlial m8lor donors, sharing with them the College's strategy and seeking their support lor the College's forthcoming capital projects. Thls mel with some considerable success., many individual face-lo-face meetings were undertaken, securing not only a number of sizable gifts and pledges, bul also generating great interest and enthusiasm for our philanthropic priorities amongst many of our potential major donors. MAGDALEN COLLEGE Report of the Governlng Body Year ended 31 July 2025 The Alumni Engagement programme conllnued lo buSld on ils prlor success with 34 events held in Oxford, London and Ihe US allracling 1.413 individual alumni. The College's Communications oulpul. particularly on social media, continues lo receive amongst the highest levels of engagement and audiences across the Universily. For 2025126. the fundraising plans are to continue lo identify and engage potential major donors with the aim of securing additional support for the College's forthcoming ¢2pital projects and lo prepare for thé launch of the College's largest eve¥ fundraising campaign in 2026127 in support of these prolecls. FundraSsing for Access & Outreach wlll remaln 8 prlorSly and we will contlnue lo look for support for Graduate Scholarships. The Alumnl Engagement programme for 2025126 Is expecled lo allr2cl an even greater number of allendees than 2024125, continuing an upward Irajectory of participation. Our approach to fundraising relies upon high levels of positive alumni engagement in order that we may allracl, steward, and maintain support from our alumni donors and prospective donors. Ad(Silionally. il allows us lo protect our reputation. maintain a high profile, and establish with this audience our relevance amongst a wide array of charitable organisalions vying for their philanlhroplc support. A key elomenl underpinning our work is the segmenlalion of alumni Ihrough our'DARS customer r&lalionship management database. This allows us lo provide our alumni with invitations. publications and fundraising 8pp8815 al appropriate frequencies and ensures that alumni who have opted out do not receive unwanted commuk)ications 8nd appeals. Magdalèn College is registerecl with the Fundraising Regulator {FRI, and conlAbules lo the FR levy on fundrai8lng charllies according lo ils income. The College adheres lo the FR Code of Practlce and to Charlly CommlssSon guidellnes, particularly CC20 (Charity fundraising.. a guide lo Iruslee duliesl. Trustees are aware of the CoFnFnission's six fundraising principles and ensure adherence by the Development Office staff. Failures to comply with policies and procedures will be reported lo the FR rf they occur, as will complaints. for which IheTe is a process lo follow rf receDJed', Ihere have been none of either in Ihe18sI financi81 year or since the FR wa5 introduced. 5. FINANCIAL REVIEW Ra$ults for tha Year The College reported lolal incorne of £53.8m12024.. £45,6ml for the year to 31 July 2025, of which £9.6m12024.. £9.2ml related to charitable activities, principally leaching, research, and associated residential income. Trading Income from Conferences, tourism and merchandise was £1.18m {2024.' £741 kl the Sncrease malnly being the re8uII of addillonal filming activities. Donations and legacles amounted to £10.1m 12024.. £3.8ml with the College recolving some generous contributions towards Ils planned capital projects and scholarship programmes. Investment income was £32.8Fn12024: £31.7ml. Total expenditure for the year, before any gains or losses on investments increase(J lo £45.7m12024'. £40.2ml. Expenditure Dn charitable activities was £21.Om {2024'. £16.5ml. The expendilure in 2024 reflected a Yelease of the pension deficit recovery provision, with the pension schemes now being in surplus. In FY25. the College repoiled an Investment gain of £56.Dm nel of non-conlrolling inleresl12024.. £9.8m lossl. This was driven by gains from the Science Park and large gains from the public equity portfolio and other investments. An imporlant part of the College investmen*s. The Oxford Science Park (Properlies} Limited was a lolnt Venture with GIC, a sovereign wealth fund of the slate of Slngapore. in which Iha College owns 600/.. The College's wholly owned subsidiary, The Oxford Science Park Limited, continued 12 MAGDALEN COLLEGE Report of the Governlng Body Year ended 31 July 2025 lo manège the operations and the development ol th$ park under a management conlra¢t. Dijring the year, The Oxford Science Park continued conslruclion work on Plot 23-26 and maintslned ils leading posltlon in the UK life sciences property sector with a high level ol occupancy and leasing aclivilies. Post year end a portlon of the assets held al the park were sold, (further detail can be found under note 29 to the account81. Over the year College ¢onsolldaled funds increased by £64.1 m12024.' £4.4m decrease). Within this total, Colleg6 consolidated endowment funds incr83S8d by £45.7m lo £765m 12024.. £16.4m decrease). During the ye8r, the College receDied £3.9m12024.' £3.7ml in luilion fees and Ofs grant funding from the University bul spent £19.8m {2024'. £15.4ml on leachlng. research and accommod8tion, the deflcil being funded from College funds. The College spent £6.3m12024'. £8.Oml on improvements lo ils eslale and has significant future plans for additional sludenl accommodation and College facilities. These plans started in July 25 with the demolition of the Waynflele building. with the entire redevelopment of the sile expected lo conclude in 2028. ReseN&s Policy Total funds ol the College and lis subsidiaries (excluding the interest ol non-conlrolling entiliesl at the year-end amounted to £847.3w12024.. £783.2ml. This includes eTrdowmenl capital of £765.8m12024'. £720rn1 and unspent restricted income funds tolalling £29.4m12024'. £9.3ml. Free reserves at Ihe year-end amounted lo £5.8m12024.. £12.9ml. In addilion, the fixed 8ssel reserve totals £46.1 m12024'. £41 Oml. The College's reserves policy is lo mainlaln sufflclenl free reserves to enabl&11, even in the event of an unexpected revenue shortfall or major capital expenditure r8qulr6menl to meet ils shorl-18rin financial obligations., lo allow the College lo be managed efficiently, an lo provide a buffer that would ensure uninlerrupled services wilhoul drawing from ils endowment over and abov8 Its drawdown rule. In 8ddllion lo ensuring that il was able lo provide services and support to ils staff and students, the College has drawn on its free reserves lo fund a number of major capital projects, including the refurbishment of its properties on Longwall Street and High Street, the purch8se of a property on Iffley Road and the redevelopment work al the Waynflete site Bnd along the rlverside. Investment Policy, Objectlves and Performance The College's investment assets are held across a range of different a5sel classes and are managed for total retLJrn. The Trustees adopted a duly authorised policy ol lolal return accounting for the College investment returns with effect frDm 31 July 2003. The invtsslrnenl return lo be applied as income ig Calculated as up lo 3.50A of the rolling five-year average value. The preserved Ifrozenl value of the invested endowment capital represents its open market V81ue a131 July 2003 together with all subsequenl endowments valued at dale of gift. The invtsslmenl policy is lo generate optimum risk-adjusled returns lo enable sufficient funds lo be drawn in order lo meet operational requirements whilst maintaining the real infl81ion-adlusled value of the investment assets and having so regard to balancing the needs of current and future beneli¢iaries. In managing its inveslmenls, a reasonable diversification of assets Is rnainlained and performance is measured by total return regardless of whether return is derived from income or from Capital 13 MAGDALEN COLLEGE Report ofthe Governlng Body Year ended 31 July 2025 growth. No fixed benchmark has been adopted. although Ihe College's Inveslmenl Committee monitors returns relative lo a range of market and peer group performance data. 11 is the responsibility of the College's Investment Committee to recommend lo the College. policy for the inveslm&nl of endowment and other assets, and lo ov&rsee the management of these assets in a manner consislenl with the College's policies on asset allocBtion. foreign exchange exposure. risk and emerging views on ESG management. In Oct 2021, the College entered inlo 8 60140 Joint Venture with GIC lor The Oxford Science Park for furth8r development of the eslale. The Colleg8 retains the freehold and mainlains a headlease agreement with thè Joint Venture. The gross a5sel allocallon at 31 July 2025: Public equities 43.6Vo 12024.. 41.8%). prlvale equity 4.5 /012024.. 4.1¥.1, property 50.7°A 12024.. 41.70AI, including 44.30k 12024.. 36.00A1 in rospecl of The Oxford Science Park, and cashlcash equivalents of 1.2UA12024'. 12.5°ki. Rlsk Management The College h35 on-going processes for identifying, evaluating and managing the principal risks and uncertainties il and ils subsidiaries faced in undertaking their activilies. The College 8ugments ils own resources where necessary by taking advice from external experts with specia1i81 knowledge. Risk managemént policies and PTocedures are reviewed by the relevant Colleg8 commiltee. Financial risks are assessed by the Bursarial Committee and invaslment risks are monitored by Iha Investment Committee. The Home Bursar and domestic staff heads rneet regularly lo consider the idenlili¢alion and management of risk associated with health & safety and other operalional mallers. Tutorial Board fulfils a similar role in respe¢l of the educational activities of Ihe College wilh other areas of risk subject lo oversight by one or more College commillees of Governing Body. Training courses and other forms of career development are available to members of staff whon requested lo enhance their skills in risk-rel8led areas. The Oxford Science Park has a differenl risk profile lo College's olher operations and has a separate board wilh relevant expertise and whlch inGludes exlernal. non-execulive members. That board has the primary responsibility lor the idenlificalion and m8nagement of risk for the park. The Group ends the year in a slmng financial position. with an endowment value (excluding the interest of non-conlrolling entiliesl of £765.8m. The size of the endowment and the annual transfer that il generates provides a high level of r8sllienc8 Al a time Df economlc uncertainly. Whilst a sustained period of Investment underperformance would have a material impaGI, the College's Investment CcimmSlle8 has eslabllshed a set of policies de51gn8d to maximise the Iong-lerm growth of, and returns from, the endowment. In particular. shorl-term market volatility is mitigated by the rolling five-year average approach used lo determine income lo the College from ils investment portfolio. as noted above. This is a policy which is considered lo have served the College well over a long period and particularly in uncertain limes. As part of ils process for m8naging risk. the College malnlains a comprehensive register which re¢ords kay opemlional and other risks, mitigating controls and Arèas in which further risk managem&nl m8asures have been identified and are being implemented. Those risks include Suslainabilily Safeguarding Fire and flood,. and Information technology including dèla protectlon. The Governing Bc)dy, which has ultimate responsibillly for managing any rlsks faced by th8 College. regularly r8views the processes in place for managlng risk and is conlenl that adequate systems ar6 in place to manage these risks. 14 MAGDALEN COLLEGE Report of the Governlng Body Year ¢nded 31 July 2025 6. OBJECTIVES for 2025126 The Colleg8 will conlinije lo aim for excellent standards in learning, leaching and res8arch in the academic yeai 2025126. Major projects will include.. Continued implemenlallon of the College's Strategic Plan for 2021-31., Cantinued implementation of the 2023-28 Outreach Slralegy., Implemenlalion ol proposals for improving and expanding the College's facilities under ils current Maslerpl8n', Planning major new fundreising campaigns., Continued implemenlalion of the agreed comprehensive suslainabilily strategy lor the College., and Continued oxpanslon of The Oxford Science Park In conjunction with the College's joint venture parlner. 15 MAGDALEN COLLEGE Membershlp of the Govgrning Body. Commltlèè M8mb8rship and Collegè Advlsors Year ended 31 July 2025 MEMBERSHIP of the GOVERNING BODY Thg M8mbors of the Governing Body are the College's charily trustees urider charity law. The members of the Goveming Body who senjed in office as Trustees during the year or subsequently and the committees on which they serv8d are detailed below. 111 12} 131 141 {51 16} 171 181 191 1101 Ms DGL Rose KC Revd Prof RJC Gllbert Piesidenl Vk&PMslO8nl Prof JF88 Adams-Pras51 Prof A Ardavan Prof RM Bagshaw Prof GD Barr Prof TG Barraclough Dr T Baruc Dr J 8eaulleu Inlermitled 01110125 Prof J Berestycki Dr PD Billingham Piof LN 8tswes Inlelmilted 01110125 The R8v'd Dr AD Bowyer Prof MR Bridson Dr JL Castle Dr E Chae Appolnled 06101125 Prof RO CleveLqnd Dr IT Cohen Appolnled 01110125 Prof RJ Cornall Prof C CousS10S Dr G Dransfield Appolnted 01101125 Appointed 01110124 Inlemillted MT25 Mr R Dong ProfTJ Donohoe Prol RJ Douglas.Fairhursl DrROue Prof PD Elbourne Dr J English Prof AM Elheridge Prof L Fortunato Appoinled Q1110124 Leave of absC￿e MT25&HT26 Prof CJ G8rland Prof RSS Garrod Prof SA Gilson Prof SF GoodwSn Prof JF Gregg Prol KD Grevling Prof CE Harris Intemiilled MT25 Resigrod 30109r25 Appolnied 01110124 DrRAHarri8 Prof AVS HIII 16 MAGDALEN COLLEGE Membershlp of the Governlng Bodyi Commltlee Membership and College Advisors Year 8nd&d 31 July 2025 MEMBERSHIP of the GOVERNING BODY (continued) Prof SGP Horobl Di 8 J8nzgr Dr AD Karenow5ka Leave ofab5ence lo 31108126 Prof J Krislens8n Prof CT Leitmeir Prof AS Lifschitz Prof SR Mackenzle Prof O Magidor Dr GT14Aaslers Leave afsbgence lo 30109125 Prof P Menoret Appointed 01110125 Prof G Miesenbock Dr A Moreno Prof M L Neidig Prof JBW Mighlingale Dr FA Nizami Dr TWL Norman Dr K On8yl Prof L 0sl&rgaard, Dr LC Phillips Or MP Pobioy Prof SK Pooley Mr SF Rainey MrAE Ray Prof C Ruppre¢hl Prol B Salow Prof R Sanlhanarn ApyJinied 01110125 Senlor Tutor Devebwnenl Director Home Bursar Dr M Santinl Reslgned Q2101125 Appointed 01110125 Bursar Dr B SGhmidl-Feu8rheerd Mr Y Shen Prof N Slargardl Dr L Swift Dr TLM Thurslon Prol AJ Turberfield Dr R Wdal Oov81 Appolnled 01109124 ResvJned 30109124 Dr PD W8lson Re51gned 26112124 Prof H Whllehouse DAr MT Williams Prcif S Williamson Dr G Woods Appolnled 01109124 DrDWu Prof Z You 17 MAGDALEN COLLEGE Membership of the Govèrnlng Bodyi Committee Membershlp and College Advlsors Year ended 31 July 2025 During thé year the aclivilies of the Goveming Body wèr8 carri6d out through several standing commiltees',11) Tutorial Boa¥d {2} Finance Risk and Audll Committee 131 Investment Committee 14) Development and Alumnl Relations Committee 151 Chapel & Choir CommSllee 161 Human Resources Committee17) Remuneratlon Committee {81 Fellowship Committee191 Library & Archives Commit1&61101 House Commlttee. In addlllon, exlornal members currently serve on College Commlllees as follows.. Finance Risk and Audit Committee P Beckwilh. P Elam. G Bamerl. J Brislow, E Davie5{resignod Jan 251. D Easton. C Plowden, J Turner. Investment Committee Davelopmenl and Alumni Relations Committee J Cronln, S Haslam, R Leechman, B Domayne-Hayman. Remuneration Committee D Black, E Doran, R Dunbar, L Maguire. COLLEGE ADVISERS Investment So￿lCeS Cazenove Capilal Management Ltd 1 London Wall PFaco London EC2Y SAU Investment property managers Savills Wylham Court 11 Wesl Way Oxford OX2 OQL Audltor Moore Kingston Smith LLP 61h Floor, 9 Appold Street London EC2A 2AP Bankers Nat Wesl plc Willow Court Minn5 Busin6ss Park, 7 Wesl Way Oxford OX2 OJB Sollcltors Blake Morgan S8acourt Tower West Way Oxford OX2 OFB Collège address Hlgh Slreel Oxford OX14AU Webslte.. www.magd.ox.ac.uk 18 MAGDALEN COLLEGE statemant of Accounting and Reporting R8$ponslbllltles Year endéd 31 July 2025 The Gov¢rning Body is r8sponsible for preparing the Report of the Governing Body and the linancial stat8m8nls 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 Governlng Body has prepar8d the financial slalements in accordance with United Kingdom Generally Accepted Accounting Practice Iunlled Kingdom Accounting Standards and applicable lawl, including FinanGial R8POrting Standard 102.. Th8 Finanaal Reporting Standard appllcable in the UK and Republic ol Ireland IFRS 102). Under ¢harity law the Governing Body musl not appiove the financial stslemenls unles811 Is satisfied that they give 8 true and lair view of the slate ol affairs of the College and of ils net income or 8xpendilure for that pgriod. In preparlng these financial statements, the Governing Body is required to.. select the most suitable Èccounllng policies and then apply thèm conslslenlly., make judgm6nts and accounting estimates that ar8 r8gsonable and prudent., slate whether applicable accounting standards, including FRS 102, have been followed. subject lo any material departures disclosed and explained in the financial statements,. stale whether a Stslemenl ol Recommended Practice ISORPI applies and has been followed, subje¢l lo any material depariures which are explained in the financial statements,. and prepare the financial slalemenls on the going concern basis unless il is inappropriate to presume that the College will Continue to operate. The Governing Body is responsible for keeping proper a¢counling records that are sufficient to show anif explain th8 College's transactions and disclos8 wilh reasonable accuracy al any lime the financial position of the College and enable them to Qnsure that the financial statements comply with the Charities Act 2011. They are also responsible for Safeguarding the assets of the College and ensuring their proper application undor charity law and hence for taking reasonable steps for the prevention and deleclion of fraud and other irregularities. Approved by the Governing Body on 3rd December 2025 and slgne(J on its behalf by.. Ms DGL Rose KC Presldenl 19 MAGDALEN COLLEGE Independent Audltor's Report to Mombèrs of the Governing Body of Magdalen Collagè Yèar ended 31 July 2025 Opinion We have audited Ihe financial slalemenls of Magdalen College for the year ended 31 July 2025 which comprise Ihe Con501idaled sl8lemenl of Financial Aclivilies, the Consolidated and College Balance Sheets, the Consolidated Cash Flow Slalemenl, and notes to the financial slalemenls, Including a summary of significanl accounting policies. The financial reporting fr8mework that has been appli&d in their reparation is applicable law and United Kingdom Accounllng Standards, including FRS 102 'The Flnan¢i81 Reporting Standard Applicable in the UK and Ireland, {Uniled Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial statements.. give a true and fair view of the siale of the of the College's and the group's affairs as a131 July 2025, ané ol Ihe incoming resources of the group and application of resources, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requiromonts of the Charities Act 2011. Basis for opinion We conducted our audit in accordan¢e wilh Internèlional Standards on Auditing IUKI {ISAslUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs Responsibilities for the audit of financial statements section of our report. We are independent of the charity in accordance with Ihe ethical requirements that are relevant lo our audit of the financial slalemeDIs in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other elhic81 responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relatlng to golng concern In audiling the financial slalemenls, we have concluded that the Iruslees, use of the going concem basis of accounting in the preparation of the financial slalements is appropriate. Bosed on the work we have performed, we have not identified any material uncertainlles relallng lo events or conditions that. individually or collectively, may c8s1 significanl doubl on the charill5 ability lo continue as a going concern for 8 pericKI of al least twelve months from wh8n th8 financial statements are authorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect to going concern are described in the relevant sections of this report. Other informatlon The other information Comprises the information Included in the annual report. other than Ihe financial sla18menls and our auditor's report thereon. The Members ofth8 Governing Body are responsible for the other inforrnalion. Our opinion on the financial slalemenls does not cover the other information and. except lo the extent otherwise expllcltly slated in our report, we do not express any form of assuranc8 conclusion Ihereon. In connecllon with our audit of the flnancial st8lements, responsibility Is lo read the olhgr information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit orotherwise appears lo be materially misslaled. Ilwe identify such materi81 inconsistencies or app3￿nI material misslalemenls, we are required lo determine whether there is a matert81 misstalemenl in the financial Statemenls or a material misslalemenl of the other information. Sf, based on the work we have performed, we ￿nClude that there is a material misslalemenl of this other inform81Son, we are required to report that fact. We h8ve nothing lo report in this regard. 20 MAGDALEN COLLEGE Independant AudStor'5 Report to Membars of the Governlng Body of Magdalèn College Year èndèd 31 July 2025 Matters on whlch we are requlred to raport by exceptlon We have nothing lo report in respact of the following mallers where the Charllles Act 2011 requires us lo rèport lo you if, in our opinion.. the information given in the Members ol the Goveming Body's Annual Rèport is Inconsistent in any material respect with the financial slalemenls-, or the charity has not kept 8dequate accounting records., or the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we required for our audit. Responslbilllles of Ihè M8mbers of Governing Body As explained mor8 fully in the Members ol the Gc>v8rning Body's responsibilities st8lèménl sel out on page 19, the trustees are responsible for th8 preparation ol the financial slatemtsnls and for being satisfied that they give a true and fair view, and for such Internal control as the M6mb&rs ol the Governing Body determlne s necessary to enable the preparation of financial statements that are free from material misstalemeril, whether due to fraud or error. In preparing thè financlal slalemenls, the Members of th8 Governing Body are responsible for asse88ing the charily's ability to Continue as a going concern. discloslng, as applicable, matters related to golng concern and using the going concern basss of accounting unless the Members of the Governing Body either intend lo liquldale the cha￿tY or lo cease operations, or have no realistic allernalive bul to do $0. Auditorfs re$ponslbllltie5 for the audlt of the flnanclal 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 01 that Act. Our objectives are to obt8in reasonable assurance about whether the financial slaternents as 8 whole are free from material misslatemenl, whether due lo fraud or error, and to Issue an auditor's reporl that in¢ludes our opinion. Reasonabl8 assurence is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstatemonl when 11 exists. Misstatements can arise fiom fraud or error and are ¢onsidered material il, individually or in agg regale, they could reasonably be expecled to influence the economic decisions of users taken on the basis of these financial slalemenls. As part of an audit in accordance with ISAS IUKI we exercise professlon81 judgem&nl and mainlabn professional sceplicism Ihroughoul the audit. W8 also.. Identify and assess the risks of material misstat8menl of the financial statements, whether due lo fraud or Orror, deslgn and perform audit procedures responsive to those risks, and obtain audit evidence Ihal Is sufficient and appropriate lo provide a basis lor our opinion. The risk of not delecling a material misstatement resulting from fraud Is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions. misrepresentslions, or the override of internal ¢onlrol. Obtain an understanding of internal control relevant lo the audit in order lo design audit procedures that are appropriate in the circumstances, bul not lor the purposes of expressing an opinion on the effeclweness of the charity's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Members ol the Goveming Body. 21 MAGDALEN COLLEGE Independent Audltorfs Report to Members of the Governing Body of Magdalen Coll8ge Yearended 31 July 2025 Conclude on the appropriateness of the Members of the Governing Body's use of the going Goncern basis of accounting and. based on the audit evidence obtained, whether a material uncertainly exists related lo events or conditions that may cast significant doubl on the charity's abilily to continue as 8 going Concern. If we conclude that a material uncèrtainly exists. we are required lo draw attention in our auditor's report lo the related disclosures in the financial slalements or, if such dlsclosures are inadequate, to modify our opinion. Our conclusions are based on the audll 8vldence obtained up lo the dale of our auditorts report. However, future events or conditions may cause th8 charity lo cease lo continue 8s a going concern. Evaluate the overall presentation, structure and content of the financial slalemenls, including the dlsclosures. and wh81her the financial slalements repres¢nl the underlylng Ir8nsaclions and events in a manner Ihal achieves fair pres8ntation. We communicate with those tharged with governance regarding, among other matters. the planned scope and liming of the audil and significant audit findings, including any significant deficiencies in inlernal control that we identify during our audil. Explanatlon as to what extent the audlt was considered capabla of detecllng Irregularltles, Includlng fraud Irregularities, including fraud, are instances of non-compliance wllh laws and regulations. W8 design procedures in line with our responsibilities. outlined above, lo delecl material misstalemenls in respacl of irregularities, Including fraud. The exlenl lo which our procedures are capable of detecting irregularities, Including fraud Is (5elailed below. Th8 objectives of OLfr audit in r8specI of fraud, are,. lo identify and assess the risks of material misstatement of the financial slalemenls due lo fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and impl8menling appropriate responses to those assessed risks,. and lo respond appropriatety lo instances of fraud or susp8cled fraud identified during the audit. However, the piimary responsibility for the prevention and detection of fraud rests with both management and those charged with governanc8 01 Ihe charity. Our approach was as follows.. We obtained an understandlng of the legal and regulatory requlremenls applSc8ble to the charity and considered Ihal the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting slanda¥ds as issued by the Financial Reporting Council. We obtained an understanding ol how the charity complies with these requirements by discussions with management and Ihose charg8d wilh governance. We ass6ssed the risk of material misslalemenl of the financial slatemenls, including the risk of malerial misslalemenl due to fraud and how it might occur, by holding discussions with managemenl and those charged with govemance. We inquired of management and Ihose charged with govern2nc8 as lo any known instances of non- compliance or suspected non-compli8n¢e with laws and r8gul8tions. Based on this understanding, we deslgned specific appropriate audit procedures lo identify instances of non-compliance wSlh laws and regulations. This included making Ènquiries of managemanl and those charged with governance and obtaining additional corroborative evldence as required. 22 MAGDALEN COLLEGE Independent Audltorfs Report to Members of th6 Governing Body of Magdalen Collège Year endèd 31 July 2025 There are inh8renl limitations in tho audit procedures described abov6. We are less likely lo become aware of instances of non-compliance with laws and regulations that are not closely related to evénts and transactions reflected in the financial slalemenls. Also, the r15k of not detecting a material missta18menl due lo fraud is higher than the risk of not detecting one resulllng from error, as fraud may involve dellberale concealm8nt by, for example. forgery or intentional misrspresentalions, or Ihrough collusion. Use of our report This report is made solely lo the Members of the charity's Governing Body, in accordance with Chapter 3 of Parl 8 of the Charities Act 2011. Our audit work has been undertaken so that we might slate lo the Members ol the Governing Body those rnallers we are requlred lo state lo them in an auditor's report and for no other purpose. To the fullest exlenl 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 reporl, or for the opinion we have formed. . Ll;,?sb (Lf Moore Kingston Smith LLP Slalulory Auditor 6th Floor 9 Appokl Street London EC2A 2AP 0411212025 Moore Kingston Smith LLP is eligible lo act as auditor in terms of Section 1212 of the Companies Act 2006. 23 MAGDALEN COLLEGE ststèmènt of Accounting Policies Year ended 31 July 2025 1. scope of the Flnanclal Statements The financial statements present the Consolidated Statement of Financial Activities ISOFAI, the Consolid818d and College Balance Sheets and the Consolidated Slalemenl of C8sh Flows for the College and ils subsidiary and assocl8led undertakings (together the"Group ).' The Oxford Sci6n¢e Park Llmited, Magdalen Development Company Llmiled, Magdalon College Trading Limited, Magdalèn Colloge Educational Conferences Limited, Magdalen College Developmenl Trust and South Oxfordshlie Sclence Village Dgv$lopments Limited. The College holds 60010 of the shareholding and voting rights In The Oxford Science Park (Properties} Limited and is therefore Its parent company and prepares consolidated accounls that incluée the activities, assets and liabilities of The Oxford Science Park (Properties) Limited for ils reporting period lo 31 March adjusted to 31 July 2025. No separate SOFA has be8n prosenled for the College alone as currently permilled by the Charity Commission on a concessionary basis for Ihe filing of consolidated financial stalemenls. A summary of the results and financial position of each of the College's subsidiaries for th8 reporting year are disclosed in note 12. Prior year comparative information has been updal8d lo conform with cuwrenl year presentation. 2. Basls of Accounting The College's indDJidual and consolldaled financlal slalements have been prepared in accordance with United Kingdom Accounting Slandards, in particular 'FRS fj02: The F￿nancIal Reporting Standard applicable in the UK and Republic of Ireland, (FRS 102). The College is a public benefit enlily for the purposes of FRS 102 and a registered charity. The College has therefore also prepared ils individual and consolidated financial slalemenls in accordance with 'The Statement of Recommended Practice applicabl8 lo charities pièparing their accounts in accordan￿ with the Financlal Reporting Standard applicable in the UK and Republic of Irel8nd' (Thè Charities SORP IFRS 10211. The financial sl8lements have beerb prepared on the going concern basis and on the historical cost basis, except for the me8suremenl of investments and certain financial assets and liabilities al fair value with movements in value reported within the SOFA. 3. Golng Concorn Th8 Mernbers of th& Governing Body have assess8d whether the use of th8 going concern b2SIS IS appropriate and have consldfjred possible events or conditions that might cast signifitanl doubt on the ability of the College lo continue as a going ¢oncern. The College has prepared cash flow and other forecasts, taking into account the potential pressures on income an(1 costs, which confirm the College wll have sufficient liquidity lo operate for at least the next twelve months from the dale of approval of thes8 rinancial staternenls. The College therefore continues lo adopt the going concern basis in preparing ils financial slalemenls. The principal acCoun￿ng policies adopted ale sel out below and hav8 been applS6d consislently throughout the year. 4. Accounting Judgements and Estimatlon Uncertalnly In preparing financial slalemenls il is necessary lo make certain judgements, eslimales and assumptions that aflecl the amounts recogni5ed in the financial statements. The following judgements and estimates are considered by the Governing Body lo have most significant effe¢l on amounts recognised the financlal stalemenls. The College carries investment property al fair valua in the balance sheat, with changes in fair value belng recognisod in the income ancj expenditure section of the SOFA. Independent valuations are oblalned lo determlne fair value at the balance sheet dale. 24 MAGDALEN COLLEGE Statement of Accountlng Pollcles Year ended 31 July 2025 4. Accountlng Judgements and Estimation Uncerlalnty Iconllnuedl Before legacies ore recognised in the financial stat$menls, the Governing Body has to exerclse ludgemenl as lo what conslilules sufficient evidence of enlillemenl lo the bequest. Sufficient enlillemenl exists once nolificalion of paymenl has been received from the executorlsl ol the estate or eslale accounts are available which indicate Ihere are sufficient funds in the eslale after me8ting liabilities for the bequesl to be paid. 5. Income Recognltlon All income is recognised once the College has enlitlemenl lo the income, the economic benefit is probable and the amount can be reliably measured. a. Income Irom Fees, Office for Students {OFSI support and other charges for services Fees re￿1Vable, 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 Ihal do not impose specific futLJre perform8JC8-relaled or olh8r specific conditions are recognised on the dale on which the charily has enlillemenl lo the resource, the amounl can be reliably measLJred and the economic benefit lo Ihe College of the donation or grant is probabl8. Donations and grants subject lo performance-related conditions are recognised as and when those conditions ore mel. Donations and grants subject to other specific conditions are recognised as those conditions are mel or their fuifilmenl is wholly within the control of the College and it is probable that the speulied conditions will be met. Legacies are recognised following grant of probate and once the College has received suffici8nl information from the executorlsl of the deceased's estate to be satisfied that the gift can be reliably measured and that the @conomio benefit lo the College is probablé. Donations, grants and legacies accruing for the general pu¥poses of the College are credlled lo unreslricled funds. Donations, grants and legacies, which are subj8cl lo conditions as ID their use impostsd by the donor or sel by the terms ol an appeal, are credited lo the relevant restricted fund or, where the donation, grant or legacy is required lo be held as capital, lo the endowment funds. Where donations are received in kind las dislincl Irom cash orother monetary asselsl. they are measured 81 Ihe f8irv8lue of those assets al the date of the gifi. c. Investment Income Interesl 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 rale method. Dividend income and similar dislribulions are recognised on the dale the income becomes ex-dividend or when the right to the dividend can be established. Income from investment properties is recognised in the period lo which tho rental income relates. 6. Expenditur8 Expenditure is accounted for on an accruals basis. A liability and related expenditure is recognised when a legal or conslruclive obligation commils the College lo expenditure Ihal will probably require selllemenl, the amount of which can be reliably measured or 8slifnated. Grants including scholarships, bursaries and other allowances that ar8 not performance-relaled are charged as an expense as soon as a legal or conslruclive oblioation for their payment arises. Grants subject lo perfOrman￿-re1￿ted condillons are expensed as the specified condlllons of the grant are mel. 25 MAGDALEN COLLEGE Statement of Accountlny Pollcles Year ended 31 July 2025 All expenditure including support costs and governance costs are allocated or apportioned lo Ihe applicable expenditure categories in the Slelemenl ol Flnancial Activities Ilhe SOFA). Support C051s whSch include governance costs (costs of complying with ¢onslitulional and slalulory reqU1￿ments) and other indirect costs are apportioned lo expenditure categories in the SOFA based on the estimated amount allribulable lo that 8clivily in the year. either by reference lo staff time or the use made of the underlying assets, as appropriJle. Irrecoverable VAT is included with the ilem of expendllure lo which il relates. Intra-group sales and charges between the College and ils subsidlaries ar8 excluded from trading incom8 and expenditure in the consolidated flnancial statements. 7. Leases Leases Ihat do nol transfer all the risks and rewards of ownership are classified a8 operating leases. Rentals payable under operating leases are charged in the SOFA on a 'slraight line, basis Dver the relevant le8se terms. Any lease incentives are recognised over the lease term on a 'slraighl line, basis. 8. Tanglble Flxed Assets Land is slated al cost. Buildings and equipment are slated al cosl less accumulated d8precl8lion and any accumulated impairment loss&s. Expenditure on the acqui511ion or enhancement of land and on th6 8CqUlSltion. construction and enhancement of buildings which is dire¢lly attributable lo bringing the asset lo ils working condition for 118 intended use and amounting lo more than £50,000 logelher with expenditure on equipmenl costing more than £1.500 Ss capilalised and carried in the balance sheet al historical cost. Where a part of a building or Stem ol 8quipmenl is replaced and the Gosls capilalis8d, the carrying value of those parts replaced is derecognis8d and èxpènsed in the SOFA. Other 8xpenditure on equipment incurred in th8 normal day-to4ay running of the College and ils subsidiaries is charged to the SOFA as incurred. 9. Depr&ciation Depreciation is provided lo write off the cost of all relevant tangible fixed assets, less their eslimaled residual value, In equal annual inslalmenls over Ihelr expected useful economic lives as follows.. Freehold properties, including major extensions 50 years Equipment 5- 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 perfod, Ihe residual values and useful lives of 8ssels are reviewed and adjusted if necessary. In addition. if events or change in circumstances indicate that the c8rrying value may not be recoverable Ih6n the carrying values of tangible lix8d assets are reviewed for impairment. 10. H9rltagè Assets The Colleg& does not consider that il holds any heritage assets that meet the definition of héritage assets under tha SORP. 11 has substantial long held hisloric assets which are used in the course of ils teaching and research aCt￿ll1eS. These collections include anliqullies, works of arl, tapestries. books and manuscrlpls, archlv8s, sllverware, furniture and sculptures. As these assets are in regular use to support Ihe 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 obtBining fBir values for these assets would be impracticable and the cost of obl8ining 26 MAGDALEN COLLEGE Statement of Accounllng Pollcles Year ended 31 July 2025 such valuations would outweigh the benefits to the users of these financial statements. From time to lime, the College receives papers and manuscripts bul these have not been accorded a value in the financial slalemenls due lo the difficulty In ascertaining a fair value. 11. Inv&stment5 Investment properties are initially recognised al their cost and subsequently measured al Ihelr falr value (market value) at each reporting dale. Purchases and sales of investment properlies are recognised on exchange of contr8cIs. Listed investments are initially me8sured at their cost and subsequently measured at Iheir f8ir value al each reporting dale. FAir value is based on their quoted price 81 the balance sheet date without deduction of the estimated future selling costs. Investments such as private eqL5ily funds which have no readily Identifiable markel value are initially rneasured al their costs and subsequently measured al their fair value at each reporting dale without deduction of the estimated lulure selling ¢os15. Fair value is based on th8 most recent valuations available from their respective fund managèrs. Other unquoted investrnenls are valued using primary valuation techniques such as earnlngs multiples, recent transactions and nel assets where reliable eslirnales can be made otherwise al cost less any impairmenl. Ghanges in fair value and gains and losses arising on the disposal ol investments are credited or charged lo the income or expenditure section of the SOFA Ès 'gains or losses on inveslmenls, and are allocated to the fund holding or dlsposing ol the relevant investment. 12. Stocks Stocks are valued al the lower of wsl and nel realisable value, cost being the purchase price on a firsl In, first out basis. 13. Cash and Cash Equivalents Cash and cash equivalents include cash al banks and in hand and short-term deposits with a malurily dale ol three monlhs or less from the balance sheet date. Cash deposits with original malurllies of more than three months are shown as current asset inveslmenls. 14. Forelgn CurrenGles The functional and presentation currency of the College and Group is the pound sterling. Monetary amounts in these financial statements are rounded lo the nearest thousand pounds. Transactions dènominated in foreign currencies durlng the year are translated into pounds sterling using the spot exchange rates al the dates of the Iransaclions. Monetary assets and liabilllles denominated in foreign currencies are translated into pounds sterling at the rates applying al the reportbng date, Foreign exchange gains and losses resulting from the settlement of transactions and from the translation of rnonelary asse15 and liabilities dgnominaled Iri forelgn currencies al the exchange rates at the reporting date are recognised in the in¢ome and expenditure section of the SOFA. 27 MAGDALEN COLLEGE Statement of Accountlng Pollcles Year ended 31 Ju5y 2025 15. Total Return Investment Accounting The College Slalules aulhorise the College lo adopt a 'lolal relurn, basis for the investment of ils permanent endowment, The College can invest ils permanent endowments wilhoul regard lo the capilallincome di81inclions of standard trust law and with discretion to apply any part of the accumulated lolal relum on the Snveslmenl as income for spending each year. Until this power is exerclsed, the lolal return is accumulaled as a component of the endowment known as the unapplied tolal relum that can either be reiained for investment or releas6d lo incom8 at th6 discr6tion of th6 Governing Body. 16. Fund Accountlng The total funds of the College and Group are allocated to unrestricted, restricted or endowment funds based on the terms sel by the donors or sel by the terms of an appeal. Endowment funds are further sub- dividod into permanent and oxpendable. Unreslricled funds can be used in furtherance of the objects of the College al the discretion of the Governing Body. The Goveming Body may decide that part of the unreslricled funds shall be used in future for a specific PLJrpose and this will be accounted for by Iranslers to appmpriale designated funds. Reslrf¢led funds comprise glfts, legacies and grants where the donors have specified that the funds are lo be used for particular purposes of the College. They consist of either gifts where the donor has specified (hal both the capital and any income arising musl be used for the purposes given or the income on gills where the donor has required that Ihe capilal be maintained and the income used lor speafic purposes. Permanent endc>wmenl funds arise where donors specify Ihal the funds are lo be retained as capital for the permanent benefit of the Gollege. Any part of the lolal return arising from the capital th31 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 accounled for as a restricted fund. Expendable endowment funds are slmllar lo permanent endowment In that they hav& b8en glven, or the College has determined based on the circumstances in which they have been given, for the long-lerm benefit of the College. However, the Governing Body may al their discretion determine to spend all or part ol the capital. 17. Pension Costs The College participates in the Unwersilies Superannuation Scheme IUSSI and the University of Oxford Staff Pension Scheme IOSPSI. These schernes hybrid pension schemes, providing dBfined b¢nelils as well as benefits based on defined conlribulions. The assets of each s¢heme are hekl in separate Iruslee-adminislered funds. Due lo the mutual nature of Ihe schemes, the assets are not allribuled lo individual employers and scheTne-wide contribution rates are sel. As a result, the College is exposed lo acluailal risks arlsing from èmploy68s of othèr amployèrs and is unable to idenlSfy its shar8 of the undédying assets and liabilities of the schemes on a consistent and reasonable basis. In accordance with Section 28 of FRS 102 'Employee Benefits,, the College therefore accounts for the schemes as if they were wholly defined conlribution schemes. ConseqLJenlly, the amount charged to the in¢omè and èxpènditurè account repr8sanls tha contributions payabl8 lo each schèmè. Where a scheme valuallon determines that tho scheme Is in defic51 on a 'lechnical provlsions, basis las was the case followlng the 2020 USS valualionl. the scherne's Trustee musl agree a Recovery Plan that sets out how each participating employer will fund an Dverall deficit. The College recognises a liability for 28 MAGDALEN COLLEGE stat$mant of Accountlng Pollcles Year ended 31 July 2025 the contributions payable under such an agreement Ilo the extent that they relate lo the deficill with related expenses being recognised in the Stalemenl of Financial Aclivilies. Critical accounting judgements FRS 102 distinguishes between a group plan and a mulli-employer s¢heme. A group plan typically consists of a collection of entities under common control. usually with a sponsoring employer. In contrast, a multi-employer scheme involves entities that are not under common control, SLJoh as the Universities Superannuation Scheme IUSSI and Ihe UnSv8rsity of Oxford Staff PensSon Scheme (OSPSI. The Colloge is s8lislied that both USS and OSPS meet the definition ol a mulli-employer scheme. Further discbsures relating lo the pension schemes can be found in note 22 29 MAGDALEN COLLEGE Consolldated StateTnent of Flnanclal Actlvlties For th8 yaar ended 31 July 2025 Unrestrlcted Restricted Fund5 Funds £'ooo £'ooo Endowed Funds £'ooo 2025 Total £'ooo 2024 Tolal £'ooo Notss INCOME AND ENDOWMENTS FROM: Charltable a¢tlvltie$ Teaching, research and resldentlal Publi¢ worship Herllage other trading income Donatlons and 18gacS8S 8.872 10 667 43 8,915 8.651 30 556 667 1,185 1.185 10,077 741 248 9,517 312 3.842 Inveslments Investment income Total return allocated to incow8 32.819 120.8921 32,824 31,735 13 18,569 2,323 0th8T Income 89 89 72 Total income 29.645 11,883 12,239 53,767 45,627 EXPENDITURE ON.. Charltable actlvities Teaching, research and rasidential Public wotshlp HerStage 17,348 813 303 2,447 126 19,795 939 303 15,361 854 332 Generating funds.. Fundraising TradiryJ 8XP8ndilure Investment managernent costs 1,111 695 22,878 1.000 601 22,057 695 206 22,672 Total expendlture 20,476 2,573 22,672 45,721 40.205 Net incomellexpendltuyel before gains and losses 9,169 9,310 110.4331 8,046 5,422 Net gainslllossesl on inv8Stmenis 10,11 64.707 64,707 144.8961 N8t Income 9,169 9,310 54,274 (39,4741 Transfers between funds 18 110,8871 10.781 106 Non-conlrolling int8r8St 18,6621 18,6621 35,088 Net movemont In funds for th8 yaar 11,7181 14.3861 Fund balances brought forward 18 53,890 9,284 720,034 783,208 787,594 Fuhds carrled fO￿ard at 31 July 52,172 29,375 765,752 847,299 783,208 30 MAGDALEN COLLEGE Consolidated and Coll&go Balance Sheets A5 at 31 July 2025 2025 Group £'ooo 2024 Group £'ooo 2025 College £'ooo 2024 col￿ge £Doo Note5 FIXED ASSETS Tangible assets Property Snvestments Other investments 47,101 749,670 395,979 1,192,750 41,685 609,889 363,928 1 015502 46,114 81,195 660,498 787,807 40,963 70,713 628,447 740 123 10 CURRENT ASSETS Stocks Deblors Inveslmenls Cash al bank and in hand Total Current Assets 1,389 14,811 37,989 21,041 75.230 1.284 15,157 96,544 10.233 123,218 1,359 112.935 37,989 180 152,463 1,256 45,091 96,544 170 143,061 14 25 CREDITORS: falllng due wlthln one year 15 1109,7171 154,0451 111,7001 13,0461 NET CURRENT ILIABIUTIESIIASSETS 134,4871 69,173 140,763 140,015 TOTAL ASSETS LESS CURRENT LIABILITIES 1,158,263 1.084.675 928,570 880,138 CREDITORS.. falllng due after more than one year 16 1172,5071 1171,6721 129.9041 129,8971 NET ASSETS BEFORE PENSION LIABILITY 985,756 913,(K13 898.666 850.241 Defixed benefit penslon scheme Ilability TOTAL NET ASSETS 985.756 913,003 898,666 850.241 FUNDS OF THE COLLEGE 18,19 EndowmÈnt f(tnd5 765,752 720,034 817,931 787,231 Restricted funds Unrestrlcted funds llesignaled lunds General funds laxcluding penslon reserve) Pension reserve 29.375 9,284 29,375 9.284 46,359 5,813 41,038 12,852 46.359 5.001 41.038 12.688 TOTAL COLLEGE FUNDS 847,299 138,457 783,208 898,666 850.241 Non.controlling Inlerest 129.795 985,756 913,003 898,666 850,241 The financial slalemenls were approved and 8Uthorised lor issue by the Governing Body of Magdalen College on 3rd December 2025 Pre$ldent Bursar 31 MAGDALEN COLLEGE Con$olldated Statement of Cash Flows For tha year ended 31 July 2025 2025 Group £'ooo 2024 Group £'ooo Notes Net cash flow from operatlng actlv11185 24 5,418 1,712 Cash flow5 from investlng actlvltles Dividends. interest and rents from inveslments P￿rChase of property, pl8nl and equipment Ploceeds from the sale ol property. plant and equipment Proceeds from sale of investments Purchase ol investrn&nls Net cash provlded by I (used Inl Inve8tlng actlvltles 9,948 16,È381 8,974 18.2571 75,079 1126.2311 148,0421 31,831 154.5101 121,9821 Cash flows from financlng actbvtt18S Repayments of borrowing Cash infflows from new borrowino Receipt of endowment Net cash provlded by (used Inl flnanclng actlvltles 12.2261 16,800 187 45.120 312 4S,432 14,761 Change In cash and cash equlvalents in the reportlng perlod 2,808 15,4891 Cash and cash equivalents at the beglnnlng of the reporting parfod 10,233 15,650 Change In Ga5h and cash equivalents due to exchange rate movement8 72 Cash and cash equlvalents at the end of the reporting period 25 13.041 10.233 32 MAGDALEN COLLEGE Notes to the Financial Statements For the year ended 31 July 2025 INCOME FROM CHARITABLE ACTIVITIES 2025 £'ooo 2024 £'ooo Teachlng, research and resldentlal un￿strict@￿ Funds Tuition fees- UK and EU students Tuition fe88- Ov8rse8s students Olher lees Other grant support Other academic incoffle College residenti81 inwme Reslritled Funds Olher academic income College resid8nlial income 1.761 1,595 25S 355 157 4,829 1,730 1.414 210 360 67 4,803 17 26 8,915 29 8,651 Publ1¢ worshlp Unrestric18d Funrls Sundry income 10 30 H8rltage In¢ome Unreslricted Funds Hedlage Incorne 667 556 9,237 The above an8lysis includes £3.630k reTrlved from the University of Oxford frorn publicly accotsntsble lunL15 ufKler Ihe College Funding Formula SGhetne12024.. £3,503kl. 2 INCOME FROM OTHER TRADING ACTIVITIES 2025 £'ooo 2024 £'ooo Subsldiary company trading income other trading income 1,137 48 695 46 741 DONATIONS AND LEGACIES 202S £'ooo 2024 £'ooo Unrestricted funds Reslrlcled fund5 Endowed funds 2d8 9,517 312 245 3,410 187 3,842 INVESTMENT INCOME 202S £'ooo 2024 E'OOO Unr8Strfcl&d lunds InlÈr8sI on fixed terrn dep051ts and cash 15 33 MAGDALEN COLLEGE Notes to the Flnanclal Statements For the year ended 31 July 2025 4 INVESTMENT INCOME Ictsnlinuedl 2025 £'Doo 2024 £'ooo Endowed funds Agrieullur81 rent Commercial rent Other prop8rty income Equity dividends Int8rest on fixed term deposits and cash Other investment income Bank and other in18resl 374 785 26,383 995 3,581 380 812 23.015 1,323 5,846 18 326 31.720 701 32,B19 ANALYSIS OF EXPENDITURE 2025 £'ooo 2024 £'ooo Chzrltsble expendl¢ure Dlr8Ot staff ¢0818 allocated to.. Te8thing, research and ￿SIdentIal Public worship Heritage 8,803 377 234 4,785 350 248 Other dlrect costs allocated lo.. Teathing. research and resldenlial Public worship Heritage 8,447 476 41 8.075 432 57 Support and governance costs 811ocated to.. Teaching, research and residentl81 Publish worshlp H8rit8ge 2,545 86 28 2.501 72 27 16.547 Expendlture on ralsln9 fund$ Dlrect staff Costs allocated to.. Fundralsing Trading Expenditure Investment management costs 710 460 2,598 676 412 1,910 Olh8r direct costs allocated to.. Fundraising Tiading expenditure Inveslrnant tnanagemenl costs 271 215 51 18,471 17,999 Support and governance costs allocated to-. Fundralsing Trading expenditure Investment management costs 130 171 2.281 109 138 1,676 24.684 Total Exptrndlturo 45,721 40,205 The 2024 resources 6XP8nded of £40,205k r&presenled by.. £15,838k from unr8St￿cl8d funds, £2,510k from slricled funds and £21,857k from endowmenl funds. The Colleg8 is liable to b8 ass88s8d for Conlrlbulion und8r the provision of Slslute Xvol the University of Oxford. The Contribution Fund is used to make grants and loans lo colleges on the basi5 of need. ContrSbullons are calcula18d annually in accordanc6 with regulalions mad8 by the Councll ol the University of Oxford. Th8 teaching and research costs in¢lude col￿ge Contribution pald of £773,03212024.. £637,842). 34 MAGDALEN COLLEGE Notgs to the Financlal Statfyments For the year ended 31 July 2025 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS Generaling Teachlng Funds Research & Residential £￿00 Public Worshlp H8rf1aoo 2025 Total £'ooo £Doo £'ooo £'ooo Finanu81 adminislralian Dom8Stic adminislralion Hum8n resources 1,027 81 27 74 10 279 1,077 324 368 279 289 66 1.107 81 31 2,545 19 12 16 1.382 46S 335 367 76 1,420 1,158 38 Governan Oeprecialion Loan inl8r8St payable Olhtsr finan￿ ch8rges 34 2.582 86 2B G8neraling Teaching Funds Research & Residential £'ooo Public Worship Heritage 2024 Total £'ooo £'ooo £'ooo £'ooo Fin3nci21 adminislrallon Domestlc adminislratlon Human resources 542 68 19 56 328 411 248 263 54 1.098 18 13 14 901 493 290 324 61 1,3S3 995 106 4.523 23 Gov8rnanc8 D8pr8cialion Loan inleresl payable Other finance charges 229 995 26 99 2,501 1,923 72 27 Depreciation costs and profil or loss on disposal of fixed assets are allribuled 8ccording lo the use rnade of the underlying as$els. Interesl and other finance charges are 31tdbuted according lo the purptsse ol the related linancing. Gov8mance w$15 are allL)caled based on an assessmenl of lime taken. 2025 £'ooo 2024 £￿00 Qov8rnancÈ costs ¢ompr15e'. Audilor'5 remuneration- audit seNices Audilorfs rernuner&lion- olh8r servlces PenS￿n scheme Goffiplsance services olher governance CDs15 57 60 14 76 61 No amount has been included in governance cosls for the direcl empk)yment costs or relmbursed expenses of the College trustees on Ihe basis that these paym8rils relate lo Ihe tIU5tee5' involvement in the College's charitable aclivilie8. Details of the remuneralion of the trustees and their reimbursed expenses are in¢1uded in note 21. 35 MAGDALEN COLLEGE Notes to the Flnanclal Statom¢nts For the year ended 31 July 2025 GRANTS AND AWARDS Durlng the year thg College funded research award8 and bursaries to students from its fund5 a5 follows.. 2025 £'ooo 2024 £'ooo Unrestrlcted funds Grants to Sndividual8.' Schola15hlps, prizes and grants Bursaries and hardship awards 842 571 17 117 705 16 153 1,013 Grants lo Insts'lutions Restricted funds Gr8n18 to indlvlduals.. Schd8rships. piizes and grants Bursarie5 and hardship awards 882 235 723 484 Grants to institutk)ns 119 1,236 115 1,322 Total grants and award5 2.249 2,027 The figures for gr8n15 and awards in¢lud8 th8 Graduate Scholarship progr8tn, started in 2022 with funding of £300k and furtherfunding in 23-24 of £600k and £931k in 24-25. It also includes the cost to the Colleg$ of the Oxford 8utsary scheme. Students ofth8 College recelved £424,830 from Ihis schetne12024.. £371,662). The above costs are included within charitable expenditur8 on Teaching and Research. Grdnts to other in51ilulions compris8 paytnen15 to Magdalen College School, Oxford of £271.633, as 8 cOnl￿bUt10n towards the education of the College's choristers 12024.. £231.8221. This sum is included unthin d)arilable expenditure on Public Worship. 8 STAFF COSTS The aggregate payroll costs for Ihe year w8r8 as follt)WS'. 2025 £'ooo 2024 £'ooo Salarles and wag88 Soclal security costs Pension ¢osts 11,368 1,251 1,934 14,553 9,921 932 1.953 12,806 13,2501 9,556 Actuarial valuation movement on penslon provision 14.553 Key managemellt rernuneratlon Key management are considered lo be th8 Presldenl, the Vice-P￿Std8nl, Senior Tulor, Bursar, Home Bursar arbd Development D]r￿lOr. Th8ir total rernuneralion including National Insurance costs amounled to £764,682 12024.. £767,948). Tho avarage numb8r of 8mployoe5 of the College, 8xcluding trustees, was as lollow8'. 2025 2024 Number Nutnber Tuition and r8s8arch Coll8g8 residential Public worship Fundraising Support Total 146 146 30 19 21 362 138 133 22 15 18 326 36 MAGDALEN COLLEGE Notes to the Flnanclal Statements For the year anded 31 July 2025 STAFF COSTS Iconlinuedl The average number ol employed College tru51e8s during Ihe year wa5 as follows.. 2025 2024 Tutorial fellows IUniver5ityl Tutorial fellows (Colleg81 Other leaching and research Other 24 22 14 15 15 Total 59 The following information relates lo the employee5 of the Colleg? excludtrng the Collegts Irustee5. Details of Ihe remuneration and reimbursed expenses ol the College trustees 15 included in note 21. Th8 number of ernploy8es lexcluding Ihe College trusleesl during the year whose gross pay 8nd ben8fils lexcludlng empk)yer Nl and pension conlribullonsl fell within the followSng bands was.. 2025 2024 £60,001 10 £70,000 £70,001 to £80,000 £80,001 to £90,000 £120,00110 £130,000 9 TANGIBLE FIXED ASSETS Group College Fraehold FIKiure5, Land and Flllings and Bulldiiwjs Equipmenl E'ooo t'ooo Fr8ahold Land & Total Total Equipmont £'OLKJ £0 £'ooo £'ooo Cost Al start of year Addillons 48,268 5,924 8.680 912 56,948 6,836 12761 63.508 48,268 5,924 7,411 369 55,679 6,293 12761 61,696 Disposals At end ofyear 12761 9.316 12781 7,504 54,192 54,192 Depreciation Al start of year Charge for Ihe y88r Depr8cialiDn on dlsposals At end of year 11.03S 815 4.228 605 15,263 1,420 12761 16,407 11,035 815 3,681 327 14716 1,142 12761 15,582 12761 4,557 12761 3,732 11,BSO 11,8SO Net book value At ond of year Al start of year 42,342 4,759 47,101 42,342 3,772 46.114 37,233 4.452 41,685 37,233 3,730 40,963 37 MAGDALEN COLLEGE Notes to the Flnan¢lal Statements For the year ended 31 July 2025 TANGIBLE FIXED ASSETS Iconlnuedl Th8 College has subslanllal long-held historic assets ar& used in the course ol ils teachlng and research aclivlties. These co11ectK)ns Include antiquities, works of art. lape5trSes. books and manuscilpts, archivas, silvepware, furniluio and sculptures. Th8y d818 from the early medi8val period to the present day. Many are unlque lo th8 Co118ge, being either commissioned by the College 01 donated. They are appropiialely preserved, cons8rved and catalogued. through a continuous and evolving process. The College employs two archivists, and Is a memb8r of the Oxford Colleges Conservation Con50rtium. These historic85salswere appraised by Sothebys in MarGh 2015 and are insured through an appropriate policy. Access lo such assets by visiting researchers is permitted by appointment. All suth assets are held al c051 less depreciatK)n, where relevant. Tha m8jorily of Ihe5e hlsloric ass&ls h8ve been held for many years and accumte historic cost information is not available for thes8 888et5. However. the trustees consider that Iheir historical cost188s depreciallon would not b8 m818rial. As these assets 8re in regular use to support the main objects of the Ctsllege, they ar8 ragarded as functional ralh8r than h8ritsge assets. Some of the more recent a¢ouisilions have been capitalised in accordance ￿th the College's a￿o￿ntIng polldes ancl are included within Tangible Flxed Assets under the headlng 'Flxlures, fittirwJs and aqu1pment Ther8 have been no disposals of heritage assets in recent years. The Colleg& has taken advantage of the 8xemption wilhSn FRS 102 not to disc1058 Iransactlons b8fcre 1 January 2015 a5 obtaining fair values for these assets woukl be impraclkable and the Gost of obtalnin9 such valu8Uons woukj outweigh the benefits lo th8 users of these financial statements. 10 PROPERTY INVESTMENTS Agricullural Commercial Other 2025 2024 Group Total £'ooo Total £'ooo rooo £'ooo £'ooo Valualbn at start of year Additions and itnprovemenls al cost Disposals Revaluation gainsllk)ssesl In Ihe year Valuatlon at end of year 27,822 9,313 575.426 110.498 6.641 609.889 119,811 1241 19,994 749,670 649,789 47,084 18951 186,0891 609,889 1241 1364) 38,771 20.353 706,277 6,822 Agricuttur81 Commerc￿1 oth8r 2025 Total 2024 Total £'ooo Colleue £'ooo £'ooo £'ooo £'ooo Valuation at 51arl of year Addilk)ns and improv8m8nts al cost Dispos81s Revaluation gains in the year Valuatlon at end of year 27.822 9.313 36,250 6,641 70,713 9,313 1241 1,193 81,195 73,423 1241 1895) 11,8151 70,713 13641 36,771 1,552 37,802 6,622 Alormalvalualk)n ollhe agricultural, cotnmerclaland other propertie5 was prepared bythe College's estate managers. Savills, al 31 July 2025. A formal valu8tion of the Oxford Science Park was preparad by Avison Young at 31 July 2025. Both valvalions w8re conducted In accordan(x wilh the RICS Valuation Global Standards effective from 31 January 2020. 38 MAGDALEN COLLEGE Notes to the Flnan¢lal Statements For the year onded 31 July 2025 11 OTHER INVESTMENTS 2025 2024 £Doo £'oo Valuation al start of year New money invested Amounts withdrawn Reinvested illGQtne Increase in value of Snvestm8nts 363,928 5,369 116,5001 1.051 42.f31 318,437 5,002 13,1601 1,323 42,326 Group inve$tment5 at end of year Investment in 5ubsidiari8S College Investments at end of year 395,979 264,519 660,498 363.928 264,519 628,447 Group Investments comprise.. Hekl wlslda the UK £'ooo He￿ in the UK £'ooo 2025 Pléld out￿￿e Tolal Ihe UK £'ooo £'ooo Hekl in the UK £'ooo 2024 Total £Doo Equlty Investments Allernalive & olhar inve$tmen15 Fixed term deposils and cash Tot31 Group Investments 349,050 22,960 10,853 386,363 3,500 9,616 352,550 32.S76 10,853 395,979 86,255 16.241 19,640 122,136 230,644 11.145 316,899 27,386 19,643 363,928 13.116 241,792 12 PARENT ANID SUBSIDIARY UNOERTAKINGS The financial 51a18m8n13 consolidate the accounts ol Magdalen College and the following bodies: The Oxford Science Park Llmited A wholly owned Irading subsldiary Icomp8ny number 022873411 whos8 princlpal activity is inveslmenl man8g8r of The Oxford Sci8nc8 Park (Properties) Limiled. Th& OxfcFrd Science Park IProparliesl A company IJFSC number 1381961, owned 60Yo by the College and 40% Llmlled by GIC, TOSPIPIL has seven wholly owned subsidiaries for the purpos85 of ownSng and developing the Oxford Sciance Park 8ssels. A wholly owned Irading subsidiary (company nurnber 066440771 whose activi118s make usè of Colleg8 fa¢ililios and Includ8 the provision of 8ccommodalic>n lor old members ol college, the provision i)f conference facililiÈs and the operation of a ￿SItor scheme. A oompany limilad by guarantee (number 066440471 whose principa1 activity is lo provide edutalional confer8nce fa¢illlies at Magda18n College. Magdalen College Development Trust A charitab18 trust (number 2738601 established prirnarily as a lundrai5ing body to meet the neecjs of the College and lo support the College on fundraislng slralegy, projacts and execullon. A wholly owned subsidiary Icornpany numbèr 0198390718ngaged in property development ac15vllies. Magda18n College Tradlng Lirnited Magdalen College EdJ¢alK)n£l Conferences Lirniled Magdaleri Development Cotnpany Limited South Oxfordshlre Science Village Developments Llmiled A wholly owned subsidSary (company number 161469281 engaged in prop8rty developrnent aclivi118S. 39 MAGDALEN COLLEGE Notss to Ihe Flnanclal Statements For the year endod 31 July 2025 12 PARENT AND SUBSIDIARY UNDERTAKINGS l(x)nlinuedl The Oxford Th6 Oxfo Magdalen Msgdglen Magdalen Magdalen South Sciencfj Park Science Cdlege Coll8oe Coltege Dev81optnenl Oxfordshire (Properties) Pa T¥ading Educalk)nal D8vdoptll8ni Compeny Sdpnc8 Vlllage Limit Limited Llmiled Conferences Trust Limlted Deveknptnenls LiTniled Llmiled £'ooo 26,331 122,3381 17,663 21,656 £'ODO £'DOO 8,105 1,802 13.5601 11,0401 £'ooo 848 {8481 £'ODO 10,077 110,0771 £'ooo 2,978 12,9551 £'ooo 52 1451 Income Expendlture Revaluations Result lor the y8ar Dlslribution to College Movem8nt In re8èFves 4,545 12,5221 2,023 762 11231 16391 23 1191 21,656 Total ass8ts 586.575 1240,4321 346.143 5,238 15911 4,647 828 1661 762 146 11451 247 12271 2tb 248 12251 23 18 Net funds at thè end of ygar 13 STATEMENT OF INVESTMENT TOTAL RETURN The Trustees have adopted a duty aulkKJrised poI￿Y of total reiurn actAAJnllng for IV* co1￿￿ Inv8slm8nl r8lums, vAlh effect from 31 July 2003. The inveslment relum, lo b8 applled as income. is calculated 35 3.5%12024.' 3.5VAI of the averagg ol th8 year-end values of the ielevanl Invtslmenls In esch ofihe13515 years. Thè preseNed Ifrozenl v81ue of the inv6sled endowmenl ¢8pllal représénts Its open markel value al 31 July 2(M)3 logalherwllh dl subsequent endowments valued 81 Ihe dale of the gift. Exp8nd8ble Total Endowment Perm8nent Endowment Twsl for Unapplied Invesimtsnl Tolal Relum £'ooo Total 2025 £'ooo £'ooo £'ooo £'ooo At the beglnnlng of the year.. Glft ¢omponenl of Ihe permanenl endovmienl Unapplied total relurn Expendable endowrnent Total Endowments 6,589 6,589 7,304 6.589 7,304 706,141 720,034 7.304 706,141 708,141 6,589 7,304 13,893 Movernent5 In the reportlng p8rlod- Gift ol endowment funds Inveslrnent return.. lot81 Investment incom8 Investment relvm.. realls@d unre81ised gEins and las58S Investment management costs Other transfers Non-GontroMlng interest in non-charitable subsidSary Total Ungpplled lolal return allttal6d lo Income In reporihg ptsrfod Expend8b18 endowfflents tranSfer￿d to in¢om8 Net movements In reporting period 310 312 183 32,636 32,819 679 64,028 64,707 1411 122,6311 122,6721 106 106 18,6621 18,6621 65,787 66.610 14251 120,4671 120,4671 45,320 145,7181 183 679 821 14251 823 14251 396 398 At end of the reportFng perlod.. Gift component of the permanent endowrnent Unapplled lotsl return Expendable endowment Total Endowment8 6,591 6,591 7,700 6,591 7,700 751.461 785,752 7,700 751,461 751.461 6,591 7.700 14,291 40 MAGDALEN COLLEGE Notes to the Flnanclal Statements For the year ended 31 July 2025 13 STATEMENT OF INVESTMENT YOTAL RETURN Iconlinuedl The total relum for the prfor ye8r was as follows.. P8rrnanent Endowm6ni Twsl for Unappli8d Inveslmenl Total Relurn £'ooo Expandable Total Endowmenl Total 2024 £'oc £000 £'ooo £'Doo At the beg4nning of the year.. Gift component of th8 perrnan8nt 8ndowmgnt Unapplied total return Expendable endowrnent Tolal Endowmants 6,586 6.586 6,548 6.586 6.548 723,347 736,481 6,548 723,347 723,347 6,586 6,548 13,134 Movements in the reportlng perlod- Gifl of endowtnenl funds Inve51fflenl ¥8turn.' lolal inveslFnenl ineorne Inveslmènl return.. realls8d and vnreallsed gain5 and losses Inveslm8nl management costs Other transfe15 Non-controlling interest In nori-charitabl8 subsidpry Total Unapplied lolal roiurD all(Kaled lo income in report4ng peri(xl Expendable endowrnents transferred to ￿n¢0[￿e Net movements In reportlng perfod 184 187 240 31,480 31.720 933 145.8291 144,8961 1351 121,8221 121,8571 14 1,075 1.089 35,088 35,088 176 1,331 {3961 117,3821 117,3821 I17,2[￿) 116,4471 240 933 1351 14 1,152 13961 1,155 13961 756 759 At end of the reportlng perlod: Gift component of the perman8nl endowrnenl Un8pplied total return Expendable endowm8nl Total Endowment$ 6,S89 6.589 7.304 6.589 7.304 706,141 720,034 7,304 706,141 706.141 6,589 7.304 13,893 14 DEBTORS 2025 Group £'ooo 2024 Group £'ooo 2025 College £'ooo 2024 Colloge £'DOO Amounts falllng due within one year.. Trade deblors Amounts owed by Col￿ge rnembers Amounts owed by Group undertaking5 Loans repayable within one year Prepayrnenls and accrued income Other d8blors Loan lo group und8rtaking 501 11 1,823 10 215 11 326 20 211 312 111,840 87 10 519 26 154 135 44,160 19 3.718 7,488 26 7,208 5.624 Amounts falllng due after more than on8 year.. Amounts oulslandSng und8r ￿8$9 incentive arrangernents 3,094 466 14,811 15,157 112,935 45,091 41 MAGDALEN COLLEGE Notes to the Flnanclal Statem9nl$ For the yoar ended 31 July 2025 IS CREDITORS: falllng due wlthln one y8ar 2025 Group £'ooo 2024 Group £'ooo 2025 College £'ooo 2024 Coll8ge £'ooo Bank overdrafts Trade creditors Amounts owed to College rnembers Amounts owed to Group undertakings Taxation and Social 5ecurily AG¢ruals and d9ferred Income Olher creditors Loan from co-inveslor 8,000 1,906 71 8,000 1,103 71 952 385 958 231 6,497 64 1.135 64 87 343 1,174 243 821 22,535 1,824 74.560 628 15,934 1,482 29,440 109,717 S4,045 11,700 3,046 In 2023, the College's co4nveslor in The Oxford Science Park IProp8rti8sI Lirnited advanced funds for the aequlsllion of investment property and to fund construction cotntnllments. The loan is interesl Iree and repayable on d8m8nd, 16 CREDITORS.. falllnu dye after more than onè year 2025 Group £'ooo 2024 Group £'ooo 2025 Colleg8 £'ooo 2024 College £'ooo Fixed rèle loan 172,507 171,672 29,904 29,897 The College entered into a private placement of £30 million In unsecured fixed rate loan nOteS￿th a slngle Inslilutional inv8Stor in September 2015, which havg an avemge leim of 25 ears and 8n average couptsn of 3.320K. Un8morlised issue costs of £96k are included abov8. In 2023. The Oxford cience Park Properties) Ltd group took out 8 sensor loan of £144 million. Th8 loan accrues interest on 8 monthly basi5 at so IA plus 1.85¢1.. The Senior loan is du8 for repayment lull In November 2027. The loan is secured by a charg8 over some ol Ihe group's investment property ass8ts. Unatnortised Issue costs of £1,397k are Sncluded above for Ihis108n. 17 DEFINED BENEFIT PENSION SCHEME LIABILITY 2025 Group £'ooo 2024 Group £'ooo 2025 College £'ooo 2024 College £'ooo At Ihe start ol the year Charged in the Slat&m8nt of Finand&l Aclivllies 3,170 {3,1701 3,170 13,1701 3,170 13,170} At the end of the year The Coll&ge is a mernb8r of the Unlversilies Super8nnuation Scheme I'USS'I and UniveT8lly of Oxford Staff Pension Scheme I'OSPS'I. Th& Oxft)rd Science Park Limited Is also a member of OSPS. Thes8 are mulli-etnployer pension schemes both of which are in surplu5. Further details can be lound in note 22 Prior lo 1 October 2005, staff were able to accrue benefrts for Sewi￿ in the Magdalen College Staff Relirem8nt Beneflts Scheme Ilhe 'SRBS'I. All members of slaft W8r8 offered the opporlunlly lo join OSPS from 1 Oclober 2005 in order to secu￿ benefits for Setvice frorn that dale and were no longer able to accrue benefits In the SRBS. At 31 July 2025. 8s a ￿SuIt of making a significant conlribullon Sn 2015116, the sch8me was In surplus. 42 MAGDALEN COLLEGE Notes to the Flnanclal Statements For the yèar ended 31 July 2025 18 ANALYSIS OF MOVEMENTS ON FUNDS Al 31 July 2024 Income EKpendllure Transfers Gain5 1 110ssesI Inl8resl of At 31 July non- 2025 controlling enlilies £'ooo £'ooo £'ooo £'LK)O £'ooo £'ooo £'ooo Endowmènt Funds Permanent Endowment 13,893 186 1411 14241 679 14,293 Expendable Endowrnenl General Funds Specific Funds 693,74S 79,589 5,486 939 12,0531 114,2531 12351 {1,8871 37,949 4,354 720,878 82,760 Total College 787.231 6,611 12.3291 116.5641 42,982 817,931 Held by Subsidiaries 174,0761 26,520 120.3421 14,2231 21,725 150,3961 Non-controlling inleresl Total Group 6,879 18,6621 18,6621 11,7831 720,034 33,131 122,6711 120.7871 64,707 765,752 Restrlcted Funds CollÈge Held by subsidiary Total Group 9,284 9,559 12,5731 13,105 29,375 9,284 9,559 12,5731 13,105 29,375 Unrestrlcted Fund5 Designaled - Flxed Assets De5ignated- Other 40,963 75 41,038 5,151 931 6,082 46,114 245 46,359 17611 17611 119,7161 Gener81 Reserv8 12.688 11,077 951 5,000 Pension Ras8rve Total College Held by subskliaries.. Gefieral Reserve 53,726 11,077 120,4771 7,033 51,359 164 649 813 Pension Resetve Total Group Total Funds 783,208 53,767 145,7211 64,707 18,6621 847,299 43 MAGDALEN COLLEGE Notes to Ihe Flnanclal Statements For the year ended 31 July 2025 8 ANALYSIS OF MOVEMENTS ON FUNDS Icontinuedl Prlor Year At 31 July 2023 Income Expenditure Transfers Gains Interest of Al 31 Jusy non- 2024 controlling 8ntilies £'ooo £Y)00 £'ooo £'ooo £'ooo £'ooo £'ooo Endowment Funds Permanent Endowrnent Expendable Endowment General Funds Specific Fund5 Total Colloge Held by subsidiari8s Non-¢ontrolling Inte￿$1 Total Group Restri d Funds 13,134 243 1351 13821 933 13,893 660,882 76,555 750,571 14,119 128,2091 736,481 7,731 1.080 9,054 22,853 11,7481 12031 11,9861 119.8711 19.7371 36,621 12.0851 4,242 112,2041 41,796 14,4851 186,6921 693,749 79,589 787,231 0 174,0761 35,088 6.879 3S,088 720,034 31,907 121,8571 116,6891 144,8961 College Held by subsidiary Total Group UnrestrlctÈd Funds 11,798 3,478 12.5101 13,4821 9,284 11.798 3,478 12.5101 13,4821 9,284 Fixed Assets Designated Designated ResÈrve5 General Reserve P8nsion ReseNe 34,130 41 6,833 600 40,963 75 12,688 15661 115,2721 8.088 13.1701 39,089 226 10,242 9.630 3,170 20.233 1621 20.171 Total College Held by subsldlaries Total Group 10,242 115,8381 53,726 164 39,315 10.242 115,8381 53,890 Total Funds 787,594 45.627 140,2051 0 144,8961 35.088 783,208 19 DETAILS OFTHE COLLEGE FUNDS The following is 3 summary of the origlns and purry)se5 of each category of fvnd. Permanent Endowment Donations Whe￿ Income d8riv8d frotn capital, but ml Ihe orfglnal capital, can be used lor res¢rlcted purpjses of Ihe Colleg8. endable Endowment General Endowrnenl Fund Don8t1[￿S arid past capitalisation of Income where either income, or Incom8 and c8pllal, can be used for the yen8ral purposes of the College. SpBdfic Endowm8nl Funds Donalions and past c3pilalisalion of income where ehher income, or Income and capital, can be us6d lor reStr￿ted purposes ol lh8 Co118g8. Restricted Funds R8venue glfts giv8n for r8slricled purpo$8S. 44 MAGDALEN COLLEGE Notes to tha Flnancial Slalgm¢nts For the year ended 31 July 2025 Unre5trrcl8d Funds Designated FurKJs Unreslricled funds allocaled by the Iruslees for designated futu￿ purposes including the Fixed Ass81 Funds whlch are represented by the nel book value of tangible fixed assets of the College. General Unr8slricled Funds Accumulated income from th8 College and Group's acllvllie5 and olher sourGes that are available for the gener81 purposes of the College. 20 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unreslrlcted Funds £'ooo R8slrf¢t6