Charity Number 273860 MAGDALEN COLLEGE DEVELOPMENT TRUST FINANCIAL STATEMENTS For the Year Ended 31 July 2021
MAGDALEN COLLEGE DEVELOPMENT TRUST CONTENTS Page Number Trustees, Report Auditors, Report Statement of Financial Activities Balance Sheet Statement of Accounting Policies Notes to the Financial Statements 10-12
MAGDALEN COLLEGE DEVELOPMENT TRUST TRUSTEES. REPORT PAGE 1 The Trustees prtsent Ihelr annual r8poiI together with the financial stalernenls for the year ended 3151 July 2021. which have been prepared In accordance with the requirements of the Chaiities AGI 2011. REFERENCE AND ADMINISTRATIVE DETAILS Chatlty Registration NuJnbÈr.' 273860 Truste85.' Dr. P.L.M. Bethwilh Ms. C.A Berman Mr O. Chow IAppoiDted 28.01.20211 Prof. Sir David C18ry (Retired 31.08.20201 Prof. R. Cleveland (Fellow) Mr. J.P. Cronin Mrs. E.C. Davies Dr. B. P. Dornoyn&Hayman Mr. D. A. Foxton. Q.C. Mr. S.M. Haslam (Chairl The Rt Hon Lord Jay of Ewdrne Mr. R.P. Leechman Mr. J.R.H. Maw IFellowlBur8ar of Magdalen College) Mr. Thornas Meakin Prof. J.B.W. Nightingale (Fellowl D.G.L. Rose, QC (Psident of Magdall CollegelPppoint8d 01..2020) Mr. A.J. Todd Mr. P. Tosetti Ms. F.R. Toube, Q.C Mr. J. Turner Trustees wlth D818gated Authorlty to slt on Magdalen Collegè Development and Alumnl Relatlons CommlttÈÈ'. Mr. J. Tum&r Mr. S.M. Ha51am lex-officiol Mr. R.P.Leechman Trust S8cretsry'. Mrs H Ebner IFellowlD&velopment Diie¢lor- Magdalen CollegeRetired 31 07.20211 Reglstered Office- M8gdalen Ce, Oxford, OX14AU Audltors.. Moore Kingston Smith LLP Devork8hire House, 60 Goswell Road, London. EC1M 7AD Bankers". Natwest Bank plc 43 Cornmarkel Stre8t, Oxford OX1 3HA CAF Bank Limited 25 Kings Hill Avenue. King8 Hill, W8sI Ma51iru. Kent. ME19 4JQ
MAGDALEN COLLEGE DEVELOPMENT TRUST TRUSTEES. REPORT- continued PAGE 2 STRUCTURE, GOVERNANCE AND MANAGEMENT Magdalen College Development Trust I'the Trusf'l is constituted by a Declaration of Trust daterj 8 June 1977. amended on 27 May 1993., and is a Registered Charty (Charty Nutnb&i'. 2738601. A copy of the Declaration of Trust is held by the Charity Corllmission. Thè Board ol Trustees Consists of 4 members of Magdalen College l the College I, being the Presldent and Bursar (both ex officiol and two other Fellows, plus 14 alumni mernbers, rnaking a total of 18 Trustees serving at the date of the 51gning of the Tru5tee5' Report. A maximum 0125 Trustees is permitted under the Declaration of Trust las amendedl, with the College having two ex-officio members and the right to appoint up lo three Fellows as Tiustees. Trustee appointments and retirements are set out on page 1 of the Trustees, Report. Trustee nominations are tnade by senior Ttustees, with advice from the President. Appointments are approved by the Board of Trustees, with the consent of the College through the Oevelopment and Aumni Relats'ons Committee of the College I'DARC I. Although Trustees are onty appointed wth the consent of the College, once appointed. they act independently. The Trustees normally serve for five years ènd thereafter have to be re-elected every three years. The College also has a right to approve how the assets and Income of the Trust ale utilised. To this degree the College controls the Trust, though uttimalely decisions affecting the Trust are tsken by its own independent Trustees. New Trustees are given an induction pack before their first Trustees. meeting. The Trust Secre18ry updates all Trustees on the responsibilities of Chaiity trustees, in line with Charity Commission guidan. The full Trustee Board meet5 at least On a year and more often if required. The Trust IS 8SSlSted by DARC. which rneets at least ce a year and oversees the Developrnent Office of the College which is responsible for fundraising and alutnni relations. DARC comprises the President, Vi¢e-President, Buisar, Development Director, four elected Fellows, the Chair ol the Trust and two other non-Fellow Trustees of the Trust and up to fvvo old members appointed by the College. The Trusfs strategy and fundraising priorities are agreed by the full Board of Tnjstees and a monitored. assisted and advised upon by DARC. In 2006 the Trustees agreed a protocol larnended followng a change in the College ByLawsl setting out the relab'onship belween the College and the Trust, the division of respon5ibilib.es beeen the Trust and DARC, and the way in which decisions are lo be taken This protocol is reviewed each year by the Trustee5. The Trustee5 also pass 8 resolution annually, giving the three non-Fellow Trustees on DARC authority to approve the designation ol unre5tiicted donations thin specified limits following recommendations by OARC. The College provides the Trust with certain administration, financial and secretarial Servi$. The Magdalen Society became domiant in 2016 and the Development offi is now fully responsible for all Alumni relatlQn5 and events. The financial management policies of the Trust include regular reporting and monitoring of incorne. Grants are paid to the College In furtherance of the Trust's objects. No Trustee receives ally remuneration Irotn the Trust. RISK MANAGEMENT The m8jor risks to which the Trust is exposed have been identified by the Trustees and are as follows:_ Loss of reputation by the College and th8 Trust impacting on the Trust's abiltiy to ra18e funds • Bad rnanagement and loss of staff in the College's Development Office impacting on the level of donations • Lack of skills or commitment on the Tiuslee Board with poor oversight and governan resulting in bad deusions and a weak strategy Fraud resulting in the loss of the Trust's funds Failuie by the College or the Trust to comply wlh Charity law arEd regulations Changes in Govemment or Charity Commission policies impacting on the Trusvs ability to raise funds The Trustees have delegated the day-to-day responsibility of managing the Trust's risks to the College, which has in place policies, systems and procedures lor assessing and managing risk These are reviewed regularfy by the College's Bursarfal Committee, which reports annually on this matter to the Governing Body. The Trustees have reviewed thè results of this report in relation to the Trusvs major risks and lor those areas of activity relevant to the Trust, and arè satisfied with the risk management procedures that have been put in place.
MAGDALEN COLLEGE DEVELOPMENT TRUST TRUSTEES. REPORT- continued PAGE 3 OBJECTS, OBJECTIVES AND PRINCIPAL ACTIVITIES The Trust was established primarily as a fundraising body lo meet the needs of the College and provides advice and support to the College on fundraising strategy. projects and execution. The objects of the TSt, as set out in paragraph 2 of the Dedaration of Trust, are.. the advancement of education and reaming through the rnedium of the College by all or any of the following means. The list includes the provision of new buildings. restoiation of existing buildings, the endowment of fellowships, the provision ol scholarships, bursaries and giants to undeigradu3tes and graduates, and "any other means of an exclusively charitable nature which, in the opinion of the Trustees. is likely to be conducNe to the advancement ol edu¢8tion and learning through the medium of the College" In the year under review the key lundraising objectives have been to raise funds for.. the Academic Endowment Fund to endow Fellowships at the College. the Student SLEPPOrt FLJnd to provide scholarships, bursaries and hardship grants for und8rgraduate and postgraduate students. the Annual Fund which contributes to the annual operating costs of th8 College in providing a unique world class student experience. projeds id8ntified by the College as being of greatest immediate need and funded from unrestricted funds and legacies. The princip81 source of funds is gifts and legacies from alumnl and other friends of the College. Strategies for achieving fundraising objectives are laid out in the annual development plan and include objectives to meet exisiting and new fundraising initiatives ACHIEVEMENTS AND PERFORMANCE In the year lo 31 July 2021, total donations and legacies receNed by the Trust were £2.289,565 against £1,625,835 in the year to 31 July 2020. We were pleased to resume the majority of our fundraising activities. having had to curtail these in 2019120 due to the Covid-19 pandemi¢. The priorities foi 2020121 were to secure addrtional funding to underpin corè College activities, particularly for the growlh are8 of Outreach and Access, as well as financial support for giaduate scholarships, and student hardship awards (via the Student Support Fund). These prioriiies were successfully addressed with nearly 1,500 individuals making donations to the College. The Covid-19 pandemic iesuVLed in no in-pefson events being held in 2020121. although the levels of alumni engagement remained high, thank5 to an innovabve programme ol online events. This helped lo maintain high levels of alumni engagement and increased our global reach as international alurnni were more easily able to participate. The creation of a Yriends and family. mailing list for College news and digital events broadened the scope of the Magdalen community and has proven an effective way lo engag& 8 SUPPOrt base beyond the alumni and current members of the College. Total donations for the year included Restricted Fund donations of £1,793,108, including £449,135 for the Student Support Fund, £142.217 for the New Library Building Fund, £200,000 for the Leung & Leung Studentship and £168,399 for Access and Outreach. Unrestricted Donations of £496,457 were received. All of the funds received In the year have been used to support the charitable activities of the Trust. Note 2 to the account5 show5 how the cosls of generating voluntary incorne supported the key objectives for the year.
MAGDALEN COLLEGE DEVELOPMENT TRUST TRUSTEES, REPORT- continued PAGE 4 FINANCIAL REVIEW AND RESULTS FOR THE YEAR Total incoming resources for the year were £2,289,682 including bank interest of £117. Charitable grants payable to Magdalen College lotalled £2.285.682 and other costs amounted to £4,000. The Trustees. reserves poliey is to hold a small level of reserve5 ag8inst which future costs may be set. As at 31 July 2021 reseNes stood al £20.000. Al their rneeling In January 2021 the Trustees re-affirrned their commitment to maintain Trust reserves at £20,QK)O a5 the College meets the cost of iunning the Development Office. FUTURE PLANS For 2021122 rt is envisaged that the main prioritie5 will be continued support for the Colleg&'s Outreach & Access progr£mme and lo secure funding to furthei enhance the student experience at Magdalen. Our approach to fundraising relies upon high levels ol positsve alumni engagernent in order that we may attract. stew8rd, and maintain support from our alurnni donors and prospective donors. Additionally. it allows us to protect our reputation, maintain a high profile, and e5tabli5h with this audience our relevance amongst a wide array ol charitable organi88tion8 vying for their philanthropic support. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance wth United Kingdom Generally A¢pted Acoounting Practi (Unrted Kingdom Accounting Standards and applicable lawl, induding Fin8n¢ial Reporting Standard 102.. The Financial Reporting Standaid applicable in the UK and Republic of Ireland IFRS1021. The law applicable lo charities in England & Wales requires the Trustees to piepaie financial statements for each financial year which give a true and fail view of the stale of affairs ol the Chaity and of the incoming resources and appllcation of resources of the Charlty for that period. In preparing these financial staternenls, the Trustees are required select suitable accountino Dolicies and th8n applv them consisientlv." observe the methods and principles in the Charities SORP., make judgments and estimates that are reasonable and prudent., state whether applicable accounting standards, including FRS102, have been followed, subject to any material departures disclosed and explained in the financial stalernents., prepare the financial statement5 on the going concern basis unless it 15 inappropriate lo presume that the Charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime the financial position of the Charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Awounts and Reports) Regulations 2008 and the provisions of the Declaration of Trust They are also responsible for safeguarding the assets of th8 Charty and hence for taking reasonable steps foi the prevention and detection of fraud and other irregularities. The Trustees have complied th the duty in the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commi55ion. ON BEHALF OF THE TRUSTEES S. M. HASLAM Ghairman Date". 27 1.
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MAGDALEN COLLEGE DEVELOPMENT TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 JULY 2021 PAGE 7 Unrestricted Funds 2021 Restricted Funds 2021 Total Funds 2021 Total Funds 2020 Nots: Income Donations and Legacies Donations Legaaes 311,439 185,018 496.457 1,677.619 115,489 1,793,108 1.989,058 300,507 2,289,5e5 1,547,224 78.611 1,625.835 Bank Interest 117 117 2,900 Total Incorne 496.574 1,793,108 2,289,682 1,628.735 Expenditure Charitsble Activities Grants Payable Goveman¢e costs 492.574 3.324 1.793,108 2,285.682 3,324 1,624.053 4,174 Ralslng Funds Fundraising 676 676 508 Total Expenditure 496,574 1,793,108 2,289.682 1,628.735 Net In¢omellExpgnditur81 Balance5 Brought Fornard at 01.08.20 20.0(K) 20,OCKI 20.000 Balances Carried Forward at 31.07.21 20,OCM) 20,000 20,0 The notes on pages 9 10 12 form part ofthesè accounts.
MAGDALEN COLLEGE DEVELOPMENT TRUST BALANCE SHEET AS AT 31 JULY 2021 PAGE 8 Note: At 31.07.21 At 31.07.20 Current Assets Bank Aocounls Debtors & Prèpayments 86,733 248,016 1,371.279 193,814 334,749 1,565,093 Creditors= Amounts Falling Du• Within One Year Creditors and Accrued Expenses Amounts Due lo Magdalen College 4,041 310,708 3,560 1.641,533 314,749 1,545,093 Nèt Current Assets 20,000 20,000 Net Assets 20,000 20,000 Funds Unreslricled 20,OC4) 20,000 20.000 20,0 Approved and aLJthorised for issue by the Board of Trustees and signed on its beha on by Trustee Trustee The notes on pages 9 to 12 fomi part of these accounts.
MAGDALEN COLLEGE DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021 PAGE 9 1 ACCOUNTING POLICIES Basis of Preparation The financial slalements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with the Slalemenl of Recomrllended Practice ISORPI, "Accounting and Reporting by Charities revised 2015 IFRS1021 and the Charities Act 2011 The College is a public benefit entity for the purpose5 of FRS102 and a registered Charity. The financial stslemenls have been prepaTed lo gwe a true and fair view and have departed from the Charities IAc¢ounts and Reports) Regulations 2008 only lo the extent requlred lo provide a 'true and fair vlew.. The Ch8rily has takeri 8dvanlage of an exemption under FRS102 not lo prepare a cashflow slalement as the Charity accounts are consolidated wlhin the a¢¢ounls of the paienl Charity, Magdalen College. The Trustees have assessed whether the use of the going concem basis is appropriate and have considered possible events or ¢ondrtions that might cast significant doubt on the abilty of the Charity lo continue as a going concern, including the impact of the current COVID-19 emergency. The Trustees are satisfied that the Ch8rily has very limited fixed costs and will have sufficient liquidity to operate for al least the next twelve months from the dale of approval of these financial statements. The Chafily therefore continues lo adopt the going concern basis in preparing r(s financial ststements. Income All income is included in the Statement of Financial Activities when the Charty is legally entitled lo the income and the amount can be quantified with reasonable accuracy. Legacies are recognised following grant of probate and once the Charity has received sufficient information from the executorlsl of the deceased's estate to be satisfied that the gift can be reliably measured and that the econornic benefit to the Charty 15 probable. Expenditure Since 1 August 2006 the costs of running th& Development Office have been borne by Magdalen College. The Trust remains responsible for its governance costs as well as the costs of running bank accounts. All expenditure is accounted for on an accruals basis and has been classified under appropriate expenditure he8dings. Fund Accounting Unrestricted funds are funds which are available for use at the discretion of the Trustees in furtherance of the general objectNes of the Charity and which have not been restricted for specific purposes by the donor. The costs of generating voluntsry income cannot be directly attributed lo particular funds, and are all met from unrestricted funds. It 18 not considered necessary lo allocate these costs beeen unrestricted and restricted funds because they are sts few, with the costs of running the Development Office being mel by the College. Restricted funds are funds which are to be used in accordance with specific reslficlions imposed by donors or which have been raised by the Trust for particular purposes. When donations are reived, provision is made in the accounts lo transfer the donations lo Magdalen College.
MAGDALEN COLLEGE DEVELOPMENT TRUST PAGE 10 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021 - continued GRANTS PAYABLE 2021 2020 Grants to Magdalen Coll&g8: Restrictèd Funds: Academic Fund5 2,450 168,399 7,003 138,800 2,750 26.541 150,000 22,952 1,450 23,359 1,823 1,575 Ac¢ess & Outreach Funds Art Fund Building & Grounds Calleva Research Genlre Chapel & Choir Funds Fellowship- Cla55iCS Fellowship- History FellDwship- Law Fellowship- PPE George Rousseau Lecture Series Junior Research Fellow5hip5 Library Funds Magdalen College Boat Club New Library Building Fund Other Funds Sports & Societies Student Support Fund Student Support Fund- Current Use Student Support Fund - Named Bursaries & Scholarships The John Fellharn BCL Graduate Scholarship Tvlorial Teaching Fund Covid19 Response Funds Leung & Leung Scholarship 30,725 150,000 44.745 775 80.884 1,945 15,625 150,000 43,569 4,744 96,112 14.074 523 34,372 96,396 364.054 173,858 62,421 23,896 142,217 61,083 2,121 81.697 92,851 274,587 19.013 2[.375 131,301 12,801 Ji 200,000 1.793.108 1,366,756 Unrestricted Funds.. Unrestricted Funds- C/Fwd Pending Designation Unrestricted Funds- BIFwd Pending Designation Unrestricted Funds- Designated Unrestricted Funds~ Annual Fund 443,054 198,3131 98.313 1163.4681 146,402 176,050 257.297 147,833 492.574 un$triCted funds of £492,574 became availab4e for transfer to Magdalen College in the year. The balancè of funds available for DARC designation stood al £119,948 on 1 st August 20201£98,313 unrestricted plus £21.635 unrestricted but endowmentl. £344.741 in donations lor DARC designats.on were received and there were no designations made by DARC dvring the year. The balance of funds available for future DARC designation stood at £464,689 on 31st July 2021.
MAGDALEN COLLEGE DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021- continued PAGE 11 GRANTS PAYABLE Icontinuedl Grants to Magdalan College: 2021 2020 Grants Payable frorn Unreslricled Funds Grants Payable from Restricted Funds 492,574 1.793,108 257,297 1,366,756 Total Grants Payable 2 285 682 1624 053 2021 2020 Designation of Unrestricted Funds by DARC ChapellChoir.'US Tour Entrllnno.. OX1 Incubator Graduate Scholarship 35,000 20,000 91,402 146,402 GOVERNANCE COSTS In¢ludgd In thg costs of Charitable activities includes: 2021 2020 Audit Fee Cost of Trustees, Meetings 3,324 3.725 449 3,324 4,174 FUNDRAISING COSTS include: 2021 2020 Bank charges 676 508 676 508 There were no employees during the reporting period and therefore no-one re¢eived employee benefits of more than £6OK DEBTORS AND PAYMENTS IN ADVANCE 2021 2020 Prepayments and Accrued Income Income Tax Recoverable Magdalen College Current Account 233,515 13,356 1,145 131,063 60,848 1,903 248,016 193,814
MAGDALEN COLLEGE DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021- contlnued PAGE12 CREDITORS AND ACCRUED EXPENSES 2021 2020 Audrt nk and cdle¢tion charges 3.325 3,210 350 4.041 3,560 AMOUNTS DUE TO MAGDALEN COLLEGE 2021 2020 Grants due lo Ma9d8len Coll8 310,708 1,541,533 TRUSTEES. REMUNER4TION No Trustee re1Ve any emolutnents orieimbursementof expenses durinu the year. DONAMONS FROM TRUSTEES During the couise of the year, donati<S from Trustee$ 8mountsd to £160.941 ekrluding any relatsd Gift d 12020, £1D9.4001 DONATIONS AND LEGACIES BY FUND Comparative dat3 for 2020 2020 2020 2020 Qonati8 239.068 1,308.156 LegaGie5 Unresinthd Restrcted 259,079 1,366,756 58,600 1547,224 78.611 1,625,835 10 CONTROL The relationship betreen tho Tru51 Magdalen College is described in Ihe Trustees, R8porL To this extenltheTrust Is considered to te controlled Oy M8yda18n Colge Ung the definition of ts)nirol set out in FRS 102. The registered thanty number of Maodalen College Is 1142149 agdalen Collag8's obleds, as deS(bed in ils Stalvios. are.. Isl lo frJrther study, leaming, education and research and 10 be a College within the University of Oxfordwhèrein men Snd wornen may catry outadvan study and Eese2r¢h Idescnbed In the StstLrt6S as learnin9 and edLtIon1." Ibl to provide for pub1iGworship through the provision. sUPPOrt and m8inlenancB of a Chapel Choir.. Icl insofrdr as it Is noi iThcomp8trblt with obje(*s lal and Ibl, the advancent ol kne 8rb, heritage. Guhure and 5uerKe for the benefit of tht public The College's activities Bre focused on furthering its stslèd obl8¢ts and aims for the publle bèno111. The principal 3GbVe5 of the Colle are sludy, leaming, education and research. A copy of the ¢onsolidaied aountS that include Magdalen Cdlege Devebpmeni Trust Lzn bp obtained fmm Magdalen colle, High Street, OxFord OX1 4AU