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 (P￿sident of Magda￿ll 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 C￿￿e, 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 be￿een 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 T￿St, 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.

MAGDALEN COLLEGE DEVELOPMENT TRUST
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES
PAGE 6
INDEPEMDEPIT￿D1tOR'S REPQRTTOTHETRUSTEESOF MAfjDfvLEN COLLESE DEVELOPMENfiRU5T
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MAGDALEN COLLEGE DEVELOPMENT TRUST
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES- conUnu•d
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24 February 2022

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 be￿een 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 re￿ived, 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 Coll￿8
310,708
1,541,533
TRUSTEES. REMUNER4TION
No Trustee re￿1Ve￿ 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
Qonati￿8
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 betr￿een tho Tru51 Magdalen College is described in Ihe Trustees, R8porL
To this extenltheTrust Is considered to te controlled Oy M8yda18n Col￿ge U￿ng 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 edL￿tIon1."
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 advanc￿￿ent 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 3GbV￿e5 of the
Coll￿e are sludy, leaming, education and research.
A copy of the ¢onsolidaied a￿ountS that include Magdalen Cdlege Devebpmeni Trust Lzn bp obtained
fmm Magdalen coll￿e, High Street, OxFord OX1 4AU