Charity Number 273860 THE MAGDALEN COLLEGE DEVELOPMENT TRUST FINANCIAL STATEMENTS For the Year Ended 31 July 2022
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 Trustee8 present their annu81 r&porl together with the financial statements for the year ended 31st July 2022, whi¢h have been prep8r8d in accordance with the iequiremenls of the Charities A¢1 2011. REFERENCE AND ADMINISTRATIVE DETAILS Charity Reglstration Number-. 273860 Trustees.. Dr P.L M. Beckvrith Ms C.A. Berman Mr N M Brown IFellowlBursar of Magdan CollegelAppDinted 27.01.20221 Mr O Chow Prof. R. Cleveland (Fellow) Mr J.P. Cronin Mrs. E.C. Davies Mrs Y Dochi IAppoinled 27.01.20221 Dr. B P. Domayne-Hayman The Hon Mr Justice FoxLon Mr. S.M. Haslam (Qhairl The Rt Hon the Lord Jay of Ewelme Mr. R.P. Leechtnan Mr. J R H. Maw {Retid 27 01.20221 Mr. Thomas Meakin Prof. J B.W. Nighling3le IFelSowl Ms. D.G L Rose, KC IPiesid&nt of Magdalen Collegel Mr A.J. Todd Mr P To8Ètti Ms. F R. Toub&. KC Mr. J Turner Trustees with Delegated Authority to 51t on Magdalen College Deve5opment and Alumnl RelatioTrs Committee.. Dr. B. P. Domayne-Hayman Mr. S.M. Haslam lex-officiol Mr. R.P.Le8chman Trust Secretary= Mr S Rainey IFellowlDevelopment Director- Magdalen ColkgelAppolnted 09.08.20211 Reglst8T8d orri¢e'. Magdalen College, Oxford, OX1 4AU Audltors= Mooie Kin9slon Smith LLP 9 Appold Strtet. London, EC2A 2AP Bankers= Na¢St Bank plc 43 Commarkel St@1. Oxford. OX13HA CAF Bank MIl8d 25 Kings Hill Av&nue, King5 Hill. West Malling. Kent. ME19 4JQ
MAGDALEN COLLEGE DEVELOPMENT TRUST TRUSTEES. REPORT- continued PAGE 2 STRUCTURE, GOVERNAPICE AND MANAGEMENT Magdan College Developmenl Trust I'lhe Trust,) Is conslituled by a Decl?ralion of Trust dated 8 Jun8 1977, amended on 27 M8y 1993." and is a RegiSted Charity (Chariiy Nufflber.. 2738601 A topy of Ihe Declaration of Tnjsi is held by the Charity Commi5SIgn. The 803rd of TrusieÈs consis of 4 membèrs of Magdalen College I'the College"), being the President and Bvtsar Ibolh ex Offi0) and two other Fellows, plus 16 alumni members. making 8 lolal of 20 Tnjslees serving 81 the dale of the signlng of the Truslee5' Report. A maximum of 25 Tru51ees is permilled under the Declaration of Trust las amended), with the College hswng two ex-oificio mernbers and the righl 10 Sppoinl up to Ihr8e Fellows as TtU51ee5. Tru$let appointments and tirementS are sel OJI on page 1 of lh8 Tru8tfes' Report Trustee nominations are mada by senior Ttuslees, with ad%ryce from Ihe Presidenl. Appointnenls are approved by the Board of Trustees. with the consent of the College through Ihe Development and Alumni Rel?On$ CDmtllittee of tha College I'DARC"). Although TrJsiee$ are only gppolnled with the Consent of the Colleoe. once appointed. they act Independently. The Trustees normslly setve for five yesrs and Iheieafter have lo be re*lecled every thiee years. The Coll&ye also has a right ID approve how Ihe Ssseis anij income of th6 Trust ale ublised. To Ihis dege the College controls the Trust. though ullimalelydeasion$ 8ff6¢1ing Ihe Trust arg taken by ils own Indep8ndtnl Trustees. New Truslees arÈ given an induction paGk before their fir81 Trustees, meeb"ng. The Ttusl Secretary updates all TSleeS on Ihe rèsponsibilthes of Charify Istee5, in line wlth Charity Commission 9uidance. The lull Truslae Board TtFeets al least once a year and more often if required The Trust Is 85SlSted by DARC, whiGh meets 31 least DNI 2 year and over$8es the Deweloprnenl Offic8 of Ihe College whlch is responsible for fundraising 3nd alumni relations. DARC ¢omprisÈs the President. Vl¢e-Pre5idenl, Bursar. Developmenl Oir£¢lor, four eleded Fellows, the Chair of Ihe Trust 8Trd iwo other non-Fellow Trustees ol e Twsl 8nd up lo two old membgrs 8PPOillted by the Colleye. The Twsfs strategy and fundraising priorilles Ère agreed by the full Board of Tru51ee8 and are rnonilored, 8SSISled and advised upon by DARC. In 2006 Ihp Tru51ees agreed a piolDcoI13mendgd following a change In the College ByLawsl setting out the relationship beTren the College and th8 TSt. the diirysion of responsibilities between the Trust and DARC, and the way In which decisions 4re lo be 18ken This protocol Is reviewed e8ch year by the Trustees The Trustees a150 pass a r6soluknon annually, giving the Ihiee non-Fellow Tru51ees on DARC 8ulhoiily lo approve the designation of Un51nded donations wilhln specified limi followlno C0MendatIOnS by DARC. The College provides the TTUSI wllh rtain adminislr3110n, rinan¢i81 and secretar181 services. The Magdalen Society became dotfflanl in 2016 and the Development Office is now fully responsible for 811 Alutnni relalions and evenl5. The financial mansyemenl policies Of th8 Trust include regular reporting and monitoring of illcome. Gr8nls are paid lo the College in furthetance of Ihe Trust's objects No Twsl88 eIVeS any remunerat from the Trusl. RISK MANAGEMENT The major risks lo whlch thè Trust is exposed have been Identified by the Trustees 3nd are as follows:_ Loss of repul8lion by Ihe College and ihe Trust itnpaGling on thè Trusfs abilty lo raise funds Bad m3nagemani and loss ofs18ff In the College's Development office impacting on the level of donations Lack Df skills or commltm8llt on the Trustee 8Dard with poor overslghl and governan resullln9 in bad decisions and a weak strategy Fr8Jd r65ulling in the loss of the TrusV5 funds Fallure by the Coll¢gè orlhe Ttusl lo wmplywilh Charity18w and regulation5 Changes In GoverTrmenl or Charity CoTlltnis5ion poli¢ies impactiry on the Trust's abllllyto raise funds The Trustees have delegated the day-lo-day respDnsibilily of m8naglng the Ttusl's risks lo the College. which has in place policies. systems and Pro[eS for assèssing and rnan8ging risk. These are reviewed regularfy by the College's 8uisarial Cornmlttee. which portS annually on Ihis matteri¢ the Goveming Body. The Trustees have re¥ieweO the resulls of this report In rel?Iion lo the Tru51'5 major nsks and for those areas olacliwly relevant lo the TrJsi, 2nd are satisfied wlh the man8oÈmenl prOre$ thai have been pul In placa.
MAGDALEN COLLEGE DEVELOPMENT TRUST TRUSTEES, REPORT- Continued PAGE 3 OBJECTS, OBJECTIVES AND PRINCIPAL ACTIVITIES The Trust was e518blished primarily 8s a fundraising body lo meèt the reed5 of the Colle gnd prDwdes adiri and support lo the College on fundraising slr81egy, projects and execution. The objects of thè Trusl. as sel out in paragraph 2 of Ihe Declaraiion of Trust. are.. Ihe advancement of educallon and leaming through the medium of the Colleg8 by 811 or any of Ihe following means.. The lisi indudes the prowsion of new buildings. restoration of existing t)uildings. the andowmenl of ftllow5hips. Iht provision of scholarships. bur$8ries and grants lo undergradu¥le$ 8nd gradu8les, 8nd.any other means of an exclusively ch8rilable n8lure which, in the opinion of Ihe Tru$lees, 15 likely lo be conduuve lo Ihe advancement gf educallon and learning through Ihe medium of the Colleoe" In the year undarrewew the key fundraisiw objeclives have been tD raise fvnds for. the AcaderniG Endowmenl Fund lo endow Fellowships atlhe College. the Sludenl Support Fund lo provide 5¢hokArships. bur5arles and hardship 9ranls for undergraduale and postgr¥duale students. • theAnnual Fund th[Ch Conlrfbules lo tht annual operating Costs ol the College In providing 8 unique wodd dass sludenl experience. projects identifi8d by the Collego as being of greatest Immediate neBd and funded from unreslricted funds and legaries. The principal SOLJrc8 of funds 1$ yift5 and legacies from alumni and other friends of Ihe College. Str8tegle5 for arhiewng fundraising objeGbves 8re laid out in the 3nnual development plan and Indude objectives to tneet 8xlsiling and new FUNDRAISING PRACMCES FLJndraising income lor the Magdalen College Developtnenl Trust Is secured throwh the Oèvaloprnent Office al M8gd8len Colleg8. Oxford This oKi¢e Consists of a le8m ol eight fundraising and alumni relations executives undertaklng wide range of aGIMlies lo both build 8ngagemenl wilh alumni and donors and delwer fvndEa15ing slrai8gies primarily with the College's alumni base. These fundraising gGlivities are undertaken by professional fundraisers. employed by the College. 3nd indude fa-1&face fundraising. ema51 and postal fundraising and also tsphOne fundraising. th6 latter employing additional support from a professional lephOne fundraising consultancy. The Colla'S Development offi is registered with Ihe Fundraising RÈgulalor and is commllled lo following ils Code of Fundraising Pr3Cli. complying fully with the scheme. with p8rticular regard lo fundraisiny from vulnerable people. The ch8ri1y has noi involved third-pany fundraisèrs, commercial parficipalors OF volunteers with its fun¢raising aciwllies. Furth6r, the tharsty h8s received no complaints with regards lo its fundr•i$lng acbwlies duiing the pas112 monihs. ACHIEVEMENTS AND PERFORMANCE In the y88r lo 31 July 2022. lolal donations and legaciès received by tha Trust were £4,981.126 against £2,289.565 in Ihe year lo 31 July 2021 The prioriues for 2021122 were lo secure additional funding lo underpin core College adivits-e5, particularly for the growth are? of Qutreach and Ac¢e5s. as well as fingTrcial support lor graduate scholarships, and sludenl hardship award5 (via the siullenl Support Fund) These priorllie5 wefe SUGcèssfully addressed wilh nearty 1,400 individuals rnaking donaiions lo the College. A notable fundraising highlighlw8s Ihe successful cornpletion ol a Campaign lo fully fund a Ukrainian Graduste Sludentship 8nd 8 2-year Fellowship for an Academic fleeing w8r or peisecution. Following Ihe relaxation of Covid reStc0$. lh& Alumni Engagemenl prograTnme enjoyed a relum lo in-person events welcorning alurnni back lo College and to events in London. New York and Washingion DC The pa51 year saw the launch of Iwo naw donor recognition societies. lo recognise regular donors (Longwall Society) and donors who have given more than £1,458 In the previous y¢ar11458 SoGietyl,' in8ugural events were held for these In College. Total donations for the year included Restridad Fund donations of £2.252.858. including £459,167 for Iha Student Support Fund, E1.202,415 for the Chapel and Choir and £181.432 for Access and out a¢h. Unre5tri¢ied Donations of £773.405 were received. All of the funds received in the year have b8en used lo support the charitable actilIeS Df the Trusl. Nolt 2 to the accounts shows how the costs of generating voluntsry Incotne supported the key objectives for the year.
MAGDALEN COLLEGE DEVELOPMENT TRUST TRUSTEES. REPORT- contlnued PAGE 4 FINANCIAL REVIEW AND RESULTS FOR THE YEAR Tot81 incoming resources for the yeai were £5.382,356 in¢ludlny bank interest of £1.230. Ch8ritable gr8nts payable lo Magdakn colge lolalled £4,548.790 and 0[ cos15 amounted lo £4.580. The Trustees, reserve$ policy i4 lo hold a small levèl of resetves a9ainsl which fe costs may be sel As al 31 July 2022 resetves stood al £20.000 plus £828,985 unrestricted funds awaiting DARC comrnittee re51ricbon Al Iheir mèèting in January 2022 the Ttuste&s re-affirmed their commilm8nt to rnainlain Tmsl re52pS 81 £20,000 as the Collège meets the cosi of running Ihe Development OTfiGe FIJTURE PL4NS For 2022123 the fundr8i$ing plans sre lo identify and engage potential major donors, sharing the College's new slraleoy 8nd seeking their support for the Gapital projecls in ParCUlar. Fundraising for Access & Outreach Yrfill remain a top priority and we Yéill also launch a fundraising inilialive, In memory of the late College President, Tony Srnilh. lo support sludenls in theirextr3-currlcular activities 8nd inleresls. We will conbnutr lo provide increased and Improved opportunilEs for alumni engagement. particul8rly careers 8dvice and mentorship for students, alDngside a comprehensive list of alumni events both in the UK and abroad and also online. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Twsiees are responsible lor preparing the Trustees, Report and the financial slatetnpnls in accordan with United Klngdom Gener8lly Accepted Accounting Practice (United knllgdom Accounting Standards and 8ppli¢able lawl, including Financial Reporting Standard 102. The Fin8ncial Reportlng Standard appIlble in the UK and Republic Of Ireland IFRS1021. The law applicable 10 charities in England & Wales requires Ihe Trustees lo prepare fin8ncisl statemen15 for each financial year which give a true and fair wew of the stale of affaits of the Charity and of the IncDming resources and application of resou[S of Ihe Charity fol that period In prepaThng these fin8ncial s18temenls, the Tru51ees s quired solect suitable a¢uunlino Dolicies 8nd then 8pvlYthem consislenllw. obseNe the methods and principles In Ihe Charities SORP.. make judgrnenL£ and estimates that are re8sonabie and prvdent", Slate whelher applicable accounting standards. inciuding FRS102. have been followed. subjeGI lo any material dep3rture5 di$0$ed and explained in the finanGial slalements, prepare Ihe finanal $lalements on the going concern basis unkss It L% inappropriale lo presume Ihal thè Charity will Tha Tmsiees are responsible for ketping proper accounting records that disclose wllh re350nable accuracy Bl any Ilme the financial PO$thon of the Charily and enable them tD ensurè that the financial slalernenls ¢Dmply with Ihe Charities AGI 2011, Ihe Charity (Accounts arbd Reports) Regulations 2008 and the provisions of the Declaralln of Trust They are also responslble foi sgfegu8rding the ass81s of the Charty and hence for taking re8s0nable steps for the prevention 8nd deiaclion of fraud 8nd other irregularthes. The TrusieeB have complied wrth Ihe duty ill the Charibes Act 2011 lo have due r8gard lo publlc benefit guhyance published by the Charity Commission. ON BEHALF OF THE TRUSTEES S M. HASLAM Chairm8n Date". ZL I,Iv7I
MAGDALEN COLLEGE DEVELOPMEMt TRUST INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES PAGE S INDEPENOENTI4UDITOR'S REPORTTO THETRV5TEESOFmAtsDÈN COLLEGE DEVELOPMEPnTRUST bve h&ve audiled firtÈncl stEleMlS of Mdln TTrJs1 for thè yÉar qnQ8d 31 2022 whith ewse Ine $14lEawl FIr1 AcbvlligÈ, mg BalaKo nal&B io finanaal elEnwts. ifbjud1 a sufftmery of 5lwif1nt Èc¢Oulll9 wIKie5 Tr finrtial framewuik IhFI ho5 b8 In prep&thTr Is Iw 4nd UMFd Atcounmg Stw¢wts, irtIlm9 FRS 102 Yhe Finardal R@wrtiry UKpnd IUthdrflnODm glvp31we¥1BlrVWoIthP al31 Juty2022, Bnddlts incomlror050uic45 ndon ofFesource5.forVEyè¥ th - yetpdy wepared 9rdIA4rJnbn9plÈ.ÈJd - InÉtt¢YQanc8wlmthe rew1rernqlts¢T1 ChailllésAd2011 W8 adUct0 our S11 In accC(¢1arfi wllh Sdards on Audiliry IUKI 11SAsiuKlI anrj alicable w. Ow TèSPOnSitrKlieS tha5 descreg bn RwsitAlrtiB¥ forih? tsfthofin8ncial ro dÈpenI ol me In act8rA w1h rUlOnI5 Ih lÈv1 io adI1 of the finwai $laLÉm¥ls In the UK. thry PRC'S StanU&rd. we fvifilled w 0r ethr41 accord rbwlr8m8nts WF bl8v Ing audit wè ha¥0 Conduslons togDingCOn¢lrn lrt Éudiling fin&ilS1Me$, conr1 tru&lEÈS' uwol b3sls IDthe prtQara d Ihe slat8monls IS 8a5ed trE wè have pErfL¥med. we hgv? any fflateri ertéS ¢alaO Fvonts 1, InUKwldL4ly myConrflltd0ton ab<yto 154wlng conttÈrn forap4fvaaofal Ip451 welv¢ monLhs Irom when efinv9I stAimerts are aUlhDrtsedfOrS1E. Wè tngtO onlwnlmé ISA5 IUKI require u$lOwknyouwhe IntslEes' usp1hjDtsjC0rttTh inthtsprep3ratiDnofthgtsc4d slam15 not¥pVrwts, tsr g truyiees h4ve In the financ1 ¥imgDts Aty fflatonEI that L%91 slgryficBnl bI thartty'y gbllty toAdtspithÉ go bEg1& lora P0d 9$1 hvolve rnDnlh5 from Ihp l?hrn IM ¥ietemFnls Th8 ttomprt&8s IrbyU in tm anrrtml rwm. dhEt ihw ihts finan1 eI¥ gnd wr rewxt ThÉ IDJ5Fs art for the OEHnioTron Its finsnaBI smnts does ml ¢ov£rth&alMr InT¢xrnilion £nd. exPi tothbixi8 Ifwirtsggxyicrtty rrt, nolexw ryftth oTassuranc&conclwDn In11 résp11lty Is ID re d. dulry $¢, ¢onsld8r whErthe |rfofm8liw 15 malÉilallV InC¢S191enI IhE fnanwl slaimThL8orrn1waaIrt1a In me diE urolhBnviSÈ lobo mat• nlissL41&1 Idfy Suth mal8iia Inwns1slEmÈS orÈppalnatenl missW£m£n1s. wre¢ lTrde1EInÈ vtholh81 Ih8re 15 4 m4lenal m15s1aMIMlin Wo r4oM In5[. attlltsonwNchwe Nrerv4uirBdtD fÈPOrt by•x¢eption Wé have MthngtQpgrf In WÈtlolth8lLllowing m4ttBlSwhÉrath&Cn3rtI0sA(2011 rf. I¢r thocriawhas wlac¢n1Ig rerLYts. knea¢xountyry4 r¢sEnd rÉ1,. L WÈ havÈ OXFAana11ong wereqvlretyforrall Wlaid rn(re fvlly In tte&, sei out 4, th£ sIa5 respo1 for IhÉ proparalon Trf aThd thÈl t farviw. artd Ttt Such Intérnal ?$ tht deienniDE the praparallon s1¢m¢S IhalantreElrom mElpn41 whethrduetofrwlorémr lrt prep8nng the fin8nc4pI slthménti. rÉsb lor assw591ng aLililV corum. disdwnq, rnaMÈrs to1 pnd thooc4r¢ c¢w nIes5 Ihetruthep ?thèrirtLÉM lOld&tO orhEve no re¥Ityt Èav8bultQ do s
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MAGDALEN COLLEGE DEVELOPMENT TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 JULY 2022 PAGE 7 Unre5trictEd Funds 2022 Restricted Funds 2022 Total Funds 2022 Total Funds 2021 Note: Income Donations and Legacies Donations Legacies 343,405 1,816,598 2,160.003 2,242,858 578.265 2,821,123 2,586,263 2,394,863 4.981,126 1,989,058 300.507 2.289.565 Bank Interest 1,230 1,230 117 Total Income 2,161,233 2,821,123 4,982.356 2,289.682 Expendilure harttsble Actlvltles Grants Payable Governance costs 1,727.668 4,038 2,621,123 4.548,791 4.038 2,285.682 3,324 Raising Funds Fundraising 542 542 676 Total Expendlture 1,732,248 2,821,123 4,553,371 2.289.682 Nel IncomellExpenditurel 428,985 428.985 Balances Brought Forward at 01.08.21 20,000 20.000 20,000 Balanc8s Carried Forward at 31.07.22 448.985 448.985 20,0(M) The notes on page5 9 to 12 fomi part of these accounts.
MAGDALEN COLLEGE DEVELOPMENT TRUST BALANCE SHEET AS AT 31 JULY 2022 PAGE 8 Note: At 31.07.22 At 31.07.21 Current Assets Bank A¢Gounls Debtors & Prep8yments 5,221,529 80,867 86.733 248,016 5,302,396 334,749 Creditors= Amounts Falllng Due Within Onè Yèar Creditors and Accrued Expenses Amounts Due lo Magdalen College 4,095 4,849,316 4,041 310,708 4,853,411 314,749 Nèt Current Assets 448.985 20,000 Net Assets 448,985 20,000 Funds Unrestricted 448,985 20,000 448,985 20,000 Approved and aulhorised for issue by the Board of Trustees and signed on its behalf on by Trustee Trustea The notes on pages 9 to 12 form part of these accounts.
MAGDALEN COLLEGE DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2022 PAGE 9 1 ACCOUNTING POLICIES Basis of Preparatlon The financial stslemenls have been prepared under the historical cost convention. The financial sl8temenls have been prepared in accordance with the Statement of Recorllrllended Practice ISORPI, AG¢ounting and Reporting by Charrties revised 2015 IFRS1021 and the Charities Act 2011. The College is a public benefit entity for the purposes of FRS102 and a registered Charity. The financial slalernenls have been prepared lo giv& 8 true and fair view and have departed from the Charities (AontS and Reportsl Regulations 2008 Dnly lo the extent reqLJired to provide a 'lrue and fair view,. The Charity has taken advantage of an exemption under FRS102 not lo prepare a cashflow statement as the Charity accounts are consolidated within the ac¢ounls of the parent Charity, Magdalen College. The Trustees have assessed whether the use of the going concern basis is appropriate and have considered Possible events or condrtions that might cast signrficant doubl on the ability of the Charity lo continue as a going concern. The Tiuslees a satisfied that the Charity has very limited fixed costs and will have sufficient liquidty lo operate for at least the next twelve months from the dale of approval of these financial slalemenls. The Charity therefore continue5 to adopt the going concern basis in preparing its financial slalemenls. Income All income is included in the Slalemenl of Financial Acliwties when the Charty is legaSly enlit5ed to the income and the amount can be quanlrfied with reasonable acGura¢y. Legacies are recognised following grant of probate and once the Charity has received sufficient information trom the execuloilsl of the deceased's e51ale lo be satisfied that the gift can be reliably measured and that the economic benefit to the Charity is probable. Expenditure Since 1 August 2006 the costs of running the Development Office have been borne by Magdalen College. The Trust remains responsible for ils governance costs as well as the costs of running bank accounts. All expenditure is accounted for on an ac¢ruals basis and has been classified under appropriate expenditure headings. Fund Accounting Unrestiicted funds are funds which are available for use at the discretion of the Trustees in further8nce of the general obje¢lives of the Charity and which have not been restri¢ted for specific purposes by the donor. The costs of generating voluntary income cannot be directly attributed lo parti¢u5ar funds, and are all mel from unreslricled funds. 11 is not considered necessary lo allocate these costs between unre5tricled and restricted funds because they are so few. with the costs ol running the Development Office being met by the College. Restricted funds are funds which are to be used in a¢¢ordance with specffic restrictions imposed by donors or which have been raised by the Trust for particular purposes. When dtsnalions are received, provision is made in the accounts to transfer the donations lo Magdalen College.
MAGDALEN COLLEGE DEVELOPMENT TRUST PAGE 10 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2022 - continued GRANTS PAYABLE 2022 2021 Grants to Magdalen College.. Restricted Funds: Acaderllic Funds 1,123 181.432 3,546 150,000 1,202.415 513 28,837 1,961 292,703 384 2,449 168.399 30,725 150,000 44,745 775 80,884 1.945 Access & OLrtreach Funds Building & Grounds Calleva Research Centre Chapel & Choir Funds Fellowship- Classics Fellowship- History Fellowship- Law Fellow5hip- PPE Fellowship- CARA George Rousseau Ledure Series Library Funds Magdalen College Boat Club New Library Building Fund Other Funds Sports & Societies Student Support Fund student Support Fund- Current Use student SLJPPOrt Fund - Named Bursaries/ScholarshipslPrizes The John Fellham BCL Graduate Scholarship Tutorial Teaching Fund Covid19 Response Funds Leung & Leung Scholarship 15,625 62,421 23,896 142,217 61,083 2,120 81,697 92.851 274,587 19,013 206,375 131.301 200,000 1.793.108 286,308 8,161 90.652 11,378 734 42,866 94.012 322.289 380 101,431 2.821.123 Unrestrictèd Funds: Unrestricted Funds- CIFwd Pending Designation Unrestricted Funds- BIFwd Pending De51gnalion Unrestricted Funds- Restricted by DARC Unrestricted Funds- Unreslricled by DARC Unrestricted Funds- Sm811 Donations received less costs 443.054 {98,3131 1443,0541 1.643,500 369,469 157,753 1,727,668 147,833 492.574 Unrestricted funds of £1,727,668 became available for transfer lo Magdalen College in the year, of this the DARC committee restricted £1,643.500 and the balance w8s transferred to Magdalen College as unrestricted. The funds available for future DARC restrictions stood at £428,985 on 31st July 2022 and remains in the Trust.
MAGDALEN COLLEGE DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2022 - continued PAGE 11 GRANTS PAYABLE Icontinuedl Grants to Magdal&n College: 2022 2021 Grants Payable from Unrestricted Funds Grants Payable from Restricted Funds 1,727.668 2,821, 123 492,574 1,793.108 Totsl Grants Payable 4 548791 2 285 682 2022 2021 Dèsignation of Unrestricted Funds by DARC Black Academic Futures Scholarship GARA Fellowship Graduate Scholarship OTg8n Fund 37,500 7,000 120,000 1,479,000 1,643,500 GOVERNANCE COSTS Included in the Costs of Charitable activities includes: 2022 2021 Audit Fee Cost ol Trustees, Meetings 3,624 414 3,324 4.038 FUNDRAISING COSTS include: 2022 2021 Bank charges 542 676 542 676 There were no employee5 duiing the reporting period and therefore no-one received employee benefits of more than £60K DEBTORS AND PAYMENTS IN ADVANCE 2022 2021 Prepayments and Accrued Income Income Tax RecoverabSe Magdalen College Current Account 71,009 9,858 233,515 13,356 1,145 80,867 248,016
MAGDALEN COLLEGE DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2022. contlnued PAGE 12 CREDITORS AND ACCRUED EXPENSES 2022 2021 Bank and collection charges 3,624 471 3,325 716 4,095 4.041 AMOUNTS DUE TO MAGDALEN COLLEGE 2022 2021 B812ncedue lo fvTagd31en 4.849,318 310.708 TRUSTEES. REMUNEFIATrON No Trustee received any amolurnenls or r8imbursemenl of expenses during the year. OONATIONS FROM TRUSTEES During the course ol the year, donalK)n$ from Ttustee5 amountsd lo £125.911 exudIng any related Gift . 12021, £160.9411 DONATIONS AND LEGACIES BY FUND Comwarative dats for2021 2D21 2021 2021 Donations 311,439 I,S77.619 Unreslri¢t¢d Re51ricied 185.018 115.489 496.457 1,793.108 1.989.058 300,5D7 2.289.565 10 CONTROL The relationship botween the Tr$1 and Magdalen Coll8ge is described in the TTusl8es' Report. To this exieni the Trust is considered 10 bè conlrolleJ by Magdalen College using the definilk?n of Control setoul in FRS 1D2. The registered Gharity numberof Magdalen College Is 1142149 agdalen Cdl8g$'$ objects, as described in ils St8lule$, ar8.. 181 lo futher sludy, leamiDg. education and research 8nd 10 be a College within Ihe une[sIty ol Oxford wherein men and women may carry out adVand Study and research IdP5crid in Ihe Statut85 a5 leaming and educAbonl', Ibl to provide forpublic worship IhrDugh the prtyi$ion. support 8nd m81nienance of a Chapel and Choir, Icl Insofar as it is not in¢ompatiLle wilh objects lal and Ibl, the adYanGemenl of the arts, heritage, Culre and sciance forthe benefitolthe public The College's adivlli8s are focused on fvthering its srst8d objects and aims tor tho Publ b8nelit The prlncipal aGtiwlie5 of the College are study, learning. edu0 and research. A wpy ol the ¢onsolidaled accDtsnlS that include Magda18n Cdlege Development Trust can be oblaSnad from Magdalen College, High Street, OxfoTd. OX1 4AU.