Charity Number 273860 THE MAGDALEN COLLEGE DEVELOPMENT TRUST FINANCIAL STATEMENTS For the Year Ended 31 July 2023 9601116
MAGDALEN COLLEGE DEVELOPMENT TRUST CONTENTS Page Number Trustees, Report Auditors, Report Slalement of Financial Activities Balance Sheet Accounting Policies Notes to the Financial Statements 12-14 97of116
MAGDALEN COLLEGE DEVELOPMENT TRUST TRUSTEES. REPORT PAGE 1 The Trustees present their annual report together wth the financial slatetnents for the year ended 31st July 2023, which have been prepared In accordance wth the reqLJiremenls of the Charitie5 Act 2011. REFERENCE AND ADMINISTRATIVE DETAILS Charity R8gistratlon Number.. 273860 Trustees.. Dr. P.L.M. Beckwth (resigned 08.12.231 Ms. C.A. Berman Mr. N.M. Brown IFellowlBur5ar of Magdalen Collegelresigned 03.01.20231 Mr O. Chow Prof. R. Cleveland IFellowl Mr. J.P. Cronin Mrs. E.C. Davies Mrs Y Dochi Dr. B. P. Domayne-Hayman The Hon Mr Justice Foxton (resigned 25.10.231 Mr. S.M. Haslam (Chairl Mr. D.M. Higgins lappoinled 25.01.241 The Rl Hon the Lord Jay of Ewelme Mi. R.P. Leechman Mr. Thomas Meakin Prof. J.B.W Nightingale IFellowl Ms. D.G.L. R05e, KC (President of Magdalen College) Mr Y Shen IFellowlBursar of Magdalen Collegelappointed 26.01.20231 Mr. A.J. Todd Mr. P. Tosetti Ms. F.R. Toube, KC Mr. J. Tumer Trustees with Delegated Authority to sit on Magdalèn College Development and Alumni Relations Committee: Dr B. P. Domayn&Hayman Mr. S.M. Haslam lex-officiol Mr. R.P.Leechman Trust Secretsry: Mr S. Rainey IFellowlDevelopment Director- Magdalen College) Registered Office.. Magdalen College, Oxford, OX14AU Auditors: Moore Kingston Smith LLP 9 Appold Street, London, EC2A 2AP Bankers: Natwesl Bank plc 43 Commarket Street, Oxford. OX1 3HA CAF Bank Limited 25 Kings Hill Avenue, Kings Hill, Wesl Malling, Kent. ME19 4JQ 98of116
MAGDALEN COLLEGE DEVELOPMENT TRUST TRUSTEES. REPORT- continued PAGE 2 STRUCTURE, GOVERNANCE AND MANAGEMENT Magdalen College Development Trust I the Trust") is constituted by a Declaration of Tmst dated 8 June 1977, amended on 27 May 1993.. and is a Registered Charity (Charity Numbei.. 2738601. A copy of the Declaration of Trust is held by the Charity Commission. The Board ol Trustees wnsisls of 4 rnembers of Magdalen College I'the College"), being the President and Bursar Ibolh ex officiol and two other Fellows, plus 16 alumni members, making a total of 20 Trustees 5etving at the date of the signing of the Trustees, Report A maximum of 25 Trustees is permitted under the Declaration of Trust185 8mendedl, with the College having two ex-officio members and the right to appoint up to three Fellows as Trustees. Trustee appointments and ietirements are set out on page 1 of the Tru8tges' Report. Trustee nominations are made by senior Trustees. wlh advice from the President. Appoinlments are approved by thè Board of Tiustees. with the consent of the College through the Development and Alumni Relations Committee of the College l DARC'I. AKhough Trustees are only appointed with the consent of the College, On appointed. they act independenly. The Trustees normally serve for five years and thereafter have to be re-elected every three years. The College also has a right to approve how the assets and income of the Tiusl a utilised. To this degree the College controls the Tiust, though ultimately decisions affecting the Trust ale taken by Its own independent Trustees. New Tru5tee5 are given an induction pack before their first Tru5tees' meeting. The Trust Secretary updates all Trustees on the iesponsibilities of Charity trustees. in line with Chaiity Commission guidance. The lull Truslee Board meets at18ast once a year and tnoie often If required. The Tiusl is assisted by DARC, which meets at least bNic& a year and oveisees the Development Office ol the College which is responsible for fundiai5ing and alumni relations. DARC ¢omprises the President, vI-PreSIdent, Bursar, Development Director. four elected Fellows, the Chair of the Trust and two othei non-Fellow Trustees of the Trust and up to two old members appointed by the College. The Trust's strategy and fundi8ising prioritles are agreed by the full Board of Trustees and are monitored, 855iSted and advised upon by DARC. In 2006 the Trustees agreed a protocol (amended following a change in the College ayLawsl setting out the relatlonship bebNeen the College and the Trust, the division of responsibilities belween the Trust and DARC, and the way in which decisions are lo be taken. This protocol is reviewed each year by the Trustees. The Trustees also pass a resolution annually, giving the three non-Fellow Trustees on DARC authority to approve the designation ol unrestricted donations within specified limits following recommendations by DARG. The College piovides the Trust wth certain administration, financial and secretarial ServiS. The Magdalen Society became doitnant in 2016 and the Development Office is now fully responsible for all Alumni relations and events. The financial tnanagement policies of the Trust include regulai reporting and monitoring of income. Grants are paid to the College in furtheranc8 ol the Trust's objects. No Trustee receiv85 any remuneration from the Trust. 99of 116
MAGDALEN COLLEGE DEVELOPMENT TRUST TRUSTEES. REPORT- continued PAGE 3 RISK MANAGEMENT The major iisks to whioh the Trust is exposed have been identified by the Trustees and 8r& as follows:_ Loss of reputstion by the College 8nd the Trust Impacting on the Trust's ability to raise funds Bad management and loss of staff in the College's Development offi impacting on the level ol donations Lack ol skills or committllent on the Trustee Board with pool oversight and governance resulting in bad decisions and a weak strategy Fraud resulting in the loss of the Trust's funds Failure by the College or the Tiust lo comply with Charity law and regulations Changes in Govemment or Charity Cornrnission policies impacting on the Trust's ability to raise funds OBJECTS, OBJECTIVES AND PRINCIPAL ACTIVITIES The Trustees have delegated the day-to-day responsibility of managing the Trust's iisks to the College, which has in place policies. systems and procedures for a55es5ing and managing risk. These are reviewed regulady by the College'5 Bursarial Committee, which reports annually on this matter to the Governing Body. The Trustees have reviewed the results of this report in relation to the Trust's rnajor risks and lor those areas of activity ielevant to the Trust, and are satisfied with the risk manaoement procedure5 that have been pul in place. The Trust was established primarily as a fundiaising body lo meet the needs of the College and provides advice 8nd support to the College on fundraising strategy. projects and execution. The objects of the Trust, as set out In paragiaph 2 of the Declaration of Trust, ale.. "the advancement of education and learning thmugh the medium of the College by all or any of the following Means:" The list includes the provision of new buildings. re5toiation of existing buildings, the endowrnenl of fellowships, the PIOVi5ion of scholarships, bursaries and grants to undergiaduales and graduates, and.any other means of an exclusively charitable nature which, in the opinion ol the Trustee5, is likely lo be conducive to the advancement of education antj learning through the rnedium of the College" In the year under review the key fundraising objectives have been to raise funds for.. the College's Capital Buildings programme. the Student Support Fund to provide scholarships. bursaries and hardship grants for undergraduate and postgraduate students. the AcTrss and Outreach activities to support the College in attracting the most talented and able students from th8 widest possible pool. proj8cts identified by the College as being ol greatest immediate need and funded from urire5tri¢led funds and legacies. The principal Sour of funds is gifts and legacies fiorn alumni and other friends of the College. Strategies for achieving fundi8ising objectives are laid out in the annual development plan and include objective5 to rneel exisiling and new FUNDRAISING PRACTICES Fundraising income foi the Magdalen College Development Trust is secuied through the Development Office at M8gd8len College, Oxford. This office consists of a team of nine fundraising and alumni relation5 executives undertaking a wide range of activities to both build engagement with alumni and donor5 and delivei fundraising strategies primarily with the College's alumni base. These fundraising activities a undertsken by profession81 fundraisers, employed by the College, and include face-to-face fundiai5inq. email and postal fundraislng. The College's Developrnent Office is registered with the Fundrzising Regulator and is committed lo following its Cod8 of Fundraising Practi, complying fully wrth the scherne, wth particular regard lo fundraising from vulnerable people. The charity has not involv8d third-party fundraisers, commercial participators or volunteers with rts fundiaising actpiities. Further, the charity has received no complaints with regards lo tts fundiaising activities during the past 12 months. 100of116
MAGDALEN COLLEGE DEVELOPMENT TRUST TRUSTEES. REPORT-continued PAGE 4 ACHIEVEMENTS AND PERFORMANCE In the year to 31 July 2023, total donations and legacies received by the Trust were £7.784,416 against £4.981.126 in the year to 31 July 2022. The priorrty for 2022123 wa5 to identify and engage potential major donors, sharing with thern the College's strategy and seeking their support for the College's forthcoming capital projects. This met with some considerable success., mole than 150 individual face-to-face meetings weie undertaken. se¢uring not only a nurnber of sizable gifts and pledges, but a150 generating great interest and enthusiasm for our philanthropi¢ piiorities amongst many of our potential major donors. During the year the Gollege launched a new legacy fundraising appeal to alumni, its first In 8 number ol years. and this reGeived a very posrtive iesponse. Promoting gifts to the College through Wills, primarily from alumni, is amongst the Development Ollice's top priorities and we have pathered with the National Free Wills Network to help advance this. Two separate Telephone fUndraisng campaigns were held during the year, one directed towards US alumni, aehieving a giving rate of 74D/o, and another much larger campaiqn lo all other contactable alurnni. achieving a giving late of 68 lp. The Alumni Engagement prograrnme continued to build on its prior success wbth 45 events held in Oxford, London and abroad attracting 1.767 Individual alumni, up from 1,365 in the previous year. The Cornrnunitations function wa5 onhanced during thg year wth the recrLJitment of an additional mernbei of the team. and the College's Communications output, pa"cUlarlY on social media, continue5 to receive amongst the highest levels of engagement and audiences across the University. Total donations lor the year Sncluded Restrided Fund donation5 of £3,907,992 including £338,078 lor the Student Support Fund, £3,000,000 for the Capltal Building5 Projects and £270.540 for Access and Outreach. unStrICted Donations of £3.876,424 were received. All ol the funds received in the year have been used to SUPPOrt the charitable activities ol the Trust. Note 2 to the accounts shows how the costs of generating voluntary income supported the key objectives for the year. FINANCIAL REVIEW AND RESULTS FOR THE YEAR Total incorning iesources for the year were £7,800.002 including bank interest of £15,586. Charitable grants payable lo Magdalen College tolalled £8,223.980 and other costs atnounted to £5,007. The Trustees, r8serves policy is to hold a small level of reserves against which future costs may be set. As at 31 July 2023 reserves stood at £20,000. Al their meeting in Janu8ry 2023 the Trustees re-affiitned their commitrnent to malntain Tru51 reserves at £20,0(X) a5 the College meets the cost of iunning the Development Office. FUTURE PLANS For 2023124. the fundraising plans are to continue lo identify and engage F>OteThtial major donors with the aim of secuThng additional support foi the College's forthcoming capital projects. Fundraising for Access & Outreach will remain a priority and we will Gontinue to look for sUPPOrt for Graduat8 Scholarships. The Alumni Engagement programme for 2023124 is expected to attract an even greater nutnber of attendees than 2022123, continuinq an upward trajectory of participation. 101 af115
MAGDALEN COLLEGE DEVELOPMENT TRUST TRUSTEES. REPOR T- continued PAGE S STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance wlh United Kingdotn Generally AcTrpted Accounting Practice Iunited Kingdom Accounting Standards and applicable lawl. including Fin8nci81 Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. The law applicable to charrtie5 in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Charity and of the incoming resour$ and application of iesources of the Chaiity for that period. In preparing these financial statement5. the Trustees are required to.. select suitsble accounting po1ici8s and then apply th8Tn consistently", observe the methods and principles in the Charities SORP., make judgments 8nd estitnates that are reasonable and prudent.. state whether applicable accounting standards, Including FRS102, have been followed, subject to any rnateri81 departures disclosed and explained the financial statetllenls.. prep8re the financial statements on the going concem basis unless it Is inappropriate to presume that the Charity wll continue in business. The Trustees are responsible lor keeping proper accounting records that disclose wth reasonable 8ccuracy at any time the financial p051tion ol the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity IAc¢ounts and Reports) Re9ulalions 2008 and the provisions of the Declar8tion of Trust. They are a150 responsible foi safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection ol fr8ud and other irregu12ritie5. The Trustees have complied with the duty in the Charitie5 Act 201110 have due regard to public benefit guSdance published by the Chari mmission. ON BEHALF OF THE TRUSTEES S. M. HASLAM Date.. Chaiitnan 10201118
MAGDALEN COLLEGE DEVELOPMENT TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES PAGE 6 Opinion We have audited the financi81 statements of Magdalen Co51ege Development Trust foi the year ended 31 July 2023 whiGh Comprise the St2tÈment of Financial Activities. the Balance Sh881 and notes to the financia1 statem&nts, including a sutnmary of significant accounting policies. The financial reporting framÈwork that has been appliod in thèir preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Stsndard Applicable In the UK an Republic of Ir81and' IUnit8d Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial slatetnents". grrfe a true and fair view of the state of the charity's affairs as a131 July 2D23, and of its incoming reSoUS and application of resources, for the year then ended, have been property prepared in accordan wrth United Kingdom Gpnerally Accepted Accounting P[3Cti., have been prepared in accordance with the requir8m8nts of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our re5ponsibilitie5 under those Standards are further described in the Auditorfs RespDnsibiliti&s for the 8udit of the financial Statements section of our report. We are independent of the charity in accordance with the ethical requirements that are revant to our audit of the financial slalements in the UK, Including the FRC'S Ethical Sland3rd, and we have fulfilled our other ethi¢al responsibilib.es in accordance with Ise requirements. We believe that the audit evidence we have obtained is Conclusions relating to going concorn In auditing the financial 8tatement8, we have concluded that the trustee5' use of the going concem basi5 of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfotrned. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the charitys ability to continue as a going concern for a period of at least twelve months from when the financi81 statements 8r8 authorised for issu&. Our responsibilities and the iesponsibilrties of the trustees with Spe¢l to going conrn are de$crribed in the relevant sections of this report. Other information The other informatlon COTnPn5es the infortnation in¢luded in the annual report. othèr than the financial ststement8 and our aJdilo¢s report thereon The trustee8 are responsible for the other information contained within the annual report. Our opinion on the financial slalements does not cover the other information and, except to the extent otherwise explicitly ststed in our report, we do not express any form of assurance conclusion Iherton. Our responsibility is to read the other Information and, in doing so. consider whether the other information is materially inwnsislent with Y)e financial statentS or our knowledge obtained in the course of the audit or othewise appears to be m3teria11y misststed. If we identify such material incDnsistencies Dr apparent material mis8tal8m8nt8. W8 are required to determine whelher there is a material mis5tHtemenl in the financial st2t&ments themselvès. If. based on the wodt we have perfom*d, we conclude th8t there is a material misstatement of this other informatson, we are required to report that fact. We hav& nothing lo rèport in this regard. 103of116
IIIAGDALEN COLLEGE DEVELOPMENT TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES- continued PAGE 7 Mattors on which we are required to report by exceptio We have nothing to report in Spect of the following rnatt8rs where th8 Ch8ritie$ A¢t 2011 requires u5 to reportto you if, in our opinion-. the inform81ion given in the TrusteÈs' Annual Report IS InCQnSlStent in any material respect wilh the financial statèments,. or the charity has not kept adequate accounting records.. or Ihe financial st3temenls are not in agre8m8nt with the accounting records and returns". or we have not received all the information and explanations we required for our audit. RÈspon5ibilitie5 of trustees As explained mor& fully in the trust8es' re8ponsibilities ststement set out on page 4, th8 trustee8 are respon81ble for the pParatIon of the financial staterÈnls and for being 53t15fied th31 they give a true and fair view, 2nd for such internal control 85 the trustee8 determine is necessary to enable the preparation of financial 81aternents that Hre free frorn material misstaternent. whether due to fraud or error. In pr8paring the financial statements, the twstees a responsible for as58ssing the charty'8 abi5ily to ¢ontinue as a going concem, disclosing. as applicablÈ, tnatters related to going concern and using the going concÈm bas15 of accounting unle55 the trustees either intend to liquidate the charity or to cease operations, or have no reHli5tic alternative but to do so. Auditorfs Responsibilities for the audlt of the financial statements We have beon appointed as auditor under section 144 of the Charities Act 2011 and report In accorclance with iegulation5 made under section 154 of that Act. Our objectives are to obtain sOnable assurance about whether the financial slaternents as a whole are fe from material mis8tatement, whelhor due lo fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable 355urance Is a high level of assuran, but is not 8 guarantee that an audit conducted in accordance with ISAS IUKI will aTrways detect material misst81emenl when il exist8 Misstatements can arise from fraud or error and a considered material if, individually or in aggregat8. they could reasonably be expected to irfuence the economic decisions of users taken on the basis of these financial stslernents. As part of an audit in accordanee with ISAS IUKI we exercise professional judgement and maintain professional s¢epti¢ism throughout the audit. We a150". Identify and ass8SS the risks of material misst2tement of the financial statements. whether due lo fraud or error, deSn and perform audit procèdur&s responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The [k of not detecting a materi81 mis81alemenl rèsulting from fraud Is higher than for one resulting frorn error, a5 fiaud may involve eollu8ion, forgery. intentional omissions, misrepresenlation5, or the override of internal control. Obtain 3n understanding of internal control relevant to the audil in order to design audit procedures that are appropriate in the circUmstanS, but not for the purposes of eXp$s1ng an opinion on the effectiveness of the charity's internal control. Evaluate thÈ gpproprialeness of accounting policies used and the reasonableness of a¢¢ounting estitnales and relatsd di$¢losures tnade by the ttUStees. CDndude on the appropriateness of the trustees, use of the going concern basis Of arcountlng and, based on thè audit evidenTr obtained, whether a material uncertainly exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a msterial unc&rtainty exists, we are requi to draw attention in our auditor's report to the related disclosures In the financial slalements or, if such disclosures Èle Inadequate, to modify our opinion. Our ¢onclu510n5 are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the ch2rty to cease to continuo 2$ a going concem. Evaluate the overall presentation. structure and content of the financial 5taternents, induding the disclosur88, and whether the financial stslements PreSent the underlying transactions and event5 in a rnannèr that 2chieves fair pSentatiOn. We communile with those charged with governance regarding, among othèr mattèrs. the planned scope and timing of the audit and significant audit findings, including any 81gnificant deficiencies in inlemal control that we identify during our audit. 104of116
MAGDALEN COLLEGE DEVELOPMENT TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES. continutd PAGE Explanation as to what extent the audit was considered capable of dglecting irr8gulaTlties, including fraud Irregularities. including fraud, are instance$ of non-¢omplIan with laws and regulations We design prod$ In line with our responsibilities. outlined above, lo dÈlÈd material misstatemÈnls in rÈsped of irregularities, in¢luding fmud. The extent to which our prOureS are capable of detecting irregularitie5, Including fraud Is detailed below. The objeciives of our audit in respect of fraud, are., to idenlify and assess the risks of material misstatement of the financial statements du& lo fr8ucS., to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fmud. through designing and implementing appropriate responses lo those assessed risks." and lo respond appropriately to in5t3nces of fr3ud or suspected fraud identified dunng the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governantt of the charity. Our approach was as follows.. We obt8in8d an undet5tanding of the legal and iegulatory requirements applicable to the charity and considered that the rnost signifi¢2nl are the Charities Acl 2011, the Charity SORP, and UK financial reporting standards 88 issued by the Finsncial Rèporting Council. We obtained an understanding of how the charity complies with thes8 r&quirements by discussions with rnanagem8nt and those charged with governance. We assessed the risk of material misslalement of th¢ financial statements. including th¢ risk of tnaterial misstatetnont due to fraud and how it might occur, by holding diSCUS5ions with rnanagement and those charged with govemance. We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-mplianCe wrth laws and gUlatiOns. Based on this understanding, we designed specific appropriate audit procedures to identfy in5tanTrs of non-cornpliance with laws and regulations. This included making enquiries of management and those charged with gov&rnan(x and obtaining additional Corroborative evidence as required. The are inherent limitalions in the audit procedures described above We are less likely to become awa of 1nslan¢es of non-compliance with laws and regulations that are not closety related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misststemenl due to fraud is higher than the risk of not detecting one resulting from èrror. as fraud may involve deliberate concealment by, for example, forgery or int8ntonal mi8representalions. or through collusion. Use of our report This r8POrt is made solely to the ch8rty's trustees, as a body, in accordanTr with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might stal& to the charity's Irustse8 those matters we are requir&d to 81ate to thern in an audilorfs report and for no other purpose. To the fullèst extènt permitted by law, we do not a¢pt or assume responsibility to any party other than the charity and charity'5 trustee5 as a body, for our audit work, for th15 report, or for the opinion we have formed. 6&Y& K, L MO0 Kingston Smith Statutory auditor 9 Appold Stre&t London EC2A 2AP MoDre Kingston Smith LLP i8 eligible to act as auditor in temis of Section 1212 of the Companies Act 2006. 9 FÈbtuary 2024 105of116
MAGDALEN COLLEGE DEVELOPMENT TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 JULY 2023 PAGE 9 Unrestricted Fund5 2023 Restricted Funds 2023 Total Fund5 2023 Total Funds 2022 Note: Income Donations and Legacies Donations Leg8cies 310.723 3,565,701 3,876,424 3,780,842 127,150 3,907,992 4,091,565 3,692.851 7,784.416 2,586,263 2.394.863 4.981.126 Bank Int8r•st 15.586 15,586 1,230 Total Income 3,892,010 3,907,992 7.800.002 4.982.356 Expendlture Charitable Activitie$ Grants Payable Governan costs 4,315,988 4,372 3,907,992 8,223.980 4,372 4.548.791 4,038 Raising Funds Fundraising 635 635 542 Total Expenditure 4,320.995 3,907,992 8,228,987 4,553,371 Net IncomellExpenditurel 1428.9851 1428,9851 428,985 Balances Brought Forward at 01.08.22 448,985 448,985 20,000 Balances Carried Forward at 31.07.23 20,000 20,000 448,985 The notes on pages 11 to 14 form part of these accounts. 106of116
MAGDALEN COLLEGE DEVELOPMENTTRUST BALANCE SHEET AS AT 31 JULY 2023 PAGE 10 Note: At 31.07.23 At 31.07.22 CurrentAssets Bank Accounts Debtors & Prepayrnents 274.317 41.482 5,221,529 80.867 315.799 5.302,396 Creditors.. Amounts Falling Due Within One Year Ciedilors and Accrued Expenses Amounts Due to Magdalen College 4,409 291,390 4,095 4,849.316 295,799 4,853.411 Net Current Assets 20.000 448,985 Net Assets 20,000 448,985 Funds Unrestricted 20,000 448,985 20,000 448,985 Approved and aulhorised for issue by the Board of Trustees and signed on ils behalf on 25th January 2024 by S M Haslam Trustee Y Shen Trustee The notes on pages 11 to 14 form part of these accounts. 107of116
MAGDALEN COLLEGE DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 PAGE 11 1 ACCOUNTING POLICIES Basis of Preparation The financial slalemenls have been prepared under the historical cost convention. The financial slalemenls have been prepared in accordan¢e with the Slalemenl of Recomrllended Practice ISORPI, "Accounting and Reporting by Charities revised 2015 IFRS1021 and the Charities A¢t 2011. The Coll6ge is a public benefit enlily for the purposes of FRS102 and a registered Charity. The financial slalemenls have been prepared to give a true and fair view and have departed from the Charities IA¢counts and Reportsl Regulations 2008 only to the extent required lo provide a Yrue and fair view,. The Charity has taken advantage of an exemption under FRS102 not lo prepare a cashflow statement as the Charity ac¢oLJnls are ¢onsolidated within the accounts of the parent Charity, Magdalen College. The Tiuslees have assessed whether the use of the going concern basis is appropriate and have considered possible events or condttions that might cast signifi¢anl doubl on the abilty of the Charity to continue as a going concern. The Trustees are satisfied that the Charity has very limited fixed costs and will have sufficient liquidity lo operate for at least the next bmelve months from the dale of approval of these financial statements. The Charity therefore continues lo adopt the going concern basis in preparing rts financial sl8lemenls. Income All income is inclLJded in the Statement of Financial Activities when the Charity is legally enlilled lo the incorne and the amount can be quantified with reasonable ac¢ura¢y. Legacies 8re 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 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 expenditu is accounted for on an accruals basis and has been classified under appropriate expendi(ure headings. Fund Accounting Unreslricled funds are funds which are available for use at the discretion of the Trustees in furtherance of the general obje¢lives of the Charty and which have not been resliided foi specrfic purposes by the donor. The costs of generating voluntary income cannot be directly allributed to particular funds, and are all met from unreslri¢led funds. 11 is not considered necessary lo allocate these costs between unrestricted and reslricled funds because they are so 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 restrictions imposed by donors or which have been raised by the Trust for particular purposes. When donations are received, provision is made in the a¢¢ounls to transfer the donations to Magd81en College. 108of116
MAGDALEN COLLEGE DEVELOPMENTTRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023- continued PAGE 12 GRANTS PAYABLE 2023 2D22 Grants to Magdalen College.. Restricted Funds.. Academic Fund$ Access & Outreach Funds Building & Ground5 Capttal Building Projects Calleva Research Cent Chapel & choir Funds Fellowship- Classics Fellow5hip- History Fellowship- Law Fellowship- PPE Fellowship- CARA George Rousseau Lecture Sèiies Library Funds Magdalen College Boat Club New Library Building Fund Other Funds 893 270,54Q 1,886 3,000,000 1,123 181,432 3,546 150.000 1,202,415 513 126,369 400 19.119 1,690 77,184 28.837 1,961 292,703 384 16,250 6,696 17.065 25,558 3,750 984 31,458 78,707 201,660 680 286,306 8,161 90,652 11,378 734 42,866 94,012 322.289 380 Sporis & Societies Student Support Fund Student Support Fund- cUTnt Use Student Support Fund- Named BursarieslScholarshipslPrizes The John Feltham BCL Graduate Scholarship TLrtorial Teaching Fund Tony Smith Student Opportunity Fund 1,530 25,573 101.431 3,907,992 2,821,123 Unre5tricttd Funds: Unrestricted Funds- BIFwd Pending Designation Uniestrided Funds- Restricted by DARC Unre5tiided FLinds- Unrestricted by DARC Unrestricted Funds- Small Donations re]Ved less costs 1443,0541 1.643,500 369,469 157,753 1,727,668 4,054.571 261,417 4.315.988 Unrestricted funds of £4,054,571 became available for transfer to Magdalen College in the year, of this the DARC cornmittee restricted £4,054,571. The funds available lor future DARC restrictions stood at £0 on 31st July 2023. 109of116
MAGDALEN COLLEGE DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023- continued PAGE 13 GRANTS PAYABLE Icontinuedl Grants to Magdalen Colleg&: 2023 2022 Grants Payable from Unrestricted Funds Grants Payable frorn Restricted Funds 4,315.988 3,907.992 2,169,492 2,821,123 Total Grdnts Payable 8,223,980 4,990,615 2023 2022 Designation of Unrestricted Funds by DARC Black Academic Futures Scholarship CARA Fellowship Graduate Scholarship Organ Fund Caprtal Building Projects 75,000 37.500 7.000 120.000 1,479.000 3,979.571 4,054,571 1,643,500 GOVERNANCE COSTS included in the costs of Charitable actrvities includes= 2023 2022 Audit Fee Cost of Trustees. Meetings 3,876 496 3.624 414 4.372 4,038 FUNDRAISING COSTS includ&: 2023 2022 Bank Charges 635 542 635 542 There were no employees during the repothng period and therefore ntrone recèived employee benefits of more than £60K DEBTORS AND PAYMENTS IN ADVANCE 2023 2022 Prepayments and Accrued Income Gift Aid Re¢oveiable Magdalen College Current Account 14,583 26,899 71,009 9.858 41,482 80,867 11Oof116
MAGDALEN COLLEGE DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023- continued PAGE 14 CREDITORS AND ACCRUED EXPENSES 2023 2022 Audit Bank and Collection Charye5 3.876 533 3.624 471 4,409 4.095 AMOUNTS DUE TO MAGDALEN COLLEGE 2023 2022 Balance due to Magdalen College 291.390 4,849,316 TRUSTEES. REMUNERATION No Trustee received any emoluments or reimbursement of expense5 during the year. DONATIONS FROM TRUSTEES During the course of the year, donations from Trustees amunted to £26,632 excluding any related GiftAid. 12022, £125,911) DONATIONS AND LEGACIES BY FUND Comparative data for 2022 2022 2022 2022 Donations Legaci&s Tota1 343,405 1.816.598 2,160.003 2.242,858 578,265 2,821,123 Unrestricted Reslrictsd 2,586,263 2,394.863 4,981.126 10 CONTROL The relationship betreen the Trust and Magdalen Collage is described in the Trustees, Report. To thi5 extent th8 Trust 15 con51dered lo be controlled by Magdalen Coll@ using the definrtion of control set out in FRS 102. The r8gister8d charity number ol Magdalen College Is 1142149 Magdalen College'8 objects, as d8scribed in ils Statutes. are.. lal lo further study, learning, education and research and lo be a College within the Univer51ty of Oxford wherein men and women may carry out advanc8d study and research Ides¢nbed In the Statutes as learning 8nd education)., Ibl to provide for publi¢ worship through the provision, sUPPOrt and Maintenance of a Chapel and Choir, 1¢) Insofar as 11 is not incompatible with objects lal and Ibl. the advancement of the art5, heritag8, cutture and science for the benefit of the public. The College's 8clivilies are foryjsed on furthering its Stated objects snd aim8 for the public benefit. The principal activities of the College are study, learning. education and research. A copy of the Gon501idated 3ccount5 that include Magdalen College Development Trust Can be obtained from Magdalen College, High Street, Oxford. OX14AU.