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 Servi￿S. 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.
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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.
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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 fUndrais￿ng 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. un￿StrICted 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 reSoU￿S 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
re￿vant 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 I￿se 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 con￿rn are de$crribed in the relevant sections
of this report.
Other information
The other informatlon COTnPn5es the infortnation in¢luded in the annual report. othèr than the financial ststement8 and our
aJdilo¢s report thereon The trustee8 are responsible for the other information contained within the annual report. Our opinion
on the financial slalements does not cover the other information and, except to the extent otherwise explicitly ststed in our
report, we do not express any form of assurance conclusion Iherton.
Our responsibility is to read the other Information and, in doing so. consider whether the other information is materially
inwnsislent with Y)e financial state￿ntS or our knowledge obtained in the course of the audit or othewise appears to be
m3teria11y misststed. If we identify such material incDnsistencies Dr apparent material mis8tal8m8nt8. W8 are required to
determine whelher there is a material mis5tHtemenl in the financial st2t&ments themselvès. If. based on the wodt we have
perfom*d, we conclude th8t there is a material misstatement of this other informatson, we are required to report that fact.
We hav& nothing lo rèport in this regard.
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IIIAGDALEN COLLEGE DEVELOPMENT TRUST
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES- continued
PAGE 7
Mattors on which we are required to report by exceptio
We have nothing to report in ￿Spect of the following rnatt8rs where th8 Ch8ritie$ 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
p￿ParatIon 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 f￿e 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, deS￿n 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
circUmstan￿S, 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 p￿SentatiOn.
We communi￿le 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.
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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 pro￿d￿￿$ In line with
our responsibilities. outlined above, lo dÈlÈd material misstatemÈnls in rÈsped of irregularities, in¢luding fmud. The extent to
which our prO￿ureS 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
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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.
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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- cUT￿nt 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.
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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
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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 betr￿een 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.