Charlty Number 273860 THE MAGDALEN COLLEGE DEVELOPMENT TRUST FINANCIAL STATEMENTS For the Year Ended 31 July 2025
MAGDALEN COLLEGE DEVELOPMENT TRUST CONTENTS Page Numbor Truslees. Report Auditors, Report Statement of Financial Activities Balance Sheet 10 Accounting Poliaes 11 Notes to the Financial Statements 12-14
MAGDALEN COLLEGE DEVELOPMENT TRUST TRUSTEES. REPORT PAGE 1 Thè Trustees present their annual report together vmth the fin8naal statements for the year ended 31st July 2025, have been prepared in ac(x>rdanee vhth the requireffients of Iha CharSUes Act 2011. REFERENCE AND ADMINISTRATIVE OETWLS Charlty R•gl$tratlon Number.. 273860 Trustees: Mr O. Chow Prof. R. Cleveland IF811owl Mr. J.P. cnin Mrs. E.C. Davl88 Mrs Y Dochi Dr. B. P. Domayne-HayTT]an Mr. S.M. Haslam IChalr} Mr. D.M. Higgin5 The Rt Hon the Lord Jay ol Ewe1 Mr. R.P. Leethman Mr. Thomas Meakin Prof. J.B.W. Nightingale (Fellow) Ms. D.G.L. R050, KC IPresid8nt of Magdalen Colleg81 Mr Y Shen IFelbwlBursar ol Magdalen College) Mr. A.J. Todd Mr. P. Toset Ms. F.K Toub8, KC Mr. J. Tumer Tru8188s wlth Dèlogatod Authorlty to slt on Magdal•n College De¥elopm•nt and Alumnl Relations Commltt•g: Dr. B. P. Domayne-Hayman Mr. S.M. Hoslam (ex-officl Mr. R.P.Lgechman Trust Secretawy. t S. Rainey {FellowlDevelopment DirectOT- Magdalen Coll&gel Reg1s1oro(l Offl¢a: maJaIn CO1. Oxford, OX14AU Audltors: Moore Kingston Smth LLP 9 Appold StreaL London, EC2A 2AP Bankers.. Natsvest Bank plc 43 Commarket Street Oxford. OX13HA CAF Bank Lifflited 25 ng$ Hlll Avenue. Kings Hill, West MallSng. K8nt. ME19 4JQ
riJAGDALEN COLLEGE DEVELOPMENT TRUST TRUSTeES' REPORT. contlnued PAGE 2 5TrUCTURE, GOVERNANCE AND MANAGeMENT Magdalfrn College DevelopmentTruBt I'lhe Tru¥fi is conslrtLrted bya Declarafjon ol Tmstdated 8 Junt 1977. arnended on 27 M8y 1993., end is a Registered Charity (Charity Numb8r'. 2738601, A copy of tho earatiOn of Trust is held by the Charty Ctxnmission. Th¢ Board ofTNst8B$ consists of4 memb8rs of Magdalan Colle I'the College'l. being th& Pr88k1ent 8ursai (h ex Cir0) 8nd Iwo other Fellows, plus 74 alumnl memb8r8. making a total of 18 Trustees ser¥in9 8t he date of the signing of th8 Trustses, Raport. A maxlmum of 25 Truslees is p&mitted underthè Decl4ralion ofTTusI la5 8mend6dl, with tho Cdlego hgwng tsvo 8x-officK) membars the right loapwnl up to thrEe Fellow5 as fru$te8s. Trustee appointrngnts and r8liremeTrts gre sei Lmrt on p8ge 1 Tnjstees, Report. TTU&tee noatIOnS artr tn8do by senknrTru5tses, With adce frorn Ihe Predent. AppolntsnBnts ate approved by th9 Board ofTruslees, th thg consentoflhè College through the De¥8lopmenl and UMn1 Rdatn6 com89 ofthe rDARC'I. Although Trustees are ontyappointed th8 consent ofthe College. once appDinted. they act Independenty. The Twstees nonnallyse forfive years and Ihere8fter hav8 to be re-818ctsd ev thr99 years. The COege also has a right to appfove howth8 BS5ets 8nd Sncorne of the Trust are ulili5e¢. To Ihls d9grae the Colkge Controls the Tnjsl. *hough ulumately decisi gffocting thè Trust ar8 lakan by itB own Ind8p&ndentTrLFstsw&. New Trwtees a gwtin an inducuon pack betr8 theirfffsl Twstee8' meèting. The Tnjsl Secretary vptsles all Tw51ees on Ihe reSpCbIlities of Charity trustees, In Iln8 wltti Charfty Commlssth guh1ance. The full Truste8 Board meets al ltsaston y8ar and more often if raquired. 7he Tmsl is assl¥led by DARC. whlth meets 8118asl te 8 ye8r and ovetsees the De¥8knpmènt Office of the College whl 15 responslblè for fundralsing and alumnl rdatlons. DARC comprfses the President, ViGe-President. Bursar, Development Dlrector, four elected FellDWS. the Chalr of thè Trust and Iwo other non-FallowTrustees of Iha Trusl and up lo two old mBmber5 appointed bythe Co41ag8. Tr Trusfs strategy and fundraising priorities are agraed by kne full Beard dTwstees and are monitored. asslstad and adSed upon by DARC. In 2006 the TruStS 8greed a protocd (amended followng 8 ch8nge In Ihe College ByLaw51 setting out rB18Uonshlp belweèn the College and th8 Trust. the dillOn of respDnsibililies beiween the Trust 8nd DARC, and the way In whlch daS1on5 are ltr be taken. This protocol is reW•d each year by the TN&tse¥. The Trusttes also pass a r&$cluin annually, givirkg th6 three non-FdlowTrusl09s gn DNRC authority lo apwove the dgnaOn ofunreslrictad donabDns 1th1n speofigd Ilmlts folbvAry recommfyndabons by DARC. Tr c1896 prwdes the Trust cert8ln adminisirauon. fin8ndal Ènd secretarfal servic8s, The M8gd81en SooEty be¢8me dofrnant in 2016 and the Development Offic8 is nowlY reyponslble for 811 la'¢n8 and events. The flnand81 rnanag6nt rK91eS ofth& Tr51 indude regular reporung and monitorlng of Income. Grants aro to the ollwe in [Uthèran of the Tnsvs object5. No Trustee tecowes any ratnunBrthn frcrfn th& TrusL
MAGDALEN COLLEGE DEVELOPMENT TRUST TRUSTEES. REPORT- cMtlnued PAGE3 RISK MANAGEMEiir The rnajorroks towhich th8 Trust Is exws8d have been hlenlffied by the Trust$ and are a$fdk)..- Loss of reputation by the Conege and thtr Trust Impactlng on Ihe Trusfs ability to raise fvnds Bad fflanagemenl and k)ss of staff In lh& Cellege's Development Office Imp8GJng on the levd of donaiions Lack of skills orcommthenten the Tnsstee Board with pooroverswJht and govèmanc8 r8suttlng In bad decl¢nS and ak strategy • Fr¥u(J resulting in thp10$s of Ih9 Tru8Vs funds • Fallurtr bythe Colkge or Ihe Trust to comYVth Chwity kn8nd règul8lons Changes in Gtsv8mmenl or Charfty Commlssh?n wlicies impacting on fv Trusys ability to ralse funds Thè TFu$i8trs hav& delèjatsd the day-ttrday responsibllty of m8n8ging th&Ttusfs rfsks to Ihe College, whkh has In p18£ policEs. systems 8nd pr(Kedure$ for assessing 8nd managiny risk. These are rewewed regularfy by the Collage'5 Butsarfal Cofflfflitt8e, whith r8POrts annually on this matièrto the Governing Body. The Trust£8s have reviwyed the results of this rewrt in relBlon to thtr Tnjsi's major risk8 and for those areas of activbty relevant to theTrust, and are satisfied th8 dsk man8gement proceduresth81 have bpen pul in plaGe. OBJECTS, OBJEcnvES AND PR[NCIPALAGfivlES The Trustee5 have de1wated thB day-to-day responsibility of ffnaging Ihe Trust's li5ks tr) Ihe Coll8ge, which has In plac8 ioes, Systems and tYOC8durns for a5sewng arkd tnanaging risk. Thesa are r8wewad regularty by Ihe colle'S Bursari81 ComTnttteb, Y4hid) rtrports annuallyon Ihls matter lo the Govemiry Body The TtustsÈS have re¥&d th& results ofthls report in relation to the Trusvs major risks and for those 8r&88 of aCtIty relevant to the TrusL ond are satisfled Vth the r&k managem8nt procadures that have been pul in place. The TrustWd5 established prirnanly as a fundrdiSing body to m88t the needs of ihe College end prowde8 8dM¢x and 8UPPOrt to Ihe Collag8 en nra1n9 strategy. projects and execution. The cbjects of the Trust, 88 sel out in parggrdph 2 ofthe Ded8ratiw of Ttust, arè.. 'Ihe advanrnet of educalon 2nd learning through kne mediurn ofthe Colbge by or any of thè followlng m&ans'.' The list indude5 the proIfj5KJn of n8wbuildings. restoratyon of e$ting buildings, the endowment of fellowships. th8 provision ofscholarshlps. r$fleS and grdnts ID undergraduates and graduat, a'anY olherrneans ofan wlusivety charitrabl8 natt1 which, In the oplnlon of the Trustees. Is Ilk8ly to be conducNe to the advaneemant of educalon and le8rn]ng Ihrough the medium Df the Cdlege.. In the year under rewewthe key fundraising objecbv88 have b88n lo ra188 fvndsfw. the Coll898's C8Pital 8uildlngs prryramme. . IhÈ stent Support Fund to SChdah1P5, butsarles and hardsNp grants for undergrgduate and poslgraduate student5. • Ihe A¢$ and OutTrach acti83 to support the College ¢n altracting the most tslented arKJ 8blè students from Ihe widest posslbS8 ptr)l. . projerls hl8nlifi8d bythe Coii8g8 as n9 of greatest itnmediaie naed and fund frem unrestricted fvrnls and legacips. The prinPaI s(xJrt of (unds Is gitts and leo8cle$ from elumni gnd otherfriends of Ihe College. Strategles for achbr fvndraising objecfjves are laid (xrt in the annual devebpTn8nt plan and Include 014ectDies to rneet exisiting and nèw tuThlrasirKJ InIaleS. FUNDRAISING PRACTECES Fundra1sing incorrE frtrlhe Magdalen Cdi89e D8vetr)pm8ntTrnsl B secured through Ihe D9vèlopmèntOffic8 at Magdalen College, Oxf¢. Thls offic8 consists ofg team of nine fundraising and alumnl r818tions executive8 undertgking a wde rang of aGtiwties to bDth build engagtsrnenl vAlh alumni and dorors and doliv£rfundraising slrategits primarily with lh8 Cdlege'5 umnS base. Thes8fundrai5ing 8cbviUes are undartakan by prof?sslonal fundraisers. employed bylhe Coll898, and Induda face-to-face fundralslno, 8mail 8nd postsl fvndrai8ing. The Colkge's Development orrice is reuistèred th the Fundralslno Regumor 8n(l i¥ rA)mm1tt9d to fdlovArKJ Ots Code of Fundraising Pr&lcè, ¢omplying lulyt the scheme. pgrtiGular regard to fundraising from vulnerae Peo8. The ch8rlty h45 nal invofv8d thlrd-party fundraisers, commerck81 particlp•lors orvdunleers Véith its fundraising 8cliM18. Futher. tha tharfty has recelved no comtyainls wth regard5 to its fijndraising acu8$ duriro the p8sI 12 rnonth5.12024." Nill
MAGDALEN COLLEGE DEVELOPMENT TRUST TRUSTEES. REPORT. cantinued PAGE 4 ACHIEVEMENTS AND PERFORMANCE In the yearto 31 July 2025, total OonalK)ns and tegacyas roc8i¥gd byth8 Trust re £10,075.925 8gainsl £3.840,167 in the y82rto 31 July 2024. The prtodty for2024f25 w85 lo continue to id8nYfy and ongaJe potential major donors, sharing t them Colleg&'È strategy and seeknng their support for the College's forthcornlNJ c8Pit81 Plects. This met conSiderae succe$5. vilh ov6r£10m $8cured in gift5 an¢J pledges in the curwi year. The Ajumni Engagemént prvgrarrrn conlnuad to lIId on 115 prior8UCC88s wnh 34 evenlts hdd in Oxford. London and the US auracling 1,413 indiwdual alumnl. The Colleges communlcalioi)s oirtput, partiQLladyen soclal media, corrtinues to receive amono81 the highest levels of engagement and audiences atxoss the Uniywsiiy. Totsl do1)aC$ and legfjcigs for the year IncludJ RestriGt FU donauons of£8,837,447, Restri¢bJ Fund le98cle$ of £341,307. Including £556.772 forth8 supp¢wt of students, £8.113,928 for the Capital Buildings Prujeds and £156,884 for Access and Oulr88th. Unrestricbj donat4ons and leoac¥es of£897,171 re rec81¥8d. All of th8 funds reLNod in the year ha¥8 been us8d to supportthe charStable a¢knrities of IheTNst. Nol8 2 to th8 accounts shows hthe costs of 98n8rating volunlory incorne SUPPDrtèd the key Objecti fu tha year. FINANCIAL REVIEbV AND RESULTS POR YHE YEAR Tot81 Sn¢om8 for thp year was £10.077.047 in&uding bank Interestof£1.122. Charlt8blè grnnts payabk to M•Jdalen Coll8ue totald £10,071.815 and other arnountgd to £S,232. The Trustees, reseNes Wlcy to hokl a srnall level cf r8¥èty8s againstwhich future costs rnay be 8Ot. A8 at 31 Juty 2025 resorves strod at£20,000. At thelr meelng In January 2025 thfy Trustees rtraffirmed Ih8lrcommttrn0nlto mainlaln Trust r888rveÉ at£20.(M)0 as the Collegè rets the c05tol running the DaVo&t Offi. F[uRE PLATrI$ For 2025126. the fUndrsIng plans ar8 to cwlinue to Idenofy and èngage potenlkgl majordonors th the aitn of se(Ong addthnal supFth forlhe College's forthcoming capital projects and to prepare forthe launch of the College lar98St evar fundraising campalgn in 2026127 in $UPPDrt of those projects. Fundraislng f0rAe$S & Outreach I11 tèmaln É pNority 11 ntinue kn Ii)kfor suptxirtfor Gradual8 S¢Matshlp5.
MAGDALEN COLLEGE DEVELoPMEPTRUST TRUSTEES. REPORT. ¢thInued PAOES STATEMENT OF TRUSYEES, RESPONSIBIUnES The Trustsas are respons50 for preparlng the TDJslees' Report and thefinanci?15tatements in 8CGdan th United ltingdom Generally Accgptsd AGry)untinB Prachcè (United ngdoM ACcOnIsn9 Standards and appllcable18wl. Including Finantral Repotting Standard 102.. The Finanual Rewrbng Standard apilIe In thg UK gnd Repu1GOf Ireland IFRS1021. Th8 law applScabl8 lo charfues In Engn & Wal05 rggulres the Trusieos to prgpare finandal Statements for ch financlal ytsrvhiich glve 2 true 8nd falr ofthe stst& of 8ffalrs of the Charity orth8 Incoming resources and p1¢atIOn of resources of Ihe Charity forthal period. In preparing these fin8nrAa1 statements, the Tru8t888 èré required to.. select sullabla accounUn9 polldes and then appfy them conslslenly. obsèNa th8 méthods and prfnclpl881ft the ChariU8s SORP.. makejudgments end e5timate$ that are reasonable and ptudtnL' slate whelher applicable accounbng 51andards. inrjuding FRS302, have beèn lollo**(J, subject lo any materfal d8P8rtures dlsclosed and expialned In the financial statements.. prapaw th8 finanaal tstatements on lh8 going concem basls unless il Is InapproprLe to prgsUmO that thB Charity ¥%ill continue in business. The TDJsts8s are responsi9 for keeplng properaccounbng record5 thgl di5d05e th rnaSOnae accuracy ai any time the finanBlal wsilion of thè Charity and enablè them to ensure that the finandal statements comrly th th6 Charitye5 Act2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the DedaTaln of Tnjst. Thtry 8¥& a180 rèsponsible for safeguarding the as88ts of th8 Charfly and hance flkIr0 reasonab Steps for the prevention 8nd detection offrgud and otheriwuladtss. The Trustees have c¢xmplied the (kjty in Ihe CharibesAd 2011 to hav? due regard lo puNic beNdfft guld8nce pU1$had by Charfty Comm5ssTh. ON BEHALF OF THE TRUSTEES S. M. HASLAM Chalnnan Dale:
MAGDALEN COLLEGE DEVELOPMEKf TRUST INDEPENDENT AUDITOR'S poRT TO THE TRUSTEES PAGE 6 Oplnk)n We have audited th2 finanal staterrtnts of Maotsl8n Colge Devdopmpni Trust for the year èndad 31 Jv 2025 whlch COTtVri5e the Ststwnonl ol Fhancial Athitr88, Ihe Balance Sheet a1 note5 to thg finan $1810rn8nts, Indudlng a sumtnary of signllkant accounbng WI6$. The finan(xd rewrting frarn&work Ih81 has been applSed Sn thelr pr&pat81ion l¥ applicatA8 and UnEtsd Ingd(kn AccDunting Standards. including FRS 102'The FlnanrA81 RepDrtin9 Standard Applicable in fhe UK and RepublKof Ireland, IL)niled ngdOM GeneraltyAttepled Accounbng PraclKel. In our opinion the financiBI stalem8nls.' a tNe and folr vl8w ofthe slate orth8 chaws arfars a6 al 31 Juty 2025, of incornlro r8sourc8S 8ThJ ap1(ati of Tesources. forth8 yearthen 8nded., heve been proporly prepBred In aGcordance with United Kingdrffi GeneralIyACp Accounting Prdctice,. and have ba8n prepared aCG0rdan with the wuiremenls ol ibe Charws Aci 2011. B0$1$foroplnlo We conduc our 8UtIit In 8c¢ordance with International Standards ¢M Audillnll IUKI IISAS IUKII and aPIcable law. 1r r8¥rt)n¥ibi1aS under Ihose &tatKlards aro furth8r dBserfbed kn the Audlb)fs RèsponsltslthOS for tho audll of th9 finanrj statements secbon of our raport. We are Indepdent of the d)arity in acrx)rdance Nyth the ethic81 reqUinnts th8t are rèlevaDI to our audit of Ihe fin8M818taiemonts In thtr UK, induding the FRC'S Elhi¢& Standard. and we have fulfilled our otherelhlcal wpons1b1las Sn accoan¢eWih these requiremenls. We belkve ihal the 8udit 8vldance we have obtained is Con¢l¥8lon& rbladng to golng conc•rn In audthng the finana81 statsments. we h8v8 cOndJd Ihat th8 twskns, use of the gng ba$ of accountlny in the prepafab"N ollhe flnanci81 ¥talem8ni8 is approprHte. Basod on the worfE we havé parforpned, we have not Idened 8ny matert81 unc8rtain¥os relalng to 8V8ni# or tx)ndthns that, Sndivbjually or (x>11. may cAsl gignrfi¢8nt doubl on the chsDVs abilltyto ¢ontinu8 as a going nr fer 8 period of at Ibasllwefve from when the financial st8tamts are aulhorised for issue. Our responslblls and tha r8sponslbN6 of thg Irustges wlth resp8ctto goiw Conc ar8 doscrfbad In tho Tr18vant sècllork% of th1$ rewrt. other lnlonnBOfi Th8 0lh&r informauon mpse8 the InfomalKJn includ1 In the annual report okn8r than tho Trandal statsrfnts and oJr 8udllofs report thareon. Tho tmsttres aro rasponsib for the olher inf0rm8ts. contalned vAlhin th8 annua r8port. CT0p1K10 on th6 financial ststements does not cover the other infonralton and. except Io the extent otherwise explrt stated In our report, we do not express any form of assurance tauOn thereon. r re5POn51bity is to read the other Inlomkbon and. In ddng so, consider whether the other Infcrfmavon ts malerSalty inconsislenl wth th8 fin8nu8l81atem or knovAedge obtsined in the wurse of th¢ audit or oth&r*Ase appeatS to b maleri811y Msled. idènlrfy such material inwnsistencies or apparenl matsrial mi8stsltments, we are 18qUed lo deterrnine v4hettr th2re is a materfal ml$$taterwol In th8 financial stal8mpnls thein6efves. If, based on the v40rk we h4V9 ptrrf0e, we conclude Ihat there Is a mal8rJal ff1s$taMnt ofthis (thtsr Infortnthn, WB 8re require¢ to reportthallar We have nothiw to r8Wt h thk8 rega.
l•lAGDALEN COLLEGE DEVELOPMENT TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES - ¢ontlnuod PAGE 7 Matters oth whlch ara requlrod lo r•port byexceptton We have nottMrvJ to raport in ¥espe¢t ofthe folng mgtters where the Chaiib Act 2011 requlr88 to reportto you rf, In 1r OnIon.. the inforrnatiDn given in ihB Tw¥l88s' Annual RerKrt is inconslent n any matsri81 respect w5th the fingn¢rg1 st8ternents-, th8 charbty has not kept ade4uate accounting records.. or the In8ral statements are nol In a9reeTnBtrt Ih6 axwnllng records 8n¢ rthms,. we have not re¢elved all the infrnatiOn and eW8nations we reoulred forour8ud RPOnSIbIlI1108 of trusta• As explained rKw)re fully In the twstees, re5ponsibilth8s statement 881 out w paga 5, ts trusw are resp)wbl8 for the preration of thè flnanck81 ststements end for being satisfied that thèy a tru8 and fair , and for 5uth inlatnal Lnir as the trustees det8tTnine is n8Gessary to able the prepardbon of fin8n¢kql statements that afe free from matgrf lsst8tsm8nt, wh•therdue to fraud or errLY. In pr6pariry the fin8nryal 8laterrnts, tho Iru51ees aro respons18 for asses$kng thè charws abllity to Gontinue as a rxKern, disclosing, as applIcab. mgtlers r8 to going wncgm and uslw Ihe golng concern basls of accountlng un1è88 the Iwstees erfherinlend b liquldate the th8rftyorto ¢e8se owgtions, orhwe no reIst altemal@ tt0 do 80. ditoVs Rospon$lWIWI•g lor thg Audltof the fflnanclal Stat•ts We have betrn appointed as auditor under 144 of the Charitlas Aci 2011 and r8POrt In JnCe wmh regulatv)ns rr0de undersectn 154 (rflhal AGL Our eCtiveS are to obtaln r8asonabk8 as8uranc8 about whether the financ1 slatemBnts as 8 whole 8re free Irr material isstatert. whetsr due to frBud or8Tror, and to Issu8 an audlo¢s r9rt that Includes our opinth. R8&sonabl& as$uranc& is 8 h 0188surance. bLrt is not a guarantee that 8th audlt conducied In 8¢o)rdan¢ Iskn IUKI wll WayS deloct a fnaterial misstatem8ntwhen 68. Mi8s18temen15 txn asefro[n fraud Dr Bmr8ThJ are considered material W. indidual0r In agoregate, they Ctyj reasonably be •Ko8cied lo intluen¢e the econoffliG decb5iUnS of u¥er8 taken on the bays of th888 financlal 8tat8rnentfj. part of 8n audit Sn ar£ordaKe ISA6 IUKI we éxerds& pnless]onal judgement and mBlntsln sceptklsm throughout Ihe audit Wè also.. Identify and assess Ihe risks of trAtsrLl mi8sl8lam&nt of the finanual statements, vihether due to [ua or error. dewgn and perfomi aat procedures responwve to those risks. and ubtaiN audit eIen that is suThrienl and 8ppfLPri81tr to provlde ba51s for our oplnlon. ThB rlsk of Dot detecting a mgtedal rnisstatetnsnt rèsu115Dg from fraud Is higher than for one resu9 err, as fraud may involvè ¢dIusi. forgery. intentsonBI SSnS, mk%r6pras8ntaln$. or the ovemde of Inlpmal control. Cbtaln an und•rstan¢kng of inlerngl control relevalll to Ihe audll In order to deslgn audit prOdureS Ihat 8pproprfats In the ircuttthtx. but not for the purposes of expres51ng an oplnlDn on Iha eNèctfven8ss of th• chariiys Intemal control. Evaluate the appropiialenes5 Df a¢Lounting pdicles used and the reasonablene of 8c¢ounting esfjm8tsB 8Th1 r41 di8doSU Tr10 byth& twstges. Conclude the appropriateres5 of Ihg tsu6tabS' US8 of the going concom b8¥ of ac(x)unting and, based on thg gudit eMdenGe obtslntd, whthr a rnaterF81 urcertainty uxi%ts reLatèd to aV8nts or cond¢tson$ Ih8t MÈY oast svJnTTrcant doubt on the charity's ability to continue as ? gc4rg conm If we conthde that B malerF81 uthcert8inty e$ts. we are required to drnw att9ntion in our Budltorfs report to thè relatod d18do8urg5 In Ihg finanaal staletn8nts or, if suth dl¥dosur89 are inadequ@te, tD mcNJKy our opinlon. Our conclusions are bad on th8 audyL8encfj obtsined up to the dats ofourau(Ilo¢$ report. However. fubJTr events oreondilon$ may cause the charitylo ceasè to ts)ntinu8 as a going con¢Tr. Evaluate tho overall pSantaOn, Stnjctyre 8nd Mntenl of the firlanoyal slataments, Including the disrJDSures. and wheth8rthe finan)d Statements represent the uThJerfylng Ir8nsacUons 8nd events In a rnann8rlJ)at8chwes tslr presenlation. We communi¢ale with thoge charged wth govtmance regarding, alwng other tnBttetS. th8 aTrned scope and tyming ol the auditand ¥ignfficant8udltfindings. Indwling any5lgnifitsantdeferKieS In ntrol thatwè idenlNy durtng our 8ud
MAGDALEN COLLEGE DEVELOPMENT TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES- conllnuod PAGE 8 Explanauon as towhat exlont the audltwHs coDGI(krod c4pHbb of rfot8¢¢lng 1rr8gular61188, IneJudln# fraud IrregularitiBs, inckjding frath4, ere instsnces of Th)Dmpli8Ce %rflh L8WS and regulations. We des procedure5 In line with r reSpon11110$. ouuined 8bov8. to d8lect m8t8rial rri¥statemenls n respeBt of IrreglalIes, indudlng fraud Th& 8xtsnt to whh rNJrpFo¢8dur8s are capablo of d81e¢Ung irrggulariues, IludI fraud detaiknd below. The obisctives of our audit in réspect of frdud, are., to idenlify and 8S5ess the rigks of material ML%¥tatsMl of lh8 fHFandal s18tements due to frwd., to oblain 5uffi(ienl approprfale &udlt evhJ8nce reoardlng the assessèd risk6 of Tnaterial misslalemEnl due lo frdud, through deswning ImrAemanting 8pproprf8te responses to those assessed risk5.' and to rgsFx>nd aFproprWty to knstances of fraud or suswl8d frtud J&rIed during Ihe audit. However, Ihg prtmary responslblty tor the prevenuon and dets¢lh)n offraud re8tswith both tnanagementand those r8ro&4 with governaKe ofthe charity. Ourapproach wa5 as fol5.. W8 obtBlned an understanding of the legal and regulatory re4uirements apklkst48 tD thtr Gharity and mn8Kler8d that the mDSt gnrfi¢8nl are the Ch8ntie$ Act 2011. th6 Ch8rty SORP, and UK financ&31 reporbng stsnd4rd5 as iswed by the FanOI Reporung Coun¢. We obtalntd und8rstsnding of how the charity wmplies ¥th these Nulrem8nts by di8CU¥SK)ns ilh mènagBm8nt and those charged with govern8nce. We assossad the r&k of malerf ml8$1818m8nl of tho flnanckl $tatpmÈnts, INdudlrKJ the rlsk of matsrfd $SteMent due to fraud and how11 mbhl ctcur, by holdino dlsw&8K)nsvth manayement 9nd bhtrse charged wtth 9)V8m8nce. We inquired Df rnanagerneTrl and those tharged govemance 0$ b) any kn Instances of n.¢0msanc8 orsu$peGtsd nDll-L¥Jfflplianr£ wlth wS and rggulalk)ns. Bssed on this understanding. we dIgned spe¢Kk 8ppropriBt8 alit PcedurES lo i(tentity instanw of non-complience law$ and reoulations. This irUdd making eryuiries of managemenl and those chaiged th ooveMan¢e and obtainlng adval CGrruborativ8 eden a5 required. Trtsrè ar9 Inhtrrent IrtatIonS In the audit procedures d95crfbed 8bove. We are less18 to become aw8r8 of 8nGS of noll-compliance with laws and reoubtion$ that are not dosely rel8ted to event5 and transaBtions reflected in the financ1 steterrents. Also. the risk of not delecUNJ a malgrial mis$talemanl du8 lo fraud is higher than ihe risk of not delecllng ono r•sUn9 from effor, as Iraud may Involve deliberats CDncealmenl by, forexample, forgory or Intentlonal misropresantats"Tri$, or through colluslon. Use of our report This rBPQrtls made solelyto the chBriVs Iruytees, as a tKxgy. in Kwrdancewith Chapter 3 01 Part 8 of thè Charit$ Act 2011. Our audit work hBS b88n undertaken Bo that we mlghl st81e lo tho ch8rfVs Irusletrs those Y4e are rBquired to stats to Ihem in an auditorf$ report and for rrf) other pufposa. To the fullest extent perrnitted by law, we do nDI accept or assurne r8sponslbllty lo any party other than the charity and tharity5 trLtslees as a bDdy, for our 8udll vA)rk. for Ihis retk)rt. or for the onIon wa have fom*d. Moorè r¥J$10rt Smrfh LLP SlatutoryAuditor 9 Appoky Stseet London EC2A 2AP DatÈ.' 3010112026 Moore ngSton Smllh LLP18 811oible to a$ auditor in tstms ofsecuon 1212 ofthe CompansAct2O.
MAGDALEN COLLEGE DEVELOPMENT TRUST STATEMENT OF FINANCIAL ACTIVETIES FOR THE YEAR ENDING 31 JULY 2025 PAGE 9 Unre¥tsicted R¢strict Fundb Funds 2025 Total Fund$ 2025 Total Funds 2024 2025 Income Oonatlons and Legacles Don8tK)ns Legafass 380,0 517.121 897,171 8,837,447 341.307 9.178,754 9,217,497 858,428 10,075,925 2,752,631 1.Q87.536 3.840.167 Bank Int8r88t 1,122 1,122 1,419 Total Income 898,293 9,178754 10,Q77.047 3,841,5B6 Expenditure Ch8ritable Acti¥iti88 Grants PÈyatle Gov8manc8 costs 893,061 4,499 9,178,7S4 10,071.815 4.499 3,836,391 4,235 Ra161ng Fur>ds Fundr4siThJ 733 733 Total ExF)8ndttrJr8 9 178754 10.077 047 3.841586 Not Incom8llExpndltuMI Balances Brought Foard at 01.0824 20.ori) 20,000 20,000 BalanS Carrled Fonvard at 31.0725 20.orp) 20,000 The not8S OTh PO99$ 11 to 14 fom part of th8$8 atxounts.
MAGDALEN COLLEGE DEVELOPMENT TRUST BALANCE SHEET AS AT 31 JULY 2025 PAGE 10 At 31.07.25 At 31.07.24 urr¢nt Assets B8nk Accounts Debtor5 & Prepayrwnts 1,039 246,270 46.239 114.180 247.309 180,419 Credltors: Amounts Falllng Due Withln Ong Yoar Creditors and Accrued Expenses Amrxjnts Du$ to Magdalen Colleg8 4.908 222,401 4,728 135,693 227,309 140,419 Nèt CurrentAssets 20,000 20,000 Net As80ts Fund8 unreStrted 20.0 zo.000 20,000 Approved ancl authosed forlssuè bythe Board of Tru51ees and sned on its beha0 2 January 2026 by S M Ha$l8m Tftjstee Y Sh8n TnJst8¢ The rDtes on pages 1110 14 fcrm part of these 8ccounts.
MAGDALEN COLLEGE DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 PAGE 11 1 ACCOUNTING POUCIES Basls of Proparatlon The fi'nanci81 staternents have been prepared to give a true and fair wew and have d8parted trorn the Charbties IAc¢ounts and Reports) R8gulatlons 2008 only to the extent requir6d to provide such a true and falr ew. The Charily has ppared its a¢¢ount$ in a¢cordance the Charities SORP IFRS 1021. i85ued in 2015 and update(I for applic8ble a(xounting standxrds. replacing the prevk)us SORP120051. The trdnsition tD Ihe 2015 SORP refiects changes in pOrbnQ ruIrementS to ensure greater alignrnenl with FRS 102 and the needs of Mern fin8noal rekK)rting. These Accounts have been pPared under the hlslorical cost ¢onventbn as molrfled by the revalualon of certaln assets, wh8r8 applicable. The Charty has al80 taken advantage of an exemption und6r FRS 102 not to propare a cash flow statement, as the Charitls a¢counts are consolldated within the financial $taternenis of its parent charity. M8gdal8n College. Golng Concom The Trust88s have assessed whether the u58 of th8 going concw basis is appropriats aThl have Considered possible events or condrtions that Mh1 casl signffjicsnt doubt on the ability of the Charityto continue as a going conc8m. Trustees are satisfied that the Charlty has very limlted fixed wsts and wll have suff1nt liquidlty to operate for at least th8 next twelve months from th8 dat8 of approwdl ol th85e financ4al Statements. The Charity therefore continues to adopt the going concem basis in preparing its fiTranrA818tatements. Ineom• AJI inwmo is included in the Statement ol Financial Actmues when the Charity is legally entiU8d to the inc0rn8 8nd th8 8rn0unt can b8 quantif18d wth r8asonable accuracy. Legacies are C00n18ed followlng grant of probate and once the Charty has recewed sufficient inforrn8Ion frorn the executorl51 of the deceasod's eslate to be satisfied that the glft can be rèliably measured and Ihal the erx)nomi¢ benefil to th8 Charity 1$ probabl8. ExpendltuY¥ Sln¢e 1 August 2[ the costs ol running the Devdopm8nt Offic8 have be¢R bome by Magdalen College. The Trust r8main5 r8SPWJnsib18 for its g)vernan¢e ¢osts as well as the o)sts of running bank accounts. l expendlture is accKtunted for on an 8¢cru813 bass and h8s been cL98sif under 8wJroprf8te expendRure headings. Fund Accounllng Unresldcted funds are funds whl¢h are availab for u58 at th8 discration of Iha Trustees in furth&rance of the ggrkprdl tsbjectives of the Charityand whlch have not been restri¢t8d for sp8rafic purposes bythe donor. eosts of g&neratlng voluntary Income nn0t be dlrectty attribuied to particular funds, 8nd ar8 al mel from unrestrict8d funds. It is mt consid8r8d n8ce5sary to all(le these costs between unrestiicted and r8strict8d funds because they are so few, wth the ¢o$ts of running the D8vdoprn8nt OffKe being met by the College. Restricted funds are funds a to be used In 8ccord8nc8 th 8p8afic r88trictk?ns Impose(I by OOOrS or whlth hav8 been rdi56d by the Trust for paicular purposes. When donabons are received. proi$ion 18 made in the a¢eA)unts trj trarjsfer the donat)n8 to M8gd81en College.
MAGDALEN COLLEGE DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025- contlnued PAGE 12 GRANTS PAYABLE 2025 2024 Grants to Magdalon colley.. Restrfctsd Funds: Acade¢ Fun(L8 663 156,884 1.165 8,113.928 124,679 400 3,522 1,675 16,250 893 Att8ss & Oulréath Funds Bullding & Grounds Captal Bulldlng ProlKts hapol & Chdr Fu$ Fdlowship- Classics Fellowshlp- Hlstory Fellowship- Law Ge£e RoL%S5eau Lecture S8ries Library Funds M8gd8len Cdlege Boat rjvb New Library Buildiry Fund Oth6r FuThls srts & Soogtbs Studont Support Fu Student Suppcft Fund- Current Us Stud8nt Support Fund- Nam8d Bur5ariBsIScho1arshiplIZe5 The John FEttham BCL Graduate SchoL9rship Tutori8t Teaching Fund TY Smith Stud8nl Opportunlty Fund Art Fund 257,544 1,765,841 114,750 400 3,543 1,720 18.750 2.851 27,055 17,928 83.018 129 22,842 70.222 169,148 180 12.889 22.189 19.383 2.612.262 18,881 2,623 130.417 131 16,068 76.218 464,487 200 1,300 46,954 9.178.754 Unr•stricted Fund5: Vnre5trictwJ FuThJs- Rtrslrict8d by DARC Unr8StriclfA1 FuTh1s- Unr8strict8d by DARC UnwIri FutKls- Small Donat5 recewj lass costs 649,417 935,501 243,644 893,1 288,628 1,224,129
MAGDALEN COLLEGE DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025- continued PAGE 13 GRANTS PAYABLE {contlnu8dl Grants to Magdalen ¢oll•gg: 2025 2024 Grants Payablo fTom Unstricted Funds Grants Payable fvotn Restricted Funds 893,(1 9,178,754 1,224,129 2.612,262 Total Grants Payablo 10071815 3 836 391 2025 2024 D•slgnatlon of Unr•strtet•d Funds by DARC Capit81 Buildiro Projerts 649,417 935,501 649.417 935,501 GOVERNANCE COSTS Includod In tho costs of Charltabla a¢tl¥ltl•s Includes: 2025 2024 Adit Fe8 Data Protection Fee 4,499 4.200 35 FUNDRASING COSTS Includg: 2025 2024 Bank Charg8S 733 733 960 There were no 8rnploy88s during th8 r8POrting peri and th8r8fcTr nrone r8ceNed emplw b8nefts of more than £60K DEBTORS AND PAYMENTS IN ADVANCE 2025 2024 Pr8paym8nts 8nd Aecrued IrKoma Gift RecOVerae 202,473 43,797 14,284 99,896 246.270 114,180
iAGDALEN COLLEGE DEVELOPMENT TRUST NOTES TO ThE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025- ¢ontinupd PAGE 14 CREDITOR$ AC¢RUEO EXPENSES 2025 2024 4.415 493 4.200 526 Bank and Co1c0 CharyJes 4.726 AhlOUNTS DUE YO MAGDALEN COLLEGE 2025 2024 BaL8nc8 du8 to Magdalén CoNege 222.401 135693 TRUSTEES. REMUNERAnON No Trusieo reIVEd anY0untS0r rdmbursem8nl of8xp8n¥tr8 durfng thear. DONATIONS FROM TRV$TeES DUng Ihe of year. d£1Jns frL¥n Twustees arnounled to £24,629 eXL any relBteiJ fyft Airf. 12024. £137,056) DONATIONS AND LEGACIES BY FUND Comparalwe datafor 2024 2024 2024 2024 Donthn¥ Legaclès Total 275,419 952,486 1,227.905 2.477,212 135,050 2.612.262 Unrestricted Reslri¢ted 2.752,631 1.087.536 3.840.187 10 CONTROL The relalonshlp bewn th8 Tru$t8nd MagdaL9n College 1$ d8scrlb8d In the Trusiees, Report Tothk8 tktsnl thèTrusl isusIdered to be controlbd by MagdaTh Collaga ushg thtr ufconlrol 5et(xrt In FRS 102 The reglstered charlty numbtrrof M&gdalen Collég8 i% 1142149. MagdalaN Colltye's objects, as d8bad li its Ststutes, arp.. lal to fvrthgr study, leamlng, educaton and research 8nd to be 8 Co]lege vlthln the Unlversltyof Oxford wberekn n nd women may out advanced 8tudyaDd research (described In the St8tut8s a8 leamln9 and educauonl.. Ibl lo prowhJe forpubllc worship through the provlsloTh. wpport and mèinlenanctr of a Ch8po1 and Chtir. IGI insofar as Itls not Incompab wllh obpots lal and Ibx the adv8n¢srnenl of th8 arts. hefftag8. cutture aThJ SenC forthB bane¢of kne publt. The Collegtr's bYaS arn focused on furthering ts $12ted object& Bnd 1f0rthe public bonefit. Thg prinrip81 activtbes oflhe Colge 8re sthdy. ming, educaknon end research. A copy of Iha consolidatsd accounts thatkn¢lud& Magdal8n CL418g& D&V8p[an1 TrLWt Can be Obtatyd from Magdale c98. Frigh Slrnfrl, Oxford. OX14AU.