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$tratlon Number.. 273860
Trustees:
Mr O. Chow
Prof. R. Cleveland IF811owl
Mr. J.P. c￿nin
Mrs. E.C. Davl88
Mrs Y Dochi
Dr. B. P. Domayne-HayTT]an
Mr. S.M. Haslam IChalr}
Mr. D.M. Higgin5
The Rt Hon the Lord Jay ol Ewe1￿
Mr. R.P. Leethman
Mr. Thomas Meakin
Prof. J.B.W. Nightingale (Fellow)
Ms. D.G.L. R050, KC IPresid8nt of Magdalen Colleg81
Mr Y Shen IFelbwlBursar ol Magdalen College)
Mr. A.J. Todd
Mr. P. Toset
Ms. F.K Toub8, KC
Mr. J. Tumer
Tru8188s wlth Dèlogatod Authorlty to slt on Magdal•n College De¥elopm•nt and Alumnl Relations
Commltt•g:
Dr. B. P. Domayne-Hayman
Mr. S.M. Hoslam (ex-offic￿l
Mr. R.P.Lgechman
Trust Secretawy.
t S. Rainey {FellowlDevelopment DirectOT- Magdalen Coll&gel
Reg1s1oro(l Offl¢a:
ma￿JaI￿n CO1￿￿. Oxford, OX14AU
Audltors:
Moore Kingston Smth LLP
9 Appold StreaL London, EC2A 2AP
Bankers..
Natsvest Bank plc
43 Commarket Street Oxford. OX13HA
CAF Bank Lifflited
25 ￿ng$ 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 ￿e￿aratiOn of Trust is held by the Charty
Ctxnmission.
Th¢ Board ofTNst8B$ consists of4 memb8rs of Magdalan Coll*e I'the College'l. being th& Pr88k1ent 8ursai (￿h ex
Cir￿0) 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$te8s. Trustee appointrngnts and
r8liremeTrts gre sei Lmrt on p8ge 1 Tnjstees, Report.
TTU&tee no￿￿atIOnS artr tn8do by senknrTru5tses, With ad￿ce frorn Ihe Pre￿dent. AppolntsnBnts ate approved by th9 Board
ofTruslees, ￿th thg consentoflhè College through the De¥8lopmenl and ￿UMn1 Rdat￿n6 com￿￿89 ofthe
rDARC'I.
Although Trustees are ontyappointed th8 consent ofthe College. once appDinted. they act Independenty. The Twstees
nonnallyse￿ forfive years and Ihere8fter hav8 to be re-818ctsd ev￿ thr99 years. The CO￿ege also has a right to appfove
howth8 BS5ets 8nd Sncorne of the Trust are ulili5e¢. To Ihls d9grae the Colkge Controls the Tnjsl. *hough ulumately
decisi￿ gffocting thè Trust ar8 lakan by itB own Ind8p&ndentTrLFstsw&.
New Trwtees a￿ gwtin an inducuon pack betr8 theirfffsl Twstee8' meèting. The Tnjsl Secretary vptsles all Tw51ees on
Ihe reSpC￿￿bIlities of Charity trustees, In Iln8 wltti Charfty Commlssth guh1ance. The full Truste8 Board meets al ltsaston
y8ar and more often if raquired.
7he Tmsl is assl¥led by DARC. whlth meets 8118asl ￿￿te 8 ye8r and ovetsees the De¥8knpmènt Office of the College whl
15 responslblè for fundralsing and alumnl rdatlons. DARC comprfses the President, ViGe-President. Bursar, Development
Dlrector, four elected FellDWS. the Chalr of thè Trust and Iwo other non-FallowTrustees of Iha Trusl and up lo two old
mBmber5 appointed bythe Co41ag8. Tr Trusfs strategy and fundraising priorities are agraed by kne full Beard dTwstees
and are monitored. asslstad and ad￿Sed upon by DARC.
In 2006 the TruSt￿S 8greed a protocd (amended followng 8 ch8nge In Ihe College ByLaw51 setting out rB18Uonshlp
belweèn the College and th8 Trust. the dill￿On of respDnsibililies beiween the Trust 8nd DARC, and the way In whlch
da￿S1on5 are ltr be taken. This protocol is r￿eW•d each year by the TN&tse¥. The Trusttes also pass a r&$clui￿n annually,
givirkg th6 three non-FdlowTrusl09s gn DNRC authority lo apwove the d￿gna￿On ofunreslrictad donabDns ￿1th1n speofigd
Ilmlts folbvAry recommfyndabons by DARC. Tr c￿1896 prwdes the Trust cert8ln adminisirauon. fin8ndal Ènd
secretarfal servic8s, The M8gd81en SooEty be¢8me dofrnant in 2016 and the Development Offic8 is now￿lY reyponslble for
811 ￿la￿'¢n8 and events.
The flnand81 rnanag6￿nt rK91￿eS ofth& Tr￿51 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 com￿YV￿th 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[NCIPALAGfiv￿lES
The Trustee5 have de1wated thB day-to-day responsibility of ff*naging 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 coll￿e'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 aCtI￿ty relevant to the TrusL ond are satisfled V￿th 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 ￿n￿ra￿1n9 strategy. projects and execution. The cbjects of the Trust, 88 sel out in parggrdph 2 ofthe
Ded8ratiw of Ttust, arè..
'Ihe advan￿rne￿t 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 st￿ent Support Fund to SChda￿h1P5, butsarles and hardsNp grants for undergrgduate and poslgraduate
student5.
• Ihe A¢￿$ and OutTrach acti￿￿83 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 prin￿PaI s(xJrt* of (unds Is gitts and leo8cle$ from elumni gnd otherfriends of Ihe College. Strategles for achb￿r
fvndraising objecfjves are laid (xrt in the annual devebpTn8nt plan and Include 014ectDies to rneet exisiting and nèw
tuThlrasirKJ InI￿al￿eS.
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 luly￿t￿ the scheme. pgrtiGular regard to fundraising from vulnera￿e Peo￿8. The
ch8rlty h45 nal invofv8d thlrd-party fundraisers, commerck81 particlp•lors orvdunleers Véith its fundraising 8cliM1￿8. Futher.
tha tharfty has recelved no comtyainls wth regard5 to its fijndraising acu￿￿8$ 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 P￿lects. This met
conSidera￿e succe$5. vilh ov6r£10m $8cured in gift5 an¢J pledges in the curwi year.
The Ajumni Engagemént prvgrarrrn conlnuad to ￿lIId on 115 prior8UCC88s wnh 34 evenlts hdd in Oxford. London and the
US auracling 1,413 indiwdual alumnl. The Colleges communlcalioi)s oirtput, partiQLladyen soclal media, corrtinues to
receive amono81 the highest levels of engagement and audiences atxoss the Uniywsiiy.
Totsl do1)a￿C￿$ and legfjcigs for the year Includ*J 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 reL*Nod in the year ha¥8 been us8d to supportthe charStable a¢knrities of IheTNst. Nol8 2 to th8 accounts
shows h￿the 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
total￿d £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 r￿ets the c05tol running the DaV￿o￿&￿t Offi￿.
F[￿uRE PLATrI$
For 2025126. the fUndr￿sIng 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 $UPPDrt of those projects. Fundraislng f0rA￿e$S & Outreach I￿11 tèmaln É pNority
￿11 ￿ntinue kn Ii*)kfor suptxirtfor Gradual8 S¢Matshlp5.

MAGDALEN COLLEGE DEVELoPMEP￿TRUST
TRUSTEES. REPORT. ¢th￿Inued
PAOES
STATEMENT OF TRUSYEES, RESPONSIBIUnES
The Trustsas are respons5￿0 for preparlng the TDJslees' Report and thefinanci?15tatements in 8CG￿dan￿ ￿th United
ltingdom Generally Accgptsd AGry)untinB Prachcè (United ￿ngdoM ACcO￿nIsn9 Standards and appllcable18wl. Including
Finantral Repotting Standard 102.. The Finanual Rewrbng Standard ap￿i￿lIe In thg UK gnd Repu￿1GOf Ireland IFRS1021.
Th8 law applScabl8 lo charfues In Eng￿n￿ & 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 ￿p￿1¢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 Inappropr￿Le to prgsUmO that thB Charity ¥%ill
continue in business.
The TDJsts8s are responsi￿9 for keeplng properaccounbng record5 thgl di5d05e ￿￿th rnaSOna￿e 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 DedaTal￿n of Tnjst. Thtry 8¥& a180
rèsponsible for safeguarding the as88ts of th8 Charfly and hance fl￿￿kIr0 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 pU￿1$had
by ￿ Charfty Comm5ss￿Th.
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 finan￿al staterrtnts of Maotsl8n Col￿ge Devdopmpni Trust for the year èndad 31 J￿v 2025 whlch
COTtVri5e the Ststwnonl ol Fhancial Athitr88, Ihe Balance Sheet a￿1 note5 to thg finan￿￿ $1810rn8nts, Indudlng a sumtnary
of signllkant accounbng WI￿6$. The finan(xd rewrting frarn&work Ih81 has been applSed Sn thelr pr&pat81ion l¥ applicatA8
and UnEtsd I￿ngd(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 ap￿1(ati￿ of
Tesources. forth8 yearthen 8nded.,
heve been proporly prepBred In aGcordance with United Kingdrffi GeneralIyAC*p￿ 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 aP￿Icable law. ￿1r
r8¥rt)n¥ibi1￿aS under Ihose &tatKlards aro furth8r dBserfbed kn the Audlb)fs RèsponsltslthOS for tho audll of th9 finanrj
statements secbon of our raport. We are Indep￿dent of the d)arity in acrx)rdance Nyth the ethic81 reqUi￿n￿nts th8t are
rèlevaDI to our audit of Ihe fin8M818taiemonts In thtr UK, induding the FRC'S Elhi¢& Standard. and we have fulfilled our
otherelhlcal wpons1b1l￿as Sn acco￿an¢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 cOnd￿J￿d Ihat th8 twskns, use of the g￿ng ba￿$ of accountlny in the
prepafab"N ollhe flnanci81 ¥talem8ni8 is approprHte.
Basod on the worfE we havé parforpned, we have not Iden￿￿ed 8ny matert81 unc8rtain¥os relalng to 8V8ni# or tx)ndthns that,
Sndivbjually or (x>1￿1￿￿￿. may cAsl gignrfi¢8nt doubl on the chsDVs abilltyto ¢ontinu8 as a going ￿n￿r￿ fer 8 period of at
Ibasllwefve from when the financial st8tam￿ts are aulhorised for issue.
Our responslbll￿s and tha r8sponslbN￿6* of thg Irustges wlth resp8ctto goiw Conc￿ ar8 doscrfbad In tho Tr18vant sècllork%
of th1$ rewrt.
other lnlonnB￿Ofi
Th8 0lh&r informauon ￿mp￿se8 the InfomalKJn includ￿1 In the annual report okn8r than tho ￿Trandal statsrf*nts and oJr
8udllofs report thareon. Tho tmsttres aro rasponsib￿ for the olher inf0rm8ts.￿ contalned vAlhin th8 annua r8port. C￿T0p1K10
on th6 financial ststements does not cover the other infonralton and. except Io the extent otherwise expl￿rt￿ stated In our
report, we do not express any form of assurance ￿￿tau￿On thereon.
r re5POn51bi*ty 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 M￿s￿led. idènlrfy such material inwnsistencies or apparenl matsrial mi8stsltments, we are 18qU￿ed lo
deterrnine v4hett￿r th2re is a materfal ml$$taterwol In th8 financial stal8mpnls thein6efves. If, based on the v40rk we h4V9
ptrrf0￿e￿, we conclude Ihat there Is a mal8rJal ff1s$ta￿M￿nt 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 fol￿￿￿ng mgtters where the Chaiib* Act 2011 requlr88 ￿ to reportto you rf, In ￿1r
O￿nIon..
the inforrnatiDn given in ihB Tw¥l88s' Annual RerKrt is incons￿lent n any matsri81 respect w5th the fingn¢rg1 st8ternents-,
th8 charbty has not kept ade4uate accounting records.. or
the In8r￿al statements are nol In a9reeTnBtrt Ih6 axwnllng records 8n¢ rthms,.
we have not re¢elved all the inf￿rnatiOn and eW8nations we reoulred forour8ud
R￿POnSIbIlI1108 of trusta•
As explained rKw)re fully In the twstees, re5ponsibilth8s statement 881 out w paga 5, ts trusw are resp)wbl8 for the
pre￿ration of thè flnanck81 ststements end for being satisfied that thèy a tru8 and fair ￿, and for 5uth inlatnal L*nir
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 8laterr*nts, tho Iru51ees aro respons1￿8 for asses$kng thè charws abllity to Gontinue as a
rxKern, disclosing, as applIcab￿. mgtlers r￿8￿ to going wncgm and uslw Ihe golng concern basls of accountlng un1è88
the Iwstees erfherinlend b liquldate the th8rftyorto ¢e8se owgtions, orhwe no re￿Ist￿ altemal￿@ ￿tt0 do 80.
ditoVs Rospon$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 ￿￿J￿nCe wmh regulatv)ns
rr0de undersect￿n 154 (rflhal AGL
Our ￿eCtiveS are to obtaln r8asonabk8 as8uranc8 about whether the financ￿1 slatemBnts as 8 whole 8re free Irr￿ material
isstater￿t. whetsr due to frBud or8Tror, and to Issu8 an audlo¢s r9￿rt that Includes our opinth. R8&sonabl& as$uranc&
is 8 h 0188surance. bLrt is not a guarantee that 8th audlt conducied In 8¢o)rdan¢￿ Iskn IUKI wll ￿WayS deloct a
fnaterial misstatem8ntwhen ￿ 6￿8￿. Mi8s18temen15 txn a￿sefro[n fraud Dr Bmr8ThJ are considered material W. indi￿dual￿0r
In agoregate, they Ctyj￿ reasonably be •Ko8cied lo intluen¢e the econoffliG decb5iUnS of u¥er8 taken on the bays of th888
financlal 8tat8rnentfj.
part of 8n audit Sn ar£ordaKe ISA6 IUKI we éxerds& pnless]onal judgement and mBlntsln sceptklsm
throughout Ihe audit Wè also..
Identify and assess Ihe risks of trAtsrL*l mi8sl8lam&nt of the finanual statements, vihether due to [￿ua or error. dewgn and
perfomi a￿a￿t procedures responwve to those risks. and ubtaiN audit e￿Ien￿ that is suThrienl and 8ppfLPri81tr to provlde
ba51s for our oplnlon. ThB rlsk of Dot detecting a mgtedal rnisstatetnsnt rèsu115Dg from fraud Is higher than for one resu￿￿9
err￿, as fraud may involvè ¢dIusi￿. forgery. intentsonBI ￿￿￿SS￿nS, mk%r6pras8ntal￿n$. or the ovemde of Inlpmal
control.
Cbtaln an und•rstan¢kng of inlerngl control relevalll to Ihe audll In order to deslgn audit prO￿dureS 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 r4*￿1
di8doSU￿ Tr￿10 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 con*m If we conthde that B malerF81 uthcert8inty e￿$ts. we are required to drnw
att9ntion in our Budltorfs report to thè relatod d18do8urg5 In Ihg finanaal staletn8nts or, if suth dl¥dosur89 are inadequ@te, tD
mcNJKy our opinlon. Our conclusions are ba￿d on th8 audyL8￿￿encfj obtsined up to the dats ofourau(Ilo¢$ report. However.
fubJTr events oreondilon$ may cause the charitylo ceasè to ts)ntinu8 as a going con¢￿Tr.
Evaluate tho overall p￿Santa￿On, 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 any5lgnifitsantdef￿erKieS 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)D￿mpli8￿Ce %rflh L8WS and regulations. We des￿￿ procedure5 In line with
r reSpon￿￿11110$. ouuined 8bov8. to d8lect m8t8rial rri¥statemenls n respeBt of Irreg￿la￿lIes, indudlng fraud Th& 8xtsnt to
wh￿h rNJrpFo¢8dur8s are capablo of d81e¢Ung irrggulariues, I￿ludI￿ fraud ￿ detaiknd below.
The obisctives of our audit in réspect of frdud, are., to idenlify and 8S5ess the rigks of material ML%¥tatsM￿l of lh8 fHFandal
s18tements due to frwd., to oblain 5uffi(ienl approprfale &udlt evhJ8nce reoardlng the assessèd risk6 of Tnaterial misslalemEnl
due lo frdud, through deswning ImrAemanting 8pproprf8te responses to those assessed risk5.' and to rgsFx>nd
aFproprWty to knstances of fraud or suswl8d frtud ￿J&￿rIed during Ihe audit. However, Ihg prtmary responslblty tor the
prevenuon and dets¢lh)n offraud re8tswith both tnanagementand those r*8ro&4 with governaKe ofthe charity.
Ourapproach wa5 as fol￿5..
W8 obtBlned an understanding of the legal and regulatory re4uirements apklkst48 tD thtr Gharity and mn8Kler8d that the mDSt
gnrfi¢8nl are the Ch8ntie$ Act 2011. th6 Ch8rty SORP, and UK financ&31 reporbng stsnd4rd5 as iswed by the F￿an￿OI
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 $tatpmÈnts, INdudlrKJ the rlsk of matsrfd ￿$S￿teMent due to
fraud and how11 mbhl ctcur, by holdino dlsw&8K)nsv￿th manayement 9nd bhtrse charged wtth 9)V8m8nce.
We inquired Df rnanagerneTrl and those tharged govemance 0$ b) any kn￿ Instances of n￿.¢0m￿sanc8 orsu$peGtsd
nDll-L¥Jfflplianr£ wlth ￿wS and rggulalk)ns.
Bssed on this understanding. we d￿Igned spe¢Kk 8ppropriBt8 a￿lit P￿cedurES lo i(tentity instanw of non-complience
law$ and reoulations. This ir￿Ud￿d making eryuiries of managemenl and those chaiged ￿th ooveMan¢e and obtainlng
a￿d￿v￿al CGrruborativ8 e￿den￿ a5 required.
Trtsrè ar9 Inhtrrent I￿rtatIonS In the audit procedures d95crfbed 8bove. We are less1￿8￿ to become aw8r8 of ￿8￿nG*S of
noll-compliance with laws and reoubtion$ that are not dosely rel8ted to event5 and transaBtions reflected in the financ￿1
steterrents. Also. the risk of not delecUNJ a malgrial mis$talemanl du8 lo fraud is higher than ihe risk of not delecllng ono
r•sU￿n9 from effor, as Iraud may Involve deliberats CDncealmenl by, forexample, forgory or Intentlonal misropresantats"Tri$, 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
o￿nIon 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 Compan￿sAct2O￿.

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 Fo￿ard at 01.0824
20.ori)
20,000
20,000
Balan￿S 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
unreStr￿ted
20.0
zo.000
20,000
Approved ancl autho￿sed forlssuè bythe Board of Tru51ees and s￿ned on its beha￿0￿ 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 p￿pared 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 r￿uIrementS to ensure greater alignrnenl with
FRS 102 and the needs of M￿ern fin8noal rekK)rting. These Accounts have been p￿Pared 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 $taternenis of its parent charity. M8gdal8n
College.
Golng Concom
The Trust88s have assessed whether the u58 of th8 going concw basis is appropriats aThl have Considered
possible events or condrtions that M￿h1 casl signffjicsnt doubt on the ability of the Charityto continue as a
going conc8m. Trustees are satisfied that the Charlty has very limlted fixed wsts and wll have suff￿1￿nt
liquidlty to operate for at least th8 next twelve months from th8 dat8 of approwdl ol th85e financ4al Statements.
The Charity therefore continues to adopt the going concem basis in preparing its fiTranrA818tatements.
Ineom•
AJI inwmo is included in the Statement ol Financial Actmues when the Charity is legally entiU8d to the inc0rn8
8nd th8 8rn0unt can b8 quantif18d wth r8asonable accuracy. Legacies are ￿C00n18ed followlng grant of
probate and once the Charty has recewed sufficient inforrn8Ion frorn the executorl51 of the deceasod's eslate
to be satisfied that the glft can be rèliably measured and Ihal the erx)nomi¢ benefil to th8 Charity 1$ 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$ts of running the D8vdoprn8nt OffKe being met by the College.
Restricted funds are funds a￿ to be used In 8ccord8nc8 th 8p8afic r88trictk?ns Impose(I by OO￿OrS or
whlth hav8 been rdi56d by the Trust for pai*cular purposes. When donabons are received. pro*i$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
s￿rts & Soogtbs
Studont Support Fu
Student Suppcft Fund- Current Us
Stud8nt Support Fund- Nam8d Bur5ariBsIScho1arship￿lIZe5
The John FEttham BCL Graduate SchoL9rship
Tutori8t Teaching Fund
T￿Y 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 Donat￿￿5 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 Un￿stricted 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
A￿dit 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 nr￿one r8ceNed emplw b8nefts
of more than £60K
DEBTORS AND PAYMENTS IN ADVANCE
2025
2024
Pr8paym8nts 8nd Aecrued IrKoma
Gift RecOVera￿e
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 Co1￿c￿0￿ CharyJes
4.726
AhlOUNTS DUE YO MAGDALEN COLLEGE
2025
2024
BaL8nc8 du8 to Magdalén CoNege
222.401
135693
TRUSTEES. REMUNERAnON
No Trusieo re￿IVEd anY0￿u￿ntS0r rdmbursem8nl of8xp8n¥tr8 durfng the￿ar.
DONATIONS FROM TRV$TeES
DU￿ng Ihe of year. d£￿1￿Jns frL¥n Twustees arnounled to £24,629 eX￿L￿￿￿ any relBteiJ fyft Airf.
12024. £137,056)
DONATIONS AND LEGACIES BY FUND
Comparalwe datafor 2024
2024
2024
2024
Donthn¥ Legaclès
Total
275,419 952,486 1,227.905
2.477,212 135,050 2.612.262
Unrestricted
Reslri¢ted
2.752,631 1.087.536 3.840.187
10 CONTROL
The relalonshlp bewn th8 Tru$t8nd MagdaL9n College 1$ d8scrlb8d In the Trusiees, Report Tothk8 tktsnl thèTrusl
isu￿sIdered to be controlbd by Magda￿Th Collaga ushg thtr ufconlrol 5et(xrt In FRS 102
The reglstered charlty numbtrrof M&gdalen Collég8 i% 1142149.
MagdalaN Colltye's objects, as d8￿bad 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 Incompa￿b￿ wllh obpots lal and Ibx the adv8n¢srnenl of th8 arts. hefftag8. cutture aThJ S￿enC￿
forthB bane*¢of kne publt.
The Collegtr's *bY￿aS arn focused on furthering ts $12ted object& Bnd ￿1￿￿f0rthe public bonefit. Thg prinrip81
activtbes oflhe Col￿ge 8re sthdy. ￿￿ming, educaknon end research.
A copy of Iha consolidatsd accounts thatkn¢lud& Magdal8n CL418g& D&V8￿p[￿an1 TrLWt Can be Obtaty￿d from Magdale
c￿￿98. Frigh Slrnfrl, Oxford. OX14AU.