vvvv Ll MAGDALEN COLLEGE SCHOOL FOUNDED IN 1480 BY WILLIAM OF WAYNFLETE MAGDALEN COLLEGE SCHOOL OXFORD LIMITED {A Company Limited by Guarantee) ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Registered Company Number.. 02106661 Reglstered Charity Number.. 295785 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED YEAR ENDED 31 JULY 2021 CONTENTS Page No Govemor5' Report Géneral Company Infomation Slratagic Rewl 9-19 Independent Auditorfs Report 20-22 Consolidated Statement ot Financjal Activities 23-24 Group and Company Balance Sheets 25 Consolidated Slatemenl of Cash Flow5 26 Notes lo the Financial Staternents 27-42 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED YEAR ENDED 31 JULY 2021 GOVERNORS, REPORT The Chaimian and Govemors of M8gd8len College School Oxford Limited piesènt their Report for the yèar *rKled 3141 July 2021 under the Charities Act 2011. This Report includes the Govemors, Report and the Strategic Report, together with the audited financial statements for the year. The Chairman and Govemors, who are Directors of the Company and trustees ol the charity, Confirm that the audrted financial slatements comply with the requirements of the Companies Act 2006 and with the Company's Memorandum and Articles ofAssociatson. REFERENCE & ADMINISTRATIVE INFORMATION Magdalen College Schtsol was founded in 1480 bywilliam ofvvaynflete. It was esta￿lS￿ed in 1987 as a charilable company, charity registration number 295785. company registration numbei 02106661. The Members of the Company are the President and Fellows of Magdalen College Oxford and the Bursar of Magdalen College Oxford, and the liability of the Members is limited to £1 eath by guarantee. The Regisleied Office and principal addiess of the Company is at CovAey Pla¢0, Oxford OX4 1 DZ. OBJECTS, AIMS AND PRINCIPAL ACTIVITIES The Objects of the Charity, in accordance with its Memorandum and Articles of Association, are to promote and providè for the advancement of education of children in the United Kingdom and in connection therewth lo conduct, orry ¢n. acquire and develop any boarding or day school or schools. The School is a selective day school foi boys between the ages of 7 and 18 and girls from 16 10 18. Shaped by its Christian collegiate foundation and by its links with the university city of which it is part. the School aims lo inspire in all its pupils a desire to leam. to liourish and to serve. The Junior School Iboys aged 7-111 retains an identity separatè from the Senior School111-181. being located in School House but making extensive use of the wider Scho)I's facilities and premises. The School educates the boy choristers of Magdalen College. who nLJmber up to 16 at any one, litne under the terms of Ihe College's fourKling charter. In 2020-21 the average number of pupils enrolled was 943. including 135 in the Junior School. The Governors. in consultation with the Master and Senior Management Team, Te9ularly rèview the School's Aims and conducted such a ￿VIeW at the Governors, Away Day Iheld virtually) in March 2021. The Sthoo1's aims are as follows.. To facilitale a full and rich inlellectU818nd moral education in a libeT81 community, fostering a joy in learning whid) enables each pupil io develop an independent and searching mind. To nurture confidence and a wllingness to embrace a challenge, developing each indiwdual's participation in and enjoyment of a broad range of pursuit5. both within and beyond the classroom. To provide a safe, friendly and supportive environment in which indithduality is valued through mutual support, respe¢l and toleration. To equip pupils lo make a positive and lasting contribution lo thair communities, both now and in the fuiure. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng Document The Company is governed by its Memorandum and Artides of Assocsation dated 5 M8r¢h 1987. Governors. Dirèetors and Charity Trustees The Governors of Magdalen College School are the School's tnjstees under charity law and the directors of the charitable company. The members of the Governing Body who served in office as Governors during the year, together with their membership of the various committees of the Boaid, are listed below and given in the table on page 5. In the list below" denotes a Governor nominated by Magdalen College Oxford. IAAGDALEN COLLEGE SCHOOL OXFORD LIMITED YEAR ENDED 31 JULY 2021 GOVERNORS, REPORT (CONTINUED Dr Paul Withèrs Chairman Senior Independent Director of Tyman plc. Fomier dire(*or of Keller plc until 31°, July 2020. Trustee of Cambridge University Boat Club Foundation and parent of one fomier pupil. Professor Stuart Mackenzle. Viee-chalrman Professor ol Chemistry at the University of Oxford and Offidal Tutor in Physical and Theoretl¢al Chemistry at Magdalen College. Parent of one ojrrent pupil. Adrlan James Vlee£haimian Architect and member ol the RIBA. Founder and director of Adrian Jame8 Architects Limited. Parent of one former pupil. Professor Constantin Coussios. Lecturer and Tutorial Fellow in Engineering and Professorial Fellow of Magdalen College Oxford. Parent of three current pupils. Tim Edwards IRetired December 20201 Director of Record plc.. Truste8 of the Institute for Research in Schools., Chair of Storm TherapEUties Ltd, Kaius Therapeuti(s Ltd and AstronauTx Ltd. Parent of tsvo lormer pupils. Simon Hop• Group Executive Director of Savills UK Ltd, Chaimian of Tilstone LLP, co-foundÈT and nonoxecutive of the Warehouse REIT, Chairman ol Racing Homes and Trustee ol Racing Welfare. The Jockey Club's charity. Parent of three fomier pupils. Professor Daniel Kroening" (Retired March 20211 Professor of Computer scien￿ at the University of Oxford and a Fgllow of Magdalen College120071. Parènt of one current pupil. Judy Brook¥ Longworth (Retired December 20201 Fomedy Development Director at Balliol and University Colleges (Oxford) and Radley College. Jan Phillips Partner ol a US intemational law fimi {man8ging partner and head of tax practice in the London office, leader of graduate recruiiment programme and compliance officer for finan￿ and administrative matters). Dr Rachel Phillips Consultan( Radiologist at The Churchill Hospital and Honorary Senior Clinical Lecturer al Oxford University. Fellow of the Royal College of Physlclans and a Fellow of the Royal College of Radiologists Robert Price Former Leader of Oxfoid City Council 2008-18,Chair of Trustees, Pegasus Youth The8lre,V15iting Fellow, Blavalnik Schi)01 of GOv￿n￿ent University ol Oxford. Board Member, Oxford Playhou$8 a￿1 Oxford Phllh8monl¢ Orchestra. Dr Riehard Saldanha Director of Oxquant Consulting Ltd.. 5ndependent Adviserto Oxford Portfolio Advisers Ltd., Teaching Fellow In the School of Economics and Finance, Queen Mary University of London. Parent of one fomier pupil. Ben Vessey Head of Canford School. Old Waynflete. Charles Young (Retired Decernber 20201 Formedy Investment Bursar and Fellow of Magdalen College Irebred 20141. MAGDALEN COLLEGE SCHOOL OXFORD LIMITED YEAR ENDED 31 JULY 2021 GOVERNORS. REPORT (CONTINUED) Professor Martln Bridson. (Joined Juno 20211 President of the Clay Mathematics Institute,. Whitehead Professor of Pure Mathematics; Fellow of Magdalen College Oxford. Parent of one current pupll. JIM Hawker (Joined June 20211 Co-founder of Threepipe Reply,. board Iruslee VITgin Money Giving.. Investor Shandy sh￿k. Old Waynfflele. Allee La Trobe Weston lJoined Junè 20211 Senior Investment Analyst, Snowball Irnpact Asset Management.. Trustee of The Pilgrim Trust- Trustee of Waterharvèst Govemlng Body and Governan¢o During the year under review, 17 individuals served as Govemors. Four individuals retired during the course of the year and Ihreejoined. At 31$1 July 2021 the Board ofGovemors numbered 13. The ma¥imum numberof Govemors. as approved by the Members. is 16. Govemors a￿ required under the MeTTK)randum and Artides ol As50¢i8tion to serve as DI￿lor5 of the Company. They also serve as Trustees oflhe Charity. Th8 Chair is supported by Vic¢-Chairmen (Stuart Mackenzie and Adrian James) and by the other members oflhe Gtsveming Body. Three Governors are norninated by the Governing Body of Magdalèn College Oxford lo represent the Members. interests. Other Govemors are idenb.fied and chosen by the Board's Notninations Committee and are proposed to a meeting of the full Board of Govemors. Candidates, selection is based on eligibility, personal cornpetenee and specialist professional skills which can benefit the School., lo￿1 availability is also a consideration in order to facilitate attendance al meetings. The Nominations Cotntnittee meets at least annually and a5 often as ￿quIred. All Governors. as Trustees. give Iheirtime freely and no remunerats.on is paid to them. No Governor or a person connected wlh 8 Governor received any b8nèfit from either contractual WO￿ from Ihe School or any form of f88 remission. Nèw Governors are inducted into the workings of the School as a Company and as a Charity by their attendan￿ at the lermly meetings of the Board of Governors and the various committees. New Governors may attend these meetings as observers before they take up their posrtion as a Govemor. They are issued wilh the AGBIS lAsS￿latIOn of Goveming Bodies ol Independent Schoo151 Guidelines for Governors and the Charity Commission's 'The Essential Trustee as well as further guidance specific lo the School. Govemors are encour8ged to attend courses run by AGBIS. Governors are also encouraged and are expected lo attend events during the School year le.g. Open Days, Prize-giving. Commemoration. and the major dr8m8 events and concertsl, and occasions al which they are particul8rfy welcome to observe first-hand various aspects of the School's daily Ilfe. including days in School obseNing lessons, drama. mussc and sporting activities. Section 172 ?tatsmènt- promotlng success of Magd8l•n College School Under sectson 17211118) lo Ifj of the Companies Act 2006. directors of a company musl ad in a way most likely to Promote the success of the company, and in doing so must have regard lo.. the likely consequences of any decisron in Ihe long term the interests of the company's employees the need lo foster the Company's business relakn'on3hips with suppliers, customers and others the impact of the comp8ny's operations on the comrnunity and the environrnenl the de5irabilily of the wmpany maintaining a reputation for high standards ot txjsinèss conduct the need to act fairly as beiween members ofthe company In outline, the Chairrnan and Govemors, who are the Directors of Ihe Company and Trustees of Ihe Charity fuKIl their duties as follows.. Govemance, risk manag•mènt and oversight of decision making.. Whilst day-to-day decjsion making 18 delegated lo the School staff, the Governors retain oversight of the School's performance through the cornrnittee structure. Committees ensure the management is ading in accordance with the strategy, policies and delegated authorities agreed by the Board. The School'5 aims and ethos are clearand strong, and underpin all decision making. thus ensuring the Goveming Body's intent pervades all aspecis of School lif¢. MCS is approaching 115 550th annNers8ry in 2030. and the Governing Body ensures Ihat decisions are taken to ensure the success of the School for at least another haw millennium. For further delalls of Governan￿ structures see pp.&6 and risks p.18. MAGDALEN COLLEGE SCHOOL OXFORD LIMITED YEAR ENDED 31 JULY 2021 GOVERNORS, REPORT (CONTINUED) The MCS Community and the wider Community: The Governors recognise that all members of the MCS C¢Jmrnunity." staff, pupils. parents. Old Waynfleles and trusted commercial partners S￿ integral to the long-terrn success of the School. MCS, excel￿nt feputalion is founded on the quality of 115 edLJCational provision, and Iherelore the Governors ensure that the staff remuner8tion and benefits package continue5 to attract high calibre staff acT053 all areas of the school, and there is a strong focus on staff welSbeing and professional development, The School h85 well developed communication structures with different soctions of the Community. and key messages are shared regularly. The Chairman of Governors cornmunicates at various points through the year to a11 parents and staff. The Governors are mindful of MCS. impact on, and iesponsibility to, the wider cornmunity in OX4 and the City of Oxtord in particular,. and this is evident in ils successful and extensive Partnership work. For further information about the School's public benefit activitie3 see pp.11-12. Maintsining a Teputstion for high standards of business conduct.. The Governors recognise Ihal high educational standards are vital lo the success of MCS, and thal these are driven by a staff and an organisation as a whole that has high standards of business conduct. The Governing Body works to ensure the Schwl reaches the highest regulatory standards sel by the Independent Schools Inspectorate. See p.13-14 for futher infomation a)out Ihe School'5 achievements and thè ISI Regulatory Compliance Report can be read here. Organisational Managgment The business of the Governing Body is carried out through meetings of the Board and its committees. Infomiation on Ihe membership of these wmrnittees is provided on page 6. The Board of Govemors meets fouT times per annum. The September meets.ng is a rewew and planning meetlng at which the Board considers progress made towards the achievement of 51rategic objectives during the previous year. and identifies likely themes lorthe forthcoming year. The meetings in Decernber, March and June are deusion-making sessions, at which thè Board receives reports and considers recommendations from the various sub-committ8aS. In addition to the four scheduled meetings per annum Governors meet for an Away Day each March at which rterns of strategic importance are discussed. Of the committees, the following meet at least once per temi: Education Fin8n¢e & General Purposes {F&GP} Estates Development Intern8tionalization The Nominations and Remuneration Committee meets al least annually or as required. The Dlsbursements Commiitee, which includes Iwo Govemors, meets trice a year. Cornmitte8 membership may also include co-opted non-Governors to offer professional advice and experience in their fields. The Master attends meetings as an ex officio mernber ofthe Board and of each sub-committee. The Clerk to the Govemors (also the School's Bursar) attends meeb'ngs and acts as SeC￿tary to the Cornmittees. The Usher, the Deputy Head {Academicl and the Deputy Head IEduc81ion Development) attend meetings of the F&GP Committee, Education, and Disbursements Committees as ex officio members of those Committees.. the Usher attends rneetings of the Estates, Development and Intemaliona1ization Committees as an ex officio mernber irfthose Committees. Other membèrs of staff of the School attend sub-committee meetings as fequired and when their areas of responsibility are discussed. The day-lo-day running of the School is delegated by the Govemors to the Senior Management Team of the School {comprising the M8Ster. the Usher, the Bursar, the Deputy Head (Academic) and the Deputy Head (Education Developrnenl)). The Senlor Management Team is in (urn supported by the Masterfs Advisory Comrnittee, which includes the Head of th8 Junior School. the Head ol Sixth Fomi and other members of the School's tea¢hing and support staff. The Senior Management Team holds a temily meeting of the Health & Safety Committee whlch one Governor attends. MAGDALEN COLLEGE SCHOOL OXFORD LIMITED YEAR ENDED 31 JULY 2021 GOVERNORS, REPORT {CONTINUED) Governors and m*mb•rshlp ol commlttees 2020- 21 141 161 17) 181 Pwrthers Chairof Governors. Chairef Nominations and Remuneration Comffliitee ViGe-Chair, Chair of Education Cemmittee Vice-chair. Chair of Estates Committee Chair of Edu¢abon Commllts¢ (Rell￿d December 20201 (Retired March 20211 (Retired ￿e￿mb￿r 20201 Chwr of F&GP Committee Prof S Mackenzie. A James Prof. C Coussios. T Edwards Prof D Kroening ' J Longworth R Price R Saldanha B Vessey C YouThJ Dr R Phillips Simon Hope Prof M Bridson" Jitn Hawkei A La Trob8 W8Ston Chair of In￿mationall28li0n c￿mi￿ee (Retired December 20201 halrof Development Committee lJoinÈd June 20211 (Jeined June 20211 (Joined June 20211 111 Finart￿ and General Putposes Commrttee 121 Education Commthe 131 Estates Committee 141 Nominations and Remunerats"on Cormiitee 151 Oeveloprnent Committee 161 Health and Safety Commrttee 171 Inlernalionalization C(Nnmittee 181 D15bursement5 Committee ' denotes a Governor nominated by Magdalen Colkge Oxford Governors. Policses As a charitable trust, the School seeks to benefit the public Ihiough its stated aims. The Govemtsrs set the academic fees èach year so as to ensure the School's continued financial viability while providin9 an eX￿l￿ent education to its pupils. who are welcomed from all backgrounds. In setting fees, the Governors consider factors suth as.. the reoiuitmenl and rètèntion of the most able teaching and professional staff.. the maintenancè and refurbishment of Premises and facililieslo ènsu￿ a safe environment foT pupi15 and onevthich *acilitate5 high quality academrc and extra-curricular activities". the School's policy wth respect to finanaal reserves., the affordability of the School for current and potential pupils and their families. The School provides financial assistance to pupils who might othetwise not be able to 8ttend the School via a bursary s¢*etne under the direction of the Bursar, the Registrar and othèr key members of staff. Entrance examinations and interviews are undertaken to ensure that potential pupils will be able to cope with the pace of leaming and to benefit from the high level of education and exlra-curricular activities which the School provides. The School's published policies include its commitment lo equal opportunity and to a working environment that Is free from any form of diserimlnallon on the grounds of colour, race, ethni￿ty, ieligion, sex, sexual orientation or disability. Reasonable adjustments ale mad& on a ¢ase-by-case basis to meet the needs of staff and pupils who are lernporarily or ￿[[nanentlY disabled. Pastoral care. and the welf8re and 8afeguard1ng of pupils, are given the highest priority by all staff. The school nurtures 8 cuSture of openness and confidentiality In order to ensure that pupils always have someone to talk to. and that stsff are appropriately infomied so as lo best support pupils. House tutors are the first port of call for pupils and parents., tutor teams are led by Heads of Year who are given the time to get to know the pupils alongside house tulors,. Head5 Qf Year report to Heads of Section. and the Usher as Deputy Head Pastora1. The Head of the Junior School and Senior School Heads of Section are Deputy Designated Safeguarding Leads, the Usher is the school's Designated SafeguardirvJ Lead. The School Medical Centre provides further support, looknng after both the Physical and Mental Health of all pupils. The Medical Centre can refer pupils to secondary Care, which indudes Ihe school counselling service. The School Chaplain offers pastoral support to Ihe whole of the sthool ctsmmunity. MAGDALEN COLLEGE SCHOOL OXFORD LIMITED YEAR ENDED 31 JULY 2021 GOVERNORS, REPORT (CONTINUED) The school has continued to nurture excellence in diversity and inclusion through the ac3demic year, building on existing policies and structures. In the Michaelmas Temi, the organisation Flair carried out and reported on an anonymous survey on attitudes to race and raasm in the school. In the Hilary and TrinityTerms, the school developed an Action Plan in response to Everyone's Invited, authored by input from pupils, stsff and parents. The plan inform5 all the school's ongoing work on diversity and indusion. STATEMENT OF GOVERNORS. RESPONSIBILITIES IN CONNECTION WITH THESE FINANCIAL STATEMENTS The Governors Iwho are also directors of Magda￿n College School Oxfjord Limited for the purposes of cornpany lawl are fesponsible for preparing the Annual Report and the finanual statements in accordance wth applicable law and Unitsd Kingdcm Generally AC￿pted Accounting Practice. Company law requires the Governors to prepare flnanaal statemen15 for èach financial year. Under company law the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resources, includin9 the incomè and expendilure, of the charitsble company for that period. In preparing these financial statements, Ihe Governors are required to.. select 5Ultable accounting poI￿leS and then apply thern consistently., observe the methods 8nd prinGiples in the Charities SORP (Statement of Recommended Pradicel.. make judgrnents and estimates that are reasonable and prudent.. slalewhether applicable UK accounting standards have beenfollowed, subject to any m*erial departures disclosed and explained in the financial statements., and prepare the financial statements on ihe going concem basis unless it is inappropriate lo presume that the charrtable company will continue in business. Thè Govemors are responsiblefor keeping adequate 8r£ounting records that are Suff￿len1t0 showand explain the charitable eompany's transactions. disclose with reasonable aecuracy at any time the finan(ial position of the charitable company, and enable them to ensure that the finar￿131 stalemonts comply with the Cornpanies Act 2006 and the provisions of the Charity's conslitution. They are also responsible for safeguarding the assets of the Charity and the Group, and hence for tsking reasonable steps for the prevention 8nd dete¢tion of fraud and olher irregularities. So far as the Governors arè aware, there is no relevant audit irrfomation of which the companls aLiditor is unaware. The Govemors have laken all the steps that they ought lo have taken as Governors in order lo make themselves aware of any relevant audit inform*¢on and lo establish that the companls aydilors are aware of that inforM81ion. Dr P N Withers Chair ol Governors 1st December 2021 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED YEAR ENDED 31 JULY 2021 GENERAL COMPANY INFORMATION Members.. The President and Fellows ofthe College of St Mary Magdalen, Oxford f'magdalen College, Oxford'l The Bursar of Magdaltrn Collage. Oxford Registered office.. Cowley Place Oxford OX4 1DZ Registered company number. 02106661 Registered charity number 295785 Bankets.. National Weslrninsltrr Bank plc 43 Cornmarkel Street Oxford OX1 3HA Svenska Handelsbanken AB Seacourt Tower Wesl Way Oxford OX2 OJJ Solicitors.. Royd Withy King Niyth Bailey House New Inn Hall Street Oxford OX12EA Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH A￿li10r Critchleys Audit LLP Beaver House 23-38 Hyihe Bridge Street Oxford OX12EP Investment adviser.. Cazenove Capital Management A trading name of Schroder & Co. Ltd 1 London Wall Place London EC2Y SAU Oxford University Endowment Mgl 27 Park End Street Oxford OX1 1HU Insurance broker. SFS Group Ltd Spring Court Dorking Surrey RH4 1EB Master.. HLPike Usher.. T M G J Beaumont Oeputy Head (Academic).. 8 D White Deputy Head (Education Developmenl}- Di S R cra￿Ord Bursar and Clerk to GoveTnor3'. AHWest Head of Junior School.. T E Skipwth Head of Sixth Forrn.. Or C G Pearson MAGDALEN COLLEGE SCHOOL OXFORD LIMITED YEAR ENDED 31 JULY 2021 GENERAL COMPANY INFORMATION ICONTINUED) Group Structure and Relationships The S¢hool has Iwo wholly-owned non-charitabie subsidiaries.. Magdalen College School Asset Management Limited.. Magdalen College School International Limited. The activities And trading perfomiance ofthese companies durin9 2020-218re dèscribed in Ihe FinanGialReviewandResults of the Year below. The School is a member of the Headmasters, and Headmistresses, Conference {HMCI, the Association of Governing Bodi8S in1ndependent Schools IAGBISI. the Independent Schoo15 BursaTS Association IISBAI and the Independent A$8oci*ion of Prep Schools IIAPSI. the Council for the Advan￿Ment and Sijpport of Education {CASEI. and the Institutè of Devolopment Prolessionals in Education IIDPEI. MAGDALEN COLLEGE SCHOOL OXFORD LIMITED YEAR ENDED 31 JULY 2021 STRATEGIC REPORT The School's objectives are sel by the Governors, after carefi21 consideration of the Charity Commission's general guidan on public benefit, and in particular of ils supplementary public benefit guidance on advancing education. The main objective remained consistent with previous years.. the provision of both an excellent ￿adeMiC education and of a wide range of extra-curricular activities to the School's pupils, 50 that pupils might be equipped to make a positive difference now and in the future. The extent to which the School is meeting its main objective was examined in March 2017 when the School was subject to Focused Compliance Inspection and Education Quality Inspection by the Independent Schools Inspectorate. and again in January 2020 when an interim Focused Compliance Inspection was carried out by the ISI. In both 2017 and 2020 the School was found to be wholly compliant with the standards Specified in the Education {Independent School Standards) Regulalior 2014. The Education Quality Inspection Report was highly cotnplimentary of the School, commenting on the 'exceptional' achievements ol pupils in academic and extra-curricu18r spheres. and the high quality of leaching provision throughout the School. The School was glad to receive such an endorsement. athough il remains focused on continued development. Strategi¢ Developmènt Plan The Master and her Senior Management Team have produced a Development Strategy for the School based on three strategic tenets-. to remain a top-flight academic school vthich is 8 5eadlng 8nd guiding educational voice in the UK and beyond: to build on extra-curricular excellence by improving currenl success and ensuring a rèputation for that excellence locally and nationally., and to operate on a sustainable basis which secures an MCS education for future generatlons of pupils. regardless of their background. During the year 2020- 21 the focus of the Pastoral, Academic and Professional Development Policy Comiltees, as set by the Senior Management Team, has continuad to be on the School's fourth 8im-. lo equip pupils lo make a positive and lasting contribution lo their communities, both now and in the futurè. The focu5 during 2020- 21 has been on taking fO￿ard the new initiatives inplemented during the previous two yèars while ¢ontinuing to innovate, including.. bedding in the introduction of Computer s¢Aen￿ al IGCSE (now three sets} and offering il as an A-Level from September 2019., providing greater choice of Modern Foreign Languages IMFLI at IGCSE and inlrodudng Mandarin as the first non-European MFL at MCS from September 2D19", reform of language teaching and offer in the Junior School., followng very positive feedback from pupils and parents, buildiro on the successful introduction of an Activities Aftemoon in the Junior School with very small impact on core acadernic delivery.. continued reflection on marking and assessment timing.. introduction of a Sixth Form Open Evening and Second Fomi tasteT evening. embedding and reviewing the Li￿.UM IPSHCEI curiiculum., continued work on disposilions., the formation of a Digital Strategy group to look at this area of the curriculum in greater depth partnerships work crystalllised around OX3 and OX4 postcodes in particular, inGluding the Rose Hill Community Larder which remained operational throughout ltsckdown. Work with Walters and Cohen Architects on a new Estates Maslerplan forthe futu￿ ofthe School A successful summer bursary campaign. Conveniamus, to support the school's endowed bursary ambitions and to support hardship applications the school successfully secured fvnding from the DFE one of its partnership initiatives During the year there has continued lo be a focus on the development ol the Junior Sch¢)ol. The future of the Junior School foms a key element of the School-wide Development Strategy. During 2020-21 the School has continued to inve51igale, with advice from our architects and plann8rs, the potential for developing the JunioT School within its current home, the late century School House. The pandemic accelerated the work of the Digital Strategy group, and the S¢h()ol created the Virtual MCS platfom in order to deliver home and in future blending learning with optimal effect. MAGDALEN COLLEGE SCHOOL OXFORD LIMITED YEAR ENDED 31 JULY 2021 STRATEGIC REPORT (CONTINUED) Thg senior team 8150 worked on the summer on new Diversity and Sustainability slratsgles. for WOTkshopping and implemenlalion durin9 2020-21 and beyond. Govèrnors review the DeveloF¥nent Strategy. particularly al the annual March Away Day. Public B8nèfit= Prineipal actlvitiès The School's prinripal activity is lo provide a high quality education to pupils trorn Oxfordshire and neighbouring counties from the ages of 7 to 18 for boys and from 16 10 18 for girls. During the course of the academic year il had an average of 943 pupils. Entry ft>r boys takes place at ages 7, 11. 13 and 16, and lor girls 8116. The School continues lo have a large nurnber of applicants of high academic ability for the places on offer. The School doe8 not offer boarding facilities, 80 a pupils are day pupils. Publie Benefit: Flnanelal support for puplls (access and bursarie¥l Entry to the School is based on examination and interview. It is not. however, limited to those whose family cir¢um$tancos enable thèm to pay the fees in full. The School is a diverse community and pupils dearly benefit from mixing with and nderstanding the perspectives of pupils from broad social backgTounds. The School's bursaries policy has been put in place to ensure that qualtfying entrants frorn families who would have difficulty in paying the fees can access the high quality education that the Sd)ool offers. The Govemors. Bursary awards are offered on a means-tested basis and take into account family worth. income and other Circumstances. The Waynflete Awards Fund and the Leo Goldschmidt Fund are endowrnent funds, the income from which provides bursaries lor a small number of pupils. Other bursaries are funded diredly from fee income. annual donations and from restricted income funds. As of 1&t July 2021. the school's endowrnent was invested in the Oxford Endowment Fund. Bursaries are subjed lo annual rè-assessment. Although in many case5 bur58ries are re-awarded in successive years, the process of re-assessment does sometimes result in an increase or 8 rèduction in the amount of financial 8551slance that is offered, reflectlng material changes in the financial position of the r8cipient families. Some finanryal assistan￿ is designated as'hardship bursaries", this support being awarded for1imiled defined periods in the first instsnce, nomaily to as91Stfamilies who experience redundancy or serious illness. Bursary grants are also made available lo cover the Costs of 'èxtras" such as trips. unifomi and travel. In recent years the amount of finan¢ial assistance provided by the School lo pupils and their families has increased significantly. In 2020-21 Governors, Bursarie5 ranging from to lo0.￿ of fees were awarded to 54 pupils. In addition. further 14 pupils were awarded bursaries funded from the endowment and restricted income funds mentioned above, and 8 pupils received fLnan¢ial 8SSiStance fro￿ hardship funds supported jointly by the School and the Old Waynfleles, Club. In addition lo those pupils who recèived support from the School and its associated funds, a numter ol pupi18 received assistance from external Independent organisations having varying degrees tsf association with the School. At18a5t 10 pupils also r&mived financial support from separate charitable organisalions remitted to support education in general, and the School and Oxfordshire schools in particular. Governors. bursaries Endowed & restricted funds bursaries Bursaries from external sources £679.359 (2019-20.. £600,6e31 £173.389 12019-20.. £155,705> £3LL9 (2019-20.. £40,859}) £885,507 P019-20. £797.2271 10 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED YEAR ENDED 31 JULY 2021 STRATEGIC REPORT (CONTINUED) Public Benefit- Links with th¢ Communlty MCS publishes details of its partnership and ¢ommunhy engagement work on its website Ihtt s."lkn.mcsoxford.or labout-usl artnershi alongside regular impad reports. Details of orooing partnership projects are also listed on the ISC Schools Together website htt s'.I/¥w4.schoolsto ether.or Th6 school's partnet5hip work underpins Ihe fourth aim, which sets out our ambition to equip Magdalen College Scho pupils lo make 8 Posltive and lasting contribution lo their communities, both now and in the future. MCS is fortUn8te to have a growing number of colleagues who have up to 8 quarter of their timetable dedicated to partnership work. In addib"on, nèarly a frfth ol all our leachers spend one atteinoon a week. alongside our Lctrwer Sixth forrr pupils, in sch(K)Is. cornrnunity groups, and charitable organisations across Oxford as part of our Cornmunity Service Programme. In 2020-21, MCS pupils carried out over 3,250 hours of voluntary sotvice through the School's CotntHunity Service Organisation {CSOl. The Coronaviius pandemic has restricted what has been able to be athieved in person, but il has not hampered the delemination to engage in meaningful partnership and community activities. The primary focus invohres working with our neighbours in Oxford's OX3 and OX4 p05trA)de area, but the reach extend5 far beyond to encompass city-wde, regional and national projects. MCS has received funding froM the Department for Education followng a successful bid for a cros>seclor partnership grant. This grant Wds given for a new project. the Waynllete Primary Science Partnership. a collaboration between MCS and two Io(21 primary schools, St Francis and Rose Hill. One of the aims of the project is to allow pupils from the primary schools involved to gain exposure to a wider range of STEM topics and concepts, including an opportunity lo develop pr8Ctical laboratory skills. The woject was deferred during the Coronavirus pandernic and is scheduled to get underway in Hilary 2022. In 2020-21, Magdalen College School teachers volunteered to support SpriroForward. a programme aimed al helping looked after ¢hildren and (xre leavers progress lo higher education. MCS colleagues contribute by acting as mentor5 to the youn9 people involved, and delivering a Iraining programme through online sessions. The school has 81s0 tsken the lead in the development of a new Teachers, Reading Group in partnership with the Open University. and a numbèr of CPD sessions were offered lo our network of partner primary schools. The main activities in the School's prograrnrHe of partnership and community engagement during 2020-21 are listed below. Academic.. MCS teachers supported maintained school sixth fomers wth the developmènt of problem solving skills and ex8rn revision. in collaborats.on with MEI and the Further Maths Support programme., teachers frorn MCS supported the teaching of A Level Latin and Chemistry at local maintained secondary 3thools'. a Model United Nations conference wa5 attended by 25 schoo15 lonlinel", pupi15 from Magdalen Cdlege School in Brackley participated in weekly taught sessions as part of the Waynllete Studies programme., a Careers in Medicine Conference for nine local malntained schools offe￿￿ inslght into medical c3r88rs,' practice university interviews were held for local maintained school pupils., MCS hosted the Oxford German Network. an Oxford University iniliatNe. which supports Gemian in all schools in Oxfordshiie". Slxth Fom pupils developed and shared1È8ming resources for lo￿1 piimary schools to run Sciancè Extonsion Workshops., an online History Conference on the Jarnes I, Charles l and Oliver Cromwell attracted over 200 pupils from seventeen visiting schools., an online Careers in Engineering Conference for seven local rnaintainèd schools offered insight into engineering careers.. series of mathematics extension ￿sourceS for Year 7 and 8 pupils were made available through the MCS Partnerships website., assorted lectures. speaker events and performances run by departments We￿ open to pupils from I￿al schools., MCS funded two colleagues to spend a day per week on specialist partnership work in Maths and STEMIMedicine-, support for Oxbridge and medical sthool ap￿1¢antS from a wide r8rYJe of local and regional state maintained schools, providing mentoring. personal statement guidance. mock interviews and admission test p￿parat￿)n sessions. 11 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED YEAR ENDED 31 JULY 2021 STRATEGIC REPORT (CONTINUED) Creative Arts: MCS hosted the Virtual Oxford Festival of the Arts, a free series of exclusive online events Ilhos8 performances can still be enjoyed on the arthive page of the OFA website h ..Ilartslestivaloxlord.o erforrnance-arch MCS distributed learning aciivity packs for 7-11-year-olds across the reyion as part of the Virtual OFA,. Sixth Form artists produced art work designed specifiG4lly for ltscal hospital and charity settings,, Sixth Fotm pupils recorded concerts to share with prirnary schools and the community., MCS hosted online author events for local primary schools, including one event that attracted 600 primary pupils.. MCS staff and pupils contributed to the online Fun Pala￿S event at the Oxford Playhouse.. MCS employed a Resident Director and Producer who contribut8d to a variety of community based creative art projects in collaboration with the Oxford Playhouse.. MCS funded a colleague to spend a day per week on 5pe¢ialist partnership work in English and the Creative Arts.. Pupils from seven local state maintained schools attended a Creative Carews conferen￿ a5 part of our careers and employtnent piogramme. Community Servi¢¢ and Fundralslng: Every pupil who lakes part in the Duke of Edinburgh Award Scheme engages in some fomi of volunteering, activities have incl(Jded.' charity shop work, iaising nwney for charity, and conserwation work.. MCS sponsored the Oxfordshire cricket club Aston Rowanl., the Charities Co-ordinator led on fvnd-r8i5ing projects across Ihe School; £24,232 was raised for our partnèr piimary school in Uganda, a figure that was match-funded and exceeded by a donor., £4.040 was raised for Helen and Douglas House,. seven MCS teachers 5ervod as governors in local primary and secondary schools., the School opèiates a weekly community food larder in Rose Hill h8lping to tackle food waste and food poverty in asso¢i8tion wth the charity. Sofea. Op8rational Performance of the School The School's primary operational focus was on the education of its pupils. The average figure enTolled during the year was 943. The March 2017 ISI Inspection Report demonstrated that the School continues lo pèrfom at a high level in the competitive independent schools sector. 11 commented on the "exceptional" achievements of pupi15 in academic and extra-curricular spheres, and the high quality of teaching piovision throughout the School. The Regulatory Compliance Inspection in J8nu8ry 2020 confirmed th81 Ihe sthool meets the quality standards expected of il and.no further action is required as a result of tha inspection.. In add￿tsn to the bursaries awarded in cases of financial need, scholarships and exhibitions are awarded to pupils for acadernic merit or for noteworthy achievement in art. Music or sports. The total number of scholarships awaided in 2020- 21, both existing and new awards, was 428. The value of these awards was £150,695. The boy choristers ol Magdalen College Chapel received a subsidy to their School fees fr(xn the College of £204.449. The 202￿21 academic year was disrupted by Covid-1g, but through the School's excellent remote and blended leaming provision, MCS pupils did not miss a day of education. Exams were replaced with Te8ch8rlSchool-Assessed Grades. Schools were asked to assess the achievements of pupils based on evidence. MCS ran ils own mini exam series in May lo generate this evidence. The exam boards provided packs of materials from which to create assessments,. these were from past papers which were in the public domaln. The pupils at MCS worked hard and perfom)ed well in the serie5 of rnini exams. As was refjected nationally, the overall perfomance ol MCS pupils was stronger than had been the case in years when public exarns had been wn in the usual way. League tables were not txjblished this year. At A Level land Pre-u wth grades converted to A Level) in 2021, Upper Sixth pU￿"1S achieved 99.3Y¢ A'_B {98.5f/o In 2020.. 96.1Yo in 2019, 96.7g/o In 2018, 97.4% in 2017, 98.2°k in 2016. 96.5% in 20151. Lower Sixth pupil$ sal intemal exAms in all of their subjects in earty June. The exams were rigorou51y marked and slandardisèd in lina with the AS results of previous cohorts. At GCSE In 2021. Fifth Form pupils achieved 98.0% ￿7 grades {A'.Al198.6% in 2020: 94.3% in 2019. 95.7Vo in 2018. 96.7Yo in 2017, 94.6¢k in 2016, 92.7% in 2015}. 12 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED YEAR ENDED 31 JULY 2021 STRATEGIC REPORT (CONTINUED} Of the pupils in the Upper Sixth forrn, 127 out 01160 took up a university place in autumn 2021 (2020.. 118 out of 152," 2019." 129 out of 155,. 2018.. 104 out of 152.. 2017.. 117 out of 147,. 2076.. 149 outof 175,. 2015.. 118.. 2074.. 1151 and 33 deferred to take up a place in autumn 2022. 94UA of the pupils applying for entry to university for autumn 2021 gained places at their first-choice university (2020.. 85%," 2019. 83%.. 2018.. 88.5%,. 2017.- 82%). The total number gaining final places at Russell Group universities w8s 15612020.- 150," 2019.. 757,. 2018.. 142," 2C117.' 142,. 2016.. 166,. 2015.. 123,. 2014.'1441. Co.Curricular and the Arts Magdalen College School is well known f￿ the range and quality of adivilies outside the classroom. and continues to build on current success in order to consolidats a reputation for excellence both locally and nationally. Partiapation remains just as important to the school as perforrn8nce." the increasing numbers playing music. and the typica15y 85¥0+ of pupils who represent the school in a competitive fixture each year. are leslament to that. Lockdown, and precautions involved in dealing wth the pandemic, led to inevitable changes during 2020-21 but the school retains all its eommrtments to co- curricular excellence and the investment required to sustain them. The extensive trips programme was also curtailed once ag8in. and only short day trips were possible for a period in the Mi¢haelm8s Term and the Trinity Term. AN residential and ovèiseas trips had io be can￿lled. Sport In tem)s of fixtures, the boys, Rugby and Hockey seasons were lost almost in their entirely to lockdown and related Co￿d- 19 precautlons,. the girls, hockey and netball seasons were similar5y impacted. Nevertheless. the innovation and commitment of the sports department meant that a great deal of sport was played. Summer sports were continued through September 2020, and internal fixtures based around house competilion were a f8ature of the Rugby term, with almost all play being touch rugby because of Covid-19 restrictions. The Hilary Terrn saw even less opportunity. wlth puplls only returning in March. More sport was possible in the Trinty Term. and the Tennis and Cricket dubs continued their progress and development from recent years_ The 1st Xl Cricket won the regular 2 day game against Trent College convincingly, with the U15 victorious in a tough U15 tQUm8ment hosted by MCS and induding Brighton College, KES Bimingham. Clrfton and The Perse. Crid(et also featured in notable individual performanees, with a member of the L61h reprèsènting England U19 a8 well 8$ Sussex 1st Xl. There are now four current and recent former pupils on the staffs of first da5s cricket counties. Elsewhere, one pupil, who plays for WBA Academy, was seleded for the England U17 Football squad, a first for MCS., there were 8150 notable Individual performances in national youth gom, with one pupil selected for the Welsh national squad. and in 400m national athletics. The Arts, Muslc, and Orama MCS Drarna continued il partnerships bolh wlth the Oxford PLiyhouse and the Pegasus Theatre. which is also part of the school's outreach prograrnrne. Many perfomiances had lo be curtailed this year, but the reslricbons of lockdown were turned into an opportunity by the Music and Drama departments collaborating to creale a film version of Les Misérables. This proved to be one of the very best productions ihe school has Put on, and it is a great joy that it is preserved lor future members ofthe community to enjoy, as well as being rightly celebrated in the summer of 2021. Musi¢ ¢oncert$ were sirni18rly ￿cOrded and online, wth small grtsups combined electronically be￿uSe of Covid-19 restr￿lon5. As in all areas, a great debt ol gratitude is owed to thè staff whose commitment, Skill and innovation made so much possible. ClubB, So¢ietie$ and A¢tiviti•s The school continued its Suc￿sS in debating, Model United Nations, and chess. all of which had to be online this year. Pupils further benefit from a vast array of dubs 8rKI societies, many associated with departme¢ts. The school remains indebted to the many and outstanding presenters who ¢ome to speak to the pupils, allowing us also to invite pupils from our neighbours and partner schools to attend, induding at ongoing school conferences such as the Medics Conference and the 81ackwell History Conference. 13 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED YEAR ENDED 31 JULY 2021 STRATEGIC REPORT {CONTINUED) Fundraising perfomiance The Convenffamus fundraising campaign continued in the earfy months of the 2020121 finanaal year. In lotsl, the ¢ampalgn iaised over £262,OCX) foi hardship. immediate bursaries and endowed bursary funds. The first £50,000 of donations were matthed by an anonyrnous donor in honour of inspiring MCS teacher. Nigel Bates. In recognition of the outcome of the ¢amp8ign, the Disbursements Committee agreed to name the Nigel Bates endowed bursary in perpetuity. funded from the rob￿n9 8ndowment funds. The Committee also reviewed the purposes and management of other funds, reflecied in notes accompanying Table 14a and 14b. Fundraising continues to focus on bursaries and hardship. Finanaal modelling in 2018 showed that the level of endowment to protect the then bursary offering {10% of Senior School pupils receive bursary SUp￿rt ranging from 10- 1 OO¢/o of fees) would be £15 million. frorn which 8 40A retum would need to be drawn annually, whilst still preserving the real value of the capital. The school made ils second annual contribution to the endowment in 2020-21, equivalent lo 1.25°h of Senior Stho fees. Govemors have corHmrtted lo put up to 2.5% of Senior School fe8s into the Endowment from 2021-22. The ¢Jgvelopmenl aspiialion is that philanthropic donations, combined with the 5chotsl's contributions, will achieve an endowment of £15rn by 2030. Those whose lifetime giving exceeds £1 million lo the endowment wll be celebrated as Modern Founders. Mr Leo Goldschrnidl OW became the ffiist of these and his generosity is ￿lebrated through an illuminated letter L in the new Endowment Book. The school also raised funds for10¢81 families through its digital poverty campaign, buying over 100 laptops foi local families who would otherwise not havè access to learning. The total income in 202¢>21 from gifts received, Grft Aid, dividends and the school's wntribution totalled £958,234. Membership of the Stanier Legacy Society and the 1480 Society have grown in the past year. donations lo the lalter equating to 86 mernbership gifts of £1.480. The number of le9acy gifts incre8sed over the last year and are acknowledged in the Bridge and the Endowment Book, whorts appropriate. The Covid-19 pandemic mean that events were held ￿lIne and the InC￿aSed frequency oftho a-newsletters continued. Virtual events included a discussion of the creative arts, mentoiing and school uniform. The Bridge magazine featured many who were in frontline roles and the ￿h0o1,$ new archlve collection. the Pandemic Papers. The Archive staff also progressed on the modern records project. whi¢h catalogues papers since the ￿hool'S Independen￿ frorn the college. The School is registered with the Fundraising Regulalor and has signed up to thè Fundraising Preference Service. I fundraising is undertaken by School staff overseen by the Development Committee, which is a sub-commTrtteè of Govemors. The School does not employ any commercial participalor to carry out fundraising adivily. The School is aware of ils duties lo protect vulnerable people and so applies restrictions to ts campaigns. The Governois, Development Committee oversees lundraising, alumni relations and the wider remti of the Waynflete Office and so also monitors wider engagemgnt indi¢alots, such as number of donors. event attendanctr and communications activity. Pr*mls•s and Infrydstructure The school remains committed to maintaining and improving the quality of its e51ate and faciliiies whilst strategically developing longer-tem projects as part of the Maslérplan adopted in June 2020. Buildings, refurbishment, repa¢r and maintenance remains a significant area of expenditure. Annual investment plans forthe estate are prodU￿d with forecast expenditure based on previous Condition Survey Reports alongside dep8rtment81 bids for improvements, or changes. lo the physieAI èstate. During the year significant work was undertaken to ensure the sile was Covid-19 secure. In addition, internal redecoration and reflooring was undertaken in the Art Department, Geography. Ground floor corridors of Junior School and the second- floor atrium ol the Colin S8nder5 Building. In some of these ￿hemeS. new LED lighting was fitte(l. As part of our eommitment to becoming a more sustainable school, all Eststes projects must now quantify their carbon impact. and where 8ffordable and practical, the most sustainable solution should be chosen. For example. direct mains- water drinking ftNJnlains were installed in the Dining Hall, reducing dependence on bottled water, and a new Ground Source Heat Pump was ffitted in the Michael Peagram building. As part of MCS'S business continuity planning, new underground ducts were installed which enable additional fibre optic cables to be laid, connecting our main servers across the sitè and building resilience within the IT infrastructure. Professional fee bids were invited for a proje¢l whlch envisages changes lo th8 Michael Pegram building and the LTnk, through alteraiions and extension. This early phase of work has resulted in 8 project brief being completed alory with the appointment of a Design Team. The programme foresees work starting mid-2022 w7th completion 2023, subject lo planning permission. 14 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED YEAR ENDED 31 JULY 2021 STRATEGIC REPORT (CONTINUED) Streamlined Energy & Carbon report GHG emissions and energy use dats for period 1 Au ust 2020 10 31 Jul 2021 Baseline Reporting Year 2019-2020 UK GHG Emission and Energy Dats Current Reporting Year 2020-2021 UK GHG Emlssion and Energy Data Energy consumption used to calculate emissions Ikwhl,. all mandatory energy sourc85 8Te indudgd. 2.661,615.5 2,$32.756.5 Scop8 1: Emission5 from the combustion of Natural Gas tC02e 262.1 274.6 Scope 1". Emissions from combustion of Fuel for transport and l or heating tC02e {See evidence pack for breakdown) 29.6 Scope l.. Emissions of Biomass Pellets tC02e Scope 3.. Emissions from business travel in ernployee-owned vehicles. where the company repaid mileage clairn5 tC02e (average vehicle I fuel source unkni)wnl Seope 2.. Emissions from purchased Electricity tC02e 277.7 200.8 Total gross C02e based on above {IC028} 550.7 SOS.4 Intgnsity Ratio 1." kg C02e gross bas￿ on mandatory fields above per pupil.. 596.0 Kg C02• Por Pupil 1924 pupils) 535.9 Kg C02e per Pupil 1943 puplls) Methodology An evidence-based methodology was adopted in accordance with BS EN ISO 140W3".2019. Section 4.3,. verifiable data has been collected from the following souices.. Energy Data.. Energy Metering, Invoices, Supply Summaries I Statements, Repaymént Claims for business mileage. Fuel Cards, and correspondence wth suppliers. ESOS Phase l and Phase11. All emis5itsn factors for C02e, have been calculated using Defr8 Conversions 2020, as the peiiod ci)veis four-month5 of 2019 and eight-months of 2020, in ac￿rdanCe with Defra guidèlines. Previous Audbt Data.. Emission Conversions.. Third Party Verification The energy data has been compiled and audiled by Sean Midgley (ESOS Lead Assessor) of Powerful Allies Limited, CIBSE Registrati￿ No.. ESOS185262. Entrrgy Effielen¢y Actlon MCS has started a process of decarbonisation of the s¢hool estate as fdlows.. a. During the financial year all electricity supplled to the school was frorn 100% REGO Backed Renewable Zero Carbon Generation. During 2020-21 the school has reduced its total energy consumption by 128.9 MWh14.84Qk. resulting in an 8bsolule reduction of 45.3 tC02e 18.23%, equal lo 10Yo per pupil. The baseline ￿porting year energy consumption included 15 the first Natlonal Lockdown and school dosure during 1he Trinity Term 2020. Durfng Ihe c)Jrrent reporting year, the school operated virtually from January until March 2021. During the ajrrent reporting period the consumption of Scope 1- Gas Oil appearslo have incseased, as fuel storage was depleted arvj ￿p￿niShed during the current financial year. whilst there had been fewer deliveries of fuel required in the previous reporting period. This accounts for 20 IC02e increase lo Scope 1 emissions during the cjjrrent reporting period. d. The energy sawngs were predominanlty all Scope 2 - Eleciricity ieductions, from ongoing initiatives such a5 increased conversion to LED Lighting, and ￿dUCed Carbon Inlen5ty (rf UK Electriuty. Scope 1 Fossil Fuel for heatin9 rose, as a direct result of the increased ventilation required by Covid-19 and the cokler spring of 2021. MCS have centralised all its compatible AMR Energy metering data and upgraded to SMART IAMR metering. The improved visibility and granularity will assist in identity'ng possible wasta. control issues and promote energy efficient behavioui across the school. MCS has a rolling programme of lighting upgrades lo LED, as lighting in schools can account for approximately 30Y¢ of all electricity consumption. Swtching to LED lighting will redu￿ consumption of electricity for li9htiry by approximately 50Yo. or 15'k oltotal electricity consumption 141 tC02$ pèryear. As can be observed from paragraph 'd' above. the rollout of the lighting and passNe contso15 IS transititsning at pace and showng notable improvements in energy conservation and carbon emissions. MCS has replaced the Ground Source Heat Pump in the Michael Peagram building, with a slightly largerviessmann Vitocal 3WG Unit and modified the system to resolvè historic operational issues previously incurred. The new Heat Pump can provide a heal output of 52 kw at 35 degrees ￿lsiuS operating temperature. which will result in a reduced reliance on fossil fuel lor heating. MCS is taking profe$$ion818dvbce In order to develop a fijll and holistic decarbonisalu)n plan for Ihe estate. All energy data usèd along with supporting documents in this report are contsinèd wlthln the SECR Evidence Pack. Sustainability During 2020-21, MCS made a statement on Sustainability which then developed into a Sustainability Policy, driven by the new Sustainability Committee. Significant progre$$ was made towards becoming a more Sustainable S¢hool. Pupils embarked on the Eco-schools accreditation programme, focusin9 On fast fashion, teaching the importance of action on climate change lo other pupils through provision of curriculum ￿SOurCeS and sustainable food choices. Single use plastlcg weie eliminated in catering and progress was made in lowering energy consumption. The Invèstment Policy has been reviewed to ensure the school's investments are managed in a Sustainable way and ¥ new Lilium module has been introduced f()r all pupils in the L41h & U4th,' Eco-Lilium. Internatlonallzatlon In July 2021. the Board of Govemors approved MCS, via ils trading cornpany MCS Intemational {MCSI). entering a long term collaboration agreement with Hong Kong listed company KVVG Group Holdlngs IKWG). for the opening of a number of intemational schools in China. Under the agreement, MCS will offer consultancy seTvices lo KWG fr)r its proposed new schools. to facilitate the provision of a lop-flighl education in accordance with the MGS ethos. The schools. which will be owned and operated by KWG and branded MCS under a licensing agreement, will be open to pupils in China aged 6-18 holding intemational passports. It is 8nli¢ipated Ihal the first of Ihesg schools VAII open in 2024 in the Greater Bay Are8 of Southem China, further schools opened by 2036 should all go to plan. The agreement will be transfomialive for MCS in temis of the school's future strategic goals in the UK as it prepares for its 550th anniversary in 2030. This includes our future building ambilions and ryjr endowed bursary programme that aims to see greater numbers of pupils abl8 to attend on a fully funded bursary place. Stsff - remun•Ation The Governors. Nominations & Remuneration Committee met durfng the most recent year in order lo make commendations to the Board of Governors. Al ils June 2021 meeting it ieviewed the salary of the Master. and awarded an examining honorarium to those staff directly responsible for irnplemenling and awarding Teacher Assessed Glades IfAGs1. The Committee's salary recommendations are wlh reference to inftsmation on remuneration leve15 al independent schools in southeast England and London. drawin9 in particular on the annual Baines Culler Teacher Salary, Benefits andworkload Survey. Remuneration ol rnembers of teaching staff 15 in 8c¢ordance with an intemal system of Scale ptsinls which reward5 teachers for lal their level of experience and Ibl the duties and responsibilities they assume. Remuneration of support staff is determined with reference lo the market for Comparable roles and is set by the members of the Senior ManagementTeam responsible for the appoinlrnent. in consullats.tsn with the Bursar. Children of members of staff benefited from f98 remission of up to SO% ofthe annual fee, which amounted to £199,697 16 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED YEAR ENDED 31 JULY 2021 STRATEGIC REPORT (CONTINUED) FINANCIAL REVIEW AND RESULTS FOR THE YEAR The Consolidated Ststement of Financial Activities ISOFAI shows the School as having generated net incoming resources in 2020-21 of £4.4 million. The corresponding figure in 2019-20 was £1.4 tnillion. Making lurther adjustment in each for the receipt of donations and trading activities Ilhe level of which cannot be relied on from year to yearl, net incoming resources derived purely from the operations of the School totalled £1.26 million, compared with £O.632 million in 2019-20. Total income in 2020-21 was £21.15 rnillion, compared with £17.84 rnillion in 2Q19-20. Eliminating the impact ol donations and trading activites to arrive at a figure lor underfying income Ilhat 15, income derived solely from the School's operating activity), the School's incorne in 2020-21 was £17.96 million. cornpared with £17.05 million in 2019-20. Income from school fees in 2020-21 was £16.82 millK•ri, corrpared with £15.77 million in 2019-20. Total expendilure in 2020-21 was £16.￿ million. compared with £16.34 million in 2019-20. Expenditure on core teaching activities totalled £9.69 rnillion, of which £8.4 million was expenditure directly related lo the employment of teaching staff. The School continues lo experience significant pressure6 in respect of expenditure on teaching staff as il seeks to recTUit and relain able teacher5 in a highly ¢ompetitive, London-inlluenced market. The School 1$ commltted lo maintaining and improving thè quality of its estate and f8ci1ities. Buildings, Tefurbishrnenl. repair and maintenance Temains, thérèfore. a significant area of expenditure. The School's trading subsidiary {MCS Asset Man8gornent Ltd) remains relatively inactive. It was established lo lal manage the Sd)ool's transport 11eet.' and Ibl to hire out the School's facilities to external educational bodies, sports clubs, religious organizalions and others. Lettings were severely hampered by Covid-19 and it Isthe intention of Ihe Senior Le8dershipTeam to feview the lettings strategy in 2021-22. The s¢hool now manages ils, rninibus fleet in house. A second subsidiary company. MCS Intemational Limited, 15 the vehide through which the sehool has signed a long te collaboration agreement with KWG Group Holding. The Charily'stwslees ensurethal all net income is applied for adu￿tIonal purposes. The Chaiity benefitsfrom tax exemption on education818clivili8s and investment income and these bènefits are applied to the School's charitable aims. However, as an educational charity, the School is unable to reclaim VAT input tax on its costs 8$ It Is exempt for VAT purposes. The usual employerfs payroll taxes are payable by the School. A further unquantified ffinanaal benefit to the community exists thro(Jgh the School's buisary scheme and outreach inits"atives which are social assets without cost to the Exchequ8r. Investment Poli¢y and Obie¢tive$ The school reviewed ils Inve5trnent Policy in 202￿21. The limited pool of endowed fvnds, along with the Modern Endowment funds. were moved Into the Oxford Endovmienl Fund, managed by Oxford Univ&rsity Endowmenl Management.The Governors, objective with the Endowment is to generate a retum in excess of inflation over the long temi, whilst genèrating an income lo fund endowed bursaries each year. The sd)ool's medium terni resetves continue to be managed by C8zenove. but were moved into the Responsible Multi-Assel Fund as of 1 August 2021. The Govemors, objective with the rnedium lem reserves is to p￿SerVe the capital value whilst trying to generate a relum above cash on bank depos11s by utilising an a¢￿ptable level of fisk. Asset allocation and perfomiance is reviewed regularfy by the F&GP Committee. The Chair of that Committee, or another appropriately qualified member. and the BuT3ar meet with the managers al lèast annually. Quarterfy detailed ￿pOrtS provide both valuations and market benchmarking. Investments are benchmarked against the FTSE all- share index (Equities), the FTSE All-share Gilts Index (UK Bonds). and FTSE Sterling Corporate Bonds Index (Intemational Bonds). The School's funds managed by Cazenove Capital Management g￿W from £2.011 m in July 2020 to £2.562m in July 2021. This was a net result of an additional inveslmenl of£O.22m and a total retum of 16.2% for the year. 17 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED YEAR ENDED 31 JULY 2021 STRATEGIC REPORT {CONTINUED) Reserves Policy The school also reviewed its. Reserves Policy in 2020-21. Govemors continue to ensure that ffee reserves under SORP {£7 Oml are SLJfficient lo meet al least one hall lemi's predicted expenditure. In addition, the Governors also introduced three additional lest5 of resetves. MCS should hold no less that one term's Worth of planned expenditure in short lefm and medium tem reserves, which must realisabie within one month. MCS is not expected to hold more than one term's Wt)rth of expected gross fee in(x)me in short and medium term reserves which must be realisable within one rnonlh. It should be noted fftat MCS may hold medium term reserves in excess of this measure when preparing lo fund Capital Projects, andl or in th8 Iwo months after a term's fee income has been received. MCS'S Endowment (long tem reseryesl must bè suffici6nt to generate income for the number of endowed Bursaries allocated to pupils in the sthod. While the level of free reserves is a reasonable guide to the School's ability to maintain its operations in the short-tem), in their regular monitoring of the School's financial position the Govemors pay particular attention lo the operating 5uipIus Ibefore depreciation), cash flow and levels of borrowing as providing more clarity as to the School'5 long-tem financial security. The Governors monitor other key financial targets which facilitate comparison with $imilar independent schools. Chief among these measures is the Investment Surplus Ithe cash surplus as a per￿￿ta9• of net fees). In 2020-21 the School's Investment Surplus wa5 34.4Yo compared with 16.7% in 2019-20. In addition. Govemors are mindful, however th81 this measure. like other measures of tharitable entities. financial performanc8, includes one off trading income, and is dependent in part on the rec81Pt of donations, the level of which varies each year. Risks The Governors maintsin a re9lSter of risksto which. in their opin¢on, the Schcxjl is exposed and the measuresthat have been pul in placé to mitigate those risks. The register is reviewed in full al least annually, as an ilem on the agenda for the Michaèlmas Tarm F&GP Committee and Full Board meetings. The full register identifies more than 30 potential areas of risk. The principal areas of identified risk relate to: Education The Govemors believe that maintenance of 8r8dèmic standards, exemplified by success in public exams and in pupils, gaining places at prestigious universities, is important in ansuring the School's ongoing prosperity. In order to mitigate the risk of a decline in standards the Govemors. Education Committee meèts termly to review the implementation of educational and pastoral policy by the School's Master and Senior Management Team. Safety and Welfare The Governors believe that the safety and welfare of pupils is an essential responsibility of the School and that failure in this resped would darnage the reputat￿On of the School. In order to mitigate the risk of such failure, the Govemors monitor the implementation of the School's safeguarding policies, protsdures. and training programme., the Governors Estates Cornmitiee oversees an ongoing programrne of repairs refurbishment of premi5es.' ar￿ the Health & Safety Committee develops policies lo ensure the well-being of pupils {and members ol staffl. Financè Financi811085 1)ccasioned by mismanagement or fraud could have a negative impact on the Sthool'5 ability lo functitsn. Mitigation of this risk is achieved by the Governors, F&GP Ctsmtnittee's temily monitoring of the Finance Office's (formedy the Bursary} activities and control Procedu￿$. During the year, Covid-19 continued to be a strategic and oper8tional risk. The School managed this through the prowsion of Virtual MCS vthen required to ensure continuily of education. Ca￿fvI financial management and ¢omprehenslve risk 8ssessments. In addiiion. the Governors have adopted a number (rf measures to ensure that theiT own stsndards of govemance are maintained and that regulatory Complian￿ 1$ achieved. The School maintains a full range of Risk Assessments to cover all types of actNlty. Risk Assessments are updated annually and are monitored by the Health and Safety Committee which is In tum advised by an exlernal consultant. 18 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED YEAR ENDED 31 JULY 2021 STRATEGIC REPORT (CONTINUED) Approved by ihe Board of Govemors of Magdalen College School Oxtord Lirniled on 1 December 2021 and signed on ils behalf by.. Dr P N Withers Chair of Governors 1st December 2021 19 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAGDALEN COLLEGE SCHOOL OXFORD LIMITED Opinion We have audited the financial slalement5 of Magdalen College School Oxford Limited Ithe'charity'l for the year ended 31 July 2021 which comprise the Constslidated Statements of Financial Activities. Group and Company Balance Sheets. Consolidated Statement ol Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting frarnework th8t has been applied in their preparation is applicable18w and United Kingdom Accounting Standards. including Finanual Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland {United Kingdotn Generally Accepted Accounting Practice). In our opinion, the finanoal statements.. g¢ve a true and fair view of the state of the Group and Charity's 8ffaits as at 31 July 2021 and of the group's income and expenditure for the year then ended., have been propedy prepared in accordan￿ with United Kingdom Generally Accepted Accounting Practice,. have been prepared in accordance wth the iequirernents oflhe Companles Act 2008. Basis for opinion We conducted our audit in accordance with Intefnalional Standards on Auditing IUKI IISAS IUKII and applicable18w. Our responsibilities under those standards are fvrther des¢ribed In the Auditor's responsibilities for the audit of the financial statements section of our resy)rt. Vve are independent of the Charity in accordance with the ethical requirement5 that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. 8fKI we have ￿lfIlled our other ethical responsibilities in accordance with Ihese requiiements. We believe that the audit evidence wa have obtained is sufficient and appropriate lo provide a basis for our opinion. Conelu5ion5 relating to going concern In audiling the financial statements. we have concluded that the govemor$' usè of the going concem basis of accounting in the p￿paratIOn of the financial statements is appropriate. Based on Ihe work we have perfomied, we have not identified any material uncertainties relating lo events or condit*)ns that. individually or collectively, may cast significant doubl on the charity's ability to continue as a going concein for a period of at least 12 months frorn when the finanri81 statem8nts ara authorised lor issue. Our responsibilities and the responsibilities of the governors wth fespeci to going concem arè described in the relevant sections of this report Other inforrnation The g¢)vernors are responsible for the olher information. The other informatiofi comprises the information included in the annual report other than the financial statements and our audilorfs report theieon. Our opinion on the financial 5t818m8nts does not cover the other infomation and, except to the extent otherwise expliiilly stal6d in our report, we do not eKpres5 any form of assurance conclusion thereon. In connection with our audit ofthe firsancial statements, our responsibility is to read the other infomi8tion and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othemise appears to be rnatefially misstated. If we identify such material inconsistencies or appar8nt material misstatements, we are required to delerrnine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perfomed, we conclude that there is 8 material misstatement of Ihis other inforrnalion. we are required to report that fact. We have nothing lo report in this regard. Opinions on other m•tt•rs pre$¢rlbgd by the Companles Act 2006 In our opinion, b8sed on the work undertaken in the course of the 8udil.' the infomatitsn given in the governors, report and the strategic reportforthefinancial yearfof which the financial ststements are prepared is consistent with the financial staternents.. and the govemors, report and the strategic report have been p￿pared in accordance with applicable legal re9uir8ments. 20 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAGDALEN COLLEGE SCHOOL OXFORD LIMITED (continued) Matters on whlch we are requlred to report by exception In the light of the knowledge and understanding of the company and its environment obtained in th8 course of the audit. we have nol identified material rnisstatements in Ihe governors, report and the strategic report. We have nothing to report in respect of the following matters in relallon to which the Companies Act 2006 requires us to report lo you if. in our opinion.. sufficient accounting records have not been kept.. the financial statements are not in agreement with the a¢¢ounting records and Telurns., certain disclosures of trustees, rernuneration specified by law are not made., or we have not obtained all the information and explanations necessary for the purposes of our audlt. Responslbllltles of the govemors As explained more fully in the governors, responsibilitie5 Statemènt {s&t out on page 61, the govemts15 are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such intemal o)ntrol as they detemiine is neTrssary to enable the preparation of financlal statements that are free from material missiatement, whether due lo fraud or error. In preparing the financial statemen15. the governors are responsible for assessing the Charty's ability to continue as a going concern. disdosing, as applic2ble. matter5 related tts going concem and using the going concern basis of accounting unles5 the governor8 either intend lo liquidate Ihe Charfty or to ￿ase operations, or have no realistic alternative bul lo do so. Auditorfs re¥pon¥ibiliti•s for thè audtt of the flnanclal statements Our objectives are to obtain reasonable assuran￿ about whether the frnancial statements as a whole are flee from material isslaten￿￿l. whether due to fraud or error, and io issue an a(Jdilor's report that includes our opinion. Reastsnable assuiance is a high level of assurance. but is not a guarantee that an audit condueted in accordance with ISAS IUKI will always detect a material misstatement when it e￿Sts. Misstatements can arllse from fraud or error and are ¢tsnsiderÈd material if, indiwdually or in the aggiegate, Ihey could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud. are in51anc8s of mn-compliance with laws and re9ulali¢)ns. We design procedures in line with our responsibilities. outlined above, to detect rnaterial misstatements in respect of iiregularities, including fraud. The extent lo whlch our procedures are ￿pable of detecting irregularities. including fraud is detailed below". Our approach to identfying arKI assessing the risks of material misstalament in respect of iffegularilies, induding fraud and non- compliance with laws and regulations. was as follows.. the engagement partner ensured that the engagemènt team collectively had the appropriate competence. capabilities and skills lo idenlfy or recognise non-compliance with applicable laws and regul81ions,' we identified the laws and regulations applicable to the charity through dlscussions with governors and other management, and from our knowledge and experience oflhe Client's business secior.. we focused on specffic laws and regulations which we eonsvjered may have a direct material effect on the finanaal statements or the operations ol the charity, we assessed the extent ol compllance wth the laws and regul8tion$ identified above through rnaking enquiries of management., and identified laws and regulations were communicated within th8 audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the su￿p11b1l1lY of the ¢harily'$ financial statements to material misslalement. including obtaining an understanding of how fraud might occur, by.. making énquirios of management as to vA)ere they considered there was susceptibility to fraud. Iheir knowledge of actual, suspected and alleged fraud.. and cons¢dering the internal controls in place lo mitigate risks of fraud and non-compliancè vAth laws and regulations. 21 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAGDALEN COLLEGE SCHOOL OXFORD LIPJIITED Icontinued} To address the Tisk of fraud Ihrough managèment bias and override ofconlrols, we-. perfomied analytical procedures to identfy any unusual or unexpected relationships.. tested journal entries to identify unusual transactions.. assessed whetherjudgement5 and assumptions made in delemiining the accounting estimates were indicative of potential bi8s', and investigated the rationale behind significant or unusual transactions; In response io the risk of irregularities and non-comFAiance with laws and regulations, we designed procedures which included. bul were not limited lo.. agreeing ffinancHI statement disclosures to underfyng Supportlng dowmentation; reading the minutes of meetings olthose chargod with gtsvernan￿-, enqviring ol man8gemenl as lo actual and potential litigation and claims., and reviewing inspection reports. There are inher8nl lirnitalions in our audit procedures described above. The more removed that laws and regulations aré tr￿n rinancial Ir8nsactions, the les5 likely il is that we would become aware of non-compliance. Auditing standards also limit the audit procedure5 required lo identify ngn-compliance with laws and Tegulations to 8nquiry of the govemors and other mana9ement and the inspection ol regulatory and legal correspondence. if any. Material misstatements that arise due to fraud can be harder lo delect than those that arise from error 8$ thèy may involve deliber8te COn￿alment or collusion. A fvrther description of our responsibilities for the audit of the financial statements is localgd on the Financial Reporting Council's websile at.. www.frc.org.uklauditorsresponsibilities. Thi5 description forms part of our audilorfs report. Use of our report Thi5 report is made solely to the Ch8ri1ls wnembers, as a body, in accordance with Chapter 3 of Part 16 ofthe CompanlesAct 2006. Our 8udil work has been undertakèn so that we might state to the Chaiity's members those matters we are required to stale lo them in an auditor's report and lor no other purpose. To the lullest extent pemitted by law, we do not 8￿p1 or assume responsibility to anyone other than the Charity's members as a body, for our audit work, for this report, ￿ for the opinions we have formed. Robert Kirtland (Senior Ststutory Audito¢ For and on behalf of Crilchleys Audit LLP {Statutory Auditor) Beaver House 23-38 Hythe Br￿e Street Oxford OX1 2EP 20 DecÈmbÈr 2021 22 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Ilncorporating a Consolidated Income and Expenditure account) YEAR ENDED 31 JULY 2021 Total Funds 2021 Total Funds 2020 Unrestricted Funds School Other Restricted Endowed Funds Funds INCOME AND ENDOWMENTS FROM: Charitable activities School fees Other educational income AncillaTy trading income 2(al 16.816.913 893,813 218,319 16,816,913 15,766,756 893,813 972,774 218,319 250.150 Other trading activitios 2,SQO,000 2,500,000 Donations and legacies 29.111 253.094 407.718 689,923 788,601 Investments Total EXPENDITURE ON: Raising funds Other trading aelivities Cos15 of raising donations and legacies 297.008 297,008 28.336 1 188 ￿363 442 039 353 035 430,488 297.008 1,188 10.363 739,047 381,371 Charltable activitigs Education and grant making 15965 829 16 220 52 15 TOTAL Net gainslllosses) on investments 10 261067 INCOMEIIEXPENDITUREI Transfers bets￿een funds 1,563.442 2.202,992 73,430 609,457 4,449,321 1.420,450 14abc 274 958 869 074 NET MOVEMENT IN FUNDS 969,326 2.202,992 1201,528) 1,478.531 4.449.321 1,420,450 Reconciliation of funds- Total funds brought forward 25 279 037 1 246 456 2 796519 29 244 454 27 824 004 Total lunds carried forward 14 All amounts relate lo continuing operations. The notes on pages 27 to 42 form part of these financial statements. 23 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Ilncorporating a Consolidated Income and Expenditure account) FOR THE YEAR ENDED 31 JULY 2020 Total Funds 2020 Unrestricted Funds Restricted Endowed School other Funds Funds INCOME AND ENDOWMENTS FROM: Charitable activities School fees Other educational income Ancillary trading income 2{a) 15,766.756 972,774 25Q.150 15.766,756 972,774 250,150 Other trading activities Donations and legacies 29,745 375,723 383,133 788,e01 Investments Total EXPENDITURE ON: Raising funds Other trading activities Costs of raising donations and legacies 28.33e 28,336 1029) 353 035 341,623 28,336 1.122 10.290 381,371 Charitable activities Education and grant making 15725808 199434 32 196 15957238 TOTAL Net gainslllosses} on investments NET INCOMEI{EXPENDITURE) Transfer between funds 974,468 {28,3361 194.193 280,125 1.420,450 14b 177791 NET MOVEMENT IN FUNDS 7*,677 128.336) 194.193 457,916 1,420,450 Reconclllatlon of funds: Totsl funds brought forward Total funds carried forward 24 482 360 1052 263 2 338 603 7 824 004 24 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED COMPANY NUMBER: 02106661 GROUP AND COMPANY BALANCE SHEETS AS AT 31 JULY 2021 Group Company Notes 2021 2020 2021 2020 FIXED ASSETS Tangible assets Investment assets 24,481,843 6117634 25,225,329 2 022 807 24.481,843 6,117 636 25,225,329 2,022,809 10 30,599.477 27,248,136 30,599,479 27,248,138 CURRENT ASSETS Stock Debtors Cash at bank and in hand 28,537 2,056 30.202 729.780 28,537 943.792 30.202 804.537 8,126,322 7.C61,531 5,649,734 7.061,531 9,116,915 7.821,513 6.622.063 7,896.270 CREDITORS: Amounts falling due within one year 12 {4.161.5161 13.653,7591 {3.792,1001 13,650,960) NET CURRENT ASSETS 4,955,399 4,167,754 2.829,963 4,245,310 TOTAL ASSETS LESS CURRENT LIABILITIES 35,554,876 31.415,890 33,429,442 31,493,448 CREDITORS: Amounts falling due after one year Interest rate swap liability 13 11p) 11,856,937) 12,156,420) {1,856,9371 {2,156,4201 NET ASSETS CAPITAL AND RESERVES ENDOWED RESERVES 14a 4,275,050 2.796.519 4,275,050 2.796.519 RESTRICTED RESERVES 14b 1,044,928 1.246,456 1,044,928 1,246,456 DESIGNATED RESERVES 14¢ 1,958 1.958 UNRESTRICTED FUNDS 14¢ 28 373 797 25 199 521 26.248,363 25,277,079 TOTAL FUNDS 14 The financial ststements were approved and authorised for issue by the Board and were signed on its behalf on 1 De￿rnber 2021 Dr P N Withers Chair of Governors The notes on pages 27 to 42 form part of these financial statements. 25 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2021 2021 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by operating activities Ireconciliation below} 5.785,024 2.624.022 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from the sale of property, plant and equipment Purchase of property, plant and equipment Proceeds from sale of investments Purchase of investments Net cash provided by (used in)finvestlng aetlvlties 5,760 1536,1721 797.058 1034 790 14.150,2331 1768,1441 1316,473) 1,593,987 5 427 747 CASH FLOWS FROM FINANCING ACTIVITIES Repayments of borrowing Cash inflows from new borrowng Net cash (used inllprovided by financlng actlvltles 1570,0001 1570,0001 570 000 570 000 Change in eash and cash equlvalents In the reporting period Cash and cash equlvalents at the beginning of the reportlng perlod Cash and cash equivalents at the end ofthe reporting period 1,064,791 1,285,878 7 061531 5 775 653 Net income for the reportiTng period (as per the statement of financial activities) Adjustments for: Depreciation charges {Gainslllosses on investments Lossllprofitl on the sale of fixed assets Decrease in stocks Ilncreaselldecrease in debtors Increase in creditors (Decrease) in provisions 4,449,321 1,420,4SO 1,059,959 1261,0671 1,022,371 79,806 15,760} 3,130 67,320 49,763 1,665 1232,2761 778,274 Ngt ¢ash provided by operatlng actlvltles Analysls of changes In net debt At 1 August Ca5hflows 2020 other non- cash changes At31 July 2021 Cash at bank and in hand 7,C61,531 1,064,791 8.126,322 Loans falling due within one year Loans failing due after more than one year 12,264,999) 1449 994 570,000 {330,0001 12.024,9991 330 000 1 119994 Total 26 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 1 ACCOUNTING POLICIES lal Basis of accounting The financial statements of the public benefit entEty have been prepared in compliance with all applicable accounting standards, FRS 102. the Statement of Recommended Practise ISORPI. 'Accounting and Reporting by Charities" {FRS 102) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets. Ibl Basis of consolidation The consolidated Statement of Financial Activities and Balance Sheet ir¢clude the financial statements of Magdalen College School Oxford Limited and its wholly owned subsidiaries MCS Asset Management Limited (Company number.. 041108831 and Magdalen College School International Limited (Company number.. 105871261, both being companies incorporated In the United Kingdom, made up to the year ended 31 July 2021. As pemiitted by section 408 of the Companies Act 2006. the Parent Company's Income and Expenditure account has not been included in these financial statements. The Parent Company's net income was £2,246,32912020.' £1,448,785) le) Golng eoncern The School depends on its existing bank facilities to meet its day to day working capital requirements. Current forecasts indicate that the company expects to be able lo operate within these facilities for the foreseeable future. These lacilities are renewed annually and are not guaranteed for the period covered by the going concern review. The Governors are not aware, however, of any circumstances that may adversely affect the renewal of these facilities. Accordingly, the directors believe it is appropnate to prepare the financial statements on the going concern basis. Idl Fees and similar income Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are slated after deducting allowances, scholarships and other remissions granted by the School but include contributions received from Restricted Funds for Scholarships. Bursaries and other grants. Fees receNed for education and Se￿iceS lo be provided in future yeaTS are carried forward as deferred income in the Balance Sheet Turnover is the amount derived from ordinary activities, and staled after trade discounts, other sales taxes and net of VAT. {e) Donations Donations a￿ a¢counled for on a received basis. Donations receivable for the general purposes of the Charity are credited to unrestricted fund5 Qr as a designated fund as allocated by the Governors. Donab"ons for purposes restricted by the wishes of the donor are taken lo restricted funds where these wishes are legally binding on the Governors. t)onations required lo be retained as capital in accordance with the donor's wishes are accounted for as endowed expendable or permanent funds according to the nature of the restriction. (n Expenditure Expenditure is aecounted for on an accruals basis. Certain expenditure is apportioned to cost categorie5 based on the estimated amount attributable to that cost in the year. The irrecoveTable elemerst of VAT 15 included with the item of expense lo which it relates. Cost of generating funds includes all the financing costs of the entity in addition to the costs of the development office. Included within Governance costs are the costs of complying with constitutional and statutory requirements of the School. 27 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 ACCOUNTING POLICIES {Continued> (gl Taxatlon As a registered Charity the School is entitled lo taxation exemptions on all its income and gains. as long as they are properly applied for ils charitable purpose. Ihl Operating leases Rentsls payable in respect of operating leases are charged on a time basis over the lease term. Penslon schemes The Charity contributes to the Teachers, Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a mulli-employer pension scheme and il is not possible to identify the assets and liabilities of the scheme, which are attributable to the School. In accordance with FRS102 therefore, the scheme is accounted for as a defined contribution scheme. The Company also contributes lo personal pension schemes for non-teaching staff and these contributions are accrued a¢cordingly. li} Tangible fixed as$et$ The School has a policy of ¢apitalising fixed assets where expenditure on such assets is in excess of £2.000. Depreciation of fixed assets is calculated lo write off their cost or valuation less any residual value over their eslimaled useful lives as follows.. Assets under construction Leasehold properties Equipment Computers Motor vehicles 2_ 2.50k straight line 1 OYO slraighl line 33Yo straight line 20% straight line The School holds its properties on a lease from Magdalen College for a period of 200 years from 29th September 1987 at a rent of £4 per annum. The grant of lease is dated 22nd February 1989 with a deed of variation dated 27th November 1996. The rent IS Subject to review in September 2115. The leasehold property was valued by James Styles and Whitlock (Chartered Surveyors) at £5,090,000 on 27 July 1999. The School has taken advantage of the transitional provisions of FRS 102 whereby the valuation of the property has been frozen at its value as at 27 July 1999. Subsequent additions have been included at ¢osL Ikl Investments Listed investrnents are valued in the Balance Sheet at the market value on the last day of the accounting year. Gains and losses arising from the sale of investments are disclosed as realised gains or losses, being the difference be￿een the sale proceeds and the market value al the last ac¢ounting date. Changes in the valuation of investments during the year are shown as unrealised gains or losses. Stocks Stock are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Im) Liabilities Liabilities are recognised once there is a legal or constructive obligation that commits the Charity lo the obligation. 28 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 ACCOUNTING POLICIES {Continued} In) Funds Unrestricted funds are expendable at the discretion of the Governors in furtherance of the objects or administration of the Charity. Designated funds comprise unrestricted funds that have been Set aside by the Governors for pattycular purposes. The aim and use of each designated fund is sel out In the notes to the financial slalements. Reslricled funds are subject lo specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes lo the financial ststements. Permanent endowment funds arise where donors specify that the funds should be retained as Capital for the permanent benefit of the Charity. The investments earned from the investment of permanent endowment funds is accounted for as a restricted fund. Expendable endowment funds are similar to Fermanent endowment in that they have been given, or the Governors have determined based on the circumstances that they have been given, for the long term benefit of the Charity. However, the Governors may at their discretion determine to spend all or part of the capital. lol Finance leases Assets obtained under finance leases are capltalised as tangible fixed assets and depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditor5 nel of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Financial Activities so as to produce a constant periodic rate of ¢harge on the net obligation outstsnding in each period. (pl Interest rate swap Under FRS 102, an asset or liability is recognised lo represent that fair value of the interest rate swaps on loans at the year end. Movements on the asset or liability are reGognised in the statement of financial activities. The basis of the valuation is 8 mid-market price. SCHOOL FEES 2021 2020 la} The School's fee income comprised: Gross fees Less.. Total bursaries, scholarships. grants & alloWan￿S 17,846,665 1215634 16.680,331 1 101 859 16,631,031 15,578,472 Add back-. Bursaries. scholarships and discounts paid for by Restricted Funds 185882 188 284 (b) Awards, prlzes and dlscounts paid for by Restrlcted Funds comprised: 2021 2020 Bursaries & scholarships Prizes and leaving awards 185,882 865 188,284 29 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 SUBSIDIARY TRADING ACTIVITIES The School owns MCS Asset Managefnent Limited, which in the past ha5 provided leisure facilities, lettings and promotional goods relating lo the School and Magdalen College School International Limited. which was established in 2017 to manage the overseas school operations. The trading results for the year, as extracted from the audited financial statements, are summarised below.. MCS International 2021 2020 MCS Asset Management 2021 2020 Tuwnover 2.500.000 Administration expenses 295310 Operating profiullossl 2,204,690 126,7031 11,6981 {1,6331 Gift aid Profit IlLoss} for year Current assets Current liabilities 2,768,564 604 398 Shareholders, Funds The net assets at the end of the reportirsg period were £2,125,436 (2020.. net liabilits'es £77,556). 30 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 OTHER INCOME 2021 2020 Other educational income Registration and assessment fees Music and drama lessons Departmentsl income Games income Coronavirus Job Retention Scheme Other School income Income recovered in respect of extra-curricular activities 119,345 474,762 45,981 14,550 70,209 45,123 123 843 62.215 323.456 56,720 24,080 97,863 66.605 341835 Other ancillary trading income Lunch tickets and other catering costs Merchandise 217,551 768 248,870 INVESTMENT INCOME 2021 2020 Dividends receivable Bank interest receivable 27,653 38,110 31 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 NET INCOME Net income is slated after charging.. 2021 2020 Bank loan interest Auditors, remuneration.. For audit services For tax compliance seNices For other services Operating lease costs Depreciation.. Assets owned by the Group Lossllgainllloss on disposal of fixed assets 89.911 121,958 15,646 3,970 6,100 28.945 14,484 3,780 5,820 11.340 1.059,959 1,022,371 STAFF COSTS 2021 2020 Wages and salaries Social security costs Pension contributions 8,772,731 896,357 1 549 120 8.469,556 850.344 1454 487 Included within wages and salaries are termination and redundancy costs of £8,456 (2020.- £76,323) relating to one (2020.. four) employee. Staff costs include compensation paid to key management personnel (including employerf national insuran￿) amounting to £769,94212020." £786,410J. The average number of employees in the year was 278 (2020.. 275) of which 169 12020.. 163) were teaching staff. The number of higher paid empbyees, whose emoluments fell within the following bands, was.. 2021 No. 2020 No. £60,001- £70,000 £70,001- £80.000 £80,001- £90,000 £90,001 100.000 £110,001- £120,000 £210,001- £220,000 £220,001- £230,000. 10 In addition the Master is required under her contract to oecupy accommodation provided by the School and HMRC have assessed the benefit-in-kind value of this as approximately £47,00012020'. £50,000). 32 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 ANALYSIS OF TOTAL EXPENDITURE - 2021 Staff costs Other eosts Depreciation Totsl Costs of alumnl relatlons and fundralslng 289 776 152 263 442 Charltable activities Teaching Welfare Premises Support costs Financing costs Govemance costs Movement in liabilities recognised at fair value 8.429.086 252,407 719,490 1,849,262 1,057.049 592,377 1,394,199 751,386 105,145 21.018 208,554 20.375 831,030 9,694,689 865.159 2,944,719 2,600,648 105,145 21.018 11250245 3 910 322 1 059 959 16 220 526 Total for Company 11.540.021 4,062,585 1,059,959 16,662,565 Trading costs of the subsidiaries Total for Group 297 008 ANALYSIS OF TOTAL EXPENDITURE- 2020 Slaff costs other costs Depreclatlon Total Costs of alumni relatlons and fundraising CharltabSe actlvltles Teaching Welfare Premises Support Costs Financing costs Governance costs Movement in liabilities re¢ognised at fair value 7,995,922 213,440 723,922 1,833,040 1,291.626 586,945 1,398,290 719,742 159.204 31,354 182,396 18.573 815,642 9,469,944 818.958 2,937,854 2.552,782 159,204 31,354 10 766 324 11,020,318 4 174 303 4,273,344 1016611 1,016,611 15 957 238 16,310,273 Total for Company Trading costs of the subsidiaries Total for Group 33 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 TANGIBLE FIXED ASSETS- GROUP AND COMPANY Long leasehold property Freehold Equipment & Assets under property computers construction Company Total Cost At 1 August 2020 Additions Disposals Reallocate assets no longer under construction At 31 July 2021 28,627.963 2,484 1,611,089 4,682,362 273,317 230,928 40,672 35,152.342 316.473 Depreciation At 1 August 2020 Charge for year Disposals At31 July2021 6,748,866 680,266 32,222 3.145,925 379.693 9,927,013 1,059,959 Net book values At 31 July 2021 At 31 July 2020 The leasehold property was valued by James. Styles & Vvhillock (Chartered Surveyors) at £5,090.000 on 27 July 1999. Subsequent 8ddf(ions are included al cost. The Governors valued the equipment at the School at £50,000 on 29 September 1987. This equipment has now been fully written down. The valuation has not been updated since this dale as in the Govemors. opinion the market value has not materially changed. Subsequent additions have been included at cost. 34 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 10. INVESTMENTS Waynflete Office School Unlisted Investments investments Other listed Totsl Company.. At 1 August 2020 Additions Disposals Realised gains Unrealised gains Change in Cash 22 2,011,037 4,095,240 1,332,507 11.593,8271 48,658 216,519 11.750 2,022,809 5,427,747 {1501 11,593,987} 48,658 212,409 14,110} Balance at 31 July 2021 Group.. Consolidation Adjustment. Unlisted investments Group These comprise (all UK).. Listed investments Cash deposits Unlisted investments 4,708,201 1,237,613 69,416 90,784 11,600 5,957,414 160.200 20 20 Historical cost of investments 20 4 427 044 927 896 5 365 960 Unlisted investments consists of 14.3Yo12020'. 14.30￿ of the share capital of Oxford Schools Bu5 Partnership IOSBPI Limited which had a nil surplus in the year. The OSBP is a company established by the School and other schools in Oxford for the operation of a shared seNice for pupils. 35 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 11. DEBTORS Group Company 2021 2020 2021 2020 School fees and trade debtors Other debtors Prepayments Owed by subsidiary Companies 604,029 109,368 248,659 352,383 122,633 254,764 354.029 67,392 248,659 273 712 352,383 122,633 254,764 12. CREDITORS. Amounts falling du¢ wlthln on¢ year Group Company 2021 2020 2021 2020 Bank loan (see note 131 Trade creditors Taxation and social security Deposits held Other creditors Accruals School fees in advance for the following term Other fees in advance for the following year 2,024,999 2.264,999 2,024.999 2.264.999 762,690 475.395 647,924 475,395 251,967 229,823 251,967 229,823 122.632 81,275 122,632 81,275 277,670 245,526 277,670 245,526 235,105 194.240 230,455 191,441 236,453 162,501 236.453 162,501 250 000 13. CREDITORS: Amounts falling due after more than one year Group Company 2021 2021 2020 2020 Bank loan {see below) Deposits held 1,119,994 736 943 1,449,993 706 427 1,119,994 736 943 1,449,993 706 427 The bank loans are repayable by inslalments.. Due within to five years Due within one lo years 80.001 1039 993 1,119,994 2 024 999 3 144 993 329,999 1 119994 1.449.993 2 264 999 3714 992 80,001 1039 993 1,119,994 202499 3 144 993 329,999 1 119994 1,449.993 2 264 999 3 714 992 Due within one year The bank loans are secured on an informal deposit of the lease of the School premises and a charge over freehold property. Interest is charged a1165% above LIBOR on £1,695.000 of the bank loans. a fixed rale of 2.890k on £249,999 and a fixed rale of 2.970A on £1,199,995. The school has entered into an interest rate swap on part of the loan balance. Interest is charged at a fixed rate of 3.98%. 36 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 14. NET ASSETS OF THE FUNDS OF THE COMPANY AND GROUP The net assets belong to the various funds as follows.. Fixed assgts Net current assets Long term liabilitiès Fund Balances 2021 Endowed Funds Restricted Funds Unrestricted Funds 3,567,261 884,014 26 148 202 707.789 160,914 1962 262 4.275,050 1.044.928 26 248 363 1 861 101 Company 30 599 477 2 829 965 1861 101 31563 841 SL¢bsidiary reserves 2 125 434 2 125434 Group 2020 Endowed Funds Restricted Funds Unrestricted Funds 1,827,801 183,236 25237 101 968,718 1,063,220 2213372 2,796,519 1,246,456 25 279 037 2 171436 Company 27248 138 4 245 310 2 171 436 29 322 012 Subsidiary reseNes Group 37 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 14A ENDOWED FUNDS: MOVEMENTS IN THE YEAR Balance at 1 August 2020 Income Expended Transfers and investment gains Balance at 31 July 2021 Waynflete Award Fund The Leo Goldschmidt Fund Magdalen College Endowed 550th School Anniversary Fund 1480 Society 1,160,759 986,423 63.939 15,255) 139,767) 141,415 155,137 140.467) 1,296,919 1,311,206 23.472 209,413 286,086 299 312 75,479 132 239 855,021 1.216,586 426 867 Balance at 1 August 2019 Income Expended Transfers and investment gains Balance at 31 July 2020 Waynflete Award Fund The Leo Goldschrnidt Fund Magdalen College Endowed 550th School Anniversary Fund 1480 Society Cornpany and Group 1,187.573 842,741 63,939 19,876 214,520 {4,674) 137,8121 142,0161 133,026} 1,160,759 986,423 63,939 62,500 1818SO 45,795 117462 177,791 286,086 299312 The Waynflete Award Fund is invested to provide an income which will be used lo provide bursaries to qualifying pupils. £40,467.00 was transferred into this fund from the Magdalen College Endowed lo ieflect the intention of the Lord Sl Audries benefaction. The Leo Goldschmidt Fund is an expendable endowment fund which funds tsvo endowed bursaries at MCS. The 550th School Anniversary Fund and the 1480 Society are both expendable endowment funds established to 5UPPOrt the provision of means-lesled bursaries at MCS. £693,53412020'. £177,791) was transferred into the 550th fund from unrestricted funds in the year and £1,438.50 was transferred in from Master's No 1 Fund (previously reslricled). In order to re¢ognise the intention of the school and donors to endow a bursary in due course, £174,102 was transferred in from the David Brunton Fund (previously restricted) into the 550th School Anniversary Fund. 38 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 14B RESTRICTED FUNDS: MOVEMENTS IN THE YEAR Balance at1 August 2020 Investment gains (losses) Transfers Balanee at 31 July 2021 Income Expended Magdalen College Restricted funds Master's Fund Dr. Winch Memorial Fund Prize and Other Funds Buildings other Reslricled Funds Waynflete Award Fund The David Brunlon Fund OW Hardship Fund Lily Club Staff Bursary Canada Bursary 3,770 1,438 51,190 83,792 77.440 100,146 576,692 157,385 88,489 55,544 48,462 3,770 11.4381 10,416 3.625 35,455 77,486 162,2611 115,608 {101,1831 3,404 {14.6661 3.027 117.3071 6.250 18751 5.371 {4,814} 118,2921 18651 43.314 86,552 12,895 115,221 591.699 1100.0001 11501 582 27.979 1174.1021 74,209 60,919 49.019 Company and Group Balance at1 August 2019 Investme nt gains (losses) Transfers Balance at 31 July 2020 Income Expended Magdalen College Restricted funds Master's Fund Dr. Winch Memorial Fund Prize and Other Funds Buildings Other Restricted Funds Waynflele Award Fund The David Brunton Fund OW Hardship Fund Lily Club staff Bursary Canada Bursary 3,770 1,438 69,181 79,948 3,770 1,438 51,189 83,792 77.440 100,146 576,692 157,385 88,489 55,544 48,462 {17,9921 {1,211} 5,055 77,440 100,502 141,4281 196.673 {122,0331 4.796 (13.3971 1,185 {2,842) 6,250 17061 7,412 40.322 502,052 171,300 90,147 50,000 41,050 750 15,3141 947 Company and Group The Master's Fund was set up for the use of the Master lo promote academic excellence al the School and was transferred to the 550th School Anniversary Fund to promote excellence through buTsaries. The Dr Winch Memorial Fund was set up to create a programme of bursary awards al the School. Prize and other funds represent a number of individual prize funds. 39 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 148 RESTRICTED FUNDS: MOVEMENTS IN THE YEAR (Continued) The Buildings Fund was sel up to fund the construction of new buildings at the School. Further details of the purposes of expenditure is set out in the annual Donor Report. 14C UNRESTRICTED FUNDS: MOVEMENTS IN THE YEAR Balance at 1 August 2020 Gainslloss& Transfers Balance at 31 July 2021 Incom8 Expended Company and Group Designated funds Master's Fund 1,958 {1,958) Unrestricted funds Income and Expenditure Account 25 277 079 17 963 869 16 396 317 sg6 268 26 248 363 Company 25.279.037 17.963,869 116,396,317) {598,2261 26,248,363 Non-charilable trading funds 77 558 2 500 000 297 008 2 125434 Group Balance at 1 August 2019 Balance at 31 July 2020 Ineome Expended Tr•nsfers Company and Group Designated funds Maslerfs Fund 1,958 1,958 Unrestricted funds Income and Expenditure Account 24 480 402 17 041699 16 067 231 177 791 25 277 079 Company 24,480,360 17.041,699 116,067.231) {177,791} 25,279.037 Non-charitable trading funds Group 40 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 15. CONTRACTS AND COMMITMENTS Al the year end the group has ￿pital commitments tolalling £ nil (2020.. £ nil), relating lo the various building projects. Operating lease commitments 2021 2020 Total future lease payments: Payable within one year Payable between one and five years 30.680 5,885 16. PENSION SCHEPJJES The School participates in the Teachers. Pension Scheme (England and Wales} I'the TPS'I for ils leaching staff. The pension charge for the year includes contributions payable lo the TPS of £1.254.849 {2020.' £1, 185,98• and al the year-end £159.25812020.' £141,304} was accrued in respect of contributions to this Scheme. The Teachers, Pension Scheme ITPS or scheme) is a statutory. unfunded, defined benefit occupational scheme. governed by the Teachers. Pension Regulations 2010 las amended), and the Teachers, Pension Scheme Regulations 2014 las amended). These regulations apply to teachers in schools and other educational eslablishmenls, including academies. in England and Wales that are maintained by local authorities. In addition. teachers in many independent and voluntary-aided schools and teachers and lecturers in some eslablishmenls of further and higher education may be eligible for membership. Membership is automatic for full-lime teachers and lecturers and. from 1 January 2007, automatic loo for teachers and lecturers in part-time employrnent following appointment or a change of contract. Teachers and lecturers are able to opt out of the TPS. Although members may be employed by various bodies, their retirement and other pension benefits aTe set out in the regulations made under the Superannuation Acl119721 and Public Service Pensions Act12013} and are paid by public funds provided by Parliament. The TPS is an unfunded scheme and members contribute on a 'pay as you go, basis- contributions from members. along with those made by employers, are credited to the Exchequer under arrangements governed by the above Acts. The Teachers, Pensions Regulations 2010 require an annual account, the Teachers, Pension Budgeting and ValLsation Account, lo be kept of receipts and expenditure (including the cost of pension increases). From 1 April 2001, the Account has been credited with a real rale of return, which is equivalent to assuming that the balance in the Account is invested in notional investments that produce that real rate of return. Valuation of tho Tga¢hgr$' Pension Scheme The latest actuarial valuation of the Teachers, Pension Scheme has now taken pla￿, in line with directions 15sued by HM Treasury and using membership data as at 31 March 2016. As a result of this valuation TPS employers will pay an increased contribution rale of 23.68¥0 from September 2019 (this includes the administration levy of 0.8%). The liming of the implementation is lo align ils introduction with employers, budget planning cycles. Until then, employers will pay the CUTTenl rale of 16.480/0. A copy of the latest valuation report is on the Teachers. Pension Scheme website al the following location.. hll s'.Ilwww.leachers ensions.co.uklnewslem lo ers1201910411eachers- ensions-valuation-re ort.as 41 MAGDALEN COLLEGE SCHOOL OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 PENSION SCHEMES (Continued) Schgmg changgs The arrangements for a reformed Teachers, Pension Scheme. in line with the recommendations made by Lord Hutton, in particular the introduction of a Career Average Revalued Earnings ICAREI scheme, were implemented from 1 April 2015. In December 2018, the Court of Appeal held that transitional protection provisions contsined in the reformed judicial and firefighter pension schemes. introduced as part of public service pension reforms in 2015, gave rise lo direct age discrimination and were therefore unlawful. The Supreme Court, in a decision made in June 2019, have Tejected the Govemment's application for permission to appeal the Court of Appeal's ruling. The ease will now be referred lo an Employment Tribunal for a decision regarding the remedy which will need lo be offered to those members of the two schemes who were subject of the age discrimination. Under the definrtions set out in FRS 102, the TPS is a mulli*mployer pension scheme. The trust has accounted for ils contributions lo the scheme as if il were a defined contribution scheme. The trust has set out above the information available on the scheme. The School also runs a scheme for its non-leaching staff. which is a defined contribution scheme. The total contribution payable lo this scheme during the yeai was £294.271 {2020.. £268,503 ) and al the year-end £36,981 {2020.- ni4 was accrued in respect of contributions lo this scheme. 17. GOVERNORS AND RELATED PARTY TRANSACTIONS Neither the Governors nor persons connected with them received any emolumenls from the School during the year (2020.. £Nil). No Governors received reimbursement of out of pocket expenses in the current year (2020.. £T02 for two Govemorsl. Donations from Governors in the year amounted to £4,86412020.' £101,795). Under the provisions of FRS 102, related party transactions with MCS Asset Management Limited and Magdalen College School International Limited are exempl from dis¢losure as the companies are wholly controlled subsidiaries of Magdalen College School Oxford Limited. There are no other related party transactions to dlsclose. 18. GENERAL INFORMATION Magdalen College School is a company limited by guarantee incorpofated in England and Wales, company registration number 02106661. 11 is registered as a charity with the Charity Commission, registration number 295785. Ils registered offits address and principal place of business is Magdalen College School. Cowley Place, Oxford, OX4 1DZ. 42