The famous 'Tom Tower' was designed by Sir Christopher Wren and houses the 7 ton 'Great Tom' bell, taken from the 12th century Osney Abbey. The bell tolls 101 times every night at 9:05 (9pm Oxford local time), originally to sound curfew for college members (who numbered 101). The Tower is a slightly later addition to the rest of the college, founded by Cardinal Wolsey as "Cardinal's College". The photograph was taken from within Tom Quad, Oxford's largest quadrangle.
There were only 100 students at the foundation by Henry VIII, but an extra one was added in 1663. Since the bell 'Great Tom' was hung and first rung here on 29th May 1684, it has indeed always been rung with 101 strokes daily.