MARLBOROUGH COUEGE FOUNDATION ACCOUNTS FOR THE YEAR ENDED 31) JUNE 2021 Haysmacintyrc LIF Clwtered Accountsnts CIwAtyNumbw. 1061798
MARLBOROUGH COLIIGE FOiiNDATION Page I REPORT OF THE TRUSTEES The Foundatirn 18 resleI with the Charity CojDmiS5ion nllmb¢r 1061798 TRUSTELS Prof&ssor Sir J Bell GBE (appoioted as Cbairn)an 15 July 2020) S M W Bishop {st¢pp¢d down as Chairnwi 15 July 2020) E Elliott G l Hetrjerson CBE L Mo¢lw-HUB T ManirtrJ¢nkin5 PROFESSIONAL ADVISEILS Marlb)Tough Colle8e Wiltsbire SN8 IPA Bankers.. 0 B#nk Bgrnwood I Born¢tt Way Gloucesi¢r GIA 3RL Soli¢itors: Farrer& Co 66 LirKoln's Inn Fielth WC2A 3UI Auditors.. 10 QuecD Street Place EC4R IAG Investment Adisers: WIJ 5FB
MARLBOROUGH COLLEGE FOUNDATION Page 2 REPORT OF THE TRUSTEES (Conthilled) The fllwKRal statements hav¢ been prepared in accord with Awounting and RepOT by Charities: Statrment of Recommended Prdctice applicable to ckthriiies prtyarillg their in OrdanCe with the Financial RwrtinR Stsndgrd applicable in the UK and Republic of Ireland (FRS 102) (s¢¢ond tItion ¢iTlIVe l January 2019) - (CFLqrities SORP IFRS 102)). applicable ]aw and th¢ ¢haTity's 8OVaDin8 doa]menL STRUCTU GOVERNANCE AND MAIYAGEMENT OrsJdJAdDn The Trustees deter the 8etter41 l1¢Y ofthe FOUlati Trte Re¢rttL Inducdon and TrxiDln8 Exi8tiD8 Trtte¢s bave the power &pp)int new Tne£s. New trwtee6 are made avlore of dxir resp)nsibilities •nd provid with the Confiict of Interest Policy. the mom reLeDt aw)wits and any relevaDt CbaTiry C£mmission publications. TTustr¢8 a regularly uwlated oo clwitysectori&wes thTougb selective reading njaterial providedbyprofessiond odvis¢TS. tn addition. thcy monitor the Charity Commission website athj Ire aw#r¢ of i5sue8 regarding the iDdepeThkni schl8 Sector. Th¢ TTUSt¢¢s ar¢ C4)nsidered to be tbe key nwjagement personnel ofthe Fouttdtttion and the Foutxlation does not employ ony sthff. No Tntste¢ ceived remuneration in the aurent OT prior. All trustees complde a'De¢]4rntion for Fit and Proper Persons. forni and an nnual 'Declanlion of IntsTegts' fonn. Rlsk Revle Risks to wbicb the Foundatiott 18 ex) 48 Identifi by tho TTuses, have b¢¢n reviewed. This 18 ongoing prwe&8 and th¢ Tru$t¢e5 review and update th¢ Ti5k PTo¢e4s at le&8t annually. Throu8b their risk tDatta8cment pr(Kes& the Tte¢S have established 01$ io thB Ti8ks thii they have identifi There 18 4 risk thai the vu]ue of the ioveslmellis drease thl this 15 miti8ated a8 much &8 possible throuBh active tiigna8•nent by the inve4tment managers and spreath8 the Tisk by investing throu8h a well.diver¥ified portfolio. The inve$tsneni managers, Rathboll, qeJMI reBular investment Sts1 r¢w)rts az¥J report gnnually OD the portfolio's perforniance. The investsn¢n¢ v4iu¢ al yeaT end [0Vered from the earlier itt4)a¢ts of COVtD aud is Seen to be a lon8 tenn risk but the Trustees will contitiue io llM)nitor the sill110n and th"SC the Fwsiliott with the Clwity's inve5tmenl mana8ers. The other m&iDrisk identifiedbytheFoundO1ion iti¢lud¢s the abilityto be able to Coniinue to rni support Marlboro)4h College, in pariiculor for the provisiott of bursari¢s. These 4r¢ mitigated through the professioMI fiffldrn1inS undcrt8kcn by A dedi¢4] depattrneD( the Lkvelopment Office, withirt the College and wific fijndraising catiyign8. The 18 currently rn¢)r¢ than sutEcieni funds to support the relevant buYs8ries and ¢8pitsl projects that have been pledBed by Found&tion and fUrtIr fundraisin8 Iw È¢en rrfeived s1C Jtar ta. A% a resuk ther¢ is deetned to be aoy sknrt tenn risk raising funds and 8upportiti8 Morltxougb College ID tbeir above erthavourL Policy documents that the Tn8 ve put p]xe to LDitigate rigks include the PriyY Policy DDllor Charter. Fundraising Cod¢ alld Gift ACceptat Policy. which we all available on the websi. Polky The Foundation's policy is appty the fund5 raiYAI for the welfaK benefit or advwKement of th¢ College ID such manner a8 the Tru8leeK afier cotLsuitation with the COW1] of Marlly)rou8b Colle8e. shau decide is 8ppr¢)pri41e. InveJtmnt Poryvers The itivutrnent powers are goYern¢d by the Foutyjation d¢¢4 which permits th¢ fuDd8 to be invested in any securAry li8d on Publ5¢ BeDeflt The TN$t¢¢s ¢onfirm that they have given due Te8ard to the Public Benefit BuidatKe published by the Cljarity COn)mi10 ia detcrrnin¥ tbe a¢tivili¢s undertsken by the cl)arity. A nwnber of awds hav¢ been made by the TTus*es to support children on burwics throu8h their ]if¢time a¢ the Colleg
MARIoROUGH COLLEGE FOUNDATIOf4
Page 3
REPORT OF THE TRUSTEES (Conthiued)
OBJECTIVE& ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR
ObJeets
The objects of the Fouadation are set out in a Fowmknn deed dated 4 JU 1956. The main objeci of the Foundation is to
tllana8e funds be applied for the b¢n¢fit of MaTIEM)Tough College (*he Collegel. a Connect charity regis¢¢r¢d with th¢
CItsTity ComtrriS8ion number 309486.
Objectlves
The primary obj¢¢tiv¢ of the Foundaiion is Matit¥)rougb Couew in particui#r through the provisioo of bursaries but
a]so includu)& bu¢ noi limiied to. the fuThling of s¢hoIarsliw capithl ptojects. equipm¢uL facilities and outreacb programn.
Fuudralslng
FUndraisU is caffled (Mi by Mellth of m8rlborthb Coll¢g¢ sthff, and no external are used. Funthai8ing is aimed
at alun]ni, parents. tsw¢s and foundations arwj other Itttere parties a1 Tr)t the 8eneTrl public. There were no comp]aint8
Invthtment P¢rforJMnce #nd Polky
The Fourtda¢ion'5 investments are managed by Rathbones Investment M8nwm¢nt Ltd. The investment managers have
discretion in the maJJagement of the prtfolio. The Found10 iiivestm¢nt 11¢Y i$ to rnaMEe the investments followill8 the
principl&s of total return (althou8b there are no ¢ndoThrd funds). with th¢ ov¢tall objcctive to increa8e the funds value in line
with fee Lnflation and provide up to 34% for drnw do in support of bwsaries. Thc pcrfomwice over the year $4w iti¢om¢ of
£90.116 (2020.. £94,157) investmeni gaiIL4 (reali8 and unrealis) of £799.729 {2020.. £72,7171058).
FjThANC REw
L1Th8 the year dooatiolls £2.845.059 {2020.' £2.616.157) aThl totsl £2,954,739 (2020..
£2.759.734).
During the the Fourthioll made yants to fA76J44 (2020.. £1,474.338) to MarIl8b ColleBe.
The expeTr8e8of the Fowthtion by the Colle8
RerVtt Poll¢y
Tothl reservu held at 30 2021 wtrE £10.220,695 (2020: £6.965234} of which £9,572,498 were restrxcted (2020.
£6,238,569) and £66,403 were desigted (2020: £249,655). The free ru¢rv¢s iwrcased during the year from £477,010
£581,794.
The Trustees, policy 18 to ¢onlinu¢ to build TeserKs up w a level wbicb will ejwble the Foythiion to 8UPPOrt MJ0T initiatives
ithin Marlbomu8b Coll¢8¢, with the nwjority of the resw4¢s ld as restricted and d¢signatNI for ixuwie5 and
Specific capitsl projects 08 they arise.
Rewure¢4
The Council of the Colkge agre
MARLBOROUGll COLLEGE FOUNDATION Page 4 REPORT OF THE TRUSTEES (Contlnlled) srATEMENT OF TRUSTEES, RESPOIYSIBILfnES The Trustres are responsibl¢ for prewing the TTUStees' Rewt and the finafj¢i41 stst¢ments in acci)Tdan¢e with app11LIe Jaw The law applicable lo in Ety141 & Walesrequires the wrpw¢ fillwKial stst¢rnents foT wh financial year which give a true and fair view of the state of affairs of the clMTity and ofthe i0¢ and explIre of the ¢harity for that Select suithble a¢¢ou]llg 1)C1 and then apply them cortsimently. Obs¢rv¢ the metbods and Fyinciples in the Chariti¢S SOR,. FAake jud8etncnt5 ests'mates that are reasonable and State whether applicable a¢¢(Amtittg 8talldarth have bee4J follorf ¥llbj#t to any mat¢Tial dis¢lowJ explained in the financial stameo¢s" fttinue ill bwiw8. The Trustees aye re4x)nsiblc foT keepll prcw ac£tMJotio8 that di5c108¢ with reawnable 4WUWy at any time the financial position of the clwity 4nd ¢nabl¢ them to eDsure thai the fmancial statements con¥Trly with thc ChBritics Ac¢ 2011. the Chnrity (AGllAts atsj Reports) R¢gul4tiony 2W8 and the provisi0tt8 of the Foundation deed. Thry are also responsible ftir safeguarding tbe asse18 of the elttrity und he¢ for tAkiDg reasonable ¢ps for th¢ pTrv¢ntion 4nd d¢¢¢ction of frnud and other irregularitie8. AUDITORS A rtsolution to re-amioi HaY8mQCIDe LLP will be submitttd to th¢ Annual General MeeliDg. Marlborou8b College MarltrM)rouRb WilL8hire SN8 IPA On bewf ofthe Board Sir Jo Bell Trustee 2021
INDEPE]YDENT AiJDITORS' REPORT Page 5 TO THE TRUSTEFS OF MARLBOROUGH COLLEGE FOUNDATON TRU Opinlon We have audited the fillancial Stamts of Marlw Coll¢8e Foulldati for th¢ year en(kd 30 June 2021 which comprtse statern¢ of Financial ActivitiA Balance Sheet ONI rM)t¢s io th¢ fiD?la1 statenxnts. including a SUMM of significant accounting policies. The fuwicial rekx)ninB fraM¢wO that h¥s been appli in their preparalion is applicable law and United Kingdorll Accounting Siandard4 incI]ng R¢FKJrtiD8 102 Ihe Financial Reporting Siandord applicable i Ike UK ondRepublic ofIreldp (United kngdom G¢vxally Accepte4J AcciwntiDg Practice). give a trne attd fair view of the state of the cljarity's affairs 30 Jllt 2021 and of the ch4rity's net movement in fimds for the yeaT then ended,. bave been PTeparJ Ill acwdan¢¢ with the requIrn of the ChltieS Act 2011. for oplmlon W¢ hav¢ tr¢n appointed as audiior under gection 144 of thc ch1teS Act 2011 •KI report in xcordance with the Act and rel¢vatti regulatiom made or hayiog effect thereundcr. Wc COnthted our audit in aordae with Intemaiional Standards on Audiiin8 (UK) (ISA$ (UK)) aDd applicable law. Our mPTL8ibilitits under thoK stsTthrds are fvrtherdeKribed in the Auditor'5 r&yponsiTr+ilities for tbe 4udii of th¢ fuJ4n¢iai ststenllts section of Terrt)rt We are indeExnd¢nt of th¢ clwity in aowrd4n with ihe ethical requirem¢ni$ that ore T¢levant to ow audit of the fmancial swements in the UK, in¢lydimg the FRC'S Ethi¢al Standfird. and we have fvlfilleAI our other ethical resportsibilities in accordance with these requirements. We believe th&t thE audii evidence we have obthintd is sufficient and appropriate to provide A blsis for our OPinithL relthig to 8oln8 eomeer• In diting the financia] stskments, we have cott¢luded thit th¢ Tne¢s. use of the 80in8 concern bayis of accountlll8 in the pr¢porn¢ion of the fuwKial 8tatement8 is apwwith. Based on the work we have performed. w¢ haye not identificd any nmtrrial uncenaintieg rel&ttn8 to events or eonditions thaL 1]l¥1dua1Iy or collectively. may casi shgnifiant doubt on the chaTitys ability to CODtinue as a 80ins concern for a period of at le46t twelve months frorn when the finlti1 8tht¢m¢nts are auUhxi9ed for issue. Chjr responsibilities and the respor1billti% of Tntstets respeth to goin8 ¢¢¢M are dCTIbed in the r¢levant Bections of this report. Other Inform•tlon The Tte¢S are responsible for the other itifornlliithL The othcr infornnti(¥n Infornli0ll inchmled in the Re of the TnLSt¢¢s. OUT opinion on the fll)An¢ial stsiements Dol cover the otkn inf¢)rn¥tion and. ex¢¢pi to the extent otherwise explicitly 8tst¢d in our TWL we do expregs any fLYm of 8&w[ae wlu5ioD thuco In corAnection with our audi¢ of th¢ kni41 sts*m, our Tesponsibiltty is to read the otkn Infornli0ll 8nd. ID so, con8ider whether the otherAnforn)auon 18 Illat¢rially inwn5is¢ellt with the fina]1 qlatements or ourkTh)wled8e obtsined in the lludit or otherwise appeaTS to be maierially mi55tat¢d. If w¢ i¢JcDlify sh mweria] itKonsistencies or apparent material mi&8tatements. we aTe required to deteTr whetber thett is a m#t¢Tio1 Trisst4¢euKnt in the financial ststemenLs or E4 material mi&8tstement of the other infornution. I£ based on Ibe work we have perfornied, we wnclude that there 15 U material mi&staicment oftbis other information. are required to report that fact. W¢ bav¢ nothing io rwrt in this regard. MatteTB OD whlch we are reqlllred to r¢porf by ewtlom We have nothitig io rewrt in respeci of the following matters in re10 to which the CIWIti (A¢¢ounts and Reports) RegulatioJk$ 28 require to reFQrt to if, in our opinion". adequate accounting records have N)t been keptby the cbarity. or sufficient accountlDg records ljave been kept; or we have not received all th¢ iDformalioD alld explatsaiio we for our audiL
INDEPENDENT AUDITORS, REPORT PaEe 6 TO THE TRUSTEES OF MARLBOROUGH COLLEGE FOiJNDATION Re4101b7ll1lc1 ¢rfTrllatees for the fiballelal 8 explained More fiY in the Statement of Tnthzs, Responsi7)ilits¢s the Tne¢S are responsible for th¢ preparation of the financial statements and for being satisfied they giv¢ * tru¢ fair view, aj for 5uGb internal control as the Tnle£S determitie is necessary to eDable the ryeparati of financial stytern that are ftee from nla] misstalemenL whether due to fraud or ern)r. In preparitig the fin4n¢ial slatements. the Tntytees are responsible for &ss¢sw the ¢lwity'S ability to ¢On¢inue as a going concerry disclosin8. as applicable, mattas relatoj w 8OU18 cO¢M and usitig the goitig blsis of aceoutititig unl¢ss the Tn either intend to liquidate clwity or lo case OFeratiott% or ve no r¢•listie Alwtiative bw to do 80. Auditor'y rtSpollbltl for the audlt of the Iln•ndal stteJneDts ()Jr objectives are to re&qothle uTnCe •iK)ut whether the financial statrments as a whole ore free from ma¢eri misstalement, whether due io fra or error. and to is8ue an auditOT'S report that itKIth our opinithL Reasonable aurInCe 1$ 4 hiBh level of but is not a guarantee that an audit Colld in aCCordae with ISAS (UK) will always detect a rnateri41 rnisstalement wheo it exists. Mi&%tthtrments c4n arise from fraLKI oreTrorand are considertd mawial if. ityjividually OT iti th¢ aggr¢gate, thry could reasonably be expected the decisions of users takeD on the basis of these financial sl4tem¢nts. Irregulariti¢S, in¢lyding frauil are iTtiC¢S of Don40mpliatte with ]ttws Al tegulatioDS. We design pmcedur¢8 ID line with our re8p)nsibili¢ia, outlined above, to de¢ matenal misstatements iti ttspecl o(iTregukn¢ie4 ilUdin8 fraud. The extent to whicb our pro¢eduT¢S ar¢ Capable of dete¢tin8 irre8u]an"lity iticludtrtg fraud is detailed b¢low.' B18ed on our under¥tandin8 of the ¢Trwity enviTODrnent in which it wt&8, we identified that tbe principal riaks of non-conwliance with laws and reatiOnS relat¢d w tru law requiremetits over the use of r&4trictrd and etmlowed futtd¥, and we considered the ext&)t to Mthicb witt-complla might hAve a material effeci on the fin181 sthtements. We also eonsidernl those laws and TegulatioTh4 that have a direct Lmp¥t on the PTepgralioll of the fillwKial sucb as the Critie5 Act 2011. We evaluated malla.5 Incentives and rpportunities for fraudulenl manipulation of the financial statements (including the risk of ovetride of controls), aThJ deter the pri1paI risks trc related to postin8 inappropriate journal Cntries 10 income nW8tCnt bi48 in ting esiimatrs. A11 procedwa p¢rfornKd by thc includ¢d: Di$¢ussioTLS with monageokent irhillI consid¢ration of k]wll OT i18¢ of no1¢011a1KC with law& and Tegulation and fraud. Evaluating mana8ement's controls dlSd to prevent and detect llTCBU]es. and Identifying and tutin8 jowMI etitrlts. A further description of our respon&l)iJilie8 for the audit of the fina11 ternents is on th¢ Fin¢]1 Reporting Council's website at= v..[rc.of * uk.'audltore )n%ibilili¢%. This description foms part of our audilor'5 report. Um of our report This report is made solely to the ¢frlty.$ Tn, as a b. iti 4¢¢0Tdantt with section Im of the Cljarities Act 2011 llnd regulatlorts made under section 154 of thAi ACL (hr audit work h&$ been undertaken so th4t we might State the Ch1t8 Tntte$ those motters w¢ are required to state to thern in an Auditorfs rerK>rt arAI for no other purpose. To thc fullesl exteTht pcrniitted by law, we (k) no¢ accept or assume resp)nsibility to anyone thall the ¢h8rity's Thtste¢s ls a Wy for our audit wort for this r¢po¢ or for th¢ 14Jini(m5 we ha forn)ed. LLLP 10 Quttn Street Plxe Ststutory Audito Date.. 29.11.21 EC4R IAG H&Inty[C LLP is ellble th acl &$ an ali10r in of sedion 1212 of the Conwies Act 2006
MARLBOROUGH COLLEGE FOUNDATION Page 7 STATEMENT OF FINANCIAL ArnITIES FOR TIIE YEAR ENDED 30 JUNE 2021 Funds 2021 FdI 2021 Tot 2Q21 Tot 2020 Note INCOME FROM InYe51menis Donations and legaci<4 Other irthme.. t&x recoverabk 5,996 212.631 6.180 84,120 2.632.428 13.384 90,116 2,845,059 19364 94,157 2.616,157 49.420 Tot21 incott 224.807 2.7295132 2.954.739 2.759.734 EXPENDITURE ON Raisllig fu. Investment mana8er fees al bank eharyes {1.543) (21.120) (22,663) (16,336> Cbaritable activities.. Grnllts for the benefit of MarlboTOU8h Coik8e (349.812) (126J32) {476.344) (1,474.3381 Tothl ¢xp¢llditure {351 J55) (147.652) (499.IKJ7) {1,49Y),674) Net (expndl¢ur•yln¢•me belore knvethnt (126548) 2J82280 2.455.732 1269,060 Net gain{lO53) on inv1 48,080 751.649 799.729 (72,717) Net (exptDdltsreylll£ome {78.468) 3J33.929 3.255,461 1,196,343 Fund balonce8 brnu8ht forward 4t l Juty 2020 726,665 6238.569 6.965234 5,768,891 Fud b8lnea earrled lorn*rd •t 30 Jutse 2021 5 64&197 9A71498 10320,695 6965334 All the Charity's a1Vill¢S ar¢ conlinuing. Full comparatives for the Stat¢Jnenl of Finala1 Activities are sTrh)WD on pa8e 14.
MARLBOROUGll COLLEGE FOiJF4DATION Page 8 BALAIYCE SHEET AS AT 30 JiJNE 2021 Note 2021 2020 FIXED ASSETS 5.534,769 3.860.831 5.534.769 3.860.831 CURRENT ASSETS Debtors including Gift Aid R¢wvernble Cash at bank attd in ha1 7,493 4,678,433 35,623 3,068.780 4.685.926 3.104,403 4.685.926 3.104.403 Net Assets 10220,695 6,965,234 CAPITAL AND RESERVES Unrestii¢i¢d E.'uTra8 Restricd Fu 648,197 9.572,498 726,665 6238.569 10220.695 6.965.234 Approved atsl tI]sed for I&9 by the Trte (m 4 November 2021 and on their bdmlf by. Sir Jo ell (CbAirnwl
MARLBOROUGH COLLEGE FOUNDATION Page 9 STATEMENf OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2021 2D20 Re¢oncilitloA of net Intome to net euh floTV from operating aetlvltl Net Inco per ststement of financial 1¥111¢$ Invesrmeni income Net (gainYlo&8 on inyesttnenis DreaSel{l¢re) An debwrs 3255.461 (90.116) (799,729) 28.129 1.196.343 (94.157) 72.717 {7.930) Net (Ath prowldtd by opertlD8 aetiwltl 2J93,745 1,1&973 Calh flowi fmm Invtttlng tdvlties Inve5¢ment incon PUbaSe of inveslments Proc¢¢ds from sale of inv¢s¢ments 90.116 (2269,855) lJ95,647 94,157 (1.439,621) 423.810 N¢t ¢•th ID Inv¢•tlnz Kdvll (784,092 (921,654) Change ¢tsh nJ •qulvalents In the ye•r 1.609.653 245,319 Ca8h e&sh ¢quivaients at l July 2020 3.068.780 2.823.461 Cxsb •Dd ¢ash ¢qulvAients •t 30 2021 4ffi78,433 3,06&780 Ally of C•ih •Dd C•ih Equivthnts At 30 JuDe 2020 Other movements At 30 2021 Cuh flow 2021 Cash ai bank arLd in band Cash held by investnlI managers 2,816.779 252.IXII 1.750298 (140.645) 4,567,077 111,356 3.068.780 1.6(FJ.653 4,678,433 Analy818 of Ca8b Cilh Eq4lvAle•ts At 30 Jwie 2019 Other movement5 At 30JuDe 2020 C•ih flow 2020 Cash at bank at¥] in h¥nd Casb held by inv491ni¢nt tnan*geJs 2.744.662 78.799 72.117 173202 2,816.779 252.(KJl 2.823.461 245.319 3,068,780
mARIoROUGH COLLEGE FOUNDATION Pa8e 10 AccoiJKfiNG POLICIES FOR THE YEAR ENDED 30 JUNE 21121 Basls of prepartlon ReeommeThJed Practice applicable to chaTiti&8 PTep8TinB their xwunts in with the Finollciai Reporting Standard applIble in the UK and Republic of IrelAnd (FRS 102) (%coDI edition ¢tTKtiv¢ l J4nw8ry 2019) - (Ciwiues SORP (FRS 102)). and the Financial Reportnig Ststthrd applicable in the UK a1 RqJubli¢ 0(end (FRS 102). The Foundatioll meets the defjnition of 4 publi¢ iwfft entity utsJ¢rFRS 102. Asts liabilities are inilially recogrtis at hAStorical cost or ITaA8action value unltss other¢ styted in the relevt tIng policy note(s}. Th¢ Trusa Nider th¢rn are no m•terial Uncerte8 the ClJarity'S ability to continue &8 a going concern. The revi¢w of th¢ Foundation's fllmttciai [81tioL reservu leveL% aThl future Pla givu the TTUS¢s confidence the clwity retDaiJw COD¢ml for the for¢stabk fvture. bl In preparAtig these fillwKiaJ Statemen the Tn have Dde judgernents, estimatts and 8sswnpiions aff¢c¢ the application of the FowNlation's xcounting policieg and the Tert a&seL. IRabilitie& income aA expetyjiture and th¢ disclosures trade in the financia] striements. Estimatts and j¢enL5 are contitM&lly evaluad al are bwd on historical experience and ots f8cwrs, including expeclations of future events thai arc believed to be re&soDabl¢ wider the circumstanc¢s. There are deemed not to be any significt jud8¢mellts QT areas of estill1 uncertainty in the preparation of these frtancial ststcmts. The Foundion's M¢¢4Amts ho b¢ett pffpar&l th¢ histyxAC41 c1 convention excepi for invesluwits. which are ¢ti¢d ai ]Dth YAIu¢ T4trr historic ¢osL d) In¢ome wregeni8 Covenan ond investnl IOrne generated by the Foundation's ¢ottiinuin8 activitie5 and 1$ a¢c(Amted for on 8 receivable b&si R¢8tri¢ted fLuth re]4 ¢0 doD8ti¢m T¢c¢ived from ithjividyals have rwutsted that the money io u8¢d for a 8pecific puTpogc, whether thai be towar&q a bws8ry or a capithi Proj1. Tbey aTe represented by pity1 and fimds, which Jr¢ exp¢nd)bb ID 8¢¢ordaw with th¢ ¢I)lItionS inw(&l by the doDOT& Unre8tricteA funds cornprise accumulated ¥LUp1w and defici on genernl TY are available for &t the dretiOn of the TTUSte¢s in fithe of the ge cTrATitabk obie¢¢s. Designated fill& #Te fund8 that the Trn$t have ¢arnwW for a i>firtiCuiarpuO9e. 8) The Foundation ollly h&8 fin18] and liabiliti of # kityl that qualify as ba8ic fjnancial in5tnuwits. Basic financial itL8trumenw includmg trade and otkn debm aDd ¢r¢ditor8 are initsally rwo8ni¥ed traDtion v¥lue and subsequently measured at their Settierne th. h) Investments ¢onsi5t of quoted iJ]vestinrn Twbich ate TAlued at market Value on the bal she¢t dat¢. Increa8e5 and dre& in rnarkd value fire retlccted in the Statement of Financi Activitie5.
MARIMOROUGH COLLEGE FOUNDATION Pagell NOTES TO THE ACCOUNfS FOR THE YEAR ENDED 30 JUNE 2021 The administration afyl gOve[n costs w(Kiated the of the cljariiy are paid by Morlborou8b College. Thc TnLth¢s' liability Insurn pd by Madix)Tou8h Coll¢g¢. Neither the Ttee5 nor perg)ns cokd with them rK¢ived ony remunerntion. other benefits or Teirnburs¢m¢M of expenses froill the Foujthtioll or any com)ecteA organi5atioTh Th¢ Fowxknon ]x)t employ any staff. The Trustees conwise the key rnanagement of the Foundation aryl they Dot Temunernted. TATION As a charity the Foundation is exempt fmm United Kingdom Inco lX. VESTMENTS Total Ltsted Invttmellti Mark¢¢ vatue 41 l July 2020 Athl.. #cquisitions Ims: disposals N¢¢ 8wns on revaiuatioti 3.860,831 2.269,855 {1.284.477) 688,560 Value at 30 June 2021 5.534,769 Co•t ol Snvutments AI JO JuDe 2021 4,488,809 A¢ l July 2020 3,381,363 All inYestmeot8 are qu0 on a reco8Dixd UK Stock ExcbaDge or valued by reference lo investments lis on o reco8ni8ed Swck Exch8ll80. ALLOCATION OF THE CHARITY NET ASSETS The net 856ets are held for tbe vwious fU]S a8 follow&" Current ymr Invulnents Currellt Amets Tot1 Unr¢s¢nctul & Designat1 fiuvjs Restricted fu18 332.756 5202,013 315.441 4.370.485 648.197 9J72.498 5.534.769 4.685926 10220,695 Prlor year Totsl Ullrestricd & Desigttatrd 551.049 3J09.782 175.616 2928,787 726,665 6.238J69 3.860.831 3.104.403 6.965234
Current Tot*] Current ye 332.756 5202.013 315.441 4.370.485 648,197 9.572,498 Rl¢led fiujds SJ34.769 4.685.926 10220.695 Prlor ye UnTe5tricted & DE8lgDatj fimds Restiicted funds 551.049 3J09.782 175.616 2,928.787 726,665 6.238,569 3.860.831 3,104.403 6.965,234
MARLBOROUGH COLIIGE FOUNDATION Page 12 NOTES TO THE ACCOUNTS l¢ollthilled) FOR TIIE YEAR ENDED 30 JUNE 2021 FUNDS Investment Expenditure Lo8 & TrAnsf¢ Blanee % At30 June 2021 AtlJuty 2020 Imeome 2021 Unrestricted FuThls 477.010 219,636 (114.852) 581.794 249.655 5.171 (236J03) {48,080) 66.403 Tothl funds 726,665 224.807 (351,355) (48.080) 648.197 Restricted Funds 3SK12,882 2293JlO {91.616) 751.649 6,856225 . Menbxial Hall 26J78 33,738 (55.021) 5,095 . Science Building 2,309J09 402.884 (1.015} 2,711,178 Totsl fillM45 6,238.569 2,729,932 1147,652) 751.649 9572,498 Uorethted FuDdi These fiinds are available for w at discrtion of the Truste¢s ID of the 8ellettl obj¢¢tiYeB of the chariry alld which have Thot been d¢signad for other purpow. De$ted Fudi Thu¢ consist of funds, svhich were originally up to alkn4t¢ donation8 of a 8eDera] pulpose, lW alloc8*d towaTth d¢sign8ted purposes as approved by the TTUStees. Ai the dItiOn of the Tn15. the fimd8 cAn b¢ appli¢d ¢ow¥rd$ other objectives. Releted FUJN These funds are to be used in a¢Cordae WAth specific Tegtr1ctio by donors or which h8ve been raised by the chariiy for particuiaT purpos¢s.
MARLBOROUGH COLLEGE FOUNDATION Pa8e 13 NOTES TO THE ACCOUNTS (COD¢iDued) FOR THE YEAR ENDED 30 JUNE 2021 FUNDS (eonthiued) Bae AtlJuty 2019 Investment G*lDS & Tr4nrfer• Balance At 30 June 2020 ID¢ome Expendlture 2020 . GeneTrl Fun(b 329.703 180,614 (33J07) 477.010 . De6i8DatvJ BursaTi¢S 475J40 11268 (226J74) (IOJ79) 249.653 Total fimds 805.043 191,882 1259.881) (10.379) 726,665 . BursaTies 2.855.046 1.189,781 179.607) (62J38) 3,902,882 . Momorial Hall 82.388 93 J06 1149J16) 26,378 . Science Builditig 2,026,414 1284,765 (i.(K)1.870) 2.3093C Total fillmts 4,963,848 2567,852 (1230,793) {62.338) 6238.569 RELATED PARTY TRAIYSACTIONS Sir John B¢ll. Mr EIIi04 Mr G l Hetsdert Mr T Moffin Jc4th we all memkn of the Council of Marlborou8h College. Mr T Martin.JenkiNq As also a directs>r of Marlborou8h Colle8e (Hong Kon8) Foundation Ltd During the do¢1{ totrUe41.. £476.344 (2020.. £1.474 J38) Marlw College £nil (2020: £Dil) from M4rfboTOU8b College {HonB KoD8) Fouttdatirn IAd
MARLBOROUGll Co[GE FOUNDATION Page 14 OTES TO THE ACCOUNTS (eontiDued) FOR THE YEAR ENDED 30 JtJNE 2021 COMPARATIVE STATEMENT OF FINANCIAL ACTIVIT R¢xtrleted Fund• 2020 Fund# 2(120 Tot1 2(120 ¥COME FROM 13210 168222 10,450 80.947 2,447.935 38.970 94,157 2.616,157 49,420 Donations and Icga¢i¢q Totsl income 191.882 2,567.852 2.759,734 EXPKNDITURE ON lllv¢stmeni nwuger f¢a and bank charyes (2294) (14,042) (16,336) Cbaritsble activiti¢s: Grants for the bcn¢fit of MarliKJrougb College (257J87) {1216.751) (1,474.338) Tothl ¢xpendittwe (Note l) (259.881) 11230.793) (1,490.674} Net (¢xpeDdltsreVln¢oM¢ b¢fore Inve•tmeAt (low$ygalDi Net Ios8¢6 QD inveslment8 (67.999) l J37,059 1269, (10,379) (62.338> (72,717) Net (expendliur¢)Ilncorne {78J78) 1274.721 1,196J43 Fund bal8Cl brou8bt forward a¢ l July 2019 805.043 4.963.848 5,768.891 FuDd balances ¢rrled forw*rd at 30 Jwie 2020 726 6338J69 6,96S234