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 re￿sle￿I 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 Ad*isers:
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 ¢iT￿lIVe l January 2019) - (CFLqrities SORP IFRS
102)). applicable ]aw and th¢ ¢haTity's 8OVaDin8 doa]menL
STRUCTU￿ GOVERNANCE AND MAIYAGEMENT
Ors*JdJAdDn
The Trustees deter￿ the 8etter41 ￿l1¢Y ofthe FOU￿lati
Tr￿te* Re¢r￿t￿t￿L Inducdon and TrxiDln8
Exi8tiD8 Trt￿te¢s bave the power ￿ &pp)int new Tn￿e£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 sch￿l8 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 TTus*es, have b¢¢n reviewed. This 18 ongoing prwe&8 and
th¢ Tru$t¢e5 review and update th¢ Ti5k PTo¢e4s at le&8t annually. Throu8b their risk tDatta8cment pr(Kes& the
T￿￿te¢S have established ￿￿￿01$ io thB Ti8ks thii they have identifi
There 18 4 risk thai the vu]ue of the ioveslmellis d￿rease 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$tsneni managers, Rathboll￿, qeJMI reBular investment Sts1￿ r¢w)rts az¥J report gnnually OD the portfolio's perforniance.
The investsn¢n¢ v4iu¢ al yeaT end [￿0Vered from the earlier itt4)a¢ts of COVtD aud is Seen to be a lon8 tenn risk but the
Trustees will contitiue io llM)nitor the sill￿110n and th"SC￿ the Fwsiliott with the Clwity's inve5tmenl mana8ers.
The other m&iDrisk identifiedbytheFoundO1ion iti¢lud¢s the abilityto be able to Coniinue to rni* support Marlboro)4h
College, in pariiculor for the provisiott of bursari¢s. These 4r¢ mitigated through the professioMI fiffldrn1￿inS undcrt8kcn by A
dedi¢4￿] depattrneD( the Lkvelopment Office, withirt the College and wific fijndraising catiyign8. The￿ 18 currently rn¢)r¢
than sutEcieni funds to support the relevant buYs8ries and ¢8pitsl projects that have been pledBed by Found&tion and fUrtI￿r
fundraisin8 Iw È¢en rrfeived s1￿C Jtar ta￿. A% a resuk ther¢ is deetned to be aoy sknrt tenn risk ￿ raising funds and
8upportiti8 Morlt*xougb College ID tbeir above erthavourL
Policy documents that the Tn￿￿￿8 ￿ve put p]xe to LDitigate rigks include the Priy￿Y Policy* DDllor Charter. Fundraising
Cod¢ alld Gift ACcepta￿t Policy. which we all available on the websi*.
Polky
The Foundation's policy is ￿ appty the fund5 raiYAI for the welfaK benefit or advwKement of th¢ College ID such manner a8
the Tru8leeK afier cotLsuitation with the COW￿1] of Marlly)rou8b Colle8e. shau decide is 8ppr¢)pri41e.
InveJtm*nt Poryvers
The itivutrnent powers are goYern¢d by the Foutyjation d¢¢4 which permits th¢ fuDd8 to be invested in any securAry li8*d on
Publ5¢ BeDeflt
The TN$t¢¢s ¢onfirm that they have given due Te8ard to the Public Benefit BuidatKe published by the Cljarity COn)mi￿10￿ 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

MARI￿oROUGH 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 m8rlborth￿b Coll¢g¢ sthff, and no external are used. Funthai8ing is aimed
at alun]ni, parents. tsw¢s and foundations arwj other Itttere￿￿ parties a￿1 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 Found￿10￿ 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￿ R￿￿Ew
L￿1Th8 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 MarIl￿￿8b ColleBe.
The expeTr8e8of the Fowthtion by the Colle8
Re￿rVtt 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 desig￿ted (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 M￿J0T 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<d that the eogts of Founkn sho￿ld k born¢ by the College Artsj the Foundation is
not obliyit>J to pass fimds to the College to nket ￿¢h ¢osts.
CONNECTED CHARITY
AdMinistr￿lon 8¢rvices are provided to thr FouDdation by the Colle8e. Four Jnembm of the College C(AuKil aTe also tntstees
of Marlborou8b College Foundatio
The Development offi￿ is ¢ll￿¢￿Y ID the plannin8 sla8cs of a major bursory fillmltaiw ￿1g￿ which aims to incre
dtamatically itle numb¢r of bursaries ythich the Foutwjation will b¢ able ￿ support at th¢ Coll¢g¢. This will be alongside ally

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 app11L￿Ie Jaw
The law applicable lo in Ety14￿1 & 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 i￿0￿¢ and exp￿lI￿re 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 sta*meo¢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 (AG￿llAts 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 HaY8mQCID￿e 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 Sta*m￿ts 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 PTepar*J Ill acwdan¢¢ with the requIr￿n￿ of the Ch￿ltieS Act 2011.
for oplmlon
W¢ hav¢ tr*¢n appointed as audiior under gection 144 of thc ch￿1t￿eS Act 2011 •KI report in xcordance with the Act and
rel¢vatti regulatiom made or hayiog effect thereundcr. Wc COnth￿ted our audit in a￿orda￿￿e 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 ststen￿llts 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
rel*thig to 8oln8 eomeer•
In ￿diting the financia] stskments, we have cott¢luded thit th¢ Tn￿e¢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 fin￿lti1 8tht¢m¢nts are auUhxi9ed for issue.
Chjr responsibilities and the respor1￿billti￿% of Tntstets respeth to goin8 ¢￿￿¢¢M are d￿CTIbed in the r¢levant Bections
of this report.
Other Inform•tlon
The T￿￿te¢S are responsible for the other itifornlliithL The othcr infornnti(¥n Inforn￿li0ll 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[a￿e wlu5ioD thuco
In corAnection with our audi¢ of th¢ kni41 sts*m￿, our Tesponsibiltty is to read the otkn Inforn￿li0ll 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 s￿h 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 re￿10￿ to which the CIWIti￿ (A¢¢ounts and Reports)
RegulatioJk$ 2￿8 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
Re410￿1b7ll1lc1 ¢rfTrllatees for the fiballelal
8 explained More fi￿Y in the Statement of Tnthzs, Responsi7)ilits¢s the Tn￿e¢S are responsible for th¢ preparation of the
financial statements and for being satisfied they giv¢ * tru¢ fair view, a￿j for 5uGb internal control as the Tn￿le£S
determitie is necessary to eDable the ryeparati￿ of financial stytern￿ that are ftee from n￿la] 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 rtSpoll￿bl￿tl** for the audlt of the Iln•ndal st*teJneDts
()Jr objectives are to re&qothle ￿uT￿nCe •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 a￿urInCe 1$
4 hiBh level of but is not a guarantee that an audit Colld￿ in aCCorda￿e 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 iT￿￿tiC¢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 i￿lUdin8 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 re￿atiOnS 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 fin￿￿181 sthtements. We also eonsidernl
those laws and TegulatioTh4 that have a direct Lmp¥t on the PTepgralioll of the fillwKial sucb as the C￿￿ritie5 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 pri￿1paI risks *trc related to postin8 inappropriate journal Cntries 10
income ￿ nW￿8t￿Cnt bi48 in ￿￿￿ting esiimatrs. A￿11 procedwa p¢rfornKd by thc includ¢d:
Di$¢ussioTLS with monageokent ir￿h￿illI consid¢ration of k]￿wll OT i￿18￿¢￿ of no1￿¢0￿11a1KC with law& and
Tegulation and fraud.
Evaluating mana8ement's controls d￿lS￿d to prevent and detect llTCBU]￿￿es. and
Identifying and tutin8 jowMI etitrlts.
A further description of our respon&l)iJilie8 for the audit of the fina￿1￿1 ￿￿ternents is on th¢ Fin￿¢]￿1 Reporting
Council's website at= ￿v￿..[rc.of * uk.'audlto￿re
)n%ibilili¢%. This description foms part of our audilor'5 report.
Um of our report
This report is made solely to the ¢fr￿lty.$ 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 Ch￿1t￿8
Tn￿tte$ 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 ell￿ble th acl &$ an a￿li10r 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
F￿dI
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 (exp*ndl¢ur•yln¢•me belore knvethnt
(126548)
2J82280
2.455.732
1269,060
Net gain￿{lO5￿3) on inv￿1￿￿￿￿
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 b8l*nea earrled lorn*rd •t 30 Jutse 2021 5
64&197
9A71498
10320,695
6965334
All the Charity's a￿1Vill¢S ar¢ conlinuing.
Full comparatives for the Stat¢Jnenl of Fina￿la1 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 ha￿1
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
Restric￿d Fu
648,197
9.572,498
726,665
6238.569
10220.695
6.965.234
Approved atsl ￿tI￿]sed for I&9￿ by the Tr￿￿te￿ (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¢oncili*tloA 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
D￿reaSel{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 oper*tlD8 aetiwltl
2J93,745
1,1&973
Calh flowi fmm Invtttlng *tdvlties
Inve5¢ment incon
PU￿baSe 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
All￿y￿￿ 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 investn￿lI 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

mARI￿oROUGH COLLEGE FOUNDATION
Pa8e 10
AccoiJKfiNG POLICIES
FOR THE YEAR ENDED 30 JUNE 21121
Basls of prepar*tlon
ReeommeThJed Practice applicable to chaTiti&8 PTep8TinB their xwunts in with the Finollciai Reporting Standard
applI￿ble 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 a￿1 RqJubli¢ 0(￿e￿nd (FRS 102).
The Foundatioll meets the defjnition of 4 publi¢ iwfft entity utsJ¢rFRS 102. As*ts liabilities are inilially recogrtis￿ at
hAStorical cost or ITaA8action value unltss other￿¢ styted in the relev￿t ￿tIng policy note(s}.
Th¢ Trus*a ￿Nider th¢rn are no m•terial Uncert￿e8 the ClJarity'S ability to continue &8 a going concern. The
revi¢w of th¢ Foundation's fllmttciai [￿￿81tio￿L 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 D￿de judgernents, estimatts and 8sswnpiions aff¢c¢ the
application of the FowNlation's xcounting policieg and the Te￿rt￿ a&seL*. IRabilitie& income a￿A expetyjiture and th¢
disclosures trade in the financia] striements. Estimatts and j￿¢￿￿enL5 are contitM&lly evalua*d 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 signific￿t jud8¢mellts QT areas of estill￿1￿ uncertainty in the
preparation of these frtancial ststcm￿ts.
The Found*ion's M¢¢4Amts ho￿ b¢ett pffpar&l th¢ histyxAC41 c￿1 convention excepi for invesluwits. which are
¢￿ti¢d ai ]Dth YAIu¢ T4tr*r historic ¢osL
d)
In¢ome wregeni8 Covenan￿ ond investn￿l I￿Orne 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 Proj￿1. 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 T￿Y are available for &t the
d￿retiOn of the TTUSte¢s in fi￿the￿ of the ge￿ cTrATitabk obie¢¢s.
Designated fill￿& #Te fund8 that the Trn$t￿ have ¢arnwW for a i>firtiCuiarpu￿O9e.
8)
The Foundation ollly h&8 fin￿￿18] 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 ￿ traD￿tion 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
d￿re￿& 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￿ p￿d by Madix)Tou8h Coll¢g¢.
Neither the T￿￿tee5 nor perg)ns co￿￿kd 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.
TA￿TION
As a charity the Foundation is exempt fmm United Kingdom Inco￿ l*X.
VESTMENTS
Total
Ltsted Invtt*mellti
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
Tot*1
Unr¢s¢nctul & Designat￿1 fiuvjs
Restricted fu￿18
332.756
5202,013
315.441
4.370.485
648.197
9J72.498
5.534.769
4.685926
10220,695
Prlor year
Totsl
Ullrestric*d & 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
R￿l¢led fiujds
SJ34.769
4.685.926
10220.695
Prlor ye
UnTe5tricted & DE8lgDat￿j 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¢
B*lanee *%
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¢signa*d for other purpow.
De￿$￿￿ted Fu*di
Thu¢ consist of funds, svhich were originally up to alkn4t¢ donation8 of a 8eDera] pulpose, l￿W alloc8*d towaTth
d¢sign8ted purposes as approved by the TTUStees. Ai the dI￿tiOn of the Tn￿1￿5. the fimd8 cAn b¢ appli¢d ¢ow¥rd$
other objectives.
Re￿leted FUJN
These funds are to be used in a¢Corda￿e 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)
B￿a￿e
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 Hetsde￿rt 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
Tot*1
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 bal8￿Cl 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