MARLBOROUGH COLLEGE TrOUNI)ATIOIN ACCOUNTS FOR THE YEAR EITrDF.D 30 Jllh'E 2023 Ilaysmacitrfyre LLP Chartered AccountsntS R¢giueTcd Auditors Charity Yumber= 1061798 MARLBOROIIGH COI.I.EC.F. Foiif*DATIO Page I REPORT OF'I"Hb'l'RusrbLs The Foundation is regillered wilh the Charity Commission number 1061798. TRUSI'LLS The Trustees who served during the year were= M Birkin S M W Bishop P Col¢m&n E Ellioll Iresigncd 2 December 2022) G l Henderson CBF. Iresigtbed 31 August 2023) T Martin-Jenkin5 Ichainnanl L Mo¢lwyn-Hughcs PROFESSIONAL ADVISERS Address.. MarlForough College Foundaiion Marlborough College Willshirc SN8 IPA Baiik¥ryi'. Lloyds Bank Barnwood I Barndt Way Gloucesier GL4 3RL Solicitors: VL4lc Wa5brou8h Vi7Ards LLP 24 Kin8 Wrlliam Sireel Inndon EC4R 9AT Audito￿.. HaysmaLinlyre LLP 10 Queen %ireei Place London EC4R IAG Invesinient AdwiseTS'. Raihboncs 8 Finsbury Circu$ London EL2M 7AZ qARLBOROUGH COLLEGE FOUNDAnoN Page 2 RF,PORT OV'I'HL-I'RIISTEES {Contillued) The financial statements havt bttn prepared irt o¢cOrdar￿ with Accouniin8 and Rwfling by Chariiies.. Statcm¢nt of Recoinniend¢d Pracli¢e appli¢ablc lo charities preparing their accounts in accordw¢e with the Financial Reporting Siandard opplicable in ihe U.K and Republic of Ireland IFRS 1021 (second edilion effeciiye l January 20191- (Charities SORP IFRS 102lk applicable law and the charity's governing do¢umeni. STRUCTURE, GOVERNANCE AND MANAGEMENT Org*nisAtlon The Trustee.% determin¢ th¢ general ￿lIcY of the Foundation. Tiuslec Keerultrnent. Induction And TrAining ExistinR'I'wsi¢¢s have the puwLr to appoini new Trustee5. Ni ew tntsiees are made aware of th¢ir resw)n$ibilities and provided wilh a new irustee handbook. the Conflict of Interesi Policy. all oilicrrclcvant w>licies. the risk register, the rnost r￿¢nI accoun18 and any relcvant Charity Comniission publirativns. Trustees are regularly updated on ¢hariiy sector i55ue5 through Selective readi118 nialerial provid¢d by profes%ional advistts. In addition, the trust¢es are al¢rted io key guidance on ihe Chariiy Commission w¢bsit¢ and any i$811es regarding ihe independeni Sch￿1$ sKtor. Tlie Foundation d(*s not employ any ststT#s the kLy admini.slr8tive fun¢¢ions for ihe l.oundation are Provided by th¢ ai Marlborough College and Iheref¢)rc the Trusiees are consideJEd lo be the key manageThLnl Pe￿)n￿l of ihe Fourmlation. No Tmsiee received remyncr81ion in ihe ¢UTTenf or prior year. All trustees cutnplete & 'Declardlion for Fil arnl Proper Persons. fomi and an annual 'Declaration of Inieres15' forrn. Ri*k Review Ri.qks io which the Foundation is exkX)sed. havc been ￿wItWed and drtumented in ihe risk register. Thi5 is an on80ing process and ilie'l rL151ees will revicw and updaie the risk management process Bl1¢8s1 annually. Through this pmeess miiigating Ktions Ind Lviilrv15 hllvc been estsblished io manage the rtsks ihat have been idcniificd. The niain risk id¢niified by the l.ouiidaiion irKlude5 thc #bilily ¢0 be able io Continue to rais¢ eiiou%h funds io support Marlborough Collegc, in ￿rtIcular for the PTOVISbon of the bursaries ir has committed lo fuiidin¥. This is miiigaied by having ai) agreed fundraisin¥ 51rale8y in place and gr￿4 foreustiD8 and future plannin¥. Currently there are sufficient funds lo support Ihe relL vanl burs&ries and capital projects that have been pledged by Ihc Foundaiion. As a result ihett is not dccnicd lo b¢ 4hny short teTlll rigk lo raising furTrd5 and supporting Marlborough College in their above endeavours. There 15 also t1￿ risk ihat th¢ value of the inve*ments may decrease and ¢his is mitigaled a8 much As Jh)ssibl¢ through aciive m&n&¥¥ni¢nt by the inve8imeni managers Ind spreadi118 ihe risk by inK'51ing Ihrou8h a well-diveTsifi¢d portfolio. The investment manAgery, Rathbonts, seijd re8ular inwestni¢nt sla¢us repons and rewrt annually on Ilie w)rtfulio's performance. There are also external Tisks. such &% a change in CJovernm¢nt, which could impttci t1￿ l.ouiidaiion's a¢tlVilie$ and ulihm#tely impaci ils objc¢15 and objcctives. A mitig8tion plan will be pul in place when the poleniial ri5k% &r¢ lJ¢ller iiiiderstood. Policy dvluments that the Trustees have pul in place to miiigaie risks includc the Privacy PolTrcy. T)onor Charter, l."undrai5in8 Code and Cjift AcctptAnee Policy. which are 811 available on the Fvundation websile. Polity The l.oundalion s policy is 10 8pply the fund8 rnI￿d for the welfare. benefil or advanctnb¢ni of th¢ College in such Inajiner as Ihc Tru.8iee.%, after consultaiion wilh the C'oiirKbl of MaAlx)rough Coll¢8c, shall decide is wropriate and in alignmcnt with the Grant Making Poli¢y. Inwe$lmeNt Powers I'h¢ ini'estmenl powrr5 urr govcrned by the Foundation deed, which pemiits lh¢ funds lo bc invesied in any se¢uriiy listed on any global exchange. Public Beiiefil The TnJ8te¢s confirm ihai ihty have 8iven due T¢g4rd ¢0 ihe Public Benefii guidarKe published by the Charity Commission when exercising any relcvant powers or duties in deterniining the a¢tivili¢s underthken by ihe charity and when making grants. A number of awards hayc been made by ihe TnJst¢es to pmvide bur5arie5 to Marlborou8h College puprls. The bursaries are ll)eans-te￿Cd and therefore fwus ￿ finan¢ially ￿l￿dvantaged familics. Trustees nM)nitor pupi15' progir5s via rcgular impact Ind progress rerK)tts. By monitoring thcir progrtss the Trustees help mitigate the risk io the bcncficiaric5. In 8ddi¢ion the .1 ru51ees have a¥re¢d to moke a grant to supwrt 8 new men)ber of ￿aff ￿ ihe College ¥vlKTr WII Provide additioi)al pasioral Ca for thcsc pttpils. MARLBOROUGH COLLEGE FOUYDATION Page 3 REPORT OF THE TRLtSTEES (Cont•nued} Grants continue io be made towards capiial projects ai thecollege. Many of these facililics aT¢ uqed hy children in local partner scIKK)Is in the Sial¢ S￿l0T. as part of tht Colle8e's ourreach aDd panner5hip programm¢. ll¥e T￿51£¢5 rnonitor ihe PTogre%s of thcse capi¢al projects via Te8ular impaci and progress rep)rts. OBJLCTIVES, ACHIEVEMENTS AND PERFDRMANICE FOR THE I'EAR Objects The ubjects of the Foundaiion are Set out in g Four¥laiion d¢cd daied 4 June 1956. 'Ihe niain object of the Foundation is 10 maiiage funds lo be applied for the benefit of 1AarItr￿)r0u8h College {"the Colle8e"l. 8 ¢onnccted charity regi51¢red wlih Ihe Chai'ity Commission number 309486. ObJedlves The priniary objective of the Foundati¢)n is 10 support MarlFx)rough College, ill parlicular through th¢ provision of buisai'ies but a15LI includin& bui noi limiied to. Ihe fundiftgof scholarships. ￿Pila1 prvjeds. equipmcnt. facilities and outreach progrdmmes. Fundralslrtg Fuiidraising is carried by Membe￿ of MadI￿roUgh Collcge's Lkvelopment Office $taff, and extem￿ fU[￿raiserS aTe used. Fundraising is aiined at alumni, parents. trusts and foundations And oiher int¢￿STed parties, and the general publiL. There were tK) compldints received in Tesp¢¢i of any fundTaisin8 undcrtakcn. Invtstment PerformAnce ind Ptsliey The Foundation'5 invesinieiiis are man8¥¢d by R￿hbOfie$ Investrneni Managemeiii Lid. The investmeni mAiiagers havc discirtion in tlie manag¢mini vf ihe r4)rtfolio. The Foundalion inves¢meni poliry is to rnanage th¢ invesimenis folluwii)¥ the principl¢s of iotal return. with the ovcrnll objective lo increase rh¢ funds value in line with fe¢ iiiJlo1iLin and provide up tg 3-4ts for draw down in qupport of bursaries. The P¢rforn￿nCc ovci the year saw income of £232,913 12022". £132,238) aiid inve5tmeni losse5 Ir¢alised and unrealisedl of £18,74812022.. losses of £757,588). Slglilfltsnt Hctlvltle$ And Achievtmenis Duriii¥ the year a rnajor fundraising iniiiairve launchrd. thc Marlbomugh Difference Campaign for lift-changing biirsarie5. Th¢ C&mpoi8n's Aim is to fijnd l 00 free placcs in thc Collcge by 20.13. aligned to Ihe Collegc's straie8ic priority ofiiicrea5in8 aecess. 'I'he Lampaign launched in April 2023 wilh a record-br¢oking tiivin¥ Day which was suppofted by over 1.000 donor.¥. A campaign websiie w&$ S￿ up and in March. and a eampaign rep)rt was produced. The tundraising stretegy for the C#mpgigTr hgs thrce main elements: eneourngin8 don￿ lo ￿ntrib￿le to the Foundation's investnieiits, Browing Ihe numbLr of 'Srx)nwrs' who 8re fvnding individual bursary pupils and incrtasing the Thuiiib¢r of r¢gular doTh)rs are contributins Direct Ikbit doNions. FINANCIAI, RLVILW During rhe year donations and legacies income wos £1.971.085 (2022.- £2.214.11 I l and I￿al iTKomc was £2,278.702 12022.. £2,389,960}. During tlie year the FoundJlioD made grnnis amounting to £4.695.912 {2022= £717,181) io Marltx)rough College. 'I'IIE expense5 of thc Foundation 8rt by Ihe College. Reservu Ptyliry Total reserves held 8t 30 June 2023 wcrc £8.628.255 (2022.. £11.101.1021 of which £8.410,811 was resti'icttd 12022-. £10.195,2631 and £nil was d¢sI￿aled (2022= £600.1)001. Th¢ free ￿ery¢S decreascd duringthe year from £30S.83910£217,444. 'The'l Tusle¢s' poliGy is 10 roniinue to build reserves up to a level which will cnable ihe Foundation to supporf Thajor inili&tives wiihin Marlbomugh College. with the majoriiy of the king held a5 restricted ￿ld designaled funds for bursaries and Specific capital Projects a5 ihey aris¢. Rtsourtes Tlje Coun¢il of ihe College has agreed ihat the costs of th¢ Foundatio￿ should be boTrK by the College and the Fouiidaiion is nol obligaled to pass fund5 to the College lo meet su¢h costs. MARLBOROUGH COLLECR FOUNDATION REPORT OF THE TRUSTEES (Coothiuerf) cONNE￿lD CHARITY AdminisiralioD SWVi¢t• ar¢ provmled ￿ the Foufyl*ion by the Colley. FI￿ th¢Collw C{w￿l1 HfTe alw trustee$ of KlarllM)routh Col* Fouthti FUTURE PLANS The fundrnisin8 foT th¢ M•rM*)rwh Diff¢reTK• Cknip•iBn will contiwe. Pigns for Dext year I￿1￿￿¢ intmducing • klephone fundrai8in8 app¢al ty ¢n¢ourn8e parents and alwttni trj increase the of re8ul•r dotwtions kn the C4rnpaign. DevelopThKnt offi￿ will contlnu¢ to grow the nthntttof individu￿$ to the Found•tion's inv¢#m¢nts a5 well the number of Spwwr% mainly through 1ndl￿thA1 mtttiw with the De¥ek)pmeDi Office'i fyn¢Jrni¥inR sthlt. There will al80 be fiJrthcr campai￿ ¢v¢nts 4rMI commun**tioM, iwlydJnB campai8Q ¢vnewsltn¢rs a ¢wnpaign rwrt. The fi￿￿￿sin8 for burs8ries will be a]onyide any oth¢r ￿￿j￿￿1n# ￿￿ts￿lI1￿$. $u¢h ¥ ￿p]￿l project% %%thich may arise. srATEMKNf.OF TRiBTEK15' RFSPONSIBILITILS Tlusttts rrt rejponsible for frw*>' R•)ort *r*l the finaDciLI ￿llements io 4¢ckn with •pplirable l•w gnd Unttsd Kingth)m AccouDtiTr8 St•Thd•rd> (Uni*d Kin8th)m 13eJKrnlly AGc¢oe4 A¢wuntinB Practice). The law ¥plicabk ￿ Choritxs in Ets81th1 & Waknrrquiru the tru¥teES to pr¢p4rt fmwKiA] Styt•M￿ts for each flDwKi•I year whi¢h 8iV¢ • tru¢ fair view of the stth of •ff4ir3 orth¢ ¢FoTity ¥nd of th* iA¢ome •nd expeTrliture of the chwity foT th3t p¢riod. In prtp•rin8 tkg¢ firtanciai st•ie4nent& the ar* required kn: Selttt 5Uitabfe accounlin8 wjlicies •nd I￿n •pply a)n$istt4MIy. Observe the Thethcxts ￿ principles in the Cknli¢s SORP. M4keJud8¢m¢nts Ind ¢Jtim4i￿ that are reLwble and pnthnL' Styte whdher •pplic•bl¢ ￿¢4￿Ming hwe betY* to ￿Y nw¢rial deporturej di￿10￿d expl4in¢d kn the fiN•ncial mtemeths. PrrpwE the fiMrKial ila¢¢menlJ on th¢ ￿1￿8 ¢orK¢rn bmis wilesi ii is iMppropri•te ** thoi the cknrily will Continue in knine85. The Tn￿e¢S rnspoNlble for keeping proper acCOWLtjll8 r¢wrd5 that disclos¢ With reA￿ble xcuraey al lime the rinancial posit￿n of the •rAI ¢nabl• 10 ¢lbWrt that the fin￿¢1￿1 romply with lh¢ ehiilits Ad 2011. the Chgrity (Ac¢ouDt$ knd Reportil ReBulations 2008 the prDvisKJns nf the F￿ndAtion de¥J. Thry are HI￿ respoThqtble fegutrdinl the ¥s¢ts orth¢ ¢harity aTrJ h￿¢¢ for t&kiD8 reawnthle 5*P5 th¢ pff*￿tiOn de￿10￿ of fr￿d other irr¢8ulgTi¢i¢s. AUDffORS A resolution io r¢4pp)im Hay$M￿lntyrt LLP will be sthmitted kn thè AnTw￿l Ge￿E￿I Meetin Marlborough Colk8e M&ilborou8h Wiltyhirt SN8 IPA (h behalf of the Bowd Tun Manin-Jenk5n$' INDEPLNDENT AUDITURS. REPORT TO THE TRUSTEES OF MARLBOROUCJH C.OLLF.GF. FOIINDATION Opinio We have audiied the financial statements of Marli¥)n)ugh Collegc Foundation for the year eThJed.10 June 2023 which comprise tho StOtcin¢ni of Finan¢ial Aaiviti¢& BalwKe %heeL Siaiement of Cash Flows and noi¢s io the financial 51atemenis. including a sllmn)ary of significattt accountin8 poli¢i¢s. The financial TeTX)rting frarnework thai has been appli¢d in ih¢ir PTcparation is applicable law aiid Uniied Kingdom Arcounling Stsndards, including Financial Rew)rting Stsnd2rd 102 The Financial Reporting Standard applicable in thc UK and Rcpublic of Ireland IUni*d Kingdoni Generally Ac¢epi¢d Accounling Prd¢iicE). In our opinion. the financial statements- give a Inje and feir view of th¢ y8te of the Charity's affairs as it 30 June 2023 and of ihc chDrity's nct nw)vement ID fund5 for the year ihen ended. havc been properly PTcpllrcd in a￿OrdanCe with Lniied Kingdom G¢nerally Accepted Accounting Prxti¢e' atbd hav¢ been prepared in ac¢ordan¢e with ihe requTrremtnlS of IhE Lharilie5 Act 2011 for vprniu W¥ hav¢ been appointed as audiior undcr ¥e¢lion 144 of ihe Chariiies Aei 20118nd retM)rt in #ecordance with ihe Act 8nd Itlevont regulations made or havin8 effect thereunder. We conduc*d our audit in aecordance with Inleniaiional Stsndards on Aiiditing IUKI IISAS {UKII and applicable law. Our responsibilities uiidcr t￿5¢ sthndards further de%cribed iii ihe Auditor's rcspunsibiliii¢s for thc gydii of the fin4n¢ial statcmcnis section of our retKtrrt. We art indepetyJei)i of the cliarity iji accordance with the ethicAI requiren)ents that ar¢ relevant io our audit of the financial staiements iii the UK. inclwlin8 Ihe FRC"s Eihi¢al St2ndai'd. and w¢ hav¢ fulfilled our oih¢r eihi¢al resp)nsibililies in accordance will) Ihese requiTem¢nt5. Wc b¢'licv¢ thut Ihc audit evidence we I￿¥¢ obiained is suffi¢teni and appnjpri￿e to providc a basi5 forour OPiTbiOn. Cmtlusions relalhnt to WblllE tontern In auditing the financial 8ratemeni.%. we hive conclLMled that ihe trustees. of going con¢¢rn basis of ac(ouniiiig in the prep8r81ion of the fina￿la1 wieii)¢nts is appropri81e. B&5ed oli lh¢ WQTk we have perfornied, we have not idcnlificd any material UncU￿1ntl¢S relaiing io eveni$ or ¢ondilions IhA individii8lly or ¢oll¢¢liv¢ly, may ¢&%1 significani doubt the ¢harity's ability to Continue as 8 going ¢oJicerii for a period oral least twelve monihs from when fiTran¢ial sts*menis awe 8uthorised for issue. Our responsibilities aNI ihe nsponsibiliiies of ihe trU￿et$ wilh respecl 10 80ing conccTn arc described in the TelevBni seaiony of ihis rcpon. Othti. Information The trustees re5ponsihle for ihe Nher inf0m1￿10Th. ThE Other infonnaiion coiiiprises the infornialion iii¢luded in the Reptsrt of the'l ruslee5. Oui. opinion on iht finoncial staieineiits doe5 nol cover the u¢her infomiation and, except ¢0 Ihe exieni otherwi.* expliciily siaicd in our rcport, w¢ do nol cxpress any form of assurance conclusion themn. In conneciion with OUT audit of Ihe financial staiements, our responsibility is io read the other informalion and. in doin8 $0, consider whciher ihe other infomiaiioji Is inakrially inconsi5ter)I wilh Ihe rjnancial 51al¢Thcnls or our knowledge (Trbiained in th¢ audil Lir 0lhLrwise appears 10 bc maicrially mis51aled. If wc idcntify Such I￿￿[erIal inc4msisiencie5 or apparent material mi55tatcment5, w¢ ar¢ ￿quir¢d to d￿Ermi￿r whcthcr ihere is a mateTi&I misstaternenl in the financial sralen?tnts or a ni8iei.ial n)i<%tatemeni of the other infomiation. If. based on the Work we have perfo￿￿ed. we conclude Ih81 11)ere is a maleri&l mi$ststemeni of this other iDforniaiion, we are required to rerA)rt tliat fact. We h8ve nolhin8 10 rep)rt in Uiis regaTd. Mgtters on whl¢h w¢ •Te r¢quir¢d to report by ¢xnsibl¢ for the preparation of ilie financial staiemenis and for being sat15ficd Ihat ihcy give a Irue and fair view, and for such iiiternal control as the Irust¢es deiemiine 15 necessary to enable ihe preparatK)n of financial S￿ements ihfil frec from maierial misstsieirenl, whether due to fraud or error. In preparing ihe financial statements, the trusiees are re5wTrnsible for assessing the charity'5 abiliiy io Continue as a going concern. dis¢losing. a5 applicable, matiets r¢lated lo going concern and using the going concem basts of xcouniing unless the Irustces cither intend to liquidaie ihe charily or to oper8tions. or have ￿ rEalis1ic alien￿lIv¢ do so. Audilor's resix)nsibilitie5 for the Audii of the I1￿1￿ciAl slatements Our obje¢livL% io obtain reasonable &8suran¢e ai¥)ut whciher ihe fin2ncial statemtnis as * Mholc are fre¢ from mHierial misglalement, whether duc to fraud or error, to issue an auditor's re￿rt ihai includcs our opinioTh. Reasonable assurance 15 high level of assurance. bul is rK)l a guoran¢ee thai an audit conducted In acwrdAnce with ISAI IUKI will always dctcct maieriAI mi5slatement when li cxists. Mi*81aiemenTs can arise from frdud ￿ error 8nd are ¢onsydered m8leriMI if. individually or in IhL dggrLgatc. they could reasonably be expec*d to intluence ihe economic decisions of users tsk¢n on the basis of th¢$¢ rInancial statemenis. Irre8ularilies. in¢ludiiig fraud. arc insthnces of rKTrn-complian¢e wkih laws and regulBtions. We desiÉn procedurcs in liiie with our rcsponsibilities. outlined above. to dei¢¢l Inaierial mis51alements in r¢sp¢¢i of irregulatilies. inLludInb￿ fr8ud. The exteiit lo which our pro¢ediiTes are ¢apabl¢ of deteciing irre8ularilies. including fro￿j 1$ ddatlcd bEIow.' Based on our understarKlin8 of th¢ charity and the en￿rOnMe11t in which li opcr8tes. we tdeniified ihai ihe principal ri5k5 of t￿lI￿OnIpli￿l)ce willi l¥ws and r¢gulocions relaied io Charity law. and wc considered the exient ro which 11011-conip128nce mighs havL a material effect on the finan¢ial ￿aItr￿en1s. We 8150 considered Ihose laws and re8ulalion5 Ihai have & direcl impa¢1 on tht preparation ofihe finan¢ial sthiemen15 such as the Chariiies Act 2011. We evaluaied managenient's inccntlVC5 ond oprA)rtuniiie$ for frnudulenl m￿7]Pulation of ih¢ financiil statement5 lin¢ludin¥ the risk of override of ¢onirolsl. and determined thal Ihe principal ri5k5 wcrc related to posting inapptDpriale jounial entries to income ond nienagemenl bi￿ in aecouiiling esiimaics. Audil PToeeduTts t*rformed by Ihe eny¥cmcnl team ii)cludtd.. F.nouirin8 ithio correswnden¢e with regUl￿Or$. Discussions witli managemeni including ei)nsideration of known or suspcdcd instancex of ￿n•cOMpli8￿ce wilh lyws and regul4liun and fraud. Evaluaiing management's Controls designed io prevent and detect irregulariiies; and Identifyin8 and ie5tin8 journal enlries. Becausc of the iiiherent liniitalions of Bn audit. there is a risk thai we will not dctcci all irrc8ulaTltie$. including those leadiiig lo a in2lerial misslalem¢nt in thc linancial staternenls or Th)n-¢ompli4nre with re8ulaiion. This risk in¢rt&5C5 thc Innre that mpliance wilh a law regulation is removed from lh¢ events and IfAnsact10115 rellecied in the fiDancial daieinenLS. as we will be less likely to become aware of in3tan¢¢s (If no￿￿¢0mPlIance. 'Ihe risk rs #Iso gr¢ateY rega￿1￿8 irregularities v¢burrin due io fraud r8ihtr than crror, fraud invnlves inieniional concealm¢m, forg¢ry, Collusion, oniis51011 or Inisrcpirs¢ntation. A further des¢ripiion tsf our resw)nsibilitie$ for the audii of ihc financial Si￿ements is located on the Financial RepDrtln8 Council's website at.. www.frc.or8.uklaudiiorsr¢spon¥ibililies. This descripiion fomis part ofour auditor's report. Use of our report This report Is rnade 501ely to th¢ charity's inL8tees. as a bLMly, in accordanr¢ wilh scction 144 of ihe ClJarilie5 Aci 2011 and regulalions madt under seclion l 44 of thai Ao. Our audit work has bcen und¢n8ken Y) that we might sl8lr lo th¢ chaTiIy's Irustees those matters W'e are required io slate lo thcm in an Audtior's report and for no oiher purpose. To the fitllest eKienl perniitted by law, we do iiot a¢c¢pi or 455UrnE reS￿nsIbIli1Y to anyone ihan the clwity s tnJst¢es as a body for our audit work. for this report, or for the opinions we have fomjed. LLLP Haysma¢intvre LLP Statutory Auditors Dale.. 12 March 2024 10 Queen Stred Place London EC4R IAG H2ysmaeiniyre LLP is ell￿ble ¢0 act as audifor in iern)$ of section 1212 ofthe Cornpanies Act 2006 MARLBOROUGH COLLEGE FOUNDATION Page 7 srATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDEDJO Juyb 2023 Unrthrirttd Designaled Funds 2023 Re5trifted "unds 2023 Toial 2023 TThtAI 2022 t¢ INCOME FRQM Inveslments Donaiions 4nd l¢ga¢i¢s nther income,. tax recoverable 17.125 109.336 9.584 215.788 1.861.749 65,120 232.913 ,971,085 74,704 132,238 Tolal incorne 136.045 2,142,057 2.278.702 2.389.960 EXPENDITIIRE ON Ra5sing funds.. Investnieiit nial￿ger fees and bank charges 12,6261 {342631 136.8891 {34,7841 C.h&TiMble a￿1vIlle8. Grani$ for the ben¢fit of Marlborough College 1820,5371 (3.875,3751 14,695,912) To¢ul Lxpcnditur 1823.163) (3,909,638) 14.732.801) 1751,965) Net (expendlture)Ilncome boforo investmont Ilosus) {687.118) (1,766,981) 12.454.099) 1.637,995 Nel losses on invesimenls 11,277) (17,4711 118,7481 1757,5¥¥} tyel (exptnditurnylncome {688,3951 (1.784,452) 12.472.847) 880,407 Fund bal&nc¢s brou8hi fon¥ard at l July 2022 905.839 10.19.$263 10,220.695 Fund balancu rNrr5ed forward ai 30 June 2023 5 217.444 8,62&15S 11,101,102 All the C.harity's a￿1vill¢S are ¢ot)linuing. The accoTtLpanyitLg [￿leS forni part of these fiDaD¢ial stw¢menis. Full Cumparaiives fur ihe Stal¢m¢ni of Fin¥ncial A¢tiviiies are slKswn on page 14 MARLBOROUGH COLLEGE FOUiYDATION BALANCE SHEET AS AT30 JUNK1•23 2022 FIXED Invethnerts 6.437.756 6.097.376 6.437.756 6.097.376 CIJRREIYT ASSETS De￿or9 incl￿1￿8 Gift Aid R¢wb*rnbl• Cash ￿ bwk In lj•nd 61910 2.127J89 17.115 4,98(601 2,19).499 5.1)03.726 Net c.urrent Assets 1190.499 5,OQ3,726 N¢t As%ts C02V55 RLSERVES Unrestrided Fun Kestyiffled Fur￿$ 217,444 8.410.811 5,839 10.195,263 8,628.255 11.101,102 Approved And ￿th￿l$¥d hr tMu¢ by the Trurte¢s (ffi l Novembtr 2023 on their betslf by: Tim Mw¢in-J¢nkiny Ichaimian) MARLBOROIJC*H COLLEGE FOIINDATiof* Page 9 SI'A"I'LMENI' OV CASII Tr"iA)WS FOR THE )'EAR ENDED30JUNE 2023 21123 2022 floM from operxting #rtivilies Net lexp¢ndiiureOlin¢ome per stat¢meni of financial aciivities Investmeni income Nei loss on investmenig Ilncreasel in debtOT5 (2.472.847) 232.913} 18.748 (45.785} 880.407 {132.2i81 757.588 (9,6321 Nei cash provldtd by optr*ilNg *tllvitle5 (2.732.797) 1,496,125 CAsh flow5 from investlng Actlvltl Investment income Purchase of investments Proc¢ed8 from sale of inve51ment$ 2.32.913 12.635,3261 2276.198 132.238 12,97¥,8U91 1,658,614 Net cAsl) used In invuiini •eti*iiies (1,187,957) ChAng¢ in tAsh And cash equivalents in the yeAr (2.859.012) 308.168 Cash ¥nd cash ¢quiv*l¢nts at l July 2022 4,986.601 4.678,433 C8$h And eash equlv•lents •f 30 Jwne 2023 2,127.589 4,986,601 AnAly$15 of Co$h Cish Equival¢nt$ AI 30 June 2022 Other movernents At 30 Junt 21123 Cash flowg 2023 Q85h at bank arid in hand Cash held by investfftenl miM8eis 4.652.4(A8 334.103 {2.631.735 1227.277 2,020,763 106,826 4,986,601 {2,859.0121 2.127.589 AnHIyii5 of Cash CA5h Lquiv#lentS AI 30 June 2021 Other mnvements At 30 June 2022 C*sh llowj 2022 (.ash 41 bAnk and in hand Cash held by invcsimcnt 4.567,077 IllJ56 85.421 222,747 4,652,498 134,103 4,678,433 308,168 4.986,601 MARI.BOROIIGII COLLEGE VOU.IDA'I"IOY Page 10 ACCOUNTING POLICIES FOR THE VF.AR F.NDF,Tr30 JUNE 2023 Basis of preparAtion Th¢ financs81 stal¢meDrs have b¢en prep8red in accordance with Accounting arhd Reporting by Chariri(%'. Siattmcni of Recomniended Practice appli¢abl¢ to ¢harities preparing their accounts in accordance wilh ihe Financial Reponing Standard pplicable In iht UK and kepublic of Irrland {FRS 1021 Isecund edition effecti%'e l Janw 20191 {Clurities SORP IFRS 102IX and the Financial Reportin8 StsndBrd applicable in the UK and R¢public of Ireland IFRS 1021. The OCLounts lfinartcial ￿atements) have been prepared to give a 'true and fair. view and have dcpHrtcd from the Cliarities (Accounis and Reports) Regulthions 21)08 only to the ¢￿ent required io pwvide a 'IT￿ and fair view,. This d¢partUTe has involved followirhg Accounting and Rewntng by Chariiies pn'paring their a¢counis in &ceordAnce with the l.iiian¢ial Reponing Standard applicable in ihe UK and R¢publi¢ of [￿laThd IFRS 1021 issued on 16 July 2014 r4ih¢r than the A¢￿untIThg and Rew)ning by Charilies.. Statement of Recommer￿ed Prdclice erreclive froin l April 2005 which has since been withdrawn. The Found81ion meeis ihe definition of & public bencfit cntity undcr FRS 102. Assets and liabiliii¢$ hre initially reco8nised at hIS￿rical cosi or IrdllSaLliun valuc unlcs5 Othcrwi5C Stgted in the relevant aecountin8 sM)li¢y ￿￿￿$). The Trustees consider there aye no material uncertainlie$ atM)ut the Ch&riry'$ abiliiy io continue gs 8 8oin8 concern. The Itview of ihe Foundation's finarKi81 position. reserves levels and fulute pldn¥ Xivcs the Tru8tee$ coiifiden¢¢ the Choriry IEmains a ¥oing con¢em for ih¢ fvr¢5¢¢#ble fuiur¢. bl In pr¥parin¥ ih¢sc tinancial siaiemenL%, Ihe Tru$le￿ have made judgements. esiinial¢$ 8nd ￿sun1p1)Uns Ihat ttfleci the ¥pplicalion of the Foundation's 8c¢ouniing polictes and Ihe reported ossers. liibilities. income and expendiiure and ihe discl¢)8ures lliade in ihe fii)ancial siaieinenis. Lsiimates and judgeN)enls arc continually evaluai¢d and are bAsed 011 hisloric&l LxpcricnLC and other faciors. includin8 expeciations of fyiure ev¢nis ihat are believed io be T¢wn¥blc und¢T the circuinstance$. There are dttmed lo be any si8nificani .judgem•it$ or of cstimated uncert&iniy in the preparation of these finpn¢i41 sialemerits. 1.he Poundalion's ￿COUnt¥ have bccn prcparcd under ihe hi￿on￿lI com convention except for invesiments. which are arricd ai market value rather ihan historic cost. dl Income repL'esents ¢oven8nts, donaiiorng aryl investmeni income genernied by the Foundglion's coniinuing aciiviiie% and is a¢wunled for on a re¢¢ivable bhsis. Charitable A¢tivilies represent grnnts awarded IT￿ 15 4crountcd for th irrevocably committed io. Resirirlrd fund5 rclatc io donations rcceivcd from individu&l% wh(Tr have Mipulated that t1￿ money is used for a spccilic purpose, whetherihai be tOW8rds a bU￿ry or a eapital projtti. They 8re repr¢seni¢d by capital &rwJ income fund.s. which art exprndable in aceoTdarhce with the condiii0115 imposed by ihe dorKJTS. UnrUtTiC￿d funds comprise x¢umul8t¢d surpluses ￿ defi¢it5 on general fuThJs. Thry art available for u5¢ ai the discrction of thc TTU5tccs in furtherance of the germl charit8bl¢ objec Desig￿ted funds 8re furkl8 lh￿ ihe Tnjstees have e8mMrked for a particular purF4)se. s) The Foundation only has financial assets and financial liabililies of a kind thai qualify as basic financi81 in51nJm¢nis. Basic fiiianci21 insiruJn¢nts, iiicludiiig Irad¢ arhd oth¢r deb￿r$ and credilors initially reco8nised ai iran5a¢tion value and stsbs¢quenily measured al th¢ir 5¢tt1¢mrni valuE. h} Inv¢stmcnis consisi of qu¢x¢d inve.%im¢nts. whi¢h ore valued ot market value on the balance sheet dai¢. Inrr¢a5e5 and de¢re28es in market value are Teflected in Ihe Stai¢meni of Financial Activi¢ie5. MARLBOROUGH COLLEGL b'OUNDA'rio.y Pagell liOTES TO THE AC.C()UNTS FOR THF. YEAR ENDLD 30 JL'NE 2023 TOTAL EXPENDITIIRF. The administration and governance costs associ8ied wih the njnning of ihe charily are paid by Marlborough College. Th¢ Tru5tees' liabiliiy insurance is paid by Marlborough Collegc. N¢iilier ihe Trusiees nur P¢Tsuns conncctcd with Ihern received any remuner*ion, other benefits or reiTnbur5ement of expensc5 frorn tht Foundation or any Con[￿cted or8anis&lion. The Foundation does t￿1 employ any slaff. TAXATION As a charity lh¢ Foundation 15 exempt from United Kingdom ibKome tsx. INVLS'I'MENTS 2023 2022 Lljted Investmentg Morkel value 81 l July 2022 Add.. acquisilivns Less.. disposals Nei Ilossesygain$ on rew8luaiioD 6.097,-176 2.635,326 12,429.296) 134,350 5,5.14,769 2,97¥,¥09 12,018.7311 397.471) Vplue at.10 IUDC 2023 6,437,756 6,￿)7,376 C05t of inv¢stm¢n¢s At 30 2023 6,099.897 6.045,253 Ai l July 2022 6,045,253 4.488,809 All investn)ents are quoie4J on i recosnised b'K Siock Exchange ¥nd or valucd by reference io investi￿c￿lS listed on a recowised Stock Exch&ng¢. ALI.OCATION OFTIIE CIIARITY NET ASSLTS Th¢ nct a5SCts are held for the various fund.4 as follows.. Curi'ent year Inve51ments Currenl Asset$ Tolal Unrestricted & r)esi8nared fuThds Restricted fUr￿S 438,296 5,999.460 1220,8521 2.411.351 217.444 8,410.811 6,437.756 2.190,499 8,628.255 Prior year Inv¢slments Current A55ets 'I'olAI Unre%tricted & tksignated funds R¢strtcted funds 58.487 6.038.889 847,352 4,156..374 9Q5,839 10,195.263 6.097,376 5,003.726 IARLBOROUGH COLLEGE FOIINDATJON Page 12 NOTES TO THE ACCOUNTS (eontintsed) FOR THE VEAR ENDED 311 JU.YE 2023 FIINDS Investment Losses & Tran5feis Balance a$ At 30 June 21123 Al l July 2022 Exptnditure 2023 Unrcstricted Funds . General Funds 305.839 123J54 {175,6261 136,1231 217,444 - Designated Burs8ries 500.IK>O 12,621 1547,4671 34.846 Designated Science Building 100.( 70 {100,070) .1 olal unre$tri¢l¢d funds )5,839 136,045 (B23,1631 (1.2ni 217,444 Re51ri¢led I'ur¥15 Fsursarieg 6.844.069 1.446.323 1305.4621 {17,4711 7.967.459 Memorial Ilttll 1,998 4.872 6,870 Science Iluildin8 3.349.196 691,462 (3.604,176) 436,482 Tnial restricled funds 10,195,203 2,142,657 13.909,638) (17,4711 8,410,811 Ilnrestricted Funds These fund8 are available for uge at ihe disc￿lON of the Tnthtts in furthernnce of the g¢neral objeciiv¢s orth¢ ¢h&riiy 8rtd which have not beeii de5i8naied for other Pufposes. D¢slgnAted Funds Thcsc consisl of fund5. which wcrc originally 5Ct up to all(Katc donations of a general Plwpose, allocaied I0￿rdS de%i8natcd purposes approved hy the TTUSitt$. Al the di5crelion of Ihe Trust¢e$, Ihe fviHJ5 can be Epplied lowllrds ollier objectives. Resirlcted Funds These funds io be used in ￿¢0rda￿t with specific rtMrithh)ns imwsed by th)nors or wliieh hav¢ be¢n raised by the ¢harity for particul&r PUTposes. Trdtt5ftrs between the GEnerdl. De5ignaled and Rtstricted Funds represent conlributi¢)n5 ￿ schol8rship5 And bu￿a￿¢S as well a5 capital project fundan8. MARLBOROLIGH COLLEGF. FOL,NDATION Page 13 NOTES TO THE ACCOUNTS (¢ontinued) FOR THL YLAR ENDED30 JIINE 2023 FIIYDS (¢oTrtinued) B*l*nce *$ At l July 2011 Investment L•sse$ & Tr#n6fers B#l#Thee a$ At30June 2022 Income Expendi(ur¢ 2022 Unreslrirled Fufyjs - General l."unds 581.794 479,088 {155,0431 {61)0,000) 305,839 - tksi8nated FSuTwies 66,403 {60.3121 492.732 500.IKIO Designated Scienc¢ Building I00,(KlO 100.000 Total unreslricted funds 648.197 480,265 1215.355) (7.2681 905.839 Kestricied Funds Bur%arie$ 6.856.225 1.241.733 {5035691 1750,320) 6,844,069 Memorial H811 5,095 26.928 1.30,025) 1.998 Science Fluildin8 2,711.178 641,034 13.016) 3,349,196 ToiAI restricied fvnd5 9,572.498 1,909,695 1536.6101 1750,320) 10,195,263 RELATED PARTY TRANsA￿l￿Ns Mr Birkin, Mr Coltman, Mr Lllioi. Mr G l Henderson w)d Mr T Martin J¢nkins were all members of the Council of MarlborouBh College. Mr T Manin-jenkins is also a direthor of MarllAKough Colleg¢ IHon8 Kong) Foundation Ltd. During the year dOn￿lOn$ totall¢d.. £4,695.91212022.. £717,181110 MarlboTt)U8h Colleg¢ £150,00012022.. £301.086} from Marlborough College IHong Kon8) Foyndaiion Ltd MARLIIOROIIGII COLLLGL TrOUNDAI"ION Page 14 NOTES TO THE ACCOUN'TS (continued) FOR THF. YF.AR F.NDED 311 JLNF. IOLI COMPARATIVE STATEMENTOF FINANCIAL ACTIVITIFS Ilnrejtritied & Designiitd Funds 2022 Restricted Funds 2022 Total 2022 Note INCOME FROM Inveslments Donations and legacies Oiher income.. tax recoverable 3.452 455,988 20,825 128,786 ,758,123 22,786 132,238 2214.111 43.611 Total income 480.265 1.909,695 2 J89.960 EXPENDITIIRE ON Raising funds.. lJive51inent m4na8er f¢¢5 Jnd b￿k ch4rg¢s (1.224) 133,560) 134,784) Charitable activitie5.' Graiiis for lh¢ benefit of Marlbomugh College 1503,050) Total expendiiure 1215,355) 1536.610) 1751.9()5> Net leypendltureylneomt before invesimont 811115 264.910 1,373,085 1,6.37,995 Nei gains Thi invesirnenis {7.2681 1750,3201 {757,58¥1 Net lexpendilurevincome 257,642 622,765 880.407 Fund balances brought forwBrd ai l July 2021 648.197 9.572,498 10.220,695 Fund bAIHnce5 fArried foTw*nl At 30 June 2022 10.19$363