**THE MARLBURIAN CLUB CHARITABLE FUND TRUSTEES’ REPORT AND FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED** 

**31 MARCH 2022** 

Haysmacintyre LLP Chartered Accountants Registered Auditors 

Registered Charity No: 1063749 



**THE MARLBURIAN CLUB CHARITABLE FUND** 

## **REFERENCE AND ADMINISTRATIVE DETAILS** 

## **FOR THE YEAR ENDED 31 MARCH 2022** 

|**TRUSTEES**|S M W Bishop (Chair)|
|---|---|
||I Z Tayabali|
||Earl of Darnley|
||R J H Fleck C.B.E.|
||J Vyvyan|
||C MacFadyen|
|**GRANT ADMINISTRATOR**|V Brown|
||Marlborough College|
||Wiltshire|
||SN8 1PA|
|**AUDITORS**|Haysmacintyre LLP|
||10 Queen Street Place|
||London|
||EC4R 1AG|
|**BANKERS**|Barclays Bank Plc|
||114 Fenchurch Street|
||London|
||EC3P 3HY|





**THE MARLBURIAN CLUB CHARITABLE FUND** 

**REPORT OF THE TRUSTEES** 

## **FOR THE YEAR ENDED 31 MARCH 2022** 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **STATUS AND ADMINISTRATION** 

The Trust is a Charitable Trust registered with the Charity Commission number 1063749. 

The Trust is administered by the Trustees who are appointed as representatives of the Marlburian Club, a club devoted to maintaining links between ex-pupils of Marlborough College known as Old Marlburians, and also with Marlborough College. 

## **TRUSTEES** 

S M W Bishop  (Chair) I Z Tayabali Earl of Darnley R J H Fleck C.B.E. J Vyvyan (appointed 6 July 2021) C MacFadyen (appointed 6 July 2021) O J Timbs (resigned 6 July 2021) Dr P Morison (resigned 6 July 2021) 

The body of Trustees shall consist when complete of six competent persons. The appointment of a Trustee must be made at a special meeting of The Marlburian Club Committee of which no less than twenty one days’ notice has been given and may be so appointed not more than one month before the term of an existing trustee expires. Each appointment must be for a term of five years. Trustees are _ex officio_ members of the Marlburian Club Committee. 

The Trustees have been appointed to hold office for the following periods respectively: 

R J H Fleck until 6 July 2022 SMW Bishop until 6 July 2023 I Z Tayabali until 6 July 2024 Earl of Darnley until 6 July 2024 J Vyvyan 6 July 2025 C MacFadyen 6 July 2026 

## **MANAGEMENT OF RISK** 

The Trustees have carried out an assessment of the Charity’s exposure to financial and operational risk and have implemented procedures to control identified risks.  The main risks to the Charity relate to the effective management of the Charity’s investments and the appropriate use of grants by recipients. The Trustees address these risks through their close and active involvement in monitoring of grants and investments. 

## **OBJECTIVES AND ACTIVITIES** 

The objects of the Trust are to manage the operation of the individual trust funds, known as Member Funds, created from specific donations and legacies received from Old Marlburians. On 5 September 1997 a revision to the constitution of the Trust was approved by the Charity Commission in order to simplify the administration of the individual Member Funds. The Member Funds with similar aims were merged together which resulted in four overall funds remaining; The Marlburian Club Educational Fund, The Marlburian Club College Fund, the Roger Heaford Daubney Fund and the Marlborough College Common Room Fund. 

**The Marlburian Club Educational Fund** consists of the Konstam Legacy, Herbert Windeler Scholarship, South African War Memorial and the Old Marlburian Exhibition Funds. The income of the fund is applied towards scholarships tenable at Marlborough College or assistance towards educational activities. 

**The income of this Fund is restricted and the capital is endowed.** 



**THE MARLBURIAN CLUB CHARITABLE FUND** 

**REPORT OF THE TRUSTEES (CONTINUED)** 

## **FOR THE YEAR ENDED 31 MARCH 2022** 

## **OBJECTIVES AND ACTIVITIES (continued)** 

**The Marlburian Club College Fund** consists of the Marlborough College Centenary Fund, the Benevolent Fund and the Marlborough College War Memorial Fund. The Trustees may at their discretion apply the whole or part of the income and property of the Fund in the following ways and in the following order of priority: 

1. In relieving Old Marlburians and their dependants who are in condition of need, hardship or distress; 

2. For the general benefit of Marlborough College in such charitable ways as the Trustees think fit. 

**The income and capital of this Fund are unrestricted designated.** 

**The Roger Heaford Daubney Fund** is divided into two branches: the **Marlborough College Branch** and the **Bursary Branch** . The income and the whole or part of the property of the **Marlborough College Branch** may be applied at the discretion of the Trustees for the general benefit of Marlborough College. **The income and capital of this Fund are unrestricted designated.** The income and the whole or part of the property of the **Bursary Branch** can be applied in the award of bursaries for: 

- Pupils at Marlborough College; and 

- Former pupils who are at university, in the Armed Services or are training for professions. 

**The income and capital of this Fund are restricted.** 

The aim of the **Marlborough College Common Room Fund** is to provide grants to teachers at Marlborough College in order to enable them to expand their own extra-curricular experience and thereby enhance their work with pupils at Marlborough College. 

**The income and capital of this Fund are restricted.** 

## **GRANTS** 

The Trustees are responsible for the distribution of funds in the form of grants, bursaries and scholarships in accordance with the charity’s objects and for evaluating whether grants made have been effective in meeting those objectives.  The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission in determining the activities undertaken by the Charity. 

The majority of the Charity’s recurring grants are currently used to fund scholarships and other awards established under the terms of the donations and legacies that comprise the restricted funds. 

The Charity will also consider making grants towards the fees of young people while attending Marlborough College where such support is consistent with the College Fund’s objective of relieving need, hardship and distress of eligible beneficiaries and their dependants.  Such applications are means tested and are only made available where there are special circumstances that persuade the Trustees that the boarding or other facilities available at the College are necessary for the welfare of the student. 

The Charity makes grants to the College to contribute to the cost of capital or other projects which further the College’s aims and objectives. 

## **INVESTMENT POWERS** 

The property of these Funds is invested in a pooled fund arrangement in accordance with the trust deed. The investment portfolio is invested in income and accumulation units of M&G Charifund and CCLA’s COIF Charities Investment Fund. 

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**THE MARLBURIAN CLUB CHARITABLE FUND** 

**REPORT OF THE TRUSTEES (CONTINUED)** 

**FOR THE YEAR ENDED 31 MARCH 2022** 

## **REVIEW OF ACTIVITIES AND FINANCIAL RESULTS** 

The investment portfolio was valued at £8,229,304 (2021: £7,419,081) as at 31[st] March 2022. The increase of £810,223 was comprised of an additional cash investment of £100,000 into CCLA COIF Accumulation Units and an increase in the value of the investment portfolio of £710,223. The overall capital increase was 9.6% compared to the FTSE 100 index which increased by 11.9% and the FTSE 250 index which decreased by 1.7%. The income yield was 2.3%.  The funds have performed in line with the general UK market and the Trustees are satisfied with the long-term performance of M&G Charifund and CCLA COIF Charities Investment Fund.  The Funds received investment and interest income of £173,738 (2021: £156,457).  Grants paid and committed by the various Funds were: 

|||**2022**|**2021**|
|---|---|---|---|
|||**£**|**£**|
|1.|Marlburian Club College Fund|98,065|(4,296)|
|2.|Marlburian Club Educational Fund|4,592|(5,413)|
|3.|Roger Heaford Daubney Fund (Bursary Branch)|-|(1,750)|
|4.|Roger Heaford Daubney Fund (College Branch)|-|-|
|5.|Marlborough College Common Room Fund|1,672|240|
|||----------------|----------------|
|||£104,329|(£11,219)|
|||========|========|



The total grants committed comprises new grants awarded of £104,329. In the prior year, new grants issued amounted to £1,115 but certain grants were written back amounting to £12,332 because an award of £250 was not used and actual fee remission payments were smaller than expected because fees were reduced to take account of the impact of Covid-19. 

## _Marlburian Club College Fund_ 

During the year it was agreed by the trustees that additional bursarial support amounting to 110% school fees be awarded to a new Lower Sixth pupil. 

## _Marlburian Club Educational Fund_ 

The Educational Fund pays a number of awards established by donations and legacies to the Charity.  These include: 

- Herbert Windeler exhibitions administered by the College’s admissions department to pupils with “all round” potential in academic and sporting or cultural fields.  There were two holders of Windeler bursaries during the year. 

- - Konstam awards which are given to pupils who are leaving the College and undertake charitable projects before starting higher education. Due to Covid-19 no new awards were made this year. 

## _Roger Heaford Daubney Fund (Bursary Branch):_ In the year no new awards were made. 

_Roger Heaford Daubney Fund (College Branch):_ In the year no new awards were made. 

_Marlborough College Common Room Fund:_ The Charity made grants to seven members of Common Room. 

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**THE MARLBURIAN CLUB CHARITABLE FUND** 

**REPORT OF THE TRUSTEES (CONTINUED)** 

## **FOR THE YEAR ENDED 31 MARCH 2022** 

## **RESERVES** 

The total reserves of £8,056,560 (2021: £7,217,262) are split between unrestricted designated funds and restricted funds that relate to the individual funds and unrestricted general funds available to the charity for day to day use.  The Trustees do not believe it is necessary to hold any unrestricted general funds as investment income is allocated to each fund after deducting expenses incurred.  This ensures the maximum amount of funds are available in each fund for charitable purposes.  The Charity’s assets are sufficient to meet its obligations. 

## **EXPLANATORY NOTES** 

## **Unrestricted Funds** 

These consist of funds generated from the administration and management of the individual trust funds and which may be applied at the discretion of the Trustees. 

## **Unrestricted Designated Funds** 

Unrestricted designated funds of £6,162,269 (2021: £5,510,182) are held at the year end. These are funds which were originally established to allocate donations given for general application, or Unrestricted Funds, within designated purposes as approved by the Trustees. At the discretion of the Trustees, both capital and income can be applied towards other objectives. 

## **Restricted Funds** 

Restricted funds of £675,298 (2021: £594,694) are held at the year end. These trust funds are subject to specific trusts declared by the donors or with their authority. They are represented by capital and income funds, which are expendable only in accordance with the conditions imposed by the donors. 

## **Endowed Funds** 

Endowed funds of £1,218,993 (2021: £1,112,386) are held at the year end. These trust funds are subject to specific trusts declared by the donors or with their authority. The condition of the trust is that the capital element (investments) is not expendable. The income arising from the investments is applied only in accordance with the conditions imposed by the donors. 

## **PLANS FOR THE FUTURE** 

The Trustees plan to continue operating the charity in accordance with its objects.  The Trustees will give priority to identifying and supporting individuals who meet the criteria of the College Fund’s benevolent objects, with emphasis on assisting with the education of the dependents of Old Marlburians whose circumstances make a boarding education necessary.  The Trustees are continuing to work with Marlborough College to identify ways in which the charity may support the College’s charitable objectives. 

## **AUDITORS** 

A resolution to re-appoint Messrs Haysmacintyre LLP will be submitted to the Board of Trustees. 

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**THE MARLBURIAN CLUB CHARITABLE FUND** 

**REPORT OF THE TRUSTEES (CONTINUED)** 

## **FOR THE YEAR ENDED 31 MARCH 2022** 

The purpose of this statement is to distinguish the Trustees responsibilities for the accounts from those of the auditors as stated in their report. 

The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards.  The law applicable to charities in England and Wales requires  the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. The Trustees have prepared these financial statements in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102. 

In preparing the accounts the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles of the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will be able to continue in business. 

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the charity’s assets, and hence from taking reasonable steps for the prevention and detection of error, fraud and other irregularities. 

15 June 2022 

8 Finsbury Circus London EC2M 7AZ 

## Steven Bishop 

S M W Bishop Chair 

I Z Tayabali Treasurer 

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**INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE MARLBURIAN CLUB CHARITABLE FUND** 

## **Opinion** 

We have audited the financial statements of The Marlburian Club Charitable Fund for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

- give a true and fair view of the state of the charity’s affairs as at 31 March 2022 and of the charity’s net movement in funds for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The trustees are responsible for the other information. The other information comprises the information included in the Report of the Trustees. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine 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 performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: 

- adequate accounting records have not been kept by the charity; or 

- sufficient accounting records have not been kept; or 

- the charity financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

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**INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE MARLBURIAN CLUB CHARITABLE FUND** 

## **Responsibilities of trustees for the financial statements** 

As explained more fully in the trustees’ responsibilities statement set out on page 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

## **Auditor’s responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to charity law and trust law requirements over the use of restricted and endowed funds, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011. 

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: 

- Inspecting correspondence with regulators; 

- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; 

- 

- 

- Evaluating management’s controls designed to prevent and detect irregularities; and 

- Identifying and testing all journals. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

## **Use of our report** 

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed. 

Haysmacintyre LLP 10 Queen Street Place Statutory Auditors London Date: 29.6.22 EC4R 1AG Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 

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**THE MARLBURIAN CLUB CHARITABLE FUND** 

## **STATEMENT OF FINANCIAL ACTIVITIES** 

## **FOR THE YEAR ENDED 31 MARCH 2022** 

||||**Unrestricted**|||**2022**|**2021**|
|---|---|---|---|---|---|---|---|
|||**General**|**Designated**|**Restricted**|**Endowed**|**Total**|**Total**|
||**Notes**|**£**|**£**|**£**|**£**|**£**|**£**|
|**Income from:**||||||||
|Investments:||||||||
|Investment income||173,717|-|-|-|173,717|156,294|
|Interest receivable||21|-|-|-|21|163|
|Donations & legacies||-|64,988|-|-|64,988|-|
|||-----------------|------------------|-----------------|-----------------|-----------------|-----------------|
|**Total Income**||173,738|64,988|-|-|238,726|156,457|
|||----------------|------------------|-----------------|-----------------|----------------|----------------|
|**Expenditure on:**||||||||
|_Charitable activities:_||||||||
|Educational activities:||||||||
|Scholarships, bursaries and||||||||
|prizes||(5,324)|(98,065)|(4,878)|-|(108,267)|7,644|
|For the benefit of||||||||
|Marlborough College||-|-|-|-|-|-|
|Benevolent activities:||||||||
|For relief of hardship||-|-|(1,384)|-|(1,384)|(250)|
|||-------------|------------------|-----------------|-----------------|----------------|----------------|
|**Total Expenditure**|1|(5,324)|(98,065)|(6,262)|-|(109,651)|7,394|
|||----------------|------------------|-----------------|-----------------|----------------|----------------|
|Net income/(expenditure)||||||||
|before investment gains||168,414|(33,077)|(6,262)|-|129,075|163,851|
|Net gains on investments|2|-|554,039|49,577|106,607|710,223|1,266,713|
|||-------------|------------------|-----------------|-----------------|-------------------|-------------------|
|Net income||168,414|520,962|43,315|106,607|839,298|1,430,564|
|Transfer between funds|3|(168,414)|131,125|37,289|-|-|-|
|||----------------|------------------|-----------------|-----------------|----------------|----------------|
|**Net Movement in Funds**||-|652,087|80,604|106,607|839,298|1,430,564|
|**Fund Balances Brought**||||||||
|**Forward**||-|£5,510,182|£594,694|£1,112,386|£7,217,262|£5,786,698|
|||---------------|---------------------|-----------------|-----------------|---------------------|---------------------|
|**Fund Balances Carried**|5|£-|£6,162,269|£675,298|£1,218,993|£8,056,560|£7,217,262|
|**Forward**||=======|==========|========|========|==========|==========|



The Charity had no recognised gains and losses other than those included above.  All the above results are derived from continuing activities. 

Comparative figures including all income and expenditure by fund have been provided in note 7. 

The accompanying notes form part of these accounts. 

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**THE MARLBURIAN CLUB CHARITABLE FUND** 

## **BALANCE SHEET** 

## **AS AT 31 MARCH 2022** 

||||**2022**||**2021**||
|---|---|---|---|---|---|---|
||**Notes**|**£**||**£**|**£**|**£**|
|**FIXED ASSETS**|||||||
|Investments|2|||8,229,304||7,419,081|
|**CURRENT ASSETS**|||||||
|Cash at Bank||253,837|||266,626||
|Accrued income||14,155|||14,155||
|Other debtors||4,500|||-||
|||-----------------|||-----------------||
|||272,492|||280,781||
|**CREDITORS: Amounts due within one**|||||||
|**year**|||||||
|Creditors||(5,902)|||-||
|Accruals: commitments to pay grants|1|(148,667)|||(102,333)||
|Other accruals||(4,000)|||(3,600)||
|||-----------------|||-----------------||
|**NET CURRENT ASSETS**||||113,923||174,848|
|**CREDITORS: Amounts due after**|1|||(286,667)||(376,667)|
|**more than one year**|||||||
|||||----------------------||----------------------|
|||||£8,056,560||£7,217,262|
|||||==========||==========|
|Represented by|||||||
|**UNRESTRICTED FUNDS**|5|||-||-|
|**UNRESTRICTED DESIGNATED**|||||||
|**FUNDS**|5|||6,162,269||5,510,182|
|**RESTRICTED FUNDS**|5|||675,298||594,694|
|**ENDOWED FUNDS**|5|||1,218,993||1,112,386|
|||||---------------------||---------------------|
|||||£8,056,560||£7,217,262|
|||||==========||==========|



The accompanying notes form part of these accounts. 

Approved and authorised for issue by the Trustees on 15 June 2022 and signed on their behalf by: 


**----- Start of picture text -----**<br>
Steven Bishop<br>....................................<br>S M W Bishop    (Chair)<br>................. . ....................<br>I Z Tayabali            (Treasurer)<br>**----- End of picture text -----**<br>


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**THE MARLBURIAN CLUB CHARITABLE FUND** 

**NOTES TO THE ACCOUNTS** 

## **FOR THE YEAR ENDED 31 MARCH 2022** 

## **Basis of Accounting** 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102) – second edition), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The Marlburian Club Charitable Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. As a smaller charity, exemption has been taken from the requirement to produce a statement of cash flows. 

## **Going concern** 

Having considered future budgets and cash flows, the trustees confirm that they have no material uncertainties about the entity’s ability to continue as a going concern for the foreseeable future. With respect to the next reporting period, the most significant areas of uncertainty that affect the carrying value of assets held by the charity are the level of investment return and the performance of investment markets. The Trustees are of the opinion that the investment return and performance are sufficient, and that the charity has sufficient funds to meet its planned expenditure. 

## **Financial Instruments** 

The Charity holds only financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently recognised at settlement value 

## **Investments** 

Investments are a form of basic financial instrument. They are initially recognised at their transaction value and subsequently valued at their fair value at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. 

## **Income recognition** 

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income can be measured reliably. 

Investment income is credited to income when it is receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. 

## **Expenditure recognition** 

Expenditure is allocated to the particular activity where the cost relates directly to that activity.  However, the costs associated with the administration and governance of the charity is apportioned based on income attributable to each fund. 

Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled.  Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure. 

## **Creditors and provisions** 

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. 

## **Investment gains and losses** 

All gains and losses are taken to the Statement of Financial Activities as they arise.  Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later).  Unrealised gains and losses are calculated as the difference between the market value at the year end and the opening market value (or purchased date if later). 

## **Funds** 

Funds are accounted for as set out in the explanatory notes within the Report of the Trustees. 

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**THE MARLBURIAN CLUB CHARITABLE FUND** 

**NOTES TO THE ACCOUNTS** 

## **FOR THE YEAR ENDED 31 MARCH 2022** 

## **Critical accounting judgements and estimates** 

In preparing these financial statements, the trustees have made judgements, estimates and assumptions that affect the application of the charities accounting policies and the reported assets, liabilities, income and expenditure and the disclosures made in the financial statements.  Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.  The key estimate used in the preparation of these financial statements is the valuation of listed investments, based on publicly available market information. 

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**THE MARLBURIAN CLUB CHARITABLE FUND** 

**NOTES TO THE ACCOUNTS** 

## **FOR THE YEAR ENDED 31 MARCH 2022** 

|**1.**|**EXPENDITURE**|||
|---|---|---|---|
|||**2022**|**2021**|
|||**£**|**£**|
||Educational activities:|||
||Scholarships, bursaries and prizes|102,945|(11,469)|
||Benevolent activities:|||
||For relief of hardship|1,384|250|
|||----------------|-----------------|
|||£104,329|(£11,219)|
|||=======|========|
||Governance costs not included above amounted to £5,324 (2021: £3,825),|||
||and include:|||
|||**2022**|**2021**|
||Auditor’s remuneration|**£**|**£**|
||- Audit<br>|4,000|3,600|
||- Taxation|1,120|-|
|||======|======|
||**Reconciliations of grants payable:**|**£**|**£**|
||Commitments at start of year<br>|479,000|555,192|
||Grants committed during the year|104,329|865|
||Grants previously committed no longer required|-|(12,647)|
||Grants paid during the year|(147,996)|(64,410)|
|||---------------------|---------------------|
||**commitments at end of year**|£435,333|£479,000|
|||==========|==========|
||**Classified as:**|||
||Commitments due within one year|£148,667|£102,333|
||Commitments due after more than one year|£286,667|£376,667|
|**2.**|**INVESTMENTS**|**Value at**|**Value at**|
|||**31 March 2022**|**31 March 2021**|
|||**£**|**£**|
||The Marlburian Club College Fund|6,172,738|5,565,001|
||Roger Heaford Daubney Fund - College|247,503|223,184|
||Roger Heaford Daubney Fund - Bursary|498,594|449,601|
||The Marlburian Club Educational Fund|1,294,297|1,166,712|
||Marlborough College Common Room Fund|16,172|14,583|
|||---------------------|---------------------|
|||£8,229,304|£7,419,081|
|||==========|===========|
||Represented by Funds’ holdings of investment funds:|||
||M&G Charifund income units|2,451,694|2,285,165|
||CCLA COIF Charities Investment Fund income units|2,086,510|1,920,062|
||CCLA COIF Charities Investment Fund accumulation units|3,691,100|3,213,854|
|||------------------------|----------------------|
|||£8,229,304|£7,419,081|
|||===========|===========|



```
13
```



**THE MARLBURIAN CLUB CHARITABLE FUND** 

**NOTES TO THE ACCOUNTS** 

## **FOR THE YEAR ENDED 31 MARCH 2022** 

## **2. INVESTMENTS (continued)** 

|||||**Value at**|**Value at**|
|---|---|---|---|---|---|
||||**31**|**March 2022**|**31 March 2021**|
|||||**£**|**£**|
||Opening market value|||7,419,081|6,152,368|
||Disposals|||-|(1,218,977)|
||Additions|||100,000|1,218,977|
||Realised Gains|||-|65,780|
||Revaluation|||710,223|1,200,933|
|||||---------------------|---------------------|
||Closing market value|||£8,229,304|£7,419,081|
|||||==========|==========|
||||**31**|**March 2022**|**31 March 2021**|
|||||**£**|**£**|
||Common investment funds|||£8,229,304|£7,419,081|
|||||==========|==========|
|**3.**|**TRANSFER BETWEEN FUNDS**||**2022**||**2021**|
|||**£**|**£**|**£**|**£**|
||**INCOME**|||||
||Investment income||173,717||156,294|
||Bank interest receivable||21||163|
||Donations||64,988||-|
||||-----------------||-----------------|
||||238,726||156,457|
||**EXPENDITURE**|||||
||Audit and accountancy|5,120||3,740||
||Sundry expenses|204||85||
|||----------------||----------------||
||||5,324||3,825|
||||-----------------||-----------------|
||Distributable surplus for the year||233,402||152,632|
||Distributions to Funds:|||||
||The Marlburian Club College Fund|190,850||79,093||
||Roger Heaford Daubney Fund – College|5,263||3,317||
||Roger Heaford Daubney Fund – Bursary|10,603||6,682||
||The Marlburian Club Educational Fund|26,342||63,324||
||Marlborough College Common Room Fund|344||216||
|||----------------||----------------||
||||233,402||152,632|
||||-----------------||-----------------|
||Unrestricted surplus/(deficit) for the year||-||-|
||Retained surplus brought forward||-||-|
||||-----------------||-----------------|
||Unrestricted General Funds carried forward||£-||£-|
||||========||========|



The distributions to Funds from investment income are based on income units held by each fund. The donation received in the year was allocated entirely to The Marlburian Club College Fund. 

```
14
```



**THE MARLBURIAN CLUB CHARITABLE FUND** 

**NOTES TO THE ACCOUNTS** 

## **FOR THE YEAR ENDED 31 MARCH 2022** 

## **4. ALLOCATION OF THE CHARITY’S NET ASSETS** 

The net assets are held for the various Funds as follows: 

||||||**Net current**||
|---|---|---|---|---|---|---|
||||||**assets/**||
|||||**Investments**|**(liabilities)**|**Total**|
|||||**£**|**£**|**£**|
||Unrestricted General Funds|||-|-|-|
||Unrestricted Designated Funds|||6,420,241|(257,972)|6,162,269|
||Restricted Funds|||575,768|99,530|675,298|
||Endowed Funds|||1,233,295|(14,302)|1,218,993|
|||||---------------------|-----------------|---------------------|
||**Net Assets at 31 March 2022**|||**£8,229,304**|**(£172,744)**|**£8,056,560**|
|||||==========|========|==========|
||||||**Net current**||
||**Prior year comparatives**||||**assets/**||
|||||**Investments**|**(liabilities)**|**Total**|
|||||**£**|**£**|**£**|
||Unrestricted General Funds|||-|-|-|
||Unrestricted Designated Funds|||5,788,184|(278,002)|5,510,182|
||Restricted Funds|||519,193|75,501|594,694|
||Endowed Funds|||1,111,704|682|1,112,386|
|||||---------------------|-----------------|---------------------|
||**Net Assets at 31 March 2021**|||£7,419,081|(£201,819)|£7,217,262|
|||||==========|========|==========|
|**5**|**FUNDS**|**Balance**|||**Transfers**|**Balance**|
|||**1 April**|||**Investment**|**31 March**|
|||**2021**|**Income**|**Expenditure**|**Gains/(losses)**|**2022**|
|||**£**|**£**|**£**|**£**|**£**|
||Unrestricted General Funds|-|173,738|(5,324)|(168,414)|-|
||Unrestricted Designated|5,510,182|64,988|(98,065)|685,164|6,162,269|
||Funds||||||
||Restricted Funds|594,694|-|(6,262)|86,866|675,298|
||Endowed Funds|1,112,386|-|-|106,607|1,218,993|
|||---------------------|------------------|-----------------|---------------------|---------------------|
|||**£7,217,262**|**£238,726**|**(£109,651)**|**£710,223**|**£8,056,560**|
|||==========|=========|========|==========|==========|
||**Prior year comparatives**||||||
|||**Balance**|||**Transfers**|**Balance**|
|||**1 April**|||**Investment**|**31 March**|
|||**2020**|**Income**|**Expenditure**|**Gains/(losses)**|**2021**|
|||**£**|**£**|**£**|**£**|**£**|
||Unrestricted General Funds|-|156,457|(3,825)|(152,632)|-|
||Unrestricted Designated||||||
||Funds|4,433,860|-|4,296|1,072,026|5,510,182|
||Restricted Funds|428,448|-|6,923|159,323|594,694|
||Endowed Funds|924,390|-|-|187,996|1,112,386|
|||---------------------|------------------|-----------------|---------------------|---------------------|
|||£5,786,698|£156,457|£7,394|£1,266,713|£7,217,262|
|||==========|=========|========|==========|==========|



```
15
```



**THE MARLBURIAN CLUB CHARITABLE FUND** 

**NOTES TO THE ACCOUNTS** 

**FOR THE YEAR ENDED 31 MARCH 2022** 

## **6. RELATED PARTY TRANSACTIONS** 

The Trustees are appointed by the committee of the Marlburian Club, which is the association for former pupils of Marlborough College. Mr S M W Bishop is a Trustee of the Marlborough College Foundation and Chair of the Marlborough College Investment Committee. Mr C MacFadyen is a member of the Marlborough College Investment Committee. Mr R J H Fleck is a member of the Council of Marlborough College Malaysia. 

The Trustees have not received remuneration for their position as trustees of the Fund (2021: none). During the year, no expenses were paid to Trustees (2021: none). 

Unpaid liabilities to fund bursaries for pupils at Marlborough College amounted to £435,334 (2021: £479,000) as at 31 March 2022. 

```
16
```



**THE MARLBURIAN CLUB CHARITABLE FUND** 

**NOTES TO THE ACCOUNTS** 

## **FOR THE YEAR ENDED 31 MARCH 2022** 

## **7. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES** 

|||||**Unrestricted**|||**2021**|
|---|---|---|---|---|---|---|---|
||||**General**|**Designated**|**Restricted**|**Endowed**|**Total**|
|||**Notes**|**£**|**£**|**£**|**£**|**£**|
|**Income from:**||||||||
|Donations|||-|-|-|-|-|
|Investments:||||||||
|Investment income|||156,294|-|-|-|156,294|
|Interest receivable|||163|-|-|-|163|
||||-----------------|------------------|-----------------|-----------------|-----------------|
|**Total Income**|||156,457|-|-|-|156,457|
||||----------------|------------------|-----------------|-----------------|----------------|
|**Expenditure on:**||||||||
|_Charitable activities:_||||||||
|Educational activities:||||||||
|Scholarships, bursaries and||||||||
|prizes|||(3,825)|4,296|7,173|-|7,644|
|For the benefit of||||||||
|Marlborough College|||-|-|-|-|-|
|Benevolent activities:||||||||
|For relief of hardship|||-|-|(250)|-|(250)|
||||-------------|------------------|-----------------|-----------------|----------------|
|**Total Expenditure**||1|(3,825)|4,296|6,923|-|7,394|
||||----------------|------------------|-----------------|-----------------|----------------|
|Net<br>gains/(losses)|on|||||||
|investments|||-|989,616|89,101|187,996|1,266,713|
||||-------------|------------------|-----------------|-----------------|-------------------|
|Net income|||156,632|993,912|96,024|187,996|1,430,564|
|Transfer between funds||3|(156,632)|82,410|70,222|-|-|
||||----------------|------------------|-----------------|-----------------|----------------|
|**Net Movement in Funds**||1|-|1,076,322|166,246|187,996|1,430,564|
|**Fund Balances Brought**||||||||
|**Forward**|||-|4,433,860|428,448|924,390|5,786,698|
||||---------------|---------------------|-----------------|-----------------|---------------------|
|**Fund Balances Carried**||5|£-|£5,510,182|£594,694|£1,112,386|£7,217,262|
|**Forward**|||=======|==========|========|========|==========|



```
17
```