THE MARLBURIAN CLUB cHATABLE FUND TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Crowe U.K. LLP Chartered Accountants Registered Auditors Registered Charity No: 1063749
THE MARLBURIAN CLUB CHARITABLE FUND REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES S M W Bishop (Chair) I Z Tayabali Earl of Damley R J H Fleck C.B.E. J Vyvyan C Marfadyen GRANT ADMINISTRATOR V Brown Marlborough College Wiltshire SN8 IPA AUDITORS Crowe U.K. LLP 4th Floor St James House St James Square Cheltenham GL50 3PR BANKERS Barclays Bank PIC 114 Fenchurch Street London EC3P 3HY
THE MARLBURIAN CLUB CHARITABLE FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMEKr STATUS AND ADMINISTRATION The Trust is a Charitable Trust regisfrred with the Charity Commi&8ion number 1063749. The Trust is administered by the TTUStees who are appointed as representatives of the Marlburian Club, a club devoled to maintaining links between ex-pupils of M8rlborough College known &s 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 C Macfadyen The body of Truslees shall consist when complete of six competent persons. The appoinlrnent of a Trustee must be made at a special meeting of The Marlburian Club Cornmittee of which no less than twenty one days, notice has been given and may be so appointed not more than one month before the teTm of an existing ttvstee expires. Each appointhient must be for a lern) of five years. Trustee5 are ex officio members of the Marlburian Club Committee. The Trustees have been appointed io hold office for the following peri(*Js respectively: R J H Fleck until 6 July 2027 SMW Bishop until 6 July 2028 (Reappointed) I Z Tayabali until 6 Juty 2024 Earl of Damley 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 fmancial and operational risk and have implemeT]ted 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 recipÉents. The Trustees addres5 these risks through their close and active involvement in monitoring of grdnts and inveslments. 0ECTIVEs AND ACTIVITIES The objects of the Trust are to manage the operdtion of the individual trust funds, known as Member Funds, created from 5pe¢iftc donations and legacies recetved from Old Marlburians. On 5 September 1997 a revision lo the constitution of the Trust was approved by the Charity Commission in order to Simplify the administrdlion of the individual Member Fwids. The Member Funds with similar aims were merged together which resulted in four overall funds remaining; The Marlburian Club Educational FuniL The Marlburian Club College Fun(L the Roger Heaford Daubney Fwid and the Marlborough College Common Room Fund. The Marlburian Club Educational Fund consists of the Konstam Legacy, HeTbert Windeler Scholarship: South African War Memorial and the Old Marlburian Exhibition Funds. The income of the fimd is applied tom'ards scholarships tenable at Marlborough College or &ssistance towards educational activities. The income of this Fund is restricted and the capital is endowed.
THE MARLBURIAN CLUB CHAIUTABLE FUND REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 0ECTIVEs AND ACTIVITIES {eontinued) The Marlburian Club College Fund consists of the Marlborough College Centenary Fun4 the Benevolent Fund and the Marlborough College War Memorial Fund. The Trnstees 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: In relieving Old Marlburians and their dependants who are in condition of need. hardship or distress. 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 Brnnch may be applied at the discretion of the Trustees for the general benefit of Marlborough College. The income and capitsl of this Fund are unrestricted designated. The incorne and the whole or part of the prom of the Bursary Branch can be applied in the award of bursaries for. Pupils at Marlborough College; aDd Fornier pupils who are at university, in the Amied Services or are trdining 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-CU1cu1ar 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 fiuTrds in the fonn of grants, bursaries and scholarships in accordance with the charity's objects and for evaluating whether grants made have been effective in meeting those objeclives. The Trustees confm that they have complied with the duty in section 17 of the ChaTities Act 2011 to have due regard to public benefit guidance published by the Commisston in detemiining the activities undertaken by the Charity. The majority of the Charity's recurring grdnts are currently used to fund scholarships and other awards established under the temis of the donations and legacies that comprise the restricted funds. The Charity will also consider making grdnts towards the fees of young people while attending Marlborougb College where such support is conststent with the College Fund's objective of relieving need hardship and distress of eligible beneficiaries and their dependants. Such applications are m&7ns tested and are only made available where there are special circumstances that persuade the Trustees that the boarding or other facilities available at th¢ College are necew for the welfare of the student. The Charity makes grdnts 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 aTrangement in accordance with the Irust deed. The investment portfolio is invested in income and accumulation units of M&G Charifund and CCLA'S COIF Charities Investhient Fund.
THE MARLBURIAN CLUB CHARITABLE FUND REPORT OFTHE TRUSTEES (CONTINUED) FOR THE YEAR Ef4DED 31 MARCH 2024 REVIEW OF ACTIVITIES AND FINANCIAL RESULTS The investment portfolio w&$ valued at £8.562.647 (2023: £7,969,749} at 31 March 2024. The increase of £592,898 was due to a rise in ihe markets. The ov¢rdll capital increase was 7.440/0 compared to the FTSE I(K> index which increased by 5.810/0 and the FTSE 250 index which d¢cre&sed by 6.030/0 in the same period. The income yield was 2.240/0. The funds have perforn)ed ahead of the genernl UK market and the Trustees are satisfied with the long-tem) perforniance of M&G charifid and CCLA COIF Charities Investmeni Fund. The Funds received investment and interest income of £199,814 (2023: £200,039). Grants paid and committed by the various Funds were: 2024 2023 Marlburian Club College Fund Marlburian Club Educational Fund Roger Heaford Daubney Fund (College Branch) Marlborough College Common Room Fund 162,832 28,925 2.273 123,099 (430) 1,983 £194.030 £124,652 The total ants committed comprises new grdnts awarded of £186,652 and increases in commitments due to fee rises of £7.378. Marlburian Club College Fund During the year it was agreed by the trustees that additional bursarial supw)rt would be provided so that the total commitment of the trust for bursarial support amounted to approximately £175,000 in the year to 3 ISI March 2025 and £198.973 in the year to 3151 March 2026. Marlburian Club Educalional 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 SFrf)rting or culturnl fields. There was one specific award made and the educational fund was also used to support some bursarial payments. Konstam awards which are given to pupils who are leaving the College and undertake charitable projects before starting higher education. There wer¢ eight awards granted in the year. Roger HeafordDaubney Fund (Bursary Branch).. In the year no new awards were rnade. Roger Heaford Daubney Fund (College Branch).. In the year there were seven awards made to mem1rS of the Common Room for the benefit of College as a whole. Marlborough College Common Room Fund.. The Charity made no grants out of the Common RM this year.
THE MARLBURIAN CLUB CHARITABLE FUND REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 RESERVES The total reserves of £8,463,037 (2023: £7.857.755) are split between unrestricled designated funds and restricted funds that relale to the individual funds and unrestricted general thnds avallable 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 ill each fund for charitable purposes. The Charity's assets are sulTicient to meet its obligations. EXPLANATORY NOTES Unrestricted Funds These consist of funds generated from the administration and management of the individual tru51 funds and which may be applied at the discretion of the Trust¢es. Unrestricted Designated Funds Unrestricted designated funds of £6,432,915 {2023: £5,971,661) are held at the year end. These are funds which were originally established to allocate donations given for general application, or Unrestricted Funds, within destgnaled 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 £761.121 (2023.. £705.840) are held at the year end. These tsvst funds are subject to specific trusts declared by the donors or with their authority. Tliey are represented by capital and income funds. which are expendable only in accordance with the conditions imposed by (he donors. Endowed Funds Endowed funds of £1.269,001 (2023: £1.180,254) are held at the year end. Thes¢ 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 th¢ 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 Trnstees 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 Truslees are continuing to work with Marlborough College to identify ways in whlch the charity may support the College's charitable objectives. AUDITORS A resolution to re-appoint Crowe U.K. LLP will be submitted to the Board of Twstees.
THE MARLBURIAN CLUB CHAIUTABLE FUND REPORT OF THE TRUSThES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES RLSPONSIBILITIES The Purpose of this gtst¢meDt is di3tin8uisb th¢ Th8 r¢sponsibilities for thc accounts fr(Kn those of Ihc audiwrs as sta*d in their rewn. The Trustees are reswnsible for preparing the Trusteeg, report and the financial statements in aCLYirdan¢e with applicable law and United Kingdom Accouttting Standards. The law applicabl¢ to charities in Eng18nd and Wales requires the Trustees to preparc financial statements for ea¢h fmancial year which givc a trne and f8ir view of the swe olaffait7 of th¢ ¢harity and of the incoming resources and applicatiQD of sOUrceS of the Ghartty for that peri(yJ. The Thistees have prepared these financial Statemcnts in accordance with the A¢uting and Reporting by Charities.. Statement of Recommended Practice applicable to charilies preparÉng their a¢unt$ in accordance with FRS 102. In prepRrin8 the accounts the Trustees are tequire4 to: lect 8Uitobl¢ accounting plici¢s and then apply them consistently. observe th¢ methods and 1cIpleS of the LharÉties SORP. m8ke judgements and estimatts th8t gTe r¢3sonable and prudenl stat¢ whether applicabl¢ aLYounting stsndards have been followed. subject lo any departur disclosed and explained in the fiDancial statemen. and prepar¢ the fin&ncial 51alements on th¢ going coneern ba818 Unless it is in4ipropriats to assum¢ that th¢ charity will b¢ able to continuc in businass. The TTUStecs ott responsible for keeping accounting records whi¢h dis¢lose with rt&8onablc accura¢y the financial position of the charity and enable theni to ensure thai ihe financial statements comply with the Charilies Act 2011. the Charity (AccounL8 and Reports) Regulations 2008 and the provisions of the tmst deed. They ¢ 50 responsibl¢ for safeguarding the charity'x assets. and hence from taking re&sonable steps for the prevention and detr¢tion 0£ error, fraud and other irregularities. 8 Janu8ry 2025 8 Finsbury Circus London EC2M 7AZ S M W Bi3hop Chair ureT
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MARLBURIAN CLUB CHARITABLE FUND Independent Auditor's Report to the Trustees of The Marlburian Club Charitsble Fund Opinion We have audited the financial statements of The Marlburian Club Charitable Fund for the year ended i l March 2024 which comprise the Statement of Financial Activities, the Balance Sheet and noies to the fmancial statements, including 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 Ir¢land (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a trne and fair view of the state of the chaTity'S affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure for the year ihen ended; have been properly prepared in accordanc¢ with United Kingdom Generally Accepted Aecounting Practice. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS IUK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilittes for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethic81 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 obthined 15 sufficient and appropriate to provide a basis for our opinion. ConclusioDS relating to going coneern 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 statemenis is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or condition5 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 th¢ fmancial 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 iDformstlOD The trustees are responsible for the other inforniation contained within the annual report. The other infomation comprises the inforniation included in the annual report, other than the financial slatements and our audilor's report thereon. Our opinion on the fmancial statements does not cover the other inforn]ation and we do not express any forn] of assurance conclusion thereon. Our responsibility is to read the other inforniatioT] an¢ in doing so, consider whether the other inforn]ation 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 detemiine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have perfomed. we conclude that there is a material misststement of this other infornlation. we ar¢ required to report that fact. We have nothing to report in this regard. Matters on whieh 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: the inforniation given in the financial slatements is inconsistent in any material respect with the truslees, report. or
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MARLBURIAIY CLUB CHARITABLE FUND sufficient accounting records have not been kept" or the financial statements are not in agreement with the accounting records and retums. or we have not received all the inforn]ation and explanations we require for our audit RespoDsibilities of trustees As explained more fully in the tru5tees' responsibilities statement set out on page 6, the trustees are responsible for the prepardtion of the financial statements and for being satisfied that they give a true and fair view, and for such internal ontrol a5 the trustees deterniine is necessary to enable the preparation of fmancial statements that are free from material misstatemenL whether due to fraud or ettor. In preparing the financial statements. the trustees are responsible for assessing the charity'5 ability to continue as a going concern, dlsclosing, as applicable, matters related to going wncern and using the going concertb basis of accounting unless the trustees either intend to liquidaie the charity or to cease operattons. or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the finaneial statements We have been appointed as auditor under section 145 of the Charities Act 201 l and report in accordance with the Acl and relevant regulations made or having effect thereunder. Our objecttves are to obtain reasonable assurance about whether the financial stat¢m¢nts as a whole are free from material misstatement, whether due to fraud or error, and io issue an auditor's report that includes OUT opinion. Reasonable assurance is a high level of assurance. but is not a guaranlee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatemeTJt when it exists. Misstatements can arise from fraud or eor and are considered material if, individually or in the aggregate, they could reasonably be expecied to influence the economic decisions of users taken on the basis of these financial Siatements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line witli our responsibilitie5, Outlined above, to detect material misstaternents in respect of iegUlarl11es, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. A fvrther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This description fornis part of our auditor's report. Extent lo which the audit was considered eapable of detecting irregularities. including fraud Irregularities. including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error. and discussed these between our audit team members. We then designed and perfornled audit procedures responsive io these risks, including obtaining audit ¢vidence sufficient and appropriate to provide a blS for our opinion. We obtained an understanding of the legal and regulatory frameworks within the charity operdies, focusing on laws and regulations that have a direct effect on the detennination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 201 I, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related fmancial statement items. In addition. we ¢onsidered provisions of other laws and regulations that do not have a direct effect on the financial ststements but compliance with which might be fundamental to the charity's ability to operate OT to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud. to be within the Oveide of controls by management. Our audit procedures to respond lo these risks include enquiries of management and the Trustees about their own identification and assessment of risks of iegularl11¢$, sampl¢ testing on the posting of journals. reviewing accounting eslimates for biases, reviewing any regulatory correspjndence with the Charity Commission and reading minutes of m¢etings with those charged with governance.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MARLBURlAN CLUB CHARITABLE FUND
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performance our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remains a higher risk of non-detection of irregularities as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Crowe U.K. LLP
Statutory Auditor
4[th ] Floor St James House St James Square Cheltenham GL503PR
Date: 15 January 2025
9
THE MARLBURIAN CLUB CHARITABLE FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Designated 2024 Total 2023 Total General Restrieted Endowed Notes Ineome from: Investments: tnvestment income Interest receivable Donations & legacies 192,163 7.877 10,939 192,163 7.877 10,939 188.411 1,636 Total Income 210,979 210,979 190.047 Expenditure on: Charitable aclivities.. Educational activities: Scholarships, bursaries and prizes For the benefit of Marlborough College Benevolent activities: For relief of hardship (4,566) (162.405) (28.926) (195,897) (129,297) (2,273) (2,273) (425) (425) Tolal Expenditure (4,566) {165,103) (28,926) (198,595) (129,297) Net income/(expenditure) before investment (losses)Igains 206,413 (165.103) (28,926) 12,384 60,750 Net gains/(losses) investmenls on 463.215 40,936 88,747 592.898 (259.555) Net incomel(expenditure) 206.413 298,112 12.010 88,747 605,282 (198.805) Transfer between funds (206,413) 163,142 43,271 Net Movement in Funds 461.254 55,281 88,747 605.282 (198,805) Fund Balances Brought Forward £5,971.661 £705,840 £1.180,254 £7.857.755 £8,056.560 Fund Balances Carried Forward £6.432.915 £761,121 £1.269.001 £8,463,037 £7,857.755 The Charity had no reeognised gains and1055es 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 forn) part of these accounts. 10
THE MARLBURL4N CLUB CHAIUTABLE FUND BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Nots8 FtXED ASSETS Inv¢&ments 8J61647 7,969,749 CURRENT ASSET5 Cash at bank Accnjd inc4)m¢ Other debtors 259,628 14.735 45(M) 259,545 14,509 4.51K) 278.863 273,554 CREDITORS: Amoonts duewithth ottt yelr Credltors: (175,(#XI) (4.5(Ki) (175,123) (4,5IXI) Other accNaJs NKT CURRENT ASSETS 99,363 98,931 CREDITORS: Amo•nts due thr more than one yr (198,973) (210.925) £8.463,037 £7,857.755 Represcntcd by UNREsTricfED FUNDS UNREsTricfED DESIGNATED FUNDS 6,431915 5.971,661 RESTRIED FUNDS 761.121 705,840 ENDOWED FUNDS 1,269.(Kll 1,180,254 £8,463,037 £7.857,755 The a¢companyin8 notes forrn part of these xc(iunts. Approved and authorised for iS5uc by the Tn on 8 Janwy 2025 and signed on their Erhalf by.. S M WBi5hop (Chair) crre&sur¢r) 11
THE MARLBURIAN CLUB CHARITABLE FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Basis of Aceounting The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of ReCOnoended 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 l 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 meels 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 c&sh flows and looktng at 12 months from when these financial stalements are approved, the trustees confirni that they have no maierial uncertainties about the entity's ability to continue as a going oncern for the foreseeable future. With respect to the next reporting perio(I the most significant areas of uncertainty that affect the CaIng valu¢ of assets held by th¢ charity are the level of invesknent return and the perforn)ance of investment markets. The Trustees are of the opinion thai the investment return and performance are sufficienl. and that the charity h&5 sufficient funds to meet its planned expenditure. Financial Instruments The Charity holds only financial assets and financial liabilities of a kind thai qualify as basic financial instruments. Basic financial instnmients are initially recognised at transaction value and Subsequently recognised al settlement value. Investments Investments are a form of basic fmancial 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 gatns and losses arising on revaluation and disposals throughout the year. Income recognition All income is recognised once the charity has entitlement lo the income, At is probable that the income will be received and the amount of income can be measured reliably. Investhlent income is credited to income when it is receivable and the amount can be measured reliably by the charity: this is nornlally upon notification of the interest paid or payable by th¢ bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Donations are recognised on receipt. Legacies are recognised at ihe earlier of the date cash is received or the date fal esta* accounts ar¢ approved. Expenditure recognition Expenditure is allocaied 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 &5 expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have noi been mel at the year-end are noted a5 a commilment. but not accrued &s expenditure. Creditors and provlsSons Creditors and provisions are r¢cognised where the charity has a present obligation resulting fTom 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 and10s5es are calculated as the difference between the market value at th¢ 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. 12
THE MARLBURIAN CLUB CHARITABLE FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting judgements and estimates In preparing these fancial statements, the trustees have made judgements, estimates and assumptions that affect the application of the charities accounting policies and the reported assets, liabililies. income and expenditure and the disclosures made in the financial statements. EstimaÉ¢s and judgements are continually cvaluated and are based on historical experience and other faciors, including expectations of tuture events that are believed lo be reasonable under the cir¢umslances. The key estimate used in the preparalion of these ffftancial stalements is the valuation of listed investments. based on publicly available market infomalion. 13
THE MARLBURIAN CLUB CHARITABLE FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 EXPENDITURE 2024 2023 Educational activities.. Scholarship5, bursaries and prizes 193.605 124,652 Benevolent activities: For relief of hardship 425 £194,030 £124.652 Governance costs not included above amounted to £4,565 (2023: £4.&15). and include: 2024 2023 Auditor's remuneration - Audit - Taxation 4,500 4.500 Reconciliations of grants payable: Commitments at stan of year Grants committed during the year Grants previously committed no longer required Grdnts paid during the year 386,048 194,030 435,333 126,253 (1,600) {173,938) (206.105) Com mitments at end of year £373.973 £386,048 Classified as.. Commitments due within one year Commithients due after more than one year £175.000 £198.973 £175,123 £210,925 INVESTMENTS Value at Value at 31 March 2024 31 March 2023 The Marlburian Club College Fund Roger Heaford Daubney Fund - College Roger Heaford Daubney Fund - Bursary The Marlburian Club Educational Fund Marlborough College Common Room Fund 6.42i,759 257218 518.164 1,346.700 16.8 5,978.140 239.621 482,715 1.253.616 15,657 £8,562.647 £7.969,749 Represented by Funds. holdings of investment funds: M&G Charifund income units CCLA COIF Charities Investment Fund income units CCLA COIF Charities Investtnent Fund accumulation units 2,259.821 2.192,764 4.110.(kn2 2.301,864 2,008,298 3,659,587 £8.562.7 £7,969,749 14
THE MARLBURIAN CLUB CHARITABLE FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 INVESTMENTS (continued) Value at Value at 31 March 2024 31 March 2023 Opening market value Disposals Additions Revaluation gain/(loss) 7,969.749 8,229.304 592,898 (259,555) Closing market value £8,562.647 £7.969,749 31 March 2024 31 March 2023 Common investment funds £8.562.647 £7,969,749 TRANSFER BETWEEN FUNDS 2024 2023 INCOME Investment income Bank interest receivable Donations 192,163 7.877 10,939 188,411 1,636 210.979 190,047 EXPENDITURE Audit and accounlancy Sundry expenses 4.500 65 4.580 66 4.565 4,646 Distributable SUTplus for the year 206.414 185,401 Distributions to Funds: The Marlburian Club College Fund Roger Heaford Daubney Fund- College Roger Heaford DaubDey Fund- Bursary The Marlburian Club Educational Fund Marlborough College Common Room Fund 157.040 6.105 12299 30.571 399 1?9.566 5,407 10,890 39.185 353 206,414 185.401 Unrestricted surplusl(deficit) for the year Retained surplus brought forward Unrestricted Generdl Funds carried forward The distributions to Funds from investment income are based on income units held by each fund. The donation received in the prior year was allocated entirely to The Marlburian Club College Fund. 15
THE MARLBURIAN CLUB CHARITABLE FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 ALLOCATION OF THE CHARITY'S NET ASSETS The net asset5 are held for the various Funds as follows: Net currenl assetsl (liabilities) Investments Total Current year Unrestricted Generdl Funds Unrestricted Designated Funds Restricted Funds Endowed Funds 6.680.976 598.368 1.283,303 (248,061) 162.753 (14,302) 6.432,915 761,121 1,269,001 Net Assets at 31 Mareh 2024 £8,562,647 (£99,610) £8,463,037 Net eurrent assetsl (liabilities) Investments Total Prior year comparatives Unrestricted General Funds Unrestricted Designated Funds Restricted Funds Endowed Funds 6,217,755 557,438 1,194,556 (246,094) 148,402 (14.302) 5,971,661 705,840 1,180,254 Net Assets al 31 Mareh 2023 £7,969,749 (£111.994) £7,857,755 FUNDS TrAnsfers & investment gaiDsI(losses) Balance 31 March 2024 Balanee l April 2023 Income Expenditure Current year Unrestricted General Funds Unrestricted Designated Funds Restricted Funds Endowed Funds 210,979 (4,565) (165.104) {206,414) 626,358 5.971.661 6.432.915 705.840 1,180.254 (28.926) 84,207 88,747 761,121 1.269,001 £7,857,755 £210,979 (£198,595) 592.898 £8,463,037 Transfers & investment gainsl(]osses} Balanee 31 March 2023 BalAn¢e l April 2022 Income Expenditure Prior year eomparatives Utwestricted General Funds Unrestricted Designated Funds Restricted Funds Endowed Funds 190.047 (4,646) (123,101) (185.401) (07,507) 6.162.269 5.971,661 675.298 1.218,993 (1,550) 32,092 (38,739) 705,840 1,180,254 £8,056,560 £190.047 (£129,297) (£259.555) £7,857.755 16
THE MARLBURIAN CLUB CHARITABLE FUND NOTES TO THE ACCOUNTS FOR THE YEAR E]YDED 31 MARCH 2024 RELATED PARTY TRANSAcfioNS The Trustees are appointed by the committee of the Marlburian Club. which is the asyxiation for fornier pupils of Marlborough College. Mr S M W Bishop is a Trustee of the MarllM)rough College Foundation and Chair of the Marlborough College Investment Committee. Mr C Macfadyen is a member of the MarllM)rough College Investment Committee. Mr R J H Flwk 15 a member of the Council of Marlborough College Malaysia. The Trnstees have not received remuneration for theirposition as trUSS of the Fund (2023: none). During the year. no expenses were patd to Trustees (2023: none). Unpaid liabilities to fund bursaries for pupils at Marlborough College amounted to £373,973 (2023: £386,048) as al 31 March 2024. COMPARATIVE STATEMENT OF FINANCIAL AcfiviTIES Unrestricted D¢sign#ted 2023 Total General Restricted Endowed Note5 Income from: Donations Investments: Investment income Interesl receivable Donations & Legacies 188,411 1,636 188.411 .636 Total Ineome 190,047 190,047 Exptnditure on: Charitable activities.- Educational activities: Scholarships. bursaries and prizes For the benefit of Marlborough College Benevolent activities: For Telief of hardship (4,646) (123,101) {1.550) (129297) Tot81 Expenditure (4.6461 (123.101) (1.550) (129,297) Net incomel(expenditure) before investment gains 185.401 (123.101) (1,550) 60.750 Net (losses} on investments (202.480) (18.366) (38.739) (259,555) Net (expenditure)income 185.401 {325,581) (19.886) (38.739) (198,805) Transfer between funib (185.401) 134.973 50.4?8 Net Movement in Funds (190,608) 30,542 (38,739) (198,805) Fund Balances Brought Forward £6.162269 £675298 £1,218.993 £8,056.560 Fund Balances Carried Foard £5,971.661 £705.840 £1,180.254 £7,857,755 17