## **THE MARLBURIAN CLUB CHARITABLE FUND TRUSTEES’ REPORT AND FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED** **31 MARCH 2025** Crowe U.K. LLP Chartered Accountants Registered Auditors Registered Charity No: 1063749 ``` 1 ``` **THE MARLBURIAN CLUB CHARITABLE FUND** **REFERENCE AND ADMINISTRATIVE DETAILS** ## **FOR THE YEAR ENDED 31 MARCH 2025** |**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**|Crowe U.K. LLP| ||4thFloor| ||St James House| ||St James Square| ||Cheltenham| ||GL50 3PR| |**BANKERS**|Barclays Bank Plc| ||114 Fenchurch Street| ||London| ||EC3P 3HY| ``` 1 ``` **THE MARLBURIAN CLUB CHARITABLE FUND** **REPORT OF THE TRUSTEES** ## **FOR THE YEAR ENDED 31 MARCH 2025** ## **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 C Macfadyen 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 2027 SMW Bishop until 6 July 2028 I Z Tayabali until 6 July 2029 (Reappointed) Earl of Darnley until 6 July 2029 (Reappointed) J Vyvyan 6 July 2030 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. ``` 2 ``` **THE MARLBURIAN CLUB CHARITABLE FUND** **REPORT OF THE TRUSTEES (CONTINUED)** ## **FOR THE YEAR ENDED 31 MARCH 2025** ## **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. ``` 3 ``` **THE MARLBURIAN CLUB CHARITABLE FUND** **REPORT OF THE TRUSTEES (CONTINUED)** ## **FOR THE YEAR ENDED 31 MARCH 2025** ## **REVIEW OF ACTIVITIES AND FINANCIAL RESULTS** The investment portfolio was valued at £8,475,399 (2024: £8,562,647) as at 31 March 2025. The decrease of £87,248 was due to a fall in the value of the investments. The overall capital decrease was 1.02% compared to the FTSE 100 index which increased by 7.92% and the FTSE 250 index which decreased by 0.7% in the same period. The income yield was 2.34%. The funds have performed behind the general UK market and the Trustees are reviewing with the long-term performance of M&G Charifund and CCLA COIF Charities Investment Fund. The Funds received investment and interest income of £208,858 (2024: £199,814). Grants paid and committed by the various Funds were: |||**2025**|**2024**| |---|---|---|---| |||**£**|**£**| |1.|Marlburian Club College Fund|425|162,832| |2.|Marlburian Club Educational Fund|800|28,925| |3.|Roger Heaford Daubney Fund (Bursary Branch)|5,000|2,273| |4.|Marlborough College Common Room Fund|2,450|-| |||----------------|----------------| |||£8,675|£194,030| |||========|========| The total grants committed comprises new grants awarded of £8,675. ## _Marlburian Club College Fund_ In the prior year it was agreed by the trustees that bursarial support would be provided so that the total commitment of the trust for bursarial support amounted to approximately £175,000 for the year to 31[st] March 2026. This year £425 was granted to assist an Old Marlburian in need of support. ## _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 no awards made from this fund in the year. - Konstam awards which are given to pupils who are leaving the College and undertake charitable projects before starting higher education. There were two awards granted in the year amounting to £800. _Roger Heaford Daubney Fund (Bursary Branch):_ In the year one new awards was made amounting to £5,000. _Roger Heaford Daubney Fund (College Branch):_ In the year no grants were made from this fund. _Marlborough College Common Room Fund:_ The Charity made five grants out of the Common Room Fund this year amounting to £2,450. ``` 4 ``` **THE MARLBURIAN CLUB CHARITABLE FUND** **REPORT OF THE TRUSTEES (CONTINUED)** ## **FOR THE YEAR ENDED 31 MARCH 2025** ## **RESERVES** The total reserves of £8,571,845 (2024: £8,463,037) 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 £6,517,943 (2024: £6,432,915) 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 £797,413 (2024: £761,121) 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 £1,256,489 (2024: £1,269,001) 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 Crowe U.K. LLP will be submitted to the Board of Trustees. ``` 5 ``` ThE MARLBURL4N CLUB CHAWTABLE FUND REPORT OF THE TRUSTEES (CONllNUED) FOR THE YEAR ENDED31 MARCH 202S srATEMENT OF TRusfELS RKSPONSIBILMES The wryM)8e of this Ststsment iy to di#inguish the Tru#tts respnsibilities for th¢ iknse of the auditor8 ated in their repojt Tho Tr￿ at¢ rrsp)n%bk for thc Tn￿. rel￿rt and the financial statcmcnts in a￿[dan(X with aM)lithle law and {Jni1￿ Kingdom Accounting Sianthrds. The law8Fvlicablc to IB England and Wale5r(wirE5 theTbJst¢es to tfferth financial ststements for exh fjnancial YLW whi¢h gÉv¢ a trne and f8ir view of the state of affaiTS of the charity and orth¢ incomins resour￿% and 4yliration of r￿ur￿S orth¢ charity for that peri(d. The TNstK8 have prtFMred th¢5¢ fin8Dcial sthtrmcnts in ¥LxKd2ntt with the Accountin8 and Rq¥)rtiD8 by Charilies.. Ststcment of R£wM￿Kodcd Pr￿] appllcable to Charities prwDI8 their acu)unts ID a{x0rd￿ with FRS 102. In rrrywin8 the aeeouDts theThthtts *Te required ￿. select $uit2ble 8CC¥)tmtin8 w)li¢ies and thal 4¥)ty them Consisten￿Y. ob5erv¢ the methods aul winciplu ofthe Charities SORP. rnake judgements and #tim*tes that are rewnable and IxudeDE Swe v4hetherapplicableaco)untingStsndardshaveb￿n followe￿ subjixtto any depthdisclosedaDd ¢xplain¢d tn th¢ financial 5ta*M￿l* 8J Pre￿re the financial statements on the 80108 b¥is urAle&s it is inaNJrwi8tr to &wme thatthe Charity will be able to eDniinue An b￿lln￿. The Tnisteesare r¢swnsib]e forkeeping accouniin8 rejjirds which diselosewith r¢ag)nable a¢L"uwy the fmanc1￿ Fosition of the charity and en8ble th¢m to rnsure that the financial ststemcnts c4)mply the Char&tits Act 2011. the Charity (Accounts and ReFKbnS) Regulations 2008 and the provisions of the trust deed. They are aiso rewnsible for safeBuardin8 th¢ chartty's aod heDce from 18kin8 TE&8onable steps for the wev¢nlion and de*ciu)n ol etror. frajjd and othe¥ 9th Januw 2026 8 Fin5￿ Cir¢us London EC2M 7AZ S M W Bishop Chair Ayabali **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE MARLBURIAN CLUB CHARITABLE FUND** ## **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 2025 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial 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 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 2025 and of its incoming resources and application of resources, including its income and expenditure 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 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 contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 this gives rise to a material misstatement in the financial statements themselves. 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: - the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or ``` 7 ``` **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE MARLBURIAN CLUB CHARITABLE FUND** - sufficient accounting records have not been kept; or - the 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 ## **Responsibilities of trustees** 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** We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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. 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. ## **Extent to which the audit was considered capable 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 performed audit procedures responsive to these risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within the charity operates, focusing on laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011, 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 financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or 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 override of controls by management. Our audit procedures to respond to these risks include enquiries of management and the Trustees about their own identification and assessment of risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing any regulatory correspondence with the Charity Commission and reading minutes of meetings with those charged with governance. ``` 8 ``` **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE MARLBURIAN 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 GL50 3PR **Date:** 16 January 2026 `9` **THE MARLBURIAN CLUB CHARITABLE FUND** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 31 MARCH 2025** |||||**Unrestricted**|||**2025**|**2024**| |---|---|---|---|---|---|---|---|---| ||||**General**|**Designated**|**Restricted**|**Endowed**|**Total**|**Total**| |||**Notes**|**£**|**£**|**£**|**£**|**£**|**£**| |**Income from:**||||||||| |Investments:||||||||| |Investment income|||200,091|-|-|-|200,091|192,163| |Interest receivable|||8,767|-|-|-|8,767|7,877| |Donations & legacies|||139|-|-|-|139|10,939| ||||-----------------|------------------|-----------------|-----------------|-----------------|-----------------| |**Total Income**|||208,997|-|-|-|208,997|210,979| ||||----------------|------------------|-----------------|-----------------|----------------|----------------| |**Expenditure on:**||||||||| |_Charitable activities:_||||||||| |Educational activities:||||||||| |Scholarships, bursaries and||||||||| |prizes|||(4,266)|(5,000)|(800)|-|(10,066)|(195,897)| |For the benefit of||||||||| |Marlborough College|||-|-|(2,450)|-|(2,450)|(2,273)| |Benevolent activities:||||||||| |For relief of hardship|||-|(425)|-|-|(425)|(425)| ||||-------------|------------------|-----------------|-----------------|----------------|----------------| |**Total Expenditure**||1|(4,266)|(5,425)|(3,250)|-|(12,941)|(198,595)| ||||----------------|------------------|-----------------|-----------------|----------------|----------------| |Net income/(expenditure)||||||||| |before investment|||204,731|(5,425)|(3,250)|-|196,056|12,384| |(losses)/gains||||||||| |Net
(losses)/gains|on|2|-|(68,951)|(5,785)|(12,512)|(87,248)|592,898| |investments||||||||| ||||-------------|------------------|-----------------|-----------------|-------------------|-------------------| |Net income/(expenditure)|||204,731|(74,376)|(9,035)|(12,512)|108,808|605,282| |Transfer between funds||3|(204,731)|159,404|45,327|-|-|-| ||||----------------|------------------|-----------------|-----------------|----------------|----------------| |**Net Movement in Funds**|||-|85,028|36,292|(12,512)|108,808|605,282| |**Fund Balances Brought**||||||||| |**Forward**|||-|£6,432,915|£761,121|£1,269,001|£8,463,037|£7,857,755| ||||---------------|---------------------|-----------------|-----------------|---------------------|---------------------| |**Fund Balances Carried**||5|£-|£6,517,943|£797,413|£1,256,489|£8,571,845|£8,463,037| |**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. ``` 10 ``` THE MARLBURtAN CLUB CHAIUTABLE FU.WD BALANCE SHEET AS AT31 MARCH 2025 2025 2024 FIXED ASSEr Invpknts NotrA 8.475.34¥J 8,562.047 CURREiYT ASS£Tb Cash at bank Acmed incinne Othv debtOfS 280.684 14.735 4Jl 259.628 14.735 4.5 CREDrroRS: Amoumtsdvwlthlo one year Creditors: AecruaL8." ￿}￿MItt￿¢t1ts 8r8nts 299919 278.863 1175.(th) (45￿} (175,0¢￿) (4000) NET CURRENT ASSETS CREDrroRS: AmouDts due after OT• th*u •De ye*r 120.419 99,363 (23.973) (198,973) £8.571.845 £8.463,037 UNR£STRicfED FUNDS UNREsfRicfED DESIGNATED FiJNDS 6.517.943 RESTRicfED FUNDS 6.431915 797.413 ENDOWED FUNDS 761.121 1,256,459 1269.IM)I £8.571.845 £8,463.037 The 4ccomFwnyin8 llOt¢s forni F4rt of these ￿ts. Approved •JMI au¢lN)rised for issue by the Trustc¢s on 9th January 2026 and $iwJ on their beh8]f bj (Th8ir) li **THE MARLBURIAN CLUB CHARITABLE FUND** ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR ENDED 31 MARCH 2025** ## **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 and updated in January 2022) – (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 and looking at 12 months from when these financial statements are approved, 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. Donations are recognised on receipt. Legacies are recognised at the earlier of the date cash is received or the date final estate accounts are approved. ## **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. ``` 12 ``` **THE MARLBURIAN CLUB CHARITABLE FUND** ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR ENDED 31 MARCH 2025** ## **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. ``` 13 ``` **THE MARLBURIAN CLUB CHARITABLE FUND** ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR ENDED 31 MARCH 2025** ## **1. EXPENDITURE** |**1.**|**EXPENDITURE**||| |---|---|---|---| |||**2025**|**2024**| |||**£**|**£**| ||Educational activities:||| ||Scholarships, bursaries and prizes|8,250|193,605| ||Benevolent activities:||| ||For relief of hardship|425|425| |||----------------|-----------------| |||£8,675|£194,030| |||=======|========| ||Governance costs not included above amounted to £4,266 (2024: £4,565), and include:||| |||**2025**|**2024**| ||Auditor’s remuneration|**£**|**£**| ||- Audit|4,200|4,500| ||- Taxation|-|-| |||======|======| ||**Reconciliations of grants payable:**|**£**|**£**| ||Commitments at start of year|373,973|386,048| ||Grants committed during the year|8,675|194,030| ||Grants previously committed no longer required|-|-| ||Grants paid during the year|(183,675)|(206,105)| |||---------------------|---------------------| ||**Commitments at end of year**|£198,973|£373,973| |||==========|==========| ||**Classified as:**||| ||Commitments due within one year|£175,000|£175,000| ||Commitments due after more than one year|£23,973|£198,973| |**2.**|**INVESTMENTS**||| |||**Value at**|**Value at**| |||**31 March 2025**|**31 March 2024**| |||**£**|**£**| ||The Marlburian Club College Fund|6,357,295|6,423,759| ||Roger Heaford Daubney Fund - College|254,731|257,218| ||Roger Heaford Daubney Fund - Bursary|513,155|518,164| ||The Marlburian Club Educational Fund|1,333,574|1,346,700| ||Marlborough College Common Room Fund|16,644|16,806| |||---------------------|---------------------| |||£8,475,399|£8,562,647| |||==========|===========| ||Represented by Funds’ holdings of investment funds:||| ||M&G Charifund income units|2,356,386|2,259,821| ||CCLA COIF Charities Investment Fund income units|2,090,599|2,192,764| ||CCLA COIF Charities Investment Fund accumulation units|4,028,414|4,110,062| |||------------------------|----------------------| |||£8,475,399|£8,562,647| |||===========|===========| ``` 14 ``` **THE MARLBURIAN CLUB CHARITABLE FUND** **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR ENDED 31 MARCH 2025** ## **2. INVESTMENTS (continued)** |||||**Value at**|**Value at**| |---|---|---|---|---|---| ||||**31**|**March 2025**|**31 March 2024**| |||||**£**|**£**| ||Opening market value|||8,562,647|7,969,749| ||Disposals|||-|-| ||Additions|||-|-| ||Revaluation (loss)/gain|||(87,248)|592,898| |||||---------------------|---------------------| ||Closing market value|||£8,475,399|£8,562,647| |||||==========|==========| ||||**31**|**March 2025**|**31 March 2024**| |||||**£**|**£**| ||Common investment funds|||£8,475,399|£8,562,647| |||||==========|==========| |**3.**|**TRANSFER BETWEEN FUNDS**||||| |||**2025**||**2024**|| |||**£**|**£**|**£**|**£**| ||**INCOME**||||| ||Investment income||200,091||192,163| ||Bank interest receivable||8,767||7,877| ||Donations||139||10,939| ||||-----------------||-----------------| ||||208,997||210,979| ||**EXPENDITURE**||||| ||Audit and accountancy|4,200||4,500|| ||Sundry expenses|66||65|| |||----------------||----------------|| ||||(4,266)||(4,565)| ||||-----------------||-----------------| ||Distributable surplus for the year||204,731||206,414| ||Distributions to Funds:||||| ||The Marlburian Club College Fund|153,018||157,040|| ||Roger Heaford Daubney Fund – College|6,386||6,105|| ||Roger Heaford Daubney Fund – Bursary|12,865||12,299|| ||The Marlburian Club Educational Fund|32,045||30,571|| ||Marlborough College Common Room Fund|417||399|| |||----------------||----------------|| ||||(204,731)||(206,414)| ||||-----------------||-----------------| ||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 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 2025** ## **4. ALLOCATION OF THE CHARITY’S NET ASSETS** The net assets are held for the various Funds as follows: ||**Investments**|**Net assets**|**Total**| |---|---|---|---| ||**£**|**£**|**£**| |**Current year**|||| |Unrestricted General Funds|-|-|-| |Unrestricted Designated Funds|6,612,025|(94,082)|6,517,943| |Restricted Funds|592,582|204,831|797,413| |Endowed Funds|1,270,792|(14,303)|1,256,489| ||---------------------|-----------------|---------------------| |**Net Assets at 31 March 2025**|**£8,475,399**|**£96,446**|**£8,571,845**| ||==========|========|==========| ||**Investments**|**Net assets**|**Total**| ||**£**|**£**|**£**| |**Prior year comparatives**|||| |Unrestricted General Funds|-|-|-| |Unrestricted Designated Funds|6,680,976|(248,061)|6,432,915| |Restricted Funds|598,368|162,753|761,121| |Endowed Funds|1,283,303|(14,302)|1,269,001| ||---------------------|-----------------|---------------------| |**Net Assets at 31 March 2024**|£8,562,647|(£99,610)|£8,463,037| ||==========|========|==========| ## **5. FUNDS** |**FUNDS**|||||| |---|---|---|---|---|---| |||||**Transfers &**|**Balance**| ||**Balance**|||**investment**|**31 March**| ||**1 April 2024**|**Income**|**Expenditure**|**gains/(losses)**|**2025**| ||**£**|**£**|**£**|**£**|**£**| |**Current year**|||||| |Unrestricted General Funds|-|208,997|(4,266)|(204,731)|-| |Unrestricted Designated|6,432,915|-|(5,425)|90,453|6,517,943| |Funds|||||| |Restricted Funds|761,121|-|(3,250)|39,542|797,413| |Endowed Funds|1,269,001|-|-|(12,512)|1,256,489| ||---------------------|------------------|-----------------|---------------------|---------------------| ||**£8,463,037**|**£208,997**|**(£12,941)**|**(£87,248)**|**£8,571,845**| ||==========|=========|========|==========|==========| |||||**Transfers &**|**Balance**| ||**Balance**|||**investment**|**31 March**| ||**1 April 2023**|**Income**|**Expenditure**|**gains/(losses)**|**2024**| ||**£**|**£**|**£**|**£**|**£**| |**Prior year comparatives**|||||| |Unrestricted General Funds|-|210,979|(4,565)|(206,414)|-| |Unrestricted Designated|5,971,661|-|(165,104)|626,358|6,432,915| |Funds|||||| |Restricted Funds|705,840|-|(28,926)|84,207|761,121| |Endowed Funds|1,180,254|-|-|88,747|1,269,001| ||---------------------|------------------|-----------------|---------------------|---------------------| ||£7,857,755|£210,979|(£198,595)|£592,898|£8,463,037| ||==========|=========|========|==========|==========| ## **6. RELATED PARTY TRANSACTIONS** ``` 16 ``` **THE MARLBURIAN CLUB CHARITABLE FUND** **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR ENDED 31 MARCH 2025** 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 (2024: none). During the year, no expenses were paid to Trustees (2024: none). Unpaid liabilities to fund bursaries for pupils at Marlborough College amounted to £198,973 (2024: £373,973) as at 31 March 2025. ## **7. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES** ||||**Unrestricted**|||**2024**| |---|---|---|---|---|---|---| |||**General**|**Designated**|**Restricted**|**Endowed**|**Total**| ||**Notes**|**£**|**£**|**£**|**£**|**£**| |**Income from:**||||||| |Donations||-|-|-|-|-| |Investments:||||||| |Investment income||192,163|-|-|-|192,163| |Interest receivable||7,877|-|-|-|7,877| |Donations & Legacies||10,939|-|-|-|10,939| |||-----------------|------------------|-----------------|-----------------|-----------------| |**Total Income**||210,979|-|-|-|210,979| |||----------------|------------------|-----------------|-----------------|----------------| |**Expenditure on:**||||||| |_Charitable activities:_||||||| |Educational activities:||||||| |Scholarships, bursaries and||||||| |prizes||(4,566)|(162,405)|(28,926)|-|(195,897)| |For the benefit of||||||| |Marlborough College||-|(2,273)|-|-|(2,273)| |Benevolent activities:||||||| |For relief of hardship||-|(425)|-|-|(425)| |||-------------|------------------|-----------------|-----------------|----------------| |**Total Expenditure**|1|(4,566)|(165,103)|(28,926)|-|(198,595)| |||----------------|------------------|-----------------|-----------------|----------------| |Net
income/(expenditure)||206,413|(165,103)|(28,926)|-|12,384| |before investment gains||||||| |Net gains on investments||-|463,215|40,936|88,747|592,898| |||-------------|------------------|-----------------|-----------------|-------------------| |Net (expenditure)income||206,413|298,112|12,010|88,747|605,282| |Transfer between funds|3|(206,413)|163,142|43,271|-|-| |||----------------|------------------|-----------------|-----------------|----------------| |**Net Movement in Funds**|1|-|461,254|55,281|88,747|605,282| |**Fund Balances Brought**||||||| |**Forward**||-|£5,971,661|£705,840|£1,180,254|£7,857,755| |||---------------|---------------------|-----------------|-----------------|---------------------| |**Fund Balances Carried**|5|-|£6,432,915|£761,121|£1,269,100|£8,463,037| |**Forward**||=======|==========|========|========|==========| ``` 17 ```