2020-08-31-accounts - Marlborough College

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MARLBOROUGH COLLEGE ODeorpornted by ROY Charter Dd regtstered s M Edueatlr)D•l Chrlty No: 309486) REPORT OF COUNCIL AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2Q20 Haysmacintyre LLP

MARtMOROUGH COLLEGE (Incoryorated by Royal Charter and registered •$ all Edllealiwl Charlty N•: 3094 FOR THE YL4R ENDED 31 AUGUST 2020 INDEX Tne& Officers aTKI Advisers 5-18 IDdepuxkniAuditor'8 Report 19-20 Statements of Financi A¢tsvities 21 22 c Flow StatenKDt 23 Statettwnt of Accounting Poli¢ie8 24-27 Notes Fin1&1 Statements 28-45

MARLBOROUGH COLLEGE MARLBOROUGH COLLEGE TRUSTEF& OFFICERS AND ADVISERS TRUSTEFS ThE TneS of th¢ Coll¢8¢ ¢onlty the C(xmciL The RL Revd. N Holtsm The Lord Bis Orsl$bUry IPTuident) Giles l Hellderson CBE (Ch4irmw of Council chain of Develop¢ aThl NoJninatiOn8 CoJ)m)itt¢e8) J K Bak¢r Icbairw of Finaw¢ and Remuo¢Trtion Collllttittees) The Revd. Charlott¢ BaDnist¢T.Pats' Prof Sir Jolm Bell 46(Chainw 0£A ComzDittee) 267 S M W Bishop (rfird 13 June 20201 PA Cameron Watt ' P Coleman AJCookn25 E Elliott, P Fr¢emon (chair of Buildings Committe£) DrT E Im8 CBE, (r¢tirva 13 June 2020} T MartitrJ¢nkins {oppoint¢d 18 ApTiI 2020) W Mills L 5 8(Chairn of Int¢mation Committ¢t- Trtired 31 Odober 2020) C H Pymont ' {rrtired 13 June 2020) The Revd. Lilthy Yat¢s 24671 Ittterntttion Membets. of Coun¢il: YAM TuTthu Ali Redhauddin ibni Tuanku Muhri2 T D P KiTkwood ' (r¢tir•a 13 2020) MemberB of the ConuDitt¢¢ 2. MembeTa of the Nominions Cornmilt¢e Mettthers of the Buildings Committe¢ 4. Members of the Actidemic Cottunitl¢¢ Membern of the Inrntttional Comtnitl¢e 6. Memben of the Development Comrni¢le¢ 7. Members of tbe Investmrnt Committe¢ Mernbers of ReTlluDerntion Commi¢*e

MARLBOROUGH COLLECE MARLBOROUGH COLLEGE TRUSTELS. OFFICERS AI¥D ADVISERS (CoMthilled} 0FCERs KEY MANAGEMEL¥T PERSONNEL The MasteT LJ MoelwyT.Hu8hes L J Mc£lwyn.Hughe8 (actmg from I Septeth 2019 to 4 August 2020) S WAl8on (iotrrim from 5 Augus¢ 2020) Senlor M#wement Tr• S¢¢ond Mast W D LNiC1]S Dq)uty Head (ALalemi¢) E J Tolputt (to 31 Auguy 2020). D T Clark (from I Septellther 2020) Depuly Head (Boardll4) lady Cayley (to 13 November 2020). J A HOdgn (ing Deputy He&1 frcsm 14 Novtsthr 2020) Deputy Head Ico-cwricular) D J Harris Ito 3 IAu8USt 2020) W D L Ni¢bo]as (a¢tsng Deputy He•J from I Sq)nthtr 2020) Dir¢¢toI ofAdmissic J A Hod8S( Burnar1 Te•m Dirnctor of Cllpital Projects WRoe Dirnctorof Devclopmcni J Perrins (to 31 t)tcember 2019); S Lrnvill {frorn l 2020) Director of Enteiprixs J Blake Director of Fir¢ H Mack Dir¢ctor of Humon Raorn J Barciay Di[10r of Mwketin8 J JordAn {from l November 2019) Director of Op¢rntioAs ABarn He oflCT PrincipalAddress: Mulw QJll¢ge Wiltsbiye SN8 IPA mlboroUgb College MA1 Th¢ M&qter A Strvens Bws J Strojwh Marlbor{h College M¥lal8 Jalan MarltX)Tough 7921X> Iskokn Puri Johor M41ay5ia

MARLBOROUGH COLLEGE MARLBOROUGH COUEGE TRUSTEES. OFFICERS AND ADVISERS {CoMtIMM¢d) ADV]SEBS Uoyds B8nk Crest Way GL4 3RL Soli¢itor8: FazTU & Co 66 L4wo]n's lan Fields WC2A 31H Auditors: Haysmacintyre LLF Sthtuw Auditors 10 Qell Stred Pt EC4R IAG 8 Flllstrry Cirw8 EC2M 7AZ Insuruncc Brokm.. DE Fonl Poppletoll Low Poppletott L•n¢ York North Yorkshire Y026 6GZ

MARLBOROUGll COLLEGE COUNC,$ REPORT The Council presents its ryort for ts year 31 August 2020 the Charities Act 201), kngctkr with the &udAted ritthncial statements for the year. and confinJJs that the latw conyply with the of tly the Charter and By L&w8 and the Clwities SORP (TRS 102- 6e¢oDd ethtion). Status And AdJnlul•tration Tbe College 16 8n Fjlueationaj Cbarity {00. 309486) by Royal cl. Its constitutilm is ¢ontaithl in its Ch8rtCT and Bytr]aw8. The Goverth8 Body Tbe College'y elrtd of Councd arE aF¥Joitid at the Annual Getternl Me¢ttll8 of the Ccqmril on the rwnmendalion of the NorninatioJLS Cojnmittee. Methr5 of Council ¢ appointed for thrtt ye4rs and are e]igthl¢ for rtrappointmentbut not serye for TnOT¢ than tiine year5 in totsL The 18 eMpt from the aLK)v¢ whd is I]1¢d three )t4ts. Afttr the initial rni the Chairman 18 ekngible for appointmeni for u fiwther t¢rm of thre< Re£rultnwl, IMdu¢don And Trthl•8 ofM¢mberi ofcouudl The Nominations Committefy in mjking rw0nutsonS for the apw)itithThi of ttw metDbers of Council. has particulat re8ard lo the personal con]petence, expcTi¢Drx spxia]ist skills of w)tthtiAI candidates. tn fiIIw8 v¥8wi¢s ott the Council. con8ideratioll i8 also given to thc ykil]s r¢quirtd to conwlement tlK)x of existin8 niembeTh. New members of Council are inducicd In the workings of the College atrj there is a comprebawive pro8ran)me of induction and onBoing tsainittl. This includcs a day li th¢ Colle8e. the PU of which is io meet the MJsr and members ofsthff. The Vi8ii also includes a iour of the College and the wrnmity to me¢1 of the F4zpi18. New tn¢mbers of Council receive a pack of documents infornmllo includmg th¢AGBIS Guidelines for GoverTr)rs. Membcrs of Council are offered rtBular c¢g•niwd trninin8 bTi¢fw88 from profession bTraieJ. as invitations to attend seminars and preStion8. Ory#lllMtk)n The Chartcr and BytrL4W5 require that th¢ ri8ht& POff5, dulles 4ty1 fi)JKtior6 vesd in th¢ Council are to be ex¢rci8¢d by the Council Members on its behalf. A¢¢orditi8ly, the Council bas the rn)wer to decide matteTr of College policy and to mak¢ major decision8 affr£tin8 the Affairs of the College. Tt i8 specifallY rwured to dern]ine the tuition fe¢s atyj to tske Tespon$ibility for the Coll¢8e'8 a18. To enable rnatter8 to be considered iti d¢tsil prior medin8s of the full cou11. a Finanv Committee, a Norninlllions Committee, a Buildings Comrnittee. an Acthic ColluDitte¢, all lttternitioal CollJmilt¢¢. a Development Commit¢¢, an Inv¢Btmertt Commit. and a RemurlatiOn Cotwniitee have b¢¢n ¢sthblished and tFy eath ubxt ot lea8t three times a y¢yr. ItDpl¢nntsiion of the G)uncil's d¢ci8ioM is the rwibility of MLr. MiThlful of the Cbarity Govern¢ Codc. the College wtttitiutts to review its pr(Ke5ses alld proc&hTes to eD5UTe the best pOlble 8oYernatKe. Following an initial vIeW of gov¢rnatKc year there have been Trwi(MkS new initiaiives aDd thig will be developl fi1rt1 in the fiiture. Key M4Mgement Per8onD Team from the College 8loD8 with the Chairllwi of Coul11, the and the Burw from Marlborough College Fdalal& (MCM). COU11 members give of thcir time frtely and w C(KllKil rn¢rnbtT receival remuDerniim in year. Dethils of Council membe, exFenses and Telated p&rtyti8tiS are dik ID notc 4 afyl 20 resF¢Ctively the accounts.

MARLBOROUGH COLLEGE COUNCIL'S REPORT (¢onthi•ed) aYer&8e earning8 to rellect a ¢(tst of living JtrCl In view of tk nalure of the ¢Flty, the COU11 beharkS against pay kvels in other comparable indq)en&nt Sch15 to ensure that College remai seAtive to th¢ broadw issues of pay and enw10enI conditions e18ewherr. Reltsd En¢lde• Detsils of connxt&l cjwities Attd thidiary cowia8 are di%]oseA inNote 19 of the fina]1 ststsments. Conneeted Charity The Mr11r08b College Foundatiom The objects of the Marlborough College Four¥Jation ('ts Fcwod•iion-) (r¢w&cred as an EdtionAl Charity No: 1061798). set out in a Tn deal datrd 4 Jutte 1956. Mdlwou8h coll¢ does Th)t cootrol the Fthmd2ti0ty alld ils acrounts are therefore tk)t con501idated itito th¢ I¢¢ow of thc Colk8C. The main obi¢ctiV of the Foujyjation are to provide k)08.i¢nn sUPPOrt to the Colle8e by accumulatsn8 4 ethwin¢nt fund for buTsaTie8 Bnd to act os cu#0dAaS for raise41 kn aJ6iSt with iTrlividual capith] proj¢¢ts And Annual bursary awards. The Fouthticffi dots fityylrnin dI[dY ts this is by th¢ College's Developnnl IkpartmenL Sllhldllry coMLI Mirlborou¥h College 0rI Ijmlted M8rlborou8h College Cfv¢rs¢as Limite41 1$ a subsidiary of marIbcSh Colle8e. It h•& subsidiary> M East Sdn BIKL a conwany Yegisttted irt Malt¢ySi& M opuateB Marlborou8h Colle8e MAl•>Tiu (MCM), a scly)ol bfis ' the Iskandar re¥ion of Malay31 MArlborou8h Coiirye Ent¢ryrlv• ljmlted Marlborough Colle8e Enierpriyu Limitd {ML) provths a v&icJe for the CoUe8e'8 wm-e41ucationBI trwjing and ror addiiional revenue-gen¢TJtin8 tiviti. The Compaoy makes a 8ift aid dOtiOn of its profits the Colkge uler deed of ¢oY¢J)anL In 2020 th¢ don¥4tion was £0 due to the impact of COVID sub5tsntially limiling the tslinB opporumitie$ for the latter balf of the yr (2019: £210,(K4)). Rhk ma8¢Ment The tnajoT risk8 to which the Sclb)ols are exwel as Ml¢tttified by the Com1. hAve been reviewed and systh8 have been &4tablished to mitigate those risks. This is ats ott.8Oiti8prrxe8y wj the Councils TewiewaTrJ the riskJwgementPTon aDd wticularly TrM>arding edu10 funue g0v¢rnmts change the law to remove (charitable) t&x breaks (iti UK). failure to safeguard the wellbeing and security of pupils aThJ statr. the ability to quickly AnWke1 any 5tsate8ic change aul the involv1 io Implenti¢)ty p¥rti¢ularly WIre the Risk Se$sMellts were put ID place at all levels iti the SchooLs of panthmic and mitiKatin8 adions Ilude daily health qucstionnaircs of all pupils and stsff, in)maiate testiD8 {atrJ rtt8uits) of aDyon¢ ¢Jisp]aying Sympto viith appropriate erksured it W&8 %]ble to switch to remote learning wben the decision takcn by EK)th Scknls to so. The health of all the pupiL8 and is the S¢hwls' and G)unciLs' ll1 priority as part of the day to day nllmin8 of the S¢]01&

MARLBOROUGll COUIGE COUNCIL'S REPORT (continued) AIthou8h the College is still v¢ry near c4xity. the pandemi¢ iti4>fiCl MCM'S pwyil consideTrbly. lalY due to travel rtrICtIOnS acros8 the ¢ounty school closure ord¢r5. Even before the F4ndeTDi¢ the Councils for iK)th Schoo18 feel In the UK there is an ongoing rith to chaws to i[thF&e sctrls. charitsble status. atnongst other risks. and h¢n¢¢ it is important that the College wntTnutS to show its con)mitTneDt to itiwroving support to otTr¢r schools and improving aibIlity io the ethati0ll provided at thc Colle8e. particularty in the nunthtt of trarLsfornwtional lyllwie5 made available. The The saferdIng of children is an ¢xtremely inwrthnt area for risk nweo)eoL Organisatio$ wbicb work with childrenhave a ¢Tili¢al role to play in pr¢v¢nlin8. identifying aTrl repyting of safeguarding ern. Both Schools aim to tDitigate I1e Tisk5 by paylng particul att¢Ution w the trnining of stsff and othr individuals asswiated with & Oalsation #bout bow to identify signs of fegUrding educating the p]IS appropriaY. irylementin8 robust Afer re¢1¢¢ll1 pTr]iei¢ adoplill8 clear pro¢cdur¢s for reportitiB and recordjng conccrTr8. and inwleDXNin8 a stronB culture of Fmsknal w¢ wrythin the Schools. Health and Safety 18 a sigttificAnt area for risk maDagetnenl. The risks from fire infitrUcture to perwtlll risks. The level and breadth of l¢tity at tkn SCI19 is wtsble ard th risks a514d with all activitie5 are by t]K)rou8h planning and ri8k oS8¢ssme ¢ontrols to mitigate and llK)nitor those risks aT¢ &s8w¢d &s hi8h. The key controls wed by the Scboo]s to miDimis¢ ri include:. policies and vettin8 0¢ealeS as required by ]aw f th¢ proiection of thildML' fonnal for tkn Cou771 All Comrnfftte tIng#. inc111Th8 an alln1 review of risk management. detailed krnis of r¢fererKe for all ComJnine¢s: s¢rnte8ic deVelopnt plannin8 reeThd annY by the cou118. compr¢hensive bud8etingand mana8ement x¢oimting' ¥xtttro1 auditor8. r¢view in¢ludiD8 of controls. policies and procedwts; establithed organisational strpJ¢DJres and IiDe$ of rei)(Kti fornjal WTittert policies including ¢lear auth(0 And approval I¢. ar Safety, and Admi5sil)ts8 a$ well as frorn qlIfied I1 experirnced xad¢mic wiiFi deAlica*d re8POll8ibility for The Couttci18 regularly review3 effective of plw and strategies for Inwi8 Ill idenlifjed Jmaior risks for Ix1 the Colk8e 8Th1 its subsidiari. Through their risk manag¢meni procc88¢s th¢ cou118 are lisfied that th¢ major rA8ks identified bave be¢n a&quately Objects or c1ere, irrespe¢tiv¢ of fat that develops iWeftKe of minri individud spiritility ba1 i)n an undetstattding of Anglic8ll teackng respeei for other fw'ths, and an appreciation of the IThpOT of sttryice to the commullity. The CDun¢il members eosure that the ¢11ble of the College is ca1¢d Qui for tk¢ wblic Eenefitby yDJkiD8 e(bJOn availabk to

MARIBOROUGH COILEI COiJF4CIL'S REPORT (to#ttTr•ed) Ajms Objectlves It is the prirnary aim of the ScTrM)ols to be the fir8t c]let of parents atrj chil&¢n who s¢¢k ao excellent ny)dern education. boardmg or day. in a coknuotml environmenL b&8ed onbfftAdthiD CUrricukn S(Mll41di1PI1n¢. indepujdence of mill4 first clw f8cAlities and service to the conbxuw. To support this atm the Schools seek th: Sustai develop and prorTr) the unique vahje of a co4ducthona] full ih)3rdiD8 ¢xperiR. promote and extend COTrcurricular oppcffthiry" promote a sense of b¢]ottging to a l¢gw fty lift. to en&ble the Stho]8' pupiIs to gaiD adMIttae to best vnivcniti¢s and courses tky and StrAtegkn to aclthve the Year'i ObJectlve• The SclK)ols' 8trate8ies foracbievin8 their ObJ1]veS durm8 th¢ wwe w: continue to Teview the academic curriculum to ensure that il is 1Xh ch4llengin inue tobenchm#Tk th¢irx4d¢mi¢ perf(Trrnw in ¢xt¢rnal public ¢XaMitiOnS and throu8b th¢ u8¢ofirAep¢ndtst vaJue.added Lyitrria achicvc targ¢ts for pupil numbers and varilw financia] lugets includTll8 opeT8ttn8 SUTpluses and ¢ash gelott. eiicoiira8e the studenL8' SPirituMI tt)ornl ¥[0 thir litraI WTentss and physi¢al d¢velopmeDi by promoiiD8 participation in a wide ran8e of activilies and throu8h the curriculum. continue to improve the S¢hooLs' faeilities and to Ptoci the (knsti)ric) thviroDm¢DI through capital projects to in)prov¢ and eftthance the ctr¢urrieul8r and pornI fililits throuBkni the SelKX)Is' ¢ontinu¢ ¢0 impTOY¢ the sUSt8inabiknty of the Scbwly, e5¢u tlrougb an ODg01 pTogr8mme of capitsj inVestett( pani¢ularly the Coll¢ge where the canjpus 1$ mu¢h older,. and ¢OntIn io explon and develop partsJ with s¢lwJs Iad¢ll a8 vKll 48 wlth th k1 ¢onuDutiiry. Crgnt Makkn£ Polley The College off¢rs an.mu6ic. alld all.T(wndermr4ns-tr8t&a iwr58ry awards aDd 8cholgr8hip8 13+ andat 16+. All award holders ar¢ ¢ligibk io appty for means tes¢ed assists enjble those vkno. without such lstartee. would be llnabl¢ io thke up their 8W8rds. These buT$¥r1 are rtrsse$8ed aDllually #nd may cballge during a pupil's time at the College depending ort ¢han8¢$ to tl*ir finan¢ia] sityation and #re awarded up to I IIYA ofthe fe¢s. ScbolaTships 9j awards ba8ed on edUclOn41 ability. Scholor5hips maybe suppktneDtedbybwsary supp)rf up to the full value of fees in ca8e8 ofpmven fin181 need. The m&xirnutn hOlarShip value is to 20% of the fees. these are offered ID very limi0 nunthr The Seholarship PrOspcCt and Bursary Policy be view¢d on the College's wthit¢. They are alx) Available from the Admi&S1o otTice and arc extettsively adTmtised in appropriat¢ DJtioDal and specialist directories. The Children of Clew FU 8upplennIed by the Colle84 ¢bI 8ubthitid 5UPPOrt to be giveD to the sons or d•uRht¢rs of Cler8y. Applicati0tt4 for entry uttdcr the ChildrcD of cl Jre means t¢styL This tbe tniue of bursaries and other awayds lle Collc8c wils £2.886.0 (2019: £2,765,OC¥)). or 8.48% (2019: 7.7%) of wss fee itt4)me. families.

MARLBOROUGH COLLEGE COiINCIL'S REPORT (¢ondnlled) REVIEW OFACHIEVEMENTS AND PERFORMANCE FOR ThE YEAR operAth1D PerforDW¢¢ P4pi The College provides ethatiOtt for kny8 atyj gir15 from the of 13 to 18, whik MCM provides ethK8tion from the ages of 3 to 18. This year saw tecord pw)il numbers ID both wbich averaged as follo. S¢hool Year ctr 434 408 D•y 36 Av Total 2•A9120 559 957 2018119 557 926 2019llO 485 488 210 763 973 MCM 2018119 455 502 240 717 957 However, bo¢h school8 were imphctrA by th¢ puthic, which resuld ID a $lloth It11t10n w ren lellrning from 18th March for the last few days of the Tem as well as th¢ wknle of the Sunulltt Ten The pthi¢'5 ottgoiI)8 Impact on IKJth schools differ¢d. ]Jr¥¢ly to the rewtive UK O•¢ional MAlay8iAn Dational Govenunent's approach to schools duritig this time. The overnll ¢apa¢ity of the Colle8e is 1.010 pwii18 sprel xro&8 16 Ewdiug hcqw with the Bender btht to a rnti() of 55% boys and 45°h girls. The Coll¢8¢'s wai¢m8 li8L8 rell1 strong Twhi¢h 8iw cottfidette that the College ¢4tt operale at (rteor) capacily for the fore8¢eable However. Couo¢il is mityjful that there is still th¢ wjt¢ntial for the pandemic to affect Following the sttond pbase of the c4mpus d¢Y¢lopMl in MCM the ha8been • sub8WItiAI iKrea8e in the level of pr¢p 8¢hool provision with the capacily of the whole SCI1 nearing 1¢x pupils as well. However, to the pand¢mie atsj the brid8e to Sin8apore beiDg ¢108ed ever since. the pupil have threased by over Icrtl with a IIX) pupils leaTnin8 ODIiDe as they ore umble to rettun from ove¥s¢u. This is be a relatively 8kn.tern is8ue and projectioDS sknwnumbers r¢achin8 the firture calty Of12 within t¢D yeaT4 • couple of the iniiial prtrCOVID projectiOll8. Ftxrlth ndlnfrAthMchRreIJevélopment There wcr¢ scvernl major capithl Projects plJnTd by knth Scbools during 2019r20. moit to take place duting the Summer monihs, but due (o the pandemi¢ aThl the need for an incrwcd l¢v¢l of ¢autiOn ill relation to large fiDanciMI ¢oti)mitments at this time the majority of projects have or 8caled bacL The Colle8e is io the early stagu of an Ambiti(w four.ye#T Itiwvation and Scie¢ Fyoieck is b¢iD8 fUled througb gen¢rou& fithdrntsiti8 and partly thrw8h of thc privale placalle DW)n¢y. As I re4ulL this PToject con¢iDuvJ. 41beit with 8ome delays to the ¢on3ttuction itidllstry tieediDg kn follow s0¢ial dislancin8 8uidelill¢& and is now due be fthlsld al Easter 2021. Th¢ ntxtplof boarding Iv)u5e T¢furbishrnents werewwDJ witsl nextsummerartsj other small¢T ¢8Pital proiects and equApmen¢ w¢r¢ either Scaled b&k or pw)n Thiry rrwlted in ¢4)ithl speDdiDg Eing reduced by £8.9 million cornpu to thal oripnalty bud8etrd for duTing the yew. Similarly, in MCM. a r¢l•tively ncw with the emphasis (Tru 4kvelopmeDI with little tted for Iwge refillbi8lJttThts at this stage. postponed their oew Sixth FonD C¢ntrE proj&t that was due to cost rou8bly £1.4 miliioL Other smJll¢r (¥pitsl expendittwe pla08 w¢re budBed to cost more than £IW.IM were aiso pr¢allellcd. In total. c4)Atsl expenditure duting the ywto 31 AuBust 2020 £4.2 tnillion by the College and £0.78 rnillion by MCM. AII of the UK works formed part of the M&sler Development Pkn that wa5 C5tsblisbed in 2011 and is currendy being updaied. 1¢ represents 4 totsl expenditure to dat¢ in exce&4 of £64 njillion for the Colk8e d £5.5m for MCM sitre its inception in Srptember 2012.

MARLBOROUGH COLLEGE COUNCIL'S REPORT (contlDued) The College ¢ontinucs toofferan extensive SixthFornicurriokn vrith Studtr abktopatiicip inALtvel, Exten(l¢dProj¢ct QutfiCatiOn (EPQ) and C4mbridge Pre-u. MCUK MCUK 201912(1 2D18119 A Level 2019120 2018119 250 20% 84V• 78% 2019120 2918119 4% (DGCSE 9_81A DllaFM)ve A D21A• 50 98 l(KJ A•_B deS 32% 23% 9_51A•.B 95% 97V• 92% D31A 66% 52• 941A•-C grndes 99•h The results from ¢xtfflwi examinatioLs rettived in Au8usI •KJr 01£ a8Riti JtK)5¢ wKI)uryiDg in 5Pite of the challen8¢S presented by COVID ond the G0v¢rntt.S moy¢ to 8wwthn8 C¢ntr¢ AssesSmt GTth. AI A kvel 25% of entries were Braded at A aDd 84% were aded at A to B, Meati1 that 45•A of pupi18 s¢or¢d nothiog lowrr than an A ade in their r¢sulta. The {I)GCSE results wer¢ a similarty outsthTrling Tevmrd for the efforts of pupils bcakq alike. of 8rade8 awarded at 9 and 8 5thnd (A• equiv41¢nt) ¥ryJ 98•A of all ai 9. 5 andard {A•.B). 57% of pupi]8 9 grades at grade 7 or aEKJve- an ou¢ytandillg perfor0W MCM'S rILl from the external exAmirotioL8 this yur wer¢ th¢ best ¢vtr. with an avernge LB points pKore of 36 points cornp the world ftvernge of 29 tF Asia Averng¢ of 34 p)itits. Entii¢s io universities were again strong. iti¢ludin8 thc rst lime Iwo plM were awarded at Isy IkaBue 8chcK)Is, an importani measutt for the Ma]a>sian comn)uniry. Th¢ LGCSE results were also excellent with th of grth bein8 Aw4rded a¢A or e44uiv4l¢nt aiml 66% atA• or The COwcurri¢ulAr lives of th Sclb)01g b•ve be if x)m¢wkn¢ by lockdown, from th¢ ¢od of the Lent Tern]. The 5POrtinE pro&11) bad b¢en ¢ompr¢h¢nsive al sUS w&s achieved both by indiv1thl The number of ams fielded in vBriovs sports bas borne witsWS the strength of the community and the willtti8oess of the Btsff to work haTd on pupi18' behalf. Thue bas been real exeith1tl •i¥)ui the musicaL dramatsc and artIle life of the College.. of innovative iniiiatives has raised wfile •xl ambili0ti8 of arts ai MaTI Publlc Benefit The colu11 was advised of the ChArity commis81(.$ 8enernl and 8upplern¢nthry guida¢ oa pJblic benefit and fcc charyin8 and on public benefii find the odvaAcement of educAtion. The COU11 bfis rttogftis¢d its responsibilitie5 under the Chuitic8kn1 2011 and bas regard to the 8uid8oce i&8ued by ihe Charity Cortknnission. The Couwil has tskeD steps to Satisfy the requircmcnts sel out ¢herei The Couocil 15 conjmitted to providin8 fee lsn¢t for cbildmi unable th afford full fres Ind encourages a culture frorn thoge who have received a MarlbOrheduc8tiOnkn everyikn8po&817)le. withitithcirmcaDs. to eDable others fromall backwuttds lo effjoy the sume UCatiOnal OPQK(timiry. 15 to contittue to in¢reas¢ th¢ Val of that wheDeYer pouiTr*le. The thuDcii is examining Way3 to irKrease substantially the {larBcly througb MarliM)rough College Foun0). and trading both at trlon armj Abro. Within the fill18 available. bUTWI of w) ¢0 110% of fee4 are avallabk fir tl)t afford the freg, subject to the candidate mtttin8 the Collc8e's entratv r¢quiTrnts. The majority of buarleS are available enty to the College, eithcr at 13 or 16, Ahbou8h x)me filllg is available for those with iD.y2ar fillla1 bardsbu). The Colleg¢ 15 a member of the Sprin8board Par[Ship in support of traTrqformation31 Under its * making policy (5cc aknve) th¢ totsi nuthof T1vIng rnea tested fee aASts in ¢he acadellllc year. 2019120 was 82 (2018119.. 80). Since its foundation ill 1843 the Colkge has iten committed to pla>in8 a full part in the life of the local comtillty and it will ontinue to do so. The College c4)ntinues to provide public bellefit tw its cngageDxnt with the local wnllnuDity pnd working with other educational provlders, of which the followitig are ex8llJple5: io

MARIMOROUGH COLLEGE COUNCIL'S REPORT (¢ontKnued) Swlndon Academy (i) The CoUe8e bas an2cement with the Aekmytowovide ¢4VOTtimilies forth 8tsff and pupib of the Academy Academy is part of the Unitrd Learnmg Tr( (ULT). The cwrent link Ien in exisreD¢e for th¢ l&st 12 years aA this coniinues to grow, particularly with the lau of the Switth Athy GTaTJ)nw Stream in Septettth¢r 2016. In a tlC academic year, more thAn 5.(K)O knuTS of s Academy (SA) pwyil li¢ is spent on sit¢ at M4dlxTrrough Colle8e. A major compon¢nt of our pfirthership includes working wilh SA'5 Grammar Stream pupils (now Y7 io YI I, extetrjed from Y8 ill 2019). Ho0Ver. urtforthllmtely most partiship a1VItieS were swended in March 2020 ( to the lockdown but where possible moved to online vrill b¢ reiwtytrd At the earlie (Tr)rnty. (ll} Y7 and Y8 SA Grnmmtr Stream coolinu w Visii TArekly. to be Lati&Chssical civilisat (Scpt 2019 to March 2020). This 18 th¢ fifth >torof this progra itivolvi08 120 pupil exh week Some TeJDo les31 contitiued throu8bout {iii) A tssier day for th¢ alx)ve le&qon8 was held for 40 f•mllieB in SeNemb¥ 2019 for tTr¢ considrng ptwIyin8 for the SA (iv) SApwiils att¢nded six rtsidential weeken& it Marlborou8h College. Sthying overnight on Friday eVlti88 and using the College f8ciliti¢s with ett)pbASiS OD a particular cU1cl area each li. There are usually 12 pupi]s 4Dd ttvo SA ieachers attending on <¢810n. Due refU1$knItht of boHrth8 this prOBran Te4ud from the usual 12 relidentiais. (v) Since the stsrt of the SA Gramm StrEart4 the College hostyj a frtt week.lon8 acadeJDi¢ Year 7 Surnn School. in conjunction with Imperial College for SA Stram pupi15. This challenging boordth8 experience offerB new and demaDth8 academic activities for 60 SA pupils. FeedbKk COnfirn that this 'beyond.th¢.$yllabus' summer school helped pupils w develop a nuznb¢r of ski114 crAtical.thinkn'ng in particular. The lo¢kdown prevented thi¥ from happening in JUD¢ 2020. it 15 hoped that it will be reiDststed in Junc 2021. (vi) A 8erni.Tdired Physics trxher mll8¢r) from the College coniitiues to liaise be4wt¢n Mar]W College Swindon A¢ademy> tracbing part-¢ime at the Academy as beitig a Governor there. M8rlPrt)mU8h College paid for him to work for I day eacFL we¢k at SA {he was furkn18l in March 2020). A MatlLS tea¢h¢r at the College, WI h be¢n grY illvolv withthe links withpartsf SCI14 0kUp an¢nhBnced role as Di1 ofPtrthet8hips in Sepiember 2016 And i8 wntinuing to enrich the pro#. {vii) The D&re¢ior of Partnenhips is involved in the Fitzwilliam Proj#¢ a PTOjeCi orgarril by Fittwillilm College Cambridze to enable SA pupils from diJlvantsg¢d backyounds to go ts> The University of Cgmbridge. The bigblight of this progTan]llK is a otte-week course at Fitt with selttted SwiD(kni Aeademy Gramm Str¢•m pupil%. UnfornlltCIy. this Progr suspended in March 2020 due to & pathi¢ bui retnotr activities are planDj for 2020121. (vui)The Colle8e 8upplie8 two teaclxr G¢)v¢ny)rn at Athy. Eath of tlKse Govffnors approximaly 2(Kl hours per year on Swindon Academy work They also provid¢ wpport with pupil di1p1]nary he4riti8S, Staff complaints and priz¢ givitt8'5. One of these Govenx)rs bos continu their throu8knut lock(k)WlL. (ix) Dunn8 the winter rnonths 75 SwindonA¢ademy Primary Sclmxyl pupils visiied the College'& Blackett trlescope for a tw how astronomy lIVity OD fouT diff¢r¢nt 0¢104 aThl wfre lSd by two College stsff on each occasion. (x) The SABio108y fieldwork trip to the College ha8 beLome an artml visit and is lted by a 11-11n rnemb of s¢Jff the Collegc well as a tecbnician. However. the June 2020 fieldwo & the Colkg¢ was c&DcelltyJ due to the lockdow but it is hOd that it will be Teinstaa llt pr. {xi) The ColleBe delivered itiV¢S¢igativ¢ scie sessioDS181¥)urs for 30 Y9 Stream FHyils). One teacher. phLS on¢ thl¢lan employe¢ tbe costs were by the College. Residential visits were included tn thcse vi4its. 80 that all pupils experienced one ovem¥bt IM)udiD8 expeti¢ll¢e. PlaTh8 are iw llwje them at SA until on. sil¢ vijils at MC are pern)itte (xij) Tr College hc4d ten Swindon Academy trainee ford&y-IoDg ies%m-obsrntion visits between S¢ptemb¢ralld March 2020. The College also prnvided oTrgoing wialist help for0 Comput< SCiee teacber. by MarlborouBb College pwpi]s although this had to styp ID March 2020 ard 11 resume once site visits lo tbe College

MARIJOROUGH COLLEGE COUNCIL'S REPORT (eODthiutd) {xiY}The Coljcge continued to work WAth djarities a1 fOrnr pupi]s (fDr wtrwle. Sttwi Horne Cljarity, MomentUTn Cbanty) to giv¢ SA pupils access to wot experience via fomer pupils. network Two pupiL8 were selected and prepar1 to participale in Outward eowses in Canada iti the Sumrou of 2019 {thTe¢ in 2018). These cow3¢5. worth $8( CAD are paid for by the Stuart Horne Chtirity. Onc College ieacheT with th¢ pupils Febnwy to July to prepore them for lifehang1rtB expedition The 2020 PT()g was swpended th to the lockdown but is hoped to be back in place for the pro in 2021. (xv) One member of the Guidance sthff visits SvAndon A¢thy for two hour5 every Wedtthy to help Sixth Fornws apply to Hi8her Educ&tion and othtr courw (Switch Mah 2020 to OD]ine 1p). (xvi)The onnual SA Corol Service took pl iti th¢ ColJ¢g¢'s ¢hapel ID Dtlb 2019 but Unforn1Y due ty th¢ Pa7 11 not be able to bam in 2020. (xvii) A number of m8nag¢ment plaDJJing me¢tsng8 place via Zo)m to plan for the 202012021. The (Xtrh Teorn were regularly iti with thc SA manageme TeallL (xviii) Zoom Talks- SApupils wtre invitsa to all r¢levaDt7AX)tn talk& A number of pupils did Att• some to pnd fe¢db&ck favourable. (xix) SO Lattnlclw CIltiOn l¢ss(w foT Y7 afyl Y8 118 contind with MC teachern sMthn8 eltrOnically. (Lx) Gov¢min8 m¢diD8S kx)k pla with College reprejentation OD the Roverni¥ Edy. (xxi) Y¢8r I I SA pupil$ eo¢eTtyJ ) r¢s¢wrth pTOi the Colltye. The final jud8ement will be in November 2020 with ibe Colle8¢ providm8 the priz¢s. Th¢ annu41 ye 7 Resid¢nlial Su(ntner Sclv)ol (June l(k12) Two Year 9 Residcmials (Spanish Departtl) tAtinlClassical Civillsation le&wns Monday I1 Wednuday 120 Yw 7 and 8 GrMar Stream pupils Two Year 9 seienee •ft¢rn¢K)tts (Biology exwimeots) follow by over-wgbi stays at the College. Visit of the Couege's teaclts to Swindon Acthmy as port of the actrr excbfrnge progr A day of arL pond-dipping and the Nanwe Trail for four classes from ¢)ne of SA'$ primary (120 pupils) Weekly guidance help Visit of 120 primary pupi18 for ttifititybk f'It'S • Knc¢kout', to celebrate the eDd of SAT& Th¢ Partnership Manager was fuTloughed and not able to Continue bis various essetitI tole&1>fi8ed At SA: Govenjance, thIng (A LKvel Physiul and ll%DtorI planning Adv01 Y12 STEM M&StlsS Two YI l Hunw)itie8 tevision day9 Year 7 extended visit . Music Drnml Y8 rcsidcntial visit Joint Y12 Biology and Geography fKldmps No SApupils wue able lo participate in the aDnud >week SUM expedition8 to CanJa witb Outward Bound Canada. paid for by tbe Stuart Horne clwiiy. meet.up day with the YIO pupiL8 enrolled on the Fitzwilliam Colle8e mentoring the Selection for the next ¢ohort (Y9) of Fitswillm S¢lx)laT5 + ts Y9 ] YIO Sumrnu Scknl (22nd- 26th 5wLe at FitzWilli College) "ndon Academ Michaelmas Temi -Nov The Latin and ClS Civilisation kssoLg hav¢ been restarted. These are bew8 thjivered by fowte•chcr5 via MI(ft TeatTr4 to 30Year 7 pupil4 attd 60 Year 8 pupLs eaeb GuidaTKe sIStanCe will resum¢ to knademy (online) Bespoke mentOrinwOrk experience is curreotly offereAI by ourom Chth, w SA118 WIK) n4ue8t it Oxbridge prgp8Talion belp been offtd to 3 SAcanth"dates A YI I catch-up merLnn8 programme is being plantted in MAth8 and the three s¢iea¢¢s, for Stream pupils iti need of 80me catch-up wo. This Mll be deli•/ered by seniormc pIL% and one MC leacher Specialist support to be offered to 6ve Ycthr 13 p115 IPhy5ics and Cknistry) Year 9 SGience exteDsioD visits were p]antKd to rcstarf in Nov¢Dts. with th¢ Partoe¥ship Mana8er delivwing them at SA but this bas had to be put on hold to the lat&st r&strictioTr 12

MARLBOROUGH COILEGE COUNCIL'S REpoiYf (eontlnued) ThTe¢ SApupiis h#v¢ applied forknaries a1 s¢lK¢M)ti ryLN%S6 will be compl¢trd ID Nov¢mber 2020 Links io Pews¢y Yole School Th¢ College hos maintained strong links with Pew5ry Vale School (PVS). A number of Mtrlb(oW's Sixth Forrn Math¢matician5 have visitvj the sch(1 eacb Wednesday to teath A level exnsion material to Pewsey Vale's most able Year 10 mathenwticions. LiDks ¢ontiDUC to k for8ed with Pvs's Art fkpt and their pupils have visited MarlFKJrou8h's Art departtDeM. P¢wsey Vak's Head of English brou8ht a numiv of pupils to waich MarIboroush's wfomance of 'Othello'. One of M8rlborou8h'5 decommissioned 17 seal Minibu has b¢¢D dthed PVS this PVS staff bave Also been iDvid to attMI any of the College's PHSE training sessions thiq year. One PV P11 Iw joits>J the Sixth Forni on a soholarship followiDg in hiy brother's (also from PV) fo(W. Pevwy Vale is Suppo in the abov¢ by all allotsd texh¢r (Former HoUSen) aryj the Diff¢ of HR who i8 a Gov¢rnor. Links io St Alary s PrunaryS¢hool (Proie¢i) Prlor to the IksW MaTlbon)ugh Colle8e initiated an inno7rtiv¢ sclee ard rOtiCS proj#t with St Mary's PS. M&rlborou8L usin¥ the award.wiDnth8 Twin Science kits. Tr ultimate aim of tbis Initiall to encournge prAw school pw)iLq to desi8n uniquc proj¢¢ts to fifyl solulion8 w society's PToblufy8. Tbe project emerged from our p8rnershtp with the Young Guru Academy {YGA). a Turkish baseAI OTgunizalion' M8rllA)rough College is the sehiX)l in the UK to WOTk with YGA in a lon8-krni partsL4>rship. YGA culkn"vateq Trutur¢ l¢adeTS who are aware of the world's problenLS and who are intttested in finding inDovatsve technological solutions. Givcn ¢uff¢nt restrictions. the projxi IAS hod to be redeslBrd. with the SCIee projects being ¢on)pl¢t¢d usin8 Z£ a plthe an) ¢4lled TwiD8. One MC ¢¢a¢h¢r and 12 Y12 pupils will devisc the program0 of ¢ven¢s. Owredeh (Community Service) Every Wednesday aften)wn during the Micbaelmas and Lthl tenns approximaly 2(N) pupils tak¢ part in a raDRe of Outreath ¥ctsvities which provide 4 direci service maoy awts of wmmunity. T1¢ ilude.. (i) Worknn8 in Primary Sel018 (Iiul thls.. Preslntte Pritiwy, All Cannin85 S¢hool, Kell1 Valley PTimHry School, St Mary's Mthrllwh) (li) Art itl the Cornmuttity- r&8torauon of a nMtr81 by Art 8DJdeDts over a period {iii) Working in s¢vcra] local charity sknps iIll8 C•rt¢¢rReseaTch aDd Prowt House {iv) Visitjng the ¢ld¢rly aTh1 rt4ideniial homes. }lud4 CIMimbe End Jane WesloD and Merfin Court {v) Helping with gardetiin8 And e-Offi at St Marys Marlborou8b (vi) Riding for the Disabled (VAi)River coDserY4tion- (vlli) Biimble Hill- Carill8 for children with severc lening difficulties (ix) awity Think Tank (seleciin8. pfoJDOting atKI making dOtio$ lo clwiti¢8) (xl Collecting for Chri5tmL8 hampers (for ¢b¥ritits) {xil Collection¥ for Swindon Fcd Bank Chris {x1ilPrefts ruTmitt8 & stsll ai Si Mary's Pnffjy Sclwl Christs Fair Ixiii) Makin8 8ellin8 cmmics (ftjr ¢h¥itig5) (xiv) Communily Cl¢all Up {suppti th¢ town couttil itt thir littu pi¢kiD8 cwnpai8n) In the SwnmerTcrm mally of these activities ¢anDOt tskc plxc and this eDable5 the College to nm an after-sthool ¢lub for four Wedne&day aft¢rn$ ¢aterAns for approximately 100 I1 children a& fow to scYffl] years old. Uafortunutely, 41thou8h planned 0j budge¢¢d li WLS not abk kn take plTrx this due to COVID restricti(M& Edclub The EDCLUB Movement is a ptI1Ven w08ram that 8eeks to eAJuc thikbvn in the Hunllna shm in Naircl)R, Ken through the of the Internet and Skype, usin8 a computer hub built by an initial effort by Marlborough pw>ilb. There are now18 thls involved intrrnationaUy#tkl Dumb&s to grow. In 2019.2020 43 MarlburiaDS were mentorin8 a wup of arouryl 100 Kellyan childTen on a Thttkly basi4 trpbg Englis Maths artd Science and genetutittg EK)sitive and fruitfid TelatioDthI on eitkn side. As of Mi¢lw¢hn&8 2020. 41 Marlbur1 arc si8td w) to the programm¢. In (ktober 2019, The OSCAR Foundation browgbt a fwd)all team of IJ]n %tred childrn to experie¢ J programme of Activities at marItrOugh College play f(K>tball agaiLsi the College's 1st XL Tkn hove be several lar8¢-8de clwlty events w the C<)Ilege to rak8e the £IO.000 needed to allow this to Ippe 13

COUNCIL'S REPOlfI (conthilled) P47naihlon li Since 2011, Fdarlknrough College h&s host¢d an atmual regional Pgnathknt ¢vcnL PallBthlon is a national ¢iwity that provides sporting opportunities to ovtt I7,¢ youngdibledpeopleeVy¢4r. liprollx)t¢S iDclusion in Srt. WoTkiDg ID collalM)ration with both PaD4th1on atyj Wiltsbire atsl Sn sIrt (WASP). the College h&s IKJS¢ed over 3(K) young physi¢aUy and menthlly disabled cbildren and trained over 50 of the College's py$1 as Patsthkjn k4d¢T5. The College proviths 12-14 voluDleers to help each individual sporL Tr new flwr in the Marlb)rough Coll¢8¢ Sp)tts Hall is wheelchair friendly whicb eJL8ures the evellt will Continue in the future. The Icc¢ eveot took p]ace in Ckwber 2019. UnfortUy. ¢0 COVID re8trictiong the event will not happen in autumtt 2020 but the Colkge will contiti to ID futtwe years. ObJerw710ry Since 2003, thc Head ofAstronomy ai Marlborough College has th¢ outreath grt)up'Friend8of the marli Telescope. via the dedicated Observatory website which inclth eveAts, kctures and month]y Q&A SesgioJ &$ well as aD annual social event. An annual trip is an¥nged to a sigDifi¢ant establisbmoll itt the UK or overseas. Switidon A¢thy Year 5 sllhlents all have the OPPOTturrity to visit th¢ obÉ¢Tv8¢ory for intr1ve evettts. Spread ovua llUDts of eveniDg$. The obsenrytory hosts the UK Astronomy Olympiad Team for Obs¢rvalional training each Au8USt the Ob5ervaw is OPCD week of Summ Sclwl for g1 visits. Due to the p4odeull¢. there are currumly no faet to fac¢ events ai the th)me. How¢v¢T. ]ive stre•ri is The Ob8ervatory 8180 IM)$ local Primary Sc1h)0 te•chers and pw)il$. Thue aTC ¢veniDgs &rranged various other schools and club8 including Prep School$. Secondary Schools. S¢out& Gtsides, U3A arxl the W.1. Oxford Univ¢rsity graduates also help with major public open evenijy. Visits be unavailable Social Dis¢#n¢ing ne8 iifL howev¢r. to observing eYeDill88 aDd ItIjr£8 is evailabl¢ via Z(h)llL Careers Department The Career8 Depllrtsnt continueB to J¢nd their we¢kty Bulldins Swtrth A¢thy and assist with their pupil¥' university plications personol 8wements. In 2019120 at least one College teacbeT ViSitc41 s10n Acadany ew week to offercoreer8 a(fvi¢e help Sixth Formers 4)ply w Higber EducTh afyl other c(MWS¢8. Mwic Departmenl The Musi¢ D¢partment continues to offer pupilg from St John's Marlborou8h access to Chbe¥ Orchegtr4 Music TeChr10y. A lev¢1 mu81¢. Sympkw)ny Orchestrn and Cbwnber music Athject COVllN19 re8th'CtiOW. Musi¢ S¢ho]4rn gave a recitsl as part of the C8ln¢ fsstival on Tuesday. 8 Cktober 2019. 7wbiLst the Cbamber CiM)ir sang Nt The Arnh¢m Servi. (TtmentheriDg all thckqe who fj¢rved RAF Down Attw attd colnMOtiDg the 75th anniY¢rsHry of Operntion Markei Garden in September 1944). Thi5 wis held at All Saints, Church Down Ampney on Sund8y 8th Septcmber 2019 but unfornwtely ¢ouid not be repe4trd iti 2020. The Madlx)rough College Concert Serles Co]nUeS w BiV¢ a nurnber of fre¢ iickets to I1] r¢sidents for eacb of the In 2019120 thcre were five concerts and a similar numkr 13 expected for 2021122 (the seTi¢s been cancelled in 2020121 due to COVID.19 restrictions). In additio majororchestr8] •lld ensembleperfornwyare fr¢¢ to m¢mber80fthe localwmmunity which pn)ves a wular I1 Initi1ve. Sportim8 Facililies (i) The College b¥$ eDter inlo a form a8(een with Si JOI,8 MaT]i enblitig the scbool to U8e the Colle8e'8 piIGhe5 and other Jports facilitiffj for example th¢ AstyoTurfpihe5. 8quash c(Mtt4 n¢¢bl ¢(NJrts and athletics Ira¢K at mutually conveDicnt limu. {u} Thecollege al80 hosts a nuthofWth8bire Pr1rsch(K)ts' sm f¢Aiv41s Yariou8tim0fthe yeAT aDd anunther of local Primary SclKK)Is the athletics track for their sm da (iii) The College's sports aTMI other &ilities are extellsivelysed by li1 sm ¢lub8 ond reBularlybyother organisatAOTr8. Some of the sports illclude: knkey. Ngby. football, Squas t¢nnis fiv¢s and 4thletics clubs, and organisation5 Yuch 89 WiltsIure Hockey, WilL4hire and Dor5¢tRuBby, Wiltsbire Crick¢4 South we Lacro&8e, WASP Iwiitshire and Swindon swrt) and SmptOll Football. SwiDdon Town Football, Bath Rugby Acadetni¢s atyl GoCrea8 Hockey for their holiday c4n]ps and iti c¥scs are offwed free of cbwge. (iv) All chariti educational estsblishments and Club Juthiorsectiow pay a Trte forthe use of College fA¢ililies and in 8om¢ cases are offered free of chwBe. {v) One member of the College staff regularly coxhes a junior team at Marlborough Hk¢Y Club and 8t menther helps the St John's squash club wTr*n ttvtiilable. 14

MARLBOROUGH COLLEGE COUNCIL'S REPORT (contittued) Fundraising (i) The College rnised mor¢ thatt £21,000 2019r20 (2018119.. £39,4)} for choseD cTrwiti&4 thTN8b variow wknle school eveats and both IK)use and pupa initwtsves. althO8b due to the paDdclluc there was very little fimdTrisiDg opp)tmlluiies pl1 UATCIL Aclear suc¢wfid fijnd raix¥ was ts House Cfirol Services (2019) which raised £8,420 through retsriog collcthions.. ThrAving TW Vennwe, CUC Sargeni and Friends of Earlstoke Prison benefited. (u) Fwthtt money raising events trAik part at th¢ swi of the year (2019) by Lower Sixth 5ttMknts throu8h thir £10 hallettge with the whole schch)I cOmty ¢V¢ttt (Ludi Mariburienses) durxllB a we¢kcnd in September 2019. 1 ¢x¢¢s8 of £IO,OW w&s rnised for the OSCAR F(wndation (Mumba4 IttdJA) tt) of thEiT U17 tourUK Septcmberl(knb¢r 2019 and COVLD.19 Trlie£ A successfid targd acbieved prioT their VISAL Free (iii) Tr Prefect team Taised £2 for ProitAw8re (to belp SlVlMTrrt a clean atyj lThlthy ocean) by Or88D1 a 8(Ki ¢vcnt for the lower 8¢]wl. (iv) The Charity Think Tonk is goin8 on a Mernory Walk on 14 October (2020) rais¢ money for the Alzbeitner's Society. A8 of 30%ept¢mkn a tothl of £150 has been raioed • 1113et of £3. Givm8 Page has been Set up. (Marli)rou%b Colle8e Charity Think Tank). (v) The ChariryThitik Tank are also planDin8 the charity. Well Bon over the pr with the p]anltsr¥¢t rnise £4.000. This money whll 80 towards ¢reation of a new %ll At a scbool in KcDya whi¢h vlill have thc College name on IL Communty Support during COVILiIg Where p)ssible all community supp)rt Ilas ¢ontinued despite the pat%lemic as (Hrtlinc4 Ive although in some instal, to COVID ttstrictioo% this rn4y have taken a differeni 8uise. Any xtilieS thai could not take pl8¢e as a resuli of the pandemic Jre ititig planned ¢0 be reinstsd as yD)n $ the pHDdefflic restri¢tiOn8 Allow. In the TreNntime, th¢ Colle8¢ is offerin8 its in nwiy other attd this ilUdd._ (i) The College had offcred support local Prnw Scbools ai the stsrt of the COVtD-19 re8trict10 througb the use of outside sportin8 areas or belping with •tler SCI1 clubB. rkn to urKertaiDty OD ix)th sides, thi8 nol taken up. (li) The College distributed AU peri5habk food ts) the lo1 clxtirrity when the school nwved to remote lern8 on 18. March. lill} The Assistant Chapl•in orRaoised a group of I1 their fllieS to offer Primary SCI1 fAmi]ies a meal delivery On a day. This was wc¢usfid and Conti until their sch(N)I rettu. (iv) ILd by Gen¢Trl S¢rvices the Collcg¢ distrilmtrd 4,[ PPE glovu the local me4Ji¢d prnctise 2.¢XIO PPE loves to thc I•1 N)lice ststion. (v) A parent donation of 4,000 face m&qk4 w&8 given io the lo¢Jl GP Praciice. (vi) The College's DT departtnent made 150 PPE kn coverinvis0rs for th kal Jwlical prxtic£. {vii)The College, Trii its website, offered regular wellEiog tips fAlvice throu8hout kthknwn including fitness ex¢r¢i8e8 were ¢¢&$ible by any)ne vi8itin8 the sile. (vlli)The College will LY sUPPOrting two'Flu Clinics, ID conjunciioD with the local surgery. The fwilities for the driv¢ ¢W atkl vAlk.in Clitiics will be set w in th¢ Parade Ground atsj Water Methws car park The pmvision of sh a lry Clinic for the kKol is invaluthk and apptenvar& The to1 balance Taised during the year w&8 almost £7.¢YXI. 15

MARLBOROUGH COLLEGE COUNCIL'S REPORT (eondnmed) Investment Performance and Polky The Collegc's investments are tllana8ed by RathErf)nes Investment Management IAd. The investment manw have discretion ill th¢ uwenL¢nt of the w0110. The lIcY is to th¢ ¢apital value of the fimd in real t¢rrns while gentiti8 an income in ibe regton of 3.0% p annum. Under the wms ofthe illvestmeDt mJrKlatc the capAtsJ value of thc alknr the Annu41 with(Irawa]. shomld yow in line with the elwige in the College'5 fees. the bencljmark once agai The results for the year ended 31 A881 2020 inclwk those of Marlknough Colkg¢ und Marlborough College Malaysi (MCM). Both S¢ixKJls had record pupil numTr during the ye•r. Homryer. the results for the year w¢re significaoUy imp&cted by the pandemic. whieh r¥ulted io nation.wide lockdowns. i118 5cknls in both the UK atml Malay5]8 for the wknle of the Sutnmcr Tenn. Whilst both Schools switrI 5catDlcY Io rete learning the decision was taken the sch1$ would ¢hary¢ full fres for the SUMM Term with the catt)puse8 ¢los¢d and all the pupils reny)tr Iclrning for the fJr3t lime. The Scbools were also acutely awatt that a nwttber of paT¢ths would also thenelVeS be facing fUJarKl uncerttY a8 a TcsuI¢ of the pandemic. The Coll¢ge r¢dw¢d fees for au pupils to two thirts of iwdiD8 fK while MCM offer1 a 21Ph day f¢e rebate forNursery w Y¢or 2 aod 11)% ty Year 3 Ond4 with All knth08 fe¢s waive The ColleBe also set up a HBrd¥hip Fund with the help of some8eD¢row% and with the Colle8e'$ matched funding raised £286.156. All applicants were means t&st¢d 98 por the llo1 butwypm(%88 attd by the year thue had been 23 s8fi P8reni8 receivinB varyi118 awards that iotAUed £161282. Through th¢ Coronaviru$ Job Retention Scheme Colle8e rv¢ivtyJ ofiust over £1.4 million followitig tbe furlough of tbe majorlty of the 9upprt 5tsff from April until the eod of Au8U8L Howevtt. with the desire to look afttr gnd sUprt all the stsff for Li long •$ possible the thision was thk¢n to fitrlough the staff on l(MYA of their for IoD8 as was fjnancially PO88ible. Unfortunately MCM was not eli1)1e for 8rAnt from the Malaysiati Govern Consolidawd net fee ineomt dropped by £3.4 million to £49.8 million primmly i rewlt of the Surnn Terni fee ruCtiOns. Thc College lost £5 million of income as a r¢sul¢ of the lockdowiL £4 million due the ft£ reduction and £1 milliott due lo the reduction in commcrciat tivItieS.. Damely the c8wxllAiioD of tbe 2020 SuEtuner SclM)ol as well 8$ 1 Te¢¢iving any gift old from MCEL as they wer¢ 10$8 mskin8 due ¢0 all their activities bein8 ¢wlled frotrA 23 March {tionl lo¢kdown) for the remaitider of the yeor. MCM'S fee rebates and the lack of bouthtig irKorne during the Sumn)tt Terrn reduced their IA)n by just over £1.5 n)iUion. Conh%equently. th¢ bursaTie8 were prothratyj by the same rJtion appli to the fee8. Both Schoolsundertooka Dumb¢r of measm kn try to mitigate where pothl)le tbe flow in)pocrs whilst the wue effK11IY ¢losed. Tkn other considerable financial impllct &8 9 result of the 1¢ w&8 the impairnient of MCM'S assets of £2.8 millio (di8CUS.4ed in more detsil on page 25 undu section c of the Accounting Policies). This more than offs¢t the prior year's adjustment of the wJitaliJ £2 million kvy whith was added to tl% value of the leased twy#ty. Ov¢rall the College re£orded an q)erati8 siuplus of £22 miJ]ioD cxJtyY&l vlith £4.4 million in the prior . However. without the GoVcrn[n¢ grant aTrJ the doDatioLs totallth8 £1.4 miu1¢) theT¢ Uld have iwi a £0.8 million deficiL MCM w not fortunate enough to te1ve any thStint donations or Government Brttnts durmg the year rewJiin8 in them having OFrnting deficit of £4.2 million compar&1 to an operntiti8 Surp1 of £l.O million in the prior y¢ar. A total of £5.0 million wa5 wrnmitted to witsj ex11th duriDg th¢ year of whicTr4 £4.1 rnillio Iwk place in the U This was cok)siderably Ic&8 VAS budgeted for as the enwing pthic rcsultql in the iD]mtiJiate ctwtion of all p1th1 projects most ¢xp¢t¥litUTe other than the InN)Wion C¢Dtr¢ building in the UK in orthr to Prtste avai]able casb Tesource4 The £25 n)illion note i&8ue fim¢kd £15.5 million WOTth of c4)ityl proj. The remaining £9.5 million is earnju 16

MARLBOROUGH COLLEGE COUNCIL'S REPORT (continu) RFSERVES POLICY At 31 August 2020. the Group h¢ld totsl fillmls of £101.8 millioti (2019: £103.9 millton). Of the kn181 fimds. £11.3 million (2019: £11.5 million) relad to restrid and endoThrd fund5 aThi the punx of thes¢ is explaineii ill notes 16 alld 17 The Gro 4180 holds de8ign8ted fiud4 of £1.5 million {2019: £1.6 million). wbi¢h orInallY set up to allocate donations of a general pwpose iowards duigDated purposes as 8pprt)ved by the Coll11. The pwwse of each fvrtd is deS¢ned in nol¢ 15. Irt additi(m ¢0 this. actt'vities in r¢]ation to malala 4r¢ sbowtt a fillMI within the accounts. At 31 Au8USt 2020. there was a SUTplws onthese fimds of £2.0 million (2019.. £6.2 tnillioll). The Colleg¢ hol¢ts unrestricted reserves of £86.9 milli( (2019.. £84.6 million). The valu¢ of th¢8¢ reserves is more thatt excttdeA by the Vdlue of tatigible fixed at £104.7 milliotL The Council h&s approved the Colle8¢'s developmeDtp]an which envisages significatht furtlKrcapit81 ¢xpendiDJre. although this h&$ be¢a curtai1edlpo8tp0d &8 a resul¢ of the finaW1 ijDPt of tkn pwMlemi¢. As have MCM'S ¢wrent develc4)rnent plans. wh08e £2.0 million of reserves are uttreStriC The management of funding and workitik c4)itaJ is monitored by the Sthools. Finance Cott)mittees on a re8ular ba8is nUtteT of funthn8 Streams are IXI ideA)tified the capithl requits for the sbort and m¢diurn tern]. The College's C0clI 18 5atiyfied the Scknls hav¢ sufficiettt working ¢Jpitsl. aidK)U8h the impJ¢ts of the pandemic ha8 resulted in the Schools, CouwiL% revIeWll the lon8-¢¢rni plaTrs for working capital to there will be sufficient funds thould they be required in th¢ futstye for unfor¢8c¢n SittiOnS as th¢ ¢wm)t patide¢. This policy is monitort41 by the Schoo]s' FitwKe Con)mitt¢es 81 WIew at leasi *rJnly. The Coll¢g¢'¥ Council consid¢TS that the 80inB CO b4sAs remains aprrii¢ for preparation of the College's ac¢ounts even ill light of the impact of th¢ pandemic. MCM'S COW11 have reviewryj the s¢hool'8 opernling And filwl&l position and following & rr$tructure to their Ini¢i41 Lease Tenn with the Lw80f8 consider that the VID¥ concern b1$ appropriate. FUTURE PLANS The spKifie objeciives for the ¢on)in8 pr are os hUow8 and incow FYoi4Xty del1 in 2019QO due w the pHthJDic: The Colle8e To build OD the College's cootiOUiD8 xademic SVLe96 of the w thr¢¢ yèar4 2020 Fxin8 the most succa$fi y¢L To c(Jntinue with th¢ IDwlett)em0n of the Colle80's Stratw Plan aDd to fJnali8e the revised Mas Development Plan. To complete the firsi sw ofthe Colleg¢'$ £16.5 millioo rththijhmeni ofthe ki¢¢ thnovatioD PTOj&I Ivith the opetiiT)¥ of the new IDOOVatioD C¢Dtre. To eonlinue with th¢ Colle8e'$ bo•Tdin8 Tefiubishment pl of c(Jn¥letiDg a phase of two boArdin8 IK)U To continue to 8UPPOrt widening of a¢cess the Coll¢g¢ thIr8h iC•sed PTOVi8iOn of bursaries building uKK)n the incrw¢ in contrilRJtion lev¢ls. Totsl TcmissioL8 2019120 were £2.89 million and budgded retni88iolls for 2019120 are £3.4 million Tqnrsem an ir¢Se of Dearly 18•A. and an of alny)st 25% in jt MCM Similarly to the College, MCM Iwl its llKJst successful academic rtqults ID 2020. and kkS to COmiDue to build on 17

MARLBOROUGR COLLEGE COUNCIL•S REPORT (conthiUD STATEMENT OF TRUSTEES. RLSPONStBILmLs Th¢ COU11 18 respoDsJlJle frjr PTeoJat] the Council's Report and the acc4mts ID ac¢Ordat with applieabl¢ law 4nd United KingdomAc¢ountin8 Siathrds (Unital kn8(kJm Accouniing PTactie¢). The law applicable to charities in EDgland and Wales requir¢8 the CoutKil to prepare fill]#1 s¢atem¢nts forea¢h finoryci yeaT ]ch give a tn and fatr view of the statr of affairs of the Colk8e and of Group and of the nd movernent in fimds, the attd ¢xFtft¥lilurq of the Colle8e for sekct suitsble accountin8 pvlici&4 orMI tlkn apply thettt coN4istetrtty" observe the meth(MYs It principles ill Acwuniitig a1 R¢porting by Charilies.. StsTenl of RecOMma Practiec 4pplicabl¢ to cbarities preparing their in accord with the Fiuaoclal Reporting StsDdaTd applicable in the UK and Republi¢ of Irelond (FRS 102). state whcthttapplieableUnitrdKinRdom A¢cotr8 S¢and*rth b&vebe¢D follo thieet to aoy material depafft di8¢108ed and explairNI io & finati¢ial ststements. and The Cowi¢il 18 for ke¢pitig proper rntin8 rerds. 1¢h di10$e Mtb reauonable ac¢w•cy at gny time the financial position of the College ajbj enable the Council to CD5ure th41 the fiDanciAI ststenxnts comply with the Clwiti&8 Act 2011, the Charity (A¢ts and Rerts} Re8u141ioos 2(K18 atKI •pplicable laws. The Council 18 respo11)1 for tfeguardIng the 083¢ts of the Colle8¢ and hence for laknn8 r¢asonable sw for the preveniion atrj (kte¢tioD Offral and other irregularitie4. AUDrroRS Ar¢wJuuon to reappoint the aUdir4 Haysmacintyr¢ L, will be submitted kn theAnllual Genernl MeeTiD& Marlborough College Wiltshire SN8 IPA By order of th¢ Council OS December 2020 18

MARLBOROUGH COLLEGE INDEPENDENf AUDrroRS? REPORT TO THE TRUSTEES OF MARIBOROUGH COLLEGE Optslon We bav¢ audited the finla1 statements of MaTlborou%b College for the year ¢tthd 31 August 2020 vthich t)nSe th¢ Stament of Fitiaticial Activities. the Ba]all Shcets, the Cath Flow Statemellt related rL)t¢s to th¢ firAncial ststements. including a 8UrnTW of sigtsificant a¢titIllg w)lici¢& Th¢ fititinc reporting been applied iti their preporalion is applicable law Utiid Kingdom Acwmiiti8 Sthndards, ilUding FiDanciHI RepoTting Statrjard 102 The FinartcialReporting&andorddpplicoble in rhe UKtxKdWic oflreldnd (Unit>l Killgdom G¢neTrllyAcc¢pted Awunting Practice). Jn our Opinio the fiDwKial statetnents.. give a true and fair vicw of the stst¢ of tkn STO s aNI of the puent ¢lJaTity'S affairs as Jt 31 Av8U8t 2020 and of th¢ charity's net rnOVem¢ in fi]n&q for the )wr then ended. have been properly prepared in accordance with Unlif Kift8dom Genernlly A¢c¢ptrdAccounting Practi¢¢' and have been prepared ID accord with the requirem¢nts of the Cbuities A¢t 2011. B#ih for opknlon W¢ have beeTh oppoiDd 85 auditOT stttiott 144 of the Ciwities Act 2011 •txl T¢POrt in acconkn VAth the Act and levant rc8ulatioM m&de or having eff thereuth. We Condted our audil in wrdantt with JnternAlion&l Standords on Auditing IUK) (ISAS (UK)) #nd app.b]e law. (knTesyonsibilitie8uThler ¢l¥)se stsndarth are filltherdcscribed in the Auditor'$ responsibilities for th¢ audii of th¢ fmancial statements section of ow rwt. We are irthit of the group in a¢¢d¢ with th¢ ethi1 requirements thai are rel¢vani to OUT auth"i of the fin181 statemenL8 ID the UK includitig the FRC'S Etbfjal Standard, and we have fuIred our other ethi1 res7$•111tiCS in aCCordce with these rwirenxnts. We believe that the udit evidence we have obtained 15 Alld to provid¢ a b15 for our opinio RupOnbIllIIv of truited for th¢ tlllttt tements As expltiitted nre fvlly in the stst¢meni of trwiees. reswibilitic$ Set out on py 18, the tsWte<s r¢spoD&knle for pr¢p8ration of the fitswial $tatemeTrt8 4nd for iKiti8 #ti5fied that they yv¢ a true flir view, and for su¢b internal con¢rol whether due to fraud or error. In preporing the fuWla1 st•tement& the truscs are respon•Thle for &ve5sing the BrcA4)'s aTrJ the pore chority's ability to continue 88 YI 8Oill8 disclosin& as applicable. ftttets Telad to going cotrzrn arml usin8 the Boing L¢¢M basis of aOUtill8 wdess th¢ truste¢8 either tnteDd to liquidate the 8row) or thepmi clwiiy orts)cease operniions. ox have no realiytsc alternaiive bui to do Jo. Audltori, respDD8lbllldu for the udlt of tbe lInAl#L rt•temt•ts Our objectiv¢$ are to obtw'n reasonabk assurwKe wljetkn the sthtCm 88 8 whole Are free from rnateriai miystaiement, whether du¢ to frawl or etror, and to is¥ue an itOr'S report that Ilude our opinion. Reasonable pssurWe iy a high level of 885urBnce. but is rn)t a guar8ne that an wjdii CODducd iti X¢ord8 with ISAS (UK) will alway$ detrct mthterial mi.&8l#tem¢nt when il exists. Mi&8tam¢nts can aris¢ from fraud or error are considered MatrrI if, ind1vith1ly or in the 8ggrcg8ie, they could Yeasonably be expth to iDllu¢nce the fxonomic thisioTk8 of ujers taken on the bosis of tlMe A furtlr de8¢riMion of our responsibilities for the atyjit of the fill1#1 5tAt¢ments is Ialed on the FirnrKial ReporttiiK Council'5 w¢bsite at: wwW.frc.&klLlsr¢Wblliti This descripuoD forn]5 part ofow alI0r,5 report. CoD¢lUOi8 reltthg to ¢•oeern We have nothing to report ill respttt of the followiD8 matlffj in rdatiott to wbich the ISAS IUK) require to r¢port to appropriate. or doubt #bout the clJarity'S abthty to continue w adopt the goin8 conm b38is ofa¢¢ouDtiti8 for a yeoT of at least twelve 19

MARLBOROUGH COILEGE INDEPENDKrAUDrroRS. REpoirf TO THE TRUSTEES OFMARLBOROUCH COLLEGE Other Infornwtlo CouDciI'$ R¢N)rt. OUT opinion on the financial ststements doe5 not cover the other iDforrnatiOD ar¥1 except to tbe ext¢DI otherwi6¢ ¢xplicidy ststed in ow report we do expres5 any fonll of a&SUrn conclusion th¢¥eo Consider v/bether the otherinfornjfition 15 llutcrially im)nsiSt wxth the fiDwiyI tht¢rn¢nts or ow k[wIedge obtsined iti the audii or Other appears to ma1Y misststen8ibility lo an) Otbu than the ¢lwiiy'5 trwtee8 as a body our audil worl for thL5 r¢port, or for the opioions we have LLLR Haym*eiDtyre LLP StsttrtoryAudi¢or5 10 Qurtn Street Place EC4R IAG 18 February 2021 Haystnllcintyr¢ LITr is ejwble to act &8 an audits)r in ternjs of section 1212 of the CouwiesAct 21K16 20

MARLBOROUGH COLLEGE rATEMENT OF FINANCIALAcfIviTJLS (Gronp) FOR THE YEAR ENDED 31 AUGUST 2020 Reytrleled & Endowed Fun Unrertrkted Dm•tr41 Fynds FUD College £o(A) Toth] 21120 £>NJD TbtAI 2019 £'o tneome nd emdowments f Charitable School fees Surnmu School 32J64 18J77 (480) {434) 49.827 53.185 1.957 Tradi08 Iorne 799 599 146 629 945 1278 1.433 1,058 50 1.619 3,492 1.127 329 223 259 875 1215 Tot1 Ineom¢ 35J(K) 19 J75 98 56,417 59,975 Expendlture on: Trading Costs Financing ¢0Sts 642 903 925 130 2.190 772 3,111 1,031 58 1.105 2.877 18 InYes¢llxnt JnonaBement 52 58 2.470 2.426 24 52 4.972 5.024 bl¢ activi College op¢ratin8 COSIS: Teaching costs Summer Scbwl expenses Welfare Premi¥e Support costs GTanty uward$ 8nd prizes Depreciaii¢)D impainnent 13.891 545 4,632 7,709 7.754 14 21,693 545 6,092 12,516 3,939 16 8,158 20.330 1.621 6.467 12.080 4.056 38 5.175 1.460 4.784 1.935 23 16 3J27 4.831 32.108 20.764 53 52,959 49.767 TotAI expelld1re 34 J78 23.19) 58 105 57,931 34.791 Net In¢omel(expendlturn) before Invtttment In0 922 {3.815) 1.339 {lJ14) 5,184 Net gains on investm (167) (43) (148) (358) 144 Net Income1{e¢nd1ture) 755 (3,815) (J) 1.191 (1,872) 5.328 Tr8Dsfer5 betwe fund5 Revaluation of Jnve5tm¢nt Priwtses Exchan8e (108gesygains Re-measuremellt of PeJL5ion Deficit 14 1,422 {59) (126) 252 (31) (1.391) (59) (468) 252 126 321 226 (342) NET MOVEMENT IN FUNDS Fund balthllces at 31 August 2019 2244 84,666 (4.157) 6.165 (34) 1.579 (2(Ml) 11,485 (2.147) 103.895 6.001 97,894 Fund b8lamce8 at 31 2020 £80Ji• £iJ45 £11385 £101,748 £103895 Full ctiti)par foT th¢ sMent of FInl#lACtIvitI¢S ar¢ in Note 23 on page 45. 21

MARIJOROUGH COLLEGE BALANCE SHEET AS AT 31 AUGUST 2020 Gronp 2020 2019 2020 2019 Not Tatigibk 135,369 15,763 141277 15.756 104.746 15.763 103,871 15.756 151,132 157.033 120.509 119.627 CURRENT ASSETS 10,751 653 5.178 14.648 13.456 752 4.758 14.132 10,751 42 13.456 37 3.375 4.120 Stock Debtors Cayb at baok and in hand 5.091 31230 33.098 19.784 20.988 Less: Creditors. Atllounts falling due withm one r io (21.954) 123. (8.545) (10.857) Net current osts 9276 9.192 11239 10.131 160,408 106225 131,748 129.758 Crediwrs. Arn(MJnt$ fallitig due after one yeor (58,660) (62J30) (32,032) (32,102) NET ASSETS £101,748 £103.895 £99,696 £97.656 REPRESENTED BY: Unrestri¢d Funds Restricted Fulld8 Enthjwed Fulld& 13 16 17 90,463 1.128 10,157 92.410 1.128 10.357 88,411 1,128 10.157 86.171 1.128 10.357 12 £101,748 £103.895 £99.696 £97,656 &•zo 22

MARLBOROUGH COLLEGE CASH FU)W STATEMENT IGMp) 2019 Re¢onclllatloD of IM¢ome to net ea$h flow from •per•tthg a¢dvl¢k¥ income per s¢4tellMt of financial A¢tivities Dwreeiation & InwainneDt Amorttsation cost for ttfutthble deposit5 Gain on sale of tsng)bk fixed a$ts Bwk Antere8t and investment illcome N¢t gain on investments Inferest payable OnCrec)IDcu8C in stock (Increase)kne iti debto Increa8ellDecreue) in creth.tors Irease1(De¢re&8e) in leose crnlitor5 (1.872) 5J29 8,158 227 (27) {875) 357 5.174 (29) (17) (1.215) (144) 2.877 1193) 1135) 2.898 527 123 {725) (1,334) (738) Net ca•h provlded by oper•th8 ¢¢MthI 6J83 15,072 C•h Ilows from lttve•tl•8 ietivltle• B8nk interest and irtVC5tment income Puxchase of taD8ible fed assets Proceeds from sftle of tan8ibk fLxd Assds Purcbase of invcstTtTh¢S Proceds from 5ule of itivestmeDts Pur¢hase of gov¢rnmeDt 8ecurities aDd 875 (4.980) 57 (2,068) 2,043 1.215 (11,109) 23 (1,749) 1.527 (440) (196) Proc<&ts from sale of 8overDrnen¢ securitie8 and ¢oryw)rate bonds 3.119 4.150 Net ¢a•h uffed IA Inve atthldes (lJ94) (9,016) Cih Ilowb from IIMnclDg Acdvlde• Intereyt payable New entrwKe depjsits rrttived New feey in Yeceived Release of fecs in •dv8nce Entrance d¢wiLS repaid (3.111) 3J09 (2.87n 1.798 317 1780) 1978) (777) (3,848) Net uwl ID flnAn¢lnK #etlvitl (4.IM3 (357) Ch•nge In ¢• And emb equlvlettts In the reportlll¥ perAod £948 £6.413 Casb Mnd ¢&sh equivaleDts 4t the beginning of the 18.664 12251 Cth ind ¢A8h equlvalelltl It ¢kn end of the rtportkne perlod 19ffi12 1&004 Casb at bank and in lJatKI UDiDvested casb i11¢d in investments Totsl ¢ash od £*sb ¢quiv•lents: 14.648 14.132 19,612 1&664 23

MARLBOROUGH COLLEGE sTATEMEr OFACCOUNTING POLICtgS FOR THE YEAR ENDED 31 AUGUST 2020 siat¢ill¢nts oTr 08 folloTWS: i) B•Jts of prepar•tlon Re¢oMtlle Prn¢u¢e appIlble lo charitie8 Prepari their arA<Nmts in accord with the FinWla1 Ryrti08 StBnd2rd appli¢abl¢ in the UK ond Republic of Ireland (FRS 102)- Sond Edi11 the Financial Repothg Standllrd applicable itt the UK and Republic of Ireland (FRS 102) a1 The aJariti¢s (A¢Unts aod Reports) Ke8ulati0Tr4 20D8. DAarlborougb College meets the definition of a publi¢ benefit enlity under FRS 102. The fiJwKial statenKnts are prepared in accordan¢e with the historical 9¢ convention &8 modifie41 by fl revth4tioD of certain asse kncts and liabijities are initially recogllised 41 histOTical cost OrtratiOn Val unless othenwise slated in the relevant wAiunting )11¢Yte(s). The fjjnciion b) Golnl ¢on¢ern The Council eott8iden tlwe aTe no material uncerte8 alh)w the Grotsp'i viability and h¢e its ability to tin¢ as a going ¢on¢ry despi the on8oin8 pthic. Th¢ imp4c¢ of the pafylejnic con¢10 to be felt in the UK #N4 •r(rtO the world but w differn8 extents And with govern tskitt8 different dirKtions to manaBe its elTect. HowEver. th¢ T¢vi¢wof the fillarKX POSAtiOJL reyervw leve]s and expectyj fvtwe ¢th tIow$ and plts gives Confi the Coll¢8e a gOiD8 co[ern for the forese¢4ble futtwe. MCM'S Coun¢il perfornKd an asSessnl of the ovetau itwt of siluation on the Schwl's operations. includin8 the Ytcovcrabilityof the c78 amount of asget& nm8uts of its and liabilities as Thtll os ijnplication8 to the operotin8 lease 8nd108n frotD ifs Ik)Iding corwratioD. At thi8 Jthure, MCM have ¢stiDUted the fInl1 imp4ci on the school results for the next financia] year in their inwirni estitt)a. FollowiDg this adjustmenL the CouJKil ¢oniinue adopt the going concem b&gis s th¢y hov¢ a reasonable expecthiiot) thai the Sclxjol bas adequa¢e COtti ils acliviiie¥ for the fore$¢¢able fuThJre and consider th•1 thcr¢ are no n)oterial ullcerkntses over the SCIM1.8 financial viability. c) Crldeai att•MntSn8 JudgwTheDts And ¢1¢1 In prepariti8 thLe fin•n¢i81 stal¢menw MaweDThth&s nwk jud8¢m¢nts. ¢stimates asswnption8 that affKi the applicalion of the CoUe8e'$ ac¢ounting policies and the reportJ assets. liabdili¢4 inwm¢ T expenth'ture armj the di5closwes nude in the fiTWtcitil 8t&thents. Estirnates al judgemeots are Cotslitiuauy ¢valuwted and are based on bi%torical experience aDd other factor4 iwluditi8 exwtatiom of futUTe events that are believed w be re•A(Thble the ciralls&. Certain kn8 tsrnl liabilities. iludIng oversea8 d¢sIts ¢ntr•n¢¢ have not been di)Ullted on the grounds thai the inyci of discoutiting is consi¢Jered to be inuDateriol to the filwlL1 thlellmts. WTre the Impa 18 m•¢eriil. wifically relation to MCM entsan¢¢ deposi the liabilits.es have been diSCotJ. Defeed assets Deferred t&X A&qets aYervogoi8¢d to the exl¢ntthati8pYobable that1ble kyofits be available 88Ain8t whi¢h th¢ dedu¢tible Malaysian Ixvy al Doty Ap8St event that leads kn apre8ent obli8atiOn 18 called aD ¢)bli88tsng evenL kn the settkm¢ntofthe obligation canbe enforccd by law. FOT at) event to be an obligatin8 eveM. li is oettssary that the eniity I$ no realisti¢ oliernative to settling the obligation ¢r¢at¢d by the evenL In the prevAOUS fitnCiAl yw. MCM 8nd for a levy aThJ sthmp thity payable on tbe lease for land and bJilding8 amoLuJling to £2,109219 and £70J() reS1ve1y and remain ut¥)aid Any AEbat¢ as a result of the 4ipeal by MCM will be adjusted in the Appriyiate year. The S¢hoois &s%ss wbeth¢r there is any Jmdication that property. pl8Dt ard equipnient are in¥Aired 4t the end of each repoitill8 Vlas id¢ntified an ijnpairnt indicator. The ree4)vernble am(Mmt is measurd at the bi8bef of the fair le&5 cost to sell or yahill.ge rvttw) calculations. The fair value less cost to sell or VTU is the Det present Val of the prt)jected futurr c45b flow derAved from that asset discounted at an 8ppropnate discou nte. PrOjl tUre cash flows aye based the Schwl's ¢stin]ates calculated b&sed on histi)Ti¢al. 24

MARLBOROUGll COIIEGE STATEMENT OFACCOULYfiNG POLICIFS (Conthued) FOR THE YEAR ENDED 31 AUGUST 102(1 The prtrt&T di8COUOt Tate applied to the cash llow projcdio]kS of 8% ts thrived from the wh.geJiernting UDit's post. tsx weighted average cost of ¢apital plw a re4wnabk Iisk premlljm at th ststellt of f¢1#1 position date of the cash. generat8 UniL The fo]lowing assunWtioS have been applied in the VIU Calcu108 wverttig an 8.yeaT to 12.year forecast period: Pre. di8COUDt rate 4pp]ied the casTrL flow projettiolls of 8•h p¢r anrtum is de¥ived from the cost of debt financiog of 6Qh with an equity preTnium of Maximum Ca1ty for MCM of I,2 piL4 ackn'eved in FY2027128 FY203I132 resyectively under th¢ Covid-19 Gr0h in dirxt iTrJirect ¢¢)gts •1 YA to 5% per anlyu T¢miinal value gro rnte 15 estimat&l at 3% ptt annum based OD county aTrl IlSty long.kn Outlook Impain lo&4 of £2.801,0 becn recorde4J in the financial sthWts. d) Feeb Attd dmU•r Income Fees re¢eivable aod cbarg¢8 for services are xCOun f()r in the year in wbich the service isprovidtyj. Fe4s rwxivabk are ytated after d¢ductiti8 aliowan¢¢s. scholarsliw and other r¢mi&%ions 8raDd by the Colle8e, and i[KI Contributions received from Awxiated Fullds for Scknlarships. Bursaries other grants. e) DonAtloM, lts ley¢l Do110$ receiv for th¢ Beneral of the Colle8e Are CTedi41 w Colle8e fiumb. Where the Council desiW¢8 donatio for $pecifi¢ puryJos¢5 they are credited to d&siwed fll. to distiti8uish them from di( SCI01 income. Dollations ¥ubj¢ci ¢0 8p¢cific wishe$ of the donors are credid to Yelevani re5trictsd fimth, or to endo4 fimds, where the capi¢ai is GoVen)ttllt 8rallt incouK I¢¢S¢t6 the claimed from HMRC uththe CJRS. The in¢ome is accountwj for in period iti which the Salary payuiajts w¢ to fill1( sthff. ExpeDdltve Expetyjiwre 15 alloc8t¢d to ¢xper¢ headings either on a dirrft ¢08t bA8i4 or aFoortiLxwd xwrdin8 to time spenL The irr¢coverable ¢l¢m¢nt of value add thx is itKluded with the item of expenge io which li relates. 8) IM9¢1 Th¢ Schools, renthls under opernting le#s4 in which sub11111Y all the risks atra rewwds of ownernbip are r¢tsiti¢d by the l¢ssor, Are ch•T8ed to itt¢(Mne oo a utsaight litie b&818 over the l¢w t¢rnL MCM'S lew¢s of ass¢ts where they ayum¢ sub8thlliially all risks aThl rewards in¢idetitsl owttrsbip of the leased &ssets are Classified as fllJanc¢ le48es. The leaKd the Corre5thng le liabilities (D¢t of finance charges) under finaKe leases e rteo¥nised on th¢ bAlance sheet as platht thd equip1 aryj borrowings respKtiv¢ly. at the inceptiOD of th¢ lease8 btsed on the lower of the fair v•lue of the leued aw¢S the pre8ct vjlue of the mininm kale paynllts. liability. h) Finnelal iMtrumeDts Only the College has fjnancial ats finla] liabili11 of ki1 that qualify as bfy%i¢ fjnallcial ills¢nllnents. B&8ic financiAJ iL8truments, including trth and other de015 and rnJitor$ are iDitially r¢W8tiIs at traL8actioD v¥]ue 8th1 subsequently me&sw at th¢Ar sett]emeDt v8lu¢. i) TaDglble fixed amets The College ]and andbuiklings in existette at l July 1999 W¢ valuedby th¢ CixuKil on the following FA5iS: Spe£ialised buildin85 were vahwd usitig depreciatrd replMn¢nt COSL Speciall builditi8s are buildings such as school "whw¢ there is no ¢ODwetwg m8rket demand from other owlsanS sIng these types of proFtrty in the locali at are therefore rarcly sold on the opeD makn for single (w4)ation for a conliDuatiOn of their existing except as part of a sale of thc occupatiorl. AequisitioLs of w11Sed bulldings to l July 1999 are depreciated in 25

IARIMOROUGH COLLEGE STATEMENf OFACCOUNTING POLICIFS (Cotttillu) FOR THE YEAR ENDED 31 AUGUST 20211 Non.specialil buildings weTe Yahd atexistin8 use value. Non&Sla%cd lIding$ iDrlude Te8idellti building80Utuide th¢ Coll¢8e carw aDd s. The College doe8 Dot ititrryl to a(bpt a policy of revaluatim Thus the IdiD88 Yalutitions at l July 1999 are froz¢n subject to Depreciatioti 18 provided write offthe co# orlrnlu Te8ithJal vahx, of red assels. ex• freehold lau over theiT cxpected useful live Th¢ Talcs of dqx¢¢i•ticffj 4r¢ as followB: Buildings.. Buildin88 Building services aJ]d fixttw¢B Building re)yati( Compu¢¢fS Equipment Eixture8 aj FurnitUTe Motor Vehi¢k$ IOto50 10 yws 15 25>yar5 5toiOp l) Flxed •iKt •nd ¢urrtn¢ imet lttve•tments Listed itiv¢stsn¢nts held as red or assets are iluded ID the fu111 sthtrrnents at nwket value. Th¢ fixed asset li8ted inve8ttnth aTek1Travj Consolidated InvestmelltPoof Incl nM)nie8 itiw¢ed by Designated, RestrAcW and Endowed fill¥Js. These funds are allcKa¢ed with units which establish their proportion of th¢ overall inves¢m¢n¢ pool. The trwwction$ r¢lattrt8 kn the conlidated invt5tDMt p1 are then sbared out beThve¢n the funth on a unil b1. Realised Bains e the diff¢reru b¢tweeD saks proceeds a1 Openi nwket value where the inve5kn¢nt w48 held a¢ the Unrealised gaiTL8 ore the clwL8e in valu¢ of irtve8ttn aftertskiDg itito a¢¢c•JDt any movements in inent holdin88 sueh ft& purchaxe8 aThl diswth]$ of inv¢stments. Realiqed aNI utreali8¢d for within the FID31 Activitie8. Feea io adv8n¢e inv&qtsnents ue defittd liquid for the of tlow rei¥ortin%. ]nvesunent propeth cotL8iqt of land attd Cotill rfiil properti. They aTe Incl in the finawial k) Stoek Stock is valued at the loThrr of cost a1 net rlsable vgh l) Debtors th¢ amount prepaid net of any trade disCc thje. m) Ch •¢ b4nk aDd In hand Casb at bank aNI ¢asb in hand cath and shon tern) kn.y liquid investrfjents with a short malurity of three Djonths or ll) CreditorB And pn)viyions Creditors a1proViSiOs 8Tr r¢wgnised wh¢T¢ the College h&4 o pley¢ obligati0nrutig from a p&st event that wTrll probabty result in the traLsf¢r of to a third p8rty a1 due to settle tbe obligation can be Mer or estimated reliably. Creditors attd pmvisioNs art nornwily T¢gnIl 01 lT •tMTruDt after aljowiog for any trade discots due. Im8 tern) liabililies are discounted wb¢ft th¢ irnpa¢t is maTiaL 26

IARLBOROUGH COLLEGE STATEMENT OFAccouKfc POLICIES (Contlnlled) FOR THE YEAR ENDED 31 AUGUST 2•20 o) Fund8 The Stament of Financial A¢ttviti&S is analysed bekn UDtCStricted Co]kge Fund8. iFDTESknCted D&si8nated Funds, and Restri¢t¢d Fwth. and Endow FuDds. Tr prse atxl accounti treatnl of these funds are cxplained in note5 13 to 17. p) Colllolldxtlon The Group financia] stal¢rn¢nts rq)resent the activi¢ics of th¢ Colk8e cong)hd8d with MarllM)rou8h Colloge Enterprises Ltd (MCEL) And marlb0u8b College Overseas timited (whith uwJp)rntes its M E8$1 Sth Bhd). Consolidated finaDciaL ststernents baye been prared for the College and its wholly own wbsidiaries. The tumoyer and ¢xp¢ThJiturc of the subsidiaw tre llKluded within the cons)lidatrd sratrment of find11 adiviti¢S. The alld liabilities of the subsidiaries we included ott a line.by.11 basis in the c(th)lidate41 balance 51Kc¢ in a¢d with FRS102 section 9 - ry)TL401idated and separate financi sthments. Unifonn aCClMmtin8 FM)licies are adryted throUgbot the group a1 any profits or k)s8G8 arisiJ8 from intrn.8roup titiO8 are elimiDated in th¢ cons0"dAted Stateme of financial tiVities. ql Summer Sehool and the S¢houl of and Cultsrt The course take Pla in thc )[111 of July a August ¢a¢h year. InconK and exdire retsii08 to the SumffjeT School aTJd the School of English and Culttue 18 red in the ymr ¢QUTXS take place arml is Teferr&J to as"Summer Scbool" Due to COVID, these events wcre caTKclled iti 2020 and any Yeeeived fmrn COUT8¢ fees th•1 was not refillN1 has bxn carri over to 2021 in conjunction with nexl year's planned ¢ourn¢$. r) Employee benefits The ColleBe contribu8 to the T¢hs. PetL8iOti S¢ben It rAtro by the a¢ty•ry And advi¥ed to the Board by the S¢h¢me Administrator. For the purposu of complyitig with relevant xcountiD8 $t•thds. the Teher8, PeiOn schen is aceounted for 88 a d¢fin¢d eorttribution schejne as the ¢b#Tity is respolble for. or entiiled receive benefit for. any 8Utplu$ or d¢ficii of the h¢rne. The &llK)uttts irKluded within the Sthtrmeni of Fillola1 kniviliu, Balance Shed arrfj Cash Flow Stst¢ment are in tKc(kn WAth FRS 102 8ethioll 28. The College pHrti¢ipte8 in two Pensions Tn 8ch¢m¢y that Are muJti•loy¢r d¢fined benefit scbeme8: the IndepBnden¢ Schools, Pen8ion Schemc And the Grow P]wL Ii 18 T1 po&siTrle ID the ¢ow8e of evcrtts identify on a wDsisnt reasonable b&8is th¢ 3hJrt of ut)derlyin8 a58¢ts and liabilitses beloti8in8 indivith41 partiGipitin8 enwloyers. Thi$ is b¢¢au8e the Schemes are multi.¢mploy¢r wber¢ the herne are COvmin8led for invcstmcnt purposes and E¢nefJts are paid from the totsl Scheme However. the Colle8c beth advise by th¢ P¢10Th Trst as lo the deficit ryyments due in relation to the h¢¢s. Therefore. in line with ts rcquircmetits of FRS 102, th¢ Collc¥e rt¢08nise5 8 for th¢ dis¢ounted present Val of the d¢fi¢it ¢ontributioA8 due fo the scheme. The College also Contribu to the InthpenthDt sc1KLS, PeD8ion Sclwne- [fi1 Contribution Scbeme #l T4114 ¥¢t by the College. The amounts Included thin th¢ Sw¢m¢nt of Fillwla1 knivili¢4 Balatte Sheet a1 Cash Flow Ststcment rE in accOrdae FRS 102 Sectioo 28. Short tern betLefits including 111d4YpuY wised as an expewe ID thE >rar in 7•knich the 8ervice is Te¢eived. Terminatson benefits are a¢¢ounted for on an accnwl b¥si5 wul iti litt with FRS 102. 8) Forert ¢urreA¢y traodatlo The College's fiknetional and pres¢o¢atirn ru¢cY is powid sterling. Monctary &&8ets and liabilities dolti8ted in forei8n currencies ate trtylated iTrto sterling at the tjtes ofexchange ing at th¢ sI¢t date. Transactions in foreigti currencies are tecord¢d at the rntc ruling ai the dat¢ of the traLwtion. All diffuen ar¢ wllsed in the SOFA. t) Legal Jt• The Coll¢g¢is incoTPmtedbyRoyalClwteratsJ regIS8S an Educaliolj ClJarity(No. 309486). ltsCoL1llltlotiJS contsilleAI in its Charter B)r.lawJ. Its principal addr is shown on Pw 3. 27

MARLBOROUGH COLIIGE r40TES TO THE FtNANCIAL STATEMENrs 2020 2019 Full fees fOrP at Schoo Less: Fees paid by 0Clat fiukls 57.033 (304} 1333) 53.707 56,729 Less: Deductions Scknlayships 149 164 3,684 (4,213) (3.848) 49.494 52,881 Grants froMASl&ltd Fwhds 333 Rtteivable by th¢ S¢hools £49.827 3,185 AB part of th¢ olx)ve the Marlburilln Club Charitable Fwha ¢ontnThuted £62,978 (2019 £76.260) to bursaries. OTHER TRADING AcrivrriLS £7Of Re8istr4tion and ac•aiv fees commi10 received Rental in¢ome Mi6c¢llaneou8 Gain on disp08al of tan8ibl¢ fix¢d assets 535 34 128 554 27 502 50 128 361 17 £1278 £1,058 2b. DONATIOIYS. GRANTS AND LEGACILS Don8ti0tts iti¢lu& £1,409.WO rxeiYeJJ ill relation to & Coronavirus Job Retrntion S¢beme iDwlemend by the UK Governm¢n¢ from Mah 2020 a rttsult of the ¢ountywide lockdown iti ttlion to the global pandemi¢. AI¥ALYSIS OF TOTAL EXPENDrruRE 2020 2020 Stsff Co £•otyJ Other dlreet Costs 2(J2 tsj £'ooo Costs of rnisin Tradin8 Costs Finance costs 305 467 3.111 399 58 772 3.111 1.031 58 632 Inve8tsnellt mana8emeDI ChAritsble activiknes College oper8ting costs: Teacbing cos 19,399 245 3.912 2.739 1.745 2.294 3tK) 2.180 9.777 2,194 16 8,158 21,693 545 6,092 12,516 3939 16 8,158 Welfare Suwort ¢osts Gran1$. awards a1 prizes £28.977 £28,954 £57,931 28

MARLBOROUGH COLLEGE NOTFS TO TBE FINANCIALSTATEMENTS (continued) ANALYSIS OF TOTAL EXPENDrruRE (¢ontiRued) 2019 2019 £y(Nx) £?0 £i(M Trading cosi8 355 750 2.877 461 58 1.105 2,877 523 tnvestment rngnagement 58 College operntinB costs: T¢aching costs Sumll)u School expeL W¢lfare 17,634 714 3,762 2,537 20.330 1,621 6,467 12.080 4.056 38 5,175 2.705 9J43 2,152 J8 5.175 Support cosls Depreciation £27.429 £27.362 £54.791 29

MARIMOROUGH COIIEGE NOTES TO THE FINANCIAL STATEMENIS {conthilled) AI¥ALYSIS OF TOTAL EXPENDrruRE (tontixued) 2020 2019 £0 rt Costs Administrative salaries Office costs Profc&8ional fees Other adn)inistrative Governae costs .745 822 291 957 124 1.904 902 230 853 167 £3.939 £4.056 EXPENDITURE 2020 2019 Expetiditur¢ includ¢8: Equipment rentsl Depreciation Auditors. reinunerntiott Fees paid subsidiary Council meJnberB' ¢XP¢Dye¥ r¢irniyJryed Coull¢il liabilily ill¥UT 8,158 47 13 17 14 4.951 71 15 34 16 StAff Cost• Wa8e$ 4tsd sal4ri¢8 Social gllrIty ¢osts Other petssion costs Redundaney ¢osts 24,584 ,749 2,599 45 23.149 1,701 2.536 43 £28.977 £27.429 Th¢ ttvern nuth of empJoyee8 of the duTill8 & yearwI. No• Te18 staff 308 70 362 73 J66 io Non-tea¢binB Staff Tr)8 aciivities 757 751 The oumknr of hi8her pAid enwloytcs Tble emohllnents band: £60,CH)O £70,(O) £70.CH)O £80,) £80.CH)O £90, £90.000 - £100.(K() £ioo,000 - £iio,(K £I10.(KQ - £120,( £120,000 - £130.1 £140,000 - £150.(KJ) £180,0 - £190.(IXJ £190,0(K) - £200.( £2(K).0 - £210.( 37 45 27 io 12 The totsl employee benefits received by key maDa8ement iti thc yw ¢lld 31 August 2020 rre £2,445.635 Q019.. £1682,0).

MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMEM (eonthiu¢d) EXPENDITURE leolltl•Med) Pettiion Sehemes heri, P The Colle8e participates in the Te•cbers' Pension Scheme ("the TPS") for its wching 8tsff. Thc P8}0 Charge ftir the year includ&8 contributiofys pAyllble io the TPS of £1,899217 (2019: £1.293,889) aryl at the yearrftd £225,11012019 - £172,871) The TPS is all multi-employer defi0 benefits pts)sion SCIM gov¢rn&l by The T¢aC}J5, PcnsioLs Re8ulatioDs 2010 (as It)ed) and Th¢ TcherS. Pensioo s¢¢ R¢gU]00S 2014 (a5 3m¢Jthd). Members contribute on a'l)ay you go" basis with contributions from members 4ttd the employer bein8 Credittd to the Exchequ¢r. R¢tirwnt alld otEer pension bfflfits are paid by pubiic prnv1dj byP¥rliAtiKnL The eo4)loJrr CODtribulion rate IB get by the S• of State following s¢b¢w VAluations undeth by the Government A¢¢uary's DepanmenL The most receDt actiw1 ValU10n of the TPS w prepared 31 March 2016 and the Valuation 1¢h was published in Marcb 2019, confmned the en]pkny¢r contnTrrtllion rnte for the TPS would increase from 10.4°h kn 23.60/• from I Septenth¢r 2019. Employers are also required to w a seheme adMItion kvy of 0.08Y• 8iving o fol employer Coptione of 23.68%. Th¢ 31 March 2016 Valuatioo Report was pr¢pored iti cordhlltt with th¢ bcnefits set out in the sch¢m¢ r¢gulations and under th¢ apprOb specified ill the Di1104 as th¢y applied at 5 March 2019. Howrvcr, the &wmptions w¢r¢ con8idered and 8et by the DepartMtt for Education PriOT to the rniiti8 in the .McCknSalB¢lll1 case.. This 8¢ bas required court8 10 c4nsider cA8e& regardths the xmpiemeDtatioD of the 2015 refornts to Public S¢Thice Pensions iti¢ludin8 the Teachers, Pensions. On 27 June 2019 the Supreme Court denied the govuiimeot pennission to 4)peal the Court of Appeal's judgment thai trsitional provisions ititrcduced to the refonncd peL8iOn scbemeB ID 2015 8xve rise to disLYiminauon. The 8ov¢rnment Is resptt8 the Court's decision and has ld il will engagc fidly with tho Employment TnUn well employer ood nmber representatives to •e how the discrimin41i¢)Th% T11 rertiedied. All119 was launchd by the 8overnmeot on 16 July 2020, and ck¢d r¢4X)w on I l October 2020. The TPS is subjKt to a cosi cap mechanism which w&$ pui in place to proteci lAxpaS agaillgt unforEAeen changes ID herne eo¥ts.. Tr Chief Secretary to the Tre&gury. haviti8 in 2018 AnTh) th&t thett would be a revi¢w of this cost cap mecballls in Juary 2019 allnouted a ptt to th¢ wst ¢ap Mech&llrn following the Court ofAppeal's rulin8 in the Mecloudlsargeant C4se and Until thue is certainty aiKu¢ the Vae of pensions to clltploytts from April 2015 onwards. The Pause was lifted in July 2020 and th¢ 8overnmeni 1% prepari 10 complrfe the CO wntyol elenxnt of the 2016 valuations, whicb is expect to be completed in 2021. lo view of the above nllin8s a1 declsiwo the used ia the 31 Idarcb 2016 A¢tiwial Valuation may bKon inApprcyriat¢. Irt this 5¢enario, a valuation prepared in aCcCffd Thith revisediynefitsund suitsb1yrev1se aswJnwtioDswould yield different r¢sults tbon tknse con¢aiDed in the Actijarial ValL10 Until the conwltstion al the cost cap nx¢F1srn Teview arE it is yt posNlJle to ConChC on any finala] imp¥t or funve changes to the ¢Ontnuti0n rat¢8 of the TPS. Accorthngly. provision foT any additional past benefit pension costs is included in thcsc finarKial siatements. There are 54 •ctivenon-teachiDg staff th are membetsofthe S¢11$. Pellsion Scheme USPS). adcfined benefit occupational p¢nsion scheme OFthte4 by The PeLsions T. The employee's CODtTibution is 6.3•A and the cn4Jloyer's CODtnbution infft&8ed 10 16.8% from Septemkr 2019. This is now cl1 n¢w eD¥loyees. There is J potetitial debt OD the eryloycr that cLxthl k levi by the Tnkstee of the S¢beme. The dekn is due in tbe event of the employer cetsin8 to participate in thE Scheme or & SclLan¢ witiding up. Marlborou8b College has Eten notified by the Pern5i0Th8 Trsl of the e8t10ted employer debi on wit1th71 from thr bMlependuLt khwls. PeJLsion htrne b&8ed on the financial wsition of the Scheme 30 SeOemtu 2019. As of dats the esti[Da e4nploJw debt was £16.2m. This amount is DQt prOded for in th¢ accounts. 31

MARLBOROUGH COLLEGE OTES TO THE FL¥4ANCIAL STATEMENTS (conthilled) Th¢r¢ are also three adive and three n<.11v¢ nOD.%hiffjg aff who are memkn of the GrotA¢h Plaffj a defined beDefit conthl>ution p¢nsion $Ch¢ll ¥180 op¢d by Th¢ Pensio5 TT¥( Tknich also allowTrl AVC paym¢nt4 was the pwpose for the ¢UTTent m¢ttthrs. This scheuK is clod to employee& As with the ISPS, there As 4 PDlial debt OD the employer that could be Iled bythe Tnts olthe s¢hell. As at 30 Septh 2019. th e8th811 ellyk) debt WB5 £257,000. This aDY)Ullt is not provided for in the accounts. Tbe three palon hem¢s are colle¢live defined berneS under 5tion 28 of FRS 102 and rdinglY c¢)ntnUIl have been cOUnted for as they fau as if they were defi1 e4mtnTri0n scbemes, ¢x¢ept for the rewgnition of a crediior for deficit contributi($ wbicb bave beto r*)tifi w the College. Pts" ryiyed by FRS 102, the dis¢ounted present value of deficit contributions notified to the Colk8e b&8 been inCld in ¢Ill0T5. As sknvm in wtes 10 aad 11, a totsl of £3J73,000 was included in creditsrs at 31 Au8USt 2020 {2019.. £3.617.(NN)). The annual commitment to mth contnTrAlliorA kn the three fib)ve is É2.956236 (2019: £2253.950). ContributioDS totsllin8 £341277 (2019: £279.46]) pay&bk to pettsion tthmes ai the year end. A defined cOntnUtioll se1Me operatrd by th¢ Pewiow Tn1 is (ryycn foT of the n0n.teaChg stsff who are noi ¢yrrenily in the defitt bfit J¢knw. Th¢ ¢ontrikwUQn raw 4T¢ 3%. 4% azyj 6% foT employeeg aTrl 6%, 8% ond 12Yo for the enyloyer. Defined ContriblOn Schemes operated by Employee, Pension Fund (EPF) and SOCSO (Social Security Organisation) ar¢ $tsDilory boards for e0¥lo, retiTem¢ni s¢h¢me$. Th¢ empl¢)yee are IIO/• and 0.5% for EPF and SOCSO rewtively atyl th¢ ¢mployer COntnte$ 12% foT EPF •nd 1.75% foT SOCSO. TAXATION A8 a Chariiy the Colle8e is exaiipt frorn United In¢0 tsx •nd cotion tax. MCM is nornllY subject to tsx bui has bten grantrd a t&x exemptioll on IIKPA of statutory irOll for a period of10 y¢•rn unthr S¢diort 127(3A) of thc Inco Tax Ack 1907 year of &ws8ment 2011 wbiclL will expire iti De¢ember 2021. The al)Unt of deductsble temtmry difftten¢¢s (which have w expiry d•t¢) for whi¢h deferted tax a8s¢ts ar¢ r#o8nised iti the i>Aiance 8httL 32

MARLBOROUGH COLLEGE f40TES TO THE FINANCIALSTATEMENTS (Cottthiued) TANGIBLE FLyEDSsETs COLLEGE SUBSIDARY COMPANIES IAnd & Buudinp Equlpmmt Total GROUP IADd & Blllldlng• Equipmetst 2020 Totsl To COST I September 2019 Additions Disp)sals Exchhn8e effLYts 121,659 3.479 JO.736 132 J95 705 4,184 (472) (472) 39,429 262 4582 534 (223) (315) 44,011 796 {223) (JJ70) 176.406 4,980 {695) (3J70) (3,055) 31 Au8Wt 2020 125.138 10.969 136.107 36.636 4.578 41.214 177.321 DEPRECIATION I September 2019 Charye for the year llisposals lJ4)airnwit L098 EXCI)80 effxts 20,126 2,551 8J98 737 (451) 28.524 3.288 (451) 4.748 1.550 1.857 519 (214) 6.605 2,069 (214) 2.801 1670> 35.129 SJ57 (665) 2.801 (670) 2,801 (550) (120) 31 August 2020 22,6T7 8.684 31J61 8.549 2.042 10,591 41.952 NET BOOK VALUES 31 All88t 2020 £102,461 £2,285 £104,746 £28.087 £2.536 £30,623 £135.369 31 Au¥ust 2019 £101533 £2J38 £103,871 £34.681 £2,725 £37.406 £141277 No ¢kpreciolioD WAS charyed on freebold athJitiON of the Grrmw to £5.6W.16212019: £5.259.949) as the projeLts were incomplete at 31 August 2020. The taD8ibk red vknolly u9ed for the activiti Capitsl C4KDDUttneDts'. 21)20 2(119 £2,795,792 £746.516 Allthorised but not wntr¥¢led for £4J94,758 £8J49.775 33

MARLBOROUGH COUIGE NOTES TO THE FINANCIAL STATEMENTS (CoMdB•ed) 7. INVFSTMELYT IN SUBSIDtARIFS 202• 2019 256 256 The Collrye owns 11)IYA of the folloiving La)rwies' share capithl of a rtysiCd ID EDglafyl Wojes. Marlbornu8h Collrye (Ellterprl) Llrnlted. 02967113 Tr iswoj share c•pital of the company is £150. mrIb08 Colltye {Over•) Llmlted. 6407923 Tbe issued 8bare capitAI of the ¢x)nyny is £ILKJ (2019.. £IWJI. The ¢ompw did trJe in the year. The Colle8e via Marlborou8h Colle8e Ovu8ets owns l(KfA of the slw¢ c4)ital of M Eut Sdn BW whTrch is reBi8ter&l ID Malaysi& EDterprl•e4 2020 2019 2020 2019 2020 2019 £'ooo Turnover Cosi of sales 922 (714) 1.405 (1.012) 19J75 20.740 GT0 profit 208 393 19J75 20,740 Teachin8 Welfare Facilitie8 AdminiBirntioD (7.754) (1.460) (2.593) (7.(K12) (7J40) (1.603) (2.659) (4.029) (245) (221) Operntin8 profil (J7) 566 5.109 GifiAid doxjaiion to the Colle8e Acttwial Movetneat Interest pa>ryble 1210) {4.709) (4.070) (14) (6) (31) {4.143} 1.039 (14) (6) MCEL Pa>m¢nt from tF* Coll¢g¢ to MCEL Patient from MCEL to the College £'iJo (121) 17 M East Payments from M FA8t to the Colleg¢.' 363

MARLBOROUGH COLLEGE NOTLS TO FINANCIAL STATEMENTS (Contlllued 8. FIXED AND CURREIYT ASSET INVESTMEI¥I3 Flxed At Investm¢nt• CurrentAl¢ Investments 2020 £'o LIsA gecwiti¢s.' Market Vah at 31 August 2019 Addition$ Disposal at (yening market value Revaluation 12.405 2.068 (2 J991 9.617 (3204) (166) 12265 6,687 C&sh at bank for re-inV¢8tmtot Rare b(yJk Inveslment PT(Wli (r¢vglu¢d 31 August 2020) 900 757 1.834 4,064 value at 31 August 2020 £15,763 £10.751 His¢oricoJ costs of listcd 8eeurxtie6 £9.165 £6.883 Listed 5UrItieS are ¢s¢ni)I by. UK Government red ititertst UK fed interes¢ index linked ForeA2n Fued Intvesl UK ¢quilies Foreign Equiti 917 5.770 1,154 5.087 5,192 714 £12265 £6,687 The r¢vahwtion of the lisd se¢wities stated above is itilelation llreall gaiDS and lojyts. in addition to the unreAlised 8aiw and 10$8¢s there were £367.318 of r¢ali8ed Ios8¢8 which aT¢ Iluded in ¢kn StAtem¢ttt of Fina1 Activlties. The Colle8e's iDVe&tme prop¢rties are Volu aDnually ai the of AuguBI by Woolky & Willis. There a £46.017 threase in th¢ lUatiOn compaT¢d with th¢ v0htion It 31 Augus¢ 2019. Th¢ College's Rare Books are v41ued amiually at ts cl of Au8uM by Dominic WiDt¢T AtiL. There was a £13J35 demse in th¢ vduaiion coD]pated with th¢ valu100 ai 31 August 2019. The Colle8e ha6 a benef]1 interest in the Trevaiga estst¢ le is administsre4J by inthpetht trusteu, whereby the Coll¢8e [CIV¢S in¢onhe but has no entitlrnt to the capithl. 35

MARLBOROUGH COIIEGE OTES TO THE FINANCJAL STATEhlENTS (Continued) 8. FIXED AND cuRRENTET JNVLSTMENTS (¢fjnlln•ed) Invtttm¢nts vestments 2019 Listed s¢auiti¢5: Market value at 31 August 2018 Additions 11.801 1.749 (1.527) 383 13,695 196 {4,150) (124) R¢valua¢ion 12.406 9,617 Cath ut bJDk for Trinve8tment Ru¢ books Ins(Ment propertie8 (T4alued 31 Aw 2019) 693 770 1.880 3.839 Markn value at 31 August 2019 £15.756 £13,456 Historical ¢08ts of listed S)¢1¢5 £15.425 £14,988 List¢d y¢curitiu ¢ r¢pr¢gettted by.. UK Governtnent fixed interes¢ 230 579 61 5.458 5268 810 1,139 8.478 Forei8n Fixed Int¢re$i UK equities Foreign Equitie8 Prop¢ty £12.406 £9,617 DEBTORS- Amowits t$ due wlth one year Group Collegt 2020 2019 2010 2019 Fees in arrtars and extr Sundry debtrK8 Prq)aymeDts Trade debknrs Amount due from relAted comparrits 465 559 2.880 1274 298 20 4243 197 465 547 299 15 408 2y2 2,653 £5.178 £A.758 £39 £3J75 36

MARLBOROUGH COLLKGE NOTES TO THE FINANCIAL STATEMENTS (Continued) 10. CREDITORS- Amowb¢$ falll•g due whhl• one year CoM¢g¢ 2020 £?oth) 2019 2020 £'o 2019 740 1.005 17,607 823 4J2 1.015 332 723 1.086 19.745 482 514 1.042 314 740 394 5.681 723 625 7.700 Tfft creditots and a¢¢nlS 401 I,5 324 453 1.042 314 sll edItorS P¢n9ion deficil payments £2l.954 £23,906 £8.545 £10,857 CREDrroiLS-kn•unts fAiiln8 due •fter one year Group 2020 2019 £?) 2020 2019 23,801 26.548 Ftts in advall¢¢ s¢bern¢ . Amounts du¢ wrythiti two to five - Amounts du¢ after ftve years EDtran¢¢ artd overseas dwiis . Amoutsts due within two to five . Amouttts due after five years L08n No PeD8iOD deficit payments 871 871 4.054 2296 25.( 3.041 5,059 1549 25,c(l 3J03 2.465 1,157 25.CrfXI 2.962 3.013 25.0(X) 3218 £58.600 £62,330 £32.052 £32,102 The loan te of £25 million is repayable in sts8es'. £10 million in 2037. £5 million in 2042 and the £10 million in 2047. The loan is wwecuted 8lld ir*urn itit¢rn8t of 3.24% pa Tlknicb is plb evuy six rn(th 12. ALLOCATION OW NET ASSETS BETWEEN FUNDS Th¢ nrt 988ets are held for the variow a8 folloM: Net eurrent 2020 Flxed amets tAllgible Lox8 ¢¢rn U•bUldeJ Invertm¢nts Ol#bllldeJ) Totsl £'ooo Unr&4tricted & DeS18llal Rutricta Fut Enth)wcd Funds 135 J69 3.9t)2 1.108 10.753 9.852 20 (596) (S8.6) 90,463 1.128 10,157 £135 J69 £15.763 £9276 £(58,660) £101,748 2019 eurrtnt llg term ljabilit tAnglblt Jnvatments Total £'o Unrestricted & D711 Etswicted Fuj 141277 3.935 9J28 21 1357) {62J30) 92.410 1.128 10.357 10,714 £141277 £15,756 £9.192 £(62.330) £103.895 37

MARLBOROUGH COLLEGE NOTES TO THE FINAI¥CIAL STATEMENTS (coned) 13. UNRESTIUCTED FUNDS 211211 Trxsfen & Balance oth 31 All8Uit 2020 I SepteDther Ineome EXndItr 2019 College geoeTrl funds Malaysia generai fiuld Colle8e desi8natrd fimds 15) 35.5 19.375 98 (34J78) (20J89) (58) l J22 (3.1431 (74) 86.910 2.008 lJ45 6.165 1.579 £92.410 £54.973 55.025) £(1.895) £90,463 2019 Trattsferl & BalADee O¢ber 31 Augurt 8th81(IoiwB) 2019 I September 2018 ColkBe geneTrl fun(Lg Maiay3ia genernl fiu College designad fiumls (Dole 15) 80J24 5,127 1,448 38,756 20.740 134,746) {19,939) (19) 432 237 84.666 6,165 1579 £86,799 £59.586 454.704) £729 £92,410 38

MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS Icollthiued) 14. TRANSFER OF FUNDS 20211 2019 Unregtrleted College Revenue FuThl 1,422 208 D¥1%Ated CoUe8e Master'8 FuTJd Revenue Master's Fund Capital Con30lidatrd Trusi Furyjs Children of Clergy Fund 131) (46) £(31) £(46) Rutrieted College ML8ier's Fund Revenu¢ Capitsl Projects & Buv88Tieffj (127) (1.149) (89) q1276) £{89) Endov4¢d Fundi M4sw'$ Fund capithi O¢h¢r Con801idatrd Capitsl Futtdj Cantton Diggie Scbolarthip Futyl El$¢ob Scholarship Fund Gabriel Scholarship Fund Sir George Abell CoJ)solidatrd Tru Fuods Copitsl (115) (73) 115) q73) BuTsaries. 39

MAWOROUGH COLLEGE NOTES TO THE Fll¥ANCIAL STATEMEKfs (Continued) DESIGNATED FUNDS Trfern & other Income EwDdltiire 881nO08> Baluce 31 August 2020 £'ooo I S¢pteJDber 2019 21120 Cbildmi of Clergy Fund capitsl Children of ClerBy Fund rcvcnuc Fets iti Advance tAllnp Sum FUNI DesRgD4t¢d BuTsaTi¢$ & ProJts lJ73 23 183 (6) (18) (31) (25) 1349 23 173 31 32 514 (17) {514) £1.579 £577 q537) 474} £1,545 TrMfen & Bllance tsther 31 Augu8t IAeome ExperLdltwe VID(100) 2019 £'ooo 2019 I September 2018 £'o Childr¢D ofci¢rgy FuThl wjitsl Children of Clergy FuTrl r¢v¢n Fe¢8 itiAdvance Lull4> Sum Fur 1,349 23 76 (6) 30 (46) 76 1,373 23 183 {13) £1,448 £90 419) £60 £1,579 Deslpited Fulldi These consist of funds as des¢nlyed below, whicb were 0ri8irnlly sei up l(te domtions of a general pwpose towards d¢sigDatrAJ puOSeS as aFvroved by the Cou11. At ttro discrdion of the Council, th¢ funds cAn be applied iowards other obj#uvw 08 has been th¢ ¢u¢ tb¢ buTrorie5 Aad projeLts durin8 tF year. Chlldren of a¢ryy FMDd The Fuod 1$ Us1 ¢0 assis¢ the ¢bildreD of clergy ¢0 attthl the College. The rec¢iYes investment income from its share of li5d investments iJk the CoDsolidawd IDve5thxnt P1. surp1$ i)Me is to th¢ Colle8¢ ID ord¢r to •ssis¢ the Colleg¢ iti its obligations towards Cbijdrea of Clw buts Fe¥ ID Adv•n¢e FMd This is a scheme whcrcby parents a1 other5 make adVae paymeDts, wbich tO8ethcr with the inlerest accruiDg thoreo provid¢s f¢¢s for pupils. Th¢ advwK¢ payznents rwxived the SCI)e are separately In5¢ed by the College. The 8chem¢ provid¢5 for 8 wntnbution each t¢Tm towwds the wil's fees COtWi5ing a c8pital portion an illtere8t Thc amount duc lo parcnts. inchthd in wiutilised balance of lump advaD¢e8. Excess funds aTC trare11rd to the ColleBC. with Council's approval. for 8pxifi¢ projts.

MARLBOROUGH COLLEGE NOTES TO THE FINANCIALSTATEMENTS (ConttDlled) I& RESTRICTED FUNDS BAlaDee I September 2019 Trinsfen & other 31 2020 2020 £'o £'o The Master's FuThJ reven Other tNyt fimds Capitsl Projt5 & BwsorAes 418 710 (1151 (127) (1,149) 418 710 144 1,619 (17) (470) £1.128 £1.878 £(487) qlJ91) £1.128 TrnrferJ & otber dlive g•InO0$) Baiallte 31 AuRllIt 2019 2•19 I September 2018 £?(KK) In¢ome Thc Master's Fund revenue 318 618 173 216 (73) (89) 418 710 (35) £936 £389 35) £(162) £1,128 ReI¢d Fund8 Tlw tswt fimd8 are subje<1 to 4>e¢iGc trust6 ¢knlued by & dowrs or with their authority. Tbese iDchKle donAtion8 towardB specific ¢apital projects (the IvatIOn and S¢iew¢ proieci plus the Memorial Hall) as well as bwsary •words. The depr4xiauon relad to the4e Proj¢¢ when complete41 will b¢ ¢xptatsl thr(sh th¢ Utirea fuTrls as F•rt of the n1ft8 os¢B of the College. The M•ittri Fumd li is represented by capithl And t£¢umted fuDJs. vknicb are eXpejabI¢ iti •Wrd with th¢ ¢oAditions imposed by tbe dottor& Other Trlljt Funth Th¢sc wry)rise trust funds Twhog¢ applie41 iti with coTrJi¢i0Th8 illwd by the donors. They differ from Consolidatcd TTht Funds *s they do not OWD splfied nunthers of unils in the Cowlidated Fund Invtment Pool. They 41

MARLBOROUGH COILEGE NOTES TO FtNANCIAL STATEMEiYt3 (CondLM•l) 17. Bthtt¢e I Septe 2019 Tr•nsff¢rs & Balance Investhitnts 31 Augurt JD¢ome pendItUre g•lLO05•) 2020 2020 The Master's Fttttd c4Jithl Other Consolidated fun Ca Diggle SCI1#TSblp fimd ElSb Scholarship fijnd Gabricl Seholar5bip fiu Sir GeoTBC Abell S¢holatsb4) fund Other C4pitsI fimds 4.893 1.947 518 1983 248 279 489 (23) (12) (2) (9) 4.804 1,901 509 1.948 244 274 477 (34) (7) 126) (3) (4) (8) {4) £10.357 52) 148) £10.157 Balance 1 Slptember 2(118 Tr•eT8 & Inve8¢ments IMeom¢ Expendfiture vts{]0•} £ooo Bal8n¢¢ 31 August 2019 2019 The M851¢r'$ Furxl capitsl Other Consolidated funds Canon Diggl¢ Scho]4z3hip fimd Elstob S¢holaTSbip fund Gabriel Schol4rsbip fjJDd SirGeorge Abell s¢bo1 Other Capithl 4,804 (23) (12) (2) {9) (i) ii) 13) 4.893 1.947 518 1.983 248 279 489 57 509 1.948 244 274 478 14 £10,159 q51) £249 £10.357 Endowed Thes¢uust funds are subjKI to specific trts declayedbythe &)nor5 or with th¢irautknity. Theyare rq)rtsetttedbypernt Th¢ Mut¢r'• FuDd Individual Consolidated Thtst Funds sd up bofoye 12 Mwch 1969 th oriBinai wits] is expble in a¢¢ordw with the oThlition8 imp)sed by the donor. Other Con•olldt•d Fnd• IndividuAI CoTwwlidatl Tru8t FU15 yet up after 12 March 1969. vknich bftve b¢ettftrlwified following confth&tIoll from the Ciwrity C0rnrni&8l¢) 4re now dcaned to be represented by pffmat ¢apithl fytyJ8. I0C aTi8ing from the investments 18 io be awlied to burwy siipEwL Sthol8r8hlp fllnd8 The Canon Diggl< Elsb. Gabrid 3od Sir thll S¢118h fillth wttt all esthblI8b by 4>ecific gifts which vKre to b¢ ioveM¢d to ¥¢M*¢ Io Provide scbolabip8 to pwils at ts ColleRe. Other ¢apIt fmtyds Mor¢ rw¢nt ItidividuaA ConsolidatedTnw¢ FuDds Set afterthe ¢knConsolidatedFwkts #bove. tbe capital of which cannot be expe¥yJed. 42

MARIMOROUGH COLLEGE NOTES TO THE FJNANCIALSTATEMENTS {Couthiued) 18. FINANCE LEASE COMMITMENTS Property F4uiprneBt 20 2(119 £•ooo At 31 August 2020 the Group hAd the followiti8 thtsl Withtn one year Two to five More than five year8 2,774 12.801 27.781 2,376 13.181 33.670 43J56 (19.535) 49227 (23.070) Le8$.' fvture fJnanc¢ ch Pr¢8¢nt of fiDattee lease liabiliti 23.821 26.157 R¢pr¢sentinB.' Within one year TV to five years Mor¢ than five year 823 4.950 18.048 482 5.435 20240 23,821 26,157 19. OPERATII¥G LEASE COMMITMENTS Prnperty nd Equlpmellt 2Q20 2019 £'o £90 At 31 AU88(2020 the Gff)up had the followiD8 total commitmettts utth non•cancellabl¢ wtiD8 kaxs: Within OK year Two to five years More tbaD five ye 2.139 8.556 35,090 2,315 9,281 40280 CONNECTED CHARITIF The MrlbMriD Club Cbrli*ble Fund SMW Bisbop VA8 a TnL8tee of the Fund Tratwciions with th¢ Marlburian Club i1. 202Q 2019 Donations ¢0 tb¢ Colle8e 63 76 Mvlborougb Colle4e FoMod4tloD Th¢ Ma¥ter. Pmf Sir Jokn Be]L SMW Bishop. E EllioiL G l Hen&tg)n and T MarritsJeokin5 T[tte. Transactions with the Marlbomugb Coli¢8e FLRuykn includd. 2(120 £?wJ 2019 Donatio to the Colleg¢ 1,474 635 43

MARLBOROUGH COLLEGE OTES TO THE FINANCIAL STATEMENTS (Conthiued) 21. RELATED PAirrY TRANSAclloNS As shown witbin note 4. the College reiJnbW tsjvel aud other expenses of £16.818 to twelve COVll 12019.. £34.765 to eleven COU11 metnkn). No coul11 received remuneratioll iti the current or prior y¢w. 22. ANALYSIS OF Nrf DEBT Movements ID Cash Floiv At I Sep 2•19 At 31 Aug 2020 Cash At b]k and in h Uninvested cash Incl in inveslmettt 14.132 4J32 5l6 432 14,648 4.964 18.664 948 19,612 Loon Note- anwuDI afiv l > (25,(m) (25,000) 6.336) £948 £(5.388)

MARLBOROUGH COLLEGE NOTES TO THE FtNANCIAL STATEMENTS (Cont5M*ed) COMPARATIVE STATEMENT OF FINANCIALACTivrriES doTYed Fund• Tot 21119 £'o Futtdi Mthyth College £'o Ineome and eDdoY4meDIB fr(•m: 1.127 1.127 School fees Slllnmer Scbool 33,450 1.957 19,735 53,185 1.957 Traditi8 Income 1217 488 216 570 1.433 1.058 517 219 389 1215 Tot•1 Ineome 38.756 20.740 90 389 59.975 ExpendIre oth: Trading costs FirJAticing costp Marketing and fLmd taiSiD8 Inv¢sttnent managemi 886 770 897 219 1.105 2.877 13 87 52 38 2553 2.400 19 52 5,024 College opcratitig ¢081S: Teaching costy Summer SclM)ol &¥peJL Welfare Premi5e8 12,9 1,621 4,864 7209 2JOI 20.330 1.621 6.467 12.080 4.056 38 5,175 I,(rf)3 4,871 1,755 33 Dqireciation 3208 1.967 32,193 17,539 35 49,767 TotAI expendlture 34,746 19,939 19 87 54.791 Net In¢ome btfore Invesliii¢nt 4,010 801 71 302 5.184 Net gaiLs on investDnts {212) 106 250 144 l¥et IDeome 3.798 801 177 552 5,328 208 126 {46) (162) Revu8tioll of Tnve8tment Piopttti&s Exchonge Eainsl(10&ses) Rermeasurement of Pension Deficit 126 321 226 237 226 NET MOVEMENT IN FiJNDS 4.442 1,038 131 390 6.1 45