MARLBOROUGH COLLEGE ODeorpornted by ROY￿ Charter *Dd regtstered *s *M Edueatlr)D•l Ch*rlty 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 Tn￿e& 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 Fin￿1&1 Statements 28-45 MARLBOROUGH COLLEGE MARLBOROUGH COLLEGE TRUSTEF& OFFICERS AND ADVISERS TRUSTEFS ThE Tn￿￿eS of th¢ Coll¢8¢ ¢on￿lty￿ the C(xmciL The RL Revd. N Holtsm The Lord Bis￿￿ Ors￿l$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 Nomin*ions Cornmilt¢e Mettthers of the Buildings Committe¢ 4. Members of the Actidemic Cottunitl¢¢ Membern of the In*rntttional 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} 0F￿CERs 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 HOdg￿n (￿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 m￿lboroUgb College MA1￿ Th¢ M&qter A Strvens Bws J Strojwh Marlbor{￿h College M¥la￿l8 Jalan MarltX)Tough 7921X> Iskokn Pu*ri 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 Q￿ell Stred P￿t EC4R IAG 8 Flllstr￿ry 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 elrt*d of Councd arE aF¥Joiti*d 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£rultnw*l, IMdu¢don And Trthl•8 ofM¢mberi ofcouudl The Nominations Committefy in mjking rw0nu￿tsonS 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 MJs*r 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 preS￿￿tion8. Ory#lllMtk)n The Chartcr and BytrL4W5 require that th¢ ri8ht& PO*ff5, dulles 4ty1 fi)JKtior6 ves*d 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 specif￿allY rwured to de*rn]ine the tuition fe¢s atyj to tske Tespon$ibility for the Coll¢8e'8 a￿18. To enable rnatter8 to be considered iti d¢tsil prior ￿ medin8s of the full cou￿11. a Finanv Committee, a Norninlllions Committee, a Buildings Comrnittee. an Acthic ColluDitte¢, all lttternitio￿al CollJmilt¢¢. a Development Commit¢¢, an Inv¢Btmertt Commit￿. and a Remur￿latiOn Cotwniitee have b¢¢n ¢sthblished and tFy eath ubxt ot lea8t three times a y¢yr. ItDpl¢n*ntsiion of the G)uncil's d¢ci8ioM is the rwibility of ML*r. MiThlful of the Cbarity Govern￿￿¢ Codc. the College wtttitiutts to review its pr(Ke5ses alld proc&hTes to eD5UTe the best pO￿lble 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 Coul￿11, the and the Burw from Marlborough College Fdala￿l& (MCM). COU￿11 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 di￿k￿ 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 ￿J￿￿tr￿C￿l In view of tk nalure of the ¢F￿lty, the COU￿11 be￿h￿arkS against pay kvels in other comparable indq)en&nt Sch￿15 to ensure that College remai￿ se￿Ative to th¢ broadw issues of pay and enw10￿enI conditions e18ewherr. Rel*tsd En¢lde• Detsils of connxt&l cjwities Attd thidiary cowia8 are di%]oseA inNote 19 of the fina￿]￿1 ststsments. Conneeted Charity The M*r11￿r0￿8b College Foundatiom The objects of the Marlborough College Four¥Jation ('ts Fcwod•iion-) (r¢w&cred as an Ed￿tionAl 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#0dAa￿S 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 Developn*nl IkpartmenL Sllhldllry coM￿LI Mirlborou¥h College 0￿rI￿ Ijmlted M8rlborou8h College Cfv¢rs¢as Limite41 1$ a subsidiary of marIbc￿Sh 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 {M￿L) provths a v&icJe for the CoUe8e'8 wm-e41ucationBI trwjing and ror addiiional revenue-gen¢TJtin8 *tiviti￿. The Compaoy makes a 8ift aid dO￿tiOn of its profits ￿ the Colkge ul￿er 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 y￿r (2019: £210,(K4)). Rhk ma￿8¢Ment The tnajoT risk8 to which the Sclb)ols are exwel as Ml¢tttified by the Com￿1￿. 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 edu￿10 funue g0v¢rnm￿ts 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 AnWk￿e￿1 any 5tsate8ic change aul the involv￿1 io Implen￿￿￿ti¢)ty p¥rti¢ularly WI￿re the Risk ￿Se$sMellts were put ID place at all levels iti the SchooLs of panthmic and mitiKatin8 adions I￿lude daily health qucstionnaircs of all pupils and stsff, in)maiate testiD8 {atrJ rtt8uits) of aDyon¢ ¢Jisp]aying Sympto￿ viith appropriate erksured it W&8 ￿￿%]ble to switch to remote learning wben the decision takcn by EK)th Scknls to so. The health of all the pupiL8 and is the S¢hwls' and G)unciLs' ll￿1￿ priority as part of the day to day nllmin8 of the S¢]￿01& MARLBOROUGll COUIGE COUNCIL'S REPORT (continued) AIthou8h the College is still v¢ry near c4xity. the pandemi¢ iti4>fiC￿l MCM'S pwyil consideTrbly. la￿lY due to travel r￿trICtIOnS acros8 the ¢ounty school closure ord¢r5. Even before the F4ndeTDi¢ the Councils for iK)th Schoo18 feel In the UK there is an ongoing rith to chaws to i[thF&e￿ sctr￿ls. charitsble status. atnongst other risks. and h¢n¢¢ it is important that the College wntTnutS to show its con)mitTneDt to itiwroving support to otTr¢r schools and improving a￿￿ibIlity io the eth￿ati0ll provided at thc Colle8e. particularty in the nunthtt of trarLsfornwtional lyllwie5 made available. The The safe￿rdIng of children is an ¢xtremely inwrthnt area for risk nweo)eoL Organisatio￿$ 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 I1￿e Tisk5 by paylng particul￿ att¢Ution w the trnining of stsff and oth*r individuals asswiated with & O￿a￿lsation #bout bow to identify signs of ￿fegU￿rding educating the p￿]IS appropria￿Y. 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 infi￿trUcture to perwtlll risks. The level and breadth of l¢ti￿ty at tkn SCI￿19 is wtsble ard th risks a5￿14*d 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¢ea￿leS as required by ]aw f￿ th¢ proiection of thildML' fonnal for tkn Cou￿771 All Comrnfftte ￿￿tIng#. inc1￿11Th8 an alln￿1 review of risk management. detailed krnis of r¢fererKe for all ComJnine¢s: s¢rnte8ic deVelopn￿t plannin8 re￿eTh￿d ann￿Y by the cou￿118. 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 q￿lIfied I￿1 experirnced xad¢mic wiiFi deAlica*d re8POll8ibility for The Couttci18 regularly review3 effective￿ of plw and strategies for Inwi￿8 Ill idenlifjed Jmaior risks for Ix￿1 the Colk8e 8Th1 its subsidiari￿. Through their risk manag¢meni procc88¢s th¢ cou￿118 are ￿lisfied that th¢ major rA8ks identified bave be¢n a&quately Objects or c1￿￿￿ere, irrespe¢tiv¢ of fat￿ that develops iWeftKe of minri individud spiriti￿lity ba￿1 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 ¢1￿1￿ble of the College is ca￿1¢d Qui for tk¢ wblic Eenefitby yDJkiD8 e(bJ￿￿On 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(Mll41di￿1PI1n¢. 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 ¢xperi￿R. 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 adMItta￿e to best vnivcniti¢s and courses tky ￿ and StrAtegkn to aclthve the Year'i ObJectlve• The SclK)ols' 8trate8ies foracbievin8 their ObJ￿1]veS durm8 th¢ wwe w: continue to Teview the academic curriculum to ensure that il is 1X￿h ch4llengin inue tobenchm#Tk th¢irx4d¢mi¢ perf(Trrnw￿ in ¢xt¢rnal public ¢XaMi￿tiOnS and throu8b th¢ u8¢ofirAep¢ndtst vaJue.added Lyitrria achicvc targ¢ts for pupil numbers and varilw financia] lugets includTll8 opeT8ttn8 SUTpluses and ¢ash ge￿￿lott. eiicoiira8e the studenL8' SPirituMI tt)ornl ¥[0￿ th*ir li￿￿traI *W*Tentss 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 Pto*ci the (knsti)ric) thviroDm¢DI through capital projects to in)prov¢ and eftthance the ctr¢urrieul8r and p￿￿ornI f*ililits throuBkni the SelKX)Is' ¢ontinu¢ ¢0 impTOY¢ the sUSt8inabiknty of the Scbwly, e5¢u* tlrougb an ODg01￿ pTogr8mme of capitsj inVest￿ett( pani¢ularly ￿ the Coll¢ge where the canjpus 1$ mu¢h older,. and ¢OntIn￿ io explon and develop parts*J* with s¢lwJs I￿ad¢ll￿ a8 vKll 48 wlth th k￿1 ¢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 rtr*sse$8ed aDllually #nd may cballge during a pupil's time at the College depending ort ¢han8¢$ to tl*ir finan¢ia] sityation and #re awarded up to I IIYA ofthe fe¢s. ScbolaTships 9￿j awards ba8ed on edUc￿lOn41 ability. Scholor5hips maybe suppktneDtedbybwsary supp)rf up to the full value of fees in ca8e8 ofpmven fin￿￿181 need. The m&xirnutn ￿hOlarShip value is ￿ to 20% of the fees. these are offered ID very limi￿0 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￿ 8upplen￿nIed 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 ll￿￿e ￿ 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 eth￿atiOtt 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 resul*d ID a $ll￿oth It￿￿11t10n 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 spre*l xro&8 16 Ewdiug hcqw with the Bender bth￿t to a rnti() of 55% boys and 45°h girls. The Coll¢8¢'s wai¢m8 li8L8 rell￿1￿ 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¢lopM￿l in MCM the￿ ha8been • sub8WItiAI iKrea8e in the level of pr¢p 8¢hool provision with the capacily of the whole SCI￿1 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 ca￿lty 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 fU￿led 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 fthlsl￿d al Easter 2021. Th¢ ntxtpl￿￿of boarding Iv)u5e T¢furbishrnents werewwD￿J witsl nextsummerartsj other small¢T ¢8Pital proiects and equApmen¢ w¢r¢ either Scaled b&k or pw*)n￿ Thiry rrwlted in ¢4)ithl speDdiDg E￿ing 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 tte*d 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 budBe*d to cost more than £IW.IM were aiso pr￿￿¢all￿ellcd. 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 Qu￿tfiCatiOn (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¢ AssesSm￿t 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 r￿ILl 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 r￿st 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￿ sU￿S w&s achieved both by indiv1th￿l 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 exeith1t￿l •i¥)ui the musicaL dramatsc and artI￿le life of the College.. of innovative iniiiatives has raised wfile •xl ambili0ti8 of arts ai MaTI Publlc Benefit The colu￿11 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 COU￿11 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 ￿ls￿n¢t for cbildmi unable th afford full fres Ind encourages a culture frorn thoge who have received a MarlbOr￿￿heduc8tiOn￿kn 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 Foun￿0￿). and trading both at trlon￿ armj Abro￿. Within the fill￿1￿8 available. bUTWI￿ of w) ¢0 110% of fee4 are avallabk fir t￿l￿)t afford the freg, subject to the candidate mtttin8 the Collc8e's entratv r¢quiTrnts. The majority of bu￿arleS are available enty to the College, eithcr at 13 or 16, Ahbou8h x)me fill￿l￿g is available for those with iD.y2ar fill￿la1 bardsbu). The Colleg¢ 15 a member of the Sprin8board Par￿￿[Ship in support of traTrqformation31 Under its * making policy (5cc aknve) th¢ totsi nuthof T￿1vIng rnea￿ tested fee a￿ASts￿ 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 comtill￿ty 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 an2￿cement with the Ae*kmytowovide ¢4VOTtimilies forth 8tsff and pupib of the Academy Academy is part of the Unitrd Learnmg Tr￿( (ULT). The cwrent link I￿en in exisreD¢e for th¢ l&st 12 years a￿A this coniinues to grow, particularly with the lau￿￿ of the Switth Athy GTaTJ)nw Stream in Septettth¢r 2016. In a t￿lC 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). Ho￿0Ver. urtforthllmtely most parti￿ship a￿1VItieS were swended in March 2020 (￿￿ to the lockdown but where possible moved to online vrill b¢ reiwtytrd At the earlie￿ (Tr)rn￿ty. (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 eV￿lti88 and using the College f8ciliti¢s with ett)pbASiS OD a particular cU￿1c￿l￿￿ area each li￿. There are usually 12 pupi]s 4Dd ttvo SA ieachers attending on <￿¢￿810n. Due refU￿1$knItht of* boHrth8 this prOBran￿ Te4u￿d from the usual 12 relidentiais. (v) Since the stsrt of the SA Gramm￿ StrEart4 the College hostyj a frtt week.lon8 acadeJDi¢ Year 7 Surnn￿ School. in conjunction with Imperial College for SA Stram pupi15. This challenging boordth8 experience offerB new and demaDth8 academic activities for 60 SA pupils. FeedbKk COnfirn￿ that this 'beyond.th¢.$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 m￿ll8¢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 gr￿Y illvolv￿ withthe links withparts*f SCI￿14 ￿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 orgarri*l by Fittwillilm College Cambridze to enable SA pupils from diJ*lvantsg¢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%. Unfornll￿tCIy. this Progr￿ suspended in March 2020 due to & pathi¢ bui retnotr activities are planD￿j for 2020121. (vui)The Colle8e 8upplie8 two teaclxr G¢)v¢ny)rn at Athy. Eath of tlKse Govffnors approxima*ly 2(Kl hours per year on Swindon Academy work They also provid¢ wpport with pupil di￿1p1]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¢￿10￿4 aThl wfre ￿lS￿d by two College stsff on each occasion. (x) The SABio108y fieldwork trip to the College ha8 beLome an artm￿l visit and is ￿l￿ted 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 hO￿d that it will be Teinsta￿a ll￿t pr. {xi) The ColleBe delivered itiV¢S¢igativ¢ scie￿ sessioDS181¥)urs for 30 Y9 Stream FHyils). One teacher. phLS on¢ t￿h￿l¢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 hc4*d 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< SCie￿e 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 a￿1 fOrn￿r 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 prepar￿1 to participale in Outward eowses in Canada iti the Sumrou of 2019 {thTe¢ in 2018). These cow3¢5. worth $8( CAD are paid for by the Stuart Horne Chtirity. Onc College ieacheT with th￿¢ pupils Febnwy to July to prepore them for life￿hang1rtB expedition* The 2020 PT()g￿ was swpended th￿ to the lockdown but is hoped to be back in place for the pro￿ in 2021. (xv) One member of the Guidance sthff visits SvAndon A¢thy for two hour5 every Wedtthy to help Sixth Fornws apply to Hi8her Educ&tion and othtr courw (Switch￿ Ma￿h 2020 to OD]ine ￿1p). (xvi)The onnual SA Corol Service took pl￿ iti th¢ ColJ¢g¢'s ¢hapel ID D￿tl￿b￿ 2019 but Unforn￿￿1Y due ty th¢ Pa￿7 11 not be able to bam in 2020. (xvii) A number of m8nag¢ment plaDJJing me¢tsng8 place via Zo)m to plan for the 202012021. The (Xtr￿h Teorn were regularly iti with thc SA manageme￿ TeallL (xviii) Zoom Talks- SApupils wtre invitsa to all r¢levaDt7AX)tn talk& A number of pupils did Att•￿ some to￿ pnd fe¢db&ck favourable. (xix) SO￿ Lattnlclw CI￿l￿tiOn l¢ss(w foT Y7 afyl Y8 ￿118 contin￿d with MC teachern sMthn8 el￿trOnically. (Lx) Gov¢min8 m¢diD8S kx)k pla￿ with College reprejentation OD the Roverni¥ Edy. (xxi) Y¢8r I I SA pupil$ 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 Departt￿l) tAtinlClassical Civillsation le&wns Monday I￿1 Wednuday 120 Yw 7 and 8 Gr￿￿Mar 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 teacl*ts to Swindon Acthmy as port of the *actr*r 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, t￿hIng (A LKvel Physiul and ll%DtorI￿ planning Adv￿01 Y12 STEM M&St￿l￿sS 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 Can*Ja 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 Cl￿S 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 mentOrin￿wOrk experience is curreotly offereAI by ourom Chth, w SA￿￿118 WIK) n4ue8t it Oxbridge prgp8Talion belp been offt￿d to 3 SAcanth"dates A YI I catch-up merL￿nn8 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 p￿IL% and one MC leacher Specialist support to be offered to 6ve Ycthr 13 p￿115 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 a￿1 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 ex*nsion 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 dth￿ed ￿ PVS this PVS staff bave Also been iDvi*d to at*tMI any of the College's PHSE training sessions thiq year. One PV P￿11 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 allo￿tsd 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 I￿ks￿W￿ MaTlbon)ugh Colle8e initiated an inno7rtiv¢ scle￿e ard rO￿tiCS 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 redeslBr￿d. with the SCIe￿e 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 approxima*ly 2(N) pupils tak¢ part in a raDRe of Outreath ¥ctsvities which provide 4 direci service ￿ maoy awts of wmmunity. T1￿¢ i￿lude.. (i) Worknn8 in Primary Sel￿018 (Iiul thls.. Preslntte Pritiwy, All Cannin85 S¢hool, Kell￿1 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 i￿￿Ill8 C•rt¢¢rReseaTch aDd Prowt House {iv) Visitjng the ¢ld¢rly aTh1 rt4ideniial homes. }￿lud￿4 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 le￿ning difficulties (ix) awity Think Tank (seleciin8. pfoJDOting atKI making dO￿tio￿$ lo clwiti¢8) (xl Collecting for Chri5tmL8 hampers (for ¢b¥ritits) {xil Collection¥ for Swindon Fcd Bank Chris {x1ilPref￿ts ruTmitt8 & stsll ai Si Mary's Pnffjy Sclwl Christs Fair Ixiii) Makin8 ￿ 8ellin8 cmmics (ftjr ¢h¥itig5) (xiv) Communily Cl¢all Up {supp￿ti￿ 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 I￿￿1 children a&￿ fow to scYffl] years old. Uafortunutely, 41thou8h planned 0￿j budge¢¢d li WLS not abk kn take plTrx this due to COVID restricti(M& Edclub The EDCLUB Movement is a p￿tI￿1Ven 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 trp*b￿g Englis￿ Maths artd Science and genetutittg EK)sitive and fruitfid TelatioDthI￿ on eitkn side. As of Mi¢lw¢hn&8 2020. 41 Marlbur1￿ arc si8t*d w) to the programm¢. In (ktober 2019, The OSCAR Foundation browgbt a fwd)all team of I￿J]￿n %tred childrn to experie￿¢ J programme of Activities at marIt￿rOugh 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 I￿ppe 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,¢￿ youngdi*bledpeopleeV￿y¢4r. liprollx)t¢S iDclusion in S￿rt. WoTkiDg ID collalM)ration with both PaD4th1on atyj Wiltsbire atsl S￿n sI￿rt (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$1￿ as Patsthkjn k4d¢T5. The College proviths 12-14 voluDleers to help each individual sporL Tr new flwr in the Marlb)rough Coll¢8¢ Sp)tts Hall is wheelchair friendly whicb eJL8ures the evellt will Continue in the future. The Icc¢￿ eveot took p]ace in Ckwber 2019. UnfortU￿y. ¢0 COVID re8trictiong the event will not happen in autumtt 2020 but the Colkge will contiti￿ to ID futtwe years. ObJerw710ry Since 2003, thc Head ofAstronomy ai Marlborough College has th¢ outreath grt)up'Friend8of the marli￿ Telescope. via the dedicated Observatory website which inclth eveAts, kctures and month]y Q&A SesgioJ￿ &$ 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 intr￿1ve evettts. Spread ovua llUDts of eveniDg$. The obsenrytory hosts the UK Astronomy Olympiad Team for Obs¢rvalional training each Au8USt the Ob5ervaw is OPCD week of Summ Sclwl for g￿1 visits. Due to the p4odeull¢. there are currumly no faet to fac¢ events ai the th)me. How¢v¢T. ]ive stre•ri￿ is The Ob8ervatory 8180 IM)￿$ 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 n￿e8 iifL howev¢r. to observing eYeDill88 aDd I￿tIjr£8 is evailabl¢ via Z(h)llL Careers Department The Career8 Depllrts￿nt 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 s￿￿10n Acadany ew week to offercoreer8 a(fvi¢e help Sixth Formers 4)ply w Higber Educ*Th afyl other c(MWS¢8. Mwic Departmenl The Musi¢ D¢partment continues to offer pupilg from St John's Marlborou8h access to Ch￿be¥ Orchegtr4 Music TeChr￿10￿y. 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 coln￿￿MO￿tiDg 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 I￿1] 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 ensembleperfornw￿yare fr¢¢ to m¢mber80fthe localwmmunity which pn)ves a wular I￿1 Initi￿1ve. Sportim8 Facililies (i) The College b¥$ eDter￿ inlo a form￿ a8(een￿ with Si JOI￿,8 MaT]i￿ en*blitig the scbool to U8e the Colle8e'8 piIGhe5 and other Jports facilitiffj for example th¢ AstyoTurfpi*he5. 8quash c(Mtt4 n¢¢b￿l ¢(NJrts and athletics Ira¢K at mutually conveDicnt limu. {u} Thecollege al80 hosts a nuthofWth8bire Pr1r￿sch(K)ts' sm f¢Aiv41s ￿ Yariou8tim￿0fthe yeAT aDd anunther of local Primary SclKK)Is ￿ the athletics track for their sm da (iii) The College's sports aTMI other &ilities are extellsively￿sed by li￿1 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 S￿￿mptOll 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 H￿k¢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. althO￿8b due to the paDdclluc there was very little fimdTrisiDg opp)tmlluiies pl￿1 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 cOm￿ty ¢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 Proi*tAw8re (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 I￿ve although in some instal￿, to COVID ttstrictioo% this rn4y have taken a differeni 8uise. Any xti￿lieS thai could not take pl8¢e as a resuli of the pandemic Jre ititig planned ¢0 be reinsts*d as yD)n *$ the pHDdefflic restri¢tiOn8 Allow. In the TreNntime, th¢ Colle8¢ is offerin8 its in nwiy other attd this i￿lUdd._ (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 SCI￿1 clubB. rkn to urKertaiDty OD ix)th sides, thi8 nol taken up. (li) The College distributed AU peri5habk food ts) the lo￿1 clxtirrity when the school nwved to remote lern8 on 18. March. lill} The Assistant Chapl•in orRaoised a group of I￿1 their f￿llieS to offer Primary SCI￿1 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 coverin￿vis0rs for th kal Jwlical prxtic£. {vii)The College, Trii its website, offered regular wellE*iog tips fAlvice throu8hout kthknwn including fitness ex¢r¢i8e8 were ￿¢¢&$ible by any)ne vi8itin8 the sile. (vlli)The College will LY sUPPOrting two'Flu Clinics, ID conjunciioD with the local surgery. The fwilities for the driv¢ ¢W atkl vAlk.in Clitiics will be set w in th¢ Parade Ground atsj Water Methws car park The pmvision of s￿h a lry Clinic for the kKol is invaluthk and apptenvar& The to￿1 balance Taised during the year w&8 almost £7.¢YXI. 15 MARLBOROUGH COLLEGE COUNCIL'S REPORT (eondnmed) Investment Performance and Polky The Collegc's investments are tllana8ed by RathErf)nes Investment Management IAd. The investment manw have discretion ill th¢ uwenL¢nt of the w￿0110. The ￿lIcY is to th¢ ¢apital value of the fimd in real t¢rrns while gen￿titi8 an income in ibe regton of 3.0% p￿ annum. Under the wms ofthe illvestmeDt mJrKlatc the capAtsJ value of thc alknr the Annu41 with(Irawa]. shomld yow in line with the elwige in the College'5 fees. the bencljmark once agai The results for the year ended 31 A￿8￿81 2020 inclwk those of Marlknough Colkg¢ und Marlborough College Malaysi (MCM). Both S¢ixKJls had record pupil numTr￿ during the ye•r. Homryer. the results for the year w¢re significaoUy imp&cted by the pandemic. whieh r¥ulted io nation.wide lockdowns. i￿1￿1￿8 5cknls in both the UK atml Malay5]8 for the wknle of the Sutnmcr Tenn. Whilst both Schools switrI￿ 5catDlc￿Y Io re￿￿te learning the decision was taken the sch￿1$ 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 then￿elVeS be facing fUJarK￿l uncert￿tY a8 a TcsuI¢ of the pandemic. The Coll¢ge r¢dw¢d fees for au pupils to two thirts of iwdiD8 fK while MCM offer￿1 a 21Ph day f¢e rebate forNursery w Y¢or 2 aod 11)% ty Year 3 On￿d4 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 llo￿￿1 butwypm(%88 attd by the year thue had been 23 s￿￿8￿fi 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 9upp￿rt 5tsff from April until the eod of Au8U8L Howevtt. with the desire to look afttr gnd sUp￿rt 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 eli￿1)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 r￿uCtiOns. 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 {￿tion￿l 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 I￿A)n￿ by just over £1.5 n)iUion. Conh%equently. th¢ bursaTie8 were prothratyj by the same r*J￿tion appli￿ to the fee8. Both Schoolsundertooka Dumb¢r of measm kn try to mitigate where pothl)le tbe flow in)pocrs whilst the wue effK11￿IY ¢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 wJitali*J £2 million kvy whith was added to tl% value of the leased twy#ty. Ov¢rall the College re£orded an q)erati￿8 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 OF*rnting 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 ex￿￿11th 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) rela*d to restri*d 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 orI￿nallY set up to allocate donations of a general pwpose iowards duigDated purposes as 8pprt)ved by the Coll￿11. The pwwse of each fvrtd is deS¢n￿ed in nol¢ 15. Irt additi(m ¢0 this. actt'vities in r¢]ation to mala￿la 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 curtai1edlpo8tp0￿d &8 a resul¢ of the finaW1￿ ijDP*t 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 nUtt￿eT of funthn8 Streams are IXI￿ ideA)tified the capithl requi￿ts for the sbort and m¢diurn tern]. The College's C0￿clI 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 Sit￿tiOnS ￿ as th¢ ¢wm)t patide￿¢. This policy is monitort41 by the Schoo]s' FitwKe Con)mitt¢es 8￿1 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 COW￿11 have reviewryj the s¢hool'8 opernling And filw￿l&l position and following & rr$tructure to their Ini¢i41 Lease Tenn with the Lw80f8 consider that the VID¥ concern b￿1$ 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$fi￿ y¢L To c(Jntinue with th¢ IDwlett)em￿0n of the Colle80's Stratw Plan aDd to fJnali8e the revised Mas Development Plan. To complete the firsi sw ofthe Colleg¢'$ £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¢ thIr￿8h i￿C•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 i￿r¢￿Se of Dearly 18•A. and an of alny)st 25% in j￿t MCM Similarly to the College, MCM Iwl its llKJst successful academic rtqults ID 2020. and k￿kS to COmiDue to build on 17 MARLBOROUGR COLLEGE COUNCIL•S REPORT (conthiU￿D STATEMENT OF TRUSTEES. RLSPONStBILmLs Th¢ COU￿11 18 respoDsJlJle frjr PTeoJat]￿ the Council's Report and the acc4m￿ts ID ac¢Orda￿t 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 a￿1 R¢porting by Charilies.. StsTen￿l 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¢co￿tr8 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 re￿rds. ￿1¢h di￿10$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 Re￿rts} Re8u141ioos 2(K18 atKI •pplicable laws. The Council 18 respo￿11)1￿ for t￿feguardIng 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 aUdi￿r4 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 fin￿la1 statements of MaTlborou%b College for the year ¢tthd 31 August 2020 vthich ￿t￿)nSe th¢ Sta*ment 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 Utii*d Kingdom Acwmiiti8 Sthndards, i￿lUding 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 oppoiD*d 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 Cond￿ted 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 ir*thit of the group in a¢¢￿d￿¢ with th¢ ethi￿1 requirements thai are rel¢vani to OUT auth"i of the fin￿181 statemenL8 ID the UK includitig the FRC'S Etbfjal Standard, and we have fuIr￿ed our other ethi￿1 res￿7￿$•￿111tiCS in aCCord￿ce with these rwirenxnts. We believe that the udit evidence we have obtained 15 Alld to provid¢ a b￿15 for our opinio RupOn￿bIllIIv of truited for th¢ tlll*ttt￿ ￿tements As expltiitted n￿re fvlly in the stst¢meni of trwiees. reswibilitic$ Set out on py 18, the tsWten8ibility 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 Hay*m*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 D*m•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 I￿orne 799 599 146 629 945 1278 1.433 1,058 50 1.619 3,492 1.127 329 223 259 875 1215 Tot*1 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 expelld1￿re 34 J78 23.19) 58 105 57,931 34.791 Net In¢omel(expendlturn) before Invtttment I￿n0 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¢ s￿￿Ment of FIn￿l#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 os*ts 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 OnCre￿c)IDcu￿￿8C in stock (Increase)kne iti debto Increa8ellDecreue) in creth.tors I￿rease1(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 f￿ed 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) C*ih 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 equlv*lettts 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 i￿1￿1¢d in investments Totsl ¢ash *od £*sb ¢quiv•lents: 14.648 14.132 19,612 1&664 23 MARLBOROUGH COLLEGE sTATEME￿r 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 appIl￿ble lo charitie8 Prepari￿ their arAyar5 5toiOp l) Flxed •iKt •nd ¢urrtn¢ imet lttve•tments Listed itiv¢stsn¢nts held as r￿ed or assets are i￿luded ID the fu￿111 sthtrrnents at nwket value. Th¢ fixed asset li8ted inve8ttnth aTek1￿￿Trav￿j￿ 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 con￿lidated invt5tDMt p￿1 are then sbared out beThve¢n the funth on a unil b￿1￿. Realised Bains ￿e the diff¢reru b¢tweeD saks proceeds a￿1 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 in￿￿￿ent holdin88 sueh ft& purchaxe8 aThl diswth]$ of inv¢stments. Realiqed aNI utreali8¢d for within the FID￿3￿1 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 a￿1 net r￿lsable vgh l) Debtors th¢ amount prepaid net of any trade disCc￿￿ thje. m) C**h •¢ 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 a￿1proViSiO￿s 8Tr r¢wgnised wh¢T¢ the College h&4 o pley¢￿ obligati0nru￿ti￿g from a p&st event that wTrll probabty result in the traLsf¢r of to a third p8rty a￿￿￿1 due to settle tbe obligation can be Me￿r￿ or estimated reliably. Creditors attd pmvisioNs art nornwily T¢￿gnI*l 01 ￿lT •tMTruDt after aljowiog for any trade disco￿ts due. Im8 tern) liabililies are discounted wb¢ft th¢ irnpa¢t is ma*TiaL 26 IARLBOROUGH COLLEGE STATEMENT OFAccouKf￿c POLICIES (Contlnlled) FOR THE YEAR ENDED 31 AUGUST 2•20 o) Fund8 The Sta*ment 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 p￿r￿se atxl accounti￿ treatn￿l 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)hd8*d with MarllM)rou8h Colloge Enterprises Ltd (MCEL) And marlb￿0u8b College Overseas timited (whith uwJp)rntes its M E8$1 Sth Bhd). Consolidated finaDciaL ststernents baye been pr￿ared for the College and its wholly own￿ wbsidiaries. The tumoyer and ¢xp¢ThJiturc of the subsidiaw tre llKluded within the cons)lidatrd sratrment of find￿1￿1 adiviti¢S. The alld liabilities of the subsidiaries we included ott a line.by.11￿ basis in the c(th)lidate41 balance 51Kc¢ in a¢￿d￿ with FRS102 section 9 - ry)TL401idated and separate financi￿ sth*ments. Unifonn aCClMmtin8 FM)licies are adryted throUgbo￿t the group a￿1 any profits or k)s8G8 arisiJ8 from intrn.8roup ti￿￿tiO￿8 are elimiDated in th¢ cons0￿"dAted Stateme￿ of financial ￿tiVities. ql Summer Sehool and the S¢houl of and Cultsrt The course take Pla￿ in thc ￿￿)[111￿ of July a￿￿ August ¢a¢h year. InconK and ex￿di￿re retsii08 to the SumffjeT School aTJd the School of English and Culttue 18 re￿*d in the ymr ¢QUTXS take place arml is Teferr&J to as"Summer Scbool" Due to COVID, these events wcre caTKclled iti 2020 and any Yeeeived fmrn COUT8¢ fees th•1 was not refillN1￿ has bxn carri over to 2021 in conjunction with nexl year's planned ¢ourn¢$. r) Employee benefits The ColleBe contribu*8 to the T¢￿h￿s. 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 $t•thds. the Te￿her8, Pe￿iOn schen￿ is aceounted for 88 a d¢fin¢d eorttribution schejne as the ¢b#Tity is respo￿lble for. or entiiled ￿ receive benefit for. any 8Utplu$ or d¢ficii of the ￿h¢rne. The &llK)uttts irKluded within the Sthtrmeni of Fillo￿la1 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 T￿1 po&siTr*le ID the ¢ow8e of evcrtts ￿ identify on a wDsis*nt 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￿ Tr￿st 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 sc1K￿LS, PeD8ion Sclwne- [￿fi￿1 Contribution Scbeme #l T4114 ¥¢t by the College. The amounts Included ￿thin th¢ Sw¢m¢nt of Fillw￿la1 knivili¢4 Balatte Sheet a￿1 Cash Flow Ststcment *rE in accOrda￿e FRS 102 Sectioo 28. Short tern betLefits including 1￿11d4YpuY 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) Fore*rt ¢urreA¢y traodatlo The College's fiknetional and pres¢o¢atirn ru￿¢￿cY is powid sterling. Monctary &&8ets and liabilities d￿o￿lti8ted 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 regIS￿￿8S an Educaliol￿j ClJarity(No. 309486). ltsCoL￿1llltlotiJS 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 froMAS￿l<d 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 commi￿10￿ 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 iDwlemen*d by the UK Governm¢n¢ from Ma￿h 2020 ￿ a rttsult of the ¢ountywide lockdown iti ttl*ion 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$. awards a￿1 prizes £28.977 £28,954 £57,931 28 MARLBOROUGH COLLEGE NOTFS TO TBE FINANCIALSTATEMENTS (continued) ANALYSIS OF TOTAL EXPENDrruRE (¢ontiRued) 2019 2019 £y(Nx) £?0 £i(M Trading cosi8 355 750 2.877 461 58 1.105 2,877 523 tnvestment rngnagement 58 College operntinB costs: T¢aching costs Sumll)u School expeL W¢lfare 17,634 714 3,762 2,537 20.330 1,621 6,467 12.080 4.056 38 5,175 2.705 9J43 2,152 J8 5.175 Support cosls Depreciation £27.429 £27.362 £54.791 29 MARIMOROUGH COIIEGE NOTES TO THE FINANCIAL STATEMENIS {conthilled) AI¥ALYSIS OF TOTAL EXPENDrruRE (tontixued) 2020 2019 £*0 rt Costs Administrative salaries Office costs Profc&8ional fees Other adn)inistrative Governa￿e costs .745 822 291 957 124 1.904 902 230 853 167 £3.939 £4.056 EXPENDITURE 2020 2019 Expetiditur¢ includ¢8: Equipment rentsl Depreciation Auditors. reinunerntiott Fees paid ￿ subsidiary Council meJnberB' ¢XP¢Dye¥ r¢irniyJryed Coull¢il liabilily ill¥UT 8,158 47 13 17 14 4.951 71 15 34 16 StAff Cost• Wa8e$ 4tsd sal4ri¢8 Social g￿llrIty ¢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• Te￿￿1￿8 staff 308 70 362 73 J66 io Non-tea¢binB Staff Tr￿￿)8 aciivities 757 751 The oumknr of hi8her pAid enwloytcs T￿ble 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 P￿8}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 defi￿0 benefits pts)sion SCIM￿ gov¢rn&l by The T¢aC}￿J5, PcnsioLs Re8ulatioDs 2010 (as It)￿ed) and Th¢ T￿cherS. 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 bffl￿fits are paid by pubiic prnv1d￿j 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￿ ValU￿10n 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 adMI￿tion kvy of 0.08Y• 8iving o fol employer Cop￿tion￿e 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¢ apprO￿b specified ill the Di￿110￿4 as th¢y applied at 5 March 2019. Howrvcr, the &wmptions w¢r¢ con8idered and 8et by the DepartM￿tt for Education PriOT to the rniiti8 in the .McCkn￿SalB¢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 tr￿sitional provisions ititrcduced to the refonncd peL8iOn scbemeB ID 2015 8xve rise to disLYiminauon. The 8ov¢rnment Is resp￿￿tt8 the Court's decision and has ￿ld il will engagc fidly with tho Employment Tn￿Un￿ ￿ well employer ood n*mber representatives to •￿e how the discrimin41i¢)Th% T￿11 rertiedied. A￿￿ll1￿19￿ 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 lAxpa￿S 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 J￿uary 2019 allnout*ed a ptt￿ to th¢ wst ¢ap Mech&ll￿rn following the Court ofAppeal's rulin8 in the Mecloudlsargeant C4se and Until thue is certainty aiK*u¢ the Va￿e 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 a￿1 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 ValL￿10 Until the conwltstion al￿ the cost cap nx¢F￿*1srn Teview arE it is ￿yt posNlJle to ConCh￿C on any fina￿la] imp¥t or funve changes to the ¢Ontn￿uti0n 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¢1￿1$. 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 cl￿1 ￿ 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 Tr￿sl of the e8t10￿ted employer debi on wit1th7￿1 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 prO￿ded 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 $Ch¢ll￿ ¥180 op￿*¢d by Th¢ Pensio￿5 TT￿¥( Tknich also allowTrl AVC paym¢nt4 ￿ was the pwpose for the ¢UTTent m¢ttthrs. This scheuK is clo*d to ￿employee& As with the ISPS, there As 4 P*Dlial debt OD the employer that could be I￿led bythe Tnts olthe s¢hell￿. As at 30 Sep*th 2019. th e8th81￿1 ellyk)￿ debt WB5 £257,000. This aDY)Ullt is not provided for in the accounts. Tbe three pa￿lon *hem¢s are colle¢live defined ￿berneS under 5￿tion 28 of FRS 102 and ￿rdinglY c¢)ntn￿UIl have been ￿cOUnted for as they fau as if they were defi￿1 e4mtnTr￿i0n scbemes, ¢x¢ept for the rewgnition of a crediior for deficit contributi(￿$ 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 inCl￿d 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 cOntn￿Utioll se1￿Me operatrd by th¢ Pewiow Tn￿1 is (ryycn foT of the n0n.teaCh￿g stsff who are noi ¢yrrenily in the defitt￿ b￿fit J¢knw. Th¢ ¢ontrikwUQn raw 4T¢ 3%. 4% azyj 6% foT employeeg aTrl 6%, 8% ond 12Yo for the enyloyer. Defined Contrib￿lOn 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 COntn￿te$ 12% foT EPF •nd 1.75% foT SOCSO. TAXATION A8 a Chariiy the Colle8e is exaiipt frorn United In¢0￿ tsx •nd co￿tion tax. MCM is norn￿llY subject to tsx bui has bten grantrd a t&x exemptioll on IIKPA of statutory ir￿Oll￿ 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 FLyED￿SsETs 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 All8￿8t 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 r￿ed 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￿ rtysi￿Cd ID EDglafyl Wojes. Marlbornu8h Collrye (Ellterprl￿) Llrnlted. 02967113 Tr iswoj share c•pital of the company is £150. m*rIb￿0￿8￿ Colltye {Over￿•) Llmlted. 6407923 Tbe issued 8bare capitAI of the ¢x)nyny is £ILKJ (2019.. £IWJI. The ¢ompw did tr*Je 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 Pa￿tient 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 A*t Investm¢nt• CurrentAl￿¢ Investments 2020 £'o LIs￿A 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 5￿UrItieS are ￿￿¢s¢ni)I by. UK Government r￿ed ititertst UK f￿ed 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 lis*d se¢wities stated above is itilelation ￿ll￿reall￿ gaiDS and lojyts. in addition to the unreAlised 8aiw and 10$8¢s there were £367.318 of r¢ali8ed Ios8¢8 which aT¢ I￿luded in ¢kn StAtem¢ttt of Fina￿1￿ Activlties. The Colle8e's iDVe&tme￿ prop¢rties are Volu￿ aDnually ai the of AuguBI by Woolky & Willis. There a £46.017 threase in th¢ ￿lUatiOn compaT¢d with th¢ v0h￿tion It 31 Augus¢ 2019. Th¢ College's Rare Books are v41ued amiually at ts cl￿ of Au8uM by Dominic WiDt¢T A￿tiL￿. There was a £13J35 demse in th¢ vduaiion coD]pated with th¢ valu￿100 ai 31 August 2019. The Colle8e ha6 a benef￿]￿1 interest in the Trevaiga estst¢ ￿le￿ is administsre4J by inthpetht trusteu, whereby the Coll¢8e [￿CIV¢S in¢onhe but has no entitlrnt to the capithl. 35 MARLBOROUGH COIIEGE OTES TO THE FINANCJAL STATEhlENTS (Continued) 8. FIXED AND cuRRENT￿ET JNVLSTMENTS (¢fjnlln•ed) Invtttm¢nts vestments 2019 Listed s¢auiti¢5: Market value at 31 August 2018 Additions 11.801 1.749 (1.527) 383 13,695 196 {4,150) (124) R¢valua¢ion 12.406 9,617 Cath ut bJDk for Trinve8tment Ru¢ books In￿s(Ment propertie8 (T4alued 31 Aw 2019) 693 770 1.880 3.839 Markn value at 31 August 2019 £15.756 £13,456 Historical ¢08ts of listed S￿￿)¢1¢5 £15.425 £14,988 List¢d y¢curitiu ￿¢ r¢pr¢gettted by.. UK Governtnent fixed interes¢ 230 579 61 5.458 5268 810 1,139 8.478 Forei8n Fixed Int¢re$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¢¢n￿lS 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 pl￿b￿ 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 & DeS18lla￿l 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 & D￿7￿1￿1 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 (con￿￿ed) 13. UNRESTIUCTED FUNDS 211211 Trx*sfen & Balance oth 31 All8Uit 2020 I SepteDther Ineome EX￿ndIt￿r 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 designa*d 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$¢ob Scholarship Fund Gabriel Scholarship Fund Sir George Abell CoJ)solidatrd Tru￿ Fuods Copitsl (115) (73) 115) q73) BuTsaries. 39 MAWOROUGH COLLEGE NOTES TO THE Fll¥ANCIAL STATEMEKfs (Continued) DESIGNATED FUNDS Tr￿fern & other Income EwDdltiire 881n￿O08￿> Baluce 31 August 2020 £'ooo I S¢pteJDber 2019 21120 Cbildmi of Clergy Fund capitsl Children of ClerBy Fund rcvcnuc Fets iti Advance tAllnp Sum FUNI DesRgD4t¢d BuTsaTi¢$ & ProJ￿ts lJ73 23 183 (6) (18) (31) (25) 1349 23 173 31 32 514 (17) {514) £1.579 £577 q537) 474} £1,545 Tr*Mfen & Bllance tsther 31 Augu8t IAeome ExperLdltwe VID￿(10￿0) 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 pu￿OSeS as aFvroved by the Cou￿11. 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$ Us￿1 ¢0 assis¢ the ¢bildreD of clergy ¢0 attthl the College. The rec¢iYes investment income from its share of li5*d investments iJk the CoDsolidawd IDve5thxnt P￿1. 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 a￿1 other5 make adVa￿e paymeDts, wbich tO8ethcr with the inlerest accruiDg thoreo provid¢s f¢¢s for pupils. Th¢ advwK¢ payznents rwxived the SCI￿)e are separately In￿5¢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 tra￿￿re11rd to the ColleBC. with Council's approval. for 8pxifi¢ proj￿ts. 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 Proj￿t5 & BwsorAes 418 710 (1151 (127) (1,149) 418 710 144 1,619 (17) (470) £1.128 £1.878 £(487) qlJ91) £1.128 Tr*nrferJ & otber dlive g•In￿O0$￿) Baiallte 31 AuRllIt 2019 2•19 I September 2018 £?(KK) In¢ome Thc Master's Fund revenue 318 618 173 216 (73) (89) 418 710 (35) £936 £389 35) £(162) £1,128 Re￿I¢*d Fund8 Tlw tswt fimd8 are subje<1 to 4>e¢iGc trust6 ¢knlued by & dowrs or with their authority. Tbese iDchKle donAtion8 towardB specific ¢apital projects (the I￿￿vatIOn and S¢iew¢ proieci plus the Memorial Hall) as well as bwsary •words. The depr4xiauon rela*d to the4e Proj¢¢￿ when complete41 will b¢ ¢xptatsl thr(￿sh th¢ Utire￿￿a fuTrls as F•rt of the n￿￿1ft8 os¢B of the College. The M•ittr*i Fumd li is represented by capithl And t£¢um￿ted fuDJs. vknicb are eXpe￿jabI¢ iti •Wrd￿ with th¢ ¢oAditions imposed by tbe dottor& Other Trlljt Funth Th¢sc wry)rise trust funds Twhog¢ applie41 iti with coTrJi¢i0Th8 illw￿d by the donors. They differ from Consolidatcd TTh￿t Funds *s they do not OWD sp￿lfied nunthers of unils in the Cowlidated Fund Inv￿tment Pool. They 41 MARLBOROUGH COILEGE NOTES TO FtNANCIAL STATEMEiYt3 (CondLM•l) 17. Bthtt¢e I Septe 2019 Tr•nsff¢rs & Balance Investhitnts 31 Augurt JD¢ome ￿pendItUre g•lL￿O05•￿) 2020 2020 The Master's Fttttd c4Jithl Other Consolidated fun Ca￿￿ Diggle SCI￿1#TSblp fimd ElS￿b Scholarship fijnd Gabricl Seholar5bip fiu Sir GeoTBC Abell S¢holatsb4) fund Other C4pitsI fimds 4.893 1.947 518 1983 248 279 489 (23) (12) (2) (9) 4.804 1,901 509 1.948 244 274 477 (34) (7) 126) (3) (4) (8) {4) £10.357 52) 148) £10.157 Balance 1 Slptember 2(118 Tr•￿￿eT8 & Inve8¢ments IMeom¢ Expendfiture vts￿{]0•￿} £*ooo Bal8n¢¢ 31 August 2019 2019 The M851¢r'$ 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 tr￿ts declayedbythe &)nor5 or with th¢irautknity. Theyare rq)rtsetttedbypern￿t Th¢ Mut¢r'• FuDd Individual Consolidated Thtst Funds sd up bofoye 12 Mwch 1969 th oriBinai wits] is exp￿ble in a¢¢ordw with the oThlition8 imp)sed by the donor. Other Con•olld*t•d F￿nd• IndividuAI CoTwwlidat￿l Tru8t FU￿15 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 pffma￿t ¢apithl fytyJ8. I￿0￿C aTi8ing from the investments 18 io be awlied to burwy siipEwL Sthol8r8hlp fllnd8 The Canon Diggl< Els￿b. Gabrid 3od Sir thll S¢1￿18￿h￿ fillth wttt all esthblI8b￿ by 4>ecific gifts which vKre to b¢ ioveM¢d to ¥¢M*¢ Io Provide scbola￿bip8 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 AU8￿8(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 M*rlbMri*D Club Cb*rli*ble Fund SMW Bisbop VA8 a TnL8tee of the Fund Tratwciions with th¢ Marlburian Club i￿1￿. 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 COV￿ll 12019.. £34.765 to eleven COU￿11 metnkn). No coul￿11 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 ExpendI￿re 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 investD￿nts {212) 106 250 144 l¥et IDeome 3.798 801 177 552 5,328 208 126 {46) (162) Rev￿u8tioll 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