2021-08-31-accounts

MARLBOROUGH COLLEGE (Incorporated by Royal Ch¥rt¢r register¢d •9 FAI￿￿tio￿#1 Cb•rity No: 3119486) REPORT OF COUNCIL AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGU￿ 2021 Haysmacintyre LLP Registered Auditi)rs

MARLBOROUGM COLLEGE Untorporlted by Royal Chthrter reglgtered as #D Eduet10n￿ Chrity No: 309486) FOR THE YEAR EI4DED 31 AUGUST 2021 INDEX Tn￿￿£s. Officus a￿1 Advisers Council's Report 5-19 Ststement ofThwtees' Respo￿l￿]Ilti 20 IrdepethiAuditor'8 Rep)rt 21-22 Statements of FillaDci21 Activiti¢B 23 24 C8sFL Flow Stalement 25 Ststement ofAccountin8 Policies 26-29 Noteg to the FiDarKial Stht¢m¢nts 30-48

MARLBOROUGH COLLECE MARLBOROUGH COLLEGE TRUSTEFS. OFFICERS AND ADVISERS TRUSTKES The TTuee8 of Marlborougb Colleg¢ Con￿1￿Jte the Coll￿11. The R¢. Revd. N Holthm Th¢ Lord Bishop of Sa]isbwy (Prtsideni) (rdirtd 3 July 20211 Giles l Hender￿￿ CBE (chairm￿ of Council, Chairrnttn of D¢v¢lopment atsl NorniDAtions Comrrirn) J K Baker Ichairnw of Finallee aud Remuardiion Committees) (retirrAJ 12 2021) The Revd. Cbarlolle BatD)ister.Parker (TesigneAI 12 June 2021) Prof Sir John Bell (Chainnatt of A¢thmic ConJn)ittee) P Acallwonwalt (Chainnatt of Health & Wellbeing Cornmiltee) P Colem AJ Cooke {rtsi8ned 12 OctoEr 2021) P Denton (Chairmth ofFiDon¢e Committee) (appointrd 12 June 2021) P E Elliott P Freemart (Chairman of Buildin85 Committee) (M18ll￿1 30 Apri12021) Mr8 T Freemart (appoinkd l May 2021) 'rhe Revd. Stephen Gray (appointed 12 Jurr 2021) T Martin.Jet)kiT Prof Cav. Simon Mordant AO (appoioted 12 June 2021) R PerriLs (Ch&irm8n of Buildtll88 Committce) (ApwJint¢d l May 202]) The Revd. Lit)dsay Y•t¢s International Me￿￿er of Council: YAM Tunkn Ali Redhaudditi ibni Tuath Mvhriz

MARLBOROUGH COLLEGE MARLBOROUGH COLLEGE TRUSTEFS, OFF]CERSANDADVISERS (CondDlled) OFFICERS KEY MANAGEMENT PERSONNEL The Master L J MoelwyT.Hugbe4 S Wilson {inrim ￿ 31 Decembtt2020) A G Hart (from 4 janu￿ 2021) Senlor Mn8gemenl TtAIII Sxond M&sier D¢puty Head (Academi¢) D¢puty Head (Pa$ttTrl) Deputy Head {a>Curricular) W D L Nichol8S D T Ctark E C NiBhti118ale {from I Septembu 2021) W D L Nichoias (acting Deputy HeJ froo) I Septrmber ty 31 D¢¢eM￿ 2020) J R B Scra88 (fronj l January 2021) lady Cayley {to 13 Novemkn 2020) J A Hodg5￿ (acliD8 from 14 Nov¢mber 2020p pttn]awi from I S¢pth 2021) J A Hodgscffj (to 31 Augusi 2021) N Harnilion (￿ting from I Septembcr 2021) C Ka￿ (from I l Ociober 2021) Deputy Head (Boardi08) Director ofAdmi&ryiorJs Director of Saf¢gwth8 BunAr121 Team DirKtor of C8Pitai Proie¢f8 Dirtttor of DevelopttKmt Dire¢tor of Enterprise8 Dire¢tor of Finance Director of Human Resourc48 Director of Mwkning Direclor of Op¢ratioDs Held of ICT WRoe S Ler￿1 J Blake H Mack J Barcl•y J Jord4n AB M Armits Priti¢ipalAddresg.' M•rlborou8b Colle8¢ Wiltshire SN8 IPA MarlbDrou8h Colleit Mal)IA Th¢ M&5*r Bursar J Stronxh Marlboft)u8h Coll¢8¢ Malay5il Jalan Marlborougb 7921M) lskatth Put¢ri Johor Malay8ia

MARLBOROUGH COLLEGE MARLBOROUCH COLLEGE TRUSTEE& OFFICERSAND ADVISEILS (Collthiued) ADVISEILS Lloyds Bank Crest Way GLA 3RL Solicitors.. FoTre¥ & Co 66 Linwln's tnts Fi¢lds WC2A 3LH Auditors.. Sta￿￿ Auditors 10 Quecn Street P￿¢t EC4R IAG Invesrment Advisers.. I Curzon Street WIJ5FB Insuran¢¢ Brokers: PIB Broker5 PoFvlctrm tAn¢ Low Poppleth tane York NortFA YO￿)￿e Y026 6GZ

MARLBOROUGH COLLEGE COUNCIL'S REPORT The C(Mmcil prwts its report for th¢ yur end¢d 31 kngust 2021 the c]￿lIti&$ Act 2011. together witb the awjited fillancial ststem¢nts for the year, atsl Collfi￿ that the latter wJDply with the wuirements of the Aci the and B Liws aThl the ChaTiti&s SORP (FRS 102_ seco￿1 cditioo). REVIEW OF THE YEAR OperadoDal PerfoTuw•¢e Pupils Marlborough College C'th¢ College") provide4 ¢ducation for Lws atMI girls from the 88cs of 13 to 18, wbtle MarlboTou¥h Colle¥e mala￿1& ("MC￿,) provides education from the a8es of 3 to 18. Despite the on.goin8 dÉfficulties with COVID the Colle8¢ Saw rwrd pupil number& ￿ere&S foT MCM the closed lth, particularly with SiD8apore. in]pacted what was on81n￿]Y Boing w be #nother rKoTding breaking Durn￿0f pw)i]s:. Sthool Year Day 39 Av Totxi 21120121 560 966 I,(M)5 993 MCUK 2019120 434 559 957 36 2020121 391 415 158 648 806 MCM 2019nO 485 488 210 763 973 Both schoots were on¢¢ again in)pa¢ted by th¢ pande￿¢. with fith periods of remote learning due to national lo¢kdowlls durin8 the )raT. The pthic'8 ongoing in4>ACt on both schools has diff¢re41 largely th¢ T•tive UK twtional a￿1 mali￿18n natioJ41 srak Governmeni's 4)proath ¢0 scbcols durin8 this till￿. For the Colle8e. remote leArnin8 w88 rwuired for most of the Terni (January- MaT¢h 20211 when thert wa$ Another natiott￿ lockdoms MCM b&% faced intertnittent lo¢kdowLs ¥inrx November 2020 and this affxted the school's operations with l(Kai #nd internall0￿] travel r¢strictioDS. AItt￿ Dumb¢roftwsinews ¢losed or teduced en4)loyJnent numbers and this had an in]pac¢ on family i￿Orne￿ The lalld ￿￿er to SIn8apo￿ was ¢105oJ and daily bus trADSPOrt from Singapore Slopped. son￿ of MCM'S I￿rderS wtt¢ ullable to home and have been iti the Coll¢ge for over 12 months, 5imilaTIy a number wer¢ never able to ph￿l¢allY slan al the sciM)ol. A¥ a resulL pupil d￿reaSed by alowst 2￿A frotn before the p4ndemic and even more 80 agai￿ onwDal prwJi¢ted fi8uTe& The overall capacityof the College is currttttly 1.020 pupils sp￿d across 16 boarding with the genderb￿anCe io a rolio of 55¥0 boys and 45Yo sirls. The College's waitiD8 lists remain Strong which giv¢s confidence that the Coll¢g¢ ¢an operate at (near) c4paciry for the foreseeable fvture. Alth￿￿ the Council is mindful that there is still ￿)l¢ntial for the pond￿'C to affect pupil tyUDbers in the >%ar8 w ¢ome as private education generally o (l¢lJ>td impact followiD8 ¢¢otiomic downttrn8. Following MCM'S second phase of the ¢ampus developnKni the ¢aP4¢tyof the whole 8¢hool is ￿[Ing 1000 pupil& How￿¢[, due to the pathic and the bridge lo Singa￿￿ bem8 closed, the numlxr5 have deueasd by over I SO with some pupils 8LiII learnin8 online Hs tIKyhave beenunablc ￿ return frotn over5¢as. This i8 hoped to be a rel4tively51bxt.rni i&sue and MCM exp￿t8 to pupil numbers ¢limbing from Apnl 2022 onwa￿. Projections show numbers reaching th¢ futtre capacity of 1200 within ten y¢8rsJ #illjust a couple of years behi￿1 the initsal pTrfOVID proj￿tioNs. FHcUirf¢s 4ndInfv&tr¥¢tsre DevelWMenl There Hrtr sever41 major capital projtKiS POSt￿ned by Ix>th Schoo]s from the sunllner of 2019QO the to th¢ pandemic that were Initially due lo take place in 2020r21 It￿lead. Due to the pande4nic attd th¢ nced foran onBoin8 kyel of ￿￿lott in rElation to large fIna￿I&l commilmenis Some of these projects have Tr￿en firther poslponryj or scaled ￿ck The College 18 in the middle of an ambitio￿ Iunovation and Sciejtt proj￿ wbich 1$ being fill￿ed through Benerovs fundraising aTMI through tbe use of Private placenxm nK>ney. Dwite the many COVID ¢hallen8O tbe In￿vatiOn Centre vra8 finished at Ea8ter and the first renovalion phase of tbe liskd Science building is now wrll Wdy. However. due to national Jabourand supply ghortages one of the po8tEX)n¢dtoaTditiglK)USC refurbishments Wds scaled ri8htback wlth the firgi main phase of works postyoned until ￿xI siunmer. Other sn]aller capita] projttts and equipJr*Dt were al&0 either scaled back orpostponed. This rE$ulted iti capital spending being redDo¢d by £3.1 million comptyj to thai or181￿llY blldget￿ for durillg the year and dowTr from the £8.9 million thai was Pjtyned from the prior year.

mARI￿oROUGH COLLEGE COUNCIL'S REpoirr {¢oThthiu¢d) th Online teaching ond 80 pr¢mi5¢5 were enjpty with milli￿ Maintella￿e and re￿Vation eosts n>4uired. Major kyojects. iti particular the Sixth Forni C¢ntr¢, have been until wil Dumbers Tecover. Tr total wTrita] expenth'ture during the year to 31 August 2021 wds RMO.7m (arourml £120.0(X) but down from £1.4millioD in pTioryear) and mosrly attributsble the IT up8tade proiecL ID totsl. capitsl expendtture thiring the year to 31 Augusr 2021 was £5.8 million (2020.. £4.2 million) by the College and £0.12 JXLillion (2020: £0.78 million) by MCM. All of the UK works forn￿ part of the MastttDevel¢)pment Plan that Was estsbli&hed in 2011 and i8 ¢UTfeDtly being updated. It represents a total expettdititre to da in exce&s of £69 million for th¢ College and £5.5m for MCM siJKe its I￿¢￿10n in Septhber 2012. The College c4)ntinuesto offer anoxtynsiv¢ Sixth Forni cwrith with #ud¢ttts able to paiticipatr in A Level. Ext¢tskdProject Qualific￿lon (EPQ) a￿1 Cambri￿¢ Pre-u. MCUK 2020tt1 2019llO 29% 251AI 84% 97% MCUK MCUK 2020121 2019no 57% 50% 98% A Level Prtru 2Q2O121 2019r20 12% 37% 81% (riGCSE 81A• ￿ade 9-SIA.B Bradc 941A•.C grades Dllabove A D21A• 92Y. 32% A-C p[th8 D31A 66% IWY• The results from ¢xt¢rnal examinAtiolls taken in Summer 2021 were very 8trOll8, in spite of the ODgoinB dTSrnPtion to cthvtion with lockdowns d￿j subsequent pupil and beak is()latioD periods. The Colle8e w ID p]ace Bn open and ambitio￿$ pro¥rnmn of inicrnjl a8sessmellts iti liti¢ ￿thE0vernments￿1dWK< to prod￿eTe8¢bCr-ASSe$sed attd S¢bool-Assessed Grad&s. AtA level and Prc U. 3 IVD of elltri¢s wete ￿aded at A• (or equival¢n¢) and 930A were yaded it A• to B. ￿alling that 640/0 of pupiL¥ scored nothing lower than on A grade. The (IKJCSE results w¢ff a sitDilarly outstandi08 r¢vArd for the efforts of pupils and beak4 (¢whu¥) alike.. 5V/ty of grades awarded ai 9 8 startdotd (A• equivalent) and 98% of all ￿ at 9- 5 Sta￿ {A•. B). 77°h ofpupil¥ Scored 9 grndes at grade 7 or ab)ve- an outsi¥odiu8 perforn)ao¢ Even during the disrnptiott ¢#wd by the pandemic, MCM continued io be ￿k￿ledged foT world-class provision and innovalion. lkney received itit#national awarth from the Boarding SCI￿18 A￿8￿1￿.￿￿. the COU￿11 of British International SclK)ols (COBIS), the Sthfcguarding Alliance and a rntiking in the top 2•A of IB World Schools. In 2021, COBIS confertrd li wilh iniemational"Beacon Sclmjol" stat￿$ as an exemplar of international ¢x¢ellence and it w&$ listthl in the St￿￿ Index of the world's w) 100 5choob. MCM'S aead¢mic Te5uIts in 2021 remaiDt4J b1rong. with att average IB points ￿¢)1¢ of 35 point8 improviii8 on results durin8 much Ic&s disrupwl years. Additionally. MCM cortinueAJ ro dett￿nStra thAt IB w&s an wropriate qualification for all pupils in the school Ihryth a l(MfA diplon)a pts5 rate. The IGCSE results were Also excellent 41•A of gr￿e8 being aMwd¢d at A• or equivaleni arKI 65Y• al A or L Nothbly thc Carnbridge board also in8isted that it& IGCSES required examimtion in iot¢rnatsoDal sclxx>ly, cv¢n though s¢1￿18 s￿h as MCM had been clo%d foT1008er perlods thatt other parts of the world due io the l(Kal goVerntt￿l sanciion5. Co4rrlculAr The ¢o-vJrriGul¥r lives of th¢ ScFw)ols hav¢ wniinwi kn be if g)mewknt ¢urt4iJed by the ongoing lockdown8. The sporting programrne5 had bren Comprehensive and high SI￿e$s w&s xhieved t)th by lea￿ and indisiduals. The number of team$ fielded in various sport5 ba5 Wit￿ to the strength of th¢ ¢ommuniry and the will• of the stA(rtO Work hard on pupils, behalf. There bas been Tcal ¢x¢itement abo￿ the tnusic41, dranwtic a￿1 artistic life of tb¢ CoJJege.' a sequence of ini]ov8tive iniliutives has raised the profil¢ aryl ambitioThs of the Ji MaTI1￿U The 14ndsc8pe of the year Iwa5 difficult for the cTrcurriculaT lives of the Sclw]5 as Covid conlinued to cawe restri¢tioL% and lo¢kdowns. No￿t￿l￿$,there a comprelDsivcand vcryproficientonline proTrision when thai was necessaryy endeavowiug keq) pwpils active al￿ cngag¢d in a rich arricuhJtL Pupils, ujgagement xn thi5 g¢)(xl, arKI there wrre success￿1 online concert4 pla￿5 fimdraisin8 activitie4 physical cballell8es and more. Swjrting fixtsTh wer¢ abk ¢0 resLmK ID MarliN)rougb durin¥ the summer lern¥ tknugh nats'onal guidelines were ￿]ll vcry restrictive for music, dratDO and Outrea¢h ￿tiVItICS. Experience since wjes have been re18xed 8uggests thai the pupi￿ have retur￿d with an even keener apF¢tste for their CO-

MARLBOROUGH COUIGE COUNCIL'S REPORT {eontlnued) Publi¢ BeDefit The Couocii was advibed of the Chatity Commission's gelxral 8nd supplernentary guida￿¢ on pjblic benefit and fee chwBing and the advancem￿1 of eth￿tiOll. Th¢ Cou￿11 has rwised IL¥ resEMTrTrsibi]Ètia undeT the awities Act 2011 r¢gard Grant MI￿# Poliey The Coll¢g¢ offers academic, ary M￿￿1C. spjrts and all￿O￿l￿￿ern￿4ll￿ bw%8ryaw4rds and scboJarsb4)s at 13+ glld at 16+. All aw¥rd holders are ell￿ble to apply for mew t￿trd iwary 8SSiStsncc to enable those wkn, withoul such assistan¢¢, would be unable to take up their awards. Tlme bursaries are re-assessed aDnually ar￿ may chwc during a pupil's tIn￿ at the College dependin8 ott changes to their financthl situalion atml 8re aw4Tded up lo I IOY• of the fees. Scholusbips and awards are based on educational ability. Scholarsbips maybe supplemented bybursary support up to the full valucof ID casesofproven fu￿)¢)81 necd. The M￿1rn￿￿ ￿holarshIP value is up to 2￿fi of th¢ f¢es; these are offtred very limitsd numbers. SclK)laryhip Prosp&tss and Bursary Policy ean be Vie￿rd on the College's websi. aT¢ also available from tbe Admissions office aTMI 4r¢ ¢xt¢Thsively advertised in 4yropriale nats'ollal aAI Sp￿18)Ist dirtttorkes. The Cbildren of Cleryy Fund. ¥uppl¢nxot￿ by the Cojkge. tthl¢s wbstantial suFwi w b¢ giv¢n to the sons or daughtsrs of Clergy. Applicatiort8 for ¢ntry und¢r the Cbildren of Clew schetnt ar¢ Mea￿ During the yeu the value of buryari¢8 othex awards made to Colkge p4)ils alTh)U￿ to £3,178,0￿ {2020.. £2.886,1N)O). or 9.18Qh (2020.. 8.48%) of gross fee ineonK. MCM offers SU￿11 burwios to pmLq 14ve fill￿￿la1 dxfficuJue8 axxl dyriD8 the ￿ MCM awarded bursartes ￿ t fAmili¢s {2020.. three). Bmrsdries Tbe Council is eo7nrnitted to providing fte ￿ls18[￿e forehilthEn un•ble to Fjfford full fe&8 and ¢n¢ourng¢s a culturc from tho who have receiveda Marlix)n)ugh educationio doeverythingp￿¥Ib1e, within their mean4 iotnabl¢ oth¢rs fromall backgroundg to enjoy the same ed￿￿tional opportpjrrity. A separate Bursory and Scholarship FWHI geoerates In￿Me to au￿ the 4waTds mode out of fee income. Coun¢ii'8 policy is to continue to increase va]ue of thttt fill]d whenever posSi￿le. Th¢ CowKil is ex8min￿8 ways to increAse substarttially the mount provided for meatjs trsd bUrwI￿ via non.fee iDcome stream4 wh 4$ thr￿gb ￿￿)re endowed fi￿d8, fiJndrai$itJ8 (laryely through Marlborou8b Colle8e Foutslation), and tradin8 both ai tr￿me and abTowL Within the fimding 8vailable, t4wsAri43s of up w 110% of f¢u are available for tb)8e wlK C￿1 afford the feey, 8ubject to the candidvlte mtttin¥ the Coll¢8e's entrance requircmcnts. Tbe majority of bu￿aries are ￿￿¢ aYoilobl¢ on enty to the Colle¥e, either at 13 or 16. alth(￿ some funding is avaxlable for thosc with in-yw rUw￿la1 h￿ds￿p. The Colle8e 18 4 rnem￿r of the Under it$ grant makin8 policy (see aknvc) the totsj Dumber ofpupib texeivi4 mc4ns t¢sd fee 456i&taJKe in the acadelnic year, 2020121 8512019120: 82). Workkn8 wtsh EdMcdrf•nol P￿￿1¢1$ & CommuAtyAccesS Since its foundaiion in 1843 the Coll¢ge hAS been C4)mttlltted to pla￿ryng a full pan in the life of thc I￿￿1 community and il will ¢oniinue to do so. The College contTnu¢s to provide w￿IreCt pthlic bcnefit thnwgh its engagement with th¢ local wmmuDity gnd worknog wilh other educationAI providers, of vlbicb tho followin8 are examplcs.. The College h&4 an agreement with SwindonAc8demy (SA) to provifk (sy￿ltieS for the Staff and pupi]s of the Academy and the College. ir￿luding the sbanug ofexperience. exFwtTr￿ an¢i where appropriaK fa¢ilitie5 and Tb¢ Academy is part of the Unitcd tWDing Trust (ULT). The current link h&s been in existence since 2009 knd tbi$ CODtioues to grow. particularly with the ]aun¢b of the SitidotiAcaderny Grarnm￿ Stream (GS) in September 2016. A major compon¢nt of the pamietship iticludes worktng with SA'S Granllw St[C￿ll pwil& In & typi￿] academic yeaT, nkn)rE than 5,IXK) hour5 of SwirtslonAcadeJny P￿11 tirne is speot on si at the College. However, due to the pandemic. most partiKthp activitie5 were SiWe￿ ill March 2020. Below is a list of xtivities which continucd throughout the reporting p¢rio4 well li6t ofp]anDed activities.

MARLBOROiiGll COLLEGE COUNCIL% RKPORT (eontlnued) Year 7 & 8 SA GS pupiL8 Cont1ry￿ kn ewiertt onlitie lesxrts iti tatI￿lassiCal Civilisation (Sw 2020 ts) June 2021). These les&)ttS T￿ll continue in person from Nov 2021. on alternate wrek& {ii) Remote Oxbrid8e prepar￿lOtt continu￿ fw SA pupik. th￿¢ p¥i]s aNJlie•l of the three offered hdp by MC teachers. portieiwdt¢41. (Ill) Online Duths ￿tOring deltytred via Zoom kn SA Year 11 pupi15 to help v/ithcatrh.up. (iv) The College SUFplies two teacher Governots at SA of tlfft Gov¢nMY3 approximately 200 hours per year on Swindon Academy WOTE Theyalso provith supwrt pupil disciplinary }￿lasS, Staff conwIaints and prize giviw. M￿h of this WOTk bas contillued througbout l(Kkdown. (v) Remo help on UDilrniiy applic4¢i¢)n8 offerr4J thTOU8knui the rqx)TtiDg p¢riod by ColleBe's Guidat￿e syecialists. {vi) Year I I SAp￿lIs entered 2 reseaTrh prvie¢l wil￿tition at th¢ Colk8e. This will. hopefully. be aD anDuoJ even( with 8en¢rows prizes Sukvlied by MC. {vu} Two pupils from SAjoined the Coll¢8¢ in S¢pt 2021 OD full imwsarits as port of ￿ OD8QiD8 buTharyprogramme with the ActhtDy. {viii) Hv4vin8 ree¢rttly ￿STa￿a to an el￿trIC fle¢4 the College donad a works van w th¢ SthAcademy ¢Iu$¢er's site te&Tn (WI￿ aTV spread across four thls). The College is cumtly worknn8 with SAto rtrih)oi the rcrtty pJrts IiDks. of ￿1¢h the folk)WitiR aff exompl¢8'. (t) R¢sideMial weekeJMts at Marllwough Q)Ikge will from Janulry 2022, with SA pupils st•yiaB overnight and using the Colle8e facilitics, with emphasis oll a yw1Acuior ¢uThiculum area each iin)e. There are usuAlly 12 p￿118 tvL) SA trnrh¢r5 att¢ndin8 on each occ&4io (li) Since the s14rt of the SA GS, the Coll¢8¢ Iw host￿ a flee week-long ac•demi¢ Year 7 ￿Fth1. i conjunction with Imperial Colle8e for GS pupils. This challenRiti8 Ix>ardiDg ¢xperi¢nce offers new aDd deMatrAi￿ academic activities for 60 SApupiis. Fcryjback cOnfirn￿ this 'beyoDd-the-5yliabus' sUItiiner school helped pupils ￿ d¢v¢lop a of ski118, ¢riti¢al-thinking in particular. The lockdomm prevented this from happell1￿ iti Jun¢ 2020 and 2021, bui it 1$ IW that it be teiTrstated in June 2022 for Ix)th Year 7 and YeuT 8 pupALs. (ill) A 8emi.retired Physics o¢I￿r Mawerl from & Coll¢8e C4XLtinues to Jioise betwren Marlborough College atsl s￿ Athy. teaching part.time at the Athy, as well as bein8 8 Goverjx there. m￿lbO￿llgh Colle8e pay for biti) to work IOT dAy e4cb week at SA (be fiwlougbrA in m￿￿h 2020 bui has r¢witly recommerthl his coordiDator's role). (iv) We CO￿ltiU¢ io b¢ involved in the Fittwllll￿ Proje¢L ID and menw project orgatii￿ by Fitzwilliam Coll¢g¢ Canthidge for SApupALs. T￿ highligbt ofthis ptOgraM￿ i¥ a one-week course 4t Fitzwilliam with 5elxted SA GS pupils. Unfornll)ately, this progra1￿C b&8 been re[￿￿aly Nuspertded due the pandemic, but remote m¢nloring ￿liVi11¢s, from Fittwdliam S￿￿ell￿ aTe planDe4 commencill8 November 2021. Iv) Dwin8 th¢ winter 75 SvAttdonAeademy Primary Scknl pupi18 norn￿llY visii th¢ College's B]ackett telescy for 4 tw￿hOUT &stroThimy activityon fow different ￿¢8$10￿4 a55iSted by two Collw *aff on each Occasion. We hope to restart in January 2022. Ivi) The SA Year 12 Biology fieldwwk trip to the College b&8 beeome att ann￿1 visit and is assisted by a full-time mernbcr of staff at the College as Frll a5 a iecFtDician. We hope to reitistate this annual evelli in May 2022. In athJIti¢)￿ SA Sixth FO￿ wually ￿1¢1￿¢ in MC Geo8r4)hy fieldwork tri {vii) The College Th)rnwlly delivers investtgattve Sclej￿£ ￿10M19 (8 in wtal for 30 Y9 GS pllp1￿). One lea¢￿. plus one tecljllician are ¢mplo)vl the costs by the College. Residential visits. were usually Includ￿ in these visits, so that 411 pupils experienced one ovtttii8ht expttience. Non-residential

MARLBOROUGH COLLEGE COUNCIL'S REPORT (continued) (viii) A tsster day foryear 6 pupils thiDkiDg a￿￿1 applying SAGS will be b¢ld foT 40 families inNoven 2021. (ix} The Colle8C is developiDg p]ans to the SA Sixth FornL We hope to offer bvbject suwort to alld a￿¢ opp)th'tias for pupib. Tr SA6th Forni I￿lUd&S an lltiNTr￿tive STEM Gramnw StreanL (x) (￿) The WanesdayAftern(th SwindonAthy Prinmry School r￿]￿¥ pr08Tr￿ cmitinu¢s to be very well Swport￿ by MaTlboTouBh College pupils although this bad ￿ stop in March 2020. It resumed in September 202I and 26 pupils ￿)W visit SA￿￿ W¢dn¢sday. supp)rted by thrtt MC teachers. (xiil The College will SI￿11Y rttommthKe WO￿ with The Stuart Horne Charity. ￿th pupils selecd to participale in Outward Boulld courses in C8nttda. These ¢ow5C4 Worth S8.C#J) CAD paid for by the Stuart HO￿rt Charity. One College teaclw works with thcse ￿PiL￿ from Febnwy io Juiy to Pry8re them for these life-cl￿ng1n8 exp¢ditions. The 2020 and 2021 progrwnw were sas￿led due to th¢ l(Kkik>wnbui is Iwed ￿ bc back in plac¢ for the pro8ramtne in 2022. (xiii) Offers of ixsFK)ke n￿nIorMth￿ ex￿)¢￿ b¢ offcred byow OM Club, ts) SApupi18 who il. (xiv) One member of th¢ Guidance stsff visits SA for I¥)U￿ ￿¢ry Wthe8day to belp Sixth Fom)ers apply to Higher &IucAtion and oth¢r courses (switcl)ed Marrh 2020 to Onli￿ help aThJ now in person from November 2021). The College eontinues to offer specialist belp for uttiv4YSity ¢￿t￿ll¢¢ cxanN QT¥J pupi18 ￿¢ invited to Oxbrid8e lesson& a￿1 interview trainiD& (xv) The atwual SAC8rol Service thke plxe in the Colie8e'8 chapel in D#ember 2021. (xvi) Z4)om Talks- SA pupils will be itivitrd io all relcvjnt Zoom or in.persoD tslks. Anwnb¢r of pupils did aitend io Pewsey Vale School Th¢ College a we114Stabli5hed pHrtheTrbip with Pew Val¢ &bool. On¢ ￿￿1b¢r of MC stsff is given specific rcsponsibility for the partnership atsl thc Director of HR is a governor there. Online tuWring ID mathN wis mtth available during lockth)wn and the Kbool bas beeo invitcd to p¥rtiCiP31e in th¢ Colei mell￿rIng scheme (see below). As visits to thc ￿tebeCoMe P04ible again the fows is on re•esthbliskn8 tnCDtoring and extension activities in nJAth¢mati¢s. with Sixth F¢)tm 6pJdenL8 from MC visithn8 the school. aad Oll explorm8 link3 ID PE DT ICT. wher¢ Pewsey Vale have id¢ntifivJ th41 supwrf would be wel¢ome. Outreoch (Communty Servwe) Every Monday or Wednesday aftcrno(m duTing the Michaelnw and Lent approxim2t¢ly 200 pupil¥ take part in a ran8e of Outreacb ￿1VitieS which prnvide a direct service lo many aspects of the Icthl community. WThilst many of these were 8everely ¢urtail¢d by Coyid restri¢tioll¥, the folk&wing 14v¢ wnlillueAJ or now been resumed: (i) Workin8 in Prillwy S¢hoo]s (l￿al school&" Prcsbufr. Ken[￿1 Valky, St Mary's MarlborouMI St Ni¢hol•&' Baydoty St Micha¢l'8 A1dlKKw￿, Ramsbwy. BetKhAvcnue- ST￿ Al￿n Close- Swith) (li) Ridin8 for the Disablrf b&wJ in IAmlM)urn¢ (iy) River ¢oJk4en*tion- wothng with a loeal 8r(x4>.ARK (Acti(￿ fordx River Kewiet) (y) Tree plalliin8- WOTkin8 alongside SApuplls kn plant 90 tsees (irtitixuy) on (vi) Brimbl¢ Hill. Caring for children with sew¢ leamillg dI￿a￿tieS (vii) Sport5 Leatss-pupils b￿￿]ll8 acCrtdL￿ Sp)rts then helping in prlmary scknls (Vlll? Working with the eldcr]y -

MARIMOROUGH COLLEGE COUNCIL'S REpoirr (eonttnued) (ix) Clwity Think Tank (selecting. promoting aThl Dmking (knwtioThs to thaTitie8) (x) CollectiDg f0rChtisti￿ hampeT5 (for cbarities) (xi) Making and seUiD8 knitted 80(xL4 al￿ w4rnics (for charities) {xii) MarIl￿gh White Horse-￿to￿tIOn of the iconic cbolk horse wlknth sits above the town In the SumTner Tenn tnany of these activities caDlloi take place and this enables th¢ College lo rjn an after.￿h0o1 club for four Wednelay afternoons ¢4t¢ring for approxitnately l(K) local children aged fow to seven yea[5 old. With Covid restrictions still in place this could not happ¢n in 2021. it is ￿￿1 that li reswne in 2022. Edclub The Edclub Movetnent 18 a pupil-driven programm¢ that 5¢¢ks ￿ ethjcate children in the Huruma slum in Nairobi. Ken through the use of the Internct 8nd sk￿¢, u5in8 a cottwuter hub iwilt by an initial fUrth￿"sIti8 effort by Marlborough pupils. Th¢re are now 18 s¢1￿1$ involvcd int¢rnationally conlinue 10 8row. Marlburiatt8 typic211y mentor a group of around 100 Ke￿n cbildr¢n on 4 w¢ekiy basis, acbiti8 F4115￿ Math arml Sci¢￿e and gen¢rntsng pos>tive and fruith relaiion8hips on either $id¢. As of Michaclmes 2021, 21 Marlburititis ate signed 41 w the pYo8rnW. Coletmenloring Durin8 the period of the second nation￿ lo¢kdown the College joined up with the Colet MeDtorin8 platforni, which provides the ability for our pupils to offer Ixlp with mathcmatiGs Ib)mework to pupiLs iti otkn ￿l￿OIs. via a ￿re and ononymised Ch function. MarliK)rou8h pupils wern trained iti using this durin8 the t£nt Terni, began ￿ participate in the Summer Tcnn. Moving into the 2021-22 ye8T, oppmximaiely20 MarItKiroughp￿Il8 in both ￿ tyl U6 •re involved. As a ￿$V1¢ we are activcty ruiting more ment¢¢s; we already WOTk wilh Swindon A¢8demy, Pewsey Vale Sch￿1 and further afield in SIou8h & Eton C of E Busitms and Ent￿[1 Acmy (in Chalveyl • thwivtrj area of SloW). TWINSciencelGlobdllmpaci Schme Through its c108e association with B¢kn plc with YGA (the Young Guru Ac￿et￿Y, an orBan1￿10rt based in Twkey), the College has been d¢veloping ways to etV8¢ I￿￿1 prillw xbool chrldren in STEM sUbj￿ts. Tljis work has centred around the use of TWIN kits, ￿1¢h allow MC pupi]s ￿ work alon8side prinw s¢hool chil¢Ir￿ belping them to constru¢1 modular proje¢ts. such &s An automated roknti¢ Y¢bicle. A Dumber of Year I I pwJi]s W¢Te trained up duria8 (beir p05t.GCSE period in June 2021. in advance of deliverill£ the projxl ID the followin8 ackmic year. During the various l(Kkdowms the Project moved Onli￿ with MC pupils deJtverin8 STEM presenrations. and then usin8 TWIN &pp. developed by YG& to gyide Primary scFMX)I children on a journey ofdiscovery on & particular SCi¢D¢ific topic, aTrJ to e￿OUr￿ them to ty 8om¢ $4f¢. bu¢ inlere¥ling, exF¢rlllltht8 at the n¢Ai st¢p in the parthe[s￿P bettvi M4rlborougb and YGA. the Colle8¢ &8sistAttt wkn works part. time formc Aod isb¥6¢d in ixJn&)n with YGAthe rest ofthe time. She will a5Si5t with ddiveriDg the TWIN science prograrnm¢, )d l(KTrk at ways in which we can expand the u8¢ of ournew knoovation Ccntrc s￿1 cn8•g¢ local school ctuJdffeD in thB arcas of ¢lltrepreneurship and inwyation. Panalkl<￿ Ilnky Since 2011. Marlborough ColleEe has hos*d an annual regiot￿l Pgnathlott ev¢nL PanathIon is a nationBI charity that provid porting oppottimities to over 17.(H)O young disabl￿ pry)pk every year. Ji promotrs itichsion in $￿TL W￿k￿8 ill collaborntion with both Pallathlon and WilLthire a￿d Swlthn Sw)rt (WASP). the College has ]M)sted over 300 young physically and metttslly disabled children aTyJ trdin¢d over 50 of the ColleEe's pupi]s #s Pauathlon le&kn. Whilst this event was rKJl 4bl¢ to in 2019 or 2020, it looks very likely tt) b¢ able to return inNovember 2021, and pl8ns are in place for it to do 80. Obserwtory Since 2005, the Head ofAstronomy atMarIl￿u8h Colkg¢ kn nm the outreach group'FrieDds of the Marli¥)Tough Telescope. ia the dedicated Observatory We￿it¢ which i￿hMIeS evenls, IKtUTe$ omd monthly Q&A sts8iOll5 ￿ well as an aanual s(Kial event. An annual trip is 8rrall8ed {whcD po￿1?￿1t) to a si8wficant establishment in the UK or overs￿. SwindooA¢ademy Year 5 sDJdents all have the opportimity to visit the observaw for internctiv¢ ¢v¢n¢% spread over a number of evetiitigs (in a norni year). The Obse￿&tOry usually hosts the UKAstrow Olyrnpiad Team for Ob5¢ryatioDal training eacbAugusL io

MARLBOROUGH COLLEGE COUNCIL'S REPORT (tODtlnued) The Observatory also hosts local Pnmary SclMX)14 and wyi15. There are evk%iDgs art8n8ed with various other scbook and club5 including PrqTr SCI￿014 Secondary Scbool4 S￿lts. Guide4 U3Aand fkn W.l. Oxford Utiivcrsity 8raduat&s also have helped in the past with major public open eveniti8S. 2020-21 v/as an unusual year and the Observatory eloyed froth March 2020 until August 2021 for visitors. From July 2020 hoW￿er, a ]imited number of eve￿ts wue run via Z(YOnL These were p)pu]ar (277 attendeu in total) and enabled a grrater age al￿ geographical divet3ity to attet¥J will pkn Zfy)m ¢v¢nts iti futtwe) Bookings kn date for the current year itivolve ovtt 300 ¢bil¢Jr¢n and members of the public. Carters Depar¢menl Swindon Aeodemy pupils receive tbe MC GUida￿e Departmet)t's weekly bulletins. We have a8[￿d to sbare information and Buidanee with Si Jokn'$ Academy over their Oxbridge. R￿11 Group aNJ m¢di¢ai 4￿)1]¢8ts0n$. Both Switidon Aeademy and St John's, MaTlborough are Itt￿ted ￿ attend thc bri¢fing w¢ receive from an invikd Oxbridge don every March. St John's Academy pupi15 in panicular attend in number& with acci>mphnytng rwents. Swindon A¢ad¢my pupi15 applying lo Oxbridge ha￿ had rnock iDl¢rviews from MarlborouBh College sthtT. and Si John's A¢#demy. who 41ready have inlerviews from our mcdicd School exput. are invid io have mock Oxbridge interviews COnd￿le4 by Marlknrough College teachers. St John's and SwindoD Acthrny p￿115 wc¥e Invit￿ to our Oxbridge Applicolions pro8rattllne wv¢rin8 admi8SiOll& tests and intervieM at a di￿o￿￿ted PTiC¢. We are the only Open ACI Test Ccntrc WL%I of B¢rknbir@ and the only such C¢Dtre offerinR txts? Tim¢ for ¢andid4t¢s. Over the past 6 years we have 8iven about a pr I￿¢s6 to 1¢stlD8. Smrthn Acthmy have used us as • ¢enty¢ to Sit lh¢ BMAT exam. On¢ ¢xwt from the Guidance D4WtsWt visits th¢ Swindrn Athy foT every Weth￿sdaY after￿XIn dwi8houl the y￿, helping th¢iT Sixth Fonners apply io Hi8kn Edueation s￿1 othcr Deportment The Music Ikp8rtsnent Continu￿ to offer events for public be￿fit where wjssible (k¥pi¢e the yignific4n¢ Covid rer4triction5 er which the eth￿tion #nd perforrning arts S￿ror were cyerating. Weekly Clwl podwls of Sunday 5¢rvi¢¢s featuring our different year group choArs. ¢)T8anisi #nd y11(￿ were offered to the public via the Mtbsite as w¢re o s¢1¢¢ts¢)n of ¢v¢niDg Bolo rttits16 by the pupils and 1or8er %h(K>l ¢ns¢Tnblu. Feedback from the pjblic in this respect Ills been excellent. Itt Addition one of our music 8¢holars was a re¢ipi¢nt of a yow]g [¢￿1,4 llational Rotsry Award &8 well as a Diana Award in reco8tiitiO of public 8eryi¢e and clMrAtsbk Trwor Scptembcr 2021 h8$ seeD the resumption of som¢ p￿115 from Si JobD'S. MarliKirougb joining our 5￿phOnY Orchestr4 alongside the Marlborough College Concert Series which be8all WAth Tk Tallis sth51￿5 wfotD)iD8 lo 4 pxked {60cially distanced) audience. 2021122 will see a return to 4 fv115ea50D of¢0￿¢￿5 for the MaTlbon)u%h Collele CO￿ S¢Ti¢S, the ChoTal So¢iety and pupil.l¢d ExrfornMncfy all of whi¢h ar¢ open lo. and frequenily attended by, mettthers of the public. All pupil.led perform4nce$ are fr¢¢ of ch￿8¢. Pupils will al80 ￿ve two public concerts as part of the Calne Music F¢stiv41 in (kiob¢r ￿ our annual Music SclK)lars' Ga]a concert at th¢ RoyJl A￿d¢MY of Music in Novemberwill once a8aitirnise rnon¢y fw the clwitable ¢xgaDisallo￿ Future TMlenL The College al80 continues to ￿lOW u8¢ ofits teaching facilitia8 for membexs of the public who Thith to iDstrutneDthI lessons with 8ny of our dists'nguished ieadws. Sporting Focililies {1) The College has enteTed into a formal agreement with Sl John's marli￿roUgh enabling the 1￿01 io use the College's pitches artd other SFOTts f4¢iliue& for exanwle the knTwf pitche5, squath courw netball courts and athletics tracK at MU￿allY convetiient tim¢s. At pr¢s¢nL the College i¥ waitmg kn he4r whetkn St Jobn's require the use of any of these spons fxilities duriti8 th¢ AU￿￿￿Terni withinthe ¢wreDI covi&19 parame￿ and wotocols laid dovm bye4¢h estsbli8hment. {ii) The College also hosts a nwnber of Wiltshirt Prtmary Schools, SF￿ festivals at Tr7Ti(W5 times of the year and number of local Prinjary Schools use athletiGs traGk for tbeir sporLs day5.

MARLBOROUGB COLLEGE COUNCIL'S REPORT (cwi¢i4ued) (iii) The College's SPOTts and otheT ￿lIllI¢S are extrtt%ively wed by local chths and r¢gu]arly by other organisttioLs. Sotne of the spons incl￿. hockey. ru8by, fwtball. Squas￿ tem]is. fives Ond athl¢ti¢s ¢lubs, and organis&tiOJL$ such Wiltshire Crickei, South W&t 1xro&￿, H￿k¢Y Wale4 WASP (WilLshiT¢ a￿1 Swin(knn S￿rt) Bath Rugby Acadernies a￿4 G￿Tea8 Hockey for their holiday ¢iw¢hing ￿rnp5 aDJ in ¢•8¢5 ar¢ otT¢T¢d free of ¢hArge. w￿￿bI￿ Anny Cth For¢¢ rnake use of the College Eille (iv) All charities. edwational e5tablisbments afyj Club Junior seetM)ts pay adixounted Tate forthe us¢ of Colle8e facilities (v) ODe member of the College staff regularly coaches a junior tram at MaTiiM)rou8b H￿keY Club and attother membEt is th¢ Head Coach of the MeD'S ￿mI Womcn's seA)ior trams. Fundr&ing (i) Th¢ College raised approxirnktrly £50,IXI) dwing 2020r2112019120: £21.(MX)} for chos¢D Cbarities through various whol¢ ￿h0o1 events a￿1 nurne￿ Exwding knuse aThJ pupil iDitiatives. A of pupib used the lockdowll to unthrtakc charitable challenges wbich kcpt th¢m involved in Ph￿3•¢al 8￿j other XtivitiG {ii) C3 and Mill Mead House8, Poppy rai￿ ¢. £3.(W for the ROW British Ltyio (iii) Awknle school'RocL Paper and Sciswrs. initi¢ivc Trig¢d £1.￿5 for th Royal Briiish L4io (iv) Elmburst House's Chri4tm&8 Run raixd £2.7J5. spli¢ be¢tffi The Tre4thKnt Bag {supponin8 t1￿ ing dKmotherapyl and Dementia UK. (v) A member of Cotnmon Room led 4'RwiVember' initiativ< syppm the via ThreBhold and SMtidoti Food Collective, raisiti8 £10.660. (vi) Common Room participation in Mov¢mbtr rni8ed £2J(Kl. (vii) Bl House had a charity Tun ID Decenth¢r in SilPFK)rt of the Chuity Breast Cancer Smiles raisin8 over £8.500. Arun ror Bre&4t C￿cer UK also raised oYer£2,0(Kl. Iviii)ChaTityTbiDk Ta￿,8 WellBoring canwaign raigfyl £4,767. {ix) A pupil rai8¢d £5,735 foT OSCAR FoyndatioD'8 High Five for OSCAR by nuwiD8 5km every day for 3 week& (x) C3 hou￿ Trised £2,750 for Minds (xi) Daocy Hou8e'8 Fun Run rais￿ more £3LKKI for the Clwlic Waller menWA￿ Tn￿l (xu) A pupil led boke 8&lc Tai8¢d £2￿ for O￿atio1) Smil¢ (XllT)A pupil led swelpstskn ￿ EUTO 2020 Tri%d £3W for Marjtrthough Youth Foo¢ball Club (xiv) Apupil raised £1280 for Breast Cat)cer UK with Ikn)w5 of music (xv) A 8roup of five pupils Trised Over£25￿ for Pwkins￿'S UK by numins 250 miles dwiti8 Adven¢ In Malaysi8, the community's needs are different io in th¢ UL This w the fouts contititseAI to b¢ ptimarily on canying out morc service opportunities with orgaoisations with wkn the school wi have an ongoing relationthip. but it is reco8ni%ed th41 raising funds ￿ 8UPPOrt th¢m w*s equally iowrth HoweveT, due to the restrictions Majaysii nK6t eve1￿ wejt held virti4lly arwj ￿ the oppOr￿ty to Visit l(xal Kho(Tr1s and he]p out in orpbanages limited. Beach ¢letrw>s w¢r¢ not possthk to on travel ex¢ealing Iokn Major fundraising projec￿ tbe atmual SUD]M￿ B8118nd tbe chris￿ F&iT, not p¢)ssible due to gatherinEs rtt)t being allowed. A sn]311 amount of Bwsary F￿￿ w&8 colle￿ed from parettts who forgo the SLulln￿ 2020 fcc ￿bal¢ and left part of their dep)sil POsiti¢) 12

MARLBOROUGH COLLEGE COUNCIL'S REPORT (Conthl￿ed) The Collegt The College miMion is tts delrver the best It￿ cTreducational, full bwditi8 ethution in the UK and to be recogni8¢d for this globally. The Marlboriwh w¢ envisage will be 8 leadin& OU￿ and inclusive s¢ltwl where children with A pi0llecrl￿ ac&knic str&tr8y to build Th) the College's continuing xademic success of the pist thr¢• years, 2021 Execution of ourlx)Id And sustaiDableCawM&stuDevelcpnxDt iti¢luthti8 ofour heritsEe a&q¢ts tural landscape. And the building of rTh faciliti¢s: Complete the refillbishTDUrt of the Science Buildiw Thith Phw l (bje for wn4ilcAion iti 2021122 To ¢ontinue with the Coll¢ge's boarditig Immlle refitrbithn¢nt PTOrn' 8tMI Dcvelop and begin an ambitiows new bursary c4nyai8D to i￿reaSe the number of youtt8 people on full MCM Similarly to the College, MCM had (oe of its m￿1 successfid •¢adell￿ Tesults in 2021 &4)ite the p0￿MI¢. and looks. to eottlinue to build on thi& To rebuim pupil tyijnbers impacteoj by the pattdemic then ¢￿I￿n￿¢ the over￿] 8rowth iti pupil nuDther3. 13

MARIMOROUGH COLLEGE COUNCIL'S REPORT (¢onthiued) STRUCTURE GOVERNANCEAND MANAGEMENT statu8 and Admltiistrtiott The College is an Edu¢atioD41 Clwity (no. 3(v3486) itKorpTrt&J by Royal Charter. Its ¢o￿lIu￿1)n is containtsl in its Charter and Bye-laws. The Trustees of th¢ Coll¢Be ¢onSti￿t¢S the cou￿11. The C(M￿lI key sthff advis¢Ms 8re set out on pages 2 to 4. The GoverDl•t Body The College's ele¢d members of Council are 4>POittted at th¢ Anaual General Medin8 of the Council on the r￿On￿￿endatioll of the Nominatio]]s Committcc. Members of Ccwncil ate aNKJin¢ed for three YE￿$ atsl are c]i￿￿le for re-Appoinknent but do not norn￿llY serve for more than sli years in total. The Chairnian is exempt frotn th¢ 4ix)ve and is aFwititeJ thrtt yEaT8. After tbe iniii41 t¢nD the Ch￿1Than is eligible for re. aprrfJinttn¢nt for a fi￿ther rni of thr¢¢ Retrultm¢x¢ lttdlltdon and TralDlnK of Membtri of CfjllJ¢ll The Nominations Cornmillee. itt making reconjmendations for ¢h¢ 8tqx)ln¢m¢￿ of new members of Council, has partI￿lar re¥grd io thc personal competerKe. experience and specialist skill$ of PO¢rn¢i41 cAThJidate8. In filltn8 vbcancies OD the cou￿11. coosideration 18 4180 8iveJ) to the skiU8 ￿￿)lement those of existin8 nh%Dber New members of CouD¢iI are inductsd Iti￿ the Wor￿ of the College and theff is a collJprelKo8ive PTO8r2mrne of inthJ¢tion and on80in8 training. Thiy in¢ludes a day li th¢ College, th¢ puw of vthich is to the Master and members of sthff. The visit also includes a tsyur of the Colle8e atrj th¢ cwortunity lo meel 1￿me of the pupil& New men]bers of Council receive a ¢k ofdocuments and itifornthtio￿ I￿l￿dID8 the AGBIS Guid¢linu for GoveTTM)r& M¢mb¢rs of cout￿11 Ytceive or8aDised ￿1￿104 brieGoB8 from PTof¢ssioDAI bodie8 th appn)prial¢. as ￿11 48 iDVit81ion8 to tt¢nd s¢minars arml pres¢￿tatiOn￿ The Charter attd Bye.IawJ r•wire th&t the ftsh￿ thties a￿1 fiwtiODS v¢sd in the COU￿1] are kn be exerci8ed by COU￿11 Members on iL4' tr¢ha]f. Accordin8ly, the CouTKiI the power to decide mtters of College policy and to make major deci8ioos affectin8 the of the Colle8e. It is s￿￿￿allY required to determitie th¢ tyition (￿9 and to take re8ponsibility for the College's wets. To cnabk matters to be consideted in d¢¢•il prioT kn mediti88 of th¢ full cou￿11, a Finartce Committe¢. a Nomillations Cotnmittee, a Buildings Committe4 an Academic Committee. a DeY¢lopm¢n¢ Cojnmittee a￿1 an Investment Conllllittte have been es(ab]￿hcd and they each meet at k49¢ thre¢ ¢ime8 a year. A Committee also been establisbl which usually meets once H year. ID]plementhtion of thc Couwil's deci8ion8 is ttr¢ r¢$W￿l]lty0f the Master. Mindful of the Clwity Govern&T￿e C￿, the College Continues to review its proce&qes and procedure5 to ensure the b sible ¥ov¢man¢e. Following au initi81 review of govern&n¢e ias¢ year th￿ bave been various new initiatives and this will bE dEvelop¢d further in the ￿tllre. Key MaDagemtLt Personnel The key managett￿lt p￿son[￿l are wnsidered to Ee the Council, the M&8ter, the Senior M8028ement Tewn And the Bu[￿]&1 Team from the College alon8 with the lnternatiooal Cow*il the and the Bursar from Marlborough College Malay5i& (MCM). Coullcil membtt.s give of their time freely at¥J DO Council rnember received ￿t￿￿tIon in the year. Details of G)uncil 14

MARLBOROUGB COILEGE COUNCIL'S REPORT {continlled) 8vera8e earnings to reflect a cost of Iiviti8 ￿j￿¥t￿e￿L In viewof the ￿t￿re of the clhaTiry, Council bcrKhmarks against pay leyels in otber conwbk Indep￿dent schwls lo ¢nsure that tbe College mDaiw S￿￿luV¢ to th¢ br(4der i&sue& of pay and crnployllKty wnditions elsewhere. Related Entitl Detaits of connected charities and subsidiary coti4Dies ITC dI￿10$¢d in Notes 7 a￿1 21 of the finon¢ial sta¢¢ment& CO￿lleCted Cbrille8 The Marlborough College FO￿d￿tIOn Thc objects of the Marlborough College Foundion (be F￿ll)dation") (rryis¢trwJ as an Educational Charity No.. 1061798), are set out in a Tntst deed dated 4 June 1956. Marlborough College d(w wt ¢mtrol the Foundation. aDd itg occounts are therefore consolidated into tbe group accounts of the College. The mftin obiediv¢5 of the Fovr¥Jation are to pro￿ ]DDg4enn support to the College by a¢¢umula¢yng endowtAcnt fu￿1 frr buTsaries and to acl as custckn for Jllon¢y Tai%ed to assist wiib indiv1th￿l C￿lIal prOj￿ts aod annual bw5ary awards. The Foundation lloi futhix dir¢ctly as this is uJyJertAken by the Coll¢¥¢'s Development &partrnent. The MAriburlath Cl•b Fowided in 1884, T￿ Marllxwi¥n Chth represents the interests of its M¢mbers with further detsily bel out in the Club's Constitution and Rules. Clubs Mcmbus are Old MarlburiaJk8, ¢x-pypi1s of the College who ￿ld a life gubsuiption to the Club. The coll¢￿ do¢5 nol control th Club, afyl its ae¢ouDts are therefore Jy)I con501idated into the grow) ￿CoUnts of the Coll¢g¢. The MrlburlAn Club ChArlt•bk Fwlld The obj'ects of Marlburian Cknb Clwityble Fund r'MCCP) {vegistered a8 a Charity No.. 10637491, are set ou¢ in the 1997 tCVi4ion to the constiwiion of the approved by the Ch8n"ry C4)nUxi￿ron. Marlborough College d t control MCCF. aTrl its ore thenfore wzwlidakd into the 8roup aceoutsts of the Coll¢8¢. Subildlary Comp•Dle8 MArlborough College Oyernas iJnhit¢d m￿lbOrOugh College Overxas Limited i8 A subsidiary of MarlboTOU8h Colle8e. It one subsidRary, M Easi Sdn Bhd, a ¢ompany registered in Malaysia. M FAqt Opera￿ MarliKrough College Malayyia (MCMI, o school bas￿ in the IskaDd8r region of M4laysi& MAr]borougb College Ellt¢ryrl￿ Lllldted M8rAl￿roUgh College EnWris¢$ Iimid (MCEL) provide8 & vehicle for th¢ CiJlle8e'$ wts&a￿4ti0naI tradin8 aod The Cojnpatty mak¢5 a gift ald donation of its profits w the College thed of covenanL Jn 2021 the donation £nil due w the imw of COVID su1￿￿Y limitsn8 the tiathg (wporthilies foT larye 8wathes of the year {2020.. £nil). 15

MARLBOROUGU COLLEGE COUNCIL'S REPOKf l¢onthiu¢d) Objert• The objects for Mthich the College sball conlinue to be incoryKJrdted are ￿ provid¢ ¢th￿￿tiOll for S￿dellts in the United Kingdom or elsewhere, irrespeciive of fall￿ that develops of mI￿L Indiv￿lla1 Spirituality based on aD understsnding of An8lican teaclllllg attd respcct for other faith& and an app1tti￿IOll of the imptirta￿ of service to the ¢oDJmunity. The Council members ensure that the clwitabl¢ PUTPY of the ColleEe ys carried out for ￿ ￿b]IC b¢nefii by rnaknD8 education available to students who are sufficiently talented and, wher¢ pjssible. irre4)ective of finalK￿l Circum￿5. In pU￿l￿g thes¢ objwtivffj th¢ College sI￿ll bave Tewd to tTr social, rtlw'(ALS ¢th¢ationo1 environumt P¢Ttsining from time to time. AlrnB And ObJecllve• It is the primary aim of the Schools io b¢ the cknice ofp8rents and children 8eek an excellent M￿krn edu¢OllOIL boarding or day. in a co.educaiional envirotimthi, bas￿1 on breadth in curriculum. soutrj diycipline, iTMlepethc of mind, firnt To supp(rt this aim the s¢F￿ls sttk to.. $USthin and develop an acadthnic cuffi¢ulwD chlllkn8e5 pupils. 8UStain, develop and pro0￿¢¢ thc unique value of a coduciotMI thll bowding expeTien¢e" promote And exnd ¢Lrfurricular opportunity: promote a Sense of belonging to a legacy fc life: to enable the S¢hoois' pupils 10 8ain admitta1￿¢ ￿ th¢ best IinTver6i¢ies and courses they can. and fost¢T un apprecI￿10n of and a 8¢ms¢ of steW￿￿8￿P for the Scboo18' caiiyxo. Sir•leKlu to I￿￿eVe the Yur'• ObJettlv¢4 The School8, 8tr)te8ies for acbieviD8 &ir objectives durin8 the year were w: continue io review th¢ a¢ademic Curriculurn to erL8ure that it is both broad and ¢h8llenging' ¢onlinue to beD¢lllllArkthetra¢adenllCpcrfonD#￿t in external public eXamIn￿l0nS aryj throu8h & use of indep¢nd¢n¢ valu¢-add￿ criteri achieve targets for pupil numbers and vwious finan¢i41 tnclwJin¥ oFKratin8 swpluses and cash generation,. ¢NOUTage thc ¥th￿ents, 4>iritual and mornl their culttwal awareness atrj physical (kvclopmcnt by prornotinl participation in a wide ran8e of activities and thTOU8h the curriculum; contimie io improve the Schools, faciliti¢5 aThl ￿ protect the (bis￿ric> enviroti￿1 throu8h capitsl projects to iwve xl thce tbe teachin8, CO-curriculaT Jnd p&4tOT41 fxililie5 throu8bout the Schools. continue to improve thc sustainability of the SchcKTrls' ethte throuBh ao on8OAti8 progrww of ¢4pithI inveslmenL parti¢ularly at the College where the c•npus is mu¢h older. and continue to explore It￿ develop parthu5bw with wainthined s¢booL8 aThl aeadenue8 as well ￿ with the Ic¢al m]nunity. 16

MARLBOROUGH COLLEGE COUNCIL'S REPORT (continued) FINANCIALREVIEWAND RESULTS FOR THE YEAR Tr result3 for the ￿ ellthd 31 Aususi 2021 include those of Marlw College and Mar]borou8h College Malaysia IMCM). Once agaify they wtte si￿]rica￿lIY irnTWtul by the patthni¢, which in¢lud¢d furflKr JJation-wid¢ lo¢kdowns in ¢he UK, with haT5her r&8trith"on& particularly ill Ttlation to trdvel in plaee for * p￿$ of the Iw in Malaysia. Both Schools switehed searnle&8ly w r¢mot¢ leartiing when required but owx again the decision was taken tbat the S¢1￿18 would not charge ¢ampu8es du¢ ￿ tr#vel T¢5￿1¢tiOnS. The Schools were akn acurely aware a number of parents would al80 themselves be facing fllw)cial uncertainty &8 a result of th tAndemi¢. Both Schools coniinued to offerassistance through Hardship Fuods with the help of some ger￿￿$ paren￿ With the Coll¢ge'$ lljatched funding £29.615 (2020: £286.156) was raised for UK patents atKI a sliBhdy sIn￿leT balance w&4 nJAde Available to MCM pupils dLm8 th¢ y¢ar. Through the Corortavints Job Rention S¢lme the Coljw r￿ciV0￿ Braots of just over £6?7.0￿ 12020.. £1.4 millioD) following the fi￿OUgh of the majority of the supptrd stAff from Janugry until th¢ mid-Mar¢h 8tyJ then 4 smaller numb¢r in relatson to the Can￿lled SU￿j￿r Sclwl over the SUM￿ periThl. However, with the desire to look after atyj support all the staftfor as long as possible the decision was taken lo crntinue to filllough the stsff OD ICMYA of theirsalary. Unfortun&tely. tlw¢ were no grants avatlable from the Malaysian Government to similarly a&8isi MCM during the [t￿te learning periods. Consolidated rtet fte irteome droppl forthe seco￿1 con8e¢utive year to £47.9 Millio￿ down from £49.8 Jnillion, which in itself was vl drop of £4.6 million from the fee Anc4me re¢¢ived in 2018119 (pr¢-PaDd¢mi¢). This was du¢ lo a ¢onthinalion of factOT5:_ ffijrther fce rcductiOD5 due to camputs closures Nyils being c4ughi by tsavel restrictio no annual fee incre&4e de4)ile incTe&qed eosts and infiatiow iwe4ses as the S¢EM)ois a¢utely awAre of the financitti im￿( the p4nd¢mic ha& had on parents a￿1 the wider eLonomies: and a SiBnificant dxrease in p￿1] numbers at MCM as a dIr￿t resuli of the parKletnic 8￿j the tsavel r¢strictiolls in p]ace. The Colle8¢ losi further iti¢om¢ duriti8 the year to the redwtioD in ￿M￿￿al activities.. namely the cancellation of the 2021 Summer School as well as not receiving ally 8ift aid from MCEL as they wue loss mfikin8 due to a of their aclivitie not tskin8 place as they would bave done durin8 the yeaT. Both Schools continued to undertake A number of measm to ty to mitigate wkn pMsibl¢ the cth flow impo¢ts whilst the npu8es wer¢ efftctively closed. Th¢ othei considernble financial inwt of rhe pthic was MCM'S le&8e 1rStn￿tUIe which rGsultcd irt £1.51 million of unpaid operatin8 interest th&1 now bad to bc aco)UDtcd for ID advancc. Although, this w45 otfset by l¢vy rcbAtc of £1.54 million whi¢h had pr¢viO￿41Y be¢n ¢apitslis¢d Thi5 was also further to the prior year's £2.8 million impairment of MCM'S assets As result of the irnpact of the p￿iC. Overall the Group recortsJaA operntingsurplus of £3.8 millioneomwrd with • lossof £1.9 millionin th¢ prior>w. However. without the substantial itiv¢strnent gains totallmg £2.7 million and the fiwlough grant of £0.677 Millio￿ tbere would bave oo]y bcen a £0.4 million Group surplus. While the College was able to a small ¢)peraiin8 surplus. MCM does have Ally investhienis thai coum tyk¢ advatttoge of the bull matk¢t and was ￿1 fortunak enough to [￿e1v¢ any donations or goven]menl grants during th¢ year. This resulted in MCM bavin8 an(smtingdeficit of£O.6n)illlo￿ AIthou8hthi5 con¥wed to aD OPCTatllJg deficit of £4.2 million in the wior year. A total of £6.0 million w&$ Committed io capital expenditijre thMin8 the year, £5.8 million of wbicb t(K>k place iti the UK. This W&8 considerably le55 than th¢ trA￿8￿¢d £8.8 million to the on8OXD8 Conce￿ SUTmutsJing the pandemic alld resultiDg supplier and labow thor￿￿¢8. The £25 millioti loan note issue has funded £18.3 Jnlljion Worth of c8Pital projects. £6.7 million is earnmrked for the £16.5 million sc1th￿e a￿1 Innovation Ccntre project with the reroaitllng costs bcing through fundTaiSiD8. 17

MARLBOROUGH COILEGE COUNCIL'S REPORT (¢ontlnued) INVESTMENT POLICY AND PERFORMANCE The College's investments are maDJged by R4thb)nes IDV¢SmKnt Management Lknl The investment managers have discretion in the managejnent of tbe portfolio. The iovesttneni policy b&$ adq)ted totsl during the y¢ar, with th¢ OV¢Tall obje¢tive to iwre48e Vah￿ in line with fre infiatioD a￿1 Prov￿ up to 34Yts fordrnw down in supp)rt of buMries. The investTnettts eonsistcntly either mea or exceed the se( up until the pande￿.¢ WI￿ the fi08nml nwkets were itidirectiy injpactd Howevcr, subwu¢ntly the iDvesm)ents have exceeded all benchnwk8 set with unprecedented investment gaill8 {reaLised and Un￿&115cd) dwn¥ th¢ yeaT of £2.7 millioD (2020: £358,(K)O lo&s). which made up the majotity of the Group's surplus duriD8 tk year. RLSKRVES POLICY At 31 AuBll￿ 2021, thoGr￿pheld total fimdsof£105.9 tDillion (2020.. £101.8 tDiI]ion). Oftt¢ total fiwds, £13.8 tDillion (2020.. £11.3 Jnillion) related to restricted and endowed fim¢Ls and the puy Orth￿ explained in nottt¥ 17 and 18 w the accounts. Council adopted totai return attountin8 durin8 th¢ y¢aT, whith peTmits MOT¢ of the ensknwrd fuTth to b¢ grnnted if rwuired and this adoption is shown in ttK)re detsil in nofr 15. Th¢ Group also holds d¢siBnated funds of £1.85 millton (2020.. £1.5 ntillioti), 7whi¢h W¢Tr origin8lly up to allocot¢ dowtion5 of 4 general pwp05e towards designated purposts as approved by th¢ Cou￿11. The purpos¢ of ¢i¢h fithd i$ d¢S¢rib￿ in I￿1¢ 15. In ￿llion ¢0 this, ￿tIVitieS in relation to Malaysia are shown seporn¢dy as i fityl withiti the a¢¢outt￿ At 31 Au8y8t 2021. thcrc was a lu￿lu5 on these funds of £0.9 millioll (2020.. £2.0 n)iUion). The College holds unrestric¢vJ reserves of £88.9 million {2020: £86.9 million). The value of t]se reberves i& more th8n exceeded by the value of tsngible r￿ed asws ai £107.2 million (2020: £IIM.7 million). The ColleBe'i development plan whtch envisa8e8 significant furtlv capital eX￿￿j71U￿. bas been curtailetylponed kn son)e exwit once 88ain as a resuji of the financial imp￿1 of th¢ pond¢mic. A$ ￿ve MCM'S develqlnxnt Pl￿ WIMX £1.4 million of reserves are Bll unre8tricd lljc munagcmcnl of funding and vrnking capital is mottitor&J by the S¢1￿￿)18. Fillatic¢ Committees ¢)n o rt8ulor b￿18 4 number of funding Str¢an￿ are bein8 identified to the c4)itsl requir¢ments for th¢ 8hort and medium terni. Th¢ CouThcil8 are Satisfied that the Sckno]s have sufficiem workin8 withl, althou8h the 1TnP￿ts of the pandemie has regultsd in the Coun¢il$ re￿¢￿?￿8 the long tenn plans for ￿)rkn"n8 capital to ensure thert will be sufficient fujth should they be required in the fvture for unfoT¢seen sitttyts'0￿ sucb ay the current poodemic. Thi8 policy is moniti)Ted by the Schools, FiDQDce Cornmillees and reviewed at least termly. The Governing Body considers that the going cotteern b&8is remaiN mrtyTiate for tbe preparntion of the College'$ a¢¢ounts even ID light of the inwt of the patmlernic. MCM'$ Council hav¢ re￿¢4 the sth)01's operniing and position alld following a re8ttucttwe to their Initial Lewe Terni with the Le&8OT8 COll8ider that the 8oin8 ¢orK¢rn b&qis remai￿ appropriao. RISK MANAGEMENT The D￿JOr risks to which th¢ S¢hools are as Ide￿1￿ by the Counci]& bave been review￿ and s￿leMS have bee established to mitiga those risks. This 18 an on.goiogpr(ws atyj the C(yJnci1g review and upjate the risk maI￿ge￿￿tpnxeS5 at I￿s1 annually. Th¢ principal risks aNI uncertainties identi6ed by the Sclwly Incl￿ the following:" th¢ fitwi¢ia] And socia] impacts of a (slobal) pandeD]￿. affordability of fees by parents acro&s the indepeknt S￿￿1 secthr. fv¢ure demand for independent ethication and particularly boarding education. fvture 8overnmen¢s ¢14nge the law to remove(dJaritsble) tax breaks (in tlr UK). failure to safeguard the wellbeing and 5Cfttrity of pupi]s and Staff. the ability ￿ quickly itiwlement any sttategic clwige atKI the cosLs involved iti Implementatio￿ paTtiwlarly wh¢r¢ tbe change is outside the Schools. ¢olltroL s￿h ch*n8e5 in legislation atKI p¢nsion conknljutiotks. 18

MARLBOROUGH COUIGE COUNCIL'S REPORT (¢oAlitiu¢d) Risk assessments are iti plaee At all levels in the sCh￿]s ￿ a rcsult of pandw afyl ￿110￿5 iwlu& daily h¢ahb questionnaiKs of all pupi]s stsff, in]mediate testing (and re￿Its) of anyone displaying sylllpt0ll￿ with appropri8t¢ iso]atioll measures and PPE acro￿ th¢ whole campus still ID place. Tr ￿ infrastructtue has eLsured rellK)te learning conlinu¢s possible in Sehool4 b¢ il as a Tesult ora national 1ttkdoW￿ rg4uir&J isolation or tsavel restrictiow preventing campus learning. The health of ￿1 the pupi]s a￿1 staff is the Sckn]s' C(xmci]5' D)aiD priority as pfirt of the day kn day nmning of the Scbools. Although the College is still very w capacity, the pknic conti1￿ to impact MCM'S pupil llUEllba5 considuably, largdy due to travel restriciion¥ acrosy the county and sch￿1 C](￿￿Te orders. The CiwKiis for both SdKK)Is continue to carefidly monitor fee increa&es in the future to improve affonlabiiity aTKI 4K¢ssibility tfirt * the lime to t￿S￿re thai tk bigbe8t 8Widards are Mainlain￿ in both Schools. tn the UK there is an ongoing Tisk to clwJge8 to illdependeni sch(K)Is' chari¢abk ststus. amongst other risks, and hence it is important that the Couege Contiti￿￿ to slKiw its comn)itsnent 10 ti14)rovin8 SiVPOrt to otherschools aThJ improvin8 accessibility to the ￿lUC&￿'0￿ provided at the Colleg¢. Partic￿lY iti the nUTnber of traTrsforn)ational buwies beill8 made availabl¢. bitiow targets being sei ts) ty aDd ¥hi¢ve thi8 via th¢ Dw¢lo• office. The College is also looknn8 at ¢ontitigsYy planning should ux Change8 be introduced. The safeguarding of childreo is an extremely lilli￿¢ area forTi8k OrwiJatiO￿ ￿)ch Work with children hav¢ critical role to pJ4y in preverÈiing, identifyin8 And rePM1￿ cases of ￿feguardI08 eon¢¢nL Both Sthxjls a?m to mitigate these risks by paying particular attention ￿ the trainin8 ofstsff and other iThJividual$ asso¢i4¢ed with thc OTgani5ation about how to identify 518n8 of saf¢guardin8 concern, edueati118 the pupiig appropri￿lY, implementitig robust ￿fer recrpJitm¢nt policie$, adoplin8 Llear procedur& for reporting recordiD8 conccrn% and inwlemen(ing o stron8 culture of p&ytoral ¢ar¢ within the Schools. Health and Sttfety is a Signif￿Trt area for risk Ma￿se￿¢llL The risks range frorn fire attd irtfrastru¢t4re to personal ri5k8. The level and breadth of a¢uvity at the Schools is uo&ble the Tisk8 associatrd with all ￿tiVIti¢$ are managed by thorougb pkniD8 and risk wcs5meDL The risk managemeni process idcntifias ri4ks, ￿$¢89¢8 their illwaci afyl likel11￿ neces88ry> TWODunends controls to mitigak and nM)nitor tl¥)3C ¥Rskn that are 888e88eAI as hi￿ Th¢ k¢y controls u8¢d by the Sckn18 w minirnise risk includc:. policie5 and vettin8 procedwes as Tequired by law f(r the FfOWiOD of ¢hiJdreJ4" foru￿1 agendas for the Counclls and all Committee me¢tlly, including an annua] ttview of risk m8na8ernenl' detsiled tenns of reference for ￿1 Cornmiiie¢s' stsnte8ic developnxni plaDoill8 T¢viewed annuauy by the Cowil&' ¢xternal auditors, review in¢hMlirtg of ¢ontrol4 policies and prrthlur¢s' estsblished organisational $truths and line5 of ryortiO8: fonnal WTi¢ten p)licies in¢luding ¢l¢ar authori58tion aThl apwoval levels. and ¢x[￿rt advice and support from the Yarious professional swort te&tr i￿]￿dIng Finance. HIL Operations. Health aThd Saf¢ty, 8Dd Admissions &$ well as from qua]ified and experience41 a¢ad¢mi¢ with dedicated respoJL8ibility for safeBuarditi8 and pastoTrl care. The Councils regularly re￿¢W th? ¢ffKtiv¢De&8 of current pl8ns Strategi￿ for n)onaw all ithllified major rA8ks for b)th the Coll¢ge and its subsidiari¢s. Throu8h their risk rnana8emettt prLYes5ry. COU￿115 are Satisfied that th¢ major risk5 idenlified h&ve been adequtttely mitigated nccc8sary. 19

MARLBOROUGH COLLEGE

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Council is responsible for preparing the Council's Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Accounting Practice). The law applicable to charities in England and Wales requires the Council to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the College and of the Group and of the net movement in funds, including the income and expenditure, of the Group and the College for that year. In preparing these financial statements, the Council are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic oflreland (FRS l 02);

• make judgements and estimates that are reasonable and prudent;

• state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Council is responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the College and enable the Council to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and other applicable laws. The Council is responsible for safeguarding the assets of the Group and the College and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditors

A resolution to reappoint the auditors, Haysmacintyre LLP, will be submitted to the Annual General Meeting.

Marlborough College By order of the Council Wiltshire SN81PA Date: 4 D ecember 2021

20

MARLBOROUGH COLLEGE INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OFMARLBOROUGH COIIEGE We have audit¢d the financial statrll￿ts of MarlknrDugb College for the year ended 31 August 2021 vthich cornw1￿ GTOUP Sthtement of Fin￿￿31A¢11V1tig5, Bala￿ Sheet4 th¢ Group Staternent of Casb Flows and tKJttS to tbe fir￿￿i￿ 8taiement includitig a summary of Significant accounting policies. Th¢ fin8￿101 Twting fiymewrt that h&$ been appli¢d in their preparntion is applicable law and United Ki￿Rd0￿ A¢¢ounting S¢andaTd% includjng Fitwicial Rewting Starylard 102 3Tre FInanC￿l￿e￿)￿ng Siandard applicable in ihe UKandRepublicoflreland (United Kmgdom G¢n¢r8llyAw>d A¢￿ullI]D& P￿tice). give a true and fair viw of the stste of the group's of th¢ clthrity's affairs as at 31 August 2021 aTMI of ihe group's net movement in fill￿s for the year then ended; have been pryrly prepar¢d in with United Kingdom Gen¢rnllyAcc Accounting l>ractic¢' and h•v¢ b¢ell preparol in ac4ordw¢ with thr Tequirern￿ of the Clwitie8 A¢¢ 2011. Bath for oplnlon We have Ix¢n wppointed ￿ ￿￿1t0T section 144 of Charities Aci 2011 aThl accordatt¢¢ with the A¢1 and relevani rexulotions madc or hnvinE effect thern￿. We wnduc¢ed OUT audit in a¢e4)rdance with Intemational Standards on Auditing IUK) (ISA5 (UK)) and applicable low. Our rttp)nsibili¢ie5 under tknse sthndorth are further described in the Audi¢or'$ responsibilities for the audii of the ftnanciAI s¢ctiOD of ow rwrt. We are iThlryeThJenl of thc wup iti aceordan with the ethical requiremn¢s that are relevant to our audit of the finon¢ial ststemems in the UL includin8 tlx FRC'% Ethical St￿d￿rd, aod we have fijlfilled our other ethical resp)nsibiliiie8 itt ae¢ordonce witb &se requirenjents. We believe that the Conclu￿018 relatln8 to iolng concern In auditing the fllwKial sthtements. we hov¢ cot￿￿￿￿ ttrot the truste¢g' ￿ of the going con¢¢rn basis of accounting in tbe prepavJtson of the financial statements 18 apEopriat¢. Based on the work we h8v¢ perforrncd, we have llot identified any maierial urKertaiDties relating to events or conditiols tha¢. individually OT coll¢ctiv¢ly. may casl signifiGqnt thvbt on the gro￿,1 abiliry to continue as a going concern for a perxod of it lea8¢ twelve ￿m)nthS frnm when the fiDKial ststemeDts are authori8¢d foT i&$ Our ￿pOnsibl11ties and the respon8ibilitie8 of the tr￿￿¢8 with re5￿t to 80in8 ¢1)ncern aTe des￿ibed ID the relevant 8ection8 of thi￿ repc Otber IDform•tton The tn￿te¢S are re4)otssible for the other inforniation. The odxr inforwtion conwises the Inforn￿tiOn Ir￿Illded in the Council's Report. Our opinion on the f]n8ncial sthtements thxs not ¢oveT the other infor[t￿lOn art exccpt to the extertt otherwise explicitly 8t&ted in ow reporu we th) not expre88 any forni of assur￿ cowlusion thereo In conn¢¢tion with our audit of the financi￿ our respon￿billIY 18 ￿ reNI th¢ oth¢r infonnation an¢ in doing so, ¢0tt8iderwhether the other infornwion is tha￿1811Y iti¢oDsistent with the financial ststenKnts or our knowlcdgc obtsined in the audit or otherwise appears to be M￿e[lallY If we id¢rttify s￿b mftterial inconyisncie8 or apparent mHteri41 misNt&tements, we are required to delern)ine whether there ig i Jnatttiai ￿l￿￿tement ID the fir￿n¢la1 stsment8 or a material miss¢atement of the other Irthm￿ts'0(L IC ba￿d on the work we bave rrfoTm&£ we cO￿lUde thai (1￿ is a ￿￿terial Miss￿lement of this other itiformotio￿ we are rwited (o report f*L We have nothiD8 ts report in this regard. Mxtter¥ on we are requlred to report by excepth•• We havc nothing to report ID ttspe¢t of the following rnatt¢r8 in relation w vthich the Charities (A¢eounts 8Dd Reports) Re8ulation& 2(K)8 require uy kn report to you ic Ati our opinion: adequate accountitig record3 have not beeD kept by the paryrt ¢h8Tity: sufficimt accounting re¢￿th have not been k¢pL OT w¢ have not received all the Ithm￿tion and ¢xplanatiODS we require for our a￿liL 21

MARLBOROUGH COLLEGE INDEPEI¥DENT AiIDITORS' REPORT TO THE TRUSTEES OF MARLBOROUGH COLLEGE Re8pon$lbllltl¢B of tru5teu for the Illl￿¢1￿ rtieThe4ts As ¢xplain¢d nN)Te fillly in the trusiees. rwibililies statemenL Sel Out on pag¢ 20. th¢ trus¢$ are responsible for the preparation of th¢ finan¢ial staienxnts and for wisfied that they Eive a true and fair vi¢w, 4nd for such internal control as the trLL4tres a￿erni1￿e is nece&sary to etlable tk preparntion of financial staten￿ttts thttt or¢ free from material misslatemenL whether due to fraud orernr. In prep8ritig fmanGi41 Statem￿1& the trusttts ar¢ re4Km5ibk for aSs￿lD8 the gft)up's and th¢ partnt ¢harity'S ability to continue as a going concern, diKlosin& as applicable, related to goitig coMYrn and using the going ¢oncern basis of accowit1￿8 unless th¢ trustees eitherimend to liquidate thegroup Orth¢pare￿ chority orlo Ce￿ operntion8. or h&v¢ tto realistic altert￿tIVe but to do 80. Audltor'i re8ponilblllti¥ for the wdlt of the fin￿£111 #terne￿ts (kn objextives are to obthin re&sonabk assurartt at4)ut wlth tk finawial statements as a whole are free frotn materi41 tDi8StatemenL whether due th fixud or error, and to an auditor'8 rqx)rt that includes our opinion. Reasonablc ￿sur&￿ce 1$ a high level of &￿ul8n¢e. but is not # guaraffjee that an audit eoDduct¢d in accordance with ISAS IUK) will alway5 dctect rtMt¢riai misstameoi when it exists. Misstytnents can arise from frnud or eTror¥nd 8T¢ wnsidered materiol if, ￿￿1vIdUallY OT in th¢ a88reBace, they could re&foTthbly be eXp￿ted w influence the economic d¢cisioTLS of users tsken on the basis of the8t finwial stal¢DXllt& Irregularities. in¢luding fraLuI are In8th￿ of with laws aNI r¥8ulatson8. We dcsipj pr￿edureS in line with our rtsponsibilitie8, outlined aiKve, to detrinion8 w¢ bave fornxd. LLP Hjysmaclntyre LLP StatutoryAuditors 10 Queen Street Place EC4R IAG 17 December ..2021 Hawity LLP is cligible to act &8 an auditor ill tenL8 of s￿li0n 1212 of th¢ Conwanies Ath 2(K)6

MARIJOROUGB COILEGE srATEMENT OF FINANcIALA￿ly1TIEs ((oMp) FOR THE YEAR ENDED 31 AUGUST 2021 Unr¢ttrl¢ted DeSIg￿(¢d F•nd8 F￿ndS Endowed Funds Tot 2021 £?￿0 Tot 2020 £'o Not Imeome and endowments from: School fees 34.1(Kl 14.601 (298) (492) 47.911 49.827 TTadin8 Income 940 477 1.059 867 945 1,278 3SYI Donatio 2b 675 330 571 1.576 3,492 220 142 45 233 640 875 Tot1 Intome 36.412 15252 77 312 52.053 56.417 Expendlture OD: Tradin8 costs FinancinB ¢OSt5" Markeiill8 and fillKI r4R8ing Investmeni managernent 795 992 937 114 1.416 55 909 2.417 992 66 772 3.111 1.031 38 59 2.724 lJ85 16 59 4,384 4.972 Lt&bl¢AoiYiti Collcgc op¢Trting costs: leachin¥ ¢05ts Summer S¢lKKJI expenses Welfare Premises sUpF￿ cos Grants, awards 8ts1 prize8 Depreciation and in4)airnt 13,931 419 4.7J3 7,256 2.441 7202 27 21,160 419 5,834 9.550 4.313 74 5.151 21.693 545 6.092 12.516 3,939 24 1.872 74 3.323 1.828 8,158 32,103 14.268 32 98 46.501 52.959 Ttst￿ e4)endlture 34,827 15.853 48 157 50,885 57,931 Net ID¢omel(eipendltllrn) before westment galng 1.585 (601) 29 155 1.168 (1,514) Nd on investments [phone] 2.676 {358) Ne¢ IlleoDkl{exp¢ndlt￿e) 1.418 (601) 336 2.691 (1,872) TTrnsfers benveen knd$ RevaluatiOD of other investsneot Usels Exchang¢ Iloss¢sygains Re.measurrn¢ of Pension Deficti 14 240 18 (33) 328 (28) (212) 18 (77) 328 (59) (468) 252 (44) NET mOVEmE￿r IN FUNDS Fund balat￿¢$ at 31 August 2020 1.971 £86,910 {645) £2,IX18 308 £1.545 2.479 £11285 4,113 £101.748 (2,147) 103,895 Fwid bslnces •t 31 AugDIt 2021 £K881 £iJ £1.8S3 £13,764 £105061 £103895 Full cotnparatives for tbc Statement of Finaticialktivities aTe SI￿¥￿ in No 24 oft page 48. MARLBOROUGH COLLEGE

BALANCE SHEET

AS AT 31 AUGUST 2021

Notes FIED ASSETS Tagible 6 Investents 8 CUNT ASSETS Listed investments 8 Stock Debtors 9 Cash at bank and in hand Less: Creditors -Amounts flling due within one year 10 Net cu ent assets Creditors - Amounts fllig due afer one year 11 NET ASSETS REPRESENTED BY: Unresticted Funds 13 Restcted Funds 17 Endowed Funds 18 12	Group 2021 2020 £'000 £'000 133,894 135,369 18,279 15,763 152,173 151,132 10,275 10,751 535 653 6,176 5,178 15,044 14,648 32,030 31,230 (19,196) (21,954) 12,834 9,276 165,007 160,408 (59,147) (58,660) £105,861 £101,748 92,097 90,463 41 1,128 13,723 10,157 £105,861 £101,748	Colege 2021 2020 £'000 £'000 107,241 104,746 18,403 15,763 125,644 120,509 10,275 10,751 53 42 4,328 3,900 5,369 5,091 20,025 19,784 (9,704) (8,545) 10,321 11,239 135,965 131,748 (31,597) (32,052) £104,368 £99,696 90,604 88,411 41 1,128 13,723 10,157 £104,368 £99,696

These financial statements were approved by the Council on 4 December 2021.

.................................................... - Chairman of Council airman of Finance Committee

The accompanying notes are an integral part of these financial statements.

24

MARLBOROUGH COLLEGE CASH FtA)W STATEMENT (Group 2021 2020 Reeollclll#llon of net Jnrome to net Cash flow frnm operathig acdvltks Net income per slatement of fujancial -Acttvities Depreciation chaTge5 & Inwairmffl Amortisation cos¢ for r¢fvndable dep081ts Gain on sale of t4ngible fixed assets Bank intcregt s￿1 investment in￿n Net gain on inYestTnents tnterest payable (1,872) 5.151 243 (5) (640) (2.676) 2.417 112 {1,0971 {1,750 2324 8.158 227 (27) (875) 357 3,111 123 (725) {1.334) (758) (tncreasellDe¢rea Rn debto tncreas&lDecre&sel in crcdiior5 I￿r￿C/(De¢le￿el in lew creditors N•t ¢aib provlded by operitSn8 •¢tlvltle• 7J18 6J85 t&temen¢ of casb flo nowi frnrn lThvertlng edvldeJ Bank intty¢st and investment income Purchase of tangible fixed assets Procwi$ from sal¢ of tangible fixfoj &uets Purchase of inve$tm¢nLg Proceals from sal¢ of inv￿tMents Purch&ge of 8oveniJn¢nt s¢¢iiri¢ie8 and corwrak bonds Proccedy from sale of 8ovttniwii se¢uritieJ d corpoTate bonds 875 (4.980) 57 (2.068) 2,043 (5.961) (5.567) 5.417 {440) 3.119 Net uged In IMve•tlDg aetlvltles (1,46Y) (lJ94) Calh now$ from Illl￿£1￿X cdvlde8 Interest pa￿ble New enirallce d¢po8its received N¢w fees An advall¢¢ re¢¢ived Rele&s¢ of fees in advance Entrance dq>c6its repaid (2.417) 2,730 270 (787) (2,598) (3,111) 3.3LVJ 384 (777) (3,848) Net ea•b umd In ftDanclmg etfvld (U02) (4,043) ChaDge In and calh equlvleDts ID the repDrtln8 perfod £3.649 £948 Cash and ¢￿h equiv8Jents at the be8iDDing of the reporting period 19.612 18,664 Cajh and ca8h equ1v￿¢lll¥ It the eDd of the reportlng perlod 23J61 19.012 An81 of ca8h and ulvaientl Cash at bank and in hand Uninvested cash included ID inv¢s¢rnffl Total cash and ¢4sh ¢q4ival¢xti: 15.044 14.648 23301 19,612 An aDaly5i8 of net debt is I￿l￿ded itt no 23. 25

MARLBOROUGH COILEGE STATEMEI¥T OFACCOUNTING POLICIFS FOR THE YEAR ENDED 31 AUGUST 2021 The principal ac£ounliDg wFlicies athwtyljudg￿Cnts aDd key sources of eMinution uw¢rtsinty ID the pryTrtion of th¢ financial statements are as follom.. a) BA•is of prepratlo Recotnmetthd Prnctice applicable to ¢haTitie8 preEwing their xcounts in ac£ordawe with ttse FRnati¢ial Re[￿￿1￿ Standard applicable in the UK atLd Rqjublic of Ireland IFRS 102)- s￿nd Editio￿ the Fjtiawl￿ R¢portitig S¢alldard appli¢abl¢ in the UK and Republic of Irel8ts1 (FRS 102) and The Charities (Accounts aTrJ Rem) R¢8ulaiion$ 2008. Mar]borough Colle8e meets the defiDitTon of a ￿b]IC bcnefrt entity uffjdeT FRS 102. The finarKiaJ statements are prepar¢d in ac¢ordgnce with the historical cost convenLion&s m￿lfied by the revaluation of certaill a&8ets. Assets and liabilities are initially r¢¢ognis¢d athiswrical c0stortratt￿Ctso￿va1ucUnlesS other￿$￿ted in rly TelevantacuJiintill8 policynotels). The fithctional b) G•thg ¢on¢ern The Council cornqiders there are no Ma￿la1 Uncer￿¢ about ¢he Gro￿.$ fin￿la1 ￿lIltY and heJKe its ability to continue 8 8oin8 concern. d¢8pi the ongoin8 Pa￿le4￿C. Th¢ llnpa¢¢ of thc pand¢mic continues ￿ be felt in the UK aryl an)UDd th¢ world bui to differing extents and with government8 taking differ¢ni di￿110￿$ io its effecL However, the ￿l¢W ofthe financial res¢rvea levels aDd expected fuvjre casb flows and p14Ds gives confidence the College rernal￿ a soin8 cotseerD ftjr the for¢seeabl¢ futtwe. MCM'8 CourKil wfomed ￿ a$8esJuMt of & overall impxt of the siwatioll on S¢hool's (y¢rations, I￿]￿diNg the Tecoverability of the caTrying amouDI of asse￿ measurements of its assets and liabiliti¢$ as well 8$ impli¢atiots4 to th¢ op¢ratmg leaye and loan to its Ik)Iditi8 COryK)rn¢ion. Despite the on8oin8 clJailenge8 of the pand¢mi¢. ewially th¢ ¢losed boarders, the Council continue to adopt the goin8 eoneern Easis as they have & reasonable expec￿10￿ that the School has adequate resoure¢$ 10 con¢illu¢ il& activities forthe fores¢eabk fimtye ¢onsideT that there QTeno M&ter1￿ uncertAiniieB overthe Scknl's fin￿￿101 viability. c) CrItI￿1 ¢¢ouDthig Jud%etlleDts ethAt In preTMring these fillanciai s￿m¢D￿ Mana8ementhu njade judge1w￿ es¢imas a￿1 ￿lOn& that affectthe Bpplication of the Colle8e's a¢¢ouDting wTrlicies and the remd liabilitiA I￿)rt)e and ¢xpenditur¢ aod the disclosures made in the financial staietnelits. E5timat¢s and jL￿ge1￿1￿ are coniinually evaluated aThJ are b8wJ on histoft¢•l ¢xpui¢]Ke •ttd otheT f￿tOry, includin2 expectations of future eveots thai are belieyed to be reL¥on￿le under the circumsthn¢eS. Certain long temi liabilitity including oveJ5e45 dewisits and ￿tra￿e dwit8. b&ve not been di8eounted on the ¥rcAmd& th&¢ th¢ impact ofdis¢ounting i¥ Co￿81delyd io be itillnaterial to th¢ fil￿￿¢1?1 statements. Wbere the inwt is mariAI, specifically in relation to MCM elltra￿ depoyit4 babdiiie8 be¢n Deferred tax or¢ r#ogni3cd to theextent that i$prohble thattlxable prof￿$ be av4iknbk against vkni¢h the deductible temporary differen¢&8 or ullused ¢ax108ses Can be ￿lI18Cli malaysi￿ Levy and Sw Ap&stevellt that leads to apruentobli8ation i8¢all￿ an obliwing eveoL where the settlementof theobli8ationcfinbe enforccd by law. For 8a event to be an obliwittg evenL it is nece&w that th¢ ¢Dtiry Iw no realistic alrnAtive to setd1￿8 the obligation cttated by the evenl. Jn the 2018119 financi￿ year. MCM aCern￿ for 4 I¢vy I￿j Stan￿ duty payable on the lease for land and buildings amounting to £2,109.219 £70.300 rupectively. Followitig appe41 th¢ levy was reduced by the JohoT Land Office and a8 a resuli £1,542,894 was revu5￿ fmmpnwry. pla￿ andequipmenl which hwJP*ett capitalised fora period of 23 years. ImpairnKnt of Property, Plant attd Equipm¢nt The Sohools, assess whether thrre is any ittdieation that pr(IKty, p]ant aud equipmeot are impaired at the endof each repo period. Impairnmit loss is recogni5ed forthe aft￿￿￿1 by which th¢ caryying amouDI ofthe asset exceeds its recoverable amount The recoverable amounl is the lll"gheT of an ￿(,5 fair ￿lle less costs to s¢ll a￿1 value in use. FOT the pwposes of asse&sing itnpaim￿nL a&8ets are groutrtd at the lowesi level wbich thEfE is sq>arately idcntifthle c&sb flowF (casb gerwating units). 26

MARLBOROUGH COLLEGE STATEMELYf OFACCOUNTING POLICILS (Cwitinved) FOR THE YEAR ENDED 31 AUGusf 2021 d) Fees Ind 8lmllAr ID¢on Fees receivable aThl ¢hprg¢s forservices XCOUnt￿ forin the yearin vknicb the service is provi&& Fe¢$ ￿e1VIble are $tAted aft¢r deductillg allovthrt¢￿ s¢ho]aT5hips and other rernissions grnllted by the Colleg< and Incl￿ ¢ontnl)utions re¢eived from Aw)ciakd Funds for S¢holmhips Bursaries and otherRrat)ts. e) glfts And ley¢R Donations received for the g¢neTrl PuryK￿ of the ColleEe ore ¢rnlitrJ to College fuTrJs. Where Coul￿11 desi8Il&t¢8 donatio￿¥ for specific Pu￿$￿￿ they are uedited to desigt)ated futtdl ¢0 dlstsnW￿ them from dired sclMxTrI incorne. Do￿tiOnS subject to specific wisFs of the are ¢￿aited to relevant restried fuod% or to endowed fimds. where the ¢4)ithl is petiod in which the associated salary pawts ate llwle to fiwlouBI￿ 8tsff. Expendlts Expendititr¢ is all￿ated ￿ expe1￿ headings ¢itb¢T on a direci COA basi& or app)rt10D￿ #e¢ordiDg to time s￿. The irree4)venbk elenKnl of value ￿ tsx 1$ In¢1￿ with item ofexpe1￿ ts) which it Trlates. Il LeieJ The Schoo18' rentsls p•id under operatm8 le&8es, in whieh subsMnti#lly all th risks rewayds of own¢rslup are r¢t4ined by the IcsoT, Bre ¢haryed t¢ i￿0￿C on a strax8hi litte balis over th¢ l¢w teTnL MCM'8 leases of &48e¢s whtr¢ ￿Y assume subSt￿￿lY ll risks r¢w4Tds iDcideDthJ kn O￿lP of the le&qed J&qets aT¢ ¢1455ified Bg finance leas¢s. Th¢ leased &85ets aThJ the corrqxyTKling Icw liabili11￿ (rt of finance chary&4) undtr finance I￿¥¢8 are rKognised on the bthnce sh¢¢t as plant and equipment borrowin85 respectively. at the inception ofthe IcaKs bosed on the lower of the fair value of the lewd ¥wts w￿j the present value of the thinirnum l¢w payrnents. Each leos¢ payment is apport1th￿d beTr￿eTh the ¢xpeMe and the reductiOD of the outstaThling lease liabiliry. The fill&t￿¢ expet)se is r¢wgni8ed in the I￿Me 8tatemettt ott ) b&is that reflects a constsnt periodi¢ rate of int¢re8t on the fu)ance lease liabiliry. h) Flll#llcl￿ IDStrum¢•ts Only the Colle8e has f￿￿)Cial a$8ets and liabiliii&4 of a kind that qttslify as basic finfincial instruments. Basie financial iDstruments, includin8 trade gnd other debtors and creditor% are initially rEcogni5)l ai fransaction value thd subsequently n)WUTed at their settlement value. l) Tngtble fixed #Mefi The Colle8e1oNI and buildings in existence At l July 1999 tte yah￿￿ by the cull￿11 on tbe following basi8: Specialised buijdings were Valu￿ ￿5]ll8 dtPTecia¢ryJ Teplacement ccrt S￿l&11Std buildiDg5 gr¢ buildings Buch &$ 8chools, "whcre therc is no ¢omwing market dettwnd from otherorwisarions using the8e types of prom ill the locali￿, and are therefoTC rarely sold on open n)&￿t for siti8le occup4tion for a ￿ntinuatiOn of their ¢xistin8 Use, ¢x¢ep¢ ￿ port of a sale of the busillcsy in (wation. A￿Ul$itionS of specialiged builthn85 wbsewt to l July 1999 are dep￿lated ill accordance with the Collcge's nonnal xcountin8 policie Non.speciaJAsedbuildiD8S Wtre v￿￿ed atexislinguse value. NOn.5￿]911￿] buildiD8S include residential buildin8S OUt8id¢ the College canjpus And sh(ys. Latsd related to sp￿]&119¢d builth88 were vahd on an agricUhUr￿ VAlue b&si& Lattd relating to non.specialiseA buildthgs Vtr¢ valueAJ at markd The College does no¢ iDteDd io adcgt a p)licy of revg]uatioTh Thu5 the iwJlid￿ v8Ju&t1o￿ at l July 1999 ar¢ frozen subject to DeprKi8lioll isproyided to writr off the ¢￿t orvaluatioo less esti1n￿r￿￿thJ81 vah*. of4ll o￿las￿ts. except freeFx)Id18n over their ¢xpx¢ed useful lives. 27

MARLBOROUGH COUXGE SrATKME￿f OFACCOUNTING POLICIES (Continued) FOR THEYEAR EL¥DED 31 AUGUST 2021 The rntes of d¢preciation are as followa: Buildings.. Buildings Building services and fixtwe8 IOto50ye 10 yraT5 15ty25yeaTS Computers Equipttmit Fixtures and Furniture Motor Vehicles 5 ￿ 10 years J) Flxed sset attd current ue¢ Inve4tmeDts Li4t¢d itiv¢stTn¢nts held as f￿ed or currtllt a&s¢ts •re i￿A￿le4 in the statement8 At market value. The fixed asset li4t¢d inv¢strD¢nts are k￿w￿ as Tr College Fll￿. Ipreviously named Tbe CorLsolidated lllvestmenl Pool) include ￿￿till inv¢sied by Desi8natuL R&strActed and EtsJow¢d fillhd& These allocad with which est&blith their proportion of the overall investment p(w)l. The traosactions r¢bting to the consolida￿d iDves¢menl pool are thell %haTed out beTr￿n the fiumts on a unit basis. Realised gains are th¢ dIffere￿e b￿ween ￿eedS and Iwing market value whetr the inyestmeni was beld ￿ the be¥innin8 of the y¢8r. or sthy proce¢ds k68 ￿st of pur¢tr￿ wherc the investrkthi wa8 wuired in th¢ year. Unreali5ed 8&ins are the ¢lwng¢ in vatue of iDvostments after tskmg Iti￿ tteount •my movements in inv¢sthKnt holdings Such as purchases and di4KJ8als of investsn¢n¢s. Reali8cd UDreali8ed gAitL% w¢ •¢¢ounttsl for within St&*ment of Fin￿1￿1 Activiti￿. Fees in advance investments Are defined fys liquid for the purp)YC8 of casb llow reporti4. InVeSth￿￿t properties consisl of a8riculturnl WKI colnn￿l&l arml retail propenies. They includeA in the fuwn¢ial

thtements ￿ their opeo nwket yah￿ as estitithtd by pTDfeJ8i(Kw] va]uer5 antwally.

k) Stock Stock is valued ￿ the lower of ¢ths¢ Aod reajisoble vahje. 1> Debton Trade and other debth tre wi5ed ai the Settle￿ amount due after any di%ouM off¢rrd. Prw4>inents are valued at the arnount prepaid nel of any trde di8eounts thy. m) Csb at b•nk Mlld ID band Cash at baT]k and wh in hfftnd iocludes Cash and short term bi8hly liquid inveBtments with a sknrt Inatiirity of thret moDtIL8 or less from the of acquisiuon OT (veni￿ of th¢ d¢posit or sxmilaT ) Credltors and provtslolll Creditors and provisioL4 ate reco8nised where the College a pre5eM obligation resultiDg from a pasi ¢v¢nt that will probably sult in the transfer of fimds third party and the anwwii to settle the obli8atiott ¢4tt be ttasuThl or estimated reliably. Creditor8 and provisions are nornmlly rEco￿v￿ ai their 5¢tt1ement amount after alloThin8 for any trade dis¢ouLts thie. LoD8 terni Ilabilities ar¢ discounted where the impacl is ￿￿terIal. o) FMnd8 The Statenxnt of FiJJaacial Activities is analys&J between Utirntrieted Coll¢8e Unrestricted De6ignNted Fund& Restricted Funds Eadowcd Furhis. The 8nd acwJntin8 treatll￿1 of th¢s¢ fiuth aT¢ explai￿d in Dole5 13 to 18. 28

MARLBOROUGH COLLEGE STATEMENT OFACCOUNflNG POLICILS {CoDtinued) FOR THE YEAR ENDED 31 AUGUST 2021 p) Con80lidAtion The Group financial Skntemcnts ryrcscnt the xtivitie5 of the Colle8e consolidated with MUnK￿Ush College Ente4>rises L (MCEL) and Marlborough College Overs￿ Limited (Iwhich I￿￿TF￿)￿t¢S its subsidiary M E&st Sthi Bhd). Consolidated f￿￿¢111 swemcnts bave beeD prwed for & ColleBe a￿1 its Twholly owned wbsidi8rAes. The and expthditure of the subsidi8ri&4 art irtcluded Mrythin the cottwlidthted ststetttht of financial activities. The assets and liabilities of the subsTrdiaries are included on 8 line-by.linc b&4is in ttr cottwlidated bala￿e sheet in ￿ wlth FRS102 section 9 - C4)nsolidAted and sq)arnte financial statements. u￿lf0M ￿OUntIng policies are adopted through0￿ the 8roup and any profits or losses arisin8 from intra-8DJUP tr&wactioL8 are elinJinad in tbe cA)nsoh'dated stafement of activities. q) Summer Scbool Dd the Sehooi of English Culture (rebr￿ded Open Minds in MAreh 2(121) The cowse take plxe in the months of July and AUS￿ each year. Income and expeodittllr relating ￿ the Summer School thd Minds is reflected in the year the courses take pla￿ and is referred ￿ as'suouller SCI￿01". Due to COVtD, these events were cancelled in 2020 and 2021 and any I￿￿Me r￿CiVeAj from c(W8e few that were Tr)t refLllb￿ ha￿ been carri¢d ov¢r to 2022 in coniuncuon with next year's planned courses. r) Ejnployeo benefits The College eontrilyutts to the Teaeher8' P￿]0￿ se1￿Me at lat￿ set by the ScI￿ne aetuary attd advi8ed to the Boord by the se1￿￿¢ Admintstrtttor. For the purposes of cotnplyiD8 with relevani V£eOUDiitig stand8rds, T￿bers, Pension Scheme 18 a¢counied for &% a dcfjned eontribution scheme &$ the charity is tK)t respoJMknle for, or eDtitled ￿ rtteive benefit for. any su￿lUS or d¢fi¢i¢ of the xh¢uK. Th¢ all￿U￿1$ in¢lud¢d within th¢ of Fits￿191 A¢tiVIti¢￿ Bal8n¢e Sheet atrj Casb Flow St8t¢meni in wordw with FRS 102 8KtioD 28. The College participa￿ in t￿ Peos1o￿ Tn￿t lc1￿m￿ that are multi•10￿ defu￿1 benefit schem¢8'. the Jndependent Schools, Pension s£ben￿ and the Grouryb P]an. li is Dot possiijle in the DornMI course of events to identify on g con¥i¥tent and reasoyjable bui5 the slwe of underlying assets and liabilities beloDgiDg lo individual particiwing ¢mploym. ThRS is bEC&Lh8e th¢ Schemes 4re multi-employer schemes where the scheme are cfrmingloj for Inv￿tMent purpose5 atKI bcDeGts are paid from the total ￿h¢me awts. However, the Colleg¢ been advi￿ by the PeThsioTL¥ TnL4t a¥ kn the dcficit rqja￿CnlS duc ia r¢kntion to thc sch¢mu. TherefoT¢. in IiD¢ with the requircnKnls of FRS 102. th¢ Coll¢g¢ a cr¢di¢or for th¢ dis¢ounltyJ pr¢sent v•lu¢ of ¢h¢ d¢fi¢i¢ wntribuiions dy¢ ¢0 the ￿h¢￿¢. Tho Colle8e also cotttyibu￿ to the I￿1¢Path S¢lKK)Ls' Pewioti S¢h¢m¢- Defined contrit￿110￿ Scheme at rntes 8et by the College. The atnounts itichthd within tht Stht¢meM of FitW￿l&l Activities, Bala￿¢ Sld A￿1 Cash Flow Ststement aTe in accordance with FRS 102 stttioll 28. MCM'4 PULsion benefit Khem&s ¢0Th4Trrise a defined witn1￿tiOn p]an: a pcnsion plBn under thich the Cornpany pays fixed ntribution5 into & S¢P8TJl¢ ￿tity1& fiuxl) h&¥ no l¢ga] or CoTL8tn￿Vc Obligatio￿ to p4y fith ¢Qtitributions or to tDak¢ dirwt En¢fit P4)Thents to ¢ll)ploy¢¢s if the fuThldoe8Th)tbold wffi¢i¢u¢ 858¢ts ¢0 pjy alletnploy¢es benefits relatin8 lo employee Other Short tern? benefits incl￿1￿& Ib)liday are rttoRaixd an expeTh6e in the ￿ ID which the service is r￿e1Ved. Tenninwtion be￿rIt8 aTe a¢￿Unted for on an ￿¢n￿l b￿lS and ID line with FRS 102. i) Forel¥D ¢urren¢y tr￿￿1110￿ The Coll¢g¢'s functional and pr¢5¢nta¢ion currency is s¢ulin8. MODE w¢ts and ]iabilities denominated in foreigll currettcics are trADslated into sterling ai the rates of exdwe rnlitig ai the balance sheet date. Transa¢tioll$ in foreign cwrencies are recorded at the rate rnliog at the date of the trtiti5action. All differeAKes are n%ognised in the SOFA. t) Irf81 •tatu• The College is Incory￿ra￿dbY Roy41 Charterand re￿tered &san Edwtional CTrwity(No. 3C9486). Itsc0D￿1lutiOn is contained in its Charter and Byc-laws. Its principal address is on Page 3.

MARLBOROUGH COLLEGE NOTES TO THE FL¥ANCtAL STATEMEiW FEES RECEIVABLE 2021 2020 £ooo Full fees forp4>i]s at the Schools Less: Fe¢s paid by associtited fur 52930 (371) 54,040 (333) 52,559 53.707 Less: Dedu¢tion8 s¢1￿11[$hipS 4WJ 4.529 149 4.064 (5.019) (4.213) 47,540 49.494 (]rants from A&￿￿18d Fund$ 371 333 Receivable by s¢h￿ £47.91] £49.827 OTHER TRADL¥G ACTIVITILS Registrotion and acceptance fees Commission rtteive41 Rentsl ittcoo Mi5¢ellaneo Gain on disp￿81 of tangible fLxeA assets 417 39 121 283 535 128 554 17 £867 £1.278 2b. DONATIONS GRANTS AND LKGACIFS DorAtions include £677,IYJO (2020.. £1,4KV),OCKI) rw¢iv¢d ID r¢l¥twn kn thc CoronJvinL¥ Job Re*JJtion kheme implement&l by thc UK Governmeni from March 2020 L% • r¢wJt of th¢ cowilrywid¢ I￿kdOWn in T¢l81ion to th¢ glob81 p￿d¢￿I¢. ANALYSIS OF T(YfAL EXPENDITURE Stsff Otber dlreet Costs £'ooo 2021 Total £?O(M) 21ni frai Trading costs Finance costs MaTketing and fundraising InveslrneDt rnall8gement 'tsble activiti£% College 14)erdtitiB co&L8: Teachi￿ costs 280 629 2.417 271 909 2.417 992 66 721 19,064 198 3,813 2.670 2.030 21,160 419 5.834 9.550 4.313 74 5,151 221 2.021 6.880 2.283 74 5.151 Welfar¢ SuFWrt costs £28,776 £22,109 £50.885 30

MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (toDtinued) ANALYSIS OF TOTAL EXPENDITURE (continued) Sthff co￿% Otber direct 2020 To¢al 2020 Trading costs Finance costs 305 467 3.111 399 58 772 632 .031 58 Inveslment management College operating costs: Teacbing costs 19J99 245 3.912 2.739 .745 21.693 545 6,092 12J16 3.939 16 8.158 3(X) 2,180 9,7 2.194 16 8,158 W¢lfa Supm cos18 GranLs, awards and priz¢s D¢pr¢ciation £28977 £28.954 £57,931 31

MARLBOROUCH COUIGE NOTES m THE FINANCIAL STATEMENTS {conthiued) ANALYSIS OF TOTAL EXPEIYDITURE (¢otttiDued) 2021 2020 Adm&nistrative sa)￿lL¥ Office eosL8 Profession￿ feds Other admitiistrativ¢ ¢osts 2,030 599 3W 1.172 122 ,745 822 291 957 124 £4.313 £3.939 EXPENDITURE 2021 2020 £'o E￿penditUre itKludes.' Equipmeni rentsl Depr￿lation Auditor5. remuntntion Fees paid to subsidiary audiwrs Council m¢mb¢rs' eXpe￿¢S reimbursed Council metnbers, liability insura￿¢ 5.151 49 13 8.158 47 13 17 14 13 Staff C•Ats Wages aTKI 58larie4 Soclal securiiy C4)SiS Otherpension c4)Sts R¢dundatKy costs 24.108 1.788 2.578 302 24,584 1,749 2,599 45 £28.776 £28.977 The avern8c number of ¢rnploye¢6 of the duting the yeAr wrre: 278 77 366 308 73 366 io Teachw8 Suppon staff Non.teaclung staff Trading activities 732 757 The of bi8her p￿d ellwloyres w¥3: Nos Taxabk eDwIuAllents bstsl.. £60.0(K) £70. £70.OIJ) £80. £80.0(M) £90. £90.0(M) £IOO.(KM) £iOO.(KM) - £iiO.000 £110,0￿ - £120.000 £120,(￿ - £130, £I40.(KK) - £150. £150.(KJ) - £160,¢KKI £180.(MX) - £190,(KK) £I90.0(J) - £200.IKX) £200.¢￿ . £210,￿) 48 43 28 13 10 The total ertJplo>te benefits r#¢iv¢d by key ffjaDageD￿ puwnnel in the year erded 31 Auwtst 2021 were £2.633,231 (2020.. £2,445.635). 32

MARLBOROUGH COLLEGE NOTES TO THE FINANc￿L STATEMENTS (continued) EXPEI¥DITURE (eonthilled) Penthn Seheme8 chem The Colkge participat&4 in th¢ Teth. Pension Sch¢ll￿ fth¢ Trs") for its twbitig The ￿N￿lOn charge for the year includes contrlbutions payable to the TPS of £1,847.658 12020.. £1.899217) and 4t the ye•r-eTrJ £223.190 (2020: £225.110) wa8 acctued AD respect of conknbutiorts to this scheme. The TPS is an Unfi￿ multi.employer defined benefits pertsion ￿heme governed by The Teachers. PCnSÉo￿ Regulations 2010 (as aJnended} and The Teockn. Pension Scheme ReguiatiOn8 2014 {&s amen￿). Members con￿￿Ute on a'*ay a8 YOU go" basis with contributions from membeY¥ aThl the employu creditrd to the Exchequer. Ketirernent and oth￿ peD5ion benefits are paid by public funds provided by ParIlatt￿ The employer Contribution rate is sei by the s￿ of followiD8 Sche0￿ valuarions undeth by the Govemnwit Actuary's Depart￿l. The mc41 re<eni actuarial valu￿10￿ of the TPS was prepa￿1 as Flt 31 Match 2016 and ¢b¢ Vkntson Report. which was publisw in Marcb 2019, Confumed thai & employer contribuiion Tate for th¢ TPS would incrtksc from 16.40A to 23.60A from I September 2019. Eryloyus are also required kn PAY a ￿1￿me admi￿traI10n levy of 0.08Qh giving total ¢mploy¢r wntribution rate of 23.68QA. The 31 Morch 2016 Valu•tiott Re￿ was prepr&l iti •¢¢ordon￿ with the bene6ts s¢t in the scheme reBulaiion8 and under the approach Specified in the Dire¢ti¢)t4 Ls they 4)plied 015 March 2019. How¢ver, the ix6umptions were cort&idered and set by the Departrneni for Educatiott prTrtir th the n￿1ft8 in the 'ML(loudlS•Bethi case,. Thi5 casc has required the court% to COJLsidcr rc¥ardin¥ thc impkmentation of the 2015 reform5 to Public ￿ Pett5iOn5 includin¥ thc Tcacher8' Pensions. On 27 June 2019 the Supreme Court denied the government pennis%ion to 8ppe&l the Court of Appeal's judgment that transitional provisions introduced ￿ the Teformelj pension scI)ell￿ io 2015 gave rise to uo]awful age di6crimination. The overnment is respecting the Court's thisioo and I￿ Sa￿ it will eD888e fully with the EmployThent Tribul￿1 &$ well a8 ¢mployer al￿ member r¢pre5eDtaiives to agree the discriminatiorts will be remedi￿. The govcrnment artnoutweY£'s ¢ontributiOO is 6.30A and the employ¢r'8 contribwion iti¢reLsed 10 16.8% from Septen]be¥ 2019. This ￿ 1$ ¢losed to new employee& There is vl pO￿ni181 debt on the en)ployer thatcould k le￿ed bythe Tft￿ of the Scbeme. The debi is due in the evenl of the eroloyer ceasing to participate iti the Scheme or the Scheme wltiding ￿. Marltmirougb College has been nolified by the Pensions Tn￿l of the estinuied employer debi on WAthdraw8J from the Indwdem Scboojs, Pension S¢hem¢ based on the finawial positi¢)n of th¢ Sche0￿ as at 30 September 2020. As of this date the estim￿ employer debt was £15.98m (PY: £16.20Jn). This anh)unt is ttot pron(bJ for in the acmuts. 33

MARLBOROUGH COLLKGK NOTES TO THE FINANCIAL STATEMENTS (￿￿tInued) There are al80 three aetive and tljree ￿)￿.actiVe lloD.t￿￿g stsff Twho ar¢ of th¢ GTowth Plan. J d¢fin¢d b¢n¢fit Contrib￿lon pension Se1￿ 0[r￿ed by The Pensions TnLy4 which ¥1&) allowed AVC pa￿ents. as th¢ purtw for the current Jnembers. This scheme is ry)WcI￿d to newemploye¢B. As with th¢ ISPS, th¢T¢ ts a FQt¢ntia] debi on the employer that could be levied by tbe TThL$￿ of th¢ S¢heme. As 31 30 Sept¢th 2020. th¢ ￿)mat￿ ¢mplo)rr debt ws £235,805 (PY: £257,0(Kl). This amouni is not provided forirt &ccouttts. The thTtt pe￿$lOn schemes are colleetive defittd be￿fit Jchernts UDdtr sethion 28 of FRS 102 a￿1 acCo￿l￿Y eontributitins have been accounted for as tbey fall if they were &fined conknljuiion schetnes, except for the recognition of a creditor for deficit contributions which have been ￿Trtificd to the Colle8e. As required by FRS 102, the djscolll￿td present value of deficAt contributiOJL% tsjtified to the College IKen inchmkd in creditt>r5. As sbown i￿￿￿teS 10 aDd 11, a total of £3,045,0 iwludeoj in creditors at 31 Au8USt 2021 (2020.. £3.373.IXK)}. Th¢ annual conunitment kn make colltrlbutions to the three schell￿ atr)v¢ is £2.944J36 {2020.. £2.956236}. Contnbutions totslling £339.653 (2020: £341277) were payabh w pthsioti thes It the yyar end. n¢ Schooli. Peniion S¢heDX- DtfiDed Contrlbudon Scheme Ad¢fin¢d ¢ontribution 8chun¢ opernted by the Pensions TTUSt is open for nxrnl￿rS of the noTrteacbing sthff who 8Te not ¢urren¢ly in the def￿¢d b¢nefit stheme. The contribution raies are 3Yo 40A and 60h for employees aTrJ 6°A. 8•/y and 120h for ettjployer. -Det Defined contributioo a¢1￿￿¢$ ¢)p¢rnied by Emplo)t¢' P¢nsioti Fund ffPF) SOCSO (Social Sxuriiy Org4Di8ation) statutoryboards for etnplo>tes' reiirem¢nt s¢h¢mes. The ¢mploye¢ CQDuibu¢es are I 1% 0.5% foi EPF Ind SOCSO reypectively and the ¢mplosv 12% for EPF 0￿j 1.75% for SOCSO. TAXATION As a Chariiy the College 18 exen)pi from UDited Ki08dom income tax and Co￿￿￿tiOn tax. MCM 1$ norM￿Y subj'ect ￿ tax bui bas been granted a tsx exemwioo OD of stsMtory income for a period of 10 years under se￿lOn 127(3A) of the In¢oJne Tax ACL 1967 com￿1￿8 year of asses5D￿l 2011 which wiu expl￿ in December 2021. The amount of deductible temwry dkn (whi¢b ￿ve tto expiryd*¢) for whicb ￿ d¢f¢ffed assets are re¢ognis¢d in tbe balance xhttL

L4RLBOROUGH COILEGE NOTES TO THE FINANCiALSTATEMEIWIS (Continued) 6. TANGIBLE FIXEDASSETS SUBSIDARY COMPANIFS Land & Lamd & Buudingj ￿l￿1pm￿t Totsl BlllldlDV EAulpJneDt GROUP 2021 £'or COST I Sepiemttr 2020 125,138 5.3(Kl 10969 136.107 478 5.778 (36) 136) 36.636 17 4,577 166 117) 41214 183 (17) (1.516) 177J20 5,961 153) (1.516) Di8posa]s Lzvy Fe¢ adju8tn￿ttt (not¢ 20) Exchange effects (1.516) {962) (iii) (1.073) (1,073) 31 August 2021 130,438 141.849 34.175 4.615 38,791 180,640 DEPRECIATION I S¢piemto 2020 Charye for the year Dlsposal Excbatt8e effe¢ts 22.677 2.588 31J61 3.284 (36) 8.549 1.354 2.042 513 {15) {58) 10,591 1,867 (15) (306) 41,952 5,151 696 (36) {248} (306) 31 AuBust 2021 25265 34,609 9.655 2,482 12,137 46.740 NET BOOK VALULS 31 AUS￿$t 2021 £105.173 £2,067 £107.240 £24,520 £2.134 £26,654 £133,894 31 August 2020 £102.46] £2285 £104.746 £28,087 £2,536 £30,623 £135,369 No depreciation clwged on freeknld prcm addi11￿ of & Gr(w atr¥)wilin8 ￿ £3,981,Ol￿ {2020.. £5.6CO,[￿o> as the p[0j￿￿ were in￿Mple it 31 Au8USt 2021. The tangible fixed a&4ety are Tthlly used for the GTry> ￿1vItieS. Capt¢al commitsnents: 2021 2020 £'o(Ki Colrtrncted for but not provided in tlwe accounts £6,042 £2.796 Authortsoj but not wDtra¢ted for £3.478 £4,395 35

LIIARIMOROUGH COUIGE L¥OTES TO THE FINANCIAL STATEMENTS (Continued) 7. INVESTMENT IN SUBSIDIARILS Z1121 2020 £260 £250 The College IWA of the following con4yaDiGs' slwc capital IKJth of which are re8istued in Walc& Marlborough College (Enteryr[￿) LSml¢ed-112967713 The issued shaTe capitsl of the conwy xs £150. Marlborough Collegt (over￿1} Llmittd- 6407923 The i8￿1¢d 8hare witsl of tbe con]pw is £110 (2020.. £1(￿1). The con4)any did not trade in the year. Duving th¢ ￿, M4r1iwc￿Sb College (Orn) issued thore capitsl ￿ MarIl￿r￿h ColleRe re￿Illn8 ID 10 ordinary shres bcing i&su¢d at par valu¢ with a 4haTC Premiurn of £12J51 per share. The College Tria Marlborougb College Ov¢r5w Ltmid owns ICIYA of the 8hare capita] of M East Sdn BW which is regn8red in Malaysia. The rt8ults of the Colle8e's 8ub6i1th4ry ¢Ottywlles are 8UJxW￿ bejov. Enteryrl•M 2021 Oveneal 2020 2021 2020 2021 2020 £'o 1.065 {866) 922 1714) 15252 19.375 Cost of sales Gross profit 199 15.232 19.375 Teachin8 Welfare Faciliiies AdministratiOD (7,202) (1.096) (2.270) (3.869) {7.754) (1.460) {2.593) (7,(102) (200) (245) Operaiing (lo&sl/profit (i) {37) 817 566 Gift ARd donatio to the College Actuarial Mo•fftlleDt Interest payable 80 {1.443) {4.7(KJ) £87 q31) q626} 4,143) Trar&￿tIOnS bdween the Colle8e and its subsidiorywtht8knn8s Thrre &$ follows.. MCEL Paymeni ftom the College to MCEL PayDMlt from to the Colle8e MEa Pa￿ll¢ll￿ ftom M Elst ￿ th¢ Colles¢: £'DfKI (125) 17 36

hlARLBOROUGH COLLEGE OTES TO THE FINAL¥CIAL STATEMENTS (CoDliDued} 8. FIXED ALYD CURRENT ASSET INVESTMENts Fixed Ast CurreDt Al￿t Investments InvutmeDts 2021 Li$t¢d securities.. Market value at 31 A￿sU$l 2020 Additions Disposal at opa]illg nwket value Revaluation 12265 5,567 (4,943) 2,364 6.687 (4,173) (45) 15253 2,469 EJKlowment prokxty Cash at bank for revinvestment Rare books IDveslment propcrtie¥ (reva]ued 31 Au8USt 2021} IDv¢slm¢nts in.4ubsidiaries 7.806 774 1,834 M4r￿ value ut 31 August 2021 £18.279 £10275 Historical ¢￿ts of listed securities Li%ted 8CCUTities are r¢pr¢8en¢ed by: UK Government ftted itilerest UK fixed interest 8t￿ index IiDked Foreign Fixed Interest UK equilie Forei8n Equitie8 £10,903 £2,482 74 856 6,078 912 1,557 641 £15253 £2,469 The reVaI￿tIOn of the listrd See￿￿ti&4 Stated aknve is ill Telaiion Io UDrealis&l 8aiAs and la89&8. In addition to the urnralised 88ins and lo8￿￿ there were £462,680 of r¢alised10s8¢s wbi¢b are included in th Stsment of FinAncial Activitie The College's inV￿th)ent prO￿tleS are valued ann¥Ally at th¢ end of Augusi by Woolley & Vlallis. There wts a £DiI cbaDge in the valuation ¢omporoJ with the valuation at 31 August 2020. The College's Rare Books #re Yah￿d a￿l￿allY at the eod ofAu8USt by DOMI￿ wll￿er Auction¢us. Th¢ffe w88 8 £17,950 I￿re&s¢ the valuation con4)8red the valuation at 31 Au8Urt 2020. The Colle8e has a benefi¢ial int¢r¢st iti th¢ Trevalga e8tste which is adD)in1￿ by tndepthi ttwtee& wheteby the Coll¢8¢ receives iM)me but has no entitlement to th¢ ¢￿1th1. 37

MARLBOROUGH COILEGE NOTLS TO THE FINANCIAL STATEMENtS {CoMtinlled) FIXED AND CURREiYf ASSET INVESTMENTS {eontln•ed) InvestDhents vestment 2020 Li8ted securities: Market value at 31 Augusi 2019 Additions Disy0s￿ at opening market vai Revaluation 12.405 2,068 {2 J99) 9.617 (3.2041 1166) 12265 6,687 El￿o￿￿cnI prop¢rty Cash at bAnk for r¢-investment 91X) 757 1.834 4.064 ImTestsneni properties (revalued 31 Au8USt 20201 Invests)]ents in gub5idiarie$ Markn valu¢ at 31 August 2020 £15,763 £10.751 Historical costs of listed s¢¢uri¢ies £9,165 £6,883 UK Governrnent fixed inter&st UK r￿ed inter¢¥l and index lin Forei8n Fixcd Intereyt UK equities Foreigll Equities Property 917 5,770 1.154 5.087 5.192 714 £12265 £6.687 DEwfoRS- Amounts f￿$ du¢ wlthla one ye Gro•p College 2021 £'o 2020 2021 £?0 2020 F¢¢5 in arrears atyj ¢xttAs Sundry debtors Prq)ayments 'rTade debtOTS AJnouni due from related comporrie lJ49 29 3J35 1263 465 559 2.880 1274 1.349 29 378 465 547 2.572 2.542 £6.176 £5,178 £4.328 38

MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (Conttlllled) I(1. CREDJTORS- Amounts I￿£ dlle wlthltt one year Croup College 2021 2020 2021 2020 £'o Fe¢8 in advance %heme EDtr¥nce and oveTheas deposits TTade creditor8 and accn￿lS 740 l.(M)5 17.607 823 432 1.015 332 294 554 7.172 740 394 5,681 978 16.126 Other taxation and ￿1&1 8￿UrIty sundrycred1tr￿s Pension deficit payments 455 947 342 410 401 1,005 324 333 £19.196 £21,954 £9.704 £8,545 11. CREDrroRS- Amount¥ flllog dtye fter one year Group 2021 College 2020 2021 2020 £'ooo 24.824 23.801 Fe¢s in advance scheme . Alnounts due within two to five Erttrance and overse&8 &po¥its . Arnounts due within two to five yews . Arnounts due after five years EA}￿ Not¢ P¢nsion d¢fi¢it payinents 398 398 468 4266 1.955 25.(KKI 2.703 4.054 2296 25.( 3,041 2,733 833 25,(KK) 2,633 2.465 1.157 25,0(X) 2.962 £59,147 £58,660 £31.597 £32.052 The loan note of £25 millioij i$ rep4yable in sthges.. £10 million in 2037, £5 million in 2042 WKI the renwining £10 million in2047. The loan is UJLqecured and irtcur8 intere8t of 3.240h pa which is ￿￿ble evtsy Six month& 12. AILOCATION OF NET ASSETS BETWEEN FUNDS Th¢ net assets are I￿1 for variotL8 fihfyl¥ followy: Ne¢ cryrrent 2021 term L￿bIlItIeS I'￿0 Dglble £'o(K) (bbilldu) Total Unrestricted & D¢sigti4trd Re5tiiCted Fun&8 Endowed FuDJ8 133.894 4.186 20 14.074 13.164 21 (351) {59.147) 92.097 41 13.723 £133.894 £18279 £12.834 £(59.147) £105.861 2020 Flxed amets lDglble Nel f urrent Lon8 tenn UblJldes £'ooo Inveknents Total UDregtricted & Desigmted Restricted Funds 135J69 3,￿)2 1.108 10.753 9.852 20 (596) (58.660) 90.463 1.128 10.157 £135 J69 £15.763 £9276 q58.660) £101,748 39

MARIBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMEN]3 (CoRtillned) 13. UNRESTRICTED FUNDS 2021 Trwmfen & BaJnce Oth¢r 31 AUg￿t taiDs/Oosse•) 2021 I September IA¢om¢ Ewdlture 2020 Colle8c general fimds mall￿19 genera] fund C&)lle8c d¢signat¢d funds {no 16) 86.910 2.Th)8 1545 36.412 15232 (34.827) {15.853) (48) 386 {44} 279 88.881 .363 1.833 £90.463 £51.741 50.728) £621 £92.097 2020 B•lAD I September 2019 Tranrfen & Other 008wi) Bal*nee 31 Augu•t 21120 £.￿0 Coll¢g¢ general finyJ8 Mal8ysia general fimd College desigoated funds (1101¢ 16) 35.5 19.375 98 (J4.578) 120.389) 158) 1.322 (3,143) (74) 86.910 2,008 1,545 6,165 1.579 £92.410 £54.973 q55,025) 1,895) £90.463

MARLBOROUGH COLLEGE NOTES TO TllE FL¥ANCIAL STATEMEiwfs {CoDdnued) 14. TRAI¥SFER OF FUNDS 2021 2020 £'ooD UMrutrl¢ted Colk8e Revenu¢ Fund £240 £1,422 D¢sl8nat¢d Collrye Master'y Fund reyenue Master's Fund capital CoThs0lidated TTr￿ FuThls Children of Ckrgy Fw (28) (31) £(28) q31) Restritt•d C•lle¥e M8sier'$ Fund T¢veiiue Otber Cojwlidated Fund8 C4)ithI PTojecL¥ & Bwsarie8 (343) (670) 155) (127) (1.149) 1.068) £11.276) Endovled Fwidl Masttr's capital Other Consolidated Furtds ¢#pitsl C4nDon Diggle Seholarship Fw E]s¢ob Scholarship Furnd G4bricl Scholar¥hip FuJbJ Sir George Abell Scholarsh4) Fufyl B¥rton Scholarship FurMI Bullock & Church Menbjrial Scho]Arnhip Con801ida¢ed Tnwt Funds CEpital 1.612 (1,901) (li) (26) (5> (4> 1296 372 (477) (115) £856 £(115) TTansfers betwecD the DesiBna*d R¢strictrd atMI FLdowed Futtds the Revenue Fund repre8ent ¢Ontributions to Stholarsbip$ and But5tirie8. A ￿l01utiOn was passed by Council kn r¢¢lassify sott￿ of the Rtstri¢￿l End0￿d Fund& in line with the Charities 2011 fithher ￿ Couwil's ori8iDal June 2017 ResolutioAL 41

MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL sTATE￿IE￿IE (Collthiu￿) I& TOTAL RETURN INVESTMENT3 In D￿<mber 2020. thc Couwil knpd totsl applied reth￿ TlJicb an)lies to oll the E￿lOWe11 Funds. UA•pplled Tot Ret￿rn Endowment Total £'ooo £'ooo As at 3 Dettmber 21720 ii.oii 864 11,965 Movemettts ln the reportiD8 Ptrlod Investment return: dividertd%' and inter¢s1 Investment retum: divid¢nds and Inter&￿ reiovesd InYe8rment return: rtalised and wrea11￿ 8AitiS and loss¢s Inve8ttnent nwmgemeot cos 233 233 170 170 59 1.821 59 170 1.991 Extraction of incom¢ from ￿1￿1 Tcturn (l￿￿me bajatte for ¢be 1st year) 233 233 170 A•At 31 All¥M￿ 2021 71 £2 452 In the absence of ￿]Illb￿ r¢cordJ of the ort8itial donation bJlance& the Council considered tbat the market value of the illvuffi)en Hs recorded ai I S¢p¢¢mb¢r 2020 appr(yri81¢ to be corAsiderrAJ as the value of the original Kifts. This fi￿re represetJt& the b&￿line below whi¢h dispcoaL8 may not be nth. th¢fffoTe thknD8 a bi8TrKr value the a¢ttthI donations was Considered to be prudent. As iotal retUTn wa8&1optsd part way througb the year. Council a¢terri￿ that the I￿ome extractcd would ¢qual the incomeTeceivtyJ durin8 the ye4r. In y¢m a policy of retttrn at 3.5Y(* is to Ix implemented but thiy will be kept UTd¢r r¢vi¢w. 42

MARLBOROUCH COLLEGE NOTES TO THK FINANCIAL STATEMENTS Iconthiued) 16. DESIGNATED FUNDS BalaD¢e A September 2(120 Balance 31 August 2021 other Jn¢om¢ Ex￿d1tllre YSnJ/Oosg¢1) £￿0 2021 Children of Cler8y Fund capital Chtldren of Cleryy Fund Yevertue Fees in Advance Lump Sum Fund Bursariu & Projects lJ49 23 173 (7) 301 (28) 1.643 23 187 28 17 330 (9) {330) £1545 £375 £1346) £279 £1.853 Tranrfen & other In¢ome E4lemdit￿¢ ytDsIOowi) BlAll¢t 31 August 2020 £?￿0 2020 I September 2019 Children of aeryy Fund ¢apital Cbildren of CleTBY Fund revenue Fees in Advance Lunw Sum Fund D¢si8naied Bursaries & Projxts lJ73 23 183 (6) (18> (311 (25) 1,349 23 173 31 32 514 (17) (514) £lJ79 £577 537) q74) £lJ45 De￿Inated Fund¥ Th&v£ consist of funds. as described below, which were origioally $¢1 UP W 4llo￿te doMtions of a 8etml purpose toward& desi8natcd purposes ￿ approved by the Council. At the discretion of th¢ Cou￿11, the can be applied low￿$ other objectives, as been th¢ case with the dcsi8nated bursaries a￿1 projecty duriag the y￿. Cl￿drett of Ciryy Fund The Fu￿1 is used to a5SiSt the children of cleryy ￿ att¢nd the College. The ftsnd w¢ives itivestsnent income from its share of listed itivc8trn¢nts in the CotLqolid&d l Investment Pool. Surplu8 itiwme is ￿￿￿ferred ts the Colle8e in order to ￿1$1 the College in its obli8ati¢ns ¢owarth Children of Clergy burstiries. Im Advance Lump Sum F•md Thit IS 4 %h¢rlle whereby parents and other5 make advance payttn15. 7which together with the ititer¢$l a¢¢ruing thercon, prowd¢s fees for pupiLs. Tr advancc pa￿ents rtteived uryl¢r the scbeme are 5epar8tely invested by tl College. The ￿￿eme proyides fora s¢t contrjbution each rni tOWArds dpupil's fees ¢onwri$in8 a Capital portion The amount due ￿ parenty iuchmled xn creditor4 Tryrnts the unUtili￿d ball￿¢ of lump sum advances. Exccss fiwds are transferred to the Colleg< with tbecouncil's approvaL for SP￿lfie prOj￿ts and to 8ubsidi8e %ho]at5hips paid by the College. 43

MARLBOROUCH COILEGE NOTLS TO TllE FINANCIAL STATEMENTS (Conthined) J7. B￿1¢¢ I Sq)temb¢r 2020 Tr•n•fers & Other ID¢oJDt E4>endttwe ¥ain￿O0$￿) B]Aiee 2021 2021 £'o The MJs¢er's FUDJ revenu¢ 418 670 {74) (34) {670) Other Tr￿st FuTrJs Capital projects and buTsaries 41 571 1516) (55) £1.128 £572 q590) 1.069) £41 B•lanee J September 2019 TrAArfer¥ a Other Intome Exp¢ndlture g•In￿O￿#￿) Balance 31 August 2020 21120 The Masttt's Fund revenue Other COt￿)lId¥tCd Funds reveoue Other Tn￿ FU￿LS C4pitsl projec1$ and bursaTi 418 670 418 670 142 (16) (i) (470) (126) (i) {1,149) 1.619 £1,128 £1.878 q487) £(lJ91) £1,128 trl¢ted P￿d8 The8e trust fiuth are subject to specifJ¢ t￿￿ dxlared by the doooJ5 or with their autsK>rity. These includ¢ donations lowards Specific c4)ital pTojects{the tnnovation and ScierKe prOjectph￿th¢MemO[1a1 Hall) as well asbuwawards. Tbe depreciaiion related to th#¢ prOJ￿ts. conTrpld￿, wiu be exFThJed througb the Unrestrickd 4s part of thc nujning Costs of the ColleKe. The Mwter'$ Fund It is repres¢nied by capiwl and ￿ell￿￿111¢d income whtch are expendable in accordance with thc wnditions imposed by the donw5: solely for the pwpose of providin8 bur5orie8 and fKknlarsh￿s to pupils &t the Collcge. Total return a¢¢ounting bas Dmni the iticoD 16 now and hos been trnnsftfftd to endowed fiu fore bein8 exF*ndwJ. Othtr Colloolldated Fulldi ltrJividu41 Consolidated Trust Fwnds thi8itMlly set up aft¢r 12 Matcb 1969. wljich bave now be￿ recl&85ified following the 2020 Re8ohllio4 form part of the Ma8ter'$ Fun Other Trns¢ Fulld• comprise Tnw Fwds &s¥ets are ar4Jlied in xcoTda￿e with conditions imposedby the donors. Tbcy diff¢r from the co1￿)lIda1¢d Tn￿1 Fund5 85 do noi specified numb¢rs of units in th¢ Consolidaied Fund Investment Pwl. Tfry iL8teod OWD spe¢ific listed ittV¢gtsn¢nts.

MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENtS (Conttue 18. Tranrfen & invmlments Joeome Expendl¢ve yinsl(los8e8) £'o £'o Bala￿¢¢ I ￿te￿I￿r 2020 21121 2021 The Magter's Furd capital Other CoLfjolidatsl Funds Canon Diggle Scholarship ftttsl Elstob Schoiarsbip fimd Gabriel Scknlarship fund Sir Geor8e Abell ScbDlarslJip Banon ScbolaTSbip fund Bullock & Chwth MeDY)rial s￿￿]ars￿P (Iher Capitsl fiu 126 (32) 2.990 {1,901) 107 419 50 59 1.668 478 7.888 509 I S148 244 274 li 41 (3) {io) 624 2.398 298 337 1.693 485 (i) (9) {3} 34 io 477 14771 £10.157 £232 59) £3J93 £13.723 Tr￿ferI & IDvegtmeDts In¢ome ExpeDdlture zIn￿(lO$SE1) 2020 I bTrptem]xw 2019 31 All￿$t 2021) £'o The Masr's Fund capithi Other CoLsolidat¢d Funds Canon Di88le Scholarship fund E]stob Scholarship fund Gabriel Scholarshxp fuTMI Sir G¢orBe Abell S¢holar5hip fiznd Oth¢r Capithl Funds 4,893 1,947 518 1.983 248 279 489 {23) (12) (2) (9) (66) (34) (7) {26) {3) (4) (8) 4,804 1,901 509 1,948 (i} (4) 274 477 £10,357 52) 14fl) £10.157 Endowed Fllnds The5etrnst fimds are subject to specific trwst3dKlaredbythe donor50r with iheirauthority. Theyare represented bypcrnwient capital fiumls. I￿orne ari¥ing from the illV¢8tslleDts is applied itt ¥¢ordarKe with the eiJThJitions imposed by tbe dO￿r&. The Malter'i Fu#d Individual CoLs0lIdai￿ TDJst Fut)&8 have been con801idatyl with approval of the Chtrity Commission are ruented by P¢rttWn￿ wjitsl with the fiubjs to be 4ylieAI to bursary and scholanhip sUp￿TL Other Conwlldated Fund• ]ndivithLal CotL401idated Tn￿ funds originally set up after 12 March" 1969. vihi¢h bav¢ now been recl&&8rfiryJ following thc 2020 Resolutio￿ alld now foTm part of Master's Fun S¢holarJhlp fllnds Tr C8non Diggle. Els￿b, Gabriel and Sir Gwrge Abell Sclxilatship FuDds wue all estsbli8hed by specific which were to be invested kn generate income to provide holar5hy to pupils at the Colle8e. As part of the 2021 resolution Barton and Bllll￿k & Chwch Meftb)rI￿ scholars￿P$ fth are now 4]50 sknwn as separa* scholaTship funds ratlKr than u part of the MO￿¢r.3 Fund. Other cap1t￿ ftt#d¥ More recent Jndivithul Cor￿lidated Tntst Fund5 8et up after the Other Coosolidatcd FuDds abov¢. These have now been ¢onwlidateAI with the ￿￿￿,$ Fw 45

MARIBOROUGH COLLEGE NOTES TO THE FllYANCIAL STATEMENTS (Conthiued) 19. FINANCE LEASE COMMITMENTS Property and Equlpment 21121 2020 £'o( At 31 August 2021 the Group bad the followiog totsj ¢ommitments undernon-cancellable finance leases: Within one Jrar Two to five years M(Trre than five Jvrs 678 4.031 36236 2,774 12,801 27,781 40,945 (18.259) 43.356 (19.535) Ltsi: futwe finance chary¢s Present value of fina￿ le￿ liabilities £22.686 £23,821 Within on¢ yCaT Two to five years More than five yearA 54 823 4.950 18,048 22.148 £22,686 £23,821 20. OPKRATING LEASE COMMITMENTS Property and Eqlllpment 2021 2020 At 31 August 2021 the Group bad the followin8 kn)tal ommitmentg under Wn-￿￿¢1]￿bk operaiiti8 le&￿. Within oll¢ year Two to five ye4T5 More than five years 2.115 8.459 33,289 2,139 8,556 35,090 £43,863 £45,785 [kn7￿ the year MCM r¢5tructurr4J the leL4e wTrth the agre¢tDent of the L¢$8or where the def¢￿t of two quarters 1¢ payments due as at 31 Au8USt 2020 has È¢en I￿luded in the remaiDiDg Initial Ixas¢ T¢nn th&i ￿MmenCed on l Noverttber 2020. The new lease SIn￿tUre sel in 8 manttr OfB￿ R￿Very Period OrA￿tI¢￿ted Rxovery Period should MCM'$ firtancial capabilily permi4 5ubj¢¢r to the a8reQnX￿ of the L£ssor. The total lease amount and le￿ peri(xJ remain unchanged cxc¢pt for the fiAJal inilial leJ8¢ tern? of the new le48e 18 in May 2042. instead of Febnw 2042. 21. CONLYECTED CHARITIES The M•rlbwTlaD CIDb Cb*rltsble TraDS8CtiOtt8 wilh the mar11xui￿ Club ill¢hth.. 2021 2020 Donations tr) th¢ Coll £66 £63 MarlborDu¥k College Fovnd#tion The Master. Prof Sir John Bell, E Elliot4 G I HeN1¢[￿￿ and T Martin.Jenkins wert Tn TTaDsactioDs with the MaTIFnrougb Colkge F(fimdaiim in¢lwdd. 2021 2020 Donatiowi to the Colle8¢ £537 £1,474

MARLBOROVGH COLLEGE NOTES TO THE FINANCIAL STATEMENI3 (Conthiued) RELATED PARTY TRANSAcrioNs Transactions betwe￿ the Coll¢ge and its subsid￿ry untstskiD8S are set out ill no* 7. As shown withinnote 4, ColleBe ffe1M￿ ts4vel aryj otherexpells￿ of £217 to one C4nmcll Members (2020.. £16.B18 ANALYSIS OF NET DEBT At I Sep 2020 Flow At31 A￿82021 £'ooo Casb at baTrk and in bat Uninv¢st¢d cash included in invwrn¢Di 14,648 4,964 396 3253 IJ.OM 8.217 19.612 3.649 23.361 LoAn Note- aft￿unt •tl¢r I ￿r {25.(KKI) I25.￿) q5J88) £3.649 ql,739) 47

MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (Comthilled) COMPARATIVE STATEMENf OF FINANCIALACTivrriYs Unrestricted Funds Desi8Dted Fundl Mlayd• Colkge £1( Endowed Fund8 Tot 2020 In¢oJne and endowJneDts from: Cbaritsble actiVAtie8 SclM)ol fees Swtllller School 32.364 18,377 (480) (434) 49.827 Trading Lo￿ne 146 629 945 1.278 599 50 Donatitsn5 raots and le aoi¢s 1,409 1.619 3.492 Inve$tTn¢nts 329 223 259 875 Total lth¢om¢ 35J(M) 19.375 98 56,417 ExpeDdSture OD: Baisin, fund¥ Tradin8 c(kgL4 Finanein8 COAt% Morketmg alld fill)d rui$in8 InvestJDent rnana8emcnl 642 772 2.190 18 925 1.031 58 52 2,470 2,426 52 4.972 ChJTitable activiti Colle8e op¢ratillg costs.. Teaclllng C￿tY Suo)mer SclK)ol expense8 Welfare 13,891 545 4,632 7,709 7.754 34 14 21.693 545 6,092 12.516 3.939 16 8.158 1,460 4.784 .935 23 Support costs Grants. awards and priz¢8 Depr￿lation 16 3.327 4,831 32,108 20,764 53 52.959 Tot*1 ewdlture 34J78 23,1 58 105 57.931 Net In¢ome/(expendltur¢) before InveBtmen¢ galn 922 {3.815) lJ39 (1,514} Net 8Ain$ 01] investll￿￿ts (167) (43) (148) (358) Net In¢omel{expellditure) 755 13815) {3) 1,191 (1.872) 1.422 (59) (126) 252 {31) (lJ91} Revaluation of Investment Prop¢rtie5 Excl)ange gaIn￿{lo88¢s) Re•me&8uremen¢ of PeTrsion Deficit (59) (468) 252 (342) F4ET MOVEMENf IN FUNDS 22 (4.157} (34) (200) (2,147) 48