2023-08-31-accounts

MARLBOROUGH COLLEGE (ltteorpor•i￿ by Roy•l Charter •nd regtst¢r¢41 ** •n Edue•tlo•l Chrity No: 309486) REPORT OF COUNCIL AiYD CONSOLIDATED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 AUGusf 2023 Haysmxintyre LLP RegisteredAuditors

MARLBOROUGU COLLEGE (Incorporated by Royal Chrter amd regiitered as an Edlleatlon￿ Chrity No: J09486) FOR TRE YEAR ENDED 31 AUGUST 2DZ3 ll¥DEX CIMJncil's R¢port 5-19 Staternent of Thist¢e$' R¢spoDs1￿l11IICS IndependeDtAuditcr's Re￿rt 21-22 Stst¢m¢nts of Financial Activits¢S 23 Balan¢¢ shee¢ 24 Cath Flow Statem¢DI 25 Statemeni of AecouttiillR Pojtciog 26-29 Not¥ w the Finan¢i*l Statements 3￿50

MARLBOROUGH COLLEGE IblARLBOROUGH COLLEGE TRUSTEFS. OFFICERSAND ADVISERS TRUSTEES The T￿Ste¢S of Marknugh College cotL8titttte the c¢￿￿L The Lord Bishop of Sali5bwy IPresident- L% offi¢x)) Gile5 1 Henderson CBE (CtL&irnWI of Council. ch81rll￿ of MC (OV¢￿¢aS) Lt￿ chain￿ of DevelcyDienL and Nomtnations Committtts untsl rdifftl 31 Aug￿$t 2023) Penny Catlleron Watt (Cbatrn1￿ of Health and We]]beiDg Cotnmitt¢e) (rKtiDg Chair of C￿An¢1] from I September 2023) Prof Sir Joho Bell {retireAI 17 June 2023) Michael BI￿1￿ Joe chambe￿ (appointed 9 October 2023) Piers Colenwi Peter Denton (Chaimian of the FIna￿e Committee and Choirnw of R¢munuation Committee) Eil Ellioll (Chairmall of Ac&lemic Comtllittee untAI rfirem¢ni in D￿ber 2022) R¢vd Stephen Grny Ka$￿ K8bw¢ {apFQiDt¢d 17 June 2023) Tim M4rtiti.J¢nkins (chain￿ of F(xuklaliw cha11n￿n of Developomit from I Swmb¢r2023) Prof Cav Simon Mordant Rob Perrins (Chairnthn of Builth8s Coznmii¢) Ros KftnR Sabina Reeves (apkK)itid Chairn￿ of Collullittee 25 January 2023) Internitional Membtt of Council:

MARLBOROUGH COLLEGE MARLBOROUGH COLLEGE TRUSTEF4 OFFICERS AND ADVISERS (Contlllned) OFFICERS KEY MANAGEMENT PERSONNEL The M&st¢r L J Moelwyn-Hu8h¢s AGHart Executlve Team: Se£oDd m￿ter Deputy Head (Acadern￿) Depury Head (P&%tOT&I) rkputy Head [Crtu￿1￿14r) S M Wessejs D T Cl81 E C Nightitigok J R B ScTa88 Senlor Ma￿8¢m¢M¢ Trm: Deputy Head (Boarding) Dircctor of Admi&sions Dircctor of Safeguardin8 Dir¢¢tor of Development Dire¢tor of MaTketinR & Comtnunicatio A&sis¢ant Head (Teachin8 atya Learnin8) Assistant Head (Inspection} J A H￿880 J Lyon Taylor J Jordan B NigbtiD8ak TIau Burs•rlal Teim Eststes Bw Director of En¢*xpriye4 Director of Firtattee Director of Hurnan Re Director of OperatioThy Head of Icr A Barn¢s R Urqlthart H Mack H Ilewiett M NAworynsky actiti8 head- A Hart (I September 2022- 22 January 2023) M Gariattd (froffj 23 January 2023) Princip41 Addre8S.' Wiltshire SN8 IPA marlboro￿%￿ College Ma]ay The Moster A Swens (ttsigned 31 Auwst 2023) S (from I S¢pt¢mber 2023) Bursar M Wai.TszCbe Marlborough College Malaysi& Jaian Marltr#)rough 79200 Iskandar Putffli Jobor Malaysia

MARLBOROUGH COLLEG MARLBOROUGH COLLEGE TRUSTELS, OFFICERS AND ADVISERS (Contlnlled) ADVISERS Lloyth BaDk Crest Way Glouccst GL4 3RL solici10￿. Farrtt & Co 66 Linwkn's Inn Fields WC2A 31JI Auditor5: AudiltKS 10 Queen Stre¢t Place EC4R IAG Investment Advisers: 8 FiThsbury Ci London EC2M 7AZ tnyurance Brokers: Popplcton lane Yctk North York*hi Y026 6GZ

MARLBOROUGH COLLEGE COUNCILIS REPORT The Coun¢il pr￿0￿ its le￿)rt for the year ezLded 31 Augwst 2023 under the Chari¢ie5 kn 2011, together with Ihe audited firattcial stauJents for the ycar, and CODfU￿ that the lattu ￿lY with the rwiyrneots of the A¢ the Charter and By Laws and the Charities SORP (FRS 102- se￿nd edition). REVIEW OF THE YEAR Operatl•nal P¢rforJnanee P4pils Marlborough College fthe College") is a cfrcduc8tional s¢￿￿1 p￿vIding ¢th￿titsn for boys ond sirls from thc agu of13 to 18, while marIE￿Ough College Malaysia fMCW) PTovides ethiLion from th¢ ages of 3 to 18 for both day at boardinB pupils. The College has had anoth￿ yeaT of very strong numiyrs, whereas for MCM. followin8 the impct Df pind¢mic oumbers in the next few years.. Sehool Ymr Glrls DAY 39 Av Tot 2022n3 442 568 971 I,oio I,oii 760 MCUK 202la2 447 564 972 39 2022111 2021Q2 371 389 152 133 608 MCM 352 365 584 717 The overnll ewity of the Colle8e Iw inueased to 1.020 pupi]x ywe•J ￿ro$S 16 I￿rding houxs with the geThJer balatt¢e to a ra¢io of 560A b)ys attd44•k giT15. The Coll¢8¢'8 wailing listsTemain strong which 8ives cOnf￿nce thatthecollege can operate At (near) c4)a¢ity forthe foreseeable firture. AIrhOu8￿ the Cthwil is minthl there is slill th¢p)tential for the l&stitiB impa¢1 of the pandemic and the curTent'¢05t of living crisi$, kn affea pupil numbers in the yellrs tocome as Friwe ¢du¢ation genernlty sees a delayed impact following eKoDQmiC Ibwnturn& Thtr¢ is ￿$0 the fither fvture threat on affordability wilh iabouT'S pl¢dg¢ to pui VAT on 8¢hool feH AItholl8b the Coun¢il 18 lookin8 to ty to mitigate this imrdct a8 much as i¥ ￿)￿￿1¢. After th¢￿SIng of Covid r￿tri￿lon￿ inApriJ 2022, the pupil earolment&t MCM has iDcrea8ed by6%. as shovltt iti the nwnbers above. Thc Admissions learn capita]ised on tbe opportunity ￿ travel abroad ¥&in by conduthin8 Visits 10 v￿louS rnarketg to boost Aw4r¢n¢ss in locali0￿% such Japan, Koro Chiw SingapoT< 88 well 8$ 4¢4iviues within Kuala IAmpur attd Jtsbor. MCM AIMA to T¢turn th its pTrcovid pupil Tou within the next 2 to 3 year¥. Th¢ College 15 in the middle of an ambitious tnttov4li(m and ScierKe prnj￿ which is bein8 funded through geDerous fundraising and priv4le placcment monry. Following the previous eompletion of the Irnov&tion Centre. the fJN of thr renovation phases of the listed S¢i¢nce buildin8 W88 COTDpl¢ted earlier ill the year. deBPite many clJallen8¢s including cost 1nfiatits￿ supply shortages 4nd the n￿]ll Contractor going admi￿￿3110Th The K¢ond Its￿VatIOn pba5¢ is now well undLY way and lleatin8 Compl￿10￿. The ErfMrdin8 ho￿ refi￿bIsh￿en1 pD}gra￿ continues with on¢ ix)ardio8 house neariti8 compl￿]0￿ of the first of two phases of a fvll rcfutbislllnent and anothcrhowe rvxiviDg ￿ An*rnal r¢fi¢$h. Th¢r¢ were also a number of maller capitsj projects unde￿rn in the year. This resulted in capithl spe￿d in the year of just undBr £10 miuion. down slight from the Priory￿.$ spend of £E1.7 millioD foiiowi08 the p08liNJV￿t orS(￿e capAtsI work4" to the illyacts of the pandemic. All of the UK works of the M&4¢rDeVel(y￿¢PjIn thatwas ¢5tyblishul ID 2011. It rq￿ts a iotsl expenditure to date in ex¢¢ss of £84 million for th¢ Colleg4 aod £6.6 miilioll (RM82.6 million) for MCM sin¢¢ its inception Ati Septcrnber 2012.

MARLBOROUGH COLLEGE COUNCIL'S REPORT (¢ondMutd) focusitig on ess¢ntial mainteA]ancehenovation and imprmg teaching and learnjng. Th¢ total capitsl expetidittlle for the year was a modest £0.6 rnillion (RM7.50 n)illi(m), spent oo builditi8 impmvem¢nts and rr e4vipme￿L The ColleBe continuo to offeran extensiv¢ Sixth Forni curricolutAwithsDJdentsable toprticipite inAt£vels and theExtcndcd Projttt Qualification (EPQ). while MCM off¢T5 the internati￿Y rwllixd Intern￿O￿al Bwlttu￿tc OB). MCUK MCiJK 2022111 2021122 A Levd A grade A•.B grades A-C 2022tt3 24% 88% 96% 2021n2 31YA 9_81A• 9-51A•.B 48•A 97• 54% 98% 97% 941A-C grades Thc re5u]ts from A level attd Pre U ¢xaminauot)s takth in the sutnmer of 2023 wer¢ the Colk8e'5 strongest ever under noTmal exam condi¢ioTry. This follows a ¢onsequetKe of a highly dedicaTe41 exw 8rLA¥J of teacher& who worked within new S￿￿¢ture￿ to supFort p￿iL% to these inucth'ble ouic4)mes. 4 pupils wed 4 As. 18 swred 3As, 44 pupils. ycored 2 A$ and 171 pupils scored at least l A The avcra8e Marlburian left th¢ Coll¢g¢ with the equivalent ofAAk Tbe fflGCSE results were a similarly outstlnding reward for the cfforts of pupils and beth (¢¢th) alike: 48• of ¥rth Jwarded ai 9 and 8 ltAndard (A• equivalent) and 97V• of all grndes 819- 5 standard IA.B). Twfrthirds of pupils. ￿ored an av¢rnB¢ grade of 7 orabove. and one pupil was part of a group of 15 ￿ti￿￿llY who Kored 12 9$ Ind OD¢ other pupil who 119& wbo is a190 Part of • all group naiionally. MCM MCM lllternatlonal BA¢¢Al•ureate 40+ YB Points 2022n3 IOY• 2021n2 2020121 SE 9.81A 20221LI 470/0 2021122 2020121 Average Poitits 8¢ore 1451 IB Diploma Pass 33 35 35 9-51A•.B Krad 88% 89% 95% 98% 941A•I ￿￿deB 97% 95% 96% AC￿eMIcallY, pupils at MCM continued to prcduc¢ excellcttt results in IGCSE alld IBDP, and for the third cottqeeutive year MCM (&8 well as MCUK) has been listcd in the Spears Index of the world's I￿ leadin8 Inder￿d¢￿i %h(K)Is. MCM is one of only two sch￿16 An Malaysia ￿ be listed in this ind￿. Based on an aveEa8e grade of 7.02 (A). this cohort'5 IGCSE resuhs re￿ the best avrye IGCSE grade in the school's bistory. 71.4/• ofall ¥ra&s awarded wereA• orA (NB. UK Indwdellt SCh￿L￿A/A rate is 46.40/01. Givcll th81 MCM is not academically selective. this is att outstaDdiD8 pttfornthwe. Particular bigblJ8hts include almost 50Y• of grades in ¢h¢ three Sciences beitig 95 and a quarter of the 82inin8 10 A• iy eqpjivalent grad￿ 41% of pupils ￿hl¢Ved 9 or more AIA 8rndey. 87trh of rwpils receivedAIA iti math& At IB the aveAge points score 33 (equ]v￿ent to AAAai A, L¢vel in terms of UCAS tariff3) and IIYA of pupils g&iti*l 40 points or better. For contexL it sh￿Id be thai the globd points averag¢ in 2023 red￿ted by 2 points from 32 to 30, aDd th¢ global pa&$ rnte in 2023 has fallen by 7'A from 86Y• to 790h (to r¢tyrn grade distnbutsons to prtrpandemic levels). MCM'S r¢3ulis represent a drop. from 21r22 resuh4 in line wtth the wob￿ bw stjll well al)ove world averages. MCM'S 5 year averd8¢ 16 35 points.

L4RLBOROUGH COLLEGE COUNCtL'S REPORT (conthiued) Public Benefit The Council was a&¥Ased of the Charity Commission's genernl and supplementary guidance OD public beTJefit and fee chBrgittg aThl the advancement of edu(ioL The Council has its rwonsiTrJilities utth the Charities Act 2011 and b&8 regard Grant Making Poliey The Coll¢g¢ offe45 academie. &T4 ￿￿81c. 4Kffts aA¥J all.rnulldtrmeans-sted burwy award8 phty a few S¢]￿]￿bIpS al 13+ At 16+. bursaries arere-ttsse￿d aDDuaUy and may alter during apupil's tin)e ai the College deW￿lti% on ¢bange5 to their financial siiualion and can awarded up to I IO% of the re￿ (i.e. full fees and all essential extra¥). Scholarships and awards ore b￿d on edu￿￿'0nal ability only. Scholat5bips may be supplemcllted by buTsary support up to the fijll vAlue of fees in ¢88es of proven finEn¢ir¢l need. The maximum scholarship value is up to 20% of the fe¢5: these are offered in vay limited numbers and only in thc areas of mustc aod dratna at pr¢s¢nt. The Scholxrship Prospectus and Bursary Poli¢y Can b¢ viewed on the College's website. They are also av&il&bk from the Admiwions Office gnd are extensivety advertised ID 8ppr¢4Thts n￿10￿￿ and specialist dirxtories. Th¢ Childreu of Cl¢T¥y Fund, fjupplemented by the QJll¢ge. eDables wbstantial supp)rt to be given ￿ the SODS or daughters of Clergy. Applic￿l0￿S for entry under the Children of Cl¢ryy scheme are meaNs tested An th¢ s#m¢ way a5 the rest of the bwsary During the yeuthe value ofbutSorie8 and otherawardsmade w 167 Colleg¢pupils all￿￿nted to£4,424,fM)0 (2022.. £4.190.000), or 10.26% (2022.. 10.44%) of 8ross fee in¢oDK. MCM otT¢red buThaTies to two Upper Sixth pupils Who￿ families experien¢¢d significant fmancial ditTxcultic26 in ord¢r for them lo compl¢t¢ their IB Diploma in JuJ¢ 2023 OIM214K). MCM also aw•rd s¢holaThhip5 for thc4e who excel iti xadcmic. sports. drama ajyj musi¢. Th¢ Council is ￿n￿￿ttI￿a ts providing fee assistance for chiklren unable to afford fvll fees and ￿e•ungeS i culture from those who h8v¢ receiv￿a￿ar1￿1[oUghCduCatioll ￿￿)everything￿>$51bje. within theirmean8. to enAbleoth¢ffsfrom ￿lbaCk￿ll￿ds lo enjoy the same educational opp)ttiwty. A separate Burs￿ and Scholarthip FuDd g¢neMes in¢onK kn augment the awards made out of fee iTKome. Council's policy is to continu¢ to the value of that fund Wh￿¢Ver WWI￿le. The G)uncil 1$ ¢x¥mining ways io increase substsntilllly th¢ amount provided form¢an¥ bursaries via non-fee income stre8m8. such as through morcendowed-style fimd8. fuThlrni8in8 (largely throuKh M￿lboroU￿h College Foutthtion), w¥J trwling both ￿ I￿t and iti Malaysia. Bursari￿ of vp to I IOY• of feesor¢ 4vailable forthose who canTr￿ afford the fe¢s. 5ubjed to the candidate meeting the College's entrance requiremeats. The majority of t4wsorie¥ Are made avaiitible OD to the College, either ai 13 or 16, although some fiJndiD8 LS avpilable forthose with iti-ywfinaDcial hardship. The Coll¢8¢ IS • nmberof the Sprin8boardPafinership iti support of trallsforn￿ti0nBI bursari Under its grant makin8 ￿lIcY (see ab)ve), the iotal tturnb¢T ofpupi15 T￿cl¥lti8 me4ns tested fee assislance in the aeadetllic year 2022123 was 118 {2021122.. 119). ￿tt￿}u8h the v&Fue of these grants Increas￿ from £2.996,377 iti the prior year to £3,346,356 in line with the College's aim to wovid¢ m(Ye full. liftrtratisfow bursari¢s. Work￿8 wlth EdueadondProvid¢rs & Comm4nityA¢eess Since its foundation in 1843 the College h&$ been ¢ommitsed trj playillg a full part in the life of the loul conllnuT]ity and it will ontinue to do so. The College coniinua8 io provide iThlir¢¢i public benefit th1[A￿ its *Xb8agem￿t with the I￿aL coJllJtLullity and WQTkinB with other eth￿tional providers. of which the folloThing are cxamples.. sw1ndonA￿demY The Colle8e has an agreetllettt with Swindon Academy (SA) ￿ ryovide (wportijrrilies for the staff andrA￿lIS of the Academy and the College, including the sharing ofexperTrcn4 eX[￿liSe all￿ where appr(yiat¢. facilities and Ye8ourc&s. Th¢A¢ademy 15 Part of th¢ United Ltarnillg Trust (ULT). Th¢ current link has be￿ in existen¢¢ since 2009 and this continue& to tbrive, particularty with the ]aunch of the SwindoDAthy Gramnw Stream (SA GS) ID S¢pt¢mber 2016. A rnajor wnponent of tbe par￿¢[Ship in¢ludes workiDg with SA'S Grammar Stre8m pupi]s. In a typical acaden)ic year. morc than 5,IXX) hours of Sv/thAcaderny pupll time is sp￿1 on sit¢ 4t the Colkge. Below is a list of a¢tiviti¢s which occurred during the reportillg petiod.

MARLBOROUGH cOLl￿GE COUNCIL'S REPORT (eontitiryed) (i) Sixty YeAr 7 andyear 8 SA GS pupi]s visit the College once ptr forthighi OD & Wednud&y aftern(XXL SA pupil participate in a carixtsel of the following activities.. crealive writiti8, COM￿ter 5cTrence. research skills in tb¢ library, sciett¢e eX￿lMentS ¢lssI￿] Civilisati￿ 8fy1 k￿1 hiw. (ll) The College swlies Iwo Govern￿ 4t Sk Each of these Governors Amxoximately 21M) hours per Y￿ ort Swindon Aeademy work. Th¢y tho provide W with wil disciplinary h￿rI08s. Staff complaints and pri7£ wvings. The College's dcpartrlent is available to provide spef(yJ8h College Staff ￿lI]nUe to Ee involved iti the Fitn￿￿]￿tt Projeci an 4c¢e¥s and rnentoring Project ory¥ni8ed by FItrw￿i￿ College Cambridge for SApupiLs. This is now fully Te-e8tab]i8bed atier the pandemic, with summ¢r r¢sidential$ in CamEffidge and'rnert-up. day4 one hosted by the College. {vii} The Year 10 exchange for pupi]s frorn the two Fthwls alg) bea reiDStht&l and a RYOUP of12 pupi19 from each school visits the other school fora fu]1 ￿h0o1 day. OD a basis, on¢e or nvice per year. {viii) Since the swi of the SAGS, the ColleBe h&s free we¢k.IoDg ruden￿ Year 7 summtt thl for GS pupils. This reyjmed in June 2022 for ly)th Ycar 7 YeBr 8 pupils. SApupi18 attend in small grou￿ slayin8 t th¢ College and engaging ID a wide rn]8e ol&iiviiiu (nn by Colle8e sthft) over a two-day perio(L The purEw of these activities is to extend pupils. expttiences well beyijrtd usual syllaixLS-l￿l material. (ix) An Opth Morning foryear 6 pupils th￿knO8 Ab(wt oppJyi4 w the SAGS is hostcd ut th¢ Coll¢B¢ euch yeaT in November. (x) fvfembers of the Colle8e's Mgn88em¢nt T¢•n visitrd the SA Sixth Forni, and Im￿ a reciprc￿l visit to the College, with a view io helpiti8 SA Tevi¢w their stralegy for thege Y￿grOUPS as their Sixth Fon continues to grow alld improv¢. (xi) AS p4rt of the College lthjtreach proRr8￿, Marlborough College pupiLs visit the Swindon ArAdemy primary schooL% w¢¢k tt) help pupils with their rth8. This is wpported by College t¢ach¢rs alld typically involves #round 20 College pupil8. (xii) The SA Caml Service t(K)k pl¥¢ in the College's Chapel in D￿ernber 2022 atyj wAll a8ain be an aTmU41 (xiii) The College wvided on site visits foryear 9 SA GS pupils with a forus OD scientific experiment and investigation. In addition. SA pupils (￿d othKr8 fft)m neaty prtth￿ s¢1￿18) are invid kn ￿ieDtific talks and demoL8tr¥1ions ai the College. (xiv) The ColleRe IM4 previously hostryj Te5idenlial weekeD&8 for SAP￿1￿ witb empha8i$ on a wi¢u]4r ¢wri¢ulw area each lime. It AS FK)ped that thtte might re5urn¢ in the year 2023.24. (xv) Since the retIre￿t of the forner member of stsff rnj SApa[tll￿￿￿. the College ha8 appoin¢¢d a full.iime ParttMblllP• Manager (a donor fimded role). A si8nifiwit prOp1)rti￿ of this role 18

MARLBOROUGH COILEGE COUNCIL'S RKPORT (￿ntInUed) Linkn to PÉwsey Ydle School The Colleg¢ has a well<5tsbl1sl￿d parthtt8h4J with Pew VJl¢ khool. One member of the Co]lege staff is given specific rwsibility for tbe p8rthersbip. On site visits have been abl¢ ￿ T¢sume, with a recent visil of pupils to an exbibition in thc College's Mount House gallery being a recent ex8mpie. The Parmerships. M8Dawwill be given the resExM]sil)ility forgrowing this partnership in the comitig EKri(xl. Members of College staff (both ttachinB and non-￿ChIng} currnitly Ix)Id 15 governorshi￿ of other schools. The n￿jorIty of these {12) art in slate xhools. On¢ t￿her Is Chair of Governors at two Se￿ndary in Sjou8W anoth¢T is Chair of Governors at a I(￿7 prymary sclKx)l. 0￿reach (Communty Serv￿) Ev¢ryMonday orW¢dllethy afternoon during the Miehaclmas and Ixnt terms alm06t25Opupils thkepan in araTW of Outreach activities which proYid¢ 8 direct service to many aspects olth¢ local community. {1) Work in 8UPW)rt of sixefj Primary Sckn)b (Pwuhute, Kenlld Vwuey, Buthge, S¢ Mary's marlborou￿, Si Nichol&s' Baydon. St Michael'$ Aldbourn4 St K4th¢rine's S8vernake. Rarns￿, Gre&¢Bedwyi4 Chilion Folli4l Oart. 08bourne St E&ryton Royal, Bwl Hinw Bee£hAv¢nu¢- Alton Close. Swith). This includes.. litcry work, help with PE le&wns. maths znentorin8 atsd ty￿(0￿￿8 ofpupil8 WI￿ find school diffI￿￿t or who benefit from furtheT Stretcb arml chaUep8¢. (ll) Provision of ats 8¢h(x)l Marmlarin cknbs ID two IOCAI priw th18 (ui) Provision of after school Laiin chths in lo¢NI prw schools (iv) Provision of after scbool Spawsb Clubs in two lo￿1 prIm￿Y schoo Provision of after sch￿1 Japatte4¢ club in a I￿1 PTIZW sch￿1 (v} (vi) T%￿N Science project- work to eD8W kKal pyirnary s¢hool dJildTh in STEM, Inc￿lU8 OD.5it¢ visits to tbe College'5 laboratories. (vii) Ridin8 for the Disabl¢d. bq￿ in L4mèKxth (viii) River cotservation- woth8 with a local 8rcw. ARK (Action fct the BiverKennet} (ix) Brimble Hill. CariD8 for ¢hiJdrets with Severe learnin8 dIff￿111C8 (x) Sp(rt5 Lgaders- FI￿1]S bemiDg a￿di1¢4 Sports Le4dets and helptiJ8 in pimary {xi) Working with the elderly-pupils have vi$it¢d homes ￿ proVide¢oDct￿ and ChrIstr￿ caroLs. A￿llIOnaIly. we now partner with a Ioc41 vohLllte¢r 8toup (Marli¥)rough LINK) and pupiis Visit elderly members ol the local ¢ommiinity who ore on their own Jt home. I￿pilS aL%) 6lWKfft the of the Jubilee Centre, a pl¢e for the over $ixties to me4 e&t aThJ rellx. (xii) mar]tKjro￿8￿ Svhite Hor8¢- rtstorntion of the i￿niC cljalk IN)￿¢ wbi¢h sits alx)v¢ the town tn the SurnoierTen￿ OWiDg to tiJndab]xtig. maDy of these &ctt%ryli¢s unnot tske plac¢ and thi.s cnables th¢ College to a fi after-school ¢lub for three Wuln¢%lay aftern[x￿ catering for 8pproximatrly ILL) local thildr¢n 88cd to 8¢ven years old.

MARLBOROUGH COLLEGE COUNCIL'S REPORT (condD¥¢d) Edclub The Edclub Movement is a pupll4tiiv¢n prOgr￿C that ￿ekS to eth￿ thildren in the Huruma shm? in Nairobi. Ken through the usc of the Internet and SkJy¢. wsing a computrr hub buat by au initial funthaising effort by MarlFx)rough pupils. There are now 18 schools involved Internatio￿￿11Y and numbm CODtitwe to grow. MarlEwians menior a group of Ket]y8 children on o wttklyb&8is, En8lisl Maths aDd Scieace and generating[￿ltiVe aDd f￿1th￿￿￿10th1pson either side. Since 2011. MarllxTrrough College Ims IKJsted att aDnual regiotial Pattathl(m event. Panathlon is a n￿lolla1 clwity that pmvide8 sporting oppornjtiities to ovw 17.000 young ¢JLsabled p)pkevery year. It pmmotes IT￿1￿810￿ iti sporL Working incollaFM)Tation with both Pallathlon and WilrshiT¢ and Swinth)n Sport (WASP). the College Iw bosted over 300 yOUDg physically and mentsjly disabl￿ children and train¢d over 50 of the College's pupib Is Panath]OD le&lers. Thii November 2022 aod 18 planned again for the Cllrr¢Dt year. Observa¢ory 2022 - 2023 was a busy ye4r foT the Blackett with lo￿ members of the public of all ag￿ engaged i astronomy outreach either rt or through the ObseTraw. This demoLTates the level of interesl in &stronomy acr(xs the population the fabulous p￿illon that the MarIknr￿gh ColleBC Blackett Obseryakny holds io satisfy thht curiiksity. Since 2005, the Director of the Observatory has run the (￿treaCh 8r(Mw'Th¢ Fri￿d$ of the Marlborou8h Telescope.. whieh h its own dedicaieAI Observatory web811e I￿￿￿￿_bIl£k£1￿ IDn () ,) and offcr5 events lectures and tnonthly Q&A well as an aTJDual social event. An arnl trip is aThaDged ￿ a si8tiificwrt ¢stsblislynent in the UK or overge&8. The Obbervatory also hoyts groups from local Sch￿18. the S¢(￿ts, Cubs and Beavts4 w¢ll as th¢ U3A and the W.I. There are also three publAC w events beld Acr￿ the year at the lJ)8¢rvatory. Over the cour¥e of the Ye￿ the FiieDds were Increth￿TY wsv¢. with 177 allendees ai obmiti8 events •t the Obs¢rvatory. 70 attertdees al two lectuttq 8t￿ 37 attendees OD Thvo trips. one to the Her8¢hel Museum in Bath and the other to theNthti¢)nal Sp￿C CeDtre in Leicester. 217 Cubs, S¢outs and scbool pupils enjoyed s48ioDS ai the Dome and 233 vorious other membcrs of the publi¢ visited. includiD8 8 diverse Jwwe of sttMYents rtom the M4TIknT(h4h College Summer School. The Black¢tt Observatory's ￿latIonshiP with the Town c4￿¢11 and the Nortb Wessex DowD8 (NWD) Are• of Outqtanding Naturnl Beauty continuex to 8trcrt8thtsL Two tslks were given by the DIr￿lOr of th¢ Observatory in the Town Hall with over 200 att¢ndeN and a swBtiziti8 CVCJlt w&$ held at the NWD all￿￿1 fonnn ai the MarIborougb Golf Club, with over 50 attended8 enjoyitig views of the dark Ski￿ on offer in mad￿￿oUgh. Regular meetitigs b¢tween staff of the Blackett Obgervatory, the Town C hav¢ Ubo¢k Oxbridge intetviews cOnth￿ted by Marlborough College teach¢E5. We Ve an 'op￿. Acr Test Centre off•iDg th¢ hcility for US applicatits ts) tsk¢ pr¢(ollege standardized tests. It is a facility often used by l(Kal swdents 8pplyin8 for 4M)rt8 3tho1anhl￿ soccer ￿]ng the mryt ¢oJnmo St John's and Swindon Academy pupils are invited to our Eligh¢r Fkntion and Gap Fair ID ￿ sumtner. with th¢ uplakn being 20-30 pupils atMdin8. We invite both to FJDployability Fair N*ional Careers wcek in io

MARLBOROUGH COLLEGE COUNCIL'S REPORT {eonthiued) Music Dewthe The Music Depar￿¢￿1 continu&s to offera variery of diffwt ws for public benefiL This year the Choral Society ¢ODcert (wthich offers a collaboration bdw¢¢D 'town and gown.), saw some 250 local singers perfonn ID Chapel to an audience ofapproximatrty 3W re5ideDts of Twho. in offered ftee tickets to the concert. The sum of £1.500 was raised from a post￿onC¢rt collection at this ¢vent aDd a TKording Trised over £4k from sales attd th¢ surp)rt tsf a ge[w￿8 donor. For the ¢c￿lD8 ycar the kniety fi￿d the subKr4>iion of up to 20 talend young sitigers. The annual Music Scbolgn. Ga]a Con¢ttt in raises a of STOU￿1 £3LM) through a r¢tiring Coll￿tio1L The m￿SIC Dcparkncnt ¢￿tInueS to offer the oppcrthty fcr local sthte Ycknl pupib tOiOiD V4TiOUS ¢nS¢mb1￿ at the College during the academic ycar- opportUDities they o¢hen¥i enjoy. A￿ltio￿lly. leading mw8i¢ rypils also gave a &thlic perf0rnm￿ it the Calne Music Fttrfival to ¥ sell-out AudI￿r%. whil8t ail our major itirnal orche8tsal conwts 3r¢ open to the public free of clwge. This proves & vtry p(yul8r ]￿tiatiVe. The Colle8e tho cotitinw ￿ ￿loW of its teaching f￿111t1￿ for membws of theythli¢ who wish w thk¢ ltistrum￿I￿l musi¢ ie89ODS and coachiD8 with atty of Imtr distsngwshed music acben. The rnDoWll￿ MarlbOr￿gh Coll¢¥¢ C(xwi S¢rie8. which five cnocur8 per Seas￿ 4180 bw¢fit8 free of th¢ Coll¢g¢'s M¢moTia] Hall. Steinway piaDO and the otTer of covering some PTinting costs for the programrn4 whith ensures the invitation of world class musicians to lAar1iK)r(￿8￿ conliw)e lor the benefit of cw local public. Sporling Focillli (i) Sl John's Marlbmjugh use the Colle8e's sports facilities rn a rryul8r basis ￿ muftAily o)nveni¢ni lime$. Ai presenL thc squ&sh option in their Enrichment aThl After School activities pr(}gr￿rn¢ is twkryl on the Sq￿&b c4>urt& hvice week. They a150 use the athletic.8 tr￿k for GCSE moderauons wbellever requwa. (li) The Colle8e a numb¢r of Avon Prim￿ Sch(KTrIs' SFOrt8 festivals at various times of the year - these iti¢lude ndball, hcthy, football, ori¢n(¢¢ring, athleticy and multi-skills - and a number of local Primary SchiK)1s use th¢ thletics track for thexr sports, day& (iii) The College's sports and other facilities ar¢ ¢x¢¢n$iv¢]y used by I¢￿] sports clubs aad re8u]arly by otherorganisations. Som¢ o( thc yports include cricket, hockry. rngby, footh411. squash. t#mis fives. triathlon and ath]￿IC& and various organisations such as Wiltshire Crickei. Wiltshitt H(Kkey. Wiltshire Netball. South West La￿e. Hockey W41¢s. WASP (Wiltshire aDd Swtndon S￿), RFU. Bath Rugby, Fortitude H￿keY and GoCrea8 Hockey and Swindon Town Football Club for their holiday coKhing camps and Cour￿ Wiltshire Army C1 Foree also m8k¢ use of the Colle£e rifle ran8¢. Itt maDy ¢08¢s. hire of facilities is offered al a discoun￿￿ rnte or free of charye. (iv) A number of local schools and club8 (both WJDpetitiv¢ swilluw ¢lth aod local I￿1th club8) make use of the College's swinllnin8 p￿1 thr￿shoUt the we (Y) All ¢horitie4 edu￿tional estAblishnKnts and clubiunior gections pay a discoutityj foT the use of College (￿]￿'(l¢S (vi) One member of the Coll¢8¢ regularly coaches a jUDior team at Marlb)rw8b H(xkey Club and 8noth¢r M¢m￿r is the Head Coach of the Men's and Women's senior am$. The hcthy deparkncnt a150 nm a Wcdncsday Outreach programme for local Primary S¢h(KJl ￿P11$. which Compris￿ ¢oa¢hing and ¢ournaml play. A fi￿ber member of the College Staff assists junior 6qu&sh at Marlbor(MWI Squash Club. FuKdrni¥ingfrr Chosen Chari¢ieJ Member8 of the College rnise41 w￿0A]￿telY £75.{￿ durn8 2022123 (2021r22'. £67,1KIO) for ehosen charities through vaTiOUS whole sclhxjl events and nUmero￿S Ix)arding h(M￿. pupil armj staff iDiiiative& Exampks include: (i) C3 Mill Mead Houses. Poppy Rull raised ahnost £3.(xKJ for th¢ Royal British Legio (li) Thrner House's DawD to Dusk F(￿1 raised £51XK) in aid of UK to Ukrain¢. (iii) Barton Hill's House Shout raised £IIK> in tiid of Mari¢ Curie. li

MARLBOROUGH COLLEGE COUNCIL'S REPORT (tonthimed) (iv) Cl House raised £750 ttt aid ofthe Te￿08¢ CallttrTn￿. (v) A whole scbool 'Eliminations' game nm by Prefe¢ts rai￿ over £l,IXK) ￿ the Royd Britith Legion. (vi) C3 and Mill Mead Houses ral￿d £645 for Commw)ity Youth Proj￿ (vii) An audience collection at the School Play ('Godspell') raised £31M) forAmn¢sty IntemioDal. (viii) I￿p1] and i¢a¢her Fthrti¢ipation in 'Movetllber' raised £3.0 (ix) Apupil ￿ganised 12 bour cycle fw Ukraine in aid of Mail Force UkrnineAkwI raised £4.OLNJ. (x) New Court Howe rnid £2500 thTough the 8aie of bTrod¢dpYiaM￿. (xi) Achristtnas Jumper day in aid of the Oscar FoutthoD rai%d £3W. (xii) Retirmg collections at the fourColle8e Cml Services amountyd to £lO.(XKJ. (xiu) The'Prefects' Prom, for youn8er pupils rnised £l.(w for th¢ O￿ar Foutidati￿. (xiv) One pupil's 'Brave the Shave. rn1$￿ Over£]6.(￿ for Bowel Cancer UK. (xv) The Well.b¢ingAmba&wloTs' s¢¢ond.hand clothing sale Trijed over £1,(￿ for the Charlie Waller Tn (xvi) One pupil raid £2.(MXI io w the Marlb(wough Colleg¢ Foundim'$ iwwy cwnpaign via a spjnsored vlalk in Sydney. (xvii) A'ro¢K pw. scissors. Com￿￿tillOn rnised £4LKI for the Lun¢hlk)wl NL4work. (xviii) Through 'Brav¢ the Shave. and particiption in the tkviz¢s ￿ WeglmiDSter kaygk ￿ one pupil rai8ed£3.500 for the Teenag¢ Call￿rT￿sl (xix) A'Rock & Pop, concert rnised £250 fly the Iris proje¢t. (xx) Pupil nm stslly on the laundj day for 'Th¢ Marlb￿￿u￿b Differen¢¢' ¢ampaI￿ rnistyj over £7.ocKI for bur8aries at the College. (xxi) The Seh(x>l Styff Illstn￿r rnisthl over £5.c￿ for the same by 8ea-kay8king from L￿d,5 End to Bristol and (xxii) A Housemiytress rnil ovtt £7.[￿ for The Br•irt Tumour awiry by ￿ll￿lD8 the Lon&)n Marathon. (xxiij) C3 House raixd £2,(K￿ for the Ca￿ witb a swwner cbarity d4y. (xxiv) A member of the ColleBe secuTity te¥m w15 Pprt of a group who rni9ed over £IO.((Q for IAmbourn Rj'ding for the Disobled by abseilu4 off SPirllwkeTTow￿ ID PortsM￿￿L Futtdrnisitig in •d of the College is thrO￿h the M8rlboro4h Colle8e Foundation (the Fouthion) ¢1￿1ty ￿ typically the Colle¥e docs not do any fundraising in its ownrighi. Both thecollegeattd theFoundation arc rewred with thrFuttthai8in8 Regulator and adhcre tt>th¢ FUndraI￿g C(xi¢ of PTrctice. In the cumt aod prior year. the charities did not work with any third panies in deliveritiB its fiuM1rri5ing. No compknints aiM)ut fi￿d￿lSing were received in the year. The pupil led clwilies comtillttee at MCM WL4 able to £IO.IKM) dwin8 202W23 ¢lwTr¥h a wid¢ range of projects and activities und¢th over the course of the year. This ittcluded drith afyl bake Sai￿, fru8al lunches, beach and r(Yad cle4n.up a 'camping on cardboard, night to emphasi5e with the homeles4 a thriftljumble sale, hostin8 afternoon visits to USE MCM facilities, and a vay 5UCC¢85fv1 Outr¢ath auction at the Friends of MCM Gaia Ball, as part of the College's 10 Anniversary Celebratio1￿ The PTDcced8 contn1￿1cd tow8rdry.' caused by floodin& a local I￿ll18tiV¢ run by K¢¢hard to ptovid¢ ¢SS¢Dtial s¢lf-care packs to the homeless conllnunity. the Rotary Chil¢thYn's ojphanage io supporf the leaching TnateTia15 and education￿ visit for the child the student mittisty ￿tIVitieS attd sut6isteo¢e costs at St ChriSt￿S ChuTch in Johor Bahru. 12

MARLBOROUGB COLLEGE COUNCIL'S REpoRf {eonthiued) The College The College'smi&8ion is to deliverth¢b¢Ji ind¢pUKk￿¢1￿ed￿Cat1OllaI, fi￿1 iwthng thc4tion ID theUK and tobe rf£o8llised for this globally. The Marlborough we envisage will be a lrndiD8. outtvard looking ajyl Inch￿1ve school whue children with A pioneering academic strategy to bwld ￿ the College's CLmtinuing acad¢mi¢ su¢£w of the p&$¢ four y¢grs. 21Y23 eeution of the College's EK)Id aDd susthillknje Caw Devekyment P￿ n￿ludIti8 consezvation of the Complete the refithisbment of the Seiav BuddiDA with Plwe 2 for completion in Dexember 2023; Contin￿tion of th¢ Colleg¢'s b(Mrding house thishment pro8ramme' and Increasing a(Lessibility via the ambitious new bursttry futidrnisin8 The MgrIborough Diff¢r¢n¢e. whi¢h was launched in April 2023. Th¢ Cauyign is aimiDg to raise £75m in order to reach I￿ free place8 in the College. The Campaign h&y star¢ed positively with £27m rai8ed to datr &)d 44 pupd8 on tAwie8 MCM MCM welGomcd iL¥ new M&4ter in Augus¢ 2023 and will coniinue its missioD to be the best indepethi ¢fr￿Ucatio081 day nd Ex)ardin8 Khool in Malayibia. ID thL Dcar &nd medium t¢rni. the m&Én f¢xus will b¢ on developing the ¢an]pus for growth. It will Commence with the preparalion of a cwnpus ttMstLY plan to FKovide a cohueni blu¢print for the expansion of its buitdiogs d facilities lo support a fibll school of i J(M) pupiLs. 13

MARLBOROUGH COLLEGE COULYCIL'S REPORT (eonthi¥¢d) STRUCTiJRE GOVERNANCEAND MANAGEMENT Statuo andAdmlHlstralfion Th¢ Coll¢ge is aa Educational Charity (no. 309486) Ancorymted by Roy41 ChtheT. [ts CQ&81ituiion 18 contsineAI in Its Charter and Bye-laws. The T￿￿te¢S of the College CorLSti￿tcs the Couttea. The C(Ath¢il tn¢mbery k¢y 0]￿ th)rs are yet out pages 2 to 4. The Governing Body The Col]oge's ¢l¢¢¢ed m¢mbe15 of Council are aFwinted at the Annu￿ General Mccting of the c(XU￿11 on the rccornrn￿d8l1o￿ of the Nomitiations Committee. Membets of Council are aN¥)nited fLr th￿C ye4T5 8Dd eligi￿le for re-ap￿1ntinCDt but do not nOM￿MY s¢rv¢ fow mrK¢ than six years ID tothj. The ChaÈrnwi is exempt from the alw and is witued for thyee yearn Af￿ the initial tsrni th¢ ChJirni•n 15 ¢ligibl¢ for appointmeni for a further tcrni of thre¢ yem. Reerultmen4 Induetlon ttd Tr•lthg of Mernbm of Coumell The NomiDati0Th8 Committe¢. in Tnaking T¢wmm¢ndations for the appoiDtmeDt of new tt)embers of Councxl, h&8 particular regard to tbe persott￿ competrnce, ¢xP¢ri¢n￿ 4￿1&1151 skills of poteoiiAI candidates. In filliD8 vacancies oll the CounciL ¢otisid¢rntion is 8ive41 to the skills required to eompl¢mrnt th08¢ of ￿ls￿n8 membeTr. New m¢mb¢rs of Council are inducitd inio the wth88 of the College and ig a comprehe￿1Ve progran￿¢ of inthjction d ongoing training. This includes a day ai the College, the ￿ of which is to m¢e¢ the Masl¢r and m¢mbers of Rtaff. The visil 3190 I￿ludeS a tOUT of the Collego and the OPFoJtimiiy to Jne£t some of the pupils. New membuB of Council Teceive pack of docum¢nts and I￿orMatIOn. i￿luding the AGBIS GuIdeli￿S for Gov¥JYXS. Member8 of Council rrceive 0￿￿nISed traiDing b[￿r￿&S from professional bodi¢s wben •ppropri8t¢, 08 w¢ll 08 iuvithtioll8 to OTg#Jthatlon The Charter B￿LawS require that the righ￿ powtt& thtics and ve8tsa in the Coun¢il are to be U¢￿1$¢d by the Council M¢mbers on its behalf. AccordxnBIy the Council power to decide mattcTS of Co]k8C Frf)Iicy 8nd to rnake m4jor deci$ion% affwting th¢ affai￿ of the ColleBe. It 18 $F￿￿KallY r¢quyNI to drtrr￿ th¢ MilioD f¢¢s to tsk¢ r¢5ponsib?lity for the Coll¢g¢'s ¥s¢ts. To enable matters to be ¢thL8idered in dctail prior to methings of the full CTrJncil. • Finance Committee, 8 Nomitiation Comrnitte4 8 Buiidin8s CoUll￿ttee, aD Acadcmic Committee, a Dev¢]opment Committ& a Healtb & well￿￿￿ Committtt and an Investtnent Cotnmittee havc Eccn e5tablishcd and thry¢¥h rn¢et •¢ le4* thre¢ lime8 a year. A Remunerakn'on Committee has also been establlshed. which llsU￿ty meets once a year. Implemcnl4tion of the CouD¢iI's decisions is the rt5p)n&bthty of the Mast¢T. Mindful of tbe Clwrity GOvernth￿ C(Mk, the College ¢￿]1]￿UeS to review its processes and procethm ￿ ettsure the best P085ible governanc& Followin8 an i￿]11￿ rcview of governance Ja5t year there bave beeD various new initiatives and this will be devel(yed further iti the fuwre. Key Man4em¢ut P¢nouel The key n￿n88CmCnt pcNJnnel are ¢0Tr5ithred to be the C(wncll, the Master, the Managen￿l Team attd the Bursari81 Team from the College ali>n8 with thc International Cowi¢il membu& the Masty and theBursar ftojn Marlbomugh College Malaysia (MCM). Council mernbers give of their till￿ freely and no Cour￿11 membcr rcccivd rcmullcration in the year. Dctails of Cou￿1] members, expenscs and re]ated pfjty traTLSac￿ are dixloseA iti note 4 athl note 22 re5￿CtiVelY to thc accounts. 14

L4RLBOROUGH COLLEGE coir￿Cli,S REPORf (eoDtIDlled) average earnings to reflect a cost of living adjustille￿. In view of the naDJre of tbe charity, the Council bendll￿ against pay levels in otI￿r comparable etssure the College reti￿1￿8 s￿lI1¥C to the brothr issues of pay and employment conditions elsewhe RelAted EDtitieJ Detsi18 of connxted djarities and thidiary Comp￿ are disclosed in Notes 7 and 21 of the fllwicial statements. Svb8ldiary Companl Marlboro•gh College Overtta8 ljmlted MorlboTough College overs￿ Limited is a suPAidiary of Marlbor(AW Colleg¢ and is currently dixinant It one subgidiary. M Eall Sdn BW a company reBistrred in MalAysiL M (wAte8 Marfl>)mugh College Malaysia (MCM). a Khcxil based in the Iskandaryegion of Malaysi MAriborough College IDtentdoDII Llmlted Marlborough College Internatiot￿l Limited is a su￿￿1•ry of Marlborwh Colle8e and is do￿￿¢. M•rlborow8h Colleze EDterprlMs illl￿ted Marlborough College Enterprise5 Limited (MCEL) wovides a vebicle for the College'i n(¥K41ucati(ul trading and Thc Cotnpany makes o gift aid +knw¢ioti ¢f its profi¢$ to th¢ College uthler deed of ¢oVe￿l In 2023. the d0t￿lon was £214.641 (2022.. £225920). Conneeted Cbxrltlol Tht MArlborou¥h Colle¥e FouDdAtlon The objects. of the Marlborough College Foundrfion (Ihe Foundwffi.? {r¢8iSt¢red Edu￿til￿1 Charity No: 1061798). set out in a Trust dced dateA 4 Junc 1956. Marlbor￿gh Colle8¢ c￿trOl the FOund&tiO￿ and its ac¢ounts are thertf(rt not Cothwlid&trd the 8w accounts of the Colle8e. The maiti objectiv&q of the Foundation ore ￿ provide Ion8.terni ￿p￿)rt to the Colle8e by accumulating on endowmeDt fund for bursaries and to act as Custodi￿ for money raised to assist with individual capital Projects and annual bursary award5. The Foundation does not fundraise diredly a5 thi5 is undertaken by th¢ Colleg¢'s DeY¢lopm¢nt departsnenL The Mrlbyrl#R Club Founded 1884, The MarIl￿ri￿n Club represents the intCTEsts of its M¢mb¢rs with fllrt1￿ det&il8 out iti the Club's Constitution aDd Rulc5. Clubs Mcmbery fft Old Madburiw ex-pupils of the Colle8e who paid a life subscripuon to the Club. The Colle8e does ts)i the Club, aThl its xcounts are therefore ￿n5011d8te￿ into the sroup accounts of the Coll¢K¢. The Mrlburlall Club Chrlt*ble Fund The objects of the MArlburian Club Cbarit8ble Futhl fMCCP') (reBis￿red as a Cbarity No.. 1063749), aTe set wt ID the 1997 revision to the Constitiition of the Tn￿1 approved by th¢ Charity Commission. Marlborough College th nol control MCCF. and its rKcounts are th¢rekn ￿t iDto the gr￿p accounts of the Colle8C. 15

MARLBOROUGH COLLEGE COUNCIL'S REPORT (eonthiued) Object$ The objects for which th¢ College shall ¢ODiinue to be incor￿￿ are to provide eth￿ti(￿ for students in th¢ Unid KmEdom or eLsewheTC, ifTespEcuve of fa￿ that develops of mitKL Rndividual spiriti￿lIty ba￿1 on an wthrstanding of An81ican traching and rcspcct for othu faiths. and an akwreciation of the of 8¢rvi¢e to th¢ Community. The Council members ensure that tbc clwTitabl¢ purpc4e of the thliege is Ca￿lea oui for the ￿bliC benefit by making education available to students who are sufficiently tslented and. where possl>le. irrespective of fittancial circum￿. In pursuin8 the8e objcctive4 Coll¢g¢ Shall I￿¢ rewd ￿la1. reiiws ts4ucational cnviTonmcnt pert2ininB from time to time. Almi and Objeetlv It Is the primAry aim of the Colleges to be the fir%t ¢knirx of pareots and children wbo sed( an excellent mod¢rn edu¢ati¢) boarding or day in a c¢>•Jucatiottal ¢nvir(xun¢ni bwcd on breadth in curTicuhun, sound discipline, Indepertdej￿ of mind, first class facilitie8 al￿ servlce to th¢ ComT￿ty. To supEth thi8 aim the Colleges seok to.. 8u$tain and devekp on academi¢ cwri¢ulwn that ¢hallenge5 pupils; sustain, dcvelo thd promote the uniqu¢ value of a ¢(￿CatiOnal full Trthrding experKntt' promote wellbeiD8 and ¢xtend cfrcurricular cyportiinity: promo¢¢ a sa]s¢ of belon¥in8 to a kgacy for life; to enable the CoUe8es' pupils lo gain a4kni&8ioft ￿ the btm univerniti¢S and ¢oum that they can: ond foster an appreciation of a serLY of Stewar￿ for the Colleg¢s' cmnpuy Strnte8kJ to ehkve the YMr'i Objeetlves The Colle8es' 8trAteKies for4¢hi¢vin8 their obje¢tiVe8 dwiDg tho year arn OWIDB and brO￿Y iti litie with the prior year to: devel(Ip all pupiL4 ambiiioo . with the Mwlknywgh MxtsJs¢t mlkd out in the College to develop learnin8 and study skills- CQniitiue io review the acadcmic curriculum to ensure tt 1$ ix)th broad and ¢hallenging' continu¢ to b¢n¢hmark theiracademic pcrfOrnw￿ iti extcrnai pthlic cxaminatsoDs and thr¢Agb the utreof indent value-added ¢rit¢ri (¥lthough this is oot pothle to the same exlcnt for MCM)" encouragc the students, Spiri￿al and moral 8rOW￿ their culbJral awgreness 4nd physical development and Hs well 45 enyuring iheir wellb¢ing by womotin8 participation in a wide range of aciivities and thr￿sh the curriculurn. ¢(mlinue lo improve thecolleges, facilmesand towiea the fftisiori¢) envircrfunentthrough capital projectsto improve and enhance the t￿hing. ¢Ollcurricular and Pas￿ra1 filiti¢S thrOU%￿out the Colleg contmie to itoprove the sustsinobility of the Colleges. ￿tateS thtough an Ongoing PTogramme of capital investment, particularly at the College whete the campxjs is much older with a number of list￿4 buildings: continu¢ to explore and deyelop parnerships WTth maintsined schoo15 and ￿demIeS as well as with the local commwiity- this is reauy only possible and relevant foT the College at PE5ent' and 16

MARLBOROUGH COLLEGE COUNCIL'S REpoirr (conthiued) FINANCIAL REVIEWAND RESUL]S FOR THE YEAR The rcsults for the year ¢Dd¢d 31 AUg￿t 2023 those of ih)th MAT1kn￿ College and Marlixyoush College Malaysia (MCM) for the a¢ademAc year 2022123. CoLso]idat¢d net fee income iticrtssed to £53.9 thill1￿ up frcdD £49.7 million. The iwrease W8B due to a combioation of factors:. Att infiationary fee lticre￿. and $tati¢ pupil numbeTS ai th¢ College from a billinB PU4)¢fft. but a &wficant iDcrrJfi¢ in sHwiI Dumbtn at MCM followiD8 thre¢ y¢m of decreasin8 to the l￿de clowres. espcciaily with Singapore. This Incr￿8¢ was in addi11￿ incre88e iti lJJrs•ry and 8cbolarsh4) fithditig at the College ofnM)re thatt £600.IA)O with the emphasi8 on providAo8 moTr ￿l￿1]Ity to the College There w¢r¢ also positive movthnents on nel (before itiv¢s¢meDt kmeg) as a re￿11 of Ihe following fact(rs:. 8ubsthntial doniow kntallin8 £15.3 million reoiyed durin8 the ye4r by the College. Jargely iowards butsw 4w4rd8 including £10 million Teceived from Colle8e's share of prc¢eryb Telaling to th¢ sale of the Trcvalga estate plus ther¢ was £3.7 million Teceived from th¢ Mar11￿ College towards the on80in8 Science & Ityhovatioll proj¢¢L iticreased profitability for the eA)Mll￿ activitia at th¢ College 4 full year's rewnption of a number of events And incTea8ed facilities hiTe followin8 the patithmi¢ reytrifflioDg' both UDrealised itivtsthient josxs and exchaDge rai¢ loss¢s were con8iderabty lower than the prior ye4r. Primorily the to the fluc¢uatiolls and uncenainty in the world￿de Dwkets: £2.3 miuioo lo £686,000 and £876.IK)O down to £323,fy)O respectively. However, the c0n801ida￿4 fee Incon￿ is Still Mi relativety bRck to prtrpandemic l¢v¢ls thie to the significant decrease i pupil numkn It MCM Hs a dittci resuh of the pandemic and th¢ long l&slin¥ travel restrictiolls in pla￿. Pupil number8 decreased from 953 in 2018119 to 717 in 21f22, atsl iticreas￿ ￿ 7fA) for 22Q3 with almost 830 pupils sthniti8 the new 23124 academic year 8t￿ fu¢ure proj￿￿0￿8 show MCM iKiD8 ai c4)xity (1250) by 2033. Thert w¢re akn a (xxwk of onevoff favourable a¢¢ountinB adjusthienL8 in ¢he prior ye8r.- the reYer5al of the £2.7 million impairnieni loL that hwj been ftcogniwl in MCM'$ 2019r20 accounts folbwing the onget of the pandemic. as th¢ T¢wv¢rable value of the assets #re now deemd th be higbtr than the cwin8 amoun4 the recognition of a defenrd tsx gs8¢t of £2.13 million whi¢b bas been triggered by the foffw¢thl¢ fubjre profits that wdl be available to be set agai￿ unused tsx losyes aDd deductsThle Icmw)rBry differences. MCM has this ye4rmet the requirementio sthrt Paying (notiODa] jurisdictson) tsx with * Charge of o]most £1 million ktng paid during the year. There was also increased exF￿diturt for Ix)th Coli¢8u hi8h l¢Y¢ls of wst iDnlltiOll 80d a catch up on maintellance expenditUTC following COVID at the UK ￿￿pUS. A totsl of £9.9 million was committed to wjitsl expenditure duriDg th¢ y¢ar, £9.4 million of which took pla¢e in the UK. This more than the budgeteAI £9.6 million total across both catDpuses to the ttecd to catth on the last of the projects i by the pandemic induced delays. 17

MARLBOROUGH COLLEGE COUNCIL'S REPORT (continued) INvFsT￿NT POLICY AND PERFORMANCE The College's investsnents are by Rathboncs ]nve5tmeni Managemeni The investment managers have discretio . the matugement of the portfolio. The itivestrnent w)Iicy i8 totsl r¢tslln xcountiDg, with the overall objective to iDcrea6e the fuad8 value in line with fee infl￿70￿ w)d wovide up to CPl+34% draw down in of iwsari#. gains (realised and U￿realiSed) in 2020121. HO￿ver, the investhients have sitte been irnr￿d by the ongoing war in Ukraine, the cowuential'cost of living CTiSiS' With spirnllillg mfiation and Awly coJKen4 and, &$ a resuli did wtmeei the benchTnark in the ye4r ending 31 August 2023. Th¢ coo]posite ben¢lMnark was a positive 7.PA total rettun {net of fees} wI￿ed5 the Co]le8e Fund ws 4 rAisitiv¢ 2.211A total returTL As a result there have beett itivesthicnt losses of £0.68 million (2022.. lo%ses of £2.3 Million), which irnpathd the Group's ovmll surplus durllJ8 the year. RESERVES POLICY At 31 Au8YSt 2023, th¢ Group h¢ld increased total fimds of £118.3 millioo {2022: £105.9 million). Of the toial fillth, £21.4 million12022.. £11.9 million) r¢l4Kd to Tfystri¢ted and endowed funds and the pur￿ of these fijnds is exploined in llotes l? and 18 10 the a¢¢ounts. COU￿11 impl¢m¢nts totsl return accounting forthe en&)wed fimds. vAuch permi18 more of the en&)wed funds to be granted if reqtsir&l and this ¥doption is shown in TnoT¢ dethil in note IS. The winciples of the policy wert also applied to all of the itives￿ College Fund. whith lotsi1￿ £12.7 million at y¢8T The Group also I￿]d8 de8i8natrdfimds of £1.37 million(2022.. £1.48 tnillioD), which wereorigmlly set up to allocatsdonatio of a general purp08e towards desi8naied pu￿0$¢$ Is #pprovtjj by C￿jU¢ll. The of e￿h fund is de￿rib￿ ill note 16. In addition io thi& activities in relation to Malaysia are shown s¢parnt¢ly ￿ a withiD the accounts. Ai 31 August 2023. there wos a d¢ficit on th¢ge funds of (£2.38 million) (2022: £1.6 million surphts). The College holds Lujreslricied r¢serves of £94.9 million (2022.. £89.5 million). The vttlue of these reserves 18 rnore thao ¢x¢e¢ded by the value of tangible assels at £121.3 million {2022.. £115.5 millioti). The College's development plan which ¢nvisa8es si8ttifieant further ¢4pit41 ¢xp¢nditure, ig almost back OD track followiD8 the finattciai impact of the pandemic. As have MCM'S curnt develwxneni plan& whose £613.(K) of Tes¢rveg ore all (2022: £3.0 million). TtrLe malla¥emeni of fundin8 and workitig ¢apithl is mowtored by ¢be Colk8es' Financ¢ Cornmilt¢es on a regular basis and a Th¢ Councils are satisfied that the ColleBes bave suITicicnt workiD8 capital. although the impaclB of the pandcrnic rcAdt¢d iti the cou￿liS reviewing the long terni plans f(t workitig capital to rThwrc therc will bc sufficient fvTKis should thcy I required in the futyre for unforeseen siwaiioos such &8 the teceni pandthiic. Thi4 pjlicy is mODitorcd by the colle8￿, Finance Committe¢S #nd r¢view¢d at kajt tennly. The Council considers that the going cthjcern basis remains aPPTOFffiate for the preparation of the College's accounts. MCM'$ Council have Teviewed the school's 01)rting aTxI financial ptY5ition and following a restnKth to their Im'tial L£a￿ Term with the Les80rs consider that the goin8 conccrn b&8i5 remains 8PPrq￿te. RISK MANAGEMENT The major risks ￿ wbieh the Colkg¢s aff exposed as identified by the Councils, have been reviewed and Sys￿mS have bet established to mits￿le those risks. This is an ¢)n.going proce55 and the Councils teview and update the Tiskrnanagemenlproce55 at least annually. The priDcipal Tisks and uncerth￿ti&l identifieAI by the Colle8e8 i￿l￿d¢ th¢ followiD8:. the financial social itnpacts of a (global) pandemic; affoTdability of fees by parents acm&s the independent s¢hwl sethw. future demand for independent education and Pffiicularjy boording thKation: future governments change the law to remove (charitable) tsx breaks (in the UK)" failure to 5afe8uaTd the wellbeiD8 and s¢auity of pupi]s and staff. thc ability ￿ quickly implement any stral¢gi¢ the o)sts involved in implemeDtslioo particularly the change is ojtside the Colleg&s' controL such ￿ changes in l¢gi51ation and pension ￿ntrIb￿lon5' pmd 18

MARLBOROUGH COLLEGE COUNCIL'S REPORT {eontinued) one risk specifi¢ to MCM is the Teduction of ex￿n￿le wofe8sionals ill theASEAN region during the p8tthi¢. Thi8 bas led MCM to cas¢ its pupil T￿l¢D￿nt rt wider to all￿ local pjpils ill a numljer of cAiuntrics who are int¢resttsJ in a holistic Britisll vjucatio Although the College is still v¢ry near wacily. the recent patidotii¢ ¢onlinue8 10 impact MCM'S pupil numbers ahhough foreca8Ls looking positive pupRI numbers on track to SulpL￿ those pre.paDdemic in the nexi iwo years . The Councils for both Schools continue to carefully monitsy fee IT￿ iti the to e4th1¢ ￿ceSsibl11ty but at the same titne to ¢nsure thai the bigh¢st 8tandarth are tuitit4ined ID Colle8e8. In the UK there is an ongoing risk to chkng¢s to indeFendent schools. VAT (and charitsble, in the longtt kn) status. 8moDg8t other risks. Hence, it i$ important that the College continues ￿ show its committ[￿1 to impTrving w to other schools attd improving ￿Cessibility to the education provided ai the College. with arnbitio￿ ta￿ets sel to ￿ and achieve incre bursAry awaTds via the Develwnent offw¢. The CoUe8e is also knknng at contiD8¢Wy p]annin8 sh(ndd t&x cbao8e8 be The safeguarding of children is on extremety imp)rtsD¢ area for risk Iiiana8cIiient. Chganisations which work with childm hkve a critieal rol¢ ¢0 p]4y inpnvenlitig. identifyll¥ and reporting Cases of safe8uDrditig rA)nccrn. Both Colleges 74im to mitigate these risks by paying particulaT attrntion ￿ the training of stsff and othu I￿lIVIdUaLl as5fKi8tcd with th¢ org4ni8ation about how to identify si8tt$ of saf¢8uardios concern. educ￿￿ng th¢ Fwjils appropmtely, implemenlin8 rOb￿¥t ￿fer reffliitment policies. Bdopting Clear procethwes for reportAng and recording Concen￿ impleowiw a $tron8 Cults￿ of pgstora] ¢ar¢ within the Colleges. Health attd Sofety is a sigDificoni ort for risk manaBemenL The rlsks range fmm firc and infr&strudure to personal risk8. The level and breadth of actiyiry at the Colleg¢8 is notsble and the risks asso¢iai¢d with ail activiti￿ arc managed by thorough plaJJninB and risk 088¢8sm¢nL ¢ontrols to miU8ak gnd rnonilor those risk8 that are a38¢$8¢d 99 hJ8h. The kry contro18 U8eO by the Colle8es to Tisk policie5 and vettin8 Inch￿Ing Safer Re¢rnitmeni as requiThl by18w foT the protrction of children. fomiai agendas for th¢ Coutt¢iJ8 ￿1 Committee meetsn88. A￿ding aD annual review of risk mana8emeni,' dtsiled ternis of r¢f¢ren¢e for a]1 Commitie¢s: 8tnte8ic development Teviewed anDualty by th¢ Cwi¢ils' cOM￿￿en$1ye bUdg￿Ing and managernent xcoimtiD8' external auditcffs, review in¢luding ofcontrol& ￿licieS and tffoRdures' established Iwni$8tiona] sttu¢Nwes and lines of ry(fftin8: fonnal written poli¢ie$ in¢luding ckar authorisation and apyoval levels. Safety, and Admisgiows ￿ well as from qua]ified and with dedI￿ted r&8pomibility for 53feguording and p8Moral car¢. The Councils reKul4rfy review the eff￿lIvenes8 of current plaos and 5tragies for n]anaw ail identified nMior risks for both th¢ College and Ats subsidirn Through their risk mana8em¢tt¢ the CouDciIs QTe satisfied that th¢ majoT iisks ideatified have been adts4uatety miti8&d where nKess8ry. 19

MARLBOROUGH COLLEGE STATEMENT OFTRUSTEFS, RESPONSIBILATILS The Council i8 responSi￿le for prepwllig the C(Mm¢il's ReNxt the in accordance with applicable law arml Unit)J Kingdom Accounting Standants Iutiited KitigdomAccowi¢iDg Pradice). The law applicable lo cl)arities in England and Wales requires the Council ￿ prepare financial stst¢nKDts fOr￿h financial year which giye a tsue and fair view of the sthte of affairs ofthe College and of the GrcA4) and of th¢ n¢t move4n¢nt in funds. Inch￿IDg the income 8Tr1 expetidituo of the Group and the seknt suitsble &ttountin8 ￿lICI¢S then appty them coTr5i￿tty' applicable to chaTitics preparing their xcounts in accor￿ with the Finaticial liep)rtiDg Standard 4ylicabk in the UK and li¢publi¢ of ￿t1¢no (FRS 102)" oke judg¢m¢nts and estirnatrs that are reasonable and $tstewbetherapplicable UnitrdKin8domAeeountitig StstslardAhavebe¢D follort subixtto any rn&terial d¢parth di8clo8ed and explained tn th* financial statementy and prepHre the financial stateM￿ts on ROiti8 ¢oJwn t•sis unless it 18 inapprDm lo pre8ume thai the ch￿lty will continue in operation. The Council is r¢qw)nsibl¢ keeping prrou xcowÈiillE rfLords. Bthich dixlcrt with reasonable accurncy at any time th¢ f￿￿)¢101 posilion of th¢ Coll¢g¢ and ¢n4bl¢ the Council ￿ ensure thai the ststements comply witb the Charities A¢t 2011. th¢ Charity lknounls and Rem) Regul￿10￿8 2¢)08 and other o￿111¢8bk law& The cou￿¢11 is responsible for 6afe8uardin¥ th¢ 8Wt$ of the GTOUP and the Collegc and bence fcr iakm¥ re￿n8ble sy for the prevention and det¢ction of fraud and other irr¢8ulariti¢S. AudltorB A rNolution to reappoint the auditor8, Haysmxitirytt LIP. will b¢ submi1￿ to the Antllthl Gell¢rai M¢diD8. M&rlborough College Wiltshire SN8 IPA 2 December 2023 By order of the Council

MARLBOROUGH COLLEGE INDEPENDENT AitDITORS REPORT TO THE TRUSTEES OFMARLBOROUGH COLLECE Oplnion We have audited the fJnanci81 statetnettts of MarIE￿Ough College for the yar 31 August 2023 which Group Statement of FinancialActivitie& the Balance Sheets, the GTOUP Sthtement of C&th Flows 2nd not¢s to the fimancial statements. incluthng a SUTllTnary of significant a￿u￿tIng wlicies. The fu￿￿181 rqx>rting fTrmcwork thai has beell applied in their preparntion 18 wlicable law and Unitrd Kingdom Accounting Standtr4 includtDg Financial Reporting Stsndard 102 The FinaneMIRepop1MgSMndard apFlwable ￿ Lfje UKap￿RepUblIC ofIreJond (unit￿ Kin8¢knm GerallyAccepted Accounting Practice). give a tru¢ and fair view of the stste of the group'5 and of the paT￿t ¢knity'$ aff#irs as * 31 AuBust 2023 and of ¢be group's net movement in funds for the ye4r then ￿ded. have betm properly prep￿￿1 in accordance with Unit¢d Kingdffii Generdlty Accemed AccMiDB PTa¢tic¢" and B#ts for oplnloD W¢ h&ve been appointed as audI￿r under se£tion 144 of the Charilieg Aci 2011 report in aeeord4n¢¢ with the Act arAd r¢l¢vant regulations made or haviDg effect thereurkn. We conducted OUT audii in acconknce with International StaDdards on Auditing (UK) {ISA8 (UK)) and applicable law. Our reSpon￿￿111t1¢s those standards furtherdescnTrth theAuditor's responsibilities foT the audit of th¢ financial swtements section of (w rwrt. We are irdependent of the group in a￿OrdanCe with the ¢thi¢al rcquirements thai art relevant to our audit of the fir￿￿11 ststemenls in the UK tncludimg the FRC'S Ethical St8ndar& we have fulfilled our other ethical reswDsibiliti&% in ace4)rdar¢ with these requiretllents. We believe that the audit eviden¢¢ we have obtsined is suffi¢i¢th and to * b&8is for our opinio Coll¢lu￿on￿ relatlng to golng eoM¢ern In audiiing ihc financial ststem¢nts. we have ¢oncluthd th¢ ffiis¢s' uge of the goin8 coJK¢rn basil of wjunting in the preparntioti of the financial sthtem¢nts 1$ apprcyriat Based on the WOTk we have perfonJ)ed. we have noi identifxd any material UDcenaiDties relatiti8 10 cvents or conditions thaL individually or collectively. may east significant doubl oll the Br￿￿'s ability to W￿illUe as 8 80itig a)ncan for a period of at least twelve rnODth8 from when the finatt¢ia] sthtements are authoriscd for issue. respoDsiThilities ond the res￿￿11]t1¢S of the with T¢YPXt Io 8OiDg CO￿trn we de￿1￿ in the r¢kvant 8ectAor of this report. Other IDform*tlon The trustees are reby)n￿lbIe fortheotherinforniation. The othtt inf(m4tion comwise5tht inforn1￿10n Includ￿ in the Council's Report. Our OPiDion on the financial statements does llot coveT the other inf0m￿tion ￿ exw ¢0 th¢ CA¢￿1 otherwi8e explicitly ststed in our rqx)rL we do TK)t expr￿ any form ofasrne conclusion thero)n. In ¢onneclion with our audit of th¢ fll)ancial 5tstett￿ts, our resyonsibility is to read the 01￿ itif¢)nnation and, in doing so, eort8ider wbethtt the otheT infonnation is mawially inco￿l51t￿l with the financ￿1 ststernents orollrknowl¢dg¢ ob¢ain¢d in the audit or oth¢nvis¢ appears to be Materi￿lY misststed. If we Id￿tify such rnaterial inconsislencies or appartht material misstatemettts, w¢ #re required io deterniiDe whether there is a matttial ￿￿￿51aleM£nt in th¢ financial ststements or a material misstatement of the other Inforn)a¢io￿ If. on the we have perfornie4 we conclude th81 then is a material mi5Stalement of thig other informatioo we are requirgd ty rep)rt facL W¢ to in this reBard. MAtter8 OD wblcb we requlred to rtport by ¢xcepdon We have nothing to report ill respect of the following nmtters in relation ty wbicb the Charitieg (Accounts and Reports) ReguLaiion8 2CQ8 TtqUiT¢ US to report kn you AC itt our opinio adequal¢ ￿countIng Tvcoffds have not been kwt by the prnt chority. or sufficient accouniing records have not be¢n k¢Ft. or the ptrent charity fmancial sw¢ments 4rt not in agreement with the a¢¢ounting rec(xYls and returns. or we hav¢ received all the Inforni￿Ott a￿1 ¢xplanaiicw we requi￿ f￿ ouraudit. 21

MARLBOROUGH COLLEGE INDEPENDENT AUDITORS, REPORT TO THE TRUSTELS OF MARLBOROUGH COLLEGE RespoD8ibiiilie8 of trwtees for the flnanetsl sttemeDts As explain¢d rnore fully in the tnjstees. restM)nsibilities ststrmen¢ s¢t (Mn on poge 20. the trustees are responsil)l¢ for the preparation of th¢ fmBncial ststernents and for being satisfied they give a tn￿ and fair view, and for such inrnal control Jn PTeparing the finartcial statements, the truste¢s are respon￿1•1¢ for th¢ w>up's and the parerti ¢harAty'$ abitity continue a5 a going collcem. di8closin8. as appliuble. Inattus rela￿1 to going c£ryern and using th¢ going ¢on¢ern b￿15 of accounting unles8 the tr￿￿ttS either itttendto liquidate the gr(Mw orth¢ parentclwity ry to ce45eoperatioTh% orhaveno r¢alisti¢ alternative but to do so. Auditor's re5ponslbllltles for the aDdlt ofthe stsiements Our objtttive8 to obtain reasonable thx]t whether the 5thments as a wbole are fre¢ fron) tnatetial mi68tstemenL whether due to fraud or err(Y. and w issue an auditor's rewrt in¢ludes our opinion. Reagonable assurance is high level of B8sur￿. but is not a 8uarattte¢ that att audit cOnd￿t￿j in aKordance with ISA5 (UK) will always d¢te¢t a mawi&l Mi￿tateMent when it exists. Misststem￿ ean oris¢ from fr8ud orerror gnd are considered mat¢rial 1£ indivi(lu4lly in the aggregale. they could reasonably be to intluentt th¢ theisxon8 of TWS tyken on the basis of the8e ruwi¢ial statem¢Dts. our respotL$l￿111t1e6. outlined alx)ve. ts) dei#1 tt)at¢riai mi$8tstem¢nts in rw Of I￿¢¥u1a[itiV5. iD¢lwdm8 fraud. The ext¢nt ¢0 which our procedures. are capable of deeting irregul￿￿￿e6, iti¢luding frnud is d¢tsil¢d below.. B&sed on ourunder￿dlng of the group and the ¢nvirotim¢th iti whith li opu•tes, we identified thai the pincipal risks of non. compliance with lawy and regulaiion8 related to th¢ Fkntion I[ttde￿dtn¢ S¢hty)I StandaTds) R¢gul#tions 2014. safeguarding regulations, health and safery requiremenffj GDPIL employmettt law and ¢hority law and we ¢onsidered the extent to whi¢h non-compliance might have a matrrid effect on the financial Ststeme￿. We 4180 ¢onsidered those laws and regulations that have a ditect impact on the prtparntion of the financial 8tstrments #A the Clwities Aet 2011 and con6ider other factors such as payToII tax. Wt evaluated mana8ernent's incentives and oppojkniiies for fraudulthtmtinipulation of the statements (ineluding the risk of override of controls). and de￿￿1fted thai the pruicipal ri5k5 were rel&d to the impropEr reco8nitiOrt of revenue and management bi45 ill accountiD8 esiimaks. Audit PrnCth￿Fcrf0rnICdbY the ¢xwemtht t¢om iticluded: Inspecting c(ffr¢sponden¢¢ with r¢gUI￿￿$ Ind tax authoTitieJ: and regulation and fraud. Evalu￿An8 m8rtagement'$ ¢ontrol$ designed ￿ w¢veni detect irr¢guiarilie5' Identifying and testing journal4 in particular j(rtrnal tntries p￿d at the year end. Challen8iti8 aS8utyioDs and judgemeDl3 mad¢ by DwagaDent in their uitical acC￿￿tIng ¢slimale5. Because of the ijtherent limitatioDg of an aL¥IiL there ig a risk that we will ￿)tdetecla1j irre8ularitie4 includin8 those leodin8 to a material mi&statern¢nt in the fina￿la1 slatements or Drn.compliance with regtslatioll. This risk iocreases the mOTe that compliAnce with a law or r¢gv]atioD is remov￿ from the ¢v¢ots and transa¢tiOllS refl￿ted in the fmancial statements. as we will be I￿ ljkely to become aware of iD5tances of WWlXDP]1an￿. The risk is also grenter regarding irTegulaTitie5 orxurrin8 due to fraud Tather than error. &8 fraud involves intetEtioDal concea]menL fo￿￿. omission or misrepre3entation. A ￿rther desoriptioti of our tesFK)n5Lbilitie& for the audit of the fllwKial statemenls is kKated OD the Financial ReMing Council's website at: w¢rn.frc.or .uklau(Jitor￿s nsibilities. This des¢riMion forni$ part of ow auditor's rewt. U8e of our report Thi¥ Teport is made Solely th the clwity's triMee4 as a W. tn accordanee with section 144 of the Chariiies Act 20118nd regulations made under 8ection 154 of that ACL audAI WO￿ h&$ beett utsjertaken so that we might thte ￿ the charity8 t￿￿tee5 those matters wc are requirgl to them in an Auditorfs re￿rt and for no other purrx)se. To the flllle￿ extent perniitted by law. we do not alxept or assume reSpKMsi￿Ill[Y to anyone other thon the chwity's tsustees as a Ixydy for our audit worK for thi$ r¢port or for tbe opini¢)ns we have fonne H8ysmclntyre Lt Stsbjtory Auditors 10 Queen Stre& Place EC4R IAG 15 March 2024 Haysn￿llltyr¢ LLP is eligi￿1¢ to xl as an auditty in t¢Tm5 of ￿lon 1212 of the comp￿lesA¢l 2(th5

L4RLBOROUGH COLLEGE STATEMENT OFFINANCIALACTivmLs (Group) FOR THE YEAR ENDED 31 AUGUST 2023 Restricted & End0v￿a Funds Unre4trieted Funds Deslp•trd F￿d$ Malay•la College Total 2023 Total 2022 £'o Notes llltome and endowmellts from: Choritable acti￿ti& School fees Summer School 40250 1,473 152 (543) 1995) 53.912 lJ72 49,755 1.470 Othertradin 7 activi Trading Income Other 1.170 165 1.335 989 1.285 885 tsgndle 14,829 462 15J29 1.191 Investments 478 302 72 1,314 879 Tot•1 kn¢ome 43,915 129 14296 74.451 55,465 Expendltllrè •Tr: Trnd1￿8 Costs Fin8nciti8 Costs 820 910 3.230 1.326 61 963 3.737 1.028 70 2.361 200 1.126 Investownt mana8em¢nt 55 2,808 2.651 13 55 5.527 5.798 charl￿ble ￿tiViti Collegc operating costs.. Teacbin8 Summ¢r School ￿penSeS Welf￿¢ ¢osts Premises costs Support costs Granty awards and pyzes DepT￿latIOn R¢ver¥ai of impairment Tax ¢b*Bel(￿di¢) for the year 14.560 1.473 6.672 9,998 3508 (18) 3,758 6350 19 20.929 ,473 8.057 12.642 6.097 261 21252 1.311 6,793 11.191 5.366 76 5.359 (2,703) (2,103) 1,348 2.532 2.589 37 278 1.882 924 924 39.951 15.625 57 390 56.023 46,542 Total expendlthr¢ 42.759 18276 70 445 61.550 52.340 Net Incomellexpendltllre) befo Inv￿tMent g•lni Net1088¢8 oll investoMts 1.156 (2.165) 59 13.851 12.901 3,125 {2,302> (120) (566) (686) Net in¢omel{expenditsre) 1,156 3.912 72 1106) 369 (2.165) (61) 150) 13285 (3.862) 12.215 823 14 Revalualion ofother investment &wty Exchang¢1055es Re-measur¢m¢nt olPellsion Deficit 72 (323) 369 (9) (876) 147 (217) ET MOVKMENT IN FUNDS Fund balances at 31 August 2022 5,403 89,527 (2.382) 2,995 9,423 11.946 12.333 105.946 85 105,861 1.478 FllDd b•laneeJ at 31 Augu8t 2D23 £94.930 £613 £lJ67 £21a69 £11{279 £105946 Full compaNives fwtht Ststement of FinaDcial Acdvities are shown ID Note 24 on page 50. 23

MARLBOROUGll COLLEGE BALAL¥4CE SHEKT AS AT 31 AUGUST 2023 Group College 2023 2022 2023 2022 N• FIXED ASSETS Tangible 147.046 25.869 146244 16.408 121.185 25,993 115.546 16.532 172.915 DEBTORS DUE IN MORE THAN ONE YKAR 162.652 147,178 132,078 Deferred Thx As8¢t 924 2.130 CURRENT ASSETS Listed inve8tmeDts Stock Debiors Cash ut bank and in h4Dd 2,118 553 5,016 21.401 2.094 2.118 93 3,077 10,408 574 5504 23,766 3,158 11.099 31.938 29,088 Le5s'. CT¢ditors- Amounts falling due within otte year 16.430 13,696 10 (24.861) (23,797) (14,7￿) (13,649) Net current 7.077 5.291 .730 2,047 180916 170.073 Credtiors. Amounts fallth8 due after one year 148,W8 134,125 (62.637) {64.12D (31.328} (31,304) NET ASSETS £118279 £105946 £117.580 £102.821 REPRESENTED BY: Unre8tri¢ted Funds Rc5trict¢d Funds Endowed FuDds 13 96,910 10,079 11290 96211 10.079 11290 90,875 43 11.903 43 11.903 18 12 £118279 £105946 £117.580 £102.821 These fMJan¢ial slat¢ments w¢ff aEproved by th¢ CLNJncil on 2 Dec¢mber 2023 ofFinanez Cottunitte£ Th¢ accoD)paDyitig notes art an integTrl part of finarKial thtements. 24

MARLBOROUGH COLLEGE CASH Fl￿w STATEMENT (Grvup) 20 21J22 £)IN)o Reconclllatlon of net kneome to tset t￿￿ floiv operati ¢tlvltles Net in¢ome per Staiement of Fillanci￿ Adiviti¢8 D¢pre¢iarion chaTges & In)pairment knortisation ¢ost for refundable dwi Gain on sale of tangible fLxed a￿ts BaDk interest and investh)enl income Ne¢ gain on investDwils Intercst payable (jttcrc￿YDeCrc¥fje stock (IDcrc&seyDecrease in debto 1ncrease1lDecre￿) in crgjitors cre&cl{Decre&se) in lease CTeditor8 Reversal of iTnpaimKnt Operatiti8 lease payinent Tax charge for tke ye4r (M F&ryt) Tax paid in the ye•r IM E￿) 12.215 823 5.359 (108) (41) (879) 2.303 1,639 13) 1,374 3,483 1,345 (2,703) (538) (29) (1,314) 1.472 143) (778) 2223 2,124 {765) 1,096 (80> (1940) (54) Net eib provlded by opeT•thi8 a¢llvllS 21,909 IOA98 Cih flowi from IDveJtlng a¢dvllle• B4nk interest and inve5tmeni itt¢oD Pu￿h￿Se of tsngible fLxed assets Proceed8 from ￿le of tangible fixul 0$8¢ PurchBhe of investments Proceeds from ￿1¢ of inveytments Purchas¢ of gov¢nlln¢nt 8eauities and corpxatr bonds Proce&ts from s￿¢ of governm¢m secwities and corp)ra bonds 1.314 {9SC4) 29 (7,786) 4,566 (30) 879 (12.2661 43 (52021 5,798 (9691 1,848 Net ¢uh used ID Inveth8 •¢lfvld (AlJ12) (9l69) Csb from Ilnanclng etlvlde• IDterLsl pay4ble N¢w cntrallce depxjsits received N¢w fecs in 4dv4ncK Txeived ReltAX of fc¢s in advwKe Entrance dw$its ryid Capitsl repaymenis on lea8¢ credikns (1.472) 3.017 501 (361) (1.134) 1103) (1,639) .627 172 (349) (1,442) (56) Net c•gh In fln￿tIng aetlvhl 448 (1,687) Ch•llie ID ¢a•h and equlvaients In the repor￿￿% p¢riryl 10.545 (958) Foreign excbatsge movem¢nt8 (1,403) Cash and c&8h wi1valet￿ at the begionillg of the reportiog period 23.214 23261 C•ih and ¢•ib ¢qulY4lemts •t the end of the reporthg perl•)d 34356 £23314 Cash at bank and in hynd Uninv¢sted cash Included itL iDv¢slllMIts 23.766 8.590 21.401 1.813 Total e%h and £*Jh equlvaknt&' 32J56 £23214 An analysis of net dth is inchuled in Note 23.

MARLBOROUGH COIIIGE STATEMENT OFACCOiJNTING POLICIES FOR THE YEAR ENDED 31 AUGUST 2023 statements are as follows: ) Basls of preparntlom The fuwKial ststements have been prep4red io a¢¢oTdw with ACCow￿ And Rwting by Chariti&4.' Statrm¢nt of Recommended Practice applicable to chariti&8 preparing their accounts in ac&)[￿ with & Financial Reportin¥ Stglldard applicable in the UK and Republ of Ire]hnd (FRS 102) - Se¢ond Editio￿ tbe Finaociol Rei)ortxn8 Stsndard 4)pJic8ble ID the UK and Republic of Ireland (FRS 102) and Th¢ Charilies (Accounrs Reports) Regul&tiotts 2(Kl8. mtrlb0￿l8h College meets the defti)ition of A ￿bIle benefit entity FRS 102. The stateJJThts are prepared in accordanrK with the historical cost cottventioD mixlifiedby the rEvaiuation of ￿ill asse￿ Assets alld liabilities are initially r¢eo8tiith4 aihistorical cosi ortransxiion value unl￿0thMV1Sc ststed inthe relevantaccounting ￿￿Gynot￿sj. The fim¢iionaJ b) Golng eoneern The Council eottsiders there are Do material ￿￿li¢S aTrthit the Grow)'i finwKial viability and bcn￿ its ability to ¢ontinu¢ a ¥oin8 eoncenL The r¢vi¢w of th¢ fuwicial F<6Itio￿ reserves levels and fikn plsDS g1vUTn￿ wnfid¢nc¢ the Colleges both rnnain soing conc¢rns for the foreseable funwe. ¢) Crltfical aecouDtln8 Judgements attd t•tlmte• In preparing these fthancial statcmcnts. M8na8cm¢ni Iw m•kiudgemeots, estim￿8￿1 assumptions thai afft£i the appiicAtio of the College'5 accounting policies and the rel￿ed uxts, liabililies, incom¢ and ex￿ndItll￿ and the disclosures made in the rmancial stsiements. EstIn￿leS and judgemcnts u¢ ¢onlinually evaluated and are based on bistoricai experienc¢ al￿ other fa¢tors. iDcludin8 eXp￿tatIonS of future evettts tht ITV b¢li¢ved to be reasonabk under the Circutnsw￿cs. Certain long trmi li•bi]itie8, I￿luding overseas dwits and entr8nce d¢wNits. hav¢ not been discounkd on the gr￿ that the impaci of diseouttiing is Considered to be immaieriai io the finthKi&l stslemtn￿ WI￿ the impact is material, specifically rel&tion to MCM ¢ntr4n¢e thposits. the liabilities bave bea) discoutttr Deferred U8eL8 Deferrd a&ts are recoBnised to th¢ ext¢ni that is wobable that taxablepmfitywill b¢ availabl¢ winsi whi¢h th¢ d¢duetibl¢ t¢mporary differences or unuged loMe8 can be utilis¢d. Impainnetii of Pmpty. Pjaol aod EquApme The Colleg¢s' we5s whether there is ally indi￿tiOn thai priyerty. plAnt and vwtpment are imp4ir¢d at the of each rtwrting period. Itnpairmenl10$8 is reco8nised for the amouttt by which the ctirryiD8 amowit of the 45set ¢xtteds its rxoverable Amount. The recoverablc atuount is the higher of an a￿.5 fair Yah￿ less costs to sell and vakne iti use. For thc p￿￿>￿t5 of a¥ye$¥in8 impairnienl assets are •t th¢ low¢Jt l¢v¢l forwhith thue is sqwately ideAiifi&ble flow8 (cash 8eJiernting UDitsI. The impainnetit108s was charyed to PTofii or I{￿ in 2019r20 the 9Jbs¢q￿t increase io r￿0¥t￿ble amount Is reco8tii iti the profit or loss dwiD8 the pior year. 26

STATEMENT OFACCOUNTINC POLICILS (ColldAMfd) FOR TllE YEAR EIYDED 31 AUGUST 2011 d) Feu and $l)nllr intoll Fees rec¢ivable and charges forservicesaye aCc￿ted for in theyear in wblcb the service is providd Fcc5 rrKcivablc arestated after d￿U¢l]ng ailowanrxs, SCI￿larShi￿6 and other ranissiotis Branted by the Colleg¢ and iocjvde contrA￿tionS ttceived from e) Donatlon4 and legiekj Donations received for the geDetal of the Colkge are ertdit¢d to College fiuth. Where the Council dest8nates donation8 for specific purposes thry are CredI￿d to designated fithd%. to di#inguish them from direct school income. Donaliorns sUbJ￿l to 8pwth¢ wisbe4 of th¢ donorn are ueditsd to Yelevattt Yeatrieted fithd& tr to eodow)I funds, vthte the ￿p1￿1 is Exp¢ndltire Expenditt￿e is accounted for on an a¢¢wa]s iwis T•Am there is a legal atsl eonstiuetiv¢ obliga¢ion to m#k¢ pa￿￿eD1 to a thi party Attd the amount con be Thea6Uted reliabty. Expenditure 1$ aU0￿ted w expense headings ¢ith¢r on a di[￿1 CO5¢ bAsi& or opportioned aceordin¥ to tim¢ sp¢ttt. The irr¢ry)v¢r4bl element of value added tlx is inchthd with the item of expen8e to which it Td&te4. g) L￿se& The Schools, rentals paid under qJernliD8 le4ses, in which sub8tsntialty all the iisks Th/ard8 of OWDtt8hip are retsilled by the le¥¥oT. art oharEed io in¢m¢ a strai8hi line b￿1% ovtt the It￿ terni. Mcm's leases of &ssets wher¢ they ￿5￿1￿¢ subswiiially all tisks Dd rewards iti¢id¢nthl to owtt¢rship of th¢ leased assets are la6sified ￿ fllwice leases. Th¢ le49ed asts and the COTrwdm' 8 leL8e liabilities (nd of finon¢¢ ¢haryes) underfmance leases ate [￿o8￿1$ed on the balance sh¢¢t as pl¥llt equipmeni and b)Thwin85 re4)eetivety, at the in¢epiion of th¢ leau¢s ba80d on the lower of the fair value of the leased o&sets attd th¢ pres¢Dt Vah￿ ofthe minimum le&Y payrnent Each lease paymettt is wrtioned between the finance •ttd the re￿￿tIOn of the outsthndin8 lease liability. The finance expe1￿ is rtcogDls￿ in the income stalemeni on a b&%is thai refie¢ts 4 ¢onsthDi perifyjic rnte of intete8t on the finonce lea liability. h) Flnancial Inslruments Only the College hay financial assets attd financial liabilitie5 of a kind that qualify as basie fin￿e1￿7 iA8trL￿ent8. B￿1¢ fitWLcial iIIStrumcnts, including trade and other debtors cr¢dilors are initially rero8nised at transaciion value attd subsequently m¢asur¢d at ¢h¢ir settlement value. l) TaDglble Axed assrt• The College land attd buildings ID existe1￿¢ at l Juty 1999 wue valued by th¢ Cwncil on the following basi8: Specialised builditigs were vahKd U5iD8 depreciad replacemcnt C05t. s￿I￿lS¢d buikliDgs aTe buildiDgs s￿h as s¢hcK)14 .￿h¢re there is no compeiing market d¢mand from otheror8anisations ￿$in¥ the5¢ type5 of property ID the locality" and are therefore tarrly sold on the open mark¢t for single occupauoll f(t a ccffrtinuation of thcir existing use. ¢xwt as part of a 8a]e of the business in ocrupation. Acqui51tion5 of spxialil I￿AldIng$ sub5cquenl lo l July 1999 att c4)itaiiwJ subs¢qu¢ndy depreciated in xoydance with the Col]eg¢'5 Dormal accounting wJlicie5. Non.sp¢ci81ised buildings were vahd at exi5tsn8 value. Non.wiali5altwddiDg5 incluth residentialbuildi088 Outside the ColleBe Camp￿ and sbcys. The College does not inknd to athpt a po]i¢y of revalualioTh Thus the bulldxogs Vahthllth￿ at l July 1999 ￿ frozen Subject to Depreciatioll is provKled to wit¢ off the u)5t or valuaw kss &%titi￿ residual value. of all assets, except free1￿ld10ll ov¢r theirexpected useful Iivas. 27

MARIBOROUGH COLLEGE STATEMENT OF ACCOUNTING POLICIES (Conthkued) FOR THE YEAR ELYDED 31 AUGU￿ 2023 The rates of tyectation are &8 follows.. Builditi8s.' Buildings Buildin8 services and fLYrur Builditig renov￿10￿$ Computers Equip￿ellt Fixtures and Furniture Motor Vehicles 10 to 50 yeaT¥ 10 ycors 15 tt) 25 ycaT8 4 yea[5 Syea 5t0 Ioyears J) Fixed ￿fjet And turreDt ast InvestDnts Listed investmeDts beld as fLxed or curreni assets are in¢hthJ iti the fiti#o¢ial Statem￿ al mthet value. Th¢ f￿¢d a$5¢t list¢d invutmenls are kn)own as ffie College Funds" and iti¢lude rnonies inve5d by Designad. liestricd IT￿ Endow¢d funds. funds are allocatfoj with units Ythich &qtabiisb thelr proportion of th¢ overall investmeni pwl. Tbe Irnjl￿ti0￿S relating to the conso]idad invesknient pcK)l are ttmi slwtd oui bJw¢ett th¢ futsth on a unit b￿1$. Unyealised 84ins 4r¢ the ¢bw in Vah￿ of invc4tments aftertakJn8 iQto ace4Junt any rnovements iti itive5tsnent holdin8¥ sueh &4 purcha8es and di4x)8th of itiv¢8¢men Realised and uttreaiiged 8&itiS Are K¢outtted for ￿thin the SthtaDtat of Finonciaj Activities. Fees ID advAoce inveslments are defined a8 liquid re8(ww for th¢ of cath tknv ftpotting. Jnvestmenl properties coL8isl of a8riculttwal l&Ld Ind ¢omm¢Trial and r¢tsil py0p￿les. Try are Inch￿l¢d in tbe fIna￿l81 $ts¢¢meDts at their opeD markd value estiMa￿d by profc58iI)na] valuer5 onnu411y. k) Stoek Stock is v4lu¢d 4t th¢ lower of ¢￿ and ￿trea]Is￿le value. l) Debto Trade aTKi other debtots are recognis¢d at the S￿¢￿¢￿1 amount Ibje after aoy tr&le discount Offeff￿. Prepayments are valued 01 the amount prepaid net of htty trad¢ di8counts due. m) CAJh •t bnk Alld In hand at bank and cash in hand iocludes c4sb and short temi hi8bly liquid inv¢stmcnts with • thort matiwity of three months or Ic&8 from th¢ date of acquisition OT 0&￿Ing of the dq)osit ry similar a¢x(HwL D) Credlton nd provlilothi Creditors attd provisions gre rwised where the College has a PTesent obh'gation resulting from a past event that will probably result in the transfer of funds to a third party and thc grnount due to set¢l¢ the (llig￿lOn can be me&wred or eBtimBted reliably. Creditors a￿A provtsions are Imxn￿lly their ￿ttIc￿e￿I amount after allowing foT any tr&le discounts due. iKJDR tcnn liabijiiies are discoun￿1 where the ftmpact is matui D) FuDd8 The Staternent of FitwKial Activitiu is ￿8]Yd between Unrestrict&l Colkge Fwth, UnrestrACted Designated Funds, attd Restricted Fund5 and F￿W¢d Fun&8. Thc purpw and a￿0￿1¢]ng treatment of these ate explainttj further in Motes 13 to 18. 28

MARLBOROUGH COLLEGE STATEMKIYT OFACCOUNTING POLICIFS ICoti#utd) FOR THE YEAR ENDED 31 AUGUST 2023 p) ConwMdfttAo The Group fm#Dcial 5tstements wEKnt thE &￿iVIlieS of the Colk8c co￿01]dated with Marlly)rou8b Colle8e EnryTises Ltd (MCEL) alld MarlE•)rou8h College Overseas Limited (wbich incorporatu its gJbsidiary M East Sdn Bhd). expenditure of the subsidiaries are ittcluded within the consolidated ststemenl of fllthncxal activities. Tbe assets and liabilities of the subsidiaries are included on a line•by.iine basis ill the consohdated balance sheei in ac￿rdanCe with FRS102 sxtion 9- consolidaied and separnte fjnallcial stsiements. Ulliforni accouniin8 ￿lICIt6 are adopd throughout the gTOUP and any profits or q) S¥mmer S¢hool Dd the S¢bool of Ellgli￿ and Cul¢ve The ¢ourse thke place in the months of July aDd August ¢￿h year. IDCOtDe and r￿penditUre relating to th¢ Summer School 2nd th¢ School of English and cuItt￿ is Teflected in the yearthe cours¢5 take place and is ref¢￿ed to Js'summer School". Followin¥ two years, of ¢anc¢llcd evenL% du¢ to COVID. Summ¢r Sch(x)I mad¢ a sur￿%￿fi￿ r¢turn in 2022 but the School of English and Culture (SEC) W1￿11¢d Carly on in 2022 thic to th¢ (m8oin¥ un¢¢rf4inly surrounding COVID Ènd intenJAtionai travel ond any itieome r¢fvT¥kd 4w)rdinKly. Th¢ SEC is plwmvj to r¢twn in 2024. r) Employee beDellts The College conknijutes to the Teachers. Pension Scheme at raths sét by the Scheme actiiary aDd advised to the Board by the Scheme Administra￿[. For the purposes of comp]yin8 with relevant accounting standard4 the TeacheTS' Pension Scheme 18 accounted for as a defllThl Colltn￿tson s¢1￿me as the clwity is responsible for. or euurkd to receive benefit for any SUTpIw8 or deficit of the scbeme. The amounts in¢ludfA within the StstemeDt of FinaDcial Activilies. Balance Sheet and Cth F]ow StaJnent are in wxordanc¢ with FRS 102 8e£tion 28. The College parti¢ipd in two Pensions TnL8t ￿heM¢S tha¢ 4ZE multi-¢rnploy¢r def]ned benefit 8chcmes'. the ]ndq)endent Schools. Pensiijn Schemc and the Growth Platt with being c]osed in OcLobcr 2022. It is noi possible in the nom)al course of evert￿ io idcntify ott a Co￿4]stent and rca80nablc bL8iS the sh￿￿ of UDdcrlyiDy ￿ets and liabilities belonging to individual participaling cmploycrs. This is bccaLL4C the Schctncs are multi-employu ￿￿eMeS where the s¢1￿C assets are ¢o-mingled for investment PU4)ose5 attd benefits arr paid from the toral scheme assets. However, the College has been advised by the Pension Trusi a8 to the deficii repaYme￿￿d￿¢ in relation io the $¢F￿nes. Therefor< ID linewith therequirementsof FRS 102, th¢ Coll¢g¢ re¢ognises a creditor for the discounted p￿t value of the deficit ￿ntributionS due to the scheme, which will wntinue for the n¢x¢ few ye￿5 even t1￿)sh the Schemes have be￿ closed. The College 8190 contnlutyj to th¢ Pens>ons TnLSt Flexiknl¢ R¢tirem¢nt Pl￿, whi¢h Closed to existing Mefftbe￿ iti October 2022. The Colle8e now contnlyJte5 to the Marlix>rou8b College Pe￿lOn ScFKmc, also a defmed contrAtryJtion scheme and the Independent Sch￿1$, Pension Scheme- tkfmcd contr￿￿tiOn Scheme. both with rates set by the College. Salary ￿rifice for pensions w&q it)trtsJuced with the new defined contr1tr￿tiOtt 8chemes io memkn during the year. The amounts inchthd within the s￿ement of Flo￿KIal Activities. Balance Sbeet a￿1 Cash Flow Sthtement are in accord4nce with FRS 102 se£tion 28. MCM'S pension benefii schemtt eomwtse a defined eontnl￿l￿ott Pl￿.. a putsion pl￿ uttder wbich tho Compony pays fixe contributioLs itito a 5cp#rak eniily (a and no ie8ai or c{>￿￿truetivc obl￿ationS to pay fiwther contrhiiions or to n directbenefit paylllents to employe&s if the fund thxsnotknkl sufficieni ossets ￿ pffty alIen￿lOYeeS benefits relating to emp]oy service in the Cuxrent and prior periods. Short terni benefits iwluding holiday pay ar¢ Ttryrynl￿ 28 an expc1￿ in thc year in which the service 15 ftrrxivoj. Temiination bcllcfits aTE accountcd for accrual b&qi8 and line with FIL8 102. i) Foreign ellrreney traDsitloll The College's functional alld presentstiott currency is wd sterling. MO￿ assets and liabilities denomtnatcd in forci Trcncics are translat￿ into sterling ai tbe rs of ¢xclwige n￿Ang at the ba]ance shcct date. Transactions in foreign cUrra￿leS are recorded 8t th¢ Trt¢ Tuling at th¢ dat¢ of the tranwtioTr All diff¢r¢nc45 ar¢ ID the SOFA. t) Legal itatus The College isiticorporadby RoyalCharterandregisred aS#nEduc￿lO￿IIC1￿ity(N0. 309486). 1tsconstit￿Lon is Contsiti ID its Cbarter and Bye.laws. Its princtpal addre85 is sbovrn ￿ Pag¢ 3. 29

MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS FEES RECEIVABLE 21122 £0 Full fees for pupiL8 at the sch￿ Less.. Fees paid by ￿￿￿]￿ted fun(L8 59.631 (995) 54.866 (701) 58.636 54,165 L¢￿.. l)¢dy¢tion8 S¢holarships Bursaries and othtr d￿￿1( 357 5.362 273 4.838 (5.719) (5,111) 52,917 49.054 Grants fmm A&sociad Funds 995 701 Re￿1vable by the Sclbjols £53.912 £49.755 OTHUi TAIADING ACTIV￿ £*ooo Re8iStralion and ic¢¢ptotK¢ feej ConunissioD re¢¢iv¢d R¢ntal incom¢ Miscellarteous aain on disposal of tan81￿le fued 544 412 49 119 265 loi 310 29 989 £885 ANALYSIS OF TOTAL EXPENDITURE Staff Otbtt dlr¢ft ¢OBts 2023 Total 2013 Tndin8 COSt5 Finallce costs Marketing and fimdraisi08 Investment manaBemeot arits College operaiiDg Costs.. Teaching costs Summer Sclthl ￿penSeS Welfare Gosts Premises co Support Costs Grants, awards attd prizes Deweciation and impainnent Tax charge foT the year (M F¥st) 370 540 3230 862 61 910 3.230 1,326 61 464 18,768 555 4,906 2.806 2.856 2.161 918 3.151 9.836 3.241 261 5.640 924 20,929 1.473 8.057 12.642 6.097 261 5,640 924 £30,725 £30,825 £61.550 All cos18 included aEA)ve are di￿ costs of each activity. Tr full comparativ¢5 and the of numing th¢ College are shown on pages 31. 30

MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL sfATEMENTS leontinued) AI¥ALYSIS OF TOTAL EXPENDITUIIE (¢olltiJu¢dl Staff c￿t3 Other dirtti 21122 Total 2022 Costs of rnisin fundq Trading costs Fitiance costs 280 963 3,737 1.028 70 3.737 436 70 592 Investhient management Clwitable activities College opeT#tin8 C4)st8'. Teaching costs s￿￿rner Schcw)l expcoses Welfarn costs Premises co$ts Suppon costs Grants. awards and prizes DeW￿latiOn Bnd impainnent Reve￿] of impainneDt cb8rg¢ Thx credii for the year (M Ea#) 19,049 517 4.122 2.203 794 2.671 8.497 3,898 76 5J59 (2,703) (2,103) 21252 ijii 6.793 5.366 76 5,359 (2.703) (2.103) £28.722 £23.618 £52.340 2023 2022 Admitti8trative $8]tiri OITice costs Profa*8ional feeA Other administrative costs Governance costs 2.856 1.163 749 2,463 684 542 1.550 127 £6,097 £5.366 31

MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (tontin•ed) EXP£i¥DITURE 2023 £?0 2022 Fxpenditsue iticludek" Equipment relltal Depreciation Auditors, remunerntion Fees paid to subsidiary audiiors Council members, expenses reimbursed Council members, liabiliry insurance 2￿ 187 5J59 53 14 52 17 41 15 15 Staff Co Wage8 and 8alaTies So¢i&l 8ecurity ¢0sts Other pcnsion cosL Redundan¢y c(*ts 25.387 2,026 3.165 147 23,885 1.954 2.656 227 30.725 £28.722 The average Dumberof employees of the during the year wtle: No• Teacbing staff Teaching Supi)ort staff Non-teaching staff Trading activities 285 78 363 276 74 357 733 716 The numb¢r of higher ￿ld employees w: Taxable emolum¢nts band.. £60,NJO £70,(KKI £70,000 £80.(XKI £80,(M)O £90,( £90.000 - £1￿, £i(x).000 - £iio,000 £I10.(YX) - £120.IY)O £120,000 - £130.( £140,000 - £150.( £150.IM)0 - £160,( £160,000 - £170.0 £180.000 - £190,0(x) £190,000 - £2(x),O £220,000 £230.OIXI £260,000 - £270,t 49 41 14 46 47 13 The total eThployee bencfiLs rcccived by key than￿¢mCnt PErxHmd in the year amled 31 Au8U5t 2023 wert £3J22.131 (2022.. £3.032J15). 32

TARLBOROUGH COLLEGE OTES TO THE FINANCIAL STATEMENTS (cond•ued) EXPENDrruRE {eontlnthed) PenslDn Sthemes T￿cherS, Penslon Scbemt The School participates in the Teachers, Pension Sthcttte (he TPS") fir its teaching 5tsff a Phased Withdrawal basi& It was Closed to new te￿berS from 31 Au8usi 2022. From l January 2023 ¢xisiing t￿h¢r5 were given the option to Djove to the MarlknrouBh College PeJLsion schemc, o def￿ed contri￿tIon scheme. or ruDain in the TPS with a variation to their salary and full￿¢ Colltributions. The p￿slon charye for the ye4r includes coDtribulions payable kn the TPS of £1,642,￿0 (2022.. £1939,(NJ)) and at the year4￿1 £165.407 {2022- £229,919) w&4 ￿C￿￿d in rcsyttt of C￿tributio￿ to this ￿erne. The TPS is an unfijnded multi-employer defmed tr￿nefits ￿￿8￿Oll scheme governed by The Tev£hers' Pensions Regulations 2010 {a5 amended) and The Teachers, Pension Scheme Regulations 2014 (&% am¢nd¢d). M¢mb¢rs ¢ontribtste ou •"pay % you go" b&yi3 with from members and the employer ￿kn8 ¢redit¢d to th¢ FJthqu¢T. R¢tir¢ment md othu pmsioll b¢n¢fits •r¢ paid bypublic fund5 Provided by Parliama Th¢ employcr con¢Tibution Trte 18 by the s￿ of State followin8 scheme valuations undertkn by the Governtnetsi Actuary's DepaTlment. The m051 recent acti￿1￿ valuation of the TPS w&$ prepared as •t 31 m￿ch 2020 and th¢ Valuati R¢port. wh)'ch was publiqhcd in (ktober 2023. Followtng the M¢Cloud judg¢meDL the remedy prcwed th•t when benefits become payabl< eligible memberg can 8ele4t to re￿1ve them from either the reforni¢d LY legacy ￿h¢D]eS (or the wi(rfl l April 2015 to 31 Mwrh 2022. The ￿tuaneS have a&sumed that members likely ty ¢h(xJ8¢ the op¢ioD thai provides them with the 8reater ba￿fits, and in preparing the 2020 valuation have valued the 'greater value. benefjts for groups of relevant member5. The valuation confJrnie•a th21 the employ¢r ¢Onthl￿tiOn rnte for the TPS would incre4se 23.6% to 28.6•A from l April 2024. Employer¥ are 8180 required ￿ pay a scbeme administration l¢vy of 0.08Vo giViD8 a total wloytr contribution Tate of 28.68Y•. ed Benefit Sehem There is ￿111 a p)teMiAI debt on the employej thit ¢￿Id be levi￿ by the Tnth of the Sd%me. The debt is due in the event of the employer ceasirtg to partieipatr in ￿ Ind¢p¢ndemt S¢hools' P¢nsiim S¢h¢m¢ OT th¢ Scheme winding up. Marlborougb Colle8e h&$ been notified by the Pensions Thist of the estimated ernploy¢r on withdrnwal from th¢ Ind¢peAd¢nt Sthool$' Pension Scheme based on the financial position of the Schrme 8t 30 Sq)tcmber2022. A8 of this dote tl estimthted employer debt was £11.24m (PY: £12.41m). This 8mOUDt is fct itt the aLXOUn The Growth Plan. algo by The Pensions TnX whith also allowed AVC payments, was al&) closed kn all existm8 active members in October2022. kn with the ISPS. theTe 18 a ffttial dth on the ¢mploy¢rtha¢ ￿￿]db¢ leviedby the Tn￿te¢ of tbescheme. As at30 Sepmber2022. thec2rtlti￿ employcrdebi w&s£50.906 (PY.. £91J50). This aTDOUtttis not pmided for in the accowits. Th¢ thrt¢ AfLY¢￿ention¢d peosion 5¢b¢M￿ are Cou￿lIVe defjned benefit schemes undtt Aection 28 of FRS 102. Accorditi8ly contribution5 hav¢ b¢¢n ¥counted for as th¢y fall thie as ifthey were defmed contribulion schejnes, excqst for the recogllition of 8 crEditor for deficit contributions which bave b¢¢n notified to th¢ Coll¢g¢ io relation to the two Pensiolls Trust scheme which will continuc dq>itc the schemes being c105ed to CXi5tin8 m¢mb¢rs. AS rryuired by FRS 102, dI￿￿￿teA1 present value of deficit contributiOLS notified to the College ha5 ITh1 included in creditm. A5 sbown in notcs 10 and 11. a totsl of £2,529.000 was included in crnlitors at 31 August 2023 {2022.. £2.9(m).o￿). 33

MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL sfATEMENTS l¢olltinued) ISPS Defielt Tot Provision ttt start of peTitsI 2.884 Unwirtditig of the dis¢ount fetor linter¢gt p¢ns¢) Deficit contnThution paid 117 (316) R¢JD¢asurem¢nts- imp%t of change in (156) contiibution schcdule Provision at end of puiod 2.529 A defuwj ¢(xMributiffl op#•¢wJ by the Pe￿$1(x￿ Tnts¢ w$ •lso ¢losed w JU ¢xistin8 m¢mbcts. The cotmnitment to make contributioos to the three scbejnes in the year wa8 £A36,416 (2022: £1,087,CNM). with w further co0)mi￿ents to the Flexible Rdirement Plao. Contributions totsllin8 £29,46812022.. £112208) were payoble to putsion ￿1￿7¢8 at the year en Marlborou Colle e PeniloD Scheme A der￿ed ¢ontribution ￿h¢￿e i)pernknl by Legal & GeDernl been opeDed to au new staff from September 2022, includitig i¢a¢hers. Existing Support and T￿bern were given the OPFW¢unity to move to this heme with varying COntributiotLS to irror thos¢ of the T￿￿tive aurent pensi￿ s¢hem¢& Teach¢rs' employee and ernployer Contributions can vary> but overnrthin8 Oitti of ¢tTh¢ pension rh4ng¢s is 10 8ddr¢ss the Tisk 8s$0¢iAted with defu￿] bettefii pensions. The commiknent to make conrnb￿IoD6 to the heme ¢hrrio8 the year was £1.442.665 (2022: £0). cOnth￿￿tiO￿9 tothJlin8 £132.15] (2022.. £0) wete pay&>k ￿ the xhaDe ￿ the ye4r c￿ Inde ndent S¢hools' Penjion S¢h¢￿t- Dtllll¢d C•ntrlbull•n S¢beme A defio¢d ¢Ontri￿li0rt xheme coernted by The Pewion8 Trust wgs (oeth4 in Cktober 2022 8 a result of the ISPS DB bein8 closed to eumi membern. This wi]] mean that th¢ eumt employer debt for the heme ts not triggered as the ISPS Khcme 15 &45entially 5ti11 open. The collunitmeot to nuke co0tnb￿L0AS kn the dwiDg the year w8s£3.918 (2022: £nil). Contributions totsllmg £392 (2022: £DiJ) We￿PAYab￿ ai yw¢n MCM-D Defined colltrAI)ution schemes operatedby EDWIOY￿ Pension Fund (EPF) S￿S0 (Social Se£uTity OTgJnisatioD) are sthtu￿ry boar(Is for eAnployees' relitement schemes. The employee conknTr•utes are I IOA and 0.517/• for EPF and SOCSO resptttively and the employ<¥Conm￿*S 12% for EPF and 1.75% S(￿s0. Th¢ commitsn¢ni to wntrthutiow ty th¢ s¢hem¢ duritig th¢ yw £147.743 (2022.. £134.307). Contnbutiolls totslling £nil (2022: nil) war Fwyable to & yKhcmc at thc ycarcn

mARt￿ORoUGll COLLEGE OTFS TO THE Fll¥ANCIAL STATEMENTS (eontln￿edj TAXATIO1¥ As a ¢Tr￿lty the Colle8e is exctnpt frrxn United Kingdom iWA)DX ¢ax and c01porati￿ lax. MCM is llorn￿lY subj￿{ to tsx (24PA) but gT¥ntrd a lax cxemption OD I(rfYA of staDJtory income for a period of 10 years under Section 127(3A) of th¢ I￿0￿¢ Tax ACL 1967 comm￿1￿8 year of aSSe&w￿t 2011 whi¢h ¢xpired itt 2021. The deferr¢d tsx a&s¢i now R¢o￿ls¢d in the ixl•nce 8he£t ha6 Eeen used to offset ￿X￿1¢ profits ulllil fi￿lY off8& when wlll then b#om¢ payabk. The deferr¢d tLx a&s¢t is up as follow5: 2023 2022 £'o Fixed asset timing differe￿¢8 Oth￿ limin8 differences Ullrelieved losses carried forward 678 37 491 123 .451 556 1.206 2,130 (265) 941 £2,130 35

MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (Continued) 6. TANGIBLE FIXED ASSETS COLLEGE SU￿￿ARYCOmPAN IADd & BuildiDy F4uipmetst Total £?(K GROUP Land & Buildin%1 EqDip]nen¢ 2023 Totsl COST I SepteDther2022 Additions Disposa]s Fxchan8e effects 140,666 8.454 12.728 153J94 905 9J59 (73) (73) 37,828 199 5,332 309 (121) (574) 43,18) 508 1121) (4,962) 196,554 9,867 (194) (4.962) (4J88) 31 August 2023 149,120 13.5rf1 162,680 33.639 4,946 38.585 201.265 DEPRECtATION I S¢pt¢mber 2022 Charye for th¢ yeor Dtsposal 27.965 2,938 9,883 782 (73) J7,848 3.720 (73) 9J27 1.456 3235 464 (126) (361) 12,462 1,920 (126) (1,532) 50JIO 5,640 (199) {1,532) (1.171) 31 Augu￿ 2023 30,903 10592 41.495 9.512 3212 12.724 54219 L¥ET BOOK VALUES 31 August 2023 £118217 £2.968 £121.185 £24,127 £1.734 £25,861 £147.046 31 Au8USt 2022 £J12,701 £2,845 £115y6 £28,601 £2.097 £30.698 £146244 No d¢p￿IllIon wa¥ charged on fr¢¢holdFY¢wty ¥Jdilithb of th¢ Group •nouobn8 to £6,435,703 (2022.. £8.886274) a8 th¢proieclS were incomplete at JI Au8UJt 2023. The thn8ible r￿ed a$8¢ts are whouy used for the Gmup xtivAtie5. Capital ¢ommitinents: 2023 2022 Contracted forbut JKbtPfDvidcd iti thcse xcounts £3,050 £125 Authori5￿ butnot contrac*d for £6.532 £8972 36

MARLBOROUGll COLLEGE NOTES TO THE FINANCIAL STATEME￿ (Continued) INVESTMENT IN sU￿[DIARIEs 2(J23 2022 360 360 Tr Coll¢g¢ oivns IIM)% of the followitig compri￿. sbaTC capital both of whith are registered in Ellgjand alld Wales: M#rlbon)ugh College Enterpri￿ Lin￿t￿￿- 02967713 The issued share ￿p1￿1 of the compw is £150. MArlborou8h Colle¥e In¢ernAtion￿ lAD￿ted- 120549311 Th¢ issued shar¢ ¢apitAI of th¢ compw is £1￿. M•rlborou8h Colklt {OverKa•) Llmlted- 6407923 The issutyj share ¢apithl of the compw is £110. The cornpaDy did not trth in th¢ ye4T. The College via Marliy)rough Coll¢8e OveneaB LirDitrd owns IOO•h of the sbgtt ¢apit•J of M &81 Sthi Bhd. whith is registered in Malaysia. The r¢5uIts of the College's trndin8 ￿b5]d￿ry ¢omprries are below: Enterybrl 2023 2022 2• 2022 1.337 (921) lJ28 {939) 16.111 14.407 Co8t of A&1 Gro85 profit 416 16,111 14.407 Tea¢hitiB W¢lf4Te Facililies AdmirtiStr•iion 16,350) {1,348) (2,532) {4,762) (6,189) (1.144) (2.3221 (4.183) (229) (213) Opmtin8 profit 187 176 1,119 569 GiftAid donationl justment to the Coll Actiwial Mov¢ment Finance C( Reversa] impairment ckn8e Tax charye f(K the 1243) (169) (9) (3.501) {3.743) 2.703 1103 (£45) {£2) (£2J82) £1.632 TT8Jtsactions between the College and its sulththaryundtttakny were as follow&. MCEL EASt Payrnent from th¢ Coll¢g¢ to MCEL Payrnent from MCEL to tb¢ College (166) 19 Pay7[￿ts fr¢xn M to the College: 756 37

MARLBOROUGH COLLEGE NOTES TO THE FINANCtAL STATEMEM (Comtknied) . FIXEDAND CURRENT ASSET INvL$T￿IS (Gn)Mp) Current Asstt Investnthts IDve¥tments 2023 Listed securitKs'. Market value It 31 August 2022 Addition8 Disposal at (yening rnarkct valu¢ Revaluation 12,714 7,663 15,096) 45 1.393 30 (56) 15,326 1,367 Endowtnent property Cash at forr¢-iUV¢Stsn¢nt Rare books Inve8tment propertie8 (r¢valued 31 Au8wi 2023) Inve8th1ents in 8ubsidiari¢s 7.864 817 1.855 727 Market value at 31 Au8USt 2023 £25.869 £2.094 Historical costs of ]is¢¢d sevJTitieB List¢d y¢wrilic8 are represented by: UK Gov¢mment f￿¢d interest UK fixed inierest and index linked ForeiBn Fixed Ini¢rest UK equities Forei8n Equitie8 £13.996 £1,51? 615 450 302 438 8296 6.432 £15.326 £lJ67 The revaluation of tbe listed 8eaJrities ststrd above is itt relation to Utwedid 8aitis and ILWS. In addilion to th¢ uDr¢dised lo$w of £10,500 there were £528.0(KJ of te81ised losses which are iochthd iti th¢ Sthi¢m¢Dt of Finaticiol A¢tiviiies. Thc Colle8e'5 InV¢strn¢nt properties are valued annually at the tad ofAu8USt by Woolley & Walli3. Thue wa6 a £72.000 incre&% in the V￿u￿tiort cornp4red with the Y4luation at 31 August 2022. The Colle8e's ilare Books are valued annualty ￿ the end of by IXimiiu¢ Wint¢r A￿tiO¥1¢¢[s. There w&q no Tntitcri￿ ¢hknge ID the va]uation compared with the Valuation at 31 Au8USt 2022. Th¢ College had a benefKial inieffest in the Tffeval88 esthtr, which admi￿ by idepe4tht tr￿$￿$, wher¢by th¢ Colle8¢ re¢¢iv¢d surplus income from the estate but had llo entidemellt ￿ the capital. Trevalga's Th￿teeS sold the e5tste in July 2023 and the College received £10 million of the pr￿e¢d$ towaTd5 iwJr5uia for pwls with a Cornish conoectio 38

MARIMOROUGH COLLEGE NOTES TO THE FINANCtAL sfATEMEI¥TS {Co#tinMed) FIXED AND CURRENT ASSET INVESTMENTS (Gmup) (eonthiued) 2(122 Investments Listed securitie5: Markd value at 31 August 2021 Additions Dlsposal at opening nwket value Revaluation 15253 5.079 (6.918) (7(Kl) 968 (1.945) (99) 12.714 1.393 Endowment property CHsh at bank foT Te-investment RAre books Inv¢5tmeryt pro1￿ICS {revaluA131 August 2022) Investments in subsidi8ri¢s 1.088 816 1.783 725 M4rk¢t valu¢ ai 31 August 2022 £16,408 £2,118 Histori¢81 costs of listed seeuri Listed stturities are rq)re8ented by: UK GovernmeDt fLxed interest UK r￿ed interest and index linked ForeiBn Fixed Interest UK equities Foreign Equits¢s £11.469 £1.481 202 327 643 440 310 5,416 6.IY12 697 £12.714 £1,393 DEBTORS-Arnounts f•lllng due wlthln one year Grvgp College 2023 2022 2Q23 2022 £?0 Fee$ in aTr¢4rs and extras Sundry debtors 578 73 3J78 26 1,449 654 14 4J21 27 578 73 744 654 14 306 Trade deb￿r$ Amount due from related compADies 1.763 2.103 £5J04 £5.016 £3.158 £3.077 39

MARIMOROUGH COLLEGE NOTES TO THE FINANCtAL STATEMENfs (Cotitiued) 10. CREDfmRS_Amouts faukng due wlthlD one year Grollp Coll¢te 20 2022 2023 2022 Fees in advance scheme Entrance And ovCr5￿ dq￿￿ts Trade creditors and accn Lease credilors Other tlxation and s(Kial security Sundry creditors Pension deficit payAn¢nts 215 1254 21.108 167 547 1244 326 338 215 612 11.822 338 19.940 109 530 iJ22 324 10.594 494 1241 316 lJ19 313 £24.861 £23,797 £14.7 £13.649 11. CREDITORS-AmoDnts flllng due •fter one yeAr Group 2023 £•o(M) Colle¥e 2022 £iwJ 21n3 2(122 22.920 4.812 25.967 4.010 Accwed Operating Liabilitie8 F¢¥s in advance s¢beme . Amounts due within two to five Y￿ Entr8ne¢ a[￿ oveTsw ¢knsits . Amoullts th within nvo ￿ five yeft . Amouttts th1¢ 4fter five yews Loan note Pen8ion def￿1t payments 428 177 428 177 4.820 2.454 25.IK(I 2203 4204 2.133 25.(IKI 2.576 2.753 i.oio 25.0 2,137 2,648 980 25.000 2,499 £62,637 £64.127 £31.328 £31.304 The loao note of £25 million 18 rq)ftyable in sl•¥¢J: £10 millioo ID 2037, £5 Milli￿ in 2042 the ranaiDw £10 million in 2047. The lo)tt 18 aDd incurs interest of 3.24% pn which pjyable every six mollth8. 12. ALLOCATION OF NET ASSETS BETWEEN FUNDS (Group) The net a88eLq are held for the vaTiOUS fund6 45 follow&. 2023 LOD% t¢rm Ulbllltl ttsglbl¢ £'o(N) IDve•tm¢nts Ol*bUldes) Tbtsl Unrestrictcd & Duignat¢d Restricted Funds Endowed Funds 147970 3.984 10,054 11,831 7J93 25 (541) (62.637) 96.910 10.079 11290 £147,970 £25.869 £7.077 (£62.637) £118279 2022 Net turreDt IAbng term ilabultles tsnglble Invertments Total Unrestricted & D￿jg￿￿ted Restricted Fullds Endowed Funds 148J72 3.979 20 11410 5,776 23 (so (64.127) 94.￿0 43 11903 £148J72 £16.409 £5292 (£64.127) £105,946

MARLBOROUGH COLLEGE OTES TO THE FINANCIAL STATEMENTS (Continued) 13. UNRESTRICTED FUNDS (Grnup I September Imeomk E4)¢ndi¢we 2022 Oth¢ 31Augu 2023 £'ooo College g￿ernI fimds Malaysia genml fund Coll¢g¢ d¢si8n8d fund8 (Dote 16) 89J27 2.995 1.478 43.915 (42.759) (18276) (70) 4.247 (217) (170) 94.930 613 lJ67 129 £94.(KK) £￿.155 (£61.105) £3.860 £96,910 2022 BAine• 31Au%u 2022 I SepteJDber Income Expemditve 2021 Other £'ooo College 8eneral fimds Malaysia general fill College desi8nat¢d futtds (uyte 16) 88,881 1,363 1,853 40.405 14.407 95 (40.247) (11,773) {46) 488 (1,002) (424) 89,527 2,995 1,478 £92,CY)7 £54.gX17 (£52.066) (£938) £94,000 41

MARLBOROUGH COLLEGE NOTES TO THE Fll¥ANCIALSTATEMENTS (Comtknlled) 14. TRANSFER OF FUNDS 2023 2022 £'o The trattsfcrs b¢twe¢n futh listed bdow. Unrestrleted College Revenue Fund £3.912 £391 Dejlgnated College Children of Clergy Fund {50) (46) (£50) (£46) Rejtricted College MasteT'S Fund revenue Capitsl Proj#ts & Burnari 262 (3,71K)} 76 (32) (£3,438) End•w¢d Fundi Master's Fund capithl Camjon Diggle Scholarsbip Fund E181ob Scholarship Fund G&briel Scholarsbip Fund Sir Geor8eAbell Scholarsb4> Fuod Banon Scholarship Fund Bullock & Chuwh Memorial s￿￿11￿bip (245) (19) (74) (9) (li) (51) (15) (227) (18) (52) (9) (ioi (571 (16> (£424) (£389) Tr8n5fer8 between the Desi8nrf Rutricted Enth)wed FuDds aDd the Revenue FuTrJ Tepresellt wntr11￿1Ion$ to scholarnhips aDd bursari￿ as well ag w)ital proixt F￿th8. 42

MARIMOROUGH COLLEGE NOTES TO THE FINAI¥CIAL STATEMENTS (co￿ltilled> UDpplled Tot To A8 411 S¢pt¢mber 2022 11,513 390 11,903 Mov¢meDts In the reporflmg perlod Investrttent return: divi&nd8 ititere 424 424 InvutTneTht return: rea]ig&I a￿1 unreaw 8&In￿(lO8$C8) Investment nwement e4)8ts Totsl (558) (551 {558) {55} (1891 {189} Extrn¢tiofj of income frotn total return (4241 1424) Net movemeni for tbe rep￿ period (6131 (613) A8 at 31 Au8llSt 2023 £11.513 (£223) £11290 I1￿ Council ttdoptcd totsl aFqJlicd r¢tyrn in DecembEr 2020 and in the absence of reliable records of thc origi￿1 donation balances the mad(ei vdue of the inv&stmcnL8 recordd it I Septmber 2020 was laken &s the value of the original gifts. Thi¥ figure represents th¢ b￿Ill￿ beknv which n)ay no¢ bc m•. the￿r0￿c tsking a higlKr value than the act￿1 doDatiow wa& The amount of rebjrn applied L8 income is calculated as 3.5'A of the avero8¢ of the last three years, year4nd vaiuations of the College Fund. The total unapplied return represents the amount availabl¢ to b¢ 4)pliel ￿ th¢ Council'$ diSu¢t1￿ over and abov¢ the 3.5•h applied income. 43

MARLBOROUGH COLLEGE F40TES TO THE FL¥ANCIAL sfATEMETh (ContlD4ed) TOTAL RETURN INVESTMENTS (¢onthiMed) Unipplied Total Totsl As at I S¢MembeT 2021 2,210 13.723 Movtmettts In the repDrtiD8 pertod Invtstlnent rclurn: dividends and interest 389 389 Investment r¢nmi." TCO1isd and UnTeali8ed gain￿{1088¢$) Inve4tment man&gemeDt ¢W8 {1.759) (63) (1.759) (63) Thtal (1.433) (1.433) Extraction of income frcln ts)tai return (387) (387) Net movemeni for the pmcd (1.820) (1,820) at 31 Au8u•12022 £11.51J £390 £11,903

MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS {CoDIiDued) 16. DESIGNATED FUNDS B]anee I September 2022 Transfen & Balanee 31 Augu 2023 £'ooD 2023 ttt¢omt ExpendStue 8AnSl(10s￿) £'o £0 Children of Clew FUNI capitsl Children of Cletgy Fu￿4 revexlue Fees in Adva￿ Lunw Sum Des1￿￿ed BuTwies & Proj¢% 1,427 23 28 (6) (66) (50) (54) lJ55 23 (li) 50 (7) {6￿> £1,478 £672 (£613) (£170) £1,367 aDee I September 2021 Tr•nrfers & other Exp¢ndl¢ure glin￿(10￿) Balance 31 Augujt 2022 £'o 2021 Chddrn ofCler8y Fund ¢4)itsl Chkn of ClerBy Ful￿ revfflu¢ Fe¢$ in Advance LI￿p Sum Fuod Dcsiyated Bur5arie8 & Proje¢ts 1.643 23 187 (7) (209) (46) (169) .427 23 28 17 657 (657) £1.853 £720 (£671) (£424) £1,478 DMlgnat¢d Fulld These c4wist of funds, d¢scnl>ed below, ythich were origitiJUy s¢¢ alloca* donations ola 8eDeral purpoye tOW8rd8 de8ignated pwws¢$ ￿ opprovcd by the Council. Ai the discrfTh of the CounciL the furmts can be applied towards otheT objectives, 1$ hos b¢on the ¢ase with the designated bursaries and proJ￿ts (kn8 the year. Chl]dreD of Cleryy Fond The Fund is used to assist th¢ ¢kn'l(treD of cl¢rgy to atte￿1 Colle8e. The fund receiw itiv¢s¢oient in¢ome from iLg ¥hore of listed inve8tmtLts iti the C¢)DS01idateA FuTrJ Invutsnent P￿1. Swplus ineome is trottsfetr¢d to the College in order to asst8t the College ID its obligations iowaTth Children of Cleryy buT8arie8. FALS Fulld This is a s¢hem¢ whereby parntsandother8 make advan¢¢ paymen￿ wbicbprovides fee5 forpupil& The advonce enty re¢¢ived undcr the xheme are InV￿ted by the College. The amount due to pareots, iDcludryJ in credAtors, reprethetits the uttutilistsj balan¢¢ of lutnp sum advance5. Excess fimdsare trat￿ferred to th¢ Coll¢8e. with the Council's approvaL for specifie WOiC¢LS andto 8ub5idis¢ s¢holarships PAid by the ColkBe. 45

L￿AlLBOROuG￿ COLLEGE NOTES TO THE FtNAL¥CIAL STATEMENTS {Conthilled) 17. RESTIUCTED FUNDS TrAI￿er5 & Other Intome EJpeDd1ts￿e g￿￿00S1¢¥} Balanet 31 Auglllt 2023 I September 2022 2023 The Master's Fund revenue Curyenven Fund Other Trust Funds Capital proj<xts and Irtwsari (262) 262 (9} 10.043 10.034 45 43 3.827 (128) (3,699) £43 £13,872 (£34¥)) (£3.446) £10,079 BMI4￿¢ I September 2Q21 TrMfer• & Other licon)t E4￿ndIt￿re Vin￿(lOU￿) Bal#nee 2022 2022 £'OLM) The Master's Fund revenue Otber Con801idated Funds revenue Otber Trnsl Fund8 Capitsl projects ood buTharies {76) 76 41 43 (836) (32) £870 (£912) £43 RMtrle¢ed Frynd• Thes¢ tru8t fiLDd5 are subject to 8pecifi¢ trusts declared by thc &)nor5 or with their authority. These include donatiQD¥ toward 8pecifie ¢apithl projects (the Innovation Sciencepr0j￿Ipjuy thc Memorial Hall) aswell esbursary aw8rd& The deprtciatlOD relaied to th¢8¢ projecty when eornpl¢t¢d will be expeDtsJ thr(W the unrc8tri¢ted funds as part of the costs ofthe Coll¢8¢. The Ma$¢¢r'$ Fund It is ry)resented bycapital and accllmulad iwme fuDd5, which are expcndthk in ￿OrdanCe with the condition8 imp)sed by the douors.. solely for the of PTovidiD8 tAwsaritt ond kholatships k) pupilR at th¢ College. before bting exp¢ndeiL The Gerald Curyellwen Fund This new fijnd has bcen 8Ct up with the the Colle8e rtceived from theTreval88 estste foUowAn8 118 ￿1¢. li been up with thc sole of a55iStin8 childrtti with a c4)llnecti(￿ to Cornwall to attend the College. Other Tru•t Funds These comprisc In￿1 fvTrl$ whose assets are app]ied in a¢￿dance with cottdiiiw Impos￿ by th¢ They do not spwifid numbers of in the CoL40lida*d F￿￿ Investme￿ Pool ottd instead own specific li¥ted investhMIts.

MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (contin￿d) I& ELWOWED FUNDS Trarfen & Blnce inve%tmettts 31 August Income Expelldltttre 8#In￿o0￿e¥) 2023 £'o I September 2022 2023 The Master's FWKI ￿p1¢￿1 Callon Diggle S¢ho14r5hip fimd Elstob ScbolATrhip fimd Gabriel Scholarship fimd Sir Georye Abell schola￿lp fiu Barton ScholaT8hJp fiu Bullock & Church M¢TnoTi41 Scholarship 6,886 541 2,078 260 292 ,435 411 230 19 74 (30) (3) (10} {1} {1) {8) {2) (548) (45) {172) (21) (25) (133) (38) 6.538 512 1.970 247 277 1,356 390 62 19 £11.903 £424 (£55) (£982) £11.290 TrDsfer• & vutmellts In¢ome ExpeAdl¢Mre gAin￿(loU5￿) Bl•ll£t 31Au¥u 2022 £'o( I S¢pt¢mlxr 2021 2•22 The Master's Fund capital Canon Diggle Scholarship fimd El$¢ob S¢hoiarship fund G4bri¢l S¢ho]arship fund Sir Geo￿¢ Abell Scholarship fiu Barton Scholarsbip fijnd Bullock & Cburch Manorial S¢holar¥hip 7,888 624 2.398 298 337 1.693 485 211 18 (34) 13) (li) {1) {2) {9) (3) (1.179) (98) (377) (46) (53) (306) {87) 6,886 541 2,078 260 292 1,435 411 10 57 16 £13,723 £389 (£63) (£2,1461 £11.903 Endowod Fund• The8e trust ar¢ subJ.￿t to s￿)fiC trustsdecloTed by thed(ffm orwith theirauthoriry. ITrKy8re repre8ffLtedbypttm￿ellt eapitsl fimds. tn¢om¢ from the iDve51DRats is applied ill Kcord￿￿ with the Conditions imposed by the ¢knorA. The Mgster'a Fund Indiv1th￿l Conyolidated Tn￿( Futtds that have be¢tt ¢(XWilid4t¢d with apptoval of th¢ Charity Commissioll are represend by pernwenl e4)itsl fimd8. with the to be 4)plied to bursw atsd s¢bolorship support. S¢bol*rJblp fundi The Canon Diggle, Elsici). Gabriel aod Sir Abell Scholarth4? FuDd# were e8tablished by specific 8ift8 which were to b¢ invested to g¢n¢Tai¢ inwffj¢ to pwovide schoiarshws ￿ pupils ai the College. As pan of the 2021 solutionBarton and BulliKk& Church Memorial SCI￿1a[SbIpS funds ue now also showTA separale scholarship rnther as part of the M￿tr,8 Fund. 47

L4RLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (Contillued) 19. FXNANCE LEASE cOL￿mr[￿Ts Pro￿ and Iluipment 2022 £10 At 31 August 2023 the GTOUP had the following total £?0 Withiti ott¢ year Two to fNe yts More than fiv¢ years 798 6.857 31.536 745 6.112 38222 39,191 (16.104) 45.079 (18,854) Pre8¢n¢ valu¢ of finance lea8¢ liabili¢i¢s £23,087 £26.225 Repres£￿ting. Withiti one ye4r Two tts fiv¢ years Mote than five ye 167 2.452 20.468 109 1,031 25.085 £23.087 £26225 20. OPERATING LEASE COmMIT￿Ts Property aDd F4ulpment 2023 2022 At 31 August 2023 the Group had the following totsl commitments under non.canc¢l]able operntin8 leases: Within one year Tkvo to five years More tlwi five years 2,135 8.118 27.772 2,319 9,275 34272 £38,025 £45,866 21. CO,YNECTED CHAIUTIFS The Mirlburl•n CIMb Chthtsble Fund Transactions with thc Marlbwian Club C]Jaritable Fund iwhth.. 2D23 2022 £'o Donati￿ to th¢ Colkge £175 £168 Marlborougb Colle8e Founda￿0￿ The M. M Birkin. E EIIioL P Colematt. G l Hettdtt8on CBE (resiglled 31 Au8u 2023) and T Martin.Ju*in8 were trustees. 2023 2022 Donations to th¢ Coll¢g¢ £4.715 £732 48

L4RLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CoxtlD4edl 22. RELATED PARTY TRANSAcrioNs Transaction5 betwe¢n the Collw and its thidiy undutakiw aTe set out in nole 7. A5 slhovm within note 4. the College r¢imixused travel aud othu ¢XPeLSes of £41,(KJO to 11 Council FAembers12022.. £961 to ANALYSIS OF NET DEBT Movements I Effe¢ts of for¢lgD txchAD8e At I Sep 2022 Al 31 Allg 2023 Ca8h ￿ bank and in hand Uninvested ¢a8h included in investm￿¢ 21.401 1.813 3.768 6.777 (1.403) 23.766 8,590 23,214 IOJ45 {1.403) 32,336 Loan Not¢-amoU￿ aft¢r l y¢aT (25,(KN)) (25,CKX)) 1.786) £10.545 (£1.403) £7,356 49

NOTFS TO THE F]NANCIAL sfATEMENTS Icontinned) COMPARATIVE STATEMEKf OF FINANCIALAcrJvrnFS Unrestricted Deygnated Funds M•]ayw Colleg¢ Elldowed Fllnds £¥o(M) 2022 Infome and endoTrYmeMti from: ChaTitable aetiviti&% SchiMTrI ftts Sumrner Sch(x)I 37289 1,311 13.792 (625) 159 (701) 49.755 1.470 TTadin8 Income Oth¢r 998 554 120 330 167 1.285 885 (7) 330 1,191 879 165 391 TotAi IDeome 40.405 14.407 95 558 55.465 Exp¢ndltUT¢ TTadiDg costs Financing ¢osts Mark¢tiD¥ and fimd ratsin8 Investmcnt M￿￿¢￿￿11 122 2.742 95 963 3.737 1.028 ?0 988 933 63 2.762 1959 14 63 5.798 'tsble activiue5 College operating C(￿8. Tea¢hing costs Summer kh(M)l expenses Wclfsre COAts Prctni8 costs Support ¢os¢s Grants. awards alld ptizos Depreciation Reversal of impllitment charBe Tax chaTge for the yw (M FA4t) 15,041 iJii 5.641 .757 3282 (25) 3.478 6.189 21.252 1,311 6.793 2J22 2,084 112 5.366 76 5.359 {2,703) {2,103) 1.881 (2,703) (2,103) 37,485 8.814 32 46.542 To1￿.¢>PendAtU 40247 11.773 274 52,340 Net Illeomt before InveJtmeJf g•kn• Net (1085esygains ¢)n iDv¢sluwnts 158 2.634 49 284 3.125 (167) {378) (1,757) 12.302) Net (expendlture)Ilneome TraTLsfers between fiJnd8 Revaluation of other inv¢8tment assets EXcI￿1ge a0&￿8)IgainS measureJDeDt of Pension D¢fi¢it (9) 391 (9) 126 147 2.634 (329) (46) (1,473) 1345) 823 <9) (876) 147 (l.(K)2) NET MOVEMENf IN FUNDS Fund balances at 31 August 2021 1.632 1.363 (375) 1,853 (1,818) 13,764 85 105,861 88.881 Fulld blaDces at 31 Allgwt 21)22 £89￿27 £IA78 £11,946 £105,940 50