2024-08-31-accounts

•AT MARLBOROUGH COLLEGE (Aneorponted by Royal Charter and registered As an EdueAtlonal Charlty No: 309486) REPORT OFCOUNCIL AIYD CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Crowe U.K. LLP Chartered Acwuntants Registered Auditors

MARLBOROUGH COLLEGE OncorpoTated by Royal Charter aDd registered as an Educatlonal Charity No: 309480 FOR THE YEAR ENDED 31 AUGUST 2024 INDEX Page Th￿te%5, Officers and Advisers 24 Coun¢il's Re￿rt 5-19 Stat¢m¢nt of Trustees, Responsibilities 20 Independent Auditor's Report 21-23 ststements of Financial Activitie5 24 Balance $h¢et 25 Cash Flow Ststement 26 Statement of A￿untIng Policies 27-30 Notes to the Financial Statements 31-52

MA￿LBoROuGH COLLEGE MARLBOROUGH COLLEGE TRUSTEES OFFICERSAND ADVISERS TRUSTEES The TNst¢es of Marlborough College constitute the CouJ)cil. The Lord Bishop of Salisbury (President- ex officio) The Council members during the year and up to the date the financial ststernents were signed were: Heidi Venamore PSM (Chair of Council) appointed on 20 February 2024 Penny Camem Watt (Chair of Health and Wellbeing Committee) (acting Chair of Council from I September 2023 to 27 January 2024) (Resigned 27 January 2024) Michael Birkin Joe Chambers (app01Dt￿ 9 octob￿ 2023) Piers Coleman (retired 2 De¢emb¢r 2023) Peler D￿ton (Chairn]an of the Finanrk Committee and Chairnw) of Remuneration Committee) Tania Freeman Revd Stephen Gray (resiBned 17 March 2024) Kasase Kabwe Tim M8rtin-Jenkins (Chairn]an of Foundation, Chainnan of tkvelopment from I September 2023) Prof Cav Simon Mordant (Chair of Nominations Committee) Rob Perrins (Chairnian of Buildings Committee) (resigned l May 2024) Ros King (appointed Chair of Health and Wellbeing Committe¢ 29 January 2024) Sabina Reeves (Chair of Academic Committee) InternAtIon￿ Members of Council: YAM Tunku Ali Redhauddin ibni Tuanku Muhriz DaslK) Sangay Wangchuk (appoinled 9 October 2023)

MARLBOROUGH COLLEGE MARLBOROUCH COLLEGE TRUSTEES, OFFICERS AND ADVISERS (Continued) OFFICERS KEY MANAGEMEIYT PERSONNEL The Master Bursar L J Moelwyn-Hughes A G Hart (resigned 31 Deeember 2024) A Flanagan (interim frorn l January 2025) Eiecutivt Team: Second Master Ikputy Head (Academic) Deputy Head (Pastoral) Deputy Head (Co-curricular) S M Wessels D T Clark E C Nightin¥ale JRBSuagg Senlor ManAgement Trim: Deputy Head (Boarding) DIre￿r of Admissions Director of Safeguarding Director of Development Director of Marketing & Communications Assistant Head (Teaching and Learning) Assistant Head (Insp¢¢tioD) J A Hodgson J Lyon Taylor C Kane S Lerwill J Jordan B Nighting￿¢ T Lauze Bur8&rlAI Team Estates Bursar Director of Enterprises ABarnes R Urquhart (resi8ned 8 July 2024) M Naworynsky (acting frorn 9 July 2024) H Mack H Hewlett {resi8ned 31 December 2024) A Hart (aclAng l January 2024 to 9 June 2024) C Beaty-Pownall {appointed 10 June 2024) M Naworynsky M Garland (resigned 27 January 2024) A Hart (acting l January 2024 to 29 September 2024) T Elgar (appointed 30 Sepi¢mber 2024) Director of Finance Director of Human Resources Director of Operations He￿ of ICT Principal Address.. Marlborough College Wiltshire SN8 IPA M8rlborough College Malaysia The Master S Burbury (from I September 2023) Bursar M Wai-Tsz Cherry Address.. Mariborough College Malaysia Jalan MarlEM)rough 79200 Iskandar Puteri Sohor Malaysia

MARLBOROUGH COLLEGE MARLBOROUGH COLLEGE TRUSTEES OFFICERS AM) ADVISERS (Continued) ADVISERS Bankers: Lloyds Bank Crest Way Barnwood Gloucester Gloucestershire GL4 3RL Solicitors: Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH Auditors: Crowe U.K LLP Statutory Auditors St James House Ch¢ltenham GL50 3PR Investment Advisers: Rathbone5 Finsbury Circus London EC2M 7AZ Insurance Brokers: ptB Insurance B￿kerS Poppleton Lane Low Poppleton Lane York North Yorkshire Y026 6GZ

MARLBOROUGH COLLEGE COUNCIL'S REPORT The Council presents its report for the year ended 31 August 2024 und¢T the Charities Act 201 I, together with the audited financial statements for the year, and ￿nfirn￿ that the latter comply with the requirements of the ACL the Charter and Bye- Laws and the Charities SORP (FRS 102- second edition). OBJECTS, AIMS AND OWECTtvEs Obj¢¢ts Founded in 1843, Marlborough College (the College) is an educational ¢haTity governed by its trustee5 known as the Council. The College'5 mission is to deliver the b¢st independen( cfredu¢ational. full boarding education in the UK or elsewhere, namely Marlborough College Malaysia (MCM), and Iv be reCO￿lS¢d for this globally. The College was founded to provide an exceptional education for children from all walks of life and it remains deeply committed to increasing accessibility. There 18 a stron8 sense of community at the College, built upon outstanding pastora] care and a diverse co4urri¢ular programme. There is also a focus on local community particu18rly with local primary schools, on local volunteering and on fundraising for Charity. Aims and Objeetlves The College and MCM seek to produce well-rounded individuals: academically ambitious, open-minded, adaptsble and socially minded with a strong sense of perspective for their community and the wider world. It looks to foster excellence through teaching and leaming thus promoting the strongest possible educational values, in order that pupils develop into responsible and committed young adults with the skills to make a difference in whatever they choose to do. It strlves to encourage pupils to hav¢ a strong sense of community and of s¢rvice, to value diversity of all kinds and to Wel￿rne interaction with others, to have the confidenoe and ambition to fulfil their potential and to have the initiative to embrace possibilities with an open mind, to take action and to lead, OurAims are; To provide a saf4 inclusive and nurtyring community Marlborou¥h is a diverse community with wellbeing and rnutual rcsped at ils heart pupils, teachers and parents collaborate to ensure everyone thrives because they feel happy, Secure and valued To instil a commitment to service Marlborough fosters a culture of service and resw)nsibility which equips pupils to make a positive difference and hav¢ a beneficial impact upon the wider world To foster ambition M￿lI)orOUgh provid¢s inspirational learning opportunitie$, ft*)tivating pupils to fulfil their potential. dcvelop intellectual ¢uriosity and become life-long learners To develop initiative Marlborough encourages pupils to be curious and open-mind¢d, and sUp￿rtS them in pursuin8 new initiatives and developing leadership Stratsgies to achleve the Year's Objectives The Colleges, strntegies for achieving their objectives during the year are ongoing and are broadly in line with the prior year to.. develop all pupils, academic ambition- particularly by utilising the Marlborough Mindset which has been estsblished to &8SiSt in developing learning and study skills. continue to review the academic curriculum to ensure that it is both broad and challenging. continue to benchmark pupils, academic perfomance in external public examinations and through the use of independent vajue-added criteria (although this is noi possible lo the same extent for MCM). encourage pupils, spiritual and moral growth, their cultural awareness and physical development, as well as ensuring their wellbeing by promoting participation in a wide range of activities and through the curriculum; coillinue to improve the tracking of pupils. progres5 and aligning this with their individual pastoral needs to ensure the best outcome possible for each pupil. ontinue to improve the Colleg￿, facilities to protect the (historic) environment through capital pmj¢¢ts to improve and enhance the teachin& co-curricular and pasloral facilities throughout the Colleges. continue to improve the sustainability of the Colleges, estates ilwough an ongoing progrnmme of capitsl investment. particularly at the College where the campus is much older with a number of listed buildings. continue to explore and develop partnerships with state s¢hools and academies as well as with the local community- this is really only possible and relevant for the College at present. and to set and achieve appropriate targets frjr pupil numbers and financials including operating surpluses cash generation.

MARLBOROUGH COLIIGE COUNCIL'S REpoKf (continued) REVIEW OF THE YEAR OpernthoDg1 Perforninee Puplls Marlborough College ('the College") is a co-educational full boarding school providing education for boys and girls from the ages, of13 to 18, wbile Marlborough College Malaysia {"mc￿,} provides education from the ages of 3 to 18 for both day and boarding pupils. The College has had another year of strong pupil numbers. whereas frgr MCM. following the impact of closed )rdery for rnore ihan two yeaTS. pupil number5 are continuing to bounce back and are predicted to exceed pre-P8ndemic numbers during the next academi¢ y¢ar: Sehool Year CirRs 446 Boys 567 Boarderj Day 41 Av Total 2023ll4 971 1,013 I,oio 894 MCUK 2022123 2023r24 2022123 442 568 971 39 445 449 168 726 MCM 371 389 152 608 760 The overaIl capacity of the College is currently 1.020 pupils spread across 16 boarding houses with the gender balance in a ratio of 56%1)oys and 44•/0 girls. The College's waiting lists remain strong which gives confidence that the College can operate at (ntstr) Capacity for the foreseeable future. However, the Council is mindful that there is still the potential for a lasting impact fromi the pandemic, coupled with the on-going htgh cost of living and the imposition of 20¥0 VAT on school fees from l January 2025, 10 affect pupil numbers in th¢ years to come as privale education generally s¢¢$ a d¢layed impact following economi downturns. The Council is looking to miti8at¢ this impact as mu¢h as is pO￿lbIt and is also mindful of the irnp¢ndin8 increased employm¢nt Costs as a result of the increases lo the national living wage And employer's national insurance contribulioD$. The pupil enrolment at MCM has increased by 180/¢, &8 shown in the numbers above. The Admissions team capitalised on the opportunity to travel abroad again by ¢ondu¢ting visits to boost awareness in locations Such as Japan, Korw China, Singapore. as well &8 activities within Kuala Lumpur and Johor. MCM is on track to return to its pre-covid pupil roll during the 2024125 acadcmic year. Faellllles and Jnfrnslrmclure Devdopmenl The College has moved on to the last phase of its ambitious tnnovation and Science project, which is being funded through geneTOUS fundraising and private placement money. Following the completion of the Innovation Centre in early 2021, the second of three renovation phases of the listed S¢i¢n¢¢ buildin8 was completed in the spring, despi many challenges including cost infl*ion. The final r¢novation phase is now well under way but is the most complicRted phase of the listed building and is not anticipated to be finished until the end of 2025. The boarding house refurbishment probTamme Continues with one b08rding house nearing the completion of the second of two phases of a full refurbishment. There were also a number of smaller capitsl Projects undertsken in the year. This r¢sult¢d in UK capital spend in the year of just under £8.8 million, down slight from the prior year's spend of £9.4 million. All of the UK works fo￿ed part of the Master Developmenl Plan that was estsblished in 2011. It represents a total expenditure to dale in excess of £84 million for the Coll¢g¢, and £8. I million (RM91.4 million) for MCM sin¢e its inceplion in September 2012. The pupil numbers &t MCM have increased by nearly 180/0 in 2023124 and were almostback to the numbers beforethe pandemic, thus generating additional funds for capitsl investments. Apart from essential estates maintenance and the planned IT equipment refresh programme, there were also a significant number of improvement projects positively affecting both academic and IK)arding experience of its pupils. iK&arding houses mothballed during th¢ pand¢mic have becn completely refi￿bISh¢d. th¢ Prep School have had two new playgrounds installed for its Pre-Prep and Upper-Prep pupils. All of the Senior School classrooms have been refurbished attd equipped with new furnitUTe" and the Senior Art rooms remodelled to provide more Suitsble teaching and storage spaces along with an extension to its main kitchen to better support the Increased pupil roll. There have also been health and Safety related projects such &gthe expansion of the College's lighining alert system to cover the whole campus, upgrading ofthe access control system for the boardtng houses, and Improvement to its health centre provision. The total Malaysian capital expendithre for the year Ivas £l.5 million (RM8.8 milllon). spent on building improvements and IT equipment.

MARLBOROUCH COLLEGE COUNCIL'S REPORT (eontinued) EducationalPerformance Th¢ Collcge Continues to offer an extensive Sixth Forn) curriculum with pupils able to participate in A level and other level three qualifications, including the Extcndcd Project Qualification (EPQ), while MCM offers the internationally recognise International Baccalaureate (IB). MCUK MCUK 2023124 2022123 44% 48Ch+ 960/0 97CA+ Aknel A grade A.B grades A_C rades 2023n4 220/0 2022r23 24Yo 880/• (I)GCSE 9-81A grade 9.51A.B grades 9.41A.C grades 870h 960/0 960h 990/0 The results from A level examinations taken in ihe summer of 2024 were the College's second strongest ever under nornial exam conditions. This follows as a consequence of a highly dedicated, expert group of teachers, who worked within new strnctures to support pupils to these incredible outcomes. 10 pupils scored 3 A8 or more, 39 pupils scored 2 A•s and 100 pupils scored at least l A Value Added scores indicate that the College is for the second year in the lop decile of independent schools. The average Marlburian left the College with the equivalent of AAA. The (I￿CSE results were & similarly outstanding reward for the efforts of pupils and b¢aks (teachers) alik¢: 440/0 of grades awarded at 9 and 8 standard (A equivalent) and 96Vo of all grades at 9 - 5 standard (A•.B). MCM MCM InternatlonAI Ble￿1ure￿1e 40+ IB Points 2023n4 2022123 2021122 20ty/0 GCSE 9_81A grade 2023124 480/0 2022n3 47% 2021n2 500/0 Avera8e Points score 1145 IB Diploma Pass 35 9.51A.B grades 85% 880/0 890/0 33 33 88% 95Vo 980/0 9_41A.C grades 95% 97% 950/0 Academically, pupils at MCM continued to produce excellent results in I l)GCSE and IBDP, and for the fourth consecutive year MCM has been listed in the Spears Index of the world's 100 leading independent Schools, along with the College. In addition MCM was listed in The Schoo15 Index by Carf&Y Education as one of the World's top 125 sch(K$15 and was awarded Inlemational School of the Year by the TES. Followin8 an ISI inspection in June 14ACM was also awarded British Schools Overseas (BSO) status and has become a member of the Association of British Schools Overseas. At (I)GCSE level 590/0 of all gr&des awarded were A or A (NB. UK Independent Schools AIA rate is 380A). Given that MCM is noi academA¢ally selective, thi5 is a solid performance. At IB the average p)ints score was 33 (equivalent to AAA at A level in tenns of UCAS tariffs) and one in six pupils Bained 40 poinls or better, That is almost twice the global avernge. MCM'S top 8corer achieved 44 points. It should be noted that at botb (l)GCSE and IB level, the 'value-added' score was the highest in the school's history.

MARLBOROUCH COLLEGE COUNCIL'S REPORT (continued) Public Benefit And Community Engagement The Council is advised of the Charity Commission's general and supplementary guidance on public benefit and fee chargitig and the advancement of education. The Council recogni$es its responsibilities under the ChaTitie5 Art 2011 and Iw regard to the guidance issued by the Charity Cornmission. The Council h&8 tsken steps to satisfy the requirements set out therein. Grnnt Making Polley The College offers means-tested bursary awards at 13+ and at 16+. These bursaries are re-assessa annually and may alter during a pupil's time at the College depending on changes to their financial situation and cen be awarded up to i l 0% ofthe f¢¢s (i.e. full fee5 and all essential extras). The College also offers schOla￿hlpS and awards and these are based on ability only. Scholarships may be supplemented by bursary support up to the full value of fees in Cases of proven financial need. The maxirnum scholarship value is up to 20 % of the fee4 these are offered in very limited numbers and only in the areas of music and sport at present. The Scholarship Prospectus and Bursary Polxcy Can be viewed on the College's website. They are also available from the Admissions Office and are extensively advertised in appropriate national and specialist directories. The Children of Clergy Fund, supplemented by the College, enables substantial support to be given lo the sons or daughters of Clergy. Applications for entry under the Children of cler￿ scheme are means-tesled in the same WAY as the resl of the bursary awards are assessed. During the year the value of bursaries and other awards made to 216 Colle8¢ pupil$ (2023., 219) amounted 10 £5,127,000 (2023., £4.424,1)00), OT 10.860/0 <2023: IQ.26 %) of gross fee income. MCM award5 5cholarship5 for those who ex¢el in academic, sports. drama and mu81¢. In the prior year MCM a150 offered bursaries to two Upper Sixth pupi15 whose families experienced si8nifi¢ant financial difficultie5 IT] order for them to L¥)mplete their IB Diploma in June 2023 (£36,500 or RM 214,000). Burtt•arle The Council 18 committed lo providin8 fee assistance to children unable to afford full fees and encoura8e5 a culture from those who have received a Marlborough educationto do eVer￿hing possible, within their means, to enable others from all backwunds to enjoy the same educ&tiona] opportunity. A separats Bursary and Scholarship Fund generates income to fund the awards which are augrn¢nt¢d with f¢e inwme. Council, policy is to continue to increase the value of that fund wh¢never possibl¢. The Coun¢il is examining ways to increase substantially the amount provided for means-tested bursaries via non-fee income streams, such as through more ¢ndowed-style funds. fundraisi￿ (largely through Marlborou8h Coll¢g¢ Foundation), and trading both at home and in Malaysia. The majority of bursaries are made available on enty to the College, either at 13 or 16, &lthou8h some fundin8 is available for those wilh in-y¢ar financial hardship. The College is a member of the Springboard Partne￿hip in support of transforniational bursarieg. Under its grant making policy (see above), the total nulnber of pupils receiving mean5-tested fee assistance in the academi¢ year 2023124 was 118 (2022123: 118), although the value of these grants increased from £3,297.000 in the prior year to £3,873,000 in line with the College's continued aim to provide more fiill, Itfe-transforniin8 bursaries and is more than offset by the wst of these bursaries. Working wilh Educalional Provlders & ConvpwnltyAccess Since its foundation in 1843 the College has been Committed to playing a full part in the life of the local ¢ornmunity and il will ontinue to do so. The College continues to provide indirect public beneflt through its engagement with the local community and working wlth other educational providers, of which the following are examples: Sw¢ndonAcadepny The College has an agreemenl with Swindon Academy (SA) to provide opportuniti¢$ for staff and pupils of the Academy and the College. including the sharing of experience. expertise and. where aPPTopriate, facilittes and resources. The Academy is part of the United Learning Trust (ULT). The Gurrent link has been in existence since 2009 and this ntinues to thrive, particularly with the launch of the Swindon Arademy Grammar Stream (SA GS) in September 2010. In a typi￿ a￿emIC year, more than 5,000 hours of Swindon Academy pupil time is spent on site at the College. Below is a list of activities which OLYUTTed during the reporting period and are ongoing.

MARLBOROUCH COLLEGE COUNCIL'S REPORT (eontSnued) (i) Sixty Year 7 & 8 SA GS pupils visil the College once per fortnight on a Wednesday afternoon. SA pupils participate in a carousel of the following &ctiviti¢s: ¢reative writing. Computer Science, re5¢ar¢h skills in the library, Economics, Classical Civilis8tion, and local history. (ii) The Chair of Gov¢rnors at Swindon Academy is a rnember of th¢ College's S)&fr. (iii) The College's Futures Department is available to provid¢ specialist support with university applications from SA pupils, including io the most competilive destinations. (iv) The College hosts an annual research project competition for Year 10 SA pupils. with 8enerou5 priz£s supplied by the College. (v) Three pupils from SA joined the College in September 2024 on full bursaries as part of an ongoing buTsary programme with the Academy (there are now 10 fornier SA pupils who are in, or have been through, the College's Sixth Fom). (vi) Marlborough College staff continue to be involved in the Fitzwilliam Projecl an access and mentoring project organised by Fitzwilliam College Cambridge for SA pupils. This includes summer residentia]s in Cambridge and 'me¢t-up' days, one hosted by the College. SA had ils firsl successful Oxbridge applicant last ymr. (vii)The two schools opcrale a Year 10 exchange, with a group of12 pupils from e￿h school visiting the other school for a fidl school day, on a reciproc￿ basis, onoe or twi¢¢ per year. {viii)Since the start of the SA GS, the College has hostsd a free week-long academic Year 7 summer school ftir GS pupils. This resumed in June 2022 for both Year 7 and Year 8 pupils. SA pupils attend in small groups, staying at the College engaging in & wide range of activities (run by College staff) over a two-day period. The purpose of these Activities is to extend pupils. experiences well beyond usual syllabus-led material. {ix) An Open Morning for Year 6 pupi15 thinking aboul applying to the SA GS is hosted at the College each year in November. (x) As part of the College Outreach programrne. Marlborough College pupils visil the Swindon Academy prim schools each week to help pupils with their reading. This is supported by two Coll¢8¢ teachers and typica]ly involveg around 20 College pupils. (xi) The College provides on site visits for Year 9 SA GS pupils with a focus on scientific expeTiment and investigation. In addilion, SA pupils (and others from nearby primary schools) are invited lo scientific talks and demonstrations at the College. (xii)Pupils who are involved in Swindon Academy's scholarship programme able to attend academic societiesl talks which are hosted at the College. (xiii) SA pupi15 attend a number of College evenls. such as drama productions, and these visit5 InV￿lablY involve an introductory talk on the production in questlon, (xiv) Residential visits (other than the summer school for Year 7) resumed An the academic year 2023-24. These provide ali invaluable opportunity for SA staff to support pupils with the likes of coursework and exam revision, An an intensive and effi¢ient way which would be diffi¢uli to achieve outside of a boarding environment. (xv) With the retirement of the previous post holder, the College has reaffirnied its commitment to academic outreach by appointing a successor &8 Head of Academi¢ Outreach, a role which attracts a significant allowance, The majority of this role r¢l8tes to the relationship with Swindon Academy. In tern]s of the impact of the above. both partners feel that these activities make a significant contribution to the ouicomes of GS students, who oulperformed other pupils at SA by a Progress 8 measure of 0.8 last year (not an atypical figure). Put another way. GS students achieve almost one grade better than expected in all their subjects at GCSE, even taking into acwunt an above average start point.

MARLBOROUGH COLLEGE COUNCIL'S REPORT (continued) LinLY io Pewsey Vale School The College has a long standing link with Pewsey Vale School (PVS). ReceDt developments in this partnership are the involvement of Sixth Forni pupils from the College mentoring younger pupils at PVS in Mathematics. Pupils clK)sen are around the threshold of a pass at GCSE, and the aim of the projcGt is to m&ximise the number of PVS pupils who achi¢ve the pass grade. Dar4￿OI0￿ School The Coll¢ge has a partnership with Darussafaka School in Istanbul, Turkey. This is a fullboarding school which recruits tsl¢nt¢d pupils from across Turkey, all of whom have lost one, or bo￿ of their parents. All fees are met by fundraising. Under the tenDS of a rnemorandum of understanding the College undertakes to provide the following: (i) An online 'cultural exchange. programme for pupi18 in (UK) Year 10. Darussafaka teaches Maths and Science lessons at KS4 in English. so the opportunity for pupils lo d¢v¢lop their linguisti¢ skill$ is greatly valued. (li) A Sixth Fonn bursary place h85 been made available for a suitable candidatc who pl8L8 to move on lo fiffther education in an English speaking environment. (iii) A placLment for a STEM teacher has b¢¢n agreed during the next Summer Terni, $0 that they can develop their skills when teaching their subject in English. Members of College staff (both teaching and non-t¢a¢hing) currently hold 16 governorships of other schools. The majority of these (12) are in state schools. One teacher is Chair of Governors at two Secondary Schools in Slough, &￿theY is Chair of Governors at a local primary s¢h¢)ol. Outreach (Community Service) Every Monday or Wednesday afternoon during the Michaelmas and Lent Trrn￿ almost 300 pupils take part in a r8n8e of Outreach activities which Provide a direct service to many asp￿ of the local community. (i) Work in support of eightsen Primary Schools (Preshute, Kennet Valley, Burbage, St Mary's Marlborougl4 St Nicholas, Baydon, St Michael's Aldbourne. St Katherine's Savernake. Ramsbury, Great Bedwyn, Chilton FolliaL Oare, Ogbourne St George. Easton Royal, Broad Hinton, Beech Avenue- Swindon, Akon Close- Swindon, Nythe- Swindon, Nyl8nd8 SpeCi￿15t school for pupils with SEMH needs - Swindon). This include5: literacy worK help with PE Ic550ns, Maths mentoring and mentorinB of pupil$ WIM) find sehool diificu]l or who benefit from further stretch and challenge. (li} Primary Club- in the Summer Terni, when the College timetsble prevents visits during the school day. pupils rnn 8n on-sile after school club for up to l 00 children from local primary schools. (iii) Provision of after school Mandarin Clubs in two local primary schools (iv) Provision of after school Japanese club in a local primary school (v) TWIN Science project- work to engage local primary school children in STEM, including on-site visils to the College's laboratories (vi) Riding for the Disabled, based in LamiK)urn {vii}River conservation- WOTking with a local group, ARK (Action for the River Kennet) (viii) Savemake Community FaThn- pupils work in support of a projcct which envisages a Community orchard and farm being Created at Savernake Court Farni. Early work has involved tending to over 4000 young fruit trees to ensure that they establish well. 10

MARLBOROUGH COLLEGE COUNCIL'S REPORT (eontinued) (ix) Beekeeping - pupi15 help to tend a number of hives around the College and their environs (mostly orchards) (x) Wiltthire Search & Rescue - pupils support the dog handlers vtho work wtth this organisation by helping to provide live training scenarios for the animals being trained (xi) Brimble Hill - Enga8in8 with thildren with severe learning difficulties (xii)SFK)rts Leaders - pupils become accredited Sports Leaders and then help in primary schoo15 (xiii) Working with the elderly - pupils have visited care homes to provide concerts and Christmas carols. Additionally, we now partner with a local voluntcer group (MarliK)rough LtNK) and pupils visit elderly members of the local community who are on their own at home or residenl in care homes. (xiv) Marlborough Youth Club - pupils volunleer in support of this during the Summer Term and the Coll¢g¢ h&8 also rai8ed funds to support the club {xv)Marlborough White Horse- re5torution of the iconic chalk horse which sits above the town Panaihlon links Since 2011, Marlborough College has hosted an annual r¢gional Panathlon event. Panathlon 1$ a national charity that provides sporting opportunities to over 17,000 young disabled people every year. It p￿)MOt¢S inclusion in sport. Working in collaboration with both Panathlon and Wiltshire and Swindon Sport (WASP). the Colleg¢ host¢d ov¢r 300 young physically 8nd menia]ly disabled children and trained over 50 ofthe College's pupils as Panathlon leaders. This resumed in November 2022 and is again an annual fixture. Observalory The Blackett Observatory continues to be known as the number one centre for delivering astronomical outreach in the South of England. The Observatory had well over a thousand visitor5 through the year 2023-24. The Observatory hosts groups from local schools, the Scouts, Cubs and Beavers, &8 well as the U3A and ihe W,I, There were three public open events held across the year at the Observatory. 552 Cubs, Scouts and sohool pupils enjoyed sessions at the Dome, including open days for members of the public and Observatory lours for attendees at the Marlborough College Summer School. Since 2005, the Diroctor of the Observatory has run the Outreach group 'Friends of the Marlborough Telescope,, which has its own dedicated Observatory website (www.blackettobservalory.org) and offers events, lectures and monthly Q&A sessions as well as an annual social event. Over lh¢ course of the year the Friends were incredibly ￿tive, with 243 attendees lo observin8 events And over 100 attendees at two lectures. This year 17 Friends made the expedition to Kilpisjarvi in northern Finland for a highly successful thr¢¢qiay adventure in search of the Aurora Bor¢alis. The Blackett Observatory's relationship with the MarliK*rough Town Council and the North Wessex I)owns (NWD) Nalional tondscape b105somed through the year. Talks and an 'Astronomy Queslion Time, panel were given by Observatory slaff in ihe Town Hall with over 200 attendees. Regular meetings are held with the Town Council and the NWD. The sky quality light monitoring project is well under way now, with volunteers from the Friends of the Marlborough Telescope gathering dats each mnth to monitor light pollulion across the NWD area. Higher &lucution Carfers Department Swindort Academy and Pewsey Vale School have online access to the bi-weekly Higher Education and Careers 'Insight' publtcation and, from November 2023, its accompanying 'Futures D1￿Ctory,. Both Swindon A¢ademy and St John's, Imarlborough are invited to attend the briefing we receive from an invited Oxbridge don ev¢ry March and pupils applying to Oxbridge can hav¢ mock interviews from Marlborough College staff. We are an 'open' ACT Test Centre offering the facility for US applicants lo lake pre-collcge standardised tC5ts. It is d facility often used by local students applying for sports scholarships, ￿CCer being the most Common. St John's and Swindon AGademy pupils are invited to our Higher Education and Gap Fair in the surnmeT, with Ihe uptake being 20-30 pupils attending.

MARLBOROUGH COLLEGE COUNCIL'S REPORT (eontinued) Music Department The Music Department continues to offer a variety of different events for public benefit. All major perforn)ance8 by College pupils are open to the public and members of the local community attend in good numbers. Th¢s¢ concerts are offered free of charge. Additionally, leading music pupils gave a public perfomance at th¢ Calnc Music Festival, perfornied evensong at Salisbury Cathedral and Oxfrird Colleges and also supported various events in the town and local villages. such as Remembran¢e Services. This year the Choral Society concert (which offers a collaboration between the town and the College), saw some 250 local singers perform in Chapel to an audience of approximately 300 residents ofthe town who weff offered free tickets to the conccrt. A w)st-concert collection allows the Choral Society to fund the annual subscription for up to 20 tslented young s?ngers. The Music Department continues to offer the opporttmity for local slate school pupils to join varAOUS ensembles at the College during the academic year- opportunities they rnay not oth¢rwis¢ enjoy. The College also allows use of its teaching facilities for members of the public who wish to take instrumental music lessons and Co￿h1ng with any of our distinguished music teachers. The renowned Marlborough College Concert Series, which promotss five concerts per season, also benefits from free use ofthe College's Memorial Hall, Steinway piano and the offer of Covering some printing co$t$ for th¢ programme. which ensures the invitation of world class musicians to Marlborough Can continue for the benefit of our local public. Sporling Facllliies (i) The College's sports and other facilities are extensively used by local sports clubs Bnd regularly by other organisationg. Some of the sports include cricket, hockeyi rugbyi foothall, squash, t¢nni$. fives, triathlon and athletics, and our facilities are used by various organisations such &8 Wiltshire Crickel Wiltshire Hockey, Wiltshire Netball. South West tacrosse. Hockey Wales, WASP (Wiltshire and Swindon sport), RFU, Bath Rugby, Fortitude Hockey and GoCrea8 Hockey and Swindon Town Football Club for their holiday coaching camps and courses. Wiltshire Arn)y Cadet Fo￿¢ also make use of thc College rifle range. (ii) St John's Marlknrough use the College's sports facilities on a regular basis at mutually convenient times. At presenL the squash option in theirEnrichment and After School activities programme is booked on the squash courts each week. Th¢y also use tb¢ athletics traek for GCSE moderations wheftever required. {iii) The College hosts a number of Avon Primary Schools. sports festivals at various times of the year - these in¢lud¢ netball, hockey, football, orienteering* athletics and multi-skills and a number of local Primary School$ use the athletics track for their 8POrts' days. (iv) A number of local Clubs (both wmpetitive swimming clubs and local health clubs) make use of the College's swimming pool throughout the week. (v) All charities. educational establishments and club junior sections pay a discounted rate for the use of College facilities and in some cases are offered their use free of ¢harge. (vi) One member of the College staff regularly coaches a junior team at Marlborough Hockey Club and Rnother member is the Head Coach of the Men's and Women's senior teams. The hockey department also run a Wedn¢sday Outreach programme for local Primary School pupils, which comprises coaching and tournament play. A fiwther member of the College staff &85ists junior squ&8h at Marlborough Squash Club. Fundraisingfor Chosen Charilies Members of the College community raised approximately £170.01)O during 2023124 (2022123: £75,000) for chosen charilies through various whole school events and numerous boarding house. pupil and slaff initiatives. £13 Ik was raised for the Marlborough Difference Campaign for lifr4hanging bursaries from a Whole School walk and £60k was raised by pupil-led initiatives for a further 18 charities, 12

MARLBOROUGH COLLEGE COUNaLtS REPORT {eontiDued) In addition to the above, the College again hosted one of the Restless Development Schools triathlon events (the organisation raised £130,OIX) from the Marlborough College event alone). More than a hundred pupils and staff volunteer at the event. Fundrdising in aid of the College is done through the Marlborough College Foundation (the Foundation) charity and typically the College does not do any fundraising in its own right. Both ihe College and the Foundation are registered with the FundraisirLg Regulator and adhere to the Fundraising Code of Practice. In the culrent ajjd prior year, the charities did not work with any third parties in delivering its fundraisin8. No complaints about fundraising were T￿C]ved in th¢ year, The pupil-led charities c()mmittee at MCM was able to raise £13.500 during 2023124 through a wide range of projects and activities undertaken over the COUTse of ihe year. Thest included drinks and bake sales. frugal lunches, "inside-out" day, Deepavali celebrations, zombie nm. and teddy sales. The prooeeds have yet to be allocated. 13

MARLBOROUGH COLLEGE COUNCIL'S REpoirr (continued) FINANCIAL REVIEW AND RESULTS FOR THE YEAR The results for ihe year ended 31 August 2024 include ihose of both Marlborough College and Marlborougb College Malaysia {MCM) for the academic year 2023124 as well &8 the subsidiaries, Marll)orough College Enterprises Ltd and Marlborough College (Overseas) Ltd (dornlant). Consolidated net fcc income incrcascd by almost £6 rnillion to £60.67 million. up from £55.4 million. Th¢ in￿¢ due to a combinatioll of factor5:. an increase in pupil number5: while there WeTC Static pupil nurnbeTS At the College from a billing perspective. there wa5 another significv4nt increase in pupil numbers (113 pupils) at MCM as the school continues to recover from the prolonged border closures during the pandemic and is now back up to prtrpandemic numbers; and annual fee increases in both schools. This increase was in addition to an increase in bursary and scholarship funding at the College of more Ihan £720.000 and further £320.000 at MCM. with the emphasis on providing more accessibility to the Colleges. The increased funding for the College's bursaries is as aresult of the generous donations to the MBrlborough Difference Campaign for life-changing burnaries. How¢ver, the rA)nsolidated net fee income is still not relatively back to pre-pandemic levels, when taking acLX)unt of inflatio due to the significant de¢rease in pupil numbers ai MCM as a direct result of the pandemic in early 2020 and the long lasting travel restrictions that were in place. Pupil numbers decreased from 953 in 2018119 to 717 in 21122, and were back up io an average of 894 for 23124. The new 24n5 acpAlemi¢ year his seen 962 pupils startin8 and futur¢ proj¢¢tions show MCM being at capacity (1,250) by 2030, if not before. There were also positive movements on the total surplus as a result of the following factors:. substantia] net investment gains of more than £2.4 million related to restricted fimd5 for buT5arics, which 1$ in contr&8t lo almost £700,000 of nei losses in the prior y¢ar plus an increase of investment income of almosl £600,000 due to a full year of investment activity from the new Curgenven fund; £2.5 million of donations durin8 the year by the Coll¢g¢' largely towards bursary awards but £1 million of which wa5 Teceived from the Marlborough College Foundation towards the ongoing Science & Innovation project. and increased profitability from the Summer School courses run at the College. TherE was also increased expenditure for both Colleges due to the high levels of Cost inflation, plus the costs associated with increased pupil numbers in MCM 2nd a continued calch up on maintenance expenditure following COVID at the UK campus. The Creditors balance also increased during the year due to the increased number of parents payin8 into the lon8-¢slablished ft¢s in advan¢¢ s¢hem¢, which still does not offer a discount. The overall surplus Iw reduced compared to the prior year but this is only as a result of a couple of one-off very generous donations to the College in the prior year:. £10 million reoeived as a restricted lewy donation lowards Cornish bursaries (the Curgenven Fund) following the sale of an eslate that the Colle8e had a ben¢fi¢ial interest in: £3.7 milllon received from Marlborough Coll¢g¢ Foundation in relation to donations received toward5 the ambitious Science and Innovation pn)jec( which is now in its final phase. A tolal of£lO.2 million was committed to capital expenditure during the year. £8.8 million of which took placc in the UK. Thig was in line with the budgeted £1 0.3 million ￿tal across both campuses. This on-going significant level of investment in the UK estate resulted in a cash defjcit for the College for the year of £628,000 (PY: a deficit of £624,000). Slgnlfleint Events While there were no 5ignifiGant events during the year. iu the priory¢arthe Collcgc received aone-off £13.7 million of donations mentioned above. Following the change of UK Government in the sumtner resulting in the imminent implementation of VAT on SGIKJOI fees coupled with the increL8e in the National Living Wage and the unexpected increases to employer's national insuran¢¢ contributions from next April the College has reforecast its financial outturn for the Coming year looking at ways lo increase other revenue sources coupled with redoubling efforts to find further ¢ost effi¢ienGies to reduce the net irnpa¢t to the College. 14

MARLBOROUGH COLLEGE COUNCIL'S REPORT (conlinued) INVESTMENT POLICY AND PERFORMANCE The College's investments are rnanag￿j by Rathboncs Investment Management Ltd and overseen by the tnvestment Committee. The investment managers have discretion in the management of the portfolio. The investment policy is totsl return accounting, with the overall objective to increase the fi￿d'S valu¢ in lin¢ with fee inflation aJ)d provide up to CPI+34% foT dT8W down in support of bursaries. The investments consistently either rneet or exceed the benchmark set ovw the longer t¢rm, with Unprecedented investment gains {realised and unr¢ali$ed) in 2020121. Following the prior year's underperforn)anc¢ against benchmark (2.20/0 vs 7.V/ respectively) due to the investments being impacted by the ongoing war in Ukraine. the consequenlial 'cost of living crisis, with spiralling inflation and supply concerns, the perfonnance was much nearer to the benchmark again for the year ending 31 Au8USt 2024. The composite benchmark was a ￿sitive 10.7Vo totsl return (nel of fees) whereas the College's consolidated portfolio was a positive 9.IVo total return. There were inveslment gains of £2.4 million (2023: losses of £0.68 million). which positively impacted the Group's overall surplus durin8 the year. RESERVES POLICY At 31 August 2024. the Group held incre&8ed totsl fimds of £124.9 million (2023: £1183 million). Of the total funds, £23. million (2023: £21.4 million) related lo restricted and endowed funds and the puTrose of these funds is explained in Notes 17 and 18 to the arxounts. The Council implements total return accounting for the endowed funds, which perniits more of the endowed ￿ndS to be granted if required and ihis adoption is shown in more detail in Note 15. The principles of the policy were also applied to all of the invested College Fund and new Curgenven Fund. which ¢ombin¢d iotslled £25.2 million at year end. The College a150 holds designated tlmds of £1.52 million (2023: £1.37 million), which were originally sel up to allocate donations of a general purpose towards designated purposes as approved by Council. The purpose of each fund is described in Note 16. In addition to this, activities in relation to Malaysia are shown separately as a fund within the ar￿Unt8. The Group hold5 unrestricted general reserves of £99.2 million (2023: £94.9 million). The value ofihes¢ reserves is more than exceeded by the value of tangible fixed assets at £152.4 rnillion {2023: £147.0 million), which means that the Group has no free reserves (2023: nil). This 15 due lo the long-l¢rni investment in buildings as part of the College's development plan which cnvis&ges si8nifiw)i further capital expenditure. The Council continues lo be satisfied that externa] financial facililies, including a £5 million revolving credit facility, provide an acceptable level of support and the as8el base includes property which can be r¢alised to support the College's capital programme should it be required. The managemenl of funding and working capital is monitored by ihe Colleges, Finance Committees on a regular basis and a number of fundin8 streams are b¢inB identifi¢d to support the capital r¢quir¢m¢nts for the short and mediurn terni. The Councils of boih Colleges ('the Councils,) are satisfied Ihat the Colleges have sufficient workin¥ capital. They hav¢ reviewed the long terni plan5 for working capital to ensure there will be suffi¢i¢nt funds should they be required in the futurc for unforeseen situations such as the Covid pandemic as well as th¢ imrninent impact in the UK of the implementation of VAT on fees, the loss of business rates relief and the additional costs as a result of the new budget. This policy is monilor¢d by the Colleges, Finance Committees and reviewed at le&8t tern]ly. These factors have been Considered with regards to updating forecasts and the Council considers that the going concern basis remains appropriate having tsken account of the above factors for the preparation of the College's a¢¢ounts. MCM'S Council has reviewed the school's operating and financial position and followin8 the restructure to their Initial Lease Terni with the Lessors conslder that the going concern b&8is remains appropriate. RISK MANAGEMENT The major risks to whiGh the Colleges are cxw)sed, as identified by the Councils, have been reviewed and systems have been established to mitigate those risks, wherever possible. This is an on-going process and the Councils review and update the risk management process at least annually. The principal risks and uncertainti¢s identified by the Colleges include th¢ following:" affordability of fees by parents acro55 the independent s¢hool sector particularly in light of the impending VAT b¢ing chargeable on fees and all relevant extras in the UK. firture demand for independent education and particularly boarding education, largely driven by the above changes. (future) governments change the law lo remove further (charitable) tax breaks (in the UK). failure to safeguard the wellbeing and security of pupils and staff. 15

MARLBOROUGH COLLEGE COiINCIL'S REPORT (continued) the ability to quickly implement any strategic change and the costs involved in implementatiotL particularly where the change is outside of the Colleges, control, such as changes in legislation and pension contributions. the financial and social impacts of another (global) pandemic" cnvironmental issues create an increased fJnan¢iai bur(kn, particularly when th¢r¢ are limited changes that can be made in some areas due to the age and listing status ofsome of the IUK) estate. and one risk specific to MCM is the reduction of expatriate professionals in the ASEAN region as a result of the pandernic. This has led MCM to c&8t its pupil reC￿ltment net wider to attract l(Kal pupils in a number of countries who are inter¢st¢d in a holistic British education. The risk of the independent sch(K)Is in the UK losing their educational ex¢mption from having to oharge VAT has become a reality and following continuous scenario planning, the College continues to look for ways to mitigate this financial impact whilst tying to limit the impact to parents &8 well. This includes continued review of the Colle8¢'s running costs as well as ways to grow non-fee inwme. Althou8h the College is still very near Cap￿lty. the recent pondemic impacted MCM'S pupil nurnbers but the forec&8ts are lookin8 Very positive and pupil numbers are almost back up and on track to surpass pre-pandemic numbers in the next year. The Councils for both schools continue to orefully moniior fee increases in the future to enable accessibility but al the same time to ensure that the highest standards are maintsined in both Colleges. The College 18 also looking at contingency planning should fiwther tsx thanges be introduced. Th¢r¢ is also the ongoing risk to remove independent schools. chArit8ble ststus in the UK. amongst other risks. The Colle8e is PAimmitted to improving SUPJK)rt to other schools and improving accessibility to the cducation provided at the College, with ambitious tar8ets bein8 set to try and achieve increased bursary awards via the Development Offi¢¢. Should the charitable status be removed it could impa¢t the amount the College is able to do in thes¢ areas. The safe8uardAn8 of children is an extremely important ttrea for risk management. Or8artisations which work with children havc critical role to play in preventin& identifying and reporting Cases of safeguardiT]g concern. Both Colleges aim to mitigate these risks by paying particular attention to the training of staff and other individuals associated with the organisation aboth how to identify 51gns of 5afrguarding Conce￿ educating the pupils appropriately, implementing robust safer recruitment policies, adopting clear Procedures for Teporting and recording concerns and implementing a Strong culture of pL8toral care within the Colleges. Health and Safety is a significant area for risk management. The risks range from fire and infrastructure to personal risks. The level and breadth of activity at the Colleges is notable and the risks associated with all Activities are managed by thorough planning and risk assessmenl. The risk management pnxess identifies risks, assesses their impact and likelihood and, where necessary, r¢commends controls to mitigate and monitor those risks Ihal are assessed as high. The key COnt￿)IS used by the Colleges to minimis¢ risk inGlude,'- policies and vetting procedures. including Safer Recruitmenl as required by law for the protection of children; forn)al aB¢ndas for the Councils and all Committec meetin8s, includin8 an annual review of risk management detailed lenns of reference for all Committees. strategic development planning reviewed annually by the Councils. comprehensive budg¢tin8 and management ￿0￿nting. external auditors, review including of wntrols, policies and procedures; established organisational structures and lines of ￿￿tIng. fornMI written policie5 including clear authorisation and approval levels. and expert advice and support from the various professional supwrt teams including Finance, HIL Operations, Health and Safety. and Admissions a5 well as froTn qualified and experienced academic staff with dedicated responsibilty for safeguarding and pastOTal rare. The Councils regularly review the effectiveness of CUTrent plans and strategies for managing all identified major risks for both the Colleges and their subsidiaries. Through their risk management processes, th¢ Councils are satisfied that the major risks identified have been adequately mitigated where necessary. It is reco8nised that systems can only provide re&sonable but not absolute assurance that major risks have been adequately managed. 16

MARLBOROUGH COLLEGE COUNCIL'S REPORT (continued) FUTURE PLANS The College The College's mission continues to k to deliverthe best independent, co-educational. full boarding education in the UK and to be reGo8nised for this globally. The Marlborough we envisage will be a leading. outward looking and inclusive school where ¢hildren with potential are given the opportunity to make a difference. Key programmes of future work include: A pioneering academic strnte8y to build on the College's continuing academic surres5 of the past fiv¢ years: Continualion of the College's bold and sustsinable Campus Master Developmem Plan. including conservation of the hcritage assets and natural landscape" Continuing to increase accessibility via the ambitious bursary fundraising campaign, The Marlborough Difference, which was launched in April 2023. The Campaign is aiming to raise £75m in order to reach IIM) free places in the College. The Campaign has started positively with £27m raised to date and 47 pupils on full burwi¢s, an increas¢ from 44 in the prior year. Completion of the refurbishment of the Science Buildings. with the final Ph￿ due for completion ITJ December 2025: Continuation of the College's boarding house refurbishment programme; Investigating new opportunities to continue to develop the College's brand: Continuing to grow non-fee income through the College's subsidiaries and associated charities lo increase funding for bursaries, renovation works combined with conservational improvements and io further public b¢nefi(' and Continuing to l¢)ok for ways to mitigate the impending imp￿1 of VAT on school fee5 along with the unexpected increase in the employer's national insurance contributions especially given that two thirds of th¢ Colle8¢'$ expenditure is salary costs. MCM MCM welcomed its new Master in August 202.3 and will Lonlinue its mission to be the best independenl, Coweducational day and boardin8 8chool in Malaysia. Al thc end of20231?4 academic year ihe College investcd in a full refurbishment of its Senior School classrooms, rcfurbishment of two boarding hou8es, and thc construction of two adventure play are&s for the Prep S¢hool and Pre-Prep School. The College reopened two junior boarding houses (Iskandar and Taylor) in August 2024. MCM has engagcd the services ora firm of architects, following a dcsign competition, to commence with the design lif a new purpose-built Sixth-Form centre, a New Marlburian. 17

MARLBOROUGH COLLEGE COiJNCIL'S REPORT (continued) STRUCTURE GOVERNANCEAND MANAGEMENr Status Ind Admlnlstratlon The College is an Educational Charity (￿. 309486) incorporated by Royal Charter. Its constitution 18 contained in its Charter and Byc-laws. The Trustees of the College con5titutcs the Council. The Council members, key stsff and advisors Are set out 4)n pag¢s 2 to 4. The GovernlDg Body The College's elected members of Council are appointed at the Annual General Meeting of the Council on the recomm¢ndation of th¢ Nominations Committee. Members of CounGiJ are appointed for three years and eligibl¢ for r¢-appoinlmcni but do not nomially serve for more than six year5 in totsl. The Chairnian is exempt from the Above and is appointed for three years. After the initial terni the Chainnan is eligible for re• appointment for a further tern of three years. Reerultmen¢ Indvedon And TrAlnlng of Members of Councll The Nominations Committe¢, in making recommendations for the appointment of new mcmbers of Council. has particular regard to the personal competence. experience and specialist skills of potential candidates. In filling Y￿anCIeS on the Council, consideration 18 also given to the skills required to complement those of existing members, New members of CouJ)cil are inducted into Ihe workings of the College and there is a comprehensive progrnmme of indu¢tion and on80in8 trainin¥. This includes a day at the College, the purpose of which is to meet the Master and members of stsff. Th¢ visil al80 includes 8 tour of the College and the opportunity to meet some of the pupils. New m¢mb¢rs of COU￿11 receive a pack of documents and Info￿atiOn, in¢ludiTJg the AGBIS Guidelines for Governors. MeTnbers of Council receive organised training briefings from professional bodies when appropriate, as well as invitation5 to attend seminars and presentstions. Orggnlsatlon The Charter and Bye-Laws require thai the rights) powers, duties and functions vested in the Council are to be excrcised by the Council Members on its behalf. Accordingly, the Council h&8 the w)wer to decide matters of College policy and to make mtyor decisions affectin8 the affair8 of the Colle8e, 11 is specifically required io d¢tern]ine the tuition fees and lo take responsibility for the College's assets. To enable matters to be considered in detail prior to meetings of the full Council, a Finan¢¢ Committee. a Nominations Comrnittee. a Buildings Committee, an Academic Committee, a Development Committee. & Health & Wellbeing Committee and an Investment Committee have been established and they wh meet at least three times a year. A Remuneration Committee has also been estsblished, which usually meets once a year. Impl¢m¢ntstion of the Council's decisions is the Tesponsibility of the M&8ter. Mindful of the Charity Governance Code, the College LY)ntinucs to review its processes and procedures to ensure th¢ besl possible governance. Following an initial review of governance last year there have been various new initiatives and this will be developed further in the future. Key Management Personnel The key management personnel are considered to be the Council, the M&8ter. the Senior Management Team and the Bursarial Team from the College along with the International Council member4 the Master and the Bursar from Marlborough College Malaysia (MCM). Council members give of their time freely and no Council mernber received remuneration in the year. Details of Council members, expenses and related paty transactions are disclosed in Note 4 and Note 22 respectively to the accounts. 18

MARLBOROUGH COLLEGE COUNCIL'S REPOIU (continued) The pay of the key management personnel and all staff is ￿vieWed 8miually and nornially incTeased in accordance with averdge earnings to reflect a c(YJt of living adjustment. In view of th¢ nFAture of the charity. benchmarks are made against pay levels in other comparable independent schools to ensure that the College remains sensitive to the broader issues of pay and employment conditions elsewhere. The remuneration of the most senior m¢mb¢rs of the key management personnel is set by the Remuneration Committee. The objectives of the remuneration policy is to provide appropriate in￿ntiveS to ¢ncourage enhanced FrfoTmanre and to reward fairly and reS￿nsIblY individual contributions to the success of both Colleges. Related Entllles Details of ￿nnected charitics and subsidiary companies are disclosed in Notss 7 and 21 of the financial statements. Subsldlary Compgnles Mrlborough College OverseA$ Limtted Marlborough College Overseas Limited is a subsidiary of Marlborough College and is Currently dorniant. It has one subsidiary, M East Sdn Bhd, a company registered in Malaysia. M East op¢rat¢s Marlborough College Malaysia (MCM), a school based in the Iskandar region of Malaysia. M8rlborouEh College International Limlted Marlborough College Intemalional Limit¢d is a subsidiary of Marlborou8h Coll¢8e and is currently dornwlt. Marlborough College Enterprlses Limited Marlborough College Enterprises Limited (MCEL) provides a vehicle for the College's non4ducational trading and for additional revenue-generating activities. The Company makes a gift aid donation of its Profits to the College under deed of covenanl. In 2024, the donation was £221,284 (2023: £214.641). Connected CTharftles The Marlborough College Founditlon The objects of the Marlborough Colle8e Foundation ('Mhe Foundation") (registered as an Educational Charity No., 1061798}, are sel out in a Trust deed daled 4 June 1956. MarlboTOU8h College does not ¢ontrol the Foundation, and its accounts are therefore nol ¢onsolidal¢d into the Group accounts of the Colle8e. The main objectives of the Foundation are to provide long-terni support to the College by arxumulating an endowrnent fund for bursaries and to as custodian5 for money raised to 8SSiSt with individual capital projects and annual bursary awards. The Foundation doe5 not fundraise direcdy as this is undertaken by the College's Development Department. The MarlburiAn Club Founded in 1884, The Marlburian Club represents the interests of ils Members with further details set out in the Club's Constitution and Rules, Club members are Old Marlburians, ex-pupils of the College who paid a life subscription to the Club. The College does not control the Club, and its accounts are therefore not consolidated into the Group accounts of the College. Th¢ M8rlburiAn Club Charit4ble Fund Th¢ objects of the M8rlburian Club Charitable Fund ("MCCP') (registered as a Charity No: 1063749), are set out in the 1997 revision to the ¢onstitution of the Trust approved by the Charity Commission. Marlborough Colleg¢ does not control MCCF, and its accounts are iherefore not Consolidated into the Group accounts of the College. 19

MARLBOROUGH COLLEGE

STATEMENT OF TRUSTEES' RESPONSIBILITIES

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

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102);

• make judgements and estimates that are reasonable and prudent;

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

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

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

Auditors

A resolution to reappoint the auditors, Crowe U.K. LLP, will be submitted to the Annual General Meeting.

Marlborough College Wiltshire SN81PA

By order of the Council

Date: 21 June 2025

20

MARLBOROUGH COLLEGE INDEPENDEiYf AUDITORS, REPORT TO THE TRUSTEES OF MARLBOROUGH COLLEGE Opinion We have audited the financial statements of Marlborough College for the year ended 31 August 2024 which comprise the consolidated Statement of Flnancial Activities, the consolidated and charity Bajance Sheets, th¢ Group C&8hflow Ststement and the related notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their Prep￿atIon is applicable law and United Kingdom Accounttng Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicabl¢ in th¢ UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practic¢). In our opinion the financial 5tatements'. give a truc and fair view of the state of the Group's and of the parent Charity's affairs as at 31 August 2024 and of the Group's income and expenditure for the year then ended. have been properly prepared in accordance with United Kingdom Gener￿lY Accepted Accounting Practi¢e: and have been prepared in accordance with the requirements of the Charities Act 2011. Bisls for opinion We conducted our audit in accordance with International Stsndards on Auditing (UK) (ISAS (UK)) and applicable law. Our res￿nSibIlItIeS under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of OUT report. We are independent of the Group in accordance with the ethic&l requirements are relev8nt to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethioal responsibilities in accordanoe with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriat¢ to provid¢ a basis for our opinion. Conclu$lon$ relating to golng eoneern In auditin8 the financial statements, we have concluded that the Council's use of the going concern basis of accounting in th¢ preparation of the financial ststements is appTopriate. Based on Ihe work we have performed, we have not identified any materlal unc¢rtainties relating to events or conditions ihal, individually or collectively, may cast significat)i doubt on the charity's ability to continue ￿ a going concern for a period of at least twelve months from when the financial statements are authorffised for issue. Our responsibilities and the responsibklities of the Council with respecl to going concern are described in the relcvAnt sections of this report. Other InformAtlon Council are responsible for the other inforn)ation contained within the annual report. The other information comprises the information included in the annual report, oiher than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other infornmlion and we do not express any ftirni of a55urance conclusion thereon. Our responsibility is to read the other inforn]ation and, in doing so, consider whether the oiher inforniation is materially inconsislent with the financial statements or our knowledg¢ obtained in the audit orotherwise appears io be materia]ly misststed. If we identify such material inconsistencies or apparenl material misstatements, w¢ are required to deterniine whether this gives rise to a malerial rni8Statement in the financial statements themselves. If. bawj on ihe work we have perfo￿¢d, we conclude that there is a material misstaternent of thi5 Other information, we are rquired to report that fact. We have nothing to report in this regard, MAtters on which we Ire required to report by exception We have nothing to report in respect of the followin¥ malters in relation to which the Charitie5 (Accounts and Reports) Regulations 2008 require ￿ to report to you if, in our opinion: the infonnY4tion given in the financia] statements is inconsislent in any material respect with the Cou￿71,$ reporL or sufficient accounting records have not been kept by the parent charity. or the financial ststements are not in agreement with the ￿Counting records and returns. or we have not received all the infonnation and explanations we require for our audit Responsibilities of Council As explained more fully in the Council's Responsibilities statement, set out on p&8e 21. Council are responsible for ihe preparation of the financial statements and for being satisfied thai they give a true and fair view. and for such internal rontrol as Council deterniine is n￿eSsary to enable the preparation of financial statements that are free from materia] misstatement, whether due to fraud or error. 21

MARLBOROUGH COLLEGE INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF MARLBOROUGH COLLEGE In preparing the financial statements, Council are res￿nsIble for assessing the Group's and the parent charity's ability to Contin￿ as a going coneern, disclosin& as applicable, matters related to going concern and using the going concern basis of accounting unless the Council either intend to liquidats the charity or to cc&se operation5. or have no realistic ahwnativ¢ but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 151 of the Charities A¢t 2011 and rew)rt in accordance with the Act and relevant ￿gUlationS mad¢ or baving effect thereunder. Our objectives are to obtsin reasonable assuran¢e alx)ul whether th¢ financial ststements as a whole are free from material misstatemenl. whether due to fraud or ermr, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a rnat¢rial misstatement when it exists. Misstatements can aTi5e from fraud or error and are considered matsrial if. individually or in the ag￿egate, they Could reasonably be expected kn influence the economic dexisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detecting irregularities. including fraud and non-compliance with laws and regulations are set out below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting )uncil's website at: www.frc.owuklauditorsresponsibilities. This desrAipiion fornvJ part of our ouditor's report. Extent to whieh the audlt WAS tongidered capable of dettetlng Irregularltles, Ineludlng frAud Irregularities. including fraud, are instances of non-wmpliance with laws and regulations. We id¢ntifJ¢d and assessed the risk of material mi&statement of the financial statements from irre8ularities, whthher due to fraud or error. and discussed these between our audit team members. W¢ then designed and p¢rfornied audit procedures responsiv¢ to those risks, including obtsinin8 audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an underst&nding of the legal and Tegulatory frameworks within the charity and Group operates, focwing on those laws and regulations that have a direct effect on the detennination of material amounts and disclosures in the financial stat¢ments. The laws and regulations we considered in this context were the Ch8rities Act 2011. together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit pn)cedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statement but compliance with might be fundamentsl to the charitable rompany's and the Group's ability to operats or to avoid material penalty. We also c¢n$idered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Edu¢aiion (Independent School Standards) Regulations 2014. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Council and other management. and inspection of re8ulatrJry and le8&1 correspondence. if any. We Identified the greatest risk of rnalerial impact on the financial statements from itTeBularitie8, including fraud. to be within bursarie5, scholarships And other discounts, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and ihe Audil and Risk Committee about their own identification and &8sessment of the risks of ]￿e¥U1aritieS, sample testing on the ￿sting of journals, revieviing accountin8 estimates for biases, designing audit procedures over fee concessions, discoun￿ reviewing regulatory correspondence with the Charity commissio￿ Independent Schools Inspectorate. Ofited and reading minutes of meetings of those charged with governance. Owing to the inherent limitstions of an audit, there is an unavoidable risk that we may not have detected some material misstatemcnts in the financial statements, even though we have properly planned and perfornied out audit in accordance with auditing standards. For example, the further removed notFcornpliance with laws and regulations (irregularities) is from the events and transactions reflecled in the financial stalements, the less lik¢ly the inherently limited procedures required by auditing standards would identify it. In addition. ￿ with any audit. there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We arc not responsible for Preventing nonwcompliance and cannot be expected to dete¢t non-compliance with all laws and rcgulations.

MARLBOROUGH COLLEGE

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF MARLBOROUGH COLLEGE

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.fc.org.uk/auditorsrespnsibilities. This description forms part ofour auditor's report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Statutory Auditor 4th Floor St James House St James Square Cheltenham GL50 3PR

Date: 24 June 2025

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

23

MARLBOROUGH COLLEGE STATEMENf OF FINANCIALACTivrrIES (Group) FOR THE YEAR ENDED 31 AUGU￿ 2024 Re5trieted & Endowed Funds £'ooo Restated Total 2023 £?000 Unrestricted Fun(ts £'o Designated Funds Malay$i* College £'ooo £'ooo Total 2024 £'o Notes Income and endowments from: harltabl vi School fees Summer School 43,864 1.621 16,808 60.672 1,825 55,450 1.572 204 Other activities Trading Income Other Income Donations, grants and legacies Investments 1,124 2,588 13 807 175 1199 1,299 5.037 2,524 1.957 1,335 4,150 15,329 1.314 250 2,507 654 419 77 Totsl income 50,017 19.601 535 3.161 73,314 79,150 Expendlture on: Raisin ? funds Trading costs Financing costs Marketing and fund raising Investment management 796 950 I,ioo 181 2,957 196 977 3.914 1,304 60 910 4.154 1,326 61 54 2,846 3,334 13 62 6,255 6,451 Charita Colle8e operating costs: Teaching costs Surnmer School expenses Welfare costs Premises costs Support ￿sts Grants, awards and prizes Ihpreciation 17,681 1,621 7,096 10,585 3,201 8,015 25,699 1,621 8.578 13,337 5.807 2,110 5,765 24,090 1,473 8,057 12,642 6.097 1,799 5,640 1,414 2,713 2,606 68 39 458 1,652 4,056 1,709 44240 16.457 458 1,762 62,917 59,798 Total expendlture 47,086 19.791 471 1,824 69,172 66,249 Net IncomeJ(expendlture) before inve5tmenl goin8 Net gains/(losses) on investments 2.931 (190> 1,337 4,142 2,439 12.901 210 2.229 (686) Net Incomel(expenditure) Transfers between funds Revaluation of other investment &8sets Ex¢hangc losses Re-measurement of Pension Deficit 2,931 (190) 274 3,566 6.581 12215 14 1,296 35 (36) (125) (1.171) 35 (16) 94 72 (323) 369 20 NET MOVEMENf IN FUNDS Fund balances at 31 August 2023 4,320 94,930 (170) 613 149 1,367 2,395 21 J69 6,694 118279 12.333 105,946 Fund bglances 9t 31 August 2024 99250 IA16 23,764 124973 118279 Full comparatives for the Staternent of Financial Activitie5 are Sho￿ in Note 24 on page 52. 24

MARLBOROUGH COLLEGE

BALANCE SHEET

AS AT 31 AUGUST 2024

			Group		College	College
			Restated
		2024	2023	2024		2023
	Notes	£'000	£'000	£'000		£'000
FIXED ASSETS
Tangible	6	152,360	147,046	125,952		121,185
Investments	8	28,109	25,869	28,233		25,993
		180,469	172,915	154,185		147,178
DEBTORS DUE IN MORE THAN
ONE YEAR
Deferred Tax Asset	5	957	924
CURRENT ASSETS
Listed investments	8	2,208	2,094	2,208		2,094
Stock		443	574	81		79
Debtors	9	5,198	4,055	2,171		3,158
Cash at bank and in hand		43,589	23,766	29,226		11,099
						--
		51,438	30,489	33,686		16,430
Less: Creditors - Amounts
falling due within one year	10	(29,994)	(29,994) (23,412)	(19,363)	(19,363)	(14,700)
Net current assets		21,444	7,077	14,323		1,730
Creditors - Amounts falling due after one year	11	202,870 (77,897)	180,916 (62,637)	168,508 (44,038)	(44,038)	148,908 (31,328)
NET ASSETS		124,973	118,279	124,470		117,580
REPRESENTED BY:
Unrestricted Funds Restricted Funds	13 17	101,209 11,322	96,910 10,079	100,706 11,322		96,211 10,079
Endowed Funds	18	12,442	11,290	12,442		11,290
						--
	12	124,973	118,279	124,470		117,580

These financial statements were approved by the Council.

21 June 2025 .................................................... -Date

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

25

MARLBOROUGH COLLEGE CASH FLOW STATEMENf (Group) 2024 2023- Rest2ted £?000 £9000 £'ooo Reconcllistion of net income to nel cash lknv from operating aetivitK8 Net income per Statement of Financial Activities Depreciation charges & tmpainnent Amortisation cost for refundable deposits Gain on sale of tangible fixed ￿ets Bank interest and investment incorne Net gain on investments tnterest payable (IncreaseyDe¢ttase in stock On¢reaseyDe¢rease in debtors Increasel(Decrease) in creditors In¢rea8el(De¢rease) in lease creditors Operating lease payment Tax charge for the year (M East) Tax paid in the year (M Easl) 6.530 5,797 (239) (59) (1.956) (2.439) 1,585 139 (144) 18,537 1,971 (861) 597 {437) 12,215 5,640 (538) (29) {1,314) 686 1.472 {43) {778) 4,246 2,124 (765) 1,096 (80) Net cash provided by oper*tin£ o¢tivi¢i¢s 29,02] 23,932 Cash IIow8 from iDv¢sliDg 4¢tivi¢i¢s Bank interest and investment income Purchase of tsngible fixed assets Proceeds from sale of tangible fixed assets Purchase of investments Proceeds from sale of investments Purchase of govermnent securities and corporate bonds Proceedy from sale of government securities and corporate bonds 1,956 (10,162} 65 {13,781) 6.792 1,314 (9.904) 29 (7,786) 4.566 {30) Net c•sh used in investlng aetlvltles (15,130) (11012) C#$h Ilows from finlndng aetfvltles tnterest payable Capital repayment on1¢ftge creditors (1,583) (166) (1,472) (103) Net cash used In financfing a¢¢lvitles (1,749) (1,575) Change In cash and cash equivalents in the reporting period 12,142 10,545 Foreign exchange movements 514 (1.403) Cash and cagh equivalenls at the beginning of the reportin8 period 32,356 23,214 Cgsh c25h equlvalents At the end of the reporting period 45,012 32J56 Anal sisofc nd cash Cash at bank and in hand Uninvesied cash included in investments ivalentg 43.589 1,423 23.766 8.5 Total Cash and CAsh equivaleDt5: £45,012 £32056 An analysis of net debt is included in Note 23. 26

MARLBOROUCH COLLEGE STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 AUGUST 2024 The priJJcipal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows." a) Bxsls of preparation The financRal Statements have been prepared in accordance with Financial R¢porting Slandard 102 and the Ststernent of Recornmended Practice (SORPIFRS102)) 'AGCOUnting and Reportin8 by Charities, effective l January 2019 and the Charities Act 2011. The financial slatemcnts have been prepared to give a 'tru¢ and fair. view and have departed from the Charities (Accounts and Reports) Regulations 2008 oJ)ly to the extent required to provide a 'true and fair view,. This departure has involved following Accounting and Reporting by Charities that prepare their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2015 rather than the Accounting nd Reporting by Charities.. Stst¢m¢nt of Recommended Practice effective from l April 2005 which has since been withdrawn. Marlborough College meets the definition of a public benefit entity under FRS 102. The financial statements are prepared in accordance with the historical cost Convention as modified by the revaluation of certain Assets. Assets and liabililie8 are initially recognised at historical cosl or transaction value unless otherwise stated in the relevant accounting policy note(s). Th¢ presentation currency is pound sterling while the subsidiary of MarllK)rough College Overseas Limited, M Easl Sdn Bhd, a company regisiered in Malaysia and which operates ihe school Marlborough College Malaysia IMCM). whose ￿nCtIonal currency is Malaysian ringgils. Th¢ accounts are rounded to the nearest thousand. b) Golng concern The Council considers there are no material uncertainties about the GTOUP'S financial viability and hence its ability to Continue as a going concern. The review of the financial position, reserves levels and fvture plans gives Trustees confidence the G￿uP remains a going concern for the foreseeablc future. IT] Particular, ¢on$ervative cashflow modelling with sensitivity analysis including the implementation ofvAT on school fees indicates that the cash reserves of the UK charity are adequate to meet the obligations as they fall due. Accordingly the Council believe that the Colleges, financial resources are suificient to ¢nsur¢ that b)th Colleges. and the Group as a whole, will continue as a going ¢oncern for the foreseeable future, being at le8sI 12 months from the date of approval of the financial statements, and have therefore prepared the financial statements on a going concern basis. e) Crltlcxl a¢eounting judgements and estlmates In preparing these financial slalements, Management has made jud8ements, estimales and Assumptions that affect the application of the College's accounting policies ond the reported assets, liabilities, income and expenditure and the disclosures made in the financial statements. Eslimates and judgements are continually evaluated and are based on historical experience and other factors, including expeclaiions of futyr¢ events that are believed to be reasonabl¢ under the cir¢umstanc¢s, Certain long terni liabilities, including overseas deposits and entran¢¢ deposits. have not been discounted on the grounds ihat the impact of discounling is considered to be immaterial to the financial stalem¢nts. Where the impact is material. specifically in relation to MCM entrance d¢posits, th¢ liabilities have been dis¢ount¢d. Deferred tax assets DefeTred tax assets are recognised to the extent that is probable thatt￿ble profits will be available against whi¢h the deductible temporary differences or unused tsx losses can be ulilised. Impairment of Property and Equipment The Colleges, assess whether there is any indication that property and equipment are impaired at the end of each reporting period. Impairnient loss is rec(Jgnised for the amount by which the wrying amount of the asset exceeds its recoverable amount. The recoverable amount is the higher of an assees fair value less costs to sell and value in use. For the p￿r￿)se8 of assessing impairmenl assets are grouped at the lowesi level for which there is separately identifiable cash flows (cash generating units). d) Fees and Similar Income Fees receivable ￿ charges for servi¢e$ are occounted for in the year in which the service is provided. Fees receivable are ststed after deducting allowances. scholarships and other rernissions granted by the College. and include contributions received from Associated Funds for Scholarships, Bursarics and otber grants. e) Summer School and the School of English and Culture The courses take place in the months of July and August each y¢aT. In¢ome and expenditure relating to the Summer Sch￿1 and the School of English aT]d Culture is reflected in the year the courses tske place and is refetTed io as -summer School" 27

MARLBOROUGH COLLEGE STATEMENf OFACCOUTr4TING POLICIES (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 Donations gifts and le8aeies Donations are recognised as incorne on receipt of funds. If received for the general pury05es of the College they are credited to College funds. Wherc the Council designates donations for spccial purposes they are CTeditcd to designated fimds. to distinguish them from direct school income. Donattons subject to specific wishes of the donor5 are credited to rcl¢vant restrithed funds, or to endowed funds. where the capital is pernianent. Legacies are recognised &s income on receipt of funds or when entitlement of Teceipt by the Foundation is measurable and CODsidered probabl¢. Entidement is tsken to be th¢ earlier dat¢ of the College being notified of an impending distribution following settlement of the estate or the legacy being received. g) Expenditure Expenditure is accounted for on an acC￿alS basis when there is a legal and constructive obligation to make a payment to a third party and th¢ amount can be measured reliably. Expenditure is allocatsd to expense headings either on a dir¢¢t wJt basis, or apportioned according to time spent. Support costs include expenses which enable charitable activities and fund genernting to be undertaken. Governance costs include expenditure on mana8ernent and complianc£ with constitutional and statutory requirements. h) LeA8ei The Colle8¢5' r¢nts]s paid under operating leases, in which substantially all the risks and rewards of ownership are retained by tIK lessor, ar¢ ¢haT8ed to income on a straight line b&si8 ov¢r the1¢88e term. MClIA's leases of assets where they assume substantl￿]Y ail risks and rewards incidental to ownership of the leased assets ar¢ Classified as flnance leases. The leas¢d assets and the corresponding lease liabilitie5 (net of finance charge5) under fjnance leases aye recogni5ed on the balance sheet a5 land and buildings and borrowings respectively, at the inception of the leases b&s¢d on the lower of the fair value of the leased assets and the present value of the Tninimurn lease payments. Each lease payment is apportioned between the finance expense and the reduction of the outstanding lease liability. The finance expense is recognised in the Ststement of FAAJanci81 A¢livities on a basis that reflects a constant periodic rate of interest on the fjnance lease liability. l) Flngn¢lo1 In$trnments Both Colleges have financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors And creditors are initially recognised at transaction valu¢ and subsequently meosured at their settlement value. MCM also has debt instruments that are classifled as current assets or Current liabilities and are me&sured at the undiscounted amount of cash or other consideration expectsd ts be paid or received. Other debt instruments are measured at amortised ¢o$t using the effectiv¢ interest method. Tanglble flxed Assets The College land and buildings in exislence at l July 1999 were valued by the Council on the following basis: Specialised buildings were valued using depre¢iat¢d replacement cost. Specialised buildings are buildings such as schools, "where there is no competing market demand from other or8anisations using these types of propety in the locality" and are therefore rarely sold on the open market for stngle occupation for a continuation of their existing use, except as part of a sale of the busine&s in occupation. Acquisitions of specialised buildings subsequent to l July 1999 are capitslised and subsequently depreciated in accordance with the College's nornwl accounting poli¢i¢s, as sel out below (page 29). Non-specialised buildings were valued at existing use value. Non-speciallsed buildings include residential buildings outside the College campus and shops. Land related to speciali5ed buildings were valued on an agricultural value basis. Land relatin8 to non-5pecialis¢d buildings were valued at open market value. The College does not intend to adopt a policy of Tevaluation. Thus the buildings valuation5 at l July 1999 are froz¢n subject to any adjuslments necessary resulting from an irnpairnient review. 28

MARLBOROUGH COLLEGE STATEMEiYf OF ACCOUNTING POLICIES (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 Tangible fixed assets (eontinu¢d) Vehicles and other items of equipment with an individual purchase price of £l.000 or alx)vc and a useful economic life of two years or mor¢ are capitalisel whereas all IT equipment is capitalised. Depreciation for th¢ Group is provided to Write off the cost or Valuatio￿ less estirnated residual valu4 of all fixed assets. ex¢ept freehold lan￿ over their expcctcd useful lives. The rates of depreciation are as follows: Buildings: Buildings Building services and fjxtures Building renovations Leasehold buildings Computers Equipment Fixtures and Furniture Motor Vehicles 10 to 50 years 10 years 15 to 25 years based on remaining lease tenn of 30 yeors up to 2042 3-4 years 5 years 5 to 10 years 4 years k) Fixed I￿¢t and current asset Investments Listed investments held as fixed or ¢urrent assets are included in the financial statements at market value. The fjxed asset listed investments are known as "The College Funds" and include moni¢8 invested by Designated, Restricted and Endowed funds. These funds are allocated with units which establish their proportion of the overall investmeni P)ol. Th¢ transactions rrlating to the consolidated investment pool are then sharcd out between ihe funds on a unit basis. Realised gains are the difference between sales proceeds and opening market value where the invesiment was held at the beginning ofthe year, or sales proceeds less cost of purchase where the investmenl w&8 acquired in the year. Unrealised gains are the change in value of investmenls after taking into account any mov¢m¢nls in investment holdings such as purchases and disposals of investments. R¢alised and unrealised gains are accounted for within the Statement of Financial Activities, Investment properties consist of agricultural land and commercial and retsil properti¢s. They are inc1￿￿ed in the financial statements at their open market value as estimated by proftssional valuers annually, l) Stoek Stock is valued at the low¢r of cost and nel realisable valu¢. m) Debtors and other debtors are recognised at the settlement amount due aftcr any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. n) Cash at bgnkAnd in hand Cash at bank and cash in hand includes cash and short lern) highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the dew)sit or similar account. o) Creditors and provisions Creditors and provisions are recognised where the Collcge has a present obligation resulting from a past event that will probably result in thc transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Credilors and provisions are nornlally recogni5¢d at their settlernent amount after allowing for any trade discounts due. LKgng tern liabilities are discounted where the Impa￿ is material, p) Funds The Statement ofFinancial Activities 15 analysed betwcen Unrestrictsd College Funds. Unrestricted Designated Fund5, Restricted Funds and Endowed Funds. The purp)se and a¢countin8 treatment of these fimds are explained further in Notes 13 to 18. 29

MARLBOROUGH COLLEGE STATEMENT OF ACCOUNfiNG POLICIES (Continned) FOR THE YEAR ENDED 31 AUGUST 2024 q) CoDsolid&tion The Group financial statements repre￿nI the activities of th¢ College ronsolidated with:_ Marlborough College Enterprlscs Ltd IMCEL)" and Mwlborough College Ov¢rseas Limited. which incoTporates its subsidiaries:. M East Sthi Bhd {which nms Marlborough College Malaysia school (MCM)): and Taska M East Sdn Bhd (which runs the nursery element of MCM). Consolidated financial statements have been prepared for the College and its wholly 0￿ed subsidiaries. The turnover and expenditure of the subsidiaries are i￿luded within the consolidated 81atement of financial a¢tivities. The assets and liabilities of the subsidiaries are included on a line-by-line basis in the consolidated balance sheet in accordance with FRS102 section 9 - consolidated and separate financial statements. Uniforni accounting ￿lI¢jeS are adopted throughout the group and any profits or losses arising from intra-group transactions Are eliminated in the consolidated Statement of Financial Activities. whe￿ any difftrences arise between United Kingdom Generally AcL%Pted Accounting Principles (UK OAAP) Malaysian Generally Ac¢epted ArKounting Principles. on consolidation UK GAAP has been followed. The College has taken advanla8e of the exemption available to a qualifying entity in FRS 102 from the requirement to Present a charity only Cash Flow Statement wiihin the consolidated financi81 statements. r) Employee benefits The College contributss to the Teachers. Pension Scheme at rates set by the Scheme actuary and advised to the Board by the Scheme Administrator. FOT the purpose5 of wmplying with relevant accounting standard5, the Teacher5. Pension Scheme is ac¢ounted for as a defined contribution Scheme as the charity is not responsible for. OT entitled to rnceive benefit for any surplus or deficit of the scheme. The amounts included within the Ststement of Financial Activities. Balance Sheet and Cash Flow Statement are in accordance with FRS 102 section 28. The College participated in two of The Pensions Trust (TPT) schemes thal were multi-employer defined benefit schemes: the Independent Schools, Pension Scheme and ihe Growth Plan, with both bein8 closed in October 2022. Tt is not possible in the nonnai course of events to identify on a consistent and reasonable basis the share of underlying assets and liabilities belonging to individual participating employers. This is because the Schemes are multi-employer schemes where the scheme Bssets are c mingled for investment purposes and benefits are paid from the tola] scheme assets. However. the College has been advised by the Pensions Trust as to the deficlt repayments due in relation to the schemes. Therefore, in line with the requirements of FRS 102, the College recobrnises a creditor for the discounted present value of the deficit contributions due to the scheme, which will continue for the next few years even thou8h the ￿h¢M¢S have been closed. The College also ¢ontribut¢d to The Pensions Thist Fl¢xibl¢ R¢lirem¢nt Plan, which was Closed to existing members in October 2022. The College now contributes to the Marlborough College Pension Scheme, also a defined contribution scheme and the Independent Schools, P¢nsion Scheme - Defjned Contribution Scheme. both with rdte$ set by the College. Salary sacriflee for pensions was introduced with the new defined contribution schemes to members. Th¢ amounts included within the Statement of Financial Activities, Balance Sheet and Cash Flow Statement are in accordance with FRS 102 section 28. MCM'S pension benefit schemes comprise a defined contribution plan: a pension plan under which the Company pays fixed contributions into a separate entity (a fund) and has no legal or ¢on$lrn¢tive obligations to pay fvrther contributions or to make direct benefit payments to employee5 if the fund does not IK)Id sufficient assets to pay all employees benefits relating to employe¢ service in the cu￿ent and Prior periods. Other em ee benefit Short term benefits including holiday pay are recognised &8 an expense in the year in which the service is received. Temination benefits are accounted for on an accrual basis and in line with FRS 102. s) Fornlgn eurrtney tran8l#don The College's functional and presentstion currency is pound sterling. Monetary assets and Itabilities denominated in foreign currencies are translated into sterling at ihe rales of exchange ruling at the balance sheet date. Transactions in foreign ¢UTTencies are re¢orded at the rate ruling at the date of the transaction. All differences are recogni5ed in the SOFA. t) Legal stitus Thecollege is incorporated by Royal Charter and regi￿ered as an Educational Charity (No. 309486). Its constitution is contained in its chart￿ and Bye-laws. Its Principal address is shown on Page 3. 30

MARLBOROUCH COLLEGE NOTES TO THE FINANCIAL STATEMENTS FEES RECEIVABLE 2024 2023 - Restgted £'ooo £'ooo Full fees for pupils at the Schools 65,571 59.631 65,571 59,631 L£ss: Deductions Scholarships Bursaries and other d¢du¢tions 300 6.401 357 5,362 (6.701) (5,719) 58,870 53,912 Add back., scholarships, wts etc paid by restricted funds Add back: scholarships, grants etc paid by designated funds 1,344 994 458 544 Receivable by the Schools 60.672 55,450 The 2023 figures have been restated io show the bursarics and scholarships funded by the designated and restricted funds. Restated 2023 £10 2024 £'ooo OTHER INCOME Registration and acceptance fees Rental income Miscellaneous Charges for extras in¢ludin8 school trips Gain on disposal of tangible fixed assets 846 102 603 3,427 59 544 ioi 315 3.161 29 5,037 4,150 The 2023 figures have been restated to show the breakdown of income for school trips and ¢xtra8 that had previously been netted back within expenditure. ANALYSIS OF TOTAL EXPENDITURE Stsff ¢o$t$ £'ooo Other direet eo8t5 2024 Total 2024 £'ooo f raisin Trading costs Finance costs Marketing and fundraising Inv¢stment management aritable a ie College operating costs: Teaching costs Summer School expenses Welfare costs Premises costs Support costs Grants, award5 and prizes Depreciation and impaim¢nt 371 606 3.914 841 60 977 3,914 1,304 60 463 19,449 616 5.454 2,776 2,895 6,250 1,005 3,124 10,561 2.912 2,110 5,765 25,699 1,621 8,578 13,337 5.807 2,110 5,765 32,024 37.148 69,172 All costs included above are direct costs of each activity. The full comparatives and the support costs of rnnntng the Group are sIK)wn on pages 32 and 33. 31

MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (continued) ANALYSIS OF TOTAL EXPENDITURE (conlinued) Restated 2023 Totsl £•ooo Stsff Costs £•ooo Other dire Costs 2023 Costs of raisin fund Trading costs Finance costs Marketing and fundrnising Investment management Charitable activities College operatin8 LX)sts: Teaching costs Summer School expenses Welfare costs Premises costs Support costs Grants. awards and prizes Depreciation and impainnent 370 540 4.154 862 61 910 4,154 lJ26 61 18.768 555 4,906 2.806 2,856 5,322 918 3,151 9,836 3,241 1,799 5,640 24.0 1,473 8,057 12.642 6.097 1,799 5,640 30,725 35,524 66,249 The figure for Grants, awards and prizes has been restsled to a¢couni for the reclassificatton of negative funds to expenditure AS a result of charitable activities. In addition. the Teaching costs have been restated to include the actual costs of school trips and extras that had previously been netted off WAth income against the expendttutt. 2024 £?000 2023 £•ooo rtco Administrative 5a]aries Office costs Profession￿ fees Other adminlslrative costs Governance costs 2,895 1,282 1,130 347 153 2,856 1,163 749 1.169 160 5.807 6,097 32

MARLBOROUGH Coll￿GE N(YfES TO THE FINANCIAL STATEMENTS (￿ntinlled} Restated 2023 £'ooo EXPENDITURE 2024 £'ooo Expenditur¢ includes: Equipment rental Deprecialion Auditors, remuneration Non-audit service fees Fees paid io subsidiary auditors Council members, expenses reimbursed Council members. liability insurance 309 5,765 53 280 5,640 46 17 35 27 17 41 15 SIAff Costs Wages And salaries Social security costs Other pension Costs Redundancy costs 26,110 2,195 3,512 207 25,387 2,026 3,165 147 32,024 30.725 Employee5 numbers during the year were.. 2024 Ave. 2023 Ave Nos 2024 FTE Nos 2023 ENOS Teaching staff Teaching Support staff Non-tea¢hing staff Tradin8 activities 272 168 466 269 144 453 285 107 367 263 98 365 915 877 765 733 The number of higher paid employees wa5: 2024 Nos 2023 Nos Taxable emoluments band.. £60,000 £70,000 £70,001 £80.000 £80,001 £90.000 £90,001 £ioo.000 £1 00,001 £1 i 0,000 £110,001 £120,000 56 35 13 49 41 14 11 £120.001 £130,000 £140,001 £150,000 £160,001 £170,000 £180,001 £190,000 £190.001 £200,000 £260.001 £270,000 £300,001 £310,000 The total employee benefits re¢eive)J by key management personnel in the year ended 31 August 2024 were £3,179,781 (2023: £3,322,131). 33

MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (eonlinued) EXPENDITURE (¢onthiued) Pension &hemes Trgchers. Pension S¢hem¢ The College participatss in the Teachers, Pension Scherne (￿he TPS") for its teaching staff on a Phased Withdrawal b￿ll$. It was closed to new leachers from 31 August 2022. From l January 2023 existing teachers were given the option to move to the Marlborough College Pension schem4 a defined contribution scheme, or remain in the TPS with a variation to their salary and turc contributions. The pension charge for the year includes contributions payable to the TPS of £1,448.854 (2023. £1,642,980) and at the year-end £163.012 (2023 - £165,407) was ￿rU¢d in respect of contributions to this ￿herne. The TPS is an unfimded multi-ernployer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 (as amended) and The Teachers, Pension Scheme Regulations 2014 (as amended). Members contribute on a try as you go" basis with contributions from members and the employer being credited to the Exchequer. Rrtirement and other pension benefits Ère paid by public fimds provided by Parliament. The ernployer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actU8riaJ valuation of th¢ TPS w&$ prepared as at 31 March 2020 and the Valuation R¢port w•s publish¢d in Odober 2023. Following the Mccloud judgemenL the medy proposed that when benefits beLU)me pAyabl¢, ¢ligible rn¢mbers can select to receive them from either the reformed or legacy ￿herneS for the period l April 2015 to 31 Ma￿h 2022. The actuaries have umed that mernbers are likely lo choose the option that provides them with the ￿ater benefit4 and in preparing the 2020 valuation have valued the 'greater value, benefits for groups of relevant members. The ernployer contribution Tate for the IFS ig 28.6% and employers are also required to pay a scheme administration I¢￿Y of 0.08ts/0 giving a totsl employer contribution rate of 28.680/ This scheme closed to all existing active members in October 2022 due to the in¢reased costs of running $u¢h a s¢h¢me. There is still a potential debt on the employer that could be levied by the Thistee of the Scheme. The debt 1$ du¢ in the event of the employer ceasin8 to participate in an Independent Schools, Pension S¢h¢me or the Scheme winding up. Marlborough College has been nolifjed by the Pensions Trust of the ¢stimat¢d employer debt on withdrawal from the Independent Schools, Pension Scheme based on the financial position of the Scheme 88 at 30 Sepiember 2023. As of this date the estimated employer debt was £8.94m (2023: £11.24m). This amount is not provided for in the a¢¢ounts. This pension scheme is a coll¢¢tiv¢ defined benefit soh¢me under section 28 of FRS 102. Accordingly contributions have been accounted for as they fall due &$ if it was a defined contribution scheme, except for the recognition of a creditor for deficit contributions which has been notified to the College, which will continue despite the scheme bein8 closed to existing members. As required by FRS 102, the discounted present value of deficit contributions Ilotified to th¢ College has been included in creditors. AS shown in Notes 10 and I I, a total of £2.435.000 was included in creditors at 31 August 2024 (2023: £2.529,0(N)). The commitment to make contributions to the scheme in the year was £332,884 {2023: £436,416). Contributions tolalling £29,235 (2023: £29,468) were payable to pension schemes at the year end. Th hPI n- Defined Benefit Schem The Growth pla￿ also OP¢Tated by Th¢ Pensions TrusL which allowed AVC payment4 was aJ80 closed to all existing active members in O¢lober 2022. As with the ISPS. there is a p)iential debt on the employer that could be levied by the Trustee of the Scheme. The debt on withdrawal was valued at £51,619 as at 31 October 2022 and this was paid by the College at which point the College Rased to participate in the plan and the College has no further liabilities in relation to Ihis pension scheme. 34

MARLBOROUGH COLLEGE N(yrES TO THE FINANCIAL STATEMENTS (continued) ISPS Deficit 2024 £'ooo 2,529 2023 £'ooo 2,884 Provision at start of period Unwinding of the discount factor (interest expense) Deficit contribution phid 137 117 (325) (316) Remeasurements - impact of any change in assumptions 94 (156) R¢m¢asurements - amendments to the contribution schedule Provision at end of period 2,435 2.529 A defined wntribution scheme operated by L¢gal & General has been opened to all new staff frorn September 2022, including teachers. Exisling Support Staff and T¢￿h¢r$ were given the opportunity to move to this scheme with varying contributions to mirror those of Ihe respective current pension schemes. Employee and employer contributioi]s can vary> but the oveTar¢hing aim of these pension change8 is to address the risk assoGiat¢d with d¢fined benefit pensions. The commitment to make wntributions to the scheme during the year w&q £2,053.637 (2023.. £1,442,665). Contributions totalling £188,968 (2023: £132,151) were payable to the scheme at the year end. A defined contribution scheme operaled by Th¢ Pensions Trnst W&8 opened in October 2022 as a result of the ISPS DB being closed to current members, This means that the current ernployer d¢bt for the DB scheme is not Iri88¢red as th¢ ISPS schern¢ is essentially still open. The cornmitm¢nl to make contributions to the scheme during the year WAS SA,937 (2023., £3.918). Contributions totalling £658 (2023.. £392} were payable to the scheme at the year end. rin tlo Defined contribution schemes operated by Employee, Pension Fund IEPF) and SOCSO (Social Security Organisation) are statutory boards for employees, retirement schemes. The employee contributes are I l Yo and 0.50/0 for EPF and SOCSO respectively and the employer contributes 120h for EPF and 1.750/0 for SOCSO. The wmmitment to make wntributions to th¢ ￿herne during the year was £152,89812023: £147,743). Contributions totalling £nil (2023.. nil) were pay8ble to thc scheme at the year end. 35

MARLBOROUGH COLLECE NOTES TO THE FINANCJAL STATEMKNIS (Continued) TAXATION As a charity the College is exempt from United Kingdom income tax and corporation tax. MCM is norn)a]ly subject to tax (24%) but was granted a lax exemption on IOOO/o of statutory income for a period of 10 years under Section 127(3A) of the Income Tax ACL 1967 commcncing year of asscssm¢nt 2011 which expired in De¢¢mber 2021. The deferred t&x assct now recognised in the balance sheet has been used to offset taxable profits until fillly offset when tax will then become payable. The deferred tax &sset is made up &8 follow&: Regt2te41 2023 £,{￿0 2024 £*ooo DefeTred tax assets: deferred incorne provisions 1,650 76 1.363 129 1,726 1.492 Deferred tsx liability: - acLelerated of capital allowances over depreciation (769) (568) 957 924 36

MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENfs (Continued) TANGIBLE FIXED ASSETS COLLEGE SUBSIDARY COMPANIES Lind & Bulldiny Equipment £'ooo GROUP Lfind & Buildin £'ooo 2024 Equipment £'ooo Tot*1 £'o Totsl Totgl £'o COST I September 2023 Additions Disposals Exchange effects 149,120 8.259 13,560 162.680 538 8.797 (53) (53) 33,639 615 4.946 806 (32) 167 38,585 1,421 {32) 1,386 201.265 10,218 {85) 1,386 1219 31 August 2024 157,379 14,045 171,424 35,473 5.887 41,360 212,784 DEPRECIATION I September 2023 Charge for the year Disposal Bx¢h&nge ¢ffeets 30.903 3,194 10,592 831 (48) 41,495 4,025 (48) 9,512 1,368 3,212 372 (32) 119 l2.724 1,740 (32) 520 54,219 5,765 (80) 520 401 31 August 2024 34.097 11,375 45,472 11.281 3,671 14,952 60,424 NET BOOK VALUES 31 August 2024 123,282 2,670 125,952 24,192 2,216 26,408 152J60 31 August 2023 118,217 2,968 121.185 24,127 ,734 25,861 147,046 No depre¢ialion was Charged on freehold property additions of the Group amounting to £6,284,435 (2023: £6,435.703) as the projects were incompl¢t¢ al 31 August 2024. Thc tangible fixed assets are wholly used for the Group activities. Capitsl commitments: 2024 £'ooo 2023 £'o(Ki Contracted for bul not provided in these accounts 2,284 3,050 Authorised but not contracted for 7225 6,532 37

MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (Contlnued) INVESTMEiYf IN SUBSIDIARIES 2024 2023 Interest in subsidiary undertakings 360 360 The College owns 10(P/• of the following companies, share capital both of which are registered in England and Wales: MArlborough College Enterpriqes Limited- 02967713 The issued share capitsl of the wmpany is £150. Marlborough College Interngtional Limited- 12054930 The issued share capital of the company is £lOO. M*rlborough College (Oversea$) Llmlted- 6407923 The issued share capital of the company is £110. The Lximpany did not trade in the year. The College via Marlborough College Overseas Limited owns IW/o of the share capitsl of M East Sdn Bh4 which is registered in Malaysia and Nns Marlborough College Malaysia ("MCkf'). M East in turn own$ I￿10 of th¢ share capital of Taska M East Sdn, Bhd, a nursery run by MCM on th¢ sam¢ sit¢. 38

MARLBOROUGH COLLEGE NOTES TO THE FINAIYCIAL STATEMENTS (Continued) INVESTME￿ IN SUBSIDIARIES (tontlnued) The results of the College's trading subsidiary companies are summari5ed below. Enterprl$es 2023 M Ea$t 2024 2024 Restated 2023 £'ooo £'ooo £'ooo Turnover Cost of sales 1.340 (932) 1,337 (921) 19,601 16.111 Gross profil 408 416 19,601 16,111 Teaching Welfare Facilities Administration {8,015) (1,414) (2,713) (4.692) (6,3 50) (1,348) (2,532) (4,762) (216) (229) Operating profit 192 187 2.767 1,119 Gift Aid donation to th¢ Colle8e Actuarial Movement Finance Costs Tax charge for the year (221) {243) {2,340) (597) (2.405} (1,096) (26) (45) (170) (2,382) Marlborough College Enterprises Limited have transferred a sum of gift aid to Morlborough College in the year of £221,000 (2023: £243,000). The net assets of Marlborough College Enterprises Ltd at 31 Au8USt 2024 amounted lo £59,701 (2023.. £85,305>, and for M East £565,601 {2023: £736,767) Turnover represents both external customer sales and those to Marlb0￿U8h College. Below d¢tails those transactions with the College for both departm¢ntsl and pupil shop purchases, and salary cross ¢harg¢s. 21124 £'ooo (681) 2023 £9000 (655) MCEL Payment from the College to MCEL,. Payment from MCEL to the College.. Rent 18 18 2024 Owlng Al the year end MCEL to the College £g1)00 2023 £'o(M) 173 312 During the year a iotal of £1.34 million (RM 7.469 million) (2023; £765,301AiM 4.207 million) was transferred from MCM to Marlborough College for royaliies. This transftr included the balance of royalties for year ending 31 August 2023 of £832,644 (RM 4,895 million) along with £74 869 (RM 507,842} of withholding t&x. 2024 £'ooo 2023 &ooo Owing at year end MCM to th¢ College 590 1,450 39

mARI￿oROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (Continued) FIXED AIYD CURRENfASSET INVESTMENTS (Group) Fixed Asset Investments £9000 Current Asset Inveslments £'ooo 2024 Listed 8e¢urities: Markd value at 31 August 2023 Addilions Disp06al at opening mfirket value Revaluation 15.326 13.780 (6,474) 2,401 lJ66 (279) 60 25,033 1.147 Endownent property Cash at bank for re-investment Rare books Investment properties (revalued 31 August 2024) 362 847 1,860 1,061 Market value at 31 August 2024 28,109 2,208 Historical CL)sts of listed securities 21.647 1,249 Listed securities are represented by: UK Government fixed interest UK fixed interesl and index linked Forei￿ Fixed Interest UK equities Forcign Equities Property 596 751 353 478 316 7,660 15,876 150 25,033 1,147 Th¢ r￿aluatIOn of ihe listed securities stated above is in relation to unrealised gains and losses. In addition to the unr¢a]i8ed gains of £2,461,OtIO there were £22,000 of realised losses which are included in ihe Statement of Financial Activities. The College's investment properties are valued annually at the end of August by Woolley & Wallis. There was a £5.000 increase in the valuation compared with the valuation al 31 August 2023, The College's Rare Books are valued annually at the end of August by Dominic Winter Auctioneers. There was 8 £30,000 inCre￿e in the valuation compared with the valuation at 31 Au8USt 2023. The College had a beneficial interest in the Treval8a estate. which was administered by independent trustees, whereby the Colleg¢ received surplus income from the estate but had no entitlement to the capital. Trevalga's Thjstees sold the estatc 11] July 2023 and the Colleg¢ received £10 million of the proceeds towards bursaries for pupils with a Cornish ¢onne¢tion, which were subsequently invested in listed 5ccurities during the financial year. The College has investments of £124,000 in its oversea subsidiaries. 40

MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (Continued) FIXED AND CURRENT ASSET INVESTMENTS (Group) (eontlnued) 2023 Fixed Asset Investmtnls Curreut Asset Investments £'ooo Listed securities- Market value at 31 August 2022 Additions Disposal at opening rnark¢t value 12.714 7,663 (5,096) 45 1.393 30 (56) 15,326 1,367 Endowment pr¢)perty Cash at bank for re-investment Rare books Investment properties (revalued 31 Au8USt 2023) 7.864 817 1,855 727 25,869 2,094 Market value at 31 August 2023 13,996 1,517 Hislorical costs of listed securities Listed securities are represenled by: UK Government fixed Anlerest UK fixed interest and index link Foreign Fixed Interest UK equities Foreign Equilies Property 615 450 302 438 8.296 6.432 160 15,326 ,367 DEBTORS- Amounts falllng due wlthin one y¢gr Group R¢stit¢d 2023 £'ooo College 2024 £'o(K) 2024 £10 2023 £'ooo Fees in arrears and extras Sundry deblors Prepayments Trade debtors Amount due from related companies 727 66 2.077 2.328 578 73 1,719 1.685 727 io 670 578 73 744 764 1,763 5,198 4,055 2,171 3,158 41

MARLBOROUGH COLLEGE NOTES TO THE FINANCJAL STATEMETh (Continued) 10. CREDITORS- Amounts falling due within one year Group Re5t8ted 2023 £'ooo College 2024 £?000 2024 £ooo 2023 £.￿0 Entrance and overse&8 deposits Fees in advance scheme Trade creditors and accruals Lease Creditors Other taxation and social secuiity Sundry creditots Pension deficit payments 7284 7.466 12.889 268 595 1.157 335 1.254 215 19,659 167 547 1,244 326 604 7,466 9281 612 215 11.822 533 1,154 325 494 1241 316 29,994 23,412 19,363 14,700 11. CR&DITORS- Amountg fwlling dv¢ ofter one yeor Croup 2024 £'ooo College 2023 £'ooo 2024 2023 £?(￿0 Lease creditor8 Accrued Operating Lease Liabilities Entrnnce and overseas deposits - Amounts due within two to five years - Amounts due after five years Fees in advance s¢heme - Amount8 due within two to five years Loan note Pension deficit pa￿ents 23,483 6.144 22,920 4,812 5,057 3,498 4,820 2,454 2,796 1,591 1753 1.010 12,615 25.000 2.100 428 25,000 2.203 12.615 25,000 2,036 428 25,000 2,137 77.897 62.637 44,038 31.328 The loan note of £25 million is repayable in stages: £1 O million in 2037, £5 million in 2042 and the remaining £10 million in 2047. The loan is unsecured and incurs interest of 3.24(htr pa which is payable every six months. 12. ALLOCATION OF NET ASSETS BETWEEN FUNDS (Group) The net a85ets are held for the various funds as follows., Net eurrent Assetsl (LIAbilities) £9000 2024 L•ng term Liabilities £'ooo Flxed issets £?000 Investments £0( Total £'ooo Unre8tri¢ted & Designat¢d Restricted Funds Endow¢d Funds 153,317 4,120 11,297 12,692 21,669 25 {250) (77,897) 101209 11,322 12.442 153,317 28,109 21,444 (77,897) 124,973 Net eurrent A￿t$/ ILiabiliti¢s) 2023 Flxed assets Long tenn Lfiabilitie £'ooo Investments £'ooo Totsl £'ooo £'ooo Unrestricted & Designated Restrictsd Funds Endowed Funds 147,970 3,984 10.054 11,831 7,593 25 (541) (62,637) 96.910 10.079 11,290 147,970 25,869 7,077 (62,637) 118279 42

MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (Continued) 13. UNRESTRIcfED FUNDS (Group) 2024 Balance I Septernber 2023 £?(KK) Trnnsfers & Other gainslOos$es) £'ooo Balanet 31 August 2024 £'ooo Income Expenditure £'ooo £'oIMJ College general funds Malaysia designated fund College designated funds (Note 16) 94.930 613 1,367 50,017 19,601 535 (47,086) (19,791) (471) 1,389 20 85 99,250 443 1,516 96,910 70,153 (67,348) 1,494 101.209 2023 Reststed Balance I September 2022 Transfers & Other galnsl(losses) £'ooo B•lanee 31 August 2023 £'ooo Income Expendlture £?000 £*ooo College general funds Malaysia designated fund Coll¢g¢ designated funds (Note 16) 89,527 2,995 1,478 45,970 17,217 672 (44,814) (19,382) (613) 4.247 (217) (170) 94,930 613 1,367 94.000 63,859 {64.809) 3,860 96,910 Restated for the transfer of funds in ihe Statement of Financial Activities 43

MARLBOROUGH COLLEGE N(YfES TO THE FINANCIAL STATEMENIS (Conlinued) 14. TRANSFEROF FUNDS 2024 £901)0 2023 The transfers betwc¢n funds arc listed below. Unrestri¢t¢d College Revenue Fund 1,296 3.912 DeslEllAted College Childr¢n of Clergy Fund FALS (48) 177) {50) (125) (50) Restrleted College Masler's Fund revenue Capital Projects & Bursaries 237 {1.009) 262 (3,700) (772) (3,438) Endowed Fund$ Master's Fund capital Cannon Diggle Scholarship Fund Elstob Scholarship Fund Gabriel S¢holarsbip Fund Sir Geor8e Abell Scholarship Fund Barton Scholarship Fund Bullock & Chuwh Memorial Scholor5hip (231) (18) {70) (9} {io) <47) (14) (245) (19) (74) (9) (li) {51) (15) (399) (424) Transfers between the Designated, Restricted and Endowed Funds and the Revenue Fund repre$ent contributions to scholarships and bursaries as well as capital project funding.

MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (Continued) 15. TOTAL RETURN INVESTMEIYTS The Endowed Funds investments and movements in the unappli¢d total return are set out below. Endowment Unapp]ied Total Return Total £'ooo £sooo £'ooo As at I September 2023 11,513 (223) 11,290 Movements in the rtportlng perlod Investment return.. dividends and interest 398 398 Investment return: realised and unrealised gainsl{losses) Investment management costs Total 1,207 (54) 1.207 (54) Extraction of income from total return {399) (399) Net movement for the r¢porting period 1,152 1,152 As at 31 August 2024 IlJ13 929 12,442 The Council adopted totsl applied return in December 2020 and in the absence of reliable records of the original donation balances, the market valuc of the investments as recorded at I September 2020 was taken as the value of the original gifts. This figure represents the baseline below which disposals may not be made, therefore taking a higher value than the actual donations was Gonsidered io be prudent. The amount of return applied a5 income is calculated as 3.5•A of the average of the last three years, year-end valuations of the College Fund. The totsl unapplied return represents the amount available to be applied, at the Council's d1s¢r¢tio￿ over and above the 3.50/0 applied income. 45

MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (Continued) 15. TOTAL RETURN INVESTMENTS {continu¢d) Endowment Unapplled Total Return £'ooo £'ooo £90(M) As at I S¢ptember 2022 11.513 390 11,903 Movements In the rèportlng perlod Investment return,, dividends and interest 424 424 Investment return.. realised and unrealised 8ains/(losses) Investment management costs (558) (55) (558) (55) Totsl (189) (189) Extradion of inMme from totsl Teturn (424) (424) Net movement for the reporting p¢riod (613) (613) As at 31 August 2023 11,513 (223) 11,290 46

MARLBOROUGH COLLEGE P40TES TO THE FINANc￿L STATEME￿ (Continued) 16. DESIGNATED FUNDS BlAnee I September 2023 £'ooo Transfers & otber ggins/(105ges) £'o(H) Balance 3J August 2024 £'ooo 2024 Income £'ooo Expendlture £yo( Children of Clergy Fund capital Children of Clergy Fund revenue FALS Fund Designated Bursaries & ProjcGts 1,355 (6) 143 (47) (li) 1.492 24 48 29 458 (li) (7) (458) 1,367 535 (471) 85 1,516 B91gnce I September 2022 £'ooo Transfers & other Expendlture gainsl{losses) £ooo £•ooo B%lanee 31 August 2023 £'ooo 2023 Income £'o Children of Cler8y Fund capital Children of Clergy Fund revenue FALS Fund Designated Bursaries & Projects 1,427 23 28 (6) (66) (50) {54} 1,355 23 li?} 50 22 600 (7) (600) 1,478 672 {613) (170) 1,367 De51gnated Funds These consist of funds, as described below, which were originally set up to allocate donations of a general purpose towards destgnated purposes as approved by the Council. At the discretion of the Council, the funds can be applied towards other objectives, as has been the Case with the d¢signat¢d bursaries and proj¢¢ts during the year. Children of Clew Fund The Fund is used to assist the children of clergy to attend the College. The fund receives investment in¢om¢ from its share of listed investmenls in the Consolidated Fund Investment Pool. Surplus income is transferred lo the College in order to assist the College in its obligations towards Children of Cl¢r8y bursaries. FALS Fund During the year the Council took ihe decision to review the position of designated funds and Iransferred the b818nce of these fijnds (advance fee paymenls} back to unrestricled funds. 47

MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (Continued) 17. RESTRICTED FUNDS BAIADce I September 2023 £'ooo Transfers & Other Expendlture galnsloosses) £'ooo £'ooo Balanee 31 August 2024 £ooo 2024 Ineome £'ow) The Master's Fund revenue Curgenven Fund Other Trust Funds Capitsl projects and bursaries (237) (35) 237 1.023 10.034 45 254 11.276 46 2,507 (1,498) (1.009) 10,079 2,762 (1,770) 251 IlJ22 Bfilanee I September 2022 £9000 TrAn8fers & Otber Expendlture gAins/(1058es) £'ooo £9000 Balanee 31 August 2023 £?000 2023 Ineome £?000 The Master's Fund revonue Curgenvcn Fund Other Trust Funds Capital projects and bursaries (262) 262 (9) 10,043 10.034 45 43 4,822 (1,123) (3,699) 43 14,867 (1,385) (3,446) 10,079 Restrieted Fundg These trust funds Are subject to specific trusts declared by lh¢ donors or with their authority. These include donations towards specific capitsl projects (the Innovation and Science project plus the Memorial Hall) as well as bursary awards. The depreciation related to thesc proj¢cls, wh¢n ¢ompl¢t¢d, will k ¢xp¢nd¢d through lh¢ vnr¢$tri¢t¢d funds as part of the running costs of the College. The Mster•$ Fund Tt is represented by capital and accumulated income fund4 which are expendable in accordan¢e with the wndilions imposed by the donors: solely for th¢ purpose of providing bursaries and scholarships to pupils at the College. Tot8] return accounting has meant the inLX)me is now accurnulated llnd has been transferred to endowed funds b¢for¢ being expended. The Gerald Curgenven Fund Thi5 new fund hag been set up with Ihe procttds the College received from the Trevalga estate following its sale. It I￿ been sel up with the sole purpose of assisting Children with a wnnection to Cornwall to attend the Colle￿. Other Thist Funds These comprise trust funds whose assets are applied in accordance with conditions imposed by the donors. Tl do not ow] specified numbers of units in the Consolidated Fund Investment Pool and instead specific list¢d investments. 48

MARLBOROUGH COLLEGE NOTES TO THE FI]YANCIAL STATEMEN13 (Contillued) I& ENDOWED FUIYDS BAlance I September 2023 £'ooo TrAnsf¢rs & investments gains1(losses) £'ooo Bglante 31 August 2024 2024 Ineome £'ooo Expenditure £*ooo The Master's Fund capital Canon Diggle Scholarship fund Elstob Scholarship fund Gabriel Scholarship fund Sir George Abell Scholarship fund Barton Scholarship fund Bullock & Church Memorial Scholarship 6,538 512 1.970 247 277 1.356 390 217 18 70 (29) (3) (9) (i) (i) (9) (2) 425 39 143 17 19 129 35 7,151 566 2,174 272 305 1,534 io 58 17 11.290 399 (54) 807 12,442 BalAnee I September 2022 £>ooo TrAnsfers & Investments Expenditure Ealn51(1055e5) £'ooo £'ooo Balance 31 August 2023 £'ooo 2023 Ineome £'ooo The Master's Fund capital Canon Diggle Scholarship fund Elstob Scholarship fund Gabriel Scholarship fund Sir George Abell Scholarship ￿nd Barton Scholarship fund Bullock & Church Memorial S¢holar8hip 6,886 541 2.078 260 292 1.435 411 230 19 74 {30) {3) (io) {i) (i) {8) {2) (548) (45) (172) (21) (25) (133) (38) 6,538 512 1,970 247 277 1,356 390 62 19 11,9Y>3 424 (55) (982) lJ,290 Endowed Fundi These trust funds are subject to specific trusts declared by th¢ donors or with theiT authority. Th¢y are represented by pemianent capital fvnds. Income arising from the investments is applied in accordance with the conditions imposed by the donors. The Mastergs Fund Individual Consolid&ted Trust Funds ihat have been consolidated with approval of the Charity Cornmission are represented by p¢rnw]enÉ CaPAtal funds. with the funds to bc applied to bursary and scholarship support. Scholarship funds The Canon Diggle, Elstob, Gabriel and Sir George Abell Scholarship Funds were all established by specific gifts which were to be invested to generate income to provide scholarships to pupil$ at the College. As part of the 2021 ¢solution Barton and Bullock & Churrh M¢rnorial Scholarships funds ure now also shovm as separate scholarship fund5 rather than as part of the Master's Fund. 49

MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMEiYfs (Continued) 19. FXNANCE LEASE COMMtTMENrs Property and Equip]nent 2024 2023 £'ooo £?0 At 31 August 2024 the Group had the following total commitments under non-cancellable finance leases: Within one year Tlvo to five years More thall five years 1.007 8.433 30.345 798 6,857 31.536 39.785 (16.034) 39,191 (16.104) Less: fvture finan¢¢ Charges Prcsent value or rllW)ce lease liabililies 23.751 23.087 Representing: Within one year to five years More than five years 268 3.334 20,149 167 2,452 20.468 23,751 23.087 20. OPERATING LEASE COMMITMENTS Property and EqulpmeDt 2024 2023 £?(K £'o At 31 August 2024 the Group had th¢ following total commitments under nonwcancellable operating leases: Within one y¢ar o to five years More ihan fjve years 2207 8,379 26.691 2,135 8.118 27.772 37.277 38,025 21. CONNECTED CHARITIES Th¢ Marfburixn Club ChAritsble Fund (MCCF) (1063749) The objects of MCCF are set out in the 1997 revision to the constitution of the Trust approved by the Charity Commission. The Collegc does not conttDI MCCF. and its accounts are therefore not consolldated into the group accounts. ￿￿5￿CtionS with the Marlburian Club Charitable Fund include: 2024 £'ooo 2023 £'ooo Donations to the College 197 175. M*rlborough College Foundgtlon (reglstered 2s g Charlty No: 1061798) The objects of the Foundation are set out in a Trust deed dated 4 June 1956. The College does not Control the Foundation. and its accounts are therefore not consolidated into the ￿up accounts of the College. The rnain objectives of the FoundatlOD are to provide long-tenn support to the College by accumulating an endowment fund for bursaries and to act as custodians for money raised to assist with individual Capital projects and annual bursary awards. The Foundation does not fundT&ise directly as this is undertaken by the College's Development department. Thc Master, M Birkin, S Bishop, P Colernan (rcsigncd 2 December 2023), and T Martin-jenkins were trustees. Transactions with the Marlborough Colle8e Foundation included: 2024 £'ooo 2023 Donations to the College 2,301 4,715 50

MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL sfATEMENfs (Continued) 22. RELATED PARTY TRANSACTIONS Transactions between thc College and its subsidiary undcrtakings are set out in Note 7. As shown wilhin Note 4, the College reimbursed travel and other expenses of £34,703 to filleen Council Members (2023: £41,000 to eleven Council members). No Council members received remuneration in the current or prior year. ANALYSIS OF NET DEBT Movements in Cash Flow Effeets of foreign exehange £'IM)o At I Sep 2023 £?000 At 31 Aug 2024 Cash at bank and in hand Uninve5ted cash included in investsnent 23,766 8.591 19.309 (7,167) 514 43,589 1,423 32,356 12,142 514 45,012 Loan Note- amount due after l year (25,OtKI) {25,(Kio) 7,356 12,142 514 20,012 51

MARLBOROUGH COLLEGE NOTES TO THE FINANCJAL STATEMENTS (Continued) 24. COMPARATIVE STATEMENT OF FINANCIALACTIVITIES Restricted & Restaled Endowed Total Funds 2023 Unre8trficted Funds £'ooo Do8ign2ted Funds Mglaysil College £'ooo Ineome And endowments from: Charitable activities School fees Summer School 40.250 1.473 15,200 55.450 1,572 iv Trading In¢om¢ 1.170 2.599 165 1.550 1.335 4,150 Donations ts and le acies 500 14,829 15,329 Investment 478 302 72 462 lJ14 Total In¢ome 45.970 17,217 672 15,291 79.150 Exp¢ndltur¢ on: Raisin funds Trading costs Financing costs Marketing and fvnd raising Investment management 820 862 1,126 90 3,285 200 910 4.154 1,326 61 55 2,808 3,575 13 55 6,451 haritsble a ivities College opernting costs.. Teaching wsts Summer School expenses Welfare costs Premises wsts Support Costs Grdnts, awards and prizes Depreciation 16,615 1.473 6.672 9.998 3,508 {18} 3,758 7,456 19 24,090 1,473 8,057 12,642 6,097 1,799 5,640 1,348 2.532 2,589 37 112 1,273 1,882 42,006 15,807 600 1.385 59,798 Totsl expendlture 44,814 19,382 613 1.440 66,249 Net income before Investment galDS Net {lossesygains on investmenls 1,156 (2.165) 59 13,851 12,901 (686) (120) (566) Net (expenditMreYineome Traosfers between fijnds Revaluation of other investment assets Exchange (105sesygains Re-me&8urement of Pension Deficit 1,156 3.912 72 (106) 369 (2,165) (61) (50) 13,285 (3,862) 12215 72 (323) 369 (217) NET MOVEMENT IN FUNDS Fund balances ￿ 31 August 2022 5,403 89527 (2.382) 2.995 9.423 11,946 12,333 105,946 1,478 Fund balances at 31 August 2023 94,930 613 1.367 21,369 118.279 The figure for Grants, awarLts and pri￿$ has been restated to account for the re¢l8ssification of negative funds to expenditure as a result of charttable activities. In addition, the leaching costs have been rest*¢d trj include th¢ athal costs of school trips and extras that had previously b¢¢n netted off with income under expenditure. 52