MARLBOROUGH COLLEGE (Ineorporgted by Roy91 Chgrter and registered as an Educational Charity No.. 3094861 REPORT OFCOUNCIL AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Crowe U.K. LLP Chartered Accountants Registered Auditors MARLBOROUGH COLLEGE (Incorporated bv Royal Charter and registered as an Educational Charity No: 309486) FOR THE YEAR ENDED 31 AUCUST 2025 INDEX Page Trustees, Officers and Advisers 24 Council's Report 5-19 Statement of Trustees, Responsibililies 20 Independent Audit(Trr'5 Report Statements of Financial Activities 24 Balance sheet 25 Cash Flow Statement 26 Siaternent of Accounting Policies 27-30 Notes to the Financial Statements 31-52 MARLBOROUGH COLLEGE MARLBOROUGH COLLEGE TRVSTEES, OFFICERS AND ADVISERS TRUSTEES The Trustees of Marlborough College constitute the Council. Th¢ Lord Bishop of Salisbury (President- ex oificiol The Council memb¢r5 during the year and up to the date the financial st8tetnents were Signed were.. Heidi Venamore PSM (Chair of Council) Michael Birkin (resigned 21 June 2025) Joe Chambers Peter Denton IChairnJan of the Finance Committee) Tania Freeman Anthea HatTies (Chair of Buildings Committee) (Appoinced 16 March 20261 Kasase Kabwe Tim Martin-Jenkins (Chainnan of Foundation, Chaimian of Developmeni) (resigned 21 June 2025) Prof Cav Simon Mordani (Chair of Nominations Committee. Chair of Remuneraiions Committee) Ros King (Chair of Health and Wellbeing Committee} Rev Canon Roger Powell lapFA)inted 3 October 2025) Sabina Reeves (Chair of Academic Committee) Moria Sttaus (appointed 15 October 2025) Sarah Thomas Colin Weir {appointed 3 October 2025) International Members of Council.. YAM Tunku Ali Redhauddin ibni Tuatd(u Muhriz Da5ho Sangay Wangchuk MARLBOROUGH COLLEGE MARLBOROUGH COLLEGE TRUSTEES, OFFICERS AND ADVISERS (Contithued) OFFICERS KEY i¥IAf4AGEMENT PERSONNEL The Master L J Moelwyn-Hughes Bursar (Chief Operating OtTicerl A G Hart {resigned 31 December ?0?4) A E Flanagan (interim from 8 January ?0?5 10 31 December ?025) B McAhron I I january to 20 April 20?61 D Todd (appointed 21 April 20?61 Exetlltive Tearn: Second Ma5teT S M Wessels Deputy Head (Acadetllic) D T Clark (resigned 13 Febn2ary 2026) A Langdale la¢ting froTn 14 February ?0?6) Depury Head (Pastoral) Deputy H¢ad (CO-CU￿]rU1￿r) E C Nightingale J R B Scragg Senior Management Team.. Deputy Head (Boarding) Director of Adtnissions Director of Safeguarding Director of Development Director of Marketintw & Communications Asslstani Head (Teachmg and Learning) Assistant Head {Inspe¢tionl J A Hodg50n J Lyon Taylor C Kant S LerwiI1 {re%igned 25 April 2025) J Jordan B Nightingale T Lauze Bursarial Team Estates Bursar Direcior of Enterprises Direcior of Finance A Bames (resigned 21 April 2026) M Naworynsky (acting from 9 July 2024 to 14 Febn]ary 20261 H Mack (resigned 31 August 2025} D Todd (interim, appointed I September 2025) C Beary-Pownall 110 June to 31 December 20241 J Jones (HR Consultani, l Feb to 31 August 20251 L Mill (appointed 4 Sepiember 2025) M Naworynsky (resigned 14 February 20?61 M Arnold (interim, appointed 23 February 2026) T Elgar {acting 30 September 2024 to 29 August 2025) P Jones (appointed 8 Sept¢mb¢r 2025) Director of Human Resources Director of Operdiions & Enierprise Head of ICT Principal Address. Marlborough College Wilishire SN8 IPA Marlborough College Malaysia The Masier S Burbury Bursar M Wai.Tsz Cheny (resigned 31 December 2025) M Hom (appointed l January 2026) Address.. Marlborough College Malaysia Jalan Marlborough 79200 Lskandar Puteri Johor Malaysia MARLBOROUGH COLLEGE MARLBOROUGH COLLEGE TRUSTEES, OFFICERSAND ADVISERS (Continued) ADVISERS Lloyds Bank Barnwood I Barnett Way Gloucester Gloucestershir¢ GL4 3RL Soliciiors.. FatTer & Co 66 Lincoln's Inn Fields London WC2A 3LH Veale Wasbrough Vizards LLP Narrow Quay House Brisiol BSI 4QA Auditors.. Crowe U.K. LLP (appointed April 2024) 4th Floor, St James House St James. Square Cheltenham GL50 3PK Invesm)ent Advisers.. Rathbones 8 Fin5bury Cir¢us Londotl EC?M 7AZ Cazenove Capital l London Wall Plaee London EC?Y SAU In5uran¢e Brokers.. PIB Insurance Brokers Poppleion Lane Low PoppIe￿n Lane York Nonh Yorkshire Y026 6GZ MARLBOROUGH COLLEGE COUNCIL'S REPORT The Council presents its report for the year ended 31 August 2025 under the Charities Aci 2011. together with ihe audited financial 5taternent5 for the year, and confims ihat the laner comply with the requirements of the Act. the Charter and Bye-Laws and the Charitie5 SOEiP (FRS 102- second edition). 0￿ECT5, AIMS AND OPJECTIVES Objects Founded in 1843. Marlborough College (the College) is an educational charity govemed by its trustees known as the Council. The College's mission is to deliver the best independeni. co-educaiional. full boarding education in the UK or elsewhere, namely Marlborough College Malaysia (MCM), and to be retognised for this globally. The College was founded io provide an exteptional education for children frotn all wa]ks of life and it remains deeply committed to increasino accessibility- There is a strong sense of COrn￿u￿1￿. at the College, built upon outstanding pasioral care and a diverse co-curricular protsiamme. There is also a focus on local community work, particularly with local primary schools. on local volunieering and on fi￿draiSIng for charity. Aims and Objectives The College and MCM seek to pr(yJuce well-rounded individuals.. acadernically atnbitious, open-minded, adaptable and so¢ially minded with a strong sense of perspective for their community and the wider world. It looks to foster excellence through teaching and learning, chus promoting the strongest Possible educational values, in order that pupils develop into responsible and comtnitted young adults with the skills to make a difference in whatever they choose to do. It Strives 10 encourage pupils tts have a strong sense of community and of servite. to value diversity of all kinds and tts welcome interaction with others, to have the confidence and ambition to fvlfil their poieniial and to have the initsaiive to embrace possibilities with an open mind. to take action and to lead. Our Aims are.. To provide a safe, inclusive and nurniring communiry Marlborough is a diverse community with wellbeino and mutual respect at its heart.. pupils, teachers and par¢nls collaborate to ensure everyone thtlves because they feel happy, seture and valued To instil a commitment to service Marlborough fosters a culNre of service and responsibility which equips pupils to make a positive diff¢reTL¢e and have a beneficial impact upon the wider world To fosier ambiiion MarlborouJo provides inspiratsonal learning opportunities, motivating pupils to fulfil their potential, develop intellectual curiosity and become life-long learners To develop initiative Marlborough encourages pupils to b¢ curious and open-minded, and supports them in pursuing new initiative5 and developing leadership Strategie5 to aehieve the Year'5 Objectives The Colleges. strategies for achieving their objective5 during the year are ongoing.. develop all pupils, academic ambition - particularly by utilising the Marlborough Mindset whi¢h has been established to assist in developing learning and study skills,. continue to review the academic CU￿1cUluM to ensure that i( is boih broad and challenging,. continue io benchmark pupils. academic perfomiance in external public examinations and through the use of independent value-added criieria {alrhouJts i this is noi possible to the same extent for MCM}.' encoura(Te pupils, spiriMal and rnoral growth, their culturdl awareness and physical development, well as ensuring their wellbeing by promoting participation in a wid¢ range of activities and through the curriculum,. continue to improve the tracking of pupils, progress and aligning this with their individual pastoral needs to ensure the best outcotne p055ible for each pupil. continue io improve the Colleges, faciliiies and to protect the (historic) environmeni through capital projects to itnprove and enhance the reaching, c0-cu￿1cu1ar and pastoral facilities throughout the Colleges. ¢onlinue io improve the sustainability of the Colleges, estates through an onooin programme of capital investment, particularly at the Colleoe where the campu5 15 much older with a number of listed buildings: continue to explore and develop partnerships with stat¢ s¢hgols and academses 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 for pupil numbers and fmancials including operating SUTpluses and Cash generation. ARLBOROUGH COLLEGE COUNCIL'S REPORT (continued} REVIEW OFTHE YEAR Operational Performance Ptspils Marlboiou¥h College {-'the College"} is a eo-educalional full boarding school providing education for boys and girls from the ages of 13 to 18, while Marlbomugh College Malaysia ("MCM"} provides education from ihe ages of 3 to 18 for both day and boarding pupils. The College has had another year of strong pupil nutnber5, whereas for MCM. following the impact of closed borders for more than two years. pupil number5 are continuing to bounce back and are predicted to exceed pre-pandemic numbers during the next acadetnic y¢ar'. School YeAr Girls Boys 565 Boarders Day 47 Av Total 2024125 440 958 1.005 1.013 983 MCUK 2023124 446 567 972 2024125 478 505 178 805 MCM 2023124 445 449 168 726 894 The overall capacity of the College is ¢UTrently 1,020 pupils spread a¢ross 16 i￿ordIng houses with the (Tender balance in a ratio of 560/0 boys and 440/0 girls. The College's waiting lists remain strong which gives confidence rhai the Colleg¢ can operate ai (near) capacity for the foreseeable fU￿re. However, the Council is mindful that there 15 still the potential for a lasting impact froTn global political and econornic events, ineludints the on-going high cost of living and the itnposiiion of 200/0 VAT on school fees from I January 2025. The full impaci on pupil numbers in the years to come is still to be understood, as private education tsenerally sees a delayed impact following econotnic downturns. The Council is looking to rnitigate this impact as much as is possible and is also mindful of increased employmeni costs as a result of the increases io the national living wage and e]Thployer's national insurance ¢ontributions, plus chanoes to employment law and the removal of charitable relief on council tax. MCM has recorded continued growth. with an overall increase of IOYO as shown in the numbers above. While ihe implemeniation of the Sales and Service Tax (SST) on educaiion presented new operational and financial ¢halleng¢s, the Admission team continued to ¢x¢cute a 5tratetsic outreach plan across key Asian rnarkets, including Sapan. Kore4 China, and Singapore. alonoside local initiatives within Malaysia. These collective eEforts have reinforced MCM'5 rnark¢t position and supported 5U5tained enrolment growth. Facililies and liifraslruclure Developmeiil The College has now delivered its ambitious Innovation and Science projecL which was funded through generous fundraising and private placemeni money. Following the completion of the Innovation Centre in early ?021, the renovation phase of the listed Science building was cotnpleted in spring 2025, despite Tnany challenoes including cost inflation. The final renovation phase has now compleied and the Dew faciliry opened at Easier 2026. The works have included sensitive renovarion of the listed strnC￿re while creating an entir¢ly modern and innovative fa¢ility for world class ￿tenCe teaching. The boarding house refvrbishment programme continues with a furth¢r boarding hotsse refurbishment commencing in March 2026. This refi]rbislllnent will not only bring facilities entirely up io dale bui will also decarboni5e the heating system with a substantial air source heal pump heating system as well a5 a range of ¢Der(￿r etTicient uptsrades. The Colleoe has also started work on onveTsation of an existing property into our f]r5t day house, College House, which will be open to pupils in September 2026. There were also a number of smaller Capital projects undertaken in the year includints a rolling IT upgrade to bring all teaching facilitie5 UP to a high level of functionality and tapability.. as well as the replacement of a large part of the electric van fleet. This resulted in UK capitsl spend in the year of £9.4 million, increased from the prior year's spend of £8.8 million. All of the UK wo￿$ fom)ed pan of the Master Development Plan that Wa5 e5tablsshed in 201 l. It represents a total expenditure tg dale in excess of £95 tnÈllion for the College. and £8.1 tnillion (RM91.4 million} for MCM since its incepiion in September 2012. A master plan and space audit are currently undenvay (o updaie and refresh the 2011 plan. This will infomi the ambitious plans of the Master and Council to further improve academic rigour and pastoral and co-curricular provision above its already excellent levels. MARLBOROUGH COLLEGE COUNCIL'S REPORT leontinued) MCM continues to see strono pupil entoiment. providing additional re50uices to reinvest in the College's facilitie5 and learning environment. In 20?41?5, a further two boarding houses were fully re￿rbisbed. completnenting the improvements cornpleted last year and enhancing the boarding experience for the boarders. MCM a150 undertook regular rectification work5 and replacetnent of air conditioning units across the ¢ampu5, ensuring a safe and comfortable envirotllnent for all pupi15. Acadefftic facilities received iartseted upgrades. including improvement to one of the science laboratories, enhancetnents to the College'5 Outdoor learning and a Covered roof over the tennis court5. The total capital expenditure for the year atnounted to £1.6tnillion IRM9.1 million). reflecting MCM'S continued comrnittnent to providing high-quality education, boarding and campus facilities in line with the growth in pupil nutnber. Eductzrfoiiul Performance The College continues to offer an extensive Sixth Forni curriculum with pupils able to participate in A level and other level three qualifications, including the Extended Project Qualification IEPQI, while MCM otTeTS the iniernaiionally re¢ognised Iniemarional Baccalaureate (IBI. MCUK 2023124 MCUK 2024125 2023124 A Level A. grade A'.B grades A*.C des 2024125 150/0 850/0 {I)GCSE 9-81A' grade 9.51A*.B grades 941A*_C grades 450/0 930/0 440/0 960/0 960/0 960/0 990/0 The r¢sult5 from A level examinations taken in the summer of 2025 reflert the d¢di¢ation and hard work of our pupils, 5UPPOrted by th¢ exp¢rtls¢ and commitment of th¢ir tea¢hers. 4 pupils achieved 4 A 5, 9 pupils Scored 3 A*s OT mor¢, with 153 pupils scoring As as their most comrnon grade. Value Added scores were on¢¢ again sector leading. The11)GCSE results were a sitnilarly outstanding reward for the efforts of pupils and beaks (teachers) alike.. 45•/0 of grade5 awarded at 9 and 8 startdard {A• equivalent) and 9J /0 of all grades at 9- i standard (A*_B). MCM MCM Inl¢rn8tional Baccalaureate 40+ IB Points 2024125 22Q/o 2023124 170/0 2022f23 I￿/ GCSE 9_81A* grade 2024125 2023124 2022123 470/D 420/0 48/0 Average Points score 145 IB Diploma Pass 35/0 33/0 33% 9-51A'.B grades 84Q/o 850/0 880/0 96Q/o 880/0 950/0 9_41A*_C grade5 91°/0 95Q/o 970/0 Academically, pupils at MCM continued to produce excellent results in {IIGCSE and IBDP. Following our award of International School of the Year by ihe TES in ?024, we hav¢ been named International Sehool of the Year by ihe Boarding Schools Asso¢iation (BSA) for 2025. At IGCSE level 61Q/o of all ￿adeS awarded were A* or A, compared to the UK independeni school average of iOV/o. Given that MCM is nor academically selective, this is a solid perforniance. At IB the average points score was 35.3 (equivalent to A'AA at A Level in term5 of UCAS tariff51 and the 22V/o gaining 40 point5 or better 15 over twice the global average. li is also notable that we had our fJrs(-'perfect'- 45 point score this year. It should be no(ed ai borh IGCSE and IB level, the 'value-added' score was the highest in the school's history MARLBOROUGH COLLEGE COUNCIL'S REPORT (continued) Publlc Beneflt and Community Engagernenl The Council is 3dvi5ed of the Charity Commission's general and supplemeniary guidance on public benefit and f¢¢ charging and the advancement of education. The Council recognises its responsibiliiies under the Chariries Act 201 l and has regard to the guidance 15sued by the Charity Commission. The Council has taken steps to satisfy rhe requirements set out therein. Grant Making Policy The College offers means-tesied bursary 2W2rds at 13+ and at 16+ These bursaries are re-assessed ar￿UallY and may alter during a pupil's lime ai the Collerwe dependints on chan(res to their financial situation and can be awarded up to I 10/0 of the fees (i.e. full fees and all essential extras). The College also offers scholarships 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 ffftancial need. The m&ximum scholarship value is up 10 2￿/tr of the fees,. these ale offered in very limited number5 and only in the areas of music and sport ai preseni. The Scholarship PiospecDJS and Bursary Policy ¢an be viewed on the College's website. They are also available from iheAdmissions 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 (o the sons or daughters of Clergy. Applications for entry under the Children of Clergy Scheme are means-tested in the same way as the resi of the bursary awards are assessed. Duiints the year the value of bursarie5 and other award5 made to 209 College pupils {2024." 216) amoLmied to £5.615k 12024.. £5.1 ?7kl, or I l.?°/0 (?024". 10.80/0} of ￿OsS fee income. MCM awards scholarships for ihose who excel in academic. sports, drama and music. Burstsrles The Council is committed to providing fee assistance io children unable to afford full fees and en¢ourages a culture from those who have received a Marlborough education to do everything possible, wiihin their means, to enable others frotn all backgrounds io enjoy the same educational oppominity. A separate Bursary and Scholarship Fund generates income to fund ihe awards which augrnent¢d with fee incorne. Council's policy is io continue to increase the value of rhat fund whenever possible. The Council is examining ways to increase substantially the amount provided for means-tested bursaries via non-fe¢ income streams, such as through more endowed-style funds, fvndraising (18Tgely through Marlborough College Foundation), and trading both at home and in Malay512. The majority of bur5arie5 are made available on entry to the College, either at 13 or 16, although some funding is available for those with in-year f]nancial hardship. The College is a m¢mber of the Springboard Partnership in support of transfomatitsnal bursaries. Under it5 grdnt making policy15ee above), the total nutnber of pupils receiving means-tested fee assistance in the academic year 2024125 was 110 (20?3124.. 118), although the value of these grants increased from £i.5 Im in the Prior year to £3.8?m in line with the College s conlinued aim to provide tnore full, life-trdnsforyning bursaries and is Inore than offset by the tost of these bursaries. Ivorking willi Educolional Providers & CommunityAccess Sin¢¢ its fouDdation in 1843 the College has been committed to playing a full part in the life of the local tommunity and it will continue to do 50. The College continue5 to provide indirect public benefit through its engagement with the local community and working with other educational provider5, of which the following are example5'. SwindonAcademy The College has an agreement with Swindon Academy (SAI to provide opportunities for the staff and pupi15 of the Acaderny and the College. including the sharing of experience, expertise and. where appropriate, facilities and resources. The AcadeTny 15 part of the United Learning Trust (ULT). The cu￿ent Itnk has been in existence since 2(K)9 and this continues to thrive, particularly with the launch of the Sivindon Academy Grammar Stream ISA GSI in September 2016. A major component of the partnership includes working with SA'S Grammar Srream pupils. In a typical academie year. more than 5.000 hours of Swindon Academy pupil time is S￿nt on site at Ihe College. Below is a list of activities which occurred during the reporting peri¢xl. lil Sixty Year 7 & 8 SA GS pupils visit the College once per fortnitshi on a Wednesday afternoon. SA pupils participate in a carousel of the followints activities.. creative WTitin Mandarin Chinese. computer science, research skills in the library, economic5, classical civili5ation, and local history. (ill The Chair of Governor5 at Swindon Academy is a m¢mb¢r of th¢ Coll¢ge's SMT. MARLBOROUGH COLLEGE COUNCIL'S REPORT (Continued) Public Benefit and Community Engagement (continued) liii) The Colletse's Futures department 15 available to provide Specialist support with university applitations from SA pupils. including to the most Competitive destinaiions. (iv) The College hosts an annual reseawh project competition for Year 10 SA pupils. with generous prizes supplied by Ihe College. {v) Three pupils from SA joined the College in September 2025 on ￿11 bursaries as pan of an ongoing bursary protsramrne with ihe Academy (there are now thirteen former SA pupils who are in. or have been Ihrough, the College's Sixth Fortn). Ivi) Marlborough College staff continue to be involved in the Fitzwilliam Project. an access and mentoring project ortsani5ed b), Fiizwilliam College Cambridge for SA pupils. This includes summer residentials in Cambridge and 'meet-up' days, wilh the College o]Eanising and hosiing the selection eveni io determine which pupils are accepted on io the schetne. SA recently had lis first successful Oxbridge applicant. {vii)The nvo schools operaie a Year l O exchantse, with a group of 12 pupils from each school visiiing the other school for full school day, on a reciprocal basis, once or twice per year. {viii)Since the start of the SA GS. the College has hosted a free week-long acadelnic Year 7 summer school for GS pupils. SA pupils attend in small groups, staying at the College and engaoing in a wide range olaciiviiies (Nn by Colletse 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 pupils ihinking about applying to the SA GS is hosted at the College each year in November. (x) As part of the College Outreach programme, Marlborough College pupils visit the Swindon Academy primary schools each week io help pupils with their reading. This is supported by two College teachers and typically involves around ?0 College pupils. {xi) The College provides on site visits for Year 9 SA GS pupils with a focus on scientific experiment and investigation. In addition, SA pupils (and oihers from nearby primary schools} are invited io scientific ta]ks and demonstrarions ai the College. Other visirs have focused on langua(Tes (Spanish) or astronomy. {xii)Pupils who are involved in Swindon Academy's scholarship programme are able to attend academic societiesl talks which are hosted at the College. {xiii) SA pupils attend a number of College events. such as drama productions. and these visirs invariably involve an introductory talk to the production in question. {xivl Residential visits (other than the summer school for Year 7) resumed in the academic year 2023-24. These provide an invaluable opportunity for SA staff to suppon pupils with the likes of Coursework and exam revision, in an iniensive and efficient way which would be difficult to achieve outside of a boarding environrnent. (xv)The majority of the Colletse's Head of A¢ad¢mi¢ Outr¢a¢h's role relate5 to the relationship with Swindon A¢ademy' this Tole attracts a $i￿lfiCant allowance. In temis of impacl of the above, both partners feel that these activities make a significant contribution to the outcomes of GS students. In recent years they have always outperfomied other pupils ai SA by a significant Progress 8 rnea5ure1ground 0.8 being a typical value). Put another way, GS students achieve almost one grade better ihan expected in all their subjects at GCSE. even tsking into account an above average start point and the impressive nature of the school's provision for all. Links ic Pe1vs￿ Yale School The College has a long standing lllth with Pewsey Vale School. Recent developtnents in this partnership are the involvement of Sixth Form pupi15 from the College mentoring younger pupils at PVS in mathetnatics. Pupi15 chosen are around the threshold of a pass at GCSE, and the aim of the project is to InaxiInjse the nurnber of PVS pupils who achieve the pass grade. The Parks Academies Trusl Over the past few years the previous and current Heads of Academic Outreach have fostered a strong relationship with The Parks Academies Trusi. Pupils from ditTerent schools on their oifted and talented schemes have visited the College on alternate Wednesday aftemoons, following an enrichment prooramme broadly similar to that outlined above for Swindon Academy. Darnssafaka School The College has Y4 partnership with Darussafaka School in Isthnbul. Turkey. This is a full-boarding school whi¢h recruits ralented studenis from acros5 Turkey, all of whom have losi one, or both, of rheir parents. All fees are mei by fundraising. Under ihe iernis of a memorandum of understanding the College undertakes io provide the following.. MARLBOROUGH COLLEGE COUNCIL'S REPORT (tontinuedl Publie Benefit and Community Eng3gem¢Dt lcontinuedl (i) An online -cultural exchange, programme for pupils in (UK} Year 10. Darussafaka teaches maths and science lessons at KS4 in English. so ihe oppomjniry for pupils to develop their lin(pui5tic skills is ttJeatly valued. {ii) Sixth Forni bursary places have been made available for suitable candidates who plan to move on to further education in an English speaking environment. The ftrst of these pupils arrives in September 20?4, with another to follow in September 20?5. Goverppance and Volunieering Members of College staff (both teaching and non-teachin .) curtenily hold 14 govemorships of other schools. Almost all of these are in stste schools, some in special schools or in MATS offering spt¢ialisi provision. One teacher is Chair of Governor5 at a Secondary School in Slough and Chair of Swindon A¢adeTny, another is Chair of Gov¢rnors ai a local priJnary s¢hool. One member of staff is on the Council of The Royal Sociery of Printmakers. Teaching and non-teaching members of staff volunteer l(Kally as reserve r￿erighters, wilh the College allowing time off for necessary training. Ouheach (Community Service) Every Monda), or Wednesday afternoon almost i￿) pupils take part in a rdnge of Outr¢￿h activsties which PTovide a direct service to many aspects of the local comTnunity. (i) Work in suppon of sevenieen Primary Schools (Preshuie. Kennet Valley. Burbage, St Mary's Marlborough, St Nichola5. Baydon. St Mi¢hael'5 Aldbourne, St Katherine's Savernake, Ramsbury, Great Bedwyn, Chilion Folliat. Oare, Ogbourne St Georoe. Broad Hinton. Bee¢h Avenue- Swindon, Alton Close- Swindon. Nythe- Swindon, Nylands specialisi school for pupils with SEMH ￿¢￿S- Swindon). This includes.. literacy work, help with PE lessons. maths mentoring and mentoring of pupils who find sch(x)I difficult or who benefit from further stretch and challenge. (li) Primary Club- in the Summer ierni. when Ihe College time(able prevents visits during the school day. pupils run an on- site after school club for up io 100 children from local primary schools. {iii) Provision of after school Mandarin clubs in two local primary schools (iv) Provision of afteT school Japanese club in a local primary school (v) Provision of a -Forest School, on site for a local primary school (? from Sept ?024)- transport is provided for the school (vi) TWIN Science Project- work to engage local primary school children in STEM, including on-site visits to the College's laboratories (vii}Riding for the Disabled, based in Lamboum {viii) liiver conservation- working with a local group, ARK (Action for the Iuver Kennel) (ixl Savernak¢ Community Farni- pupils work in support of a project which envisages a community orchard and fami being created at Savernake Court Fami. Early work has involved lending to over 4000 young fiThii trees to ensure that they establish well. (x) Beekeeping- pupils help to tend a number of hives around the College and rhe￿ environs (mosrly orchards) (xi) Wilishire Search & Rescue- pupils support the dog handlers who work with this organisaiion by helping to provide live training scenarios for the animals being trained (xii)Working with the elderly- pupils have visited care homes to provide concerts and Christma5 carols. Addiiionally, we now p8nneT With a local volunteer group (Marlborough LINKI and pupils visir elderly members of the local community who are on iheir own at home or resident in c3xe homes. (xiii) Working with local charity shops, including -upcycling' of materials to make them appeal to a ieellaged audience (planned to extend 10 running 'pop up, sales on site from Sepi 20?4) (xiv) Marlborough Youih Club- pupils volunteer in support of this during the Summer temi and the College has also raised funds to support the club (xvl Marlborough White Horse- restoration of the iconic chalk horse which sits above ihe town (xvi) Devizes Foodbank- pupils worked on lobbying and infomiation gathering eampaigns designed to end food poverty 10 MARLBOROUGH COLLEGE COUNCIL'S REPORT (eontinued) Publlc Benefit 8hd CommunlÉ>' Ellgagement (continued) Edclub The Edclub Movetnent is a pupil-driven programme that seeks to educate chilib¢n in the Hun]rna slurn in Nairobi, Kenya, through the use of the Intemet and SkJFe. using a Computer hub built by an initial fundraising effort by Marlborouoh pupils. There are now 18 schools involved internationally and numbers Continue to grow. Marlburians mentor a group of Kenyan chilthen on a weekly basis. teaching English, Maths and Science and generating positive and fjuiiful relaiion5hips on either side An in-house awarene55 campaign ond ta]k Served to reinvigorate the connection of current Marlburians with this charity during the year- around ?0 are now involved. Panathlon linkF Since 2011, Marlboroutsh College has hosted an annual regional Panathlon event. Panathlon is a national charity Ihat provides sporting opportunities to over 17,000 younts disabled people every year. It promotes inclllsion in sport. Working in collaboration with both Panathlon and Wiltshire and Swindon Sport (WASP), the College has hosted over JOO youn physically and mentally disabled children and trained over 50 of the Colleoe's pupils as Panaihlon leaders. Observalory This was another busy year for public outreach ai the Marlborough Colletse Blackett Observatory. Over 760 people of all ages ¢aTll¢ to the Observatory for a whole range of events through the course of the year. The Friends of the Matlborough Telescope is the outreach ￿0UP which members of the public can join to gain access to the Observatory through a calendar of events including observing sessions, lectures and trips. The Friends membership number reached an all-time high of 174 by August ?0?5. Through the yeor 408 visit5 were Enade by Friends to allend.. the annual drinks party, four meteor shower 5es5ions. two [eC￿reS, six observing sessions, three observing sessions that were clouded out, leading to 'Cloudy Alternative, of member presentaiions and discussion, and the annual Friends trip. which this year was to the Herstmonceux Observatory in Easi Sussex. A range of visits were organised through the year thai saw 352 visitors enjoy the facilities and views on offer ai the Blackett Observatory. There were groups from the Devizes and District U30 8nd the Bradford on Avon U3a, from the Wiltshire Women's Inst)￿te, from the Ramsbury Cubs. the Marlborough Brownies, and the Pewsey & Upavon Brownies, from local schoo15 Hardenhu55h and Cothill House, and from ihe Andover Astyonomical Society. There were two Public Open Evenings and an afternoon Public Solar Observing session. A group visited who had won the observllju Session in a local Chariry auction, and a group of local business owners enjoyed an astronomy focussed networking session at the Dome. The Director of the Blackett Observatory went out and abou( giving lectures to the Probus Club of Devizes and to the Andover Astronomical Soct¢ty. Staff frorn the Blackett Observarory play a key role in the Dark Skies Workino Group fomied with the North Wessex Downs National Landscape and the Marlborough Town Couneil. The Sky Quality Metering project is into its setond yeat of data collection and is on the brink of expansion to cover a wider local area. working in conjunction with Newbury Astronomic21 Society. The data gathered is set to help influence plannints and developmeni decisions at a government level. The diary for the coming year is already filling up rapidly and the Blackett Observatory continues to be a key centre for the deliyery of astronomy outreaeh io all ages in ihe local and wider region. Higher Educaiion Careers Department Swindon Academy and Pewsey Vale School have online access to the bi-weekly Higher Education and Careers 'ln5ight' publication and. from November 20?3, its a¢cotnpaDying 'Fu￿reS Directory,. Both Swindon Academy and St John's. Marlborough are invited to attend the briefing we receive from an invited Oxbridge don every March. St John's Acadetny pupils in particular attend in numbers, with accompanying parents. Swindon Academy pupils applying ¢0 Oxbridge have had tnock interviews from Marlborough College Staff. St John's and Swindon Academy pupi15 are invit£d to our Higher Education and Gap Fair in the Summer, with the uptake being 21 30 pupi15 attending. MARLBOROUGH COLLEGE COUNCIL'S REPORT (continued) Public Benefit and Community Engagement (continued) Miisic Departinenl The Music Department continues to offer a variery of different events for public benefit. All major perfortnance5 by College pupils are open io the public and rnembers of the local cotnmunity attend in good numbers. These concerts are offered free of charge. This year the Choral Society toncert (which offers a collaboration between -roivn and gown,), saw some 250 local singers perfomi in Chapel to an audience of approximately )00 residents of the iown who, in turn. were offered free tickets to the concert. A posi. concert collection allows the Society to fund the annual subscription of up to ?0 talented young sinoers. The annual Music Scholars, Gala Concert in London raises a sum of around £300 through a retirints tolleetLOn. The Music Department continue5 ro offer the opportunity for local State 5¢hool pupils to join various ensembles at the College during the academic year- opportunities they may Dot oihen¥ise enjoy. Additsonally. leading music pupils also gave a public perfomiance at the Calne Music Festival ro a sell-out audience, whilst all our tnajoi internal orchestral concerts are open to the public free of charge. This proves a very Ex)pular initiative. Leading pupils also support various events in the town and local villages, such as Remembrance Services. The Chapel Choir ha5 perfomied evensong at venues ouiside the College, such as St Paul's Cathedral and Oxford Colleges., these services are attended by members of the public. Members of the College's Choirs visit local care homes to perfom for re5Ldents, for example giving Christmas Carol concens. The College also continues to allow use of its teaching facilitie5 for mernber5 of the public who wish to take instrumental music lessons and coaching with any of our distinguished rnusic teacher5. The renowned Marlborough College Concert Series, which promotes fiv¢ concert5 per season, also benefits from free use of the College's Memorial Hall, Steinway piano and the offer of covering some printing costs for the programme, whi¢h ensures the invitaiion of world class musitiatlS to Marlborough can continue for th¢ ben¢fit of our local publi¢. Sporting Facilitl8S (i) St John's MaTlborough use the College's spons facilities on a regular basis ai muwally convenient times. The squash option which they run on College courrs will soon be run as a Wilishire Academy. io look to develop squash across the ¢ounty. They also use the athletics track for GCSE moderations whenever required. (li) The Colleg¢ hosts a number of Avon Primary Schools, sports fesrivals ai various limes of ihe year- Ihese include netball, hockey, football, orienteering, athletics and mulii-skills - and a number of local Primary Schoots use the athletics track for their sports, days. (iiil The Collette's sport5 and other facilities are exien5ively used by local sports clubs and regularly by other organisations. Sotne of the sports include cricket, hockey, rugby, fooiball, squash, tennis. fives, rriathlon and aihletics, and various organisations such as Wiltshire Cricket, Wiltshire Fooiball. Wiltshire Hockey, Wilrshire Neiball, Sourh West Lacrosse, Hockey Wales, WASP (Wilishire and Swtndon sport), RFU, Bath Rugby. FortiNde Hockey and GoCrea8 Hockey and Swindon Town Football Club for iheir holiday coaching camps and courses. Wiltshire Arn)y Cadei Force also make use of the College rifle range. In many cases, hire of faciliiies is offered at a discounred rare or free of charge. (iv) In July, we welcomed Several local charities who used our sports facilities at special reduced rares. Electric Eels Swirnming & Synchro Club, who support adults and children wilh Down's Syndrome, held a residential training camp alon(Tside their guests frotn Trim Arti51ic Swimmers in Ireland. YUGO, the commercial arm of AIISorts Charity. pannered with Wiltshire and Swindon Spon io deliver an inspiring SEND Sports Day on our aihleiics trdck. (v) A numb¢r of local clubs (both compeiirive swimming clubs and local health clubs) make use of ihe College's swimming pool throughoui the week. {vi) All charities, educational e51ablishments and club junior sections pay a discounied rate for the use of College facilities nd in sQtne cases are offered their use free of charge. {viilOn¢ member of the College stsff regularly coaches a junior ieam ar Marlborough Hockey Club and the hockey depanment also run a Wednesday Outreach programrne for local Primary School pupils, which comprises coaching and tournament play. A further member of the College staff assists junior sqU￿h ai Marlborough Squash Club, and another coaches at Burbage Crickei Club. The College lacrosse club is planning to open sessions to the local community In the near future. 12 MARLBOROUGH COLLEGE COUNCIL'S REPORT (continued) Public Betiefit at)d Communlty Ellgagememt (eontlnued) FundraisiKgfor Chosen Chaj'iiies Members of the College community contributed to fundraising efforts toialling approximaiely £270,000 during 2024125 for chosen charities through various whole school event5 and nurnerous boarding house, pupxl and staff initiatives. Examples include.. lil Seven pupils who left the College in 2024 raised £4,000 for the Royal H05pitsI for Neuro-disability by cornpleting I Ook Cycle ride from Oxford to London lil) Two U6 pupils organised a fun run in July 2024 in aid of Blue Dragon, a charity which supports Vietnamese street children, raising just under £58,000. liii) In Julv 2024 a L6 pupil completed a IOOkm ultra-marnihon, raising over £ 1,000 for the West Berkshire Therapy CentTe. liv) Over ihe summer an U6 pupil took part in a Channel Swim which raised over £25.000 for AspiT¢, a chariry to support those with spinal cord injuries. Iv) C3 & Mill Mead houses raised £3,600 for the Royal British Legion with ¢heir Poppy Run. (vi) C3 & Mill Mead also hosted a charity breakfast which raised £650 for the Marlborough Community Youth Project. Ivii)New Coun house's sale of pyjamas raised £3,000 for Save the Children. (viii) l J U6 pupils and 9 members of siaff iaised just under £2.000 through panicipating in Movember. lixl Morris House raised almosi £400 for Red Cross Florida hutricane relief. Ixl Summerfield House raised £535 for the Teenage Cancer TNst by putting on theiT annual bar. (xil B l House raised just over £1,000 for the suicide prevention chariry PapyTUS. (xiilTwo U6 pupils in Mill Mead raised £3,000 io participaie in the Mellon Educaie Building Blitz, helping to build a School in a South African iownship. (xiii)Elmhurst House's Christmas Run raised over £1,000 or the Multiple Scler05is Society. (xiv) The Marlborough College Lacrosse Invitational Tournament raised £3,250 for The Charlie Waller TTU5t. (xvlC2 House raised £4,770 for Cancer Research UK via a charity quiz. (xvil Ivy Hou5¢'s art exhibition aDd ¢oncert raised £185 for Plan International and £1200 for the Royal Marsden Hospital. (xviil Dancy and Houses, Charity Marathon raised just under £5,000 for Prospect Hospice. (xviii) C) House's football and BBQ raised £13,605 for Winston's Wish. (xixl A member of staff raised £6(M) for the A17heimer s Society by rnnniniy the 'Bath Halr. {xx)The Collette Wellbeintt ATnbassadors raised just under £ 1,000 for Mind by means of a jumble sale. {xxi}Members of the L6 involved with our own MLfN conference raised £7,000. {xxiil Colleoe pupils and staff contributed in tsreat numbers to the success of the Restless Development Triathlon. which was again hosted on College grounds and rdis¢d more than £liO,000. MARLBOROUGH COLLEGE COUNCIL'S REPORT (continued) FINANCIAL REVIEWAND RESULTS FOR THE YEAR The results for the year ¢nded 31 August 2025 include those of both Marlborough College and Marlborough College Malaysia IMCM) for the academic year 20241?5 as well a5 the 5ubsidiari¢s, Marlborough College Enterprises Lid and fvqarlboiough College (Overseas) Ltd (domiani). Consolidated nei fee income increased by a]mosi £7 milliort to £67.5 million, up from £60.67 million. The increase was due io a combinarion of factors'.- movements in pupil numbers". with pupil numbers at the College near or at previous y¢ar numbers, there was another increase in pupil nurnbers189 pupils) at MCM; and annual fee increases in both schools. This increase was in addition to an increase in bursary and scholarship funding at the College of approx. £460,000 and a ￿rther £430,000 at MCM, with the emphasis on providing more a¢cessibility to the College5. The increased funding for the Ctsllege'5 bursaries is as a result of the generous donations to the Marlborough Difference Campaign for life-changing bursaries. In the year 2024125 the Colletse saw the crysiallisation of several significant f￿anCial risks. In January 2025. the College implemented VAT on 5¢hool fees as mandated by Government changes in V AT legislation. which saw a tnarked increase in cost5 to fe¢ payers. tn th¢ $8me period, charity Business Rat¢ Relief of 800/0 was removed from independeni schools: coupled with continued cost inflation this has added significant pressure to operating costs. Additionally. there was a marked in¢rease to the National MinimuTll Wage and the rate of employer's National Insurance contributions in April 2025. These risks had been foreseen. and the College had prepared for their impaci. However, the compound nature of the timints h2s led to a change in operating costs. Nonetheless. the College retained a strong net position from charitable activities. Net Income for the year is broadly similar io the prior year at £6.523m12023124.. £6.581m}. Th¢r¢ remains a positive movement on the total surplus encompassino the following factors=_ Net invesmieni gains of £0.7m (2023124.. £2.4 million) contributing to restricted ￿ndS for bursaries, ineluding investTnent activity from the new Curgenven fund: £2.? m of dotjations during the year by the Colleoe. largely towards bursary awards. The overall surplus has reduced compared to the prior year to £3.84m12023124.. £6.69ml affected solely by a negative. non-cash. revaluation on the pension deficit of £2.7m (2023124.. Gain of £94k). Significgnt Events Following the change of UK Oovernrnent policy on t￿atIOn. VA T was levied on school fees from January 2025. coupled wilh the in¢r¢ase in ihe National Living Wage and employer's national insurance contributions and the removal of mandatory business Tate relief, this has significantly in¢reas¢d costs incurred by both the Cglleoe and Parents. In advance of ihis, College had reforecast its f￿anCIal expenditure, looktng ai ways to increase other revenue sources coupled with redOubl￿g efforts to fujd further cost effitiencies Éo reduce the nei impact to rhe College 8J)d therefore on paTents. 14 MARLBOROUGH COLLEGE COUNCIL'S REPORT leontinuedl INVESTMENT POLICY AND PERFORMAf4CE The College's investments were manatsed in the year by RathboDes tnvestment Management Ltd and overseen by the Investment Committ¢¢. Th¢ investrnent policy is total return accounting. with the overall objeciive to increase the fund's value in line with fee inf]aiion and provide up to CPl+j40/o for draw down in support of bursaries. After the year end, the Investment Committee moved to appoini Cazenove Capiial as joint investment manageTS Wlth Eiathbones. splittino fijnds between the two tnanatsers. In addition, funds were moved to Common Investment Funds wilh both managers to rther manage risk and maximise returns. The investments either meet or exceed the benchmark set over the mediurn to longer term. There were investment gain5 of £0.7m (202i124'. gain £2.4 milliottl. RESERVES POLICY At i l August 2025. the Group held toial fvnds of £128.8 million (2024.. £124.9 Tnillionl. Of the total funds, £24.5 million (2024.. £2i.8 million) related to restricted and endowed funds and the PUTpose of ihe5e funds is explained in Ngte5 17 and 18 to the accounts. The Council implements total rernm accountints for the endowed fund5, which pernits more of the ¢ndowed funds to be granted if required and this adopiion is shown in more detail in Note 15. The College also holds designated fijnds of £1.57rn (2024.. £1.52 Tnillion), which were originally sei up to allocate donations of a general purpose towards desionated purposes as approved by Council. The purpose of each fund is described in Note 16. In addition io this, activities in relation to Malaysia are shown separdtely Ls a fund within the accounts. The Group holds unrestricted general reserves of £104.) million (2024.. £101 ? million). The value of these reserves 15 moTe than exceeded by the value of tsngible fixed asseis at £152.4 Tnillion (2024.. £152.4 million), which means that the Group ha5 no free reserves1202i124.' nil). This is due to the lonts_temi irtvestmenl in building5 as part of the Colleoe's development plan which envisages significant fijrther capital expenditure. The Council continues io be satisfied thai external financial faeilities, including a £5 million revolving credit faciliry, provide an acceprable level of support and the asset base includes property which can be realised to support the College's capitsl programme should it be required. The management of funding and working capital is monitored by the Colleges, Finance Committee on a regular basis and a nuTnber of funding streams are being identified to support the capital requiremenis for the short and medium iemi. The Councils of both Coll¢ge5 ('the Councils,) are 5at15fied that the Colleges haye suiTicient WOTking capital. They have reviewed the long term plans for working capital to ensure there will be sufficieni funds should they be required in the future for unforeseen situations. This policy is monitOTed by the Colleges, Finance Committees and reviewed at least tern)ly. Current prevailing factors and Cost impacts have been considered wi¢h regards to updaring forecasts and the Council considers that the goints ¢oncem basis r¢main$ 2ppropriate for the preparation of the College'5 ac¢ounts. MCM'S Council has reviewed the school's operating and financial position consider that the going concern basis remains appropriate. RISK MANAGEMENT The major risks to whi¢h the Colleges are exposed, as identified by the Councils. have been revieived and systems have been established io mititsate those risks, wh¢rev¢r p055ible. This is an on-going pro¢¢ss and the Councils, review and update the risk management proc¢ss at l¢ast wmually. The principal risks and un¢¢rtainties identified by the Colleges include the followiTrg.'- affordability of fe¢s by parents across the independent school sector particularly in light of the imposition of VAT on fees and all Tel¢vaDt extras in the UK; Ojture demand for independent education aftd particularly boarding education, la￿elY driven by the above changes. futur¢ govemments chanttes 10 the law to remov¢ fvrtheT ¢haritable i&x breaks in the UK., failure to 5af¢guard the wellbeing and security of pupils and staff- 15 MARLBOROUGH COLLEGE COUNCIL'S REPORT (Continued) the ability to quickly implement any strdtegic change and the costs involved in implementation, particularly where ihe ¢hange is outside of ihe Colleges, control. such as changes in legislation and pension coniriburions. the financial and social impacts of wider tslobal instability; environtnental issues create an increased finan¢ial burden, particularly when there aT¢ limited chaDg¢5 that can be made in some 2rea5 due to the age and listintr status of some of the IUKI estate., and (risk specific to MCM is) the reduction of expatriate professionals in the ASEAN region as a result of ihe global issues. This has led MCM to cast its pupil recjuitsneni ner wider to allract local pupils in a number of couniries who are inierested in a holistic Brirish education. The College is still very near capacity: MCM'S pupil numbers are looking very FK)Sitive and pupil numbers are increasing. We will continue to review demand against available capacity and facilities and plan investtnent to match this trend. The Councils for both schools continue io carefully monitw fee increases in the fuDJre to enable accessibiliry but at the same tirne to ensure that the highest siandards are maintained in both Colleges. The College is also looking ai contingency planning should fi]rther tax changes be introduced. There is also ihe ongoing risk io remove independent schools, charitable status in the UK, amongst other risks. The College is committed to improving supportto oiher schools and improvino accessibility to the edutation provided ai the College, with ambitlOUS iargets being set to ty and achieve increased bursary awards via the Development Olyice. Should the charitable status be removed it could impact the amount the College is able to do in these areas. The safeguarding of children is an extremely important area for risk management. Oryanisations which work wirh Children have a critical role to play in preventing, Identifying and reporting cases of safeguarding concern. Both Colleges aim io miiigaie Ihese risks by paying particular attention to the training of staff and other individuals associated with the organisation aboui how to identify signs of safeguarding concern. educating the pupils appropriately, implementing robust safer recNitsnent policies, adopting clear procedures for reporting and recording concerns, and implementing a strong culture of pastoral care within the Colleges. Health and Safery is a significant area for risk management. The risks range from ftre and infrastructure to personal risks. The level and breadth of activiry ai the Colleges is notable and the risks associated wilh all activities are managed by thorough planning andrisk assessment. The risk management process identifies risks, assesses their impact and likelihood and, where necessary, recommends Controls to mitigate and monitor those risks that are ossessed as high. The key controls used by the Colleges to minunise risk in¢lude'.- policies 3nd vetting procedures. including Safer RecNillnenL as required by law for the protection of children. fornial agendas for the Councils and all Committee meetings. including an at￿￿al review of risk management. detailed temis of reference for all Committees; strategic development pla[￿l￿g reviewed a[￿UallY by the Councils; compreheThsive budgeting and maDagement accounting. external auditors, review including of controls. policies and procedures; estsblished organisaiional strucDJres and lines of reporting- fortnal written w)licies including clear authorisation and approval levels; and expert advi¢e and support from the variou5 professional suppon teams including Finan¢e, HR, Operations, Health and Safery. and Admissions as well as from qualified and experienced academic staff with d¢di¢ated responsibility for 5afeguardints and pastoral ¢ar¢. The Councils regularly review the effectiveness of ¢UTrent plans and strategies for managing all identified major risks for tMIth the Colleges and iheir subsidiaries. Through iheir risk management pr(Kesses. the Councils are satisfied that the major risks identified have been ad¢quately mitigaced where necessary. It is r¢¢ognis¢d that sysiems can only provide reasonable but not absolute assuran¢e that major risks have been adequaiely managed. 16 MARLBOROUGH COLLEGE COUNCIL'S REPORT (tontinued) FUTURE PLANS The Colleg¢ The College's mission continues io be to deliver th¢ best independenr. co-educational, full boarding educaiion lli the UK and to be recognised for this globally. The Marlborouoh we envisage will be a leading, outward looking and inclusive sch¢)ol where children with potential are given the opportunity to make a difference. Key programmes of future work include". A pioneering academic strategy io build on the College's continuing academic success of the past five years., Continuation of the College's bold and sustainable Campus Master Development Plan. including conservation of the heritage assets and natural landscape. Continuing to increase accessibiliry via the ambitious bursary filndraising ¢ampaign, The Marlborough Difference. which was launched in April 202). The Campaign is aimino to raise £7im in tsrder to reach 100 free places in the Coll¢g¢. The Campaign has started P05Ltively with 47 pupils on ￿11 bursaries,12023124.' 47). Completion of the new day house, College House. with the initial ph&se due for completion August ?026: Continuation of the College's boarding house refurbishment programrne,. Investigating new opportunitie5 to continue to develop the College's brand; Continuinu to grow non-fee income through the Colletse'l subsidiaries and associated charities to increase funding for bursaries, renovation works ¢ombiD¢d with conservoiional improvements and to thrther public benefit., and Continuing to look for ways to miiigaie costs and therefore fee% to parents. MCM MCM welcomed its new Master in August 20?J and will continue its mission to be the best independent, co-educational day and boarding school in Malaysia. MCM has engaged the services of a firtn of architects, following a design comperiiion, to Commence with the design of a new puwse-buili Sixth-Forni centre. Planning. costing and regulatory approval are now being Sought before cornmencement of building 17 MARLBOROUGH COLLEGE COUNCIL'S REPORT (continued) STRUCTURE GOVERNANCE AND MANAGEMENT Status and Adminisiration The Colleoe is an Educaiiortal Charity {no. 3094861 in¢oTporated by Royal Charter. Its constitution is tontained in its Charter and Bye-laws. Th¢ trnste¢s of the College ¢onstitutes the Council. The Council members, key staff and advisors are set out on pages 2 to 4. The Governing Body The College's elected members of Council are appointed at the Annual General Meeting of the Council on the recommendation of the Nominations Committee. Members of Council are appointed for three years and are eligible for re-appointmeni but do noi nornially Serve for more than six years in total. The Chairn)an is exempt from ihe above and is appointed for three years. After the initial tem) the Chairnian is eligible for re- appointment for a funher rerni of three years. Recruitrnent, Induction and Training of Mernbers of Couneil The Nominations Committee. in making recommendaiions for the appointment of new members of Council, ha5 particular regard to the personal competence, experience and specialist skills of potential Candidates. In filling vacancies on ihe Council. consideration 15 also given to the skills required io complement those of exisiing members. New members of Council are inducted into the workings of the College and there is a comprehensive programme of induction and ongoing training. This includes a day at the College. fhe purpose of which is to meet the Masier and members of staff. The visit also includes a iour of the College and the opportunity to meei some of the pupils. Neiv membeTS of Council receive a pack of documenis and information, including the AGBIS Guidelines for Governors. Members of Council receive oryani5¢d training brief￿g5 from professional bodies when appropriate, 2$ well a5 invitations to attend seminars and presentations. Organisation The Charter and Bye-Laws require that the rights. powers, duties and functions vested in the Council are to be exeici5ed by the Council Members on its behalf. Accordingly. the Council h35 the power to decide rnatters of College policy and to rnake tnajor decisions affecting the atTaiis of the College. It is specifically required to deterrnine the iuiiion fees and to take responsibility for the College's assets. To enable matters to be considered in detail prior to meetings of the bjll Council, a Finance Committee. a Nominaiions Committee. a Buildings Committee, an Academic Committee, a Development Comtnittee. a Health & Wellbeing Committee and an Investment Committee have been established and they each meet at leasi three times a year. A Remuneration Committee has also been established, which usually meets once a year. Implementation of the Council's decisions is the responsibility of the M&%ier. MindSJl of the Charity Governance Code, the College continues to review its processes and procedures to ensure the besi possible govemance. Following an initial review of govemance last year there have been various new initiatives and this will be developed fiwther in the fijture. Key Management Personnel The key management personnel are considered to be the Council. the Master, the Senior Management Team and the Bursarial Team frotn the College along with the Intemaiional Council members. the Master and the Bursar from Marlborough College Malaysia (MCM). Council members give of their time freely and no Council member received remuneration in the year. Details of Council members, expenses and relaied party transactions are disclosed in Note 4 and Note 22 respectively to the accounts. MARLBOROUGH COLLEGE COUNCIL'S REPORT (eontinued) The pay of the key management personnel and all staff is reviewed annually and nortnally increased in accordance with average earnings io reflect a cost of livinu adjustment. In view of the nature of the ch8rity. benchmarks are made against pay levels in oiher comparable independeni schools to ¢nsuie that the College remain5 sensitive to the broader issues of pay and employment conditions elsewh¢Te. The remuneration of the most senior Tnembers of the key management personnel is sei by the Remuneration Committee. The objective5 of the remuneration policy is to PTovide appropriate incentives to encourage enhanced perfom)ance and io reward fairly and re5pon5ibly individual contributions to the success of both Colleges. Rel￿ted Entities Details of connected Charities and subsidiary companies are disclosed in Notes 7 and 21 of the fll)ancial statements. Subsidiary Companies Marlborough College Oyerstas Limited Marlboroutsh College Overseas Limited is a subsidiary of Marlborough College and is currently domiant. It has one subsidiary, M East Sdn Bhd, a company reoistered in Malaysia. M East operate5 MarlborouJtt College Malaysia (MCMI, a ￿h0o] based in the Iskandar reoion of Malaysia. Marlborough College International Lirnited Marlboroutsh Colle(pe International Limited is a subsidiary of Marlborough College and is currently domant. Marlborough College Enterprlses Llmited Marlborou(Th Colletse EnteTprises Limited (MCEL) provides a vehicle for the College's non-educaiional trading md for additional revenueknoenetatino activilies. The Company makes a ttift aid donation of its profits to the College ullder deed of covenant. In ?0?4, the donation w&$ £i08,280 {2024.. £221,284). Connected Charities The Marlborough College Foundatio The objects of the Marlboroutth College Foundation {"the Foundation") (registered Ès Èn Educational ChaTity No.. 1061798), are sei oui in a Trust deed dated 4 June 1956. Marlborough College does not Control the Foundation, and its accounts are therefore not consolidaied into the Group accounts of the College. The m2in objectives of the Foundation are to provide lono.term support to the Colletse by aecurnulatlljg an endowment fund for bursaries 2nd to act a5 Custodians for money raised to assisi with individual capital projects and annual buisary awards. The Foundation does not fundrdi directly as this is undertaken by the College's Development Department. The M8rlburian Club Founded in 1884, The Marlburian Club represents the interests of its Members with ￿rther details sei out in the Club's Constiiution and Rules. Club members ate Old M2rlburians. ex-pupils of the College who paid a life substription to the Club. The College does noi control the Club. and its accounts are therefore not consolidated into the Group aecounts of the College. The Mxrlburian Club Chsrit8ble Fund The objects of the Marlburian Club Charitable Fund ("MCCF") (registered as a Charity No.. 10637491, are set out in the 1997 revision to the constitution of the Trust approved by the Charity Commission. Marlborough Coll¢ge does noi control MCCF, and its aecounts are th¢refore not consolidated into the Group a¢¢ounts of the Colleg¢. Marlborough College Malaysia Foundation The objects of the MarlborouJo College Malaysia Foundation (reoistered as a Charity No.. 114578)), was founded throu(Th a deed of twst in ?01 I which slates its charitsble objectives io support pupils at Marlborough College Malaysia in accordance with the ethos of Marlborough College. The College does not control rhe Foundation. and its accounts are Iherefore nol consolidated into the Group accounts of the College. M4rlborough Mound Trust The Mound Trust (registered as a Charity No.. 1081520), wa5 founded in 2000 to restore. conserve and educate the public bout th¢ orch2eologic31 and historical importance of the Mound at Marlborough College. During the year the Mound tn]st transferred £ 11,155 (2024.. £9.56] I to the colletse for ￿OundS and gardeninir servic¢s. The College doe5 not control Ihe Foundation, and its accounts are therefore not consolidated into the Group accounts of the College. 19 MARLBOROUGH COLLEGE STATEMENT OF TRUSTEES. REspof4siBILITIES The Council is responsible for preparing the Council's Report and the accounts in accordance wilh applicable law and United Kingdom Accounting Standards {Uniied Kingdom Accountino Practice). The law applicable io ehariiies in England and Wales requires the Council to prepare ffftancial siatements for each f￿aRtIal year which give a Mje and fair view of ihe 51aie of affairs of the College and of the Group and of the net movement in fijnds, in¢luding the income and expendill￿e, of the Group and the College for that year. Jn preparing these fmancial staiements, the Council are required to.. select suitable a¢counting policies and then apply them consistently., observe the methods and principles in Accounting and Reporting by Charities". Statement of Recommended Practice applicable to charitie5 preparing their accounts in atcordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102); tnake judg¢tnent5 pnd estilnates that are reasonable and prudent; state wheiher applicable United Kingdom Accounting Standard5 have been followed, subject to any maierial departure5 dis¢losed and explained in the fin8nci81 statements,. and prepare the financial statements on the going concem basis unless It is inappropriate to presume that the chariry will continue in operation. The Council is responsible for keeping proper accounting records. which disclose wilh reasonable accura¢y at any time the fu)an¢ial position of the College and enable the Council to ensure that the financial 51atements comply with the CharitTesAct ?0 I I, the Charity (Accounts and Reports) Regulations 2008 and other applicable laws. The Council is responsible for safeguardintw the assets of the Group and the College and hence for taking reasonable step5 for the prevention and detection of fraud and oih¢r ￿gularities. Auditors A resolution to reapEX)ini ihe auditors. Crowe U.K. LLP, will be submitted tts the Annual General Meeting. Marlborough College Wiltshire SN8 IPA By ord¢r of the Council 20 June 2026 20 MARLBOROUGH COLLEGE INDEPENDEf4T AUDITORS, REPORT TO THE TRUSTEES OF MARLBOROUGH COLLEGE Opinion We have audited the fthancial staiemenrs of Marlborough College for the year ended 31 Augu51 2025 which comprise ihe onsolidated Statement of Financial Activities. the con501idated and charity Balance Sheets, Ihe Group Cashflow Statement and the related note5 to the f]nancial slaiements, includsng significant accountin policies. The financial reporting frarn¢work th81 has been applied in their preparation is applicable law and Uniied Kingdom AccouDtin(p Standards, including Financial R¢portints Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Unired Kingdom Generally A¢¢epied Accounting Practice). In our opinion the financial ststernents.. give a true and fair view of the state of the GTOUP'S and of the parent charity's affairs as at 31 August 2025 and of the Group's income and expendi￿re for the year then ended., have been properly prepared ll) accordance with United Kingdom Generally Accepted A¢countin8 Practice: and have been prepared in accordance wilh the requirements of the Chariti¢s Att ?01 l. Basis for opinion We condu¢ted our audit in accordance with International Standard5 on Auditino (UK) (ESAS (UK)) and 2ppli¢abl¢ law. Our responsibilities under those standards are ￿rther described in ihe Auditor's re5pon5ibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements Ihat are rel¢vant to our audit of the financial statements in the UK. includints the FRC'S Ethical Standard, and we have fulfslled our oiher ethical responsibilities in accordance with these requirements. We believe that the audii evidence we have obtained is 5ufficienr and appTopriate io provide a basis for our opinion. Conclusions r¢l#tlhg to going eorteern In audiling the financial siatemenis. we have concluded that the Council'5 use of the going concern basis of accounting in the preparation of the financi21 statemenis is appropriate. Based on th¢ work we have perfomied, we have not identified any tnaterial uneertainties relaiing io ev¢Dts or condition5 that, individually or collectively, may cast significatit doubt on the ¢harity'S ability to continue as a goiDg concern for a period of ai leasi twelve months from when the f￿ancial sratemenrs are authorised for issue. Our responsibilities and the responsibilities of the Council with respect to going concern are described in the relevant sections of this report. Other information Council are responsible for the other infortnation contained within the annual report. The other inforn)aiion comprises the infomiation included in the annual reporL other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do noi express any fonn of assurance conclusion ihereon. Our responsibility is to read the other information and. in doing so. consider whether the other infortnation is materially inconsisieni with the financial ststements or our knowledge obtained in the audit or otherwise appears to be tnaterially misstated. If we ideniify such material inconsistencies or apparent material misstatements, we are required to deterrnine whether this gives rise to a material misstaiemenc in the financial statement5 themselves. If, based on the work we have perforrned, we conclude that there is a maierial misstaremeni of this oiher infonnation, we are requ￿ed io report that faci. We have nothing to report in thi5 regard. Matters on which we are required to report by exception We have noihing to report in respect of the following maners in relation to which the Charities (Accounts and R¢port5) Regulations 2008 require us io Teport to you if, in our opinion." the inforn)aiion given in the fmancial staletnents is inconsisieni in any material respett with the Council s report. or sufficieni accounting records have not been kept by the parent Charity; or the financial statern¢nts are noi in aoreement with the accounting records and rewrns- or we have not received all the infomiation and explanalions we require for our audit Responsibilities of Council As explained more ￿llY in ihe Council s Responsibilities siaiement. set out on page 21, Couneil are responsible for ihe preparaiion of the f￿antIal staiements and for being satisfi¢d that ihey tsive a trne and fair view, and for sueh internal control ￿ Council determine is necessary to enable the preparation of financial statements that are fr¢e from material misstarement. whether due to fraud or error. 21 IKARLBOROUGH COLLEGE INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF MARLBOROUGH COLLEGE (continued) In preparsng the fmancial statements, Council are responsible for assessing ihe Group's and the par¢nt chariry's ability to continue as a ooing concern. disclosing, as applicable, matter5 related to tsoing concern and using rhe going ¢on¢ern basis of accounting unless the Council either intend io liquidate the charity or to eease operations. or have no realisti¢ alternative bui to do w. Auditor's respon5ibilitles for Ihe *udlt of the finAneial statements We have been appoinied as auditor vnder S¢ClioD 151 of the Charities Act 201 l and report in a¢cordan¢e with the Act and relevant regulations madc or havints effect ther¢under. Our objective5 are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstaiement. whether due to fraud or error, and to issue an audiior's repon thar includes our OPiDiOn. Re&8onable assurance is a hiJo level of assurance but is not a guaTant¢e that an audit conducted in accordance with ISA5 IUKI will always detett a material misstaiement when li exists. Misstatement5 can arise from fraud or etroi and are considered material if, individually or in the aggregate, they could reasonably be expe¢ied to influence the economic decisions of users taken on the basis of these fmancial statements. Details of the exient to which the audit wa5 considered Capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set oui below. A hjrther description of our respoTJsibiliti¢s for the audit of rhe f￿ancial statements is located on the Financial Reporting Council's website at.. www.frc.org.ukjaudiiorsresponsibilities. This description fornis part of our auditor's report. Extent to which the audit wa5 con5ider¢d c#p3ble of dettctlng Irregularities, including fraud Irreoularities. including fraud, are in51an¢es of non-cotnpliance wsth laws and regulations. We identified and assessed the risk of ma(erial misstatement of the f￿ancial statements from iTFeoulariiies, wherher due to fraud or e￿Or, and discussed these beNeen our audit team member5. We then de5itstJed and perfom)ed audit procedures responsive to those risks, including obthining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an under518Dding of th¢ legal and reoulatory frameworks within rhe charity and Group operates. focusing on those laws and regulations ihat have a di￿¢t effect on the deiemiinaiion of maierial amounts and disclosures in the ftnancial statements. The laws and regulations we eonsidered in this contexi were the Charities Act 2011, together with the Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulation5 as part of our audit piotedures on the relaied f￿ancIal statement itetns. In addition. we considered provisions of orher laws and regulations that do not have a direti effect on the fu)ancial stsiemeni but compliance with tnitsht be fundamental io the charitable company'5 and the Group's ability to operate or io avoid a marerial penalty. We also considered the oppominiiies and incentives that tnay exsst within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regul#iions ?014. Auditing standaFds limit the required audit procedures to identify non-cornpliance with these laws and regulations to enquiry of the Council and other management. and inspection of regulatory and legal eotrespondence. if any. W¢ identified the grearest risk of material impact on the fjnancial statetnents from irregularities. including fraud, to be within bursarie5, scholarships and other discounts, and the overyide of contro15 by management. Our audit procedures to respond to these risks ineluded enquiries of management, and rhe Audit and Risk Comtllittee aboul their own identification and assesstnent of th¢ risks of irr¢gulaTities. sample testing on the posting of journals, reviewing accounting esiimates for biases, designing audit procedures over fee concessions, discounis, reviewing regulatory correspondence with ihe Chariry Commission, Independent S¢hools Inspectorate. Ofsted and reading minutes of meetings of those charged with govemance. Owing to the inherent limitations of an audi(. there is an unavoidable risk that we may not have detected some rnat¢rial misstatements in the fmancial statements. even though we have properly plannd and perfornied Qui audit in accordance with auditing standards. For example, the ￿tther removed non-compliance with law5 and regulations lirregulariti¢sl is from th¢ events and transactions reflected in the fmancial staiements, the less likely the inherently limited procedures r¢quired by auditing standard5 would identify it. In addition. as with aDy audit, there retnained a higher risk of non-d¢tection of i￿egUlaritieS, as these may involve collusion, forgery, ititentional omissions. misrepresentations, 01 the override of infernal controls. We are not responsibl¢ for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulaiions. 22 **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.ukauditorsresponsibilities. This description forms part of our 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: 29 June 2026 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 STATEMENT OF FINANCIAL ACTIVITIES (Group) FOR THE YEAR ENDED 31 AUGUST 2025 Restricted & Endowed Funds Unrestricted Fund5 Desigllated Funds Malaysia College £'ooo £'ooo Total 2025 £'ooo Total 2024 £'ooo Notes £'ooo £'ooo Income and endowrnent5 from: Charitable aciivitie5 School fees Summer School 46,039 21,472 67,511 60,672 1,825 Other activities Trading Income Other Jncome Donarions. grants and legacies Investments 195 678 1,439 4,104 2,247 2.446 1.299 5,037 2,524 1,957 i,412 187 1.268 14 2.056 665 405 108 Total Ineome 52,150 22,750 126 2.721 77,747 73,314 Expenditure on.. Raisin funds Trading cosrs Financing costs Markeiing and ￿nd raising Investment management 836 ,109 1.201 156 3,340 185 992 4,455 I,i86 57 977 3,914 I,i04 60 51 3.146 3,681 12 6,890 6,?55 Charitable activities College opeTating c051S'. Teaching costs Summer School expenses Welfare Costs Premi5¢S Costs Support costs Grants, awards and prizes Depreciation 17,571 1,154 7,771 10,562 i,718 (94) 4,173 7,787 25 25,383 1,154 9,418 13,675 7.295 2,072 6.071 25.699 1.6?1 8.578 13,337 5,807 2,110 5.765 1,598 2,992 3,577 49 18 2,148 1,898 44,855 17,852 2.343 65.068 62,917 Total expenditure 48,001 21,533 2,394 71.958 69,172 Net incomel(expenditure) before inv¢51ment gain5 Net gaiDsI(losses) on investments 4,149 1,217 96 3?7 5,789 4,142 70 664 734 2,439 N¢t income/lexptMditure) Transfers betsveen ftll)d5 Revaluation of other inyestrnent assets Exchange losses R¢-measurement of Pension Deficit 4,149 1.217 166 991 6,523 6,581 14 277 43 (55) (222) 43 (2) (2,724) {10) (16) 94 {2.7241 NET MOVEMENT IN FUNDS Fund balances ai 31 Augus¢ 2024 1,753 99,250 1.207 443 769 23.764 3,840 124.973 6,694 118,?79 1,516 Fund balances at 31 August 2025 101,003 1.650 1,627 24,533 128.813 124,973 Full comparatives for the Statement of Finan¢ial Activities are shown in Note 24 on page 52. 24 MARLBOROUGH COLLEGE BALANCE SHEET ASAT 31 AUGUST 2025 Group College 2025 £'ooo 2024 £'ooo 202S £'ooo 2024 £'ooo Notes FIXED ASSETS Tangible Investments 152.437 28,889 152.360 28,109 125.953 29,013 125,952 28,?33 181,326 180,469 154,966 154,185 DEBTORS DUE IN MORE THAN ONE YEAR Deferred Asset 2,571 957 CURRENT ASSETS Listed investsnents Stock Debtors Cash at bank and in hand ?.264 530 22.521 2.208 443 5,198 43.589 2,264 95 20.050 19,486 2208 29.226 68.521 51.438 41.895 33,686 Less.. Creditors- Amounts falling due within one year 10 (46.984) 129,994) (27,358) (19,363) Net currenl assets 21,537 21,444 14.537 14,323 205,434 202,870 169.503 168,508 Creditors- Amounrs falling due after one year (76.6211 (77,897) (42,4091 (44,038) NET ASSETS 128,813 124.973 127,094 124,470 REPRESENTED BY: Unrestricted Fund5 Resiricied Funds Endowed Funds 104.278 12,119 12.416 101,209 11,322 12.442 102.559 12.119 12,416 100,706 11.322 12,442 17 18 12 128,813 124,973 127,094 124,470 These fmancial statements were approved by the Council on 20 June 2026 Ir of Finance Committee - Date The accompanying notes are an integral part of these financial statements. 25 MARLBOROUGH COLLEGE CASH FLOW STATEMENT (Group) 2025 2024 £'ooo £'ooo Reconciliation of net income to net Cash flow fn)m op¢ratin8 activitles Ner ineome per Statement of Financial Activities Depreciation charges & Impaimient Amortisaiion cosi for refundable deposits Gain on sale of tangible fixed assets Bank interest and mvesttnent income Net train on investsnenis Interest payable IlncreasellDecrease in stock Ilncreasel/Decrease in debtors Increasel{De¢rease} in creditors Increa5el{Decrease} in lease creditors Operating lease payment Tax charge for the year IM East) Tax paid in the year IM East) 6,523 6,071 6.5iO 5.797 1?39) {59) (1,956) (2,4)9) 1,585 li9 (1441 18,5i7 1,971 (861) 597 {4i7) {600} (?,447} {735) 4,455 (254) (19,652) 19,568 (343) (2,057) 510 (35) Nel cash provided by operating aetivities 11,038 29,021 Cash flows from investing activities Bank interest and investment incolne Purchase of tan(rible fixed assets Proceeds from sale of ianoible fixed assets Purchase of investments Proceeds from sale of investments Purchase of (Tovernment securities and corporate bonds Pr(>ceeds from sale of governmeni securities and COTpofY4te bonds 2,447 (11.500) 765 (5,556) 6,485 (1,539) 1.956 (10,16?) 65 (13.781) 6,792 Net cash used in investing activities (8.898) (15.130) Cash flows from financing activities Interest payable Increaselldecreasel in dep05its Increasel{decregse} in FALS Capital repayment on lease creditors (4.455) 39 (1,583) {505) (166) Net eash used in financing activities {2,675) 11,749) Change in c&sh and ¢85h equivxlents in the rtporting perlod 12,142 Foreign exchange movements 79 514 Cash and cash equivalents at the beginning of the reporting period 45,012 32.356 Cash and c85h equiv8l¢Thts #t th¢ end of the reporting period 44,556 45,012 Anal sis of cash cash Cash at bank and in hand Uninvested cash included investJneDts IiiV8lents 43.206 1,350 43,589 1,423 Total cash aDd cash equiv8l¢nls: 44,556 4S,012 An analysis of net debt is included in Note 23. 26 I¥IARLBOROUGH COLLEGE STATEMENT OFACCOUNTING POLICIES FOR THE YEAR ENDED 31 AUGUST 2025 The principal accounting policies adopted, judgetncnts and key sources of estimation uncertainry in the preparation of the f￿ancIal statements are as follows.. a) Ba5l5 of preparation The f￿anCIal statements have been prepared llj accordan¢¢ with Fitwcial Reporttrtg Standard 102 and the Statement of Recotnmended Practice (SORP FRS1021 'Accounting and Reporting by Charities effective l January. 2019 and the Charitie5 Act 2011. The fmancial statements have been prepared io give a 'true and fair. view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the ¢xtent required to provide a 'true and fair view. This departure has involved following A¢counting and Reponing by Charities that prepare their accounts in accordance with the Finaneial Reporting Siandard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2015 rather than th¢ A¢countsng and Reponing by Charities.. Siatemeni of Recommended Practice effe¢txve from l April 2005 which has sinc¢ been withdrdwn. Marlborough College meets the defmition of a public benefit entity under FRS 102. The financial statements are prepared in accordance with the historical cost convention as modified by th¢ revaluation of certain assets. A5set5 and liabilities Jr¢ initially recognised at hisiorical cosi or transaction value unless otherwise stated in the r¢levant accounting policy notels). The presentation currency is pound sterling while the subsidiary of Marlborough College Overseas Limited, M East Sdn Bhd, a company regisiered in Malaysia and which operates the school Marlborough College Malaysia (MCM), whose ￿nCtIon￿l currency is Malaysian ringgits. The account5 are rounded to the n¢ar¢st thousand. b) Going coDc¢rn The Council considers there are no material uncertainties about the Group's fjnancial viability and hence its ability to continue as a going concem. The review of the financial position. reserves levels and future plans gives tru5tee5 confiden¢e the Group remains a going concern for the foreseeable future. In particular, conservative Cashflow rnodellino with sensitivity analysis including th¢ implementation of VAT on ￿h9O] fees indicates that the cash reserves of the UK charity are adequate to meet the obligations as they fall due. A¢¢ordingly the Council believe that the Colleges f￿anCIal resources are sufficient to ensure thai both Colleges, and the Group as a whole, will continue as a goinu contem for the foreseeable fvture. be jntt at least l ? month5 from the date of approval of the fwancial ststements, and have therefore prepared the financial statements on a goints concern basis. c) Critical accounting judgements and e5tiin8tes In preparing thes¢ financial statements, Management ha5 mad¢ judgements, estimates and assumptions that affect the application of the College's a¢¢ounting policies and the reported assets, liabilities, income and expenditure and the disclosure5 made in the financial statement5. Estimates and judgements are continually evaluated and are based on historical experience and other factor5, including expectation5 of fuwre events thai are believed to be reasonable under the cirtumstance5. Certain long term liabilitie5, including overseas depo5lts and ¢ntrance deposits. have noi been discounted on the tsrounds that Ihe irnpa¢t of discounting is considered to be immateTial to the financial statemenis. Where the impact is material, specifically in relation to MCM entrm¢e d¢posits, the liabilitie5 have been di5COUnted. Deferred tax assets Deferred tax assets are recognised to th¢ extent that is probable thai i&Yable profits will be available against which the deductible tetnporary differenc¢s or unused taK105s¢s ¢pn be utilised. Impairnient of Property and Equipment The Colleg¢s' a5se55 whether there is any indication that property and equipmeni are impaired ai the end of each reporting period. lrnpairtnent loss is recognised for the amount by which the canying amount of the assei exceeds its recoverable amount. The recoverable amount is the higher of an as5et'% fair value less costs to sell and value in use. For the purposes of assessing impairnient, assets are grouped at th¢ lowest level for which there is separately identifiable cash flows (cash generatino units). d) Fees and sirnilar in¢om¢ Fees receivable and charge5 for services are a¢count¢d for in the year in which the service is provided. Fees receivable are staled afier deductinu allowance5, scholarships and other reTnissions granted by the College. and include contributions received from Associated Funds for Scholarships, Bursari¢s and other tsrants. e) Sumrner School "Summer School" wa5 discontinued a5 from Summer 2025 and r¢pla¢ed with a ranoe of third party ix)okings for the use of space and facilities at Marlborough College. These hove proved succe55fi11 in provints capabiliry and future potential and income and cost5 aTe included in the accounts. These activitie5 are ¢xp¢¢i¢d to ￿0W as College gains experience and develops long ierni relationships with key Organisation. 27 MARLBOROUGH COLLEGE STATEMENT OFACCOUNTING POLICIES FOR THE YEAR ENDED 31 AUGUST 2025 DonationS* gifts and legacies Donations are recognised as income on receipt of funds. If received for the general Pu￿￿seS of the College they are CTedited to College funds. Where the Council designates donations for special pu4x)ses ihey are crediied io designated funds. io distinouish them from direci school income. t)onations subject io specific wishes of the donors are Credited to relevant restricted fijnds. or to endowed fijnds. where the capital is permanent. Legacies are reeoonised as income on receipt of funds or when entitlement of receipt by ihe Foundation is measurable and considered probable. Eniitlement is taken to be the earlier date of the Colle(Te being notified of an impending distribution followino settlement of the esiate or the letsacy beints received. g) Expenditure ExpendirLJre is accounted for on an accruals basis when there is a leoal and constnjctive obligation to make a payment io a third party and the amount can be measured reliably. Expenditure is allocated to expense headinJ(r either on a direct cost basis, or apportioned accordino ro time spent. Support costs include expenses which enable charitable activities and fund oeneraiino to be undertaken. Govemance costs include exp¢nditur¢ on managernent and ¢ompliance with constitutional and staMtory requiremenis. h) Lease$ The Collettes, rentals paid under operatints leases, in which substantially all the risks and rewards of ownership are retained by the lessor, are charoed to income on a straiJo t line basis over the lease tem. MCM'S leases of assets where they assume substantially all risks and rewards incidental to ownership of the leased assets are classified as finance leases. The leased assets and the corresponding lease liabilities {net of fmance charges) under fmance leases are recognised on the balance sheet as land and buildings and borrowings respectively, ai the inception of ihe leases based on the lower of the fair value of the leased assets and the present value of ihe minimum lease payments. Each lease payment is apportioned bettveen the finance expense and the reduction of the outstanding lease liability. The F￿anCe expense is recognised in the Stsiement of Financial Activities on a basis that reflects a constant P¢Tiodi¢ rate of interest on the fmance lease liability. l) Fin8n¢i81 instruments Both Colleges have f￿ancial assers and financial liabiliries of a kind thai qualify as basic f￿ancial instrutnents. Basic f￿anCIal insmiments, including trade and other debtors and creditors are initially recognised at transa¢tion value and sub5¢quently measured at their settlement value. MCM also ha5 debt instruments that are classified as cu￿ent assets or Current liabilities and are measured at the undiscounted amount of cash or other consideraiion expected to be paid or received. Other debt instruments are measured at amortised ¢osi using the effective interest method. j) Tangible fixed gssets The College land and buildings in existence at l July 1999 were valued by the Couneil on the following basis.. Specialised buildings were valued using depreciated replacement cost. Speciali5ed buildings ar¢ buildintss su¢h 8$ 5¢hools, "where there is no competing market demand from other organisations using these types of property in th¢ locality" and are therefore rarely sold on the open market for single occupation for a Continuation of their existino use, except a5 Part of a sale of the business in oecupaiion. Aequisitions of specialised building5 sub5¢qu¢nt to l July 1999 ar¢ capitalised and subsequently depreciated in accordance with ihe College's nornial accounting poli¢ies, as $¢1 out below {pats¢ 29). Non-specialised buildings were valued at existing use Value. Non-specialised buildings include re5ideniial buildings outside the College calnpus and shop5. Land related to specialised building5 were valued on an agricultural value basis. Land relating to non-specialised buildings were valued at open market value. The College does not intend to adopi a policy of revaluation. Thus the building5 valuations ai l July 1999 are frozen subject to any adjusrments necessary resulting from an impainnent review. 28 MARLBOROUGH COLLEGE STATEMEF4T OFACCOUNTING POLICIES (Continued) FOR THE YEAR ENDED 31 AUGUST 2025 j) Tangible fixed assets (continued) Vehicles and other iiems of equipment with an individual purchase price of £ 1,000 o¥ above and a useful economic life of two years or more are capitalised, whereas all IT equipment is Capitalised. Depreciation for the Group is provided to write off the cost or valuation, less estimated residual value. of all fixed asseis. except freehold land, over their expected useful lives. The rates of depreciation are as follows". Buildintss.. Buildin(ps Buildinu Services and fixwres Buildino renovations Leasehold buildings Cotnputers Equipment Fixtures and Furniture MotOT Vehicle5 10 to 50 years 10 years 15 to ?5 years based on remaining lease term of 30 years up 10 2042 34 years 5 years 5 10 Ioyears 4 years k) Fixed asset and eurrent asset investments Listed investments held as fixed or current assets are included in the finan¢i#l 5tat¢ments at market value. The fixed asset listed investments are known as-'The College Funds" and include monies invesied by Designated. Restricted and Endowed fijnds. These funds are allocated with units which establish their proportion of the overall invesmieni pool. The transactions relating to the consolidated invesmient pool are then shared oui between the funds on a unit basis. Realised trains are the difference beNeen sales proceeds and openirjts market value where the investmeni was held at the beginnino of the year. or sales proceeds less cost of purchase wheTe the invesknent was acquired in the year. Unrealised gains are the change in value of investments after takino into accouni any movements in investment holdings such as purchases and disposals of iDvestment5. Realised and UEJrealised oains are accoun(ed for within the Stai¢meni of Financial A¢tLVlties. Inveskn)ent properties consist of agri¢ulthral land and commercial and reiail propenies. They Ore in¢lud¢d in the fthan¢ial siatemenis at iheir open market value as e5titnated by professional valuers annually. l) Stock Siock is valued at the lower of ¢ost and net realisable value. m) Debtors Trade and otheT debtors are recognised at the s¢ttlemeni amount due after any trade discount offered. Prepaymenis are valued at the amount prepaid net of any trade discounts due. n) Cash at bank aDd in hand Cash at bank and ¢a5h in hand in¢lud¢s cash and short temi hioJly liquid investments with a short maturity of three months or less from the date of acquisition or openino of the deposit or similar accounr. o) Creditors and provisions Crediiors and provisions are re¢otsnis¢d where the College has a present obligatiotj resulting from a past eveni thai will probably resuli in ihe trdnsfer of funds tts a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are noTmally r¢cO￿lsed at their sertlement amount after allowing for any trade discounts due. Long tern) liabilities are discounted where the impa¢t is material. p) Funds The Statement of Financial A¢tiviti¢s is analysed between Unresiricted College Funds, Unrestritted Designated Funds. Restricted Funds and Endowed Funds. The purpose and accounting tteatmeni of these funds are explained further in Notes 13 to 18. 29 MARLBOROUGH COLLEGE STATEMENT OF ACCOUNTING POLICIES (Continued) FOR THE YEAR ENDED 31 AUGUST 2025 q) Consolidation The Group f￿ancial statemenis represent the atlivities of the Colleoe eonsolidaied with:. Marlborough College Ent¢rprises Ltd IMCELI. and Marlborough College Overseas Limited, which incorporaies its subsidiarie5'.- M East Sdn Bhd (which runs Marlborough College Malaysia school IMCM)). and Taska fvl East Sdn Bhd (which runs the nursery elemeni of MCMI. Consolidated financial statemenis have been prepared for the Colleoe and its wholly owned subsidiaries. The Djrnover and expenditure of the subsidiaries ale included within the consolidated statement of f￿ancIal activiiies. The assets and liabilities of the subsidiaries are intluded on a line-by-line basi5 in the consolidated balance sheei in accordance wilh FRS102 section 9 consolidated and separate financial staiemenis. Unifom accounting policies are adopted throughout the group and any profits or losses arising from intra-group transactions are eliminated in the consolidated Statement of Financial Activiiies. Where any diffeTenees arise between United Kinodom Generally Accepted Accounting Principles (UK GAAPI and fvlalaysian Generally Accepted Accountints PiincipSes, on cons01idatiotJ UK OAAP has been followed. The College has ￿ken advantage of the exetnption available to a qualifyinu entity in FRS 102 from the requirement to present a charity only Cash Flow Statetnent within the consolidated f￿an(la] statements. r) Ernployee benefits Pension costs The Colle(Te contributes to the Teachers. Pension Scheme at rdies Set by the Scheme acNary and advised to the Board by the Scherne Administrator. Foi the purposes of Complying with relevant accounting standards, the Teachers, Pension Scheme is accounted for as a defll)ed contribution scheme as the charity is noi responsible for, orentitled to re¢eiv¢ benefir for any sujplus or deficit of the scheme. The amounts included within the S(aTrment of Financial Activities, Balance Sheei and Cash Flow Siatemeni are in accordance with FRS 10? section 28. The College participated in ttvo of The Pensions Trnsi {TPT} schemes that were multi-employer def]ned benefit schemes.. the Independent Schools. Pension Scheme and the Growth Plan. with both being closed in OctobeT 2022. It is not possible in the norn)al course of events to identify on a ¢onsisteni and reasonable basis the shar¢ of underlying assets and liabilities belonging to individual participating employers. This is because the S¢hem¢s are multi-employer %hernes where the schem¢ as5¢ts are co-mingled for investment putposes and benefits are paid from the total %h¢m¢ assets. However, the College has been advised by ihe Pensions Trust a5 to rhe deficii repayment5 due in relation to the s¢hemes. Therefore, in line with the requirements of FRS 102. the College recogni5es a creditor for the discounted present value of the deficit contributions due to the scheme, which will continue for the next few years even though the schemes have been closed. The College also contributed to The Pensions Trust Flexible Retiretnent Plan, which was closed to existing metnbers in Octob¢r 202? The College now contributes to th¢ Marlborough College Pension Schetne, a150 a der￿ed contribution scheme and the Independent Schools, Pension Scheme- Der￿ed Contribution Sch¢me, both with rates sei by the College. Salary sacrifjce for pensions w&5 iDtroduced with the new d¢f]ned CQDtribution schemes to member5. The amounts included within the Statement of Financial Activities, Balance Sheet and Cash Flow Statement are tn accordance with FRS 102 section 28. MCM'S pension benefit schemes comprise a defined contribution plan.. a pension plan under which the Company pays ftxed contributions into a separate entity {a fund) and has no legal or constructive obligations to pay ￿rther contributions or to Tnake direct benefit payments to employee5 if the fund does not hold suificient assets to pay all employees benefits relating to en)ployee service in the current and prior peri(Mls. Other em ee benefits Short ienn benefits including holiday pay are recognised as an expense in the year in which ihe service is received. Termination benefiis are accounted for on an a¢crual basis and in IiDe with FRS 102. 5) Foreign currency translation The College's functional and presentatlOD currency is pound sterling. Monetary assets and liabilities denominated in foreign Cu￿en¢1es are translated into sterling at the rates of exchange ruling at the balance sheet dale. Transactions in foreign eurrencies are recorded at the rate ruling at the date of the transaction. All differences are recognised in the SOFA. t) Legal st4t115 The College is incorporated by Royal Chatter and r¢gister¢d a5 an Educational Charity (No. 309486). Its COllStitution 15 contained in its Charter and Bye-laws. It5 principal address is shown on Page 3. 30 MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS FEES RECEIVABLE 2025 2024 £'ooo £'ooo £'ooo £'ooo Full fees for pupi15 at the Schools 73,)43 65,571 Less.. Deductions Scholarships Bursaries and other deductions 32) 7,293 300 6,401 (7.618) (6,701) 65,725 58,870 Add back." scholarships. grants et¢ paid by restricted funds Add back.. scholarships, granrs etc paid by designated funds 1,767 1,344 19 458 Rec¢ivable by the Schools 67,511 60,672 202S £'ooo 2024 £'ooo OTHER INCOME Reoistration and acceptance fees Rental income Miscellaneous Charoes for extras including school trips Gain on disposal of tangible fLxed assets 603 122 433 2,346 600 102 603 3,427 59 4.104 5,037 ANALYSIS OF TOTAL EXPENDITURE Staff Other direct costs 2025 Total £'ooo 2025 Costs £'ooo C051s of ra Trading costs Finance costs Marketing and fijftdraising Investsnent management Charit 1¢ activities College operating costs.. Teaching Costs Summer Sch(K)l expenses Welfare costs Premises costs Support ¢osts Grants, awards and prizes Depreciation and impairmeni ds 331 661 4,455 859 57 992 4,455 1,386 57 527 21,508 3,875 1,141 3,244 10,514 3,786 2,073 6.071 2),383 1,152 9,418 13,675 7.296 2,073 6,071 6,174 3,161 3,510 3 j,2?2 36,736 71,958 All costs included above are direct Costs of each acrivity. The ￿11 comparatives and the support costs of running ihe Group are shown on pages 32 and 33. 31 MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS {eontinued) ANALYSIS OF TOTAL EXPENDJTURE (continued) Staff Costs £'ooo Other direct Costs 2024 Total £'ooo 2024 Costs of raisin Trading costs Finance costs Marketing and fundraising Investment management Charitable activities College operating costs.. Teaching costs Summer School expense5 Welfare costs Premises Costs Support Costs Grants. awards and prizes Depreciation and impainnent funds 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 2,91? 2,110 5.765 2).699 1.621 8.578 13.337 5,807 2,110 5,765 32,024 37,148 69,172 2025 £'ooo 2024 £'ooo rt Costs Administrative salarie5 Office costs Professional lees Other administrative costs Governance costs 3,510 1.436 1.348 871 2,895 1,282 1,130 347 153 7,296 5,807 MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (continued) EXPENDITURE 2025 £'ooo 2024 £'o Expendirure includes.. Equipment rental Depreciation Auditors, remuneration Non-audit service fees Fees paid to subsidiary auditors Council members, expenses reimbursed Council members, liability insurance 333 6.071 63 309 5,765 53 17 35 27 20 27 Staff C05t% Wages and salaries Social security COSIS Othtr pension Costs Redundancy costs 28,083 2.516 4.102 521 26,110 2,195 3,512 207 i5,222 32,024 Etnployees numbers during the year were.. 2025 Ave. Nos 2024 Ave P405 2025 rrE No$ 2024 FTE N05 Teaching staff Teaching Support staff Non-ieaching staff Trading activiiies 281 148 493 272 168 466 277 100 387 285 107 367 931 915 769 765 The number of higher paid employees was.. 2025 Nos 2024 Nos Taxable emoluments band.. £60,000 £70.000 £70,(HJI £80,000 £80,(XJI £90,000 £90.001 £ioo,000 £ioo,001 £iio,000 £110.001 £120,000 £120.(X)1 £130,000 £140.001 £150,000 £170.00] £180,000 £180.00] £190,000 £190.00] £200,000 £iOO,001 £310,000 £310,001 £320.000 59 30 33 12 56 35 13 The total employee benefits re¢eived by key management personnel in the year ended 31 August 2025 were £j,5?3,510 (2024.. £3.179,7811 33 MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS Icontinved) EXPENDITURE (CODtinu¢d) P¢n5ion Schemes Teachers, Pension Scheme The College participares in the Teachers, Pension Scheme ("the TPS'I for its lea¢hing staff on a Phased Withdrawal basis. It was closed to new teachers from 31 August 2022, From l January 2023 ¢xi5ting teachers were given the option io mtsve io Ihe Marlborough College Pension scheme, a defined contribution scheme, or r¢main in the TPS with a variation to their salary and future eontributions. The pension charge for the year includes contributions payabl¢ to the TPS of £1,709,84812024.. £1.448.854) and at the year-end £135.058 (2024-. £163,012) was accNed in respect of ¢ontributions to this schelne. The TPS is an lln￿nded mulii-employer defined benefits pension scheme governed by The Teach¢r5' Pensions Regulation5 2010 (as amended) and The Teachers, Pension Scheme Regulations 2014 (as amended). Members contribute on a "pay a5 you go" basis With eontributions from members and the employer being credited to the Exchequer. RetireTnent aDd other pension benefIiS are paid by public funds provided by Parliament. The ernployer contribution rate is set by the Secretary of State following scheme valuatlODS undertaken by the Goverrunent Actuary's Department. The rnost recent actuarial valuation of the TPS was prepared as at 31 March 20?0 and the Valuation Report was published in October 2023. Following the Mccloud judoemeni, the remedy proposed that when benefits become payable, elitsible metnbers can sele¢t to receive thetn frorn either the refornied or leoacy schemes for the period l April 2015 to 31 Marth ?022. The actuarie5 have assumed that Tnembers are likely (o choose the option that provides them wilh the greater benefits, and in preparints the 2020 valuation have valued the 'greater value, benefits for groups of Televant mernbers. The employer contribution rare for ihe TPS is 28.6Q/o, and employers are also requ2red to pay a scheme administration levy of 0.08Q/o giving a (otsl employer contribution rate of 28.680/(*. Inde endent Schools. Pension Scherne- D¢fin¢d Benefit Scheme This scheme closed to all exi5tiDg ￿tIve Tnembers in October 2022 due to the increased cosis of running such a scheme. There is still a potential debt on the employer that could be levied by the Ttustee of the Scheme. The debt is due in (he event of the employer ceasing to participate in an Independent Schools, Pension Scheme or the Scheme winding up. Marlborough College has been notified by the Pensions Trust of the estimated employer debt on withdrawal from the Independeni Schools. Pension Scheme based on the financial position of the Scheme as ai JO sep￿mber 20?4. As of this date ihe estimated employer debt was £5.] m12024.. £8.94m}. This amount is noi provided for in the accounts. This pension s¢heme is a collective defmed benefit scheme under section ?8 of FRS 102. Accordingly contributions have been accounted for as they fall due as if it was a def]ned contribution scheme, excepi for the recognition of a crediror for deficit contributions which has been notified io the Colle(Te. which will continue despite rhe scheme being closed to exisiing members. As required by FRS 102, the discounted present value of deficii contriburions notified to the College has been included in creditors. A$ shown in Note$ 10 and I I, a total ot£5,159.000 was included in crediiors at 31 August 2025 (2024. £2,435,000) The commitment to make contributions to the scheme in the year £353.278 (2024.. £332,884). Contributions ttstalling £29,434 {2024.. £29 ?i5) were payable 10 pension schemes ai the year eDd. 34 MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (continued) ISPS Defitit 2025 £'ooo 2024 £'ooo 2,5?9 Provision at start of period Unwinding of the discount fa¢tor (inteTest expense) Deficit contribution paid 106 (335) (325) Remeasurements- impact of any change in assumptions (23) 94 Remeasurements- amendmenis to the contribution schedule 3.159 Provision at end of period 5,i42 2.435 Marlborou h Coll t Pension Scheme A defined Contribution scheme operated by Legal & Generdl has been opened to all new staff from Sepiember 20?2. including teachers. Exisiing Suppott Staff and Teachers were given ihe opportuniry io move to ihis scheme with varying contribution5 ro mirrorihose of the respective CU￿enipenSIOn schemes. Employee and employercontribuiions can vary, butihe overdrching aim of these pension changes is to address the risk associated with defined b¢nefit pensions. The commitment to rnake ¢ontribuiion5 to the scheme during the year was £2,831,914 {2024.. £2,053,6J7). Contributions iotalling £258.994 (2024: £188,968) were payable to the 5¢heme at the year end. Inde endent Schools, Pension Scherne- Defined Contribution SChe￿e A d¢fJned contribution sch¢m¢ operated by The Pensions Trust was opened in October ?022 as a result of the ISPS DB being closed to curTent members. This mean5 that the Current employer debt for the DB Scheme is noi triggered as the ISPS scheme 15 e5seDtially Still open. The comrnittnent to make contributions to the scheme during the year was £4.79312024.. £4.937). Contributions totalling £012024.. £658) were payable io the scheme at the year end. MCM- Defined Contribution Scheme Der￿ed contribution schemes operated by Employee. Pension Fund IEPFI and SOCSO {Social Security Organisation) are statutory boards for employees, retirement schemes. The employee coniributes are I l /0 and 0.50/0 for EPF and SOCSO respectively and the etnployer contributes l?Q/o for EPF and 1.75 /0 for SOCSO. The comtnittnent to make contributions to the scheme during the year was £201,617 (2024.. ££152,898). Contributions totalling £nil {2024.. nil) were payable io the scheme at the year end. 35 **MARLBOROUGH COLLEGE** **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **5. TAXATION** As a charity the College is exempt from United Kingdom income tax and corporation tax. MCM is normally subject to tax (24%) but was granted a tax exemption on 100% of statutory income for a period of 10 years under Section 127(3A) of the Income Tax Act, 1967 commencing year of assessment 2011 which expired in December 2021. The deferred tax asset now recognised in the balance sheet has been used to offset taxable profits until fully offset when tax will then become payable. The deferred tax asset is made up as follows: |he defered tax asset is made up as follows:||| |---|---|---| ||**2025**|**2024**| ||**£'000**|**£'000**| |Deferred tax assets:||| |deferred income|3,387|1,650| |provisions|182|76| ||3,569|1,726| |Deferred tax liability:||| |- accelerated of capital allowances over depreciation|(998)|(769)| ||2,571|957| 36 No depreciation has been charged on Assets held under the course of Construction, which totalled £10,307k for the UK College at 31 August 2025 (2024: £6,284k). iURLBOROUGH COLLEGE NOTES TO THE FINANCIALSTATEMENTS (Continu¢d) INVESTMENT IN SUBSIDIARIES 2025 2024 Interest in subsidiary undertakings 360 360 The Cgll¢ge owns IOO¢/o of the following companies, shar¢ capital both of which aTe registered in England and Wale5'. Marlborough College Enterprises Limited - 02967713 The issued share capital of the company is £150. Marlborough College International Lirnited- 12054930 The issued share capital of the company is £lOO. Marlborough College (Overseas) Limited- 6407923 The issued share capital of the company is £110. The company did noi trade in the year. The College via Marlborough College Overseas Limited owns IOOts/o of the share capi￿[ of M East Sdn Bhd, which is registered in Malaysia and runs Marlborough College Malaysia {"MCM"). M Easi in turn owns IOOO/o of th¢ share capital of Taska M East Sdn. Bhd. a nu￿try by MCM on the same site. The results of the College s irading subsidiary companies are summarised below.. Enterprises 2024 £'ooo M East 2025 £'ooo 2025 £'ooo 2024 £'ooo Turnover Cost of sales 1.394 (9201 1.340 {9321 22.750 19,601 Gross profit 474 408 22.750 19,601 Teaching Welfare Faciliiies Adminis¢ratiOD 17,787) 11,598) (2,992) 15,816) (8,015) (1,414) (2,713) (4,692) (170) {216) Operating profit 304 192 4,557 2,767 Gift Aid donation to the College Actuarial Movement Finance Costs T￿ charge for the year {308) (221) (2,7531 (5971 {2,3401 {5971 {4) (26) 1,207 11701 Marlborough College Enterprises Limited have transferred a Sum of gift aid to Marlborough College in the year of £308,0(M) 12024. £221,000). The net assets of Marlborough College Enterprises Ltd at 31 August 2025 amounted to £55,054 (?024.' £59,701), and for M East £1.77], 717 (2024.. £565,601). 38 MARLBOROUGH COLLEGE NOTESTOTHE FINANCIALSTATEMENTS (Continued) INVESTMENT IN SUBSIDIARIES (Continued) MCEL ￿rn0ver represents both external customer sales and those to Marlborough College. Below detsils ihose transactions with the Coll¢ge for both departtnental and pupil shop purchases, and salary cr0s5 chartses. 2025 £'ooo (150) 2024 £'ooo 1681} MCEL Paymeni from the College to MCEL Payment from MCEL to the College.. Rent 19 18 202S Owing ai the year end MCEL io the College £'OOO 2024 £'ooo 533 173 During the year a toial of £0.655 million IRM 3.71 million)120?4'. £1.34 millionlRM 7.469 million) was transferred from MCM to Marlborough College for royalties. This transfer included the balance of royalties for year ending i l August 2025. MCM Owing at year end MCM to the College 2025 £'o 2024 £,000 655 590 39 MARLBOROUGH COLLEGE NOTES TO THE FIP4ANCIAL STATEMEf4TS (Continued) FIXED AND CURRENT ASSET INVESTMENTS (Group) Fixed Asset Investments £'ooo Current Asset Investments £'ooo 2025 Listed securities.. Marker value at 31 August 2024 Additions Disposal ai opening market value Revaluation 25,Oi3 5,556 (6.485) l.i95 1.147 392 25,499 1,547 EndowTnent property Cash at bank for re-investrneni Rare books Investment properties (revalued 31 August 2025) 6i4 890 1,860 717 Market value at 31 August 20?5 28,889 ?,264 Historical cosis of listed securities 21,578 1,653 UK Government r￿ed interest UK fixed inieresi and index linked Foreign Fixed tnterest UK equities Foreign Equities Property 556 640 638 479 430 7,084 17.066 153 25.499 1,547 The revaluation of ihe listed securities stated above is in relation to unrealised gains and losses. In addition to the unrealised gains of £1,401,647 there were £816,508 of realised losses whi¢h in¢luded in the Stat¢tn¢nt tsf Financial Activities. The College's investment prop¢rties are valued atujually at the end of August by Woolley & Wallis. There was a £0 Incre￿ in ihe valuation compared with the valuation at 31 August 20?4. The College's Rare Book5 are valued annually at ihe end of August by Dotnini¢ WinteT Au¢tioneers. There was a £43,200 increase in the valuation compared with the valuation at )] ALtgust 2024. The College had a beneficial interest in the Trevalga estate, whi¢h was adTninisiered by independent trustees. whereby th¢ College received surplus in¢oTne from the estate but had no ¢ntitletnent to the capital. Trevttlga's trustees 501d the estste in July ?023 and the College re¢eiv¢d £10 tnillion of the proceeds towards buTsaries for pupils with a Cornish connection. which were subsequently invested in listed securities during the f￿anCIal year. The College inv¢sttnents of £l?3,057 in its overseas subsidiaries which is included wiihin the £29,013k College listed invesThents, but ex¢lud¢d upon ¢on501idation. 40 MARLBOROUGH COLLEGE NOTES TO THE FIf4ANCIAL STATEMENTS (Continued) FIXED AND CURRENT ASSET INVESTMENTS (Group) (eontinued) 2024 Fixed Asset Investments £'ooo Current Asset Investment5 £'ooo Listed securiiies.. Market value at 31 August 2023 Additions Disposal at opening market value Revaluation 15,326 13,780 (6,474) 2,401 1,366 1279) 60 25,033 1.147 Endowment property Cash at baDk for re-investment Rare book5 Inv¢sttn¢nt properties (revalued 31 August 2024) 362 847 1.860 1.061 Market value at 31 August 2024 28,109 ?,208 Historical Costs of list¢d seeurities 21,fv17 1,249 Listed securities are represented by.. UK Governrnent fixed interest UK fixed interest and index Isnked Foreiun Fixed Interest UK equities Foreion Equities Property 596 751 353 478 316 7.660 15,876 150 25,033 1,147 DEBTORS- Amounts f811ing du¢ withi one year Group College 2025 £'ooo 2024 £'ooo 2025 £'ooo 2024 Invoices not yet du¢, fees in arr¢ars 2nd exttas Sundry debtor5 Prepayments Trade debtors Amount dlle from r¢lated ¢ompanies 727 66 2.077 2.328 13,872 5,084 (841 727 10 670 1,810 1.728 1,170 764 22,521 5,198 20,050 2,171 During the year ended 31 August 20?5. the School revised the basis for recogni5ing fee debtors following the introduction of VAT on school fees from l January 2025. Fee income is now recognised, and the associated debtor recorded, at the point invoices are raised. In the prior year, fee income and the r¢lated debtor balances were recognised at the due date of termly billings. As a result of this change. the debttsr balance at the year ¢nd includes amounts relating io ihe Michaeimas term 2025 invoices. whieh had not yet fallen due at the balance she¢t dat¢ and would noi have been recognised under the prior year treatment. Sundry debtors includes an amount of £5.Om relating to VAT now recoverable under the Capitsl Ooods Seheme. This balance relates to input VAT recov¢rdble from HMRC on the purchase of asseis prior io January 2025. The debtor amount will be adjusted over the remaining life of the relevant ¢apital assets in aeeordance with ihe scheme. 41 MARLBOROUGH COLLEGE NOTESTO THE FINANCIALSTATEMENTS (Continued) 10. CREDITORS-Amounts falllng due wlthit) one year Group College 2025 £'ooo 2024 £'ooo 2025 £'ooo 2024 £'ooo Entrance and overseas deposits Fee5 in advance scheme Trade credit015, Item5 not yet dv¢ 2nd a¢cruals Lease creditors Other t&xation and social s¢¢urity Sundry creditors Pension deficit payments 1,223 5,724 7,284 7,466 12,889 268 595 1.157 335 604 7,466 9,281 93 18,908 501 2,664 700 548 1,401 696 538 533 1.154 3?5 46.984 29.994 27,358 19.363 As a consequence of the change in the liming of recognition of fee income and debtors in the current year, fees invoiced in advance of the relevant ierni have been included within deferred income ai the balance sheet dale. 11. CREDITORS- Arnounts falling due after one year Group 2025 £'ooo College 2024 £'ooo 2025 £'ooo 2024 £'ooo Lease creditors Accrued Operaling Lease Liabiliti¢5 Entrance and overseas deposits - Amount5 du¢ within two to five years - Amounts du¢ after five years Fees in advance s¢heme - Amounts due within two to five years Loan note Pension deficit payrnents 22,852 7,067 23,483 6,144 4,933 4,901 5,057 3,498 2,703 2,902 2,796 ,591 7,257 25,000 4.611 12,615 25,0(10 2,100 7,257 25,000 4.547 12,615 25,000 2,036 76,621 77,897 42,409 44,038 The loan note of £25 million is repayable in 5tage5". £10 tnillion in ?OJ7, £5 million in 204? and the rernaining £10 tnillion in ?047. The loan is unsecured and incurs interest of i.240/0 pa which is payable every six months. 42 MARLBOROUGH COLLEGE NOTESTO THE FINANCIAL STATEMENTS (Continued) 12. ALLOCATION OF NET ASSETS BETWEEN FUNDS IGroup) The net a5set5 8r¢ held for the various funds as follow5.. Net Cllrrent Assetsl (Liabilities) £'ooo 2025 Long terrn Liabilities £'ooo Fixed assets £'ooo Investments £'ooo Total £'ooo Unrestricted & Designated Restricted Funds Endowed Funds 155,008 4,198 11,693 1?,998 21.693 426 (5821 (76.621) 104,278 12.119 12,416 155,008 28,889 21.537 {76,621) 128,813 2024 Net Current Assetsl {Liabilities) £'ooo Long term Fixed assets £'o Investments £'ooo Liabilities £'ooo Total £'ooo Unrestricted & Designated Restticied Funds Endowed Funds 153,317 4,120 11,297 12,692 21,669 25 1250) (77,8971 101,209 11,322 12.442 153,317 28,109 21.444 (77,897) 124.973 13. Uf4RESTRICTED FUNDS (Group) 2025 B21ance I September 2024 £'ooo Transfers & Other gainslllosses) £'ooo Balance 31 August 2025 £'ooo Incorne Expenditure £'o( £'ooo College general funds Malaysia designated fund College designated funds (Not¢ 16) 99,250 443 1,516 52,208 22,750 127 (48,001) (21,532) {31) {2,3971 101,060 1,650 1,549 (441 101,209 75,085 (69,564) (2,45?) 104,278 2024 Balance I Septernber 2023 £'ooo Transfers & Other gains/{105ses) £'ooo Balanee 31 August 2024 £'ooo IThcomt Expenditure £'ooo £'ooo College general funds Malaysia designated fund College designated fund5 (Note 16) 94,930 613 1,367 50,017 19,601 535 (47,086) (19,791) 1471) 1.389 20 85 99,250 443 ,516 96,910 70,153 (67,348) 1,494 101,209 43 MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (Continued) 14. TRANSFER OF FUNDS 2025 £'ooo 2024 The transfers betsveen funds are listed below. Unrestricted College Revenue Fund 277 1,296 DesRgn#ted College Children of Clergy Fund FALS 155) {481 177) (55) 1125) R￿triCted College Mast¢r s Fund revenue Capiial Proj¢ct5 & Bursaries 240 {184) 237 (1,009) 56 (772) Endowed Fund5 Master s Fund capital Cannon Diggle Scholarship Fund Elstob Scholarship Fund Gabriel Scholarship Fund S￿r George Abell Scholarship Fund Barton Scholarship Fund Bullock & Church Memorial Scholarship (83) (21) {231) {181 (701 {91 {101 (471 (14} (10) (571 (151 {278} (399) Transfers beNeen (he Designaied. Resiricted aDd Endowed Funds and the Revenue Fund represent contributions to scholarships and bursaries as well as capital proj¢¢t funding. 44 MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (Continued) 15. TOTAL RETURN INVESTMENTS The Endowed Funds investments and moveTnents in the unapplied total return are set out below. Endowrnent Unapplied TotAI Return Total £'ooo £'ooo As at I September 2024 11.513 929 12,442 Movements in the reporting period Investment return.. dividends and interest 219 219 Investment reDJrn'. realised and urtrealised gainsl{losses) Investment management costs TotAI 348 348 {57) (57) 510 510 Extraction of incorne frorn total r¢Eurn (517) {517) Net movement for the reporting perii)d (7) 17} As at 31 August 2025 11.513 922 12,435 The Council adopied iotal applied return in December 2020 and in ihe absence of reliable records of the original donation balances, rhe market value of the invesmients as retorded at I September ?020 was taken as the value of Ihe orioinal gifts. This fiuure represents ihe baseline below which disposals may not be made, therefore taking a hioher value than the acnjal donation5 was considered co be pNdent. The amount of return applied as income is talculated as i.5Q/o of the averaoe of the last three years, year-end valuations of the College Fund. The total unapplied rewm represents the amount available 10 be applied. a( the Council's discretion, over and above the 3.50/0 applied income. 45 MARLBOROUCH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (Continued) 15. TOTAL RETURN INVESTMENTS (continued) EDdowment Unapplied Total Return Total £'ooo £'ooo £'ooo As at I September 2023 11.513 (2231 11.290 Movements in the reporting period Invesiment return.. dividends and interest 398 398 Inve5tsnent reDJrn." realiged and unrealised gain￿{loSSeS) Investmeni manageTnent costs 1,207 (54) 1,207 (54) Total 1,551 1,551 Extraction of income from total return (399) 1399) Net movement for ihe reporting period 1,152 1,152 As at 31 August 2024 9?9 12,442 46 MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (Continued) 16. DESIGNATED FUNDS Balance I Sepl¢rnber 2024 £'ooo Tran5f¢rs & other g8in511105se5) £'ooo Balance 31 August 2025 £'ooo 2025 In¢oTh¢ Expenditure £'ooo £'ooo Children of Clergy Fund capital Children of Clergy Fund revenue FALS Fund Designated Bursaries & Projects 1.492 24 (61 1,489 24 55 55 54 18 155) 48 (7} {181 1.516 127 {31} {44) 1,568 Balance I September 2023 £'ooo Transfers & other Expenditure gainsl(losses) £'ooo £'ooo Balance 31 August 2024 £'ooo 2024 llleome £'ooo Children of Clergy Fund capital Children of Clew Fund revenue FALS Fund Designated Bursaries & Projects 1.355 23 (6} 143 (47} 1,492 24 48 29 458 1458) 1.367 535 1471) 85 ,516 D¢$ignated Funds These consist of funds, as described below, which were originally set up to allocate donations of a general purpose towards designated PUTposes as approved by the Council. Ai the discretion of the Council, the funds can be ￿P]led towards other objectives, as ha5 been the case with the designated bursJri¢s and projects during the year. childre￿ of Clergy Fund The Fund 15 used to a5SlSt the children of ¢lergy to attend the College. Th¢ fund receive5 inve5tFnent income from its share of listed investtnents in the Consolidated Fund Investtnent Pool. Surplus income is transf¢￿ed to the College in order to assist th¢ College it) its obligations towards Children of Clergy bursarie5. FALS Fund During the year the Council took the decision to review the posltion of designaied funds and transferred the balance of these funds {advance fee paytnents) back to unrestricted funds. 47 MARLBOROUGH COLLEGE NOTES TO THE FINANCIALSTATEMENTS (Continued) 17. RESTRICTED FUNDS Balance I September 2024 £'ooo Transfers & Other Expenditure gaIn￿lI0$Se$) £'ooo £'ooo Balance 31 August 2025 £'ooo 2025 Income £'ooo The Master's Fund revenue Curtsenven Fund Other Trust Funds Capital projects and bursaries {2401 (471 ?40 202 46 47 2,056 (2,056) 11,322 12,343) 881 Bal#n¢e I S¢pt¢mber 2023 £'ooo Transfers & Other ExpeDdilure gainsl(105ses) £'ooo £'ooo Balance 31 August 2024 £'ooo 2024 Income £'ooo The MasteT'5 Fund revenue Curgenven Fund Other Trusi Funds Capital proje¢ts and buTsaries 1237) 10,034 45 254 1.023 11,276 46 2,507 (1,498) (1,009) 10,079 (1.770) 251 11,322 Restrleted Funds These trust funds ale subject to specific trusts declar¢d by the donors or with their authority. These ll)clude donations towards specific tapital piojecis (the Irmovaiion and Science project plus the Melnotial Hall) as well as bursary awards. The depreciation related io these projects. when completed, will be expended through the unrestricted funds as part of the tu]ming costs of the College. The Master's Fund li is represented by capiial and accumulated income hjnds, which are expendable in accordance with the conditions imposed by the donors.. solely for the putpose of providing bursaries and scholarships to pupils ai the College. Total return accounting has meant the income is now accumulated and has been transfe￿ed io endowed funds before being expended. The Gerald Curgenven Fund This ne￿ ￿nd has been sei up with the proceeds the College received from the Trevalga estate following its sale. It been set up with the sole purpose of assisting children with a connection to Cornw811 to attend the College. Other Trust Funds These comprise trust funds whose assets are applied in accordance with conditions imposed by the donors. They do nor own specified numbers of units in the Consolidated Fund Investment Pool and instead own specific listed investments. 48 MARLBOROUGH COLLEGE NOTES TO THE FIIYANCIAL STATEMENTS (Continued) 18. ENDOWED FUNDS Balanee I September 2024 £'ooo Transfers & investments g8insl(losses) £'ooo Balance 31 August 2025 £,0￿j 202$ Income Expenditure £'ooo £'ooo The Ma5tei's Fund capital Canon Diggle Scholarship fund Elstob Scholarship fund Gabriel Scholarship fund Sir George Abell Scholarship fvnd Barton Scholarship fund Bullock & Church Memorial Scholarship 7,151 566 2,174 272 305 1,534 440 251 21 (281 121 19) 1253) 120) 177) 19) (10) (54) (15) 7.121 565 2,169 272 305 1,541 443 10 68 20 (7) (2) 1?,442 462 (50) (4381 12,416 Balanee I September 2023 £'ooo Transfers & inv¢stm¢nts gain51(1055e5) £'ooo Balance 31 August 2024 £'o 2024 Income £'ooo Expenditure £'ooo The Master's Fund capital Canon Diggle Scholarship fund E15tob Scholarship fund Gabriel Scholarship ￿rtd Sir George Abell Scholarship fund Barton Scholarship fijnd Bulloek & Church Memorial Scholarship 6.538 512 1.970 247 277 1,356 390 217 18 70 (29) (3) (9) 425 39 143 17 19 129 35 7,151 566 2,174 272 i05 1,5i4 440 10 58 17 (2) 11,290 399 (54) 807 12,442 Endowed Funds These trusi funds are subject io specific t￿5¢$ declared by the donors or with their authority. They are represenred by pernianent capital funds. Income arising from the investments is applied in aecordance with ihe Conditions imposed by the donors. The Master's Fund Individual Consolidated Trust Funds that have been consolidaied with approval of the Charity Commission are represented by pemlanent capital funds, with the funds to be applied to bursary and scholarship sUPPOrt. Scholarship funds The Canon Diggle, Elstob, Gabriel and Sir George Abell Scholarship Funds were all e5tablish¢d by specific gifts which were to be invested to generate income to provide scholarships to pupils at ihe College. As part of the 2021 resolution Banon and Bullock & Church Memorial Scholarships funds are now also shown as separate Scholarship funds rather than as part (Trf the Master's Fund. 49 MARLBOROUGH COLLEGE NOTES TO THE FINANCIALSTATEMENTS (Continued) 19. FINANCE LEASE COMMITMENTS Property and Equipment 2025 2024 £'ooo £'ooo At i l August 2025 the Group had the following total commim)enis under non-cancellable f￿anCe leases.. Within one year Two to five years More than five years 1.567 9.140 ?7.856 1,007 8,4)) 30.i45 i8.563 {15 ?10) i9.785 {16.OJ4) Less-. fijwre finance eharges Present value of finance lease liabilities 2i.35i Representing.. Within tsne year Two to fIve years More than five years 501 i,961 18,891 268 20,149 2i.751 20. OPERATING LEASE COMMITMENTS Property and Equipmtnt 2025 2024 £'ooo £'o Ai 31 August 2025 the Group had the followtng total commith)ents under non-cancellable operating leases.. Within one year Two to five years More than five years 3.042 9,674 24.504 ?.207 8.i79 26.691 37,220 37,277 21. CONNECTED CHAIUTIES The Marlburian Club Charitable Fund (MCCF) (1063749) The objects of MCCF are ser oui in ihe 1997 revision to the consiitution of the Trust approv¢d by the Charity Commission. The College does not control MCCF, and its accounts are therefore not consolidated into the group account5. Transactions with the Marlburian Club Charitable Fund include. 2025 £'o 2024 Donation5 to the College 175 197 Marlborough College Foundation (regi51er¢d 85 a Charily No.. 1061798) The objects of the Foundation are set out in a Trust deed dated 4 Jun¢ 1956. The College does noi control the Foundation, and lis accounts are therefore noi consolidaied inio the group ac¢ounts of the College. The main objectives of (he Foundation are to provide long-iern support to the College by accumulating an endowment fund for bU￿arleS and to acr as custodians for money raised to assist with individual capitsl projects and annual bursary awards. The Foundation does not ￿n￿aISe directly as this 15 undertaken by the Colleg¢'5 Development department. The Master. M Birkin. S Bishop. T Martin-lenkins and C Stewort were trus￿¢5. Transactions with the Marlborough College Foundation included.. 2025 £'ooo 2024 Donations to the College 2.021 2,301 50 MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (Continued) 22. RELATED PARTY TRANSACTIONS Transaciion5 between the College and its subsidiary UTLdertakintss are set out in Note 7. As shown within Noie 4. the College reimbursed travel and other expenses of £18,8i3 to twelve Council Members (2024.. £i4.70i to eleven Council members). No Council rnember5 received remuneiaiion in the current or prior year. ANALYSIS OF NET DEBT MoveThenl$ I Cash Flow £'ooo Effects of foreign exchange £'ooo At I Sep 2024 £'ooo At 31 Aug 2025 £'ooo Cash ai bank and in hand Uninvested cash included in invesnnent 43,589 1,423 {79) ?06 2.897 1,474 45,012 1,170 179) 46, loi Loan Note- amount due atter l year (?5,000) (?5.000) 20.012 1,170 (79) 21,IOi MARLBOROUGH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (Continu¢d) 24. co￿(PAll￿TIvE STATEMENT OF FINANCIALACTIVITIES Restrieted & Endowed Funds Unrestrieted Funds £'ooo Designated Funds Malaysia College £'ooo Total 2024 £'ooo Income and endowments frorn: Charirable aciiviiies School fees Summer School 43.864 1.621 16,808 60,672 1,825 204 Other tradino ac(ivities Tradino Income (hher Income Donations, granis and legacies InveSt￿ents 1,124 2,588 175 2,199 1,299 250 2,507 654 2,524 1,957 807 419 77 Total ineome 50,017 19,601 3.161 7i.314 Expenditure on: Raisin funds Trading costs Financing costs Marketing and filnd raising Investtnent management 796 950 1.100 977 i.914 1,304 60 2,957 196 54 2.846 3,334 13 62 6,255 charl￿ble activities College operating costs.. Teaching costs Summer School expenses Welfare costs Premises cosis Support costs Granrs, awards and prizes Depreciation 17,681 1,621 7,096 10,585 3.201 8.015 25,699 ,621 8,578 13,337 5,807 2,110 5,765 1.414 2.713 2.606 68 39 458 1,652 4,056 1,709 44,240 16,457 458 1,762 62,917 Total expenditure 47.086 19,791 471 1,824 69,572 Ntt income before investment gains Nei (lossesygains on investments 2,931 1190) 1,337 4,142 210 2,229 2,439 Net (expenditurevincome 2.931 (190) 274 3.566 6,581 Transfers between fvnd5 Revaluation of other investment assets Exchange {losses)Igain5 Re-measurement of Pension Deficit 1.296 35 (36) 94 (125) 35 (161 94 20 NET MOVEMENT IN FUNDS Fund balances ai 31 August 2023 4.320 94,930 (170) 613 149 1.367 2,395 21.369 6,694 118,279 Fund balances 8t 31 August 2024 99,250 443 1.516 23,164 124,973 The figure for Grants, awards and prizes has been restated to account for the reclassification of negative funds to expenditure as a result of charitable activities. In addition, the teachino costs have been restated io include the acwal costs of school trips and exttas thai had previously been netted oLTwith income under expenditure. 52