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← St Augustine's Chapel Charity

2025-06-30-accounts

Company Registration No: 02645236 (England and Wales) Registered Charity No: 1013635

Page
Legal and Administrative Information 2
Report of the Directors and Trustees 3-8
Independent Auditors’ Report 9-12
Statement of Financial Activities 13
Balance Sheet 14
Cash Flow Statement 15
Notes to the Financial Statements 16-23

1

JR Bleakley WR May (appointed 1 January 2025) The Rev’d DA Peters JE Priory GM Rochussen

J Fentiman

The Rev’d DA Peters JR Bleakley (Chairman) MA Forkgen P Greco B Matthews N Rendall JRP Thomas CD Thompson JF van de Spuy (7 September 2023 – 6 July 2024) G Holder (5 September 2024 – 5 July 2025)

Tonbridge School Tonbridge Kent TN9 1JP

HSBC plc Farrer & Co 100 High Street 66 Lincoln’s Inn Fields Tonbridge London Kent WC2A 3LH TN9 1AN Saffery LLP HSBC Private Bank (UK) Ltd. 71 Queen Victoria Street 78 St James’s Street London London EC4V 4BE SW1A 1JB

2

The Governors, who are also the Charity Trustees and the Directors for the purposes of company law, present their annual report and financial statements for the year ended 30 June 2025. The financial statements have been prepared in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006, and the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with FRS102, effective 1 January 2019.

The present Trustees and any past Trustees who held office during the year are given on page 2 together with the names of the senior officers and external advisers.

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St Augustine’s Chapel Charity is registered as a Charity under number 1013635. It is also a company limited by guarantee, having been incorporated on 12 September 1991 under number 2645236. Its registered office is as shown on page 2.

The Charity is governed by its Memorandum and Articles of Association adopted on 30 August 1991 and last amended on 30 July 1992.

The Trustees are responsible for the overall governance of the Charity and are appointed by the Members, and manage the business of the Charity, meeting at least once a year. The Trustees have authority to delegate any of their powers and duties to a sub-committee consisting of such of their number as they think fit.

The only persons entitled to be Members of the Charity are the subscribers to the Memorandum of Association and past masters of the Worshipful Company of Skinners. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per Member of the Charity. No Directors are Members of the Charity.

New Trustees are inducted into the workings of the Charity via an induction programme organised by Tonbridge School, with on-going training provided as required, recognising previous experience.

The day to day running of the Charity is delegated to the Chapel Committee, the members of which are recorded on page 2.

The Trustees, as listed on page 2, comprise the Key Management personnel of the charity. Furthermore, the Charity employs a Verger and Domestic Services Assistant and is supported by the staff of Tonbridge School, on a voluntary basis, in all other operational areas.

The Charity works closely with Tonbridge School (Charity number 1097977) as the Chapel resides in the School’s grounds and the Chapel facilities are used extensively by the School.

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The Charity has built and now holds and manages St Augustine’s Chapel, Tonbridge School, Kent. The original chapel was destroyed by fire in 1988.

The rebuilding commenced during 1992/93 and the Chapel was rededicated on 20 October 1995.

The Charity’s Objects as set out in the trust deed are:

Within these Objects, the Charity is committed to enabling as many of the pupils of Tonbridge School as possible to worship at the Chapel and to broaden their religious and musical education. In addition, the Charity continues to aim to provide religious and educational benefits to the wider community using the Charity’s facilities and resources.

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When planning activities for the year, the Trustees have considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. The focus this year has been on the continued encouragement of participation in Chapel services by the pupils of Tonbridge School and the wider community, the provision of pastoral care for the Chapel community and the advancement of religious and musical education generally using the Chapel’s resources and facilities, and through maintaining support for the Charity’s community.

A further objective was to maintain the level of donations and collections as compared with previous periods, and to continue the limited support of external charities and missions, where possible.

Tonbridge School is a Christian foundation, and Chapel services are an important and regular part of school life. A virtue of the School's size is that the whole School community can gather under one roof at the Chapel. The School day starts with a service each morning except Monday and Wednesday, and all boarders attend a full choral service on Sundays, Mattins on the first Sunday of each term, and on other Sundays an evening service which is usually, but not always, Evensong. The Eucharist is celebrated each Sunday morning, and there are several further celebrations during the year to which parents, friends of the School, and members of the public are welcome to attend. In term time, except for Mondays, there is an additional celebration of the Eucharist on a daily basis.

4

Boys who belong to other faith traditions can attend their own places of worship at the weekend. All boys attend Chapel services and other assemblies on weekdays.

The Chapel Choir (which includes treble Chorister Scholars from two local prep schools) is of cathedral standard and sings at all main School services and at external events. The Marcussen organ in the Chapel is one of the finest instruments in the country, as demonstrated by the fact that international concert organists use it for recordings. It is used regularly by the pupils and staff of Tonbridge School, with approximately ten boys learning the organ for the year under review and at least four members of the Common Room able to play it. Several boys have gone on to do organ scholarships in gap years and at University, having gained invaluable experience using the Tonbridge instrument. In normal times, weekday and Sunday Chapel services rely entirely on it for the accompaniment of School singing and for the music before and after services. Likewise, visiting organisations and schools often use the organ as part of their usage of the Chapel (e.g., school carol services and Tonbridge Philharmonic events). It is also used for various concerts and recitals, and throughout the year various groups visit Tonbridge because of the instrument.

Three weddings; five baptisms; one funeral and three memorial services were held during the year, together with a regular programme of Chapel services and talks for pupils, staff, and the local community. Nine carol services, six carol concerts and one midnight mass were also held, bringing the wider School community together once more, and the formal Skinners’ Day service marked the end of the academic year.

Ablett Architects Limited reported as the Quinquennial Architect in May 2024 that the Chapel buildings were in good condition. The Estates and Chapel teams at Tonbridge School continue to work towards undertaking any necessary remedial works and improvements ahead of the next inspection in four year’s time.

The Marcussen Organ

During the year a major renovation of the Chapel’s Marcussen organ commenced. The work encompassed a complete refurbishment of the instrument, the first undertaken since its original installation. The initial phase was undertaken in Lent Term 2025, with the major element of the refurbishment commencing in the Summer Term and completed ahead of the service of remembrance in November 2025. The total cost of the refurbishment for the year under review was £172,169 with a further £84,643 payable post year end.

The Statement of Financial Activities for the year is set out on page 13. The Charity benefited from several donations in year, including £60,000 from Tonbridge School (2024: £100,000, reflecting additional support for the anticipated organ refurbishment). This was supplemented by several individual donations from Friends of the Chapel, patrons, and other individuals benefiting from the use of the Chapel’s resources. Specific charitable collections enabled the Charity to continue its limited support of other local, national, and international charities. Total income for the year was £100,693 (2024: £136,950).

Total expenditure of £357,133 (2024: £181,659) and net gains on investments of £17,226 (2024: £67,404) contributed towards a net outflow for the year of £239,214 after the exceptional charge for the organ refurbishment programme noted above (2024: £22,695 net inflow).

5

HSBC Global Asset Management (UK) Limited acted as Investment Manager for the year under review. Further information on the Charity’s investment portfolio and performance is noted under Investment Policy and Objectives below.

Free reserves available for use by the Charity are deemed to be those that are readily realisable, less funds whose uses are restricted or designated for particular purposes. The calculation thus excludes property and other fixed assets that will continue to be used in the day to day running of the Charity.

Free reserves were £140,000 this year (2024: £104,061). The Trustees have reviewed the current level of reserves and have maintained Free Reserves at a level required to support the Charity’s immediate operational requirements. The Trustees consider that the Charity has adequate resources and flexibility for the foreseeable future and consequently the adoption of the going concern basis is appropriate in preparing the financial statements.

Total unrestricted funds
Less: designated funds
Net assets / liabilities		 £
5,967,670
(5,827,670)
140,000
140,000
140,000		 £
6,206,884
(6,102,823)
104,061
104,061
104,061

The funds under the Trustees’ control are all unrestricted and consist of:

Designated funds

Undesignated funds

The General Fund, being the funds available to the Trustees for the general purposes of the Charity.

The Charity’s investment policy is to maintain investments which generate sufficient income to support its current level of activity and support future maintenance of the Chapel buildings.

The Memorandum of Association gives the Trustees power to invest “in or upon such investments, securities or property as may be thought fit subject nevertheless to such conditions (if any) and such consents (if any) as may for the time being be imposed or required by law.”

In the view of the Trustees the Memorandum of Association also gives them authority to employ an investment adviser.

The Charity’s investment portfolio is managed to provide sufficient income to support the running and maintenance of the Chapel as well as preserving the overall capital value of the investments.

6

HSBC Global Asset Management (UK) Limited was appointed as Investment Manager in June 2012. Whilst the Charity’s assets continue to be managed by HSBC Global Assets Management (UK) Limited the operational day to day relationship rests with the HSBC Private Bank Charities Team. Investment strategies have been identified and approved to meet the Charity’s investment objectives.

The investment strategy and policy are monitored by the Trustees via the Finance and General Purposes Committee of Tonbridge School, as is investment performance. The Charity’s portfolio is invested in growth and income funds.

The Trustees are mindful of the general economic and political climate and the challenges facing charitable giving and investment performance, both of which have a direct impact on it operational and grant making activities. The influence of these external pressures is reflected in year-on-year investment valuations and the level of voluntary donations received. Financial budgetary control continued to be exercised and monitored by the Trustees throughout the year to ensure that expenditure is matched against available income, and that costs are minimised, where at all possible.

The Trustees are responsible for the management of risks faced by the Charity and have introduced a formal risk management process to assess business risks and implement risk management strategies. This has involved identifying the types of risk the Charity faces (operational, financial, environmental, and other external risks), prioritising them in terms of potential impact and likelihood of occurrence and identifying means of mitigating the risks including a review of internal controls. The risk assessment is reviewed each year.

The global economic climate and the cost-of-living crisis affecting many families and communities remains an on-going risk during the 2025/2026 financial year, but the Charity is committed to maintaining contact with its community and will continue to work closely with the School to ensure that it can maintain this support, as well as continue to provide financial assistance to the limited number of local, national and international charities historically supported during these challenging times.

Through the risk management process established for the Charity, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that no system can give an absolute assurance against major risks.

The Charity will continue to promote attendance and participation in its services and activities during the current financial year and will aim to increase awareness of the work of others in the advancement of religion and education through its limited support of other charities. The refurbishment of the Marcussen organ will complete in-year, with the disruption to planned Chapel services and available facilities being mitigated as far as possible during this period. Focus will continue on the progression of remedial works identified by the latest Quinquennial Inspection.

7

The Trustees (who are also Directors of St Augustine’s Chapel Charity for the purposes of company law) are responsible for preparing the Report of the Directors and Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the Charity for that period. In preparing these financial statements, the Trustees are required to:

make judgements and estimates that are reasonable and prudent;

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

there is no relevant audit information of which the Charity’s Auditors are unaware;

Saffery LLP have indicated their willingness to remain in office for the coming year.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption, and was approved by the Board on 26 March 2026 and signed on its behalf by:

8

We have audited the financial statements of St Augustine’s Chapel Charity for the year ended 30 June 2025 which comprise the Statement of Financial Activities, Balance Sheet, the Cash Flow Statement and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact.

We have nothing to report in this regard.

9

In our opinion, based on the work undertaken in the course of the audit:

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors and the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

As explained more fully in the Trustees’ Responsibilities Statement set out on page 8, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so.

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

10

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates.

Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales .

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

11

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Helen Wilkie (Senior Statutory Auditor) for and on behalf of Saffery LLP, Statutory Auditors 71 Queen Victoria Street, London, EC4V 4BE

Date: 30 March 2026

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

12

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----- Start of picture text -----
£ £
Grants and donations 3 79,349 118,781
Investment income 4 18,664 18,169
2,680 0
100,693 136,950
Investment management 5 4,995 5,016
4,995 5,016
The advancement of religion and grant making 352,138 176,643
6 357,133 181,659
(256,440) (44,709)
Realised investment (losses) / gains (535) 8,151
Unrealised investment gains 17,761 59,253
(239,214) 22,695
0 0
(239,214) 22,695
Fund balances brought forward at 1 July 2024 6,206,884 6,184,189
5,967,670 6,206,884
----- End of picture text -----

The notes on pages 16 to 23 form part of these financial statements.

13

Note 2025 2024
£ £ £ £
FIXEDASSETS
Tangible assets 8 5,356,315 5,435,085
Investments 9 619,069 755,551
5,975,384 6,190,636
CURRENTSASSETS
Debtors 10 2,743 25,408
Cash and deposits 177,374 10,329
180,117 35,737
CURRENT LIABILITIES
Creditors payable within one year 11 (187,831) (19,489)
NET CURRENTASSETS (7,714) 16,248
NETASSETS 5,967,670 6,206,884
—______
—______
REPRESENTED BY:
Unrestricted Funds 5,967,670 6,206,884
TOTALFUNDS 12 5,967,670 6,206,884

The notes on pages 16 to 23 form part of these financial statements.

The financial statements on pages 13 to 23 were approved by the Trustees on 26 March 2026 and were signed on their behalf by:

Company Registration Number 2645236 (England and Wales)

14

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----- Start of picture text -----
£ £ £ £
14 (5,327) (24,186)
Purchase of investments 9 (463,985) (366,994)
Sale of investments 617,693 369,207
Investment income 18,664 18,169
Net cash provided by investing activities 172,372 20,382
15 167,045 (3,804)
10,329 14,133
177,374 10,329
Cash in hand 177,374 10,329
----- End of picture text -----

The notes on pages 16 to 23 form part of these financial statements.

15

St Augustine's Chapel Charity is a charitable company limited by guarantee, registered in England (charity number 1013635, company number 2645236). Its registered office address is, Tonbridge School, Tonbridge, Kent, TN9 1JP.

The financial statements have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice "Charities SORP (FRS102)" and Financial Reporting Standard 102. These financial statements are prepared on the historical cost accounting basis except that investment assets are carried at market value.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The Charity constitutes a public benefit entity as defined by FRS102.

Investment income is accounted for in the period in which the Charity is entitled to receipt.

Donations and legacies are accounted for as and when entitlement arises, the amount can be reasonably quantified and the economic benefit to the Charity is considered probable.

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer-term liabilities. Expenditure attributable to more than one cost category in the SOFA is apportioned to them on the basis of the estimated amount attributable to each activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates.

Grants awarded are expensed as soon as they become legally legal or operational commitments. Governance costs comprise the costs of complying with constitutional and statutory requirements.

The original Chapel building was destroyed by a fire in September 1988, with an extensive rebuilding programme commencing during 1992/1993, and the current Chapel building being rededicated on 20 October 1995. The land on which the Chapel stands is owned by the Sir Andrew Judd Foundation, which is leased to the Chapel on a 99-year lease dated 18 December 1992 at an annual rent of £10. All costs connected with the planning, design and rebuilding of the Chapel have been capitalised and the building is stated in the accounts at cost. No account is taken of the value of the ruins remaining after the fire.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight-line basis over their expected useful economic lives. Equipment is depreciated over its estimated useful life of 5 years on a straight-line basis The Chapel building is depreciated over the remaining length of the lease on a straight-line basis.

16

_______________

Listed investments are valued at market value as at the balance sheet date. Unrealised gains and losses arising on the revaluation of investments are credited or charged to the SOFA and are allocated to the appropriate Fund according to the ownership of the underlying assets.

Donations received by the Charity are accounted for as unrestricted, restricted income, or as endowment capital, in accordance with the terms of trust imposed by the donors or any appeal to which they may have responded. Endowment funds may be further subdivided into permanent and expendable.

Unrestricted income belongs to the Charity's corporate reserves, spendable at the discretion of the Trustee either to further the Charity's Objects or to benefit the Charity itself. Where the Trustee decide to set aside any part of these funds to be used in future, for a specific purpose, this is accounted for by transfer to the appropriate designated fund.

Transactions in foreign currencies are recorded at the rate ruling on the date of the transaction. Monetary assets and liabilities are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the Statement of Financial Activities.

The Charity has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised initially in the accounts at transaction price, including any transaction costs. At the end of each accounting period, basic financial instruments are recognised at amortised cost. For debt instruments this is calculated using the effective interest rate method.

The Charity contributes to a defined contribution scheme (note 16). Contributions to the scheme are charged to the Statement of Financial Activities as they become payable in accordance with the scheme rules.

At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

17

In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision effects both current and future periods.

There are no critical accounting judgements in 2025 or 2024.

There are no critical accounting estimates or assumptions in 2025 or 2024.

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----- Start of picture text -----
£ £
Chapel collections 14,715 15,245
Donations from other charities 60,000 100,000
Sundry donations 4,634 3,536
79,349 118,781
£ £
Income from Fixed Interest investments 5,690 5,977
Income from Equities 12,974 12,192
18,664 18,169
£ £
Investment management fees 4,995 5,016
4,995 5,016
Donations from collections 14,715 15,245
Auditors' remuneration for audit services 7,500 8,110
Depreciation of buildings 78,770 78,770
Chapel maintenance and running costs 251,153 74,518
352,138 176,643
357,133 181,659
----- End of picture text -----

18

Wages & Salaries
Social security costs
Pension costs		 £
£
35,155
31,268
2,808
2,335
2,444
2,341
40,407
35,944

No employee received emoluments in excess of £60,000 during the year. (2024: £ Nil).

There were no key management personnel costs (2024: £ Nil).

The Trustees received no remuneration during the year (2024: none).

No expenses or travel costs were reimbursed to Trustees during the year (2024: £ Nil).

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----- Start of picture text -----
£ £ £
At 1 July 2024 7,246,453 56,886 7,303,339
7,246,453 56,886 7,303,339
At 1 July 2024 1,811,368 56,886 1,868,254
Charge for the year 78,770 0 78,770
1,890,138 56,886 1,947,024
5,356,315 0 5,356,315
5,435,085 0 5,435,085
£ £
Market value 1 July 2024 755,551 690,360
Acquisitions at cost 463,985 366,994
Disposals at opening book value (618,228) (361,056)
Increase in value of investments 17,761 59,253
619,069 755,551
UK Fixed Income 6,210 3,720
Overseas Fixed Income 162,467 196,885
UK Equities 57,495 107,537
Overseas Equities 331,545 377,145
Alternative Investment Property 38,255 47,721
Other Mutual Funds 0 4,529
Commodities 23,097 18,014
619,069 755,551
579,045 681,849
----- End of picture text -----

Included within unrestricted funds is a revaluation reserve with a balance of £40,024 (2024: £73,702). All reserves relate to the revaluation of investments.

20

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----- Start of picture text -----
£ £
Amount owed by Tonbridge School 0 22,778
Prepayments & accrued income 2,743 2,630
2,743 25,408
£ £
Trade creditors 63,482 0
Other creditors 3,522 1,508
Amount owed to Tonbridge School 101,575 0
Accruals and deferred income 19,252 17,981
187,831 19,489
£ £ £ £
Administration Fund 0 619,069 (147,714) 471,355
Rebuilding Fund 5,356,315 0 0 5,356,315
0 0 140,000 140,000
5,356,315 619,069 (7,714) 5,967,670
----- End of picture text -----

Included within the Administration Fund is a revaluation reserve with a balance of £40,024 (2024: £65,296). All reserves relate to the revaluation of investments.

As noted on page 6, the funds under the Trustees’ control are:

Designated Funds:

Undesignated Funds:

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----- Start of picture text -----
£ £ £ £ £
Administration Fund 667,738 18,664 0 (215,047) 471,355
Rebuilding Fund 5,435,085 0 (78,770) 0 5,356,315
104,061 82,029 (278,363) 232,273 140,000
6,206,884 100,693 (357,133) 17,226 5,967,670
£ £ £ £ £
Administration Fund 600,334 18,169 0 49,235 667,738
Rebuilding Fund 5,513,855 0 (78,770) 0 5,435,085
70,000 118,781 (102,889) 18,169 104,061
6,184,189 136,950 (181,659) 67,404 6,206,884
£ £
Net (expenditure) / income (239,214) 22,695
Investment income received (18,664) (18,169)
Realised losses / (gains) on investments 535 (8,151)
Unrealised gains on investments (17,761) (59,253)
Depreciation 78,770 78,770
Decrease / (increase) in debtors 22,665 (22,931)
Increase / (decrease) in creditors 168,342 (17,147)
Net cash used in operating activities (5,327) (24,186)
£ £ £ £
Cash in hand and at bank 10,329 167,045 0 177,374
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The Charity provides retirement benefits to its employees via a group scheme, with an employer’s contribution rate of 7%.

Support was provided by Tonbridge School as follows during the year:
Grant towards the general running costs of the Chapel		 £
60,000		 £
100,000
60,000 100,000

As a registered Charity its income is not liable to direct taxation as it is fully applied to charitable activities.

The Charity is a charitable company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the charitable company in the event of liquidation.

The total value of capital expenditure contracted for but not completed at the Balance Sheet date amounted to £86,643 (2024: £nil). This was in relation to the Marcussen organ refurbishment.

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