2021-06-30-accounts

CONTENTS	Page
Directors’andGovernors’report	1-24
IndependentAuditors’reporttotheMembersofTonbridgeSchool	25-28
Consolidatedstatementoffinancialactivities	29-30
Consolidatedsummaryincome& expenditureaccount	31
Balancesheets	32
Consolidatedcashflowstatement	33
Notestothefinancialstatements	34-69

Bankers		HSBCple
		100HighStreet
		Tonbridge
		Kent
		TN91AN
Solicitors		Farret& Co
		66Lincoln’sInnFields
		London
		WC2A3LH
Auditors		SafferyChampnessLLP
		71QueenVictoriaStreet
		London
		EC4V4BE
Investment	Managers	HSBCPrivateBank(UK)Led.
		78StJames’sStreet
		London
		SWIA1JB
Insurance	Brokers	MarshLimited(EducationPractice)
		CapitalHouse
		1-5PerrymountRoad
		HaywardsHeath
		WestSussex
		RH163SY

	Unrestricted	Restricted	Endowed	2021	2020
	Funds	Funds	Funds	Total	Total
	£	£	£	£	£
NETMOVEMENTINFUNDS	3,460,047	942,810	(57,102)	4,345,755	(23,512)
(broughtforward)
Fundbalancesbroughtforwardat	24,753,918	3,459,846	591,025	28,804,789	28,828,301
1July2020
Fundbalancescarriedforwardat	28,213,965	4,402,656	533,923	33,150,544	28,804,789
30June2021

	2021	2020
	£	&
Grossincome	33,777,378	31,399,123
Totalexpenditure	(29,821,965)	(31,198,395)
Realisedinvestrnentgains/(losses)	92,711	(46,783)
Unrealisedinvestmentgains/(losses)	222,004	(84,573)
NetincomeforCompaniesActpurposes	4,270,128	69,372

	CriticaljudgementsinapplyingtheCharity'saccountingpolicies:Therearenocriticalaccountingjudgementsin	CriticaljudgementsinapplyingtheCharity'saccountingpolicies:Therearenocriticalaccountingjudgementsin	CriticaljudgementsinapplyingtheCharity'saccountingpolicies:Therearenocriticalaccountingjudgementsin
	2021or2020.
	Criticalaccountingestimatesandassumptions
	(i)Definedbenefitpensionschemes:TheCharityhasanobligationtopaypensionbenefitstocertainemployees.
	Thecostofthesebenefitsandthepresentvalueof theobligationdepend	on anumberoffactors,includinglife
	expectancy,assetvaluationsanddiscountrateoncorporatebonds.Managementestimatesthesefactorsindetermining
	thenetpensionliabilityintheBalanceSheet.Theassumptionsreflectthehistoricalexperienceandcurrenttrends.The
	valuationisparticularlysensitivetotheimpactofthediscountrateontheschemes’liabilities.Seenotes26and27for
	thedisclosuresrelatingtothedefinedbenefitschemes.
	CharitableActivities— FeesReceivable
	Schoolfeesreceivableconsistof:	2021	2020
	Grosstuitionfees Less:totalbursaries,scholarshipsandothersubsidiesanddiscounts	& 30,166,993 (2,724,554)	£ 27,289,939 (2,654,455)
		27,442,439	24,635,484
4.	CharitableActivities- Otherincome
		2021	2020
	Musicfees	£L 267,323	219,429	£
	Admissionsfees	469,965	484,035
	Registrationanddepositsforfeited	232,171	153,673
	Term-timecoursesandSportsAcademiesfees	235,551	340,791
	Commissions,rentalsandotherincome	88,354	125,253
		1,293,364	1,323,181
5.	TradingIncome
		2021	2020
		&£		£
	TonbridgeServicesLimited	867,777	2,206,347
		2021	2020
	Otherincomegeneratingactivities Otherincome	&£ 4,583 4,583	£ 9,167 9,167
	38

TONBRIDGESCHOOL	TONBRIDGESCHOOL
NOTESTOTHEFINANCIALSTATEMENTS
FOR	THEYEARENDED30JUNE2021
9.	Analysisoftotalexpenditure
				Total	Total
	Group	DirectCosts	IndirectCosts	2021	2020
		£	£	£	£
	Costofgeneratingfunds:
	Tradingexpenditure	472,324	0	472,324	854,921
	Otherincomegeneratingactivities	199,074	42,762	241,836	412,550
	Financingcosts(note10)	(85,984)	0	(85,984)	259,716
	Investmentmanagement(fromRestrictedFunds)	29,256	0	29,256	28,643
	Fundraisinganddevelopment	424,688	76,115	500,803	578,672
	Totalcostsofgeneratingfunds	1,039,358	118,877	1,158,235	2,134,502
	Charitableexpenditure:
	Teaching	14,101,837	880,384	14,982,221	14,981,925
	Term-timecoursesandSportsAcademies	367,017	36,874	403,891	456,904
	CommunicationsandAdmissions	279,808	7,842	287,650	241,340
	Welfare	3,503,605	397,147	3,900,752	3,659,889
	Premises	8,296,477	518,634	8,815,111	9,470,457
	Governance	8,160	261,567	269,727	249,748
	Grantandawards	9,000	0	9,000	8,500
	Totalcharitableexpenditure	26,565,904	2,102,448	28,668,352	29,068,763
	Totalexpenditure	27,605,262	2,221,325	29,826,587	31,203,265

Ti. Staffcosts~ continued
Group
	2021	2020
Thenumberofemployeeswhoseemolumentsexceeded£60,000were:	Number	Number
£60,001to£70,000	23	19
£70,001to£80,000	24	23
£80,001to£90,000	4	12
£90,001to£100,000	3	1
£100,001to£110,000	3	0
£150,001to£160,000	0	1
£170,001to£180,000	1	0
£190,000to£200,000	0	1
£210,001to£220,000	1	0
ContributionsweremadetotheTeachers’PensionSchemeandtheIndependentSchools’PensionScheme,bothofwhich
aredefinedbenefitsschemes,for59(2020:57)higherpaidemployees.Thetotalamountpaidonbehalfoftheseemployees
was£980,543(2020:£921,618).
Group
	2021	2020
Theaveragenumberofemployeesintheyear was:	Number	Number
Costofgeneratingfunds	29	33
Welfare	221	232
Teaching	140	143
Term-timecourses& SportsAcademies	18	24
Classroomsupport	129	153
Premises	88	87
Managementandadministration	22	21
	647	693

TONBRIDGESCHOOL
NOTESTOTHEFINANCIALSTATEMENTS
FORTHEYEARENDED30JUNE2021
13.Fixedassetsinvestments
Group	2021	2021,	2021	2021
	Unrestricted	Restricted	Endowed	Total
	£	£	£	£
Marketvalue1 July2020	1,453,415	3,216,160	591,025	5,260,600
Acquisitionsatcost Disposalsatopeningbookvalue	462,017 (805,980)	3,079,621 (2,532,563)	531,132 (512,565)	4,072,770 (3,851,108)
Increaseinvalueofinvestments Transferatmarketvalue	0 0	222.004 125,835	50,166 (125,835)	272,170 0
Marketvalueat30June2021	1,109,452	4,111,057	533,923	5,754,432
Investedin:	£	£	£	£
UKfixedinterest	0	213,871	5,102	218,973
Overseasfixedinterest	0	1,123,843	138,264	1,262,107
UKequities	0	1,215,060	224,225	«1,439,285
Overseasequities	0	634,562	117,923	752,485
Alternateinvestmentproperty	0	244,935	22,269	267,204
Alternateinvestmentunclassified	0	111,764	26,140	137,901
Cashdeposits	1,109,452	567,025	0	1,676,477
Marketvalueat30June2021	1,109,452	4,111,057	533,923	5,754,432
Historicalcost30June2021	1,109,452	3,846,521	488,899	5,444,872
School		2021"	2021	2024
		Unrestricted	Restricted	Total
		£	£	£
Marketvalue1 July2020		1,453,415	2,603,442	4,056,857
Acquisitionsatcost		462,017	2,111,639	2,573,656
Disposalsatopeningbookvalue		(805,980)	(2,083,911)	(2,889,891)
Increaseinvalueofinvestments		0	176,688	176,688
Marketvalueat30June2021		1,109,452	2,807,858	3,917,310
Historicalcost30June2021		1,109,452	2,605,402	3,714,854
Investedin:		£	£	£
UKfixedinterest		0	206,835	206,835
Overseasfixedinterest		6	933,203	933,203
UKequities		0	905,899	905,899
Overseasequities		0	471,970	471,970
Alternateinvestmentproperty		0	214,231	214,231
Alternateinvestmentunclassified		0	75,720	75,720
Cashdeposits		1,109,452	0	1,109,452
Marketvalueat30June2021		1,109,452	2,807,858	3,917,310

			School
			2021	2020
			£	£
InvestmentinTonbridgeServicesLimitedatcost			355,000	355,000
TheSchoolacquired355,000ordinarysharesof£1onthe30ofJune2003.
15.Stock
	Group	Group	School	School
	2021	2020	2021	2020
	£	£	£	£
Stockofgoodsforresale	242,491	243,031	0	0
Other	48,371	66,738	48,371	66,738
	290,862	309,769	48,371	66,738
16.Debtors
	Group	Group	School	School
	2021	2020	2021	2020
	£	£	£	£
Tradedebtors	744,373	424,843	731,956	426,435
Otherdebtors	51,796	483,110	46,133	470,383
Prepayments& accruedincome	579,553	686,197	294,624	578,708
Amountsduefromsubsidiaryundertakings	0	0	510,540	112,940
	1,375,722	1,594,150	1,583,253	1,588,466

	Group	Group	School	School
	2021	2020	2021	2020
	£	£	£	£
Bankloans& overdrafts	1,346,992	1,320,195	1,346,992	1,320,195
Depositsfromparents	226,490	24,000	226,490	24,000
SirAndrewJuddFoundation(BondIssue)	2,000,000	0	2,000,000	0
Tradecreditors	1,434,039	1,318,858	1,402,373	1,310,891
Taxationandsocialsecurity	505,624	421,709	499,253	420,310
Othercreditors	475,786	435,479	474,017	433,364
Obligationsunderfinanceleases	225,860	191,491	225,860	191,491
FeesinAdvanceScheme	682,119	805,889	682,119	805,889
Accrualsanddeferredincome	935,354	798,505	759,232	616,016
	7,832,264	5,316,126	7,616,336	5,122,156
Amountspayableafteroneyear:
			Group&	Group&
			School	School
			2021	2020
			£	£
Bankloans& overdrafts			6,856,962	8,165,571
Depositsfromparents			706,556	1,117,547
Fairvalueofinterestrateswap			64,747	232,155
SirAndrewJuddFoundation(DevelopmentLoan& BondIssue)			8,000,000	10,000,000
Obligationsunderfinanceleases			207,356	308,750
FeesinAdvanceScheme			427,316	647,422
			16,262,937	20,471,445

	Group	&	Group&
	School		School
	2021		2020
		£	£
Withintwotofiveyears	427,316		647,422
Withinoneyear	682,119		805,889
	1,109,435		1,453,311

TONBRIDGESCHOOL
NOTESTOTHEFINANCIALSTATEMENTS
FORTHEYEARENDED30JUNE	2021
19.Allocationofnetassetstofunds—	Group
	FixedAssets	Investments	OtherNet	LongTerm	2021
			Assets/	(Liabilities/	Total
			(Liabilities)	Provisions)
	£	£	£	£	£
Unrestricted:
SchoolGeneralFund	36,555,989	0	(3,436,929)	(15,770,874)	17,348,186
Pension& SwapLiabilityFund	0	0	0	(2,200,643)	(2,200,643)
DevelopmentFund	199,023	0	11,077,629	O	=11,276,652
FeesinAdvance	0	1,109,452	(429,148)	(427,316)	252,988
TonbridgeServicesLtd	13,726	0	12,108	0	25,834
TSFGeneralFund	0	0	1,510,948	0	1,510,948
	36,768,738	1,109,452	8,734,608	(18,398,833)	28,213,965
Restricted:
TSFMasterplanFund	0	0	18,152	0	18,152
TSFGeneralScholarshipFund	0	631,445	139,624	0	771,069
TSFTon.SchoolCentreFund	0	0	733	0	733
TSFBarryOrchardFund	0	0	11,922	0	11,922
TSFFeroxHallFund	0	15,099	0	0	15,099
TSFHillsideFund	0	213,185	22,418	0	235,603
TSFManorHouseFund	0	30,603	0	0	30,603
TSFParkHouseFund	0	133,768	0	0	133,768
TSFParksideFund	0	0	0	0	0
TSFSchoolHouseFund	0	0	0	0	0
TSFWelldonHouseFund	0	0	0	0	0
TSFSmytheHouseFund	0	0	0	0	0
TSFTreeFund	0	0	4	0	4
TSFMediaCentreFund	0	0	15,182	0	15,182
TSFRacketsCourtFund	0	0	627	0	627
TSFCricketFund	0	0	29,676	0	29,676
TSFHockeyFund	0	0	4,174	0	4,174
TSFSteinwayFund	0	0	175	0	175
TSFBillingtonFund	0	279,099	0	0	279,099
GeneralPrizeFunds	0	71,536	1,228	0	72,764
GeneralSch.& BursaryFund	0	2,021,997	34,715	0	2,056,712
CommunityServicesGroup	0	51,845	890	0	52,735
ComputerAidedDesign	0	0	705	0	705
SitT Smythe'sEdu.Found.	0	207,786	3,567	0	211,353
HenryFisher'sEdu.Found.	0	62,004	1,065	0	63,069
BerthaMortonBequest	0	392,690	6,742	0	399,432
	0	4,111,057	291,599	0	4,402,656
Endowed:
‘TSFGen.Sch.Fund	0	196,456	0	0	196,456
TSFBarryOrchardSch.Fund	0	198,298	0	0	198,298
TSFHillSideSch.Fund	0	139,169	0	0	139,169
	0	533,923	0	0	533,923
Total	36,768,738	5,754,432	9,026,207	(18,398,833)	33,150,544
		53

TONBRIDGESCHOOL
NOTESTOTHEFINANCIAL	STATEMENTS
FORTHEYEARENDED30JUNE2021
20.Analysisofmovementinfunds- continued
Transfersberweenfundsrepresent 1 tep	grantsand grar	donations ,	towardsthescholarships, Ips,				bursaries, D	»P	prizesandmajorcapital A } P
projectsoftheSchool,withoutrestriction,and		adjustmentstoreflectthe			confirmationofdonors’wishes.
Schoolasat30June2020		At		Income		Expenditure			Transfers	Balance
		1July2019							Investment	30June2020
							Gains/ (Losses)
			£		£		£		£	£
Unrestricted:
SchoolGeneralFund		14,540,370		28,019,334		=(27,386,520)			(280,424)	14,892,760
Pension& SwapLiabilityFund		(2,504,202)		0		(259,716)			189,752	(2,574,166)
DevelopmentFund		11,385,890		2,187,555		(2,736,051)			78,240	10,915,634
FeesinAdvance		257,543		1,316			0		0	258,859
		23,679,601		30,208,205		(30,382,287)			(12,432)	23,493,087
Restricted:
GeneralPrizeFunds		69,030		2,121			(509)		(2,891)	67,751
GeneralSch.& BursaryFund		1,954,330		59,800			(14,397)		(110,933)	1,888,800
CommunityServicesGroup		48,155		1,480			(355)		(1,808)	47,472
ComputerAidedDesign		705		0			0		0	705
SirT Smythe'sEdu.Found.		192,993		5,931			(1,422)		(7,245)	190,257
HenryFisher'sEdu.Found		57,590		1,770			(424)		(2,162)	56,774
BerthaMortonBequest		380,660		11,698			(11,304)		(14,290)	366,764
		2,703,463		82,800			(28,411)		(139,329	2,618,523
Total		26,383,064		30,291,005		—_(30,410,698)			(151,761)	26,111,610