## 



## 

|`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`|





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||`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`|<br>`28,213,965`|<br>`4,402,656`|<br>`533,923`|<br>`33,150,544`|<br>`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`<br>`anumberoffactors,includinglife`|||
||`expectancy,assetvaluationsanddiscountrateoncorporatebonds.Managementestimatesthesefactorsindetermining`||||
||`thenetpensionliabilityintheBalanceSheet.Theassumptionsreflectthehistoricalexperienceandcurrenttrends.The`||||
||`valuationisparticularlysensitivetotheimpactofthediscountrateontheschemes’liabilities.Seenotes26and27for`||||
||`thedisclosuresrelatingtothedefinedbenefitschemes.`||||
||`CharitableActivities— FeesReceivable`||||
||`Schoolfeesreceivableconsistof:`|`2021`|`2020`||
||`Grosstuitionfees`<br>`Less:totalbursaries,scholarshipsandothersubsidiesanddiscounts`|`&`<br>`30,166,993`<br>`(2,724,554)`|`£`<br>`27,289,939`<br>`(2,654,455)`||
|||`27,442,439`|`24,635,484`||
|`4.`|`CharitableActivities- Otherincome`||||
|||`2021`|`2020`||
||`Musicfees`|`£L`<br>`267,323`|`219,429`|`£`<br>|
||`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`<br>`Otherincome`|`&£`<br>`4,583`<br>`4,583`|`£`<br>`9,167`<br>`9,167`||
||`38`||||








# 






|`TONBRIDGESCHOOL`|`TONBRIDGESCHOOL`|||||
|---|---|---|---|---|---|
|`NOTESTOTHEFINANCIALSTATEMENTS`||||||
|`FOR`|`THEYEARENDED30JUNE2021`|||||
|<br>`9.`|<br>`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`|<br> <br>`1,039,358`|<br> <br>`118,877`|<br> <br>`1,158,235`|<br> <br>`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`|<br> <br>`26,565,904`|<br> <br>`2,102,448`|<br> <br>`28,668,352`|<br> <br>`29,068,763`|
||`Totalexpenditure`|<br>`27,605,262`<br>|<br>`2,221,325`<br>|<br>`29,826,587`<br>|<br>`31,203,265`<br>|












|`Ti.`<br>`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`|||||
|<br>`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`<br>`Disposalsatopeningbookvalue`|`462,017`<br>`(805,980)`|`3,079,621`<br>`(2,532,563)`|`531,132`<br>`(512,565)`|`4,072,770`<br>`(3,851,108)`|
|`Increaseinvalueofinvestments`<br>`Transferatmarketvalue`|`0`<br>`0`|`222.004`<br>`125,835`|`50,166`<br>`(125,835)`|`272,170`<br>`0`|
|`Marketvalueat30June2021`|<br> <br>`1,109,452`|<br> <br>`4,111,057`|<br> <br>`533,923`|<br> <br>`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`|<br> <br>`1,109,452`|<br> <br>`4,111,057`|<br> <br>`533,923`|<br> <br>`5,754,432`|
|`Historicalcost30June2021`|<br> <br>`1,109,452`|<br> <br>`3,846,521`|<br> <br>`488,899`|<br> <br>`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`||<br> <br>`1,109,452`|<br> <br>`2,807,858`|<br> <br>`3,917,310`|
|`Historicalcost30June2021`||<br> <br>`1,109,452`|<br> <br>`2,605,402`|<br> <br>`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`||<br>`1,109,452`|<br>`2,807,858`|<br>`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`|
||<br> <br>`290,862`|<br> <br>`309,769`|<br> <br>`48,371`|<br> <br>`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`|
||<br>`1,375,722`<br>|<br>`1,594,150`<br>|<br>`1,583,253`<br>|<br>`1,588,466`<br>|





||`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`|
||<br> <br>`7,832,264`|<br> <br>`5,316,126`|<br> <br>`7,616,336`|<br> <br>`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`|||||
|<br>`19.Allocationofnetassetstofunds— `|<br> `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`|
||<br> <br>`36,768,738`|<br> <br>`1,109,452`|<br> <br>`8,734,608`|<br> <br>`(18,398,833)`|<br> <br>`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`|
||<br> <br>`0`|<br> <br>`4,111,057`|<br> <br>`291,599`|<br> <br>`0`|<br> <br>`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`|
||<br> <br>`0`|<br> <br>`533,923`|<br> <br>`0`|<br> <br>`0`|<br> <br>`533,923`|
|`Total`|`36,768,738`|`5,754,432`|`9,026,207`|`(18,398,833)`|<br>`33,150,544`|
|||<br>`53`||||

















# 






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











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