OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-06-30-accounts

Company Registration No. 04787097 (England and Wales) Registered Charity No. 1097977

Tonbridge School

ANNUAL REPORT Year ended 30 June 2024

Tonbridge School

CONTENTS Page
Directors’ and Governors’ report
 1-36
Independent Auditors’ report to the Members of Tonbridge School
 37-40
Consolidated statement of financial activities
 41-42
Consolidated summary income & expenditure account
 43
Balance sheets
 44
Consolidated cash flow statement
 45
Notes to the financial statements
 46-81

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

Legal and Administrative Information

Governors (who are also Trustees of the Charity and Directors for the purposes of company law)

Membership of the various Governing sub-committees is as annotated in brackets below

GM Rochussen (Chairman) [1,2,4,5, 6 & 8] S Huang (resigned 31 August 2023) TM Attenborough [1, 2 & 7] JG Leahy [5 & 6] CJ Ashton (appointed 1 September 2023) [1] JI Naismith (resigned 31 August 2023) SA Bishop [3] Dr N Perry (appointed 1 September 2023) [2 & 3] DP Devitt [3 & 7] Dr FVN Rangarajan MF Dobbs [1 & 8] JRT Rogers (appointed 1 September 2023) [4] ME Fry [4] Dr MS Spurr [4] Professor HF Gaunt [2 & 4] J Thorne [7] SA Hall [1 & 2] KM Wheadon [3, 7 & 8] HJ Hamilton-Turner [2 & 3] GP White [1 & 2] Dr T Hands (appointed 1 February 2024) [4]

Clerk to the Governors: Major General A Kennett *[8]

Senior Team (Tonbridge)

Headmaster: Chief Operating Officer: Interim Bursar: Bursar: Second Master: Deputy Head Academic: Deputy Head Co-Curricular: Deputy Head Pastoral: Deputy Head Admissions & Communications: Director of Admissions & Marketing: Director of Finance: Director of Tonbridge Society:

JE Priory [1,2,3,4,5 ,6, 7 & 8] WR May (appointed 3 June 2024) [1,2,3,5, 6 & 7] SM Meikle (appointed 6 November 2023 and resigned 6 July 2024) AC Moore (resigned 24 August 2023) JR Bleakley [1,2, 3 & 4] MJ Weatheritt [4] JA Fisher [4] CJC Swainson [3] HM McLintock (appointed 1 September 2023) R Burnett (resigned 31 August 2023) J Fentiman (appointed 1 April 2024) [1& 2] AP Ballard [5 & 6]

Senior Team (The New Beacon)

Head: SR Brownsdon [3,4 & 7] Director of Finance and Operations: PA Young [7]

Sub-Committees (membership of the various sub-committees as annotated by * above )

Finance and General Purposes (1) Joint Pay and Conditions (2) Pastoral (3) Education (4) The Tonbridge School Foundation (5) Tonbridge Society (6) The New Beacon Governing Body (7) Nominations Committee (8)

Registered Office

Tonbridge School Tonbridge, Kent TN9 1JP

Company number

04787097

Charity number 1097977

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT Legal and Administrative Information

Bankers Tonbridge School HSBC Plc 100 High Street Tonbridge Kent TN9 1AN

The New Beacon

National Westminster Bank Plc 135 Bishopsgate London EC2M 3UR

Solicitors Farrer & Co 66 Lincoln’s Inn Fields London WC2A 3LH

Auditor

Saffery LLP 71 Queen Victoria Street London EC4V 4BE

Investment Managers HSBC Private Bank (UK) Ltd. 78 St James’s Street London SW1A 1JB

Insurance Brokers Marsh Limited (Education Practice) Capital House 1-5 Perrymount Road Haywards Heath West Sussex RH16 3SY

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

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 2024. The Governors have adopted the provisions of the Statement of Recommended Practice (SORP) Accounting and Reporting by Charities 2015 (FRS102) in preparing the annual report and financial statements of the Charity.

REFERENCE AND ADMINISTRATIVE INFORMATION

Sir Andrew Judde, Skinner, a citizen of London and Lord Mayor, built and endowed “The Free Grammar School of Sir Andrew Judde”, commonly known as Tonbridge School. In 1553 he obtained a grant by Letters Patent or Charter constituting himself sole governor during his lifetime and directing that, after his death, the Master, Wardens and Commonality of the Skinners’ Company were to be the Governors. In 1558, by his will, he bequeathed to the Master and Wardens property in the City of London and at St. Pancras for the maintenance of the School and for other purposes, under the administration of the Sir Andrew Judd Foundation.

In 2002 the decision was taken to transfer the business of Tonbridge School from the Sir Andrew Judd Foundation into a separate charitable company limited by guarantee, under the control of its own Governors. This company, with the name “Tonbridge School”, was incorporated on 4 June 2003: the transfer took place on 30 June 2003. The Governors, senior managers, professional advisers and the principal address of the Charity are listed at the front of this report.

Merger with The New Beacon Preparatory School

On the 31 August 2021, the merger between Tonbridge School and The New Beacon Preparatory School, formerly The New Beacon Educational Trust Limited (Charity Number: 307925), in Sevenoaks, Kent, was completed. Tonbridge School has taken on all the assets and liabilities of the preparatory school, with the two Governing Bodies of the respective schools working closely to align the schools in terms of overall strategy, combining respective experience and expertise to provide an educational pathway for boys aged from 3 to 18 years.

Following the merger, each school retained its own teaching and support staff, its own leadership and management team, and its own uniform, site and separate identity. The organisation and management of the respective senior and preparatory schools are as noted below under Organisation and Management.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The School is a charitable company limited by guarantee. It is governed by its Memorandum and Articles of Association as amended on 6 May 2021 and is registered with the Charity Commissioners under Charity Number 1097977.

Governing Body

The Charity’s Articles of Association require that the Governors shall consist of no fewer than eleven and no more than nineteen individuals, of whom the majority including the Chairman shall be Nominative Governors.

Recruitment and Training of Governors

Nominative Governors (Skinners’ Governors) are appointed by and are members of the Worshipful Company of Skinners. Co-optative Governors (Non-Skinners’ Governors) are appointed by the Governing Body following recommendation by the Nominations Committee. All Governors hold office for a term of four years but may be re- appointed following the expiration of each term. As part of the selection process, due consideration is given to the individual’s personal knowledge and the experience they would bring to the Governing Body. New Governors are inducted into the workings of the Charity via an induction programme organised by the Clerk to the Governors, Headmaster and Chief Operating Officer, which is currently being reviewed. During the year, the Governors received a number of presentations relating to strategic issues affecting the School.

1

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT For the year ended 30 June 2024

Organisational Management

The Governors, are legally responsible for the overall management and control of the School. They meet four times per year, and have appointed: a Finance and General Purposes Committee, which meets three times a year, to monitor the development and financial management of the School; a Joint Pay and Conditions Committee (JPCC), which meets twice a year, and makes recommendations to the Governors relating to the terms and conditions of employment for all staff with the exception of the Headmaster, Chief Operating Officer, and Second Master; a Pastoral Committee, which meets three times a year, responsible for Health & Safety, pastoral matters and safeguarding issues; an Education Committee which meets three times a year and oversees public examination results, university outcomes, co-curricular matters, ISI criteria, teaching staff appointments, and curricular matters. Further meetings can be called in addition to those noted above as required. The Headmaster and Senior Team members sit as members of each of these subcommittees, along with other members of staff as required. In addition, the Group benefits from The Tonbridge School Foundation Committee, which meets three times a year to oversee the effective operation of The Tonbridge School Foundation in fulfilling its charitable object according to applicable law and regulation; and the Tonbridge Society Committee, which meets twice a year, and is responsible for governing the School’s management of all matters relating to the stewardship of Old Tonbridgians and parents, and for examining the impact on these groups of the School’s fundraising strategy. As Senior Officers, the Headmaster, Chief Operating Officer, and the Director of the Tonbridge Society attend both Committee meetings. The Governors determine the general policy of the School. The day-to-day management of the School is delegated to the School’s Senior Team, as the key management personnel, comprising the Headmaster, Chief Operating Officer, Second Master, Deputy Head Academic, Deputy Head Co-Curricular, Deputy Head Pastoral, Deputy Head Admissions and Communications, Director of Finance, and the Director of the Tonbridge Society. The Headmaster has overall responsibility for the appointment and supervision of all staff but delegates this function to the Chief Operating Officer for all non-academic staff. The Senior Team structure was revised with effect from June 2024 following the appointment of a Chief Operating Officer role replacing the former role of Bursar, and from September 2024 with the appointment of a Deputy Head Admissions and Communications, replacing the former role of Director of Admissions and Marketing.

The remuneration of the Senior Team is set by the Governors, either directly or via the JPCC, with the policy objective of rewarding them fairly and responsibly for their individual contributions to the Charity’s success.

The appropriateness and relevance of remuneration is reviewed annually with reference to other independent schools and market conditions generally, to ensure that the Charity can not only meet its objectives of recruiting, retaining, and developing the best and most committed teaching and support staff, but also use its resources responsibly.

Following the merger with The New Beacon, three additional committees were established: The New Beacon Governing Body, as a sub-committee of the Tonbridge School Governing Body, a Pastoral and Education Committee, and a Finance and General Purposes Committee, to provide oversight in these areas and consider issues specific to The New Beacon Preparatory School. The day-to-day management of The New Beacon is delegated to the Head and the Director of Finance and Operations, as the key management personnel, who are supported by their Senior Management Team. Both the Head and the Director of Finance and Operations attend The New Beacon Governing Body and Finance and General Purposes Committees, together with the Chief Operating Officer or the Director of Finance of Tonbridge School. The Head attends all meetings of the Pastoral and Education Committee and also those of the Tonbridge School Governing Body.

The remuneration of The New Beacon Head is set by the Chairman of the New Beacon Governing Body through power delegated to him by the Tonbridge School Governing Body, with the policy objective of providing an appropriate incentive to encourage enhanced performance and of rewarding him or her fairly and responsibly for his or her individual contribution to the Charity’s successes. The remuneration of The New Beacon Director of Finance and Operations is set by the Head of The New Beacon in consultation with the Tonbridge School Chief Operating Officer. The remuneration of other staff at The New Beacon is set by The New Beacon Governing Body in consultation with the Tonbridge School Chief Operating Officer.

2

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

Group Structure and Relationships

Business Relationships

The Group’s external suppliers, customers, and fundraising community (incorporating current and former pupils and parents; Sports Centre members; facility hirers and partners in both our educational and commercial activities) are crucial to the delivery of the School’s charitable aims and the operation of its trading subsidiary. Both parents and pupils are provided with terms and conditions ahead of joining the School, setting out each party’s rights and obligations. Similar terms and conditions are provided for all other customers and members of the School Community. The Charity works closely with its suppliers to maintain a reputation for high standards of business conduct and an expectation for the business relationship. Further details are provided on the Charity’s interaction with specific related and connected parties as noted below.

Related parties

Tonbridge School has a wholly owned subsidiary, Tonbridge Services Limited, whose results are consolidated into these financial statements. The subsidiary’s principal activity continues to be the retailing of School-related clothes and ancillary goods, together with the letting out of certain School facilities. The Company’s taxable profit for the year before gift aid was £934,627; further information is at Note 5.1 to the financial statements. Paragraph 3(u) of the Company’s Memorandum and Articles of Association was updated on 28 June 2019 to allow the Company to make charitable donations to a member of the Company that is a charity in accordance with an updated Article 21, which restricts the distribution of profits, save for a charitable donation under the Gift Aid Scheme in specified circumstances.

Tonbridge School also acts as sole Trustee to the Tonbridge School Foundation (TSF), Charity Number 1099162, which becomes a subsidiary by nature of this relationship; its results are consolidated into these financial statements. TSF’s principal activity is the advancement of education by the provision of grants, services and other resources (including support by any charitable means) to Tonbridge School. Its day-to-day operations are coordinated through the Tonbridge Society team and the Tonbridge Society Committee, with representatives from each of its constituent bodies, including members of Tonbridge School’s Governing Body; members of the School’s Senior Team and the Chairmen of both the Tonbridge School Parents’ Art Society and Old Tonbridgian Society represented on the Committee.

At its November 2020 Governing Body meeting, Tonbridge School (as sole Trustee) approved the establishment of The Tonbridge School Foundation Committee, a sub-committee to oversee the effective operation of the TSF in fulfilling its charitable objects according to applicable law and regulation. Its duties include the review and recommendation for approval by the Trustee of the TSF Annual Accounts and Report of the Trustee. The Committee’s membership comprises the Chairman of the Tonbridge Society Committee, providing a direct link with the umbrella organisation, and at least two independent members with suitable charitable experience appointed by the School’s Governing Body . The Headmaster, Chief Operating Officer, and Director of the Tonbridge Society also attend Committee meetings. The independent members are also members of the Tonbridge Society Committee. Further information on the TSF is provided at Note 5.2 to the financial statements.

Connected parties

The School maintains a close relationship with the Worshipful Company of Skinners which appoints the majority of its Governors, and which acts as Corporate Trustee to the Sir Andrew Judd Foundation, a charity with whom it has a similar relationship.

Tonbridge School and The New Beacon School are part of the Skinners’ Company wider family of schools. The Skinners’ Company educates over 7,500 young people through ten schools in southeast England.

The School also works closely with St Augustine’s Chapel Charity which holds and manages the Chapel of St Augustine located within the grounds of the School. Moreover, it benefits from the generosity of a thriving network of Old Tonbridgians. The Old Tonbridgian Society is an association of former pupils of the School, which offers alumni the opportunity to maintain friendships, continue interests and remain in contact. We greatly appreciate and acknowledge the support provided by former pupils and parents of both Tonbridge School and The New Beacon.

3

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

Connected parties - continued

Tonbridge School is a sponsor of The Marsh Academy, a non-selective secondary school located in New Romney, Kent, which is also a member of the Skinners’ Academies Trust. The Headmaster and Deputy Head Co-curricular act as Governors to the Academy. Further information on our Partnership activities can be found on page 25.

Other relationships

Tonbridge School actively supports the attainment of the highest standards in the Independent Schools sector, partly through networking with other major schools and partly through peer group studies for performance and quality evaluation. We also strive to optimise the use of our academic, cultural and sporting facilities by others, and aim to encourage in our pupils an awareness of both the local and wider community.

A summary of transactions with all related and connected parties whose results are not consolidated is at Note 29 to the financial statements.

Employment of the disabled

Tonbridge School is committed to securing equality of opportunity through the creation of an environment in which individuals are treated on the sole basis of their relevant merits and abilities. All members of the staff and Governors share this commitment. The School regards as unacceptable attitudes held by a person or group towards an individual with a disability which are offensive, discriminatory, or hostile towards the individual.

Tonbridge School’s policy is to recruit disabled workers for those vacancies that they are able to fill, providing all necessary assistance with initial training and on-going career development to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining employees who become disabled to enable them to perform work identified as appropriate to their aptitudes and abilities.

Employee involvement

Tonbridge School’s policy is to consult and discuss with employees, through staff representative bodies and regular meetings, matters likely to affect employees’ interests. Information on matters of concern to employees are given through bulletins, reports and presentations which seek to achieve a common awareness on the part of the employees of the financial and economic factors affecting the School’s performance. The School’s academic staff, collectively referred to as the “Common Room”, hold regular meetings and presentations throughout the year, including meetings of the Pay and Conditions Committee (PCC) that includes representatives of various teaching staff constituents, the Headmaster, the Second Master and the Chief Operating Officer. As well as receiving regular presentations, the nonacademic support staff are represented by the Support Staff Council (SSC), which acts as a forum for the exchange of ideas and information between the School’s management and support staff. It meets twice a year and is made up of members elected from all departments, together with the Chief Operating Officer, Second Master and Director of Human Resources. Furthermore, as noted under Organisational Management above, the Joint Pay and Conditions Committee (JPCC) meets twice a year and makes recommendations to the Governors relating to the terms and conditions of employment for all staff except for the Headmaster, Chief Operating Officer and Second Master. The School has a Voluntary Information and Consultation Agreement in place covering all School staff.

4

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

Environment

The Charity aims to minimise its impact on the environment and is committed to complying with all relevant environmental legislation. It plans its activities and operations to minimise waste, and to optimise energy saving opportunities in the accommodation and building refurbishments undertaken each year. The default methods adopted during planned refurbishments include but are not limited to energy efficient boiler upgrades; a rolling programme of LED and sensor lighting; roof and loft insulation; sensitive window glazing to reduce heat loss; plant room upgrades with temperature control; thermostatic heating controls, and water reducing restrictors to showers and toilets. This approach not only conserves energy but creates a harmonious, safe, and balanced environment for pupils and staff to work within.

The comparative energy and carbon data for the year, as compiled by the Charity’s Energy Consultant, is as noted below.

Streamlined Energy and Carbon Reporting (SECR) data for the period 1 July 2023 to 30 June 2024

UK energy use and associated greenhouse gas emissions

Annual energy usage and associated annual greenhouse gas (“GHG”) emissions are reported pursuant to the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 (“the 2018 Regulations”) that came into force 1st April 2019.

Organisational boundary

In accordance with the 2018 Regulations, the energy use and associated greenhouse gas emissions are for those assets owned or operated within the UK only as defined by the operational control boundary. This includes the main senior school ‘Tonbridge School’ and the prep school ‘The New Beacon’ along with company vehicles and personal vehicles used for business mileage (“grey fleet”).

Reporting period

The annual reporting period is 1st July to 30th June each year and the energy and carbon emissions are aligned to this period.

Table

UK GHG Emission and Energy Data 2022-2023 2023-2024
Energy consumption used to calculate emissions (kWh): all mandatory energy
sources are included		 13,571,830.0 12,818,205.0
Scope 1 Emissions
From the combustion of Natural Gas tCO2e
From the combustion of Fuel for company owned vehicles tCO2e		 1,859.0
70.9		 1,814.6
76.9
Scope 2 Emissions
From purchased Electricity (location based) tCO2e		 638.6 528.5
Scope 3 Emissions
Category 6: from business travel (grey fleet) tCO2e		 6.2 4.5
Total gross CO2e based on above (tCO2e) 2,574.7 2,424.6
Intensity Ratio
tCO2e gross based on mandatory fields above per average number of pupils during
the academicyear :		 2.25 tCO2e per
Pupil		 2.22 tCO2e per
Pupil

5

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

Environment – continued

Quantification and reporting methodology

The 2019 UK Government Environmental Reporting Guidelines and the GHG Protocol Corporate Accounting and Reporting Standard (revised edition) were followed. The 2024 UK Government GHG Conversion Factors for Company Reporting were used in emission calculations. The report has been reviewed independently by Zenergi Limited (trading as Briar Consulting Engineers Limited). The electricity and gas consumption were compiled from invoice records. For periods of missing data, figures were estimated using the pro-rata estimation and direct comparison technique. Grey fleet data was estimated using monthly averages. An average pence per litre was used to convert cost to litres for company owned vehicles. The 2022/23 gas figure has been revised due to a correction of consumption for the Welldon site resulting in an additional 5tCO₂e of total gross emissions. Mileage records were used to calculate emissions associated with Grey Fleet. Generally gross calorific values were used except for grey fleet mileage energy calculations as per Government GHG Conversion Factors.

The associated emissions are divided into mandatory and voluntary emissions according to the 2018 Regulations, then further divided into the direct combustion of fuels and the operation of facilities (scope 1), indirect emissions from purchased electricity (scope 2) and further indirect emissions that occur because of Trust activities but occur from sources not owned or controlled by the organisation (scope 3).

Intensity ratio

The primary intensity ratio is total gross emissions in metric tonnes CO2e (mandatory emissions) per total pupil, which is the recommended ratio for the sector for consistency and comparability. This metric relates to UK operations only to align with the energy and emission reporting boundary and is also considered the most relevant to the School’s energy consuming activities and provides a good comparison of performance over time and across different organisations and sectors.

Energy efficiency action during current financial year

The School continues to adopt environmental strategies where applicable to a range of varied projects.

Hill Side : The completion of the final phase of a major refurbishment encompassing insulation, LED lighting, thermostatic radiator valves (TRVs), and window replacement, all contributing to improved energy consumption and reduced environmental impact.

Judde House Plant Room: The final phase of remodelling the heating and water infrastructure in advance of the future refurbishment of the House. Phase 1 (Summer 2023): loft water tanks removed; new water calorifiers installed in the plant room. Phase 2 (Summer 2024): new energy efficient boiler installation, along with Total Controls upgrade of the BMS panel. The environmental defaults are improved water efficiency and energy efficiency.

Cowdrey House: Enabling and planning work was undertaken on this project which will transform the look and feel of this day house with the refurbishment of the heating and water infrastructure; bathrooms, toilets, and common room spaces. The House has been insulated to reduce energy loss; LED and sensor lighting has been installed alongside thermostatic radiator valves (TRVs), which are self-regulating and designed to maintain a constant temperature in a room. Double glazed window refurbishments have reduced heat loss and energy leakage. The works were completed in Summer 2024.

Clare House: A complete refurbishment of the top floor bedrooms and communal facilities (showers, brew room, TV room). Upgrades included the installation of water efficient showers and radiators with TRVs, alongside the modern double glazed window’s, improving heat loss and energy leakage. LED lighting was installed, with insulation provided in the upper floor roof sections.

6

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

Environment – continued

Academic Classrooms, Archive and Exams: In the year under review enabling works were undertaken for the full refurbishment of the old Common Room and marking room into a modern teaching space. The project encompassed the redesign of the space into three new classrooms and an archive room, along with the relocation of exams storage and offices. Secondary window glazing was installed throughout to reduce energy loss whilst maintaining the historical features of the original Crittall windows. A complete upgrade of the radiator system was undertaken with insulation improvements and LED lighting installed throughout each room.

Private Accommodation Campus wide : The portfolio comprises approximately eighty-five properties. Following a 2024 condition survey; our on-going strategy of property improvements includes, roof insulation, installing double glazing (doors/windows), efficient boiler upgrades, and heating systems changes (central heating/radiator upgrades) where appropriate, and the installation of LED lighting. All projects are designed to reduce energy cost and improve the quality of the property portfolio.

Solar Panel development : As reported previously the School continues to explore opportunities to develop solar power across the campus. In November the School appointed PowerCor Ltd to install more than six hundred solar panels on the Tonbridge Sports Centre roof. This is a significant project which the School anticipates will generate approximately 30% of the electrical energy requirement for the Tonbridge School Centre, thus reducing the energy costs and improving the environmental impact. This project is currently underway and our target for installation is Spring 2025. Part of the installation proposal includes hardware that provides a dashboard that will enable us to see the system output and the building usage. PowerCor advise that the system will generate approximately 300K kWh annually. It is anticipated that the system will have a pay-back period of 3 to 4 years, representing significant savings, with the solar panels guaranteed to generate for 25 years.

The Cawthorn : A significant number of modifications have been undertaken as part of the refurbishment of this Grade 2 listed building to ensure the building is more energy efficient. Examples of this include, the introduction of an air handling unit within the plant room, providing fresh air circulation; newly installed TVRs, which detect the temperature of the room and control the heat output, to provide an energy efficient room temperature throughout the entire building. Considerable stonework has been to remove moisture/condensation build up; the gypsum plaster has been removed back to the original stonework and then a coating of lime mortar has been applied to enable the building to ‘breathe’. Secondary internal glazing and efficient LED lighting have transformed the building into a modern and energy efficient working environment.

The New Beacon : Several energy efficiency measures have been put in place during the course of the year. Boilers are regularly maintained and repaired to ensure maximum efficiency. The new Nursery build was completed in-year, which features solar panels (4.1KWp from 10 panels) and a sedum roof, achieving an annual CO2 offset of 966 kg. Additionally, repairs to the main roof have minimized heat loss and enhanced insulation. Addressing water leaks has reduced overall water consumption, and fixing pool leaks has helped lower gas consumption by decreasing the amount of water that needs to be heated.

7

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

OBJECTS AIMS, OBJECTIVES AND ACTIVITIES

Charitable Objects

The objects of the School (as amended on 6 May 2021) are the advancement of education: by the provision and conduct of a school in or near Tonbridge for boys as boarders and, if the Governors think fit, as day boys; by the provision and conduct or support of other schools; and by ancillary or incidental educational activities and other associated activities for the benefit of the community.

Aims and Intended Impact

Within these Objects, Tonbridge School aims to provide an excellent and broad education not only to boys between the ages of 13 and 18 at Tonbridge to ensure that each boy fulfils his potential and is able make a significant contribution in his chosen field(s) and in the adult world, but also to boys at The New Beacon preparatory school (and girls in Nursery).

School Ethos, Strategy and Policies

Tonbridge School aims to provide a caring and enlightened environment in which the talents of each individual flourish. We encourage boys to be creative, tolerant and to strive for academic, sporting and cultural excellence. Respect for tradition and openness to innovation are equally valued. A well-established House system at the heart of the School fosters a strong sense of belonging. Tonbridge seeks to celebrate its distinctive mixture of boarders and day boys; this helps to create a unique broadening and deepening of opportunity. We want boys to enjoy their time here, but also to be made aware of their social and moral responsibilities. Tonbridgians should enter the adult world with the knowledge and self-belief to fulfil their own potential and, in many cases, to become leaders in their chosen field. Equally, we hope to foster a life-long empathy for the needs and views of others: in the words of the great novelist and Old Tonbridgian, E.M. Forster: ‘Only Connect’.

Our strategy is focused on providing an unsurpassed education of excellence and breadth by:

8

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

School Ethos, Strategy and Policies continued

Delivering the Charity’s strategy is dependent on the processes and policies it has in six key areas:

  1. Recruiting, retaining and developing the best and most committed teaching and support staff.

  2. Maintaining and upgrading its Schools’ facilities and equipment.

  3. Continuing to operate, fund and promote our extensive Foundation Awards (previously referred to as Bursaries) and Scholarship programmes.

  4. Deepening partnerships and relationships between Tonbridge School and The New Beacon, following the merger, and also between The Marsh Academy, other local schools and the local community.

  5. Raising additional funds for development, and managing the Charity’s cash-flows and investments effectively.

  6. Marketing its Schools to prospective parents and admitting boys to the Schools, including girls to The New Beacon Nursery.

STRATEGIC REPORT

The Strategic Report for the purposes of the Companies Act 2006 comprises the sections below titled “Principal Activities and Objectives for the Year, Review of Achievements and Performance, Future Plans and Risk Management”.

Section 172 Statement

The Governors have undertaken their duties with regard to section 172 of the Companies Act 2006, recognising their obligation to act in the way in which they consider, in good faith, would most likely promote the success of the Charity for the benefit of its pupils and the wider School Community. Section 172 considerations are embedded in the decisionmaking process at Governor level and throughout the organisation. The Strategic Report detailed below identifies how, in the opinion of the Governors, the Charity has met its strategic objectives for the year under review and engaged with elements of the local and wider School Community in meeting its charitable aims and objects.

Principal Activities and Objectives for the Year

The principal activity of Tonbridge School is the provision of education in Tonbridge to boys aged 13-18, as well as supporting The New Beacon in the development of its pupils.

The Charity’s objectives are set to meet its educational aims for boys at the School (recognising that education encompasses academic, co-curricular, pastoral, and social elements), and to provide educational and other benefits to the wider community.

In setting our objectives, and planning our activities, the Governors consider the Charity Commission’s general guidance on public benefit and its supplementary guidance on advancing education.

This year, the Charity has continued to maintain or improve performance across eleven priority and policy areas identified in its strategy. Its achievements in each area are detailed in the following section.

9

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

Principal Activities and Objectives for the Year – continued

  1. Academic: maintaining high academic standards for entry, developing the curriculum, focusing on excellent teaching and learning across all subjects, and benchmarking academic standards against public examinations and independent value-added criteria.

  2. Co-curricular: offering a broad co-curricular programme and encouraging all boys of all abilities to participate in it as widely as possible.

  3. Pastoral: maintaining high pastoral standards, providing appropriate support structures for boys, and having robust child protection, anti-bullying and health and safety policies and cultures.

  4. Community Engagement: encouraging boys and staff to participate in (and opening the School’s facilities for) a wide range of activities and events of benefit to individuals in need, the local community, and the environment.

  5. Staff: maintaining teaching staff expertise through their continued professional development and appraisal, combined with the recruitment of suitably qualified staff.

  6. Facilities: investing in academic, sporting, pastoral and other educational facilities.

  7. Foundation Awards: maintaining our extensive Foundation Awards (i.e. means-tested bursary) programme which aims to enable any bright and talented boy to access a Tonbridge education regardless of his background not only by ensuring we attract the most academically able and talented boys to the School, but also by developing the diversity and richness of the academic, pastoral, and co-curricular environment for all boys, and to maintain or raise the level of achievement for all.

  8. Partnerships: developing our partnership with the Marsh Academy, continuing and expanding relationships with local State primary and prep schools, and using the School’s facilities for the benefit of the local community, including running holiday courses for younger children during holiday periods.

  9. Fundraising and Financial Management: raising funds for Foundation Awards and development projects, managing cash and costs effectively, and securing additional income from the School’s facilities when they are not in use.

  10. Marketing and Admissions: communicating what the School has to offer via our website, via targeted advertising, through primary and prep schools, and through a number of events held both at and outside the School, with a renewed focus on the ‘Only Connect’ branding.

  11. The New Beacon: supporting and developing the staff and pupils at The New Beacon School following the successful merger of the two entities on 31 August 2021. The Schools’ Governing bodies and Senior Teams continue to work closely to align the schools in terms of overall strategy, combining respective experience and expertise to provide an educational pathway for boys aged from 3 to 18 years, with girls in the Nursery.

10

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

At the start of the Michaelmas Term 2023, there were 806 boys in Tonbridge School, comprising 460 boarders and 346 day boys. The Governors of the School, were satisfied with the performance and achievements across all of the Charity’s priority and policy areas.

1. Academic

The School recorded outstanding exam results in academic year 2023/24:

Tonbridge School has solidified its status as a leading institution in the latest Sunday Times 'Parent Power' Schools Guide, ranked 6th best school in the country among independent schools based on A-level and GCSE performances. Tonbridge was also the country’s top performing boys’ boarding school.

Boys achieved many notable individual and team academic successes in 2023/24, some of which are summarised as follows:

11

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT For the year ended 30 June 2024

1. Academic – continued

12

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

1. Academic – continued

13

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

2. Co-curricular

The School continues to offer a wide range of co-curricular activities with competitive sports, clubs and societies, musical and dramatic groups, and the popular Combined Cadet Force. Wide participation in co-curricular activities is encouraged at both House and School levels. This year saw the return of the societies fair, where different staff and boys gather to advertise their activities to the incoming Novi, as well as other boys.

Achievements and successes included the following:

14

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

2. Co-curricular – continued

15

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

3. Pastoral

16

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

3. Pastoral – continued

4. Community Engagement

Community partnerships are central to a Tonbridge education. We ensure that boys are connected in a meaningful way to the world, developing a strong sense of belonging to, and serving, their local and wider communities, and becoming well-rounded, outward-looking and compassionate young men. Our aim is that they leave the School expecting to continue to make a positive contribution to their global and local communities.

The School has strong partnerships with a range of local organisations and over the last year we have worked with 23 local primary schools, 5 secondary schools and 3 special education providers, as well as charitable organisations. We work with these organisations in a variety of ways to share our on-site facilities, and many welcome our boys to their sites, where they learn through working with others.

17

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

4. Community Engagement - continued

School Partnerships

Our students work with our local primary schools in a variety of ways:

Year 9 boys run a ‘book buddies’ scheme in a local primary school, with each boy spending four weeks working with pupils on a one-to-one basis to help develop a love of reading, with all the books chosen by, and donated to, the primary school.

A Learning Mentor Scheme is led by our Learning Strategies Department and has been running more than a decade. Novi and Second Years are trained as mentors, and the training includes developing mentors’ numeracy, literacy and communication skills, as well as broadening their understanding of how to support neurodiverse pupils in their learning. The mentors then host weekly visits with children from Royal Rise Primary School, who have either learning or pastoral needs. Boys help to teach those pupils on a one-to-one basis, supporting key areas of the primary curriculum, as well as enrichment activities. These include visits to the Barton Science Centre, a music-into-literacy session in the School Chapel and an outdoor performance poetry workshop. Royal Rise have reported improved behaviour in their pupils who have engaged with these programmes, as well as improved attainment academically. Many also report improvements in attendance as many of their pupils, particularly the boys, enjoy the interactions and prioritise coming to school on the days they know our students will be visiting.

Our Science for Schools programme introduces the children to the world of practical science and gets them excited about the subject before they head to secondary school. Our students lead these sessions so gain skills during the project. Primary schools are often limited in how much experimental science they are able to offer, either due to lack of suitable safe facilities, equipment or teacher training, and are delighted when their pupils can be inspired by working in a full-size science laboratory. We understand that the girls, in particular, are enthused at this crucial age, opening up the possibility that they might go on to enjoy STEM subjects at secondary school.

Our weekly Tonbridge Community Action (TCA) programme sees our boys volunteering in seven local primary and special schools, on a wide variety of initiatives. Schools are asked what support or activity they would like throughout the academic year and our students, with the support of our staff, then take on these tasks. In this way we aim to make a targeted impact on each school based on their needs. In most cases we are either providing an activity which the school simply cannot provide without additional support, or we are supporting students to fulfil their potential. Boys currently help with classroom mentoring, reading and maths support, and after-school clubs in languages, art, drama and sport. They also support children from a local centre for children with Autistic Spectrum Disorder with water confidence lessons in our pool.

Overall, the TCA programme sees over 110 boys volunteering each week. In addition to local primary schools, boys also support senior citizens in several day centres, adults with a range of additional needs at our local provisions, Scotts Project and Princess Christian’s Farm, and work at local food banks.

We also share our site weekly with young men, currently looked after by Kent County Council, under their UASC Scheme (Unaccompanied Asylum-Seeking Children). These young men, all aged 16-18 years, have just arrived in Kent without an accompanying adult, and are awaiting their asylum application process to begin. Many have fled war-torn countries, and have had challenging journeys, and are traumatised by their experiences. We are able to offer them a safe space to come and enjoy sport and company with our TCA boys of the same age. The TCA boys gain an invaluable insight into the challenges faced by refugees, and are better informed through these personal links, and able to read current news stories with an informed perspective.

These partnership activities have a lasting impact on our own students and add tremendous value to the boys’ all-round Tonbridge education. Working with pupils from other schools, and from differing backgrounds, helps enhance their communication and leadership skills, as well as helping to develop their sense of empathy and understanding of others.

18

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

4. Community Engagement – continued

Marsh Academy

This year activities with Marsh focused on governor support by James Priory and James Fisher, as well as joining the collaboration groups that are being developed by the Skinners’ Academies Trust (MAT). Sharing of expertise with teachers across the MAT has been identified as one of the most effective activities that we can engage in. Individual successes included support of an applicant successfully applying for Classics at Cambridge, believed to be the first Marsh student to attend Cambridge. Revision classes were run in Maths, Science and Computer Science.

Community groups

We work with Senior Citizens in a number of projects. TCA boys regularly visit care homes and work with Derwent Day Centre based at Tonbridge Baptist Church. All TCA boys host an annual evening Community Concert for 200 local seniors, with transport provided. All Novi also hosted a series of mini-concerts for local seniors, with a varied programme provided by the music department, and enjoyed tea and conversations with their guests.

We coordinate a “Shop and Share” initiative, run with two local foodbanks “Sustain” and “Feast”, which includes six collections a year divided between the houses.

We held our third Christmas market providing fresh fruit and vegetables and a free meat voucher (worth £25) to 140 families, as well as activities for children and a chance to wrap a present for their parents and carers.

Facilities

We continued to share our facilities with partner schools and charities throughout the year, with many primary schools using TSC and the EM Forster Theatre for free or concessionary rates. This includes hosting sports days, swimming galas and charity races at TSC, while the Theatre has Year 6 end of year shows as well as hosting productions for Hillview and Weald Grammar School. Slade Primary school hold a termly all-school assembly in the Theatre as they do not have a space large enough to have all students together at the same time.

Three primary schools have had cookery lessons for their Year 5 and Year 6 children in the Cookery School led by professional chef Shenley Moore. Tonbridge Welcomes Refugees and Tonbridge Men in Sheds use The Community Hall in Manor Grove at no cost. TWR run English lessons on a Mondays and Fridays and Tonbridge Men in sheds use the hut as a base for their group of men to come and socialise whilst working on woodwork projects.

School Community Fundraising, September 2023 to August 2024: The School community supports a range of charity partners throughout the year. The whole school raised more than £91,000 for local and international charities, with events such as Pink Day supporting Breast Cancer Kent, as well as one-off campaigns and sponsored events. Individual Houses also ran a number of challenges. Below is a summary of highlights:

19

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

4. Community Engagement - continued

Giving Day 2024: The School’s Giving Day took place on 2-3 July 2024. The aim was to bring the Tonbridge School community together to raise as much as possible for widening access via our Foundation Award programme and to continue to raise awareness about why Foundation Awards are important. The day was also a chance for the School to give back to our local community, further strengthening links and enabling all staff and students to feel more connected to our local area.

On-site, the day highlighted the strong links with local Primary Schools. We welcomed more than 600 children from thirteen local primary schools, who were hosted by our Novi, to enjoy a fantastic day of activities, run by the Lower Sixth and staff. Activities ranged from Art to Zen Zone, Biology to Wheelchair Basketball, aiming to inspire all those involved to try something new. Everyone came together for a concert of film music from the Symphony Orchestra in the Chapel, before enjoying a finale of duck herding on the Head.

Meanwhile, the Second and Third years in each House undertook a major off-site challenge, as they gave back at local projects in the community. Below is a brief summary of the twelve projects:

School House , along with our Estates department, returned to Princess Christian Farm (PCF) to build an enclosure and new housing for ducks, geese and peacocks. PCF is a wonderful life skills training facility supporting people with learning and/or physical disabilities. It is a place to develop friendships, build confidence and employment skills in a fantastic outdoor setting. The boys also experienced farm life, whilst enjoying sporting activities with the farm’s students.

Judde House returned to Long Mead Primary School where they had two challenges. They helped the children make the set, props and costumes for their whole-school production of The Little Mermaid. Meanwhile, other boys transformed the outside area for Reception class, including putting up new fencing, refreshing wood chip paths, renewing their ‘Mud kitchen’, building ‘Minibeast hotels’ and putting up bird boxes and posters to help with nature ID.

Park House returned to Bishop Chavasse Primary School where they created two new sensory trails in Key Stage 1 and Early Years, with items of varying textures placed in wooden frames, as well as planting herbs and lavenders. A new decking area was created in the Forest School to be used as a play theatre, and a new ‘minibeast’ area was created. The boys also brought large numbers of books for the new library, so enjoyed some reading time with the children as well as playing lots of sport with the younger years.

Hill Side had a great time hosting a Family Fun Day for friends, family and service users of Scott’s Project Trust, a local provision for adults with additional needs. They ran a series of Olympic-themed races and games, as well as creating decorated bags and caps as mementos. A lunchtime rain shower prompted a move from the lower fields back to Hill Side House, where the fun continued, including a show where a trained sheepdog expertly herded Indian runner ducks around the Hill Side garden.

20

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

4. Community Engagement - continued

Parkside House split their boys into two groups, with the Third Years accompanying the Year 3 class from Royal Rise Primary School on an exciting school trip to Port Lympne wildlife park. This offered the children a chance to visit somewhere they would otherwise be unable to go, with our boys acting as mentors to ensure they had an amazing day. Meanwhile our Second Years remained at Royal Rise to help plant up beautiful flower beds and planters in the morning and ran a sports festival in the afternoon.

Ferox Hall returned to Hildenborough Primary School who have recently become an OPAL school, using Outdoor Play and Learning (OPAL) as a tool for self-directed play. The boys worked tremendously hard and by lunch time had created some fantastic new play areas, including a huge tyre stack with slide, a slack line play area, some new wooden dens and a huge sand pit. In the afternoon they ran a sports festival for Years 3 and 4, leaving everyone exhausted but happy.

Manor House were again hosted by Nexus School, an ambitious special school for children and young people with profound, severe and complex needs. Working alongside skilled staff from our Estates department, the boys helped clear an overgrown area and build a new animal enclosure, enabling students from Nexus to learn to care for small animals which will be loaned to them from Princess Christian Farm. The boys also ran an Olympic-inspired sports festival for all the Nexus children on their fields, inspiring everyone to have a go and join in.

Welldon House returned to Slade Primary School where they worked alongside 60 children from Year 6 on a carousel of outdoor activities, learning and sport. Their tasks included a wall art project in the playground, making the set and props for the Year 6 production, and a wide range of projects in their Forest school. Staff from the Estates department also put up a structure that enabled Slade to re-hang their Forest School canopy after losing their tree earlier in the year, thus ensuring all children could again enjoy Forest School whatever the weather.

Whitworth teamed up with Tonbridge Baptist Church, who serve the community of North Tonbridge through a huge range of community projects. The boys set about on a range of projects both inside and outside the church buildings. They transformed a very overgrown flowerbed and created a community bench area for all to enjoy. In addition, having collected a huge amount of donated clothing, they sorted it for the ‘Clothes 2 Go’ project, and helped with inside projects where they laid carpet tiles, put up shelves in the rooms used by the Sustain food bank, and enjoyed lunch and companionship with the seniors in the Derwent Day Centre.

Cowdrey House were again at the Multiple Intelligence Hub (MIH), a fantastic organisation which offers young people with additional needs support with social, emotional, personal, and employment skills. Cowdrey worked alongside staff and volunteers from MIH, as well as their service users, to make a new Sensory Garden and a wheelchair-accessible path, and improved their horticulture areas by putting up a new Polytunnel, painting fences and filling planters.

Oakeshott House put the skills learnt in the previous two years to good use by returning to Barden Lake in Haysden Country Park to help with work to preserve and improve this lovely local park for all visitors. Working alongside staff and volunteers from KCC, they planted up the lake edge with new vegetation and installed some fencing to protect this from grazing waterbirds.

Smythe House returned to Woodlands Primary School where they transformed the outside play space for their Year 1 classes. This included creating experiment areas with workbenches, making play tables out of stacked tyres and topping them with Lego bases or maps, and making a covered seating area with astroturf and logs. They also constructed raised bed planters for all the classes to learn about growing their own plants, and finally ran a sporting tournament for several of the classes.

21

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

4. Community Engagement - continued

Child Action Lanka

Child Action Lanka (CAL) works to transform the lives of disadvantaged children in Sri Lanka. Established in 2006, CAL works in ten centres across Sri Lanka, supporting over 1,500 of the most vulnerable children and families. They provide a holistic education, health care and nutrition, and promote the rights of children. Tonbridge School has partnered with CAL since 2014, sending boys on regular trips until these were curtailed by Covid and other international challenges.

We were therefore delighted that July 2024 saw a group of nine current students, three recent OTs, and five staff members, including the Headmaster, who spent valuable time with CAL in Batticaloa on the east coast. The trip included a Child Rights programme, a regional cricket tournament, and culminated in the formal opening of the CAL Batticaloa Child Development Centre. This facility was built in 2019 with funding from Tonbridge School and equipped with furniture and fittings from the temporary science village that was shipped out to Sri Lanka. The Centre now supports over 650 children including a pre-school and a playgroup.

The trip was a powerful experience for all involved. The boys and staff were profoundly moved by the work of CAL, and the time they spent with the children. In particular, they gained a unique perspective on the hopes the children have for their future, and the challenges that might prevent them from reaching their goals. Since returning to Tonbridge, the boys have set up a number of fundraising initiatives for CAL, and are already planning a return trip, and with many intending on volunteering with CAL as part of a gap year. We look forward to seeing this relationship grow and develop.

5. Staff and Employee Engagement

Our staff are fundamental to the operation of the Charity, and the Group’s employment policies seek to respect the individual and enhance career opportunities regardless of age, gender, religion, or race.

The Charity recognises its obligations towards disabled persons and considers applications for employment made by such persons (Employment of the disabled: page 4), and engagement with the Group’s staff body is principally promoted through the three representative bodies, the Pay and Conditions Committee representing the “Common Room”, the Support Staff Council, and the Joint Pay and Conditions Committee (Employee involvement: page 4).

Recruitment continues to be challenging across all departments. Vacant roles are advertised widely including on social media, as appropriate. For key roles, we may work with professional recruitment agencies to identify the best candidate for each post. Updated employment contracts for both new teaching and support staff have been introduced with a consistent 6 months’ probationary period for all support posts (1-year for teaching posts) plus a 3-months’ ‘check-in’ with all new staff to capture any concerns or issues for early remedy. All staff (teaching and support) receive comprehensive Onboarding and Induction training including Safeguarding and Child Protection, before starting work. All initiatives combined have yielded positive results, and we are committed to continuing this momentum.

In addition to offering a range of professional development opportunities for teaching staff, our CPD in-house offer has been expanded with the launch of the ‘People Managers Development Course’ programme aimed at upskilling our people managers and to identify future potential managers for succession planning; ‘bite-size’ training modules offered, and current staff taking up apprenticeship courses.

22

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

5. Staff and Employee Engagement - continued

Following recommendations, we have reviewed the staffing structures for the Admissions Department and the Marketing and Communication Department. Both departments work closely together to ensure that we maintain the numbers of boys in School for the future. This is vital as we enter a challenging period for the sector. The Medical Centre nursing team’s staffing and pay structure has been reviewed with the introduction of the new role of Healthcare Assistant.

The positive outcomes of these combined efforts are reflected in both staff satisfaction, an engaged and motivated workforce, and the high standards of education and care which are provided to the pupils.

The 3-year cyclical ISI inspection is due anytime from Autumn 2024. The Single Central Register (SCR) and the staff and training files are ‘inspection ready’.

In summary, the School has continued to prioritise staff engagement and development over the past 12 months, ensuring that policies and practices are in place to support a motivated and skilled workforce. We look forward to continuing to build on this foundation in the coming year, maintaining our commitment to recruitment, retention, safeguarding, and the ongoing professional development of all staff.

6. Facilities

To achieve the School’s aims, its facilities need to provide the best possible learning environment for the boys and teaching facilities for the staff, support excellent pastoral care, and make the School feel welcoming, safe and easy to get around. The School’s facilities are on an extensive campus close to the centre of Tonbridge and include many important historic and impressive buildings, 11 of which are Grade II listed. The estate includes academic buildings, 7 boarding houses and 5 day houses, a large and well-equipped Sports Centre, over 150 acres of grounds and over 90 units of owned and rented residential accommodation of various types.

The programme of Masterplan and Major Projects developments continued during the year as the School progressed with significant boarding and day house refurbishments, and the conversion of the former Cawthorn Lecture Theatre in to a staff Common Room, to facilitate the provision of additional classrooms within the vacated space.

The School spent approximately £6,129k on the maintenance, improvement, and development of its facilities in 2023/24, including:

In addition, the School spent approximately £1,141k on IT improvement, maintenance, development, and support to enable better teaching, effective administration and improved communication. The School maintained an effective process to identify and prioritise facilities repairs, improvements, and developments, and continued to deliver its planned preventative maintenance programme.

23

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

7. Foundation Awards (previously called Bursaries) and Scholarships

Despite the demands placed on the School’s finances, the Governors of the School remained committed to the extensive ‘Foundation Award’ programme which aims to provide a wide range of Foundation Awards and Scholarships to enable any bright and talented boy to access a Tonbridge education regardless of his background, help ensure we attract the most academically able and talented boys to the School, develop the diversity and richness of the academic, pastoral, and co-curricular environment for all boys, and to maintain or raise the level of achievement for all.

The School has been working towards a position whereby Foundation Awards are funded entirely from non-fee income, including income from the Sir Andrew Judd Foundation endowment, donations and surpluses from the Group’s commercial operations. During the year the School benefited from an annual grant from the Sir Andrew Judd Foundation totalling £1,608k, which was applied in its entirety towards Foundation Award funding. The Tonbridge School Foundation provided a further £445k in support, including the inaugural year’s funding of a new category of Foundation Award Scholars, established with the support of an overseas foundation. The School is actively reviewing opportunities for expanding its non-fee income and is optimistic that income streams will be developed further in the medium-term to support its Foundation Awards programme and its strategic objective of widening access to a Tonbridge Education.

A total of approximately £3,461k (9.6% of gross tuition fees) was provided for Foundation Awards, Scholarships, assisted places and other subsidies and discounts to both current and future pupils of Tonbridge School. Of this, £3,353k was provided to boys in the School, being £2,479k (71.6%) to boys with Foundation Awards (whose parents were means-tested), with £193k (5.6%) provided to other boys who won academic and other scholarships, £681k (19.7%) provided in other awards (including sibling discounts and staff remission), and £107k (3.1%) to boys at preparatory schools as part of the School’s support of the Junior Foundation Awards programme and Choristers.

A number of Foundation Awards (means-tested awards) were made to boys successful in entry examinations in the year preceding entry, and all awards were made following a detailed financial assessment that considered parental income, disposable income and assets. A small number of Hardship Awards were made to boys already at the School whose parents were facing unexpected financial difficulties. In addition, to make the School more accessible to boys in state primary schools, the School’s Junior Foundation Award programme continued to give pupils the opportunity to apply in Year 6 (their final year in primary school) for entry in Year 9, making allowances for the

educational background of applicants, and awarding means-tested funding for successful applicants for their time at Tonbridge, as well as for Years 7 and 8 at another school. In 2023/24, 69 boys at the School received a total of £2,479k in means-tested ‘Foundation Award’ funding, being 6.9% of Gross Fee Income.

Of the 69 boys at the School, 23 boys received 100% funding, 48 boys over 70% funding, and the average boy receiving means-tested support received 74% of funding towards fees. Parents receiving means-tested support were, once again, asked to provide an update of their financial circumstances annually.

The School’s Foundation Award programme continued to be promoted widely: on the School’s internet site, in local schools and feeder prep schools, and in relevant publications, and has resulted in an increase in the number of boys benefiting from Foundation Awards from 46 in 2020/21 to 69 in 2023/24.

24

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

8. Partnerships

The main components of the School’s partnerships programme are summarised as: developing our partnership with The Marsh Academy, joining the collaboration groups that are being developed by the Skinners’ Academies Trust, continuing and expanding relationships with local schools, and using the School’s facilities for the benefit of the local community.

Tonbridge School has been one of the sponsors of The Marsh Academy since June 2006. The Marsh Academy is in the heart of the Romney Marshes and is the only secondary school in the area. Whilst the two schools may be very different places they share the same overall goal, which is to develop their pupils to the best of their potential. Features of the partnership for the year under review are detailed as part of the Community Engagement review, ‘Marsh Academy’, on page 19.

Tonbridge School continued to work closely with other schools, offering staff time and expertise and facilities to provide educational benefits to children outside the School. In addition to the Community Engagement benefits detailed at page 17, ‘School Partnerships’, in 2023/24 the School provided sport, Theatre, Chapel, and other venues free of charge to several local good causes with others benefitting from concessionary rates.

The School continued to share its facilities with the local community. In addition to the activities described above, in 2023/24 the School provided:

25

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

9. Fundraising and Financial Management

The Statement of Financial Activities is at page 41. An analysis of movements on the various funds is included at Note 20 to the financial statements.

The Charity’s principal fundraising activity is carried out by its subsidiary The Tonbridge School Foundation (TSF) with the support of the School’s Tonbridge Society. The TSF’s Corporate Trustee (Tonbridge School) takes its responsibilities under the Charities (Protection and Social Investment) Act 2016 seriously and has considered the implications on the TSF’s activities. The TSF does not actively raise funds or solicit donations directly from the general public, with support being sought from a network of current and former parents; Old Tonbridgians and friends of the wider School community, established over a period of time. It does not work directly with commercial sponsors or fundraisers in relation to its fundraising, and no complaints were received during the year in respect of this activity.

During the year, TSF continued to focus its activities in the following areas, through the operations of the Tonbridge Society:

Engagement

Enrichment

Enhancement

TSF’s main activity has been to create more opportunities for students and those in our community to benefit from the School’s outstanding facilities, expertise, and education. During the year, the Charity carried out the following projects and activities:

Engagement

26

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT For the year ended 30 June 2024

9. Fundraising and Financial Management - continued

Enrichment

Enhancement

Included below is a table summarising the Group fundraising costs as a percentage of The Tonbridge School Foundation’s total Incoming Resources.

The analysis reflects the direct fundraising costs incurred by the Tonbridge School Foundation (£2k) plus an allocation of the total Tonbridge Society team overhead costs incurred by Tonbridge School (£589k inclusive of central overheads as required by the Charity SORP). Fundraising costs are allocated on a percentage of time spent basis for salary costs, directly for all fundraising related expenditure, and on a percentage of total cost basis where costs are shared across multiple activities. This percentage allocation is reviewed periodically to ensure consistency and accuracy.

Fundraising Expenditure and Income (£)
2019/20
2020/21
2021/22
2022/23
2023/24		 Total
Estimated Group Fundraising Expenditure
260,402
225,361
303,394
282,675
267,251
TSF Total Income / Total IncomingResources
535,568
1,335,509
1,028,317
1,306,313
1,021,132		 1,339,083
5,226,839
FundraisingExpenditure % TSF Total Income
49%
17%
30%
22%
26%		 26%

Grant funding from The Tonbridge School Foundation supported the following projects during the year:

27

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

9. Fundraising and Financial Management - continued

The Governors are satisfied with the Group’s Net Movement in Funds for the year of £2,389k, (£2,263k in 2022/23) and the Increase in Cash for the Year of £4,169k (2023/23: Decrease in Cash of £1,928k). The Governors are continuing in their strategy of deploying all Net Income towards the School’s charitable objects – primarily the advancement of education.

The parents of boys at both Tonbridge School and The New Beacon have the assurance that all income, as a Charity, must be applied for educational purposes. As an educational Charity, the Schools receive tax exemption on their educational activities and investment income and are also entitled to an 80% reduction on business rates on the property occupied for charitable purposes. The financial benefits the Charity receives from these tax exemptions are all applied for educational purposes and help it maintain the Foundation Award and partnership programmes described above.

10. Marketing and Admissions

The School has two main intakes: at the age of 13 (Year 9) normally with places for up to 150 boys, and at the age of 16 (Year 12) with up to an additional 20 places available; the School can also take up to 5 boarding boys at the beginning of Year 10. The School has an examination-based entry system, with clear standards for entry; details of the admission processes and examination are posted on the School’s website. While the School only admits boys and is academically selective (to ensure that potential pupils can cope with the pace of learning and benefit fully from the education the School provides), a boy’s economic status, ethnicity, race, religion or disability do not form part of the School’s selection process. A dedicated team of Admissions and Marketing staff led by the Deputy Head Admissions

and Communications maintains strong contact with parents and current schools though the admissions process to ensure it works as smoothly as possible for all concerned.

The School started the new academic year, in Michaelmas Term 2024, with 807 boys, comprising 459 boarders and 348 day boys, with termly fees set at £17,597 for boarders and £13,202 for day boys, reflecting a 5.7% increase over the Summer 2024 termly fee. In setting the fee increase for 2024/25 the Governors have been mindful of the high cost, for current and prospective parents, of the education provided for their boys, and the rising cost of living.

Following the election of the Labour Government in July 2024 and the announcement, later that month, of their intention to introduce VAT on tuition fees as part of an Autumn Budget, the Governors advised parents that fees would increase by 12% with effect from the Lent term 2025. In setting fees at this level, the School sought to share the burden of VAT with its parents, instigating a review of key operational areas to highlight potential cost savings, and committing to review and develop non-fee income streams, including consideration of overseas opportunities. Termly fees from the Lent term 2025 were confirmed at £19,708 for boarders and £14,786 for day boys (inclusive of VAT). Parents were invited to apply for specific means-tested fee assistance to help mitigate the introduction of VAT where this would otherwise significantly impact their ability to maintain their sons at the School.

Overall, the Governors of the School were satisfied that the achievements detailed above clearly demonstrate that the School is advancing education, providing benefits to the community, and aiming to enable any bright and talented boy to access a Tonbridge education regardless of his background.

28

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

11. The New Beacon

The New Beacon has begun to embrace change under the leadership of the new Head, Sarah Brownsdon. Having completed a full year in post and enjoyed a strategy day with the Governing Board, it is exciting to see the next phase of the School’s development taking shape.

A wider catchment for pupils has become a theme with increased marketing focus bringing attention to the School in the local area and beyond. This has developed with social media taking the lead along with local sports clubs promoting The New Beacon and creating interest. New bus routes to the School are bringing children in from South East London as well as wider Kent and it is hoped that this, combined with the unique all-boys status amongst local prep-schools will maintain the healthy interest that The New Beacon garners.

The new Nursery is a victim of its own success! Numbers have trebled since it opened, and the facility has proved popular with new families to the School as well as younger siblings. We will now be looking to enhance the arrangements to cater for the high level of interest. The Forest School elements of the curriculum are proving particularly popular with the children and their parents alike along with such an early introduction to swimming and specialist sport and music teaching.

We put on three large scale productions this year, Finding Nemo, Treasure Island and Grease, providing the boys with not just the opportunity to take to the stage but also to take a lead backstage or work as part of the sound and lighting crew. New lighting rigs and sound equipment has allowed the boys to embrace all aspects of drama and the theatre renovation project will continue in February 2025 with seating and flooring.

It was a privilege to provide a tuneful send off to our longstanding Head of Music, Elizabeth Maslin, after 28 years of service to the School. Rachael Down, her replacement, began in September 2024 and we look forward to her leading the department from strength to strength. This year alone saw our Chapel Choir sing evensong at St Paul’s Cathedral and Tonbridge Chapel and partake in the inaugural IAPS singing festival along with the local Wealden Christmas fair and our own Summer Fête. Numerous concerts and performances, formal and informal, ran throughout the year culminating in the grand finale on Celebration Day involving musicians from Nursery to Year 8. Some phenomenal musical performances this year meant it was no surprise that we had three music scholars win top awards to Tonbridge and Sevenoaks Schools. Grade 8 musicians on trombone, piano, violin and voice at aged 12 is no mean feat.

Our Sports days this year took on a new element with combined events across the school hosting the entire community for a picnic lunch and inclusive games. From high jump to javelin with the tug of war, obstacle and sack races thrown in for good measure, the boys delighted in the range of events, as did the spectators. There has been much sporting success under our new Director of Sport’s leadership. Inclusivity and excellence is the combination that The New Beacon strives to produce but outstanding performances at national and county level were seen in cricket, and football this year. We are also proud to have the British Junior Ski Champion and IAPS National Table Tennis Champion amongst our pupils.

Moving our Prize Giving event to Skinners’ Eve meant we were able to welcome the Master of the Skinners’ Company along with the Clerk and Director of Education to join our Governing Board, parents and pupils in this unique event, further cementing The New Beacon’s position within the company of schools. Unfortunately, our original plans fell foul of wet weather but our indoor alternative proved to be a wonderful success and we were able showcase the School to current parents and prove that The New Beacon doesn’t need good weather to shine.

Charitable work has been an increasing focus this last year and the boys themselves voted for the charities we have supported; the Stroke Association and the British Heart Foundation were two that were especially important this year but the RSPB and Make a Wish Foundation also benefitted from our fundraising efforts. Boys went to Wealden Heights Care Home to perform and make friends, collected rugby boots for those without sports shoes and competed in a fundraising triathlon to support youth leadership schemes. They also initiated a beach clean-up in Ramsgate and a local litter picking project. This focus on service and giving back to the community is a vital part of their education. To recognise their privilege and share it.

29

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

11. The New Beacon - continued

The co-curricular programme offering has trebled this year with a raft of different activities from model making and Top Trumps to Judo, Ju Jitsu and Lacrosse. Something for everyone is our approach and we are encouraging boys to go beyond their comfort zone and try new activities.

Trips have been varied and exciting: Iceland, Ypres and Paris saw the boys head abroad but equally thrilling were the pumpkin farm, toy museum, Cabinet War Rooms and activity camps. The benefits for the boys both socially and emotional, aside from the intrinsic educational elements of these trips, are felt every year and we will look to review and enhance our offering in the future.

This year saw an exceptional achievement for the boys with 16 scholarships across the spectrum of sport, music, drama and academics. 28 leavers went on to Tonbridge School, 6 as award winners, 5 to Sevenoaks School, with two music and two academic scholarships between them. A 100% pass rate at 11+ for the 22 boys who sat was another excellent achievement and those boys who moved onto grammar school were delighted to earn places at Judd (3) Skinners (4) and TWGBS ( 3) respectively. This year our 2024 leavers went on to join Brighton College, Caterham, Eton College, King’s School Rochester, Lingfield College, Radnor House, Sevenoaks School, Skinners, Tonbridge, Tunbridge Wells Grammar and Worth School.

Our pupils in Years 4 and 8 continue to extend their learning by undertaking English Speaking board exams, and an outstanding set of results saw every boy reach a merit or distinction. Our Year 8 boys also added breadth and creativity to their studies with the IPQ (Independent Project Qualification) recently introduced by the ISEB. This piece of personal study resulted in some exceptional results once again with boys earning Distinction or Merit across the board.

The boarding provision at The New Beacon maintains a solid interest amongst local families as well as those living further afield. A range of excursions and in-house events creates an engaging programme of after school activities along with the well-structured, supportive routines that benefit so many children.

The New Beacon's Positive Impact on the Environment

Environmental responsibility is at the heart of the School’s ethos. Through various initiatives, both the pupils and staff are making a meaningful difference to protect and sustain the environment, demonstrating how schools can be catalysts for change.

One of the most impactful activities has been the involvement of the pupils in litter picking across the school grounds. This hands-on effort not only helps to keep the environment clean, but also instils a sense of responsibility and care for nature in the students. Additionally, the School organised a one-hour electricity switch-off, reminding everyone of the importance of conserving energy and reducing our carbon footprint.

The School is also engaged in an initiative to recycle football boots for charity. This program not only gives new life to old boots but also supports those in need, combining environmental and social impact.

The estates team contributes significantly to these efforts by maintaining a couple of beehives on the grounds, which produce honey every year. These beehives are crucial for supporting local biodiversity, as bees play a vital role in pollination. The honey produced also offers a tangible reward for the School’s sustainability efforts.

Furthermore, in parts of the School’s grounds, natural haven for wildlife has been created. This rewilding has led to an increase in local fauna and has also resulted in a stunning floral display that enhances the beauty of the school while supporting ecological balance.

30

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

11. The New Beacon - continued

The New Beacon’s commitment to sustainability extends to its new Nursery building, which incorporates cutting-edge green technology. The building is equipped with a ground source heat pump and solar panels, reducing reliance on nonrenewable energy. Additionally, the sedum roof contributes to improved insulation, natural water management, and provides a habitat for insects and birds.

These initiatives, both large and small, demonstrate The New Beacon’s ongoing dedication to environmental stewardship. By teaching pupils to respect and protect the planet and investing in sustainable infrastructure, the School is setting a powerful example for future generations.

The Governors are satisfied that this summary of annual achievements against the Charity’s eleven priority and policy areas demonstrates its commitment to maintaining and improving the experience of pupils at Tonbridge School and The New Beacon, and also its engagement with the wider community.

RESERVES POLICY

Note 19 to the financial statements show the assets and liabilities attributable to the various funds.

Unrestricted funds, defined as funds available for use which exclude fixed assets and long-term creditors, amount to £9,685k, being the net of the balances attributable to the Tonbridge School General Fund, The New Beacon General Fund, and The TSF General Fund, with the remaining unrestricted funds designated for the Fees in Advance Scheme, Tonbridge Services Limited and the provision for deficit pension contributions and the fair value of the interest rate swap, which are accrued as liabilities under FRS102.

The School has formulated a strategic development programme identifying development activities for the short to medium term. The Governors’ reserves policy is to maintain unrestricted funds at a level to allow sufficient liquidity for normal operations and to support the development activity. The Governors regularly review the level of reserves, which are targeted at a minimum of 5.0% of net fee income plus a substantial allowance to accommodate the cyclical nature of the Charity’s fee income, the staged redemption of fundraised income and to support the School’s Masterplan cash flow. The current level of reserves held meets the target set by the Governors.

GOING CONCERN

The Governors prepare a detailed long-term plan having regard to the School's financial and physical resources, so that at all times the School retains the strength and flexibility to respond to contingencies and to longer term needs that may not be currently foreseen. The Governors consider that the School and the Group have adequate resources and flexibility for the foreseeable future and consequently the adoption of the going concern basis is appropriate in preparing the financial statements.

FUND ACCOUNTING

The funds under the Governors’ control are categorised as detailed in Note 1.12 and comprise:

Unrestricted funds:

31

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

Designated funds:

Restricted funds:

32

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT For the year ended 30 June 2024

Restricted funds - continued

Endowed funds:

33

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

INVESTMENT POLICY AND OBJECTIVES

The Charity’s investment powers are governed by its Memorandum and Articles of Association, which permits the Charity to deposit and to invest funds in any manner after obtaining expert financial advice. The Governors are permitted to delegate investment management under specified conditions. The Governors’ investment policy is to ensure that surplus funds are deposited to maximise returns whilst managing risk conservatively and ensuring capital preservation where appropriate, and to match the return on the invested Fees in Advance Scheme to the maturation profile of the related liability to provide School fees in future years.

HSBC Global Asset Management (UK) Limited was appointed as Investment Manager in June 2012. Whilst the Group’s assets continue to be managed by HSBC Global Asset 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 Group’s investment objectives. The investment strategy and policy are monitored by the Finance and General Purposes Committee, as is investment performance. The Group’s portfolio is invested in balanced and growth and income funds. The Governors are satisfied with the portfolio return and performance for the year under review given the on-going impact of other world events on investment holdings globally.

PRINCIPAL RISKS AND UNCERTAINTIES

The Governors are mindful of the economic climate and consider the affordability of fees by parents across the independent sector to be a principal risk faced by the Charity and the Group. The immediate post year end period has seen serious challenges to the sector through the introduction of VAT on tuition fees from January 2025; the loss of Mandatory Business Rate Relief, and a significant increase in employer National Insurance Contributions, both effective from the start of the 2025/26 tax year, with the potential for further increases in the employer contribution rate for The Teachers’ Pension Scheme remaining a medium-term risk. The level of fee increase is subject to rigorous review as part of the annual budget setting process to ensure that this is set at an appropriate level to support the ongoing operations and development of the School, without placing an unacceptable burden on current and prospective parents. The prevailing global economic and political climate remain on-going risks during the current financial year, together with Safeguarding, which is always a significant area for risk management within a School environment and is subject to stringent management. The full portfolio of risks monitored by the Governors covers the following areas:

34

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

Risk Management

The Governors have examined the major risks to which the Charity is exposed and have developed systems to monitor and control these risks to mitigate any impact they may have on the School’s future. A formal review of the Charity’s risk management process is undertaken annually. The key controls used by the Charity include:

It is recognised that no system can give an absolute assurance against major risks.

FUTURE PLANS

In the current financial year, the School will review its strategic priorities and, under the leadership of James Priory, the Headmaster, will aim to maintain or improve performance across all eleven priority and policy areas identified in the School’s strategy:

35

Tonbridge School

DIRECTORS’ AND GOVERNORS’ REPORT

For the year ended 30 June 2024

ACOUNTING AND REPORTING RESPONSIBILITIES

Statement of Governors’ responsibilities – Charitable Company

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

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

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charitable Company 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 Charitable Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Governors are aware:

Auditor

A resolution proposing that Saffery LLP be re-appointed as Auditor of the Charity will be put to the Annual General Meeting.

The Directors’ and Governors’ Report, which includes the Strategic Report on pages 9 to 36, was approved by the Governors on 26 February 2025 and signed on their behalf by:

MF Dobbs Governor – Tonbridge School

36

Tonbridge School

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS

For the year ended 30 June 2024

Opinion

We have audited the financial statements of Tonbridge School (the ‘Parent Charitable Company’) and its subsidiaries (the ‘Group’) for the year ended 30 June 2024 which comprise the Consolidated Statement of Financial Activities, Consolidated Summary Income and Expenditure Account, Balance Sheets, Consolidated Cash Flow Statement and 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:

Basis for opinion

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 Group and the Parent 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Governors’ 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 group or the parent 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 Governors with respect to going concern are described in the relevant sections of this report.

Other information

The Governors 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.

37

Tonbridge School

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS

For the year ended 30 June 2024

Other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the Parent Charitable Company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ and Governors’ Report.

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

Responsibilities of Governors

As explained more fully in the Statement of Governors’ Responsibilities set out on page 35, the Governors (who are also the Trustees 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 Governors determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governors are responsible for assessing the Group and Parent 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 Governors either intend to liquidate the Group or the Parent Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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 Group and Parent 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.

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.

38

Tonbridge School

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS

For the year ended 30 June 2024

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the Group and Parent Charitable Company’s financial statements to material misstatement and how fraud might occur, including through discussions with the Governors, 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 Group and Parent Charitable Company by discussions with Governors and updating our understanding of the sectors in which the Group and Parent Charitable Company operate.

Laws and regulations of direct significance in the context of the Group and Parent Charitable Company include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales.

Further the Group is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, through significant fine, litigation or restrictions on the Group’s operations. We identified the most significant laws and regulations to be the Independent School Standards as found in the Education and Skills Act 2008 and guidance issued by the Department for Education.

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 Parent 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 Parent 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.

39

Tonbridge School

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS

For the year ended 30 June 2024

Use of our report

This report is made solely to the Parent 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 Parent 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 Parent Charitable Company and the Parent Charitable Company’s Members as a body, for our audit work, for this report, or for the opinions we have formed.

Cara Turtington Senior Statutory Auditor For and on behalf of Saffery LLP

Statutory Auditors

71 Queen Victoria Street London EC4V 4BE

Date: 26 March 2025

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

40

Tonbridge School

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 30 June 2024

Note
INCOME
Income from charitable activities
School fees receivable
3
Other income
4
Other trading activities
Trading income
5
Other commercial income
5
Investments
Investment income
6
Bank and other interest
7
Donations and legacies
Grants and donations
8
Total income
EXPENDITURE
Costs of raising funds
9
Trading expenditure
Other income-generating activities
Financing costs
10
Investment management
Fundraising and development
Charitable activities
Education and grant making
9
Total expenditure
Net income before transfers
and investment gains/(losses)
Realised investment gains/(losses)
Unrealised investment gains/(losses)
Net income for the year
Actuarial gains/(losses) on
pension scheme
Transfers between funds
20
NET MOVEMENT IN FUNDS		 Unrestricted
Funds
£
39,547,878
1,722,394
3,033,100
4,583
0
307,784
97,572		 Restricted
Funds
£
0
0
0
0
160,490
19,099
834,710		 Endowed
Funds
£
0
0
0
0
0
0
0		 2024
2023
Total
Total
£
£
39,547,878
36,156,496
1,722,394
1,551,353
3,033,100
2,882,434
4,583
4,579
160,490
120,592
326,883
113,556
932,282
2,593,704
45,727,610
43,422,714
1,077,919
1,063,625
394,290
344,441
175,624
(297,063)
35,690
32,713
590,611
628,166
2,274,134
1,771,882
41,483,805
39,637,597
43,757,939
41,409,479
1,969,671
2,013,235
38,021
(7,278)
458,745
59,376
2,466,437
2,065,333
(77,002)
198,051
2,389,435
2,263,384
0
0
2,389,435
2,263,384
44,713,311 1,014,299 0
1,077,919
394,290
175,624
3,995
590,611		 0
0
0
28,836
0		 0
0
0
2,859
0
2,242,439
41,475,905		 28,836
7,900		 2,859
0
43,718,344 36,736 2,859
994,967
0
0		 977,563
33,399
402,660		 (2,859)
4,622
56,085
994,967
(77,002)		 1,413,622
0		 57,848
0
917,965
450,902		 1,413,622
(450,902)		 57,848
0
1,368,867 962,720 57,848

41

Tonbridge School

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 30 June 2024

NET MOVEMENT IN FUNDS
(brought forward)
Fund balances brought forward at
1 July 2023
Fund balances carried forward at		 Unrestricted
Funds
£
1,368,867
41,874,478		 Restricted
Funds
£
962,720
5,428,744		 Endowed
Funds
£
57,848
517,930		 2024
2023
Total
Total
£
£
2,389,435
2,263,384
47,821,152
45,557,768
50,210,587
47,821,152
43,243,345 6,391,464 575,778

The notes on pages 46 to 81 form part of these financial statements.

42

Tonbridge School

CONSOLIDATED SUMMARY INCOME AND EXPENDITURE ACCOUNT

For the year ended 30 June 2024

Gross income
Total expenditure
Realised investment gains/(losses)
Unrealised investment gains/(losses)
Net income for Companies Act purposes		 2024
2023
£
£
45,727,610
43,422,714
(43,755,080)
(41,404,215)
33,399
(7,883)
402,660
41,107
2,408,589
2,051,723

This information has been derived from the Statement of Financial Activities on pages 41 to 42.

The notes on pages 46 to 81 form part of these financial statements.

43

Tonbridge School

BALANCE SHEETS

As at 30 June 2024

Company Registration Number 04787097
Note
FIXED ASSETS
Tangible assets
12
Investments
13
Investments in subsidiary
14
CURRENTS ASSETS
Stock
15
Debtors
16
Cash and deposits
CURRENT LIABILITIES
Creditors payable within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
LONG-TERM LIABILITIES
Creditors payable after one year
17
NET ASSETS BEFORE PROVISIONS
Defined Benefit Pension Scheme Liability
NET ASSETS
REPRESENTED BY:
Endowed Funds
19
Restricted Funds
19
Unrestricted Funds
19
TOTAL FUNDS		 Group
2024
£
46,221,599
14,381,858
0		 Group
2023
£
45,034,166
7,239,820
0		 School
School
2024
2023
£
£
46,215,810
45,026,447
10,834,544
4,408,878
355,000
355,000
57,405,354
49,790,325
48,536
50,729
3,753,499
4,218,702
17,941,220
14,377,460
21,743,255
18,646,891
(13,090,453)
(6,937,473)
8,652,802
11,709,418
66,058,156
61,499,743
(19,811,791)
(16,837,942)
46,246,365
44,661,801
(1,852,803)
(1,914,355)
44,393,562
42,747,446
0
0
2,958,840
2,680,285
41,434,722
40,067,161
44,393,562
42,747,446
60,603,457
300,537
2,672,923
22,071,555		 52,273,986
292,046
3,318,060
17,903,007
25,045,015 21,513,113
(13,773,291) (7,213,650)
11,271,724 14,299,463
71,875,181 66,573,449
(19,811,791) (16,837,942)
52,063,390
(1,852,803)		 49,735,507
(1,914,355)
50,210,587 47,821,152
575,778
6,391,464
43,243,345		 517,930
5,428,744
41,874,478
50,210,587 47,821,152

The notes on pages 46 to 81 form part of these financial statements.

No separate charity only Statement of Financial Activities has been prepared by the Charity as permitted by section 408 of the Companies Act 2006. The Charity’s total income for the year was £44,210,919 (2023: £41,552,027) and the net income / (expenditure) for the year was £1,646,116 (2023: £1,335,003).

The financial statements on pages 41 to 81 were approved by the board on the 26 February 2025 and were signed on its behalf by:

MF Dobbs Governor - Tonbridge School

44

Tonbridge School

CONSOLIDATED CASH FLOW STATEMENT For the year ended 30 June 2024

Group
Note
NET CASHFLOW FROM OPERATING ACTIVITIES
21
CASHFLOWS FROM INVESTING ACTIVITIES
Investment income
Interest received
Capital expenditure and financial investment
Purchase of tangible fixed assets
12
Purchase of investments
13
Sale of investments
Net cash used in investment activities
Financing
Increase in bank borrowing & other loans
23
Increase / (Decrease) in finance lease agreements
23
Capital element of loan repayment
23
Net cash used in financing activities
INCREASE / (DECREASE) IN CASH IN THE YEAR
22
CASH AND CASH EQUIVALENTS AT THE START OF THE YEAR
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
Notice deposits (less than 3 months)		 2024
£
14,998,379
160,490
307,206		 2023
£
3,166,035
120,592
94,114
467,696
(3,039,878)
(9,700,845)
3,055,573		 214,706
(2,335,661)
(4,556,244)
3,071,035
(9,217,454) (3,606,164)
0
3,907
(1,616,284)		 138,343
(222,198)
(1,403,816)
(1,612,377) (1,487,671)
4,168,548
17,903,007		 (1,927,800)
19,830,807
22,071,555 17,903,007
14,352,398
3,005,650		 13,896,728
4,006,279
17,358,048 17,903,007

The notes on pages 46 to 81 form part of these financial statements.

45

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2024

1. Accounting policies

Having reviewed the funding facilities available to the Charity together with the expected ongoing demand for places and the Charity's future projected cash flows, the Governors have a reasonable expectation that the Charity has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Accounting and Reporting Responsibilities on page 36.

The accounts present the Consolidated Statement of Financial Activities (SOFA), the Consolidated Cash Flow Statement and the Consolidated and Charity Balance Sheets, comprising the consolidation of the School with its wholly owned subsidiaries Tonbridge Services Limited and The Tonbridge School Foundation.

Voluntary income for the Charity's general purposes is accounted for as unrestricted and is credited to the General Reserve. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as permanent trust capital or expendable trust capital, according to whether the donor intends retention is to be permanent or not. Gifts in kind of value is at estimated market value at the date of the gift, in the case of assets for potential consumption, or at the value to the Charity in the case of donated services or facilities.

Grants awarded are expensed as soon as they become a legal or operational commitment. Governance costs comprise the costs of complying with constitutional and statutory requirements. Intra-group sales and charges between the Charity and its subsidiaries are excluded from trading income and expenditure.

46

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

School buildings: 2% to 6.67% p. a. Furniture & equipment: 20% to 33.3% p. a. Motor vehicles: 20% to 33.3% p. a.

Unrestricted income belongs to the Charity's corporate reserves, spendable at the discretion of the Governors either to further the Charities Objects or to benefit the Charity itself. Where the Governors 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.

Restricted income comprises gifts, legacies and grants where there is no capital retention obligation or power but only a trust law restriction for some specific purpose intended by the donor.

Permanent endowment arises where a donor intends the gift to be retained permanently for use by the Charity.

Endowment funds are accounted for similarly, except that all capital can be converted into income for spending either at the Governors' own discretion or else upon the happening of some event contemplated by the donor

47

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

Financial assets are recognised in the Charity's statement of financial position when the Charity becomes party to the contractual provisions of the instrument.

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.

48

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2024

1.15 Financial instruments (continued)

Classification of financial assets

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period.

The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Classification of financial liabilities

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability to the net carrying amount on initial recognition.

49

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2024

Classification of financial liabilities (continued)

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Charity after deducting all of its liabilities.

In the application of the Charity's accounting policies, the Governors 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 and assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting 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 affects both current and future periods.

Critical judgements in applying the Charity's accounting policies

There are no critical accounting judgements in 2024 or 2023.

Critical accounting estimates and assumptions

Defined benefit pension schemes: The Charity has an obligation to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including life expectancy, asset valuations and discount rate on corporate bonds. Management estimates these factors in determining the net pension liability in the Balance Sheet. The assumptions reflect the historical experience and current trends. The valuation is particularly sensitive to the impact of the discount rate on the schemes' liabilities. See Notes 26 and 27 for the disclosures relating to the defined benefit schemes.

3 Charitable Activities – Fees Receivable

School fees receivable consist of:
Tonbridge School
Gross tuition fees
Less: total bursaries, scholarships and other subsidies and discounts
The New Beacon
Gross tuition and nursery fees
Less: total bursaries, scholarships and other subsidies and discounts		 2024
2023
£
£
36,058,610
33,363,369
(1,874,978)
(2,574,081)
34,183,632
30,789,288
5,583,146
5,584,200
(218,900)
(216,992)
5,364,246
5,367,208
39,547,878
36,156,496

50

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

4 Charitable Activities – Other income

Trading Income
Music fees
Admissions fees
Registration and deposits forfeited
Term-time courses and Sports Academies fees
Commissions, rentals and other income
Tonbridge Services Limited
Other income generating activities
Other income		 2024
2023
£
£
331,341
301,636
473,188
409,171
171,000
167,750
569,312
452,780
177,553
220,016
1,722,394
1,551,353
2024
2023
£
£
3,033,100
2,882,434
2024
2023
£
£
4,583
4,579

5 Trading Income

5.1 Tonbridge Services Limited – Company Registration number 1774458

The School owns the whole of the ordinary share capital, consisting of 335,000 ordinary shares of £1 each, of Tonbridge Services Limited, which carries out the commercial activities of the School. The subsidiary donates its taxable profits to the School each year by gift aid. Its trading results for the year, as extracted from the audited financial statements, are summarised below. The registered office of this entry is the same as for the School.

Tonbridge Services Limited
Turnover
Cost of Sales
Gross profit
Distribution and Administration
Operating profit
Interest receivable
Profit on ordinary activities
Gift aid to parent company		 2024
2023
£
£
3,139,946
3,007,430
(1,812,567)
(1,791,397)
1,327,379
1,216,033
(392,752)
(414,572)
934,627
801,461
0
0
934,627
801,461
(934,627)
(801,461)
Nil
Nil

Turnover includes £106,846 (2023: £124,996) in relation to goods supplied to the School.

Cost of Sales and Distribution and Administration includes £1,127,812 (2023: £1,142,344) in relation to purchases from the School.

Audit fees of £10,500 (2023: £10,200) are included in Distribution and Administration.

Details of the subsidiary's balance sheet are given in Note 19.

51

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

5 Trading Income

5.2 The Tonbridge School Foundation

The School acts as sole trustee to The Tonbridge School Foundation (TSF), Charity Number 1099162, which is a subsidiary by nature of this relationship. TSF’s principal activity is the advancement of education by the provision of grants, services and other resources (including support by any charitable means) to Tonbridge School. Its results for the year, as extracted from the audited financial statements, are summarised below. The registered office of this entity is the same as for the School.

Income
Donations
Bank interest
Investment income
Total income
Expenditure
Cost of raising funds
Fundraising for voluntary resources
Charitable activities
Grant making
Total expenditure
Net income before investment gains
Realised and unrealised investment gains
Net income for the year		 2024
2023
£
£
902,855
1,235,805
29,378
9,757
88,899
60,751
1,021,132
1,306,313
18,084
17,655
18,084
17,655
516,530
405,980
534,614
423,635
486,518
882,678
256,801
45,703
743,319
928,381

Charitable expenditure includes £504,602 (2023: £394,400) in respect of grants and scholarship funding payable to Tonbridge School, plus audit fees and direct costs of The Tonbridge School Foundation.

Details of the subsidiary's balance sheet are given in Note 19.

6 Investment Income

Group
Equities
Fixed interest		 2024
2023
£
£
50,174
34,318
110,316
86,274
160,490
120,592

All investment income is attributable to Restricted Funds for both the current and previous financial year.

52

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

7 Bank and other interest

Year ended 30 June 2023
8
Grants and donations receivable
Group
Unrestricted
£
Interest received
307,784
Group
Unrestricted
£
Interest received
106,704
Group
Unrestricted
£
Donations from the
1,613,119
Sir Andrew Judd Foundation
Allocated to Bursary Funding
(1,608,119)
5,000
Development & other donations
84,374
Local & Central Government Funding
8,198
97,572		 Unrestricted
£
307,784		 Restricted
£
19,099		 Endowed
£
0		 Total
Total
2024
2023
£
£
326,883
113,556
2023
£
113,556
Total
Total
2024
2023
£
£
1,613,119
1,973,119
(1,608,119)
(625,000)
5,000
1,348,119
919,084
1,242,585
8,198
3,000
932,282
2,593,704
Unrestricted
£
106,704		 Restricted
£
6,852		 Endowed
£
0
Restricted
£
0		 Endowed
£
0
5,000
84,374
8,198		 0
834,710
0		 0
0
0
97,572 834,710 0

53

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2024

8 Grants and donations receivable - continued

Year ended 30 June 2023

Group
Donations from the
Sir Andrew Judd Foundation
Allocated to Bursary Funding
Donation on Merger with
The New Beacon School
Development & other donations
Local & Central Government Funding		 Unrestricted
£
1,973,119
(625,000)		 Restricted
£
0		 Endowed
2023
£
£
0
1,973,119
(625,000)
0
1,348,119
0
0
0
1,242,585
0
3,000
0
2,593,704
1,348,119
0
273,691
3,000		 0
0
968,894
0
1,624,810 968,894

54

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

9 Analysis of total expenditure

Group
Cost of generating funds:
Trading expenditure
Other income generating activities
Financing costs (note 10)
Investment management (from Restricted Funds)
Fundraising and development
Total costs of generating funds
Charitable expenditure:
Teaching
Term-time courses and Sports Academies
Communications and Admissions
Welfare
Premises
Governance
Grant and awards
Total charitable expenditure
Total expenditure		 Total
Total
Direct Costs Indirect Costs
2024
2023
£
£
£
£
1,077,919
0
1,077,919
1,063,625
324,497
69,793
394,290
344,441
175,624
0
175,624
(297,063)
35,690
0
35,690
32,713
468,498
122,113
590,611
628,166
2,082,228
191,906
2,274,134
1,771,882
20,586,159
1,876,484
22,462,643
20,666,223
498,261
64,488
562,749
484,517
614,517
12,855
627,372
580,869
5,028,056
612,199
5,640,255
5,626,180
10,183,420
1,479,598
11,663,018
11,917,612
11,928
507,940
519,868
357,796
7,900
0
7,900
4,400
36,930,241
4,553,564
41,483,805
39,637,597
39,012,469
4,745,470
43,757,939
41,409,479

Unless stated otherwise, all expenditure is met from Unrestricted Funds.

Year ended 30 June 2023

Group
Cost of generating funds:
Trading expenditure
Other income generating activities
Financing costs (note 10)
Investment management (from Restricted Funds)
Fundraising and development
Total costs of generating funds
Charitable expenditure:
Teaching
Term-time courses and Sports Academies
Communications and Admissions
Welfare
Premises
Governance
Grant and awards
Total charitable expenditure
Total expenditure		 Total
Direct Costs Indirect Costs
2023
£
£
£
1,063,625
0
1,063,625
299,169
45,272
344,441
(297,063)
0
(297,063)
32,713
0
32,713
528,480
99,686
628,166
1,626,924
144,958
1,771,882
19,303,953
1,362,270
20,666,223
431,750
52,767
484,517
556,844
24,025
580,869
5,171,135
455,045
5,626,180
10,502,873
1,414,739
11,917,612
11,580
346,216
357,796
4,400
0
4,400
35,982,535
3,655,062
39,637,597
37,609,459
3,800,020
41,409,479

Unless stated otherwise, all expenditure is met from Unrestricted Funds.

55

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

9.1
Grants and awards
9.2
Audit fees included in governance costs
9.3
Finance costs included in charitable expenditure
10
Finance and other costs
Prizes and leaving awards
Remuneration paid to auditor for audit services
For other services
Bank loan interest and finance charges paid
Group
Financial swap interest liability movement
Defined benefit salary scheme interest charge		 2024
£
7,900		 2023
£
4,400
2023
£
60,344
5,560
93,826 65,904
2024
£
918,767		 2023
£
1,040,951
2023
£
(376,171)
79,108
175,624 (297,063)

56

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

11
Staff costs
Total staff costs comprise:
Wages and Salaries
Social Security costs
Pension contributions
Other costs		 2024
£
22,079,029
2,156,973
2,829,983
281,245		 2023
£
20,207,493
2,027,599
2,543,829
244,808
27,347,230 25,023,729

The Governors received no remuneration during the year (2023: £ Nil).

No expenses or travel costs were reimbursed to Governors during the year (2023: £ Nil).

Termination and redundancy payments totalling £358,800 were made in respect of five employees during the year (2023: £16,226 for two employees). Redundancy payments are calculated in accordance with statutory provisions and following the required period of consultation with staff. Termination payments are exceptional, reflecting specific circumstances. Amounts payable are as negotiated with the member of staff in order to terminate the contract of employment, with amounts payable being subject to statutory deductions.

Group
Aggregate employee benefits of key management personnel
The number of employees whose emoluments exceeded £60,000 were:
£60,001 to £70,000
£70,001 to £80,000
£80,001 to £90,000
£90,001 to £100,000
£100,001 to £110,000
£110,001 to £120,000
£120,001 to £130,000
£150,001 To £160,000
£180,001 to £190,000
£280,001 to £290,000
£300,001 to £310,000
£440,001 to £450,000		 2024
2023
£
£
1,835,032
1,398,218
2024
2023
Number
Number
25
27
32
24
18
13
9
7
4
1
1
0
1
0
0
1
0
1
0
1
1
0
1
0

Group

Contributions were made to the Teachers’ Pension Scheme (defined benefit) and the Independent Schools’ Pension Scheme (defined benefit and defined contribution structures) for 92 (2023: 75) higher paid employees. The total amount paid on behalf of these employees was £1,484,224 (2023: £1,163,264).

57

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

11 Staff costs - continued

Group

The average number of employees in the year was:
Cost of generating funds
Welfare
Teaching
Term-time courses & Sports Academies
Classroom support
Premises
Management and administration		 2024
2023
Number
Number
26
30
248
239
187
180
25
26
171
173
93
93
32
30
782
771

58

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

12 Tangible Fixed Assets

Group
Cost
At 1 July 2023
Additions
Transfers
Disposals
At 30 June 2024
Depreciation
At 1 July 2023
Charge for the year
Disposals
At 30 June 2024
Net book value
At 30 June 2024
At 30 June 2023
Tangible fixed assets
School
Cost
At 1 July 2023
Additions
Transfers
Disposals
At 30 June 2024
Depreciation
At 1 July 2023
Charge for the year
Disposals
At 30 June 2024
Net book value
At 30 June 2024
At 30 June 2023		 School Land
& Buildings
£
10,269,534
1,390,805
433,873
0		 Leasehold
Improvements
£
45,724,103
0
2,988,777
0		 Vehicles
& Equipment
£
3,254,379
259,160
12,226
(190,139)		 Assets in
Construction
£
2,106,697
1,389,913
(3,434,876)
0		 Total
£
61,354,713
3,039,878
0
(190,139)
12,094,212 48,712,880 3,335,626 61,734 64,204,452
770,651
223,637
0		 13,072,628
1,241,690
0		 2,477,268
387,118
(190,139)		 0
0
0		 16,320,547
1,852,445
(190,139)
994,288 14,314,318 2,674,247 0 17,982,853
11,099,924 34,398,562 661,379 61,734 46,221,599
9,498,883 32,651,475 777,111 2,106,697 45,034,166
School Land
& Buildings
£
10,269,534
1,390,805
433,873
0		 Leasehold
Improvements
£
45,724,103
0
2,988,777
0		 Vehicles
& Equipment
£
3,108,480
259,160
12,226
(190,139)		 Assets in
Construction
£
2,106,697
1,389,913
(3,434,876)
0		 Total
£
61,208,814
3,039,878
0
(190,139)
12,094,212 48,712,880 3,189,727 61,734 64,058,553
770,651
223,637
0		 13,072,628
1,241,690
0		 2,339,088
385,188
(190,139)		 0
0
0		 16,182,367
1,850,515
(190,139)
994,288 14,314,318 2,534,137 0 17,842,743
11,099,924 34,398,562 655,590 61,734 46,215,810
9,498,883 32,651,475 769,392 2,106,697 45,026,447

59

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

12 Tangible Fixed Assets - continued

Leasehold Improvements for both the Group and School includes staff accommodation, sports astro pitches and The Tonbridge Centre for Sports and Media units. These assets are built on land owned by the connected undertaking, the Sir Andrew Judd Foundation, which leases the land to the School on a 20-year lease which expired in 2023. The School and the Sir Andrew Judd Foundation have agreed terms for a lease extension for the period to 2091, and it is anticipated that this will be signed in due course. The School’s depreciation policy is to depreciate assets over their estimated useful economic life rather than the length of the lease.

All fixed assets are used for charitable purposes.

Assets held under finance lease/HP agreements (for both Group and School)

Cost
Accumulated depreciation
Net book value at 30 June 2024		 2024
2023
£
£
471,379
433,908
(275,879)
(241,052)
195,500
192,856

60

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

13
Fixed assets investments
Group
Market value 1 July 2023
Acquisitions at cost
Disposals at opening book value
Increase in value of investments
Market value at 30 June 2024
Invested in:
UK fixed interest
Overseas fixed interest
UK equities
Overseas equities
Alternate investment property
Alternate investment unclassified
Cash deposits
Market value at 30 June 2024
Historical cost 30 June 2024
School
Market value 1 July 2023
Acquisitions at cost
Disposals at opening book value
Increase in value of investments
Market value at 30 June 2024
Invested in:
UK fixed interest
Overseas fixed interest
UK equities
Overseas equities
Alternate investment property
Alternate investment unclassified
Cash deposits
Market value at 30 June 2024
Historical cost 30 June 2024		 2024
Unrestricted
£
1,734,878
6,698,730
(578,299)
0		 2024
2024
2024
Restricted
Endowed
Total
£
£
£
4,987,012
517,930
7,239,820
2,712,812
289,303
9,700,845
(2,151,713)
(287,540)
(3,017,552)
402,660
56,085
458,745
5,950,771
575,778
14,381,858
£
£
£
302,786
2,813
305,599
1,335,846
147,735
1,483,581
1,730,892
242,025
1,972,917
978,301
130,937
1,109,238
1,246,937
18,961
1,265,898
356,009
33,307
389,316
0
0
7,855,309
5,950,771
575,778
14,381,858
5,452,165
504,733
14,167,207
2024
2024
2024
Unrestricted
Restricted
Total
£
£
£
1,734,878
2,674,000
4,408,878
6,698,730
1,358,096
8,056,826
(578,299)
(1,274,356)
(1,852,655)
0
221,495
221,495
7,855,309
2,979,235
10,834,544
£
£
£
0
293,450
293,450
0
845,423
845,423
0
927,459
927,459
0
543,642
543,642
0
123,819
123,819
0
245,442
245,442
7,855,309
0
7,855,309
7,855,309
2,979,235
10,834,544
8,210,309
2,716,470
10,926,779
7,855,309
£
0
0
0
0
0
0
7,855,309
7,855,309
8,210,309

61

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

14
Investment in subsidiaries – School
The School acquired 355,000 ordinary shares of £1 on the 30 of June 2003.
15
Stock
16
Debtors
Investment in Tonbridge Services Limited at cost
Group
Group
2024
2023
£
£
Stock of goods for resale
252,001
241,317
Other
48,536
50,729
300,537
292,046
Group
Group
2024
2023
£
£
Trade debtors
1,621,112
1,806,946
Other debtors
139,704
143,273
Fair value of interest rate swap
301,514
587,687
Prepayments & accrued income
610,593
780,154
Amounts due from subsidiary undertakings
0
0
2,672,923
3,318,060		 14
Investment in subsidiaries – School
The School acquired 355,000 ordinary shares of £1 on the 30 of June 2003.
15
Stock
16
Debtors
Investment in Tonbridge Services Limited at cost
Group
Group
2024
2023
£
£
Stock of goods for resale
252,001
241,317
Other
48,536
50,729
300,537
292,046
Group
Group
2024
2023
£
£
Trade debtors
1,621,112
1,806,946
Other debtors
139,704
143,273
Fair value of interest rate swap
301,514
587,687
Prepayments & accrued income
610,593
780,154
Amounts due from subsidiary undertakings
0
0
2,672,923
3,318,060		 14
Investment in subsidiaries – School
The School acquired 355,000 ordinary shares of £1 on the 30 of June 2003.
15
Stock
16
Debtors
Investment in Tonbridge Services Limited at cost
Group
Group
2024
2023
£
£
Stock of goods for resale
252,001
241,317
Other
48,536
50,729
300,537
292,046
Group
Group
2024
2023
£
£
Trade debtors
1,621,112
1,806,946
Other debtors
139,704
143,273
Fair value of interest rate swap
301,514
587,687
Prepayments & accrued income
610,593
780,154
Amounts due from subsidiary undertakings
0
0
2,672,923
3,318,060		 2024
2023
£
£
355,000
355,000
School
School
School
2024
2023
£
£
0
0
48,536
50,729
48,536
50,729
School
School
2024
2023
£
£
1,546,276
1,915,393
133,408
129,376
301,514
587,687
572,849
456,804
1,199,452
1,129,442
3,753,499
4,218,702		 2024
2023
£
£
355,000
355,000
School
School
School
2024
2023
£
£
0
0
48,536
50,729
48,536
50,729
School
School
2024
2023
£
£
1,546,276
1,915,393
133,408
129,376
301,514
587,687
572,849
456,804
1,199,452
1,129,442
3,753,499
4,218,702
School
2024
£
0
48,536		 School
2023
£
0
50,729
300,537 292,046 48,536 50,729
Group
2024
£
1,621,112
139,704
301,514
610,593
0		 Group
2023
£
1,806,946
143,273
587,687
780,154
0		 School
2024
£
1,546,276
133,408
301,514
572,849
1,199,452		 School
2023
£
1,915,393
129,376
587,687
456,804
1,129,442
2,672,923 3,318,060 3,753,499 4,218,702

62

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

17 Creditors

Amounts payable within one year:

Amounts payable after one year:
Bank loans & overdrafts
Deposits from parents
Trade creditors
Taxation and social security
Other creditors
Sir Andrew Judd Foundation (Development Loan)
Obligations under finance leases
Fees in Advance Scheme
Accruals and deferred income
Bank loans & overdrafts
Deposits from parents
Sir Andrew Judd Foundation (Development Loan)
Obligations under finance leases
Fees in Advance Scheme		 Group
Group
2024
2023
£
£
3,555,668
1,216,884
69,753
51,480
2,105,555
2,036,272
678,534
647,210
1,046,404
819,284
500,000
500,000
85,078
97,104
4,285,488
578,291
1,446,811
1,267,125
13,773,291
7,213,650		 School
2024
£
3,555,668
69,753
2,084,024
660,197
1,036,453
500,000
85,078
4,285,488
813,792		 School
2023
£
1,216,884
51,480
2,018,859
645,700
801,790
500,000
97,104
578,291
1,027,365
13,090,453 6,937,473
Group &
School
2024
£
3,381,139
1,053,108
7,000,000
94,063
8,283,481		 Group &
School
2023
£
6,836,207
1,267,181
7,500,000
78,130
1,156,424
19,811,791 16,837,942

Amounts payable after one year:

During the year, the School maintained loan funding against existing loan facilities as follows:

63

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

17 Creditors - continued

During the year the School maintained a loan facility with HSBC Bank Plc for £4,000,000 at an interest rate of 1.95% above HSBC's published base rate. The total balance outstanding at the year-end was £3,965,000.

During the year the School maintained a loan facility with HSBC Bank Plc for £2,700,000 at an interest rate of 1.95% above HSBC’s published base rate. The balance outstanding at the year-end was £2,533,3490. The loan facility was repaid in full and renegotiated in October 2024 as a £2,375,000 loan, at an interest rate of 1.95% above HSBC’s published base rate.

Bank loan liabilities are repayable as follows:

Bank loan liabilities are repayable as follows:
After five years
Within two to five years
Within one year		 Group &
School
2024
£
0
3,381,139
3,555,668		 Group &
School
2023
£
0
6,836,207
1,216,884
6,936,807 8,053,091

All obligations under finance leases will be repaid within five years.

18 Fees in advance scheme

Parents may enter into a contract to pay the School in advance for fixed contributions towards School fees for up to five years. The money advanced is invested in UK government securities and deposits maturing in the relevant academic years.

A charge is made against the income generated on these securities and bank deposits in the Statement of Financial Activities, reflecting the element of investment income that is chargeable against fees payable in-year. The scheme’s liability to meet future fees payable, net of investment income due for future periods, is recorded in the Balance Sheet under “Creditors”.

At appropriate intervals the assets and liabilities of the scheme are compared. If there is a sufficient surplus in the scheme, the Governors may transfer part of such surplus from the scheme into general funds.

The money may be returned, subject to specific conditions, on the receipt of notice. Assuming pupils will remain in the School, fees in advance will be applied as follows:

After five years
Within two to five years
Within one year		 Group &
School
Group &
School
2024
2023
£
£
305,093
162,044
7,978,388
1,101,130
4,285,488
578,291
12,568,969
1,841,465

64

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

19 Allocation of net assets to funds – Group

Unrestricted:
School General Fund
TS Pension & Swap Liability Fund
The New Beacon General Fund
TNB Pension Liability Fund
Fees in Advance
Tonbridge Services Ltd
TSF General Fund
Restricted:
TSF Master plan Fund
TSF General Scholarship Fund
TSF Ton. School Centre Fund
TSF Barry Orchard Fund
TSF Ferox Hall Fund
TSF Hillside Fund
TSF Manor House Fund
TSF Park House Fund
TSF Parkside Fund
TSF School House Fund
TSF Welldon House Fund
TSF Smythe House Fund
TSF Tree Fund
TSF Media Centre Fund
TSF Rackets Court Fund
TSF Cricket Fund
TSF Hockey Fund
TSF Steinway Fund
TSF New Beacon Fund
TSF Billinton Fund
General Prize Funds
General Sch. & Bursary Fund
Community Services Group
Computer Aided Design
Sir T Smythe's Edu. Found.
Henry Fisher's Edu. Found.
Bertha Morton Bequest
Endowed:
TSF Gen. Sch. Fund
TSF Barry Orchard Sch. Fund
TSF Hill Side Sch. Fund
Total		 Fixed Assets
£
35,525,456
0
10,690,354
0
0
5,789
0		 Investments
£
0
0
0
0
7,855,309
0
0		 Other Net
Assets/
(Liabilities)
£
8,570,663
301,514
(668,890)
0
824,910
20,045
1,782,789		 Long Term
(Liabilities/
Provisions)
£
(11,227,462)
(1,852,803)
(300,848)
0
(8,283,481)
0
0		 2024
Total
£
32,868,657
(1,551,289)
9,720,616
0
396,738
25,834
1,782,789
46,221,599 7,855,309 10,831,031 (21,664,594) 43,243,345
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0		 0
2,335,486
0
0
0
208,812
0
110,006
0
0
0
0
0
0
0
0
0
0
7,001
310,231
74,453
2,135,535
57,506
0
230,476
68,776
412,489		 34,405
338,846
1,475
0
0
26,706
0
9,975
0
0
0
0
4
15,301
657
29,909
4,161
176
0
(527)
1,618
(16,701)
(450)
705
(1,803)
(538)
(3,226)		 0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0		 34,405
2,674,332
1,475
0
0
235,518
0
119,981
0
0
0
0
4
15,301
657
29,909
4,161
176
7,001
309,704
76,071
2,118,834
57,056
705
228,673
68,238
409,263
0 5,950,771 440,693 0 6,391,464
0
0
0		 211,855
213,843
150,080		 0
0
0		 0
0
0		 211,855
213,843
150,080
0 575,778 0 0 575,778
46,221,599 14,381,858 11,271,724 (21,664,594) 50,210,587

65

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2024

19 Allocation of net assets to funds – continued

Included within endowed funds is a revaluation reserve with a balance of £71,045 (2023: £16,170) and within restricted funds a revaluation reserve with a balance of £498,606 (2023: £86,946). All reserves relate to the revaluation of investments.

School
Unrestricted:
School General Fund
TS Pension & Swap Liability Fund
The New Beacon General Fund
TNB Pension Liability Fund
Fees in Advance
Restricted:
General Prize Funds
General Sch. & Bursary Fund
Community Services Group
Computer Aided Design
Sir T Smythe's Edu. Found.
Henry Fisher's Edu. Found.
Bertha Morton Bequest
Total		 Fixed Assets
Investments
Other Net
Long Term
2024
Assets/
(Liabilities/
Total
(Liabilities)
Provisions)
£
£
£
£
£
35,525,456
355,000
8,215,663
(11,227,462)
32,868,657
0
0
301,514
(1,852,803)
(1,551,289)
10,690,354
0
(668,890)
(300,848)
9,720,616
0
0
0
0
0
0
7,855,309
824,910
(8,283,481)
396,738
46,215,810
8,210,309
8,673,197
(21,664,594)
41,434,722
0
74,453
1,618
0
76,071
0
2,135,535
(16,701)
0
2,118,834
0
57,506
(450)
0
57,056
0
0
705
0
705
0
230,476
(1,803)
0
228,673
0
68,776
(538)
0
68,238
0
412,489
(3,226)
0
409,263
0
2,979,235
(20,395)
0
2,958,840
46,215,810
11,189,544
8,652,802
(21,664,594)
44,393,562

Included within restricted funds a revaluation reserve with a balance of £262,765 (2023: £34,711). All reserves relate to the revaluation of investments.

66

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

19 Allocation of net assets to funds - continued

Group as at 30 June 2023
Unrestricted:
School General Fund
TS Pension & Swap Liability Fund
The New Beacon General Fund
TNB Pension Liability Fund
Fees in Advance
Tonbridge Services Ltd
TSF General Fund
Restricted:
TSF Master plan Fund
TSF General Scholarship Fund
TSF Ton. School Centre Fund
TSF Barry Orchard Fund
TSF Ferox Hall Fund
TSF Hillside Fund
TSF Manor House Fund
TSF Park House Fund
TSF Parkside Fund
TSF School House Fund
TSF Welldon House Fund
TSF Smythe House Fund
TSF Tree Fund
TSF Media Centre Fund
TSF Rackets Court Fund
TSF Cricket Fund
TSF Hockey Fund
TSF Steinway Fund
TSF New Beacon Fund
TSF Billinton Fund
General Prize Funds
General Sch. & Bursary Fund
Community Services Group
Computer Aided Design
Sir T Smythe's Edu. Found.
Henry Fisher's Edu. Found.
Bertha Morton Bequest
Endowed:
TSF Gen. Sch. Fund
TSF Barry Orchard Sch. Fund
TSF Hill Side Sch. Fund
Total		 Fixed Assets
£
35,627,209
0
9,399,238
0
0
7,719
0		 Investments
£
0
0
0
0
1,734,878
0
0		 Other Net
Assets/
(Liabilities)
£
10,786,508
587,687
974,894
0
(290,956)
18,115
1,781,483		 Long Term
(Liabilities/
Provisions)
£
(15,417,582)
(1,914,355)
(263,936)
0
(1,156,424)
0
0		 2023
Total
£
30,996,135
(1,326,668)
10,110,196
0
287,498
25,834
1,781,483
45,034,166 1,734,878 13,857,731 (18,752,297) 41,874,478
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0		 0
1,734,908
0
0
0
195,210
0
99,506
0
0
0
0
0
0
0
0
0
0
6,257
277,131
67,878
1,911,789
51,384
0
205,939
61,455
375,555		 31,285
302,709
1,223
0
0
23,327
5,271
16,361
0
0
0
0
4
15,219
653
29,749
4,139
175
0
5,332
2,432
2,309
62
705
249
74
454		 0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0		 31,285
2,037,617
1,223
0
0
218,537
5,271
115,867
0
0
0
0
4
15,219
653
29,749
4,139
175
6,257
282,463
70,310
1,914,098
51,446
705
206,188
61,529
376,009
0 4,987,012 441,732 0 5,428,744
0
0
0		 190,570
192,359
135,001		 0
0
0		 0
0
0		 190,570
192,359
135,001
0 517,930 0 0 517,930
45,034,166 7,239,820 14,299,463 (18,752,297) 47,821,152

67

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

19 Allocation of net assets to funds - continued

School as at 30 June 2023
Unrestricted:
School General Fund
TS Pension & Swap Liability Fund
The New Beacon General Fund
TNB Pension Liability Fund
Fees in Advance
Restricted:
General Prize Funds
General Sch. & Bursary Fund
Community Services Group
Computer Aided Design
Sir T Smythe's Edu. Found.
Henry Fisher's Edu. Found.
Bertha Morton Bequest
Total		 Fixed Assets
Investments
Other Net
Long Term
2023
Assets/
(Liabilities/
Total
(Liabilities)
Provisions)
£
£
£
£
£
35,627,209
355,000
10,431,508
(15,417,582)
30,996,135
0
0
587,687
(1,914,355)
(1,326,668)
9,399,238
0
974,894
(263,936)
10,110,196
0
0
0
0
0
0
1,734,878
(290,956)
(1,156,424)
287,498
45,026,447
2,089,878
11,703,133
(18,752,297)
40,067,161
0
67,878
2,432
0
70,310
0
1,911,789
2,309
0
1,914,098
0
51,384
62
0
51,446
0
0
705
0
705
0
205,939
249
0
206,188
0
61,455
74
0
61,529
0
375,555
454
0
376,009
0
2,674,000
6,285
0
2,680,285
45,026,447
4,763,878
11,709,418
(18,752,297)
42,747,446

68

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

20 Analysis of movement in funds - Group

Unrestricted:
School General Fund
TS Pension & Swap Liability Fund
The New Beacon General Fund
TNB Pension Liability Fund
Fees in Advance
Tonbridge Services Ltd
The TSF General Fund
Restricted:
TSF Master Plan Fund
TSF General Scholarship Fund
TSF Ton. School Centre Fund
TSF Barry Orchard Fund
TSF Ferox Hall Fund
TSF Hill Side Fund
TSF Manor House Fund
TSF Park House Fund
TSF Parkside Fund
TSF School House Fund
TSF Welldon House Fund
TSF Smythe House Fund
TSF Tree Fund
TSF Media Centre Fund
TSF Rackets Court Fund
TSF Cricket Fund
TSF Hockey Fund
TSF Steinway Fund
TSF New Beacon Fund
TSF Billinton Fund
General Prize Funds
General Sch. & Bursary Fund
Community Services Group
Computer Aided Design
Sir T Smythe's Edu. Found.
Henry Fisher's Edu. Found.
Bertha Morton Bequest
Endowed:
TSF General Sch. Fund
TSF Barry Orchard Sch. Fund
TSF Hill Side Sch. Fund
Total		 At
1 July 2023
£
30,996,135
(1,326,668)
10,110,196
0
287,498
25,834
1,781,483		 Income
£
35,833,375
0
5,658,987
0
109,425
3,033,100
78,424		 Expenditure
Transfers
Investment
Gains/(Losses)
£
£
(36,458,072)
2,497,219
(175,624)
(48,997)
(5,988,626)
(59,941)
0
0
(185)
0
(1,077,919)
(1,955,181)
(17,918)
(59,200)
(43,718,344)
373,900
0
0
(6,928)
(222,415)
0
0
0
(6,838)
0
(5,127)
(779)
(9,125)
0
(8,077)
(397)
(9,572)
0
(1,050)
0
(346)
0
(2,768)
0
(2,256)
0
0
0
0
0
0
0
0
0
0
0
0
(25)
530
(1,106)
17,736
(648)
4,592
(14,013)
167,565
(377)
4,611
0
0
(1,510)
18,481
(450)
5,514
(10,503)
33,702
(36,736)
(14,843)
(1,052)
22,337
(1,062)
22,546
(745)
15,824
(2,859)
60,707
(43,757,939)
419,764		 Expenditure
Transfers
Investment
Gains/(Losses)
£
£
(36,458,072)
2,497,219
(175,624)
(48,997)
(5,988,626)
(59,941)
0
0
(185)
0
(1,077,919)
(1,955,181)
(17,918)
(59,200)
(43,718,344)
373,900
0
0
(6,928)
(222,415)
0
0
0
(6,838)
0
(5,127)
(779)
(9,125)
0
(8,077)
(397)
(9,572)
0
(1,050)
0
(346)
0
(2,768)
0
(2,256)
0
0
0
0
0
0
0
0
0
0
0
0
(25)
530
(1,106)
17,736
(648)
4,592
(14,013)
167,565
(377)
4,611
0
0
(1,510)
18,481
(450)
5,514
(10,503)
33,702
(36,736)
(14,843)
(1,052)
22,337
(1,062)
22,546
(745)
15,824
(2,859)
60,707
(43,757,939)
419,764		 Balance
30 June 2024
£
32,868,657
(1,551,289)
9,720,616
0
396,738
25,834
1,782,789
41,874,478 44,713,311 (43,718,344) 373,900 43,243,345
31,285
2,037,617
1,223
0
0
218,537
5,271
115,867
0
0
0
0
4
15,219
653
29,749
4,139
175
6,257
282,463
70,310
1,914,098
51,446
705
206,188
61,529
376,009		 3,120
866,058
252
6,838
5,127
26,885
2,806
14,083
1,050
346
2,768
2,256
0
82
4
160
22
1
239
10,611
1,817
51,184
1,376
0
5,514
1,645
10,055		 0
(6,928)
0
0
0
(779)
0
(397)
0
0
0
0
0
0
0
0
0
0
(25)
(1,106)
(648)
(14,013)
(377)
0
(1,510)
(450)
(10,503)		 0
(222,415)
0
(6,838)
(5,127)
(9,125)
(8,077)
(9,572)
(1,050)
(346)
(2,768)
(2,256)
0
0
0
0
0
0
530
17,736
4,592
167,565
4,611
0
18,481
5,514
33,702		 34,405
2,674,332
1,475
0
0
235,518
0
119,981
0
0
0
0
4
15,301
657
29,909
4,161
176
7,001
309,704
76,071
2,118,834
57,056
705
228,673
68,238
409,263
5,428,744 1,014,299 (36,736) (14,843) 6,391,464
190,570
192,359
135,001		 0
0
0		 (1,052)
(1,062)
(745)		 22,337
22,546
15,824		 211,855
213,843
150,080
517,930 0 (2,859) 60,707 575,778
47,821,152 45,727,610 (43,757,939) 419,764 50,210,587

Transfers between funds represent grants and donations towards the Foundation Awards, Scholarships, prizes and major capital projects of the School, without restriction, and adjustments to reflect the confirmation of donors’ wishes.

69

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

20 Analysis of movement in funds - continued

School
Unrestricted:
School General Fund
TS Pension & Swap Liability Fund
The New Beacon General Fund
TNB Pension Liability Fund
Fees in Advance
Restricted:
General Prize Funds
General Sch. & Bursary Fund
Community Services Group
Computer Aided Design
Sir T Smythe's Edu. Found.
Henry Fisher's Edu. Found
Bertha Morton Bequest
Total		 At
1 July 2023
£
30,996,135
(1,326,668)
10,110,196
0
287,498		 Income
£
38,293,444
0
5,752,459
0
109,425		 Expenditure
Transfers
Balance
Investment
30 June 2024
Gains/(Losses)
£
£
£
(36,551,830)
130,908
32,868,657
(175,624)
(48,997)
(1,551,289)
(5,988,626)
(153,413)
9,720,616
0
0
0
(185)
0
396,738
(42,716,265)
(71,502)
41,434,722
(648)
4,592
76,071
(14,013)
167,565
2,118,834
(377)
4,611
57,056
0
0
705
(1,510)
18,481
228,673
(450)
5,514
68,238
(10,503)
33,702
409,263
(27,501)
234,465
2,958,840
(42,743,766)
162,963
44,393,562
40,067,161 44,155,328 (42,716,265)
70,310
1,914,098
51,446
705
206,188
61,529
376,009		 1,817
51,184
1,376
0
5,514
1,645
10,055		 (648)
(14,013)
(377)
0
(1,510)
(450)
(10,503)
2,680,285 71,591 (27,501)
42,747,446 44,226,919 (42,743,766)

Transfers between funds represent grants and donations towards the Foundation Awards, Scholarships and prizes of the School, without restriction.

70

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

20 Analysis of movement in funds - continued

Group as at 30 June 2023
Unrestricted:
School General Fund
TS Pension & Swap Liability Fund
The New Beacon General Fund
TNB Pension Liability Fund
Fees in Advance
Tonbridge Services Ltd
The TSF General Fund
Restricted:
TSF Master Plan Fund
TSF General Scholarship Fund
TSF Ton. School Centre Fund
TSF Barry Orchard Fund
TSF Ferox Hall Fund
TSF Hill Side Fund
TSF Manor House Fund
TSF Park House Fund
TSF Parkside Fund
TSF School House Fund
TSF Welldon House Fund
TSF Smythe House Fund
TSF Tree Fund
TSF Media Centre Fund
TSF Rackets Court Fund
TSF Cricket Fund
TSF Hockey Fund
TSF Steinway Fund
TSF New Beacon Fund
TSF Billinton Fund
General Prize Funds
General Sch. & Bursary Fund
Community Services Group
Computer Aided Design
Sir T Smythe's Edu. Found.
Henry Fisher's Edu. Found.
Bertha Morton Bequest
Endowed:
TSF General Sch. Fund
TSF Barry Orchard Sch. Fund
TSF Hill Side Sch. Fund
Total		 At
Income
Expenditure
Transfers
Balance
1 July 2022
Investment
30 June 2023
Gains/(Losses)
£
£
£
£
£
30,252,126
33,623,344
(35,083,959)
2,204,624
30,996,135
(1,855,345)
0
297,063
231,614
(1,326,668)
10,143,259
5,512,050
(5,505,176)
(39,937)
10,110,196
(63,199)
0
0
63,199
0
252,120
35,562
(184)
0
287,498
25,834
2,882,434
(1,063,625)
(1,818,809)
25,834
1,578,382
272,986
(16,485)
(53,400)
1,781,483
40,333,177
42,326,376
(41,372,366)
587,291
41,874,478
25,384
5,901
0
0
31,285
1,331,062
956,361
(4,865)
(244,941)
2,037,617
977
246
0
0
1,223
77
10,659
0
(10,736)
0
2
4,079
0
(4,081)
0
211,740
25,067
(875)
(17,395)
218,537
12,727
2,814
(8)
(10,262)
5,271
128,071
7,107
(488)
(18,823)
115,867
0
1,050
0
(1,050)
0
0
1,501
0
(1,501)
0
0
2,613
0
(2,613)
0
1,250
1,253
0
(2,503)
0
4
0
0
0
4
15,188
31
0
0
15,219
627
26
0
0
653
29,688
61
0
0
29,749
4,176
(37)
0
0
4,139
175
0
0
0
175
0
6,257
0
0
6,257
275,641
8,338
(1,250)
(266)
282,463
68,265
4,040
(658)
(1,337)
70,310
1,927,117
43,467
(14,340)
(42,146)
1,914,098
50,562
1,140
(376)
120
51,446
705
0
0
0
705
202,642
4,571
(1,508)
483
206,188
60,471
1,364
(450)
144
61,529
373,720
8,429
(7,031)
891
376,009
4,720,271
1,096,338
(31,849)
(356,016)
5,428,744
185,563
0
(1,937)
6,944
190,570
187,304
0
(1,955)
7,010
192,359
131,453
0
(1,372)
4,920
135,001
504,320
0
(5,264)
18,874
517,930
45,557,768
43,422,714
(41,409,479)
250,149
47,821,152

Transfers between funds represent grants and donations towards the Foundation Awards, Scholarships, prizes and major capital projects of the School, without restriction, and adjustments to reflect the confirmation of donors’ wishes.

71

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2024

20 Analysis of movement in funds - continued

School as at 30 June 2023
Unrestricted:
School General Fund
TS Pension & Swap Liability Fund
The New Beacon General Fund
TNB Pension Liability Fund
Fees in Advance
Restricted:
General Prize Funds
General Sch. & Bursary Fund
Community Services Group
Computer Aided Design
Sir T Smythe's Edu. Found.
Henry Fisher's Edu. Found
Bertha Morton Bequest
Total		 At
1 July 2022
£
30,252,126
(1,855,345)
10,143,259
(63,199)
252,120		 Income
£
35,829,463
0
5,623,991
0
35,562		 Expenditure
Transfers
Investment
Gains/(Losses)
£
£
(35,188,810)
103,356
297,063
231,614
(5,505,176)
(151,878)
0
63,199
(184)
0
(40,397,107)
246,291
(658)
(1,337)
(14,340)
(42,146)
(376)
120
0
0
(1,508)
483
(450)
144
(7,031)
891
(24,363)
(41,845)
(40,421,470)
204,446		 Expenditure
Transfers
Investment
Gains/(Losses)
£
£
(35,188,810)
103,356
297,063
231,614
(5,505,176)
(151,878)
0
63,199
(184)
0
(40,397,107)
246,291
(658)
(1,337)
(14,340)
(42,146)
(376)
120
0
0
(1,508)
483
(450)
144
(7,031)
891
(24,363)
(41,845)
(40,421,470)
204,446		 Balance
30 June 2023
£
30,996,135
(1,326,668)
10,110,196
0
287,498
38,728,961 41,489,016 (40,397,107) 246,291 40,067,161
68,265
1,927,117
50,562
705
202,642
60,471
373,720		 4,040
43,467
1,140
0
4,571
1,364
8,429		 (658)
(14,340)
(376)
0
(1,508)
(450)
(7,031)		 (1,337)
(42,146)
120
0
483
144
891		 70,310
1,914,098
51,446
705
206,188
61,529
376,009
2,683,482 63,011 (24,363) (41,845) 2,680,285
41,412,443 41,552,027 (40,421,470) 204,446 42,747,446

Transfers between funds represent grants and donations towards the Foundation Awards, Scholarships, and prizes of the School, without restriction.

72

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

21 Reconciliation of income to net cash inflow from operating activities

Net income including actuarial losses on pension scheme
Investment income received
Bank interest received
Realised gains on investments
Unrealised gains on investments
Deprecation of tangible fixed assets
Movement on pension liability
Increase in stocks
Decrease / (increase) in debtors
Increase in creditors
Net cash inflow from operating activities		 2024
2023
£
£
2,389,435
2,263,384
(160,490)
(120,592)
(326,883)
(113,556)
(38,021)
7,278
(458,745)
(59,376)
1,852,445
1,931,669
(61,552)
(358,608)
(8,491)
(15,657)
664,814
(1,082,751)
11,145,867
714,244
14,998,379
3,166,035

22 Analysis of changes in net funds

22
Analysis of changes in net funds
Cash in hand and at bank
Bank loans due within one year
Other loans due within one year
Finance lease obligations due within one year
Bank loans due after one year
Other loans due after one year
Finance lease obligations due after one year
Total		 At
1 July 2023
£
17,903,007		 Cash flows
£
4,168,548		 Other
changes
£
0		 Balance
30 June 2024
£
22,071,555
17,903,007
(1,216,884)
(500,000)
(97,104)
(6,836,207)
(7,500,000)
(78,130)		 4,168,548
1,116,284
500,000
114,109
0
0
(118,016)		 0
(3,455,068)
(500,000)
(102,083)
3,455,068
500,000
102,083		 22,071,555
(3,555,668)
(500,000)
(85,078)
(3,381,139)
(7,000,000)
(94,063)
1,674,682 5,780,925 0 7,455,607

73

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

22 Analysis of changes in net funds – continued

Group as at 30 June 2023

23 Reconciliation of net cash flow movement to change in net debt

Cash flow
Increase in bank borrowing
New finance lease agreements
Capital element of loan repayment
Capital element of finance lease repayment
Changes in net cash / (debt)
Net cash / (debt) at 1 July 2023
Net cash at 30 June 2024		 2024
£
4,168,548
0
(118,016)
1,616,284
114,109		 2024
2023
£
£
(1,927,800)
0
(138,343)
1,403,816
222,198
5,780,925
1,674,682
7,455,607		 2023
£
(440,129)
2,114,811
1,674,682

24 Capital commitments

Capital expenditure that has been contracted for but not provided £918,325 (2023: £3,835,000).

74

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

25
Financial instruments
Listed investments
at amortised cost
Other debtors
Financial liabilities at fair value
or loss
Interest rate swaps (see note 28)
Pension scheme provision (see note 27)
Bank loans
Finance leases and hire purchase contracts
Trade creditors
Deposits from parents
Fees in advance scheme
Other creditors
Financial liabilities at amortised costs
Financial assets at fair value through profit or
Financial assets that are debt instruments		 Group
Group
School
School
2024
2023
2024
2023
£
£
£
£
14,381,858
7,239,820
10,834,544
4,408,878
2,371,409
2,730,373
3,451,985
3,631,015
301,514
587,687
301,514
354,419
(1,852,803)
(1,914,355)
(1,852,803)
(1,914,355)
(6,936,807)
(8,053,091)
(6,936,807)
(8,053,091)
(179,141)
(175,234)
(179,141)
(175,234)
(2,105,555)
(2,036,272)
(2,084,024)
(2,018,859)
(1,122,861)
(1,318,661)
(1,122,861)
(1,318,661)
(12,568,969)
(1,734,715)
(12,568,969)
(1,734,715)
(10,671,749)
(10,733,619)
(10,010,442)
(10,474,855)

26 Pension costs

26.1 Auto enrolment

The Group staging date for the implementation of Auto Enrolment was 1 January 2014. Many of the Group's employees were already members of approved pension schemes as at that date and continue to participate in these schemes going forward. As at the staging date, a default Auto Enrolment scheme was introduced by the Group, administered by The Pensions Trust, to facilitate compliance with the Auto Enrolment provisions. Details of this and of all pension schemes in operation for the year under review are as noted below.

26.2 The Teachers’ Pension Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The TPS is statutory contributory, multi-employer defined benefit pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014. Membership is automatic for full-time teachers and, from 1 January 2007, automatic for teachers in part-time employment following appointment or a change of contract, although they can opt out. Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set following scheme valuations undertaken by the Government Actuary Department. The 2020 valuation identified that employer contributions would rise by 5% to 28.68% from 1st April 2024 A copy of the valuation report and supporting documentation is on the Teachers' Pension website: https://www.teacherspensions.co.uk/members/faqs/valuation.aspx . The pension charge for the year includes contributions payable to the TPS of £2,081,000.

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The Schools have accounted for their contributions to the scheme as if it were a defined contribution scheme.

75

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

26 Pension costs - continued

26.3 Group Pension Scheme (Standard Life)

This scheme was open to all works, grounds, catering and other support staff after three months’ service, but was closed to new members following the implementation of Auto Enrolment on 1 January 2014. Existing members as at that date were able to remain within the scheme. It was a non-contributory defined contributions scheme for the period to 31 March 2019, with an employer contribution rate of 6%. An employee contribution rate of 1% was introduced with effect from 1 April 2019, when employer contributions also increased to 7% as part of the staged increments under the Auto Enrolment regime.

26.4 The Independent School’s Pension Scheme (ISPS)

This scheme came into being in 1997 when several Independent Schools with individual pension schemes with the Pension Trust combined to form the ISPS.

Several benefit structures are offered by the Scheme, including one based on final salary at 1/80 of reckonable service with membership available by contract to eligible administrative staff. During the year ended 30 June 2024, contribution rates for both the staff and the School were set at 25.2% and 11.4% respectively. This benefit structure is closed to new joiners.

In September 2013 the Group introduced a "CARE 1/120" benefit structure, available by contract to eligible administrative staff, offering benefits based on career average earnings at 1/120 of reckonable service which was offered in conjunction with a "top up" defined contribution benefit structure. During the year ended 30 June 2024 contribution rates for both staff and the employer were set at 17.2% and 6.9% respectively. Contributions to the "top up" defined contributions benefit structure remained matched at 1.5% for both the employee and employer during the year. This benefit structure is closed to new joiners.

To help employers comply with Auto Enrolment legislation the ISPS offered a new defined contribution benefit scheme as of 1 January 2014, with the Group adopting this as its default Auto Enrolment scheme for support staff. Contribution rates for both the employer and staff vary across the Group workforce.

As approved multi-employer schemes, it is not possible to identify the School’s share of the assets and liabilities to either the Teachers’ Pension Scheme or to the ISPS. The last formal valuation of the ISPS was performed as at 30 September 2023 by a professionally qualified actuary. The market value of the Scheme’s assets as at the valuation date was £99.2m (2020: £201.1m), as against liabilities on a Technical Provisions (Scheme Funding) basis of £151.5m (2020: £256.3m). The valuation revealed a shortfall of assets compared with the value of liabilities of £52.3m, down from £55.2m in 2020.

As part of the Scheme’s recovery plan, and based on the 2020 actuarial valuation, deficit funding contributions became payable at the rate of £239,000 p.a. from 1st September 2022, increasing by 3% p.a. thereafter until reviewed as part of the 2023 valuation. The School was informed in January 2025 that, following the 2023 valuation, the level of deficit contributions payable will increase to £533,000 p.a. from 1 September 2025, increasing by 3.0% p.a. thereafter until 31 January 2034. No provision has been made for this increased amount in these financial statements.

Scheme expenses become payable at the rate of £26,000 p.a. from 1 September 2024.

During the year the School paid deficit contributions totalling £245,000 and Scheme expenses of £26,000.

In addition, the Group is liable for deficit contributions on the Growth Plan Scheme for a period of 12 years, commencing 1 April 2013, with contributions payable at the rate of £1,461 p.a. from 1 April 2024. Following the 2023 valuation the level of deficit contributions payable will be £950 p.a. from 1 April 2025 until 31 March 2028, with scheme expenses payable at £1,900 p.a.

Contributions to all pension schemes are charged to the Statement of Financial Activities (SOFA) as they become payable.

76

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

27 Valuation of defined benefit pension liabilities under FRS102

27.1 Independent Schools’ Pension Scheme (ISPS)

The Company participates in the ISPS, a multi-employer scheme which provides benefits to non-associated employers (61 for the defined benefit and 638 for the Growth Plan benefit structures respectively). The scheme is a defined benefit scheme in the UK. It is not possible for the Charity to obtain sufficient information to enable it to account for the scheme as defined benefit scheme. Therefore, it accounts for the scheme as defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore, the Charity is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out with an effective date of 30 September 2020. This actuarial valuation was certified on 22 December 2021 and showed assets of £201.1m, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the Governors and the participating employers have agreed that additional contributions will be paid, in combination from all employers, to the scheme as follows:

Deficit contributions

£2,687,000 per annum From 1 September 2022 to 30 June 2032: (payable monthly and increasing by 3% on each 1st September)

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £149.4m, liabilities of £187.6m and a deficit of £38.2m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

£2,387,357 per annum From 1 September 2019 to 30 April 2030: (payable monthly and increasing by 3% on each 1st September)

The recovery plan contributions are allocated to each participating employer in line with its estimated share of the scheme liabilities.

Where the scheme is in deficit and where the Charity has agreed to a deficit funding arrangement the Charity recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the Discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

77

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

27.1 Independent Schools’ Pension Scheme (ISPS) - continued

Present value of provision
Reconciliation of opening and closing provision
Provision at start of period
Unwinding of the discount factor (interest expense)
Deficit contribution paid
Remeasurements - impact of any change in assumptions
Remeasurements - amendments to the contribution schedule
Provision at end of period
Impact on Income & Expenditure
Interest expense
Remeasurements – impact of any change in assumptions
Remeasurements – amendments to the contribution schedule
Assumptions
Rate of discount		 30 June 2024
30 June 2023
£1,852,000
£1,912,000
30 June 2024
30 June 2023
£
£
1,912,000
2,269,000
108,000
79,000
(245,000)
(238,000)
77,000
(198,000)
0
0
1,852,000
1,912,000
30 June 2024
30 June 2023
£
£
108,000
79,000
77,000
(198,000)
0
0
185,000
(119,000)
30 June 2024
30 June 2023
% p.a.
% p.a.
4.93
6.10

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

27.2 The Pensions Trust Growth Plan

A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 April 2022 to 31 January 2025: £3,312,000 per annum (payable monthly)

Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies.

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

£11,243,000 per annum From 1 April 2019 to 30 September 2025: (payable monthly and increasing by 3% each on 1st April)

The recovery plan contributions are allocated to each participating employer in line with its estimated share of the Series 1 and Series 2 scheme liabilities. Where the scheme is in deficit and where the company has agreed to a deficit

78

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

27.2 The Pensions Trust Growth Plan - continued

funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

Present value of provision
Reconciliation of opening and closing provision
Provision at start of period
Unwinding of the discount factor (interest expense)
Deficit contribution paid
Remeasurements - impact of any change in assumptions
Remeasurements - amendments to the contribution schedule
Provision at end of period
Impact on Income & Expenditure
Interest expense
Remeasurements – impact of any change in assumptions
Remeasurements – amendments to the contribution schedule
Assumptions
Rate of discount		 30 June 2024
£932
30 June 2024
£
2,447
62
(1,579)
2
0		 30 June 2023
£2,447
30 June 2023
£
4,009
108
(1,619)
(51)
0
932 2,447
30 June 2024
£
62
2
0		 30 June 2023
£
108
(51)
0
64 57
30 June 2024
% p.a.
5.28		 30 June 2023
% p.a.
6.40

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

28 Interest rate swap

In July 2017 the Charity entered an interest rate swap arrangement with HSBC in relation to a further £6.01m loan finance. The swap runs until 29 November 2024 and fixes the interest rate on the facility at 0.8775% p.a.

In July 2019 the Charity entered an interest rate swap arrangement with HSBC in relation to a further £4.00m loan finance. The swap runs until 28 April 2028 and fixes the interest rate on the facility at 0.6580% p.a.

The net present value of the interest payable under the swap arrangements is recognised as a debtor due within one year in the Group and School's financial statements, as detailed at Note 16. The movement on the liability is charged to the SOFA as a financing cost (see Note 16).

79

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

29 Related & connected parties

29.1 Tonbridge Services Limited

Details of the School’s transactions with its subsidiary, Tonbridge Services Limited (“TSL”), are disclosed in Note 5.1 to the financial statements. Tonbridge School was owed £1,173,792 by TSL as at the balance sheet date.

29.2 The Tonbridge School Foundation

Details of the School’s transactions with its subsidiary, The Tonbridge School Foundation, are disclosed in Note 5.2 to the financial statements. Tonbridge School was owed £25,600 by The Tonbridge School Foundation as at the balance sheet date.

29.3 Sir Andrew Judd Foundation

Donations include £1,608,119 from the Sir Andrew Judd Foundation which is used to support the School's Foundation Awards programme. The Sir Andrew Judd Foundation also owns and leases to the School, free of charge, the main School buildings, surrounding grounds and several staff accommodation units located in and around the School’s site. Tonbridge School was owed £Nil by the Sir Andrew Judd Foundation as at the balance sheet date.

29.4 St. Augustine’s Chapel Charity

Tonbridge School owed £27,778 to St Augustine’s Chapel Charity as at the balance sheet date.

29.5 Transactions with Governors

Donations were received in the year totalling £52,366 (2023: £26,060) from five Governors and the spouse of a Governor of Tonbridge School. Payments amounting to £24,550 (2023: £Nil) were made to the spouse of a Governor who is employed by the School as a member of the teaching staff. The Governor was not involved in the recruitment process and takes no involvement in the setting of remuneration which is made on the same basis as all teachers.

30 Taxation

Tonbridge School is a registered Charity, and its income is not liable to direct taxation on its charitable activities.

80

Tonbridge School

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

31 Consolidated Statement of Financial Activities for the Year Ended 30 June 2023

INCOME
Income from charitable activities
School fees receivable
Other income
Other trading activities
Trading income
Other commercial income
Investments
Investment income
Bank and other interest
Donations and legacies
Grants and donations
Total income
EXPENDITURE
Cost of raising funds
Trading expenditure
Other income-generating activities
Financing costs
Investment management
Fundraising and development
Charitable activities
Education and grant making
Total expenditure
Net incoming funds from operations
before transfers and investment gains
Realised investment gains
Unrealised investment gains
Net income for the year
Actuarial gains on
pension scheme
Transfers between funds
NET MOVEMENT IN FUNDS		 Unrestricted
Funds
£
36,156,496
1,551,353
2,882,434
4,579
0
106,704
1,624,810		 Restricted
Funds
£
0
0
0
0
120,592
6,852
968,894		 Endowed
2023
Funds
Total
£
£
0
36,156,496
0
1,551,353
0
2,882,434
0
4,579
0
120,592
0
113,556
0
2,593,704
0
43,422,714
0
1,063,625
0
344,441
0
(297,063)
5,264
32,713
0
628,166
5,264
1,771,882
0
39,637,597
5,264
41,409,479
(5,264)
2,013,235
605
(7,278)
18,269
59,376
13,610
2,065,333
0
198,051
13,610
2,263,384
0
0
13,610
2,263,384
42,326,376 1,096,338
1,063,625
344,441
(297,063)
0
628,166		 0
0
0
27,449
0
1,739,169
39,633,197		 27,449
4,400
41,372,366 31,849
954,010
0
0		 1,064,489
(7,883)
41,107
954,010
198,051		 1,097,713
0
1,152,061
389,240		 1,097,713
(389,240)
1,541,301 708,473

81