2021-06-30-accounts - The Tonbridge School Foundation

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Registered Charity No: 1099162

THE TONBRIDGE SCHOOL FOUNDATION

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 30% JUNE 2021

THE TONBRIDGE SCHOOL FOUNDATION

CONTENTS	Page
Legal andAdministrative Information	1-2
Report oftheTrustee	3-12
Independent Auditors’ Report	13-15
Statement ofFinancial Activities	16
Balance Sheet	17
Cash Flow Statement	18
NotestotheFinancialStatements	19-30

THE TONBRIDGE SCHOOL FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustee

The Tonbridge School Foundation is a registered Charity (No.1099162). Tonbridge School is the Corporate Trustee. The Governors of Tonbridge School who act as Trustees and Directors of the School are listed below:

RJ Elliott (Chairman) TM Attenborough MsS Bishop (appointed 23 September 2020) DP Devitt MF Dobbs Professor H Gaunt SA Hall (appointed 1 September 2021) HJ Hamilton-Turner (appointed 17% November 2021) Mrs S Huang JG Leahy (appointed 234 September 2020) AH Mayer (resigned 234 September 2020)

Mrs JI Naismith Dr FVN Rangarajan (appointed 1* September 2021) GM Rochussen Dr MS Spurr Dr JE Stirrup (appointed 17% November 2021) Dr GE Taggart (resigned 23 September 2020) JWG Thompson J Thorne (appointed 1s September 2021) Mrs K M Wheadon GP White The Earl of Woolton (resigned 31st August 2020)

Tonbtidge School Foundation Committee

GM Rochussen (Chairman) OH Clay Mrs C Hayes (resigned 8" November 2021) JG Leahy (appointed 1st November 2021) Mrs K Woodthorpe (appointed 7 January 2022)

Senior Officers JE Priory (Headmaster) AC Moore (Bursar) AR Whittall (Director of the Tonbridge Society)

Tonbridge Society Committee Members

Sir S Cowper-Coles (Old Tonbridgian Society President) OH Clay Mts C Hayes (resigned 8 November 2021) RI Hough (Old Tonbridgian Society Chairman) JG Leahy (appointed 1s* November 2021) JE Priory (Headmaster) AC Moote (Bursar) GM Rochussen (Chairman) Mrs KG Tribe (Parents’ Art Society Chairman) AR Whittall Mrs EA Winkett (resigned 27 April 2021) Mrs K Woodthorpe (appointed 7% January 2022)

Registered Office Tonbridge School Tonbridge, Kent TNO IP

THE TONBRIDGE SCHOOL FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Auditors

Bankers

Saffery Champness LLP 71 Queen Victoria Street London EC4V 4BE

HSBC ple 100 High Street Tonbridge Kent TN9 1AN

Solicitors

Investment Managers

Farrer & Co 66 Lincoln’s Inn Fields London LondonWC2A 3LH

HSBC Private Bank (UIs) Ltd 78 St James’s Street SWIA 1B

THE TONBRIDGE SCHOOL FOUNDATION REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30% JUNE 2021

The Trustee submits its annual report and audited financial statements for the year ended 30° June 2021. The financial statements comply with the requirements of the Charities Act 2011 and the Statement of Recommended Practice (SORP) Accounting and Reporting by Charities 2015 (FRS102).

REFERENCE AND ADMINISTRATIVE INFORMATION

The Tonbridge School Foundation was registered as a Charity on 28% August 2003 under number 1099162.

Tonbridge School is the Corporate Trustee. The Governors of Tonbridge School who held office during the year and since the year end are noted on page 1, together with the names of the Tonbridge School Foundation Committee Members, Senior Officers, Tonbridge Society Committee Members, and external advisers.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Charity is governed by a Declaration of Trust dated 30" June 2003.

Governing Body

The Trustee is responsible for the overall governance of the Charity but is supported in the day-to-day administration of the Charity by the Director of the Tonbridge Society and the Tonbridge Society team. Both are subject to the stewardship and scrutiny of The Tonbridge School Foundation Committee and the Tonbridge Society Committee. Further details on both committees are noted below under Organisational Management.

Recruitment of Trustee

Tonbridge School acts as the Trustee. The Governors ofTonbridge School who act as Trustees and Directors of the School are subject to an induction process, details of which can be found in the financial statements of the School.

Organisational Management

Tonbridge Society Committee

The composition of the Tonbridge Society Committee reflects representatives 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. It is Chaired by the Tonbridge School Governor with responsibility for the Tonbridge Society, who also acts as Chairman for The Tonbridge School Foundation Committee (as noted below). The recruitment process recognises the individual membetr’s personal knowledge and experience that they bring to the group, with parents, Old Tonbridgians and Senior staff represented in the Committee’s composition. The Committee meets three times 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 Schools’ fundraising strategy and for exercising financial scrutiny over the annual budgets and accounts of the Tonbridge Society and of The Tonbridge School Foundation.

The Tonbridge Society provides a social and professional network for all those who are part of the Tonbridge School Community — current and past parents, current boys, Old Tonbridgians, staff and other friends. It brings together the Tonbridge School Parents’ Arts Society, the Old Tonbridgian Society, Careers and Mentoring, and Fundraising activities undertaken by The Tonbridge School Foundation, under one inclusive umbrella, to inspire and support the boys, as well as nurture life-long relationships with the School and each other. The benefit of this collaborative approach to the administration of the School Community (past, present, and future pupils, and parents) is considered key to the operation and success of the Charity and has enabled it to play a key role in the delivery of the School’s Master Plan priorities.

THE TONBRIDGE SCHOOL FOUNDATION REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30% JUNE 2021

Throughout the year, the centralised Tonbridge Society team organise a wide-ranging programme of events and activities across the UK and internationally, to bring the School Community together and to create opportunities to recomnect, advance ideas, and collaborate. These include fundraising; socialising; networking; learning; careers and mentoring opportunities.

Tonbridge School Foundation Committee (established November 2020)

The Tonbridge School Foundation Committee is a subcommittee of the Governing Body of the School which is the sole Trustee of the Tonbridge School Foundation (TSF), and its purpose is, on behalf of the Governing Body, 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 Charity’s 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 appropriate charitable experience, appointed by the Trustee’s Governing Body. The Headmaster, Bursar and Director of the Tonbridge Society attend Committee meetings. The independent members are also members of the Tonbridge Society Committee.

Key Management Personnel

The Foundation employs no staff directly as all support is provided by the staff of the Trustee. As such there are no Key Management Personnel.

Parent Charity

The sole Trustee of the Charity, Tonbridge School, is a registered Charity (1097977) and a company limited by guarantee. The Objects of the School are the advancement of education by the provision and conduct of a school at Tonbridge for boys and by ancillary or incidental educational activities and other associated activities for the overall benefit of the community.

The results of The Tonbridge School Foundation are consolidated within the results of its parent undertaking, Tonbridge School, registered Charity number 1097977. Information on the operating costs of the Tonbridge Society, coordinating Old Tonbridgian, parent and fundraising activities on behalf of The Tonbridge School Foundation for the year under review are detailed in the patent company financial statements, with summary information provided at note 6.

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable Objects

The Object of the Charity is the advancement of education by the provision of grants, services, and other resources (including support by any charitable means) to Tonbridge School.

Aims and Intended Impact

Within this Object, the Charity aims to support Tonbridge School in the provision of an excellent and broad education to boys between the ages of 13 and 18, to ensure that each boy fulfils his potential and can make a significant contribution in his chosen field(s) both at School and in the adult world, and in providing educational and other benefits to the wider community using the School’s facilities and resources.

To ensure that the benefits of the Charity may be spread as widely as possible, the Charity makes awards of Foundation Award bursaries and makes significant grants with wider public benefit as detailed below.

THE TONBRIDGE SCHOOL FOUNDATION

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2021

The Strategic Report

Principal Activities and Objectives for the Year

In setting its objectives, and planning its activities, the Trustee has given careful consideration to the Charity Commission’s general guidance on public benefits and its supplementary guidance on advancing education. The current policy set by the Trustee is to support pupils at Tonbridge School and it believes that support of the pupils in this way ensures that the public benefit of the Charity is preserved.

This year the Charity directed its strategic focus to widening opportunities to a Tonbridge education by both expanding our programme of Foundation Award bursaries and increasing opportunities to share our facilities and expertise more widely with our community and work in partnership with other schools.

Following a period of strategic review, there has been wide ranging consultation with stakeholders and ‘quiet phase’ fundraising to develop the Charity’s fundraising proposals and engage tts community with future plans.

As set out in the Charity’s engagement and fundraising strategy, the Charity is focussed on generating unrestricted funds to support the School in the delivery of its Master Plan priorities and support the following areas:

° Widening access and opportunity with fundraising towards Foundation Awards (bursaries) for boys with talent and promise, to ensure that no boy who could benefit from a Tonbridge education is prevented from doing so by his parents’ inability to pay the fees.
° Increasing the depth and breadth of our curriculum by providing funding for projects and people that help the students develop their own views as independent thinkers and develop the valuable skills for future employability — complex problem solving, critical thinking, creativity, and emotional intelligence.
° Continuing to develop our facilities to enrich the boys’ experiences in collaborative learning and selfdiscovery and to increase access to these facilities amongst our local community.

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

. Raising funds for the Foundation Awards (widening access) programme and encouraging unrestricted donations and legacy pledges towards the School’s development. All fundraising activities for the Charity are carried out by Tonbridge Society office staff. The Charity does not use professional fundraisers or have any commercial participators. All fundraising activities are managed by the Director of the Tonbridge Society, with overall oversight of the Tonbridge School Foundation Committee.
° Providing administrative, communication and event support for the Old Tonbridgian Society, Parents’ Arts Society, the Careers and Mentoring Scheme and Fundraising Activities as part of a centralised team.
e Implementing a comprehensive stewardship programme bringing together all Old Tonbridgians, parents, staff, and friends of the School in a lifelong relationship with the School.
° Delivering a sophisticated contact management and supporter care programme that provides regular information and activities which are tailored to the Charity’s community’s interests.
° Continuing with the development of a network of representatives, current and former parents, Old Tonbridgians and friends that provide their skills and expertise and engage others with the plans for the School.

THE TONBRIDGE SCHOOL FOUNDATION REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2021

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

The Charity’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:

e Fundraising to bring deserving and talented boys, irrespective of means, and from more varied and diverse backgrounds to Tonbridge has developed further in the year. During the year {1.3m of donations were received.
s Funds raised came from one-off donations generated from ‘quiet phase’ campaigning and consultation and from the Charity’s inaugural Giving Day. Regular donations committed by the 1553 Society, previous telephone campaigns and ongoing impact reporting through direct mail and digital communications provided additional support.

. The inaugural Giving Day took place on 30" June and 1* July 2021. Its aim was to bring the Tonbridge School community together to celebrate and fundraise for the Foundation Award bursary programme and local community partnership work. The Giving Day centred around giving the whole school community, including students, staff, parents, and Old Tonbridgians an opportunity to be involved and take part in fun and entertaining challenges, whilst giving back to the local community.

Whilst the fundraising went on, the School welcomed over 400 children from six local primary schools to a day of fun activities. This was especially important in a year when so many of the children’s usual activities and trips had been cancelled due to the Covid-19 pandemic. Simultaneously, each House undertook a major off-site challenge to give back to projects in the local community. Groups worked at eight local primary schools, Nexus Special School, the View @ East Street and Haysden Country Park on practical projects to improve outside education spaces, or on bank revetment at Barden Lake. The School intends to use some of these spaces created to work alongside primary school children on projects through Tonbridge Community Action volunteering in years to come. The event secured total pledges over the two days of more than {422k towards the Foundation Award Bursary programme.

° Despite ongoing social distancing restrictions at times during the year under review, there was a comprehensive and broad programme of events and communications to parents, Old Tonbridgians and friends of the School coordinated through the Tonbridge Society. Some of these were adapted and continued via online platforms.
« The Tonbridge Society stewardship programme continued to build relationships with donors, confirming the difference their support has made.
° The Judde Society continued to increase the number of members who are recognising the Charity in their will. Furthermore, this year the Charity continued to benefit from legacy income for which it is extremely grateful, with one significant donation being directed towards widening access to a Tonbridge education.

° Overseas networks and relationships with the School were strengthened. This was particularly notable from the inaugural Giving Day, which encouraged support across the world, particularly in Hong Kong, Australia, the United States and Canada. Despite ongoing Covid-19 restrictions, networking events took place with Old Tonbridgians and parents in Hong Kong and the United States.

The Charity has supported these projects during the year:

e The Tonbridge School Foundation directly supported 51 Foundation Award scholars, at an investment of £323,998 across all Houses in the School. All donations to restricted funds were allocated accordingly. Foundation Awards recipients were jointly funded by both the Tonbridge School Foundation and the School. More detail is outlined below.

THE TONBRIDGE SCHOOL FOUNDATION REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30% JUNE 2021

° The Charity has been able to support several initiatives following donations from the School community in response to the Covid-19 pandemic:
© To provide fee support for those families experiencing financial difficulties as a direct result of oO___ Tothe enableCoronavirusrapid andpandemic.highly reliable Covid-19 testing on site for pupils, students and staff who are displaying Covid-19 symptoms.
© To deploy Covid-19 safety measures throughout the School including heat-sensitive cameras and infra-red thermometers for regular temperature checking; Staff Marshalls to oversee ‘traffic flow’ and one-way systems to ensure social distancing; numerous hand sanitising points; increased staffing resource in the School’s Medical Centre, and an internal “Track and Trace’ system.
© To support the Sustain Food Bank for local families in Tonbridge
° Following the Charity’s appeal to help local families who are in ‘technology poverty’, a situation highlighted by the on-going Covid-19 pandemic, the Tonbridge School Foundation was able to grant £32,845 in funding to support the purchase of computers for home schooling, addressing a desperate need and educational gap.
© The Charity continued to support the School’s film making programme. A series of workshops were delivered by an Old Tonbridgian and internationally acclaimed and award-winning director, aimed at establishing this part of the School’s enrichment programme as a centre for excellence. This activity is a leading example of how Old Tonbridgians are giving back to the School to enhance the experience of current students.
° The Charity also supported the installation of an electronic scoreboard on the Fifty which has been welcomed by both boys, parents, and staff.

Suffice to say that the Charity is very grateful for all donations received and is proud of the role it was able to play in supporting the School and local community during this challenging time.

Foundation Awards

The House Foundation Award programme has continued to receive donations and support Foundation Awards. Dedicated restricted House Funds have been maintained in conjunction with a General Scholarship fund, and historic Endowed funds. The income (donations and investment returns) and expenditure (grants in payments and investment management fees) for the Awards’ restricted funds are as detailed in the table below, with General Scholarship funds meeting awards where House funds have been exhausted. Widening access to a Tonbridge education remains a priority project for the Charity, with an ambitious campaign to be publicly launched in 2022 - 2023 aimed at doubling the number of boys receiving significant means-tested bursaries (Foundation Awards) over the coming years. The Charity is in the quiet phase of this campaign. The “Transfers & Investment” column in the table comprises investment gains and losses, investment management fees, and transfers between funds.

THE TONBRIDGE SCHOOL FOUNDATION

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30" JUNE 2021

RestrictedHouseAwardFundsBalances	July2029	Come = Grants& Exps	Come = Grants& Exps	Transfers/ 459ne2021 Invest.	Transfers/ 459ne2021 Invest.
	&	&	£	&	£
General Scholarship Fund	404,288	478,163	(87,348)	(24,034)	771,069
Barry Orchard Fund	31,671	9,637	(30,508)	1,122	11,922
Hill Side Fund	117,067	24,286	(41,942)	136,192	235,603
Park House Fund	118,939	26,356	(24,390)	12,863	133,768
ManorHouse Fund	44,326	3,585	(22,101)	4,793	30,603
Ferox Halli Fund	27,297	5,796	(20,946)	2,952	15,099
Parkside Fund	18,622	1,051	(47,045)	27,372	0
Schoo! HouseFund	18,266	346	(21,441)	2,829	0
Welldon House Fund	0	1,108	G,634)	2,526	0
Smythe House Fund	1,064	2,272	(28,819)	25,483	0
	781,540	552,600	(328,174)	192,098	1,198,064

The Statement of Financial Activities for the year is shown on page 16 of the financial statements, with movements against all funds recorded at note 13. Significant movements against continuing funds, and for all new funds established during the year, are as noted below:

The General Fund showed net incoming resources of £275,951, resulting in a closing fund balance of £1,510,948. The continued response to our fundraising campaigns saw the fund benefit from a further £461,735 in individual and corporate donations, and £32,945 in legacy income. Grants to Tonbridge School included £132,451 in respect of Covid-19 response initiatives, and £73,735 towards co-curricular projects, comprising the community laptop appeal and sports equipment and film making workshops.

FUND ACCOUNTING

The funds under the Trustee’s control are:

Unrestricted Funds

These are the free reserves of the Charity and consist of:

® The General Fund, which is available to the Trustee for the general purposes of the Charity;

Restricted Funds

e Master Plan Fund, to support the development of Tonbridge School’s facilities;
° The Tonbridge School Centre Fund, to raise funds for the construction of the Sports and Media Centre;
. The General Scholarship Fund, to receive income generated by the General Scholarship (Endowed) Fund and to award means-tested, term-funded scholarships to pupils at Tonbridge School;
° The Barry Orchard Fund, to receive income generated by the Barry Orchard (Endowed) Fund and to award means-tested, term-funded scholarships to boarders at Judde House, Tonbridge School,
° Hill Side Fund, to receive income generated by the Hill Side (Endowed) Fund and to award meanstested, term-funded scholarships to boarders at Hill Side, Tonbridge School;

THE TONBRIDGE SCHOOL FOUNDATION REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30% JUNE 2021

° Park House Fund, a fund available to award means-tested, term-funded scholarships to boarders at Park House, Tonbridge School;
® Manor House Fund, a fund available to award means-tested, term-funded scholarships to boarders at Manor House, Tonbridge School;
° Ferox Hall Fund, a fund available to award means-tested, term-funded scholarships to boarders at Ferox Hall, Tonbridge School:
° Parkside Fund, a fund available to award means-tested, term-funded scholarships to boarders at Parkside, Tonbridge School;
° School House Fund, a fund available to award means-tested, term-funded scholarships to boarders at School House, Tonbridge School;
° Welldon House Fund, a fund available to award means-tested, term-funded scholarships to day boys at Welldon House, Tonbridge School,
° Smythe House Fund, a fund available to award means-tested, term-funded scholarships to day boys at Smythe House, Tonbridge School,
° The Billinton Fund, a fund available to award means-tested, term funded bursaries to sons of Old Tonbridgians;
° Media Centre Fund, a fund to provide teaching resources for the School’s Media Centre;
° Rackets Court Fund, a fund to support the building of an additional Rackets court at Tonbridge School;
° Cricket Fund, a fund to support Cricket at Tonbridge School;
. Hockey Fund, a fund to support Hockey at Tonbridge School;
° Steinway Fund, a fund to support the School’s achievement of ‘All Steinway’ Status.

Endowed Funds

° The General Scholarship Fund, for the investment of monies given by donors where there is a requirement that donations are invested, contributing towards widening access to Tonbridge School through an endowment. The Fund is invested to maintain capital value and provide income to cover a programme of means tested awards to future pupils at Tonbridge School;
° The Barry Orchard Fund, a fund set up to allow Judde House (a boarding house) to create its own Foundation Award to widen access to the School;
° The Hill Side Fund, a fund set up to allow Hill Side (a boarding house) to create its own Foundation Award to widen access to the School.

The Trustee has reviewed the Charity’s position in relation to the classification of its funds and is continuing to explore opportunities for the reclassification of the Hill Side Endowed Fund as a restricted, but expendable, fund with the Charity Commission and its professional advisers, and through correspondence with the original donors, to better meet its charitable aim of supporting boys in widening access for pupils of Hill Side, Tonbridge School. As a

THE TONBRIDGE SCHOOL FOUNDATION

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30% JUNE 2021

part of this process, and as detailed at Note 13, a total of £125,835 has been transferred from The Hill Side Endowed Fund to the Hill Side Restricted Fund as at the year end.

RESERVES POLICY

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

Free reserves at the year-end amounted to £1,510,948.

The Trustee regularly reviews the level of reserves and continues to encourage unrestricted giving to support the continuance of the Charity’s services in future periods.

Free Reserves	2021	2020
	£	£
Total unrestricted funds	1,510,948	1,234,997
Represented by:
Netcurrentassets	1,510,948	1,234,997

INVESTMENT POLICY AND OBJECTIVES

The Declaration of Trust gives the Trustee the power to “deposit or invest funds in any lawful manner” after obtaining advice from a financial expert.

The Foundation has two classes of funds to manage:

Funds for expenditure on capital projects and term-funded scholarships; 2. Endowment funds.

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

The investment strategy and policy ate monitored by the Trustee via its Finance and General Purposes Committee, as is investment performance. The Charity’s portfolio is invested in balanced and growth and income funds, and the Trustee is accepting of the portfolio return and performance for the year under review, given the on-going impact on investment holdings globally as a result of the Covid-19 pandemic.

PRINCIPAL RISKS AND UNCERTAINTIES

The Trustee is mindful of the general economic climate and the challenges facing fundraising opportunities.

Risk Management

There is a formal risk management process to assess business risks and implement risk management strategies. This has involved identifying the risks to which Charity is exposed (which include law and statutory regulation, PR, financial, employment, IT and Covid-19) and prioritising them in terms of potential impact and likelihood of occurrence and identifying means of mitigating the risks, including a review of internal controls.

THE TONBRIDGE SCHOOL FOUNDATION

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30% JUNE 2021

Covid-19, as a global pandemic, presents a significant risk to the Charity in terms of challenges to fundraising opportunities and on-going operations, but as demonstrated above, the Charity’s community has confirmed it willingness to support initiatives despite these challenging times, and the Tonbridge Society team has rapidly adapted to different ways of working. The risk management framework in place has enabled appropriate actions and decisions to be taken on a timely basis.

Covid-19 remains a risk during the 2021/2022 financial year, but The Charity is committed to maintaining contact with its community through the operations of the Tonbridge Society and its on-line platform, hosting events, promoting campaigns, and providing support, and will continue to work closely with the School to ensure that it can operate in a Covid-19 secure environment.

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

FUTURE PLANS

During 2021-2022 the Charity will:

° Continue the quiet phase of the widening access campaign (when lead-gifts are sought) aiming to secure a number of ‘pioneer’ confirmed pledges to underpin the wider public facing campaign.
° Publicly launch the new widening access campaign with the entire Tonbridge School global community. This will include a digital Giving Day campaign, fundraising golf event (in collaboration with the Old Tonbridgian Golfing Society) and other promotional materials. The ambition is to double the number of Foundation Awards by 2028, the School’s 475 Anniversary.
° Continue to build the Charity’s regular giving programme with appeals such as the autumn telephone campaign.
° Build a network of campaign ambassadors, current and former parents and Old Tonbridgians, to use their skills and expertise to engage others with the campaign and future appeals.
° Roll out the new legacy brochure to market the programme and build on the numbers of those pledging a gift to the Charity in their Will.
e Continue to devote time to communications and events, ensuring our community is receptive and informed about future projects and how their donations are applied.
° Continue to grow the Tonbridge Connect online networking platform with a wide range of engagement opportunities for our global community and build the ‘Life after Tonbridge’ careers and mentoring talks, encouraging even more of the Tonbridge Society community to give back.

STATEMENT OF TRUSTEE’S RESPONSIBILITIES

The Trustee is responsible for preparing the Report of the Trustee and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

THE TONBRIDGE SCHOOL FOUNDATION

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30% JUNE 2021

The law applicable to charities in England & Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustee is required to:

e select suitable accounting policies and then apply them consistendy;
. observe the methods and principles in the Charities SORP;
° make judgements and estimates that are reasonable and prudent;
e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
° prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable the Trustee to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the Declaration of Trust. The Trustee is also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditors

A resolution proposing that Saffery Champness LLP be reappointed as Auditors of the Charity will be put to the Annual General Meeting.

Approved by the Trustee on 23¢ February 2022 and signed on its behalf by:

Matthew Dobbs Trustee - Tonbridge School

THE TONBRIDGE SCHOOL FOUNDATION

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE FOR THE YEAR ENDED 30% JUNE 2021

Opinion

We have audited the financial statements of The Tonbridge School Foundation for the year ended 30 June 2021 which comprise Statement of Financial Activities, Balance Sheet, 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:

® give a true and fair view of the state of the Charity’s affairs as at 30° June 2021 and of its incoming resources and application of resources for the year then ended;
° have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
e have been prepared in accordance with the requirements of the Charities Act 2011.

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 Charity 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 Trustee’s 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 Charity’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 Trustee with respect to going concern are described in the relevant sections of this report.

Other information

The Trustee is 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 ts 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.

THE TONBRIDGE SCHOOL FOUNDATION

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE FOR THE YEAR ENDED 30" JUNE 2021

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

° the information given in the Trustee’s Annual Report is inconsistent in any material respect with the financial statements; or
° the Charity has not kept sufficient accounting records; or ° the financial statements are not in agreement with the accounting records and returns; or ° we have not received all the information and explanations we require for our audit.

Responsibilities of the Trustee

As explained more fully in the Trustee’s Responsibilities Statement set out on page 11, the Trustee is 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 Trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustee is responsible for assessing the Charity’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 Trustee either intend to liquidate the Charity 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 Charities Act 2011 and report in accordance with regulations made under that Act.

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

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 ate capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the Charity’s financial statements to material misstatement and how fraud might occur, including through discussions with representatives of the Trustee, 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 charity by discussions with representatives of the Trustee and updating our understanding of the sector in which the Charity operates.

Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.

THE TONBRIDGE SCHOOL FOUNDATION

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE FOR THE YEAR ENDED 30% JUNE 2021

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 Charity’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 Charity’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 partnet’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 awate 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. fre.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity’s Trustee, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Trustee those matters we are requited to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Trustee, for our audit work, for this report, or for the opinions we have formed.

Saffery Champness LLP Chartered Accountants Statutory Auditors

71 Queen Victoria Street London EC4V 4BE 7 Plo4) 200-4

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

THE TONBRIDGE SCHOOL FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30% JUNE 2021

		Unrestricted	Restricted	Endowed	2021	2020
	Note	Funds	Funds	Funds	Total	Total
		£	£	£	£	£
INCOME
Donations and legacies
Grants and donations	3	494,680	813,546	0	1,308,226	493,309
Investments
Investment income	4	19	26,900	0	26,919	36,592
Bankand other interest	5	171	193	0	364	5,667
Totalincome		494,870	840,639	0	1,335,509	535,568
EXPENDITURE
Costs ofraising funds
Investmentmanagement		0	4.176	4,622	8,798	8,732
Fundraising and development		4,573	0	0	4,573	4,818
		4,573	4,176	4,622	13,371	13,550
Charitable activities
Grantmaking		214,346	323,998	0	538,344	206,467
Total expenditure	6	218,919	328,174	4,622	551,715	220,017
Netincome before transfers		275,951	512,465	(4,622)	783,794	315,551
andinvestment gains/(losses)
Realised investmentgains/(losses)		0	20,947	23,189	44,136	(28,659)
Unrealised investment gains/ (losses)		0	45,316	50,166	95,482	(38,950)
Netincome for the year		275,951	578,728	68,733	923,412	247,942
Transfers between funds	13	0	125,835	(125,835)	0	0
NETMOVEMENT INFUNDS	13	275,951	704,563	(57,102)	923,412	247,942
Fund balances brought forward at		1,234,997	841,323	591,025	2,667,345	2,419,403
1 July 2020
Fundbalances carried forward at		1,510,948	1,545,886	533,923	3,590,757	2,667,345
30June2021

The notes on pages 19 to 30 form part of these financial statements.

THE TONBRIDGE SCHOOL FOUNDATION

BALANCE SHEET

AS AT 30% JUNE 2021

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Note|2021|2020| |£|£|£|£| |FIXED ASSETS| |Investments|9|1,837,122|1,203,743| |CURRENT ASSETS| |Debtors|10|275,987|86,716| |Cash and|deposits|1,850,154|1,438,728| |2,126,141|1,525,444| |CURRENT|LIABILITIES|11| |Creditors|payable|within one|year|(372,506)|(61,842)| |NET CURRENT ASSETS|1,753,635|1,463,602| |NET ASSETS|12|3,590,757|2,667,345| |REPRESENTED|BY:| |Endowed Funds|533,923|591,025| |Restricted|Funds|1,545,886|841,323| |Unrestricted|Funds|1,510,948|1,234,997| |TOTAL FUNDS|3,590,757|2,667,345|

----- End of picture text -----

The notes on pages 19 to 30 form part of these financial statements.

The financial statements on pages 16 to 30 were approved by the Trustee on 23 February 2022 and were signed on its behalf by:

Matthew Dobbs Trustee - Tonbridge School

THE TONBRIDGE SCHOOL FOUNDATION

CASH FLOW STATEMENT

FOR THE YEAR ENDED 30" JUNE 2021

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Note|2021|2020| |£|£| |CASH INFLOW|/(OUTFLOW) FROM OPERATING ACTIVITIES|14|877,721|(885,372)| |NET|CASH|USED|IN|INVESTING|ACTIVITIES| |Purchase|of investments|(1,499,114)|(690,542)| |Sale|of investments|1,005,353|623,554| |Investment|income|26,919|36,592| |Interest|received|547|6,100| |Endowment|donations|0|0| |Net cash provided|by|investing|activities|(466,295)|(24,296)| |INCREASE/(DECREASE)|IN CASH IN THE YEAR|15|411,426|(909,668)|

----- End of picture text -----

The notes on pages 19 to 30 form part of these financial statements.

THE TONBRIDGE SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30" JUNE 2021

1. Accounting convention

The accounts (financial statements) have been prepared in accordance with the second edition of the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1st April 2005 which has since been withdrawn.

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

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

The financial statements have been prepared under the historical cost convention except for investments which are included at fair value.

11 Investment income

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

1.2 Donations and legacies

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

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.

1.3 Expenditure

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer-term liabilities. Expenditure attributable to more than one cost category in the Statement of Financial Activities 1s apportioned to them on the basis of the estimated amount attributable to each activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates.

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

THE TONBRIDGE SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30% JUNE 2021

1.4 Investments

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

1.5 Fund accounting

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

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

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 Trustee's own discretion or else upon the happening of some event contemplated by the donot.

1.6 Foreign Curtencies

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

1,7 Financial instruments

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

1.8 Going concetn

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

2 Critical accounting judgements and key sources of estimation uncettainty

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

Critical judgements in applying the Charity's accounting policies

There are no critical accounting judgements in 2021 or 2020.

Critical accounting estimates and assumptions

There are no critical accounting estimates or assumptions in 2021 or 2020.

THE TONBRIDGE SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30® JUNE 2021

3 Voluntary Income

Grants and donations

Grants and donations
	Unrestricted	Restricted	Endowed	2021	2020
	£	£	£	£	£
Individuals	188,394	498,078	0	686,472	377,019
Corporate donors& Chanttable Trusts (CAF C)	273,341	27,177	0	300,518	67,290
Legacies	32,945	288,291	0	321,236	49,000
	494,680	813,546	0	1,308,226	493,309
Yearended30%June 2020
	Unrestricted	Restricted	Endowed	2020
	£	£	£	£
Individuals	191,803	185,216	0	377,019
Corporate donors& Charitable Trusts	65,940	1,350	0	67,290
Legacies	32,000	17,000	0	49,000
	289,743	203,566	0	493,309
Investment income
All investmentincome is in respect ofrestricted funds
				2021	2020
				£	£
Equities				14,359	23,283
Fixed interest				12,560	13,309
				26,919	36,592
Bank and other interest
	Unrestricted	Restricted	Endowed	2021	2020
	£	£	£	£	£
Interest received	171	193	0	364	5,667
	171	193	0	364	5,667
Yearended30% June 2020
	Unrestricted	Restricted	Endowed	2020
	£	£	£	£
Interestreceived	2,440	3227	0	5,667
	2,440	3,227	0	5,667

4 Investment income

5 Bank and other interest

THE TONBRIDGE SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30% JUNE 2021

6 Analysis of total expenditure

	Unrestricted	Restricted	Endowed	2021	2020
	£	£	&	£	£
Cost ofraising funds:
Investment management	0	4,176	4,622	8,798	8,732
Fundraisingand development	4,573	0	0	4,573	4,818
Total costs ofraisingfunds	4,573	4,176	4,622	13,371	13,550
Charitable expenditure:
Governance	8,160	0	0	8,160	8,070
Grants to Tonbridge School	206,186	323,998	0	530,184	198,397
Total charitableexpenditure	214,346	323,998	-	538,344	206,467
Total expenditure	218,919	328,174	4,622	551,715	220,017
Yearended30%June 2020
	Unrestricted	Restricted	Endowed	2020
	£	£	&	&
Cost ofraising funds:
Investment management	0	3,862	4.870	8,732
Fundraising and development	4,818	0	0	4,818
Total costs ofraisingfunds	4,818	3,862	4,870	13,550
Charitable expenditure:
Governance	8,070	0	0	8,070
Grants to Tonbridge School	49,776	148,621	0	198,397
Totalcharitable expenditure	57,846	148,621	-	206,467
Totalexpenditure	62,664	152,483	4,870	220,017
				2021	2020
Audit fees included in Charitable				£	£
Remuneration paid to auditor for audit services				8,160	8,070
				8,160	8,070

As noted in the Report of the Trustee, the results of The Tonbridge School Foundation are consolidated within the results of its parent undertaking, Tonbridge School, registered Charity number 1097977. Information on the operating costs of the Tonbridge Society, coordinating Old Tonbridgian, parent and fundraising activities on behalf of The Tonbridge School Foundation for the year under review are detailed in the parent company financial statements. The total cost of raising funds for the Group (exclusive of Governance and Grants to Tonbridge School) was £500,803 for the year ended 30% June 2021 (2020: £578,672). These figures include an allocation of central overheads as required by the Charity SORP.

THE TONBRIDGE SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30% JUNE 2021

7 Trustee’s Remuneration

The Trustee received no remuneration during the year (2020: £ Nil).

No expenses or travel costs were reimbursed to Trustee during the year (2020: £ Nil).

Members of the Tonbridge Society Committee and The Tonbridge School Foundation Committee received no remuneration during the year (2020: £ Nil) and are listed on page 1.

8 Staff costs and overheads

There were no direct employees during the year. Staff and other operating costs were funded by Tonbridge School, as noted under note 6 above.

9 Fixed asset investments

	2021	2021	2021	2020
	Restricted	Endowed	Total	Total
	£	£	£	£
Market value 1 July 2020	612,718	591,025	1,203,743	1,204,364
Acquisitions atcost	967,982	531,132	1,499,114	690,542
Disposals atopeningbookvalue	(448,652)	(512,565)	(961,217)	(652,213)
Increase in value ofinvestments	45,316	50,166	95,482	(38,950)
Transfers atmarketvalue	125,835	(125,835)	0	0
Marketvalue at30June2021	1,303,199	533,923	1,837,122	1,203,743
Invested in:
UK Fixed Interest	7,036	5,102	12,138	41,131
Overseas Fixed Interest	190,640	138,264	328,904	268,605
UK Equities	309,161	224,225	533,386	330,937
Overseas Equities	162,592	117,923	280,515	299,506
Alternative InvestmentProperty	30,704	22,269	52,973	52,457
Alternative Investmnet Unclassified	36,041	26,140	62,181	132,278
Cash deposits	567,025	0	567,025	78,829
Marketvalue at30June2021	1,303,199	§33,923	1,837,122	1,203,743
Historicalcost30June2021	1,241,119	488,899	1,730,018	1,191,634

THE TONBRIDGE SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30* JUNE 2021

10 Debtors

10	Debtors
			2021	2020
			£	£
	accrued income		275,987	86,716
			275,987	86,716
li	Creditors	-Amounts payable within one year
			2021	2020
			£	£
	Accruals and deferredincome		10,625	12,066
	Amounts due to Tonbridge School		361,881	49,776
			372,506	61,842

THE TONBRIDGE SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30% JUNE 2021

Allocationofnet assets by fund
	Investments	Other Net	2021
		Assets/	Total
		(Liabilities)
	£	£	£
Unrestricted:
General Fund	O	1,510,948	1,510,948
	O	1,510,948	1,510,948
Restricted:
Master Plan Fund	0	18,152	18,152
Ton. School Centre Fund	0	733	733
GeneralScholarship Fund	631,445	139,624	771,069
Barry Orchard Fund		11,922	11,922
Hill Side Fund	213,185	22,418	235,603
ParkHouse Fund	133,768	0	133,768
ManorHouse Fund	30,603	0	30,603
Ferox HallFund	15,099	0	15,099
Parkside Fund	0	0	0
School House Fund	0	0	0
Welldon House Fund	0	0	0
Smythe House Fund	0	0	0
Billinton House Fund	279,099	0	279,099
Tree Fund	0	4	4
Media Centre Fund	0	15,182	15,182
Rackets Fund	0	627	627
Cricket Fund	0	29,676	29,676
Hockey Fund	0	4,174	4,174
Steinway Fund	0	175	175
	1,303,199	242.687	1,545,886
Endowed:
Gen. Sch. Fund	196,456	0	196,456
Barry Orchard Sch. Fund	198,298	0	198,298
Hill Side Sch. Fund	139,169	0	139,169
	533,923	0	533,923
Total	1,837,122	1,753,635	3,590,757

Included with endowed funds is a revaluation reserve with a balance of £45,024 (2020: £6,362) and within restricted funds a revaluation reserve with a balance of £62,080 (2020: £5,747). All reserves relate to the revaluation of investments.

THE TONBRIDGE SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

12 Allocation of net assets by fund — continued

Yearended 30"June 2020
	Investments	OtherNet	2020
		Assets/	Total
		(Liabilities)
	£	£	£
Unrestricted:
GeneralFund	0	1,234,997	1,234,997
	0	1,234,997	1,234,997
Restricted:
Master Plan Fund	0	9,463	9,463
Ton. School Centre Fund	0	489	489
General Scholarship Fund	314,956	89,332	404,288
Barry Orchard Fund	10,370	21,301	31,671
Hill Side Fund	95,766	21,301	117,067
ParkHouse Fund	118,939	0	118,939
ManorHouse Fund	44,326	0	44,326
Ferox Hall Fund	27,297	0	27,297
Parkside Fund	0	18,622	18,622
SchoolHouse Fund	0	18,266	18,266
Welldon House Fund	0	0	0
Smythe House Fund	1,064	0	1,064
Tree Fund	0	4	4
Media Centre Fund	0	15,180	15,180
Rackets Fund	0	627	627
Cricket Fund	0	29,672	29,672
HockeyFund	0	4,173	4,173
Steinway Fund	0	175	175
	612,718	228,605	841,323
Endowed:
Gen. Sch. Fund	175,989	0	175,989
Barry Orchard Sch. Fund	177,639	0	177,639
Hill Side Sch. Fund	237,397	0	237,397
	591,025	0	591,025
Total	1,203,743	1,463,602	2,667,345

THE TONBRIDGE SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30% JUNE 2021

13 Analysis of movement in funds

Analysis of movementmovement in funds
	At	Income	Expenditure	Transfers &	Balance at
	1July 2020			Investment	30June2021
			Gains/(Losses)
Unrestricted:	£	£	£	£	£
General Fund	1,234,997	494,870	(218,919)	0	1,510,948
	1,234,997	494,870	(218,919)	0	1,510,948
Restricted:
Master Plan Fund	9,463	8,689	0	0	18,152
Ton. School Centre Fund	489	244	0	0	733
General Scholarship Fund	404,288	478,163	(87,348)	(24,034)	771,069
Barry Orchard Fund	31,671	9,637	(30,508)	1,122	11,922
Hill Side Fund	117,067	24,286	(41,942)	136,192	235,603
ParkHouse Fund ManorHouse Fund	118,939 44,326	26,356 3,585	(24,390) (22,101)	12,863 4,793	133,768 30,603
Ferox Hall Fund	27,297	5,796	(20,946)	2,952	15,099
Parkside Fund	18,622	1,051	(47,045)	27,372	0
SchoolHouse Fund	18,266	346	(21,441)	2,829	0
Welldon House Fund	0	1,108	(3,634)	2,526	0
Smythe House Fund	1,064	2,272	(28,819)	25,483	0
BillintonFund	0	279,099	0	0	279,099
Tree Fund	4	0	0	0	4
Media Centre Fund	15,180	2	0	0	15,182
Rackets Court Fund	627	0	0	0	627
Cricket Fund	29,672	4	0	0	29,676
Hockey Fund	4,173	i	0	0	4,174
Steinway Fund	175	0	0	0	175
	841,323	840,639	(328,174)	192,098	1,545,886
Endowed:
General Sch. Fund	175,989	0	(4,376)	21,843	196,456
Barry Orchard Sch. Fund	177,639	0	(1,389)	22,048	198,298
Hillside Sch. Fund	237,397	0	(1,857)	(96,371)	139,169
	591,025	0	(4,622)	(52,480)	$33,923
Total	2,667,345	1,335,509	(551,715)	139,618	3,590,757

Transfers between funds represent adjustments to reflect the confirmation of donors’ wishes.

The Trustee has and is continuing to explore opportunities for the reclassification of the Hill Side Endowed Fund as a restricted, but expendable, fund with the Charity Commission and its professional advisers, and through correspondence with the original donors, to better meet its charitable aim of supporting boys in widening access for pupils of Hill Side, Tonbridge School. As a part of this process, and as detailed at Note 13 above, a total of £125,835 has been transferred from The Hill Side Endowed Fund to the Hill Side Restricted Fund as at the year end.

THE TONBRIDGE SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

Analysis of movement in funds — continued

For the year ended 30% June 2020

	At	Income	Expenditure	Transfers &	Balance at
	1July2019			Investment	30June 2020
			Gains/(Losses)
Unrestricted:	£	£	£	£	£
GeneralFund	1,005,478	292,183	(62,664)	0	1,234,997
	1,005,478	292,183	(62,664)	0	1,234,997
Restricted:
Master Plan Fund	0	9,463	0	0	9,463
Ton. School Centre Fund	244	245	0	0	489
General Scholarship Fund	305,813	173,297	(54,317)	(20,505)	404,288
Barry Orchard Fund	38,249	13,224	(18,901)	(901)	31,671
Hill Side Fund	121,287	20,494	(19,463)	(5,251)	117,067
Park House Fund	118,697	7,263	(803)	(6,218)	118,939
ManorHouse Fund	49,888	3,992	(7,308)	(2,246)	44,326
Ferox HallFund	22,852	5,797	(155)	(1,197)	27,297
Parkside Fund	36,767	1,569	(18,891)	(823)	18,622
SchoolHouse Fund	37,136	866	(18,894)	(842)	18,266
Welldon House Fund	0	5,665	(13,751)	8,086	0
Smythe House Fund	0	1,064	0	0	1,064
Tree Fund	4	0	0	0	4
Media Centre Fund	15,147	33	0	0	15,180
Rackets Court Fund	313	314	0	0	627
CricketFund	29,607	65	0	0	29,672
Hockey Fund	4,164	9	0	0	4,173
Steinway Fund	150	25	0	0	175
	780,318	243,385	(152,483)	(29,897)	841,323
Endowed:
General Sch. Fund	188,668	0	(1,450)	(11,229)	175,989
Barry Orchard Sch. Fund	190,438	0	(1,464)	(11,335)	177,639
Hillside Sch. Fund	254,501	0	(1,956)	(15,148)	237,397
	633,607	0	(4,870)	(37,715)	591,025
Total	2,419,403	535,568	(220,017)	(67,609)	2,667,345

THE TONBRIDGE SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30* JUNE 2021

14 Reconciliation of net income for the reporting period

14	Reconciliation of net incomenet incomeincome for thethe reporting period
			2021	2020
			£	£
	Netincome		923,412	247,942
	Investmentincome received		(26,919)	(36,592)
	Bank interest received		(364)	(5,667)
	Realised (gains) / losses oninvestments		(44,136)	28,659
	Unrealised (gains) / losses oninvestments		(95,482)	38,950
	(Increase) in debtors		(189,454)	(42,740)
	Increase /(decrease) increditors		310,664	= (1,115,924)
	Net cash inflow / (outflow) from operating activities		877,721	(885,372)
15	Reconciliation ofnetmovement in cash
		At	Cash flows	Balance
		LTJuly 2020		30June 2021
		£	£	£
	Operating Cash	1,438,728	411,426	1,850,154
		1,438,728	411,426	1,850,154
16	Related / connected parties
	Supportwas provided toTonbridge School for the followingprojects during theyear:
			2021	2020
			£	&
	FoundationAwatd Programme		323,998	148,621
	Covid-19 Response		132,451	0
	Co-curricular and Sporting Activities		73,735	49,776
			530,184	198,397

16 Related / connected parties

The amounts owed to Tonbridge School at 30% June 2021 can be seen in Note 11.

Donations were received from two Trustees of Tonbridge School totalling £3,000 (2020:£86,052).

17 Taxation

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

THE TONBRIDGE SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30% JUNE 2021

18 Comparative Statement of Financial Activities 2020

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||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Endowed|2020| |Funds|Funds|Funds|Total| |£|£|£|£| |INCOME| |Donations|and|legacies| |Grants|and|donations|289,743|203,566|0|493,309| |Investments| |Investment|income|0|36,592|0|36,592| |Bank and|other interest|2,440|3,227|0|5,667| |Total income|292,183|243,385|0|535,568| |EXPENDITURE| |Costs|of raising|funds| |Investment|management|0|3,862|4,870|8,732| |Fundraising|and|development|4,818|0|0|4,818| |4,818|3,862|4,870|13,550| |Charitable|activities| |Grant making|57,846|148,621|0|206,467| |Total expenditure|62,664|152,483|4,870|220,017| |Net income|before|transfers|229,519|90,902|(4,870)|315,551| |and|investment gains/|(losses)| |Realised|investment|(losses)/gains|0|(12,673)|(15,986)|(28,659)| |Unrealised|investment gains|0|(17,224)|(21,726)|(38,950)| |Net income|for|the|year|229,519|61,005|(42,582)|247,942| |Transfers|between|funds|0|0|0|0| |NET MOVEMENT IN FUNDS|229,519|61,005|(42,582)|247,942|

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