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2022-06-30-accounts

Registered Charity No: 1099162

Page

Legal and Administrative Information 1-2
Report of the Trustee 3-11
Independent Auditors’ Report 12-14
Statement of Financial Activities 15
Balance Sheet 16
Cash Flow Statement 17
Notes to the Financial Statements 18-29

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 resigned 31 August 2022) GM Rochussen (Chairman from 1 May 2022) TM Attenborough Ms S Bishop DP Devitt MF Dobbs ME Fry (appointed 16 November 2022) Professor H Gaunt SA Hall (appointed 1 September 2021) HJ Hamilton-Turner (appointed 17 November 2021)

Mrs S Huang JG Leahy Mrs JI Naismith Dr FVN Rangarajan (appointed 1 September 2021) Dr MS Spurr Dr JE Stirrup (resigned 17 November 2022) JWG Thompson (resigned 31 August 2022) J Thorne (appointed 1 September 2021) Mrs K M Wheadon GP White

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

JE Priory (Headmaster) AC Moore (Bursar) AR Whittall (Director of the Tonbridge Society – resigned 31 October 2022) A Ballard (Director of the Tonbridge Society – appointed 31 October 2022)

A Ballard (appointed 31 October 2022) Sir S Cowper-Coles (Old Tonbridgian Society President- resigned 18 May 2022) OH Clay P Fincham (Old Tonbridgian Society President – appointed 18 May 2022) Mrs C Hayes (resigned 8 November 2021) RI Hough (Old Tonbridgian Society Chairman) JG Leahy (appointed 1 November 2021) JE Priory (Headmaster) AC Moore (Bursar) GM Rochussen (Chairman) Mrs KG Tribe (Parents’ Art Society Chairman) AR Whittall (resigned 31 October 2022) Mrs EA Winkett (resigned 27 April 2021) Mrs K Woodthorpe (appointed 7 January 2022)

Tonbridge School Tonbridge, Kent TN9 1JP

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Saffery Champness LLP 71 Queen Victoria Street London EC4V 4BE

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

HSBC plc 100 High Street Tonbridge Kent TN9 1AN

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

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The Trustee submits its annual report and audited financial statements for the year ended 30 June 2022. 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).

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.

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

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.

Tonbridge School acts as the Trustee. The Governors of Tonbridge 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.

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 member’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 key objectives.

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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 reconnect, advance ideas, and collaborate. These include fundraising; socialising; networking; learning; careers and mentoring opportunities.

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.

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.

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 parent company financial statements, with summary information provided at note 5.

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.

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.

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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.

The Charity continued to focus on the ‘quiet phase’ of the widening opportunities campaign to raise awareness with key stakeholders before it is launched publicly. Good progress was made securing pledges and engaging its 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 priorities and support the following areas:

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

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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:

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The Charity has supported these projects during the year:

Foundation Awards recipients were jointly funded by both the Tonbridge School Foundation and the School.

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

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. 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.

The “Transfers & Investment” column in the table comprises investment gains and losses, investment management fees, and transfers between funds.

Widening access to a Tonbridge education remains a priority project for the Charity, with an ambitious campaign to expand the programme 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.

RestrictedHouseAwardFunds Balances At 1 July2021 Income Grants&
Expenses		 Transfers/ At30
Investment		 30June2022
£ £ £ £ £
General Scholarship Fund 771,069 818,894 (110,334) (148,567) 1,331,062
Barry Orchard Fund 11,922 8,618 (35,434) 14,971 77
Hill Side Fund 235,603 23,256 (40,441) (6,678) 211,740
Park House Fund 133,768 15,847 (17,355) (4,189) 128,071
Manor House Fund 30,603 4,110 (21,026) (960) 12,727
Ferox Hall Fund 15,099 5,386 (28,181) 7,698 2
Parkside Fund 0 1,050 (35,434) 34,384 0
School House Fund 0 345 (37,249) 36,904 0
Welldon House Fund 0 1,595 (35,956) 34,361 0
Smythe House Fund 0 1,250 0 0 1,250
1,198,064 880,351 (361,410) (32,076) 1,684,929

The Statement of Financial Activities for the year is shown on page 15 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 £67,434, resulting in a closing fund balance of £1,578,382, with the General Scholarship Fund recording net incoming resources of £599,993 and a closing fund balance of £1,331,062.

Both funds benefited from a combination of individual, corporate and legacy donations during the year as a result of the Charity’s on-gong fundraising campaigns, including Giving Day 2022. Grants to Tonbridge School included £328,000 in respect of the Foundation Awards programme and £44,813 towards co-curricular projects.

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The funds under the Trustee’s control are:

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

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Free reserves available for use by the Charity are deemed to be those that are readily realisable, less funds whose uses are restricted or designated for 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 £1,578,382

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 2022 2021
£ £
Total unrestricted funds 1,578,382 1,510,948
Represented by:
Net current assets 1,578,382 1,510,948

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:

  1. 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 Charity’s assets continue to be managed by HSBC Global Assets Management (UK) Limited the operational day to day

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relationship rests with the HSBC Private Bank Charities Team. Investment strategies have been identified and approved to meet the Charity’s investment objectives.

The investment strategy and policy are monitored by the 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 of Covid-19 on investment holdings globally.

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

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.

Covid-19, as a global pandemic, and its impact on economic development, continues to present 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. The risk management framework in place has enabled appropriate actions and decisions to be taken on a timely basis.

The impact of Covid-19 remains a risk during the 2022/2023 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 to encourage charitable giving.

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.

During 2022-2023 the Charity will:

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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 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:

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.

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 22 February 2023 and signed on its behalf by:

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We have audited the financial statements of The Tonbridge School Foundation for the year ended 30 June 2022 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:

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.

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.

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 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.

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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:

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.

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 are 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.

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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 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.

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 required 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.

21 March 2023

71 Queen Victoria Street London EC4V 4BE

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

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Note Funds Funds Funds Total Total
£ £ £ £ £
INCOME
Donations and legacies
Grants and donations 3 129,155 873,093 0 1,002,248 1,308,226
Investments
Investment income 4 0 24,412 0 24,412 26,919
Bank and other interest 5 642 1,015 0 1,657 364
Total income 129,797 898,520 0 1,028,317 1,335,509
EXPENDITURE
Costs ofraisingfunds
Investment management 0 5,519 4,002 9,521 8,798
Fundraising and development 6,090 38,800 0 44,890 4,573
6,090 44,319 4,002 54,411 13,371
Charitable activities
Grant making 56,273 328,000 0 384,273 538,344
Total expenditure 6 62,363 372,319 4,002 438,684 551,715
Netincome before transfers 67,434 526,201 (4,002) 589,633 783,794
andinvestment gains/(losses)
Realised investment gains 0 7,264 5,268 12,532 44,136
Unrealised investment (losses) / gains 0 (42,562) (30,869) (73,431) 95,482
Netincome for theyear 67,434 490,903 (29,603) 528,734 923,412
Transfers betweenfunds 13 0 0 0 0 0
NETMOVEMENT IN FUNDS 13 67,434 490,903 (29,603) 528,734 923,412
Fund balances brought forward at 1,510,948 1,545,886 533,923 3,590,757 2,667,345
1 July 2021
Fund balances carried forward at 1,578,382 2,036,789 504,320 4,119,491 3,590,757

The notes on pages 18 to 29 form part of these financial statements.

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Note 2022 2021
£ £ £ £
FIXEDASSETS
Investments 9 2,123,890 1,837,122
CURRENTASSETS
Debtors 10 225,788 275,987
Cash and deposits 1,815,496 1,850,154
2,041,284 2,126,141
CURRENT LIABILITIES 11
Creditors payable within one year (45,683) (372,506)
NETCURRENTASSETS 1,995,601 1,753,635
NETASSETS 12 4,119,491 3,590,757
REPRESENTED BY:
Endowed Funds 504,320 533,923
Restricted Funds 2,036,789 1,545,886
Unrestricted Funds 1,578,382 1,510,948
TOTAL FUNDS 4,119,491 3,590,757

The notes on pages 18 to 29 form part of these financial statements.

The financial statements on pages 15 to 29 were approved by the Trustee on 22 February 2023 and were signed on its behalf by:

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Note 2022 2021
£ £
CASH INFLOWFROM OPERATINGACTIVITIES 14 287,817 877,721
NET CASHUSED IN INVESTINGACTIVITIES
Purchase of investments (1,374,792) (1,499,114)
Sale of investments 1,027,125 1,005,353
Investment income 24,412 26,919
Interest received 780 547
Endowment donations 0 0
Net cashused ininvesting activities (322,475) (466,295)
(DECREASE) / INCREASE IN CASHINTHEYEAR 15 (34,658) 411,426
ANALYSISOF CASHANDCASHEQUIVALENTS
Cash in hand 1,502,303 1,201,355
Notice deposits (less than 3 months) 313,193 648,799
1,815,496 1,850,154

The notes on pages 18 to 29 form part of these financial statements.

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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[th] July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1[st] 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 £.

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

1.1 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 is apportioned to them on the basis of the estimated amount attributable to each activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates.

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

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.

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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 donor.

1.6 Foreign Currencies

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

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 concern

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.

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

There are no critical accounting judgements in 2022 or 2021.

There are no critical accounting estimates or assumptions in 2022 or 2021.

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Unrestricted Restricted Endowed 2022
£ £ £ £
Individuals 104,155 793,396 0 897,551
Corporate donors & Charitable Trusts 10,000 42,297 0 52,297
Legacies 15,000 37,400 0 52,400
129,155 873,093 0 1,002,248
Yearended30 June2021
Unrestricted Restricted Endowed 2021
£ £ £ £
Individuals 188,394 498,078 0 686,472
Corporate donors & Charitable Trusts 273,341 27,177 0 300,518
Legacies 32,945 288,291 0 321,236
494,680 813,546 0 1,308,226

All investment income is in respect of restricted funds

£ £
Equities 11,911 14,359
Fixed interest 12,501 12,560
24,412 26,919
5. Bankandotherinterest
Unrestricted Restricted Endowed 2022
£ £ £ £
Interest received 642 1,015 0 1,657
642 1,015 0 1,657
Yearended30 June2021
Unrestricted Restricted Endowed 2021
£ £ £ £
Interest received 171 193 0 364
171 193 0 364

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£ £ £ £
Cost ofraisingfunds:
Investment management 0 5,519 4,002 9,521
Fundraising and development 6,090 38,800 0 44,890
Total costs ofraisingfunds 6,090 44,319 4,002 54,411
Charitable expenditure:
Governance 11,460 0 0 11,460
Grants to Tonbridge School 44,813 328,000 0 372,813
Total charitable expenditure 56,273 328,000 - 384,273
Total expenditure 62,363 372,319 4,002 438,684
Yearended30 June2021
Unrestricted Restricted Endowed 2021
£ £ £ £
Cost ofraising funds:
Investment management 0 4,176 4,622 8,798
Fundraising and development 4,573 0 0 4,573
Total costs ofraisingfunds 4,573 4,176 4,622 13,371
Charitable expenditure:
Governance 8,160 0 0 8,160
Grants to Tonbridge School 206,186 323,998 0 530,184
Total charitableexpenditure 214,346 323,998 - 538,344
Totalexpenditure 218,919 328,174 4,622 551,715
Audit fees included in Charitable expenditure £ £
Remuneration paid to auditor :
For audit services 9,960 8,160
For other services 1,500 0
11,460 8,160

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 £674,209 for the year ended 30 June 2022 (2021: £500,803). These figures include an allocation of central overheads as required by the Charity SORP.

21

The Trustee received no remuneration during the year (2021: £ Nil).

No expenses or travel costs were reimbursed to Trustee during the year (2021: £ Nil).

Members of the Tonbridge Society Committee and The Tonbridge School Foundation Committee received no remuneration during the year (2021: £ Nil) and are listed on page 1.

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

22

2022 2022 2022 2021
Restricted Endowed Total Total
£ £ £ £
Market value 1 July 2021 1,303,199 533,923 1,837,122 1,203,743
Acquisitions at cost 937,939 436,853 1,374,792 1,499,114
Disposals at opening book value (579,006) (435,587) (1,014,593) (961,217)
Decrease in value of investments (42,562) (30,869) (73,431) 95,482
Transfers at market value 0 0 0 0
Marketvalue at30June 2022 1,619,570 504,320 2,123,890 1,837,122
Invested in:
UK Fixed Interest 0 0 0 12,138
Overseas Fixed Interest 202,319 142,319 344,638 328,904
UK Equities 230,771 162,333 393,104 533,386
Overseas Equities 157,699 110,930 268,629 280,515
Alternative Investment Property 64,516 45,382 109,898 52,973
Alternative Investment Unclassified 61,635 43,356 104,991 62,181
Cash deposits 902,630 0 902,630 567,025
Marketvalue at 30June 2022 1,619,570 504,320 2,123,890 1,837,122
Historical cost 30 June 2022 1,626,728 509,356 2,136,084 1,730,018
10. Debtors
2022 2021
£ £
Accrued income 225,788 275,987
225,788 275,987
11. Creditors -Amountspayablewithinoneyear
2022 2021
£ £
Other Creditors 190 0
Accruals and deferred income 32,555 10,625
Amounts due to Tonbridge School 12,938 361,881
45,683 372,506

11. Creditors - Amounts payable within one year

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12. Allocation of net assets by fund

Investments Other Net
Assets/
(Liabilities)		 2022
Total
£ £ £
Unrestricted:
General Fund 0 1,578,382 1,578,382
0 1,578,382 1,578,382
Restricted:
Master Plan Fund 0 25,384 25,384
Ton. School Centre Fund 0 977 977
General Scholarship Fund 1,052,649 278,413 1,331,062
Barry Orchard Fund 0 77 77
Hill Side Fund 189,336 22,404 211,740
Park House Fund 105,621 22,450 128,071
Manor House Fund 1,502 11,225 12,727
Ferox Hall Fund 0 2 2
Parkside Fund 0 0 0
School House Fund 0 0 0
Welldon House Fund 0 0 0
Smythe House Fund 0 1,250 1,250
Billinton House Fund 270,462 5,179 275,641
Tree Fund 0 4 4
Media Centre Fund 0 15,188 15,188
Rackets Fund 0 627 627
Cricket Fund 0 29,688 29,688
Hockey Fund 0 4,176 4,176
Steinway Fund 0 175 175
1,619,570 417,219 2,036,789
Endowed:
Gen. Sch. Fund 185,563 0 185,563
Barry Orchard Sch. Fund 187,304 0 187,304
Hill Side Sch. Fund 131,453 0 131,453
504,320 0 504,320
Total 2,123,890 1,995,601 4,119,491

Included with endowed funds is a revaluation reserve with a balance of £Nil (2021: £45,024) and within restricted funds a revaluation reserve with a balance of £Nil (2021: £62,080). All reserves relate to the revaluation of investments.

24

12. Allocation of net assets by fund —- continued

Investments Other Net
Assets/
(Liabilities)		 2021
Total
£ £ £
Unrestricted:
General Fund 0 1,510,948 1,510,948
0 1,510,948 1,510,948
Restricted:
Master Plan Fund 0 18,152 18,152
Ton. School Centre Fund 0 733 733
General Scholarship Fund 631,445 139,624 771,069
Barry Orchard Fund 11,922 11,922
Hill Side Fund 213,185 22,418 235,603
Park House Fund 133,768 0 133,768
Manor House Fund 30,603 0 30,603
Ferox Hall Fund 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

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13. Analysis of movement in funds

Unrestricted:
Unrestricted: £ £ £ £ £
General Fund 1,510,948 129,797 (62,363) 0 1,578,382
1,510,948 129,797 (62,363) 0 1,578,382
Restricted:
Master Plan Fund 18,152 7,232 0 0 25,384
Ton. School Centre Fund 733 244 0 0 977
General Scholarship Fund 771,069 818,894 (113,007) (145,894) 1,331,062
Barry Orchard Fund 11,922 8,618 (35,434) 14,971 77
Hill Side Fund 235,603 23,256 (41,344) (5,775) 211,740
Park House Fund 133,768 15,847 (17,921) (3,623) 128,071
Manor House Fund 30,603 4,110 (21,157) (829) 12,727
Ferox Hall Fund 15,099 5,386 (28,245) 7,762 2
Parkside Fund 0 1,050 (35,434) 34,384 0
School House Fund 0 345 (37,249) 36,904 0
Welldon House Fund 0 1,595 (35,956) 34,361 0
Smythe House Fund 0 1,250 0 0 1,250
Billinton Fund 279,099 10,673 (6,572) (7,559) 275,641
Tree Fund 4 0 0 0 4
Media Centre Fund 15,182 6 0 0 15,188
Rackets Court Fund 627 0 0 0 627
Cricket Fund 29,676 12 0 0 29,688
Hockey Fund 4,174 2 0 0 4,176
Steinway Fund 175 0 0 0 175
1,545,886 898,520 (372,319) (35,298) 2,036,789
Endowed:
General Sch. Fund 196,456 0 (1,473) (9,420) 185,563
Barry Orchard Sch. Fund 198,298 0 (1,486) (9,508) 187,304
Hillside Sch. Fund 139,169 0 (1,043) (6,673) 131,453
533,923 0 (4,002) (25,601) 504,320
Total 3,590,757
1,028,317
(438,684)
(60,899)
4,119,491
~~a~~

There were no transfers between funds during the year.

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13. Analysis of movement in funds — continued

Unrestricted:
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
Park House Fund 118,939 26,356 (24,390) 12,863 133,768
Manor House Fund 44,326 3,585 (22,101) 4,793 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
School House 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
Billinton Fund 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 1 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 (1,376) 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) 533,923
Total 2,667,345
1,335,509
(551,715)
139,618
3,590,757
~~a~~

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 was transferred from The Hill Side Endowed Fund to the Hill Side Restricted Fund as at the year end.

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14. Reconciliation of net income for the reporting period

14. Reconciliation of net income for the reporting periodnet income for the reporting periodincome for the reporting periodfor the reporting periodthe reporting periodperiod 2022 2021
£ £
Net income 528,734 923,412
Investment income received (24,412) (26,919)
Bank interest received (1,657) (364)
Realised gains on investments (12,532) (44,136)
Unrealised losses / (gains) on investments 73,431 (95,482)
Decrease / (increase) in debtors 51,076 (189,454)
(Decrease) / increase in creditors (326,823) 310,664
Net cashinflow/(outflow)fromoperatingactivities 287,817 877,721

15. Reconciliation of net movement in cash

£ £ £
Operating Cash 1,850,154 (34,658) 1,815,496
1,850,154 (34,658) 1,815,496

16. Related / connected parties

Support was provided to Tonbridge School for the following projects during the year:

2022 2021
£ £
Foundation Award Programme 328,000 323,998
Covid-19 Response 0 132,451
Co-curricular and Sporting Activities 44,813 73,735
372,813 530,184

The amounts owed to Tonbridge School at 30 June 2022 can be seen in Note 11.

Donations were received from six Trustees of Tonbridge School totalling £5,819 (2021:£3,000).

17. Taxation

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

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18. Comparative Statement of Financial Activities 2021

Funds Funds Funds Total
£ £ £ £
INCOME
Donations andlegacies
Grants and donations 494,680 813,546 0 1,308,226
Investments
Investment income 19 26,900 0 26,919
Bank and other interest 171 193 0 364
Total income 494,870 840,639 0 1,335,509
EXPENDITURE
Costs ofraising funds
Investment management 0 4,176 4,622 8,798
Fundraising and development 4,573 0 0 4,573
4,573 4,176 4,622 13,371
Charitable activities
Grant making 214,346 323,998 0 538,344
Totalexpenditure 218,919 328,174 4,622 551,715
Netincome before transfers 275,951 512,465 (4,622) 783,794
and investment gains/(losses)
Realised investment gains/(losses) 0 20,947 23,189 44,136
Unrealised investment gains/(losses) 0 45,316 50,166 95,482
Netincome fortheyear 275,951 578,728 68,733 923,412
Transfers betweenfunds 0 125,835 (125,835) 0
NETMOVEMENT IN FUNDS 275,951 704,563 (57,102) 923,412

29