2023-06-30-accounts

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Registered Charity No: 1099162

The Tonbridge School Foundation

REPORT AND FINANCIAL STATEMENTS Year ended 30 June 2023

The Tonbridge School Foundation

Page

Legal and Administrative Information	1-2
Report of the Trustee	3-12
Independent Auditor’s Report	13-15
Statement of Financial Activities	16
Balance Sheet	17
Cash Flow Statement	18
Notes to the Financial Statements	19-30

The Tonbridge School Foundation

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

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:

GM Rochussen (Chairman) RJ Elliott (resigned 31 August 2022) TM Attenborough CJ Ashton (appointed 1 September 2023) S Bishop DP Devitt MF Dobbs ME Fry (appointed 16 November 2022) Professor H Gaunt SA Hall HJ Hamilton-Turner Dr T Hands (appointed 1 February 2024)

S Huang (resigned 31 August 2023) JG Leahy JI Naismith (resigned 31 August 2023) Dr N Perry (appointed 1 September 2023) Dr FVN Rangarajan JRT Rogers (appointed 1 September 2023) Dr MS Spurr Dr JE Stirrup (resigned 17 November 2022) JWG Thompson (resigned 31 August 2022) J Thorne K M Wheadon GP White

Tonbridge School Foundation Committee

GM Rochussen (Chairman) OH Clay JG Leahy K Woodthorpe

Senior Officers

JE Priory (Headmaster) SM Meikle (Bursar – appointed 6 November 2023) AC Moore (Bursar - resigned 24 August 2023) A Ballard (Director of the Tonbridge Society – appointed 31 October 2022) AR Whittall (Director of the Tonbridge Society – resigned 31 October 2022)

Tonbridge Society Committee Members

A Ballard (appointed 31 October 2022) OH Clay P Fincham (Old Tonbridgian Society President) RI Hough (Old Tonbridgian Society Chairman) JG Leahy JE Priory (Headmaster) SM Meikle (Bursar – appointed 6 November 2023) AC Moore (Bursar – resigned 24 August 2023) GM Rochussen (Chairman) KG Tribe (Parents’ Art Society Chairman) AR Whittall (resigned 31 October 2022) K Woodthorpe

Registered Office

Tonbridge School Tonbridge, Kent TN9 1JP

The Tonbridge School Foundation

LEGAL AND ADMINISTRATIVE INFORMATION

Auditor

Bankers

Saffery LLP 71 Queen Victoria Street London EC4V 4BE

HSBC plc 100 High Street Tonbridge Kent TN9 1AN

Solicitors

Investment Managers

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

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

The Tonbridge School Foundation

REPORT OF THE TRUSTEE

For the year ended 30 June 2023

The Trustee submits its annual report and audited financial statements for the year ended 30 June 2023. 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 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.

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 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.

The Tonbridge School Foundation

REPORT OF THE TRUSTEE

For the year ended 30 June 2023

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.

Tonbridge School Foundation Committee

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

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.

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 2023

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.

The Charity is focussed on generating funds to support the School’s priorities and is committed to delivering educational excellence, as widely as possible and irrespective of financial means. Within this context, its continuing strategic focus is to widen opportunities to a Tonbridge education by both expanding the programme of Foundation Award bursaries and increasing opportunities to share the School’s facilities and expertise more widely with the local community and work in partnership with other schools.

The Charity supports the following areas:

Foundation Award Bursaries

Providing financial support to those who would not be able to attend Tonbridge School without assistance continues to form a central pillar to the School’s widening access strategy. Awards offered to each family reflect their individual circumstances, with some awards also covering associated expenses, such as uniform and extra-curricular activities.

Depth and Breadth

Increasing the depth and breadth of the School’s 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.

Educational Partnerships

The Charity continues to enhance the School’s facilities to enrich the boys’ experiences in collaborative learning and self-discovery and to increase access to these facilities amongst the local community. The Charity enjoys strong links with many local state primary schools and charitable organisations, providing mutually beneficial opportunities to learn from teaching staff and share resources.

Tonbridge School combines its relations with all constituents of the Tonbridge family, including Old Tonbridgians, parents past and present, and Friends of the School, through the Tonbridge Society. The aims of the Society are to maintain and build good relations amongst the worldwide Tonbridge family, foster support for The Tonbridge School Foundation and for all it seeks to achieve and to encourage the culture of giving.

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

Engagement

Delivering a sophisticated contact management and supporter care programme that provides regular news updates and activities which are tailored to the Charity’s community interests.
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.

The Tonbridge School Foundation

REPORT OF THE TRUSTEE

For the year ended 30 June 2023

Enrichment

Implementing a comprehensive stewardship and events programme with the objective of forming closer bonds between the School, parents, staff, Old Tonbridgians, and friends of the School.

Enhancement

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 the 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.
Developing a network of representatives, current and former parents, Old Tonbridgians and friends that can share their skills and expertise with students and other members of the Tonbridge Society community.

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:

Engagement

A strong stewardship programme has produced good levels of engagement within our community culminating in excellent email open rates, event attendance, fundraising support, and membership of the Charity’s secure online community, Tonbridge Connect.
There was a significant uplift in social, networking and stewardship events with over 100 events held for parents, past parents, Old Tonbridgians and friends of the School coordinated through the Tonbridge Society.
Overseas networks and relationships with the School were strengthened. Networking and stewardship events took place with Old Tonbridgians and parents, past and present, in Hong Kong, Singapore, Malaysia, and the United States.

Enrichment

The Charity continued its aim to harness the talents and expertise of the parent and Old Tonbridgian community, from graduate to senior leadership level. During the year, it has seen its professional networks and mentor and career guidance volunteers grow.
A wide range of inspiring Old Tonbridgians and parents shared their knowledge, expertise and unique stories with students and the Tonbridge Society community via careers and mentoring events and the Tennant Lecture Series.

Enhancement

Fundraising to bring deserving and talented boys, irrespective of means, and from varied and diverse backgrounds to Tonbridge has developed further in the year.
During the year £1,236k of donations were received, resulting from campaigning, individual consultation and from the Charity’s third Giving Day. Regular donations were committed by the 1553 Society, a November 2022 telephone campaign, with ongoing impact reporting via direct mail and digital communications providing additional support.

The Tonbridge School Foundation

REPORT OF THE TRUSTEE

For the year ended 30 June 2023

Enhancement – Continued

The School’s third Giving Day took place on 28 - 29 June 2023. Its aim being to bring the Tonbridge School community together to raise as much money as possible for widening access but, equally importantly, to continue to raise awareness, amongst our internal and external audiences, about why Foundation Awards matter. The Giving Day, and notably the community activities that encompass it, is also a core part of the School’s strategy to build a culture of philanthropy at Tonbridge and capitalise further on the opportunity to raise awareness about the value of means tested fee remission for enriching the School community.
The theme of community and ‘giving back’ plays a large part in Giving Day. Nearly 700 children, from 14 local schools, spent a day at Tonbridge taking part a range of sporting, artistic and academic activities. Pupils were looked after by Tonbridge’s First Years, with activities being run by Sixth Formers and staff members. The School’s young visitors tried their hands at all sorts, from archery, art, and athletics to dance, poetry, drama, and science, with everyone encouraged to have a go at something new.
Simultaneously, each House undertook a major off-site challenge to give back to twelve projects in the local community, involving more than 350 Second- and Third-Year boys. Boys and School staff visited several local primary schools to help with projects such as creating nature areas, planting, installing water features, organising fun runs, and helping pupils prepare for sports days and drama productions.
The Giving Day event secured total pledges over the two days of more than £525k from 596 unique donors towards the Foundation Award Bursary programme.
The Giving Day campaign won a nationally recognised award, the IDPE Development Engagement Campaign of the Year, in recognition of the success and impact.
The Charity continued to benefit from legacy income of £133k and now has 98 living Judde Society members who are recognising the Charity in their Will.

The Charity is committed to best practice in relation to all fundraising activities, which are conducted by the in-house Foundation team who are subject to the scrutiny of the Tonbridge School Foundation Committee and Governing Body. The Charity does not work directly with commercial sponsors or fundraisers in relation to its fundraising, and no complaints were received during the year in respect of this activity. The School is registered with the Fundraising Regulator and has internal protocols and procedures which adhere to the Code of Fundraising Practice as a set of guiding principles to ensure fundraising is legal, open, honest, and respectful. This national code of practice includes rules governing consent, data sharing, data protection and privacy relating to all electronic and print communications. Within this framework, the School strives for full compliance with GDPR and PECR regulations and continues to review the management of data and its communication strategy in line with best practice.

The Charity has supported these projects during the year:

The Tonbridge School Foundation directly supported 66 Foundation Award scholars, at an investment of £341k across all Houses in the School. All donations to restricted funds were allocated accordingly. Foundation Award recipients were jointly funded by both The Tonbridge School Foundation and the School.
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.

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 Tonbridge School Foundation

REPORT OF THE TRUSTEE

For the year ended 30 June 2023

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. 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 and transfers between funds.

Restricted House Award Funds Balances At 1 July 2022 £ General Scholarship Fund 1,331,062 Barry Orchard Fund 77 Hill Side Fund 211,740 Park House Fund 128,071 Manor House Fund 12,727 Ferox Hall Fund 2 Parkside Fund 0 School House Fund 0 Welldon House Fund 0 Smythe House Fund 1,250 1,684,929	Restricted House Award Funds Balances At 1 July 2022 £ General Scholarship Fund 1,331,062 Barry Orchard Fund 77 Hill Side Fund 211,740 Park House Fund 128,071 Manor House Fund 12,727 Ferox Hall Fund 2 Parkside Fund 0 School House Fund 0 Welldon House Fund 0 Smythe House Fund 1,250 1,684,929	Income £ 956,361 10,659 25,067 7,107 2,814 4,079 1,050 1,501 2,613 1,253	Grants & Expenses £ (95,385) (34,832) (21,406) (21,061) (10,295) (23,183) (51,205) (42,309) (7,308) (35,505)	Transfers/ Investment £ (154,421) 24,096 3,136 1,750 25 19,102 50,155 40,808 4,695 33,002	At 30 June 2023 £ 2,037,617 0 218,537 115,867 5,271 0 0 0 0 0 2,377,292
	1,684,929	1,012,504	(342,489)	22,348

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 £203,101, resulting in a closing fund balance of £1,781,483, with the General Scholarship Fund recording net incoming resources of £706,555 and a closing fund balance of £2,037,617.

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 2023. Grants to Tonbridge School included £341,000 in respect of the Foundation Awards programme and £53,400 towards co-curricular projects.

The Tonbridge School Foundation

REPORT OF THE TRUSTEE

For the year ended 30 June 2023

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

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 means-tested, termfunded scholarships to boarders at Hill Side, Tonbridge School;
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 New Beacon Fund, a fund available to support the activities at The New Beacon 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;

The Tonbridge School Foundation

REPORT OF THE TRUSTEE

For the year ended 30 June 2023

Restricted Funds – continued

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 be 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.

RESERVES POLICY

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 £1,781,483

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 Total unrestricted funds Represented by: Net current assets	2023 £ 1,781,483 1,781,483	2022 £ 1,578,382
		1,578,382

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;
Endowment funds.

The Tonbridge School Foundation

REPORT OF THE TRUSTEE

For the year ended 30 June 2023

INVESTMENT POLICY AND OBJECTIVES - Continued

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 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.

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, economic and IT) 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.

Economic recovery and political uncertainty remain a risk to fundraising during the 2023/2024 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.

FUTURE PLANS

The Charity aims to widen access to a Tonbridge education regardless of an individual’s financial means or circumstances, and attract the brightest pupils, to help them achieve outstanding academic results and support their future ambitions. This is why the Charity aims to increase its bursary provision to support up to 100 students by 2028.

To achieve this goal, the Charity will prioritise the following during 2023-2024:

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.
Repeat the Giving Day and telephone campaign to continue to bring the Tonbridge School community together to raise as much money as possible for widening access but, equally importantly, to continue to raise awareness, amongst our internal and external audiences, about why Foundation Awards matter. Giving back to the community will continue to be a core part of the School’s strategy to build a culture of philanthropy at Tonbridge.
Continue to build the Charity’s regular giving programme with impact reporting on appeals.
Build a network of campaign volunteers and ambassadors, to use their skills and expertise to engage others with the campaign and future programmes.

The Tonbridge School Foundation

REPORT OF THE TRUSTEE

For the year ended 30 June 2023

FUTURE PLANS - Continued

Continue to devote time to communications, stewardship, and impact reporting, ensuring the Charity’s community is receptive and informed about future projects and how they can support.
Continue to grow the Tonbridge Connect online networking platform, with a brand relaunch, a wide range of engagement opportunities for our global community and build the ‘Life after Tonbridge’ careers and mentoring opportunities.
Continue to strengthen overseas networks.

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 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:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
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 LLP be reappointed as Auditors of the Charity will be put to the Annual General Meeting.

Approved by the Trustee on 21 February 2024 and signed on its behalf by:

MF Dobbs Trustee – Tonbridge School

The Tonbridge School Foundation

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE

For the year ended 30 June 2023

Opinion

We have audited the financial statements of The Tonbridge School Foundation for the year ended 30 June 2023 which comprise the 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 2023 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
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 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.

The Tonbridge School Foundation

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE

For the year ended 30 June 2023

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 Report of the Trustee 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 12, 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 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.

The Tonbridge School Foundation

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE

For the year ended 30 June 2023

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.

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 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.

Saffery LLP Chartered Accountants Statutory Auditors

Date : 14 March 2024

71 Queen Victoria Street London EC4V 4BE

Saffery 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 2023

Unrestricted Note Funds £ INCOME Donations and legacies Grants and donations 3 269,411 Investments Investment income 4 0 Bank and other interest 5 3,575 Total income 272,986 EXPENDITURE Costs of raising funds Investment management 0 Fundraising and development 4,905 4,905 Charitable activities Grant making 64,980 Total expenditure 6 69,885 Net income before transfers 203,101 and investment gains/(losses) Realised investment gains 0 Unrealised investment (losses) / gains 0 Net income for the year 203,101 Transfers between funds 13 0 NET MOVEMENT IN FUNDS 13 203,101 Fund balances brought forward at 1,578,382 1 July 2022 Fund balances carried forward at 1,781,483 30 June 2023	Restricted Funds £ 966,394 60,751 6,182	Endowed Funds £ 0 0 0
272,986	1,033,327	0
0 4,905	7,486 0	5,264 0
4,905 64,980	7,486 341,000	5,264 0
69,885	348,486	5,264
203,101 0 0	684,841 859 25,970	(5,264) 605 18,269
203,101 0	711,670 0	13,610 0
203,101 1,578,382	711,670 2,036,789	13,610 504,320
1,781,483	2,748,459	517,930

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

The Tonbridge School Foundation

BALANCE SHEET

As at 30 June 2023

Note FIXED ASSETS Investments 9 CURRENT ASSETS Debtors 10 Cash and deposits CURRENT LIABILITIES 11 Creditors payable within one year NET CURRENT ASSETS NET ASSETS 12 REPRESENTED BY: Endowed Funds Restricted Funds Unrestricted Funds TOTAL FUNDS	£ 314,294 1,923,061	2023 £ £ 2,830,942 225,788 1,815,496 2,041,284 (45,683) 2,216,930 5,047,872 517,930 2,748,459 1,781,483 5,047,872	2022 £ 2,123,890
	2,237,355 (20,425)
			1,995,601
			4,119,491
			504,320 2,036,789 1,578,382
			4,119,491

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 21 February 2024 and were signed on its behalf by:

MF Dobbs Trustee – Tonbridge School

The Tonbridge School Foundation

CASH FLOW STATEMENT

For the year ended 30 June 2023

Note
CASH INFLOW FROM OPERATING ACTIVITIES
14
NET CASH USED IN INVESTING ACTIVITIES
Purchase of investments
Sale of investments
Investment income
Interest received
Endowment donations
Net cash used in investing activities
INCREASE / (DECREASE) IN CASH IN THE YEAR
15
CASH AND CASH EQUIVALENTS AT THE START OF THE YEAR
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
Notice deposits (less than 3 months)

2023
2022
£
£
701,897
287,817
(1,741,038)
(1,374,792)
1,079,689
1,027,125
60,751
24,412
6,266
780
0
0
(594,332)
(322,475)
107,565
(34,658)
1,815,496
1,850,154
1,923,061
1,815,496
1,347,213
1,502,303
575,848
313,193
1,923,061
1,815,496

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 2023

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[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 based on 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 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 2023

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 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.

2. Critical accounting judgements and key sources of estimation uncertainty

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 2023 or 2022.

The Tonbridge School Foundation

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2023

2. Critical accounting estimates and assumptions

There are no critical accounting estimates or assumptions in 2023 or 2022.

3. Voluntary Income

Grants and donations

Year ended 30 June 2022 Unrestricted £ Individuals 67,911 Corporate donors & Charitable Trusts 75,000 Legacies 126,500 269,411 Unrestricted £ Individuals 104,155 Corporate donors & Charitable Trusts 10,000 Legacies 15,000 129,155	Restricted £ 423,350 537,044 6,000	Endowed £ 0 0 0	2023 £ 491,261 612,044 132,500
269,411	966,394	0	1,235,805
	Restricted £ 793,396 42,297 37,400	Endowed £ 0 0 0	2022 £ 897,551 52,297 52,400
129,155	873,093	0	1,002,248

4. Investment income

All investment income is in respect of restricted funds

Equities Fixed interest	2023 2022 £ £ 14,871 11,911 45,880 12,501 60,751 24,412

5. Bank and other interest

Year ended 30 June 2022 Unrestricted £ Interest received 3,575 3,575 Unrestricted £ Interest received 642 642	Restricted £ 6,182 6,182 Restricted £ 1015	Endowed £ 0 0 Endowed £ 0	2023 £ 9,757
			9,757
			2022 £ 1,657
642	1,015	0	1,657

The Tonbridge School Foundation

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2023

6. Analysis of total expenditure

Year ended 30 June 2022 Unrestricted £ Cost of raising funds: Investment management 0 Fundraising and development 4,905 Total costs of raising funds 4,905 Charitable expenditure: Governance 11,580 Grants to Tonbridge School 53,400 Total charitable expenditure 64,980 Total expenditure 69,885 Unrestricted £ Cost of raising funds: Investment management 0 Fundraising and development 6,090 Total costs of raising funds 6,090 Charitable expenditure: Governance 11,460 Grants to Tonbridge School 44,813 Total charitable expenditure 56,273 Total expenditure 62,363 Audit fees included in Charitable expenditure Remuneration paid to auditor : For audit services For other services	Restricted £ 7,486 0	Endowed £ 5,264 0	2023 £ 12,750 4,905
4,905	7,486	5,264	17,655
11,580 53,400	0 341,000	0 0	11,580 394,400
64,980	341,000	-	405,980

69,885	348,486	5,264	423,635
	Restricted £ 5,519 38,800	Endowed £ 4,002 0	2022 £ 9,521 44,890
6,090	44,319	4,002	54,411
11,460 44,813	0 328,000	0 0	11,460 372,813
56,273	328,000	-	384,273

62,363	372,319	4,002	438,684
		2023 £ 11,580 0	2022 £ 9,960 1,500
		11,580	11,460

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, which forms part of the fundraising and development costs of the Group, and provides a social and professional network for the Tonbridge School Community including current and past parents, current boys, Old Tonbridgians, staff and other friends, and coordinates the fundraising activities undertaken by the Tonbridge School Foundation, are detailed in the parent company financial statements for the year under review. Total fundraising and development costs for the Group, (exclusive of Governance and Grants to Tonbridge School) was £628,166 for the year ended 30 June 2023 (2022: £674,209). 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 2023

7. Trustee’s Remuneration

The Trustee received no remuneration during the year (2022: £ Nil).

No expenses or travel costs were reimbursed to Trustee during the year (2022: £ Nil).

Members of the Tonbridge Society Committee and The Tonbridge School Foundation Committee received no remuneration during the year (2022: £ 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.

The Tonbridge School Foundation

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2023

9. Fixed asset investments

Market value 1 July 2022
Acquisitions at cost
Disposals at opening book value
Increase in value of investments
Market value at 30 June 2023
Invested in:
UK Fixed Interest
Overseas Fixed Interest
UK Equities
Overseas Equities
Alternative Investment Property
Alternative Investment Unclassified
Cash deposits
Market value at 30 June 2023
Historical cost 30 June 2023

2023
2023
2023
2022
Restricted
Endowed
Total
Total
£
£
£
£
1,619,570
504,320
2,123,890
1,837,122
1,327,627
413,411
1,741,038
1,374,792
(660,155)
(418,070)
(1,078,225)
(1,014,593)
25,970
18,269
44,239
(73,431)
2,313,012
517,930
2,830,942
2,123,890
61,919
19,168
81,087
0
396,793
122,838
519,631
344,638
723,594
224,006
947,600
393,104
335,774
103,947
439,721
268,629
66,252
20,510
86,762
109,898
88,705
27,461
116,166
104,991
639,975
0
639,975
902,630
2,313,012
517,930
2,830,942
2,123,890
2,260,777
501,760
2,762,537
2,136,084

10. Debtors

10. Debtors
11. Creditors - Amounts payable within one year Accrued income Other Creditors Accruals and deferred income Amounts due to Tonbridge School	2023 £ 314,294	2022 £ 225,788
	314,294	225,788
	2023 £ 0 15,625 4,800	2022 £ 190 32,555 12,938
	20,425	45,683

The Tonbridge School Foundation

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2023

12. Allocation of net assets by fund

Investments £ 0	Other Net Assets/ (Liabilities) £ 1,781,483	2023 Total £ 1,781,483
0	1,781,483	1,781,483
0 0 1,734,908 0 195,210 99,506 0 0 0 0 0 0 6,257 277,131 0 0 0 0 0 0	31,285 1,223 302,709 0 23,327 16,361 5,271 0 0 0 0 0 0 5,332 4 15,219 653 29,749 4,139 175	31,285 1,223 2,037,617 0 218,537 115,867 5,271 0 0 0 0 0 6,257 282,463 4 15,219 653 29,749 4,139 175
2,313,012	435,447	2,748,459
190,570 192,359 135,001	0 0 0	190,570 192,359 135,001
517,930	0	517,930
2,830,942	2,216,930	5,047,872

Included with endowed funds is a revaluation reserve with a balance of £16,170 (2022: £Nil) and within restricted funds a revaluation reserve with a balance of £52,235 (2022: £Nil). All reserves relate to the revaluation of investments.

The Tonbridge School Foundation

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2023

12. Allocation of net assets by fund – continued

Year ended 30 June 2022

Investments £ 0	Other Net Assets/ (Liabilities) £ 1,578,382	2022 Total £ 1,578,382
0	1,578,382	1,578,382
0 0 1,052,649 0 189,336 105,621 1,502 0 0 0 0 0 270,462 0 0 0 0 0 0	25,384 977 278,413 77 22,404 22,450 11,225 2 0 0 0 1,250 5,179 4 15,188 627 29,688 4,176 175	25,384 977 1,331,062 77 211,740 128,071 12,727 2 0 0 0 1,250 275,641 4 15,188 627 29,688 4,176 175
1,619,570	417,219	2,036,789
185,563 187,304 131,453	0 0 0	185,563 187,304 131,453
504,320	0	504,320
2,123,890	1,995,601	4,119,491

The Tonbridge School Foundation

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2023

13. Analysis of movement in funds

Unrestricted:
General Fund
Restricted:
Master Plan Fund
Ton. School Centre Fund
General Scholarship Fund
Barry Orchard Fund
Hill Side Fund
Park House Fund
Manor House Fund
Ferox Hall Fund
Parkside Fund
School House Fund
Welldon House Fund
Smythe House Fund
The New Beacon Fund
Billinton Fund
Tree Fund
Media Centre Fund
Rackets Court Fund
Cricket Fund
Hockey Fund
Steinway Fund
Endowed:
General Sch. Fund
Barry Orchard Sch. Fund
Hillside Sch. Fund
Total

At
Income
Expenditure
Transfers &
Balance at
1 July 2022
Investment 30 June 2023
Gains/(Losses)
£
£
£
£
£
1,578,382
272,986
(69,885)
0
1,781,483
1,578,382
272,986
(69,885)
0
1,781,483
25,384
5,901
0
0
31,285
977
246
0
0
1,223
1,331,062
956,361
(95,385)
(154,421)
2,037,617
77
10,659
(34,832)
24,096
0
211,740
25,067
(21,406)
3,136
218,537
128,071
7,107
(21,061)
1,750
115,867
12,727
2,814
(10,295)
25
5,271
2
4,079
(23,183)
19,102
0
0
1,050
(51,205)
50,155
0
0
1,501
(42,309)
40,808
0
0
2,613
(7,308)
4,695
0
1,250
1,253
(35,505)
33,002
0
0
6,257
0
0
6,257
275,641
8,338
(5,997)
4,481
282,463
4
0
0
0
4
15,188
31
0
0
15,219
627
26
0
0
653
29,688
61
0
0
29,749
4,176
(37)
0
0
4,139
175
0
0
0
175
2,036,789
1,033,327
(348,486)
26,829
2,748,459
185,563
0
(1,937)
6,944
190,570
187,304
0
(1,955)
7,010
192,359
131,453
0
(1,372)
4,920
135,001
504,320
0
(5,264)
18,874
517,930
4,119,491
1,306,313
(423,635)
45,703
5,047,872

The Tonbridge School Foundation

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2023

13. Analysis of movement in funds – continued

For the year ended 30 June 2022

For the year ended 30 June 2022
*Unrestricted:* General Fund *Restricted:* Master Plan Fund Ton. School Centre Fund General Scholarship Fund Barry Orchard Fund Hill Side Fund Park House Fund Manor House Fund Ferox Hall Fund Parkside Fund School House Fund Welldon House Fund Smythe House Fund Billinton Fund Tree Fund Media Centre Fund Rackets Court Fund Cricket Fund Hockey Fund Steinway Fund *Endowed:* General Sch. Fund Barry Orchard Sch. Fund Hillside Sch. Fund Total	At 1 July 2021 £ 1,510,948	Income £ 129,797	Expenditure Transfers & Investment Gains/(Losses) £ £ (62,363) 0 (62,363) 0 0 0 0 0 (113,007) (145,894) (35,434) 14,971 (41,344) (5,775) (17,921) (3,623) (21,157) (829) (28,245) 7,762 (35,434) 34,384 (37,249) 36,904 (35,956) 34,361 0 0 (6,572) (7,559) 0 0 0 0 0 0 0 0 0 0 0 0 (372,319) (35,298) (1,473) (9,420) (1,486) (9,508) (1,043) (6,673) (4,002) (25,601) (438,684) (60,899)		Balance at 30 June 2022 £ 1,578,382
	1,510,948	129,797	(62,363)	0	1,578,382
	18,152 733 771,069 11,922 235,603 133,768 30,603 15,099 0 0 0 0 279,099 4 15,182 627 29,676 4,174 175	7,232 244 818,894 8,618 23,256 15,847 4,110 5,386 1,050 345 1,595 1,250 10,673 0 6 0 12 2 0	0 0 (113,007) (35,434) (41,344) (17,921) (21,157) (28,245) (35,434) (37,249) (35,956) 0 (6,572) 0 0 0 0 0 0	0 0 (145,894) 14,971 (5,775) (3,623) (829) 7,762 34,384 36,904 34,361 0 (7,559) 0 0 0 0 0 0	25,384 977 1,331,062 77 211,740 128,071 12,727 2 0 0 0 1,250 275,641 4 15,188 627 29,688 4,176 175
	1,545,886	898,520	(372,319)	(35,298)	2,036,789
	196,456 198,298 139,169	0 0 0	(1,473) (1,486) (1,043)	(9,420) (9,508) (6,673)	185,563 187,304 131,453
	533,923	0	(4,002)	(25,601)	504,320
	3,590,757	1,028,317	(438,684)	(60,899)	4,119,491

The Tonbridge School Foundation

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2023

14. Reconciliation of net income for the reporting period

14. Reconciliation of net income for the reporting period
15. Reconciliation of net movement in cash Net income Investment income received Bank interest received Realised gains on investments Unrealised (gains) / losses on investments (Increase) / decrease in debtors Decrease in creditors Net cash inflow / (outflow) from operating activities Operating Cash	At 1 July 2022 £ 1,815,496 1,815,496	2023 £ 928,381 (60,751) (9,757) (1,464) (44,239) (85,015) (25,258)	2022 £ 528,734 (24,412) (1,657) (12,532) 73,431 51,076 (326,823)
		701,897	287,817
		Cash flows £ 107,565 107,565	Balance 30 June 2023 £ 1,923,061
			1,923,061

15. Reconciliation of net movement in cash

16. Related / connected parties

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

Foundation Award Programme Co-curricular and Sporting Activities	2023 2022 £ £ 341,000 328,000 53,400 44,813 394,400 372,813

The amounts owed to Tonbridge School at 30 June 2023 can be seen in Note 11.

Donations were received from six Trustees of Tonbridge School totalling £26,060 (2022: £5,819).

17. Taxation

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

The Tonbridge School Foundation

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2023

18. Comparative Statement of Financial Activities 2022

Unrestricted Funds £ INCOME Donations and legacies Grants and donations 129,155 Investments Investment income 0 Bank and other interest 642 Total income 129,797 EXPENDITURE Costs of raising funds Investment management 0 Fundraising and development 6,090 6,090 Charitable activities Grant making 56,273 Total expenditure 62,363 Net income before transfers 67,434 and investment gains/(losses) Realised investment gains/(losses) 0 Unrealised investment gains/(losses) 0 Net income for the year 67,434 Transfers between funds 0 NET MOVEMENT IN FUNDS 67,434	Unrestricted Funds £ INCOME Donations and legacies Grants and donations 129,155 Investments Investment income 0 Bank and other interest 642 Total income 129,797 EXPENDITURE Costs of raising funds Investment management 0 Fundraising and development 6,090 6,090 Charitable activities Grant making 56,273 Total expenditure 62,363 Net income before transfers 67,434 and investment gains/(losses) Realised investment gains/(losses) 0 Unrealised investment gains/(losses) 0 Net income for the year 67,434 Transfers between funds 0 NET MOVEMENT IN FUNDS 67,434	Restricted Funds £ 873,093 24,412 1,015	Endowed 2022 Funds Total £ £ 0 1,002,248 0 24,412 0 1,657 0 1,028,317 4,002 9,521 0 44,890 4,002 54,411 0 384,273 4,002 438,684 (4,002) 589,633 5,268 12,532 (30,869) (73,431) (29,603) 528,734 0 0 (29,603) 528,734
	129,797	898,520
	0 6,090	5,519 38,800
	6,090 56,273	44,319 328,000
	62,363	372,319
	67,434 0 0	526,201 7,264 (42,562)
	67,434 0	490,903 0
	67,434	490,903

The Tonbridge School Foundation

CONTENTS

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Tonbridge School Foundation Committee

Senior Officers

Tonbridge Society Committee Members

Registered Office

LEGAL AND ADMINISTRATIVE INFORMATION

Auditor

Bankers

Solicitors

Investment Managers

REPORT OF THE TRUSTEE

REFERENCE AND ADMINISTRATIVE INFORMATION

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Governing Body

Recruitment of Trustee

Organisational Management

Tonbridge Society Committee

REPORT OF THE TRUSTEE

Tonbridge School Foundation Committee

Key Management Personnel

Parent Charity

Charitable Objects

Aims and Intended Impact

REPORT OF THE TRUSTEE

The Strategic Report

Principal Activities and Objectives for the Year

Foundation Award Bursaries

Depth and Breadth

Educational Partnerships

Engagement

REPORT OF THE TRUSTEE

Enrichment

Enhancement

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Engagement

Enrichment

Enhancement

REPORT OF THE TRUSTEE

Enhancement – Continued

REPORT OF THE TRUSTEE

Foundation Awards

REPORT OF THE TRUSTEE

Unrestricted Funds

Restricted Funds

REPORT OF THE TRUSTEE

Restricted Funds – continued

Endowed Funds

RESERVES POLICY

REPORT OF THE TRUSTEE

INVESTMENT POLICY AND OBJECTIVES - Continued

PRINCIPAL RISKS AND UNCERTAINTIES

Risk Management

FUTURE PLANS

REPORT OF THE TRUSTEE

FUTURE PLANS - Continued

STATEMENT OF TRUSTEE’S RESPONSIBILITIES

Auditors

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE

Opinion

Basis for opinion

Conclusions relating to going concern

Other information

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE

Matters on which we are required to report by exception

Responsibilities of the Trustee

Auditor’s responsibilities for the audit of the financial statements

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE

Audit response to risks identified:

Use of our report

Saffery LLP Chartered Accountants Statutory Auditors

Date : 14 March 2024

STATEMENT OF FINANCIAL ACTIVITIES

BALANCE SHEET

CASH FLOW STATEMENT

NOTES TO THE FINANCIAL STATEMENTS