Registered Charity No: 1099162
The Tonbridge School Foundation
REPORT AND FINANCIAL STATEMENTS Year ended 30 June 2025
The Tonbridge School Foundation
CONTENTS
| CONTENTS | 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 also act as Trustees and Directors of the School are as listed below:
GM Rochussen (Chairman) TM Attenborough CJ Ashton SA Bishop S Carr (appointed 1 January 2026) DP Devitt MF Dobbs (resigned 31 August 2025) Professor H Gaunt (resigned 31 August 2025) SA Hall HJ Hamilton-Turner
Dr T Hands JG Leahy Dr N Perry Dr FVN Rangarajan JRT Rogers Dr MS Spurr (resigned 31 August 2025) J Thorne (resigned 31 August 2025) KM Wheadon GP White Earl of Woolton (appointed 17 September 2025)
Tonbridge School Foundation Committee
GM Rochussen (Chairman) OH Clay JG Leahy K Woodthorpe
Senior Officers
JE Priory (Headmaster) WR May (Chief Operating Officer) SM Meikle (Interim Bursar – resigned 6 July 2024) A Ballard (Director of the Tonbridge Society)
Tonbridge Society Committee Members
A Ballard OH Clay P Fincham (Old Tonbridgian Society President) RI Hough (Old Tonbridgian Society Chairman) JG Leahy JE Priory (Headmaster) WR May (Chief Operating Officer) SM Meikle (Interim Bursar –resigned 6 July 2024) GM Rochussen (Chairman) KG Tribe (Parents’ Art Society Chairman) K Woodthorpe
Registered Office
Tonbridge School Tonbridge Kent TN9 1JP
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The Tonbridge School Foundation
LEGAL AND ADMINISTRATIVE INFORMATION
Auditor
Bankers
Saffery LLP 71 Queen Victoria Street London EC4V 4BE
HSBC plc 105 Mount Pleasant Tunbridge Wells Kent TN1 1QP
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
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The Tonbridge School Foundation
REPORT OF THE TRUSTEE
For the year ended 30 June 2025
The Trustee submits its annual report and audited financial statements for the year ended 30 June 2025. 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 also act as Trustees and Directors of the 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 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.
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The Tonbridge School Foundation
REPORT OF THE TRUSTEE
For the year ended 30 June 2025
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 sub-committee 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, Chief Operating Officer and Director of the Tonbridge Society attend Committee meetings. The independent members are also members of the Tonbridge Society Committee.
With effect from February 2025, a new framework for the Tonbridge Society was introduced. The Tonbridge School Foundation Committee was retained in its current format, as noted above, but it was felt that the activities of the former Tonbridge Society Committee would be better coordinated through the operations of the Tonbridge Society Management Group, led by the Director of the Tonbridge Society, with the Group tasked with ensuring best practice and close coordination between Old Tonbridgians, our parent communities, and other groups, in supporting the School’s engagement and enrichment program.
Key Management Personnel
The Foundation employs no staff directly as all support is provided by the staff of the Trustee. The Governors (Trustees) of the Corporate Trustee, Tonbridge School, together with the Tonbridge School Foundation Committee members and Senior Officers, as listed on page 1, comprise the 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 supports Foundation Awards and makes significant grants with wider public benefit as detailed below.
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The Tonbridge School Foundation
REPORT OF THE TRUSTEE
For the year ended 30 June 2025
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 benefit 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 Awards 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 Awards
- 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 objectives. Awards offered to each family reflect their individual circumstances, with some awards also covering associated expenses, such as uniform and extra-curricular activities.
- 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, TSF continued to focus its activities in the following areas through the operations of the Tonbridge Society:
Engagement
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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.
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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.
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The Tonbridge School Foundation
REPORT OF THE TRUSTEE
For the year ended 30 June 2025
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
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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 overseen 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.
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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
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A robust stewardship programme has fostered high engagement within our community, resulting in excellent email open rates, strong event attendance, and increased fundraising support, along with growing membership in the secure online platform, Tonbridge Connect. Events were held for regular and major donors, with additional gatherings planned for leadership donors. The legacy pledge group, the Judde Society, also held its lunch in March 2025 with a record turnout.
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Social, networking, and stewardship events saw a substantial 300% increase since November 2022, with over 100 events organised for parents, past parents, Old Tonbridgians, and friends of the School through the Tonbridge Society. Among these was the newly launched Tonbridge Society Business Breakfast, introduced in January 2024 and significant increases in OT regional and global engagement.
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International networks and relationships with the School were further strengthened through networking and stewardship events held with Old Tonbridgians and both current and former parents in Hong Kong, Singapore, Malaysia, Switzerland, Thailand, France, Spain, the UAE, and the record numbers in United States.
Enrichment
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The Charity continued its aim to harness the talents and expertise of the parent and Old Tonbridgian community, from recent graduates to senior leaders. Over the past year, professional networks have expanded, and the pool of volunteers providing mentorship, career guidance has grown significantly.
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A wide range of inspiring Old Tonbridgians and parents shared their knowledge, expertise and unique stories with students and the Tonbridge Society community through careers and mentoring events, as well as the Tennant Lecture Series.
Enhancement
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Fundraising efforts continued to progress this year, aimed at bringing deserving, talented boys from varied and diverse backgrounds, and irrespective of financial means to Tonbridge.
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Over the year, £995k in donations were received through campaigns, individual consultations, and regular contributions from members of the 1553 Society.
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The Tonbridge School Foundation
REPORT OF THE TRUSTEE
For the year ended 30 June 2025
Enhancement - continued
This Giving Day was successful to date and, along with its community centred activities, is integral to the School’s strategy to cultivate a culture of philanthropy and raise awareness of the importance of means-tested fee remission in enriching the School community. The event generated over £465k in pledges from over 600 unique donors over two days in support of the Foundation Awards programme.
- The Charity continued to benefit from legacy income of £125k, including £74k to support the establishment of a Mathematics Foundation Award Scholarship, and now has 105 living Judde Society members who have included the Charity in their Will. A campaign to increase legacy pledges was launched in 2024 and will progress in 2025, with anticipated impacts on future income.
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 the following projects during the year:
The Tonbridge School Foundation directly supported 72 (2024:69) Foundation Award scholars, at an investment of £557k (2024:£445k) across all Houses in the School. All donations to restricted funds were allocated accordingly. Both The Tonbridge School Foundation and the School jointly funded Foundation Award recipients. In addition, the Charity also supported the installation of solar panels at Tonbridge 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.
Fundraising costs
As noted on page 4, Parent Charity, the results of The Tonbridge School Foundation are consolidated within the results of its parent undertaking, Tonbridge School, registered Charity number 1097977. The Tonbridge Society (page 3) 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. Its operating costs are detailed in the parent company financial statements for the year under review.
Included below is a table summarising the Group’s fundraising costs as a percentage of The Tonbridge School Foundation’s total Incoming Resources.
The analysis reflects the direct fundraising costs incurred by the Tonbridge School Foundation (£5k (2024:£2k)) plus an allocation of the total Tonbridge Society team overhead costs incurred by Tonbridge School (£690k (2024:£589k) inclusive of central overheads as required by the Charity SORP). Fundraising costs are allocated on a percentage of time spent basis for salary costs, directly for all fundraising related expenditure, and on a percentage of total cost basis where costs are shared across multiple activities. This percentage allocation is reviewed periodically to ensure consistency and accuracy.
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The Tonbridge School Foundation
REPORT OF THE TRUSTEE
For the year ended 30 June 2025
Fundraising costs - continued
| Fundraising Expenditure and Income (£) 2020/21 2021/22 2022/23 2023/24 2024/25 |
Total |
|---|---|
| Estimated Group Fundraising Expenditure 225,361 303,394 282,675 267,251 314,442 TSF Total Income / Total Incoming Resources 1,335,509 1,028,317 1,306,313 1,021,132 1,146,029 |
1,393,123 5,837,300 |
| Total Income Received % Expenditure 17% 30% 22% 26% 27% |
24% |
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 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 |
At 1 July 2024 £ 2,674,332 - 235,518 119,981 - - - - - - |
Income £ 690,020 52,544 18,294 6,135 2,655 4,784 752 139 2,454 1,250 |
Grants & Expenses £ (296,738) (5,633) (41,875) (16,863) (30,214) (30,706) (47,113) (46,469) (19,304) (33,503) |
Transfers/ Investmen £ (149,524) - 4,037 2,119 27,559 25,922 46,361 46,330 16,850 32,253 |
Balance at 30 June 2025 £ 2,918,090 46,911 215,974 111,372 - - - - - - |
|---|---|---|---|---|---|
| 3,029,831 | 779,027 | (568,418) | 51,907 | 3,292,347 |
FUND ACCOUNTING
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 (Unrestricted) showed net outgoing resources of £87,553 (2024:net incoming £1,306)resulting in a closing fund balance of £1,695,236 (2024: £1,782,789), with the General Scholarship Fund recording net incoming resources of £243,758 (2024:£636,715)and a closing fund balance of £2,918,090 (2024: £2,674,332).
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 the lead-in to Giving Day 2025. Grants to Tonbridge School included £556,756 (2024:£445,402) in respect of the Foundation Awards programme and £260,600 (2024:£59,200) towards cocurricular projects.
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The Tonbridge School Foundation
REPORT OF THE TRUSTEE
For the year ended 30 June 2025
FUND ACCOUNTING - continued
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
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Master Plan Fund, to support the development of Tonbridge School’s facilities;
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The Tonbridge School Centre Fund, to raise funds for the construction of the Sports and Media Centre;
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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;
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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;
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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;
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Park House Fund, a fund available to award means-tested, term-funded scholarships to boarders at Park House, Tonbridge School;
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Manor House Fund, a fund available to award means-tested, term-funded scholarships to boarders at Manor House, Tonbridge School;
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Ferox Hall Fund, a fund available to award means-tested, term-funded scholarships to boarders at Ferox Hall, Tonbridge School;
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Parkside Fund, a fund available to award means-tested, term-funded scholarships to boarders at Parkside, Tonbridge School;
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School House Fund, a fund available to award means-tested, term-funded scholarships to boarders at School House, Tonbridge School;
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Welldon House Fund, a fund available to award means-tested, term-funded scholarships to day boys at Welldon House, Tonbridge School;
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Smythe House Fund, a fund available to award means-tested, term-funded scholarships to day boys at Smythe House, Tonbridge School;
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The New Beacon Fund, a fund available to support the activities at The New Beacon School;
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The Billinton Fund, a fund available to award means-tested, term funded bursaries to sons of Old Tonbridgians;
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The NJ Lord Fund, a fund to a provide Mathematical Foundation Award Scholarship;
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Media Centre Fund, a fund to provide teaching resources for the School’s Media Centre;
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The Tonbridge School Foundation
REPORT OF THE TRUSTEE
For the year ended 30 June 2025
Restricted Funds – continued
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Rackets Court Fund, a fund to support the building of an additional Rackets court at Tonbridge School;
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Cricket Fund, a fund to support Cricket at Tonbridge School;
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Hockey Fund, a fund to support Hockey at Tonbridge School;
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Depth & Breadth Fund, a fund to support the Co-Curricular activities of the School, including the achievement of ‘All Steinway’ Status.
Endowed Funds
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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;
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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;
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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 £1,695,236.
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 |
2025 £ 1,695,236 1,695,236 |
2024 £ 1,782,789 |
|---|---|---|
| 1,782,789 |
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:
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Funds for expenditure on capital projects and term-funded scholarships;
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Endowment funds.
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The Tonbridge School Foundation
REPORT OF THE TRUSTEE
For the year ended 30 June 2025
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 Asset Management (UK) Limited the operational day to day relationship rests with the HSBC Private Bank Charities Team. Investment strategies have been identified and approved to meet the 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, political uncertainty and the affordability of fees, given the impact of VAT, remain a risk to fundraising, 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 Trustee has set the following objectives for the financial year 2025/26:
Fundraising
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Continue developing the fundraising campaign strategy, with ‘widening access’ through the Foundation Awards programme as the principal focus, whilst exploring additional ‘depth & breadth’ and new projects.
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Maintain efforts to secure principal and major gifts while enhancing alumni events and supporter engagement.
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• Repeat Giving Day in July and the telephone campaign in November to strengthen the Foundation’s regular giving support, highlight the impact of the Foundation Awards programme, and continue to build the culture of philanthropy within the School community.
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Expand membership in the Legacy campaign through targeted events, including UK regional lunches and the flagship annual lunch.
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To develop new fundraising projects to support specific areas of the School and to enhance the offering for students and the wider community.
Engagement
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Continue stewarding supporter circles (Pioneers, Benefactors, Patrons, and Leadership supporters) with targeted events and one to one meetings throughout the year.
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Launch a plan to celebrate the 475th anniversary of the School in 2028 across all constituent groups and members of the Tonbridge family.
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The Tonbridge School Foundation
REPORT OF THE TRUSTEE
For the year ended 30 June 2025
FUTURE PLANS – Continued
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Expand engagement with previously non-donors and increase donor acquisition.
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Focus on communications, stewardship, and impact reporting to informed and inspired about future projects and how they can support.
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Build a network of campaign volunteers and ambassadors, to use their skills and expertise to engage others with the campaign and future programmes.
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Continue to strengthen overseas networks.
Operations
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Complete the second phase of resourcing the Foundation, including office staffing, compliance, and reporting structures to increase the potential income year on year.
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Forming an advisory group to aid the campaign and plan the 475th anniversary drawing on all talents.
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Work closely with donor groups and committee in different Tonbridge global communities to maximise the ability to support.
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Monitor all compliance matters in relation to the Fundraising Regulator and authorities in other territories.
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To support The New Beacon School in their efforts to fundraise as part of the wide Tonbridge Group.
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 27 March 2026 and signed on its behalf by:
Co\Astes Charles Ashton Governor – Tonbridge School
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The Tonbridge School Foundation
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE
For the year ended 30 June 2025
Opinion
We have audited the financial statements of The Tonbridge School Foundation for the year ended 30 June 2025 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:
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give a true and fair view of the state of the Charity’s affairs as at 30 June 2025 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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• 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.
13
The Tonbridge School Foundation
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE
For the year ended 30 June 2025
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.
14
The Tonbridge School Foundation
INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE
For the year ended 30 June 2025
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.
Kafe LU Saffery LLP Statutory Auditors
Date:
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
15
The Tonbridge School Foundation
STATEMENT OF FINANCIAL ACTIVITIES
For the year ended 30 June 2025
| Unrestricted Note Funds £ INCOME Donations and legacies Grants and donations 3 410,194 Investments Investment income 4 - Bank and other interest 5 10,931 Total income 421,125 EXPENDITURE Costs of raising funds Investment management - Fundraising and development 314,442 314,442 Charitable activities Grant making 194,236 Total expenditure 6 508,678 Net (expenditure) / income before transfers (87,553) and investment gains/(losses) Realised investment gains - Unrealised investment gains - Net (expenditure) / income for the year (87,553) NET MOVEMENT IN FUNDS 13 (87,553) Fund balances brought forward at 1,782,789 1 July 2024 Fund balances carried forward at 1,695,236 30 June 2025 |
Unrestricted Note Funds £ INCOME Donations and legacies Grants and donations 3 410,194 Investments Investment income 4 - Bank and other interest 5 10,931 Total income 421,125 EXPENDITURE Costs of raising funds Investment management - Fundraising and development 314,442 314,442 Charitable activities Grant making 194,236 Total expenditure 6 508,678 Net (expenditure) / income before transfers (87,553) and investment gains/(losses) Realised investment gains - Unrealised investment gains - Net (expenditure) / income for the year (87,553) NET MOVEMENT IN FUNDS 13 (87,553) Fund balances brought forward at 1,782,789 1 July 2024 Fund balances carried forward at 1,695,236 30 June 2025 |
Restricted Funds £ 894,267 115,023 25,096 |
Endowed Funds £ - - - |
Restated 2025 2024 Total Total £ £ 1,304,461 1,168,111 115,023 88,899 36,027 29,378 1,455,511 1,286,388 16,985 16,089 314,442 267,251 331,427 283,340 829,992 516,530 1,161,419 799,870 294,092 486,518 17,623 19,551 57,979 237,250 369,694 743,319 369,694 743,319 5,791,191 5,047,872 6,160,885 5,791,191 |
|---|---|---|---|---|
| 421,125 | 1,034,386 | - | ||
| - 314,442 |
13,053 - |
3,932 - |
||
| 314,442 194,236 |
13,053 635,756 |
3,932 - |
||
| 508,678 | 648,809 | 3,932 | ||
| (87,553) - - |
385,577 13,544 44,556 |
(3,932) 4,079 13,423 |
||
| (87,553) | 443,677 | 13,570 | ||
| (87,553) 1,782,789 |
443,677 3,432,624 |
13,570 575,778 |
||
| 1,695,236 | 3,876,301 | 589,348 | ||
The notes on pages 19 to 30 form part of these financial statements.
The estimated value of donated services received from Tonbridge School have been included within income and expenditure for the first time this year. 2024 results have been restated so as to be directly comparable. The effect of the restatement is to increase reported income for 2024 by £265,256 and to increase reported expenditure for 2024 by £265,256. This is a presentational change only and has no impact on the closing fund or cash position reported for the prior year.
16
The Tonbridge School Foundation
BALANCE SHEET
As at 30 June 2025
| Note | 2025 | 2024 | |||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| FIXED ASSETS | |||||
| Investments | 9 | 3,715,816 | 3,547,314 | ||
| CURRENT ASSETS | |||||
| Debtors | 10 | 168,260 | 28,562 | ||
| Cash and deposits | 2,293,743 | 2,256,899 | |||
| 2,462,003 | 2,285,461 | ||||
| CURRENT LIABILITIES | 11 | ||||
| Creditors payable within one year | (16,934) | (41,584) | |||
| NET CURRENT ASSETS | 2,445,069 | 2,243,877 | |||
| NET ASSETS | 12 | 6,160,885 | 5,791,191 | ||
| REPRESENTED BY: | |||||
| Endowed Funds | 589,348 | 575,778 | |||
| Restricted Funds | 3,876,301 | 3,432,624 | |||
| Unrestricted Funds | 1,695,236 | 1,782,789 | |||
| TOTAL FUNDS | 6,160,885 | 5,791,191 |
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 27 March 2026 and were signed on its behalf by:
Col Asien
Charles Ashton Governor – Tonbridge School & Chairman of the Finance & General Purposes Committee
17
The Tonbridge School Foundation
CASH FLOW STATEMENT
For the year ended 30 June 2025
| Note CASH INFLOW FROM OPERATING ACTIVITIES 14 NET CASH USED IN INVESTING ACTIVITIES Purchase of investments Sale of investments Investment income Interest received Net cash used in investing activities INCREASE 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 month) |
2025 £ (20,484) (1,471,235) 1,378,335 115,023 35,205 |
2024 £ 675,925 (1,644,019) 1,184,448 88,899 28,585 |
|---|---|---|
| 57,328 | (342,087) | |
| 36,844 2,256,899 |
333,838 1,923,061 |
|
| 2,293,743 | 2,256,899 | |
| 1,586,871 706,872 |
1,551,249 705,650 |
|
| 2,293,743 | 2,256,899 |
The notes on pages 19 to 30 form part of these financial statements.
18
The Tonbridge School Foundation
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2025
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.
19
The Tonbridge School Foundation
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2025
1.4 Investments
Listed investments are valued at market value as at the balance sheet date. Cash and cash deposits are valued at cost. 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 Trustee has 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 Trustee is 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 2025 or 2024.
20
The Tonbridge School Foundation
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2025
2. Critical accounting estimates and assumptions
There are no critical accounting estimates or assumptions in 2025 or 2024.
3. Voluntary Income
Grants and donations
| Grants and donations | Grants and donations | Grants and donations |
|---|---|---|
| Unrestricted Restricted Endowed 2025 £ £ £ £ Individuals 55,212 491,604 - 546,816 Corporate donors & Charitable Trusts - 323,949 - 323,949 Legacies 45,500 78,714 - 124,214 |
||
| Donated Services | 309,482 - - |
309,482 |
| 410,194 894,267 - 1,304,461 |
Year ended 30 June 2024
| Year ended 30 June 2024 | Year ended 30 June 2024 | |||
|---|---|---|---|---|
| Unrestricted £ Individuals 58,145 Corporate donors & Charitable Trusts - Legacies 10,000 |
Restricted £ 219,804 606,406 8,500 |
Endowed £ - - - |
Restated 2024 £ 277,949 606,406 18,500 |
|
| Donated Services | 265,256 | - | - | 265,256 |
| 333,401 | 834,710 | - | 1,168,111 |
4. Investment income
All investment income is in respect of restricted funds
| Equities Fixed interest |
Equities Fixed interest |
2025 £ 26,455 88,568 |
2024 £ 26,150 62,749 |
|
|---|---|---|---|---|
| 115,023 | 88,899 | |||
| 5. Bank and other interest | ||||
| Unrestricted £ Interest received 10,931 10,931 |
Restricted £ 25,096 |
Endowed £ - |
2025 £ 36,027 |
|
| 10,931 | 25,096 | - | 36,027 | |
| Year ended 30 June 2024 | ||||
| Unrestricted £ Interest received 10,279 10,279 |
Restricted £ 19,099 |
Endowed £ - |
2024 £ 29,378 |
|
| 10,279 | 19,099 | - | 29,378 |
21
The Tonbridge School Foundation
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2025
6. Analysis of total expenditure
| 6. Analysis of total expenditure | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | Endowed | 2025 | |
| £ | £ | £ | £ | |
| Cost of raising funds: | ||||
| Investment management | - | 13,053 | 3,932 | 16,985 |
| Fundraising and development | 314,442 | - | - | 314,442 |
| Total costs of raising funds | 314,442 | 13,053 | 3,932 | 331,427 |
| Charitable expenditure: | ||||
| Governance | 12,636 | - | - | 12,636 |
| Grants to Tonbridge School | 181,600 | 635,756 | - | 817,356 |
| Total charitable expenditure | 194,236 | 635,756 | - | 829,992 |
| Total expenditure | 508,678 | 648,809 | 3,932 | 1,161,419 |
| Year ended 30 June 2024 | ||||
| Restated | ||||
| Unrestricted | Restricted | Endowed | 2024 | |
| £ | £ | £ | £ | |
| Cost of raising funds: | ||||
| Investment management | 3,995 | 9,235 | 2,859 | 16,089 |
| Fundraising and development | 267,251 | - | - | 267,251 |
| Total costs of raising funds | 271,246 | 9,235 | 2,859 | 283,340 |
| Charitable expenditure: | ||||
| Governance | 11,928 | - | - | 11,928 |
| Grants to Tonbridge School | 59,200 | 445,402 | - | 504,602 |
| Total charitable expenditure | 71,128 | 445,402 | - | 516,530 |
| Total expenditure | 342,374 | 454,637 | 2,859 | 799,870 |
| 2025 | 2024 | |||
| Audit fees included in Charitable expenditure | £ | £ | ||
| Remuneration paid to auditor: | ||||
| For audit services | 12,636 | 11,580 | ||
| 12,636 | 11,580 |
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. The Tonbridge Society 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. Its operating costs 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) were £694,899 for the year ended 30 June 2025 (2024: £590,611). These figures include an allocation of central overheads as required by the Charity SORP.
22
The Tonbridge School Foundation
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2025
6. Analysis of total expenditure - continued
Within this, the estimated value of services provided by Tonbridge School to the Foundation is £309,482 (2024: £265,256). This is included in income from donated services and in fund raising costs in these accounts. Further information on Fundraising costs is provided in the Report of the Trustee at page 7.
7. Trustee’s Remuneration
The Trustee received no remuneration during the year (2024: £ Nil).
No expenses or travel costs were reimbursed to Trustee during the year (2024: £ Nil).
Members of the Tonbridge Society Committee and The Tonbridge School Foundation Committee received no remuneration during the year (2024: £ 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.
23
The Tonbridge School Foundation
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2025
9. Fixed asset investments
| Market value 1 July 2024 Acquisitions at cost Disposals at opening book value Increase in value of investments Market value at 30 June 2025 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 2025 Historical cost 30 June 2025 |
2025 Restricted £ 2,971,536 1,130,641 (1,020,264) 44,556 |
2025 Endowed £ 575,778 340,594 (340,448) 13,423 |
2025 Total £ 3,547,314 1,471,235 (1,360,712) 57,979 |
2024 Total £ 2,830,942 1,644,019 (1,164,897) 237,250 |
|---|---|---|---|---|
| 3,126,469 | 589,347 | 3,715,816 | 3,547,314 | |
| 20,177 540,877 733,175 582,609 60,825 129,854 1,058,952 |
5,752 154,178 208,991 166,073 17,338 37,015 - |
25,929 695,055 942,166 748,682 78,163 166,869 1,058,952 |
12,149 638,158 1,045,458 565,596 81,905 143,874 1,060,174 |
|
| 3,126,469 | 589,347 | 3,715,816 | 3,547,314 | |
| 2,926,987 | 532,486 | 3,459,473 | 3,240,428 |
10. Debtors
| 10. Debtors | ||
|---|---|---|
| Accrued income Amounts due from Tonbridge School |
2025 £ 94,546 73,714 |
2024 £ 28,562 - |
| 168,260 | 28,562 | |
| 11. Creditors - Amounts payable within one year | ||
| Accruals and deferred income Amounts due to Tonbridge School |
2025 £ 16,934 - |
2024 £ 15,984 25,600 |
| 16,934 | 41,584 |
24
The Tonbridge School Foundation
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2025
12. Allocation of net assets by fund
| Unrestricted: General Fund Restricted: Master Plan Fund Ton. School Centre Fund General Scholarship Fund Barry Orchard Fund Hill Side Fund Park House Fund New Beacon Fund Billinton Fund NJ Lord Fund Tree Fund Media Centre Fund Rackets Fund Cricket Fund Hockey Fund Depth & Breadth (inc. Steinway) Fund Endowed: Gen. Sch. Fund Barry Orchard Sch. Fund Hill Side Sch. Fund Total |
Investments £ - |
Other Net Assets/ (Liabilities) £ 1,695,236 |
2025 Total £ 1,695,236 |
|---|---|---|---|
| - | 1,695,236 | 1,695,236 | |
| - - 2,530,592 11,190 162,042 98,765 7,399 316,480 - - - - - - - |
35,828 1,729 397,740 35,721 53,932 12,607 - - 73,714 4 15,390 661 30,083 4,185 88,239 |
35,828 1,729 2,928,332 46,911 215,974 111,372 7,399 316,480 73,714 4 15,390 661 30,083 4,185 88,239 |
|
| 3,126,468 | 749,833 | 3,876,301 | |
| 216,848 218,883 153,617 |
- - - |
216,848 218,883 153,617 |
|
| 589,348 | - | 589,348 | |
| 3,715,816 | 2,445,069 | 6,160,885 |
Included with endowed funds is a revaluation reserve with a balance of £59,344 (2024: £71,045) and within restricted funds a revaluation reserve with a balance of £196,999 (2024: £235,841). All reserves relate to the revaluation of investments.
25
The Tonbridge School Foundation
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2025
12. Allocation of net assets by fund – continued
Year ended 30 June 2024
| Unrestricted: General Fund Restricted: Master Plan Fund Ton. School Centre Fund General Scholarship Fund Hill Side Fund Park House Fund New Beacon Fund Billinton Fund Tree Fund Media Centre Fund Rackets Fund Cricket Fund Hockey Fund Depth & Breadth (inc. Steinway) Fund Endowed: Gen. Sch. Fund Barry Orchard Sch. Fund Hill Side Sch. Fund Total |
Investments £ - |
Other Net Assets/ (Liabilities) £ 1,782,789 |
2024 Total £ 1,782,789 |
|---|---|---|---|
| - | 1,782,789 | 1,782,789 | |
| - - 2,340,008 206,464 108,359 7,001 309,704 - - - - - - |
34,405 1,475 334,324 29,054 11,622 - - 4 15,301 657 29,909 4,161 176 |
34,405 1,475 2,674,332 235,518 119,981 7,001 309,704 4 15,301 657 29,909 4,161 176 |
|
| 2,971,536 | 461,088 | 3,432,624 | |
| 211,855 213,843 150,080 |
- - - |
211,855 213,843 150,080 |
|
| 575,778 | - | 575,778 | |
| 3,547,314 | 2,243,877 | 5,791,191 |
26
The Tonbridge School Foundation
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2025
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 New Beacon Fund Billinton Fund NJ Lord Fund Tree Fund Media Centre Fund Rackets Court Fund Cricket Fund Hockey Fund Depth & Breadth (inc. Steinway) Fund Endowed: General Sch. Fund Barry Orchard Sch. Fund Hillside Sch. Fund Total |
At 1 July 2024 £ 1,782,789 |
Income £ 421,125 |
Expenditure Transfers Investment Gains/(Losses) £ £ (508,678) - (508,678) - - - - - (296,738) (139,282) (5,633) - (41,875) 4,037 (16,863) 2,119 (30,214) 27,559 (30,706) 25,922 (47,113) 46,361 (36,227) 36,088 (19,304) 16,850 (33,503) 32,253 (5,031) 137 (11,602) 6,056 - - - - - - - - - - - - (74,000) - (648,809) 58,100 (1,447) 6,440 (1,460) 6,500 (1,025) 4,562 (3,932) 17,502 (1,161,419) 75,602 |
Expenditure Transfers Investment Gains/(Losses) £ £ (508,678) - (508,678) - - - - - (296,738) (139,282) (5,633) - (41,875) 4,037 (16,863) 2,119 (30,214) 27,559 (30,706) 25,922 (47,113) 46,361 (36,227) 36,088 (19,304) 16,850 (33,503) 32,253 (5,031) 137 (11,602) 6,056 - - - - - - - - - - - - (74,000) - (648,809) 58,100 (1,447) 6,440 (1,460) 6,500 (1,025) 4,562 (3,932) 17,502 (1,161,419) 75,602 |
Balance at 30 June 2025 £ 1,695,236 |
|---|---|---|---|---|---|
| 1,782,789 | 421,125 | (508,678) | - | 1,695,236 | |
| 34,405 1,475 2,674,332 - 235,518 119,981 - - - - - - 7,001 309,704 - 4 15,301 657 29,909 4,161 176 |
1,423 254 690,020 52,544 18,294 6,135 2,655 4,784 752 139 2,454 1,250 5,292 12,322 73,714 - 89 4 174 24 162,063 |
- - (296,738) (5,633) (41,875) (16,863) (30,214) (30,706) (47,113) (36,227) (19,304) (33,503) (5,031) (11,602) - - - - - - (74,000) |
- - (139,282) - 4,037 2,119 27,559 25,922 46,361 36,088 16,850 32,253 137 6,056 - - - - - - - |
35,828 1,729 2,928,332 46,911 215,974 111,372 - - - - - - 7,399 316,480 73,714 4 15,390 661 30,083 4,185 88,239 |
|
| 3,432,624 | 1,034,386 | (648,809) | 58,100 | 3,876,301 | |
| 211,855 213,843 150,080 |
- - - |
(1,447) (1,460) (1,025) |
6,440 6,500 4,562 |
216,848 218,883 153,617 |
|
| 575,778 | - | (3,932) | 17,502 | 589,348 | |
| 5,791,191 | 1,455,511 | (1,161,419) | 75,602 | 6,160,885 |
27
The Tonbridge School Foundation
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2025
13. Analysis of movement in funds – continued
For the year ended 30 June 2024
| For the year ended 30 June 2024 | |||||
|---|---|---|---|---|---|
| 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 New Beacon Fund Billinton Fund Tree Fund Media Centre Fund Rackets Court Fund Cricket Fund Hockey Fund Depth & Breadth (inc. Steinway) Fund Endowed: General Sch. Fund Barry Orchard Sch. Fund Hillside Sch. Fund Total |
At 1 July 2023 £ 1,781,483 |
Restated Income £ 343,680 |
Restated Expenditure Transfers Investment Gains/(Losses) £ £ (342,374) - (342,374) - - - - - (189,469) (39,874) (34,417) 27,579 (26,454) 16,550 (18,405) 8,436 (16,333) 8,256 (23,622) 18,495 (63,842) 62,792 (26,831) 26,485 (8,044) 5,276 (40,330) 38,074 (25) 530 (6,865) 23,495 - - - - - - - - - - - - (454,637) 196,094 (1,052) 22,337 (1,062) 22,546 (745) 15,824 (2,859) 60,707 (799,870) 256,801 |
Balance at 30 June 2024 £ 1,782,789 |
|
| 1,781,483 | 343,680 | (342,374) | - | 1,782,789 | |
| 31,285 1,223 2,037,617 - 218,537 115,867 5,271 - - - - - 6,257 282,463 4 15,219 653 29,749 4,139 175 |
3,120 252 866,058 6,838 26,885 14,083 2,806 5,127 1,050 346 2,768 2,256 239 10,611 - 82 4 160 22 1 |
- - (189,469) (34,417) (26,454) (18,405) (16,333) (23,622) (63,842) (26,831) (8,044) (40,330) (25) (6,865) - - - - - - |
- - (39,874) 27,579 16,550 8,436 8,256 18,495 62,792 26,485 5,276 38,074 530 23,495 - - - - - - |
34,405 1,475 2,674,332 - 235,518 119,981 - - - - - - 7,001 309,704 4 15,301 657 29,909 4,161 176 |
|
| 2,748,459 | 942,708 | (454,637) | 196,094 | 3,432,624 | |
| 190,570 192,359 135,001 |
- - - |
(1,052) (1,062) (745) |
22,337 22,546 15,824 |
211,855 213,843 150,080 |
|
| 517,930 | - | (2,859) | 60,707 | 575,778 | |
| 5,047,872 | 1,286,388 | (799,870) | 256,801 | 5,791,191 |
28
The Tonbridge School Foundation
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2025
14. Reconciliation of net income for the reporting period
| Net income Investment income received Bank interest received Realised gains on investments Unrealised gains on investments (Increase) / decrease in debtors (Decrease) / increase in creditors Net cash (outflow) / inflow from operating activities |
2025 £ 369,694 (115,023) (36,027) (17,623) (57,979) (138,876) (24,650) |
2024 £ 743,319 (88,899) (29,378) (19,551) (237,250) 286,525 21,159 |
|---|---|---|
| (20,484) | 675,925 |
15. Reconciliation of net movement in cash
| Operating Cash Notice deposits (less than 3 month) |
At Cash flows Balance 1 July 2024 30 June 2025 £ £ £ 1,551,249 35,622 1,586,871 705,650 1,222 706,872 2,256,899 36,844 2,293,743 |
|---|---|
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 |
2025 £ 556,756 260,600 |
2024 £ 445,402 59,200 |
|---|---|---|
| 817,356 | 504,602 |
The amounts owed to Tonbridge School at 30 June 2025 can be seen in Note 11.
Donations were received in the year totalling £61,304 (2024: £52,366) from four Governors and the spouse of a Governor of Tonbridge School. Details of donated services provided by Tonbridge School to the Foundation are provided in note 6.
17. Taxation
The Tonbridge School Foundation is a registered Charity, and its income is not liable to direct taxation on its charitable activities.
29
The Tonbridge School Foundation
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2025
18. Comparative Statement of Financial Activities 2024 - Restated
| Restated Unrestricted Funds £ INCOME Donations and legacies Grants and donations 333,401 Investments Investment income - Bank and other interest 10,279 Total income 343,680 EXPENDITURE Costs of raising funds Investment management 3,995 Fundraising and development 267,251 271,246 Charitable activities Grant making 71,128 Total expenditure 342,374 Net income before transfers 1,306 and investment gains/(losses) Realised investment gains/(losses) - Unrealised investment gains/(losses) - Net income for the year 1,306 Transfers between funds - NET MOVEMENT IN FUNDS 1,306 |
Restated Unrestricted Funds £ INCOME Donations and legacies Grants and donations 333,401 Investments Investment income - Bank and other interest 10,279 Total income 343,680 EXPENDITURE Costs of raising funds Investment management 3,995 Fundraising and development 267,251 271,246 Charitable activities Grant making 71,128 Total expenditure 342,374 Net income before transfers 1,306 and investment gains/(losses) Realised investment gains/(losses) - Unrealised investment gains/(losses) - Net income for the year 1,306 Transfers between funds - NET MOVEMENT IN FUNDS 1,306 |
Restricted Funds £ 834,710 88,899 19,099 |
Endowed Funds £ - - - |
Restated 2024 Total £ 1,168,111 88,899 29,378 |
|---|---|---|---|---|
| 343,680 | 942,708 | - | 1,286,388 | |
| 3,995 267,251 |
9,235 - |
2,859 - |
16,089 267,251 |
|
| 271,246 71,128 |
9,235 445,402 |
2,859 - |
283,340 516,530 |
|
| 342,374 | 454,637 | 2,859 | 799,870 | |
| 1,306 - - |
488,071 14,929 181,165 |
(2,859) 4,622 56,085 |
486,518 19,551 237,250 |
|
| 1,306 - |
684,165 - |
57,848 - |
743,319 - |
|
| 1,306 | 684,165 | 57,848 | 743,319 |
30