THE TIFFIN SCHOOL FOUNDATION REPORT AND FINANCiAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Charity Number.. 1185240
THE TIFFIN SCHOOL FOUNDATION FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 CONTENTS Page8 Members ol the Board and professional advisers Trustees, Report Independent Examiner's reFQrt to the trustees Statem1 olfinancial aclwitie$ Balan sheet 10 Notes lo the financial statements
THE TIFFIN SCHOOL FOUNDATION MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS REGISTERED CHAR¥ NAME The Tiffin Sdiool Foundation CHARITY NUMBER 1185240 PRINCIPAL OFFICE Tiffin School Queen Elizabeth Roaj ngston Upon Thams Suriey Kf2 6RL TRVSTEES Mr S Goodridge Mr J Hasler-winter Mrs A Jones MIJPKing MrJ K Lulham Mr S Salkunarajah Mr J A Tumer Mrs P M Wardley (until 30112r211 INDEPENDENT EXAMINER aysrnacintyre LLP 10 Queen Street Hace London EC4R 1AG INVESTMENf ADVISER CCLA Inyeslmenl Management knmited Senator House 85 Queen Victoria Street LorHJon EC4V 4ET BANKERS Barday5 Bank PIC 6 Clarence Street ngslon Up)n Thames Surrey KT11NY SOLicrroRS Stone 'ng LLP 91 Chartethouse Street London EC1M 6HR
THE TIFFIN SCHOOL FOUNDATION TRVSTEES, REPORT YEAR ENDED 31 DECEMBER 2021 The Trustees present their report and the unaudited financial stslements ol the Charity for the year trom 1 janu 2021 to 31 Dember 2021. REFERENCE ANO ADMINISTRATWE DETAILS Reference and administrabve details are shown in the schedule ol memLrs ol the board and professional advisers on page 101 the report d financial statements. THE TRUSTEES The Trustees who served the charity during the yearwere as folows.. bAr S Go(Klridge MrJ Hasler-wintsr Mrs A Jones MrJPKin9 Mr J K Lulham Mr S Salkunarajah Mr J A Turner Mr5 P M Wardley (until 301121211 STRVCTVRE, GOVERNAJ4CE AND MANAGEMEP4T The Tiffin School FoUndatn I'The Foundats"on'l is a charitable incorporated organisab'on I'CIO'I reglsthd pAlh the Charity Commission for England and WaS I'chaiity Commission'l under the registration number 1185240. A$ a CIO, The F(ndatiOn is regulated by the Charity Commission and does not need lo make filings alcompanies House. The Foundation wa5eslablished on September 9. 2019 wlh the intention thal it amalgamate wth and assume the Ides, responstsilities, as5els liat4lib.es olthe similady named unincorwrated tharity estsblished in 1978, the Tiffin Schod FOundatn1'1978 Foundabon'l. The Tiffin Sch¢Jol Foundation is governed and managed by its TsleeS in accordance the te5 01 its vrritten constitution I'Consb'lulJn?. The conSti.0n specifies the objects and powers olThe Foundation and how its Trustees and Members are apwinled and how decisiorks are laken. Most Trustees have a strong connection Tiffin Schwl fschoDII and are often alumni, parents, lomer parents, or former fflembers olstafFeach olwhom bring different sklls lo the trustee tody. New Trustses are apwinled bythe existing Trustees and are SeCted taking into a¢¢ounl factors such as their connecb'ons with th& S¢hool. their professTraI lkIng eXpern and needed skills that they bring to Ihe trustee tojy. Al Trustees expectsd to comrnil lo a written Code ol Conduct vffih indudes the Nolan pnnciples lor public life. All new Trnslees ¥e provided wrth an induclron pad( and meet Mth the Chairol Trustees where they receive a briefing on The F(ndab"On,S charitsble objects and history. and ils involvement with the Schorl and other Tiffin LAted bodw and the responsibilities ol being a Trustee. As a'loundation type. CIO, the Trustees also aclas the Members olThe Foundation. Theonlypersons digie lo te Member5 are its Trustee5 lor the time being and any Trustee aSe5 lo be a Trustee aulwalically ceases to be a Memberand vice ver5a. Under The F(nd'on'S con5ti1utson the role ol Members is limited lo major decisioms Involving lal amendment olthe constitutn, Ibl aMaarnallg The Foundath"on th, or trseMn9 ils undertaking to one orinore other CIOS or, the %Mnding up or dissolution olThe Foundab'on Iillcluding the translerolits business to any other charity). OBJECTFVES AND ACTMTIES The objects olThe Foundation *e, for the benefit olthe public. to supwrt the provision and conduct of Tffin &hool or to adVce such other exdu5ively chaiilable PUTPC15es (according lo the lawol Engld and Wales) connected wrtti Tiffin School as the tharity trustees may in the discretion think fil.
THE TIFFIN SCHOOL FOUNDATION TRUSTEES, REPORT l¢ontSnuerfl YEAR ENDED 31 DECEMBER 2021 The Foundab'on has the rrghl lo appoint a majority ol GovemorslTrustees lo the School's Governing Board. The Foundatiffi also acts as a corpcKala memberol the Trffifi School Academy Trust. The Foundation acts as the sole tru51ee forthe permanentyy8ndowed assets ollhe1978 Foundation under the terms olthe trusts ol the 1978 Foundation, as amended. The endowed assets include theland In central ngstOn on 1¢h ihe &hool i$builland endowmenlfundsinvested U)e CCLA. The Foundat'on collec15 and holds custody of donations received towards the Trffin Education Fund, 2 general fund that supports whjer opportunities and capital devehpments at Tiffin School The Foundation also collects any donations and legacies made by alumni and other friends ol the &hool. HISTORY OF THE 1978 FOUNDATION Tiffin Sthwl Foundation1°1978 Foundab'on'l wa5 an uninccyporaled charity cwstituted under the ternis ol a scheme, was approved by the Charity Cwnmissioners for England and Wales sealed on 14 Seplember1978 and was registered vilh the Charities Cornmission underthe registrabon numter 312997. The Scheme emerged from an earlier1874 dated charity, the Kingston Endowd S¢hools charity. The trustees olthe 1978 Foundation held, throu the Official Cusknlian. the land in Kingston on which the &hool 15 t111, and the nghl lo appoint a majority ol the Governors ol the &hwl. The original 1978 Scheme was modified Ihree limes as SJllows'. lil a M£kJificab'on Order by the Se(xetary ol Slate for Eduoalion dated 19 January 1994 in conneclion Tiffin School I'school,? becoming a grant maintained school lill a Modificab'on (Mer by the Secretary ol Stsle for Educatll dated 1 July 2011 in connection with the change in stslus ol the School from a maintsined school lo an Academy liiil an (her made by The Charity Com[nissll for England and Wales dated 16 September 2019 which widened the obpcts to include charitable purposes conned8d w7th Trffin Schod. The 1978 Foundab"on was govemed and managed by its INslees under the terms ol the 1978 scheme as modifBd. The trustee$ ol the 1978 Foundation all became Ihe in(o'al Trustees ol The Foundation. AMALGAMATiON wrrH THE 1978 FOUNDATION The Foundation was fcmially established on 9 Septwnber 2020 wih registered charity number 1185240 The inibal Irusleeslmembers ol the FoundalKJn were the same as the trustees ol the 1978 Foundation. The obJecls ol The FoUndatn are effectrvely the same as Ihose ol the 1978 Foundation. The trustees wnsidered that the were a Dumber ol advantages to a CIO in CDmpari50ll Vith the unincorporated 1978 Ftsundats'on. Ill parkncul8r, as a corporate body the CIO could lake a direct role v) the governance ol the Schod as a tnember ol the Tiffin hool Acalemy Trust and could also play an important iole in the consolidalnn ol other historical Tiffin enbtie5 Qr any fubjre eKpansion ol the &thool. On 31 January 2020 the 1978 Foundation legally transfeed ils assets and all ol its liabilit'es b The Fwndation. The endowed asset$ ollh8 1978 Foundatiffi lindvding the Tiffin School land in ngston and the endo¥vmenl funds invested with the CCLAI were also vested in The Foundats'on a5 SO tru51ee. Under a revision ol the Articles ol Association ol the School effected on 31 January 2020, 7th the approval ol the Se¢tary ol Slate for Education, The Foundation also acquired Ihe nghl, previousty held by the1978 Foundabon, lo appThnl a majority ol the Govein¥ig Board olthe Sthol. A formal notification ola CharityaMaamaI.0n was submitted lo the CharityCommiscn and the 1978 Foutklakn'on was subwuenly r0v& from the charity iegister.
THE TIFFIN SCHOOL FOUNDATION TRUSTEES, REPORT Icontinuedl YEAR ENDED 31 DECEMBER 2021 RISK MANAGEMENT The Tiustees have considered the risks lo whith The Foundation is exposed. During the course 012020 and 2021 the UK has been severe impacted ty the coronavirus ICOVID-191 pandem.. As income is largely derived frorn voluntary income il was anticipated that The Foundau'on wfjuld experien some adverse imp1 on Ihe level ol donations, howevei given the lon*5tsnding relatnship between its supporters and the School. the Trustees a16 01 the opnion that any such impact, whether already eXpernd orin the future, is manageable ithin spending comfflitsnents. The impact on investrnenl values, which have shovm a posrti¥e relum during the year, wll continue lo be cbsety monitored. The Trustee5 know ol no other major risk b which The Fovndation is exposed which is Id(ely to materiae in the ne¥ filtU and all usual insurances and risk protection arrangements regarding the School occupation ol the buildings and public liability we in pl during the year. Tiffin Sd)ts)l. as an e1ible public sector tody, is covered under the Risk Protecb'on Arrangement &lminislered by ihe Educab'on and Ski115 FuD(Sing Agency IESFAI. This is an allernalpie lo a wmmercial insuranTr policy under which in5urable nsks are pooled and erfectively backed by HM Goveinmenl. As Iruslee and registered Owners olthe School land and buildings. The Foundation has been given assurance by the ESFA knal the Risk Prolecb'on AThangemenl provides fvll cover Mlh regard lo wemises a)d issues ol third paty liability arising out of ble &hool's occupation. The Foundation has also taken out a rJJmmer¢ial Insuran pollcy lo cover publ liability and Tru$lees' liebility. INVESTMENT POLICY The Trustees rewew invesbnenls wnts'nually. The pennanenl endowment fijnds are invested wth the Chèrities Official Inveslmenl Fund. managed bytheCCLA. thgh 2022 has proved tobe a difficult yearduetostoth rnarkelconditions, Trustees ContUe brnonilorinveslwenl regulaAy and there is no MlenliDn lo make changes, ACHIEVEMENTS AND PERFORMANCE The Foundation's primaryobiectis the proirision and ¢ondLJcI olTiffin Scho. Trustees have the right lo appoint a majority olgovemors lo the hool's Goveming Board While The Foundath"on (k)es not involve itself in day-to-day aspects ol the School's actities, il does review and oJ)Dsider imwrlanl Strateg developments relaleo lo the Tiffin land and rec&ving voluntary donations Irorn parents and alumni and other friends olthe School. During most DI 2021 the SLhool ¢onlinued lo Ihnve, despite the effe¢ts olthe pandemic and related closure olthe school premises al times. The Sthwl continued to be extremely successful in the integrats.on ol female Sdents into its mixed sixth form and was well placed to continue its provision ol an outstanding education remotely thanks to the established use by students ol portable IT devices and Ihe dedicab'on olits staff in delivering outsknding lessons on4ine. As a result, the schoolon again aChieVedex1IenlacdemiC results d unNersity admissions, as well as providing a %Mde range ol extracurricular opportunits'es lo its students within COV-19 mandated swial restricbons. Asense of normalityretumed in September al the start olthe 2021-22 academK sthcol yearwith the School remaining fijllyopen. The Foundation re¢Ve$ voluntsry parental donations towards the Trffrn Edu¢ab"on Fund, a fund that supports WKJeropporbJnities and capital developments alTiffin &hool a5 well as donations from parents. alumni, 8nd others to the 21siCenlLJry building fund. These funds are aN)lied under the dired'on olthe Trustees following d15cussnS with the School's Governing Board and the School's SeniN Management Team.
THE TIFFIN SCHOOL FOUNDATION TRUSTEES, REPORT l¢tsnlinuedl YEAR ENDED 31 DECEMBER 2021 FINANCLAL REVIEW The financial sta18menls cover the year to 310ecember 2021 in respedolThe Tiffin Schod Foundation, registered charity number1185240. During the year, The Foundation reoived total incoming resOurS of £339,8111202D.' £362.8201, a small d8crease cornpared lo 2020 as a result ol reductions in both regular giving bwards the Tiffin Education Fund, p055ibly connected with the pandemic, and the 21¥ Century Building Fund Campaign as Ihe gym extension project reached ils completi. See note 2 to Ihe acwun15 lor an analysis ol donations and reg&ies. Oiher income was received from inves1mlS and propety renkl. The Truste&5 apwoved donations 01£134,83312020.' £847,776) to Tiffin School. The signthc3nlde¢rease in comparison lo laslyearwas due to conlribub'ons made in 2020 lowards the cost ol the sports cenire extensi project together vAth the purchase ol sl8le ol the art gym equipment for student use in the new facility. During 2021 the Trustees authorised £41.020 01 Ihe Tiffin Education Fund lo be paid lo Tiffin School lo complete the SrtS ntre exlension wort(, £29.010 to pui¢hase a new minibus and £64,803 in order lo refurbish laboratories and support the delivery ol the extensive wider opportunities that are availab io sbjdents. £12,98612020.. £21,686) was paid lo defray the proper costs, charges and expenses ol Ihe governance ol The Foundation. Nel income bebre investmenlmovemenls was £189,337120204)el expenditure 01£510,0771. Gains on the inve$trnenl value olendowmenl assets amounted to £144,94712020-£63,5841 regulling in nel income of £334,284 lor the year12020-nel expenditu of £446.4931 The Charty had aUmulated funds in pievious &o)unkn'Dg tEriods and undertaken specific fundraising acbwties in order to meet the expenditure the sports Ctre exlensijn project Cash balances allhe olthe yearwere£491,66712020.. £269,421). The market valueollhe endowed investments in¢reased by £144,947 to £1,166,74712020.' £1,021,800). Total investment holdings al 31 December 2021 aLs0 include the capitsl value ol the endowed musi¢ gacy 01£98,498. RESERVES POLICY The treeho pyopety and investment assets olThe FoUndatn cornprBe permanent endowm{ funds d. as such. may not be spent ag they we income, Reserves ale that part of The Foundab'on'5 unrestricted tunds that ¥e freely available lo spend. al the discretion ol the Trustees, on any ol the Charity's purFoses. They exclude the Tiffin Educabon Fund, 21$1 Century Building Fund, other restricted income funds and endowment funds. Reseryes also exclude amounts designated lor essential lulure spending. The Trusle&s have considered the need for Reserves to be maint*'ned by The Foundation. The F(wndation d$ not have recurring obligal'ons. olherlhan annual adminislralive costs, howeverthe Trustees vish lo conb.nue lo pro¥e finanaal supportlo the School have tt)erelore identified a desired Ve1 ol free ieserves expressed a$ a range between vthich reserves may fluctuate. The level ol tree reserves at the yewend 01£143,629 was above the identifEd range ol beeen £50,000 and £100,000, whFch 15 considered to be suffiaenl in order lo maintain financial supwrt to the scho al a similar levd as in renI years.
THE TIFFIN SCHOOL FOUNDATION TRUSTEES, REPORT lconlinuedl YEAR ENDED 31 DECEMBER 2021 PLANS FOR FUTURE PERIODS The priority for 2022 is lo wntinue lo sUppt the &hool followng an extended period ol uncert8inty relating lo the COVIO-19 and gradually retuming lo normal school roub"ne5 and activities. The Foundation will fijrther locus on developing an effecb've fundraising strategy in order to inctease b)Ih regular giving and campaign giving for ihe benefit ol Tilfin hool students. The Foundabon will a150 rJ)nlinue discussions with the Tifflan AsscKiabon Limited I'TAL I, the alumni body which owns the School playing fiehjs al Hampton Court over the futu ¢1 Grist's. The discussions include the wssibility 0151gnificanl changes inclding a transfer ol Grist's to The Foundatson and an SMaaMabon ol The FoUndatn wlh TAL. In preparatr.on for such a change The Foundab'on has alieady sought and obtained approval from bbe Charity Commission lo amend ils charitable ot4.ects to a¢comtDthlate the maJorobiecls of TAL. The change ill occurjusl prioi lo any amalgam'oD o¢curring, PUBLIC BENEFIT The Trustees have had regard to the Charity CommisSIOll'5 guMlan on public b£ttefil and a 5atisffed that the ¢tharity meets Lx)th aspeds ol the publi¢ benefit requirement. 8enefjtAspect'. The Tiffin School F(ndation is an established charity the man obj1 of whih rs the prowsion and conduct olTiffn SchLh)I, a n-fee paw stale fijnded day school, and charitsble wrposes connected with the School. The charitable purposes encompass the advanment ol education. amateur sport and ihe arts. The Foundation achieves these thje¢tive5 by appointing a mq'ority ol Govemors b the &hod verning Bowd, prowding ils land and buildings lo the School rent free and also using ils endowment earnings and other income to provide benefits lo the School in ways that ale not normally piowded by regular slate funding olS¢hools. forexampie a wider ¢ho001$UbIeCt0pts"Ons, enh*ced 5porb.ng lacilib.es and the promotion ol musrc and olhei perkKming arts. Public Aspect.. Beneficiaries inclu(Se all current and future generati($ olsludenls attending the SchLh)l and are drawn wholly ormainly trom the area in which the Schod is wluated, which in pra¢b"ce extends across South and Wesl London and parts ol the counl'es ol Surrey and Middlesex. The Foundation's facilities are also used by Ihe vider public, in particulai the extensive spoiting lacililies that are made aVailae lor c(Thmunity Use outside ol normal school operating hours. Other School building5 are available on evenings and weekends to a variety ol organisaiions, such as local drJna and music groups, language classes. and literary and historical soaelies.
THE TIFFIN SCHOOL FOUNDA710N TRUSTEES, REPORT l¢ontSnuedl YEAR ENDED 31 DECEMBER 2021 RESPONSIBILITIES OF THE TRUSTEES The TTUSte6s ar8 responsible lor preparing the Trust, Annual Rewrt and the financial statements in accordance with appjicable law and United Kingdom Accounb"ng Standards (United Kingdom Generally ApIed Accounting Pracb"cel, Including Financial Reporting Standard 102, 'The Financial Rerting Slandard aPICab lo ihe UK and Republic ol Ireland.. The1aw applicable lo charities in England and Wales requires the Trustees lo prepare financial statements for each llclaI yeaf whKh give a true and lairv*w ollhe Ytsle olalfairs olthe chanty and olthe incoming reSoUrS and application ol resources ol thecharily lorthal period. In preparing these financial slalernents, the Trustees are required lo.. select Suitab accounting polrcies and apply them consislenlty., ob5erye the methods and principles in the CharilEs SORP,. make judgments and estimales that are reasonable and prudent., slate whelher applicable accounts.ng standards have been foilowed subject lo any material departures discloged and explained In the financial stattS., aThl prepare the ffnanc1 statements on a gOg CCeM basis unless il is inappropriate lo assume that the chanty I11 continue in business. The Tfustees are spOnSIb forkeeping properaccounb'ng records which disc105e with reasonable accuracy alanyb.me Ihe financial position ol the d)arity and enable them lo ensure Ihal the fnancia statements comply with the CharilEs Act 2011 and the Chwity IAccounls and Reports) Regulations 2008. The Trustees are also responsib forsafeguarding the a35etsoifhe Foundation and he10rking reasonable Steps for the wevention and detecb'on ol fraud and oiher 1rwularil$. INDEPENDENT EXAMINER Jane Askew ol Haysmacinw LLP has been appointed as independent examiner fr)r the ensuing year. This report was approved by the Imslees on 12 September 2022 and swned on their behalf. Chai
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE TIFFIN SCHOOL FOUNDATION YEAR ENDED 31 DECEMBER 2021 I report lo ihe Trustees my examinats.on ol the acmunls ol The Tiffin Cl Foundation Ilhe'charity'l lor the year ended 31 D6rnber 2021 whith are sel out on pages 910 19. RESPECTNE RESPONS181LITIES OF TRUSTEES AND EXAMINER The Trustees 8re respon5itde for the preparation ol the accounts in attordan¢e ¥th the requirements ol the Charibes Act 2011 lllhe 2011 Acl). The Trustees a satisfied that that an audit is nol required for this year under section 144121 ol the Charil*s Act 2011 (the 2011 Act) and have chosefi instead to have an indep8ndenl examination. I reFQrt in respect ol my examination ol the Charity's aGcounts as carried out under secbon 4411llcl ol the 2005 Act and secliDn 145 01 the 2011 Act. In carying oulffly examinab'on I have followed the requirements ollhe applicable Direth'ons given by the Charity Commission und secl'on 14515llbl ollhe 2011 Act. INDEPENDENT EXAMINER'S STATEMENT Sill the Charity's incorne in excess 01£250,000, your examiner musl be a Mernr ol a body lis in the 2011 Act I can confirm that I am qualiffied to undertake the examination because l am a regisiered member ol the Institute ol Chartered Aco)untants in England and Wa$ ich is Me olthe lis bodies. I ha¥e ¢cmpletd my examination, I that no matters have come lo my attentn giving mecause to belRve that in any material respect.. accounting words were not kept in respect ol the Charity as required by seth'on 130 01 the 2011 Act., or 2. the accounts do not xcord vith those records., or 3. the accounts do not ujmply with the applicable requirements ConMIng the form and clent ol aco)unts set out in Ihe Charities IAcc(yJnts and Reports) Regulab"ons 2008 other Ihan any requirement that the attounts giv8 a true fair which i8 not a malterccnderd as part ol an independent examination. I have no conrn5 and have come 8cr055 no other matters In connecb.on with the examination lo which attenthin should be drawn in this port in cder to enab a proper understanding ol the accounts lo be reached. Jan8 Askew ACA Haysmaiantyre LLP 10 Queen Street Pla Lond£ EC4R 1AG Dale 0311012022
THE TIFFIN SCHOOL FOUNDATION STATEMENT OF FINANCIAL ACTivrriES YEAR ENDED 31 DECEMBER 2021 Unreslrlcted Re3tricted Endowment Total Funds Funds Funds Funds 2021 Total Funds 2020 Note$ INCOME FROM.. Donat$ and legaaes Investments Charitable actiwlies 303,309 2,573 303,309 30,040 6,463 326,591 29,769 6,460 27,467 6,463 TOTAL INCOME 33,930 305.882 339,812 362,820 ExPENDUREoN.. Raising funds Charitable activities 2,656 134,833 2,656 147,819 3,160 869,737 12,986 TOTAL EXPENDITURE 12,986 137,489 150,475 872,897 Nel In¢omellexpendilurel before gains on revaluation of investments 20,944 168,393 189,337 1510,0771 Gain on revaluation olinvestments 144,947 144,947 63,584 NET INCOMEIIEXPENDITUREI 20,944 168.393 144,947 334,284 1446,4931 Funds brought IoTVdrd 122.685 185,569 1.021,800 1,330,054 1,776,547 FUNDS AT 31 DECEIIBER 2021 143,629 353,962 1,166,747 1.664.338 1,330,054 The Statement ol Financial Activities ldUdeS all gain5 and bsses in the finanaal perd and therere a statement oltotal rogniSed gains Id losses has not been prepared. Al ol the above amounts relate lo continuing actiw1$. A comparative Stalemenlol Finanual Acl'wbes has LEen induded within Note 18. The notes on pwJes 1110 19 form part ol these finanual slalemenl5.
THE TIFFIN SCHOOL FOUNDATION (REGISTERED CHARITY NUMBER 11852401 BALANCE SHEET AS AT 31 DECEMBER 2021 2021 2020 Note$ FIXED ASSETS Investments 1,166,747 1,021,800 CURRENT ASSETS Debtors Cash al bank 10 21,789 491.667 44,618 269,421 513,456 314.039 CREDITORS.. arnounts lalling due *ilhin one yeai 12 115,8651 15,7851 NET CURREpif ASSErs 497,591 308,254 NET ASSETS 1,664,338 1,330,054 FUNDS Endowment ndS Restricted inc(xne funds Unrestricted incorne fijnds 14 15 15 1,166,747 353.962 143.629 1,021,800 185,569 122,685 TOTAL FUNDS 1.664,338 1,330,054 These financial stslements were approved by the Trustees on 12 September 2022 and signed on their tehall by.. The notes paye 1110 19 fom part olthese finanillal stslements. 10
THE TIFFIN SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 ACCOUNTING POLICIES General Information The Tiffin Schocd Foundalion is a charitable incorporated organisab'on regist¥ed in England and Waks. The prinapal office and charity registration number can be found on page 1. The principal accounl'ng policies adopted, judgements and key sources ol eStiman of uncertainty in the preparation ollhe financial StatemlS are as follows.. Ba$1$ d preparation The finanria statements have been prepared in accordance with Account'ng and Rewrb'ng by Chwbes. Statement ol Recommended Prte ISORP 20191 applrable lo charib'es preparing accounts in adance wth the Financial Repottng Sl&)dard 4)pli¢able in the UK and Reputdrc of Irelathj IFRS 1021 aThJ the Charibes Act 2011. The Tifv Schty)l Fndation meets the definition ol a publ benefit enbty under FRS 102. Assets and1iablib'e$ a inibally rwnis&J at hrICa cost LY transactmin value unless otheise stated in ts rgkvanl ax(wnts"ng WILY nolels). Donation>, legacies and investment income Income is recognised when there is evidence ol entitlement, Ihe income can be reliably measuod and recpl15 0bae. hveslmenl income includes income from listed invesknents and bank deposrts. Expenditure Expenditure has been recognised on an acciuals basis and allocated accc(dM)g to wrpose. The Charity is not regtered for VAT and so expendiluie is shown gross ol irrecoverabkq VAT. Goveman¢& $15 comwse the costs assoryated vith constitutional and statutory requirements. Investsnenls Invesbnents are stsbj al martel value. Invesfrnenl gains and10sses. whether iealised or unrealised, are cunbined and shown in the heading'Gaindlbssesl on valUation ol investments. in the Statement ol Financial Acts"vibes. Debtors Trade and other debtors are recLvJnised al the settlement amount after any trade discount offered, Pwayments are valued al the amount prepakl nel ol any traje discounts due. Creditors Creditors and wowsions are recognised where the charity has a wesenl cJllgaln resulting from a past event that %MII probabty resu in the tr&)sferollunds lo a third party aNJ the am(1 due to 5etUe the obligation can be measured oreslimaled reliaNy. Creditors and prowsions ¥e nomially reco9nised at their setlemenl amovnl after Ikimng for any trade dCnIS due.
THE TIFFIN SCHOOL FOUNDATION NOTES TO THE FINAIICNL STATEMENTS YEAR ENDED 31 DECEMBER 2021 ACCOUNTING POLICIES (Continued) A¢counting estimates and areas of judgwi•nt The p paration ol finanaal slalements in Complian wth FRS 102 required the use ol certain critical accounb'ng estimales.11 also requires management to exercise judgement In apply1ng the charity's accounting policies. Thwe are no Slgnificanl areas where judgernenlwas needed ottTrer than Ihose alrealy included in the accounb'ng pOIleS. Fund accounting The Foundation endowenl represents those Investments that Wre originally vested in ihe unincorkKJraled 1978 Foundation trustses. This endowmenlwas then vested wlh The Foundation as 501e trustee pursuanttoa vests'ng declai'on (Sated 31 January 2021. Income aring from the investments and included property unre51rthd and is applied towards the objecbves ol The Foundation. In additio to the original Endowment. in 2020 The Foundation received an endowed legacy, the terms ol which prevent the expenditure or disbursement ol the gift. The income generated from this acY is reslricled lor expenditure on choral or instrumental musi¢ and as suth is accounted for under restricted funds. Reslricled lund5 are those whith a10 be apFIRd In aCw[dan wlh specific reslri¢bons imposed bydonors orvthich have been raised bylhe chlty for parb'cular purposes. The cost olrai5ing and administering such fijnds are against the specific fijnd. The Tiffin Education Fund is a restricted fund ol donab'ons from the parents ol students currently attending the SchoDI and from other supporters. This is a nd Ihal supports %Mderopportunib'es and Capital developments at the (M)I. The 2151Cenlury Building Projecl Fund 15 Specifical tsrgeled al assisb.llg with the kh(ol's MiseS devel(pmenl an. In addib'on, further restricted funds were held in respect ol a legacy towards the teaching ol photonics and the use and applicalDns ol fibre optics and from d(x)ors towards woviding rowng and musi¢ lo siudenls. Detsils ol movefflents during the year and the balGe$ al yearnd ol Reskncted Funds are shown in note 15 to ihe acwunts. Tiffin S¢hool The Foundation is the registered owner and sde trustee ollhe land and buildings al the Tiffin Sthool site n Kingston uw)n Thame5 and Certain land al the Fairfield. These assets have not been fecognised on the balance sheet ol The Foundats'on as The FoUndatn doe5 not have the Ljnencumbered beneficial righ15 01 owership Iherelo vthilsl they are in use by the School. Certain buildings and irnprovements have been wholly or parly funded through publicly funded grants and may ne&J to be repaKI. in ¥thole or in part, in the event ol Ihe dissolulKJn olTiffin School. Theassels and liabilities and finantial a¢ts'viliesolTiffin School have not been consdidaledintolhe accounts olThe Foundab'on t¢¢ause as a state funded &ademy trust, the Secretary ol Slate for Education has exlenswe power5 in adverse circumstances lo inteNen8 and change the fijlure direclnn ol the School and as such this significantty r&Juces any controlling inflL*n¢e ol The Foundatson. Preparation ol accounts on a going conc¢m ba$ Ouring 2021 Ihe UK economy ha5 been seriSIY impacted by the COVID-19 virus. The income ol the Charity is largety derived from voluntsry in¢orne and has eXperiend some decline in voluntary donations during the first part ol the year, however. from September onwards there has been a growth in voluntsry Inme.. Given the long standing relationship between its supporters and Tiffin Scho the Ttuslees are ol the view ihal any 5uth impact is Manageab and are therefore confident that the chty can continue to ieptyt On a going concem basis. The Trustees COnser there are no ofvr material uncerta'nlies about the charity's ability lo continue as a going concern. The review of our financial px)sil¥Jn, SerVeS leveL4 bjlure plS gives Trustees cx)nfideno the charity remains a going Concern f(K the foreseeable ftjture. 12
THE TIFFIN SCHOOL FOUNDATION NOTES TO THE FINANC14L STATEMENTS Iconlinuedl YEAR ENDED 31 DECEM8ER 2021 INCOME FROM DONATIONS AND LEGACIES Unrestricted Funds Reslricled Fund3 Endowmènt Funds Total funds 2021 Total fund$ 2020 DonatKins to the Tiffin Education Fund Donations lo the 2151 Century Building Fund Other Donations Legacie5 300,418 281.273 281,273 285 2,606 285 1,541 43,777 1,541 303,309 303,309 326.591 INCOME FROM INVESTMENTS Unre$lri¢led Funds Restricted Funds Total funds 2021 Total funds 2020 Income from UK Iisled investments Bank interest receivable 27.467 2,533 40 30,000 40 ,415 354 27,467 2,573 30.040 29,769 INCOME FROM CHAR ThABLE ACTNITIES Unre31ricted Fund• Total funds 2021 Total funds 2020 Inme from non-investml propwty in futherance ol the Charity's objects Other IncoTne 6,437 26 6,437 26 6.450 10 6.463 6,463 6,460 EXPENDITURE ON RAISING FUNDS Vnrestri¢led Fund$ Restricted Fund$ Total fund¥ 2021 Total lundg 2020 FUndrang". Legd Fees Fundraisi." Tiffin Education Fund Fundrai&ng.' 21st Century Building FuThJ 2.656 2,656 90 3,070 2,656 2,656 3.160 13
THE TIFFIN SCHOOL FOUNDATION NOTES TO THE FINANcL STATEMENTS (continu) YEAR ENDED 31 DECEMBER 2021 EXPENDITURE ON CHARITABLE ACTIVITIES Unrestrf¢tsd Funds Re51ri¢led Funds Total fvJnd$ 2021 Total lund$ 2020 Contributions to Trffin School.. StK)rts Centre Extension & Gym Equipment Tiffin School educats.on & whjer OPrtUnitieS costs Provision ol Rowing & Boathouse running $ts Other contribultOn5 to Tiffin School 41,020 93,813 41,020 93.813 793,781 52.000 1,203 792 1,690 1,690 Support costs., G0veMall costs (see bebwl Other support costs 11.296 11.296 21.686 275 12,986 134,833 147,819 869,737 GOVERNANCE COSTS Unrè$trl¢l¢d Funds Total funds 2021 Total fund8 2020 Independent examination fees InSUranS Other professiona fees 5,520 1,830 3,946 5.520 1,830 3,946 4,320 2,770 14,596 11,296 11,296 21,686 STAFF COSTS AND EMOLUMENTS During the finanaal year there were no emtAoyees12020'. none). No salarles or wages re paid during the year, TRUSTEES, REMVNERATION No reTTTrunerab'on wa5 p¥Ad lo the Tru51ees during Ihe finanaal year and no expenses were ieimbursed12020'. nill. 14
THE TIFFIN SCHOOL FOUNDATION NOTES TO THE FINANcL STATEMENTS l¢ontSnyedl YEAR ENDED 31 DECEMBER 2021 INVESTMENTS 2021 2020 Movement$ Sn market value Market value al 1 January 2021 Choral and Instmmenlal Music Legacy Invesbmenl Net gain5 on revaluations in the year ended 31 December 2021 Endo*Thenl Fund Choral and InstNmental Music Legacy 1,021,800 958,216 132,710 12,237 58,217 5,367 Market Yalue at 31 December 2021 1,166,747 1,021,800 Historical ¢osl al 310ecembei 2021 137.814 137,814 The investments consist oltwo separate endowment bJnds.'- -The Endowrngnl Fund 0151,94146 Charib'e5 Official Inveslmelll Fund Income Shales,. -choral and Inslwmental Music Legacy 014,789.27 Charib'es Offiual Investrnenl Fund Income Shares. 10. DEBTORS 2021 2020 Other debtors cwed income 126 21,663 446 44,172 21,789 44,618 11. CASH AT BANK 2021 2020 Bank deposit acwunl Bank current accrAJnl 29,296 240,125 491,667 491,667 269,421 15
THE TIFFIN SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS l¢onfjnu•dl YEAR ENDED 31 DECEMBER 2G21 12. CREDifoRS.' amounts falling due wtthin one yèar 2021 2020 Accwals and deferred in¢ome 15,865 5,785 15,865 5,785 Analy$l$ ol d•lerred in¢om• 2021 Deferred income al 1 January 2021 Resources deferred in year Amounts released trom previ)us year$ 1,464 1,464 Deferred income al 31 Oe¢ember 2021 1,464 Deferred income relates to rental inujme r1Ved in advan. 13. COMMITTED EXPENDITURE There were no capital commitments at the 2021 year end. 12020.. Al a meets.ng held on 16 March 2021. the Trustees, authorised lunding olup to £36,000 from the Tiffin Educakn'on Fund towards the final projeclt))sl olthe sports centre extension IOie¢l.) 14. ENDOWMENT FUNDS Balance at 1 January 2021 Gains and Losses Balance at 310e¢ernber 2021 Perman8nt ¢ndowmenls Fwndation endowment Chora and Instrumental MUS Legacy 935,539 86,261 132,710 12.237 1,068,249 98,498 1,021,800 144,947 1.166,747 Comparative inforrnatvjn in rpect01the predIng [eld is as follows.. ENDOWMENT FUNDS Balance al 1 January 2020 Galn5 and Lo$se$ Balance al 31 Decembef 2020 Permanent endowments Foundation endowment Choral and Instrumefilal MUS Legacy 877,322 80,894 58.217 5,367 935,539 86,261 958,216 63,584 1,021,800 16
THE TIFFIN SCHOOL FOUNDAT1014 NOTES TO THE FINANCIAL STATEMENTS Icontinuedl YR EIIOED 31 DECEMBER 2021 15. INCOME FUNDS Balance al l January 2021 Balanee at 31 Dec•rnb8r 2021 Income Transfers Expenditure Restrictsj lunds.. Tiffin Education Fund 2151 Century Building Fund Choral and Musi¢ Photonics & Fibre Opts"cs Rowing Qxher Restricted Funds 157.665 300,417 285 2,533 1133,4511 12851 13,7531 324,631 3,080 23,110 1,860 23,110 2,510 1,851 2,510 137 1,714 Total Restricted Funds 185,569 305,882 1137.4891 353,962 General bjnds 122,685 33,930 112,9861 143,629 Totsl Unrestricted Funds 122,685 33.930 112,9861 143,629 Total Incon Funds 308,254 339,812 1150,4751 497,591 An exFdanation olthe ondowTnenl and of various restr.cted funds can be found under Accwnting Policies on page 12. CLxmparalNe information in respectol the preceding pemd 15 as follows.. Balance at 1 January 2020 8alance at 31 Decembor 2020 In¢ome Transfers Expenditure Restricted fijnds.. Tiffin Edu¢akn'on Fund 21st Century BuiKling Fund Choral and Music Photonics & Fibre Cpb'cs Rowing Other Resliicted Funds 603,067 75.560 597 23,110 281,627 43,777 2.483 1727,0291 1119,3371 157.665 3,080 23,110 1,082 459 11,2031 12,5751 3830 1,714 Total Re9tricted Fund$ 706,285 329,428 1850.1441 185.569 General fvnds 112,046 33,392 122,7531 122,685 Total Unrestricted Funds 112,046 33,392 122,7531 122.685 Total Income Funds 818,331 362,820 1872.8971 308,254 17
THE TIFFIN SCHOOL FOUNDATION NOTES TO THE FINANcL STATEMENTS l¢onlinuedl YEAR E14DED 31 DECEMBER 2021 16. ANALYSIS OF NEf ASSETS BETWEEN FUNDS Net current Assets 2021 InYe$trnenls 2021 Total 2021 Endowmentlund$'. FoDnd'on endowment Choral and Instrumental Music Legacy 1,068.249 98.498 1,068.249 98,498 1,166,747 1.166,747 Income Fund$'. Resliicled funds General ndS 353,962 143,629 353,962 143,629 497.591 497,591 Total lund$ 1,166,747 497,591 1,664,338 Comparative information in respect ol the preced9 p0d is as follows.. Net current Assets 2020 Investments 2020 Total 2020 Endowment funds.. Foundation endonent Choral and Instrumental Music Legacy 935,539 86,261 935,539 86,261 1,021,800 1,021,800 In¢ome Funds.. Restricted fijnds Generd funds 185,569 122,685 185,569 122,685 308,254 308,254 Totsl fvnds 1,021,800 308,254 1.330,054 17. RELATED PARTIES The FOundatn'S Trustees have the power to appoint a majority ol the GovernLYS oITiffin Sthool, an A¢JY Trvsl. AOrdInglY, the Academy is a related partyolThe Foundati¢. TheAcademyoCcu.es land and buikjings owned by TheF0Undaln and The Foundth'on made grants to the Academy 01£136,523 during the year12020.. £847,766). Al the balance sheet date £9,48012020'. £Nill was (kne Ifom The Foundation lo the Academy. 18
THE TIFFIN SCHOOL FOUNDATION NOTES TO THE FINANCLAL STATEMENTS Icontinuedl YEAR ENDED 31 OECEMBER 2021 18. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Reslrieted End0yent Fund$ Funds Funds Total Fund$ 2020 INCOME FROM.. Da.0nS and lega¢*s Inv&strnents Charitable acti¥eS 326,591 2,837 326,591 29,769 6,460 26,932 6,460 TOTAL INCOME 33,392 329,428 362.820 ExPENDVRE ON: Coslol raising funds 3,160 3,160 charitab activikn'es 22.753 846,984 869,737 TOTAL EXPENDITURE 22,753 850,144 872,897 Nel income before gains on revalua¢lon ol knvestments 10,639 1520,7161 1510.0771 Gan on revaluation ol inve$trnents 63,584 63,584 NEf INCOME 10.639 1520,7161 63,584 1446.4931 Funds brought forward 112,046 706,285 958,216 1,776.547 FUNDS AT 31 DECEMBER 2020 122,685 185,569 1.021.800 1,330,054 19