THE TIFFIN SCHOOL FOUNDATION
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Charity Number: 1185240
THE TIFFIN SCHOOL FOUNDATION
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
| CONTENTS | Pages |
|---|---|
| Members of the Board and professional advisers | 1 |
| Trustees’ Report | 2 – 7 |
| Independent Examiner’s report to the trustees | 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11 – 19 |
THE TIFFIN SCHOOL FOUNDATION
MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS
REGISTERED CHARITY NAME The Tiffin School Foundation CHARITY NUMBER 1185240 PRINCIPAL OFFICE Tiffin School Queen Elizabeth Road Kingston Upon Thames Surrey KT2 6RL TRUSTEES Mr S Goodridge (resigned 06 July 2023) Mr J Hasler-Winter Mrs A Jones Mr J P King Mr J K Lulham Mr P Phillips Mr S Satkunarajah Mr J A Turner Mr C O’ Connell INDEPENDENT EXAMINER Jane Askew Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG INVESTMENT ADVISER CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET BANKERS Barclays Bank Plc 6 Clarence Street Kingston Upon Thames Surrey KT1 1NY SOLICITORS Stone King LLP 91 Charterhouse Street London EC1M 6HR
1
THE TIFFIN SCHOOL FOUNDATION
TRUSTEES’ REPORT
YEAR ENDED 31 DECEMBER 2023
The Trustees present their report and the independently examined financial statements of the charity for the year from 1 January 2023 to 31 December 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Reference and administrative details are shown in the schedule of members of the board and professional advisers on page 1 of the report and financial statements.
THE TRUSTEES
The Trustees who served the charity during the year were as follows:
Mr S Goodridge (resigned 06 July 2023) Mr P Phillips Mr J Hasler-Winter Mr S Satkunarajah Mrs A Jones Mr J A Turner Mr J P King Mr Chris O’Connell Mr J K Lulham
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Tiffin School Foundation (“The Foundation”) is a charitable incorporated organisation (“CIO”) registered with the Charity Commission for England and Wales (“Charity Commission”) under the registration number 1185240. As a CIO, The Foundation is regulated by the Charity Commission and does not need to make filings at Companies House. The Foundation was established on 9 September 2019 with the intention that it amalgamate with and assume the roles, responsibilities, assets and liabilities of the similarly named unincorporated charity established in 1978, the Tiffin School Foundation (“1978 Foundation”).
The Tiffin School Foundation is governed and managed by its Trustees in accordance with the terms of its written constitution (“Constitution”). The Constitution specifies the objects and powers of The Foundation and how its Trustees and Members are appointed and how decisions are taken. Most Trustees have a strong connection with Tiffin School (“School”) and are often alumni, parents, former parents, or former members of staff each of whom bring different skills to the trustee body. New Trustees are appointed by the existing Trustees and are selected taking into account factors such as their connections with the School, their professional working experience and needed skills that they will bring to the trustee body. All Trustees are expected to commit to a written Code of Conduct which includes the Nolan principles for public life. All new Trustees are provided with an induction pack and meet with the Chair of Trustees where they receive a briefing on The Foundation’s charitable objects and history, and its involvement with the School and other Tiffin related bodies and the responsibilities of being a Trustee.
As a “foundation type” CIO, the Trustees also act as the Members of The Foundation. The only persons eligible to be Members are its Trustees for the time being and any Trustee who ceases to be a Trustee automatically ceases to be a Member and vice versa. Under The Foundation’s constitution the role of Members is limited to major decisions involving (a) amendment of the Constitution, (b) amalgamating The Foundation with, or transferring its undertaking to one or more other CIOs or, the winding up or dissolution of The Foundation (including the transfer of its business to any other charity).
2
THE TIFFIN SCHOOL FOUNDATION
TRUSTEES’ REPORT (continued)
YEAR ENDED 31 DECEMBER 2023
OBJECTIVES AND ACTIVITIES
The objects of the Foundation were, with the approval of the Charity Commission, amended as of 9 Oct 2023 as follows
The objects of The Foundation are, for the public benefit;-
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to support the provision and conduct of Tiffin School
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to promote the participation in healthy recreation for the benefit of:
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(a) present pupils of Tiffin School and their families;
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(b) former pupils and others associated with Tiffin School, including without limitation through alumni sporting clubs; and
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(c) the local community of Kingston upon Thames, and the surrounding area;
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by the provision of such sporting and recreational activities as the charity trustees may decide
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to advance such other exclusively charitable purposes (according to the law of England and Wales) connected with Tiffin School as the charity trustees may in their discretion think fit, including without limitation charitable activities for the benefit of present and former pupils of Tiffin School.
The Foundation has the right to appoint a majority of Governors/Trustees to the School’s Governing Board. The Foundation also acts as a voting corporate member of the Tiffin School Academy Trust and has the right to appoint up to three other persons as voting members of the Academy Trust.
The Foundation acts as the sole trustee for the permanently endowed assets of the 1978 Foundation under the terms of the trusts of the 1978 Foundation, as amended. The endowed assets include the land in central Kingston on which the School is built and endowment funds currently invested with the CCLA.
The Foundation collects and holds custody of donations received towards the Tiffin Education Fund, a general fund that supports wider opportunities and capital developments at Tiffin School. The Foundation also collects any donations and legacies made by alumni and other friends of the School.
HISTORY OF THE 1978 FOUNDATION
Tiffin School Foundation (“1978 Foundation”) was an unincorporated charity constituted under the terms of a scheme, which was approved by the Charity Commissioners for England and Wales and sealed on 14 September 1978 and was registered with the Charities Commission under the registration number 312997. The scheme emerged from an earlier 1874 dated charity, the Kingston Endowed Schools charity. The trustees of the 1978 Foundation held, through the Official Custodian, the land in Kingston on which the School is built, and the right to appoint a majority of the Governors of the School. The original 1978 scheme was modified three times as follows:
(i) a Modification Order by the Secretary of State for Education dated 19 January 1994 in connection with Tiffin School (“School”) becoming a grant maintained school (ii) a Modification Order by the Secretary of State for Education dated 1 July 2011 in connection with the change in status of the School from a maintained school to an Academy (iii) an Order made by The Charity Commission for England and Wales dated 16 September 2019 which widened the objects to include charitable purposes connected with Tiffin School.
The 1978 Foundation was governed and managed by its trustees under the terms of the 1978 scheme as modified. The trustees of the 1978 Foundation all became the initial Trustees of The Foundation.
AMALGAMATION WITH THE 1978 FOUNDATION
The Foundation was formally established on 9 September 2019 with registered charity number 1185240. The initial trustees/members of the Foundation were the same as the trustees of the 1978 Foundation. The then objects of The Foundation were effectively the same as those of the 1978 Foundation. The trustees considered that there were a number of advantages to a CIO in comparison with the unincorporated 1978 Foundation. In particular, as a corporate body the CIO could take a direct role in the governance of the School as a member of the Tiffin School Academy Trust and could also play an important role in the consolidation of other historical Tiffin entities or any future expansion of the School.
3
THE TIFFIN SCHOOL FOUNDATION
TRUSTEES’ REPORT (continued)
YEAR ENDED 31 DECEMBER 2023
On 31 January 2020 the 1978 Foundation legally transferred its assets and all of its liabilities to The Foundation. The endowed assets of the 1978 Foundation (including the Tiffin School land in Kingston and the endowment funds invested with the CCLA) were also vested in The Foundation as sole trustee. Under a revision of the Articles of Association of the School effected on 31 January 2020, with the approval of the Secretary of State for Education, The Foundation also acquired the right, previously held by the 1978 Foundation, to appoint a majority of the Governing Board of the School.
A formal notification of a charity amalgamation was submitted to the Charity Commission and the 1978 Foundation was subsequently removed from the charity register. The merger of The Foundation and the 1978 Foundation was formally recorded with the Charities Commission as of 29 January 2021. As a result any future donations or legacies inadvertently left to the 1978 Foundation legally belong to The Foundation.
RISK MANAGEMENT
The Trustees have considered the risks to which The Foundation is exposed. During the course of 2023 the UK has been affected by economic uncertainty due to a soaring inflation rate, and rising costs of living and energy costs, all of which impact on donors’ ability to support charities. As income is largely derived from voluntary income it was anticipated that The Foundation would experience some adverse impact on the level of donations, however given the long-standing relationship between its supporters and the School, the Trustees are of the opinion that any such impact, whether already experienced or in the future, is manageable within spending commitments. The impact on investment values, which have shown a positive return during the year, will continue to be closely monitored.
The Trustees know of no other major risk to which The Foundation is exposed which is likely to materialise in the near future and all usual insurances and risk protection arrangements regarding the School occupation of the buildings and public liability were in place during the year. Tiffin School, as an eligible public sector body, is covered under the Risk Protection Arrangement administered by the Education and Skills Funding Agency (ESFA). This is an alternative to a commercial insurance policy under which insurable risks are pooled and effectively backed by HM Government. As trustee and registered owners of the School land and buildings, The Foundation has been given assurance by the ESFA that the Risk Protection Arrangement provides full cover with regard to the Kingston premises and issues of third-party liability arising out of the School’s occupation. The Foundation has also taken out a commercial insurance policy to cover public liability and Trustees’ liability.
INVESTMENT POLICY
The Trustees review investments continually. The permanent endowment funds are invested with the Charities Official Investment Fund, managed by the CCLA. Although 2023 has proved to be a difficult year due to stock market conditions, Trustees continue to monitor investment regularly and there is no intention to make changes.
ACHIEVEMENTS AND PERFORMANCE
The Foundation's primary object is to support the provision and conduct of Tiffin School. During 2023 the Foundation was able to raise donations (including gift aid) from parents to the Tiffin Education Fund totalling £274,769 (2022: £286,957). The Foundation also commenced a drive to seek regular donations from Alumni to the Tiffin Education Fund. A very significant donation of £200,000 was also received from a Tiffin alumnus to contribute towards the costs of a second artificial multi use games area (MUGA) to be built at the School’s Kingston Grounds.
The Foundation receives voluntary regular parental donations towards the Tiffin Education Fund, a fund that supports wider opportunities and capital developments at Tiffin School as well as donations from parents, alumni, and others to the 21[st] Century building fund. These funds are applied under the direction of the Trustees following discussions with the School’s Governing Board and the School’s Senior Leadership Team.
4
THE TIFFIN SCHOOL FOUNDATION
THE TIFFIN SCHOOL FOUNDATION
TRUSTEES’ REPORT (continued)
YEAR ENDED 31 DECEMBER 2023
FINANCIAL REVIEW
The financial statements cover the year to 31 December 2023 in respect of The Tiffin School Foundation, registered charity number 1185240. During the year, The Foundation received total income of £516,614 (2022: £342,914), a significant increase compared to 2022. See note 2 to the accounts for an analysis of donations and legacies. Other income was received from investments and property rental.
The Trustees approved donations of £122,491 (2022: £104,707) to Tiffin School. The amount is greater than the previous year and allowed the school to provide a wide range of extra-curricular activities to students, which cannot be funded through government school funding grants.
£35,832 (2022: £53,628) was paid to defray the proper costs, charges and expenses of the governance of The Foundation. The decrease on the previous year was due to decreasing legal fees paid in connection with the planned merger with the Tiffinian Association Limited.
Net income before investment movements was £357,967 (2022: £183,916). Gain on the investment value of endowment assets amounted to £94,745 (2022: (£135,671) loss) resulting in net income of £452,712 for the year (2022: £48,245).
Cash balances at the end of the year were £1,053,291 (2022: £679,329). The market value of the endowed investments increased by £94,745 to £1,125,821 (2022: £1,031,076).
RESERVES POLICY
A significant part of the investment assets of The Foundation comprise permanent endowment funds and, as such, may not be spent as if they were income. Reserves are that part of The Foundation’s unrestricted funds that are freely available to spend, at the discretion of the Trustees, on any of the Charity’s purposes. They exclude the Tiffin Education Fund, 21st Century Building Fund, other restricted income funds and endowment funds. Reserves also exclude amounts designated for essential future spending.
The Trustees have considered the need for Reserves to be maintained by The Foundation. The Foundation does not have recurring obligations, other than annual administrative costs, however the Trustees wish to continue to provide financial support to the School and have therefore identified a desired level of free reserves expressed as a range between which reserves may fluctuate. The level of free reserves at the year-end of £119,315 was above the identified range of between £50,000 and £100,000, which is considered to be sufficient in order to maintain financial support to the School at a similar level as in recent years. The anticipated deficit for the current year means that free reserves are expected to move back towards the Trustees’ policy range.
5
THE TIFFIN SCHOOL FOUNDATION
TRUSTEES’ REPORT (continued)
YEAR ENDED 31 DECEMBER 2023
PLANS FOR FUTURE PERIODS
The priority for 2024 is to continue to support the School through the next season of economic and political uncertainty. The Foundation will further focus on developing an effective fundraising strategy in order to increase both regular giving and campaign giving for the benefit of Tiffin School students.
The Foundation will also seek to finalise negotiations with the Tiffinian Association Limited (“TAL”), the alumni body which owns the School playing fields at Hampton Court over the future of the playing fields (named Grist’s). The discussions include the possibility of significant changes including a transfer of Grist’s to The Foundation and an amalgamation of The Foundation with TAL. In preparation for such a change The Foundation has already sought and obtained approval from the Charity Commission to amend its charitable objects to accommodate the major objects of TAL.
The Foundation is also planning a new endeavour to offer 11+ familiarisation exams in the summer of 2024 to children of either gender in year 5 at their primary schools who are considering applications to selective secondary schools. The familiarisation exams will give children the experience of practising taking exams under unfamiliar and potentially intimidating exam conditions. Children from disadvantaged backgrounds will face only a nominal fee for taking the tests.
PUBLIC BENEFIT
The Trustees have had regard to the Charity Commission’s guidance on public benefit and are satisfied that the charity meets both aspects of the public benefit requirement.
Benefit Aspect:
The Tiffin School Foundation is an established charity the main object of which is to support the provision and conduct of Tiffin School, a nonfee paying state funded day school, and charitable purposes connected with the students that attend the School. The charitable purposes encompass the advancement of education, amateur sport and the arts. The Foundation achieves these objectives by appointing a majority of Governors to the School Governing Board, providing its land and buildings to the School rent free and also using its endowment earnings and other income to provide benefits to the School in ways that are not normally provided by regular state funding of Schools, for example a wider choice of subject options, enhanced sporting facilities and the promotion of music and other performing arts.
Public Aspect:
Beneficiaries include all current and future generations of students attending the School and are drawn wholly or mainly from the area in which the School is situated, which in practice extends across South and West London and parts of the counties of Surrey and Middlesex. The Foundation’s facilities are also used by the wider public, in particular the extensive sporting facilities that are made available for community use outside of normal school operating hours. The ability of the Foundation to provide sports facilities will be significantly enhanced after the merger with TAL and the transfer of the Grists Sports grounds. Other School buildings are available on evenings and weekends to a variety of organisations, such as local drama and music groups, language classes, and literary and historical societies.
6
THE TIFFIN SCHOOL FOUNDATION
TRUSTEES’ REPORT (continued)
YEAR ENDED 31 DECEMBER 2023
RESPONSIBILITIES OF THE TRUSTEES
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable to the UK and Republic of Ireland’.
The law applicable to charities in England and Wales requires the Trustees 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 Trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments 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; and
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prepare the financial statements on a going concern basis unless it is inappropriate to assume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. The Trustees are also responsible for safeguarding the assets of The Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the trustees on 1 July 2024 and signed on their behalf.
P.Phillips
P Phillips Chairman
7
INDEPENDENT EXAMINER’S REPORT
TO THE TRUSTEES OF THE TIFFIN SCHOOL FOUNDATION
YEAR ENDED 31 DECEMBER 2023
I report to the Trustees on my examination of the accounts of The Tiffin School Foundation (the “Charity”) for the year ended 31 December 2023 which are set out on pages 9 to 19.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The Trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the 2011 Act”). The Trustees are satisfied that that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and have chosen instead to have an independent examination.
I report in respect of my examination of the Charity’s accounts as carried out under section 44(1)(c) of the 2005 Act and section 145 of the 2011 Act. In carrying out my examination I have followed the requirements of the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER’S STATEMENT
Since the Charity’s income is in excess of £250,000, your examiner must be a member of a body listed in the 2011 Act. I can confirm that I am qualified to undertake the examination because I am a registered member of the Institute of Chartered Accountants in England and Wales which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Jane Askew FCA Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG Date 4 July 2024
8
THE TIFFIN SCHOOL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2023
| Unrestricted | Restricted | Endowment | Total Funds | Total Funds | ||
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | 2023 | 2022 | ||
| Notes | £ | £ | £ | £ | £ | |
| INCOME FROM: | ||||||
| Donations and legacies | 2 | - | 476,073 | - | 476,073 | 305,487 |
| Investments | 3 | 28,298 | 3,843 | - | 32,141 | 30,984 |
| Charitable activities | 4 | 8,400 | - | - | 8,400 | 6,443 |
| --------------------- | ------------------ | ------------------- | ----------------------- | ----------------------- | ||
| TOTAL INCOME | 36,698 | 479,916 | - | 516,614 | 342,914 | |
| ---------------------- | ----------------- | ----------------- | ---------------------- | ---------------------- | ||
| EXPENDITURE ON: | ||||||
| Raising funds | 5 | - | 324 | - | 324 | 663 |
| Charitable activities | 6 | 40,067 | 118,256 | - | 158,323 | 158,335 |
| ----------------------- | ------------------ | ---------------- | ----------------------- | ----------------------- | ||
| TOTAL EXPENDITURE | 40,067 | 118,580 | - | 158,647 | 158,998 | |
| ----------------------- | ------------------- | ---------------- | ---------------------- | ---------------------- | ||
| Net income/(expenditure) before gains on | (3,369) | 361,336 | - | 357,967 | 183,916 | |
| revaluation of investments | ||||||
| Gain/(Loss) on revaluation of investments | - | - | 94,745 | 94,745 | (135,671) | |
| --------------------- | ---------------------- | ------------------------ | ------------------------- | ------------------------- | ||
| NET INCOME/(EXPENDITURE) | (3,369) | 361,336 | 94,745 | 452,712 | 48,245 | |
| Funds brought forward | 122,684 | 558,823 | 1,031,076 | 1,712,583 | 1,664,338 | |
| ----------------------- | ---------------------- | ------------------------- | ------------------------- | ------------------------- | ||
| FUNDS AT 31 DECEMBER 2023 | 119,315 | 920,159 | 1,125,821 | 2,165,295 | 1,712,583 | |
| ========= | ========= | ========== | ========== | ========== |
The Statement of Financial Activities includes all gains and losses in the financial period and therefore a statement of total recognised gains and losses has not been prepared.
All of the above amounts relate to continuing activities.
A comparative Statement of Financial Activities has been included within Note 18.
The notes on pages 11 to 19 form part of these financial statements.
9
THE TIFFIN SCHOOL FOUNDATION (REGISTERED CHARITY NUMBER 1185240)
BALANCE SHEET
AS AT 31 DECEMBER 2023
| 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |||
| FIXED ASSETS | |||||||
| Investments | 9 | 1,125,821 | 1,031,076 | ||||
| CURRENT ASSETS | |||||||
| Debtors | 10 | 1,269 | 19,753 | ||||
| Cash at bank | 11 | 1,053,291 | 679,329 | ||||
| ------------------------ | ------------------------ | ||||||
| 1,054,660 | 699,082 | ||||||
| CREDITORS: amounts falling due within | |||||||
| one year | 12 | (15,186) | (17,575) | ||||
| ---------------------- | ---------------------- | ||||||
| NET CURRENT ASSETS | 1,039,474 | 681,507 | |||||
| ------------------------ | ------------------------ | ||||||
| NET ASSETS | 2,165,295 | 1,712,583 | |||||
| ========== | ========== | ||||||
| FUNDS | |||||||
| Endowment funds | 14 | 1,125,821 | 1,031,076 | ||||
| Restricted income funds | 15 | 920,159 | 558,823 | ||||
| Unrestricted income funds | 15 | 119,315 | 122,684 | ||||
| ------------------------ | ------------------------ | ||||||
| TOTAL FUNDS | 2,165,295 | 1,712,583 | |||||
| ========== | ========== |
These financial statements were approved by the Trustees on 1 July 2024 and are signed on their behalf by:
P.Phillips
Mr P Phillips Chairman
The notes on page 11 to 19 form part of these financial statements.
10
THE TIFFIN SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES
General Information
The Tiffin School Foundation is a charitable incorporated organisation registered in England and Wales. The principal office and charity registration number can be found on page 1.
The principal accounting policies adopted, judgements and key sources of estimation of uncertainty in the preparation of the financial statements are as follows:
Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (FRS102) (Second Edition, effective 1 January 2019) applicable to charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Tiffin School Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
Donations, legacies and investment income
Income is recognised when there is evidence of entitlement, the income can be reliably measured and receipt is probable. Investment income includes income from listed investments and bank deposits.
Expenditure
Expenditure has been recognised on an accruals basis and allocated according to purpose. The Charity is not registered for VAT and so expenditure is shown gross of irrecoverable VAT. Governance costs comprise the costs associated with constitutional and statutory requirements.
Investments
Investments are stated at market value. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on revaluation of investments’ in the Statement of Financial Activities.
Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
11
THE TIFFIN SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES (Continued)
Accounting estimates and areas of judgement
The preparation of financial statements in compliance with FRS 102 required the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the charity’s accounting policies. There are no significant areas where judgement was needed other than those already included in the accounting policies.
Fund accounting
The Foundation endowment represents those investments that were originally vested in the unincorporated 1978 Foundation trustees. This endowment was then vested with The Foundation as sole trustee pursuant to a vesting declaration dated 31 January 2023. Income arising from the investments and included property is unrestricted and is applied towards the objectives of The Foundation. In addition to the original Endowment, in 2020 The Foundation received an endowed legacy, the terms of which prevent the expenditure or disbursement of the gift. The income generated from this legacy is restricted for expenditure on choral or instrumental music and as such is accounted for under restricted funds.
Restricted funds are those which are to be applied in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund.
The Tiffin Education Fund is a restricted fund of donations from the parents of students currently attending the School and from other supporters. This is a fund that supports wider opportunities and capital developments at the School. The 21st Century Building Project Fund is specifically targeted at assisting with the School’s premises development plan. In addition, further restricted funds were held in respect of a legacy towards the teaching of photonics and the use and applications of fibre optics and from donors towards providing rowing and music to students. Details of movements during the year and the balances at year-end of Restricted Funds are shown in note 15 to the accounts.
Tiffin School
The Foundation is the registered owner and sole trustee of the land and buildings at the Tiffin School site in Kingston upon Thames. These assets have not been recognised on the balance sheet of The Foundation as The Foundation does not have the unencumbered beneficial rights of ownership thereto whilst they are in use by the School. Certain buildings and improvements have been wholly or partly funded through publicly funded grants and may need to be repaid, in whole or in part, in the event of the dissolution of Tiffin School.
The assets and liabilities and financial activities of Tiffin School have not been consolidated into the accounts of The Foundation because as a state funded academy trust, the Secretary of State for Education has extensive powers in adverse circumstances to intervene and change the future direction of the School and as such this significantly reduces any controlling influence of The Foundation.
Preparation of accounts on a going concern basis
During 2023 the UK economy has been seriously impacted by the COVID-19 virus. The income of the charity is largely derived from voluntary income and has experienced some decline in voluntary donations during the first part of the year, however, from September onwards there has been a growth in voluntary income. Given the long standing relationship between its supporters and Tiffin School the Trustees are of the view that any such impact is manageable and are therefore confident that the charity can continue to report on a going concern basis.
The Trustees consider there are no material uncertainties about the charity’s ability to continue as a going concern. The review of our financial position, reserves levels and future plans gives Trustees confidence the charity remains a going concern for the foreseeable future.
12
THE TIFFIN SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2023
| 2. | INCOME FROM DONATIONS AND | |||||
|---|---|---|---|---|---|---|
| LEGACIES | Unrestricted | Restricted | Endowment | Total funds | Total funds | |
| Funds | Funds | Funds | 2023 | 2022 | ||
| £ | £ | |||||
| Donations to the Tiffin Education Fund | - | 474,769 | - | 474,769 | 286,957 | |
| Donations to the 21stCentury Building | ||||||
| Fund | - | (307) | - | (307) | 307 | |
| Other Donations | - | 1,611 | - | 1,611 | 18,223 | |
| Legacies | - | - | - | - | - | |
| -------------------- | -------------------- | -------------------- | ------------------- | ------------------- | ||
| - | 476,073 | - | 476,073 | 305,487 | ||
| ========= | ========= | ========= | ========= | ========= | ||
| 3. | INCOME FROM INVESTMENTS | Unrestricted | Restricted | Total funds | Total funds | |
| Funds | Funds | 2023 | 2022 | |||
| £ | £ | |||||
| Income from UK listed investments | 28,298 | 2,609 | 30,907 | 30,788 | ||
| Bank interest receivable | - | 1,234 | 1,234 | 196 | ||
| -------------------- | -------------------- | ------------------- | ------------------- | |||
| 28,298 | 3843 | 32,141 | 30,984 | |||
| ========= | ========= | ========= | ========= | |||
| 4. | INCOME FROM CHARITABLE ACTIVITIES | Unrestricted | Total funds | Total funds | ||
| Funds | 2023 | 2022 | ||||
| £ | £ | £ | ||||
| Income from non-investment property in | furtherance of the | |||||
| Charity’s objects | 8,373 | 8,373 | 6,437 | |||
| Other Income | 27 | 27 | 6 | |||
| -------------------- | -------------------- | ------------------- | ||||
| 8,400 | 8,400 | 6,443 | ||||
| ========= | ========= | ========= | ||||
| 5. | EXPENDITURE ON RAISING FUNDS | Unrestricted | Restricted | Total funds | Total funds | |
| Funds | Funds | 2023 | 2022 | |||
| £ | £ | £ | £ | |||
| Fundraising: Tiffin Education Fund | - | 324 | 324 | 663 | ||
| -------------------- | -------------------- | ------------------- | ------------------- | |||
| - | 324 | 324 | 663 | |||
| ========= | ========= | ========= | ========= |
13
THE TIFFIN SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2023
6. EXPENDITURE ON CHARITABLE ACTIVITIES
| Unrestricted | Restricted | Total funds | Total funds | |
|---|---|---|---|---|
| Funds | Funds | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Contributions to Tiffin School: | ||||
| Tiffin School education & wider opportunities costs | - | 108,494 | 108,494 | 98,310 |
| Photonics & Fibre Optics | - | 9,762 | 9,762 | 4,448 |
| Other contributions to Tiffin School | 4,234 | - | 4,234 | 1,949 |
| Support costs: | ||||
| Governance costs (see below) | 35,833 | - | 35,833 | 53,628 |
| -------------------- | -------------------- | ----------------------- | ----------------------- | |
| 40,067 | 118,256 | 158,323 | 158,335 | |
| ========= | ========= | ========= | ========= | |
| GOVERNANCE COSTS | Unrestricted | Total funds | Total funds | |
| Funds | 2023 | 2022 | ||
| £ | £ | £ | ||
| Independent examination fees | 6,000 | 6,000 | 5,000 | |
| Accountancy compliance and advisory fees | 3,140 | 3,140 | 6,680 | |
| Insurances | 2,037 | 2,037 | 1,926 | |
| Other professional fees | 24,655 | 24,655 | 40,022 | |
| ------------------ | ------------------ | -------------------- | ||
| 35,832 | 35,832 | 53,628 | ||
| ======== | ======== | ======== |
7. STAFF COSTS AND EMOLUMENTS
During the financial year there were no employees (2022: none). No salaries or wages were paid during the year.
8. TRUSTEES’ REMUNERATION
No remuneration was paid to the Trustees during the financial year and no expenses were reimbursed (2022: nil).
14
THE TIFFIN SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2023
| 9. | INVESTMENTS | 2023 | 2022 |
|---|---|---|---|
| £ | £ | ||
| Movements in market value | |||
| Market value at 1 January 2023 | 1,031,076 | 1,166,747 | |
| Net gains on revaluations in the year ended 31 December 2023 | |||
| - Endowment Fund |
86,747 | (124,218) | |
| - Choral and Instrumental Music Legacy |
7,998 | (11,453) | |
| ----------------------- | ----------------------- | ||
| Market value at 31 December 2023 | 1,125,821 | 1,031,076 | |
| ----------------------- | ----------------------- | ||
| Historical cost at 31 December 2023 | 137,814 | 137,814 | |
| ========= | ========= |
The investments consist of two separate endowment funds: - -The Endowment Fund of 51,941.46 Charities Official Investment Fund Income Shares; -Choral and Instrumental Music Legacy of 4,789.27 Charities Official Investment Fund Income Shares.
| 10. | DEBTORS | 2023 | 2022 |
|---|---|---|---|
| £ | £ | ||
| Other debtors | 168 | 134 | |
| Accrued income | 1,101 | 19,619 | |
| ----------------------- | ----------------------- | ||
| 1,269 | 19,753 | ||
| ========== | ========== |
15
THE TIFFIN SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2023
| 11. | CREDITORS: amounts falling due within one year | 2023 | 2022 |
|---|---|---|---|
| £ | £ | ||
| Accruals and deferred income | 15,186 | 17,575 | |
| ----------------------- | ----------------------- | ||
| 15,186 | 17,575 | ||
| ========== | ========== | ||
| Analysis of deferred income | 2023 | ||
| £ | |||
| Deferred income at 1 January 2023 | 1,464 | ||
| Resources deferred in year | 2,034 | ||
| Amounts released from previous years | (1,464) | ||
| ------------------------ | |||
| Deferred income at 31 December 2023 | 2,034 | ||
| ========== |
Deferred income relates to rental income received in advance.
13. COMMITTED EXPENDITURE
There were no capital commitments at the 2023 year end (2022: none).
| 14. | ENDOWMENT FUNDS | Balance at | Gains and | Balance at |
|---|---|---|---|---|
| 1 January 2023 | Losses | 31 December 2023 | ||
| £ | £ | £ | ||
| Permanent endowments | ||||
| Foundation endowment | 944,031 | 86,747 | 1,030,778 | |
| Choral and Instrumental Music Legacy | 87,045 | 7,998 | 95,043 | |
| ------------------------ | ------------------------ | ------------------------ | ||
| 1,031,076 | 94,745 | 1,125,821 | ||
| ========== | ========== | ========== | ||
| omp | arative information in respect of the preceding period is as follows: | |||
| ENDOWMENT FUNDS | Balance at | Gains and | Balance at | |
| 1 January 2022 | Losses | 31 December 2022 | ||
| £ | £ | £ | ||
| Permanent endowments | ||||
| Foundation endowment | 1,068,249 | (124,218) | 944,031 | |
| Choral and Instrumental Music Legacy | 98,498 | (11,453) | 87,045 | |
| ------------------------ | ------------------------ | ------------------------ | ||
| 1,166,747 | (135,671) | 1,031,076 | ||
| ========== | ========== | ========== |
Comparative information in respect of the preceding period is as follows:
16
THE TIFFIN SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2023
| 15. | INCOME FUNDS | Balance at | Balance at | |||
|---|---|---|---|---|---|---|
| 1 January 2023 | Income | Transfers | Expenditure | 31 December 2023 | ||
| £ | £ | £ | £ | £ | ||
| Restricted funds: | ||||||
| Tiffin Education Fund | 513,118 | 276,003 | - | (109,125) | 679,996 | |
| MUGA donation | - | 200,000 | - | - | 200,000 | |
| 21st Century Building Fund | - | (307) | - | 307 | - | |
| Choral and Music | 4,459 | 2,609 | - | - | 7,068 | |
| Photonics & Fibre Optics | 18,662 | - | - | (9,762) | 8,900 | |
| Rowing | 4,010 | 1,200 | - | - | 5,210 | |
| Other Restricted Funds | 18,574 | 411 | - | - | 18,985 | |
| ---------------------- | ---------------------- | --------------------- | --------------------- | ---------------------- | ||
| Total Restricted Funds | 558,823 | 479,916 | - | (118,580) | 920,159 | |
| ---------------------- | ---------------------- | --------------------- | --------------------- | ---------------------- | ||
| General funds | 122,684 | 36,698 | - | (40,067) | 119,315 | |
| ---------------------- | ---------------------- | --------------------- | --------------------- | ---------------------- | ||
| Total Unrestricted Funds | 122,684 | 36,698 | - | (40,067) | 119,315 | |
| =========== | =========== | --------------------- | ========== | =========== | ||
| ---------------------- | ---------------------- | --------------------- | --------------------- | ---------------------- | ||
| Total Income Funds | 681,507 | 516,614 | - | (158,647) | 1,039,474 | |
| =========== | =========== | ========== | ========== | =========== |
An explanation of the endowment and of various restricted funds can be found under Accounting Policies on page 12.
Comparative information in respect of the preceding period is as follows:
| Balance at | Balance at | ||||
|---|---|---|---|---|---|
| 1 January 2022 | Income | Transfers | Expenditure | 31 December 2022 | |
| £ | £ | £ | £ | £ | |
| Restricted funds: | |||||
| Tiffin Education Fund | 324,631 | 287,153 | - | (98,666) | 513,118 |
| 21st Century Building Fund | - | 307 | - | (307) | - |
| Choral and Music | 1,860 | 2,599 | - | - | 4,459 |
| Photonics & Fibre Optics | 23,110 | - | - | (4,448) | 18,662 |
| Rowing | 2,510 | 1,500 | - | 4,010 | |
| Other Restricted Funds | 1,851 | 16,723 | - | - | 18,574 |
| ---------------------- | ---------------------- | --------------------- | --------------------- | ---------------------- | |
| Total Restricted Funds | 353,962 | 308,282 | - | (103,421) | 558,823 |
| ---------------------- | ---------------------- | --------------------- | --------------------- | ---------------------- | |
| General funds | 143,629 | 34,632 | - | (55,577) | 122,684 |
| ---------------------- | ---------------------- | --------------------- | --------------------- | ---------------------- | |
| Total Unrestricted Funds | 143,629 | 34,632 | - | (55,577) | 122,684 |
| =========== | =========== | --------------------- | ========== | =========== | |
| ---------------------- | ---------------------- | --------------------- | --------------------- | ---------------------- | |
| Total Income Funds | 497,591 | 342,914 | - | (158,998) | 681,507 |
| ========== | =========== | ========== | ========== | =========== |
17
THE TIFFIN SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2023
| 16. | ANALYSIS OF NET ASSETS BETWEEN FUNDS | Net current | ||
|---|---|---|---|---|
| Investments | Assets | Total | ||
| 2023 | 2023 | 2023 | ||
| £ | £ | £ | ||
| Endowment funds: | ||||
| Foundation endowment | 1,030,778 | - | 1,030,778 | |
| Choral and Instrumental Music Legacy | 95,043 | - | 95,043 | |
| ------------------------ | ----------------------- | ------------------------ | ||
| 1,125,821 | - | 1,125,821 | ||
| ------------------------ | ----------------------- | ------------------------ | ||
| Income Funds: | ||||
| Restricted funds | - | 920,159 | 920,159 | |
| General funds | - | 119,315 | 119,315 | |
| ------------------------ | ----------------------- | ------------------------ | ||
| - | 1,039,474 | 1,039,474 | ||
| ------------------------ | ----------------------- | ------------------------ | ||
| Total funds | 1,125,821 | 1,039,474 | 2,165,295 | |
| ========== | ========== | ========== |
Comparative information in respect of the preceding period is as follows:
| Net current | |||
|---|---|---|---|
| Investments | Assets | Total | |
| 2022 | 2022 | 2022 | |
| £ | £ | £ | |
| Endowment funds: | |||
| Foundation endowment | 944,031 | - | 944,031 |
| Choral and Instrumental Music Legacy | 87,045 | - | 87,045 |
| ------------------------ | ----------------------- | ------------------------ | |
| 1,031,076 | - | 1,031,076 | |
| ------------------------ | ----------------------- | ------------------------ | |
| Income Funds: | |||
| Restricted funds | - | 558,823 | 558,823 |
| General funds | - | 122,684 | 122,684 |
| ------------------------ | ----------------------- | ------------------------ | |
| - | 681,508 | 681,508 | |
| ------------------------ | ----------------------- | ------------------------ | |
| Total funds | 1,031,076 | 681,508 | 1,712,584 |
| ========== | ========== | ========== |
17. RELATED PARTIES
The Foundation’s Trustees have the power to appoint a majority of the Governors of Tiffin School, an Academy Trust. Accordingly, the Academy is a related party of The Foundation. The Academy occupies land and buildings owned by The Foundation and The Foundation made grants to the Academy of £122,491 during the year (2022: £104,707).
At the balance sheet date £1,310 (2022: £1,310) was due from The Foundation to the Academy.
18
THE TIFFIN SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2023
18. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | Restricted | Endowment | Total Funds | |
|---|---|---|---|---|
| Funds | Funds | Funds | 2022 | |
| £ | £ | £ | £ | |
| INCOME FROM: | ||||
| Donations and legacies | - | 305,487 | - | 305,487 |
| Investments | 28,189 | 2,795 | - | 30,984 |
| Charitable activities | 6,443 | - | - | 6,443 |
| --------------------- | ------------------ | ------------------- | ----------------------- | |
| TOTAL INCOME | 34,632 | 308,282 | - | 342,914 |
| ---------------------- | ----------------- | ----------------- | ---------------------- | |
| EXPENDITURE ON: | ||||
| Cost of raising funds | - | 663 | - | 663 |
| Charitable activities | 55,577 | 102,758 | - | 158,335 |
| ----------------------- | ------------------ | ---------------- | ----------------------- | |
| TOTAL EXPENDITURE | 55,577 | 103,421 | - | 158,998 |
| ----------------------- | ------------------- | ---------------- | ---------------------- | |
| Net income before gains on revaluation of investments | (20,945) | 204,861 | - | 183,916 |
| Gain on revaluation of investments | - | - | (135,671) | (135,671) |
| --------------------- | ---------------------- | ------------------------ | ------------------------- | |
| NET INCOME | (20,945) | 204,861 | (135,671) | 48,245 |
| Funds brought forward | 143,629 | 353,962 | 1,166,747 | 1,664,338 |
| ----------------------- | ---------------------- | ------------------------- | ------------------------- | |
| FUNDS AT 31 DECEMBER 2022 | 122,684 | 558,823 | 1,031,076 | 1,712,583 |
| ========= | ========= | ========== | ========== |
19