**Charity registration number 1185240 (England and Wales)**
## **THE TIFFIN SCHOOL FOUNDATION**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **THE TIFFIN SCHOOL FOUNDATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|P Phillps||
|---|---|---|
||P Church||
||J Dickins||
||J Hasler-Winter||
||J King||
||S Lester||
||J Lulham||
||A Millard||
||G Nutt||
||C O'Connell||
||J Strong||
||S Tupper||
||J Turner||
|**Charity registration**|England and Wales|1185240|
|**Principal address**|Tiffin School||
||Queen Elizabeth Road||
||Kingston Upon Thames||
||Surrey||
||KT2 6RL||
|**Independent examiner**|Stephen Meredith FCA DChA||
||Alliotts LLP||
||One Ground Floor||
||3 London Square||
||Cross Lanes||
||Guildford||
||Surrey||
||GU1 1UJ||
|**Bankers**|Barclays Bank PLC||
||6 Clarence Street||
||Kingston Upon Thames||
||Surrey||
||KT1 1NY||
|**Solicitors**|Stone King LLP||
||Boundary House||
||91 Charterhouse Street||
||London||
||EC1M 6HR||
|**Investment advisors**|CCLA Investment Management||
||85 Queen Victoria Street||
||London||
||EC4V 4ET||
## **THE TIFFIN SCHOOL FOUNDATION**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 6|
|Independent examiner's report|7|
|Statement of financial activities|8 - 9|
|Balance sheet|10|
|Statement of cash flows|11|
|Notes to the financial statements|12 - 23|
## **THE TIFFIN SCHOOL FOUNDATION**
## **TRUSTEES' REPORT** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
The trustees present their annual report and financial statements for the year ended 31 December 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".
## **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;-
1. to support the provision and conduct of Tiffin School
2. to promote the participation in healthy recreation for the benefit of:
- a. present pupils of Tiffin School and their families;
- b. former pupils and others associated with Tiffin School, including without limitation through alumni sporting clubs; and
- c. the local community of Kingston upon Thames, and the surrounding area; by the provision of such sporting and recreational activities as the charity trustees may decide
3. 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 members of the Academy Trust are responsible for holding the Governors of the School to account for their strategic oversight of the School.
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, some strips of land at the Fairfield recreation ground in Kingston and endowment funds currently invested with the CCLA.
On 1 August 2024 The Tiffin School Foundation acquired most of the assets of the charity, Tiffinian Association Ltd (charity no. 1125708), which intends to be voluntarily liquidated in the near future. These assets included approximately 30 acres of sports fields in East Molesey which provides playing fields for the school, alumni sports and the wider community.
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.
- 1 -
## **THE TIFFIN SCHOOL FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## _Public benefit_
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. They are satisfied that the charity meets both aspects of the public benefit requirement.
## **Benefit Aspect:**
The Foundation is an established charity the main object of which is to support the provision and conduct of Tiffin School, a non-fee 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 and Members of The Tiffin School Academy Trust , 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 has been significantly enhanced with the transfer of the Grist’s 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, literary and historical societies.
## **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.
- ii. 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.
- 2 -
## **THE TIFFIN SCHOOL FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **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.
On 31 January 2020 the 1978 Foundation legally transferred almost all 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 and Members of the Tiffin School Academy Trust.
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.
## **ACQUISITION OF THE ASSETS OF TIFFINIAN ASSOCIATION LTD with registered charity No. 1125708) (“TAL”)**
On 1 August 2024The Tiffin School Foundation acquired most of the assets and liabilities of TAL. The assets included approximately 30 acres of sports fields, two houses, two sports pavilions, equipment and almost all the cash assets of TAL. The sports fields, known as Grist’s, provide playing fields for the school, alumni and the wider community.
It is the intention TAL will be voluntarily liquidated soon with any of its remaining cash and other assets transferred to The Foundation and soon thereafter a merger of The Foundation and TAL will be registered with the Charities Commission. The School is the principal user and manager of Grist’s. The acquisition thereof brings all of the two major land assets used by the School in Kingston and East Molesey under the control of The Foundation.
Following the acquisition, five former trustees of TAL were appointed as trustees of The Foundation.
## **11+ FAMILIARISATION TESTS**
In August of 2024, The Foundation, trading as “11Plus Test Kingston”, started to offer 11+ familiarisation tests to students of either gender who might be considering applying for entry at 11 years of age to any state funded grammar school or independent school and wished to familiarise themselves with the authentic experience of taking exams in a real school setting. The familiarisation tests are held at Tiffin School but are run independently of the School’s own admission process. The familiarisation tests were held again during the Easter and Summer holidays of 2025.
## **Achievements and performance**
_Significant activities and achievements against objectives_
The Foundation's primary object is to support the provision and conduct of Tiffin School. During 2025 the Foundation was able to raise donations (including gift aid) from parents and alumni to the Tiffin Education Fund totalling £470,793 (2024: £299,460). The Foundation also launched a capital appeal to fund a new Multi Use Games Area (MUGA) on the school’s Kingston site. This appeal raised £93k via donations from parents and alumni. The MUGA pitch was constructed during the Autumn term 2025 and has greatly enhanced the outdoor play space at the Kingston site.
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 Tiffin 150 fund, commemorating the coming 150th anniversary of the School in 2030. 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.
- 3 -
## **THE TIFFIN SCHOOL FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **Financial review**
The financial statements cover the year to 31 December 2025 in respect of The Tiffin School Foundation, registered charity number 1185240. During the year, The Foundation received total income of £745,167 (2024: £1,347,693), a significant change compared to 2024, as 2024 included income received by the Foundation on its acquisition of the assets of the Tiffinian Association Ltd. See note 3 to the accounts for an analysis of donations and legacies. Other income was received from investments and property rental.
The Trustees approved donations of £1,222,859 (2024: £174,408) to Tiffin School. The amount is significantly greater than the previous year as two innovative capital projects were undertaken – the construction of a second Multi Use Games Area (MUGA) on the school site and a refurbishment of the main school building. A generous legacy donation to the Foundation, significant alumni donations, as well as parents’ giving allowed these projects to take place. The Foundation’s regular donation to Tiffin School allowed the school to provide a wide range of extracurricular activities to students, which cannot be funded through government school funding grants.
£41,189 (2024: £45,707) was paid to defray the proper costs, charges and expenses of the governance of The Foundation.
Net expenditure before investment movements was £601,954 (2024: net income £1,089,960). Loss on the investment value of endowment assets amounted to £55,108 (2024: gain £25,432) resulting in net expenditure of £657,062 for the year (2024: net income £1,115,392).
Cash balances at the end of the year were £929,276 (2024: £2,049,503). The market value of the endowed investments decreased by £55,108 after additions of £500,000 to £1,596,146 (2024: £1,151,254).
Trustees of the Foundation do not receive any compensation for their services.
## _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, Tiffin 150 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 2025 was £218,734 (2024: £148,622) which is above the identified range of between £100,000 and £200,000 and is considered to be sufficient in order to maintain financial support to the School at a similar level as in recent years. The current level of reserves will be significantly decreased over the coming year as two major capital projects will take place at the school, partly funded by The Foundation.
## _Investment policy_
The Trustees review investments continually. The permanent endowment funds are invested with the Charities Official Investment Fund, managed by the CCLA. Although 2025 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. During 2025 the Foundation also opened a Deposit Account with the CCLA which invests funds in highly rated bank institutions.
- 4 -
## **THE TIFFIN SCHOOL FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## _Major risks_
The Trustees have considered the risks to which The Foundation is exposed. During the course of 2025 the UK has been affected by economic uncertainty due to rising costs of living and political instability internationally, 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 longstanding 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 negative 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 Department for Education (DfE). 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 DfE 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, Trustees’ liability, as well as sports ground and property insurances.
## **Plans for future periods**
The priority for 2026 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 enhance the quality and management of the playing fields at Grist’s. It will ensure that they are fit for purpose and available to the school, alumni and local community.
The Foundation is also continuing its new endeavour to offer 11+ familiarisation exams in the Easter and Summer of 2026 to children of either gender in year 5 at their primary schools who are considering applications to selective secondary or independent 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.
## **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 trustees who served during the year and up to the date of signature of the financial statements were: P Phillps
P Church J Dickins J Hasler-Winter J King S Lester J Lulham A Millard G Nutt C O'Connell J Strong S Tupper J Turner
- 5 -
## **THE TIFFIN SCHOOL FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## _Recruitment and appointment of trustees_
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, and current 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.
## _Organisational structure_
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).
The trustees' report was approved by the Board of Trustees.
## P. Phillips
..............................Phil Phillips (Aug 25, 2026, 2:33pm) P Phillps **Chair**
25 Aug 2026 Date: .............................................
- 6 -
## **THE TIFFIN SCHOOL FOUNDATION**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF THE TIFFIN SCHOOL FOUNDATION**
I report to the trustees on my examination of the financial statements of The Tiffin School Foundation (the charity) for the year ended 31 December 2025.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
## **Independent examiner's statement**
Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.
## Stephen Meredith
Stephen Meredith (Aug 26, 2026, 9:05am)
**Stephen Meredith FCA DChA** One Ground Floor 3 London Square Cross Lanes Guildford Surrey GU1 1UJ 26 Aug 2026 Date: ............................
- 7 -
## **THE TIFFIN SCHOOL FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
|**Current financial year**
**Unrestricted**
**Restricted**
**Endowment**
**funds**
**funds**
**funds**
**2025**
**2025**
**2025**
**Notes**
**£**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
-
484,312
-
Charitable activities
**4**
83,521
124,937
-
Other trading activities
**5**
-
4,416
-
Investments
**6**
29,466
18,515
-
Other income
**7**
-
-
-
**Total income**
112,987
632,180
-
**Expenditure on:**
Raising funds
**8**
-
165
-
Charitable activities
**9**
42,875
1,304,081
-
**Total expenditure**
42,875
1,304,246
-
Net gains/(losses) on
investments
**13**
-
-
(55,108)
**Net income/(expenditure) and**
**movement in funds**
70,112
(672,066)
(55,108)
**Reconciliation of funds:**
Fund balances at 1 January 2025
148,622
1,980,812
1,151,253
**Fund balances at 31 December**
**2025**
218,734
1,308,746
1,096,145|**Total**
**2025**
**£**
484,312
208,458
4,416
47,981
-
745,167
165
1,346,956
1,347,121
(55,108)
(657,062)
3,280,687
2,623,625|**Total**
**2024**
**£**
765,206
77,252
-
38,165
467,070|
|---|---|---|
|||1,347,693|
|||2,596
255,137|
|||257,733|
|||25,432|
|||1,115,392
2,165,295|
|||3,280,687|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 8 -
## **THE TIFFIN SCHOOL FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
|**Prior financial year**
**Unrestricted**
**Restricted**
**Endowment**
**funds**
**funds**
**funds**
**2024**
**2024**
**2024**
**Notes**
**£**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
5,308
759,898
-
Charitable activities
**4**
51,352
25,900
-
Investments
**6**
28,914
9,251
-
Other income
**7**
-
467,070
-
**Total income**
85,574
1,262,119
-
**Expenditure on:**
Raising funds
**8**
-
2,596
-
Charitable activities
**9**
56,267
198,870
-
**Total expenditure**
56,267
201,466
-
Net gains/(losses) on investments
**13**
-
-
25,432
**Net income and movement in funds**
29,307
1,060,653
25,432
**Reconciliation of funds:**
Fund balances at 1 January 2024
119,315
920,159
1,125,821
**Fund balances at 31 December 2024**
148,622
1,980,812
1,151,253|**Total**
**2024**
**£**
765,206
77,252
38,165
467,070|
|---|---|
||1,347,693|
||2,596
255,137|
||257,733|
||25,432|
||1,115,392
2,165,295|
||3,280,687|
- 9 -
## **THE TIFFIN SCHOOL FOUNDATION**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2025**_
|**Notes**
**Fixed assets**
Tangible assets
**15**
Investments
**16**
**Current assets**
Debtors
**17**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**18**
**Net current assets**
**Total assets less current liabilities**
**The funds of the charity**
Endowment funds
**20**
Restricted income funds
**21**
Unrestricted funds
**22**|**2025**
**£**
**£**
86,191
1,596,145
1,682,336
32,731
929,276
962,007
(20,718)
941,289
2,623,625
1,096,145
1,308,746
218,734
2,623,625|**2024**
**£**
**£**
103,958
1,151,254
1,255,212
11,022
2,049,503
2,060,525
(35,050)
2,025,475
3,280,687
1,151,253
1,980,812
148,622
3,280,687|**2024**
**£**
**£**
103,958
1,151,254
1,255,212
11,022
2,049,503
2,060,525
(35,050)
2,025,475
3,280,687
1,151,253
1,980,812
148,622
3,280,687|
|---|---|---|---|
||||1,255,212
2,025,475|
||||3,280,687|
||||1,151,253
1,980,812
148,622|
||||3,280,687|
25 Aug 2026
The financial statements were approved by the trustees on .........................
## P. Phillips
..............................Phil Phillips (Aug 25, 2026, 2:33pm) P Phillps **Chair**
- 10 -
## **THE TIFFIN SCHOOL FOUNDATION**
## **STATEMENT OF CASH FLOWS**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
|**Notes**
**Cash flows from operating activities**
Cash (absorbed by)/generated from
operations
**25**
**Investing activities**
Transfer of tangible assets on merger with TAL
Purchase of investments
Investment income received
**Net cash used in investing activities**
**Net cash generated from financing activities**
**Net (decrease)/increase in cash and cash**
**equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2025**
**£**
**£**
(668,208)
-
(500,000)
47,981
(452,019)
-
(1,120,227)
2,049,503
929,276|**2024**
**£**
**£**
1,069,762
(111,814)
-
38,165
(73,649)
-
996,113
1,053,390
2,049,503|
|---|---|---|
- 11 -
**THE TIFFIN SCHOOL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **1 Accounting policies**
## **Charity information**
The Tiffin School Foundation is a charitable incorporated organisation registered in England and Wales. The principal office is Tiffin School, Kingston Upon Thames, Surrey, KT2 6RL.
## **1.1 Basis of preparation**
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 12 -
## **THE TIFFIN SCHOOL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Expenditure**
Expenditure has been recognised on the accruals basis and is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Depreciation charges are allocated on the portion of the asset’s use.
The charity is not registered for VAT and so expenditure is shown gross of irrecoverable VAT.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment 10% - 20% straight line
## **1.7 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
## **1.8 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
- **1.9 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.10 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
- 13 -
## **THE TIFFIN SCHOOL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **1 Accounting policies**
## **(Continued)**
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.11 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.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting 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 affects both current and future periods.
- 14 -
## **THE TIFFIN SCHOOL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **3 Income from donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
Donations and gifts
-
483,312
Legacies
-
1,000
Other
-
-
-
484,312
**Income from charitable activities**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
**Income from non-investment**
**property in furtherance of:**
Charity's objects
83,521
124,937
Other income
-
-
83,521
124,937|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
483,312
-
293,500
1,000
-
465,748
-
5,308
650
484,312
5,308
759,898
**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
208,458
51,326
25,900
-
26
-
208,458
51,352
25,900|**Total**
**2024**
**£**
293,500
465,748
5,958|
|---|---|---|
|||765,206|
|||**Total**
**2024**
**£**
77,226
26|
|||77,252|
## **4 Income from charitable activities**
## **5 Income from other trading activities**
||**Restricted**|**Restricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Fundraising events|4,416|-|
- **6 Income from investments**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
Income from listed
investments
29,466
4,036
Interest receivable
-
14,479
29,466
18,515|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
33,502
28,692
2,646
14,479
222
6,605
47,981
28,914
9,251|**Total**
**2024**
**£**
31,338
6,827|
|---|---|---|
|||38,165|
- 15 -
## **THE TIFFIN SCHOOL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **7 Other income**
|||**Restricted**|**Restricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2025**|**2024**|
|||**£**|**£**|
||Transfer from Tiffinian Association Ltd (Charity No. 11257018) on 1 August 2024|-|467,070|
|**8**|**Expenditure on raising funds**|||
|||**Restricted**|**Restricted**|
|||**funds**|**funds**|
|||**2025**|**2024**|
|||**£**|**£**|
||**Fundraising and publicity**|||
||Fundraising: Tiffin Education Fund|165|2,596|
|**9**|**Expenditure on charitable activities**|||
||**Contributions**|**Contributions**|
|---|---|---|
||**to Tiffin**|**to Tiffin**|
||**School:**|**School:**|
||**2025**|**2024**|
||**£**|**£**|
|**Direct costs**|||
|Tiffin School education & wider opportunities costs|1,222,859|174,408|
|Other contributions to Tiffin School|88|177|
|Other administrator|82,820|34,845|
||1,305,767|209,430|
|**Share of support and governance costs (see note 10)**|||
|Governance|41,189|45,707|
||1,346,956|255,137|
|**Analysis by fund**|||
|Unrestricted funds|42,875|56,267|
|Restricted funds|1,304,081|198,870|
||1,346,956|255,137|
- 16 -
## **THE TIFFIN SCHOOL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **10 Support costs allocated to activities**
|Governance costs
**Analysed between:**
Contributions to Tiffin School:
**Governance costs comprise:**
Independent examiners fees
Auditor's fees
Auditor's fees (prior year under accrual)
Insurances
Other professional fees|**2025**
**£**
41,189
41,189
**2025**
**£**
8,880
11,000
3,227
18,082
41,189|**2024**
**£**
45,707|
|---|---|---|
|||45,707|
|||**2024**
**£**
-
7,636
-
9,013
29,058|
|||45,707|
## **11 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2024: nil).
## **12 Employees**
The average monthly number of employees during the year was:
|The average monthly number of employees during the year was:|||
|---|---|---|
||**2025**|**2024**|
||**Number**|**Number**|
|Total|-|-|
|There were no employees whose annual remuneration was more than £60,000.|||
## **13 Gains and losses on investments**
||**Endowment**|**Endowment**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
|Gains/(losses) arising on:|**£**|**£**|
|Revaluation of investments|(55,109)|25,432|
## **14 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
- 17 -
## **THE TIFFIN SCHOOL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **15 Tangible fixed assets**
|**Freehold land**
**and buildings**
**£**
**Cost**
At 1 January 2025
-
At 31 December 2025
-
**Depreciation and impairment**
At 1 January 2025
-
Depreciation charged in the year
-
At 31 December 2025
-
**Carrying amount**
At 31 December 2025
-
At 31 December 2024
-|**Plant and**
**equipment**
**£**
111,814
111,814
7,856
17,767
25,623
86,191
103,958|**Total**
**£**
111,814|
|---|---|---|
|||111,814|
|||7,856
17,767|
|||25,623|
|||86,191|
|||103,958|
The assets of Tiffinian Association Ltd were transferred to The Tiffin School Foundation on 1 August 2024. The transfer included the Grists Memorial sports ground. The land and buildings asset is shown at its fair value on transfer to The Tiffin School Foundation. The fair value is considered to be nil, as any surplus generated from this asset is required to be transferred to Tiffin School, so adds no value to The Tiffin School Foundation itself.
## **16 Fixed asset investments**
||**Listed**|
|---|---|
||**investments**|
||**£**|
|**Cost or valuation**||
|At 1 January 2025|1,151,254|
|Additions|500,000|
|Valuation changes|(55,109)|
|At 31 December 2025|1,596,145|
|**Carrying amount**||
|At 31 December 2025|1,596,145|
|At 31 December 2024|1,151,254|
The investments consist of one unrestricted fund and two separate endowment funds: - - Restricted fund £500,000 COIF deposit fund;
- 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.
- 18 -
## **THE TIFFIN SCHOOL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **17 Debtors**
|**Amounts falling due within one year:**
Other debtors
Prepayments and accrued income
**18**
**Creditors: amounts falling due within one year**
**Notes**
Deferred income
**19**
Trade creditors
Accruals
**19**
**Deferred income**
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 January 2025
Released from previous periods
Resources deferred in the year
Deferred income at 31 December 2025|**2025**
**£**
6,731
26,000
32,731
**2025**
**£**
3,100
488
17,130
20,718
**2025**
**£**
3,100|**2024**
**£**
1,022
10,000
11,022
**2024**
**£**
2,050
-
33,000
35,050
**2024**
**£**
2,050
**2024**
**£**
2,050
(2,034)
2,034
2,050
2,050|
|---|---|---|
||||
||**2025**
**£**
3,100
2,050
(2,050)
3,100
3,100||
Deferred income relates to rental income received in advance.
- 19 -
## **THE TIFFIN SCHOOL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **20 Endowment funds**
Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
|**At**
**Permanent endowments**
Foundation endowment
Choral and Instrumental Music Legacy
**Previous year:**
**At**
**Permanent endowments**
Foundation endowment
Choral and Instrumental Music Legacy|**1 January**
**2025**
**Gains and**
**losses**
**At 31**
**December**
**2025**
**£**
**£**
**£**
1,054,063
(50,456)
1,003,607
97,190
(4,652)
92,538
1,151,253
(55,108)
1,096,145
**1 January**
**2024**
**Gains and**
**losses**
**At 31**
**December**
**2024**
**£**
**£**
**£**
1,030,778
23,285
1,054,063
95,043
2,147
97,190
1,125,821
25,432
1,151,253|
|---|---|
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 a sole trustee pursuant to a vesting declaration dated 31 January 2024. 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.
- 20 -
## **THE TIFFIN SCHOOL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **21 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
|**At**
Tiffin Education Fund
Grists memorial sports ground
MUGA donation
Choral and Music
Photonics & Fibre Optics
Rowing
Other Restricted Funds
**Previous year:**
**At**
Tiffin Education Fund
Grists memorial sports ground
MUGA donation
Choral and Music
Photonics & Fibre Optics
Rowing
Other Restricted Funds|**1 January**
**2025**
**Incoming**
**resources**
**Resources**
**expended**
**At 31**
**December**
**2025**
**£**
**£**
**£**
**£**
1,269,495
481,756
(1,223,010)
528,241
468,508
136,822
(81,236)
524,094
200,000
-
-
200,000
9,714
2,716
-
12,430
8,900
-
-
8,900
5,210
-
-
5,210
18,985
10,886
-
29,871
1,980,812
632,180
(1,304,246)
1,308,746
**1 January**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**At 31**
**December**
**2024**
**£**
**£**
**£**
**£**
679,996
766,503
(177,004)
1,269,495
-
492,970
(24,462)
468,508
200,000
-
-
200,000
7,068
2,646
-
9,714
8,900
-
-
8,900
5,210
-
-
5,210
18,985
-
-
18,985
920,159
1,262,119
(201,466)
1,980,812|
|---|---|
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. Those 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 lessons to students.
- 21 -
## **THE TIFFIN SCHOOL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **22 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
||**At 1 January**|**Incoming**|**Resources**|**At 31**|
|---|---|---|---|---|
||**2025**|**resources**|**expended**|**December**|
|||||**2025**|
||**£**|**£**|**£**|**£**|
|General funds|148,622|112,987|(42,875)|218,734|
|**Previous year:**|**At 1 January**|**Incoming**|**Resources**|**At 31**|
||**2024**|**resources**|**expended**|**December**|
|||||**2024**|
||**£**|**£**|**£**|**£**|
|General funds|119,315|85,574|(56,267)|148,622|
|**Analysis of net assets between funds**|||||
||**Unrestricted**|**Restricted**|**Endowment**|**Total**|
||**funds**|**funds**|**funds**||
||**2025**|**2025**|**2025**|**2025**|
||**£**|**£**|**£**|**£**|
|**At 31 December 2025:**|||||
|Tangible assets|-|86,191|-|86,191|
|Investments|-|500,000|1,096,145|1,596,145|
|Current assets/(liabilities)|218,734|722,555|-|941,289|
||218,734|1,308,746|1,096,145|2,623,625|
||**Unrestricted**|**Restricted**|**Endowment**|**Total**|
||**funds**|**funds**|**funds**||
||**2024**|**2024**|**2024**|**2024**|
||**£**|**£**|**£**|**£**|
|**At 31 December 2024:**|||||
|Tangible assets|-|103,959|-|103,959|
|Investments|-|-|1,151,253|1,151,253|
|Current assets/(liabilities)|148,622|1,876,853|-|2,025,475|
||148,622|1,980,812|1,151,253|3,280,687|
## **23 Analysis of net assets between funds**
## **24 Related party transactions**
- 22 -
## **THE TIFFIN SCHOOL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **24 Related party transactions**
## **(Continued)**
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 for nil consideration but the Academy maintains the site.
The Foundation made grants to the Academy of £1,222,860 during the year (2024: £174,585).
At the balance sheet date £8,250 (2024: £26,000) was due from The Foundation to the Academy.
|**25**
**Cash (absorbed by)/generated from operations**
(Deficit)/surplus for the year
**Adjustments for:**
Investment income recognised in statement of financial activities
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
**Movements in working capital:**
(Increase) in debtors
(Decrease)/increase in creditors
Increase in deferred income
**Cash (absorbed by)/generated from operations**|**2025**
**£**
(657,062)
(47,981)
55,108
17,767
(21,708)
(15,382)
1,050
(668,208)|**2024**
**£**
1,115,392
(38,165)
(25,432)
7,856
(9,753)
19,848
16
1,069,762|
|---|---|---|
## **26 Analysis of changes in net funds**
The charity had no material debt during the year.
- 23 -