Trust registration number: 1195105 The Debney Endowment Trust Annual Rewrt and Financial Statements for the Year Ended 31 August 2024
The Debney Endowment Trust Contents Reference and Administrative Detsils Trustees, Report 2to7 ststement of Trustees, Responsibilities Independent Examiner's Report Statement of Financial Activities io Balan Sheet li Cash Flow Statement 12 Notes to the Financial Ststements 13to21
The Debney Endowment Trust Reference and Administrative Details Chalrman Richard Hubble Trustees Rebecca Crean, ex-officio as Head Teacher of Tonbridge Grammar School Richard Hubble Geraldine Hughes Michael Joyner Nigel Stratton, Nominated 1195105 Trust Registration Number Principal Office Tonbridge Grammar Schcx)I Deakin Leas Tonbridge Kent TN9 2JR Redshield Business Solutions Limited Chartered Accountant Suite 3, 1- 3 Warren Court Park Road Crowborough East Sussex TN6 2QX Brewin Dolphin 12 Smithfield Street London ECIA 9LA Unity Trust Bank plc Four Brindleyplace Birmingham BI 2JB Close Brothers 4th Floor 10 Crown Pla London EC2A 4 Independent Examiner Investment Manager Bankers Page I
The Debney Endowment Trust Trustees. Report The trustees present the annual report together with the financial ststements of the Trust for the year ended 31 August 2024. Objectives and activities Objects andaims The advanment of education by support of Tonbridge Grammar School, (the School), or students, former students and potential students of the School, in particular, but not exclusively by: a. Promotion of social inclusion,. b. Provision of bursaries and prizes,. c. Provision of items, services and facilities. Objertives Strategies andactivities In the peric&i under review support has been given as follows: A small number of bursaries have been given to cuent students. Tuition support for one student. Counselling sessions for current students. Horizons Programme- Il+ summer holiday revision course for primary school pupils. A top up towards High Needs Funding to fund a learning support assistsnt for a current student. Public benefit In the period under review the Trust carried out its object by funding bursaries, tuition, counselling and learning support to current students, thereby advancing social mobility and inclusion and widening aCS to a grammar school education. In addition the Trust supported initiatives which engage with primary school students to encourage them to consider applying to Tonbridge Grammar School. The Trust will supwrt initiatives to support social inclusion and the wellbeing of students. The trustees confimi that they have complied with the requirements of settion 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Grantmakingpolicies All applications for funding either from the School or individual students are dealt with on a case-by-case basis. Use of volunteers All trustees give their time freely and no trustee remuneration was paid in the period. Apart from the trustees, the Trust has no other volunteers. Achievements and performance Grants awarded in the year under review were modest in value. The trust5 anticipate that grant requests will grow as information about the Trust becomes more widely known in the schcM)I community. The Trust is exploring more ways to support initiatives which widen student a55 to the School and initiatives which enable all students to flourish. The Trust has not tsken part in any fundraising during the period. Income earned on the capital funds of the Trust were sufficient to meet the required grants awarded from the Trust. Page 2
The Debney Endowment Trust Trustees. Report (continued) Financial review During the year the Trust funds were held in interest and non-interest-bearing bank accounts and investments. There was no material change in the financial posltion of the Trust during the year. Policy on reserves The objective is to maintsin the real capitsl value of the fund while at the same time using the income generated for student bursaries and other objects of the Trust. Pnncipalfunding sources The Trust was estsblished with initial payments from Tonbridge Grammar Schcx)l. One payment was as a lasting tribute to the Coen family who gave a substsntial gift to help support the school's work to widen access to a Tonbridge Grammar School education. The other payment was as a lasting tribute to Miss Joy Debney, teacher of history and school archivist, who was associated with Tonbridge Grammar School for many years and who named the School as the sole beneficiary of her estate when she died in 2017. Investmentpolicy and objertives The majority of the Trusvs funds are placed with an Investment Manager. The policy is to maintain the capital value of the fund in real terms and to use the income to support the objects of the Trust. If the demand for bursaries exceeds the income consideration will be given to topping up from capital. The Trust follows as far as possible the ethical invesknent policy, supwrted by the SchcK)l. Page 3
The Debney Endowment Trust Trustees. Report (continued) Plans for future periods Aimsandkey objertives forfuture periods The trustees of The Debney Endowment Trust 5k to supp)rt Tonbridge Grammar School in advancing the School's commitment to widening access and social mobility by promoting admissions to the School for financially disadvantaged children, and through the provision of bursary and other grants to ensure that no child already at the School is excluded from any aspect of the education and activities due to personal financial constraints. The trustees are kn to accept donations to the Trust to grow the capitsl base and generate income to meet exFECted growth in demand for bursary support. Going concern The trust5 do not believe there are any uncertainties about the continuation of the TNst as a going concern. Page 4
The Debney Endowment Trust Trustees. Report (continued) Trustees and OffirS The trLJStees and officers serving during the year and since the year end were as follows: Trustees- Rebecca Crean, eXffiCI0 as Head Teacher of Tonbridge Grammar Sch1 Richard Hubble Geraldine Hughes Michael Joyner Nigel Stratton, Nominated Chaimian.. Richard Hubble structurei governan and rnanagement Natu ofgoverning document The Trust is constrtuted as a CIO. The governing document is the Constitution dated 8 July 2021. Recruitment andappointment of trustees The majority of the trustees are to be appointed by the trustees. There is to be at least one, and no more than two, trustees nominated by Tonbridge Grammar School. The Head Teacher is to be an ex-officio trustee, provided that they are happy to accept the offi. Oryanisatsonalstructure The trust is managed by the trustees. At quarterly trustees, meetings the trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, risk management policies and performan. The administration of grants and the proSSIng and handling of applications prior to consideration by the trustees, is delegated to the strategic lead for bursaries at the School. The Schwl's bursary Committ meets regularly throughout the academic year, to consider new applications fulfilling the relevant criteria and make recommendations for funding. The committee monitors information regarding trends in applications and forecasts for future funding needs and makes recommendations to the trustees. The financial records are maintsined by the Schwl's ffinance team. Relationships with related parties Tonbridge Grammar School The Trust was created to re1ve donations and legacies left to Tonbridge Grammar School and to use those funds for the advanment of education by support of the School. The School nominates a trustee and the Head Teacher is an ex-officio trustee. Major risks and management of those risks The trustees have considered the major risks to which the Trust is exposed and have reviewed those risks and have established prOdureS to manage those risks. The trustee5 consider variability of investsnent returns on the permanent endowment to constitute the Trusvs major financial risk. The extreme volatility in world stock markets has demonstrated this risk. The trustee5 tske account of the performan and outlook for investment returns and keep the level of awards under careful review. Page 5
The Debney Endowment Trust Trustees. Report (continued) Flnanclal Instruments Objectivesandpolicies The Trust's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the Trusys policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The Trust does not use derivative financial instruments for speculative purposes. Cash flow risk Interest bearing assets are held in short notice detK)Sit accounts to ensure certainty of cash flows on changes to variable interest rates. Creditnsk The Trust's principal financial assets are bank balances and investments. An allowance for impaimient is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The Trust has no significant cOnntratIon of credit risk, with exposure spread over a large number of counterparties and customers. Page 6
The Debney Endowment Trust Trustees. Report (continued) Liquiditynsk In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term finan. SIONEDSECURELY 15/04/2025 1Sm4120254t9..34..54AMurc The annual report was approved by the trustees of the TNst on behalf by.. and signed on its SIGNED SECURELY 1510412Q25 atg..$4..54AIA UTC Richard Hubble Chaimian and trustee Page 7
The Debney Endowment Trust Statement of Trustees. Responsibilities The trustee5 a Sponsible for preparing the trustees, reFx)rt and the financial statements in accordan with the United Kingdom Accounting Stsndards (United Kingdom Generally Accept Accounting Practice) and applicable law and regulations. The law applicable to charities requi the trustees to prepa financial statements for each financial year which give a true and fair view of the stste of affairs of the Trust and of the incoming resour and application of resources of the Trust for that period. In preparing these financial ststements, the trustees are required to.. select suitsble accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent,. stste whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial ststements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the Trust and hen for tsking reasonable steps for the prevention and detection of fr7ud and other irregularities. The trustees are responsible for the Maintenan and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may tion in other jurisdictions. 151tr4f2025atg..J4'.54AM UTC Approved by the trustees of the Trust on and signed on its behalf by.. SIGNED SECURELY 1510412025 at9..34..54 AM UTC Richard Hubble Chaimian and Trustee Page 8
The Debney Endowment Trust Independent Examiner's Report to the trustees of The Debney Endowment Trust I report to the trustees on my examination of the accounts of The Debney Endowment Trust for the year ended 31 August 2024. Responsibilities and basis of report As the trustees of The Debney Endowment Trust you are responsible for the preparation of the accounts in accordan with the requirements of the Charities Act 2011 ('the Act). I report in respect of my examination of the The Debney Endowment Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(51(b) of the Act. Independent examinerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to tRlieve that in any material respect: l. accounting records were not kept in respect of The Debney Endowment Trust as required by section 130 of the Act. or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities {Accounts and Repots) 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 understsnding of the accounts to be reached. Jenny Dinnage Chartered Accountsnt IC4EW Redshield Busine Solutions Limited Suite 3, 1- 3 Warren Court Park Road Crowborough East Sussex TN6 2QX Date.. 0610512025 Page 9
The Debney Endowment Trust Statement of Financial Activities for the Year Ended 31 August 2024 Total 2024 Unrestricted Restricted Note Income and Endowments from: Investrnent income Totsl income Expenditure on: Raising funds Charitable activities (5,684) (631) (6,315) Totsl expenditure Gainsllosses on investsnent assets Net movement in funds 63,340 (5,975) 57,365 Reconciliation of funds Totsl funds brought forward 661 121 Totsl ftjnds carried forward 13 656 829 Total 2023 Unrestricted Restricted Income and Endowments from: Investsnent income 11,979 1,331 13,310 Expenditure on: Raising funds Charitable activities (6,216) (691) 564 (6,907) Totsl expenditure Gainsllosses on investment assets Net movement in funds (7,698) (1,279) (8,977) Reconciliation of funds Totsl funds brought forward 601187 670 098 Total funds carried foNard 13 661121 All of the Trust's activities derive from continuing operations during the above periods. The funds breakdown for 2023 is shown in note 13. The notes on pages 13 to 21 form an intiral part of these financial ststements. Page
The Debney Endowment Trust (Registration number: 1195105) Balance Sheet as at 31 August 2024 2024 2023 Fixed assets Investsnents io 703,015 631,317 Current assets Cash at bank and in hand li 29,825 31,570 Creditors: Amounts falling due within one year 12 Net current assets Net assets 661 121 Funds of the Trust: Restricted income funds Restricted funds 61,657 67,632 Unrestrirted income funds Unrestricted funds 656 829 593 489 Total funds 13 718 486 661121 SIGNED SECURELY ts on pages 10 to 21 were approved by the trustees, and authorised for issue and signed on their behalf by: on SIGNED SECURELY 12Q25 *2."40."54 PM UT Nigel Stratton Trustee The notes on pages 13 to 21 form an intiral part of these financial ststements. Page
The Debney Endowment Trust Cash Flow Statement for the Year Ended 31 August 2024 2024 2023 Cash flows from operating activities Net cash income/(expenditure) 57,365 (8,977) Adjustments to cash flows from non-cash items Investment income Revaluation of investments (19,036) (13,310) (26,124) (6,947) Working capitsl adjustments Increasel(decrease) in creditors 12 235 Net cash flows from OFerating activities Cash flows from investing activities Interest r1Vable and similar income Purchase of investments Sale of investments 19,036 (192,641) 185 396 13,310 (859,5521 212 895 io Net cash flows from investing activities Net decrease in cash and cash equivalents 633 347 (1,745) (640,529) Cash and cash equivalents at I September 672 099 Cash and cash equivalents at 31 August All of the cash flows are derived from continuing operations during the above two periods. The notes on pages 13 to 21 form an intiral part of these financial ststements. Page
The Debney Endowment Trust Notes to the Financial Statements for the Year Ended 31 August 2024 l Accounting policies Statement of compliance The financial ststements have been prepared in accordance with the second edthon of the Charitie5 Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. Basis of preparation The Debney Endowment Trust meets the definition of a public benefit entity under FR5 102. The accounts {financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. Going concern The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. Income and endowments Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the Trust has entitlement to the income, it is probable that the income will te r1Ved and the amount can be measured wf(h sufficient reliability. Investment income Dividends are recognised On the dividend has been declared and notification has been reiVed of the dividend due. Expenditure All expenditure is recognised On there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allcKated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis con515tent with the use of resources. Raising funds These are costs Incur in attracting voluntsry income, the management of investments and those incurred in trading activities that raise funds. Charitable activities Charitable expenditure comprises those costs incurred by the Trust in the delivery of its activities and seNices for its beneficiaries. It includes both costs that can be allc£ated directly to such activities and those costs of an indirect nature necessary to supp)rt them. Page 13
The Debney Endowment Trust Notes to the Financial Statements for the Year Ended 31 August 2024 (continued) l Accounting policies (continued) Grantexpenditure Grants payable are payments made to third parties in the furtherance of the charitable objectives. Where the Trust gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the Statement of Financial Activities once the recipient of the grant has provided the specific service or output. Grants payable without performan conditions are recconised in the accounts when a commitment has been made and communicated to the recipient, and there are no conditions to be met relating to the grant which remain in the control of the Tnjst. Grantprovisions Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty atxjut either the timing of the grant or the amount of grant payable. Support costs Support costs include ntral functions and have been allocated to activity cost categories on a basis consistent with the use of resources. Governance costs These include the costs attributsble to the Trust's compliance with constitutional and ststutory requirements, including independent examination, strategic management and trustees. meetings and reimbursed expenses. Taxation The Trust is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Trust is potentially exempt from tsxation in respect of income or capitsl gains received within categories covered by Chapter 3 Part 11 of the Corwration Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Fixed asset investments Fixed asset investsments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference beeen sales prcceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Ststement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Page 14
The Debney Endowment Trust Notes to the Financial Statements for the Year Ended 31 August 2024 (continued) l Accounting policies (continued) Fund structure Unrestricted income funds are general funds that are available for use at the trustees, discretion in furtheran of the objectives of the Trust. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purFX)se. Flnanclal Instruments Classification Financial a55ets and financial liabilities are recognised when the Trust tecomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the SUbStsn of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Trust after dedurting all of its liabilities. Recognition andmeasurement All financial assets and liabilities are initially measured èt transartion price (including transartion costs), expt for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transattion price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Trust intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Trust transfers to another party substsntially all of the risks and rewards of ownership of the financial asset, or c) the TrusL despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are deCOgnised only when the obligation specified in the contrart is discharged, cancelled or expires. Fair value measurement The best eviden of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the pri of a recent transaction for an identical asset provides eviden of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transattion took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique. Page 15
The Debney Endowment Trust Notes to the Financial Statements for the Year Ended 31 August 2024 (continued) 2 Investment income Unrestricted funds General Restricted funds Total 2024 other income from fixed asset investments 17,132 1,904 19,036 Unrestricted funds General Restrlcted funds Total 2023 Other income from fixed asset investments 3 Expenditure on raising funds a) Investment management costs Unrestricted funds General Restricted funds Total 2024 Other investment management costs,. Other portfolio management costs 631 631 Unrestricted funds General Restricted funds Total 2023 other invesbment management costs,. other PKJrtfolio management costs 691 691 Page 16
The Debney Endowment Trust Notes to the Financial Statements for the Year Ended 31 August 2024 (continued) 4 Expenditure on charitable activities Unrestricted funds General Restricted funds Total 2024 Grant funding of activities Allocated sUPPOrt costs Governance costs 13,154 13,154 71 71 Unrestricted funds General Restricted funds Total 2023 Grant funding of activities Allocated support costs Governan costs 564 564 72 72 564 S Analysis of governance and support costs Support costs allocated to charltable actlvltles Governan Finance costs Total 2024 Student support 1,200 Governance costs 72 Finance costs 1,272 Total 2023 student support 72 Page 17
The Debney Endowment Trust Notes to the Financial Statements for the Year Ended 31 August 2024 (continued) 5 Analysis of governan and support costs (continued) Governance costs Unrestricted funds General Total 2024 Independent examiner fees Examination of the financial statements Unrestricted funds General Total 2023 Independent examiner fees Examination of the financial statements 6 Grant-making Analysis of grants Grants to individuals 2024 2023 Analysis Bursaries to sch1 students 565 The support costs associated with grant-making are £Nil (31 August 2023 - £Nill. 7 Trustees remuneration and expenses No trustees, nor any person5 connerted with them, have received any remuneration from the Trust during the year. No trustees have received any reimbursed expenses or any other benefits from the Trust during the year. 8 Independent examiner's remuneration 2024 2023 Examination of the financial statements Page 18
The Debney Endowment Trust Notes to the Financial Statements for the Year Ended 31 August 2024 (continued) 9 Taxation The Trust is a registered charity and is therefore exempt from taxation. 10 Fixed asset investments Other investments Listed investments Total Cost or Valuation At I Septemtkr 2023 Additions Disposals Revaluation 631,317 631,317 192,641 192,641 (185,396) (185,396) At 31 August 2024 703 015 703 015 Net book value At 31 August 2024 703 015 703 015 At 31 August 2023 631317 631317 11 Cash and cash equlvalents 2024 2023 Cash at bank 12Credltors: amounts falllng due wlthln one year 2024 2023 Accruals 1,766 Page 19
The Debney Endowment Trust Notes to the Financial Statements for the Year Ended 31 August 2024 (continued) 13 Funds Balan at Other Balance at September Incoming Resour$ recognised 31 August 2023 resources expended galnsl{losses) 2024 Unrestrirted funds General General 593,489 17,132 {6,955) 53,163 656,829 Restricted funds Bursary fund Total funds 661121 19 036 Balance at Other Balance at September Incoming Resources recognised 31 August 2022 resouffts expended gainsl(10sses) 2023 Unrestricted funds General General 601,187 11,979 {7,488) {12,189) 593,489 Restricted funds Bursary fund Total funds 661121 The specific purwses for which the funds are to be applied are as follows: Restricted funds can only be used for bursaries to current school students. Page 20
The Debney Endowment Trust Notes to the Financial Statements for the Year Ended 31 August 2024 (continued) 14Analysis of net assets between funds Unrestricted funds General Totsl funds at 31 August 2024 Restricted funds Fixed asset investrnents Current assets Current liabilities 632,713 25,315 70,302 4,510 703,015 29,825 Totsl net assets 656 828 Unrestricted funds General Totsl funds at 31 August 2023 Restricted funds Fixed asset investments Current assets Current liabilities 568,184 26,505 63,133 5,065 565 631,317 31,570 Total net assets 593 488 661121 15 Related Pa transactions During the year the Trust made the following related party transactions: Tonbridge Grammar Sthool The objective of the charity is to support past, present and future students of Tonbridge Grammar School. The Head Teacher of the School is an ex-officio trustee and the School may appoint up to two nominated trustees, subject to the majority of trustees being appointed by the trustees. Tonbridge Grammar School is the sole donor of funds during the year. At the balan sheet date the amount due to Tonbridge Grammar School was £13,154 (2023 £565). Page 21