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← The Sir Andrew Judd Foundation

2021-06-30-accounts

CONTENTS Page
Report of the Trustee 1-6
Independent
auditor's		 report to the trustee 7-9
Statement offinancial activities
Balance sheet
Statement ofcash flows 12
Notes to the financial statements 13-22

The Statement ofFinancial Activities ofthe Charity dem
summarised
below.		 onstrates
that the		 year's objectives have been met and is
2021 2020
Available
income for the year
Endowment
investment
income		 1,834,613 2,104,311
Cost ofraising funds (166,154) (286,680)
Charitable
expenditure
Grants to the School (1,595,899) (1,607,760)
Advice and technical support (182,961) (186,422)
School visit and hospitality (100) (6,052)
Scholarships (36,801) (34,758)
Depreciation ofSchool buildings (613,980) (613,980)
Grant to the Judd School, Tonbridge (29,714) (31,375)
Governor Training
Grant		 (305) (7,794)
Net outgoing resources for the year before transfers and gains (791,301) (670,510)

Sarasin 8cPartners Sarasin 8cPartners LLP LLP
Juxon House
100St Patd's Churchyard
London, EC4M 8BU
CCLA Fund Managers Ltd
Senator House
85 Queen Victoria Street,
London, EC4V 4ET
Independent Auditors Saffery Champness LLP
71Queen Victoria Street
London
EC4V4BE
Surveyors and property advisers Gerald Eve LLP
46Bow Lane
London
EC4M 9DL
Insurance advisers Marsh Brokers Limited
1-5Perrymount Road
Haywards
Heath
West Sussex
RG163DY
Approved by the Trustee
and signed on behalf ofthe Trustee by

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2021 2020
Notes
Fixed assets
School buildings and equipment 7 16,846,372 17,460,35"
Investments 8 56,890,571 49,241,871
Investment properties 9 26,029,144 20,939,144
Program related investment 10 10,000,000 lo,ooo,nnn
Cash in transit for investment 2,259,530
109,766,087 99.900„89'
Current
assets
Debtors 373,742 413,269
Cash 1,403,640 1,975,755
1,777,382 2,389,024
Creditors: due within one year 12 (261,674) (630,118)
Net current assets 1,515,708 1.758,906
Creditors: duc after more 12
than one year (3,500,000) (3,500,000)
Net assets 15 107,781,795 98,159,803
Funds
Endowment funds 15 106,685,658 96.978.378
Unrestricted funds 1,096,137 1,181,425
15 107,781,795 98,159,803
Note 2021 2020
Cash flows from operating
Net cash provided by (used		 activities
in) operating		 activities 17 (1,952,601) (2,607,748)
Cash flows from investing activities
Dividends,
interest and rents from investments		 1,834,613 2,101,726
Proceeds from the sale ofproperty
Purchase ofproperty
plant and equipment
Proceeds from sale ofinvestments		 11,411,833 28,072,514
Purchase ofinvestments 11,865,960 26,758,986
Net cash provided
by investing
activities		 1,380,486 3,415,254
Cash flows from financing activities
Loan to Tonbridge
School
Bonds issued		 (300,000)
300,000
Change in cash and cash
Cash and cash equivalents		 equivalents
in the reporting
period
at the beginning ofthe reporting
period		 18 (572,115)
1,975,755		 807,506
1,168,249
Cash and cash equivalents at the end ofthe reporting period 1,403,640 1,975,755

1.15 Endowment
Fund - Capital Replacement		 Endowment
Fund - Capital Replacement		 Endowment
Fund - Capital Replacement		 Endowment
Fund - Capital Replacement		 Fund Fund Fund
The Capital
Replacement
Fund relates to a Charity
Commission
Order following
House.
52,000 per annum
has to be invested
to accumulate
to f550,000. Income		 the sale ofBidborough
from this investment
is
reinvested
in aterm deposit.
Investment
income		 2021 2020
Unrestricted
funds
Gross rental income on investment
properties		 419,747 407,270
Income from other investments 1,414,866 1,694,456
Total unrestricted
fund investment
income
Capital replacement
fund investment
income		 1,834,613 2,101,726
2,585
Total investment
income		 1,834,613 2,104,311
Expenditure 2021 2020
The charitable
activities undertaken		 by the charity
can be broken down as follows:
Advice and technical support to Tonbridge School (see below) 182,961 186,422
Depreciation
on School buildings		 (note 7) 613,980 613,980
Grants Tonbridge
School
The Judd School, Tonbridge
Tonbridge
School visits and hospitality		 1,595,899
29,714
100		 1,607,760
31,375
6,052
Scholarships
at Tonbridge
School
Governor Training
Grant		 36,801
305		 34,758
7,794
2,459,760 2,488,141
2021 2020
Advice and technical support to Tonbridge School
Insurance
Bank charges		 23,259
60		 14,835
80
Office costs
Audit
Legal fees
Travel		 552
9,450
1,629
54		 1,144
9,240
7,029
419
Meeting costs
Staffcosts
Accommodation
costs		 5,632
124,085
18,240		 191
134,284
19,200
Total 182,961 186,422

4 Realised gains on investments 2021 2020
Endowment
funds		 f.
Permanent
endowment
investments:
Historic cost gain realised in year
(Gain) recognised
in prior years		 1,227,466
839,216		 1,323,318
2,045,758
Gain/(loss)
recognised
in year		 388,250 (722,439)
Capital replacement
fund:
Historic cost gain realised in year
Gain recognised
in prior years		 8,111
(4,040)
Gain recognised
in year		 4,071
Total 388,250 (718,368)
5 Unrealised
gains on investments		 2021 2020
Endowment
funds
Investment
ro erties
Valuation,
1 July 2020		 20,939,144 20,939,144
Disposals
Valuation,
30June 2021		 26,029,144 20,939,144
Unrealised
gain in year		 5,090,000
Investments:
Permanent
Endowment:
Cost, 30June 2021 48,279,524 44,726,651
Market value, 30June 2021 56,890,570 49,241,870
Unrealised
gain in portfolio		 8,611,046 4,515,219
Less recognised
in prior years		 (4,515,219) (7,562,143)
Transferred
to realised		 839,216 2,045,758
Unrealised
(loss) in year		 4,935,043 (1,001,166)
Capital Replacement
Fund:
Cost, 30June 2021
Market value, 30June 2021
Unrealised
gain in portfolio
Less recognised
in prior years		 (4,040)
Transferred
to realised		 4,040
Unrealised
(loss) in year
Total 10,025,043 (1,001,166)

6 Total Return
Endowment Unapplied Total
Total
Return
Permanent
endowment		 as at 1"July 2019 93,051,541 5,821,520 98,873,061
Movements
in the reporting		 period
Add: Investment returns dividends and interest 152,000 752,739 904,739
Investment returns realised gains and (losses) 23,527 (745,966) (722,439)
Investment returns unrealised gains and (losses) (984,477) (16,689) (1,001,166)
Investment management cost (142,450) (142,450)
Depreciation (613,980) (613,980)
Total (1,422,930) (152,366) (1,575,296)
Less:
Unapplied		 total return applied (806,800) (806,800)
Net movement
in reporting		 period (1,422,930) (L95~9,166 (2,382,096)
Permanent
endowment		 as at 1"July 2020 91,628,611 4,862,354 96,490,965
Movements
in the reporting		 period
Add:
Investment		 returns dividends and interest 120,000 549,889 669,889
Investment returns realised gains and (losses) 388,250 388,250
Investment returns unrealised gains and (losses) 4,550,876 5,474,167 10,025,043
Investment management cost (44,922) (44,922)
Depreciation (613,980) (613,980)
Total 4,056,896 6,367,384 10,424,280
Less:
Unapplied		 total return applied (719,000) (719,000)
Net movement
in		 reporting period 4,056,896 5,648,384 9,705,280
Permanent
endowment		 as at 1July 2021 95,685,507 10,510,738 106,196,245
7 School buildings and equipment
2021 2020
Cost
1 July 2020 30,698,977 30,698,977
Additions
30June 2021 30,698,977 30,698,977
Depreciation
1 July2020 13,238,625 12,624,645
Charge for the period 613,980 613,980
30June 2021 13,852,605 13,238,625
Net book value
30June 2021 16,846,372 17,460,352
1July 2020 17,460,352 18,074,332

8 Investments
2021 2020
At market value
30June 2020 49,241,871 53,816,097
Purchases
and cash added		 14,125,490 24,499,456
Sales (11,411,833) (28,072,5 13)
Unrealised
gain		 4,935,043 (1,001,166)
30June 2021 56,890,571 49,241,874
Permanent
Endowment		 56,890,571 49,241,874
Capital Replacement Fund
56,890,571 49,241,874
Invested
in
UK listed investments 6,426,437 9,247,820
Non UK listed investment 22,432,768 15,042,268
Collective investment schemes —Investing in the UK 23,594,846 22,493,870
Collective investment schemes -Investing overseas 3,245,734 1,415,781
Cash 1,190,786 1,042,135
Market value 30June 2021 56,890,571 49,241,874

The Charity held six material investments as at 30June 2020. as at 30June 2020.
These were: Market 'lo Permanent
value endowment
Investment
Schroder UK Property Fund 4,097,554 7.20
Rockspring Property Trust 4,863,105 8.55
Charities Property Fund 4,842,136 8.51
Property Income Trust for Charities 4,758,401 8.36
CCLA COIF Investment
Fund		 9,632,949 16.93
Sarasin Climate Active 9,327,825 16.40
Investment
properties		 2021 2020
Held at 30June 2020, at valuation 20,939,144 20,939,144
Disposals
Increase arising on revaluation 5,090,000
Held at 30June 2021,at valuation 26,029,144 20,939,144
Program related investment
This comprises
an interest free loan of52m to Tonbridge		 School repayable
in 2022,		 plus a further
loan of
K8m repayable
in instalments		 commencing 2023-24 attracting interest at CPI.
Debtors 2021 2020
Falling due within one year
Prepayments 68 427
Accrued income 373,674 412,842
373,742 413,269
Creditors 2021 2020
Due within one year
Trade creditors
Tonbridge
School: other grants
Accruals
Deferred income		 52,925
10,836
9,450
188,463		 64,932
418,073
12,792
134,321
261,674 630,118

Analysis ofnet assets between funds ofnet assets between funds
Unrestricted Endowment funds
Funds
Capital
Replacement Permanent
fund endowment Total
2020
School buildings
and equipment		 17,460,352 17,460,352
Investments 49,241,871 49,241,871
Investment properties 20,939,144 20,939,144
Program related investments 10,000,000 10,000,000
Total fixed assets 97,641,367 97,641,367
Net current assets 1,181,425 487,413 2,349,598 4,018,436
Creditors due after more than
one year 3,500,000 3,500,000
Balances as at 30'" June 2020 1,181,425 487,413 96,490,965 98,159,803
2021
School buildings
and equipment		 16,846,372 16,846,372
Investments 56,890,571 56,890,571
Investment properties 26,029,144 26,029,144
Program related investments 10,000,000 10,000,000
Total fixed assets 109,766,087 109,766,087
Net current assets 1,096,137 489,413 (69,842) 1,515,708
Creditors due after more than
one year 3500,000 3,500,000
Balances as at 30~ June 2021 1,096,137 489,413 106,196,245 107,781,795
within the funds above are revaluation reserves with the following values:
Capital Permanent
Replacement endowment Total
2020 fund
Quoted securities 4,515,219 4,515,219
Freehold land and buildings 8,907,289 8,907,289
As at 30'" June 2020 13,422,508 13,422,508
2021
Quoted securities 8,611,046 8,611,046
Freehold land and buildings 13,997,289 13,997,289
As at 30th June 2021 22,608,335 22,608,335

Reconciliation
ofnet move		 ment
in funds to net cash flow f		 rom operating
activities
2021 2020
Net income for the reporting period (as per SOFA) 4,531,992 (2,390,044)
Adjustments
for:
Depreciation
charges		 613,980 613,980
Losses on investments (4,935,043 1,001,166
Dividends,
interest and rents		 from investments (1,834,613) (2,101,726)
(Increase)/decrease
in debtors
Increase in creditors		 39,527
~368,444		 (196,860)
465,736
Net cash (used in) operating activities 1,952,601 ~2,607,748

Ai 1.7.19 Cash flow Ai30.6.20 Cash flow Ai 30.6.21
Cash 1,168,249 807,506 1,975,755 (572,115) 1,403,640
Loans fallin due within 1
ear
Loans fallin due after more than 1 ear 9,700,000 300,000 10,000,000 10,000,000
Bonds 1,700,000 300,000 2,000,000 2,000,000
Lon term loan Vere Hod e Chari 1,500,000 1,500,000 1,500,000
Total 7,668,249 807,506 8,475,755 572,115 7,903,640
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