|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||||||| ## ## ## ## ## ## ## ## ## ## ## ## ## ||||cd
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7S| ||+ C'|||||||||||||||||||||||| ||rn W|||||||||||||||||||||||| ## ## |||||||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| |||cd
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