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← The Sir Andrew Judd Foundation

2022-06-30-accounts

CONTENTS Page
Report ofthe Trustee 1-6
Independent auditor's report to the trustee 7-9
Statement of financial activities 10
Balance sheet
Statement of cash 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
2022 2021
Available
income for the year
Endowment
investment
income		 2,031,795 1,834,613
Cost ofraising funds (107,678) (166,154)
Charitable
expenditure
Grants to the School (1,592,816) (1,595,899)
Advice and technical support (256,296) (182,961)
School visit and hospitality (4,133) (100)
Scholarships (30,047) (36,801)
Depreciation ofSchool buildings (613,980) (613,980)
Grant to the Judd School, Tonbridge (29,780) (29,714)
Governor Training Grant (305)
Net outgoing resources for the year before transfers and gains (602,935) (791,301)

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2022 2021
Notes
Fixed assets
School buildings and equipment 7 16,232,394 16,846,372
Investments 8 58,270,535 56,890,571
Investment properties 9 26,029,144 26,029,144
Program related investment 10 8,000,000 10,000,000
Cash in transit for investment
108,532,073 109,766,087
Current
assets
Debtors 314,649 373,742
Cash 1,241,380 1,403,640
1,556,029 1,777,382
Creditors: due within one year 12 (226,506) (261,674)
Net current assets 1,329,523 1,515,708
Creditors: due after more 12
than one year (1,500,000) (3,500,000)
Net assets 15 108,361,596 107,781,795
Funds
Endowment funds 15 107,097,141 106,678,658
Unrestricted funds 1,264,455 1,103,137
15 108,361,596 107,781,795

Note 2022 2021
Cash flows from operating
activities
Net cash provided by (used in) operating
Cash flows from investing
activities		 activities 17 (1,549,851) (1,952,601)
Dividends,
interest and rents from investments
Proceeds from the sale ofproperty		 1,991,177 1,834,613
Purchase ofproperty
plant and equipment
Proceeds Rom sale ofinvestments 20,567,663 11,411,833
Purchase ofinvestments 21,171,249 11,865,960
Net cash provided by investing
activities		 1,387,591 1,380,486
Cash flows from financing
activities
Loan to Tonbridge
School		 2,000,000
Bonds issued 2,000,000
Change in cash and cash equivalents
in
Cash and cash equivalents
at the beginning		 the reporting
period
ofthe reporting period		 18 (162,260)
1,403,640		 (572,115)
1,975755
Cash and cash equivalents
at the end ofthe reporting		 period 1,241,380 1,403,640

The Capital
Replacement
Fund		 The Capital
Replacement
Fund		 relates to a relates to a relates to a relates to a Charity Commission Commission Commission Order following
the sale ofBidborough		 Order following
the sale ofBidborough		 Order following
the sale ofBidborough
House.
F2,000 per annum		 has to be invested to accumulate to f550,000. Income &om this investment is
reinvested
in aterm deposit.
Investment
income		 2022 2021
Unrestricted
funds
Gross rental income on investment properties 491,486 419,747
Income from other investments (incl. loan to Tonbridge School) 1,539,832 1,414,866
Total unrestricted
fund investment		 income 2,031,318 1,834,613
Capital replacement
fund		 investment
income
Total investment
income		 2,031,318 1,834,613
Expenditure 2022 2021
The charitable
activities undertaken		 by the charity
can be broken down as follows:
Advice and technical support to Tonbridge School (see below) 256,296 182,961
Depreciation
on School buildings		 (note 7) 613,980 613,980
Grants Tonbridge
School		 1,592,816 1,595,899
The Judd School, Tonbridge 29,780 29,714
Tonbridge
School visits and		 hospitality 4,133 100
Scholarships
at Tonbridge
School		 30,047 36,801
Governor Training
Grant		 305
2,527,052 2,459,760
2022 2021
Advice and technical support to Tonbridge School
Insurance 29,317 23,259
Bank charges 60
Office costs 589 552
Audit 10,128 9,450
Legal fees 29,591 1,629
Travel 407 54
Meeting costs 6,460 5,632
Staffcosts 160,604 124,085
Accommodation
costs		 19,200 18,240
Total 256,296 182,961

4 Realised gains on investments Realised gains on investments
2022 2021
Endowment
funds
Permanent
endowment		 investments:
Historic cost gain realised in year 4,239,194 1,227,466
(Gain) recognised
in prior years		 3,832,838 839,216
Gain/(loss)
recognised		 in year
Total Gain/(loss)
recognised		 in year 406,356 388,250
5 Unrealised
gains on investments
2022 2021
Endowment
funds
Investment
ro erties
Valuation,
1 July 2021		 26,029,144 20,939,144
Disposals
Valuation, 30June 2022 26,029,144 26,029,144
Unrealised
gain in year		 5,090,000
Investments:
Permanent		 Endowment:
Cost, 30June 2022 52,715,946 48,279,524
Market value, 30June 2022 58,270,534 56,890,570
Unrealised
gain in portfolio		 5,554,588 8,611,046
Less recognised
in prior		 years (8,611,046) (4,515,219)
Trans ferred to realised 3,832,838 839,216
Unrealised
(loss) in year		 776,380 4,935,043
Total 776,380 10,025,043

6 Total Return
Endowment Unapplied Total
Total
Return
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 30June 2021 95,685,507 10,510,738 106,196,245
Movements
in the reporting		 period
Add:
Investment		 returns dividends and interest 56,000 689,869 745,869
Investment returns realised gains and (losses) 406,356 406,356
Investment returns unrealised gains and (losses) 3,538,087 (2,761,707) 776,380
Investment management cost (36,142) (36,142)
Depreciation (613,980) (613,980)
Total 2,980,107 (1,701,624) 1,278,483
Less:
Unapplied		 total return applied (869,000) (869,000)
Net movement
in		 reporting period 2,980,107 (2,570,624) 409,483
Permanent
endowment		 as at30June 2022 98,665,614 7,940,114 106,605,728
7 School buildings and equipment
2022 2021
Cost
1 July 2021 30,698,977 30,698,977
Additions
30June 2022 30,698,977 30,698,977
Depreciation
1 July 2021 13,852,605 13,238,625
Charge for the period 613,980 613,980
30June 2022 14,466,585 13,852,605
Net book value
30June 2022 16,232,392 16,846,372
30June 2021 16,846,372 17,460,352

8 Investments
2022 2021
At market value
30June 2021 56,890,571 49,241,871
Purchases
and cash added		 21,171,248 14,125,490
Sales (20,567,664) (11,411,833)
Unrealised
gain		 776,380 4,935,043
30June 2022 58,270,535 56,890,571
Permanent
Endowment		 58,270,535 56,890,571
Capital Replacement Fund
58,270,535 56,890,571
Invested in
UK listed investments 3,905,137 6,426,437
Non UK listed investment 20,584,779 22,432,768
Collective investment schemes —Investing in the UK 23,725,510 23,594,846
Collective investment schemes -Investing overseas 7,631,649 3,245,734
Cash 2,423,460 1,190,786
Market value 30June 2022 58,270,535 56,890,571

Investments
(continued)
The Charity held six material investments as at 30June 2022.
These were: Market /o Permanent
value endowment
Investment
SchroderUKProperty
Fund		 4,714,719 8.09
Rockspring
Property Trust		 6,065,280 10.41
Charities Property Fund 5,733,843 9.84
Property Income Trust for Charities 4,758,401 8.17
CCLA COIF Investment
Fund		 9,386,169 16.11
Sarasin Climate Active 8,912,385 15.29
Investment
properties		 2022 2021
Held at 30June 2021,at valuation 26,029,144 20,939,144
Disposals
Increase arising on revaluation 5,090,000
Held at30June 2022, at valuation 26,029,144 26,029,144

This comprises a loan to Tonbridge
School of88m r
interest at CPI.		 epayable
in instalments
commencing		 2023-24 attr
Debtors 2022 2021
Falling due within one year
Prepayments 285 68
Accrued income 314,364 373,674
314,649 373,742
Creditors 2022 2021
Due within one year
Trade creditors 7,205 52,925
Tonbridge
School: other grants		 8,375 10,836
Accruals 10,128 9,450
Deferred income 200,798 188,463
226,506 261,674

Analysis ofnet assets between funds Analysis ofnet assets between funds
Unrestricted Endowment funds
Funds
Capital
Replacement Permanent
fund endowment Total
2021
School buildings
and equipment		 16,846,372 16,846,372
Investments 56,890,571 56,890,571
Investment
properties		 26,029,144 20,939,144
Program related investments 10,000,000 10,000,000
Total fixed assets 109,766,087 109,766,087
Net current assets 1,103,137 489,413 (76,842) 4,018,436
Creditors due after more than
one year 3,500,000 3,500,000
Balances as at30' June 2021 1,103,137 489,413 106,189,245 110,284,523
2022
School buildings
and equipment		 16,232,394 16,232,394
Investments 58,270,535 56,270,535
Investment
properties		 26,029,144 26,029,144
Program related investments 8,000,000 8,000,000
Total fixed assets 108,532,073 108,532,073
Net current assets 1,264,455 491,413 (426,345) 1,329,523
Creditors due after more than
one year 1 500000 1 500 000
Balances as at 30~ June 2022 1,264,455 491,413 106,605,728 108,361,596
within
the funds above are revaluation		 reserves with the following values:
Capital Permanent
Replacement endowment Total
2021 fund
Quoted securities 8,611,046 8,611,046
Freehold land and buildings 13,997,289 13,997,289
As at 30'h June 2021 22,608,335 22,508,335
2022
Quoted securities 5,554,588 5,554,588
Freehold
land and buildings		 13,997,289 13,997289
As at 30th June 2022 19,551,877 19,551,877


3.
3.		 g y py y g y py y y
Reconciliation ofnet movement in funds to net cash flow from operating activities
2022 2021
Net income for the reporting period (as per SOFA) 579,801 4,531,992
Adjustments
for:
Depreciation
charges		 613,980 613,980
Losses on investments (776,380) (4,935,043)
Dividends,
interest and rents		 from investments (1,991,177) (1,834,613)
(Increase)/decrease
in debtors
Increase in creditors		 59,093
~36,168		 39,527
~368,444
Net cash (used in) operating activities

At 1.7.20 Cash flow At 30.6.21 Cash flow At 30.6.22
Cash 1,975,755 572,115 1,403,640 162,260) 1,241,380
Loans fallin due within 1 ear
Loans fallin due after more than 1 ear 10,000,000 10,000,000 2,000,000 8,000,000
Bonds 2,000,000 2,000,000 2,000,000
Lon term loan Vere Hod e Chari 1,500,000 1,500,000 1,500 000
Total 8,475,755 572,115 7,903,640 162,260 7,741,380
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