|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|
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|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|
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||||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|
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|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|
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|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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