2023-06-30-accounts - The Sir Andrew Judd Foundation

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CONTENTS			Page
Report ofthe	Trustee		1-6
Independent	auditor's	report tothe trustee	7-9
Statement of	financial	activities	10
Balance sheet			11
Statement of	cash flows		12
Notes to the financial		statements	13-22

mmarised b	elow.
				2023	2022
Available income for the year
Endowment	invesbnent	income		2,978,149	2,031,795
Cost ofraising funds				(90,632)	(107,678)
Charitable	expenditure
Grants to the School				(1,973,119)	(1,592,816)
Advice and	technical support			(292,529)	(256,296)
School visit	and hospitality			(10,699)	(4,133)
Scholarships				(27,587)	(30,047)
Depreciation	ofSchool	buildings		(613,980)	(613,980)
Grant to the	Judd School, Tonbridge			(33,557)	(29,780)
Net outgoing resources		for the year before transfers	and gains	(63,954)	(602,935)

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					2023		2022
			Notes
Fixed assets
School buildings Investments		and equipment		7 8		15,618,413 55,270,504		16,232,394 58,270,535
Investment properties Program related investment				9 10		30,487,144 8,000,000		26,029,144 8,000,000
Cash in nansit for investment
						109,376,061		108,532,073
Current assets
Debtors				11	322,012		314,649
Cash					1,215,588		1,241,380
					1,537,600		1,556,029
Creditors:	due within one year			12	(263,194)		(226,506)
Net current	assets					1,274,406		1,329,523
Creditors:	due atter more			12
than one year						(1,500,000)		(1,500,000)
Net assets				15		109,150,467		108,361,596
Funds
Endowment	funds			15		108,006,487		107097 141
Unrestricted	funds					1,143,980		1,264,455
				15		109,150,467		108,361,596

		Note	2023	2022
Cash flows from operating activities Net cash provided by (used in) operating	activities	17	(2/98,762)	(1,549,851)
Cash flows from investing activities
Dividends, interest and rents &om investments			2,978,113	1,991,177
Proceeds &om the sale ofproperty
Purchase ofproperty plant and equipment Proceeds from sale of investments				20,567,663
Purchase ofinvestments			605,144	21 171249
Net cash provided by investing activities			2872,969	1487,591
Cash flows from financing activities
Loan to Tonbridge School				2,000,000
Bonds issued				2 000 000
Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning ofthe reporting period Cash and cash equivalents at the end ofthe reporting period		18	(25,792) ~141 00 1315508	(162,260) 1453 640 1241 300

Endowment Fund - Capital Replacement Fund The Capital Replacement Fund relates to a Charity Commission Order following the sale ofBidborough House. I:2,000 per annum has to be invested to accumulate to f550,000. Income from this investment is	Endowment Fund - Capital Replacement Fund The Capital Replacement Fund relates to a Charity Commission Order following the sale ofBidborough House. I:2,000 per annum has to be invested to accumulate to f550,000. Income from this investment is	Endowment Fund - Capital Replacement Fund The Capital Replacement Fund relates to a Charity Commission Order following the sale ofBidborough House. I:2,000 per annum has to be invested to accumulate to f550,000. Income from this investment is	Endowment Fund - Capital Replacement Fund The Capital Replacement Fund relates to a Charity Commission Order following the sale ofBidborough House. I:2,000 per annum has to be invested to accumulate to f550,000. Income from this investment is	Endowment Fund - Capital Replacement Fund The Capital Replacement Fund relates to a Charity Commission Order following the sale ofBidborough House. I:2,000 per annum has to be invested to accumulate to f550,000. Income from this investment is	Endowment Fund - Capital Replacement Fund The Capital Replacement Fund relates to a Charity Commission Order following the sale ofBidborough House. I:2,000 per annum has to be invested to accumulate to f550,000. Income from this investment is	Endowment Fund - Capital Replacement Fund The Capital Replacement Fund relates to a Charity Commission Order following the sale ofBidborough House. I:2,000 per annum has to be invested to accumulate to f550,000. Income from this investment is
reinvested in aterm deposit.
Investment income					2023	2022
Gross rental income on investment	properties				522,408	491,486
Income from other investments (incl. loan		to	Tonbridge	School)	2,436,294	1,539,832
Total investment income					2,958,702	2,031,318
Expenditure					2023	2022
The charitable activities undertaken	by the	charity
can be broken down as follows:
Advice and technical support to Tonbridge Depreciation on School buildings (note 7) Grants Tonbridge School The Judd School, Tonbridge Tonbridge School visits and hospitality Scholarships at Tonbridge School		School (see below)			292,529 613,980 1,973,119 33,557 10,699 27,587 2,951,471	256,296 613,980 1,592,816 29,780 4,133 30,047 2,527,052
					2023	2022
Advice and technical support to Insurance	Tonbridge		School		18,164	29,317
Bank charges Office costs					31 568	589
Audit					11,141	10,128
Legal fees Travel					61,195 600	29,591 407
Meeting costs Staffcosts					6,896 172,574	6,460 160,604
Accommodation costs					21,360	19,200
Total					292,529	256,296

				Realised gains on	investments
				2023	2022
	Endowment funds				g
	Permanent endowment	investments:
	Historic cost gain realised in		year		4,239,194
	(Gain) recognised in prior years				3,832838)
	Gain/(loss) recognised	in year
	Total Gain/(loss) recognised		in year		406,356
5	Unrealised gains on investments
				2023	2022
	Endowment funds			g
	Investment ro erties
	Valuation, 1 July 2022			26,029,144	26,029,144
	Disposals
	Valuation, 30June 2023			30,487,144	26,029,144
	Unrealised gain in year			4,458,000
	Investments: Permanent	Endowment:
	Cost, 30June 2023			53,321,091	52,715,946
	Market value, 30June 2023			55,270,504	58,270,534
	Unrealised gain in portfolio			1,949,413	5,554,588
	Less recognised in prior	years		(5,554,588)	(8,611,046)
	Transferred to realised				3,832,838
	Unrealised (toss) in year			(3,605,175)	776,380
	Total			852,825	776,380

6	Total Return
											Endowment	Unapplied	Total
												Total
												Return
	Permanent endowment				as at		1a July		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 at 30June					2022	98,665,614	7,940,114	106,605,728
	Movements in the reporting						period
	Add: Investment			returns		dividends			and interest		560,000	1,041,502	1,601,502
	Investment			returns		realised (losses) and gains
	Investment			returns		unrealised				(losses) and gains	42,513	810,312	852,825
	Investment			management			cost					(6,639)	(6,639)
	Depreciation										(613,980)		(613,980)
	Total										(11,467)	1,845,175	1,833,708
	Less: Unapplied			total	return		applied					(926,362)	(926,362)
	Net movement	in		reporting			period				(11,467)	918,813	907,346
	Permanent endowment					asat30June 2023					98,654,147	8,858,927	107,513,074
7	School buildings		and equipment									2023	2022
	Cost
	1 July 2022											30,698,977	30,698,977
	Additions
	30June 2023											30,698,977	30,698,977
	Depreciation
	1 July 2023											14,466,585	13,238,625
	Charge for the		period									613,980	613,980
	30June 2022											15,080,565	14,466,585
	Net book value
	30June 2023											15,618,412	16,232,392
	30June 2022											16,232,372	16,846,372

Investments
			2023	2022
			0	8
At market value
30June 2022			58,270,535	56,890,571
Purchases and cash added			605,144	21,171,248
Sales				(20,567,664)
Unrealised losses			(3,605,175)	776,380
30June 2023			55,270,504	58,270,535
Permanent Endowment			55,270,504	58,270,535
Capital Replacement	Fund
			55,270,504	58,270,535
Invested in
UK listed investments			3,025,711	3,905,137
Non UK listed investment			22,635,021	20,584,779
Collective investment	schemes - Investing	in the UK	22,557,030	23,725,510
Collective investment	schemes - Investing	overseas	5,125,175	7,631,649
Cash			1,927,567	2,423,460
Market value 30June 2023			55,270,504	58,270,535

Investments (continued)
The Charity held seven material These were:	investments	as at30June 2023.	Market	'/o Permanent
			value	endowment
Investment
Cazenove Charities Responsible	Investment	Fund	18,388,962	32.00
Schroder UK Property Fund			3,601,778	6.52
Rockspring Property Trust			4,959,630	8.97
Charities Property Fund			4,790,003	8.67
Property Income Trust for Charities			4,332,384	7.84
CCLA COIF Investment Fund			9,968,899	18.04
Sarasin Climate Active			9,228,848	16.70
Investment properties			2023	2022
Held at 30June 2022, at valuation			26,029,144	26,029,144
Disposals Increase arising on revaluation			4,458,000
Held at30June 2023,at valuation			30,487,144	26,029,144

Program related	investment
This comprises a	loan to Tonbridge	School offgm repayable	in instalments	of6500,000 p.a. commencing
2023-24 attracting	interest at CPI.
Debtors				2023	2022
Falling due within one year Prepayments Accrued income				306 321,706	285 314,364
				322,012	314,649
Creditors				2023	2022
Due withia one Trade creditors	year			16,767	7,205
Tonbridge School: other grants Accruals				10,836 26,051	8,375 10,128
Deferred income				209,540	200,798
				263,194	226,506

15 Analysis	ofnet assets	between funds	between funds
		Unrestricted		Endowment	funds
			Funds
				Capital
				Replacemeet	Permaaent
				fund	endowment	Total
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					8000,000	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 atter more than
one year					(1,500,000)	(1,500,000)
Balances as at 30e June 2022		1,264,455		491,413	106,605,728	108,361,596
2023
School buildings	and equipment				15,618,413	15,618,413
Investments					55,270,504	55,270,504
Investment properties					30,487,144	30,487,144
Program related investments					8,000,000	8,000,000
Total fixed assets					109,376,061	109,376,061
Net current assets		1,143,980		493,413	(362,987)	1,274,406
Creditors due afier more than
one year					(1,500,000)	(1,500,000)
Balances as at 30'" June 2023		1,143,980		493,413	107,513,074	109,150,467
Included within the funds above are revaluation			reserves	with the following values:
				Capital	Permanent
				Replacement	endowment	Total
2022				fund
Quoted securities Freehold land and buildings					5,554,588 13,997,289	5,554,588 13,997,289
As at 30"June 2022					19,551,877	19,551,877
2023
Quoted securities Freehold land and buildings					1,949,413 13,997,289	1,949,413 13,997,289
As at 30th June	2023				15,946,702	15,946,702

	Transactions in respect ofstaff costs recharged by acompany 3.	wholly owned by the Trustee	are detailed in n
17	Reconciliation ofnet movement in funds to net cash flow	from operating activities
		2023	2022
	Net income for the reporting period (as per SOFA)	788,871	579,801
	Adjustments for: Depreciation charges Gains on investments	613,980 (852,825)	613,980 (776,380)
	Dividends, interest and rents from investments (Increase)/decrease in debtors Increase in creditors Net cash (used in) operating activities	(2,978,113) (7,363) 36688 ~2298 762	(1,991,177) 59.093 ~35,168 ~7649,851

				At 1.7.21	Cash flow	At 30.622	Cash flow	At 30.6.23
Cash				1,403,640	(162,260	1241,380	25,792	1,215,588
Loans fallin	due within	1	ear
Loans falling	due after more		than	10,000,000	(2,000,000)	8,000,000		8,000,000
1 ear
Bonds				2000,000	2 000000
Long term loan Vere Hodge				(1,500,000)		(1,500,000)		(1,500,000)
Chari
Total				7903,640	162260	7 741,380	25,792	7715,588

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