|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|





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|mmarised<br>b|elow.|||||
|---|---|---|---|---|---|
|||||2023|2022|
|Available<br>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<br>Investments||and equipment||7<br>8||15,618,413<br>55,270,504||16,232,394<br>58,270,535|
|Investment<br>properties<br>Program<br>related investment||||9<br>10||30,487,144<br>8,000,000||26,029,144<br>8,000,000|
|Cash in nansit for investment|||||||||
|||||||109,376,061||108,532,073|
|Current<br>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<br>activities<br>Net cash provided<br>by (used in) operating|activities|||17|(2/98,762)|(1,549,851)|
|Cash flows from investing<br>activities|||||||
|Dividends,<br>interest and rents &om investments|||||2,978,113|1,991,177|
|Proceeds &om the sale ofproperty|||||||
|Purchase ofproperty<br>plant and equipment<br>Proceeds from sale of investments||||||20,567,663|
|Purchase ofinvestments|||||605,144|21 171249|
|Net cash provided<br>by investing<br>activities|||||2872,969|1487,591|
|Cash flows from financing<br>activities|||||||
|Loan to Tonbridge<br>School||||||2,000,000|
|Bonds issued||||||2 000 000|
|Change in cash and cash equivalents<br>in the reporting<br>period<br>Cash and cash equivalents<br>at the beginning ofthe reporting<br>period<br>Cash and cash equivalents<br>at the end ofthe reporting<br>period||||18|(25,792)<br>~141 00<br>1315508|(162,260)<br>1453 640<br>1241 300|





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|1.15|Endowment<br>Fund - Capital Replacement<br>Fund<br>The Capital Replacement<br>Fund relates to a Charity<br>Commission<br>Order following<br>the sale ofBidborough<br>House.<br>I:2,000 per annum<br>has to be invested to accumulate<br>to f550,000. Income from this investment<br>is|Endowment<br>Fund - Capital Replacement<br>Fund<br>The Capital Replacement<br>Fund relates to a Charity<br>Commission<br>Order following<br>the sale ofBidborough<br>House.<br>I:2,000 per annum<br>has to be invested to accumulate<br>to f550,000. Income from this investment<br>is|Endowment<br>Fund - Capital Replacement<br>Fund<br>The Capital Replacement<br>Fund relates to a Charity<br>Commission<br>Order following<br>the sale ofBidborough<br>House.<br>I:2,000 per annum<br>has to be invested to accumulate<br>to f550,000. Income from this investment<br>is|Endowment<br>Fund - Capital Replacement<br>Fund<br>The Capital Replacement<br>Fund relates to a Charity<br>Commission<br>Order following<br>the sale ofBidborough<br>House.<br>I:2,000 per annum<br>has to be invested to accumulate<br>to f550,000. Income from this investment<br>is|Endowment<br>Fund - Capital Replacement<br>Fund<br>The Capital Replacement<br>Fund relates to a Charity<br>Commission<br>Order following<br>the sale ofBidborough<br>House.<br>I:2,000 per annum<br>has to be invested to accumulate<br>to f550,000. Income from this investment<br>is|Endowment<br>Fund - Capital Replacement<br>Fund<br>The Capital Replacement<br>Fund relates to a Charity<br>Commission<br>Order following<br>the sale ofBidborough<br>House.<br>I:2,000 per annum<br>has to be invested to accumulate<br>to f550,000. Income from this investment<br>is|Endowment<br>Fund - Capital Replacement<br>Fund<br>The Capital Replacement<br>Fund relates to a Charity<br>Commission<br>Order following<br>the sale ofBidborough<br>House.<br>I:2,000 per annum<br>has to be invested to accumulate<br>to f550,000. Income from this investment<br>is|Endowment<br>Fund - Capital Replacement<br>Fund<br>The Capital Replacement<br>Fund relates to a Charity<br>Commission<br>Order following<br>the sale ofBidborough<br>House.<br>I:2,000 per annum<br>has to be invested to accumulate<br>to f550,000. Income from this investment<br>is|Endowment<br>Fund - Capital Replacement<br>Fund<br>The Capital Replacement<br>Fund relates to a Charity<br>Commission<br>Order following<br>the sale ofBidborough<br>House.<br>I:2,000 per annum<br>has to be invested to accumulate<br>to f550,000. Income from this investment<br>is|Endowment<br>Fund - Capital Replacement<br>Fund<br>The Capital Replacement<br>Fund relates to a Charity<br>Commission<br>Order following<br>the sale ofBidborough<br>House.<br>I:2,000 per annum<br>has to be invested to accumulate<br>to f550,000. Income from this investment<br>is|
|---|---|---|---|---|---|---|---|---|---|---|
||reinvested<br>in aterm deposit.||||||||||
||Investment<br>income|||||||2023|2022||
||Gross rental income on investment|properties||||||522,408|491,486||
||Income from other investments<br>(incl. loan||to|Tonbridge||School)||2,436,294|1,539,832||
||Total investment<br>income|||||||2,958,702|2,031,318||
||Expenditure|||||||2023|2022||
||The charitable<br>activities undertaken|by the|charity||||||||
||can be broken down as follows:||||||||||
||Advice and technical support to Tonbridge <br>Depreciation<br>on School buildings<br>(note 7)<br>Grants Tonbridge<br>School<br>The Judd School, Tonbridge<br>Tonbridge<br>School visits and hospitality<br>Scholarships<br>at Tonbridge<br>School||School (see below)|||||292,529<br>613,980<br>1,973,119<br>33,557<br>10,699<br>27,587<br>2,951,471|256,296<br>613,980<br>1,592,816<br>29,780<br>4,133<br>30,047<br>2,527,052||
|||||||||2023|2022||
||Advice and technical support to <br>Insurance|Tonbridge||School||||18,164|29,317||
||Bank charges<br>Office costs|||||||31<br>568|589||
||Audit|||||||11,141|10,128||
||Legal fees<br>Travel|||||||61,195<br>600|29,591<br>407||
||Meeting costs<br>Staffcosts|||||||6,896<br>172,574|6,460<br>160,604||
||Accommodation<br>costs|||||||21,360|19,200||
||Total|||||||292,529|256,296||



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





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|6|Total Return|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||Endowment|Unapplied|Total|
|||||||||||||Total||
|||||||||||||Return||
||Permanent<br>endowment||||as at||1a July||2021||95,685,507|10,510,738|106,196,245|
||Movements<br>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:<br>Unapplied|||total return|||applied|||||(869,000)|(869,000)|
||Net movement|in||reporting|||period||||2,980,107|(2,570,624)|409,483|
||Permanent<br>endowment||||as at 30June|||||2022|98,665,614|7,940,114|106,605,728|
||Movements<br>in the reporting||||||period|||||||
||Add:<br>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:<br>Unapplied|||total|return||applied|||||(926,362)|(926,362)|
||Net movement|in||reporting|||period||||(11,467)|918,813|907,346|
||Permanent<br>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|





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|8|Investments|||||
|---|---|---|---|---|---|
|||||2023|2022|
|||||0|8|
||At market value|||||
||30June 2022|||58,270,535|56,890,571|
||Purchases<br>and cash added|||605,144|21,171,248|
||Sales||||(20,567,664)|
||Unrealised<br>losses|||(3,605,175)|776,380|
||30June 2023|||55,270,504|58,270,535|
||Permanent<br>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|





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|Investments<br>(continued)|||||
|---|---|---|---|---|
|The Charity held seven material<br>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<br>Fund|||9,968,899|18.04|
|Sarasin Climate Active|||9,228,848|16.70|
|Investment<br>properties|||2023|2022|
|Held at 30June 2022, at valuation|||26,029,144|26,029,144|
|Disposals<br>Increase arising on revaluation|||4,458,000||
|Held at30June 2023,at valuation|||30,487,144|26,029,144|



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|Program<br>related|investment|||||
|---|---|---|---|---|---|
|This comprises<br>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<br>Prepayments<br>Accrued income||||306<br>321,706|285<br>314,364|
|||||322,012|314,649|
|Creditors||||2023|2022|
|Due withia one <br>Trade creditors|year|||16,767|7,205|
|Tonbridge<br>School: other grants<br>Accruals||||10,836<br>26,051|8,375<br>10,128|
|Deferred income||||209,540|200,798|
|||||263,194|226,506|



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|15<br>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<br>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<br>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<br>within the funds above are revaluation|||reserves|with the following values:|||
|||||Capital|Permanent||
|||||Replacement|endowment|Total|
|2022||||fund|||
|Quoted securities<br>Freehold land and buildings|||||5,554,588<br>13,997,289|5,554,588<br>13,997,289|
|As at 30"June 2022|||||19,551,877|19,551,877|
|2023|||||||
|Quoted securities<br>Freehold land and buildings|||||1,949,413<br>13,997,289|1,949,413<br>13,997,289|
|As at 30th June|2023||||15,946,702|15,946,702|





## 

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



## 

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|||||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<br>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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