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← The Sir Andrew Judd Foundation

2024-06-30-accounts

Charity No. 307099 (England and Wales)

THE SIR ANDREW JUDD FOUNDATION TRUSTEE’S REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024

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CONTENTS Page
Report ofthe Trustee 1-6
Independent auditor’s report to the trustee 7-9
Statementoffinancial activities ‘10
Balance sheet 11
Statementofcash flows 12
Notestothefinancialstatements 13-22

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THE SIR ANDREW JUDD FOUNDATION REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2024

7

History and introduction

Sir Andrew Judd, Skinner, a citizen of London and Lord Mayor, built and endowed "The Free Grammar School of Sir Andrew Judd", commonly known as Tonbridge School. In 1553, he obtained a grant by Letters Patent or Charter constituting himself sole Governor during his lifetime and directing that, after his death, the Master, Wardens and Commonalty of the Skinners’ Company were to be the Governors. In 1558, by his will, he bequeathed to the Master and Wardens property in the City of London and at St Pancras for the maintenance of the School and for other purposes.

In 1888 the Foundation established a second school in Tonbridge known initially as "The Commercial School" but latterly as "The Judd School". Since the 1944 Education Act Judd School itselfhas been managed bya separate Board of Governors as a Voluntary Aided Grammar School under the auspices of the Kent Education Committee. The charity known as the Judd School, which no longer manages the School, continued to be registered as a subsidiary charity of the Foundation until 23 May 2005. It is now a completely separate entity, under the name of the Judd School Foundation.

In 2002 the decision was taken to transfer the business of Tonbridge School into a separate charitable company limited by guarantee, under the control of its own Governors. This Company, with the name ‘Tonbridge School’, was incorporated on 4 June 2003 and the transfer took place on 30 June 2003. Since that date the Foundation has had no responsibility for the operation and management of the School. It has retained ownership of its investment assets and virtually all the School buildings, and its charitable objects are now as set out below. The address of the Foundation and its subsidiary charity is Skinners’ Hall, 8 Dowgate Hill, London, EC4R 2SP.

In 2024 the Foundation’s objects were amended under a new scheme made by the Charity Commission. The new scheme allowed the Foundation to support all of the Skinners’ Family of Schools (which comprised nine schools in June 2024).

Subsidiary charity

At 30 June 2024 the Charity had one subsidiary charity, The Tonbridge School Appeal. This was the vehicle for an appeal launched in 1993 and is now dormant.

Constitution

The governing document is a Charity Commission Scheme dated 30 June 2003 as altered by the Scheme dated 18 June 2024. The objects of the Charity are: -

Trustee

The Worshipful Company of Skinners.

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THE SIR ANDREW JUDD FOUNDATION REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2024

Committee

The Trustee appoints a committee, which meets at least twice a year, to oversee the management of the Charity and delegates to it the responsibility for awarding grants to beneficiaries, within guidelines laid down by the Trustee. The Trustee keeps the skills requirements of the Committee under review and aims to ensure that the Committee includes persons with the appropriate skills, experience and training (including in financial and investment areas). All members of the Committee are drawn from the Freedom, Livery or Court ofthe Company. This may include persons who are also governors or who have a close connection with Tonbridge School, but these will be in the minority. The Committee works closely with the Skinners’ Investment Committee.

The following served on the Committee during the year:

Mr A G Boggis (Chairman) Mr H Ashton Mrs A Baird Mr C Cohen (ex officio) Sir Jonathan Cohen (to 24.10.2024) Mr Matthew Dobbs Mr RN Dobbs (to 27.06.2024) Major General John Moore-Bick Mr Gavin Rochussen Professor S Stallebrass The Earl of Woolton *These Committee members were also Governors of Tonbridge School.

Key management personnel and remuneration

The Trustee considers the Clerk and Director of Finance to be the key management personnel of the Charity in charge of directing and controlling the Charity and operating it on a day-to-day basis. The Committee members give their time freely and no Trustee remuneration was paid in the year. Details of Trustee expenses are disclosed in note 3.

The Charity’s operations

The aims of the Charity in the year to 30 June 2024 were:

The Charity’s main objectives for the year were:

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THE SIR ANDREW JUDD FOUNDATION REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2024

In order to achieve the stated objectives, the Trustee’s strategy is to ensure that its endowment is managed with proper regard for the longer term. It therefore takes expert advice on its property investments and, through delegated authority to the Skinners’ Company Investment Committee, entrusts the management of its securities portfolio to three separate fund managers. Regular discussions are held with the Investment Committee to ensure that the level of drawdown extracted from the portfolio is sustainable and does not conflict with the longer term growth of capital and income. Significant activities which contribute to the objects include: e Regular meetings with property managers, written reports and performance reviews against relevant benchmarks. The Chairman of the Investment Committee is ex officio a member of the Foundation’s Committee. ° Regular dialogue with Tonbridge School which informs the Committee of significant building requirements and other requirements including its Foundation Awards programme to increase widening access.

Grants are made after close consultation with the Schools and with reference to the restrictions within the governing document.

Financial review

The funds under the Trustee’s control consist of:

Endowment funds ° The permanent endowment of the Charity ° The Capital Replacement Fund (explained in Note 1.15 to the accounts) Unrestricted funds

The Statement of Financial Activities of the Charity demonstrates that the year’s objectives have been met and is summarised below.

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||||||| |---|---|---|---|---|---| |2024|2023| |Available|income|for the year|£|£| |Endowment|investment|income|2,913,889|2,978,149| |Cost of raising funds|(109,332)|(90,632)| |Charitable|expenditure| |Grants|to the|School|(1,613,119)|(1,973,119)| |Advice and technical|support|(261,320)|(292,529)| |School|visit and hospitality|(1,508)|(10,699)| |Scholarships|(13,306)|(27,587)| |Depreciation|of School buildings|(613,980)|(613,980)| |Grant to the Judd|School,|Tonbridge|-|(33,557)| |Grant to|Skinners|Education|Foundation|(200,000)|-| |Net outgoing|resources|for the year before transfers and|gains|101,324|(63,954)|

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The Trustee confirms that the assets of the various funds are available and adequate to fulfil the relevant obligations.

The Charity has a loan to the School of £7.5m. This loan carries variable interest at averaged CPI and is repayable at a rate of £500k p.a. commencing 2023-24. Loan interest of £350,900 was receivable in the year and has been credited to endowment to maintain the value of the capital over the period of the loan.

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THE SIR ANDREW JUDD FOUNDATION REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2024 ee Reserves policy

In view of the level each year of reliable and unrestricted income from the endowment, the Trustee does not currently believe it necessary or appropriate to hold separate and additional reserves on unrestricted funds. Nevertheless, reserves may arise from time to time due to fluctuations in incoming and outgoing resources. Reserves held on unrestricted funds as at 30 June 2024 amounted to £1,284,902. It is the intention of the Trustee that these reserves will help smooth the payment of grants over the next few years. The Trustee keeps the policy and reserves under review annually.

Investment policy and performance

The Trustee is governed by the Trustee Act 2000 in the management of the endowment. The Trustee, in deciding the investment policy, has due regard to the long term aims of the Foundation, its future funding requirements, its attitude to risk and the need to maintain a balanced portfolio.

On 14 January 2014 the Trustee passed a resolution under s104(B) of the Charities Act 2011 and resolved to adopt a total return policy for the managed portfolio, having calculated the unapplied total return on that portfolio at that date of £1,054,240. All returns (both capital and income) on these investments subsequent to the resolution are credited to the Endowment Fund. The Trustee, in consultation with the Skinners’ Investment Committee, has decided to transfer 2.4% of the portfolio value to unrestricted funds for application, and this will be reviewed annually.

The Foundation's investment objective is to maintain the real value of the endowment and to achieve a total return of RPI + 3.5% p.a. over the medium to long term. Management of the Foundation’s main investment portfolio was split between Cazenove Capital, CCLA and Sarasin. The performance of the portfolio was considered satisfactory given that the funds are invested for the long term and the Investment Committee does not place undue weight on a single year’s performance but does make changes when a fund manager’s results consistently underperform. Additional funds are held in Property Unit Trusts as shown in note 8. The Foundation also has a large holding of Investment Properties which are mainly let on long leases. The area of London in which the majority are located has shown strong recent growth which it is expected will drive value growth in the long term.

Risk management

The Committee maintains a risk register and reviews risk areas annually. This ensures the Trustee is in the best position to identify the major risks to which the Charity is exposed and establish systems to ensure that these risks are reviewed and minimised as far as possible. The principal risk faced by the charity is that investment returns may not be sufficient to meet its objectives. This is mitigated by retaining expert investment managers and having a diversified portfolio. The adoption of the total return approach helps stabilise the resources available each year. The Charity does not commit to future grants thereby controlling its outgoings according to its resources.

Fundraising

The Trustee takes its responsibility under the Charities (Protection and Social Investment) Act 2016 seriously and has considered the implications on the activities of the charity. The charity does not actively raise funds or solicit donations directly from the general public but does receive a small number of donations each year. The Charity does not work directly with commercial sponsors in relation to fundraising. The Trustees are not aware of any complaints made in respect of fundraising during the period.

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THE SIR ANDREW JUDD FOUNDATION

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REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2024

Future plans

The Charity’s main objectives for the coming year are as follows:

Public benefit

The Trustee has complied with the duty in section 4 of the Charities Act 2011 to have due regard to all guidance published by the Charity Commission. The Trustee has specifically done so in adopting a revised Scheme which allows the Trustee to better satisfy this duty by diversifying its potential beneficiaries. The Trustee has also taken full account ofthe diverse public benefit activities at Tonbridge School, which continues to meet its public benefit obligations. These include its Foundation Award Scheme aimed at including children who would have otherwise not been able to attend due to an inability to pay school fees.

Trustee’s responsibilities

The Trustee is responsible for preparing the Trustee’s Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustee is required to:

The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. It is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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THE SIR ANDREW JUDD FOUNDATION

REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2024

Bankers and professional advisers Bankers

Solicitors

Investment managers

Royal62/63 BankThreadneedle of ScotlandStreet PLC OS BO London EC2R 8LA Farrer & Co LLP 66 Lincoln’s Inn Fields London WC2A 3LH Cazenove Capital 1 London Wall Place London EC2Y 5AU Sarasin & Partners LLP Juxon House 100 St Paul’s Churchyard London, EC4M 8BU CCLA Fund Managers Ltd 85 Queen Victoria Street, London, EC4V 4ET

Independent Auditors Saffery LLP 71 Queen Victoria Street London EC4V 4BE

Surveyors and property advisers

Gerald Eve LLP 46 Bow Lane London EC4M 9DL

Insurance advisers

Marsh Brokers Limited 1-5 Perrymount Road Haywards Heath West Sussex RG16 3DY

Approved by the Trustee and signed on behalf of the Trustee by

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AC PYKennett
Clerk
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5 December 2024

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THE SIR ANDREW JUDD FOUNDATION

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2024 pe er cA

Opinion

We have audited the financial statements of The Sir Andrew Judd Foundation for the year ended 30 June 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report.

Other information

The trustee is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

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THE SIR ANDREW JUDD FOUNDATION INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2024

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: ) the information given in the Report of the Trustee is inconsistent in any material respect with the financial statements; or

Responsibilities of trustee

As explained more fully in the Trustee’s Responsibilities Statement set out on page 5, the trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustee is responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intends to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances ofnon-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with representatives of the trustee, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with representatives of the trustee and updating our understanding of the sector in which the charity operates.

Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.

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THE SIR ANDREW JUDD FOUNDATION

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2024

i

Audit response to risks identified: We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members ofmanagement responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances ofnon-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness ofjournal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage ofthe audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.fre.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustee, as a body, in accordance with Part 4 ofthe Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustee those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the trustee as a body, for our audit work, for this report, or for the opinions we have formed.

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Sale LLP
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Saffery LLP Statutory Auditors

71 Queen Victoria Street London EC4V 4BE

Date: Ly Le on ZO2QS Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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THE SIR ANDREW JUDD FOUNDATION

BALANCE SHEET AS AT 30 JUNE 2024

Ee Ee Ee Ee
2024 2023
Notes £ £
£		 £
Fixed assets
Schoolbuildings andequipment
Investments
Investmentproperties
Programrelated investment		 7
8
9
10		 15,004,433
58,835,170
34,271,144
7,500,000		 15,618,413
55,270,504
30,487,144
8,000,000
115,610,747 109,376,061
Current assets
Debtors
Cash		 11 230,800
322,012
1,200,584
1,215,588
1,431,384
1,537,600
Creditors: duewithinoneyear 2 (cLee2)
com
Netcurrent assets 1,213,929 1,274,406
Creditors: due aftermore 12
thanoneyear (1,500,000) (1,500,000)
Net assets 15 115,324,676 109,150,467
Funds
Endowmentfunds 15 114,039,774 108,006,487
Unrestricted funds 1,284,902 1,143,980
15 115,324,676 109,150,467

Approved by the Trustee on 5 December 2024 and signed on behalf of the Trustee by

Clerk

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THE SIR ANDREW JUDD FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Note|2024|2023| |£|£| |Cash|flows|from|operating|activities| |Net cash provided by (used|in)|operating|activities|17|(2,153,112)|(2,398,762)| |Cash|flows|from|investing|activities| |Dividends,|interest and rents|from|investments|2,913,889|2,978,113| |Proceeds|from|the|sale|of|property|-|-| |Purchase|of property plant and equipment|-|-| |Proceeds|from|sale|of investments|-|-| |Purchase of investments|(1,275,781|(605,144)| |Net|cash provided|by|investing|activities|1,638,108|2,372,969| |Cash|flows|from|financing|activities| |Loan|to|Tonbridge|School| |Bonds|issued|-| |Change|in|cash and|cash|equivalents|in|the|reporting period|18|(15,004)|(25,792)| |Cash and cash|equivalents|at the|beginning|of|the|reporting period|1,215,588|1,241,380| |Cash and|cash equivalents|at the end of the reporting period|1,200,584|1,215,588|

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THE SIR ANDREW JUDD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

ft 1 Accounting policies 1.1 Basis of accounting The accounts are prepared under the historical cost convention as modified by the revaluation of investments (including property held for investment purposes), and in accordance with the second edition ofthe Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) published in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (ERS 102) and the Charities Act 2011. The accruals basis is followed throughout.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

1.2 Going concern The Trustee has a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future, despite current turmoil in world events. The Charity therefore continues to adopt the going concern basis in preparing its accounts.

1.3 Investments Securities held as investments are stated at market value at the year end. Investment properties, in all of which the Charity has a freehold interest, are stated in the accounts at market value. Each year some ofthe properties are selected for revaluation by the Charity’s surveyor, Gerald Eve, Chartered Surveyors, in accordance with the Appraisal and Valuation Standards published by the Royal Institution of Chartered Surveyors. The remaining properties are valued by the Trustee in the year (using reference to an appropriate index).

Profit and loss on disposals are calculated as the difference between the sales proceeds and the market value at the beginning of the year (purchase date if later).

1.4 Income Donations and legacies are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the charity is considered probable.

Property rentals and interest on short term deposits are recognised when they arise. Dividends and interest on investments are recognised when they become due and payable.

1.5 Expenditure Expenditure is accrued as soon as a liability is considered probable.

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THE SIR ANDREW JUDD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024 Nee

eee

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows;

School buildings and equipment: Depreciation is provided on all functional and residential property on a straight line basis over 50 years. No value is given to the land on which the School is built which is owned by the Foundation.

1.10 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.

The Charitable Fund only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. The charity has selected to apply the provisions of Section 11 "Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

The fund is invested as shown in note 8. In January 2014 the Trustee resolved to adopt a total return policy for the managed portfolio, having calculated the unapplied total return on that portfolio at that date of £1,054,240. All returns (both capital and income) on these investments subsequent to the resolution are credited to the Endowment Fund. The Trustee, in consultation with the Investment Committee, has decided to transfer 2.4% of the asset value to unrestricted funds for application, and this will be reviewed annually.

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THE SIR ANDREW JUDD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024 2 1.15 Endowment Fund - Capital Replacement Fund The Capital Replacement Fund relates to a Charity Commission Order following the sale of Bidborough House. £2,000 per annum has to be invested to accumulate to £550,000. Income from this investment is reinvested in a term deposit.

2 Investment income 2024 2023
£ £
Gross rental income oninvestmentproperties 544,191 522,408
Income from otherinvestments (incl. loantoTonbridge School) 2,357,551 2,436,294
Total investmentincome 2,901,742 2,958,702
3 Expenditure
The charitable activities undertaken bythe charity		 2024 2023
canbe brokendown asfollows: £ £
Adviceandtechnical supporttoTonbridge School(seebelow)
DepreciationonSchoolbuildings (note 7)
Grantto Tonbridge School
GranttoTheJudd School, Tonbridge		 261,320
613,980
1,613,119
-		 292,529
613,980
1,973,119
33,557
Grantto Skinners EducationFoundation 200,000 -
Tonbridge Schoolvisitsandhospitality
Scholarships atTonbridge School		 1,508
13,306
2,703,233		 10,699
27,587
2,951,471
2024 2023
Advice and technicalsupporttoTonbridgeSchool
Insurance		 £
17,617		 £
18,164
Bankcharges
Office costs		 -
657		 31
568
Audit
Legal fees
Travel		 12,277
37,138
257		 11,141
61,195
600
Meetingcosts
Staffcosts		 735
171,039		 6,896
172,574
Accommodation costs 21,600 21,360
Total 261,320 292,529

The amounts stated under unrestricted funds for office costs include certain costs amounting to £657 (2023 £568) incurred by a wholly owned subsidiary of the Skinners’ Company in administering the affairs of the Foundation. The office accommodation charge was also payable to this subsidiary. At the balance sheet date an amount of £2,534 (2023 £2,824) was owed by the charity in respect of these charges. The share of salary costs shown does not exceed £60,000 in respect of any individual. The average headcount of employees in the year under the Paymaster scheme was 8 (2023:8).

The key management personnel of the charity are the Clerk to the Trustee and the Director of Finance of the Skinners’ Company. The total cost of key management personnel, as recharged by The Skinners’ Company is £79,913 (2023: £84,078).

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THE SIR ANDREW JUDD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024

ee

4 Realised gainsoninvestments Realised gainsoninvestments
2024 2023
Endowment funds £ £
Permanent endowment investments:
Historic cost gain realised inyear
(Gain) recognised in prioryears
Gain/(loss) recognised inyear
Total Gain/(loss) recognised inyear - -
5 Unrealised gains on investments
2024 2023
Endowment funds £ £
Investment properties
Valuation, 1 July 2023 30,487,144 26,029,144
Disposals - -
Valuation, 30 June 2024 34,271,144 30,487,144
Unrealised gain inyear 3,784,000 4,458,000
Investments: Permanent Endowment:
Cost, 30 June2024 54,074,997 53,321,091
Marketvalue, 30June2024 58,313,295 55,270,504
Unrealised gain inportfolio 4,238,298 1,949,413
Lessrecognised inprioryears (1,949,413) (5,554,588)
Transferred to realised - -
Unrealised gain/(loss) inyear 2,288,885 (3,605,175)
Total 6,072,885 852,825

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THE SIR ANDREW JUDD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024

a a a a a
6
Total Return
Endowment Unapplied Total
Total
Return
£ £ £
Permanentendowmentas at 1°July 2022 98,665,614 7,940,114 106,605,728
Movements in the reporting period
Add: Investmentreturns dividends and interest 560,000 1,041,502 1,601,502
Investmentreturns realised gains and (losses) - - -
Investmentreturnsunrealised gains and (losses)
42,513		 810,312
852,825
Investmentmanagementcost
-		 (6,639)
(6,639)
Depreciation
(613,980)		 -
(613,980)
Total (11,467) 1,845,175 1,833,708
Less: Unappliedtotalreturn applied - (926,362) (926,362)
Netmovementin reporting period (11,467) 918,813 907,346
Permanentendowment as at30 June 2023 98,654,147 8,858,927 107,513,074
Movements inthe reporting period
Add: Investmentreturns dividends and interest 350,900 1,085,636 1,436,536
Investment returns realised (losses) and gains - - -
Investmentreturns unrealised (losses) andgains
2,795,311		 3,277,574 6,072,885
Investmentmanagementcost
-		 (5,093) (5,093)
Depreciation
(613,980)		 - (613,980)
Total 2,532,231 4,358,117 6,890,348
Less:
Unappliedtotalreturn applied		 - (895,523) (895,523)
Netmovement in reporting period 2,532,231 3,462,594 5,994,825
Permanentendowment as at30June2024 101,186,378 12,321,521 113,507,899
7 School buildings and equipment
2024 2023
£ £
Cost
1 July2023 30,698,977 30,698,977
Additions : -
30 June2024 30,698,977 30,698,977
Depreciation
1 July2024 15,080,565 14,466,585
Charge fortheperiod 613,980 613,980
30 June2023 15,694,545 15,080,565
Net bookvalue
30 June2024 15,004,433 15,618,413
30June2023 15,618,413 16,232,373

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THE SIR ANDREW JUDD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |8|Investments| |2024|2023| |£|£| |At|market|value| |30|June 2023|55,270,504|58,270,535| |Purchases and cash added|1,275,781|605,144| |Sales|-|-| |Unrealised|gains/(losses)|2,288,885|(3,605,175)| |30 June 2024|58,835,170|55,270,504| |Permanent Endowment|58,313,295|$5,270,504| |Capital Replacement Fund|521,875|-| |58,835,170|55,270,504| |Invested|in| |UK|listed|investments|5,468,076|3,025,711| |Non UK|listed investment|25,019,648|22,635,021| |Collective|investment|schemes|-|Investing|in the UK|23,623,228|22,557,030| |Collective|investment|schemes|-|Investing|overseas|2,827,221|5,125,175| |Cash|1,896,997|1,927,567| |Market value 30 June 2024|58,835,170|58,270,504|

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THE SIR ANDREW JUDD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024

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8 Investments (continued)

TheCharityheld sevenmaterial investments as at30 June2024.
These were: Market % Permanent
value endowment
Investment £
SchroderUKPropertyFund 3,350,592 5.75
RockspringPropertyTrust 4,771,845 8.18
CharitiesPropertyFund 4,520,780 7.75
PropertyIncome Trustfor Charities 4,051,890 6.95
CCLACOIF InvestmentFund 11,086,021 19.01
Sarasin ClimateActive 10,398,025 17.83
CazenoveCharityResponsibleFund 20,134,143 34.53
9 Investmentproperties 2024
£		 2023
£
Held at30June 2023, atvaluation 30,487,144 26,029,144
Disposals
Increase arisingonrevaluation		 -
3,784,000		 -
4,458,000
Held at30June2024, atvaluation 34,271,144 30,487,144
10 Program related investment
This comprises aloantoTonbridge Schoolof£7.5mrepayable in instalments of £500,000 p.a. commencing
2023-24 attracting interest at averaged CPI.
11 Debtors 2024
£		 2023
£
Falling duewithin oneyear
Prepayments
Accrued income		 405
230,395		 306
321,706
230,800 322,012
12 Creditors 2024
£		 2023
£
Duewithin oneyear
Trade creditors		 38,237 16,767
Tonbridge School: othergrants
Accruals
Deferredincome		 6,036
22,830
150,352		 16,767
26,051
209,540
217,455 263,194

9

10 Program related investment

11

Due after more than one year

The loan of £1,500,000 is from the H S Vere Hodge Charity, interest free and with no fixed date of repayment and was made for charitable purposes. This charity was established by the will of Mr H S Vere Hodge (for 44 years a master at Tonbridge School) who died in 1958, leaving property to the Skinners’ Company for such charitable objects as the Company might from time to time select.

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THE SIR ANDREW JUDD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024

I

13 Trustee’s expenses

Expenses and other charges paid to the Skinners’ Company or its subsidiaries are shown in Note 3. No remuneration was paid to the Trustee.

14 Taxation

The Sir Andrew Judd Foundation is a registered charity and its income is not liable to direct taxation as it is wholly applied to charitable purposes.

15 Analysis of net assets between funds

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Unrestricted|Endowment funds| |Funds| |Capital| |Replacement|Permanent| |2023|fund|endowment|Total| |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|after 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| |2024| |School|—”0tO¢60 TLE,| |buildings|and equipment|-|-|15,004,433|15,004,433| |Investments|521,875|58,313,295|58,835,170| |Investment properties|-|-|34,271,144|34,271,144| |Program|related|investments|-|-|7,500,000|7,500,000| |Total fixed|assets|-|521,875|115,088,872|115,610,747| |Net current assets|1,284,902|10,000|(80,973)|1,212,929| |Creditors|due|after more than| |one year|i|(1,500,000)|(1,500,000)| |Balances|as|at 30 June 2024|1,284,902|531,875|113,507,899|115,324,676| |Included within the|funds|above|are revaluation|reserves|with the following values:| |Capital|Permanent| |2023|Replacementfund|endowment|Total| |Quoted|securities|-|-|1,949,413|1,949,413| |Freehold|land and buildings|-|-|13,997,289|13,997,289| |As|at 30" June 2023|-|-|15,946,702|15,946,702| |2024|OO| |Quoted|securities|-|-|4,238,298|4,238,298| |Freehold|land and|buildings|-|-|17,781,289|17,781,289| |As|at 30th June 2024|.|-|22,019,587|22,019,587|

----- End of picture text -----

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THE SIR ANDREW JUDD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024

ns

16 Related party transactions

Transactions in respect of staff costs recharged by a company wholly owned by the Trustee are detailed in note 3.

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |17|Reconciliation|of net movement|in funds|to|net cash|flow from|operating|activities| |2024|2023| |£|£| |Net income|for the|reporting|period|(as per SOFA)|6,174,209|788,871| |Adjustments|for:| |Depreciation charges|613,980|613,980| |Gains|on|investments|(6,072,885)|(852,825)| |Dividends,|interest and rents|from|investments|(2,913,889)|(2,978,113)| |(Increase)/decrease|in debtors|91,212|(7,363)| |Increase|in|creditors|(45,739)|36,688| |Net cash (used|in)|operating|activities|(2,153,112)|(2,398,762)|

----- End of picture text -----

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |TTT| |TCs|tow|[At|300633|[Cash|ow|[At30624||| |1,241,380|(25,792)|||1,215,588|(15,004)|||1,200,584| |Loansfallingduewithinlyear|||-||=| S|||||| |Loans1|year falling due after more than|8,000,000|P||8,000,000|||(500,000) ||7,500,000| |BondsO—ssSCC| |Long term|loan Vere Hodge|(1,500,000)|(1,500,000)|(1,500,000)| |7,741,380_||(25,792)||es7,715,588|||(515,004)ee||_7,200,584|

----- End of picture text -----

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