Charity No. 307099 (England and Wales)
THE SIR ANDREW JUDD FOUNDATION TRUSTEE’S REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025
| CONTENTS | Page |
|---|---|
| Report ofthe Trustee | 1-6 |
| Independent auditor’s reportto the trustee | 7-9 |
| Statement offinancial activities | 10 |
| Balance sheet | 11 |
| Statement ofcash flows | 12 |
| Notestothefinancialstatements | 13-22 |
REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2025
THE SIR ANDREW JUDD FOUNDATION
a
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 itself has been managed by a separate Board of Governors as a Voluntary Aided Grammar School under the auspices ofthe Kent Education Committee. The charity known as the Judd School, which no longer manages the School, continued to be registered as a subsidiary charity ofthe 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.
Subsidiary charity
At 30 June 2025 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: -
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e The provision of items, services and facilities for Tonbridge School; ° The advancement of education ofthe boys at Tonbridge School by the provision of scholarships and prizes and such other means as the trustee shall determine;
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e The advancement of education in any or all schools forming part of the Skinners family of schools and the pupils attending such schools.
Trustee
The Worshipful Company of Skinners.
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 ofthe 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. —————————————SE EEEEE
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THE SIR ANDREW JUDD FOUNDATION
REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2025
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 24.10.24) Mr Matthew Dobbs 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
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The aims of the Charity in the year to 30 June 2025 were: e To improve the facilities at Tonbridge School (charity number 1097977) mainly by giving grants for its Foundation Awards programme to increase widening access, building and refurbishment projects
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e To assist the Governing Body of the School primarily by providing the services of the Clerk to the Governors and staff under a Director of Education
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e To help boys of sporting ability to attend the School through provision of Cowdrey Scholarships e To support the Skinners’ family of schools, to the extent permitted by the Charity’s Constitution.
The Charity’s main objectives for the year were:
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° To make grants to Tonbridge School in respect of its Foundation Awards programme to enable increased widening access, building and refurbishment works
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° To contribute to the efficient governance of the School through providing the services of the Clerk to the Governors and staff under a Director of Education.
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° To support the Skinners family of schools up to the maximum permitted in its constitution (15% of income).
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.
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Significant activities which contribute to the objects include:
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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.
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e Regular dialogue with Tonbridge School which informs the Committee of significant building
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THE SIR ANDREW JUDD FOUNDATION
REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2025 SE requirements and other requirements including its Foundation Awardseeeprogramme to increaseeeewidening 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 e The funds available to the Trustee for the general purposes of the Charity.
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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||||||||
|---|---|---|---|---|---|---|
|2025|2024|
|Available|income for the year|£|£|
|Endowment|investment|income|2,943,025|2,913,889|
|Cost of|raising funds|(134,075)|(109,332)|
|Charitable|expenditure|
|Grants to the|School|(1,790,000)|(1,613,119)|
|Advice|and technical|support|(247,146)|(261,320)|
|School|visit and|hospitality|(9,111)|(1,508)|
|Scholarships|(9,308)|(13,306)|
|Depreciation|of School buildings|(613,980)|(613,980)|
|Grant|to|Skinners|Education Foundation|(315,000)|(200,000)|
|Net outgoing|resources|for the year before|transfers and|gains|(175,595)|101,324|
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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 £7m. This loan carries variable interest at averaged CPI and is repayable at a rate of £500k p.a. commencing 2023-24. Loan interest of £222,750 was receivable in the year and has been credited to endowment to maintain the value of the capital over the period of the loan.
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 2025 amounted to £1,091,879. 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 ofthe 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.
a
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THE SIR ANDREW JUDD FOUNDATION REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2025
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 £2,639,663. 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 ofthe 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.
Future plans
The Charity’s main objectives for the coming year are as follows:
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e To-continue to make grants to Tonbridge School and where possible to the Skinners’ family of schools via the Education Foundation to the extent permitted by the Charity’s constitution.
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e To continue to contribute to the efficient governance of the School through the provision of services by Company staff.
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 of the diverse public benefit activities at the Skinners’ family of schools to continue to meet its public benefit obligations, which the Trustee considers extensive.
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THE SIR ANDREW JUDD FOUNDATION
REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2025 ——EEEss... ee
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:
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° select suitable accounting policies and then apply them consistently; e observe the methods and principles in the Charities SORP; e make judgements and estimates that are reasonable and prudent; e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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.
Bankers and professional advisers Bankers Royal Bank of Scotland PLC 62/63 Threadneedle Street London EC2R 8LA Solicitors Farrer & Co LLP 66 Lincoln’s Inn Fields London WC2A 3LH Investment managers 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
Deeneee ee
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THE SIR ANDREW JUDD FOUNDATION
REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2025
Independent Auditors
Surveyors and property advisers
Insurance advisers
Saffery LLP 71 Queen Victoria Street London EC4V 4BE
Newmark 6 Mortimer Street London WIT 3JJ
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
ACP Kepnett Clerk \
4 December 2025
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THE SIR ANDREW JUDD FOUNDATION
INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2025
es
Opinion
We have audited the financial statements of The Sir Andrew Judd Foundation for the year ended 30 June 2025 which comprise the Statement ofFinancial 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:
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e give a true and fair view of the state of the charity’s affairs as at 30 June 2025 and of its incoming resources and application of resources for the year then ended;
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° have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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° have been prepared in accordance with the requirements of the Charities Act 2011.
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 2025
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:
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e the information given in the Report of the Trustee is inconsistent in any material respect with the financial statements; or
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° the charity has not kept sufficient accounting records; or
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° the financial statements are not in agreement with the accounting records and returns; or e we have not received all the information and explanations we require for our audit.
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 2025 STE 2 2 2... SS ....Q°0°QQnm
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 ofmanagement bias. At the completion stage of the 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.frc.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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Saffery LLP
Statutory Auditors
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71 Queen Victoria Street London EC4V 4BE A j a ee Date: | Deeembe— B2ORS
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 2025
Nae...
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | ||
| Fixed assets | ||||||
| Schoolbuildingsandequipment Investments Investmentproperties Program relatedinvestment |
7 8 9 10 |
14,390,455 61,578,378 40,371,644 7,000,000 |
15,004,433 58,835,170 34,271,144 7,500,000 |
|||
| 123,340,477 | 115,610,747 | |||||
| Current assets | ||||||
| Debtors Cash |
11 | 843,992 982,871 |
230,800 1,200,584 |
|||
| 1,826,863 | 1,431,384 | |||||
| Creditors: duewithinoneyear | 12 | (217,688) | (217,455) | |||
| Netcurrent assets | 1,609,175 | 1,213,929 | ||||
| Creditors: due aftermore | 12 | |||||
| thanoneyear | (1,500,000) | (1,500,000) | ||||
| Net assets | 15 | 123,449,652 | 115,324,676 | |||
| Funds | ||||||
| Endowmentfunds | 15 | 122,357,773 | 114,039,774 | |||
| Unrestrictedfunds | 1,091,879 | 1,284,902 | ||||
| 15 | 123,449,652 | 115,324,676 |
Approved by the Trustee on 4 December 2025 and signed on behalf ofthe Trustee by
| CAN. A Kennett Clerk
eee
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THE SIR ANDREW JUDD FOUNDATION
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025
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|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|Note|2025|2024|
|£|£|
|Cash|flows|from|operating|activities|
|Net cash provided|by|(used|in)|operating|activities|17|(690,142)|(2,153,112)|
|Cash|flows|from|investing|activities|
|Dividends,|interest and rents|from|investments|2,943,025|2,913,889|
|Proceeds|from|the|sale|of property|-|-|
|Purchase|of property plant|and|equipment|-|-|
|Proceeds|from|sale|of investments|4,984,699|-|
|Purchase|of investments|(7,955,295|1,275,781|
|Net cash provided|by|investing|activities|(27,571)|1,638,108|
|Cash|flows|from|financing|activities|
|Loan repayment|Tonbridge|School|
|Bonds|issued|-|-|
|Change|in|cash|and|cash|equivalents|in the|reporting|period|18|(217,713)|(15,004)|
|Cash and|cash|equivalents|at the beginning of|the reporting period|1,200,584|1,215,588|
|Cash and cash|equivalents|at the end|of the|reporting|period|982,871|1,200,584|
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Page 12
THE SIR ANDREW JUDD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
a 1Accounting 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 (FRS 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.
1.6 Grants Grants payable are charged in the year when the offer is conveyed to the recipient, except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attached are fulfilled.
ee
Page 13
THE SIR ANDREW JUDD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2025
1.7 Raising funds
The cost of raising funds consists of investment management fees.
-
1.8 Charitable activities Costs of charitable activities comprises direct costs attributable to each activity which include grants made to third parties and directly attributable overhead and support costs, including governance costs, as shown in Note 3.
-
1.9 Tangible fixed assets and depreciation 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.
- 1.11 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits at call with banks and bank overdrafts.
1.12 Financial instruments 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.
-
1.13 Unrestricted funds This fund benefits from the total return transferred for application.
1.14. Endowment Fund - General 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.
Page 14
THE SIR ANDREW JUDD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2025 a
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 | 2025 | 2024 | |
|---|---|---|---|---|
| £ | £ | |||
| Grossrentalincome oninvestment properties | 696,586 | 544,191 | ||
| Income from other investments (incl. loanto Tonbridge School) | 2,231,203 | 2,357,551 | ||
| Totalinvestment income | 2,927,789 | 2,901,742 | ||
| 3 | Expenditure Thecharitable activitiesundertakenbythe charity |
2025 | 2024 | |
| can be brokendown as follows: | £ | £ | ||
| Adviceandtechnical supporttoTonbridge School (seebelow) | 247,146 | 261,320 | ||
| DepreciationonSchool buildings(note 7) GranttoTonbridge School Grantto Skinners EducationFoundation |
613,980 1,790,000 315,000 |
613,980 1,613,119 200,000 |
||
| Tonbridge Schoolvisitsandhospitality Scholarships atTonbridge School |
9,111 9,308 |
1,508 13,306 |
||
| 2,984,545 | 2,703,233 | |||
| 2025 | 2024 | |||
| AdviceandtechnicalsupporttoTonbridge School Insurance Office costs |
£ 13,182 705 |
£ 17,617 657 |
||
| Audit Legal fees Travel Meetingcosts Staffcosts |
12,150 11,839 372 - 190,178 |
12,277 37,138 257 735 171,039 |
||
| Accommodation costs | 18,720 | 21,600 | ||
| Total | 247,146 | 261,320 |
The amounts stated under unrestricted funds for office costs include certain costs amounting to £705 (2024 £657) 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 £1,628 (2024 £2,534) was owed to the charity in respect of these charges. The share of salary costs shown does not exceed £60,000 in respect ofany individual. The average headcount ofemployees in the year under the Paymaster scheme was 9 (2024:8).
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 £102,303 (2024: £79,913).
Ne ee enn eee
Page 15
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2025
THE SIR ANDREW JUDD FOUNDATION
| 4 | Realised gains on investments | ||
|---|---|---|---|
| 2025 | 2024 | ||
| Endowment funds | £ | £ | |
| Permanent endowment investments: | |||
| Historic cost gainrealised inyear | 1,110,471 | ||
| Gainrecognised in prioryears | |||
| (532,323 | |||
| Gainrecognised inyear | 578,148 | ||
| Permanentendowmentproperty | |||
| Historic cost gainrealised inyear | 1,849,309 | ||
| (Gain) recognised in prior years | - | ||
| Gainrecognised inyear | 1,849,309 | ||
| Total gain recognised inyear | 2,427,457 | - | |
| 5 | Unrealised gains on investments | ||
| 2025 | 2024 | ||
| Endowment funds | £ | £ | |
| Investment properties | |||
| Valuation, 1 July2024 | 34,271,144 | 30,487,144 | |
| Disposals | - | - | |
| Valuation, 30 June2025 | 40,371,644 | 34,271,144 | |
| Unrealised gain in year | 6,100,500 | 3,784,000 | |
| Investments: PermanentEndowment: | |||
| Cost, 30 June 2025 | 58,099,788 | 54,074,997 | |
| Market value, 30 June 2025 | 61,578,378 | 58,313,295 | |
| Unrealised gain in portfolio | 3,478,590 | 4,238,298 | |
| Lessrecognised in prioryears | (4,238,299) | (1,949,413) | |
| Transferred to realised | $32,323 | - | |
| Unrealised (loss)/gain inyear | (227,386) | 2,288,885 | |
| Total | 5,873,114 | 6,072,885 |
Page 16
THE SIR ANDREW JUDD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2025
Dennen nn
| NOTES TO THE FINANCIAL STATEMENTSTO THE FINANCIAL STATEMENTSTHE FINANCIAL STATEMENTSFINANCIAL STATEMENTSSTATEMENTS (continued) FOR THE YEAR ENDEDTHE YEAR ENDEDYEAR ENDEDENDED 30 JUNEJUNE 2025 Dennennn |
NOTES TO THE FINANCIAL STATEMENTSTO THE FINANCIAL STATEMENTSTHE FINANCIAL STATEMENTSFINANCIAL STATEMENTSSTATEMENTS (continued) FOR THE YEAR ENDEDTHE YEAR ENDEDYEAR ENDEDENDED 30 JUNEJUNE 2025 Dennennn |
NOTES TO THE FINANCIAL STATEMENTSTO THE FINANCIAL STATEMENTSTHE FINANCIAL STATEMENTSFINANCIAL STATEMENTSSTATEMENTS (continued) FOR THE YEAR ENDEDTHE YEAR ENDEDYEAR ENDEDENDED 30 JUNEJUNE 2025 Dennennn |
NOTES TO THE FINANCIAL STATEMENTSTO THE FINANCIAL STATEMENTSTHE FINANCIAL STATEMENTSFINANCIAL STATEMENTSSTATEMENTS (continued) FOR THE YEAR ENDEDTHE YEAR ENDEDYEAR ENDEDENDED 30 JUNEJUNE 2025 Dennennn |
NOTES TO THE FINANCIAL STATEMENTSTO THE FINANCIAL STATEMENTSTHE FINANCIAL STATEMENTSFINANCIAL STATEMENTSSTATEMENTS (continued) FOR THE YEAR ENDEDTHE YEAR ENDEDYEAR ENDEDENDED 30 JUNEJUNE 2025 Dennennn |
|---|---|---|---|---|
| Dennen nn eeeeeeeeeeEEeEeEeeeEeE————eEeEEEE |
||||
| 6 | Total Return | |||
| Endowment | Unapplied | Total | ||
| Total | ||||
| Return | ||||
| £ | £ | £ | ||
| Permanentendowment as at 1*July2023 | 98,654,147 | 8,858,927 | 107,513,074 | |
| Movements in the reporting period | ||||
| Add: Investment returns dividends and interest | 350,900 | 1,085,636 | 1,436,536 | |
| Investment returns realised gain/(loss) | - | - | - | |
| Investmentreturns unrealised gains | 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: Unapplied total return applied |
- | (895,523) | (895,523) | |
| Netmovementin reportingperiod | 2,532,231 | 3,462,594 | 5,994,825 | |
| Permanent endowmentas at30June2024 | 101,186,378 | 12,321,521 | 113,507,899 | |
| Movements inthe reporting period | ||||
| Add: Investmentreturns dividends and interest | 222,750 | 1,133,926 | 1,356,676 | |
| Investment returns realised gain | 2,424,187 | 3,270 | 2,427,457 | |
| Investment returns unrealised (loss)/gain | 5,493,971 | 379,143 | 5,873,114 | |
| Investmentmanagement cost | - | (9,873) | (9,873) | |
| Depreciation | (613,980) | - | (613,980) | |
| Total | 7,526,928 | 1,506,466 | 9,033,394 | |
| Less: Unapplied totalreturn applied | - | (740,998) | (740,998) | |
| Netmovementin reportingperiod | 7,526,928 | 765,468 | 8,292,396 | |
| Permanentendowment as at30June2025 | 108,713,306 | 13,086,989 | 121,800,295 | |
| 7 | School buildingsand equipment | 2025 | 2024 | |
| £ | £ | |||
| Cost | ||||
| 1 July 2024 | 30,698,977 | 30,698,977 | ||
| Additions | - | - | ||
| 30June2025 | 30,698,977 | 30,698,977 | ||
| Depreciation | ||||
| 1 July2024 | 15,694,545 | 15,080,565 | ||
| Charge fortheperiod | 613,980 | 613,980 | ||
| 30June 2025 | 16,308,525 | 15,694,545 | ||
| Net bookvalue | ||||
| 30June 2025 | 14,390,455 | 15,004,433 | ||
| 30June2024 | 15,004,433 | 15,618,413 |
See
Page 17
THE SIR ANDREW JUDD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2025
==> picture [475 x 337] intentionally omitted <==
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|8|Investments|
|2025|2024|
|£|£|
|At|market|value|
|30|June|2024|58,835,170|55,270,504|
|Purchases|and cash added|7,955,295|1,275,781|
|Sales|(4,984,702)|-|
|Unrealised|(loss)/gain|(227,385)|2,288,885|
|30 June|2025|61,578,378|58,835,170|
|Permanent|Endowment|61,020,900|58,313,295|
|Capital Replacement Fund|$57,478|521,875|
|61,578,378|58,835,170|
|Invested|in|
|UK|listed|investments|10,729,042|5,468,076|
|Non UK|listed investment|18,932,991|25,019,648|
|Collective|investment|schemes|-|Investing|in the UK|19,463,008|23,623,228|
|Collective|investment|schemes|-|Investing|overseas|8,699,882|2,827,221|
|Cash|3,753,455|1,896,997|
|Market value|30 June|2025|61,578,378|58,835,170|
----- End of picture text -----
Page 18
THE SIR ANDREW JUDD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2025
EEEee
8 Investments (continued)
| TheCharityheldsevenmaterialinvestmentsas at30 June 2025. | |||
|---|---|---|---|
| These were: | Market | % Permanent | |
| value | endowment | ||
| Investment | £ | ||
| SchroderUKPropertyFund | 3,303,658 | 5.36 | |
| CharitiesPropertyFund | 4,628,936 | 7.52 | |
| PropertyIncomeTrustfor Charities Cazenove CharityResponseFundAccumulating |
4,142,425 7,249,240 |
6.73 11.77 |
|
| Cazenove CharityResponseFundDistributing CCLACOIF InvestmentFund |
12,738,857 13,094,541 |
20.69 21.26 |
|
| SarasinClimate Active | 10,411,343 | 16.91 | |
| 9 | Investment properties | 2025 £ |
2024 £ |
| Held at30 June 2024, atvaluation | 34,271,144 | 30,487,144 | |
| Disposals Increase arisingonrevaluation |
- 6,100,500 |
- 3,784,000 |
|
| Held at30June2025, atvaluation | 40,371,644 | 34,271,144 | |
| 10 | Program related investment | ||
| This comprises aloanto Tonbridge School of£7m repayable in instalments of £500,000 p.a. commencing | |||
| 2023-24 attracting interest at averaged CPI. | |||
| 11 | Debtors | 2025 £ |
2024 £ |
| Falling duewithin oneyear Prepayments Accrued income |
312 843,680 |
405 230,395 |
|
| 843,992 | 230,800 | ||
| 12 | Creditors | 2025 £ |
2024 £ |
| Due within one year Trade creditors |
34,554 | 38,237 | |
| Tonbridge School: othergrants Accruals Deferredincome |
3,941 33,703 145,490 |
6,036 22,830 150,352 |
|
| 217,688 | 217,455 |
9
10 Program related investment
This comprises a loan to Tonbridge School of £7m repayable in instalments of £500,000 p.a. commencing 2023-24 attracting interest at averaged CPI.
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.
Deeneee ee ee e ee eEEE
Page 19
THE SIR ANDREW JUDD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2025
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.
==> picture [452 x 481] intentionally omitted <==
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|15|Analysis|of net|assets|between|funds|
|Unrestricted|Endowment funds|
|Funds|
|Capital|
|Replacement|Permanent|
|fund|endowment|Total|
|2024|
|School 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)|1,213,929|
|Creditors|due|after more|than|
|one year|-|-|(1,500,000)|(1,500,000)|
|Balances|as|at 30th June 2024|1,284,902|531,875|113,507,899|115,324,676|
|2025|
|School buildings|and equipment|-|-|14,390,455|14,390,455|
|Investments|557,478|61,020,900|61,578,378|
|Investment properties|-|-|40,371,644|40,371,644|
|Program related investments|-|-|7,000,000|7,000,000|
|Total|fixed|assets|-|557,478|122,782,999|123,340,477|
|Net|current|assets|1,091,879|-|517,296|1,609,175|
|Creditors|due|after more than|
|one year|-|-|(1,500,000)|(1,500,000)|
|Balances|as|at 30 June 2025|1,091,879|557,478|121,800,295|123,449,652|
|Included within the funds|above|are|revaluation reserves|with the|following|values:|
|Capital|Permanent|
|Replacement|endowment|Total|
|2024|fund|
|Quoted|securities|-|-|4,238,298|4,238,298|
|Freehold land and buildings|-|-|17,781,289|17,781,289|
|As|at 30"|June 2024|-|-|22,019,587|22,019,587|
|2025|
|Quoted|securities|-|-|3,083,842|3,083,842|
|Freehold land and buildings|-|-|23,881,789|23,881,789|
|As|at 30th June 2025|-|-|26,965,631|26,965,631|
----- End of picture text -----
Page 20
THE SIR ANDREW JUDD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2025
NN
16 Related party transactions
Transactions in respect of staff costs recharged by a company wholly owned by the Trustee are detailed in note 3.
==> picture [481 x 135] intentionally omitted <==
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|17|Reconciliation|of net movement|in|funds|to net cash flow from|operating|activities|
|2025|2024|
|£|£|
|Net income|for the reporting period|(as|per SOFA)|8,124,976|6,174,209|
|Adjustments|for:|
|Depreciation charges|613,980|613,980|
|Gains|on|investments|(5,873,114)|(6,072,885)|
|Dividends,|interest and rents|from|investments|(2,943,025)|(2,913,889)|
|(Increase)/decrease|in debtors|(613,192)|91,212|
|Increase/(decrease)|in creditors|233|(45,739)|
|Net|cash (used|in)|operating|activities|(690,142)|(2,153,112)|
----- End of picture text -----
18 Analysis of changes in net debt
==> picture [467 x 134] intentionally omitted <==
----- Start of picture text -----
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Taras]|
|1,215,588|||Cas(15,004)tow||[At1,200,584 30.634||[Cash(217,713ow|||AC30.625982,871 ||
|Loans falling due withintyear|||-| S||=f|
|Loans|falling due|after more than|8,000,000|(500,000)|||7,500,000|(500,000)|||7,000,000|
|1|year|
|(Bonds|—“—sSSSC—S—sTSC“‘SNW|rT|
|LongChari term loan Vere Hodge|(1,500,000)|P||(1,500,000) P||(1,500,000)|
|PC|
|7,715,588|||(515,004)|||7,200,584|||(717,713)|||6,482,871|
----- End of picture text -----
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