Registered Charity Number: 307923
SEVENOAKS SCHOOL FOUNDATION
TRUSTEES’ REPORT
AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020
SEVENOAKS SCHOOL FOUNDATION
TRUSTEES, OFFICERS AND ADVISERS
TRUSTEES
Robert Sackville-West MA MSc (Chairman) Jin Yu Cheong MA (appointed 5 December 2019) Prof Kenneth Cheung MBBS MD FRCS FHKCOS FHKAM (Orth) (appointed 5 December 2019) Tat-Seng Chiam BA MA MBA (appointed 5 December 2019) Tim Child BA Dr Nikki Lee BA MBBS (appointed 5 December 2019) David McEuen Melissa Murdoch Julian Patrick (resigned 5 December 2019) Pratap Shirke MBA (appointed 5 December 2019) David Williams MA (resigned 2 July 2020) Derick Walker MA OFFICERS Clerk to the Foundation Gail Jones BA ACA Assistant Clerk Ian Pocock ACIS Executive Director of Advancement Michael Joyce B Ed Grad Dip Bus Director of Finance Phillip Watkins MBA FCCA REGISTERED ADDRESS Sevenoaks School Sevenoaks Kent TN13 1HU Telephone 01732 467704 Email gtj@sevenoaksschool.org ADVISERS Bankers National Westminster Bank plc 67 High Street Sevenoaks Kent TN13 1LA Solicitors Thomson Snell & Passmore 3 Lonsdale Gardens Tunbridge Wells Kent TN1 1NX Auditors Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Insurance Brokers Aon Risk Services Ltd. Somerset House London Road Redhill Surrey RH1 1LU Chartered Surveyors Howard Sharp & Partners 79 Great Peter Street Westminster London SW1P 2EZ
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SEVENOAKS SCHOOL FOUNDATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 JULY 2020
The Trustees of Sevenoaks School Foundation present their annual report for the year ended 31 July 2020, together with the audited accounts for the year. The accounts have been prepared in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities” revised 2015 (The Charities SORP), as well as with applicable accounting standards and statutory requirements.
REFERENCE AND ADMINISTRATIVE INFORMATION
A Scheme for Sevenoaks School Foundation (307923) was approved by the Charity Commission on 26 January 2004. It is a distinct charity from Sevenoaks School and has independent Trustees. The Trustees are listed on page one, as are particulars of the executive officers, registered address and the Charity’s professional advisers.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The Foundation is governed by the Scheme of 26 January 2004.
Recruitment and Training of Trustees
Trustees are appointed by the Governors of Sevenoaks School, a Company Limited by Guarantee (4908949) and a registered charity (1101358). In making these appointments, account is taken of eligibility, personal competence, specialist skills and availability. Induction is conducted by the Clerk and Assistant Clerk to the Foundation and training on governance and other relevant matters is made available to the Trustees. The purpose of the training is to keep Trustees informed and updated on current issues in the sector and regulatory requirements. The Trustees are aware of the Charity Governance Code published in 2017 which sets out the principles and recommended practice for good governance within the sector. Sevenoaks School Foundation is reviewing its current governance arrangements against the principles within the code and will address any issues raised where required in 2020/21.
Organisational Management
The Trustees are responsible for the overall management and control of Sevenoaks School Foundation and meet on at least two occasions during the year. The Clerk to the Foundation, the Executive Director of Advancement and the Director of Development attend meetings of the Trustees, as do the Head of Sevenoaks School, the Assistant Clerk and the Director of Finance, and together this group are the key management personnel. When required, the Trustees set up Steering Groups to oversee major projects.
Remuneration policy is set by the Trustees with the objective of rewarding staff, including key management personnel, fairly and reasonably. The appropriateness and relevance of the remuneration policy is reviewed annually having taken account of comparative pay data.
Risk Management
A formal review of the charity’s risk management processes is undertaken on an annual basis with the aim of reviewing the major risks to the Foundation. The key controls used by the charity include: formal agendas and briefing papers for committee meetings; strategic and business planning; budgeting and management accounting; clear authorisation and approval levels; and vetting procedures as required by law for the protection of children. The Trustees have reviewed the principal areas of the Foundation’s operations and considered the major risks faced in each area. We believe the principal risks are a failure to raise sufficient funds to carry out the plans of the Foundation and potential cost overruns on capital projects. In the opinion of the Trustees, the Foundation has established robust financial controls and business planning systems which should allow risks to be mitigated to an acceptable level. In March 2020 the World Health Organisation declared Covid-19 a global pandemic. The impact of Covid-19 on the Foundation has been factored into the risk assessments and mitigating actions have been taken. The principal mitigating factor was been a decision to delay the construction of the new girls boarding house to preserve cash until the future can be more clearly assessed.
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SEVENOAKS SCHOOL FOUNDATION REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 JULY 2020
OBJECTS, AIMS AND ACTIVITIES Objects
The objects of the charity are the advancement of education by the provision of a day and boarding school in or near Sevenoaks and by ancillary or incidental educational activities and other associated activities for the benefit of the community and, in selecting pupils to attend the School, preference shall be given to boys and girls who are or who have a parent or parents resident in the designated area. In this context the designated area is defined as Sevenoaks and the immediately surrounding area.
Aims and Intended Impact
The aim of the Foundation is to provide support to the Governors of Sevenoaks School in providing a first-class education. The Trustees do so by leasing the buildings in which the School carries out its activities and by overseeing the work of the Foundation Office in raising the funds necessary to support both new building projects and a widening of access by the award of bursaries. By looking to the future, we believe that Sevenoaks will maintain its position as a leading independent school with a worldwide reputation.
Objectives for the Year
Our objectives during the reporting year were:
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In consultation with Governors, and guided by Horizon 2032 and the 2019 Masterplan, to consider the aims and objectives of the next stage of the Campaign for Sevenoaks School
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In consultation with Governors, consider how the resources of the Foundation might be allocated between the various strategies and projects that will arise from Horizon 2032 and the 2019 Masterplan
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To support the development of strategies and plans to cultivate and strengthen Sevenoaks School’s culture of philanthropy.
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Maintain relationships with benefactors and supporters during transition to a new Headmaster.
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Complete Aisher House on schedule, ready for opening in September 2019, within budget, and to agreed levels of quality
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Initiate a project to construct a new girls’ boarding house
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Continue to seek potential new Trustees to secure a balanced and diverse succession
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To oversee to completion the work to ensure compliance with the GDPR and PECR
Strategies to Achieve the Year’s Objectives
In taking forward our objectives for the year, we have adopted various strategies:
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The work of the Foundation was published in the 2019 Donor Impact Report, which reported on what had been achieved during the year, as well as setting out the requirement for support moving forward.
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The Campaign for Sevenoaks School has exceeded its target of £15m reaching £16.2 million in 2019/20. The campaign is now in its stewardship phase wherein the focus is to ensure fulfilment of the £2.7 million in pledges which are due through to 2023.
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The new girls’ boarding house project was taken to RIBA Stage III and planning permission was obtained from Sevenoaks District Council in May 2020. The project had been paused at the request of School Governors to enable the school to focus on its response to the Covid-19 pandemic but following review at the end of 2020 the project was resumed as demand for places at the School remains strong.
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The Foundation continued to successfully solicit major gifts in order to fund bursaries.
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New Trustees were successfully inducted into the work of the Foundation.
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In June 2020 the Foundation launched the Sevenoaks School Covid-19 Appeal in response to the impact of global pandemic on the school. The purpose of this appeal is to:
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help the school to protect the health, safety and welfare of its students and staff
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provide hardship bursaries to students whose families are experiencing severe financial hardship
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safeguard full bursaries for academically talented students from low income families
The appeal raised £60,292 in support of these priorities in June and July 2020.
Performance against Objectives
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Aisher House opened to staff and students in September 2019 as planned. The overall quality of the building is very high, albeit with some works to rectify defects, mainly on M&E issues, being undertaken during the year.
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SEVENOAKS SCHOOL FOUNDATION REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 JULY 2020
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The new girls’ boarding house project was taken to RIBA Stage III and planning permission was obtained from Sevenoaks District Council in May 2020. The Design Team has completed RIBA Stage IV (the Technical Design stage).
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Governors continued to review the School’s strategic objectives in FY19/20 working with and through their subcommittee structure. In addition, a Working Group was set up to consider the School’s objectives, policies and strategies for international engagement. A Trustee, Derick Walker accepted an invitation to join this Working Group. The International Engagement Working Group was paused towards the end of the Lent Term 2020 to enable Governors to focus on the School’s respond to the Coivid-19 pandemic. The School intends to restart this Working Group in 2021. Governors’ continue to brief Trustees on the School’s priorities and strategies through the School/Foundation Consultation Forum.
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The School/Foundation Consultation Forum was convened in December 2019 but was then paused in early 2020 due to the significant impact of the Covid-19 pandemic on school operations.
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The financial impact of Covid-19 pandemic, and increased uncertainty about the future has led to the Governors and School executive reviewing the School’s short to medium term priorities and timelines.
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Trustees will seek to re-engage with the consultation process with Governors in the latter part of 2020 and will wish to reach decisions on the allocation of resources, in due course.
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Trustees have continued to provide active support and guidance to the Executive Director of Advancement. A Director of Development and an Associate Director (Advancement Services) were successfully recruited during the year, and a new fundraising database and alumni community portal were implemented.
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The Chairman and a number of other Trustees have met with key benefactors to maintain relationships. The Chairman and Trustees continue to be accessible to the Executive Director of Advancement and continue to provide support in ongoing stewardship activities.
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Five new Trustees were appointed at the start of the year. These appointments continue to improve the gender and/or ethnic diversity of the board. Diversity and gender representation of the board will continue to be regularly reviewed.
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The Foundation Office engaged the services of a consultant, Protecture , to assist with operationalising the Foundation’s privacy statement and data sharing agreement with Sevenoaks School in compliance with GDPR and PECR. The sudden national lockdown in March 2020 due to the Covid-19 pandemic made it very difficult to progress the consultancy, as key staff were furloughed. The project resumed in summer 2020 and will continue into the new academic year 2020/21.
Grant-making Policy
Trustees implement the charity’s objects by raising funds from supporters and, where necessary, borrowing to support Sevenoaks School. The Foundation supports the School in three main ways; firstly, by leasing premises to the School for the provision of education, secondly by providing new facilities in line with the School’s masterplan, and when funds allow. Finally, and equally importantly, Trustees also provide funds to help widen access to Sevenoaks School. This may be in the form of bursaries or the provision of financial support for other school access and partnership programmes.
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SEVENOAKS SCHOOL FOUNDATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 JULY 2020
REVIEW OF ACTIVITIES
Activities during the year have revolved around the objectives for the year and on which we have reported in detail above (Performance against Objectives). Whilst some activities have inevitably been affected by the Covid-19 pandemic, there have been a number of significant achievements this year. These include, but are not limited to,
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opening of the Aisher boarding House in August 2019.
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receiving planning permission from Sevenoaks District Council to build the new girls’ boarding house (valid until May 2023).
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widening access to students through the provision of grants for 15 bursaries.
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increasing the School’s educational provision through grants for partnership programmes.
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responding to the impact of the Covid-19 pandemic by launching the Sevenoaks School Covid-19 Appeal
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acknowledging and thanking our supporters and benefactors.
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strengthening relationships with Hong Kong and China with and through our sister charity the Friends of Sevenoaks School (Hong Kong) Ltd.
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recruitment of new Trustees.
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successful transition of the Headmaster into a key philanthropic leadership role.
Public Benefit
The Foundation seeks to provide benefit to the public and has paid due regard to the Charity Commission guidance in deciding what activities the charity should undertake. The facilities that the Foundation owns and leases to Sevenoaks School are used to educate the pupils of Sevenoaks School. They are also used to support partnership programmes and outreach activities aimed at the pupils of local maintained schools, as well as the local community more generally. We support and encourage Sevenoaks School to use the facilities for these purposes.
Trustees are committed to widening access to a Sevenoaks School education through the provision of full bursaries for academically talented students from low income families. Significant progress has been made in raising funds to widen access through bursaries. The future aim of Trustees is to match the free places funded directly by Sevenoaks School each year, doubling bursary provision. Funds raised for bursaries during the Campaign for Sevenoaks School now total of £3,126,203. The Trustees also continue to provide grants that allow bursary holders at Sevenoaks School to participate in co-curricular trips and activities, which they would otherwise be unable to afford. During the year the Foundation contributed £424,497 towards the fees of seventeen pupils, fourteen of which were for full day fees. Additionally, £46,517 was contributed to ‘extras’, both for these pupils and for holders of bursaries awarded directly by Sevenoaks School. These awards range from termly allowances that permit those students from low income families to participate in the full scope of co-curricular activities offered by the School. Additionally, funding is provided to cover the cost of GCSE exam charges as well trips related to university and course selection
FINANCIAL REVIEW AND RESULTS FOR THE YEAR Results
Income received during the year was £5,481,896. Of this, £2,075,784 (38%) came from donations, £3,228,214 (59%) from rental income and £177,898 (3%) from investment income, bank interest and other income. Total resources expended, including depreciation, amounted to £3,524,233. After taking into account the unrealised loss on investments (£135,319), the net movement in funds for the financial year was £1,822,344 (2019: £1,970,335).
Investment Powers, Policy and Performance
The Clerk and the Director of Finance are empowered by Trustees to deposit short term monies with institutions holding the highest short-term ratings or in pooled funds for charities, not exceeding £1.5m with any one bank, building society or investment house. The Foundation’s priority is to use the funds available to support bursaries and other access programmes as well as new building projects. Accordingly, the Foundation has limited funds to invest which it manages in-house with a view to providing a reasonable income stream, albeit this has proved difficult in a low interest rate environment.
Reserves Level and Policy
At the Balance Sheet date, the Foundation held funds of £40,759,530, of which £33,523,854 were unrestricted funds. If the value of fixed assets, including work in progress, less outstanding loans is taken from this figure, there are free reserves of £1,698,907, and it is the policy of the Foundation Trustees to apply these funds for the development of Sevenoaks School. Despite the COVID-19 pandemic, the Trustees consider the level of reserves to be appropriate. The Trustees will continue to keep the level of reserves under review.
Going Concern
The Trustees have reviewed the impact of Covid-19 on the Foundation’s operations and finances. Taking into consideration the projected cash flows and the funding facilities available to the Foundation, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue its activities for the foreseeable future and consider that there are no material uncertainties over the Foundation’s financial viability. Accordingly, Trustees continue to adopt the going concern basis in preparing the financial statements.
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SEVENOAKS SCHOOL FOUNDATION REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 JULY 2020
FUTURE PLANS
The Trustees have set the following objectives for the financial year 2020/21:
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Together with School Governors and senior staff, to participate in a review of the sequencing of projects of the 2019 Masterplan.
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In consultation with Governors and guided by Horizon 2032; the review of the 2019 Masterplan, and the outcomes of other strategic work being undertaken by the School, to consider the aims and objectives of the next stage of the Campaign for Sevenoaks School.
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In consultation with Governors, to consider how the available resources of the Foundation might be allocated in support of the emerging objectives of the School. This may include providing support to the School’s strategies for mitigating the impact of Covid-19 on the School and its students and their families.
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To continue developing strategies and plans to cultivate and strengthen Sevenoaks School’s culture of philanthropy.
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To maintain relationships with benefactors and supporters while the new Headmaster establishes himself in his role.
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To review and ensure compliance with best practice fundraising guidelines, the GDPR and PECR.
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To undertake further Trustee recruitment.
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To plan for a transition to a new Chair of the Foundation from 2021/22, to liaise with the new Chair of the School during 2020/21 and maintain effective membership and Trustee contributions to Foundation and School working groups where required.
Work on the above objectives may be subject to review depending on urgent operational priorities resulting from the Covid-19 outbreak.
FUNDRAISING RESPONSIBILITIES
The Sevenoaks School Foundation Trustees are aware of their responsibilities and obligations as outlined in Charity fundraising: a guide to trustee duties (CC20). Sevenoaks School Foundation is registered with the Fundraising Regulator (U.K.), the independent regulator of charitable fundraising. Being registered with the Fundraising Regulator means the charity is committed to its Fundraising Promise which outlines the charity’s commitment to donors and the public. The standards for fundraising are set out by the Fundraising Regulator (U.K.) Code of Fundraising Practice. As members of the Institute of Fundraising (U.K), the Institute of Development Professionals in Education and the Council for Advancement and Support of Education the Sevenoaks School Foundation subscribes to their respective guidance on all matters relating to ethical fundraising and in particular Fundraising Regulator (U.K.) Code of Fundraising Practice, including consideration of vulnerable individuals. The Sevenoaks School Foundation has also established its own Sevenoaks School Foundation Gift Acceptance Policy to guide and oversee staff and volunteers.
The Foundation has not, to-date, had any occasion where it has knowingly failed to comply with the Fundraising Regulator (U.K.) Code of Fundraising Practice or the Sevenoaks School Foundation Gift Acceptance Policy. Neither the charity, nor any person acting on its behalf for the purposes of fundraising, have received any complaints about fundraising activity.
The Clerk to Trustees and Director of Finance closely monitor the fundraising activities of the Sevenoaks School Foundation Office.
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SEVENOAKS SCHOOL FOUNDATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 JULY 2020
ACCOUNTING AND REPORTING RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.
Charity law requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.
Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its net incoming resources for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgments and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.
The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions and 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. They are 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.
Approved by the Trustees on 6 May 2021 and signed on their behalf by
Robert Sackville-West Chairman
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Independent Auditor’s Report to the Trustees of Sevenoaks School Foundation
Opinion
We have audited the financial statements of Sevenoaks School Foundation for the year ended 31 July 2020 which comprise The Statement of Financial Activities, The Balance Sheet, The Cash Flow Statements and notes to the financial statements, including a summary of 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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give a true and fair view of the state of the charitable company’s affairs as at 31 July 20120 and of its incoming resources and application of resources, including its income and expenditure 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 charitable company 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The trustees are 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
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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the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit
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Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement set out on page 7, the trustees (who are also the directors of the charitable company for the purposes of company law) are 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 trustees determine 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 trustees are responsible for assessing the charitable company’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 trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 auditor’s 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.
A further description of our responsibilities for the audit of the financial statements is located 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 trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees 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 charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Crowe U.K. LLP
Statutory Auditor London
28 May 2021
Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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SEVENOAKS SCHOOL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 JULY 2020
| Notes Income from: Donations and legacies 1 Donations Alumni activities Charitable activities Rental income Investments Investment income Bank and other interest Other Other income Total incoming resources Expenditure on: Raising funds 4 Charitable Activities: Education and grant making 4 Total expenditure 4 Net incoming funds from operations before investment gains Net (losses)/gains on investments Transfers between funds Net movement in funds Funds brought forward at 1 August 2019 Funds carried forward at 31 July 2020 |
Unrestricted Funds £ 52,137 65,363 3,228,214 13,546 4 44,440 3,403,704 865,363 2,175,164 3,040,527 363,177 - 89,046 452,223 33,071,631 33,523,854 |
Restricted Funds £ 1,988,647 - - 54,545 - - 2,043,192 - 483,706 483,706 1,559,486 (6,182) (89,046) 1,464,258 4,075,311 5,539,569 |
Endowed Funds £ 35,000 - - - - - 35,000 - - - 35,000 (129,137) - (94,137) 1,790,244 1,696,107 |
2020 £ 2,075,784 65,363 3,228,214 68,091 4 44,440 5,481,896 865,363 2,658,870 3,524,233 1,957,663 (135,319) - 1,822,344 38,937,186 40,759,530 |
2019 £ 2,382,814 75,845 2,771,040 68,736 11,964 15,830 |
|---|---|---|---|---|---|
| 5,326,229 | |||||
| 866,052 2,582,092 |
|||||
| 3,448,144 | |||||
| 1,878,085 92,250 - |
|||||
| 1,970,335 36,966,851 |
|||||
| 38,937,186 |
The information on pages 13 to 23 form part of these financial statements.
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SEVENOAKS SCHOOL FOUNDATION
BALANCE SHEET
AS AT 31 JULY 2020
| Notes FIXED ASSETS: Tangible fixed assets 5 Investments 6 CURRENT ASSETS: Debtors 7 Bank and short term deposits LIABILITIES: Creditors: Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES Creditors: Amounts falling due after more than one year Loans 8 TOTAL NET ASSETS 9 FUNDS ENDOWED FUNDS 12 RESTRICTED FUNDS 13 UNRESTRICTED FUNDS |
2020 £ 57,429,665 1,706,191 59,135,856 103,772 8,155,892 8,259,664 (1,543,772) 6,715,892 65,851,748 (25,092,218) 40,759,530 1,696,107 5,539,569 33,523,854 40,759,530 |
2019 £ 57,626,660 1,841,509 |
|---|---|---|
| 59,468,169 1,606,615 5,036,009 |
||
| 6,642,624 | ||
| (1,621,523) | ||
| 5,021,101 64,489,270 (25,552,084) |
||
| 38,937,186 | ||
| 1,790,244 4,075,311 33,071,631 |
||
| 38,937,186 |
Approved by the Trustees on 6 May 2021 and signed on their behalf by
Robert Sackville-West Chairman
The information on pages 13 to 23 form part of these financial statements.
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SEVENOAKS SCHOOL FOUNDATION
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2020
| Reconciliation of net income to net cash flow from operating activities Net incoming funds Depreciation charges Decrease/(Increase) in debtors (Decrease) in creditors Net cash provided by operating activities CASH FLOW STATEMENT Cash flows from operating activities Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Net cash used in investing activities Cash flows from financing activities Loan repayments Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period Reconciliation of net cash flow to movement on net funds Net funds at 1 August 2019 Increase/(Decrease) in cash Decrease in borrowing Net funds at 31 July 2020 Net debt Bank and short term deposits Bank Loan due within one year Bank Loan due after more than one year Net funds at 31 July 2020 |
2020 £ 1,957,663 1,392,239 1,502,844 (25,119) 4,827,627 4,827,627 (1,195,244) |
2019 £ 1,878,085 1,184,731 (663,488) (53,635) 2,345,693 2,345,693 (9,760,264) |
|
|---|---|---|---|
| (1,195,244) (512,500) (512,500) (3,119,883) 5,036,009 8,155,892 (21,028,575) 3,119,883 459,866 (17,448,826) 8,155,892 (512,500) (25,092,218) (17,448,826) |
(9,760,264) (512,500) (512,500) (7,927,071) 12,963,080 5,036,009 (13,614,004) (7,927,071) 512,500 (21,028,575) 5,036,009 (512,500) (25,552,084) (21,028,575) |
The information on pages 13 to 23 form part of these financial statements.
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SEVENOAKS SCHOOL FOUNDATION
STATEMENT OF ACCOUNTING POLICIES (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - effective 1 January 2015.
The functional currency of the Foundation is considered to be GBP because that is the currency of the primary economic environment in which the Foundation operates.
The accounts are drawn up on the historical cost basis of accounting, as modified by the revaluation of investments.
The accounts present the statement of financial activities (SOFA), the balance sheet and the cash flow statement for the charity.
The Foundation is a Public Benefit Entity registered as a charity in England and Wales. It was registered as a charity on 26 January 2004 (charity number: 307923). On 11 October 2017 an incorporated charity, The Friends of Sevenoaks School (Hong Kong) Limited, was set up. This is a subsidiary company of Sevenoaks School Foundation, but has not been consolidated in these accounts as it is in a set up phase and the income is not yet material.
The financial statements of the Foundation are prepared in accordance with the (Accounts and Reports) Regulations 2005 and the Statement of Recommended Practice "Accounting and Reporting by Charities" issued in 2005 and with applicable accounting standards. They are drawn up on the historical cost accounting basis except that investments held as fixed assets are carried at market value.
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 the Statement of Recommended Practice applicable to 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 previous Statement of Recommended Practice: Accounting and Reporting by Charities which was effective from 1 April 2005 but which has since been withdrawn.
The Trustees have reviewed the impact of Covid-19 on the Foundation’s operations and finances. Taking into consideration the projected cash flows and funding facilities available to the Foundation, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue its activities for the foreseeable future and consider that there are no material uncertainties over the Foundation’s financial viability. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the accounting policies, Trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.
In the view of the trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the School’s financial statements.
Rental and other income
Charges for services and use of premises are accounted for in the period in which the service is provided.
Donations
Donations received for the general purposes of the Foundation are credited to unrestricted funds. Donations subject to specific wishes of the donors are carried to the relevant restricted fund, or to endowed funds where the amount is required to be held as capital.
Expenditure
Expenditure is allocated to expense headings either on a direct cost basis or apportioned according to time spent. The irrecoverable element of VAT is included with the item of expense to which it relates.
Categories of expenditure included under the heading Education and grant making in the Statement of Financial Activities comprise the following:
Page 13
SEVENOAKS SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
Premises
Premises costs associated with buildings owned by the Foundation and which are leased to Sevenoaks School. The costs comprise depreciation, insurance and rent. Repairs and maintenance costs are carried by Sevenoaks School under the terms of the lease agreement.
Support costs
Costs incurred in supporting the running of the activities of the Foundation and not categorised elsewhere under charitable expenditure. Included in this category are governance costs, comprising the costs of complying with constitutional and statutory requirements, and finance costs relating to interest on bank loans to finance construction.
Fundraising Costs
Costs of the Foundation Office relating to fundraising: although the costs of fundraising are set against unrestricted funds, these resources are also employed in raising restricted funds.
Operating leases
Rentals payable are charged on a time basis over the term of the lease.
Pension schemes
For employees who joined the Foundation before March 2010, the Foundation contributed to the Local Government Pensions Scheme, which is a defined benefit scheme, under the administration of Sevenoaks School. The Trustees are satisfied that any asset or liability relating to the scheme would not be material to the Foundation’s Financial Statements.
With effect from 1 April 2010, new employees are only permitted to join a defined contribution Group Pension Plan. At the end of July 2016 there were 5 members of the Group Pension Plan.
Fixed assets
Capitalisation
Assets are capitalised only when their cost exceeds £5,000. Any purchases under this value are expensed immediately through the Statement of Financial Activities.
Depreciation
Freehold land and building work in progress are not depreciated. Depreciation of other assets is provided at rates to write off the excess of cost over estimated residual amount over their estimated useful lives as follows:
Years Buildings 50 Improvements and extensions 10
Financial Instruments
Financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access and term deposit bank accounts. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.
Investments
Listed investments are valued at their market values as at the balance sheet date. Unrealised gains and losses arising on the revaluation of investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate Fund according to the “ownership” of the underlying assets.
Page 14
SEVENOAKS SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020
1. DONATIONS
| 2020 £ General Fundraising 52,137 Endowed Fund Donations Foundation Capital 35,000 Restricted Fund donations: Bursary Fund 283,648 Bursary Fund (COVID-19 Appeal) 60,292 Science Centre 1,129,397 Institute of Teaching & Learning 1,000 Centre for Innovation 50 Institute of Higher Education and Professional Insight 4,000 Outreach - Kent Academies Network - Campaign for Sevenoaks School 510,260 1,988,647 Total Donations 2,075,784 2. EXPENDITURE Resources expended include: 2020 £ Auditors' remuneration for audit 11,140 3. STAFF COSTS AND RELATED PARTY TRANSACTIONS The aggregate payroll costs for the year were as follows: 2020 £ Wages and salaries 416,658 Social security costs 45,964 Pension contributions 26,526 489,148 The average number of full and part-time employees in the period was 8 (2019: 6). Aggregate employee-benefits of key management personnel 223,826 |
2019 £ 40,041 50 351,348 - 1,855,570 - - - - 52,384 83,421 |
|---|---|
| 2,342,723 | |
| 2,382,814 | |
| 2019 £ 6,900 |
|
| 2019 £ 330,982 34,490 24,128 |
|
| 389,600 | |
| 171,292 |
Page 15
SEVENOAKS SCHOOL FOUNDATION SCHEDULE OF INVESTMENTS AND FUNDS
FOR THE YEAR ENDED 31 JULY 2020
The number of higher paid employees was:
| 2020 | 2019 | ||
|---|---|---|---|
| No. | No. | ||
| £120,000 | - £130,000 | 1 | - |
| £130,000 | - £140,000 | - | 1 |
Pension contributions of £26,525 ( 2019: £24,128 ) relate to contributions to a defined contribution scheme.
The Trustees received no remuneration in respect of the current or preceding year. Trustee expenses of £6,181 ( 2019: Nil ) were incurred by 3 Trustees in the current year ( 2019: Nil ).
4. ANALYSIS OF TOTAL RESOURCES EXPENDED
| 2020 Education and grant making: Premises Support costs Grants, awards and prizes Cost of generating funds: Fundraising costs 2019 Education and grant making: Premises Support costs Grants, awards and prizes Cost of generating funds: Fundraising costs |
Staff costs £ - - - - 489,349 489,349 Staff costs £ - - - - 416,598 416,598 |
Other £ 22,424 760,501 483,706 1,266,631 376,014 1,642,645 Other £ 20,656 701,278 675,427 1,397,361 449,454 1,846,815 |
Depreciation £ 1,392,239 - - 1,392,239 - 1,392,239 Depreciation £ 1,184,731 - - 1,184,731 - 1,184,731 |
Total £ 1,414,663 760,501 483,706 |
|---|---|---|---|---|
| 2,658,870 865,363 |
||||
| 3,524,233 | ||||
| Total £ 1,205,387 701,278 675,427 2,582,092 866,052 3,448,144 |
Page 16
SEVENOAKS SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
5. TANGIBLE FIXED ASSETS
| Cost 1 August 2019 Additions Disposals As at 31 July 2020 Depreciation As at 1 August 2019 Charge for year Disposals As at 31 July 2020 Net book value 31 July 2020 31 July 2019 6. INVESTMENTS Market value at 1 August 2019 Revaluations Market value at 31 July 2020 Investments comprise: Listed Investments |
Freehold Fixtures and Property Improvements £ £ 69,588,943 4,060,642 1,195,244 - - - 70,784,187 4,060,642 11,962,283 4,060,642 1,392,239 - - - 13,354,522 4,060,642 57,429,665 - 57,626,660 - Restricted Endowed £ £ 55,028 1,786,481 (6,181) (129,137) 48,847 1,657,344 Restricted Endowed £ £ 48,847 1,657,344 |
Total £ 73,649,585 1,195,244 - 74,844,829 16,022,925 1,392,239 - 17,415,164 57,429,665 57,626,660 Total £ 1,841,509 135,318 1,706,191 Total £ 1,706,191 |
|---|---|---|
Included in freehold property is £0.8m ( 2019: £10.0m ) of assets which were under construction at 31 July 2020 and which have not been depreciated
At the balance sheet date the Foundation had no contracted commitments in respect of the construction of fixed assets ( 2019: Nil )
Page 17
SEVENOAKS SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
7. DEBTORS
| Sundry debtors Prepayments and accrued income |
2020 £ 18,415 85,357 103,772 |
2019 £ 381,610 1,225,005 |
|---|---|---|
| 1,606,615 |
| 8. CREDITORS:due within one year Other creditors and accruals Loans CREDITORS:due after more than one year Loans Private placement 1-2 Years 2-5 Years After More Than 5 Years |
2020 £ 1,031,272 512,500 1,543,772 2020 £ 5,092,218 20,000,000 25,092,218 512,500 1,537,500 23,042,218 |
2019 £ 1,109,023 512,500 |
|---|---|---|
| 1,621,523 | ||
| 2019 £ 5,552,084 20,000,000 |
||
| 25,552,084 512,500 1,537,500 23,502,084 |
The loan is repayable over a period of 20 years from June 2011. The loan is secured by a charge over certain freehold properties of the Foundation.
The private placement is of 3.18% senior notes due 31 August 2041.
9. ALLOCATION OF THE CHARITY NET ASSETS
The net assets are held for the various funds as follows:
| Endowment funds Restricted funds Unrestricted funds Loans |
Fixed Assets £ - - 51,824,947 51,824,947 5,604,718 57,429,665 |
Investments & Deposits £ 1,657,344 48,847 - 1,706,191 - 1,706,191 |
Net Current Assets £ 38,763 5,490,722 1,698,907 7,228,392 (512,500) 6,715,892 |
Long Term Liabilities £ - - (20,000,000) (20,000,000) (5,092,218) (25,092,218) |
Total £ 1,696,107 5,539,569 33,523,854 |
|---|---|---|---|---|---|
| 40,759,530 - |
|||||
| 40,759,530 |
Page 18
SEVENOAKS SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
Comparative Allocation of the Charity Net Assets
| Endowment funds Restricted funds Unrestricted funds Loans |
Fixed Assets £ - - 51,562,076 51,562,076 6,064,584 57,626,660 |
Investments & Deposits £ 1,786,481 55,028 - 1,841,509 - 1,841,509 |
Net Current Assets £ 3,763 4,020,283 1,509,555 |
Long Term Liabilities £ - - (20,000,000) (20,000,000) (5,552,084) (25,552,084) |
Total £ 1,790,244 4,075,311 33,071,631 |
|---|---|---|---|---|---|
| 5,533,601 (512,500) |
38,937,186 - |
||||
| 5,021,101 | 38,937,186 |
10. FINANCIAL INSTRUMENTS
| Financial assets measured at fair value LEASES Leasehold property leases which expire: Payable within one year Payable in the second to fifth year inclusive Payable after five years Freehold property leases which expire: Receivable within one year Receivable in the second to fifth year inclusive Receivable after five years |
2020 £’000 22,388 89,552 223,880 |
2020 2019 £’000 £’000 1,706,191 1,841,509 2019 £’000 22,388 89,552 246,268 358,208 3,228,215 13,018,328 18,310,703 34,557,246 |
|
|---|---|---|---|
| 335,820 | |||
| 3,254,582 13,018,328 15,056,121 31,329,031 |
|||
11. LEASES
Page 19
SEVENOAKS SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
12. ENDOWED FUNDS
These funds are permanent
| Foundation Capital Bursary Fund Hands Bursary McEuen Scholarship Centre for Innovation |
Balance 31 July 2019 £ 444,595 1,913 894,722 294,096 154,918 1,790,244 |
Incoming Resources £ - - - 35,000 - 35,000 |
Resources Expended £ - - - - - - |
Transfers/ Investment Gains/(Losses) £ 1,167 - (66,491) (64,221) 408 (129,137) |
Balance 31 July 2020 £ 445,762 1,913 828,231 264,875 155,326 |
|---|---|---|---|---|---|
| 1,696,107 |
The Foundation Capital represented the original endowment. Since 2014 one of the several aims of the current campaign is to raise further funds for the permanent endowment in order to help secure the financial independence of Sevenoaks School.
Comparative Endowed Funds
| omparative Endowed Funds | |||||
|---|---|---|---|---|---|
| Foundation Capital Bursary Fund Hands Bursary McEuen Scholarship Centre for Innovation |
Balance 31 July 2018 £ 405,700 1,913 850,826 300,960 141,326 1,700,725 |
Incoming Resources £ 50 - - - - 50 |
Resources Expended £ - - - - - - |
Transfers/ Investment Gains/(Losses) £ 38,845 - 43,896 (6,864) 13,592 89,469 |
Balance 31 July 2019 £ 444,595 1,913 894,722 294,096 154,918 |
| 1,790,244 |
Page 20
SEVENOAKS SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
13. RESTRICTED FUNDS
| RESTRICTED FUNDS | |||||
|---|---|---|---|---|---|
| Bursary Fund Bursaries (COVID-19 Appeal) Hands Bursary Fund McEuen Scholarship Fund Beardmore Bursary Fund Centre for Innovation Institute of Higher Education and Professional Insight STSF Centre Fund Boarding House Fund Co-curricular Gift Fund Scholarships Fund Music at Sevenoaks Legacy Outreach Making It Exhibition Masterplan Building Fund Campaign for Sevenoaks School Institute of Teaching and Learning Kent Academies Network |
Balance 31 July 2019 £ 1,611,740 - 71,447 51,538 421,350 33,410 - 1,517,308 14,988 2,050 100 6,056 8,576 15,000 125 196,944 92,984 31,695 4,075,311 |
Incoming Resources £ 283,648 60,292 33,994 15,813 0 4,789 4,000 1,129,397 - - - - - - - 510,260 1,000 - 2,043,193 |
Resources Transfers/ Expended Investment Gains/(Losses) £ £ (407,812) (1,418) - - (24,291) 38 (12,477) 84 (24,291) - - - - - 89,046 (93,932) - - - - - - - - - - - - - - - - (93,036) - (10,845) - (483,706) (95,228) |
Balance 31 July 2020 £ 1,486,158 60,292 81,188 54,958 397,059 38,199 4,000 2,641,819 14,988 2,050 100 6,056 8,576 |
|
| 15,000 125 |
|||||
| 707,204 | |||||
| 948 | |||||
| 20,850 | |||||
| 5,539,569 |
All funds represent monies given for the specific purposes, as described. The Bursary Fund provides bursaries for students at Sevenoaks School.
Page 21
SEVENOAKS SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
Comparative Restricted Funds
| parative Restricted Funds | |||||
|---|---|---|---|---|---|
| Bursary Fund Hands Bursary Fund McEuen Scholarship Fund Beardmore Bursary Fund Centre for Innovation Sports Centre Fund Performing Arts Centre Fund STSF Centre Fund School “Flat” Project Fund Boarding House Fund Co-curricular Gift Fund Scholarships Fund Music at Sevenoaks Legacy Outreach Making It Exhibition Masterplan Building Fund Campaign for Sevenoaks School Institute of Teaching and Learning Kent Academies Network |
Balance 31 July 2018 £ 1,573,223 59,711 44,748 447,705 28,763 28,551 220 5,942,508 2,500 14,988 2,050 100 6,056 58,576 15,000 125 113,523 172,276 - 8,507,623 |
Incoming Resources £ 351,348 33,831 15,978 - 4,647 - - 1,856,570 - - - - - - - - 83,421 - 52,384 2,398,179 |
Resources Transfers/ Expended Investment Gains/(Losses) £ £ (312,546) (285) (23,355) 1,260 (11,997) 2,809 (23,355) - - - - (28,551) - (220) (154,193) (6,127,577) - (2,500) - - - - - - - - - (50,000) - - - - - - (79,292) - (70,689) 50,000 (675,427) (6,155,064) |
Balance 31 July 2019 £ 1,611,740 71,447 51,538 421,350 33,410 - - 1,517,308 - 14,988 2,050 100 6,056 8,576 15,000 |
|
| 125 | |||||
| 196,944 | |||||
| 92,984 31,695 |
|||||
| 4,075,311 |
Page 22
SEVENOAKS SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
14. STATEMENT OF FINANCIAL ACTIVITIES – COMPARATIVE FIGURES BY FUND-TYPE
| Income from: Donations and legacies Donations Alumni activities Charitable activities Rental income Investments Investment income Bank and other interest Other Other income Total incoming resources Expenditure on: Raising funds Charitable Activities: Education and grant making Total expenditure Net incoming funds from operations before investment gains Net gains on investments Transfers between funds Net movement in funds Funds brought forward at 1 August 2018 Funds carried forward at 31 July 2019 |
Unrestricted Funds £ 40,061 75,845 2,771,040 13,280 11,964 15,830 2,928,000 866,052 1,906,665 2,772,717 155,283 - 6,157,845 6,313,128 26,758,503 33,071,631 |
Restricted Funds £ 2,342,723 - - 55,456 - - 2,398,179 - 675,427 675,427 1,722,752 2,781 (6,147,845) (4,432,312) 8,507,623 4,075,311 |
Endowed Funds £ 50 - - - - - 50 - - - 50 89,469 - 89,519 1,700,725 1,790,244 |
Total Funds £ 2,382,814 75,845 2,771,040 68,736 11,964 15,830 |
|---|---|---|---|---|
| 5,326,229 | ||||
| 866,052 2,582,092 |
||||
| 3,448,144 | ||||
| 1,878,085 92,250 - |
||||
| 1,970,335 36,966,851 |
||||
| 38,937,186 |
15. RELATED PARTY TRANSACTIONS
During the period since incorporation Sevenoaks School Foundation has made a loan of £4,688.40 to The Friends of Sevenoaks School (Hong Kong) Limited. This balance remained outstanding at 31 July 2020 but was repaid in September 2020. Sevenoaks School Foundation has received £630,603 in donations from The Friends of Sevenoaks School (Hong Kong) Limited during the year ended 31 July 2020.
Sevenoaks School Foundation Trustees donated £39,700 to Sevenoaks School Foundation during the year ended 31 July 2020 ( 2019: £7,500 ).
Page 23