2023-07-31-accounts

Registered Charity Number: 307923

@ SEVENOAKS SCHOOL FOUNDATION

TRUSTEES’ REPORT

AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

SEVENOAKS SCHOOL FOUNDATION TRUSTEES, OFFICERS AND ADVISERS

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TRUSTEES

Derick Walker (Chair)
BukunolaAlakija
JinYu Cheong
Kenneth Cheung
Tat-Seng Chiam
Tim Child
Nikki Lee
David McEuen
Pratap Shirke
Marco Alvera
Brian Ong (appointed in December	2022)
OFFICERS
Clerk to the Foundation	Dr Brigid McClureMAMPhil PhD (maternity leave from March 2023)
Interim Clerk to the Foundation	Darren Davies BAMScACMACGMA
Deputy Clerk	Emma El-Alami LLB (hons) DipLP, NP
Executive Director of the
Foundation	Michael Joyce B Ed Grad Dip Bus
Director ofFinance	Lynne Wrigley FCCA (in role from January 2023)
REGISTEREDADDRESS
Sevenoaks School
Sevenoaks
KentTN13 1HU
Telephone	01732 455133
Email	[e-mail]
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
Auditor	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
	LondonSW1P2EZ

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SEVENOAKS SCHOOL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

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The Trustees of Sevenoaks School Foundation present their annual report for the year ended 31 July 2023, 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

AScheme for Sevenoaks School Foundation (307923) was approved by the Charity Commission on 26 January 2004. Itisa 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 Deputy 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 (and subsequent update) which sets out the principles and recommended practice for good governance within the sector. Sevenoaks School Foundation keeps its governance arrangements under review with reference to the principles within the code.

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 and the Executive Director of the Foundation attend meetings of the Trustees, as do the Headmaster of Sevenoaks School, the Deputy 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

This year, the Trustees approved a new format for the Foundation’s Risk Framework, designed to give the Trustees greater visibility of key risks and organised in a format to bring improved clarity and support meaningful discussion of risk. Under the new format risks are organised under the headings of operational risks, business model risks and external risks, all of which inform the assessment of three top level strategic risks. A summary report is considered by the Trustees at each Trustee meeting, with the full Risk Framework tabled annually for review.

Strategic risks

The three top level strategic risks are: failure in overall business model; ineffective investment and failure to develop or maintain the School campus. At the end of 2022/23, the key risk facing the Foundation has been identified as the external risk of a global recession which may result in a reduction in international and domestic donations. To manage and mitigate this risk, the strategy of achieving a geographic spread of potential donors has been applied; Trustees are focussed on ensuring there are sufficient reserves in place to weather any downturn and financial modelling includes potential economic headwinds. Whilst there are no material concerns over the long-term viability of the Foundation, given the volatility of the external economic and political context, Trustees remain acutely aware of the need to manage resources responsibly and sustainably.

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SEVENOAKS SCHOOL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

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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 free and assisted places. 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 The Trustee's objectives during the reporting year were:

• ¢ To complete the New Girl’s Boarding House to desired design, on time and within budget. * To agree the project timeline to upgrade and develop the Girls International House and make progress accordingly, specifically: appoint design team and plan a fundraising campaign.

• e To prepare to launch a major campaign to build a permanent endowment of £100M to support free and assisted places, specifically: conduct feasibility studies; agree forward plan for Foundation operations including re-building fundraising capacity; plan campaign timeline and operations.

• e — To work with the School to agree appropriate arrangements for establishing and managing permanent endowment. e To refresh the Foundation’s Risk Framework.

Strategies to Achieve the Year’s Objectives

In pursuing the Foundation’s objectives, Trustees have participated in steering groups, working groups and the consultation forum with senior members of staff and Governors of the School. Where it has proved necessary, specialist advice has been sought. To assist in the delivery of physical facilities, professional advice has been taken from a range of consultants, as well as employing contractors.

Performance against Objectives

Objective 1: To Complete the New Girl's Boarding House (“New House”) to desired design, on time and within budget.

e Completion has been delayed due to a range of factors including excessive wet weather conditions during the construction of the build. The School, the Steering Group and Design Team continue to work closely with the Contractor to achieve completion as soon as practically possible, whilst ensuring that the quality and structural integrity of the building is not site,compromised.and a revisedAlternativecompletionaccommodationdate is beingofscheduleda high standardfor earlyhas2024. been found for the displaced students within the school Objective 2: To agree the project timeline to upgrade and develop the Girls International House (GIH) and make progress accordingly, specifically: appoint design team and plan a fundraising campaign.

• e Steady progress has been made. Following a comprehensive fire safety review and site feasibility studies, the Trustees were in agreement with School Governors conclusion that GIH should be a priority in the School Campus Plan. The Trustees also supported the view that any upgrade and development of GIH should ensure that it is fit for purpose as a modern boarding house whilst retaining its homely character and charm.

• e Detailed designs are underway and a fundraising feasibility study will follow once preliminary designs are complete and costed.

Objective 3: To prepare to launch a major campaign to build a permanent endowment of £100M to support free and assisted places, specifically: conduct feasibility studies; agree forward plan for Foundation operations including re-building fundraising capacity; plan campaign timeline and operations.

• Good progress has been made.

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SEVENOAKS SCHOOL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

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• eAcomprehensive review was carried out by specialists, More Partnership, resulting in a set of key recommendations in the development of operational strategies and plans.

• e Feasibility studies were not completed as the school is still developing its plans for financially assisted places and the School Campus Plan including the redevelopment of GIH.

• e ACampaign Steering Group has been established. e Aproposed staffing structure was recommended and approved by Trustees in order to build the fundraising capacity of the Foundation Office. The Director of Advancement has been successfully appointed and the recruitment of a Deputy Director (Philanthropy) and Prospect Research Manager will follow in Michaelmas term 2023.

Objective 4: To work with the School to agree appropriate arrangements for establishing and managing permanent endowment.

• Trustees have considered and approved a number of key points relevant to setting up an endowment, including: e The purpose and parameters of the fund and the scope of the Declaration of Trust to ensure designated funds are in place which align with the School's strategic priorities.

• e An Endowment Working Group has been be established to develop the framework for the endowment, its policies and process (Investment, governance and disbursement of grants).

Objective 5: To refresh the Foundation’s Risk Framework. This has been achieved. This year, the Trustees approved a new format for the School's Risk Framework, designed to give the Trustees greater visibility of key risks and organised in a format to bring improved clarity and support meaningful discussion of risk. Grant-making Policy Trustees implement the charity’s objects by raising funds from supporters, rental income and, where necessary, borrowing to support the strategic objectives of Sevenoaks School, The Foundation supports the School in three main ways: leasing premises to the School for the provision of education; developing new facilities in consultation with School Governors; and granting funds to provide financial assistance to students who would otherwise be preventing from taking up a place at the School. REVIEW OF ACTIVITIES Activities during the year have revolved around the objectives for the year and on which we have reported above (Performance against Objectives). Significant achievements this year include: e good progress with the construction of New House e total grants to the School of £628,557, of which £566,786 was for financially assisted places, with the remainder supporting the School’s educational provision through partnership programmes, e re-establishing a range of community and supporter engagement events in, including: - Old Sennockian reunions for 5, 10, 20, 25, 30, 50 and 50 year anniversary reunions - Old Sennockian reunion events in Washington, New York, Boston, Hong Kong and Singapore - Old Sennockian participation in the School’s enrichment lecture series and careers fare - Support of the Friends of Sevenoaks School (U.K.) annual programme of events - Cooperation and collaboration Friends of Sevenoaks School (U.K.) in support of the advancement of the School - Cooperation and collaboration with the Friends of Sevenoaks (Hong Kong) Ltd in support of the advancement of the School

Public Benefit The imperative of delivering public benefit is woven throughout the Foundation’s activities. The Foundation supports the School in seeking to makea significant contribution for the benefit of its communities in accordance with its charitable objects and has taken careful consideration of the Charity Commission guidance in deciding what educational and ancillary activities the Foundation should support. The scope of the Foundation’s activities outlined above should therefore be seen through a lens of public benefit, including: amF Page 4 090

SEVENOAKS SCHOOL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

• ssee * advancing education, through leasing and developing facilities used by Sevenoaks School to educate its own students e and through community partnerships and the local community more generally; ¢ widening access to education through providing funds for financial assistance to students; supporting community partnership programmes to benefit students of local maintained schools and encouraging the School to share facilities, resources and expertise with wider community benefit.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

Results

Income received during the year was £5,363,858 (2022: £5,181,385). Of this, £1,945,448, 36%, came from donations (2022: £1,749,175, 34%), £3,254,582, 61%, from rental income (2022: £3,254,582, 63%) and £163,828, 3%, from investment income and other income (2022: £177,628, 3%). Total resources expended, including depreciation, amounted to £3,790,258 (2022: £3,770,161). After taking into account the unrealised losses on investments of £53,569 (2022: £28,585), the net movement in funds for the financial year was £1,520,031 (2022: £1,382,639),

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 has been to use available funds to develop the campus and provide financial assistance to students, and accordingly, the Foundation has limited funds to invest. Those funds it does invest are currently managed in-house with a view to providing a reasonable income stream, albeit this has proved difficult in a low interest rate environment. As part of planning to deliver Sevenoaks 600, in particular the goal of developing a permanent endowment, Trustees are in discussions with Governors about the most appropriate way to structure and invest such funds in future.

Reserves Level and Policy

At the Balance Sheet date, the Foundation held funds of £45,030,184, of which £38,250,876 were unrestricted funds. If the value of fixed assets, including work in progress, less outstanding loans, is taken from this figure, there are no free reserves. Although free reserves were negative at the year end, the Foundation’s immediately available cash balance of £4.7m exceeded the policy target. The Foundation invested heavily in tangible fixed assets resulting in nil free reserves as at the year end. The Trustees have reviewed their forecast for next 2 years and expect to see increasing free reserves during the year ended 31 July 2025. In the meantime, the Trustees are ensuring that they are managing cash appropriately.

Going Concern

The Trustees have reviewed the continued economic volatility and challenge 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.

FUTURE PLANS

• The Trustees have set the following objectives for the financial year 2023/24:

• To complete the New Girl's Boarding House to the desired standard and revised timeline and achieve a successful handover.

• To progress the School Campus Plan including the renovation of GIH. 3. To complete the renew phase (maintenance) of the School Campus Plan and progress to longer term elements, including sustainability initiatives.

• To complete the first phase of resourcing the Foundation Office including staffing, IT and office facilities, 5. To continue to develop the fundraising campaign strategy in support of Sevenoaks 600. To maintain current plans for soliciting principal and major gifts, alumni events and supporter engagement.

• To finalise the framework for the establishment and administration of a permanent endowment .

FUNDRAISING RESPONSIBILITIES

The 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

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| 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:

SEVENOAKS SCHOOL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

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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 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 Donation Acceptance Policy and process 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.

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.

e _ select suitable accounting policies and then apply them consistently;

• e make judgments 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;

• e 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 21 November 2023

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Derick Walker
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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 (‘the charity’) for the year ended 31 July 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and 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:

• ¢ give a true and fair view of the state of the charity's affairs as at 31 July 2023 and of its income and expenditure, for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and e 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 trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. 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 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. 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 (Accouiits, arid Reports) Regulations 2008 requires us to report to you if, in our opinion: ¥ e the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or ¢ — sufficient and proper accounting records have not been kept by the charity; or e 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 trustees

As explained more fully in the trustees’ responsibilities statement set out on page 6, the trustees 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 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 trustees either intend to liquidate the charity 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 151 of the Charities Act 2011 and report in accordance with the Acts and relevant regulations made or having effect thereunder, i

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SEVENOAKS SCHOOL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023

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		Unrestricted	Restricted	Endowed
		funds	Funds	Funds	2023	2022
	Notes	£	£	£	£	£
Income from:
Donations and legacies
Donations	1	103,214	1,087,870	754,364	1,945,448	1,749,175
Alumni activities		85,075	-	-	85,075	97,847
Charitable activities
Rental income		3,254,582	-	-	3,254,582	3,254,582
Investments
Investment income		20,986	57,668	-	78,654	69,427
Other
Otherincome		99	-	-	99	10,354
Total incoming resources		3,463,956	1,145,538	754,364	5,363,858	5,181,385
Expenditure on:
Raising funds	4	928,222	-	-	928,222	758,993
Charitable Activities:
Education and grantmaking	4	2,233,479	628,557	-	2,862,036	3,011,168
Total expenditure	4	3,161,701	628,557	-	3,790,258	3,770,161
Net incoming funds from operations
before investment gains/(losses)		302,255	516,981	754,364	1,573,600	1,411,224
Net Losses on investments	6	-	(3,258)	(50,311)	(53,569)	(28,585)
Transfers between funds		-	-	-	-	-
Netmovement in funds		302,255	513,723	704,053	1,520,031	1,382,639
Funds brought forward at 1 August
2022		37,948,621	3,574,469	1,987,063	43,510,153	42,127,514
Funds carried forward at 31 July
2023		38,250,876	4,088,192	2,691,116	45,030,184	43,510,153

The information on pages 12 to 23 form part of these financial statements.

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SEVENOAKS SCHOOL FOUNDATION BALANCE SHEET AS AT 31 JULY 2023

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		2023	2022
	Notes	£	£
FIXEDASSETS: Tangible fixed assets Investments	5 6	63,392,638 1,935,855	59,229,693 1,989,424
		65,328,493	61,219,117
CURRENT ASSETS
Debtors Bank and shortterm deposits	7	371,073 4,654,581	364,033 7,295, 350
		5,025,654	7,659, 383
LIABILITIES:
Creditors: Amounts falling duewithin one year	8	(1,731,699)	(1,259,477)
NETCURRENTASSETS		3,293,955	6,399,906
TOTALASSETS LESS CURRENT LIABILITIES		68,622,448	67,619,023
Creditors: Amounts falling due after more than one year
Loans	8	(23,592,264)	(24,108,870)
TOTALNETASSETS	9	45,030,184	43,510,153
FUNDS
Endowedfunds Restricted funds	12 13	2,691,116 4,088,192	1,987,063 3,574,469
Unrestricted funds		38,250,876	37,948,621
		45,030,184	43,510,153

Approved by the Trustees on 21 November 2023 and signed on their behalf by

q—Yor.) ., Ke{)YY Je_—— m—s—— Berick Walker Chairman

| The information on pages 12 to 23form part of these financial statements.

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SEVENOAKS SCHOOL FOUNDATION CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2023

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2023|2022| |£|£| |Reconciliation|of|net|income|to|net cash|flow|from|operating|activities| |Net incoming|funds|1,573,600|1,411,224| |Investment|Income|(78,654)|(69,427)| |Depreciation|charges|1,392,349|1,395,729| |Loss|on|disposal|of|Fixed|Assets|-|54,398| |Interest|paid|153,755|43,731| |(Increase)|in|debtors|(7,040)|(136,733)| |Increase/(Decrease)|in|creditors|391,485|(176,066)| |Net cash|provided|by|operating|activities|3,425,495|2,522,856| |CASH|FLOW STATEMENT| |Cash|flows|from|operating|activities| |Net|cash|provided|by|operating|activities|3,425,495|2,522,856| |Cash|flows|from|investing|activities| |Purchase|of tangible|fixed|assets|(5,555,294)|(4,096,975)| |Investment|Income|78,654|69,427| |Net cash|used|in|investing|activities|(5,476,640)|(4,027,548)| |Cash|flows|from|financing|activities| |Loan|repayments|(589,624)|(521,073)| |Net cash|used|in|financing|activities|(589,624)|(521,013)| |Change|in|cash|and|cash|equivalents|in|the|reporting|period|(2,640,769)|(2,025,705)| |Cash|and|cash|equivalents|at the|beginning|of the|reporting|period|7,295,350|9,321,055| |Cash|and|cash|equivalents|at the end|of the|reporting|period|4,654,581|7,295,350| |Reconciliation|of|net|cash|flow|to|movement|on|net funds| |Net funds|at|1|August 2022|(17,354,892)|(15,806,468)| |(Decrease)|in|cash|(2,640,769)|(2,025,705)| |Decrease|in|borrowing|435,869|477,281| |Net funds|at 314|July 2023|(19,569;792):|(17,364, 892),| |Net|debt| |Bank|and|short term|deposits|4,654,581|7,295,350| |Bank|Loan|due within|one|year|(622,109)|(541,372)| |Bank|Loan|due|after more than|one|year|(23,592,264)|(24,108,870)| |Net funds|at 31|July 2023|(19,559,792)|(17,354,892)|

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The information on pages 12 to 23 form part of these financial statements.

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SEVENOAKS SCHOOL FOUNDATION STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2023

pSSS 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 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 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 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 recognised on receipt and carried to the relevant restricted fund, or to endowed funds where the amount is required to be held as capital.

eee Page 12

SEVENOAKS SCHOOL FOUNDATION STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2023

ee

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:

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: Buildings - 50 years Improvements and extensions - 10 years

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 13

SEVENOAKS SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

en

		2023	2022
		£	£
1.	DONATIONS
	General fundraising	103,214	770,476
	Endowed fund donations
	Foundation capital	754,364	1,770
	Restricted fund donations
	FinanciallyAssisted Places (Formerly Bursary Fund) Bursary Fund (COVID-19 appeal) McEuen Scholarship Fund Science Centre	142,239 455 25,475 7,800	187,849 5,931 30,551 7,200
	Boarding Houses Institute ofTeaching and Learning	10,000 1,000	- 2,000
	Institute ofHigher Education and Professional Insight Learning Support DeptFund KentAcademies Network	1,000 3,000 75,000	- - 8,000
	Landscape Strategy Campaign forSevenoaks School Campus Sustainability Fund	- - 821,901	10,000 725,398 -
		1,087,870	976,929
	Total Donations	1,945,448	1,749,175
2.	EXPENDITURE
	Resources expended include:
	Auditors' remuneration for audit	5,400	9,550
3.	STAFF COSTSAND RELATED PARTYTRANSACTIONS
	The aggregate payroll costs forthe yearwere as follows:
	Wages and salaries Social security costs Pension contributions	256,602 33,551 11,264	271,692 16,597 18,471
		301,417	306,760
		No.	No.
	The averagenumber of full and parttimeemployees during theyearwas	4	4
		£	£
	Aggregateemployee benefits ofkeymanagementpersonnel	169,495	154,626
ern PE Page14

SEVENOAKS SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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3. STAFF COSTS AND RELATED PARTY TRANSACTIONS (Continued)

The number of higher paid employees was as follows:

number of higher paid employees was as follows:
	2023	2022
	No.	No.
£70,000 -£80,000	-	-
£120,000 - £130,000	-	-
£130,001 -£140,000	-	1
£150,001-£160,000	1	-

Pension contributions of £11,264 (2022: £18,471) relate to contributions to a defined contribution scheme.

The Trustees received no remuneration in respect of the current or preceding year. No trustee expenses (2022: £Nil) were incurred by any Trustees in the current year (2022: Nil).

4. ANALYSIS OF TOTAL RESOURCES EXPENDED

2023	Staffcosts	Other	Depreciation	Total
	£	£	£	£
	(Note 3)
Education and grantmaking:
Premises Support costs Grants, awards and prizes	- ” -	27,393 813,737 628,557	1,392,349 - ~	1,419,742 813,737 628,557
Cost ofgenerating funds:	-	1,469,687	1,392,349	2,862,036
Fundraising costs	301,417	626,805	-	928,222
	301,417	2,096,492	1,392,349	3,790,258
2022	Staffcosts	Other	Depreciation	Total
	5	£	5	£
Education andgrantmaking:
Premises Supportcosts Grants, awardsandprizes	- - -	78,136 705,157 832,146	1,395,729 - -	1,473,865 705,157 832,146
Costofgenerating funds:	-	1,615,439	1,395,729	3,017,168
Fundraising costs	306,760	452,233	-	758,993
	306,760	2,067,672	1,395,729	3,770,161

Page 15

SEVENOAKS SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

I

5.	TANGIBLE FIXEDASSETS
		Freehold	Fixtures &
		Property	Improvement	Total
		£	£	£
	Cost
	At1August2022 Additions	75,289,561 5,555,294	4,060,642 -	79,350,203 5,555,294
	Disposals	-	-	-
	At31 July2023	80,844,855	4,060,642	84,905,497
	Depreciation At1August2022 Charge fortheyear	16,059,868 1,392,349	4,060,642 -	20,120,510 1,392,349
	Eliminated on disposals	-	-	-
	At31 July2023	17,452,217	4,060,642	21,512,859
	Net Book Value
	At31 July2023	63,392,638	-	63,392,638
	At31July2022	59,229,693	-	59,229,693

Included in freehold property is £10.75m (2022: £5.20m) of assets which were under construction at 31 July 2023 and which have not been depreciated.

	Atthe balance sheet date the Foundation had contracted commitments in	Atthe balance sheet date the Foundation had contracted commitments in	respect ofthe construction of fixed assets	respect ofthe construction of fixed assets	respect ofthe construction of fixed assets
	of£3.01m (2022:	£5.3m).
6.	INVESTMENTS	Restricted		Endowed	Total
		£		£	£
	Marketvalue at	1 August2022	54,354	1,935,070	1,989,424
	Revaluation		(3,258)	(50,311)	(53,569)
	Marketvalue at31	31 July2023	51,096	1,884,759	1,935,855
	Investments comprise:
	Listedinvestments		51,096	1,884,759	1,935,855

ane_ ST-w Page 16

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SEVENOAKS SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

SEVENOAKS SCHOOL FOUNDATION NOTES TO THETHE FINANCIAL STATEMENTS FOR THE YEAR ENDEDTHE YEAR ENDEDYEAR ENDEDENDED 31 JULY 2023	SEVENOAKS SCHOOL FOUNDATION NOTES TO THETHE FINANCIAL STATEMENTS FOR THE YEAR ENDEDTHE YEAR ENDEDYEAR ENDEDENDED 31 JULY 2023	SEVENOAKS SCHOOL FOUNDATION NOTES TO THETHE FINANCIAL STATEMENTS FOR THE YEAR ENDEDTHE YEAR ENDEDYEAR ENDEDENDED 31 JULY 2023	SEVENOAKS SCHOOL FOUNDATION NOTES TO THETHE FINANCIAL STATEMENTS FOR THE YEAR ENDEDTHE YEAR ENDEDYEAR ENDEDENDED 31 JULY 2023
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		2023	2022
7.	DEBTORS	£	£
	Sundrydebtors Prepayments and accrued income	238,828 132,245	279,213 84,820
		371,073	364,033
8.	CREDITORS:Amounts falling due within oneyear.
	Other creditors and accruals Loans	1,109,590 622,109	718,105 541,372
		1,731,699	1,259,477
	CREDITORS: Amounts falling due aftermorethan one year
	Loans Private placement	3,592,264 20,000,000	4,108,870 20,000,000
		23,592,264	24,108,870
	Which are repayable as follows:
	1 -2 years 2 - 5years Aftermore than 5 years	622,109 1,866,326 21,103,829	541,372 1,624,116 21,943,382
		23,592,264	24,108,870

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'S NET ASSETS

The net assets are held for the various funds as follows:

		Investments	Net current	Long term
	Fixed assets	&deposits	assets	liabilities	Total
	£	£	£	£	£
Endowmentfunds Restricted funds Unrestricted funds	- - 59,178,265	1,881,516 54,339 -	809,600 4,033,853 (927,389)	- - (20,000,000)	2,691,116 4,088,192 38,250,876
Loans	59,178,265 4,214,373	1,935,855 -	3,916,064 (622,109)	(20,000,000) (3,592,264)	45,030,184 -
	63,392,638	1,935,855	3,293,955	(23,592,264)	45,030,184

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SEVENOAKS SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

a 9, ALLOCATION OF THE CHARITY'S NET ASSETS Continued

Comparative Allocation of the Charity Net Assets

		Fixed	Investments	Net current	Long term
		assets	& deposits	assets	liabilities	Total
		£	EB	£	£	£
	Endowmentfunds Restrictedfunds Unrestricted funds	- - 54,579,451	1,935,070 54,354 -	51,993 3,520,115 3,369,170	- - (20,000,000)	1,987,063 3,574,469 37,948,621
		54,579,451	1,989,424	6,941,278	(20,000,000)	43,510,153
	Loans	4,650,242	-	(541,372)	(4,108,870)	-
		59,229,693	1,989,424	6,399,906	(24,108,870)	43,510,153
10.	FINANCIAL INSTRUMENTS
					2023	2022
					£	£
	Financial assetsmeasured atfairvalue				1,935,855	1,989,424
11.	LEASES
	Leasehold property leases which expire: Payablewithin one year Payable in thesecond to fifthyear inclusive Payable afterfive years				76,388 143,552 156,716	22,388 89,552 179,104
					376,656	291,044
	Freehold property leases which expire: Receivable within one year Receivable in the second to fifth year inclusive Receivable afterfive years				3,254,582 13,018,328 5,292,375	3,254,582 13,018,328 8,546,957
					21,565,285	24,819,867

IPage 18

SEVENOAKS SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

eee

12. ENDOWED FUNDS

These funds are permanent:

				Transfers/
				Investment
	Balance 1 Aug 2022	Incoming resources	Resources expended	Gains/ (Losses)	Balance 31 Jul 2023
	£	£	£	£	£
Foundation capital BursaryFund Hands Bursary McEuen Scholarship	514,498 1,913 967,473 322,858	937 30,000 - -	- - - -	(9,266) - (27,040) (14,005)	506,169 31,913 940,433 308,853
Institute ofTeaching and Learning
(FormerlyCentre for Innovation) FinanciallyAssisted Places	180,321 -	- 123,427	- -	- -	180,321 723,427
	1,987,063	754,364	-	(50,311)	2,691,116
	ee

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.

The Hands Bursary fund provides for means tested bursaries for pupils of Sevenoaks School.

The McEuen Scholarship provides an opportunity for a pupil, who otherwise would not be able to come, to take up a place at Sevenoaks School.

The Institute of Teaching and Learning (Formerly Centre for Innovation) is to fund an Institute for Teaching and Learning in Sevenoaks School.

Comparative Endowed Funds

					Transtfers/
					Investment
	Balance 1	Incoming	Resources		Gains/	Balance 31
	Aug2021	resources	expended		(Losses)	Jul2022
	£	£	&		£	£
Foundation capital BursaryFund HandsBursary McEuen Scholarship Centre forInnovation	519,210 1,913 981,419 327,964 180,728	1,770 - - - -		- - - - -	(6,482) - (13,946) (5,106) (407)	514,498 1,913 967,473 322,858 180,321
	2,011,234	1,770		-	(25,941)	1,987,063

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SEVENOAKS SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

NT

13. RESTRICTED FUNDS

RESTRICTED FUNDS
				Transfers/
				Investment
	Balance 1 Aug 2022 £	Incoming resources £	Resources expended £	Gains/ (Losses) £	Balance 31 Jul 2023 £
Financially Assisted Places fund (Formerly Bursary Fund) Bursaries (COVID-19Appeal) Hands Bursary Fund McEuen Scholarship Fund Beardmore Bursary Fund	1,052,677 - 99,996 95,874 348,153	142,239 455 35,968 42,080 -	(507,389) - (28,221) (13,362) (17,814)	198 - (301) (671) -	687,725 455 407,442 123,921 330,339
Institute ofTeaching and Learning (Formerly Centre forInnovation)	-	6,095	-	(3,242)	2,853
Institute ofHigher Education and Professional Insight STSF Centre Fund Boarding House Fund Co-curricular Fund Making ItExhibition Campaign forSevenoaks School KentAcademies Network Campus Sustainability Fund Learning Support DeptFund	- - - 2,050 15,000 1,917,008 43,711 - -	1,000 7,800 10,000 - - - 75,000 821,901 3,000	(1,000) - - - - - (60,771) - -	- 758 - - - - - - -	- 8,558 10,000 2,050 15,000 1,917,008 57,940 821,901 3,000
	3,574,469	1,145,538	(628,557)	(3,258)	4,088,192

All funds represent monies given for the specific purposes, as described.

The Financially assisted places Fund (Formerly Bursary Fund) provides for means-tested bursaries for students at Sevenoaks School.

The Beardmore Bursary fund is to be used for the benefit of a local primary school boy or girl whose financial circumstances are such that they would be unable to otherwise afford an education at Sevenoaks School. The Campaign for Sevenoaks School fund supports Sevenoaks School's strategic priorities.

rlPage 20

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SEVENOAKS SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

13. RESTRICTED FUNDS Continued

Comparative Restricted Funds

Comparative Restricted FundsFunds
				Transfers/
				Investment
	Balance 1 Aug2021 £	Incoming resources £	Resources expended £	Gains/ (Losses) £	Balance31 Jul2022 £
BursaryFund Bursaries (COVID-19Appeal) HandsBursaryFund McEuen ScholarshipFund Beardmore BursaryFund Centre forInnovation Institute ofHigherEducation and	1,271,072 92,095 90,580 53,036 373,173 43,035	187,849 5,937 34,646 46,148 - 4,938	(406,221) (98,026) (25,020) (2,841) (25,020) (46,112)	(23) - (210) (469) - (1,861)	1,052,677 - 99,996 95,874 348,153 -
ProfessionalInsight STSFCentreFund BoardingHouse Fund Co-curricularGiftFund ScholarshipsFund MusicatSevenoaksLegacy Outreach Making ItExhibition Masterplan BuildingFund Campaign forSevenoaks School Institute ofTeachingandLearning KentAcademiesNetwork COVID-19Appeal Landscape strategy	8,000 - 14,988 2,050 100 6,056 8,576 15,000 125 1,191,610 - 73,793 88,441 -	- 7,200 - - - - - - - 725,398 2,000 8,000 - 10,000	(8,000) - (14,988) - (100) (6,056) (8,576) - (125) - (2,000) (38,083) (88,4417) (40,000)	- (7,200) - - - - - - - - - 1 - 30,000	- - - 2,050 - - - 15,000 - 1,917,008 - 43,711 - -
	3,331,730	1,032,110	(809,609)	20,238	3,574,469

a |

SEVENOAKS SCHOOL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023

eee,

14. STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE FIGURES BY FUND TYPE

			Unrestricted	Restricted	Endowed
			Funds	Funds	Funds	Total Funds
			£	£	£	£
	Income from:
	Donations and legacies
	Donations Alumni activities		770,476 97,847	976,929 -	1,770 -	1,749,175 97,847
	Charitable activities
	Rental income		3,254,582	-	-	3,254,582
	Investments
	Investment income		14,245	55,182	-	69,427
	Bank and other interest		-	-	-	-
.	Other
	Other income		10,354	-	-	10,354
	Total incoming resources		4,147,504	1,032,111	1,770	5,181,385
	Expenditure on:
	Raising funds		758,993	-	.	758,993
	Charitable Activities:		2,201,559	809,609	-	3,011,168
	Education and grant making
	Total expenditure		2,960,552	809,609	-	3,770,161
	Net incoming funds from operations
	before investmentgains		1,186,952	222,502	1,770	1,411,224
	Net gains/(losses) on investments		-	(2,644)	(25,941)	(28,585)
	Transfers between funds		(22,8871)	22,881	-	-
	Netmovement in funds		1,164,071	242,739	(24,171)	1,382,639
	Funds brought forward at	1 August2021	36,784,550	3,331,730	2,011,234	42,127,514
	Fundscarriedforwardat31July2022		37,948,621	3,574,469	1,987,063	43,510,153

1. RELATED PARTY TRANSACTIONS

Sevenoaks School Foundation has received £1,235,328 in donations from The Friends of Sevenoaks School (Hong Kong) Limited during the year ended 31 July 2023 (2022: £Nil). The objects for which The Friends of Sevenoaks School (Hong Kong) Limited was established, are to provide for the advancement and the promotion of learning and education at Sevenoaks School.

aPage 22

SEVENOAKS SCHOOL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023

15. RELATED PARTY TRANSACTIONS Continued

The Foundation received donations totalling £555,038 (2022: £27,200) in the year from 3 Trustees (2022: 2 Trustees).

Page 23