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2024-07-31-accounts

The Tovey Endowment

(Limited by Guarantee)

Report of the Trustees and Financial Statements for the year ended 31 July 2024

Company No. 864531 (England and Wales) Charity No. 309103

The Tovey Endowment Limited by Guarantee. Company No. 864531

Contents

for the year ended 31 July 2024

Page
Report of the Trustees 2-5
Report of the Independent Auditors 6-8
Statement of Financial Activities 9
Balance Sheet 10
Statement of Cash Flows 11
Notes to the Financial Statements 12-17

The Tovey Endowment (Limited by Guarantee) (Company No. 864531)

Report of the Trustees for the year ended 31 July 2024

The Board of Trustees present their annual report and audited financial statements for the year ended 31 July 2024 and confirm they comply with the requirements of the Charities Act 2006, as amended by the Charities Act 2011, the Companies Act 2006, the Articles of Association and Accounting and Reporting by Charities : Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard 102 second edition, effective 1 January 2019.

REFERENCE AND ADMINISTRATIVE INFORMATION

Background

The Tovey Endowment (Tovey) was founded in 1965. The charity is registered with the charities commission, number 309103 and is also a company limited by guarantee, registered company number 864531. The registered office and principal address of the company is c/o McCarthy Denning, 70 Mark Lane, London, EC3R 7NQ.

Trustees

The present Charity Trustees and Directors of the Company, and any ex-Directors who served during the period and since the period end were:

Chair C Marshall
Directors C Brereton
T Bunting
N Owen
Company Secretary M Lambert
Bankers The Co-operative Bank
PO Box 250, Delf House
Skelmersdale
WN8 6WT
CCLA Investment Management Limited
COIF Charity Funds
Senator House, 85 Queen Victoria Street
London EC4V 4ET
Independent Auditors HaysMac LLP
Solicitors McCarthy Denning Limited

The Tovey Endowment (Limited by Guarantee) (Company No. 864531)

Report of the Trustees for the year ended 31 July 2024 (continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The company is governed by its Articles of Association (No. 864531), incorporated on 19 November 1965, amended by Special Resolution on 12 May 1966, reprinted with amendments in 1998 and amended by Special Resolution on 4 December 2012. Further amendments were made to the Articles of Association on 13 August 2019 and 21 June 2022.

Governing Body

The Trustees, who are also required under the Articles of Association to serve as Directors of the Company, and members of the Charity have their appointment confirmed at a full Trustees

Recruitment and Training of Trustees

The Trustees bring a wide range of skills to the Board, and the maintenance of this breadth of range, as well as empathy with work, it is important that knowledge, understanding and experience of education are present within the Board. The composition of the current Board includes those with experience with other educational charities. Essential skills in business, strategic planning, finance, public relations and fundraising are also represented on the Board. On appointment, Trustees are provided with relevant documentation and training on their responsibilities and and to keep abreast of developments in charity law, safeguarding, education, and financial management.

All Trustees give of their time freely and no remuneration or expenses were paid in the period (2023: £Nil).

Organisational Management

The trustees have delegated day-to-day running of the charity to the Royal Foundation (RNCSF) senior management team, who receive no remuneration from Tovey.

Risk Management

The trustees are responsible for management of risks faced by the charity. To ensure efficient risk management, they oversee processes which identify, assess and control risk. These processes are reviewed regularly and include regular Board meetings and the use of an experienced management team to oversee the charity.

The Tovey Endowment

(Limited by Guarantee) (Company No. 864531)

Report of the Trustees for the year ended 31 July 2024 (continued)

AIMS, OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

Aims

bjects, as set out in the Articles of Association, are to further the education of children and young people. As an educational charity it uses and applies for these purposes all monies and property coming into it.

Objectives

Section 4 of the Charities Act 2006/2011 requires charity Trustees to comply with their duty to have due regard to public benefit guidance published by the Charity Commission in exercising their powers or duties.

The Trustees have considered the requirements explained in guidance produced by the Charity Commission, on their duty to report in the Annual Report on public benefit.

The Trustees have considered this matter and concluded:

  1. that the aims of the charity continue to be charitable;

  2. that the aims and the work done give identifiable benefits to the charitable sector and both indirectly and directly to individuals in need;

  3. that the benefits are for the public, are not unreasonably restricted in any way and not by ability to pay; and

Activities

After the sale of Highfield Preparatory School on 13 November 2019, the Trustees of the charity considered Springboard Foundation (RNCSF) as the ideal vehicle through which its objects could best be accomplished, and mainly through the provision of grants. On 16 October 2020, the Trustees of the charity resigned, and four RNCSF Trustees were appointed as Trustees. As a result, Tovey is now controlled by RNCSF and is consolidated into the RNCSF group accounts.

FINANCIAL REVIEW AND RESULTS FOR THE PERIOD

The results for the year ended 31 July 2024 are set out on pages 9-17. Given economies of scale gained by becoming a part of the RNCSF group, operating costs are minimal.

Reserves Policy

The Trustees maintain a sufficient level of reserves within the charity to ensure that any potential liabilities are able to be met when due. At year end, the charity had reserves of £1,270,658 which were all unrestricted (2023: £1,211,651).

Grant making policy

The Trustees consider the potential benefits of any grants to be made and whether they meet the objects of the charity.

The Tovey Endowment (Limited by Guarantee) (Company No. 864531)

Report of the Trustees for the year ended 31 July 2024 (continued)

STATEMENT OF DIRECTORS /

The Trustees (who are also directors for the purposes of Company Law) are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the charitable company and of the surplus or deficit of the charitable company for that year. In preparing those financial statements, the Trustees are required to

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the charitable company directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each charitable company director has taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report has been prepared in accordance with Accounting and Reporting by Charities : Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard 102 (effective January 2019) and in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small entities.

Approved by the Board at its meeting on 4 December 2024 and signed on its behalf by:

C Marshall Chairman

The Tovey Endowment (Limited by Guarantee) (Company No. 864531)

S OF THE TOVEY ENDOWMENT for the year ended 31 July 2024

Opinion

We have audited the financial statements of The Tovey Endowment for the year ended 31 July 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable audit of the financial statements section of our report. We are independent of the charity in accordance with 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

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 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. The other information comprises the 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.

The Tovey Endowment (Limited by Guarantee) (Company No. 864531)

S OF THE TOVEY ENDOWMENT for the year ended 31 July 2024 (Continued)

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

on page 5, 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.

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.

responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free 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.

The Tovey Endowment (Limited by Guarantee) (Company No. 864531)

REPORT TO THE MEMBER S OF THE TOVEY ENDOWMENT for the year ended 31 July 2024 (Continued)

responsibilities for the audit of the financial statements (continued)

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to charity law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

17 December 2024 ................................................... cd Date: .............................................. Tracey Young (Senior Statutory Auditor) for and on behalf of HaysMac LLP, Statutory Auditor 10 Queen Street Place London EC4R 1AG

The Tovey Endowment

(Limited by Guarantee) (Company No. 864531)

STATEMENT OF FINANCIAL ACTIVITIES (including Income & Expenditure Account) YEAR ENDED 31 JULY 2024

_______________

Note
INCOME FROM:
Charitable activities
Investments
Total income
EXPENDITURE ON:
Charitable activities
Support Costs
Total expenditure
4
Net movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Total Funds
2024
Total Funds
2023
£
£
63,576
35,042
63,576
35,042
(4,569)
(4,106)		 Unrestricted
Total Funds
2024
Total Funds
2023
£
£
63,576
35,042
63,576
35,042
(4,569)
(4,106)
(4,569)
59,007
1,211,651
1,270,658		 (4,106)
30,936
1,180,715
1,211,651

There have been no recognised gains or losses other than those included above. All amounts in the current period relate to continuing activities.

The accompanying notes form part of these financial statements.

The Tovey Endowment

(Limited by Guarantee) (Company No. 864531)

BALANCE SHEET AS AT 31 JULY 2024 COMPANY REGISTRATION NUMBER 864531

_____________

Note
2024
£
CURRENT ASSETS
Cash at bank and in hand
Short term deposits
5
387
1,285,814
1,286,201
CREDITORS:amounts falling due within one year
6
(15,543)
NET CURRENT ASSETS
1,270,658
TOTAL ASSETS LESS CURRENT LIABILITIES
1,270,658
TOTAL NET ASSETS
1,270,658
FUNDS
General Fund
8
1,270,658
TOTAL FUNDS
8
1,270,658
Approved by the Trustees and authorised for issue, and signed on their behalf by:
Clive Marshall
Chairman		 2024
£
387
1,285,814
1,286,201
(15,543)
1,270,658
1,270,658		 2023
£
354
1,222,237
1,222,591
(10,940)
1,211,651
1,211,651
1,211,651
1,211,651
1,211,651

4 December 2024

The accompanying notes form part of these financial statements.

The Tovey Endowment

(Limited by Guarantee) (Company No. 864531)

STATEMENT OF CASH FLOWS YEAR ENDED 31 JULY 2024

Note
Net cash generated by / (used in) operating activities
9
Cash flows from investing activities
Investment income
Net cash provided by investing activities
Change in cash and cash equivalents in the period
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
Analysis of cash and cash equivalents
Cash at bank
Short-term deposits		 2024
£
34
63,576
63,576
63,610
1,222,591
1,286,201
387
1,285,814
1,286,201		 2023
£
(406)
35,042
35,042
34,636
1,187,955
1,222,591
354
1,222,237
1,222,591

The accompanying notes form part of these financial statements.

The Tovey Endowment (Limited by Guarantee) (Company No. 864531)

Notes to the Financial Statements for the year ended 31 July 2024

1

Statutory Information

The Tovey Endowment is a private company, limited by guarantee incorporated in England and Wales and has its registered office and principal place of business at c/o McCarthy Denning, 70 Mark Lane, London, EC3R 7NQ.

The charitable objects of the company are that of advancing education for children and young people, including, but not exclusively, by providing a school or schools in or near Maidenhead, Berkshire. The trustees have decided that the c are best furthered by the provision of grants.

The financial statements are presented in Sterling (£), which is also the functional currency of the company.

2 Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation for uncertainty in the preparation of the financial statements are as follows:

(a) Basis of Accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities : Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102 second edition)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The Tovey Endowment meets the definition of a public benefit entity under FRS 102.

(b) Fund Accounting

Unrestricted Funds

The general fund is available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

(c) Income recognition policies

Items of income are recognised and included in the financial statements when all the following criteria are met:

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

The Tovey Endowment (Limited by Guarantee) (Company No. 864531)

Notes to the Financial Statements (continued) for the year ended 31 July 2024

2 Accounting Policies (continued)

(d) Expenditure and Irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Grant expenditure comprises grants made where the grant has been approved by the trustees. Grants are made to entities that share a common object of the advancement of education for children and young people.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity. These costs include costs related to the independent , DBS checks and other related expenses.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

(e) Financial assets and liabilities

Trade and other debtors are initially recognised at transaction price and are subsequently remeasured to amortised cost using the effective interest method, less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts.

Trade and other creditors are initially recognised at transaction price and are subsequently remeasured to amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

he Trustees consider that the charity has adequate resources to continue in operational existence for the foreseeable future and that

going concern. Accordingly the financial statements have been prepared on a going concern basis.

The Tovey Endowment (Limited by Guarantee) (Company No. 864531)

Notes to the Financial Statements (continued) for the year ended 31 July 2024

3 Staff Costs

There were no employees in the current or prior year.

4 Analysis of Expenditure

Charitable Activities
Support Costs (including Governance Costs)
Total Expenditure
Governance Costs of the Charity
include:
Auditors' Remuneration:
For Audit		 2024
£
4,569
4,569
2024
£
4,200		 2023
£
4,106
4,106
2023
£
3,660

The Tovey Endowment

(Limited by Guarantee) (Company No. 864531)

Notes to the Financial Statements (continued) for the year ended 31 July 2024

5
Short Term Deposits
COIF Charity Funds
6
Creditors
Amounts owed to group undertakings
Accruals and deferred income		 2024
£
1,285,814
£
11,343
4,200
15,543		 2023
£
1,222,237
£
7,280
3,660
10,940

7 Transactions with Related Parties

The Trustees received no remuneration or other benefits for the period and no reimbursement of expenses during the period or prior year.

RNCSF paid £4,063 of operating expenditure on behalf of Tovey within the year (2023: £3,460) with an intercompany payable owed from Tovey to RNCSF at year end of £11,343 (2023: £7,280).

The Tovey Endowment (Limited by Guarantee) (Company No. 864531)

Notes to the Financial Statements (continued) for the year ended 31 July 2024

8 Funds

At 1
August
2023
£
Unrestricted Funds
General Funds
1,211,651
__
Total Funds
1,211,651
___		 Income
£
63,576
__
63,576		 At 31 July
Expenditure
2024
£
£
(4,569)
1,270,658
_
_
(4,569)
1,270,658
______

Prior Year Funds

At 1
August
2022
£
Unrestricted Funds
General Funds
1,180,715
_

Total Funds
1,180,715

______
_		 Income
£
35,042
_
35,042
_		 At 31 July
Expenditure
2023
£
£
(4,106)
1,211,651
___
__
(4,106)
1,211,651
__
___

The Tovey Endowment

(Limited by Guarantee) (Company No. 864531)

Notes to the Financial Statements (continued) for the year ended 31 July 2024

9 Reconciliation of net movement in funds to net cash flow from operating activities

2024 2023
£ £
Net movement in funds 59,007 30,936
Deduct interest income (63,576) (35,042)
Increase in creditors 4,603 3,700
_ _
Net cash generated by (used in)
operating activities 34 (406)
_ _