Charity Commission Number: 292223 DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Financial statements for the year ended 31 March 2021 DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND REGISTERED OFFICE: Davenanl Foundation School Chester Road Loughton Essex IG10 2LD BANKERS.. Lloyds plc 11 The Broadway Loughton Essex IG10 3SW INVESTMENT MANAGERS.. COIF Charity Funds CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET SOLICITORS.. Meyrick Mills 48 Onslow Gardens London SW7 3AH INDEPENDENT EXAMINER: Hugh Swainson FCA Buzzacott LLP 130 Wood Street London EC2V 6DL CHARITY REGISTRATION NUMBER.. 292223 DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND INDEX Page Trustees, report Independent examiner's report Statement ol financial activities Balance sheet 10 Notes to the financial statements DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Trustees, report for the year ended 31 March 2021 The Trustees present Iheir report and the financial statemènts for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set oul on pages 1110 12 of the allached accounts and comply with the charity's trusl deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Slalemenl ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the United Kingdom and Republic of Ireland IFRS 1021. CharFlable slatus The charily is registered with the Charity Commission under registration number 292223. It is governed in accordance with Ihe Rules adopled on 28 March 1985 and as amended on 5 December 1991. During 2008, the Rules were amended further lo relieve the charity ol a requirement for statutory audit of its financial slat8menls. Public Benef it The Iruslees have referred to the guidance conlained in the Gharity Commission's general guidance on publlc benelil when reviewing their aims and objectives and in planning fulure activities. Aims and objectlves The principal activity of the charity during the year continued to be the advancement of the education of pupils of the Davenant Foundation School and assistance in the provision of lacilities for the education of pupils at the School. The charity consists ol various funds- 1. The General Fund This fund is used to provide resources not met from public funding. It derives its income from parental contributions, which are encoLJraged on a Committed basis. 2. The Arts. Fund This fund is a restricted fund and is used exclusively for creative and expressive arts aclivities in th& School. 11 derives ils income primarily from tLJilion fees, perfomiance charges and voluntary donations. The fund is spent on peripatelic slalf fees, pertormance expenses and the purchase of musical instruments and equipment. 3. The Holdlng Fund This fund holds income and expendilure in respect of school activities and trips (although mosl trips are now run via th6 academy accounts). Any small surpluses or deficits are translerred lo a Hardship Fund for the support of studenls in need. The Tennis Fund is also designated- Irustees wish it to be available for maintenance and developmenl of the tennis courls. Prfncipal policies to achieve objecls To encourage and increase regular committed and other giving by parents and Iriends of the School. DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Trustees report for the year ended 31 March 2021 (Contd.) Progress and achlevemenls All funds have continued lo operate throughout the period and in accordance with the Aims and Objectives. The Charity has supported many School activities, including: From the General fund.. Minibus Fitness suite Duke of Edinburgh Award. From the Arts, fund.. Peripatetic music luilion- and Maintenance and PLArchase of musical instruments. Impact of Covid19 Covid1 S has impacled the charity as follows: The pandemic was underway at the start ol the financial year. consequenlly a cautious budget was set which was further amended in June 2020. For example. the budget for parental donations and concort income was reduced, together with the likely expenses of the charity. In reality parental contribulions were higher than budgeted because most exisling donors maintained their giving. But donations from new families joining the school were much reduced. Because many of the charity's usual activities were paused, il was deemed inappropriate to actively encourage new donors. However, a fundraising campaign is planned for September 2021 to encourage donations now that activilies have resumed. As a result the unrestricted reserves have increased over Ihe year. The restricted Arts Fund has had a lean year. Ils maln functlon Is muslc tuition - this continued bul take-up was lower. The costs ol this continued lo be met by fee income. However, the concerts and produclions traditionally make a surplus which is used to moet the fixed costs and planned developments. No concerts or productions took place during the year, resulting in an in year deficit that was met from reserves. It is hoped that the popular concert seasons will resume later in 2021; should this not occur the financial base of the Fund wll need lo be revieiNed. Th8 d8signat8d fund 18nds to 'hold' funds for sp8cili¢ activities and hanc6 income matches expenditure. Because many activities were paused due lo the pandemic. the turnover is lower than usual. Revlew of flnanclal actlvltles General Unrestvlcted Funds The fund income for the year was £75.987 {2020 £103,715). Parental contributions were £74.219, compared with £92.391 in 2020. The overall surplus for the year was £25,008.This compared lo a surplus of £8,496 tor the previous year. The year end reserves stand al £111,583 which comfortably covers one year's recurrent expenditure. In the light of the current national crisis we will monitor parental income closely and adjust budgets as necessary. DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Truslees report for the year ended 31 March 2021 (Contd.) The Designated Fund The year end balance of £61,463 comprises various committed balances and the designated Tennis Fund from which no expenditure was incurred. The purpose of this lund is to 'hold' funds for specific activities and any unspent funds lor ongoing projects are earmarked and carried forward to the next year. Th8 Arts, Fund The fund income for the year was £47,209 {2020 - £104.2401. The overall deficlt for the year was £6,534. This compared to a surplus of £1,323 for the previous year. The year end reserves stand at £16,072. In the light of the current national crisis we will continueto monitor expenditurè closely. Investment pollcy The charity's investment policy is detemiined by the Trustees and is that surplus cash shoukl be held in readily accessible COIF deposit accounts that offer an acceptable rate of interest. Reserves policy End of year surpluses are added to reserves until such time as the School requires financial support for a project. Trustees decide upon the level of SUFV)rt, laking account of both the needs ol the School and the reserves available. At the year end the trustees believe Ihat Ihe level of reserves ¢arriecl forward is sufficient for future needs, taking into account the current uncerlainlies due to the effects of the Covid pandemic. At 31 March 2021, the charty held unrestricted funds of £111,583 {2020 - £86,575) and designated funds of £61,463 {2020 ~ £54,491). Restricted fund balances at 31 March 2021 amounted lo £16,072 {2020 - £22,606). Granl-making pollcy The Charity is solely dedicated lo supporting the activities of the School. in a￿OrdanCe with its staled aims. Risk management The Trustees have examined the major risks lo which the charity is exposed and measures are in pla lo manage those risks as awropriale. Key risks that the charity faces include: Reduced income due to the effects of the pandemic (parental donations, fund raising events, etc.). This is managed by holding a suitable level of reserves and limiling recurring commitments on the Funds Ensuring the musi¢ tuition provision breaks even in the light ol increasing slaffing costs and lower uptake due to lockdown. This budget is carefully monitored lo ensure the provision remains viable. Related party tvansactlons Details of related party transaclions are given in note 17 to the flnancial statements. DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Trustees report tor the year ended 31 March 2021 (Contd.) Key management The trustees comprise the key management personnel of the charity in charge ol directing and controlling, running and operating ihe chariiy on a day to day basis. All trustees give ol their time freely and no trustee received any remuneration in the year. Details of trustee's oxpenses and remuneration are disclosed in notes 8 and 9 to the accounts. Appointment ol Truslees Governors of the Davenant Foundation School are automatically appointed as Twstees of the Reynolds (School Private) Fund, together with the Head Teacher, Deputy Head Teachers and Head of Performing Arts. The day to day management of the charity is delegated to the Head Teacher, Mr A Thorne, the Head ol Performing Arts. Mrs R Tubb. and the Finance and Resourc&s Manager, Mrs J Beaumont. All Governors undertake an induction programme on appointment to familiarise themselves with the workings of the school and the charity. Further Iraining is available Irom the Local Authority and the National Governors. Associalion. as required. Twslees The following Trustees have held office during the year.. Mrs J Anderson Mr G Anthony Rev. C Davies Mr J Doherty (until 23 August 2020) Mrs O Faloye Mrs C Folkes Mr M Hicks Mrs D Lake Mrs A Olapade Mr D Prosser Mr H Smith Mrs S Temple Mr A Thorne Mrs R Tubb Ms M Vine-morris MsDLee Parenl Governor Foundation Governor Foundation Govemor Stall Governor Staff Governor Foundation Governor Foundation Govemor DepLJty Head Teacher Community Governor Foundation Governor Foundation Governor Foundation Governor Head Teacher Head ol Performing Arts Foundation Governor Parent Governor Staternenl ol Trustees. financial responslbllltles The Truste8s are responsible for preparlng ihe Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepiod Accounting Practico). The law applicable to charilies in England and Wales requires the Trustees lo prepare financial slatemenls for each financial year which give a true and fair view of the slate of affairs of the charity and ol the income and expenditLhre of the charity for Ihai period. In preparing these financial statements, the Trustees are required lo.. sele¢t suitable accounting policies and apply them consislenlly., observe the methods and principles in Accounting and Reporting by Charilies: Statement of Recommended Practice applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland IFRS 102)., DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Trustees report for the year ended 31 March 2021 (Contd.) make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subje¢l to any material departures disclosed and explained in the financial statements; and prepare the linancial slatemenls on the going con￿rn basis unless it is inappropriate to presume that tho charity will continue in operation. The Trustees are responsible lor keeping proper accounting records that dlsclose with reasonable accuracy at any tim8 the financial position ol the charity and to enable them lo ensure that the financial staternenls comply with the Charities Act 2011, applicable Charity (Financial Statements and Reports) Regulations and the provisions of Ihe charity's trust deed. They are also responsible for saleguarding the assets of the charity and henc8 for taking roasonable steps for the prevention and detection of fraud and other i¥regularili8s. Volunteers The Governors would like to record their thanks to parents and friends of the school who have continued to support the school in many ways during the year. Approved by the Trusla@s on l3.- lo:..2.07.1 and signed on Iheir behalf by- Trust Trustee DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Independent Examiner's Report to the Trustees of The Reynolds (School Private) Fund I report to the charity trustees on my examination ol the accounls of the charity for the year ended 31 March 2021. Responslbilities and basis of report As the trustees of the Charity you are responsible for the preparation ol the accounts in accordance wth the requirements of the Charities Act 20111'the Act'l. I report in respect of my examinalion of Ihe charity's accounts carried out under section 145 01 the 2011 Act and in carrying out my examination I have followed all Ihe applicable Directions given by the Challty Commission under section 145151{b) of the Act. Independent examiner's statement I have completed my examination. I confirm that no malerial mall8rs have come lo my attention in connection with my examination giving rne cause to believe Ihat in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act- or the accounts do not accord wilh those re¢ords- or the accounts do not comply with the applicable r8qulrements concerning the Somi and content ol accounts set out in the charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and lair view, which is not a matter considered as part of an independent examination. I have no concems and have Come across no other matters in connection wth the examination to which attention should be drawn in this report in order to enable a proper understanding ol the accounts to be reached. Hugh Swainson, FCA Buzzacott LLP Chartered Accountants 130 Wood Street London, EC2V 6DL Date.. 11.11.2021 DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Statement of financial activities for the year ended 31 March 2021 Totsl Funds 2021 Total Funds 2020 Reslricted Designated Funds Fund$ General Funds Notes Income from-. Donations and18gaci&s Other trading aclniilies Investments Charitable activities 128 4,862 8,851 75,162 80,152 120,871 8,851 23,874 132 619 69,802 125,185 132 693 47,081 22,028 Total Ineome 47.209 35,741 75,987 158,937 270,549 Expendlture on: Raising funds Gharitab18 activities 8,920 19,849 5,000 13,920 16,407 45,979 119,571 236,807 53.743 Total 6xpandltuYe 53,743 28,769 50,979 133A91 253,214 Net (exp8nditur&) I In¢ome belore Iransfers 16,5341 6,972 25,008 25,446 17,335 Transfers between lunds Net movement In funds lor the year 16,5341 6.972 25,008 25,446 17,335 Reconciliation of funds: Total funds brought fonNard at 1 April 2020 22,606 54,491 86,575 163,672 146,337 Total lunds carried torward at 31 March 2021 14 16,072 61,463 111,583 189,118 163,672 None ol the charivs aclivili88 was acquired or disconlinLfed during the above two financial years and there were no recognised gains or losses other than as shown above. The notes on pages 11 to 21 lomi part ol these financial slalements. DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Slatement of linancial activities for the year ended 31 March 2020 Unrestricted funds Total Notes Funds Funds Funds 2020 Income Irom.. Donations andlegaGies Olher trading activit￿S Inveslrnents Gharilable activit￿S 1,125 14,342 18.291 9.532 101,455 120,871 23,874 619 619 1,641 125, 185 88,737 34,807 Tot81 income 104,204 62.830 103,715 270,549 Expenthlur8 on.. Raising funds Ch8rit8ble aclwities 3,407 99,474 8,800 46,314 4,200 16,407 91,019 236,807 Totalexpenthlure 102,881 55,114 95,219 253,214 Net i￿orne/(exPendIlureJ before transfers 1,323 7,576 8,496 17.335 Transfers between funds Net movement in fvnds for Ihe year 1,323 7,518 8,496 77.335 Reconu'liafron ol fun