Charity Commission Number: 292223 DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Financial statements for the year ended 31 March 2022 DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND REGISTERED OFFICE: Davenant Foundation School Chester Road Loughton Essex IG10 2LD BANKERS: Lloyds plG 11 The Broadway Loughton Essex IG103SW INVESTMENT MANAGERS: COIF Charity Funds CCLA Inveslment Management Limited Senator Houso 85 Queen Victoria Str88t London EC4V 4ET SOLICITORS.. Meyrick Mills 48 Onslow Gardens London SW7 3A INDEPENDENT EXAMINER: Hugh Swainson FCA Buzzacott LLP 130 Wood Slreet London EC2V 6DL CHARITY REGISTRATION NUMBER: 292223 DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND INDEX Page Trus188s' report IndepefKlent examiner's report Statement ol financial activities 9-10 Balance sheet Notes to the financial statèments 12-23 DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Trustees, report tor the year ended 31 March 2022 The Truslees present their report and the financial statements lor the year ended 31 March 2022. The financial slalements have been prepared in accordance with the accounting policies set out on pages 12 10 14 of the attached account5 and cornpw wilh the charity's trust deed, the Charities Act 2011 and Accounlillg and Reporting by Charities- Slalemenl of Recommended Practice applicable to charities eparing their accounts in accordance with Ihe Financial Repotling Standard applicable in the United Kingdom and Republic of Ireland IFRS 102). Chaillable status The charity is registered wth the Charity Commission under regislration number 292223. It is governed in accordance with the Rules adooed on 28 March 1985 and as amended on 5 December 1991. During 2008, the Rules w8re amended further to relieve the charity ol a r4uiremenl lor statutory audit of ils flnancial sl*ements. Publlc Beneflt The Irustees have referred lo the guidance conlalned in the Charity Commission's general guidance on public benelil when reviewing their aims and objectives and in planning luture activities. Alms and objectives The principal activity ol the charity during the year continued lo be the advancement ol the education of pupils ol Ihe Davenanl Foundation School and assistance in the provision of facilities for the education ol pupils at tho School. The charity consists of various funds: 1. The General Fund This fund is used lo provide resources not met Irom public funding. It derives ils income from parental ntributions, which are encouraged on a committed basis. l The Arts. Fund This luThJ is a restricted lund and is used exclusively for creative and expressive arts activities in the School. It dorives its income primarily Iro¥n tuilion le8s, perlormance charges and voluntary donations. The fund is spent on peripatetic staff fees, performance expenses and the purchase of musical inslrumenls and equipment. 3. The Holdlng Fund This fund holds income and expenditure in respect of school activities and trips (although mosl trips are now run via the academy accounts). Any small surpluses or deficits are transferred lo a Hardship Fund for the support ol students in need. The Tennis Fund is also designated,. trustees wish il to be available lor maintenance and development ol the lennis courts. Prlnclpal pollcles to achleve oblecls To encourage and increase regular committed and other giving by parents and friends of the School. DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Trustees report for the year ended 31 March 2022 (Contd.) Progress and a¢hlevements All funds have continued lo oparate throughout the pariod and in aCC￿danCe with the Aims and Objectives. The Charity has supported many School actlvities, including.. From the General fund.. Contribution towards equipping the new Brok8nshire Building Minibus Extra-curricular sports activities and Iransport., and Duke ol Edinburgh Award. From the Arts, fund: Peripatetic music tuition-, and Mainlenance and purchase ol musical Instruments. Impact ol Covld19 Covid19 has impacted the charity as follows- Covid restrictions w8re still in place lor the majority of the financial year. A cautious budget was set, for example the budget for parental donations and concert income was reduced. Donations from new families joining ihe school were much reduced. Because many of the charity's usual activilies were paused al the start of the year, il was deemed inappropriate lo actively encourage new donors. A fundraisirg campaign is currendy Unde￿aY lo encourage donations now that activities hav8 resumed. The restrlcted Arts Fund has had a steady year. Its main function is music tuition- this continued online al the start ol the year with lace lo lace tuition resuming in Sepiember 2021 when lake-up increased. The costs of this continued to tse mel by fee income. The concerts and productions Iraditionally make a surplus which is used to meet the fix￿ costs and planned developments. The 2021 Christmas concert look place, enabling a small surplus to be made for the year. The designated fund lends to 'hold' funds for specillc activities and hence income matches expenditure. Becauso some activities were paused due to the pandemic, the lurnover is lower than usual. Revlaw ol Ilnanclal actlvllles General Unreslrlcled Funds The fund income for Ihe year was £78,149 12021 £75,987). Parental contributions were £72,587, compared with £74,219 in 2021. The overall deficit lor the year was £27,334. Thls compared to a sU￿lUS 01 £25,008 for th8 previous year. In the lighl of increased reserves during the pandemic, the deficit was planned lo enable the new Brokenshire building io be well equiwed for the benelils of all sludents. DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Truslees report for the year ended 31 March 2022 (Contd.) General Unreslrlcled Funds {¢ontinuedl The year end reserves stand al £84,249 which comfortably covers one year's recurrent expenditure. In Ihe light ol the current national crisis we will monitor parpnta income ciosely and adjust budgets as necessary. The Deslgnaled Fund The year end balance of £56,314 comprises various committed balances and the designaled Tennis Fund from which no expenditure was incurred. The purwse of this fund is lo 'hold' funds lor specific activities and any unspent funds for ongoing projects are earmarked and carried fO￿ard lo the next year. The Parents, Association formerly made a general grant, from which ils specific allocations were made. Since @stablishing itself as a regisl6red charity, il makes indiwdual donations directly io the academy for specific projects. Support from the Parents, Association has not declined - il will no longer feature in the Deslgnaled Fund. The Arts, Fund The fund income for ihe year was £84,397 {2021- £47,209). The overall surplus lor the year was £7,196. This compared to a defioil of £6,534 for the previous year. The year end reserve8 Stand at £23,268. Investmenl pollcy The charity's investment policy is detennined by the Trustees and is that surplus cash should be held in readily accessible COIF deposit accounts Ihat offer an acceptable rate ol interest. Reseives pollcy End ol year surpluses are added lo reserves until such lime as the School requir8s financial support lor a project. Trustees decide upon th8 level of support, taking accounl of both the n8eds ot the Schi)ol and the reserves available. Ai the year end the trustees believe that the level ol reserves carried lotward is suffic￿ent for future needs. taking into account Ihe current uncertainties due lo the gftects ol the national economic situation. Al 31 March 2022, the charity held general funds of £84,249 12021 £111,583) and deslgnated funds of £56,31412021 £61,463). Restricted fund balances al 31 March 2022 amounted lo £23,26812021 £16,072). Granl.maklng pollcy The Charity is solely dedicated to supporting the activities of th8 School, in accordance with its slated aims. DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Trustees report tor the year ended 31 March 2022 (Contd.) Rlsk managemenl The Truslees have examined the major risks to which the charity is exposed and measures are in Fdace to manag8 those risks as appropriate. Key risks that the charity faces ir￿lud8. Reduced in¢om8 due lo the effects of the current economic situation and the pandemic (parental donations, fund raising events etc.). This is managed by holding a suitable level of reserves and limiting recurring commitments on the Funds. Ensuring the music tuition provision breaks even in the light ol increasing costs. This budget Is carefully monitored to enstjre the provision remains viable. Relaled party transacllons Details of related party transactions are given in note 17 to Ihe financial statements. Key management The trustees comprise th8 key management personnel ol the charity in charge of direcliro and controlling, running and operating the charity on a day lo day basis. All trustees give of Iheir time freely and no trustee received any remuneration in the year. Details of truslee's expenses and remuneration ar8 disclos￿ in notes 8 and 9 to the accounts. Appolntment ot Trustees Governors of the Davenant Foundation School are automat￿allY appointed as Trustees of the Reynolds (School Privalel Fund, together with the Head Teacher, Deputy Head Teachers and Head ol Performing Arts. The day to day managefnellt ol th8 charily is delegated lo the Head Teacher, Mr A Thorne, Ihe Head ol Performing Arts, Mrs R Tubb, and the Finar￿e and R8sLwrces Manager, Mrs J Beaumont. All Govemors undertake an induction programme on appoinlment to familiarise themsefv8S Wlth Ihe workings of the school and the charity. Further training is available from the Local ALJlhority and the National Govemors, ASS￿lation. as requlred. DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Trustees report for the year ended 31 March 2022 (Contd.) Truslees The following Trustees have held Offi￿ during the year-. Mrs A Allen (from 11 Octobef 20221 Mrs J Anderson Mr G Anthony Ms C Cantle (from 11 October 20221 Mrs A Crombie Ilrom 11 October 20221 Rev. C Davies Mrs O Faloye Mrs C Folkes Mr J Goldsworthy Ilrom 11 October 2022) Mrs C Hands {Irom 11 October 2022) Mr M Hicks Mrs N Lee-Johnslon Ilrom 11 October 20221 Mrs D Lake Mrs A Olapade {unlil 19 July 2022) Mr D Prosser Mr H Smith Mrs S Temple Mr A Thorn6 Mrs R TUL Ms M Vine-morris {unlil 11 October 20221 MsDLee Foundalv)n Governor Parent Govemor Foundalion Governor Foundation Governor Foundation Governor Foundation Governor Staff Governor Foundation Governor Community Governor Community Governor Foundation Governor Foundation Governor Deputy Head Teacher Community Governor Foundation Governor Foundation Governor Foundation Governor Head Teacher Head of Performing Arts Foundation Governor Parent Governor Slatement of Truslees. Ilnanclal responslbiiiiles The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Slandards (United Kingdom Generally Accepied Accounting Praclicel. The law applicable to charities in England and Wales requires the Trustees lo prepare financial statements for each financial year which give a true and lair view of the state ol affairs of the charity and of Ihe income and expenditure ol the tharity for that period. In preparing these financial statements, tha Truslees are Tequired to: select suitabl8 a¢couTrting policies and apply them consislenlly., observe th6 methc4Js ané w'nciples in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charilles preparing their accounts in accordance with the Financial Repjrting SlarKlard applicable lo the Unlted Kingdom and Republic of Ireland IFRS 1021,. make juckJements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standaffls have been follow8d, subject to any material departures disclosed and explained In the linanctal statements. and prepare the finar￿la1 statements on Ihe going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any lirne the flnancial position ol the Charity and to enable them lo ensure that the financial DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND statements comply with the Charities Act 2011, applicable Charity (Financial Statements and Reports) Regulations and the provisions of the charity's trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps lor the prevention and detection ol fraud and other irregularities. Trustees report for the year ended 31 March 2022 (Contd.) Volunteers The Govemors would like to record their thanks to parents and friends ol the schc#)I who have continued to support the school in many ways during the year. Approved by the Trustees on . and SKJned on their behalf by: tee Trustee DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Independenl Examiner's Report to the Trustees of The Reynolds (School Private) Fund I report to the charity Irust6es on my examination of the accounts ol the charity for the year ended 31 March 2022. Responslbllltles and basls of report As the Iruslees ol tho Charity you are responsible lor the preparation of the accounts in accordance with the r4uirements of the Charllies Act 2011 ('Ihe A¢A'I. I report in respect of my examination of the charlty s accounts carri8d out under section 145 of the 2011 Act and in carrying out my examination I have lollowed all the applicable Dir8ctions given by the Charity Commission under se¢lion 14515}Ibl of the Act. Independent examlner's stalemenl I have completed my examination. I confirm that no material matters have come to my attention In Connection wilh my examination giving me cause lo believ8 that in any material respect.. accounting records were not k8pI in r8specl of the charity as required by section 130 of the Act; or the accounts do Mt accord with those records,. or the accounts do not comply wilh the applicable requirements concerning ihe form and content of accounts Set out in the Charilies (Accounts and Reports) Regulations 2008 other Ihan any requirement Ihal the accounts glve a 'true and lalr vlew, which is not a matter considered as part of an independent 8xamination. I have no concerns and have come across no other matters in conneclion with the examination to which attention should be drawn in this report in order to enab18 a proper understanding ol the accounts to be reached. 6uz2oc4t LLI Hugh Swainson, FCA for Buzzacott LLP Chartered Accountants 130 Wood Streel London, EC2V 6DL Date.. 25 October 2022 DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Slatement of financial actlvltles for the year ended 31 March 2022 Totsl Funds 2022 Total Funds 2021 Restrlcted Deglgnated Funds Funds General Funds Notes Income from: Donations and lega¢i¢s Other trading actiwlies Investments charitab￿ acthJille8 299 5,027 20 10,912 77,186 77,505 15.939 80.152 8,851 132 69,802 95 79,071 2S,171 105,111 Total Income 84,397 36,103 78,149 198,649 158,937 Expendllure on: Raising fun¢Js Charitable activities 181 77,020 8,446 32,805 3,000 11,627 13,9 102,484 212,309 119,571 Tot81 expendlture 77,201 41,251 105,484 223,936 133,491 Net Income I lexperidilurel Wore transfers 7,196 15,1491 {27,3341 {25,287) 25,446 Transfers be*n funds Net movement In funds for the year 7,196 15.1491 127,324) (25,287) 25,446 Reconclllatlon of fund$: Total lurKls brought fowmrd al 1 April 2021 16,072 61.463 111,583 189,118 163,672 Total lunds carrlad fomard at 31 March 2022 14 23,268 58,134 84,249 163.831 189,118 None of the charitls activbtie8 was acquiied or disconllnued during the above iwo financkql years and there were no recognised gains or losses other than as shown above. The notes on pages 12 10 23 form part ol these financial statements. DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Statement of linancial activities tor the year ended 31 March 2021 Unreslncled luTrts Total Funds 2021 Restrkted Designated Funds FuThJs G8n8ral Funds Notes Income fiom.. L)onaiity)$ 8nd18gac Other trading activities Investments Ch8fllable actiwiies 128 75,162 80, 152 8,851 132 132 693 69,802 8,851 47,081 22,028 Totalirtome 47.209 35,741 75,987 158,937 Expendilurg on.. Raising funds Charitable aclivthes 8,920 19,849 13,920 45.979 119,571 53,743 Totsl exkwditure 53.743 28,769 50,979 133,491 N8t (expendilure)/income befo￿ Iransfe (6,534) 6,972 25,008 25,446 Translers tre1w￿n fvnds N8tmoven7enl ￿ funds lor tho year (6,534) 6,972 25,008 25,446 R8conoli8tion oftunds." Totsl funds brought forward 8t I Ap1712020 22,606 54,491 86,575 163,672 Total lunds c8rri8d lorwardat57 March 2021 14 16.072 61,463 111,583 189, 118 None ol the charills a¢lthlies was acquired or disconllnued during the above financial years and there were no recognis¢d gains ￿ Ioss8s other than as shown abovè. None of the charltls activities was ￿quired or discontinued during the abov8 financial years and Ihore wer8 IKI recognised gains or losses other than as shown above. The notes on pag8s 1210 23 form part of these financlal slatsments. 10 DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Balance sheel as at 31 March 2022 Notes 2022 2021 Current assets: Stock Debtors Cash at bank and in hand 2,640 15,347 222,298 3,003 16,680 224,049 10 240,285 243,732 Llabllltles.. Credilors.. amounts falling du& within one year {76,4541 154.6141 Nel currenl assels 163,831 189,118 Totsl net assets 163,831 189,118 The funds oflhe charity: Restrlcted Income funds 14 23,268 16,072 Unrestrlcled Income funds Designated Fund General Fund 14 14 56,314 84,249 61,463 111,583 Total Funds 14 163,831 189,118 Approved by the Trustees and authorised for issué on behalf. 2L and signed on their lee Tru lee he notes on pages 1210 23 form part of Ihesé financial statements. DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Notes to the financial statements for the year ended 31 March 2022 Aecountlng pollcles The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation ol the accounts are laid out below. Basis of accountlng These accounts have l%en prepared for the year to 31 March 2022. The accounts have been prepared uThJer the historical cost conv8ntion with items r8cognised at cost or transaction value unless ottr￿￿Se stated in the relevant accounting policies below or the notes lo these accounts. The accounts have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their attounts in accordance with the Financial Rewrting Standard applicable in the United Kingdom and Republic ol Ireland IFRS 1021 (Charities SORP FRS 1021 issued on 16 July 2014, thg Financial Reporting Standard applicable in the UK and Republic ol Ireland (FRS 102) and the Charities Act 2011. The charlly constitutes a publi¢ benafil entity as defined by FRS 102. The accounts are presented in sterling and are rounded to the near8St POUTKI. Crltlcal accounting estlmates and areas ol judgement b) Preparation of the accounts requires the trustees to make slgnificant judgements and estimates. The items in Ihe accounts where these judgements and estimates have been rnade include.. estimating the liabillty for mulli-year granl commilmenls. and estimating the Useful economic lile of larYJible lixgj assets., and The eslimalion of future income and expenditure for the purposes of assessing going concern (see below). Assessmenl of golng concern The trustees hav8 assessed whdher the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year Irom the date of approval ol these accounts. The Iruslees of the charity have concluded that Ihere are no material uncertainties related to events or conditions that may cast stgnilicant doubl on the ability of the charity lo 12 DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Notes to the financial statements for the year ended 31 March 2022 (Contd.) Accountlng pollcles (Contd.) continue as a going concern. The Iruslees are ol the opinion that the charSty will have sufficient r8sources lo meet its liabilities as they fall due. d) Income recognlllon Income is recwnis8d in Ihe period in which charity has entitlement lo the incotne, it can be measured reliably and it is probable that the incorne will be received. The following specific policies apply to categories of income.. Income received from parents, covenants is accounted lor on an accruals basis. Donations and grants are accounted for on a receivable basis. Donations received for the general purposes of the charity are included as unrestricted funds. Donations for activities restricted by the wishes ol the donor are laken lo restricted funds where those wishes are legally binding on the Trustees. Expendlture recognltlon All expenditure is included on an accruals basis. The charity is not registered lor VAT and accofdingly expenditur8 Ès shown gross of irrecoverable VAT. Certain expendilure is directly attributable to specific actniities and has been included in those cost categories. Where costs cannot be diredly attributed lo specific activities, they have been allwated to activities on a basis consislenl with the use of the resources. Fundraising and publicty expenditure comprises costs incurred by the fund in encouraging financial contributions to its activilies. Grants are charged to the slat8m8rrt of financial activities when they are due for paymellt or wh8n the charty has committed to make future payments Musical instruments are fully expended in Ihe year of purchase. Governance costs are the costs associated with the governance arrangements of the tharity whlch relate to the general Tunning ol the charity as opposed to those costs associated with fundraising or charitable activity. Support Gosls, irtludirvJ governance costs, comprise costs of general management, accounting and finance. Stjpwt costs are allocated as 69°/o to charitable expenditure and 31 ts/o to costs of generaling funds, being the estimated time spent on each activily. i) School tilps Income and expenditure on School Irips relates lo trips which have taken place during the financial year, where the income arKI expenditur8 have been finally determined. Where trips are due lo lake place in a future year, the expenditurè rglatlng io such trips has boen included in prepayments and the income in deferrgj income. g) Stock Stock comprises goods for resale and has been valued at the lower of cost and nel realisable value. 13 DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Notes to the financial statemenls for the year ended 31 March 2022 (Conld.) Accounllng policles (Conld.) h) Debtors Debtors are recTr3nised at their settlement amount. less any wovision for non- recov8rability. Prepayfflents are valLted at the amount prepaid. Provision is made lor all covenanted income which is considered lo be irrecoverabl8. Cash at bank and In hand Cash al bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date ol acquisition. Credliors and provlslons Creditors and provisions are recognised when there is an obligation al the balance she81 dale as a result ol a past event, il is probable that a Iransler of economic benefil will be required in settlement, and Ihe amount of the selllement can be eslitnated reliably. Creditors and provisions are recognised at Ihe amount the charily anticipates it will pay lo settl8 the debt. k) Fund accountlng Funds held by the charity are: Unrestricted funds- these are funds which can be used in accordance with the charity's objects. at the discretlon of the Board. these are unrestricted funds set aside by the Board lor particular purposes. Designaled funds- Restricted funds - these are funds that are subiecl lo speclal conditions Émwsed by the donor, or through the terms ol an appeal. Taxatlon Tax refunds receivable on covenanted and Gift Aid donations are accounted for on an accruals basis. The Fund is a registered charity and accordingly is 8xempt from taxation on its income where it is applied for charitable purposes. 14 DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Noles to the financial statements for the year ended 31 March 2022 (Conld.) Donatlons arKI legacles Total Funds 2022 Restrlcted Funds Deslgnatgd G￿eral Funds Fund Parerttal ¢ontributh)ns {including tax rellefl Grants. Parents Assoclalion Donations and gifts 72,587 72,587 299 20 4.599 4,918 Total funds 2022 299 20 77,505 80.151 Total Funds 2021 Aestr Funds Designated General Funds Fund Parental Contribut￿nS (includAng tax rel￿1) Grants- Parents Asso¢lal DOna￿onS andgifts 1,626 3,236 72,594 74,219 3,236 2,696 128 2,568 Total lunds 2021 128 4.862 75,162 80,152 Other Iradlng actlvltles Total Funds 2022 Restrlcted Funds Dosignated General Funds Fund Tradlng I￿oMe Pr￿ju¢ll0n inccxne 10,912 10,912 5,027 5,027 Total funds 2022 5,027 10.912 15,939 Total Funds 2021 Restricted Funds D8sign21ed Funds G8ngral Fund Tradlnginc(wng Productlon Income 8,851 8,851 rotal funds 2021 8,851 8.851 15 DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Notes to the financial statements for the year ended 31 March 2022 (Conld.) Charltable actlvliles Total Funds 2022 Restrfctsd Funds oe8lgn￿ed General Funds Fund IncoTHe from school trips and other aclivllles Tuition and exam lees 522 78,549 25,171 869 26,562 78,549 Total funds 2022 79,071 25,171 869 105,111 r￿al Funds 202Y Hestrlct8d FuKTds Desunaled General FurLIs FunLI Income from sc17001 Irps andolher acfrviiies andexam 188S 22,028 22,721 47,081 47,081 Totslfvnds 2021 47,081 22.028 693 69,802 Expendlture on ralslng funds Total Funds 2022 Restrlcted D￿gnated Funds Funds General Fund S￿a￿e$ Oiher Trading expenses Productions costs 3,500 {5001 3,5(Kl Isoo) 8,446 181 8,446 181 Total funds 2022 181 8.446 3,000 11.627 Total Funds Reslrirted Deswaled Funds Funds General Fund Salarles Other Trading exp8ns8S Productions cosls 3,500 1,500 3,500 1,500 8.920 8.920 Total fvnds 2021 8,920 5.000 13,920 16 DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Notes to the financial statements for the year ended 31 March 2022 (Contd.) Expendlture on charltable acllvltles Total Funds 2022 Restrlcted Funds Deslgnated General Funds Fund School trips and other aclimties Tullion and exam lees Musical Instruments, costs ar￿ repairs Gifts and donations Contribution to school's projects Salaries and adminislralton costs 14.837 13,464 28,387 65,796 992 9,281 74,760 33.094 65,7 992 9,259 7,627 1,082 22 67,133 21,864 10,148 Total funds 2022 77,020 32,805 102,484 212R09 Total Fuf7ds 2021 ReStr￿ted Funds Designat8d G8neral Funds Fund School tnps andotheractlvlt￿S Ttjilion andexam lees mus￿21￿n&t￿UMents. Gosts and repaKs Gifts andd0n2t￿nS Contribul￿n lo sch(301s projects Salariss andadminislration costs 6,613 1.693 8,306 43,717 43,777 4,973 7,727 535 34 5,007 24,755 32,482 19,498 30,059 10,026 Total funds 2021 53.743 19,848 45,980 119,571 The charity does not have any employees. Salary costs relate lo peripalettc musr staff and adminislralion and are recharged lo the charity by Davenant Foundation School. Salaries and admlnlslration costs may be analysed as l01l0ws: Total Funds 2022 Restrlcted Funds Deslgnated Funds General Fund Adminislralion and salary cost Parent pay ¢xpenses Subscriptions & affiliations Sundry Govemance costs Inole 71 8,800 782 16,016 24.816 1,864 1.082 65 500 1,996 3,852 2,061 4.352 10,148 1,082 21,864 33,094 17 DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Notes to the financial statements tor the year ended 31 March 2022 {Contd.) Costs ol eharllable activities (contlnued) Total Funds 2021 Aeslrlcted Funds Deswaled Funds General Admlntslration andsalary cost Parentpayexp8n5es SubSCW￿nS & a1h.llat￿nS Sundry GovernarLe costs (nots 7) 14,500 23,300 697 555 1,772 29 500 3,226 3,726 10,026 535 19,498 30.059 Governance Total Funds 2022 Restrlcted Funds Deslgnated Funds General Fund Independent examine¢s fees Trusle8's indemnity insurance 500 1,678 2,174 2,178 2,174 500 3,852 4,352 Total Funds 2021 Restricted Funds Designated Funds G8neral Fund lrnSependentexamin8r& fees Trustees indemrrily insuranco 500 1,540 1,686 2,040 1,686 500 3.226 3,726 Staff costs and remuneratlon of key management personnel The charity employed no staff during the year (2021 none). The key managemenl personnel ol the charity in charg8 of directing and controlling the charity comprise the trustees. The total ￿muneratIon lincludlng taxable benefits and employer's pension contributions) ol the key management personnel lor the year was £nil {2021 £nlll. 18 DAVENANT FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Notes to the financial statemenls for the year ended 31 March 2022 (Conld.) Trustees The Trustees received no remuneration durirKJ the year and no reimbursement for expenses 12021- £nil} DurlrKJ the year, Ihe charity paid £2,17412021- £1,686) lor Trustee's indemnity insurance. 10. Deblors 2022 2021 Tax r6roverable other debtors Prepayments 12,887 13,265 980 2,435 2,460 15,347 16,680 11. Credltors: amounts falling due wlthln one year 2022 2021 Advarte receipls for Irlps and other activitles (note 121 Other creditors and accruals Deferred income (note 131 8,556 27,779 40,120 9,809 18,235 26,570 76,454 54.614 12. Advance recelpts fof Irlps and other actlvllles 2022 Balance at 1 April 2021 Advance receipts received during the year Released to statement ot financial actNities 9,809 8,556 (9,809) Balance at 31 March 2022 8,556 2020 SalanGe at l April 2019 Advance receipts re￿Ived during the year Released to statement of financial activities 25, 139 14,003 (25, Y39) Balance at 31 March 2020 14,003 19 DAVENAfrrr FOUNDATION SCHOOL THE REYNOLDS (SCHOOL PRIVATE) FUND Notes to the financial statements for the year ended 31 March 2022 (Contd.) 13. Deferred Income 2021 Balance at 1 April 2021 Received during ihe year Released to statement of financial activities 26,570 40,120 (26.570) Balan￿ at 31 March 2022 40,120 2021 Balance at Y April 2020 Received during the year Released to stalement offinanualactivities 21,414 26,570 (21,414) Balance at 37 March 2021 26,570 20 < ￿ a￿-￿(L￿) ## **DAVENANT FOUNDATION SCHOOL** ## **THE REYNOLDS (SCHOOL PRIVATE) FUND** ## **Notes to the financial statements for the year ended 31 March 2022 (Contd.)** ## **15. Analysis of net assets between the funds** |||||**2022**| |---|---|---|---|---| ||**Restricted**|**Designated**|**Unrestricted**|**Total**| ||**£**|**£**|**£**|**£**| |Current assets|47,294|98,118|94,874|**240,285**| |Current liabilities|(24,025)|(41,804)|
(10,625)|**(76,454)**| |At 31 March 2022|23,268|56,315|84,249|**163,831**| |||||_2021_| ||_Restricted_|_Designated_|_Unrestricted_|_Total_| ||_£_|_£_|_£_|_£_| |_Current assets_|_29,912_|_94,613_|_119,207_|_243,732_| |_Current liabilities_|_(11,919)_|_(35,071)_|
_(7,624)_|_(54,614)_| |_At 31 March 2021_|_17,993_|_59,542_|_111,583_|_189,118_| ## **16. Control** The charity is controlled by the Trustees. ## **17. Related party transactions** During the year, the Charity made grants and donations amounting to £74,760 (2021 - £29,246) to Davenant Foundation School. During the year, the charity was recharged salary costs relating to peripatetic music staff amounting to £65,239 (2021 - £43,717) and administration amounting to £26,800 (2021 - £26,800). In addition, there are various payments, which although they are not made directly to the school, are of benefit to the school, for example coach transport costs. 23