Charity registration number 306386
OLIVER WHITBY EDUCATIONAL FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
OLIVER WHITBY EDUCATIONAL FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Governors
Governors Nigel Hanbury Emma Goad Janet Beveridge Anne Scicluna Bernard Adkins Deborah Alun-Jones (Appointed 27 April 2022) Clerk/Secretary David McCahearty Charity number 306386 Principal address 11 Brigham Place Felpham Bognor Regis West Sussex PO22 7NW Independent examiner Claire Norwood BSc FCA ATII Jones Avens Limited Piper House 4 Dukes Court Bognor Road Chichester West Sussex PO19 8FX Bankers Barclays Bank plc 97 High Street Selsey West Sussex PO20 0QN Investment advisors Investec Bank (UK) Limited 2 Gresham Street London EC2V 7QP
OLIVER WHITBY EDUCATIONAL FOUNDATION
CONTENTS
| Page | |
|---|---|
| Governors' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 14 |
OLIVER WHITBY EDUCATIONAL FOUNDATION
GOVERNORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2022
The Governors present their annual report and financial statements for the year ended 31 August 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Foundation's Trust Deed sealed 17 October 1951, the Charities Act 2011 and "Accounting and Reporting by Charities: 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 2019)".
Objectives and activities
Two students were sponsored during the year.
Achievements and performance
Two students were sponsored during the year with a total of £41,969 (2021 £23,924) being given in grants. The Foundation has continued to reinvest its remaining income in order to allow the pursuance of stated objectives as future suitable candidates become available.
Financial review
The Foundation's reserve policy is that all funds which have not been designated/restricted for a specific use (there are presently no such funds) should be maintained at a level equivalent to at least one year's expenditure. The governors consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised.
The reserves held at the balance sheet date are £2,110,681 (2021 - £2,311,267).
The Foundation's investment policy is to provide a balanced return between capital and income with a minimum risk profile.
The Governors have assessed the major risks to which the Foundation is exposed, and are satisfied that systems are in place to mitigate exposure thereto.
Structure, governance and management
The Oliver Whitby Educational Foundation is a registered charity (charity number 306386). The object of the Charity is to grant scholarships or awards for the benefit of qualified students, whose parents are members of the Church of England, are in need of financial assistance and who are or have been for not less than two years bona fide residents of Chichester or Midhurst (preference being given to students resident in the City of Chichester or in the parishes of Harting or West Wittering), to assist in their education or training at Christ's Hospital, or any other school where religious instruction is given according to the doctrines of the Church of England, or at any university or other place of learning, or to enable them to prepare for, or assist their entry into, some profession, trade or calling, and for that purpose may provide them with outfits, clothing, tools, instruments or books.
The Governors who served during the year and up to the date of signature of the financial statements were: Nigel Hanbury
Sarah Hammett (Deceased 2 December 2021) Emma Goad Janet Beveridge Anne Scicluna Bernard Adkins Deborah Alun-Jones (Appointed 27 April 2022)
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OLIVER WHITBY EDUCATIONAL FOUNDATION
GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
The Governing Body of the Foundation shall consist of eight persons, that is to say:
FIVE Foundation Governors, who shall be members of the Church of England, to be appointed by resolution of the Governors; and
THREE Representative Governors,who shall be members of the Church of England, to be appointed: One by the Chichester Diocesan Education Committee,
One by the West Sussex County Council, and One by the Chichester City Council
The Governors meet formally at least twice in each year. In addition, Sub Committees of the Governors meet to consider specific matters or ad hoc tasks as they may arise.
The trustees have paid due regard to the guidance issued by the Charity Commission in deciding what activities the charity should undertake.
There are no Charities related to the Foundation.
The Governors' report was approved by the Board of Governors.
..............................
Nigel Hanbury Governor
Date: .............................................
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OLIVER WHITBY EDUCATIONAL FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE GOVERNORS OF OLIVER WHITBY EDUCATIONAL FOUNDATION
I report to the Governors on my examination of the financial statements of Oliver Whitby Educational Foundation (the Foundation) for the year ended 31 August 2022.
Responsibilities and basis of report
As the Governors of the Foundation you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Foundation’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
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I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1 accounting records were not kept in respect of the Foundation as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Claire Norwood BSc FCA ATII
Jones Avens Limited Piper House 4 Dukes Court Bognor Road Chichester West Sussex PO19 8FX
Dated: .........................
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OLIVER WHITBY EDUCATIONAL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2022
| Unrestricted Unrestricted | Unrestricted Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| Notes | £ | £ | |
| Income and endowments from: | |||
| Investments | 3 | 44,410 | 31,252 |
| Other income | 4 | - | 26 |
| Total income | 44,410 | 31,278 | |
| Expenditure on: | |||
| Raising funds | 5 | 17,767 | 17,084 |
| Charitable activities | 6 | 48,789 | 30,672 |
| Total expenditure | 66,556 | 47,756 | |
| Net gains/(losses) on investments | 11 | (178,440) | 317,398 |
| Net movement in funds | (200,586) | 300,920 | |
| Fund balances at 1 September 2021 | 2,311,267 | 2,010,347 | |
| Fund balances at 31 August 2022 | 2,110,681 | 2,311,267 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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OLIVER WHITBY EDUCATIONAL FOUNDATION
BALANCE SHEET
AS AT 31 AUGUST 2022
| Notes Fixed assets Investments 12 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2022 £ £ 2,075,898 34,858 (75) 34,783 2,110,681 2,110,681 2,110,681 |
2021 £ £ 2,277,698 33,644 (75) 33,569 2,311,267 2,311,267 2,311,267 |
2021 £ £ 2,277,698 33,644 (75) 33,569 2,311,267 2,311,267 2,311,267 |
|---|---|---|---|
| 2,311,267 | |||
| 2,311,267 | |||
| 2,311,267 |
The financial statements were approved by the Governors on .........................
.............................. Nigel Hanbury Trustee
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OLIVER WHITBY EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
1 Accounting policies
Charity information
Oliver Whitby Educational Foundation is an unincorporated charity registered in England and Wales (number 306386).
1.1 Accounting convention
The financial statements have been prepared in accordance with the Foundation's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: 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 2019)". The Foundation is a Public Benefit Entity as defined by FRS 102.
The Foundation has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements 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 for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Governors have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. Thus the Governors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Governors in furtherance of their charitable objectives.
1.4 Income
Investment income (including associated tax credits) is credited to the Statement of Financial Activities when receivable. The amounts relating to funds held for restricted purposes are subsequently transferred to these funds, although no such funds arose in the year.
Legacies are recognised on receipt or otherwise if the Foundation has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
Grants payable are debited to expenditure within the Statement of Financial Activities in the period to which they relate or when there is an obligation by the charity to pay the grant.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
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OLIVER WHITBY EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
1 Accounting policies
(Continued)
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The Foundation has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Foundation's balance sheet when the Foundation becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.9 Fund Accounting
The Foundation's reserves consist of unrestricted funds which may be used for any purpose at it's discretion.
2 Critical accounting estimates and judgements
In the application of the Foundation’s accounting policies, the Governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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OLIVER WHITBY EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
3 Investments
| 4 5 |
Unrestricted Unrestricted funds funds 2022 2021 £ £ Income from listed investments 44,356 31,245 Interest receivable 54 7 44,410 31,252 Other income Total Unrestricted funds 2022 2021 £ £ Other income - 26 Raising funds Unrestricted Unrestricted funds funds 2022 2021 £ £ Investment management 17,767 17,084 17,767 17,084 |
Unrestricted Unrestricted funds funds 2022 2021 £ £ Income from listed investments 44,356 31,245 Interest receivable 54 7 44,410 31,252 Other income Total Unrestricted funds 2022 2021 £ £ Other income - 26 Raising funds Unrestricted Unrestricted funds funds 2022 2021 £ £ Investment management 17,767 17,084 17,767 17,084 |
|---|---|---|
| 17,084 |
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OLIVER WHITBY EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
6 Charitable activities
| Educational | Educational | |
|---|---|---|
| scholarships | scholarships | |
| 2022 | 2021 | |
| £ | £ | |
| Clerk's salary | 4,000 | 4,000 |
| Clerk's travel | 200 | 200 |
| Typing | 160 | 160 |
| Postage and stationery | 300 | 300 |
| 4,660 | 4,660 | |
| Grant funding of activities (see note 7) | 41,969 | 23,924 |
| Share of governance costs (see note 8) | 2,160 | 2,088 |
| 48,789 | 30,672 |
7 Grants payable
| Grants to individuals Support costs Support costs Governance costs £ £ Independent examination fees - 2,160 - 2,160 Analysed between Charitable activities - 2,160 |
Educational scholarships Educational scholarships 2022 2021 £ £ 41,969 23,924 41,969 23,924 2022Support costs Governance costs 2021 £ £ £ £ 2,160 - 2,088 2,088 2,160 - 2,088 2,088 2,160 - 2,088 2,088 |
|---|---|
8 Support costs
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OLIVER WHITBY EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
9 Governors
None of the Governors (or any persons connected with them) received any remuneration or benefits from the Foundation during the year.
10 Employees
The average monthly number of employees during the year was:
| 2022 | 2021 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
11 Net gains/(losses) on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Revaluation of investments | (163,606) | 298,580 |
| Gain/(loss) on sale of investments | (14,834) | 18,818 |
| (178,440) | 317,398 |
12 Fixed asset investments
| Listed investments Cash at investment managers £ £ Cost or valuation At 1 September 2021 2,186,703 90,995 Additions 200,870 - Valuation changes (163,606) - Decrease in portfolio cash - (54,407) Disposals (184,657) - At 31 August 2022 2,039,310 36,588 Carrying amount At 31 August 2022 2,039,310 36,588 At 31 August 2021 2,186,703 90,995 |
Total £ 2,277,698 200,870 (163,606 (54,407 (184,657 |
|---|---|
| 2,075,898 | |
| 2,075,898 | |
| 2,277,698 |
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OLIVER WHITBY EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
12 Fixed asset investments
(Continued)
Fixed asset investments revalued
Fixed asset investments are managed by Investec Wealth & Investment. The historic costs of these investments are as follows: Listed investments £1,615,763 (2021: £1,590,346) & Cash at investment managers £36,588 (2021: £90,995).
| 13 Financial instruments Carrying amount of financial assets Instruments measured at fair value through profit or loss 14 Creditors: amounts falling due within one year Other creditors |
2022 £ 2,039,310 2022 £ 75 |
2021 £ 2,186,703 |
|---|---|---|
| 2021 £ 75 |
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OLIVER WHITBY EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
15 Schedule of Investment Income
| Aberdeen Std Fd Mg ASI Gbl Infltlkd Bd Instl S Aberdeen Std Fd Mg ASI Sht Dur Gbl Infltlkd Bd Aberforth UT Mgt UK Small Companies Acc Allianz Gbl Inv UK Gilt Yield I Inc Nav Anglo American USD0.54945 Assura Plc Ordinary Shares AXA Investment Man Framlington UK Mid Cap Bunzl Ord GBP0.32142857 Burberry Group Ord GBP0.0005 Compass Group Ord GBP0.1105 Croda Intl Ord GBP0.10609756 Derwent London Ord GBP0.05 Diageo Ordinary Shares Experian Ord USD0.10 Fidelity Inv Svcs UK Money Builder Income Fundsmith LLP Equity I Inc Nav Greencoat UK Wind Ord GBP0.01 Halma Ordinary 10p HSBC Holdings PLC US $0.50 Ordinary Shares INT Public Partner Ord GBP0.0001 Invesco Fd Mngrs Corporate Bond UK Ishares Core S&P 500 Ishares GBP Corp Bd 0-5 Ucits Etf G Jupiter UT Mngrs UK Spec Situations I GBP (now X GBP) London Stock Exchange Man Fd Mgmt Uk Ltd GLG Underval Ast Prof D Polar Capital Fund Global Insurance E GBP Dis Prudential GBP0.05 Relx Plc GBP0.1444 Rio Tinto PLC 10p Registered Ordinary Shares Royal London Utm Sterl Credt Instl Inc Z GBP Sage Group GBP0.01051948 Schroder Inv Mgmt Asian Total Return C Inc Nav Schroder Unit Trusts European L Acc Nav Schroders, Vtg Shs GBP1 Scot Mort Inv Tst Ord GBP0.05 UK Commercial Prop Ord GBP 0.25 Unilever PLC .031111 Ordinary Shares Vanguard Fund Plc FTSE Japan Equity Ucits GBP Vanguard Funds Plc S&P 500 USD Worldwide Healthcare Ord GBP0.25 |
2022 £ 912 841 665 306 1,630 2,266 791 479 719 318 335 486 521 423 1,878 1 2,280 160 902 2,016 2,282 1,336 969 2,089 285 1,936 771 282 568 4,441 2,148 559 949 372 954 180 3,497 768 845 959 237 |
|---|---|
| 44,356 |
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OLIVER WHITBY EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
| 16 Schedule of Investments Units Market Value £ Aberdeen Std Fd Mg ASI Gbl Infltlkd Bd Instl S 66,470 36,944 Aberdeen Std Fd Mg ASI Sht Dur Gbl Infltlkd Bd 74,115 39,081 Allianz Global Investors UK Gilt Yield I Inc Nav 36,296 58,404 Anglo American USD0.54945 525 14,609 Aspects Ucits Funds Plc Diversified Trends P Instl 415 68,649 Assura Plc Ord 10p 79,274 51,667 AXA Investment Man Framlington UK Mid Cap 44,725 48,169 Blackrock Fund Mgrs Ltd European Dynamic Fd Inc 16,270 36,736 Brown Advisory Fds US Sustainable Growth 8,199 106,672 Bunzl Ord GBP0.32142857 840 24,028 Burberry Group Ord GBP 0.0005 1,530 26,748 Compass Group Ord GBP0.1105 1,360 25,286 Croda Intl Ord GBP0.10609756 335 22,535 Derwent London Ord GBP0.05 635 15,475 Diageo Ord GBX 28.935185 705 26,538 Experian Ord USD0.10 1,020 26,750 Fidelity Inv Svcs UK Money Builder Income 54,000 44,977 Fundsmith LLP Equity I Inc Nav 14,800 79,420 Gemcap Investment Ahfm Defined Returns B GPB 41,100 69,373 Greencoat UK Wind Ord GPB0.01 25,523 42,024 Halma Ord 10p 845 17,530 HSBC Holdings plc US$0.50 (75p) Ordinary 5,318 28,127 Hermes Investment Global Emerging Markets J G Sett 26,625 42,762 INT Public Partner Ord GBP0.0001 24,084 39,594 Invesco Physical Secured Gold Lkd Nts 150 21,426 Ishares, S&P 500 NAV 3,375 115,096 Ishares GBP Corp Bd 0-5 Ucits Etf G 580 56,553 Jupiter UT Mngrs UK Spec Situations I GBP (now X GBP) 58,919 62,595 London Stock Exchange Ord GBP 0.06918604 325 26,338 Man GLG Underval Ast Prof D Inc Nav 40,505 55,046 Neuberger Ber Inv Uncorrelated Strategies I2 4,160 48,256 Polar Capital Funds Global Insurance E GBP Dis 8,230 59,109 Prudential GBP0.05 2,115 19,109 Relx Plc GBP0.1444 1,140 25,793 Rio Tinto plc 10p Registered Ordinary 710 33,878 Royal London Utm Sterl Credt Instl Inc Z GBP 43,000 51,428 Sage Group GBP0.01051948 3,120 22,311 Schroder Inv Mgmt Asian Total Return C Inc Nav 94 39,041 Schroders, Vtg Shs GBP1 600 16,122 Schroder Unit Trusts European L Acc Nav 34,460 32,044 Scot Mort Inv Tst Ord GBP0.05 5,020 40,461 Threadneedle (Lux) Gbl Corp Bd 11,275 101,967 UK Commercial Prop Ord GBP 0.25 70,439 49,836 Unilever PLC ORD GBP0.031111 530 20,809 Vanguard Funds FTSE Japan Equity GBP 1,650 40,646 Vanguard Funds Plc S&P 500 USD 1,235 80,238 WorldWide Healthcare ORD GBPO .25 895 29,110 2,039,310 |
Cost £ 39,712 39,026 65,538 15,010 50,350 46,821 52,046 24,021 63,634 19,103 23,362 21,885 21,024 11,533 6,548 19,004 55,859 51,488 54,682 30,720 5,059 20,251 35,953 39,016 21,060 24,989 62,172 61,888 8,933 44,830 43,673 30,386 25,550 19,078 16,701 62,100 21,274 33,223 20,476 29,530 30,829 102,200 47,428 9,660 35,111 48,185 4,842 |
|---|---|
| 1,615,763 |
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OLIVER WHITBY EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
17 Financial commitments, guarantees and contingent liabilities
At the balance sheet date there were total grant commitments of £254,850 payable within the next 5 years.
18 Related party transactions
There were no disclosable related party transactions during the year (2021 - none).
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