| Thedirectorsofthecorp | oratetruste | eduringthe | yearwere: | |
|---|---|---|---|---|
| MrCArding2,4,8 | ||||
| RevdDArmstrong | ||||
| MsJBoadi6'7'5 | Appointed9July2020 | |||
| MrKBottomley1, | ||||
| MrSBrown1,7 | SeeNote | 1 | ||
| MrJECruset6'4 | Resigned | 24March2022 | ||
| MrSDodds | Appointed2December2021 | |||
| MrBGooden4'7 | ||||
| TheRevTheLordGriffithsof | ||||
| PembreyandBurryPort | Chairman | (seenote1) | ||
| MrsSGriffiths | ||||
| MrCGurney1'3'7 | Resigned | 28January2022 | ||
| MrRHoward1'6'2 | ||||
| MrGKegler1'6'7 | ||||
| MsDKhambata2'3 | ||||
| MrRMaas1,6' | ||||
| MrSMalik | Resigned | 7May2020 | ||
| MsJPlesniak3'6'7 | ||||
| MrFSumner2'13 | ||||
| MrMYershon1' 2'6'7 | ||||
| Note1.LordGriffithssteppeddownasChairon8July | 2021andStephen | |||
| BrownbecameactingChairatthattime. | StephenBrownwaselectedChairon14 | |||
| October2021.LeslieGriffith'stermofofficeended10December2021 | ||||
| ClerktotheTrustees | MrJClark | |||
| RegisteredCharityNumber | 312695 | |||
| Address | CowperStreet | |||
| LondonEC2A4SH | ||||
| Auditor | BuzzacottLLP | |||
| 130WoodStreet | ||||
| London | ||||
| EC2V6DL | ||||
| Bankers | BarclaysBankPLC | |||
| Level27 | ||||
| 1ChurchillPlace | ||||
| London | ||||
| E145HP | ||||
| Solicitors | BatesWells&BraithwaiteLLP | |||
| 10QueenStreetPlace | ||||
| London | ||||
| EC4R1BE | ||||
| InvestmentManagers | RathboneInvestment ManagementLimited |
JMFinn& 4Coleman |
Co Street |
VeritasInvestmentPartners (UK)Limited |
| 8FinsburyCircus | London | RiversideHouse | ||
| LondonEC2M7AZ | EC2R5TA | 2aSouthwarkBridgeRoad, | ||
| LondonSE19HA |
March2021. |
March2021. |
||
|---|---|---|---|
| Theexpenditureindirectsupporttothe | Schoolsissummarisedbelow: | ||
| Supporttoschools | £'000 | £'000 | £'000 |
| Boys' | Girls' | Total | |
| School | School | ||
| Grantstoschools | 401 | 775 | 1,176 |
| Boys'Schoolpremises | |||
| costs | 9 | 9 | |
| Awards&prizes | 6 | 6 | |
| Supportcosts | 9 | 3 | 12 |
| Othercosts | 19 | 6 | 25 |
| Total | 444 | 784 | 1,228 |
| RathboneInvestment | £12,443,249 | BoysSchoolDevelopmentFund |
|---|---|---|
| RathboneInvestment | £5,000,000 | Mainportfolio2 |
| JMFinn&Co | £9,000,000 | GirlsSchoolFund |
| JMFinn&Co | £9,000,000 | Mainportfolio |
| VeritasInvestmentPartners(UK) | £6,000,000 | FoundationGrowthFund |
t31March2021theFoundationhadtotalfu |
ndsof£138,179,000whichwerema |
|---|---|
| £'000 | |
| Endowmentfunds | 125,980 |
| Restrictedfunds | 1,131 |
| Unrestrictedfunds | 11,068 |
| TotalFunds | 138,179 |
| TheTotalAssetsandReservesoftheFoundation | Unrestricted Funds £'000 |
Restricted Funds £'000 |
Permanent Endowment Funds £'000 |
Total £'000 |
|---|---|---|---|---|
| NetbookvalueofFixedAssets(FreeholdPropertyandOfficeEquipment) | 1 | 91,887 | 91,888 | |
| CurrentassetsandinvestmentaspertheBalancesheetonpage13 | ||||
| Investmentsatmarketvalue | 2,543 | 709 | 41,542 | 44,794 |
| Cash | 8,631 | 422 | (6,678) | 2,375 |
| Netotherassetsandliabilities | (107) | (771) | (878) | |
| Totalcurrentassets&investments | 11,067 | 1,131 | 34,093 | 46,291 |
| TotalAssets | 11,068 | 1,131 | 125,980 | 138,179 |
| Availabilityofcurrentassetsandinvestments | Unrestricted Funds £'000 |
Restricted Funds £'000 |
Permanent Endowment Funds £'000 |
Total £'000 |
|---|---|---|---|---|
| Totalcurrentassetsandinvestments(asabove) | 11,067 | 1,131 | 34,093 | 46,291 |
| Lessfundsalreadyearmarkedinsomeway: | ||||
| 1.DesignatedtocoverthepresentvalueoftheFoundation's | ||||
| commitmenttotheGirls'SchoolPFIproject. | (1,840) | (1,840) | ||
| 2.Setasidetocoverbursariesandprizes | (1,000) | (1,000) | ||
| 3.TobeusedtofacilitatetheBoys'School | ||||
| developmentproject | (18,821) | (18,821) | ||
| 4.SetasideforacquisitionofdevelopmentsitebyGirls'School | (9,000) | (9,000) | ||
| 5.Restrictedtotheusesspecifiedintheirrestrictedfunds | (1,131) | (1,131) | ||
| Subtotalofamountsalreadyearmarkedinsomeway | (1,840) | (1,131) | (28,821) | (31,792) |
| Currentassetsandinvestmentspotentiallyavailable | ||||
| forotherpurposes | 9,227 | 5,272 | 14,499 |
Robert Maas 10 May 2022
Buzzacott LLP 18 May 2022
| Unrestricted | Restricted | Endowment | Total | Total | ||
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | Funds | ||
| Notes | 2021 | 2020 | ||||
| £'000 | £'000 | £'000 | £'000 | £'000 | ||
| INCOME | ||||||
| Donationsandlegacies | 2 | |||||
| DulwichEstate | 924 | 924 | 505 | |||
| Giftsinkind | - | - | 1,281 | 1,281 | 4,925 | |
| Investmentincome | 3 | |||||
| Rentalincome | 5 | 5 | 6 | |||
| Bankandotherinterest | 3 | - | 3 | 30 | ||
| Dividendincome | 678 | 17 | 695 | 1,080 | ||
| Totalincome | 1,610 | 17 | 1,281 | 2,908 | 6,546 | |
| EXPENDITURE | ||||||
| Costofraisingfunds | ||||||
| Investmentmanagementfees | 4 | 27 | 3 | 161 | 191 | 219 |
| Charitableactivities | ||||||
| Supporttoschools | 5,6 | 1,311 | - | 806 | 2,117 | 2,090 |
| Totalexpenditure | 1,338 | 3 | 967 | 2,308 | 2,309 | |
| Netincomebeforegains | ||||||
| (losses)oninvestments | 272 | 14 | 314 | 600 | 4,237 | |
| Netgains(losses)on | ||||||
| investments | 11 | 62 | 120 | 5,084 | 5,266 | (3,688) |
| Netincome(expenditure)and | ||||||
| netmovementinfunds | 334 | 134 | 5,398 | 5,866 | 549 | |
| Balancesbroughtforward | ||||||
| at1April2020asrestated | 10,734 | 997 | 120,582 | 132,313 | 131,764 | |
| Balancescarriedforward | ||||||
| At31March2021 | 11,068 | 1,131 | 125,980 | 138,179 | 132,313 |
Robert Maas 10 May 2022
| Notes | 2021 | 2020 | ||
|---|---|---|---|---|
| £'000 | £'000 | |||
| Cashflowsfromoperatingactivities: | ||||
| Netcashusedinoperatingactivities | A | (858) | (1,152) | |
| Cashflowsfrominvestingactivities: | ||||
| Dividendsandinterestfrominvestments | 704 | 1,127 | ||
| Proceedsfromthedisposalofinvestments | 32,416 | (9,066) | ||
| Purchaseofinvestments | (15,267) | 11,751 | ||
| Purchaseoffixedassets | (1,932) | (4,840) | ||
| Netcashgeneratedfrom(usedin)investingactivities | 15,921 | (1,028) | ||
| Changeincashandcashequivalentsintheyear | 15,063 | (2,180) | ||
| Cashandcashequivalentsat1April2020 | B | 11,502 | 13,682 | |
| Cashandcashequivalentsat31March2021 | B | 26,565 | 11,502 | |
| Notestothestatementofcashflowsfortheyearto31March2021: | ||||
| A | Reconciliationofnetmovementinfundstonetcashgeneratedfrom(usedin)operatingactivities | |||
| 2021 | 2020 | |||
| £'000 | £'000 | |||
| Netmovementinfunds(asperthestatementoffinancialactivities) | 5,866 | 549 | ||
| Adjustmentsfor: | ||||
| Depreciationcharge | 801 | 801 | ||
| (Gains)lossesoninvestments | (5,266) | 3,688 | ||
| Giftsinkind | (1,281) | (4,925) | ||
| Dividendsandinterestfrominvestments | (698) | (1,110) | ||
| Increaseindebtors | (1) | |||
| Decreaseincreditors | (279) | (155) | ||
| Netcashusedinoperatingactivities | (858) | (1,152) | ||
| B | Analysisofcashandcashequivalents | |||
| 2021 | 2020 | |||
| £'000 | £'000 | |||
| Cashatbankandinhand | 4,379 | 13,392 | ||
| Cashwithinvestmentadvisors | 7,123 | 290 | ||
| Totalcashandcashequivalentsat1April2020 | 11,502 | 13,682 | ||
| Cashatbankandinhand | 2,375 | 4,379 | ||
| Cashheldbyinvestmentadvisors | 24,190 | 7,123 | ||
| Totalcashandcashequivalentsat31March2021 | 26,565 | 11,502 |
| Total | Total | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | funds | funds | |
| funds | funds | funds | 2021 | 2020 | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| Dulwichestate | 924 | 924 | 505 | ||
| ContributionstoBoys'School | |||||
| buildingprojectfromother | |||||
| funders | 1,281 | 1,281 | 4,925 | ||
| 2021Totalfunds: | 924 | 1,281 | 2,205 | 5,430 | |
| Total | |||||
| Unrestricted | Restricted | Endowment | funds | ||
| funds | funds | funds | 2019 | ||
| £'000 | £'000 | £'000 | £'000 | ||
| Dulwichestate | 505 | 505 | |||
| ContributionstoBoys'School | |||||
| buildingprojectfromother | |||||
| funders | 4,925 | 4,925 | |||
| 2020Totalfunds: | 505 | 4,925 | 5,430 |
| NVESTMENTINCOME | |||||
|---|---|---|---|---|---|
| Total | Total | ||||
| Unrestricted | Restricted | Endowment | funds | funds | |
| Funds | Funds | funds | 2021 | 2020 | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| Rentalincome | 5 | 5 | 6 | ||
| Bankandotherinterest | 3 | 3 | 30 | ||
| Dividendincome | 678 | 17 | 695 | 1,080 | |
| 2021Totalfunds | 686 | 17 | 703 | 1,116 | |
| Total | |||||
| Unrestricted | Restricted | Endowment | funds | ||
| Funds | Funds | funds | 2020 | ||
| £'000 | £'000 | £'000 | £'000 | ||
| Rentalincome | 6 | - | - | 6 | |
| Bankandotherinterest | 30 | - | - | 30 | |
| Dividendincome | 1,058 | 22 | - | 1,080 | |
| 2020Totalfunds | 1,094 | 22 | 1,116 |
| 4. | COSTOFRAISINGFUNDS | |||||
|---|---|---|---|---|---|---|
| Total | Total | |||||
| Unrestricted | Restricted | Endowment | funds | funds | ||
| funds | funds | funds | 2021 | 2020 | ||
| £'000 | £'000 | £'000 | £'000 | £'000 | ||
| 2021Totalfunds: | ||||||
| Investmentmanagementfees | 27 |
3 | 161 | 191 | 219 | |
| 2020Totalfunds:Investment | ||||||
| managementfees | 26 | 3 | 190 | 219 | ||
| 5. | CHARITABLEACTIVITIES | |||||
| Total | Total | |||||
| Unrestricted | Restricted | Endowment | funds | funds | ||
| funds | funds | funds | 2021 | 2020 | ||
| £'000 | £'000 | £'000 | £'000 | £'000 | ||
| Supporttoschools(note6) | 1,222 | 6 | 1,228 | 1,130 | ||
| Depreciationcharge(note10) | 1 |
800 | 801 | 801 | ||
| Governancecosts(note7) | 88 | 88 | 159 | |||
| 2021Totalfunds | 1,311 | 806 | 2,117 | 2,090 | ||
| Total | ||||||
| Unrestricted | Restricted | Endowment | funds | |||
| funds | funds | funds | 2020 | |||
| £'000 | £'000 | £'000 | £'000 | |||
| Supporttoschools(note6) | 1,127 | 3 | - | 1,130 | ||
| Depreciationcharge(note10) | 1 |
800 | 801 | |||
| Governancecosts(note7) | 159 | - | 159 | |||
| 2020Totalfunds(restated) | 1,287 | 3 | 800 | 2,090 |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| SUPPORTTOSCHOOLS | Boys' | Girls' | Total | Boys' | Girls' | Total |
| School | School | School | School | |||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| GrantstoSchools | ||||||
| Staffcosts | 18 | 1 | 19 | 15 | 7 | 22 |
| Directgrants | 383 | 484 | 867 | 311 | 456 | 767 |
| Girls'SchoolPFIpayment | 290 | 290 | 290 | 290 | ||
| Academisation | 4 | - | 4 | |||
| Total | 401 | 775 | 1,176 | 330 | 753 | 1,083 |
| SchoolPremisesCosts | ||||||
| Othercosts | 9 | 9 | 6 | 6 | ||
| AwardsandPrizes | 6 | 6 | 3 | 3 | ||
| Supportcosts | ||||||
| Staffcosts | 9 | 3 | 12 | 9 | 2 | 11 |
| Othercosts | ||||||
| Printing,stationery,postageandtelephone | 5 | 2 | 7 | 6 | 2 | 8 |
| Computersupport | 7 | 2 | 9 | 5 | 2 | 7 |
| Legalandprofessional | 10 | 10 | ||||
| Insurance | 3 | 1 | 4 | 1 | 1 | 2 |
| Website | 4 | 1 | 5 | |||
| Total | 19 | 6 | 25 | 22 | 5 | 27 |
| 2021Totalfunds | 444 | 784 | 1,228 | 370 | 760 | 1,130 |
| 2021 | 2020 | |
|---|---|---|
| 7.GOVERNANCECOSTS | £'000 | £'000 |
| Auditor'sremunerationforaudit | 10 | 10 |
| Trusteeexpenses | 1 | - |
| Trusteeindemnityinsurance | 3 | 3 |
| Professionalfees | 32 | 112 |
| GovernanceReview | 7 | |
| Staffcosts | 35 | 34 |
| 2020Totalfunds | 88 | 159 |
| 8.TOTALSTAFFCOSTS—includedinnotes6&7 | 2021 | 2020 |
| £'000 | £'000 | |
| Salaries | 67 | 66 |
| Socialsecuritycosts | 4 | 4 |
| Pensioncosts | 3 | 3 |
| 74 | 73 |
| TANGIBLEFIXEDASSETS | ||||
|---|---|---|---|---|
| Assets | ||||
| Office | Freehold | under | 2021 | |
| Equipment | Property | construction | Total | |
| £'000 | £'000 | £'000 | £'000 | |
| Costorvaluation | ||||
| Asat1April2020 | 5 | 73,497 | 19,079 | 92,581 |
| AdditionsfundedbytheFoundation | 3,404 | 3,404 | ||
| Contributionsfromotherfunders(note2) | 1,281 | 1,281 | ||
| Costorvaluation | ||||
| Asat31March2020 | 5 | 73,497 | 23,764 | 97,266 |
| Depreciation | ||||
| Asat1April2020 | 3 | 4,574 | 4,577 | |
| Chargeforyear | 1 | 800 | 801 | |
| Asat31March2021 | 4 | 5,374 | 5,378 | |
| Netbookvalue | ||||
| Asat31March2021 | 1 | 68,123 | 23,764 | 91,888 |
| Asat31March2020 | 2 | 68,923 | 19,079 | 88,004 |
| Endowment | Unrestricted | Restricted | 2021 | 2020 | |
|---|---|---|---|---|---|
| Funds | Funds | Funds | Total | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| ListedInvestments | 17,372 | 2,538 | 694 | 20,604 | 32,487 |
| DealingAccount | 24,170 | 5 | 15 | 24,190 | 7,123 |
| 41,542 | 2,543 | 709 | 44,794 | 39,610 |
| Endowment | Unrestricted | Restricted | 2021 | ||
|---|---|---|---|---|---|
| Funds | Funds | Funds | Total | ||
| £'000 | £'000 | £'000 | £'000 | ||
| Asat1April2020 | 28,262 | 3,636 | 589 | 32,487 | |
| Additions | 14,506 | 607 | 154 | 15,267 | |
| Disposals | (30,480) | (1,767) | (169) | (32,416) | |
| Realisedand | |||||
| unrealisedlosses | 5,084 | 62 | 120 | 5,266 | |
| Asat31March2021 | 17,372 | 2,538 | 694 | 20,604 | |
| COSTOFINVESTMENTS | |||||
| 31March2021 | 20,085 | 3,176 | 487 | 23,748 | |
| 31March2020 | 16,288 | 1,250 | 452 | 17,990 | |
| 12. | DEBTORS | 2021 | 2020 | ||
| £'000 | £'000 | ||||
| Prepayments | 4 | 704 | |||
| Accruedincome | 35 | 41 | |||
| 39 | 745 | ||||
| 13. | CREDITORS | 2021 | 2020 | ||
| £'000 | £'000 | ||||
| Tradecreditors | 64 | 97 | |||
| Othercreditors | 1 | 1 | |||
| Accruals | 852 | 327 | |||
| 917 | 425 |
| At1April | Income | Resources | Gainson | Transfers | At31 | |
|---|---|---|---|---|---|---|
| 2020 | expended | investments | between | March | ||
| (restated) | funds | 2021 | ||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Permanent | ||||||
| endowments | ||||||
| DulwichEstate | 8,453 | (31) | 735 | 9,157 | ||
| NewmanTrust | 2 | - | 2 | |||
| MrsIreneBuckman | 21 | (1) | 20 | |||
| Boys'SchoolFund | 12,443 | 12,443 | ||||
| Girls'SchoolFund | (16) | 9,000 | 8,984 | |||
| VeritasFund | - | - | 6,000 | 6,000 | ||
| Investmentproperty | ||||||
| Fund | ||||||
| CityRoad | 25,463 | (176) | 3,606 | (21,443) | 7,450 | |
| CollegeTerrace | 7,252 | (22) | 760 | (6,000) | 1,990 | |
| Burseries&Prizes | 1,000 | (6) | 994 | |||
| Landandbuildings | 78,391 | 1,281 | (732) | 78,940 | ||
| Total | 120,582 | 1,281 | (967) | 5,084 | 125,980 | |
| Restrictedfunds | ||||||
| Prizesandgrants | 160 | 2 | (1) | 161 | ||
| Bendy | 831 | 14 | (2) | 120 | 963 | |
| NewmanTrust | 3 | 3 | ||||
| MrsIreneBuckman | 3 | 1 | 4 | |||
| Total | 997 | 17 | (3) | 120 | 1,131 | |
| Generaloperational | ||||||
| Fund | 8,604 | 1,610 | (1,048) | 62 | 9,228 | |
| Designatedfund | 2,130 | (290) | 1,840 | |||
| Total | 10,734 | 1,610 | (1,338) | 62 | 11,068 | |
| Total | 132,313 | 2,908 | (2,308) | 5,266 | 138,179 |
unrestrictedandendowmentfunds: |
||||
|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | |
| Funds | Funds | Funds | Funds | |
| 2020 | ||||
| £'000 | £'000 | £'000 | £'000 | |
| INCOME | ||||
| Donationsandlegacies | ||||
| DulwichEstate | 505 | 505 | ||
| Giftsinkind | - | 4,925 | 4,925 | |
| Investmentincome | ||||
| Rentalincome | 6 | 6 | ||
| Bankandotherinterest | 30 | - | 30 | |
| Dividendincome | 1,058 | 22 | 1,080 | |
| Totalincome | 1,599 | 22 | 4,925 | 6,546 |
| EXPENDITURE | ||||
| Costofraisingfunds | ||||
| Investmentmanagementfees | 26 | 3 | 190 | 219 |
| Charitableactivities | ||||
| Supporttoschools | 1,287 | 3 | 800 | 2,090 |
| Totalexpenditure | 1,313 | 6 | 990 | 2,309 |
| Netincomebeforelossesoninvestments | 286 | 16 | 3,935 | 4,237 |
| Netgainsoninvestments | (257) | (49) | (3,382) | (3,688) |
| Netincomeandnetmovementinfunds | 29 | (33) | 553 | 549 |
| Reconciliationoffunds | ||||
| Balancesbroughtforwardat1April2019 | 10,705 | 1,030 | 120,029 | 131,764 |
| Balancescarriedforwardat31March2020 | 10,734 | 997 | 120,582 | 132,313 |
| Unrestricted | Restricted | Endowment | Total | |
|---|---|---|---|---|
| Funds | Funds | Funds | Funds | |
| 2020 | ||||
| £'000 | £'000 | £'000 | £'000 | |
| FIXEDASSETS | ||||
| Tangibleassets | 2 | 88,002 | 88,004 | |
| Investments | 3,668 | 636 | 35,306 | 39,610 |
| TotalFixedAssets | 3,670 | 636 | 123,308 | 127,614 |
| CURRENTASSETS | ||||
| Debtors | 44 | 701 | 745 | |
| Cashatbankandinhand | 7,445 | 361 | (3,427) | 4,379 |
| TotalCurrentAssets | 7,489 | 361 | (2,726) | 5,124 |
| CURRENTLIABILITIES | ||||
| Creditors | (425) | (425) | ||
| NETCURRENTASSETS | 7,064 | 361 | (2,726) | 4,699 |
| TOTALNETASSETS | 10,734 | 997 | 120,582 | 132,313 |
| THEFUNDSOFTHECHARITY: | ||||
| PERMANENT | ||||
| ENDOWMENTFUNDS | 120,582 | 120,582 | ||
| RESTRICTEDFUNDS | 997 | - | 997 | |
| UNRESTRICTEDFUNDS | ||||
| Generaloperationalfund | 8,604 | 8,604 | ||
| Designatedfund | 2,130 | 2,130 | ||
| TOTALFUNDS | 10,734 | 997 | 120,582 | 132,313 |