## 

## 

## 

## 

||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<br>ManagementLimited|JMFinn&<br>4Coleman|Co<br> Street|VeritasInvestmentPartners<br>(UK)Limited|
||8FinsburyCircus|London||RiversideHouse|
||LondonEC2M7AZ|EC2R5TA||2aSouthwarkBridgeRoad,|
|||||LondonSE19HA|





## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 



## 

## 

## 



## 

## 

|<br>March2021.|<br>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|





## 

## 

## 

|<br>t31March2021theFoundationhadtotalfu|ndsof£138,179,000whichwerema|
|---|---|
||£'000|
|Endowmentfunds|125,980|
|Restrictedfunds|1,131|
|Unrestrictedfunds|11,068|
|TotalFunds|138,179|



|TheTotalAssetsandReservesoftheFoundation|Unrestricted<br>Funds<br>£'000|Restricted<br>Funds<br>£'000|Permanent<br>Endowment<br>Funds<br>£'000|Total<br>£'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<br>Funds<br>£'000|Restricted<br>Funds<br>£'000|Permanent<br>Endowment<br>Funds<br>£'000|Total<br>£'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|<br>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)|<br>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)|<br>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|



## 



## 

## 

## 

## 

## 



## 

|<br>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|