THE WHITECHAPEL EDUCATIONAL FOUNDATION Charlty Commlsslon No. 312698 The Whitechapel Educational Foundation Financial Statements for the year ended 31 March 2021
THE WHITECHAPEL EDUCATIONAL FOUNDATION Conlents Page Officers and aifvisers Report of the Truslaes Independerrt examiner's reporl Statement of financial activities 9-10 Balance sheet Noles to Ihe financial stalemenls 12-23
THE WHITECHAPEL EDUCATIONAL FOUNDATION Truslees: Mrs M Vine-morris (Chairl Mr G Anthony Rev C Davies Mrs C Folkes Mr M Hicks Mr D Prosser Mr H Smith Mrs S Temple Reglstered address. Davenanl Foundation School Chesler Road Loughton Essex IG10 2LD Bankers: Lloyds Bank ptc 11 The Broadway Loughton Essex IG10 3SW Investment Managers: COIF Charity Funds CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4Er Sollcitors: William Sturges & Co Burwood House 14-16 Caxton Street London SW1H OQY Independenl examlner: Hugh Swainson FCA Buzzacott LLP 130 Wood Street London EC2V 6DL Charlty Reglstrallon Number: 312698
THE WHITECHAPEL EDUCATIONAL FOUNDATION Report of the Trustees for the year ended 31 March 2021 Objectives of the Foundation The Trustees present their report logather with the accounts of The Whitechapel Educational Foundation (the "charity") for the year ended 31 March 2021. The accounts have been prepared in accordance with the accounting policies set out on pages 12 to 14 of Ihe attached accounts and comply with the charity's trust deed, Ihe Charities Act 2011 and Accounting and Reporting by Charities.. Statemenl ol Recommended Practice applicable to charities preparing Iheir accounts in accordan with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). The Whitechapel Educational Foundation is an Educational Endowment regulated by a scheme under the Endowed Schools Acts and Seclion 17(3) ol lh& Education Act 1944 and registered as Scheme No. 4843 S. The school of the Foundation is Davenanl Foundation School. The schème made on 22 Septemb8r 1964 by the Secretary of State for Education and Science, under Section 18 of the Charitios Act 1960, was subject to a modification order made by the Secretary ol Stale for Education which came Inlo lorce on 31 August 1994. This modification re¢ognised Ihe change in status ol the school from being Voluntary Aided lo Grant Maintained. Following the abolishment of Grant Maintained status under Ihe Schools Standards and Framework Act. the school reverted to being Voluntary Aided from 1 September 1999. On 1st April 201 I Ihe school converted to an academy under the Academies Act 2010. The Whilechapel Educational Foundation was registered as a charity (number 3126981 with the Charity Comrnission on 12 November 1964. In the summary the scheme provides that the income ol the Foundation shall be applied as follows: Subject lo the payment of any expenses of administration, Ihe Trustees shall pay yearly sums of not less Ihan £250 to the London Diocesan Board lor Schools, not less than £150 nor more than £300 to Megg's Almshouse Charity and a yearly sum of nol less than £650 to a separate fund called the Davenant Fund lor the benefit of young persons resident in the area of the ancient parish of Sl Mary's Whitechapel in the lormer Metropolitan Borough ol Stepney. The residue of the net yearly income shall be applied to defraying such expenses as providing benefits lo the school of a kind not normally providpd by public funds, awarding exhibitions and bursaries and promoting education. provided that such rnonies are not applied directly in relief of maintenance grants under Section 81 of the Education Act 1993. The sum remaining is to be placed on deposit or investad. The Trustees hereby confirm Ihal the financial statements comply with current stalutory requirements and with the requirements of the scheme. Publlc Benefit Th8 trustees have referred to the guidanc8 contained in the Charity Commission's general guidance on public benefit when reviewing their airns and objectives and in planning future activities. Impacl of Covld-19 Covtd-19 has impacted the charity as follows: The pandemic was UndeaY at the start of the financial year,. consequently a cautious budget was sel which was further amended in June 2020. For example. the budgel for dividend income was reduced. The generous reserves held would support any loss ol property income. In reality the full property income was reiVed and dividends exceeded the budget. Recurrent spending was lower than budgel because most activities normally supported were paused or curtailed. The capital grant allocated was lower Ihan budgeted because the academy was not
THE WHITECHAPEL EDUCATIONAL FOUNDATION Report of the Trustees for the year ended 31 March 2021 (cont.) Impact of Covid-19 (continued) able to undertake all the proposed pyojects due to pandemic delays. Trustees have agreed lo Include these in their 2021-22 budget for capital grants. As a result, the in-year surplus was £55,000 higher than anticipated. Review of Aclivities For the General Fund, income from dividends and interesl from COIF deposit lunds and bank accounts during the year totalled £59,516 {2020 - £61.7181. The investment properly was oc¢upied lor the full financial year, yielding a rental income of £29,750 12020 - £29.750). The Foundation promdes support for Davenant Foundation School and made a donation of £60.336 towards swimming pool works and the cost of a new teaching block {2020 - £19,630). The Foundalion continues to make contributions to the cost of prizes for students, trav81 bursaries {non8 awarded in 20201 and staff refreshments. Total expenditure. not counting depreciation ol School Lxjildings and the capital project donation. reduced to £18,716 (2020 £20,278). Reserves pollcy ReseNes are accumulated until such time as the school requires financial support for a project. Trustees decide upon the level ol support. taking accounl ol both the needs of the school and the reserves available. The Trustees believe thal the reserves will be expended on future projects. At 31 March 2021. the ¢hariiy held unrestricted reserves of £373,027 12020 - £340,496) and the designated tixed asset fund amounted lo £386,711 (2020 £422.6351. Permanent endowment funds amounted to £2,267.956 (2020- £1,806,846) and restricted funds were £32.230 {2020 - £31,543). Investment pollcy The resources ol the Foundation are invest&d in COIF charity funds administered by CCLA Investment Management Limited. The Trustees review the performance of the COIF charity funds during Ihe course of each year. and following professional advice, resolved to retain the same portfolio. The Foundation owns one Ireehold property, th8 r8nl from which meets the expenses of the Foundation and also contributes to reserves. This property was revalued al 31 March 2021 at £495.000 (previously shown as £300,000). Going concern During the period from 31 March 2021 to the date that the financial statements were approved, the ¢oronavirus ICOVID-191 continues to cause disruptions to businesses as well as economic activities globally including ihe UK. However, truslees have considered the effect on the charity's operations and have con¢lud8d that the impad continues lo be limited. Truslees acknowledge and rocognise the potential impact ol the COVID-19 pandemic on the luture operations ol the charity, ils beneficiaries, partners and stakeholders and on wider sociely. The possible impact of the pandemic is a reduction of rental and investment income as well as losses incurred on investment values held. The reduced opportunities for scheduled face to face interaction may woll impact on tha ability to plan effectively for the medium term bul it is nol anticipated at the current lime that the overall financial position of the charity will be adversely aflected or its financial solvency Ihrealened.
THE WHITECHAPEL EDUCATIONAL FOUNDATION Report of the Truslees for the year ended 31 March 2021 (cont.) Appointment ol Trustees The Foundation appoints Ihe foundation Governors of Davenant Foundation School, and by virtue of this position are automatically appointed as Trustees of the charity. All Governors undertake an induclion programme on appointment to familiarise themselves with the workings of the school and Ihe charity. Further training is available from the Local Authority and the National Governors, Associalion. as required. Key manag8rnent The trustees comprise the key management personnel ol the charity in charge of directing Controlling, running and operating the charity on a day to day basis. All trustees give of their time freely and no trustee recèived any remuneration in the year. Details of trustee's expenses and remuneration are disclosed in note 8 to the accounls. Trustees The following Trustees have held office during the year- Mrs M vine-morrS (Chair) Mr G Anthony Rev C Davies Mrs C Folkes Mr M Hicks Mr D Prosser Mr H Smith Mrs S Temple Statemenl of Trustees, responsibilities The Trustees are responsible for preparing the Trustees, report and linancial statements in accordance with applicable law and Uniled Kingdom AccoLsnting Standards (United Kingdom Generally Accepied Accounting Praclicèl. The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state ol affairs of the Gharity and ol the income and expendilure of the charity for that period. In preparing these financial slatemenls, Ihe Trustees are required lo.. select suilable accounting policies and then apply ihem consistently., observe the methods and principles in Accounting and Reporting by Charilies.. Stalement of Recommended Practice applicable to charities preparing their accounts in accordanoe with Ihe Financial Reporting Standard applicable to lh8 Untted Kingdom and Republic of Ireland IFRS 102); make judgements and estimates that are reasonable and prudent., slate whether applicable United Kingdorn Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial slatemenls,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will ¢onlinue in operation. The Trustees are responsible lor keeping proper accounling Yecords that disclose with reasonable accuracy at any lime the financial position of the charity and enable them lo ensure that the financial
THE WHITECHAPEL EDUCATIONAL FOUNDATION Report of the Trustees for the year ended 31 March 2021 (cont.) Statement of Truslees, responsibilitles {continuedl slataments comply with Ihe Charities Act 2011, the Charity (Financial statements and Reports) Regulations 2008 and the provisions of the charity's trust deed. They are also respcinsible for safeguarding the assets of Ihe charity and hence for taking reasonable steps for the prevenlion and detection ol Iraud and other irregularities. The trustees are responsible for the maintenance and integrity ol the charity and financial infomiation included on the charity's website. Legislation in the United Kingdom goveming the preparation and dissemination ol accounts may diller from legislation in other jurisdictions. Risk management The Trusteos hav6 considered the various risks to which the Foundation may be subject and are salisfied that measures are in place lo minimise any potonlial loss. Key risks that the charity laces are: a fall in investment retums. thus roducing the income to the Foundation. This is managed by using professional investment managers who spread the risk over a range ol carefully selected funds. and a loss of properly rental income. This is mitigated by lelling the investmeni property on a long term lease. In both Cases above the Trustees WOLAld also be able to lake action to reduce costs and reduce grant awards il nècessary. Tho financial transactions of the Foundation a Finance and Resources Manager, school's administration netwo minimal and are conducted on its behalf by ihe school's regularly to the Trustees. Financial data 18 kept on the daily. la.io.a)31 sba Approved by the Trustees on . and signed on their behalf Chair
THE WHITECHAPEL EDUCATIONAL FOUNDATION Independent Examiner's Report to the Truslees of Whitechapel Educational Foundation I report to the charity Irusl86s on my examination ol the accounts of the cha¥ity for th8 year ended 31 March 2021. Responslbllltles and basis of report As the trustees of the Charity you are responsible for the preparation ol th8 accounts In accordance with the requirements of the Charities Act 2011 I'lhe Acl'l- I report In respect ol my examination of the charity's accounts carried aut undey sectlon 145 01 the 2011 Ath and in carrying out my examination I have followed all the aH)licable Direcllons given by the Charity Commission under s&clion 145151{b) of the Act. Independent examiner's 8latement I have completed my examination. I confirm that no material mallers have come to my attention in connoclion with my examination giving me cause lo believe that in any material re8P8cI'. accounting records were nol kept in respect of the charity as rfjquired by Section 130 01 th8 Act- or th8 accounts do not accord with those records., or the accounts do not comply with the applicable requirements concerning the form and content of accounts s81 out in the Charities IAccounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and lalr view, which is not a matter considered as parl ol an independent examination. I have no concerns and have come across no other matters in conn8clion with the examinatlon lo which allenlion should be drawn in this report in order to enabla a tyoper understanding ol the accounts to be reached. Buzzacott LLP Chartered Accountants 130 Wood Street London EC2V 6DL Dale.. 11.11.2021
THE WHITECHAPEL EDUCATIONAL FOUNDATION Statement of financial activities for the year ended 31 March 2021 P&mnent Endowm&nt Restrlcted Fund Funds Unrestricted General Funds Total 2021 Total 2020 Notss Income Irom.. Property income Invsslments 29,750 59,516 29,750 59,553 29,750 61,931 37 Total Income 37 89,266 89,303 91,681 Expenditure on: Raising funds Qharilabie actiirities 3,828 110,498 2,799 72,726 110,498 Tolal 8xpandlture 114,326 114,326 75,525 Net Incimelloxpondllurel bgfore galnslllo88&81 on Inv&stm8nls 37 125,0601 {25.0231 16,156 Unreal¢sed gainslllossesl on investment ass81s 11 &12 461,109 22,316 483A25 145,1931 Net Income b&forn tran$f8r$ 461,109 37 12,7441 458N02 129,037) Transfers beon funds 18 650 {6501 Net movement in funds 461,109 687 13,394} 458A02 129,03n R8conciliallon of funds: Fund balances bmught Iard at 1 April 2020 1,806,847 31.543 76S,122 2,601,522 2,630,558 Fund balan¢8s earrittd forward al 31 M8r¢h 2021 16, 17 18 & 19 2,267,956 32,230 759.738 3,059.924 2,601,522 None of the charity's activities was acquired or discontinued during the above Iwo financial years and there were no recognised gains or losses other than as shown above. The noles on pages 12 to 23 form part of these financial statements.
THE WHITECHAPEL EDUCATIONAL FOUNDATION Statement of financial activities for the year ended 31 March 2020 Parmanent Endowmont R8slrlclgd Fund Funds Unrestrlcted G&neral Funds Total 2020 Notgs Ineomè from: Property income Irwestrnents 29,750 61.718 29.750 61,931 213 Total Income 213 91,468 91,681 Expenditure on: Raising funds Gharilable acliwlies 2,799 72,651 75 72,726 Total expendltu 75 75,450 75,525 Net Incomel{expendliure) befoye Ilossesllgalns on Inv&stm8nts 138 16.018 16,156 UnrealiseLf Ikis8esl gain8 on inv8slmenl ass6ts 141.621) 13,5721 {45,193) Nel InGc*ne b0¥& Ironsteys 141,621} 138 12,446 {29,037) Tran8ler8 bal8n funds 18 650 16501 N&t movement In lunds 141.6211 788 11,796 (29.037) Reconclllatlon ollund$: Fund balances brought loNard at 1 Aprll 2019 1,848,468 30,754 751,836 2,630,558 Fund balances lorward al 31 Mor¢h 2020 17, 16 18 & 19 1,806,847 3148 763,132 2,601,522 None ol the charity's activities was acquired or discontinued during the above tinancial year and there were no recognised gains or losses other than as shown above. The noles on pages 12 to 23 form part of these financial statements. 10
THE WHITECHAPEL EDUCATIONAL FOUNDATION Balance sheet as at 31 March 2021 2021 2020 Notes Fixed assets Tangible assets Investments Listed investmenls Properties 10 386,711 422.635 1,904,505 495,000 1,616,080 300,000 12 2,781216 2,338.715 Current assets Debtors Cash at bank 13 14 390 272,529 276,708 272.919 Creditors: amounls falling due within one year 15 (3,000) (10,113) Nel current assets 273,708 262,806 Total assets less current liabillties 3.059,924 2.601,521 Nel assets 3,059,924 2,601,521 The lunds ol the charity: Unrestrlcted Income funds -G6neral fund -Tangible fixed assets fund Restricted funds Endowment lunds 373,027 386,711 32,230 2.267,956 340.496 422,635 31.543 1.806.846 20 3,059,924 2.601.521 Approved and authorised for issue by th& Trustees on and sned on their behalf by ia. 10- 2oal c¢c.1 Trustee Th notes on pages 12 to 23 lorm part of these financial statements.
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2021 A¢countlng pollcles The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below. (a) Basis of accounting These accounls have been prepared for the year lo 31 March 2021. The accounts have b8en prepared under the hislori¢al cost convention with items recognised at cost or Iransaction value unless otheise stated in the relevant accounting policies below or Ihe notes to these accounts. The accounts have been prepared in accordance with Accounting and Reporting by Charities= Statemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {Charilies SOFIP FRS 1021 issued on 16 July 2014, the Financial Reporiing Standayd applicable in the UK and Republic of Ireland IFRS 102) and the Charities Act 2011. The charity conslilutes a public benefit entity as defined by FRS 102. The accoLtnls are presentsd in sterling and are rounded to Ihe nearesi pound. (b) Crltlcal accounling estimates and areas ol ludgemenl Preparation of the accounts requires the Irustees lo make significant jlgementS and eslimates. The items in the accounts where these judgemenls and estimates have been made include.. eslimaling the useful economic lifo of tangible fixed assets. and eslimating the value of the Inv8stment property. In addition to the above, the full impact following the recent 8mergence of the global coronavirus pandemic is still unknown. It is therefore nol currently possible to evaluate all the potential implicalions for the charity's activities, beneficiaries, lunders, suppliers and the wider economy. Estimates used in the accounts, particularly wilh respect to the value of investment properties and lisled investments {see notes 11 and 121 are subject to a greater degree of uncertainly and volatility. As sel out in these accounting policies under "going concern" Ihe trustees have considered the impact of Ihe pandemic on the charity and have concluded that although there may be some negative consequences, it is appropriale lor the charity to continue to prepare its accounts on the going concern basis. 12
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2021 (Contd.) Accounting policies {Conld.) (c) Assessment ol going concem The truslees have assessed whether the use of the going concern assumption is appropriale in preparing these accounts. The trustees have made this assessment in respect to a period of one year from Ihe datè of approval of these accounts. The truslees of Ihe Charity have concluded that there are no material uncertainties related lo evenls or conditions Ihat may cast significant doubt on the ability ol the charity to conlinue as a going concern. The Irustees are ol the opinion that the charity will have sufficient resources to meet ils liabilities as they fall due. The most significant areas of judgemenl that affect items in the accounts ara d8tailed above. With regard lo the next accounting period, the year ending 31 March 2022, the mosl significanl areas that affect the carrying value of the assets held by the Charity are the level ol inveslmenl return and the performance of the investmenl markets Ise8 Ihe investmenl policy and Ihe risk management sections ol the trustees, report for more Information). (d) Income recognilion Income Is recognlsed In Ihe perlod in which the charity has entitlement to the income, the amount ol income can be measured reliably and il is probable that the income will be received. Income comprises investment income. Dividends and interest from investmenls are accounted for on an accruals basis. Property income is accounled lor on an accruals basis. {e) Expenditure recognltion Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity lo the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cosls related lo Ihe category. All expenditure is accounted for on an accruals basis. Expenditure comprises direct cosls and support costs. All expenses, including support costs, are allocated or apportioned lo the applicable expenditure headings. The classification between activities is as follows: Expenditure on raising funds consists of propgrty agents, commission togethef with an apportionmenl of Ihe adminislralion lee and governance costs. Expendilure on charitable activities comprises special projects and school expenses together wilh an apportionmenl ol the administration lee and governance costs. Irrecoverable VAT is charged against the category of expenditure lor which il was incurred. 13
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2021 (Contd.) Ac¢ountlng policies (Contd.) (fj Allocallon of administration lee and governance costs Governance costs are the costs associated with lh8 governance arrangements of the charity, which relate to the general running of the chariiy as opposed to those ¢osls associated with fundraising or charitable activity. Included within this calegory are costs associated with lh& strategic as opposed to day-to-day management of the charitls activilies. The administration fee and governance cosls are allocaled across the calegories of charitable expenditure and the costs ol raising funds. The allocation of the administration fee and governance costs is bas8d on the lime spent on 8ach activity. Ig) Tanglble fixed assets The charily has a policy of capilalising all additions to school buildings. Depreciation is provided on the tangible fixed assels al rates calculated to write off the cost of each asset evenly over its expected useful life as follows: School buildings 40 years Investments COIF investmenls are stated at market value at Ihe balan sheet dale. Investment properlies are staled at the Trustees, estimate of open markel value at the balan sheet date. u) Debtors Debtors are recognised at their settlement amount, less any provision for non- recoverabilily. Prepayments are valued at the amount prepaid. (k) Cash at bank and In hand Cash at bank and in hand repres8nts such accounts and instruments that are available on demand or have a maturity of less Ihan three months from the date ol acquisition. (i) Credltors and provisions Creditors and provisions are recognised when there is an obligation al the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of Ihe settlement can be estimated reliably. Creditors and provisions are recognised at Ihe amount the charity anticipates it will pay to settle the debt. 14
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2021 (Contd.) Ac¢ountlng policies (Contd.) (m) Fund accountlng Funds held by the charity are.. Unrestricted funds - these are funds which can be used in accordan with Ihe charity's objects, at the dlscretion ol the Board. Designated funds- these are unrestricted funds sel aside by the Board for specific purposes. Reslricled funds - these are funds that can be used lor particular restricted purposes, within the objects of the Charity. Reslrictions arise when specifi8d by the donor at the point of gift. Endowmentfund- the endowment fund represents assets which must be heEd permanently by the charity. Income arising from the endowmenl fund can be used in accordance with the objects of the chariiy and is included in unrestricted income. Any losses or gains arising on the assels held by the fund form a part of the fund. Any costs relaling to the fund are charged againsl the fund. (See note 19 for further details.) Property income 2021 2020 General lund- Property rentals 29,750 29.750 Income from investmenls 2021 2020 General fund: COIF investments Bank interest 59,252 264 60,643 1,075 59,516 61,718 Restrlcted lunds: Bank interest 37 213 59,553 61,931 15
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to Ihe financial statements for the year ended 31 March 2021 {Contd.) Expendltu¥e on raising lunds 2021 2020 General fund: Property mainlenance and utilities Agency commission Share Of governance costs {note 61 Administration fee (nole n 1,000 1,561 367 900 1,560 339 900 3,828 2,774 Expenditure on charitable actlvltles 2021 2020 General fund: Staff common room expenses Donations towards prizes Donations towards school capital projects Depreciation of school Retiremenvlong service/leaving gifts Sludent support Share of governance costs (note 6) Administration fee (not8 7) 2,000 500 60,336 35,924 335 3.000 2.535 19,630 35,924 260 150 3.052 8,100 3,304 8,100 110,498 72,651 R8Strict8d fund. Awards 75 110,498 72,726 Governance costs 2021 2020 Trustee indemnity insurance London Diocesan Board for Schools Megg's Almshouse Charity Independent examination fee 941 250 300 2,180 861 250 300 1,980 3,671 3,391 Governanc8 Costs have been allocated as follows.. Raising funds (10°/ ) Charitable a¢livities190°/.) 367 3,304 339 3,052 3,671 3,391 16
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements foy the year ended 31 March 2020 (Conld.) Administration fee 2021 2020 Total foe 9,000 9,000 The administration fee has been allocated as follows: Raising funds {10°/ ) Charitable activiti8s19(P/.I 900 8,100 900 8.100 9,000 9,000 Staff costs and remuneralion of key management personnel The charity employed no staff during ihe year12020 - none). No trustees received any remuneration in respect of their services during the year12020 - £nil). No Iruslee was reimbursed for any expenses during the year. The key management personnel of the charily in charge of directing and controlling the charity comprises the trustees. The total remuneration linctuding taxable benefits) of the key management wrsonnel lor the year was £nil12020 - £nill. Taxatlon The Foundation is a registered charity (No. 3128981 and is generally exempt from taxation under the Income and Corporation Taxes Act 1988. The Trustees consider that no provision lor taxation is necessary in these financial statements. 17
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2021 {Contd.) 10. Tanglble fixed assets School buildings Cost At 1 April 2020 and at 31 March 2021 1.436.953 Depreciation Al 1 April 2020 Charge for the year 1,014,318 35.924 Al 31 March 2021 1,050,242 Net book value At 31 March 2021 386,711 At 31 March 2020 422,635 All tangible fixed assets are used for charilable purposes by Ihe Davenant Foundation School. School building costs represent amounts funded directly by the Foundation and do not represent the full cost ol the school buildings. During the year énded 31 March 2012. some additional land on the school's site was Iransferred into the ownership of the charily. However, the land is restricted to use by the school arKI is therefore considered to have no value for Ihe purpose of these financial statements. 11. Llsted investments 2021 2020 COIF ¢harlty funds: Market value at l April Nel gainl(lossl on revaluation 1,616,080 288,425 1,661,273 (45,193) Market value at 31 March 1,904,505 1,616,080 Historical cost al 31 March 757,526 757,526 18
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements foy the year ended 31 March 2021 (Contd.) 12. Property Investments 2021 Trustees. valuation: At 1 April 2020 and 31 March 2021 495,000 Historical cost at 1 April 2020 and 31 March 2021 300,000 Tha Trustees had recently obtained a revaluation of the above property. As a resuh ol Ihe olobal pandemic, property valuations have fluctuated in the lead up lo and since the year end. However, the truslees believe that the valuation of Ihe investment properly has not fallen matarially below the above valuation and as such have not provided for any impairment against this value. Details of the lease granted by the Trustees on the remaining investmenl property are as follows- Terms ol lease At 31 March At 31 March 2021 2020 25 Maxwell Road, Hillingdon, Middlesex 35 Years 35 Years 13. Debtors: amounts falllng due wlt17. General Fund as 16. General Fundhin one year 2021 2020 Accrued income 390 There were no debtors falling due after more than one year. 14. Cash at bank 2021 2020 Lloyds Bank current account COIF charities deposit fund 74,631 202,077 29,999 242,530 276,708 272.529 15. Cyedltors: amounls lalling due wlthin one year 2021 2020 Accruals 1000 10.113 There were no creditors falling due after more than one year. 19
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2021 {Conld.) 16. General lund General Fund 2021 General Fund 2020 Balan at 1 April Income Expenditure Transfers Gainsl{losses) on investmenls 340,496 89,266 (78.400) (650) 22,315 292,777 91,468 {39,526) {650} (3.572) Balanc& at 31 March 373,028 340.496 Thg unrestricted income of the Whilechapel Educational Foundation Scheme is applied at the discrelion ol the Trustees, after meeting mandatory expenses, for the benefit ol Davenant Foundation School. Full delails of Ihe scheme are included in the Trustees, report on page 3. 17. Tangible Ilxed assets fund 2021 2020 Balance at 1 April Net movement in the year 422,635 {35,924) 458,559 (35,9241 Balance at 31 March 386,711 422,635 18. Restricted funds Davenant Wlnston L E Young Exhlblllon Prlze Charity Fund Fund Fund Mushln Prlze Fund Total Balance at 1 April 2020 Income Expenditure Transfers 25,622 30 4.674 176 1,070 3142 36 650 Balance al 31 March 2021 26,302 4,680 176 1,070 32,228 20
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2021 {Conld.) 18. Restrlcted funds (¢ontinu8d) Davenant Winston L E Young Exhibilion Prize Charlly Fund Fund Fund Mushln Prize Fund Total Balance at 1 April 2019 Income Expenditure Transfers 24.796 177 4,720 29 1751 175 1,063 30,754 213 (75) 650 650 Balance al 31 March 2020 25,622 4,674 175 1,070 31,542 The Davenant Exhibition Fund receives a statutory annual grant of £650 from the Whitechapel Educalional Foundalion. The Fund is to be applied to award individual bursaries of £150 per year tenable for three years lo young persons resident in the area of the ancient parish of St Mary's, Whitechapel in the former Metropolitan Borough of Stepney going on to Courses ol higher education al Tower Hamlets College. Awards are made by reimbursement against lextbooks purchased. The Winston Prize Fund is to be applied for an annual award of £75 for a pupil of Davenanl Foundation School lor the pur¢hasÈ of sports equipment. Any residue may be applied for the benefit ol a lirst year pupil al the discretion of the Headmaster to alleviate hardship in the purchase of sports equipment. The L E Young Charlty Fund ari86s from a transfer of a prize fund agreed by the Charily Commissioners from the L E Young for National School, Theydon Bois charity. The lund is to bo applied for a prize for rellglous education lor a Year 9 student. The Mushin Prize was established in 1988 with an initial deposit of £500 from Ihe late professor Mushin, a former pupil al the Davenant Foundation School, for the award of travel bursaries with the object of fostering understanding between the major faiths in this country for Sixth Form students at the school. All restricled funds are held in COIF charity deposit funds. 19. Permanent endowment fund Total 2021 Total 2020 Balance at 1 April Revalualion ol investment property Unrealised gainsl(lossesl on investments 1,806,846 195,000 266,109 1,848,468 {41,621) Balance at 31 March 2,267,956 1,806.847 21
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2021 {Contd.) 20. Analysis of net assets between funds Tenglble PeYman&nt Flxed Ass8t Raslricted Endowment Fund Funds Fund Gènoral Fund Total Funds Fund balances at 31 Maich 2021 are represented by: Tangible fixed assets Investments Current assets Creditors.. amounts falling dug wlhin ona y6ai 386,711 ,711 2.267,956 2,399,505 267,708 (3,(NJOI 131,549 244.478 13,0001 32,230 373,027 386,711 32,230 2,267,956 3,059.924 Unrealls golns In¢lud¢d ab)vo: On inveslrnent assets at 81 March 2021 223,573 923,405 1,146.978 Tanylble Perman8nl FIx8d Ass81 Restricted Endowment Fund Funds Fund Genero1 Fund Total Funds Fund bglancg5 at 31 Mareh 2020 aro rèpyèsènted by: Tangible fixed assels Investments Current assets CreLlilors.' amounts falling due vmthin one year 422,635 422,635 I.8(,847 1,916,080 272,919 109.233 241.346 31,543 (10.1131 110,1131 340,497 422,635 31,543 1,806,847 2,601,521 Unrealised gains included above: On Snveslmenl a$5ets al 31 March 2020 201.257 657,296 858,553 Permanent Geneial R&sliiclod Endowmont Fund Funds Fund Total Funds Unrealised gains at 1 April 2020 Nel gains arising on revaluation 201,257 22,316 657,296 266,109 858,553 28B,425 Unrealised gains al 31 March 2021 223,573 923.405 1,146.978 PeYmanBnt General Restrlct8d Endowm&nt Fund Funds Fund Tolal Funds UnYeals8d gab)s 811 April 2019 N&1 Ios8es ariS1r on revaluallon 204,829 13,5721 698.917 3,746 141.6211 {45,1931 Unleasell gains al 31 March 2Q20 201,257 657,296 858,553 22
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2021 (Contd.) 21. Truste88 There were no amounts reimbursed to truslees during the year in respect of items purchased on behalf of the trust12020 £nill. 22. R8lat8d parly transacllons The charily agreed to conlribule to Davenant Foun(Jation School, which is considered a related party due to having trustees in common with The Whitechapel Educational Foundation, in respect of staff enlertainir)g, prizes. travel bursaries, Sports events and administralion lees as detailed in notes 5 and 7. Al 31 March 2021, no money was owèd to Davenant FoLJndation School12020 - £nill. 23