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 Unde￿aY 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 re￿iVed 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-morr￿S (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&m￿nent
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 be￿on funds
18
650
{6501
Net movement in funds
461,109
687
13,394} 458A02
129,03n
R8conciliallon of funds:
Fund balances bmught I￿ard
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 b￿0¥& Ironsteys
141,621}
138
12,446
{29,037)
Tran8ler8 bal￿8n 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
31￿48
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 s￿ned 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 othe￿ise 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 jl￿gementS 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
31￿42
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
Unlea￿sell 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