THE WHITECHAPEL EDUCATIONAL FOUNDATION Chailty Commlsslon No. 312698 The Whitechapel Educational Foundation Financial Statements for the year ended 31 March 2022
THE WHITECHAPEL EDUCATIONAL FOUNDATION Conlents Page Officers and advisers Report ol the Trustees Independent examlnels report Statement of financial aclivilies 9-10 Balance sheet Notes to lh8 financial stalements 12-23
THE WHITECHAPEL EDUCATIONAL FOUNDATION Truste8S: Mrs A Allen Ilrom 11 October 20221 Mr G Anthony Ms C Cantle Ilrom 11 October 20221 Mrs A Crombie (from 11 October 2022} Rev C Davies Mrs C Folkes Mr M Hicks Mrs N Lee-Johnston Ilrom 11 October 20221 Mr D Prosser Mr H Smith Mrs S Temple Mrs M Vinè-morris lunlil 11 Oclob8r} Reglstered address: Davenant FourNJation School Chester Road Loughton Essex IG10 2LD Bankers: Lloyds Bank plc 11 The Broadway Loughton Essex IG10 3SW Investmenl managers: COIF Charity Funds CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET Sollcltors: 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 Regislratlon Number: 312698
THE WHITECHAPEL EDUCATIONAL FOUNDATION Report of the Trustees for the year ended 31 March 2022 Oblectlves of the Foundallon The Truslees present Ihgir r8PDrtlogether with the accounts ol The Whitechapel Educalional Foundation (th8 "charitfl lor Ihe year ended 31 March 2022. Th8 accounls have been prepared in accordance with the accounting policies set out on pages 1210 14 ol the attached accounts and cornply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities= Statement ol Recommended Practice applicable lo charities preparing their accounts in accordan with the Financial Reporting Slatmlard applicable In the United Kingdorn and Republic of Ireland IFRS 102). The Whitechapel Educational Foundation is an Educatiunal Endowmenl regulated by a scheme under the Endowed Schools Acls and Section 17131 of the Education Acl 1944 and registered as Scheme No. 4843 S. The school ol the Foundation is Davenant Foundalion School. Th8 scheme made on 22 September 1964 by the Secretary ol State for Education and Science, under Section 18 01 the Charilies Act 1960, was subject to a modification order made by the Secretary ol Slate for Educalion which came into force on 31 August 1994. This modification recognised the change in status of the school from belng Voluntary Aided lo Grant Maintained. Following the abolishment of Grant Maintained status under the Schools Standards and Framework Act, the school reverted to being Voluntary Aided from 1 September 1999. On 181 April 2011 the school converted lo an academy under th& Academies Act 2010. The Whitechapel Educational Foundation was registered as a ¢harlly Inumber 3126981 with the Charity Commission on 12 November 1964. In the summary the scheme provides that the ino)me ol the Foundallon shall be applied as follows.. Subject to the payment of any expenses of adminislralion. the Trustees shall pay yearty sums of not less than £250 to the London Diocesan Board tor Schools. not less than £150 nor more than £30010 Megg's Almshouse Charity and a yearly sum of not less than £65010 a separate fund called Ihe Davenant Fund lor the benefit ol young persons resident in the area ol the ancient parish of Sl Mary's Whilechapel in the former Melropolilan Borough ol Slepney. The residue of the yearly income shall be applied lo defraying such expenses as provtding benefits to the school of a kind not normally provided by public funds, awarding exhibitions and bursaries and promoting education, provided that such monies are not applied directly in reli8f of maintenance grants usyler Section 8101 the Education Act1993. Th8 sum remaining is to be placed on deposil or invested. The Trustees hereby conlirm that the financial statements comply with current statutory requirements and with the requirements of the scheme. Public Benefit The trustees have referred to th8 guSdance contained in the Charity Commission's general guidance on public benefit wh8n reviewing their aims and objectives and in planniTrJ future activities. Impact of Cov1th19 Covid-19 has impacted the charity as follows.. Covid restrictions were still in place at the start of the financial year., consequently a cautious budget was sel, for example, the budget for dividend incom8 was reduced. The generous reserves held would support any loss of property income. In reality tho lull prow_rty. income was rec8iV8d and dmdends exCled the budget. Recurrent spending was sower than budget because some activities normally supported were paused or urtailed.
THE WHITECHAPEL EDUCATIONAL FOUNDATION Report ol the Trustees for the year ended 31 March 2022 (Cont.) Revlew of Actlvltles For the General Fund, income from dividends and interest from COIF deposit funds and bank accounts during the year lotalled £61,13512021 £59,553.) The investment property was occupied lor the fLs11 financial year, yielding a rental income of £29,751 (2021- £29,750). The Foundation provides suwort lor Davenant Foundation School and made a donation of £40,000 towards the cost of a newleaching block and the kilch8n relurbishment12021- £60,336). The Foundalion continues lo make contributions to the ¢osl ol prizes for students, travel bursaries (none awarded in 20211 and staff refreshments. Total expenditure, not counting depr8ciation ol School buildiTrJs and the capilal project donation, reduced 10 £18,07512021- £18,716.) Reserves polley Reserves are accumulated until such lime as Ihe school requires flnancial support for a wojecl. Trust8es decide upon the level ol support, taking account ot both the needs of the school and the reseNes available. The Trustees believe that Ihg reseNes will be expended on future projects. At 31 March 2022, the charity held unrestricted reseNes of £417,853 {2021 £373,027) and the designated fixed asset fund amounted to £350,78812021 £386,711). Permanenl endowment funds amounted to £2,434,97012021- £2,267,956 and restricted funds were £32,27012021- £32,230). Investment pollcy The resources of the Foundation are invested in COIF charity funds administered by CCLA Investment Management Limited. The Trustees Teview the performance of the COIF charity funds durirwJ the course ol each year, and following professional advice, resolved lo retain the sam8 portfolio. The Foundatton owns one freehold property, the rent from which meets the expells85 of the FoundalÉon and also contributes lo reseNes. This property was revalued at 31 March 2021 al £495,000. Golng concern During the period from 31 March 2022 to the date that the financial slalemenls were approved, the uncertain 8conomic climate continues to allect businesses as well as economic activities globally including the UK. However, trustees have considered the ellect on the charity's operations and have concluded that the impact continues to be limited. Appolntrnent of Trustees The Foundation appoinls the foundation Governors of Davenant Foundalion School. and by virtue ol this position are aulomalically appointed as Trustees of the charity. All Governors undertake an indwtion wogramme on appointment to famillarise themselves with the workings of ihe school and the charity. Further training is available from the Local Authority and National Governors, Association, as required. Key management Th& trustees comprise the key manag8m8nt personnel of the charity in charge of directing and . contrDlling, running and operating the charity on a day to day basis. All truslees give of their Irne freely and no trustee received any remuneration in Ihe year. Details of trustee's expenses and remuneration are disclosed in note 8 to the accounts.
THE WHITECHAPEL EDUCATIONAL FOUNDATION Report ol the Trustees for the year ended 31 March 2022 (Cont.) Trustees The followiro Trusle8s have held office during the year: Mrs M Vine-morris (Chairl lunlil 11 Oclober 20221 Mrs A Allen Ifrom 11 October 2022) Mr G Anthony Ms C Cantle {from 11 October 2022} Mrs A Crombie (from 11 October 20221 Rev C Davies Mrs C Folkes Mr M Hicks Mrs N Lee-Johnslon Ilrom 11 October 2022) Mr D Prosser Mr H Smith Mrs S Temple Statement ol Twstees. responslbllltles The Trustees are responsible for prgparing Ihe Trusle8s' report and financial slalemenls in accordance with applicable law and Untted Kingdom Accounting StarKlards (United Kingdom Generally Accepted Accounting Praclicel. Th6 law applicable lo charities in England and Wales requlres the Trustees to prepare financial statements lor each financial year which give a true and lair view ol the stale of affairs ol the charily and of the incorne and expenditure ol the charity lor that peric#J. In preparing these financial slalements, the Truslees are required to: select suitable accounting policies a& then apply them consistently., observe the methods and pr1rlPleS In Accounting and Reporting by Charities: Statement of Recommended Praotice applicabl8 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable lo the United Kingdom and Republic of Ireland (FRS 1021., make judgements and estimates that are reaSonae and prudent; slale whether applicable United Kingdom Accounllng Standards have been followed, subject lo any material departures disclosed and explained in the financial Statem@ts- and prepare the financial statements on the going concern basis unless it is inappropriale lo presume that the charily will continue in operation. The Trustees are responsible lor keeping woper accounting records Ihat disclose with reasonable accuracy at any time the financial posbtion of the charity and enable them to ensure that the financial statements comply with the Charilies Act 2011, the Charily (Financial slalemGnts and Reports) Regulations 2008 and Ihe provisions of the charity's trust deed. They are also responsible for safeguarding the assets ol the charity and hence for taking reasonabl8 steps lor the prevention and detection ol fraud and other irregularities. Thg trustees are responsible lor the maintenance and inlegrily of the charity and linancial inlormalion included on the charity's websile. Legislation in the United Kingdom governiro the preparation and dissemination of accounls may difler from legislation in other jurisdictions.
THE WHITECHAPEL EDUCATIONAL FOUNDATION Report of the Trustees for the year ended 31 March 2022 (Cont.) Rlsk management The Trustees have considered the various risks lo which the FouThJation may be sul4.ect and are satisfied that measures ar8 in place to minimise any potential loss. Key risks that the charity faces are.. a fall in inveslmenl relums. thus reduclng the income to th8 Foundation. This is managed by using professional investment managers who spread the risk over a range of carefulty selected funds. and a loss of property rental Income. This is mitigated by letting the investment pri¥xrty on a long term lease. In both cases above the Trustees would also be able to take action lo reduce costs and reduce grant awards it necessary. The financial transactions of the Foundation are minimal and are conducted on ils behalf by the school's Finance and Resources Manager, who reports regularly to the Trustees. Financia5 data is kept on Ihe school's administration network and is backed up daily. Approv b the Trustees on . and signed on their behalf Chair
THE WHITECHAPEL EDUCATIONAL FOUNDATION Independenl Examiner's Report to the Trustees of Whitechapel Educational Foundation I repcjrt to the charity trustees on my examination of tha accounts ol thè charity for the year ended 31 March 2022. Respon$ibllltle$ and b8818 of report As the Iruslees ol the Charity you are r85ponsibl8 lor the preparation ol the accounts in accordance with the requirements ol the Charities Act 20111'Ihe Act'l. I report In respect ol my examination of the charity's accounts carried out under Section 145 01 the 2011 Act and in carrying out my examination I have followed all the appllcable Directions given by the Charity Commission under section 145{5llbl of the Act. Independent examlner'8 slatement I have completed my examination. I conflrm that no material matters have come lo my allenlion in connectio witti my examination giving me cause to belleve that In any material respect.. accounllng records were not kept in Tespecl ol Ihe charlty as required by seclion 130 of the Act: or the accounts do not accord with those r¢¢ords', or the accounts do not comply with the applicable requlrements concwnlTrJ the form and conlenl ol accounts sel out in the Charities IAccounls and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and lalr view, which is not a matter considered as part of an independent examination. I have noconcerns and have come across no other matters in connection wilh Ihe examlnallon lo which attention should be drawn in this report In order lo enable a prgpor understanding ol the accounts ID be reached. tZ2o4e- LLI Buzzacoll LLP Chartered Accounlafits 130 Wood Street London EC2V 6DL Dale.. 25 Octob81 2022
THE WHITECHAPEL EDUCATIONAL FOUNDATION Statement of financial activities for the year ended 31 March 2022 P8mianont Endowment R•8tr1et8d Fund Fund8 Unr¢slrlet•d General Funds Totsl Total 2021 Notes Inrom$ Irom: Property incom8 InVestMts ,751 59,518 29,751 61,135 29,7SO 59,553 40 Tolal Ineomo 40 90,845 90,886 89,303 Expèndlture on: Iqaising funds Cl¥grltabte 8clirit48s 2.571 90,776 2,5n 90,776 3,828 110.498 Total exp8ndllure 93,348 93,348 114,326 Nel Incvmvl{oxp•ndllurel belore galnslllossesl on Inve8tm¢nl$ 40 12,5031 (2,4611 125.0231 Unrealised gain81llossesl on InVestrt ass8ts 11&12 167.014 11.405 178,418 461,109 N•t Income before Iransforn Transfèrs kneen funds 18 16501 Not movement In ILmd$ 167,014 8,252 175,957 458.402 RnCIlIatIOn ol funds: Fund balar¢es brought fomard at 1 April 21)21 2,267,956 32.230 759,728 3,059,294 2,601,522 Fund balances carrled fDrwBrd at 31 March 2022 17. 16 18 & 19 2,434,970 32,920 767,990 3XJ5,881 3,059,924 None of tha charity's activities was acquired or discontinued durir¥J the al)ove Iwo financial years and Ihere were no recognised gains or losses other than as shown above. The notes on pages 12 to 23 form part of Ihese flnancial statements.
THE WHITECHAPEL EDUCATIONAL FOUNDATION Slalement of financial activities for the year ended 31 March 2021 Perfflan$nt Endowment Reslrtthd Fund Fund$ Unrestrlcted Géneral Funds Totsl 2021 Notes Incorne from: Propèrty Irmne Investm8nts 29,750 59.916 29,750 59,SS3 37 Total Incorne 37 89,266 89,303 Expendlturo on- Raising fund$ Charitable actilritie5 110,498 110,498 Totsl tXndItur0 114,W26 114.3 Not Incomellg¥perKllturg1 b8foro Ilossèsllgalns on Investments Unrealised Ilossesl gains on inv8slm8nt assets 37 125.0601 125.0231 4S1.109 22,316 461,ICO Not Ineomo belorn translers 461.109 37 12.7441 458A02 Trartsfers betsveen lunds 18 650 16501 Ngt movament In funds 461,109 687 I2.4) 1458,4021 Be¢011181[0n of lundg: Fund balan brought lobward at 1 Apill 2020 1,8Q6,847 31,543 763.132 2,801,522 Fund balances ca1ed foryRrd al 31 March 2021 17. 16 18 & 19 2,267,956 32.230 759,738 4059.924 None of the charity's activities was acquired or discontinu during the above financial year and there were no recognised gains or losses other than as shown above. The notes on pages 12 to 23 form part ol these financial statements. 10
THE WHITECHAPEL EDUCATIONAL FOUNDATION Balance sheet as at 31 March 2022 2022 2021 Noles Flxed assets Tangible assets Investments Listed investments . Properties 10 350,788 386.711 11 12 2,082,923 495,000 1,904,505 495,000 2,928,711 2,786,216 CuTnI assets Cash at bank 13 327,270 276,708 327,270 276,708 Credltors: amounts falllng due wllhln one year 14 (20,100) {3,OWI Nel Current assets 307,170 273,708 Tolal assets less current Ilabllltles 3,235,881 3,059,924 Net assets 3,235,881 3,059,924 The lunds ol the charlty: Unrestrlcted Income lunds -General lund .Tangible fixed assets fund Restrlcted funds Endowrnent lunds 15 16 17 18 417,203 350,788 32,920 2,434,970 373,027 386,711 32,230 2,267,956 19 3,235,881 3,059,924 Approved and authorised lor issue by the Trustees on and signed on their behalf by 11 Tru The notes on pages 12 to 23 form part ol these financial slalemenls.
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2022 Accountlng pollcles The principal accounting policies adopted, judgemenls and key sources of estimation uncertainty in Ihe preparation ol ihe accounts are laid out below. (a) Basls of accountlng These accounts have been prepared for the year to 31 March 2022. The accounts have been prepared under the historical cost convention wth items recognised al cost or transaction value unless otherwise stated in the relevant acGounting policies below or the notes lo ihese accounts. The accounts have been prepared in accordance with Accounling and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe United Kingdom and Republic ol Ireland (Charities SORP FRS 1021 issued on 16 JU 2014, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. The aUnts are presented in sterling and are rounded to the nearest pound. (b) Crfllcal accounllng estlmales and areas of Judgemenl Preparation ol the accounts requires the trustees to make significant judgements and estimates. The items in the accounts where these judgements and eslimales have been made include: estimating th8 useful nOMiC life ol tangible fixed assets. and estimating the value of the investment property. In addÈtion to the above, the full impact following the recent emergence of Ihe gh)bal coronavirus pandemic is still unknown. It is therefore not currently possible to evaluate all the potential implications for Ihe charity's activities, beneliciaTies, funders, suppliers and the wider economy. Estimates used in the accounts, particularfy wlh respeth to the value of investment properties and listed investments Isee notes 11 and 121 are s-eCt to a greater degree ol unceriainty ar volatility. As set out in these accounting policies under 'going concern., tho trustees have considered the impact of the pandemic on the charity and have concluded that although there may be some negative consequences, it is appropriate for the charty to continue to prepare its accounls on the going concern basis. 12
THE WHITECHAPEL EDUCATIONAL FOUNDATION Noles to the financial statements for the year ended 31 March 2022 (Contd.) Accountlng pollcles {Contd.) (c) Assessment of golng concern The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these aGGounts. The trustees have mad6 this assessment in respect lo a period of one year from Ihe date of approval ol these accounts. The trustees of the charity have conclLJded that there are no material uncertainties related to ev8nts or conditions that may Gast signiticanl doubt on the ability of the charity to continue as a guing concern. The trustees are of the opinion that the charity will have sullicient resources to meet ils liabilities as they fall du6. The mosl significant areas of judgement that affect items in the accounts are detailed above. With regard to the nexl accounting period, the year endir¥J 31 March 2023, the most significant areas that aff6Ct the carrying valu8 of the assets held by the charity are lh6 l&vel ol investment Teturn and the pertormance ol the investment markets (see the inveslment policy and the risk management sections ol Ihe trustees, report for more intormalion). (d) Income recognltlon Incorne is recognised in the p8r¢(Kl in which the charity has enlitleFnenl lo the income, the amount of income can be measured reliably and it is probable that the income will be received. Incofne comprises investment lrtome. Oiwdends and interest from inv8slments are accounted for on an accruals basis. Pro[rtY income is accounted for on an accruals basis. (e} Expendlture recognitlon 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 lor on an accruals basis and has been classified under headings that aggregat8 all costs related to the category. All expenditure is accounted lor on an accruals basis. Expendrture mPrISeS direct costs and support costs. All expenses, including support cosls, are allocated or apportioned lo the applicabl6 expenditure headings. The classification between activities is as follows.. Expenditure on raising funds consists of property agents, commission together with an apportlonment of the administration lee alld goveinance costs. Expenditure on charitable activities comprises special projects and schoo expenses together with an apwrtionment of the administration lee and governance costs. Irrecoverable VAT is charged against th8 category of expendituré lor which il was incurred. 13
THE WHITECHAPEL EDUCATIONAL FOUNDATION Noles to the financial statements for the year ended 31 March 2022 (Contd.) Accounllng pollcles {Contd.) (D Allo¢allon of admlnlslratlon fee and governance costs Governance costs are the costs associaled with Ihe governance arrangements ol Ihe charity, which relate lo the gewal running of the charity as opposed to those costs associated with lundraEsing or charitable activity- Included within this category are costs associated with the strategic as opposed to day.to-day management ol the charity's activities. The administration lee and governance costs are allocated across the categories ol charitable expenditure and the costs of raising funds. Th8 allocation ol the administralion lee and governance costs is based on the lime spent on each activity. (g) Tanglble Ilxed assets The charity has a policy of capilalising all additions to school buildings. Depreciatian is provided on the tangible fixed assets at rates calculated lo write ofl Ihe cost ol each asset evenly over ils expected useful life as follows= School buiklings 40 years Investmenls COIF investments are staled at market value al the balance sheet dale. Investmgnt properties are stated at the Trustees, estimale ol open market value at the balance sheet date. Debtors Debtors are recconised al their settlement amount, less any provision for non- recoverability. Prepayments are valued at the amount prepahd. (k) Cash at bank and In hand Cash at bank and in harKI represents such accounts and instruments that are available on demand or have a maturity of less than thr88 months from the date ol acquisition. Creditors and provlslons Creditors and provisions are recognised when there Is an obligatK)n al the balance sheet date as a result of a past event, il is probable Ihal a transfer of economic benefit will be required in settlement, and the amount of the settlement can be eslimaled reliably. Creditors and provisions are recognised al the amount Ihe charity anticipates il will pay lo settle the debt. 14
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2022 (Contd.) Accounliw pollcles (Contd.) (m) Fund accountlng Funds held by the charity are.. Unrestricted funds - these are funds which can be used in ac¢ordance with Ihe charity's objects, al thè dlscretlon of the Board. Designated funds- these are unrestricted funds set aside by the Board lor specific purposes. Restricted funds- these are lunds that can be used lor particular restricted purposes, thin the objecls ol the Charity. Restrictions arise when specified by the donor at the point of gift. Endowmentlund- the enéowmenl fund représellts assets which must b8 held permanently by the charity- Incoffle arising from the endowment fund can be used in accoTdance with the objects ol the charity and Is included in unrestricted income. Any losses or gains arising on the assets held by the fund form a part of the fund. Any costs relating lo the luThJ are charged against the lund. Isee note 19 for further delails.) Property Incorne 2022 2021 General fund: Property rentals 29,751 29,750 Income from Investmenis 2022 2021 General fund: COIF investments Bank interest 60,997 98 59,226 264 61,095 59,490 Restrlcled lunds: Bank interest 40 61,135 59.553 15
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2022 (Contd.) Expendllure on raislng lunds 2022 2021 General fund: Property maintenance and ulililies Agency commission Share ol gov8rnance costs {note 61 Adminislratlon fee {nole 71 {280) 1,560 391 900 1,000 1.561 367 900 2,571 2,799 Expendlture on charltable acllvltles 2022 2021 General fund: Staff common room expenses Donations towards prizes Donations towards school capital projects Depreciation ol school Retirern8ntllong seNicelleaving gifts Student support Share ol governance Costs Inota 61 Adminislration fee {nole 71 1000 2.000 500 60,336 ,924 335 4Q,000 35,924 231 3,522 8,100 3,304 8,100 90,776 110,498 90,776 110,498 Governance costs 2022 2021 Trustee indemnity insurance London Diocesan Board lor Schools Megg's Almshouse Charity Indep8ndent examination lee 1,205 250 300 2,158 941 250 300 2,180 3,913 3,391 Governance costs have been allocated as follows: Raising funds (l 1.) Charitabl8 activities190 /.) 391 3.522 367 3,304 3,913 3.671 16
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2022 (Contd.) Admlnlstratlon fee 2022 2021 Total fee 9,000 9,000 The administration fee has been allocated as follows.. Raising lunds1100/.} Charitable activities {90Y0 900 8,100 900 8,100 9,000 9,000 Staff costs and remunerallon ol key management personnel The charity employed no slaff during the year {2021- none). No Iruslees recèived any remuneration in respect of their seNices during the year (2021- £nil). No Iruslee was reimbursed lor any expenses during the year. The key management personnel ol the charity in charge of directing and controlling th8 charity comprises the trustees. The lotal remuneration {brludIng taxable benefÈtsl ol lh8 key management personnel lor the year ds £nil12021 £nil). Taxalion The Foundation is a registered charity (No. 312698) and is generally exempl from taxation under the Income and Corporation Taxes Act 1988. The Trustees conslder Ihat no provision for laxalion is necessary in these financial statements. 17
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for Ihe year ended 31 March 2022 (Contd.) 10. Tanglble flxed assets School bulldlngs Cosl Al 1 April 2021 and at 31 March 2022 1,436,953 Depreclalion At 1 April 2021 Chargé for the year 1,050,242 35,924 At 31 March 2022 1,086,166 Net book value At 31 March 2022 350 788 At 31 March 2021 386,711 All tangible fixed assets are used for charitable purposes by the Davenant Foundation School. School building costs represent arnounts funded directly by the Foundation and do not represent the lull cost ol the school bLJildings. During the year ended 31 March 2012, some addilional land on the school's site was Iransferred into the ownership of the charity. However, the land is reslricted lo use by the h0o1 and is tt)erefore considered to have no value lor the purpose ol these financial statements. 11. Llsled Investmenls 2022 2021 COIF charlty funds: Market value at 1 April Net gainlllossl on revaluation 1,904,505 178,418 1,616,080 288,425 Market value at 31 March 2,082,923 1,905.505 Historical cost at 31 March 757,526 757,626 18
THE WHrrECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2022 {Conid.) 12. Property Inveslments 2022 Trustees, valuation: Ai 1 April 2021 and 31 March 2022 495,000 HIstIcal cosl at 1 April 2021 and 31 Marth 2022 300.000 The Trustees had recently obtained a revaluation of the above property. As a result ol the global pandemic, prop8rty valuations have fiuctualed in the lead up to and since the year end. However, the trustees believe that the valuation of the inveslrnent propety has nol fallen materially below the above valuation and as such have not provided for any impairment against this valve. Details of ihe lease granted by the Trustees on the remaining inveslmenl Wwrty are as follows.. Terms of lease Al 31 March Al 31 March 2022 2021 25 Maxwell Road. Hillingdon, Middlesex 35 Years 35 Years 13. Cash at bank 2022 2021 Lloyds TSB Bank.. current account COIF charities deposit fund 64,066 263,2Q4 74,631 202,077 327,270 276,708 14. Credliors: amounts falllng due wlthln one year 2022 2021 Accruals 20,100 3,000 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 2022 (Contd.) 15. Capltal Commltment Capital commitments at 31 March 2022 amounted to £114k12021 £123k) aTrJ include costs for the temporary classroom. 16. General fund General Fund 2022 General Fund 2021 Balance al 1 Awil Income Expenditure Transfers Gains/{losses) on inv8slmenls 373.028 90,845 (57,426) (650) 11,406 340,496 89,266 178,4001 (650) 22,315 Balance at 31 Mah 417,203 373,028 The unrestricted income of th8 Whitechapel Educational Foundalion Scheme is applied at the dlscrelion of the Trustees, after meelirvj mandatory expenses, for the benelil ol Davenanl FoulatIon School. Full details of the scheme are included in the Truslees, report on page 3. 17. Tanglble flxed assets fund 2021 Balance at 1 April Net movement in the year 387,711 (36,923) 422,635 {35,9241 Balance at 31 March 350,788 387,711 18. Restrlcted lunds Davenant Wlnston Exhlbition Prlze Fund Fund L E Young Charlly Fund Mushln Prlze Fund Tolal Balance al 1 April 2021 Income Expenditure Transfers 26,302 4,680 178 1,070 32,230 650 650 Balance at 31 March 2022 26,990 4,682 178 1,070 32,920 20
THE WHITECHAPEL EDUCATIONAL FOUNDATION
Notes to the financial statements for the year ended 31 March 2022 (Contd.)
18. Restricted funds (continued)
| Davenant Winston L E Young Mushin Exhibition Prize Charity Prize Fund Fund Fund Fund £ £ £ £ Balance at 1 April 2020 25,622 4,624 178 1,070 Income 30 6 - - Expenditure - - - - Transfers 650 - - - Balance at 31 March 2021 26,302 4,680 178 1,070 |
Total £ 31,542 36 - 650 32,230 |
|---|---|
The Davenant Exhibition Fund receives a statutory annual grant of £650 from the Whitechapel Educational Foundation. The Fund is to be applied to award individual bursaries of £150 per year tenable for three years to 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 of higher education at Tower Hamlets College. Awards are made by reimbursement against textbooks purchased.
The Winston Prize Fund is to be applied for an annual award of £75 for a pupil of Davenant Foundation School for the purchase of sports equipment. Any residue may be applied for the benefit of a first year pupil at the discretion of the Headmaster to alleviate hardship in the purchase of sports equipment.
The L E Young Charity Fund arises from a transfer of a prize fund agreed by the Charity Commissioners from the L E Young for National School, Theydon Bois charity. The fund is to be applied for a prize for religious education for a Year 9 student.
The Mushin Prize was established in 1988 with an initial deposit of £500 from the late professor Mushin, a former pupil at 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 restricted funds are held in COIF charity deposit funds.
19. Permanent endowment fund
| Balance at 1 April Realised gains on investments Unrealised gains/(losses) on investments Balance at 31 March |
Total 2022 £ 2,267,956 - 167,014 2,434,970 |
Total 2021 £ 1,806,846 195,000 266,109 2,267,956 |
|---|---|---|
21
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the flnancial statements for the year ended 31 March 2022 (Contd.) 20. Analysls ol net assets belween lunds Tanglbl? Pemianent Flxed Asset Restrfcled End¢Jwm8nt Fund Fund$ Fund Gènèral Fund Total FuThls Fund balances at 31 March 2022 at? rspresented by: Tangible1Sxed assets Inveslmenls Current assets Crodilors.. amounts lall'ng due onè year 350,788 350,788 2,434,970 2.5n,923 327.270 I20,1> 142.953 294.350 120,1001 32,920 417,203 350.788 32,920 2,434.970 3,235,881 Unreallsgd galns Includad abov8: On invèstm8nl assets at 31 MaKh 2QZ2 234,978 1,090.419 1J25J96 Tanglble P8mianent Flx8d Asset Regtrlcled Endowmortt Fund Funds Fund Tolal Fund$ Fund Fund balances at 31 Mayeh 2021 are r$8n1e(I by.. Tangiblelixed assets InvÈstrn&nts CLtrrent assets Credltors.. atnounls fdllng due wthin one year 386,711 386,711 1.806.847 2.399,505 267.7D8 131,549 244.452 32,256 iioooi 13,0001 373,D01 386,711 32.25e 1,808,847 3,059,924 Unreallsed galns Included above: On Inveslmenl assets at 31 March 2021 223,573 ,405 1,146,978 Pormanent General Re8lrlded Endowment Fund Funds Fund Total Funds Unreallsed gaills at 1 April 2021 NÈI gains arislng on revaluation 223,573 11,405 923.405 1,145,978 167.014 178,418 Unalised gain3 at 31 ArCh 2022 234,978 1,09D,419 1,325,396 Permanent Gènèral R•gtvlct8d Endowment Fund Funds Fund Totyl Funds UnrealFsed gains al 1 April 2020 Net galns arisiw on revaluat 201,257 22,316 657,298 266,109 858,553 288,425 Unre&L4ed gains a131 Mah 2021 223.573 923,405 1.1A6.978
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for Ihe year ended 31 March 2022 (Contd.) 21. Trustees Th&rg were no amounts reimbursed to trustees during the year in respect of itgms purchased on behalf of the trusl12020 £nill. Related party transact18 The charity agreed lo contribute to Davenant Foundalion School, which is consMJered a related party due to having trustees in cornmon with The Whilechapel Educational Foundation, in respect of staff entertaining, prizes, travel bursaries, sports events and adrninislration fees as detailed in noles S and 7. At 31 March 2022, no money was owed to Davenant Foundation School {2021 £nill. 23