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 exC￿led 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 I￿rne 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 pr1r￿lPleS 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 reaSona￿e 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
InVestM￿ts
,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 InVestr￿t
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
R￿nCIlIatIOn 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 tX￿ndItur0
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¢0￿11181[0n of lundg:
Fund balan￿ brought lobward
at 1 Apill 2020
1,8Q6,847
31,543
763.132 2,801,522
Fund balances ca￿1ed 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
CuT￿nI 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 a￿Unts 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 {br￿ludIng 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
HIst￿Ical 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 Ma￿h
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
Fou￿latIon 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**<br>**Winston**<br>**L E Young**<br>**Mushin**<br>**Exhibition**<br>**Prize**<br>**Charity**<br>**Prize**<br>**Fund**<br>**Fund**<br>**Fund**<br>**Fund**<br>**£**<br>**£**<br>**£**<br>**£**<br>Balance at 1<br>April 2020<br>25,622<br>4,624<br>178<br>1,070<br>Income<br>30<br>6<br>-<br>-<br>Expenditure<br>-<br>-<br>-<br>-<br>Transfers<br>650<br>-<br>-<br>-<br>Balance at 31<br>March 2021<br>**26,302**<br>**4,680**<br>**178**<br>**1,070**|**Total**<br>**£**<br>**31,542**<br>**36**<br>**-**<br>**650**<br>**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<br>Realised gains on investments<br>Unrealised gains/(losses) on investments<br>Balance at 31 March|**Total**<br>**2022**<br>**£**<br>**2,267,956**<br>  <br>-<br>**167,014**<br>**2,434,970**|Total<br>2021<br>£<br>1,806,846<br>195,000<br>266,109<br>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
Un￿alised 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 Ma￿h 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 transact1￿8
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