THE WHITECHAPEL EDUCATIONAL FOUNDATION Charity Commlssion No. 312698 The Whitechapel Educational Foundation Financial Statements for the year ended 31 March 2023
THE WHITECHAPEL EDUCATIONAL FOUNDATION Contents Page Officers and advisers Report of the Trustees Independent examiner's report Statemenl of financial activities 9-10 Balance sheet Notes to the financial stalements 12-23
THE WHITECHAPEL EDUCATIONAL FOUNDATION Trustees: Mrs A Allen Ifrom 11 O¢tober 20221 Mr G Anthony Ms C Cantle Ilrom 11 October 20221 Mrs A Crombie Ilrom 11 October 20221 Rev C Davies Mrs C Folkes Mr M Hicks Mrs N Lee-Johnslon (from 11 October 20221 Mr D Prosser Mr H Smith Mrs S Temple Mrs M Vine-morris (until 11 October 20221 Registered address: Davenant Foundation School Chester Road Loughton Essex IG10 2LD Bankers: Lloyds Bank plc 11 The Broadway Loughton Essex IG10 3SW Investment managers: COIF Charity Funds CCLA Investment Management Limited 1 Angel Lan London EG4R 3AB Solicitors: William Sturges & Co Burwood House 14-16 Caxton Street London SW1 H OQY Winckworth Sherwood LLP Minerva House 5 Montague Close London SE1 98B Independent examln8r: Hugh Swainson FCA Buzzacotl LLP 130 Wood Strgel London EC2V 6DL Charity Reglslration Number: 312698
THE WHITECHAPEL EDUCATIONAL FOUNDATION Report of the Trustees for the year ended 31 March 2023 Objectlves of the Foundation The Trustees present their report together with the accounts of The Whit8chapel Educalional Foundation (the "charity") lor the year ended 31 March 2023. The accounts have been prepared in accordance with th8 accounting policies sel out on pages 12 to 14 ol the attached accounts and comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Slatement ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applioable in the Unlled Kingdom and Republic ol Ireland IFRS 1021. The Whilechapel Educational Foundation is an Educallonal Endowment regulat8d by a scheme under the Endowed Schools Acts and Section 17131 ol the Education Act 1944 and registered as Scheme No. 4843 S. The school ol the Foundation is Davenanl Foundation School. The scheme made on 22 Seplember 1964 by the Secretary ol Slate lor Education and Science, under Sgclion 18 01 the Charities Act 1960, was subject lo a modllication order made by the Secretary ol Slate lor Education which came Into force on 31 August 1994. This modili¢alion recognisgd the change in slalus ol the school from being Voluntary Aided lo Grant Maintained. Following the abolishment ol Grant Maintained status under the Schools Standards and Framework Act, the schoo1 reverted lo being Voluntary Aided from 1 September 1999. On 1" April 2011 the school converted to an academy under the Academies Act 2010. The Whit8chapel Educalional Foundation was r8gislered as a charity (number 3126981 with the Charity Commission oll 12 November 1964. In the summary the schemo provides that the income ol the Foundallon shall be applied as follows: Subject lo the payment ol any expenses ol adminSslralion, the Trustees shall pay yearly sums ol not less than £250 to the London Diocesan Board lor Schools, not less than £150 nor more than £30010 Megg's Almshouse Charity and a yearly sum ol not less than £650 to a separate fund called the Davenant Fund lor the benefit ol young persons resident in the area ol the ancient parish ol Sl Mary's Whilechapel in the former Metropolitan Borough ol Stepney. Tho residue ol the nel yearly income shall be applied lo defraying such Bxpenses as providing b8n8lits lo the school ol a kind not normally provided by public funds, awarding exhibitions and bursaries and promoting education, provided that such monies are not applied directly in relief ol maintenance grants under S8ction 8101 the Education Act 1993. The sum remaining is lo be plac8d on deposit or invested. The Trustees hereby confirm that the financial statements comply with current slalulory requirements and with the requirements of the scheme. Public Beneflt The Iruslees have referred lo the guidance contained in the Charity Commlssion's general guidance on public bgnelil when reviewing their airns and objectives and in planning lulure aclivilies. Review of Activities For the General Fund, income from divldends and interesl from COIF deposS1 funds and bank accounts during the year totalled £65,42712022 - £61,135). The investment property was occupied lor the lull financial year, yielding a rental income of £29,750 12022 - £29,751). The Foundation provides support lor Davenanl Foundation School and made a donation of £110,400 towards the cost ol a new leaching block, the hall roof replacement, remodelling within the main building and swimming pool works12022- £40,000}. The Foundation continues lo make contributions lo the cost ol prizes lor students, travel bursaries (none awarded in 20221 and stall refreshments.
THE WHITECHAPEL EDUCATIONAL FOUNDATION Report of the Trustees for the year ended 31 March 2023 (Cont.) Tolal expenditure, not counting depreciation ol School buildings and the capital project donation, was £18,29712022 £18,075). Reserves policy Reserves are accumulated until such time as the school requires financial support for a project. Trustees decide upon the level ol support, takSng account ol both the needs ol the school and the reserves available. The Trustees believe that the reserves will be expended on future projects. At 31 March 2023, the charity held unreslrict8d reserves of £377,841 12022 - £417,203) and the designated fixed asset fund amounted lo £314,86412022 - £350,7881. Permanent endowment funds amounted lo £2,337,23212022 - £2,434,970) and reslricled funds were £34,07612022- £32,920). Investment policy The resources of the Foundation are invested in COIF charily funds administered by CCLA Investment Management Limited. Th8 Trustees review the performance ol the COIF charily funds during Ihe course ol each year, and following professional advice, resolved lo relain the same portfolio. The Foundation owns one freehold property, the rent from which meets the expenses ol the Foundation and also conlribules lo reserves. Thls property was revalued al 31 March 2021 at £495,000. Golng concern During the period from 31 March 2023 to the dale that the linancSal slalements wer8 approved, the uncertain economic climate conlinugs lo alle¢l businesses as well as economic activities globally including the UK. However, Iruslees have considered the ellecl on th8 charity's operations and have concluded that the impact continues lo be limlted. Appointment of Trustees The Foundation appoinls the foundallon Governors of Davonant Foundation School, and by virtue of this posilion are automatically appointed as Trustees ol the charity. All Governors undertake an induction programme on appointment lo lamiliarise themselves with the workings ol Ihe school and the charity. FLJrther training is available from the Local Authority and the National Governors, Associalion, as required. Key management The trustees comprise Ihe k8y management personnel ol the charity in charge ol directing and controlling, runr)ing and operating the charity on a day lo day basis. All Iruslees give ol their lime Iregly and no trustee received any remuneration in the year. Details ol Iruslee's expenses and remuneration are disclosed in note 8 to the accounts. Tyustees The following Trustees have held office during Ihe year.. Mrs M Vine-morris (Chairl (until 11 October 20221 Mrs A Allen Ilrom 11 October 20221 Mr G Anthony (Chair from I l October 20221 Ms C Cantle Ilrom 11 October 20221 Mrs A Crombie Ilrom 11 October 20221 Rev C Davies Mrs C Folkes Mr M Hicks
THE WHITECHAPEL EDUCATIONAL FOUNDATION Mrs N Lee-Johnslon Ilrom 11 October 2022) Mr D Prosser Mr H Smith Mrs S Templ8 statement of Trustees. responsibilities The Trustees are responsibl8 lor preparing the Trustees, report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepled Accounting Practice). The law applicable lo charities in England and Wales requires the Trustees lo prepare linanclal statements lor each financial year which give a true and fair view ol the slate ol allairs of the charily and ol the income and expendilure ol the charity lor that period. In preparing these financial statements, the Trustees are required to.. select suilablg accounting policies and then apply them consistently- observe the methods and principles in Accounting and Reportlng by Charities.. Slalemenl of Re¢ommendgd Practice applicable lo charities preparing their accounts In accordance with the Financial Reporting Standard applicable lo the United Kingdom and Republic ol Ireland IFRS 1021; make judgemellls and estimates Ihal are reasonable and prudenl., slate whether applicable United Kingdorn Accounting Standards have bgen followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going conrn basis unless il is inappropriate lo presume that the charity will continue in operation. The Trustees are responsible lor keeping proper accounting records that disclose with reasonable accuracy al any lime the financial position ol the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Financial slalemenls and Reportsl Regulations 2008 and the provisions ol the charity's trust deed. They are also responsible lor safeguarding the assets ol the charity and hence lor taking reasonable steps lor the prevention and deleclion ol fraud and other irregularities. The Iruslees are responsible for the maintenance and inlegrily ol the charity and Ilnancial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may diller from legislation in other jurisdictions. Rlsk management The Trustees have considered the various risks lo which the Foundallon may be subject and are satisfied that measures are in place to minimise any potential loss. Key risks that the charity laoes ar8: a fall in investment returns, thus reducing 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 ol propety rgntal Sncome. This is mitigated by letting the investment property on a long term lease. In both cases above the Trustees would also be able lo lake action to reduce costs and reduce grant awards il n8cessary.
THE WHITECHAPEL EDUCATIONAL FOUNDATION The financial transactions ol the Foundation are minimal and are conducted on Ils behalf by the school's Finance and Resources Manager, who reports regularly lo the Trustees. Financial data is kept on the school's administration network and is backed up daily. Approved eson. and signed on their behalf Chair
THE WHITECHAPEL EDUCATIONAL FOUNDATION Independent Examiner's Report to the Trustees of Whilechapel Educational Foundation I roporl lo the eharily Iruslees on my exarninalion ol the accounts ol tho charity lor the year ended 31 March 2023. Responslbllltles and basls of report As tho Iruslees ol the Charity you are responsible lor the preparation ol the accounts in accordance with the requirements ol th8 Charilies Act 2011 I'lhe Acl'l. I report in respect ol my exarninalion ol the charity's accourils carried out under seclion 145 01 Ihts 2011 Act and in carrying out My examination I have followed all the applicable Directions given by the Charity Commission under s8clion 14515llbl ol the Act. Independent examlner's statemgnl I have completed my exarninalion. I confirm that no material mallers have come lo my allenlion in connection with my exarninalion giving me cause lo believe that ill any material respect.. acco>unling records were not kept in respect ol th8 charity as required by sectlon 130 01 the Act., or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements concerning the form and ¢onlenl ol accounts sel out in th8 Chari118s IA¢counts and Reports) Regulations 2008 other than any requiromenl that the accourils give a 'lrua and lair viow, which is not a tnaller ctsnsldered as part ol an independent examination. I havo no ¢oncerns and have come across no other Tnallers in connection with the examination lo which allenlion should be drawn in this report in order lo enable a proper understanding ol the accounts lo bg reached. Buzzacoll LLP Chartered Accounlanls 130 Wood Street London EC2V 6DL Dale.. 14 July 2023
THE WHITECHAPEL EDUCATIONAL FOUNDATION Statement of financial activities for the year ended 31 March 2023 Permanent Endowment Flestrlcted funds funds Unre5trlcled general funds Total Total 2022 2023 Notes Income from.. Properly income Inv8slmen15 29,750 65,427 29,750 66,008 29,751 61,136 581 Total Income 581 95,177 95,758 90.887 Expendlture on: Raising funds Charitable activities 2,870 161,752 2.870 161,827 2.5712 90,776 75 Total expendlture 75 164,622 164,697 93,348 Nel lexpendlture}Iln¢ome before Ilossesllgalns on Investments 506 169,445) 168,939) 12,4611 Unrealised Ilossesllgains on investment assets 11 &12 197,7381 15,1911 {102,9291 178,418 N91 income before transfers Transfers belween funds 18 650 1650) Net movement In funds {97,7381 1,156 175,2861 1171.8681 175,957 Reconclllatlon ot tunds.. Fund balances brought forward al 1 April 2022 2,434.971 32,920 767,990 3,235,881 3,059,294 Fund balances carrled lorward 17, 16, at 31 March 2023 18&19 2,337,233 34,076 692.704 3,064,013 3.235,881 None ol the charity's activities was acquired or discontinued during the alJ)ve two financial years and there were no recognised gains or losses other than as shown above. The notes on pages 12 10 23 form part of these financial slalements.
THE WHITECHAPEL EDUCATIONAL FOUNDATION Statement of financial activities for the year ended 31 March 2022 Permanent Endowmeni Restrlcted tunds funds Unrestrlcled general funds Total 2022 Notes Income from: Properly ineome Investments 29,751 61,095 29,751 61,136 40 Total Income 40 90,847 90,887 Expendllure on: Raising funds Charitable aclivilles 2.572 90,776 2,572 90.776 Total expendlture 93,348 93,348 Net Incomellexpendlturel before gainslllossesl on Inveslmenls 40 12.501) 12,461) Unrealised gainslllossesl on inveslrnenl assets 167.015 11,403 178,418 Nel Income before transfers Transfers between funds 18 650 1650} Net movement In funds 167,015 690 8,252 175,957 Reconclllalion of funds: Fund balances brought forward al 1 April 2021 2,267,956 32,230 759,738 3,059,924 Fund balances carrled forward al 31 March 2022 17, 16, 18&19 2,434,971 32,920 767,990 3,235,881 None of the charity's activi1Ses was acquired or discontinued during the above financial year and ihere w8r8 no recognised gains or losses other than as shown above. The notes on pag8s 12 10 23 form part of these Ilnancial statements. 10
THE WHITECHAPEL EDUCATIONAL FOUNDATION Balance sheet as at 31 March 2023 2023 2023 2022 2022 Notes Flxed assets Tangible assets Investments Listed investments Properties 314,864 350,788 11 1,979,994 12 495,000 2,082,923 495,000 2,474,994 2,789,858 2,577,923 2,928,711 Current assets Cash at bank 13 276,691 276,691 327,270 327,270 Creditors: amounts falllng due within one year 14 {2,537> {20,1001 Net current assets 274,154 307.170 Total assets less current Ilabllllles 3 064,013 3,235,881 Net assets 3,064,013 3,235,881 The funds of the charlty: Unrestrlcted income funds General lund Tangible fixed assets fund Restrlcted funds Endowment funds 16 17 377,841 314,864 34,076 2,337,232 417,203 350,788 32,920 2,434,970 19 20 3,064,013 3,235,881 Approved and aulhorised lor issue by Ihe Trustees on and signed on their behalf by ru ee Tru The riotes on pages 12 t 3 form part of these financial stalemenls.
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2023 A¢countlng policies The principal accounting policies adopted, judgements and key sourcos ol eslimalion uncertainly in the preparation ol Ihe accoullls are laid out below. (a) Basis of accounling These accounts have be8n prepared lor the year to 31 March 2023. The accounts have been prepared under the hislorScal cost convenllon with items recognised al cost or transaction value unless otheis8 slated in the relevant accounling policies below or the noles lo these accounts. The accounts have b8en prepared in accardance with Awounlin9 and Reporting by Charities-. Slatemenl ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic ol Ireland (Charities SORP FRS 1021, th& Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 and the Gharilies Act 2011. The charity conslilules a public benefit enlily as defined by FRS 102. The accounts are presented in sterling and are rounded to the nearest pound. (b) Critical accountlng estimates and areas ol judgement Preparation ol the accounts requires the trustees lo make significant judgements and eslimales. The itoms in the accounts where these judgements and eslimales have been made Include.. estimaling the useful economlc life ol tangible fixed assets. and eslimaling the value ol the inveslmenl property. 12
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2023 (Contd.) Accounting pollcles (Contd.) le) Assessment of golng concern The trustees have assessed whelher the use ol the going concern assumption is appropriate In preparing these accounts. The Iruslees have made this assessment in respect lo a p8riod ol one year from the dale ol approval ol these accounts. The trustees ol the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubl on the ability ol the charity lo continue as a going concern. The Iruslees are ol the opinion that the charity will have sullicienl resources to meet ils liabililies as they fall due. The most significant areas ol judgement that allecl items ill the accounts are detailed above. With regard lo the next accounting period, the year ending 31 March 2024, the most significant areas that allect the carrying value ol the assets held by the charity are the level ol investment return and the peylormance ol the investment markets (see the investment policy and the risk managem8nt sections ol the truslegs, rgport lor more inlormationl. (dl Income recognltion Income is recognlsed in the period in which the charity has enlillemenl lo the income, the amount ol incomè can be measured reliably and il is probable that the income will be received. Income comprises investment income. Dividends and inleresl from inveslmenls are accounted lor on an accruals basis. Property income is accoullled for on an accruals basis. (el Expenditure recognltlon 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 basss and has been classilled under headings that aggregate all costs related to the category. All expenditure is accounted lor on an accruals basis. Expenditure comprises dlrecl costs and supporl costs. All expenses, including support costs, are allocated or apportioned lo the applicable expenditure headings. The classification belwe8n activities is as follows.. Expenditure on raising funds consists ol property agents, commission together with an apportionment ol the adminislralion lee and govgrnanc8 Costs. Expenditure on charitable activities comprises speclal projects and school expenses togethgr with an apportionment ol the adrninislrallon lee and governance costs. Irrecoverable VAT is charged against tho category ol expenditure lor which il was incurred. 13
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for Ihe year ended 31 March 2023 (Contd.) Accounting policies (Contd.) Allocatlon of admlnistratlon fee and governance costs Governance costs ar8 th8 cosls associated with the governance arrangements ol the charity, which relate lo the general running ol the charity as opposed lo those oosls associated with fundraising or charitable aclivily. Included within this category are costs associated with the strategic as opposed to day-to-day management of the charitys activilies. The adminislralion fee and governance costs are allocated across the categories ol charitable expenditure and the costs ol raislng funds. The allocation ol the adminislralion lee and governance costs is based on the time spent on each aclivily. Ig) Tangible flxed assets The charity has a polny ol oapilalising all additions lo school buildings. Depreciation is provided on the tangible fixed assets at rates calculated lo write oll the cost ol each asset evenly over ils expected useful life as follows.. School buildings 40 years Investments COIF investments are slated al market value at the balance sheel dale. Investment properties are slated at Ihe Trustees, estimate ol open market value at thg balance sheet dale. Debtors Debtors are recognised at Iheir settlement amount, less any provision lor non- recoverabilily. Prepayments are valued al the amount prepaid. Ik) Cash at bank and In hand Cash al bank and in hand represents such accounts and instruments that are available on demand or have a maturity ol less than three months from the date ol acquisltion. Credltors and provislons Creditors and provisions are recognised when there is an obligation at the balance sheel dale as a result ol a past event, it is probable that a Iransler ol economic benefit will be required in settlement, and the amount ol the s8tllemenl can be &stimaled reliably. Creditors and provisions are recognised at the amount the charity anlioipales it will pay lo sellle the debt. 14
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2023 {Contd.) Accountlng policies Icontd.) (m) Fund accountlng Funds held by the charity are.. Unreslricled lunds - these are funds which can be used in accordance with lh8 charity's objects, at the discretion ol th8 Board. Designated funds- these are unrestricted funds sel aside by the Board lor specific purposes. Reslricled funds - these are funds that can be used lor particular restricted purposes, within Ihe objects ol the Charity. Restrictions arisè when specified by the donor at the point ol gilt. Endowmentlund- the endowment fund represents assets which must be held permanently by the ¢harily. Income arising from the endowment fund can be used in accordance with the objects ol the charity and is included in unreslricled income. Any losses or gains arising on the assets held by the fund form a part ol the fund. Any costs relating lo the fund are charged against the fund. (See note 19 lor further details.} Property income 2023 2022 General lund: Property rentals 29,750 29,751 Income from investments 2023 2022 General fund: COIF inveslmgnts Bank interèst 61,929 3,498 65,427 60,997 99 61,096 Restricted funds.. Bank interest 581 66,008 40 61,136 15
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2023 {Contd.) Expenditure on raising funds 2023 2022 General fund: Property maintenance and utilities Agency commission Share ol gov8rnance costs Inole 61 Adminislralion lee (note 71 12801 1,560 391 900 1,562 410 900 2,872 2,571 Expenditure on charitable activities 2023 2022 General fund: Stall common room expenses DonalSons towards prizes Capital donations lo Ihe school Travel bursaries Dtsprecialion ol school buildings Retiremenll long servicelleavlng gllls Awards SILJdenl support Administration fee Inoto 71 Share ol governance costs 2,000 700 110,400 3,000 40,000 35,924 672 15 250 8,100 3,690 161,751 35,924 230 8,100 3,522 90,776 Awards from reslricled funds 75 161,826 90,776 Governance costs 2023 2022 Meggs Almshouse London Diocesan Board Trustee indemnity insurance Independent Examination Fee 250 300 1,320 2,230 4,100 250 300 1,205 2,158 3,913 Raising funds110°/01 Charitable aclivilies1900/.1 410 3,690 4,100 391 3,522 3,913 16
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2023 (Contd.) Administration fee 2023 2022 Total lee 9,000 9,000 The adminislralion lee has been allocated as follows.. Raising lunds110°1.1 Charitable activities190 %) 900 8,100 9,000 900 8,100 9,000 staff costs and remuneration of key management personnel The charity employed no staff during the year12022 - none). No IrLJslees received any remuneration in respect ol their services during the year12022 - £nill. No Iruslee was reimbursed lor any expenses during the year. The key management personnel of the charity in charge ol directing and controlling the oharily comprises the Iruslees. The total remuneration lincluding taxable benefits) ol the key management personnel lor the year was £nil12022 - £nill. Taxation The Foundation is a reglslered charity INO. 3126981 and is gen8rally exempt from taxallon under Ihe Income and Corporation Taxes Act 1988. The TrustBes consider that no provision lor taxation is necessary in these financial slalemenls. 17
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to Ihe financial statements for the year ended 31 March 2023 (Contd.) 10. Tangible flxed assets School buildlngs Cost Al 1 April 2022 and at 31 March 2023 1,436,954 Depreciation Al 1 April 2022 Charge lor the year At 31 March 2023 1,086,166 35,924 1,122,090 Net book value Al 31 March 2023 314,864 Al 31 March 2022 350,788 All langlble fixed assets are used lor charitable purposes by the Davenanl Foundation School. School building costs represent amounts funded directly by the Foundation and do not represent Ihe lull cost ol the school buildings. During the year ended 31 March 2012, some additional land on the school's sile was transferred into the ownership ol the charity. Howevgr, the land is reslricled lo use by the school and is Iherelorg considered lo have no value lor the purpose ol these financial slalemenls. 11. Llsted Investments 2023 2022 COIF charlty funds: Market value al 1 April Nel Ilossllgain on revaluation 2,082,923 1,904,505 1102,929} 178,418 Mark8t value al 31 March 1,979,994 2,082,923 Historical cost at 31 March 757,526 757,526 18
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to Ihe financial stalements for the year ended 31 March 2023 (Contd.) 12. Property Investments 2023 Trustees, valuation.. At 1 April 2022 and 31 March 2023 495,000 Historical cost at 1 April 2022 and 31 March 2023 495,000 The Trustees had oblained a revalualSon ol the above property as al 31 March 2021. The trustees believe that the valuation ol the investment property has not fallen materially below the above valuation and as such have not provided lor any impairment against this value. Details ol the lease granted by the Trustees on the remaining investment property are as follows: Terms of lease At31 At31 Mar¢h March 2023 2022 25 Maxwell Road, Hillingdon, Middlesex 35 Years 35 Years 13. Cash at bank 2023 2022 Lloyds TSB Bank.. current account COIF charities deposit fund 37,487 239,204 64,066 263,204 276,691 327,270 14. Credltors: amounts falllng due wlthln one year 2023 2022 Accruals 2,537 20,100 There were no creditors lallSng due after more than one year. 15. Capital Commitment Capital commitments al 31 March 2023 amounted lo £22k 12022 £114kl comprising a contribution towards the electrical infrastructure project. 19
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2023 (Contd.) 16. General fund General fund 2023 General fund 2022 Balance al 1 April Income Expenditure Transfers ILossesllgains on investments 417,202 373,028 95,177 90,845 (128,697) 157,4261 {650) 16501 {5,1911 11,406 Balance al 31 Maroh 377,841 417,203 The unreslricled income ol the Whitechapel Educational Foundation Scheme is applied al the discretion ol the Trustees, aller meeting mandatory expenses, lor the benefit ol Davenant Foundation School. Full details ol the scheme are included in the Trustees, report on page 3. 17. Tangible fixed assels fund 2023 2022 Balance al 1 April Net movement in the year 350,788 387,711 (35,924) 136,9231 Balance at 31 March 314,864 350,788 18. Restrlcted lunds Davenant Wlnston L E Young Exhibilion Prlze Charity Fund Fund Fund Mushin Prize Fund Total Balance al 1 April 2022 Income Expenditure Transfers Balance al 31 March 2023 26,990 476 4,682 83 1751 178 1,070 19 32,920 581 175} 650 34,076 650 28,116 4,690 181 1,089 20
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2023 (Contd.) 18. Restrlcted funds Icontlnued} Davenant Winston L E Young Exhibillon Prlze Charlty Fund Fund Fund Mushln Prize Fund Total Balance at 1 April 2021 Income Expenditure Translgrs Balance at 31 March 2022 26,302 38 4,680 178 1,070 32,230 40 650 26,990 650 32,920 4,682 178 1,070 The Davenanl Exhibition Fund receives a slatulory annual grant of £650 from the Whitechapel Educational Foundation. The Fund is lo be applied lo award individual bursaries of £150 per year tenable lor three years to young persons resident in the area ol the ancient parish ol St Mary's, Whilechapel in the former Melropolilan Borough ol Stepney going on lo courses ol higher education at Tower Hamlets College. Awards are made by reimbursement against lexlbooks purchased. The Winston Prize Fund is lo be applied lor an annual award of £75 lor a pupil of Davenanl Foundation School lor the purchase ol sports equipment. Any residue may be applied lor the benefit ol a first year pupil al the discretion ol th@ Hgadmasler lo all8viale hardship in th8 purchase ol sports equipment. The L E Young Charity Fund arises from a Iransler ol a prize fund agreed by the Charity Commlssioners from the L E Young lor National School, Theydon Bois charity. The fund is to be applied lor a prlze lor religious education lor a Year 9 sludenl. The Mushin Prize was 8stablished in 1988 with an initial deposit 01 £650 from tho late professor Mushin, a former pupil at the Davenanl Foundation School, for the award of travel bursaries with the object ol loslering understanding between the major lailhs in this country lor Sixth Form sludenls al the school. All reslrict8d funds are held in COIF charity deposit funds. 19. Permanent endowment fund Total 2023 Tota1 2022 Balance at 1 April Realised gains on investments Unrealised Ilossesllgains on investments 2,434,970 2,267,956 {97,738) 167,014 Balance al 31 March 2,337,232 2,434,970 21
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2023 (Contd.) 20. Analysls of net assets between funds Tanglble flxed asset fund Permanent endowment fund Total funds General Reslrletèd fund Fund balances at 31 Mareh 2023 are represented by: Tangible fixed assets Inveslmenis Current assets Creditors.. amounts lalllng due within one year 314,864 314,864 2,474,994 276,692 137,762 242,616 2,337.232 34,076 12,5371 377,841 12,5371 3,064,013 314,864 34,076 2,337,232 Unreallsed 10$s8s Includ8d above: On invesltngnl assgls at 31 March 2023 15,1911 197,7381 1102,9291 Tanglble Ilxed asset fund Pèrmanènt andowment lund Tolal funds General lund Restrleted fund Fund balances at 31 Mareh 2022 are represonted by: Tanoible fixed assets Invesltnent5 Current assets Creditors.. amounts falling due wilhln one year 350,788 350,788 2,577,923 327,270 142,953 294,350 2,434.970 32,920 120,1001 417,203 120.1001 3,235.881 350.788 32,920 2,434,970 Unreallsed galns In¢luded above: On invesltnenl assets at 31 March 2022 234,978 1.090,419 1,325,397 P•rmaneni 8ndowmenl fund Tolal funds G8ner#l fund R¢strl¢t8d lund Unrealised gains al 1 April 2022 Nel gains arislng on revaluation 234,978 1,090,419 197,7381 1,325,396 1102,9291 unalISed gain5 at 31 March 2023 229,787 992,681 1,222,468 Pormanent ?ndowment fund Total funds General fund Rèslrl¢l¢d fund Unrealised gains al 1 April 2021 Nel gains ailsin9 on revaluation 223,573 11.405 923,405 167,014 1,146,978 178,418 UnreiSed gains al 31 March 2022 234.976 1,090,419 1,325.397 22
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2023 (Contd.) 21. Trustees There were no amounts reimbursed lo trustees during the year in respect ol Items purchased on behalf ol the Irusl12022 £nill. 22. Related party transactions The charity agr8ed lo contribute lo Davenanl Foundation School, which is oonsidered a related party due to having Iruslees in common with The Whilechapel Educational Foundation, in respect of stall entertaining, prizes, travel bursaries, sports events and administration lees as detailed in notes 5 and 7. At 31 March 2023, £337 was owed lo Davenanl Foundation School12022 - £nlll. 23