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 con￿rn 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 othe￿is8 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
un￿alISed 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
Unre￿iSed 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