THE WHITECHAPEL EDUCATIONAL FOUNDATION Charity Commisslon No. 312698 The Whitechapel Educational Foundation Financial Statements for the year ended 31 March 2024
THE WHITECHAPEL EDUCATIONAL FOUNDATION
Contents
| Page | |
|---|---|
| Officers and advisers | 3 |
| Report of the Trustees | 4 - 7 |
| Independent examiner's report | 8 |
| Statement of financial activities | 9 - 10 |
| Balance sheet | 11 |
| Notes to the financial statements | 12 - 23 |
2
THE WHITECHAPEL EDUCATIONAL FOUNDATION Trustees: Mrs A Allen Mr G Anthony Ms C Cantle Mrs A Crombie Rev C Davies Mrs C Folkes Mr M Hicks (until 6 July 2023) Mrs N Lee-Johnston Mr D Prosser Mr H Smrth Mrs S Temple Reglstsred address: Davenant Foundation School Chester Road Loughton Essex IG10 2LD Bankers: Lloyds Bank pk 11 The Broadway Loughton Essex IG10 3SW Investment managers: COIF Charity Funds CCLA Investment Management Limrted Senator House 85 Queen Vicloria Street London EC4V 4ET Sollcltors: William Sturges & Co Bu00d House 14-16 Caxton Street London SW1 H OQY Independent examlner: Hugh Swainson FCA Buzzacott LLP 130 Wood Street London EC2V 6DL Charlty Reglstratlon Number. 312698
THE WHITECHAPEL EDUCATIONAL FOUNDATION Report of the Trustees for the year ended 31 March 2024 Objectlves of the Foundation The Trustees present their report together with the accounts of The Itljhitechapel Educational Foundation (the °charity") for the year ended 31 March 2024. The accounts have been prepared in accordance with the accounting policies set OLrt on pages 12 to 14 of the attached accounts and compW with the charty's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). The Whitechapel Educational Foundation is an Educational Endowment regulated by a scheme under the Endowed Schools Acts and Section 17(3) of the Education Act 1944 and registered as Scheme No. 4843 S. The school of the Foundation is Davenant Foundation School. The scheme made on 22 September 1964 by the Secretary of State for Education and Scien, under Section 18 of the Charrties Act 1960, was subject to a modrfication order made by the Secretary of Stste for Education which came into force on 31 August 1994. This modffication recognised the change in status of the school from being Voluntary Aided to Grant Maintained. Following the abolishment of Grant Maintained status under the Schools Standards and Framework Act, the sctrthl reverted to being Voluntary Aided from 1 September 1999. On 1 ¢t April 2011 the school converted to an academy under the Academies Act 2010. The Whitechapel Educational FoundatrM was registered as a charty (number 312698) with the Charity Commission on 12 November 1964. In the summary the scheme wovides that the inc¢)me of the Foundation shall be applied as follows., Subj'ect to the payment of any expenses of administration, the Trustees shall pay yearly surns of not less than £250 to the London Di0san Board for Schools, not less than £150 nor more than £300 to Megg's Almshouse Charty and a yearly sum of not less than £650 to a separate fvjnd called the Davenant Fund for the benefrt of young persons resident In the area of the ancient parish of St Mary's Whltechapel in the former Metropolitan Borough of Stepney. The residue of the net yearly inrne shall be applied to defraying such expenses as providing 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 relief of maintenance grants under Section 81 of the Education Act 1993. The sum remaining is to be placed on deposit or invested. The Trustees hereby confirn that the financial statements comply with current statutory requirements and with the requirements of the sCheTh. Publlc Benefit The trustees have referred to the guidance contained in the Charity Commission's general guidan on public benefrt when reviewing their aims and objectives and in planning future activities.
THE WHITECHAPEL EDUCATIONAL FOUNDATION Report of the Trustees for the year ended 31 March 2024 (Cont.) Revlew of Activitles For the General Fund, income from dividends and iiterest from COIF deposit funds and bank accounts during the year totalled £74.766 (2023 - £66,008). The investment property was occupied for the full financial year, yielding a rental income of £29,750 (2023 - £29,750). The Foundation provides support for Davenant Foundation School and made a donatton of £14,471 towards the cost of an electrical infrastructure pK4ect (2023 - £110.400). The Foundation continues to make contribulions to the cost of student suppor( although only £40 was incuTred this year (2023: £250), Total expendtture, not counting depreciation of School tildIngS and the capital project donation, reduced to £16,447 (2023- £18,299). Rèserves pollcy Reserves are accumulated unb'l such time as the school requires financial support for a project. Trustees declde upon the level of support, taking account of both the needs of the school and the reserves available. The Trustees belleve that the reserves will be expended on future projects. At 31 March 2024, the charity held unrestricted reserves of £461,835 (2023 £377,841) and the designated fixed asset fund amounted to £278,940 (2023 - £ 314,864). Permanent endowment funds amounted to £2,481,046 (2023 - £ 2,337,232) and restricted funds were £36,150 {2023 - £34,076}. Investment pollcy The resources of the Foundalion are invested in COIF charity funds administered by CCLA Investment Management Limited. The Trustees review the performance ofthe COIF charity funds during the course of each year. and following professional advice, resolved to retain the sarne portfolio. The Foundation owns one freehold propety, the rent from which meets the expenses of the Foundation and also contributes to reserves. This property was revalued at 31 March 2021 at £495,000. Golng concern During the period from 31 March 2023 to the date thal the financial statements were approved, the uncertain economic climate continues to affect businesses as well as economic activities globally including the UK. However. trustees have considered the effect on the charity's operalions and have concluded that the impact continues to be limited. Appointment of Trustees The Foundation appoints the foundation Govemors of Davenant Foundation School, and by virtue of this position are automatically appointed as Trustees of the charity. All Governors undertake an induction programme on appointment to familiarise themselves with the workings of the school and the charity. Further Iraining is available from the Local Authorty and the National Governors, Association, as required. Key management The trustees comprise the key rnanagement personnel of the charity in charge of directing and controlling. running and operating the charity on a day to day basis. All trustees give of their time freely and no tnjstee received any remuneration in the year. Details of trustee's expenses and remuneration are disclosed in note 8 to the accounts.
THE WHITECHAPEL EDUCATIONAL FOUNDATION Report of the Trustees for the year ended 31 March 2024 (Cont.) Trustees The following Trustees have held office during the year: Mrs A Allen Mr G Anthony Ms C Cantle Mrs A Cromble Rev C Davies Mrs C Folkes Mr M Hicks (until 6 July 2023) Mrs N Lee-Johnston Mr D Prosser Mr H Smith Mrs S Temple Statement of Trustees, responslbllltles The Trustees are responsible for preparing the Trustees. report and financial statements in accordan with appllcable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a Irue and fair view of the state of affairs of the charity and of the income and expenditure of the charty for that period. In preparing these financial slatements, the Trustees are required to: select suitable accounting policies and then apply them consistenlly., obseNe the methods arKI principles in Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102); make judgements and estimates that are reasonable and prudent; stste whether applicable United Kingdom Accounting Standards have been followed. subject to any matefial departures disclosed and explained in the financial statements,. and prepare the financial statements on Ihe going concem basis unless it is inappropriate to presume that the charty will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any tirne the financial position of the charty and enable them to ensure that the financial statements compty with the Charities Act 2011, the Charity (Financial statements and Reports) Regulations 2008 and the provisions of the charity's trust deed. They are also responsible for safeguarding the assets of the charty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrty of the charty and financial infomation included on the charity's vbSite. Legislation in Ihe United Kingdom goveming the preparation and dissemination of accounts may differ from legislation in other jurisdictions.
THE WHITECHAPEL EDUCATIONAL FOUNDATION Report of the Trustees for the year ended 31 March 2024 (Cont.) Rlsk management The Trustees have considered the various risks to vthich the Foundation may be subject and are satisfied that measures are in pla to minimise any potential loss. Key risks that the charity faces are: a fall in investment returns, Ihus reducing the income to the Foundation. This is managed by using professional investment managers who spread the risk over a range of carefully selected funds; and a loss of property rental income. This is mitigated by letting the investment property on a long term lease. In both cases above the Trustees would also be able to take action to reduce costs and reduce grant awards if necessary. The financial transactions of the Foundation are minim21 and are conducted on its behalf by the school's Chief Financial Officer, who reports regularly to the Trustees, Financial data Is kept on the school's administration nelwork and is backed up daily. Approved by the Trustees on ... and signed on their behalf Chair
THE WHITECHAPEL EDUCATIONAL FOUNDATION Independent Examinerfs Report to the Trustees of Whitechapel Educational Foundation I report to Ihe charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024. Responslbllltles and bas18 of report As the trustees of the Charity you are responsib fu the preparation of the accounts in accordan with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the ACL Independent examIne s statement I have completed my examination. I confirm thal no material matters have come to my attention in connection with my examination giving me cause to believe Ihat in any material respect: accounting records were not kept in respect of the charity as required by 8ection 130 of the Act: or the accounls do not accord with those records; or the accounts do not comply with the applicabLg requirements concerning the fom and content of accounts sel out in the Charities (Accounts and Reports) R8gulations 2008 olher than any requirement that the accounts give a 'tru6 and fair viéw. which is not a matter considered as part of an independent examination. I have no ct)ncerns and have come across no other matters in connection with the examination to which attentlon should be drawn in this report in Order to enable a proper understanding of the accounts to be reached. Z20• LLf Buzzacott LLP Chartered Accountants 130 Wood Street London EC2V 6DL Date.. 17 July 2024
THE WHITECHAPEL EDUCATIONAL FOUNDATION Statement of financial activities for the year ended 31 March 2024 Pemianent Endowment Restrfcted funds funds Unrestricted general funds Total 2024 Total 2023 Notes Income from: Property income Investments 29,750 73,117 29,750 74,766 29,750 66.008 1,649 Total in¢om• 1, 649 102,867 104,516 95,758 Expendlture on: Generatlng funds Propety expenses Charltable activitlas School expenses 2.973 2.973 2,870 76 83.794 63.869 161,827 Total expendlture 75 66,767 66,842 164,697 Net Incomel(exp8ndllure) before transfern 1,674 36,100 37.874 (68.939) Transfers between fund8 6SO 1650 Net In¢omel(expendlture) 2,224 35,450 37,674 (88,939) UnrealSsed gain81(108ses) on investment assels 143,814 12.470 156,284 (102,929) Net movement In funds 143,814 47,920 193,968 (171,868) Reconclllation of funds: Fund balances biougm forward at 1 April 2023 2.337.232 34,076 692,705 3,064,013 3,235,881 Fund balances carrled forward at 31 March 2024 2,481,046 36,300 740,626 3,257,971 3,064,013 None of the charitls adivities was acquired or discontinued during the above two financial years and there were no recognised gains or losses other than as shown above. The notes on pages 12 to 23 form part of these financial statements.
THE WHITECHAPEL EDUCATIONAL FOUNDATION Statement of financial activities for the year ended 31 March 2023 Unrestrlcted general funds Permanent Endowment Restricted funds funds Total 2023 Total 2022 Income from: Property income Investments 29,750 65.427 29.760 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 2,870 181,827 2,572 90,776 75 Total expendlturo 75 164,622 164,697 93,348 Net Incomellexpendlturn) bafore galnsl(108808J on Investments 506 169,446) 168,939) (2,461) Unrealised (lossesygains on investment a&8ets 197,7381 {5,191) (102,929) 178,418 Net Income before transfers (97,738) 174,636) (171,868) {175,957) Transfer8 betsveen fvnds soo (500) Net movement In funds (97,738> 1,006 (75,1361 (171,868) 175,957 Reconclllatlon of funds: Fund balances brought foNard at 1 April 2022 2,434,971 32.920 767,990 3,235,881 3,059,294 Fund balances carried forward at 31 March 2023 2.337.233 34,076 692,704 3,064,013 3,235,881 None of the charivs activities was acquired or discontinued during Ihe above financial year and there were no recognised gains or losses other than as shown above. The notes on pages 12 to 23 fomi part of these financial statements. 10
THE WHITECHAPEL EDUCATIONAL FOUNDATION Balance sheet as at 31 March 2024 2024 2024 2023 2023 Notes Flxed assets Tangible assets Investments Listed investments Properties 10 278,941 314,864 11 2,136,278 12 49S,000 1.979,994 495,000 2,631,278 2,910,219 2,474,994 2,789,858 Current assets Cash at bank 13 360,321 360,321 276,691 278,691 Credltors: amounts lalllng due withln one yeai 14 (2,669) (2,537) Net current assets 347,752 274.154 Totsl a88ets less current Ilabllltles 3 267 971 3,064,013 Net assets 3 267 971 3,064,013 The funds of the charfty: Unrestricted Income funds General fund Tangible fixed assets fund Restrlcted funds Endowment funds 16 17 18 19 461,684 278,941 36,300 2,481,046 377,841 314,864 34,076 2,337,232 20 3,257,971 3,064,013 Approved and authorised for issue by the Trustees on . and signed on their behalf by Trustee The notes on pages 12 to 23 form part of these financial statements. 11
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2024 Accounting pollcles The principal accounting policies adopted, judgements and key sources of estimatlon uncertainty in the preparation of the accounts are laid out below. (a) Basls of accounting These accounts have been prepared for the year to 31 March 2024. The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts. The accounts have been prepared in accordan with Accounting and Reporting by Charrties: Statement of Recommended Practice applicable to charib'es preparing their accounts in accordan with ttr Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102) and the Charities Act 2011, The charty constitutes a public benefit entity as defined by FRS 102. The accounts are presentsd in slerling and are rounded to the nearest pound. {b) Crltlcal accountlng estlmates and areas of Judgement Preparation of the accounts requires the trustees to make significant judgements and estimates. The items in the accounts where these judgements and estimates have been made include: estimaling the useful economic lrfe of tangible fixed assets; and estimating the value of the investment propety. In addition to the above, the full impact following the recent emergence of Ihe global coronavirus pandemic is still unknown. It is therefore not currently possible to evaluate all the potential implications for the charity's activities, beneficiaries, funders, suppliers and the wider economy. Estimates used in the accounts, particularly with respect to the value of investment properties and listed investments (see notes 11 and 12) are subject to a greater degree of uncertainty and volatility. 12
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2024 {Contd.) Accounting pollcles (Contd.) (c) Assessment of going concern The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts. The trustees of the charty have concluded that there are no material unrtaintieS related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going cOnrn. The trustees are of the opinion that the charity will have sufficient reSoUrS to meet its liabilities as Ihey fall due. The most signrficant areas of judgement that affect items in the accounts are detailed above. With regard to the next accounting period, the year ending 31 March 2025, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the Iwstees, report for more information). (d) Income recognltlon Income is recognised in the period in which the charty has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be reoived. Income comwises investment income. Dividends and interest from investments are accounted for on an accruals basis. Propety 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 to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. All expendrture is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classffication between activities is as follows: Expenditure on raising funds consists of property agents, commission together with an apportionment of the adrninistration fee and governan costs. Expenditure on charitable activities comprises special projects and school expenses together with an apportionment of the administration fee and governance costs. Irrecoverable VAT is charged against ts category of expenditure for which it was incurred. 13
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2024 (Contd.) Accountlng pollcles (Contd.) (f) Allocation of admlnlstratlon fee and governance costs Governance costs are the costs associated with the governan arrangements of the charity, which relate to the general running of the charity as opposed to those costs associated with fundraising or charrtable activity. Induded within this category are costs associated with the strategic as opposed to day-to-day managernent of the charitvs activities. The administration fee and govemance costs are allocated across the calegories of charitable expendrture and Ihe costs of raising funds. The allocation of the administration fee and governance costs is based on the time spent on each activity. (g) Tanglble flxed assets The charity has a pollcy of capitalisirKJ all additions to school buildings. Depreciation is provided on the tangible fixed assets at rates calculated to write off the cost of each asset evenly over ts expected useful life as follows: School buildings 40 years (i) Investments COIF investments are stated at market value at the balance sheet date, Investment properties are stated at the Trustees, estimate of open market value at the balance sheet date. u) Debtors Debtors are recognised at their settlement amount, less any provision for non- recoverability. Prepayments are valued at the amount prepaid. (k) Cash at bank and In hand Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Credltors and provlslons Credttors and provisions are recognised when there is an obligation at the balan sheet dale as a result of a past event. it is probable that a transfer of economic benefit will be required in settlement. and amounl of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. 14
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2024 (Contd.) Accountlng pollcles (Contd.) {m) Fund accounting Funds held by the charity are: Unrestricted funds - these a funds which can be used in accordance with Ihe charity's objects. at the discretion of the Board. Designated funds- these are unrestricted funds set aside by the Board for specific purposes. Restricted funds - these are funds that can be used for particular restricted purposes, within the objects of the Charity. Restrictions arise when specified by the donor at the point of gift. Endowmentfund- the endowment fund represents assets which must be held permanently by the charity. Income arising from the endowment fund can be used in accordance with the objects of 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 to the fund are charged agalnst the fund. (See note 19 for further details.) Property Income 2024 2023 General fund: Property rentals 29,750 29,750 Income from Investments 2024 2023 General fund: COIF investments Bank interest 61,929 11,188 73,117 61,929 3,498 65,427 Restricted funds: Bank interest 1,649 74,766 581 66,008 15
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2024 (Contd.) Expenditure on ralslng funds: Cost of Generating Fund8 2024 2023 Property Expenses: Agency commission Administration fee (note 7) Share of governance costs (note 6) 1,560 960 453 1.560 900 410 2,973 2,870 Expenditure on charltable activities 2024 2023 School expenses: Staff common room expenses Donations towards prizes Capital donations to the school Travel bursaries Depreciation of school buildings Retiremenu long servicelleaving gifts Student support Administration fee (note 7) Share of governance costs (note 6) 2,000 700 110,400 15 14,471 35,924 630 40 8,640 4,074 63,794 35,924 687 250 8,100 3,690 161,751 Awards from restricted funds 76 63,869 75 161,826 Governance costs 2024 2023 London Diocesan Board Meggs Almshouse Trustee indemnity insurance Independent examIneS fee 250 300 1,326 2,652 4,627 250 300 1,320 2,230 4,100 The governance costs have been allocated as follows: Property expenses (100kn) School expenses {900/0} 453 4,074 4,527 410 3,690 4,100 16
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2024 (Contd.) Admlnlstration fee 2024 2023 Total fee 9,600 9,000 The administration f has been allocated as follows: Property expenses (10 % ) School expenses (gooA) 960 8,640 9,600 900 8,100 9,000 staff costs and remuneratjon of key management personnel The charity employed no staff during the year (2023 - none). No trustees received any remuneration in respect of thelr seNices during the year {2023 - £nil>. No trustee was reimbursed for any expenses during the year. The key management personnel of the chanty in charge of directing and controlling the charity comprises the trustees. The total remuneration (including taxable benefits) of the key management personnel for the year was £nil {2023- £nil). Taxatlon The Foundation is a registered charity (No. 312698) and is generally exempt from taxation under the Income and Corporation Taxes Act 1988. The Twstees consider that no provision for taxation is necessary in these financial statements. 17
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2024 (Contd.) 10. Tangible fixed assets School bulldings Cost At 1 April 2023 and at 31 March 2024 1,436,964 Depr8clatlon At 1 April 2023 Charge for the year At 31 March 2024 1,122,090 35,923 1,168,013 Net book value At 31 March 2024 278,941 At 31 March 2023 314,864 All tangible fixed assets are used for charilable purposes by the Davenant Foundation School. School building costs represent amounts funded directly by the Foundation and do not represent the full cost of the school buildings. During the year ended 31 March 2013, some additional land on the school's site was transferred into the ownership of the charity. However, the land is restricted to use by the school and is therefore considered to have no value for the purpose of these financial statements. 11. Llsted Investments 2024 2023 COIF charlty funds: Market value at 1 April Net gainl(loss) on revaluation 1,979,994 156,284 2,082,g23 (102.929) Market value at 31 Marth 2,136,278 1,979,994 Historical cost at 31 March 757,526 757.526 18
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial ststements for the year ended 31 March 2024 (Contd.) 12. Property Investments 2024 Trustees, valuation: At 1 April 2023 and 31 March 2024 495,000 Historical cost at 1 April 2023 and 31 March 2024 496,000 The Trustees had obtained a revaluation of the above property in 2021. As a result of the global pandemic, property valuations have fluctuated in the lead up to and since the year end. However, the trustees believe that the valuation of the investment property has not fallen materially below the above valuation and as such have not provided for any impalrment against this value, Details of Ihe lease granted by the Trustees on the remaining investment property are as follows: Terns of lease At31 At March 31 March 2024 2023 25 Maxwell Road, Hilllngdon, Middlesex 35 Years 35 Years 13. Cash at bank 2024 2023 Lloyds TSB Bank: current account COIF charities deposit fund 36,355 313,966 37,487 239,204 350,321 276,691 14. Creditors: amounts falllng due wlthln one year 2024 2023 Accruals 2,569 2,537 There were no creditors falling due after more than one year. 15. Capital Commltment Capitsl commitments at 31 March 2024 amounted to £111k (2023 - £22k) and include costs for the toilet refurbishment and ICT infrastructure upgrade. 19
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2024 (Contd.) 16. General fund General fund 2024 General fund 2023 Balance at 1 April Income Expenditure Transfers Gainsl{losses) on investments 377,841 102,867 (30,844) 1650) 12,470 417,202 95,177 (128,697) {650) {5,191) Balance at 31 March 461,684 377,841 The unrestricted income of the Whitechapel Educational Foundation Scheme is applied at the discretion of the Trustees, after meeting mandatory expenses, for the benefit of Davenant Foundation School. Full details of the scherne are included in the Trustees, report on page 3. 17. Tanglble fixed assets fund 2024 2023 Balance at 1 April Net movement in the year 314,864 350.788 (35,923) (35,924) Balance at 31 March 278,941 314,864 18. Restrlcted funds Davenant Winston L E Young Mushln Exhlbltlon Prlze Charity Prlze Fund Fund Fund Fund Total Balance at 1 April 2023 Income Expenditure Transfers 28,116 1,360 4,690 228 (75) 181 1,089 53 34,076 1,649 (75) 650 650 Balance at 31 March 2024 30,126 4,843 189 1,142 36,300 20
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2024 (Contd.) 18. Restrlcted funds (continued) Davenant Wlnston L E Young Mushln Exhibition Prize Charity Prlze Fund Fund Fund Fund Total Balance at 1 April 2022 Income Expenditure Transfers 26,990 476 4,682 83 (75) 178 1,070 19 32,920 581 (75) 650 650 Balance at 31 March 2023 28.116 4,690 181 1,089 34,076 The Davenant Exhibition Fund reNeS 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, Vvhitechapel 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 firsl year pupil at the discretion of the Headmaster to alleviate hardship in the purchase of sports equipment. The L E Young Charty Fund arises frorn a transfer of a prize fund agreed by the Charity Commissioners from the L E Young for National School, Theydon 80is charity. The fund is to be applied for a prize for re1lOuS education for a Year 9 student. The Mushin Prize was estsblished 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 behveen the major faiths in this country for Sixth Fomi students at the school. All restricted funds are held in COIF charity deposit funds. 19. Pernianent endowment fund Total 2024 Total 2023 Balance at 1 April Unrealised gainsl(losses) on investments 2,337,232 143,814 2.434.970 197,738) Balance at 31 March 2,481,046 2,337,232 21
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2024 (Contd.) 20. Analysis of net assets between funds Tangibl• flxed asset lund P•mianent endovmiant lund Total fund8 Genernl fund Rostrtcted fund Fund balanc88 at 31 March 2024 ara repre8entsd by: Tangible fixed assets Investments Current assets Credllors.. amounts falling due within one year 278,941 278,941 2,631,278 360,321 150,232 314,021 2,481,046 36,300 (2,569) (2.569) 461,684 278,941 36,300 2,481.046 3,267,971 Tanglblo Ilxed assot fund P?rmangnt endowment fund Total fund8 General fund Rostrlctsd fund Fund balan¢•8 at 31 Mareh 2023 are repre8ent•d by: Tangible fixed assets Inv8stm8nts Current assets Credltors.. amounts falling due within one year 314.864 314,884 2,474,994 276,692 (2,537) 137.762 242,616 12,537> 2,337,232 34,076 377,841 314,864 34.076 2.337,232 3,064,013 Perrnanent Restrletsd andowmont fund fund Total funds Genornl fund Unrealise(I galns at 1 Awl 2023 Net galns arising on rgvgluation 229.787 12,470 992,681 143,814 1,222,468 156,284 Unrealisgj galn8 at 31 March 2024 242,257 1,136,495 1,378,752 Permanent Rostrlcted endowment fund fund Totsl funds Genoral fund Unreallsed gnS at 1 P¥ril 2022 Net losses arising on revaluation 234.978 (5,191) 1,09),419 (97,738) 1.325,396 1102,9291 Unrealtsed gains at 31 March 2023 229,787 992,681 1,222,488 22
THE WHITECHAPEL EDUCATIONAL FOUNDATION Notes to the financial statements for the year ended 31 March 2024 (Contd.) 21. Trustees There were no arnounts reimbursed to trustees during the year in respect of items purchased on behalf of the trust (2023 - £nil). 22. Related party transactions The chartty agreed to contribute to Davenant Foundation School, which is considered a relatsd party due to having trustees in common with The Whitechapel Educational Foundation, in respect of staff entertaining, prizes, travel bursaries, sports events and administration fees as detailed in notes 5 and 7. At 31 March 2024. rK) money was owed to Davenant Foundation School (2023 - £nil). 23