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
Bu￿00d 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 Di0￿san 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 in￿rne 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 t￿ildIngS 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 v￿bSite. 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 un￿rtaintieS related
to events or conditions that may cast significant doubt on the ability of the charity to
continue as a going cOn￿rn. The trustees are of the opinion that the charity will have
sufficient reSoUr￿S 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 examIne￿S 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 re￿NeS 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 re1￿lOuS 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 g￿nS 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