THE GODOLPHIN AND LATYMER FOUNDATION FINANCIAL STATEMEiYrs FOR THE YEAR ENDED 31 AUGUST 2024 Company Registered Number.. 3598439 Charity Registered Number- 1073924
THE GODOLPHIN AND LATYMER FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 CONTENTS Page Company information Trustees, report incorporating the strategic report Report of the independent auditors 8- 10 Consolidated statement of financial activities Group and Foundation balance sheets 12 Consolidated statement of cash flows and notes 13 Notes to the financial slatemenls 14-31
THE GODOLPHIN AND LATYMER FOUNDATION COMPANY INFORMATION FOR THE YEAR ENDED 31 AUGUST 2024 Status and Administration The Godolphin and Lat)ryner Foundation {'the Foundation,) is a company limited by guarantee without having share capital (registered number 3598439 and charity number 1073924). Direetors, Members and Trustees The following served during th¢ year ended 31 August 2024 and since the year end: S Davies (Chair) Ms S Davies M Esiri Dr M Hill (resigned 30.04.2024) Mrs S Kini'oss K Knibbs L Magrill N McLaughlan Miss J McNeill Ms T Meller Mrs E Watson (retired 26.06.2024) Secretary Mrs D M Lynch Registered Office The Godolphin and Latymer Sohool Iffley Road Hammei'smith London W6 OPG Banlcers HSBC plc, 599 Fulham Road, London, SW6 SUA Auditors Haysmac LLP, 10 Queen Street Place, London EC4R IAG Solicitors Veale Wasbrough, Orchard Lane, Bristol BS15WS
THE GODOLPHIN AND LATYMER FOUNDATION TRUSTEES, REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The direclors, who are also Irusl¢e5 of the charity for the purposes of ¢harity law, present their annual report under the Companies Act 2006, together with the audited financial slatemenls foi. the Foundation foi. the financial year and confii'in thai ihe financial statements ¢omply with the requii'ements of the Act, the Foundalion's governing document, applicable law and Stalement of Recommended Pra¢li¢e: Accounling and Repoiting by Charities applicable lo charities preparing their accounts in accordance wilh the Financial Reporting Slandai'd applicable in the UK and Republic of Ireland (FRS102) (Second Edition, effective l January 2019). In addition to this report, the direclors prepare a delailed report to accompany the financial statements of the Godolphin and Latymer School (I'egistei'ed charity numbei. 312699) of which ihe Foundation is the sole trustee. This report contains summary information about the Foundation in that role in ordei. to piovide an appropriate i'ecord of all the Foundation's functions during the year. foi. a fullei. account, however, of the Foundation's operation of the Godolphin and Latymer School, the directors refer to their report filed in relation to charity number 312699. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution The Foundation was incoi'porated as a company limited by guarantee on 15 July 1998 and registered as a charity on I I February 1999. It is governed by its memoi'andum and articles of association. Structure The Foundation acts as the Sole Trustee of Godolphin and Latymer School (registered Charity number 312699). Trustees The TsleeS of the Foundation during the year, and up io the date of signing of the accounts, are shown on page l. They are also the directors of the Foundation its coi'porate capacity and al'e colloquially are referred to as Governors of the School. In addition, the Truslees of the Foundation are it5 company members, each agreeing to conti'ibule of up to £1 on the winding up of ihe Foundation. The Foundalion's articles of association provide for a board of not more than nineteen Governors (Co-opted Governors), including one Governoi., nominated as an Heir of Sir William Godolphin (the Nominated Governor). All other Governors are appointed for four-year terms by i'esolution of the Governors in offi¢e at the lime. The Nominated Governor is eligible for reappointment without litnAI. Co-opted Governors are eligible for reappointment for a further lem] of four years and, in exceptional circumstances, for a furthei. four-year temi or terms.
THE GODOLPHIN AND LATYMKR FOUNDATION TRUSTEES, REPORT (eontinued) FOR THE YEAR EIYDED 31 AUGUST 2024 Governanee and Managemen¢ The Governors, as the Trustees of the Foundalion, are legally responsible for the overall management and Control of the Godolphin and Latymei. School and meet, as a minimum, dui'ing each school tei'm. Day-lo-day iiianageiiienl The day-to-day educalion and pastoral care of pupils and the appointment and management of leaching slaff ai Godolphin and Latymer School is delegated to the Head, Di. Fi'ances Ramsey, supported by Dr James Carter, Deputy Head Pastoral. and Dr Sara Harneti, Senior Deputy Head Curriculum and Academic. Responsibility for ihe non-teaching staff and for the financial management and suppoii functions is delegaled lo the Bui'sar, Mrs Diana Lynch. The Governors consider thai ihey, together with the Head. Bursar and Deputy Heads comprise ihe Key Management Peisonn¢l. The Governors give of their time freely. The pay and remuneration of the Key Management Personnel is set by the Senior Salaries Committ¢¢ and is kept under annLEal review. A number of critei'ia are used in setting pay.. nalui'e of the role and responsibilities; competitor salai'ies in the region. the sector average salary for comparable positions. and trends in pay. In recent yeai's, flexible pay in the sector has affected the ease of recruilment lo certain roles; the Senior Salaries Commitlee intends lo be in the upper quartile for pay for senior roles in the independenl school sector. The Governors have established boai'd committees with specific objectives. a minimum of tsvo Govei'nors sil on eacl) committee. As appi'opi'iale, these committees eithei. pass down decisions Éo the executive management under delegated auihoi'ity from the Governors.. The principal committees are.. The Education Committee, which considers matters relating to the cun'iculum and, more widely, lo teaching, learning and pastoral mattel's genei'ally. The Finance and Genei'al Purposes. This Committee meet5 termly to assess the Sehool's financial position and to review the capital and operating budgets, Cash forecasts, management accounls, audited accounts and the annual report ror presentation lo the Governors. The Health, Safety and Risk Management Committee has responsibility delegated from ihe Goveming Body to review any major i'isks associated wilh the operation of the School and the Foundation. The Policy and Govemance Committee, which ensures a common understanding of the major issues that tl)e School faces and co-oi'dinates a eonsistenl approach lo these between the Governors, committees and the School's Senior Leadership Team. The Commiltee also I'ecommends appointments of a Head, Governoi's, the Chairman and Deputy Chaii'man of Governors, and considers membership of Governors, committees. Reei'liilnienl and ii'aining of Govei'noi's Before seeking new Governoi's, the Policy and Govei'nance Committee will be guided by the relevant competence, expei'ience and specialist skills sought by the Foundation's boai'd from new Govei'nois. New Govei'nors are appointed only after interview by the committee and aftei. consideration of the committee's findings by all Govei'noi's. After appointment, all new Governors undertake an induction programme and are given appropi'iate guidance on all aspects of the operations of both schools and iheir own role and responsibilities. access is provided lo outside Courses on Trusteeship and related matters.
THE GODOLPHIN AND LATYMER FOUNDATION TRUSTEES, REPORT {continued) FOR THE YEAR ENDED 31 AUGUST 2024 The Godolphin and Latymer Sehool Bursary Fund The Godolphin and Latymer School Bursary Fund is a separate chai'ity (charity number 1187911) the aims of which include the advancement of the charitable objects of the Foundation. The Godolphin and LatymerBursary Fund makes suins available lo the Godolphin and Latynierschool each year to enable the school to supplement the means-tested bursaries that it awai'ds. it has also loaned fund5 to the Godolphin and Latymer School al commercial rates of interest to help fund development of the School's facilities. The Govei'nors appoint Iwo ti'uslees of th¢ Bursary Fund's board, and other Govei'nors may serve as trustees provided that Governors do not constilute the majority of the Bursary Fund's board of trustees. conflicts of intei'est and loyalty are appropi'iately identified and managed in relation to the Bursary Fund's decision-making. STRATEGIC REPORT PRINCIPAL RISKS AND UNCERTAINTIES The Governing Body is responsible for overseeing the risk management process conducted by the School. Review of i'isk is delegaled to the Health, Safety and Risk Management Committee. The Head. Bursar, Designated Safeguarding Lead and Senior Teachei. (School Organisation) attend and inform this committee. A fonnal review of the major I'isks (including regulatory and coinpliance matters) for the School is undertaken annually by the Senior Leadership Team. Systems and procedures that control and mitigate risks are considered and discussed as necessary. The results al'e then reviewed and discussed further by the Healtl), Safety and Risk Management Committee before being reported to the full Governing Body. The Governors have assessed the major risks to which the S¢hool is exposed and are satisfied that systems are in place to mitigate the School's exposui'e to ihe major I'isks. Such risks and controls are reviewed on a regulai. basis in order to mitigate any impact that they may have on the schools in tlie future. The main risks that the Governors have identified for Godolphin and Latymer School are those of,. The climate of antipathy towai'ds independent schools. This gives i'ise to a range of i-isks.. from the pui'ely financial, such as the loss of charitable relief on business rates. to the opei'ational, the introduction of V A T on school fees (which could make them unaffordable foi. many pai'enls). It is difficult lo identify effective control measui'es, but the School Conlinues to woi'k with the Independent Sehools Council and oiher I'epresentative bodies to defend the charitable status of independent schools and publicise the posilive conlribution they make. The Foundation is also looking foi. ways to reduce costs (in a way consistent with maintaining the S¢hool's high standards). generate additional income and fundraise in order to offset the potential financial impact. The potential damage to repulalion. The School's success is built on reputation for the education and wellbeing of pupils. The key controls in¢lude the maintenance of high academic standards within a disciplined bul friendly almosphere, the close moniloi'ing of major risks and a review of all ai'eas of school life, strong pastoral communication and action (both pre-emplive and reactive) and a strong I'elationship with parents and Ihe widei. ¢ommunity to miligate potential impact. The publi¢ profile of the School is monitoi'ed, and public relations advisei's in reputation and crisis management have been appoinled.
THE GODOLPHIN AND LATYMER FOUNDATION TRUSTEES, REPORT {continued) FOR THE YEAR ENDKD 31 AUGUST 2024 OBJECTIVES AND ACTIVITIES Objeets The 'Object' of the Foundation is to advance the education of the public, under which it is empowered lo provide for Ihe insti'uclion of the schools, pupils and their 'spii'itual, moral, mental and physical training,. Aims The Foundation's overriding aim is lo provide pupils al the School with an outstanding education. Through the lessons and activities in which they participale, the pupils learn for life. They develop habits of mind that promote curiosity and initiative, intellectual rigour and independence of thought, reflective learning and flexible thinking, the ability to maintain an open mind and to reaGh a balanced judgement. In accordan¢e with the School's history of pi'oviding education for pupils from a wide range of backgrounds, an enri¢hing and inclusive atmosphere is created. Within Ihis principled, caring and friendly community, pupils learn to lead, to work together foi. mutual benefit, to communicate clearly and to forge firm friendships. The School encoui'ages pupils to leai'n about local, national and global issues, from which tl)¢y believe they become considerate, compassionate and courageous young adulis who fully expeet to lake active responsibility for the community and the envii'onment in which ihey live, as well a5 for themselves, both now and in the future. Objectives for the Year Prineipal Aetivity In its ¢apa¢ity as its sole trustee, the Foundation runs The Godolphin and Latymei. School, a secondai'y school for girls. Godolphin and Latymei. School offers a broad and balanced academic curi'iculum and exti'a-curriculai. activities, whei'e bolh are considered to be necessary components of a good general education. The academic CLiiYiculum includes the option of ihe Intei'national Baccalaureate diploma The Godolphin and Latymei. School seeks to challenge the gil'ls intelleclually and to encourage independent thought, by making available to them a wide range of academic and non- academic opportunities, including outreach programmes which provide involvement with, and suppoit to, the wider ommunity. As already noted. more extensive information on Godolphin and Latymer School is included in the Foundation's report accompanying the financial statements of the Godolphin and Latymer School (I'egistered chxrity number 312699). Public Benefjt The Charities Act 2006, having withdrawn the Iggal pi'esumption thal education in itself offers benefit to the public at large, placed an obligation on ihe Foundation to demonstrate that it provide5 'Public Benefit, as pai1 of ils provision of education as a charity in a fee-charging envii'onment. In setting the School's objectives, the Govei'nor5 have paid due regard to the Public Benefit guidance published by the Commission. Grant Mlking The Governors re¢ognise that independent school fees are at levels which may exclude many children from applying for a place, but they are committed to widening access lo the education offered. Accordingly, they adveilise the availability of bui'sary awai'd5. The value of any award is detei'mined on a means-tested basis and reviewed annually. For the year ended 31 August 2024 79 means-tested buisaries were awarded during the year to the value of £1,808,470 {2023: £1,733,876). The Governors, objective is to continue to increase the number of transfomialional bui'saries available, and Ihei'e is a fundraising programme in place to facilitate thi5. FUTURE PLANS To conlinue lo act as the Sole Trustee of the School.
THE CODOLPHIN AND LATYMER FOUNDATION TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024 Financial Results The Financial Statements for ihe year ended 31 August 2024 are published wilh this repoit. The Group had net income during the year of £2,117,150 (2023: £2,193,045), aftei. providing for depi'eciation of £887,625 (2023: £697,898). Of this sury)lus, a gain before transfers of £833,058 was attributable to Unrestricted Funds (2023.. Ioss of £857,92) and gain before trai)sf¢rs of £1,907,733 to restricted funds (2023.. gain of £2,670,867). £623,641 depreGiation expenditui'e was allocated against the Endowment Fund in the yeai. (2023.. £438,232). Net investment losses attribulable to Restricted Funds, were £nil (2023: £58), giving an overall surplus of £2,117,150. The Governors have identified that conlinuing surpluses will be i'equired if investment in the Group's activities and racilities is to be maii)tained, and fee increases in ihe current year. which continue lo be reviewed annually, are intended to support this objeclivc. Reserves Poliey The Governors regulai'ly review the level and nature of the reserve funds of Ihe Group. Funds held al th¢ year-end were as follows.. Unreslricted general funds: Reslricled funds Endowmeni fund.. £3,045,441 £10,137,313 £19,782,658 Unrestricted Funds represent the general funds of Godolphin and Latymei. Foundation. The Restricted Funds represent general, designated and restricted funds of Godolphin and Latymei. School and the restricted funds of Godolphin and Latymer Foundation. Funds raised through Annual Fund {designated fund of Godolphin and Latymer School) are expended completely, normally during the current financial year. In pVIouS years the Godolphin and Latymer School Foundation, as Sole Trustee of the Godolphin and Latymer School has invested substantial sums in school buildings at the Iffley Road sile. In furthei'ance of those developinent pi'ojects, most of those unresti'icted general funds are now invested in fixed assets. At the 2024 financial year end free reserves of the group wei'e £3,045,441 (2021:£{1,741,296)). Fundraising prAetice5 and pei'formance The Governors a aware of the Chai'ilies (Protection and Social Investment) Act 2016 and recognise the importance of meeting the highest standards of practi¢e and care in relation to fundi'aising activities. Curi'enily these are focused only on Godolphin and Latymer School. The Foundalion, as Sole Trustee of the Godolphin and Latymer School, has signed up to ihe fundraising code of practice and has voluntarily regislei'ed with the Fundraising Pieference Service (FPS). The Godolpl)in and Lalymer School Foundation is a member of the Institute of Development Professionals in Education and ihe Council for Advancement and Support of Educalion. The Foundation, as Sole Truslee of the Godolphin and Latymer School, only raises funds from Old Dolphins, pai'ents, slaff and those with a personal connection to the school and does not undertake fundraising campaign5 to members of the public. Th¢ Foundation considers the origin of unsolicited donations and legacies. The Foundation, as Sole Trustee of the Godolphin and Latymei. School, does not share or purchase any donor data with or from Ihii'd parties. In 2023-2024, the Foundation did not engage with independent professional fundraisers. In 2023-2024 the Foundation did not receive any Complaints in relation to fundraising or raise any matter witl) regulators.
THE GODOLPHIN AND LATYMER FOUNDATION TRUSTEES, REPORT (eontinued) FOR THE YEAR ENDED 31 AUGUST 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees, who are also the Directors of the Foundalion for the purposes of company law, are responsible for preparing the Trustees, Report, incoi'porating ihe sti'ategic i'eport, and ihe financial statements in a¢eordan¢e with applicable law and United Kingdom Accounling Standards (United Kingdom Genei'ally Accepl¢d Acwunling Pra¢lice). Company law requires the Truslees lo prepare financial stalements foi. each financial yeai. which give a Ii'ue and fair view of the state of affairs of the charitable company and group and of the incoming i'esources and appliralioi) of resoui'¢es, including the income and expendilure, of the group for that period. In prepai'ing these financial stalements. Ihe Ti'ustees are required to.. select suitable accounting poli¢ies and then apply them consi5tently' observe the methods and pi'inciples in the Chai'ities SORP. make judgements and estimates that are reasonable and prudent; state wheihei. applicable UK Accounting standards have been followed, subject to any material departures disclosed and explained in the financial stalement5' prepare the financial stalements on the going concern basis unless il is inappropriate to presume that the charilable company and group will continue in busin¢s5. The Truslees are responsible for keeping proper accounting re¢oi'ds that disclose with reasonable accuracy at any time of the financial position of the ¢hai'itable company and ihe gioup and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assels of the charitable ¢ompany and group and hence for taking reasonable steps for the prevention and detection of fraud and other iri'egularities. So far as each of the direclors is aware at ihe time the report is approved: there is no relevant audit infonnation of which the chai'ity's auditors are unawai'e; and the Trustees have taken all steps that they ought to have taken to make themselves awai'e of any relevant audit information and to eslablish that the auditoi's aye awai'e of that infoi'mation. In approving the Trustees. Report, the board are also approving the strategic report included wiihin the report in their capacity as company dii'ectoi's. Approved by the Ti'ust¢es on 5 December 2024 and signed on its behalf by.. SDa es Chair of rustees
REPORT OFTHE INDEPENDENT AUDITORS, TOTHE MEMBERS OF THE GODOLPHIN AND LATYMIR FOUNDATIof4 Opinion We have audited the financial statements of The Godolphin and Latymer School Foundation for the yeai. ended 31 August 2024 which comprise the Siatement of Financial Activilies, the Balan¢¢ Sheet, the Statement of Cash Flows and notes to Ihe financial slatemenls, in¢luding a summary of significant accolinling policies. The financial repoiting framework that has been applied in their prepai'ation is applicable law and United Kingdom Accounlii)g Standai'ds, including Financial Reporting Standard 102 The Financial Repoi'ling Siaiidaj'dapplicable in ihe UK aiidRepiiblic ofli'eland{United Kingdom Generally Accepted Accounting Praclice). In our opinion, the financial Statements: give a true and fair view of the state of the group's and of the parent charitable company's affairs as al 31 August 2024 and of the group's and parent chai'itable company's net movement in funds, including the income aiid expenditure, for the year then ended. have been propei'ly prepared in accoi'dance with United Kingdom Genei'ally Accepted Accounting Pi'actice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We ¢onducted oui. audil in accordance with International Standai'ds on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standai'ds are fuilherdescribed in the Auditor's responsibilities foi. the audit of the financial slatements section of our repoil. We are independent of the gioup in accoi'dance with Ihe ethical I'equirements that are relevant to oui. audil of the financial statements in ihe UK, including the FRC'S Ethical Siandai'd, and we have fulfilled our other ethical responsibilities in accoi'dance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for oui. opinion. Conelusions relating to going eoneern In auditing the financial statements, we have concluded that the trustees, use of the going ¢on¢ern basis of ac¢ounling in Ihe prepai'alion of the financial stateinents is appropriate. Based on the work we have performed, we have not identified any material uncertainties relaling to events or conditions thal, individually or collecliv¢ly, may casl significant doubt on the group's ability to continue as a going conceim for a period of at least twelve months from when the financial statements al'e auihorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going ¢onc¢rn are described in the relevant sections of this repoit. Other information The trustees are r¢spon5ible for the other infomiation. The oihei. information comprises the information included in the Trustees, Report. Our opinion on the financial stalements does not ¢over the oiher information and, except to the extent otherwis¢ explicilly staled in our i'eport, we do not express any form of assurance conclusion thereon. In connection wilh our audit of the financial statements, our responsibility is lo read the other information and. in doing so, ¢onsider wheiher the other information is malerially inconsislenl with the financial statements or oui. knowledge obtained in the audil or othei'wise appears io be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are I'equii'ed to determine whetl)er there is a matei'ial misstatement in the financial statements or a material misstalemenl of the other infoi'mation. If, based on the work we have performed, we con¢lude that there is a material misslalement of this olher information, we are I'equired to report that fact. We have nothing to report in this regard. Opinions on other matters pi'eseribed by the Companies Aet 2006 In our opinion, based on Ihe woi'k undertaken in the course of the audit: the inforniation given in the Trustees, Report {which includes the strategic report and the direcloi's, report prepared for the purposes of company law) for the financial year for which the financial statements are prepai'ed is consistent with the financial slatemenls. and the strategic report and the directors, I'eport included within the Trustees, Report have been pi'epared in accordance with applicable legal requirements.
REPORT OF THE JNDEPENDEIYT AUDITORS, TO THE MEMBERS OF THE GODOLPHIN AND LATYMER fiOUNDATION Matters on which we are required to i'epoi't by exception In the light of the knowledge and understanding of the gi'oup and the parent charitable company and its enviionment obtained in Éhe course of the audit, we have not identified material misstatements in the Ti'ustees, Repoil (wliich incoi'porates the strategic report and the directors, report). We have nothing lo report in respect of the following maltei's in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting recoi'ds have nol been kept by the parent eharilabl¢ ¢ompany' or the pai'ent chai'itable company financial statements al'e nol in agi'eement with Ihe accounting records and returns. or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees for the financial s¢atement5 As explained more fully in the trustees, responsibilities statement set out on page 7, the ti'ustees (who are also the directors of the chai'itable company for the purposes of company law) are responsible foi. the preparation of the financial statements and for being satisfied that they give a Iiwe and fair view, and for such inteimal conti'ol as the li'ustees detennine is nec¢ssary to enable the preparalion of financial slatemenls that are free from malerial misstatement, whether due lo fraud oi. error. In preparing the financial slalemenls, the trnstees are responsible for assessing the giDUP'S and the pai'ent charitable company's ability to ¢ontinue as a going concei'n, disclosing, as applieable, matters related to going concern and using the going Concern basis of a¢counling unless the ti'ustees either intend to liquidale the group or the parent charitable company or to cease operalions, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financi#l statements Our objectives are to obtain reasonable assuran¢e about wliether the financial slatements as a whole are free fi'om material misstatement, whether due to fi'aud or error, and to issue an auditor's repoit that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee thal an audit conducted in accordance with ISAS (UK) will always detect a matei'ial misstatement when it exists. Misstatements Can arise from fraud or error and are considered material if, individually oi. in the aggregate, they could reasonably be expected lo influence the economic decisions of usei's taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and i'egulalions. We design procedures in line with our responsibilities, outlined above, to det¢¢t material misstatements in respect of irregularities, including fraud. The extent to which our procedures are Capable of dete¢ting in'egularities. including fi'aud is detailed below: Based on our understanding of the charity and the envii'onment in which it operates, we identified that the pi'incipal i'isks of non-compliance with laws and I'egulations i'elaled lo The Education (Independent School Standai'ds) Regulations 2014, safeguai'ding regulations, health and safety i'equiremenls, GDPR, employment law and chai'ity law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considei'ed those laws and regulations ihat have a direcl impact on the preparation of the financial statements such as the Charities Aci 2011 and Companies Act 2006 and consider oihei. factoi's such as payi'oll lax. We evaluated management's incentives and opportunities for fraudulenl manipulalion of the financial statements (including the risk of override of eonlrols), and detei'mined that the principal risks were related lo to the improper recognilion of revenue and management bias in accounting estimates. Audit pi'ocedui'es performed by the engagement team included: Inspecling correspondence with regulalors and lax auihorilies. Discussions with management including consideration of known or suspected instances of non-complian¢¢ with laws and regulation and fraud. Evalualing management's controls designed to prevent and detect ]egularl11es. Identifying and testing journals, in particular joui'nal enti'ies posled at the year end. and Challenging assumptions and judgements made by management in their accounting estimates.
REPORT OF THE INDEPENDENT AUDITORS, TO THE I1mBERs OF THE GODOLPHIN AND LATYMER FOUNDATION Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularitie5, including those leading to a material misstateinent in the fmancial stat¢ments or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from ihe events and transactions iEflected in the fmancial statements, as we will b¢ less likely to become aware of instances of non-compliance. The risk is also greater regarding rregularities occurring du¢ to fraiid rather than error, as fraud involves intentional concealment, forgery* collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's web51te at; Iviviv.fi¢.or .uklauditor5res . This description fonns pait of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body> in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to ihe charitable company's members thos¢ matters we are required to state to them in an Auditor's report and for no other puoSe. To the lIest extent permitt¢d by law, we do not accept OY assume responsibility to anyone other thall the charitable company and the charitable company's members, as a body, for our audit work, for this report, oi. for the opinions we have fonned. Jane Askew (Senior Statutory Auditor) For and on behalf of Haysmac LLP, Statutory Auditor 10 Queen Street Place London EC4R IAG Date.. Haysmac LLP is eligible to act as an auditor in tem]s of section 1212 of the Companies Act 2006 io
THE GODOLPHIN AND LATYMER FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Unresti'icted Endoivment Funds Funds Restricted Funds Total 2024 Total 2023 INCOME AND NDOWMENTS FROM: Note Charitable Activities: Net fees receivable Other educational income Inveslments Donations and Legacies Profit on disposal of fixed assets 19,921,514 1,518,099 286,630 982,549 19,921,514 19,615,238 ,518,099 1,538,172 286,796 197,962 982,559 981,926 1,097,163 166 io 1,097,163 Total Income 1,097,339 22,708,792 23,806,131 22,333,298 EXPENDITURE ON: Charitable Activilies 264,281 623,641 20,801.059 21,688,981 21,040,253 Total Expenditure 264,281 623,641 20,801,059 21,688,981 21,040,253 Net ineomtl{expenditure) before transfers 833,058 {623,641) 1,907,733 2,117,150 .293,045 Transfers 14 7,073,199 (7,073,199) Net movemenl in funds 833,058 6,449,558 {5.165.466) 2,117,150 1.293,045 Total fund5 brought forward I Seplember 2023 2,212,383 13,333,100 15.302,779 30,848,262 29,555,217 Total funds fonvai'd at 31 August 2023 eRrri¢d 14 3,045,441 19,782,658 10,137,313 32,965,412 30,848,262 The accompanying notes form part of these financial statements. Full comparatives for 2023 are shown in note 19.
THE GODOLPHIN AND LATYMER FOUNDATION GROUP AND FOUNDATION BALANCE SHEI ETS AS AT 31 AUGUST 2024 Group Foundation 2024 2023 2024 2023 Notes FIXEI D ASSETS Tangible fixed assets Jnveslments 27,337,883 29,962.273 3,953,679 27,337,883 29,962.273 3,953,679 CURRENT ASSETS Debtors Cash aiid cash equivalents 10 221,358 11,610,999 535,168 7,512,513 5,627 284.734 3,069,122 11.832,357 8,047,681 3,069,122 290.361 CREDITORS: amounts falling due within one year (4,024,828) (6,981,692) (10,736) (2,018,712) INET CURRENT ASSETS 7,807,529 1,065,989 3,058,386 (1.728,351) TOTAL ASSETS LESS CURREf4T LIABILITILI S 35.145.412 31.028,262 3,058,386 2.225,328 CREI DITORS: amounts falling due after more than one year 12 (2,180,000) (180,000) TOTAL NET ASSETS 13 32,965,412 30,848,262 3,058,386 2,225,328 UNREI sfRICTED FUNDS 14 3.045,441 2.212,383 3.045,441 2,212,383 RESTRICTED FUNDS 14 10,137,313 15,302,779 12,945 12,945 ENDOWMENT FUND 14 19,782,658 13,333,100 TOTAL FUNDS 32,965,412 30,848,262 3,058,386 2,225,328 The Foundation income for ih¢ yexr was £1.097k (2023.. £1,286k) with a surplus of £833k (2023.. deficit £863k). The financial stalements were approved and authorised for issue by the Governors on 5 December 2024 and were signed below on its behalf by: S Davies Chair of Governors M Estri Chair of Financ¢ and General Purposes Committee The accompanying noles form part of these financial statements. 12
THE GODOLPHIN AND LATYMER FOUNDATION CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note Net cash inflow fi'om opei'AtiOllS: Net cash provided by operations Cash flows from investing aetivities.. Intei-est received Proceeds from sale of iangible fixed assets Payments lo acquire tangible fixed assels 1,031,527 2,297,197 286,796 5.009,426 {2.175,496) 197,962 (5,501,397) Net cash used in investing Activities 3,120,726 (5,303,435) Cash flows from financing Activities: Finance costs Bank loan repayments Bursary Fund loan repayments New Bursary Fund loan (403,767) (165,123) (258,233) (1,650,000) 2,000,000 450,000 Net cash provided by/(used in) financing Activitie5 {53,767) 26.644 Change in cA$h and eash equivalents in the I'eporting period Net cash and cash equivalents ai beginning of period 4,098,486 (2,979.594) 10.492,107 7,512,513 Net cash and cash equivalents at end of period 11,610,999 7,512,513 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH INFLOW FROM OPERATIONS 2024 2023 Net movemenl in funds Depreciation charges Pi'ofit on disposal of fixed assets Deci'ea5el{Increase) in debiors (Decrease)/lncrease in Creditors Investment income and interest received Finan¢e costs 2,117,150 887,625 (1,097.163) 313.810 (1,306,866) (286,796) 403,767 1,293,045 697,898 (193,691) 532,784 (197,962) 165,123 Net cash inflow from operxtions 1.031,527 2,297,197 ANALYSIS OF CHANGES IN NET DEBT At I September 2023 Other ChAnges At 31 August 2024 Ca5hflows CAsh and Cash equivalents Cash Deposit ac¢ounts 1,512,513 6,000,000 (901,514) 5,000,000 610,999 I 1,000,000 Borrowings Debt due within one year Debt due aftei. one year 7.512.513 (2,150,000) (180,000) 4,098,486 1,650,000 {2,000,000) 11.610,999 (500,000) (2,180,000) (2,330,000) (350,000) (2,680,000) Total 5,182,513 3,748,486 8,930.999 THE GODOLPHIN AND LATYMER FOUNDATION 13
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES Basis of PrepAration of the Financial Statements The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the Statement of Recommended Practice applicable to charities pparIng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)- Second Edition, effective l January 2019. The Foundation has taken advantage of the exemption available lo a qualifying entity in FRS102 fro1 the requirement to present a charity only Cash Flow Statement Mnd with the consolidated financial statements. The financial statements are drawn up under the histortcal cost convention except that investments are carried at market value. The Foundation is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee without having share capital (registei'ed number 3598439 and charity numbei. 1073924). Going eoncern Having reviewed the funding facilities available to the Foundation and the Foundation's future projected cash flows, the Trustees have a reasonable expectation that the Foundalion has adeqtjate resources to continue ils activities foi. the foreseeable futui'e and consider that thei'e were no material uncertainties over the Foundation's financial viability. Accoi'dingly, they also continue to adopt ihe going concern basis in preparing ihe financial stalemenls. BASIS of eonsolidation The financial statements of the Group include the resulis and balance5 of the Foundation consolidated on a line by line basis with The Godolphin and Latymei. School. In accordance with Section 408 of the Companies Act 2006. no separate Statement of Financial Activities is presented for the Foundation. Critical xceounting judgements And key sources of estimAtion uncertainty In the application of the a¢¢ounting policies, the Ti'ustees are i'equired to make judgement, estimates. and assumptions about the carrying value of assets and liabilities that are not readily appai'ent from other soui'ces. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual resulis may diffei. fiDm these estimates. The estimates and undei'lying assuinptions are reviewed on an ongoing basis. Revisions to accounting eslimates are recognised in the period in which the estimate is revised if the I'evision affects only that pei'iod, or in the period of the revision and future periods if Ihe I'evision affected ¢urrer)t and futui'e pei'iods. In the view of the Trustees, no assumptions concerning the futui'e or estimation uncertainty affecting assets or liabilities al the balance sheet date are likely lo i'esuli in a material adjustment to theii. carrying amounts itl the next financial year. The following accounting policies have been applied consislently in dealing with items which are considered material in relalion to the Foundation's financial statements. 14
THE GODOLPHIN AND LATYMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES (CONTINUED) Funds Th¢ general funds of the Foundation present unrestricted funds expendable at tl)e discretion of the Tlvstees. in furtherance of the objects of the Charity. Re50urce5 received for purposes specified by the donor, wheihei. for use as income or capital, are credited to an appropriate restricted fund. Amount5 expended in accordance with the reslri¢tions are charged directly to the restricted fund. The general funds of the Godolphin and Latym¢r School are represented by the Elizabeth Godolphin Fund and repi'esent funds expendable at the discretion ofihe Sole Trustee in furtli¢ran¢e of the objects of the School. Designated funds comprise funds which have been set aside by the Sole Trustee for a specific purpose. The Endowment fund represents restricted funds held on trnst to be permanently retained for the benefit of the Godolphin and Latymer School as a capital fund. FinAncial Instruments Basic financial inslruments al'e initially recognised at transaction value and subsequently measured at amoitised with the ¢x¢eption of investments which are held at fair value. Financial assets held at 2mortised cosl compi'ise cash at bank and in hand, together with trade and other debtors. A specific pi'ovision is made for debts for which recoverability is in doubt. Cash al bank and in hand 15 defined as all cash held in bank accounts and used as working capital. Financial liabilities held at amortis¢d Cost comprise all creditors except social security and other laxes and pi'ovisions. Fixed assets Tangible fixed assets al'e slated at cost less accumulated depi'ecialion. Depi'ecialion is chai'ged on a consistenl basis so as to write off ihe cost of fixed assets, less their eslimaled residual value, over their expected useful lives. All assets C05ting more than £1,000 are capitalised. Depreciation is charged from the dale on which assets are brought into Ltse. The following rates are used on the straight line basis. Freehold buildings Leasehold pi'operty improvements Astroturf Fixtures, computers and equipment Planl and machinery -20/0 Straight line 2-4 % straight line I 00/0 Straight line 25-33.30/0 Straight line 50/0 Straight line The Godolphin and Latymer School freehold property was revalued on the 23 Septembei. 1999 by Matthews and Goodman at 46 Bow Lane, Cheapside, London using the open market value. In accordance with the transitional provisions of FRSI 02 section 17, this value has not been updated. The Redcliffe School freehold propeity was valued on I Seplember 2022 using open market value. In accordance with the transitional piovisions of FRS102 section 17, this value has not been updated. Freehold land is not depreciated. Investments Investments are valued in the balance sheet at closing price at the balance sheet date. Realised gains are ihe difference between sales proceeds and opening market value whei'e Ihe investment was held ai the beginning of the yeai., oi. sales pi'o¢eeds less cost of purchase where Ihe inveslmenl was acquii'ed in the yeai.. Unrealised gains are the change in value of investments after taking into account any movements in investment holdings suGh a5 purchases and disposals of investments. ReAlised and unrealised gains are accounted for within the Statemenl of Financial Activities. 15
THE GODOLPHIN AND LATYMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (tontinued) FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES (CONTINUED) Debtors S¢hool fee and other debiors are recognis¢d ai ihe settlement amount due after any li'ade discount offei'¢d. Prepayments are valued at the amount prepaid net of any trade discounts due. Creditors and provisions Creditors and provisions al'e recognised where the School has a pi'esent obligation Sli]ng from a pasl event tl)at will probably i'esult in the ti'ansfer of funds to a thii'd party and the amount due to settle the obligation can be measui'ed or estimated i'eliably. Ci'editors and provisions are normally re¢ognised at their settlement amount after allowing foi. any trade discounls due. Fees Rnd similAr income Fees receivable and charges for services and use of the premises, less any allowances, scholarships, bursarie5 granted by the School against ihose fees, but including contribution received from reslricted fund5, are accounted for in the period in which the service is provided. Donations* grants and legaeies Voluntaiy income is accounted for as and when entiil¢ment arises, the amount can be reliably quantified and the economi¢ benefit to the School is considered probable. Investment income Investmenl income from bank balances is accounted for on an accruals basis. Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to that Gategory. Teaching costs are the direct costs of leaching the pupils at the School. Welfare costs are mainly ihe domestic costs of the School, Premises costs al'e the costs incuiyed in maintaining the pi'emises of the School, including rates, insurance and general expenditure on repairs and renewals. Support ¢osts al'e the costs of dii'eclly administering and supporting the School's operations. Governance costs al'e audit fees and goven]ors' insui'ance. VAlue Added Tax Value added tax is not recoverable and expenditure is, therefore, shown inclusive of value added lax suffered. Pension costs The School is a membei. of the Teachers, Superannualion Scheme njn by Teachers, Pensions. The scheme is an unfunded, defined benefit scheme. Ii is a multi-employei. pension scheme and it is not possible to identify the assets and liabilities of ihe scheme which are atti'ibulable to the school. Accordingly under FRS102 section 28 the scheme is accoltnted for as if it were a defined contribulion scheme. The School also conti'ibutes lo a defined conti'ibulion scheme for non-teaching staff. The School's contributions to pension funds for its employee5 al'e charged to the Sialemenl of Financial Activities on an accruals basis in the year in which they fall due. Operating leases Rentals undei. operating lease5 are charged on a straighi-line basis over the lease term, even if the paymenls are not made on su¢h a basis. Benefits i'eceived and receivable as an incentive to sign an operating lease al'e similarly spread on a slraight-line basis over Ihe lease term. 16
THE GODOLPHIN AND LATYMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 NET FEES RECEIVABLE 2024 2023 Iyet fees r¢ceivable eon$is¢ of: Gross fees I'eceivable Fees given as scholarsliips Fees given as bursaries Fee remission for staff Fee discounts 21,775,908 (103,801) (1,808,468) (37,618) 21,563,569 (98.832) (1,877,072) {34,640) (33,250) 19,826.021 19,519,775 Add: Bursaries paid by restricted funds 95,493 95,463 Payable by parents (net of scholarships and bursaries) 19,921,514 19,615,238 OTHER EDUCATIONAL INCOME 2024 2023 School lunch income Mustc, Speech and Drama Educational income Registration fees Insurance commissions Management fees Lettings/hire income Sundiy receipts 717,751 634,109 659,950 574,177 124.305 151,910 7.190 .000 8,995 10,645 156,789 1,000 7,800 650 1,518,099 ,538,172 INCOME FROM INVESTMENTS 2024 2023 Elizibeth Codolphin Fund Deposit interest 286,630 197,962 Other interest 166 286,796 197,962 17
THE GODOLPHIN AND LATYMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YII AR ENDED 31 AUGUST 2024 DONATIONS AND LEGACIES 2024 2023 Unrestricted Funds: Other donations 10 120 10 120 Restricted Funds: Elizabeth Godolphin Fund Annual fund receipts Godolphin and Latymer School Bursary Fund Bursarie5- Godolphin and Latymer School Bursary Fund- Redcliffe Legacies 70,227 680,639 70,000 25,493 157,250 729,843 69,255 24,708 750 136,190 Total restricted funds 982,549 981.806 Total 982,559 981,926 ANALYSIS OF TOTAL EXPENDITURE Staff costs 2024 Other eos¢s 2024 Depreciation Total 2024 2024 ChAritAble Aetivities: School Operating Costs: Prizes Teaching Costs Welfare costs Premises costs Support and governance costs Finance costs 8,100 902,396 877,508 2,096,408 1,166,321 403,767 8,100 12,656,411 1.093.295 3,301,870 4,130,045 403,767 11,670,297 215,787 401,555 2,963,724 83.718 803,907 Bursaries from restricted funds 95,493 95,493 15,251,363 5,549.993 887,625 21,688,981 Comparative analysls oftotal expendilllre StAff costs 2023 Other costs 2023 Depreciation 2023 Total 2023 ChAritable Activilies: School Operating Costs.. Pi'izes Teaching costs Welfare ¢osts Premises costs Support and governance cosls Finance Costs 8,800 902,278 888,094 2,135,020 1,054,788 165,123 8,800 12.630,085 1,214,184 3.102,812 3,823,786 165,123 11,661,535 326,090 336,166 2,768,998 66,272 631,626 Bursarie5 from restricted funds 95,463 95,463 15.092,789 5,249,566 697,898 21,040,253 18
THE GODOLPHIN AND LATYMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 ANALYSIS OF TOTAL EXPENDITURE (continued) AnAlysis of Support eo$ts 2024 2023 Support and gov¢rn*nee eosts of schooling Printing stationery and postage Telephone Advertising and recruitment Insurances Sundry expenses Legal and professional Courses and conferences Governance costs 31,667 24,468 249,499 217,112 277,654 208,583 114.803 42.535 38,328 23,414 224,030 192,093 249,207 169,336 102,722 55,658 1,166,321 1,054,788 Analysis of governance costs: Governors indemnity insurance Auditor's remunei'ation- for audit seivices for the School Auditors remuneration- for non audit 1,735 35,400 5,400 3,578 47,400 4,680 42.535 55,658 STAFF COSTS 2024 2023 Wages and salaries Social security costs Pension conlributions Redundancy and terminalion payments 11,444,992 ,339,435 2,448,336 18,600 11,494,939 1,317,644 2,194,247 85,959 15,251,363 15,092,789 The average number of persons employed by the group during the year was: 2024 2023 Teaching staff Peripaletic and support staff Temporary staff 132 102 136 ioi 240 245 The number of employees who received I'emunei'ation of £60,000 or greater, in the following bands was.. 2024 29 16 2023 26 14 £60,000 - £70,000 £70,000- £80,000 £80,000- £90,000 £90,000- £100,000 £ioo,000 - £110,000 £110,000- £120,000 £120,000- £130,000 £130,000- £140,000 £170,000- £180,000 £180,000- £190,000 £260,000 - £270,000 £270,000 - £280,000 The total cost lo the employer of remunerating key management personnel is £987,483 (2023.. £922,872). 19
THE GODOLPHIN AND LATYMER FOUINDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 TANGIBLE FIXED ASSETS Ltasehold Properly Fixturt$, Freehold Property PIAnt & MAchinery EquÉpm¢nt Assets under con5trucliorh Tolil Cost or Valuation At I September2023 Additions at cost Disposals Transfers 24.416,121 166,296 12.950,0001 8,906,903 8,110.874 355,0(K) 286.595 131,592 148,505) 7,029,295 1.877.608 40,197,885 2,175,496 14,165,801) (1.167.296) 18,906,903) Ai 31 August 2024 30.539,320 6,943,578 355,000 369.682 38.207.580 DepretiAfion At I Septemb¢T 2023 Charge for yesr Disposals 7.769,161 635,393 1132,6431 2,191,807 150,766 172,393) 142.002 17,748 132,642 83,718 148.504) 10,235,612 887.625 1253.5401 At 31 August 2024 8271,911 2,270,180 159.750 167,856 10.869.697 Net Book VAlut Ai 31 August 2024 22,267,409 4,673,398 195250 201,826 27.337.883 At 31 August 2023 16,646,960 5.919.067 212,998 153,953 7.029.295 29,962,273 FOUNDATION L¢Asehold Property Fixtures Freehold Property PIAnt & Michkucry Equipment Assets under constrknclion Cosl or vilu*tlon At I Sepleinber2023 Additions at cost Di5posa15 2,950.000 1.167.296 48,503 4,165,799 (2,950.1>001 11.1672961 148,5031 14,165,799) At 31 August 2024 Dtprttiation At I Seplembcr2023 Charge foryear Disposals 103,143 29,500 1132,6431 60,474 48.503 212.120 41.416 1253,5361 {72.3901 148,503) At 31 Augus12024 Ne¢ Book VAlue At 31 August 2024 Ai 31 August 2023 2,846,857 1,106,822 3,953,679 The freehold premises held by Godolphin and Latymer School with a net book value of £14,013,100 were augmented out of the endowment of the Lalymer Foundation in 1905. The property is to be held in perpetuity as a permanent endowment. In March 2006, the Godolphin and Latymer School entered into a long-term lease for the use of Church pi'emises adjoining the main School propeity. The lease, which is foi. 125 years, commenced on I September 2007. Rent is £235.620 per annum and it is subject to review ai 5-yeai' intervals. 20
THE GODOLPHIN AND LATYMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 FIXED ASSET INVESTMENTS BengAle Limited This Company is a wholly owned subsidiaiy of the Foundation. The company did not trade in the current year or the prior yeai.. The Net Assets as at 31 August 2024 amounted to £100 (2023.. £100) Group 2023 Foundation 2023 io. DEBTORS 2024 2024 School fees Prepayments and accrued income Other debtors 8,045 200,386 12,927 11,798 484,785 38,585 1,555 ,559 2,513 221,358 535,168 5,627 Croup Foundation ii. CREDITORS: due within one year 21124 2023 2024 2023 Bank loan (see note 12) Bursary Fund loan (see note 12) Fees in advance Registi'alion deposits Other taxalion and social security Other pensions Old Dolphins Association Text book deposits Accruals Other creditors Other ci'editors Godolphin and Latymer School Bursaiy Fund 500,000 317,468 1,354,200 317,106 300,200 127,203 445,907 207,877 105,067 2.150,000 314,832 1,300,200 484,653 283,997 121,893 393.920 805,948 936,886 1.650,000 164,449 42,163 10,736 37,352 48,720 349.800 189,363 76,028 4,024,828 6,981,692 10,736 2,018,712 21
THE GODOLPHIN AND LATYMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 12. CREDITORS: due After more ¢han one yeAr Group Foundation 2024 2023 2024 2023 Godolphin and Latymer School Bursary Fund loan 2,180,000 180,000 2.180,000 180,000 In June 2022. the Godolphin and Latymer Bursary Fund ii'ustees granted a loan of £2.5 million to the School towards the cost of the building developmenl project of which was drawn down in Seplember 2023. The loan has been pi'ovided at a rate of 50/0 floating above six_monih LIBOR, wiih a cap of 7 /120/o, fixed for the first five years. The cap was removed in April 2024 for a pei'iod of 12 monihs. The loan ¢apital is repayable by 30 September 2029. The School currently intends lo make a minimum repayment of £500,000 per annum ovei. Ihe I'emaining loan lerm. 22
THE GODOLPHIN AND LATYMER FOiiNDATION NOTEI S TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 13. SPLIT OF NET ASSETS BETWEEN FUNDS Net current Asset5 and long term debt 2024 GROUP Fixed asset5 TotAI 2024 2024 Unrestrieted Funds 3,045,441 3,045,441 Restrieted Funds 4,875,223 22,462,658 5,262,090 {2.680,000) 10,137,313 19.782,658 Endowment Funds Balances at 31 August 2024 27,337,881 5.627,531 32,965,412 Coniporalive spli¢ of nel assets belweeiifiiiids Net eurrent Assets and long term debt 2023 GROUP Fixed assets Total 2023 2023 Unrestricted Funds Restricted Funds 3.953.679 11,995,494 (1,741,296) 3,307,285 2,212,383 5,302,779 Endowment Funds 14,013,100 {680,000) 13,333,100 Balances at 31 August 2023 29,962,273 885,989 30,848,262 23
THE GODOLPHIN AND LATYMER FOUNDATION NOTES TO THE FINANCIAL STATEIIqENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 13. SPLIT OF NET ASSETS BETWEEN FUNDS (continued) Net current assets and long term debt 2024 FOUNDATION Fixed assets 2024 Total 2024 Unrestrieted Funds 3,045,441 3.045,441 Restricted Funds 12,945 12,945 Balances at 31 August 2024 3,058,386 3.058,386 Cohipurative splll of nel assels befweeiifuiids Net Current assets and long term debt 2023 FOUNDATION Fixed assets 2023 TotAI 2023 Unrestricted Funds 3,953,679 (1.741,296) 2,212,383 Restrieted Funds 12,945 12.945 Balances at 31 August 2023 3,953,679 (1,728,351) 2,225,328 24
THE GODOLPHIN AND LATYMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUCUST 2024 14. FUND MOVEMENTS IN YEAR GROUP Balance At I September 2023 Balance At 31 August 2024 Income Expenditure TYan5fers Unrestricted funds Resti'icted funds Godolphin and Latymer Sehool: Elizabeth Godolphin Fund Designated - Annual Fund Prize fund Elizab¢th Crane Fund Bursary Fund Bursaries Foundation: Travel grant fund Alumnae Programme (70, Gala) Wellbeing programme (70, Gala) 2.212,383 1,097,339 {264,281) 3,045,441 12,233,330 2,936,151 104,686 15,667 21,932,660 {20,697,466) 680,639 (7,073,199) 6,395,325 3,616,790 96,586 15,667 (8,100) 70,000 25,493 (70,000) (25,493) 2,637 5,154 5,154 2,637 5,154 5,154 15,302,779 22,708,792 (20,801,059) (623,641) (7,073,199) 7,073,199 10,137,313 Endowment Funds 13.333,100 19.782,658 30.848,262 23,806,131 {21,688,981) 32,965,412 Coipipnratlvefiind niovemeiils iii Jyear GROUP BalAnce at I September 2022 Balanee at 31 August 2023 Ineome Expenditure Transfers Unrestricted funds Restricted funds Godolphin and La¢ymei' School Elizabeth Godolphin Fund Designated- Annual Fund Prize fund Elizabeih Crane fund Bui'sary Fund Bursaries Foundation: Bursary Fund- Redcliffe Travel grant fund Curriculum eni'ichment fund Alumnae programme (70th Gala) Wellbeing programme {70, Gala) Lego coding and science equipment 3,070,305 1,287,161 (2.145,083) 2,212,383 11.214,837 2,206,308 113,486 15,667 20,221,581 (18,348,032) 729,843 (855,056) 12,233.330 2.936,151 104,686 15,667 (8,800) 69,255 24,708 (69,255) (24,708) 750 2,637 1,637 5,154 5,154 3,006 750 (1,500) 2.637 (1.637) 5,154 5,154 (3,006) 13,568,636 12,916,276 21,046,137 (18,456,938) (438,232) (855,056) 855,056 15,302,779 13,333,100 Endowment Funds 29,555,217 22,333.298 (21,040,253) 30,848,262 25
THE GODOLPHIN AND LATYMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 14 FUND MOVEMENTS IN YEAR (Continued) FOUNDATION BalAnee at I September 2023 Balance At 31 August 2024 Income Expenditure Transfers Unrestricted funds 2,212.383 1.097,339 {264,281) 3,045,441 Restyicted funds Travel granl fund Alumnae Programme (70th Gala) Wellbeing programme (70, Gala) 2,637 5,154 5,154 2,637 5,154 5,154 12,945 12,945 2,225,328 1,097,339 {264.281) 3,058,386 CoMiparatii>efund nioiienienls iii )>Éur FOUNDATION B*lance A¢ I September 2022 BalRnce at 31 August 2023 Income Exp¢nditure TrAnsfers Unrestrieted lunds 3.070,305 1,287,161 (2,145,083) 2,212,383 Restricted funds Bursaiy fund - Redcliffe Travel grant fund Curi'iculum enrichment fund Alumnae Programme (70111 Gala) Wellbeing programme (701h Gala) Lego coding and science equipment 750 2,637 1,637 5,154 5,154 3,006 750 (1,500) 2,637 (1,637) 5.154 5,154 (3,006) 18,338 750 (6,143) 12,945 3,088,643 1,287,911 {2,l51,226) 2,225,328 26
THE GODOLPHIN AND LATYMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 14 FUND MOVEMENTS IN YEAR (Continued) Restricted Funds: Godolphin And LAtymer School: Elizabeth Godolphin Fund This represents the unrestricted general funds of Godolphin and Latymer School which are expendable at the discretion of the sole Irustee in furthei'ance of the objects of the charity. Annual Fund- D¢signAted This represents donations received from various sources which have been designated by the Governors towards granting bursaries and for specific capilal projects within the School. Prize Fund The prize fund represents cash held ihrough bank deposits. The fund is used to fund prizes for pupils. The ElizAbeth Crane Fund The Elizabeth Crane Fund was establislied in 1999, and ils purpose is to encourage girls to widen their horizons beyond the Core curriculum in English, Ihi'ough poetry, drama and lileralure. The Fund is repi'esented by bank deposits. Bur$8ry Fund The Godolphin and Latymer Bursaiy Fund, a separate Trust, was established in 1977 and provides Bui'sary assistance to girls at the School. Bursaries This fund i'epresents donations received from various sources which have been restricted towards the provision of bursaries. All donations have been expended in the year. Godolphin ftnd LAtymer Foundation: BursAry Fund- Redeliffe Funds received specifically to assist the funding of bursaries at Redcliffe Garden School. Travel grant fund A grant that was received lo be reslricted to expenditure on items included within the travel plan appi'oved by the Royal Borough of Kensington & Chelsea Alumnae ProgrAmme fund Funds received io promote networking opportunities for previous students. Wellbeing Programme fund To ti'ain a member of staff as an emotional literacy support assistant who is Irain¢d in psychology and who allows children the time lo talk through any difficulties or worries that they might be experiencing. Endo)vment Fund The Endowment fund r¢presenls assets whi¢h must be held permanently Godolphin and Latymei. School and, is the net book value of the freehold school premises, less boiyowed funds expended on the pi'emises. TrAnsfer$ Transfers in year relate lo completion of building work. 27
THE GODOLPHIN AND LATYMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 15. PENSION CONTRIBUTIONS AND COMMITMENTS The School participates in the Teachers, Pension Scheme ("the TPS") for ils teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,954,428 (2023.. £1,743,695) and at the yeai'_end £255,556 (2023 £238.403) was accrued in respect of contributions lo this scheme. The TPS is an unfunded mulii-employer defined benefits pension scheme govei'ned by The Teachei's, Pen5iOn5 Regulations 2010 (as amended) and The Teachers, Pension Scheme Regulations 2014 (as amended). Membei's conti'ibule on a 'pay as you go" basis with contribulions from membei's and the employer being ci'edited to the Exchequei.. Relirement and other pension benefits al'e paid by public funds provided by Parliamenl. The employer contribution rale is set by the Secretaiy of State following scheme valuations undertaken by the Govei'nment Actuary's Department. The most recenl acluarial valuation of the TPS was prepai'ed as at 31 Mai'ch 2016 and the Valuation Report, which was published in March 2019, confii'med that the employei. contribution rate for the TPS would inci'ease from 16.40/0 10 23.60/0 from I September 2019. Employers are also required lo pay a schem¢ administration levy of 0.080/0 giving a total employer contribution l'ate of 23.680/0. The 31 March 2016 Valuation Report was prepared in accordance with the benefits sel out in the scheme regulations and under the approach specified in the Directions, as ihey applied at 5 March 2019. However, the assumptions were ¢onsidered and sel by the Depaitinent for Education prior to ihe ruling in the 'M¢CloudlSargeant case, This case has required the courts to consider cases regarding the implemenlation of the 2015 refoi'ms to Public Service Pensions including the Teachers. Pensions. On 27 June 2019 the Supreme Court denied th¢ government pei'mission lo appeal the Court of Appeal's judgment thal Iransitional provisions introduced to the refomied pension schemes in 2015 gave rise lo unlawful age discrimination. The government is respecting the Court's decision and has said il will engage fully wilh the Employment Tribunal as well as employer and member i'epresentalives to agi'ee how the discriminations will be remedied. The government announced on 4 February 2023 that it intends to proceed wilh a deferred choice underpin undei. whi¢h members will be able to choose eiihei. legacy or reformed scheme benefits in respecl of their service during the period between l April 2015 and 31 March 2023 al the point they become payable. The TPS is subject to a c05t cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secielaiy to the Ti'easury, having in 2018 announced that there would be a i'eview of this cost cap mechanism, in January 2019 announced a pause to ihe ¢ost cap mechanism following the Court of Appeal's I'uling in the McCloud/Sargeanl case and until Ihei'e is cei1ainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2022, and a consultation was launched on 24 June on proposed changes to the cost conli'ol mechanism following a I'eview by the Govei'nment Actuary. The consultation closed io response on 19 August 2023 and the Government is currently analysing the responses. In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappi'opriate. In this scenario, a valuation prepai'ed in accoi'dance with I'evised benefits and suitably revised assumptions would yield different results than those contained in ihe Actuarial Valuation. Until the Cost cap mechanism review is completed it is not possible lo conclude on any financial impact or future changes to the contribution rales of lh¢ TPS. Accoi'dingly, no provision for any additional past benefit pension osts is included in these financial slalements. In addition, the gi'oup contribules to a defined conti'ibution scheme for non-teaching staff. The pension charge for Ihe year includes contributions payable lo the scheme of £493,909 (2023: £450,552) and at the year-end £44,645 (2023: £43,814) was accrued in respect of contributions to this scheme. 28
THE GODOLPHIN AND LATYMER FOUNDATION NOTES TO THE FINANCIAL STATEMEIYTS (eontinued) FOR THE YEAR ENDED 31 AUGUST 2024 Total pension contributions made in the year are analysed as follows.. 2024 2023 Total conti'ibulion5 during the year were.. Teaching staff Non-teaching staff 1,954,428 493,909 1,743,695 450,552 2,448,337 2,194,247 16. COMMITMENTS UNDER OPERATING LEASES: LEASE PAYMENTS The Group's future minimum operating lease paymenls are as follows- Equipment Charity Equipment Group 2024 2023 2024 2023 Within one year Between two and five years 147,171 212,603 219,941 218,899 359,774 438,840 Lease commitments for long-term leasehold buildings are disclosed in note 8. 17. RELATED PARTY TRANSACTIONS Governors, i'emuneratioD and reimbursed expense5 Ti'ustees indemnity insui'ance premiuin of £1,735 {2023: £3,578) was paid on behalf of the govei'ning body in the year. No oihei. expenses were paid on behalf of the governing body. One governor was reiinbui'sed for travel expense5 of £33 in the year (2023.. £121 Iwo governors). Governors, Donations The aggregate of donations received from Ihe Gov¢mors and their connected parties in the year was £nil (2023.. £nil). No Governors were I'emuneration for services provided to the Group. There were no oihei. transactions with related parties in either year. 18. CAPITAL COMMITMENTS Ai 31 August 2024 the Group and Foundation had capital commitments of £181k (2023.. £1.Im capilal commitments). 29
THE GODOLPHIN AND LATYMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (conlinued) FOR THE YEAR ENDED 31 AUGUST 2024 19. COMPARATIVE CONSOLIDATED OF FINANCIAL ACTIVITIES Unrestricted Endoivm¢nt Restricted Funds Funds Funds Total 2023 INCOME AND ENDOWMENTS FROM: Note Charitable Activities.. Net fees receivable Other educational income Investmenls Donations and Legacies 1,260,475 26,566 18,354,763 1,511,606 197,962 981,806 19,615,238 ,538,172 197,962 981.926 120 Tot%[ Income 1,287,161 21.046,137 22,333,298 EXPENDITURE ON: Charitable Activities 2,145,083 438,232 18,456,938 21,040,253 Total Expenditure 2,145,083 438.232 18,456,938 21.040.253 Net income/(expenditure) before transfers {857,922) (438,232) 2,589,199 ,293,045 Transfers 14 855,056 (855,056) Net movement in funds (857,922) 416,824 1,734,143 1,293,045 Total funds brought forward I Sepleinber 2022 3.070.305 12.916,276 13,568,636 29,555,217 Total funds forward At 31 August 2023 carried 14 2.212.383 13,333,100 15,302,779 30,848,262 30
THI GODOLPHIN AND LATYMER FOUNDATION NOTES TO THE FINANCIAL STATIMENTS {eontinued) FOR THE YEAR ENDED 31 AUGUST 2023 20. SUBSIDIARY CHARITY The Godolphin and Latymer Foundation is the sole niembei. of The Godolphin and Latymer School. The Godolphin and Latymer School have been consolidated into these accounts. The Godolphin and Latymer School is a Public Benefit Entity registered as a charity in England and Wales, it was registered in 1977 (charity number.. 312699) and has a year end of 31 August. A summary of the Stateinent of Financial Activities and Balan¢e sheet al'e given below.. Statement of Financial AetÉvities 2024 2023 Income Net fees receivable Other Educational Income Investmenls Donations and legacies 19,921,514 1,518,099 286,630 982,548 18,354,763 1,511,606 197,962 981,056 22,708,791 21,045,387 enditui'e Charitable Activities (21,424,700) {18,889,027) Net movement in funds 1,284,091 2,156,360 Total funds bought forward 28,622,934 26,466,574 Total funds carried fonvard 29,907,025 28,622.934 Balanee Sheet Tangible fixed assels Deblors Cash in hand and at bank Creditors: Amounts falling due within one year Ci'editors: Amounts falling due after more than one year 27,337,881 221,38 8,541,876 (4,014,090) (2,180,000) 26.008,594 532,054 7,227,779 (4,965,493) {180,000) Net Assets 29,907,025 28,622,934 Unrestricted Funds Restricled Funds Endowmeni Fund 10,012,114 112,253 19,782,658 15,169,481 120,353 13,333,100 Accumulated Funds 29,908,193 28,622,934