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 T￿sleeS 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 p￿VIouS 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 I1￿mBERs 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 pu￿oSe. 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 p￿parIng 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 ￿S￿li]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