2025-08-31-accounts

Registered number: 3598439 Charity number: 1073924

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

CONTENTS

	Page
Reference and Administrative Details of the Company, its Trustees and Advisers	1
Trustees' Report	2 - 6
Independent Auditors' Report on the Financial Statements	7 - 10
Consolidated Statement of Financial Activities	11
Consolidated Balance Sheet	12
Company Balance Sheet	13
Consolidated Statement of Cash Flows	14
Notes to the Financial Statements	15 - 33

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025

Trustees	S Davies, Chair
	Ms S Davies
	M Esiri (resigned 25 June 2025)
	Mrs S Kinross
	K Knibbs
	L Magrill
	N McLaughlan
	Miss J McNeill
	Ms T Meller
Company registered number 3598439 Charity registered number 1073924 Registered office Godolphin And Latymer School Iffley Road London W6 0PG Company secretary Executive Officers Head Bursar Senior Deputy Head (Academic) Deputy Head (Pastoral) Mrs D M Lynch Dr F M R Ramsey Mrs D M Lynch Dr J C Carter Mrs M Holder Independent auditors HaysMac LLP 10 Queen Street Place London EC4R 1AG Bankers HSBC plc London SW6 5UA Solicitors Veale Wasbrough Orchard Lane Bristol BS1 5WS

Page 1

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The directors, who are also trustees of the charity for the purposes of charity law, present their annual report under the Companies Act 2006, together with the audited financial statements for the Foundation for the financial year and confirm that the financial statements comply with the requirements of the Act, the Foundation's governing document, applicable law and Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (Second Edition, effective 1 January 2019).

In addition to this report, the directors prepare a detailed report to accompany the financial statements of the Godolphin and Latymer School (registered charity number 312699) of which the Foundation is the sole trustee. This report contains summary information about the Foundation in that role in order to provide an appropriate record of all the Foundation's functions during the year; for a fuller 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 incorporated as a company limited by guarantee on 15 July 1998 and registered as a charity on 11 February 1999. It is governed by its memorandum and articles of association.

Structure

The Foundation acts as the Sole Trustee of Godolphin and Latymer School (registered charity number 312699).

Trustees

The Trustees of the Foundation during the year, and up to the date of signing of the accounts, are shown on page 1. They are also the directors of the Foundation in its corporate capacity and are colloquially are referred to as Governors of the School. In addition, the Trustees of the Foundation are its company members, each agreeing to contribute of up to £1 on the winding up of the Foundation.

The Foundation's articles of association provide for a board of not more than nineteen Governors (Co-opted Governors), including one Governor, nominated as an Heir of Sir William Godolphin (the Nominated Governor).

All other Governors are appointed for four-year terms by resolution of the Governors in office at the time. The Nominated Governor is eligible for reappointment without limit. Co-opted Governors are eligible for reappointment for a further term of four years and, in exceptional circumstances, for a further four-year term or terms.

Governance and Management

The Governors, as the Trustees of the Foundation, are legally responsible for the overall management and control of the Godolphin and Latymer School and meet, as a minimum, during each school term.

Day-to-day management

The day-to-day education and pastoral care of pupils and the appointment and management of teaching staff at Godolphin and Latymer School is delegated to the Head, Dr Frances Ramsey, supported by Dr James Carter, Deputy Head Pastoral, and Dr Sara Harnett, Senior Deputy Head Curriculum and Academic.

Responsibility for the non-teaching staff and for the financial management and support functions is delegated to the Bursar, Mrs Diana Lynch.

The Governors consider that they, together with the Head, Bursar and Deputy Heads comprise the Key Management Personnel.

The Governors give of their time freely. The pay and remuneration of the Key Management Personnel is set by the Senior Salaries Committee and is kept under annual review. A number of criteria are used in setting pay:

Page 2

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

nature of the role and responsibilities; competitor salaries in the region; the sector average salary for comparable positions; and trends in pay. In recent years, flexible pay in the sector has affected the ease of recruitment to certain roles; the Senior Salaries Committee intends to be in the upper quartile for pay for senior roles in the independent school sector.

The Governors have established board committees with specific objectives; a minimum of two Governors sit on each committee. As appropriate, these committees either pass down decisions to the executive management under delegated authority from the Governors.. The principal committees are:

• The Education Committee, which considers matters relating to the curriculum and, more widely, to teaching, learning and pastoral matters generally.

• The Finance and General Purposes. This Committee meets termly to assess the School’s financial position and to review the capital and operating budgets, cash forecasts, management accounts, audited accounts and the annual report for presentation to the Governors.

• The Health, Safety and Risk Management Committee has responsibility delegated from the Governing Body to review any major risks associated with the operation of the School and the Foundation.

• The Policy and Governance Committee, which ensures a common understanding of the major issues that the School faces and co-ordinates a consistent approach to these between the Governors’ committees and the School’s Senior Leadership Team. The Committee also recommends appointments of a Head, Governors, the Chairman and Deputy Chairman of Governors, and considers membership of Governors’ committees.

Recruitment and training of Governors

Before seeking new Governors, the Policy and Governance Committee will be guided by the relevant competence, experience and specialist skills sought by the Foundation's board from new Governors. New Governors are appointed only after interview by the committee and after consideration of the committee’s findings by all Governors. After appointment, all new Governors undertake an induction programme and are given appropriate guidance on all aspects of the operations of both schools and their own role and responsibilities; access is provided to outside courses on Trusteeship and related matters.

The Godolphin and Latymer School Bursary Fund

The Godolphin and Latymer School Bursary Fund is a separate charity (charity number 1187911) the aims of which include the advancement of the charitable objects of the Foundation.

The Godolphin and Latymer Bursary Fund makes sums available to the Godolphin and Latymer School each year to enable the school to supplement the means-tested bursaries that it awards; it has also loaned funds to the Godolphin and Latymer School at commercial rates of interest to help fund development of the School’s facilities. The Governors appoint two trustees of the Bursary Fund's board, and other Governors may serve as trustees provided that Governors do not constitute the majority of the Bursary Fund’s board of trustees; conflicts of interest and loyalty are appropriately identified and managed in relation to the Bursary Fund's decisionmaking.

STRATEGIC REPORT

PRINCIPAL RISKS AND UNCERTAINTIES

The Governing Body is responsible for overseeing the risk management process conducted by the School. Review of risk is delegated to the Health, Safety and Risk Management Committee. The Head, Bursar, Designated Safeguarding Lead and Senior Teacher (School Organisation) attend and inform this committee.

A formal review of the major risks (including regulatory and compliance 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 are then reviewed and discussed further by the Health, Safety and Risk Management Committee before being reported to the full Governing Body.

Page 3

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

The Governors have assessed the major risks to which the School is exposed and are satisfied that systems are in place to mitigate the School’s exposure to the major risks. Such risks and controls are reviewed on a regular basis in order to mitigate any impact that they may have on the schools in the future.

• The main risks that the Governors have identified for Godolphin and Latymer School are those of:

• The climate of antipathy towards independent schools. This gives rise to a range of risks: from the purely financial, such as the loss of charitable relief on business rates; to the operational, the introduction of VAT on school fees (which could make them unaffordable for many parents). It is difficult to identify effective control measures, but the School continues to work with the Independent Schools Council and other representative bodies to defend the charitable status of independent schools and publicise the positive contribution they make. The Foundation is also looking for ways to reduce costs (in a way consistent with maintaining the School's high standards), generate additional income and fundraise in order to offset the potential financial impact.

• The potential damage to reputation. The School’s success is built on reputation for the education and wellbeing of pupils. The key controls include the maintenance of high academic standards within a disciplined but friendly atmosphere, the close monitoring of major risks and a review of all areas of school life, strong pastoral communication and action (both pre-emptive and reactive) and a strong relationship with parents and the wider community to mitigate potential impact. The public profile of the School is monitored, and public relations advisers in reputation and crisis management have been appointed

OBJECTIVES AND ACTIVITIES

Objects

The ‘Object’ of the Foundation is to advance the education of the public, under which it is empowered to provide for the instruction of the schools’ pupils and their ‘spiritual, moral, mental and physical training’.

Aims

The Foundation's overriding aim is to provide pupils at the School with an outstanding education. Through the lessons and activities in which they participate, 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 reach a balanced judgement.

In accordance with the School’s history of providing education for pupils from a wide range of backgrounds, an enriching and inclusive atmosphere is created. Within this principled, caring and friendly community, pupils learn to lead, to work together for mutual benefit, to communicate clearly and to forge firm friendships.

The School encourages pupils to learn about local, national and global issues, from which they believe they become considerate, compassionate and courageous young adults who fully expect to take active responsibility for the community and the environment in which they live, as well as for themselves, both now and in the future.

Objectives for the Year

Principal Activity

In its capacity as its sole trustee, the Foundation runs The Godolphin and Latymer School, a secondary school for girls. Godolphin and Latymer School offers a broad and balanced academic curriculum and extra-curricular activities, where both are considered to be necessary components of a good general education. The academic curriculum includes the option of the International Baccalaureate diploma The Godolphin and Latymer School seeks to challenge the girls intellectually 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 support to, the wider community.

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 (registered charity number 312699).

Page 4

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Public Benefit

The Charities Act 2006, having withdrawn the legal presumption that education in itself offers benefit to the public at large, placed an obligation on the Foundation to demonstrate that it provides ‘Public Benefit’ as part of its provision of education as a charity in a fee-charging environment.

In setting the School’s objectives, the Governors have paid due regard to the Public Benefit guidance published by the Commission.

Grant Making

The Governors recognise that independent school fees are at levels which may exclude many children from applying for a place, but they are committed to widening access to the education offered. Accordingly, they advertise the availability of bursary awards. The value of any award is determined on a means-tested basis and reviewed annually. For the year ended 31 August 2025 77 means-tested bursaries were awarded during the year to the value of £1,920,754 (2024: £1,808,467).

The Governors' objective is to continue to increase the number of transformational bursaries available, and there is a fundraising programme in place to facilitate this.

FUTURE PLANS

To continue to act as the Sole Trustee of the School.

Financial Results

The Financial Statements for the year ended 31 August 2025 are published with this report.

The Group had net income during the year of £746,544 (2024: £2,117,150), after providing for depreciation of £892,557 (2024: £887,625). Of this surplus, £73,834 was attributable to Unrestricted Funds (2024: £833,058).

The Governors have identified that continuing surpluses will be required if investment in the Group’s activities and facilities is to be maintained, and fee increases in the current year, which continue to be reviewed annually, are intended to support this objective.

Reserves Policy

The Governors regularly review the level and nature of the reserve funds of the Group. Funds held at the yearend were as follows:

Unrestricted general funds: £3,119,277 Restricted funds £11,431,113 Endowment fund: £19,161,567

Unrestricted Funds represent the general funds of Godolphin and Latymer Foundation.

The Restricted Funds represent general, designated and restricted funds of Godolphin and Latymer 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 previous 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 site. In furtherance of those development projects, most of those unrestricted general funds are now invested in fixed assets. At the 2025 financial year end free reserves of the group were £3,119,277 (2024: £3,045,441).

Page 5

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Fundraising practices and performance

The Governors are aware of the Charities (Protection and Social Investment) Act 2016 and recognise the importance of meeting the highest standards of practice and care in relation to fundraising activities. Currently these are focused only on Godolphin and Latymer School.

The Foundation, as Sole Trustee of the Godolphin and Latymer School, has signed up to the fundraising code of practice and has voluntarily registered with the Fundraising Preference Service (FPS). The Godolphin and Latymer School Foundation is a member of the Institute of Development Professionals in Education and the Council for Advancement and Support of Education. The Foundation, as Sole Trustee of the Godolphin and Latymer School, only raises funds from Old Dolphins, parents, staff and those with a personal connection to the school and does not undertake fundraising campaigns to members of the public. The Foundation considers the origin of unsolicited donations and legacies.

The Foundation, as Sole Trustee of the Godolphin and Latymer School, does not share or purchase any donor data with or from third parties. In 2024-2025, the Foundation did not engage with independent professional fundraisers. In 2024-2025 the Foundation did not receive any complaints in relation to fundraising or raise any matter with regulators.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees, who are also the Directors of the Foundation for the purposes of company law, are responsible for preparing the Trustees’ Report, incorporating the strategic report, and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and application of resources, including the income and expenditure, of the group for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting standards have been followed, subject to any material departures

• disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the

• charitable company and group will continue in business.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time of the financial position of the charitable company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each of the directors is aware at the time the report is approved:

• there is no relevant audit information of which the charity's auditors are unaware; and

• the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Approved by order of the members of the board of Trustees on 5 December 2025 and signed on their behalf by:

S Davies Chair of Trustees

Page 6

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

Opinion

We have audited the financial statements of The Godolphin and Latymer School Foundation for the year ended 31 August 2025 which comprise the Consolidated Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

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 at 31 August 2025 and of the group's and parent charitable company's net movement in funds, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Page 7

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Trustees' Report( which includes the strategic report and directors' report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and.

• the strategic report and the directors’ report included within the Trustees’ Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report (which incorporates the strategic report and the directors’ report)..

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent charitable company; or

• the parent charitable company financial statements are not in agreement with the 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 statements

As explained more fully in the trustees’ responsibilities statement set out on page 7, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 8

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to The Education (Independent School Standards) Regulations 2014, safeguarding regulations, health and safety requirements, GDPR, employment law and charity law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and Companies Act 2006 and consider other factors such as payroll tax.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to to the improper recognition of revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

• Inspecting correspondence with regulators and tax authorities;

• Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

• Evaluating management’s controls designed to prevent and detect irregularities;

• Identifying and testing journals, in particular journal entries posted at the year end; and

• Challenging assumptions and judgements made by management in their accounting estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud 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 website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 9

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION (CONTINUED)

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 the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Jane Askew (Senior Statutory Auditor) for and on behalf of HaysMac LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG Date: 21 January 2026

Page 10

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025

Note Income and endowments from: Donations and legacies 6 Charitable activities: Net fees receivable 3 Other educational income 4 Investments 5 Profit on disposal of fixed assets Total income and endowments Expenditure on: Charitable activities 7 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	Unrestricted funds 2025 £ - - - 88,672 - 88,672 14,838 14,838 73,834 3,045,443 3,119,277	Restricted funds 2025 £ 758,774 20,532,239 1,545,215 279,802 - 23,116,030 21,822,229 21,822,229 1,293,801 10,137,312 11,431,113	Endowment funds 2025 £ - - - - - - 621,091 621,091 (621,091) 19,782,658 19,161,567	Total funds 2025 £ 758,774 20,532,239 1,545,215 368,474 - 23,204,702 22,458,158 22,458,158 746,544 32,965,413 33,711,957	Total funds 2024 £ 982,560 19,921,514 1,518,099 286,796 1,097,163
					23,806,132
					21,688,981
					21,688,981
					2,117,151
					30,848,262
					32,965,413

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 15 to 33 form part of these financial statements.

Page 11

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION REGISTERED NUMBER: 3598439

CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2025

Note Fixed assets Tangible assets 10 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 14 Total net assets Charity funds Endowment funds 16 Restricted funds 16 Unrestricted funds 16 Total funds	10,013,441 12,696,126 22,709,567 (12,859,380)	2025 £ 25,541,770 25,541,770 9,850,187 35,391,957 (1,680,000) 33,711,957 19,161,567 11,431,113 3,119,277 33,711,957	221,358 11,610,999 11,832,357 (4,024,827)	2024 £ 27,337,883 27,337,883 7,807,530 35,145,413 (2,180,000) 32,965,413 19,782,658 10,137,312 3,045,443 32,965,413

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees on 05 December 2025 and signed on their behalf by:

S Davies (Chair of Trustees)

The notes on pages 15 to 33 form part of these financial statements.

Page 12

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION REGISTERED NUMBER: 3598439

COMPANY BALANCE SHEET AS AT 31 AUGUST 2025

Note Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 16 Unrestricted funds 16 Total funds	3,362 3,132,860 3,136,222 (4,000) 12,945 3,119,277	2025 £ 3,132,222 3,132,222 3,132,222 3,132,222 3,132,222	- 3,069,122 3,069,122 (10,734) 12,945 3,045,443	2024 £ 3,058,388
				3,058,388
				3,058,388
				3,058,388
				3,058,388

The Company's net movement in funds for the year was £73,834 (2024 - £833,135).

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees on 05 December 2025 and signed on their behalf by:

S Davies (Chair of Trustees)

The notes on pages 15 to 33 form part of these financial statements.

Page 13

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

Note Cash flows from operating activities Net cash used in operating activities 17 Cash flows from investing activities Proceeds from the sale of tangible fixed assets Payments to acquire tangible fixed assets Interest received Net cash (used in)/provided by investing activities Cash flows from financing activities Finance costs Bursary Fund loan repayments New Bursary Fund loan Net cash used in financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 18	2025 £ 1,910,813 - (462,756) 368,474 (94,282) (231,404) (500,000) - (731,404) 1,085,127 11,610,999 12,696,126	2024 £ 1,031,527 5,009,426 (2,175,496) 286,796 3,120,726 (403,767) (1,650,000) 2,000,000 (53,767) 4,098,486 7,512,513 11,610,999

The notes on pages 15 to 33 form part of these financial statements

Page 14

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. General information

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 (registered number 3598439 and charity number 1073924).

2. Accounting policies

2.1 Basis of preparation of 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 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – Second Edition, effective 1 January 2019.

The Foundation has taken advantage of the exemption available to a qualifying entity in FRS102 from the requirement to present a charity only Cash Flow Statement and with the consolidated financial statements.

The financial statements are drawn up under the historical cost convention except that investments are carried at market value.

2.2 Going concern

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 Foundation has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the Foundation’s financial viability. Accordingly, they also continue to adopt the going concern basis in preparing the financial statements.

2.3 Basis of consolidation

The financial statements of the Group include the results and balances of the Foundation consolidated on a line by line basis with The Godolphin and Latymer School. In accordance with Section 408 of the Companies Act 2006, no separate Statement of Financial Activities is presented for the Foundation.

2.4 Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, the Trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Foundation’s financial statements.

Page 15

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.5 Fund accounting

The general funds of the Foundation represent unrestricted funds expendable at the discretion of the Trustees’ in furtherance of the objects of the charity.

Resources received for purposes specified by the donor, whether for use as income or capital, are credited to an appropriate restricted fund. Amounts expended in accordance with the restrictions are charged directly to the restricted fund.

The general funds of the Godolphin and Latymer School are represented by the Elizabeth Godolphin Fund and represent funds expendable at the discretion of the Sole Trustee in furtherance 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 trust to be permanently retained for the benefit of the Godolphin and Latymer School as a capital fund.

2.6 Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is charged on a consistent basis so as to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives. All assets costing more than £1,000 are capitalised.

Depreciation is charged from the date on which assets are brought into use. The following rates are used on the straight line basis.

• Freehold buildings 1-2% straight line - Leasehold property 2-4% straight line improvements - Plant and machinery 5% straight line - Fixtures, computers and 25-33.3% straight line equipment Astroturf - 10% straight line

Freehold land is not depreciated.

Page 16

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.8 Investments

Investments are valued in the balance sheet at closing price at the balance sheet date.

Realised gains are the difference between sales proceeds and opening market value where the investment was held at the beginning of the year, or sales proceeds less cost of purchase where the investment was acquired in the year. Unrealised gains are the change in value of investments after taking into account any movements in investment holdings such as purchases and disposals of investments.

Realised and unrealised gains are accounted for within the Statement of Financial Activities.

2.9 Debtors

School fee and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Creditors and provisions

Creditors and provisions are recognised where the School has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2.11 Fees and similar income

Fees receivable and charges for services and use of the premises, less any allowances, scholarships, bursaries granted by the School against those fees, but including contribution received from restricted funds, are accounted for in the period in which the service is provided.

2.12 Donations, grants and legacies

Voluntary income is accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable.

2.13 Investment income

Investment income from bank balances is accounted for on an accruals basis.

2.14 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to that category.

Teaching costs are the direct costs of teaching the pupils at the School. Welfare costs are mainly the domestic costs of the School.

Premises costs are the costs incurred in maintaining the premises of the School, including rates, insurance and general expenditure on repairs and renewals.

Support costs are the costs of directly administering and supporting the School’s operations. Governance costs are audit fees and governors’ insurance.

Page 17

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.15 Pension costs

The School is a member of the Teachers’ Superannuation Scheme run by Teachers’ Pensions. The scheme is an unfunded, defined benefit scheme. It is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the school. Accordingly under FRS102 section 28 the scheme is accounted for as if it were a defined contribution scheme.

The School also contributes to a defined contribution scheme for non-teaching staff. The School’s contributions to pension funds for its employees are charged to the Statement of Financial Activities on an accruals basis in the year in which they fall due.

2.16 Operating leases

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

3. Net fees receivable

	2025	2024
	£	£
Net fees receivable consist of
Gross fees receivable	22,463,876	21,775,908
Fees given as scholarships	(109,087)	(103,801)
Fees given as bursaries	(1,870,636)	(1,808,467)
Fee remission for staff	(46,528)	(37,618)
	20,437,625	19,826,022
Add: Bursaries paid by restricted funds	94,614	95,493
Payable by parents (net of scholarships and bursaries)	20,532,239	19,921,515

4. Other educational income

School lunch income Music, Speech and Drama Registration fees Management fees Lettings/hire income Sundry receipts	2025 £ 773,272 648,368 122,325 1,000 - 250 1,545,215	2024 £ 717,751 634,109 156,789 1,000 7,800 649
		1,518,098

Page 18

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

5. Income from investments

Elizabeth Godolphin Fund - deposit interest Other deposit interest 6. Donations and legacies Unrestricted Funds: Other donations Total unrestricted funds Restricted funds: Bursary fund Bursaries Elizabeth Godolphin Fund Annual Fund receipts Legacies Total restricted funds Total	2025 £ 279,802 88,672 368,474 2025 £ - - 70,000 24,614 35,000 623,622 5,538 758,774 758,774	2024 £ 286,630 166
		286,796
		2024 £ 10
		10 70,000 25,493 70,228 680,639 136,190
		982,550
		982,560

Page 19

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

7. Analysis of total expenditure

	Staff costs	**Other costs **	Depreciation	Total
	2025	2025	2025	2025
	£	£	£	£
Charitable Activities:
School Operating Costs:
Prizes	-	9,040	-	9,040
Teaching costs	12,541,709	904,867	132,618	13,579,194
Welfare costs	240,321	885,185	-	1,125,506
Premises costs	398,260	2,087,338	759,939	3,245,537
Support and governance costs	3,191,884	980,979	-	4,172,863
Finance costs	-	231,404	-	231,404
Bursaries from restricted funds	-	94,614	-	94,614
	16,372,174	5,193,427	892,557	22,458,158

. Comparative analysis of total expenditure

	Staff costs	**Other costs **	Depreciation	Total
	2024	2024	2024	2024
	£	£	£	£
Charitable Activities:
School Operating Costs:
Prizes	-	8,100	-	8,100
Teaching costs	11,670,297	902,396	83,718	12,656,411
Welfare costs	215,787	877,508	-	1,093,295
Premises costs	401,555	2,096,408	803,907	3,301,870
Support and governance costs	2,963,724	1,166,321	-	4,130,045
Finance costs	-	403,767	-	403,767
Bursaries from restricted funds	-	95,493	-	95,493

Page 20

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

8. Analysis of support costs

Support and governance costs of schooling: Printing stationery and postage Telephone Advertising and recruitment Insurances Sundry expenses Legal and professional Courses and conferences Governance costs Analysis of governance costs: Governors indemnity insurance Auditor’s remuneration – for audit services for the School and Foundation Auditors remuneration – for non audit services	2025 £ 32,070 22,679 183,779 245,475 231,236 110,722 117,418 37,600 980,979 2,050 30,550 5,000 37,600	2024 £ 31,667 24,468 249,499 217,112 277,654 208,583 114,803 42,535
		1,166,321 1,735 35,400 5,400
		42,535

9. Staff costs

Wages and salaries Social security costs Contribution to defined contribution pension schemes Redundancy and termination payments	Group 2025 £ 12,026,397 1,518,874 2,796,053 30,850 16,372,174	Group 2024 £ 11,444,992 1,339,435 2,448,336 18,600
		15,251,363

The average number of persons employed by the group during the year was:

Teaching staff Peripatetic and support staff Temporary staff	Group 2025 No. 130 103 7 240	Group 2024 No. 132 102 6
		240

Page 21

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

9. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

	Group	Group
	2025	2024
	No.	No.
In the band £60,000 - £70,000	32	29
In the band £70,000 - £80,000	14	16
In the band £80,000 - £90,000	14	8
In the band £90,000 - £100,000	6	4
In the band £100,000 - £110,000	1	1
In the band £110,000 - £120,000	1	1
In the band £130,000 - £140,000	2	1
In the band £180,000 - £190,000	-	1
In the band £190,000 - £200,000	1	-
In the band £240,000 - £250,000	1	-
In the band £270,000 - £280,000	-	1

The total cost to the employer of remunerating key management personnel is £1,059,486 (2024: £987,483).

Page 22

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

10. Tangible fixed assets

Group

Cost or valuation At 1 September 2024 Additions Capital Goods Scheme - Adjustment At 31 August 2025 Depreciation At 1 September 2024 Charge for the year At 31 August 2025 Net book value At 31 August 2025 At 31 August 2024	Freehold property Leasehold Property Improvements £ £ 30,539,320 6,943,578 267,157 - (1,366,310) - 29,440,167 6,943,578 8,271,911 2,270,183 603,339 138,850 8,875,250 2,409,033 20,564,917 4,534,545 22,267,409 4,673,395	Plant and machinery £ 355,000 - - 355,000 159,750 17,750 177,500 177,500 195,250	Fixtures, Computers & Equipment £ 369,684 195,599 - 565,283 167,857 132,618 300,475 264,808 201,827	Total £ 38,207,582 462,756 (1,366,310) 37,304,028 10,869,701 892,557 11,762,258 25,541,770 27,337,881

The freehold premises were augmented out of the endowment of the Latymer Foundation in 1905. The property is to be held in perpetuity as a permanent endowment. The Sole Trustee holds legal title to the assets of the School, but has no beneficial interest in them.

11. FIXED ASSET INVESTMENTS

Bengale Limited

This Company is a wholly owned subsidiary of the Foundation. The company did not trade in the current year or the prior year. The Net Assets as at 31 August 2025 amounted to £100 (2024: £100).

Page 23

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

12. Debtors

Due within one year School fees Prepayments and accrued income Other debtors Amounts owed by group undertakings Capital Goods Scheme (VAT)	Group 2025 £ 8,403,892 219,246 23,993 - 1,366,310 10,013,441	Group 2024 £ 8,045 200,386 12,927 - - 221,358	Foundation 2025 £ - - - 3,362 - 3,362	Foundation 2024 £ - - - - -
				-

Capital Goods Scheme (VAT) relates to accrued VAT recoverable via the Capital Goods Scheme in future years.

13. Creditors: due within one year

Bursary Fund loan Registration deposits Other taxation and social security Other pensions Old Dolphins Association Text book deposits Accruals and deferred income Other creditors Other creditors - Godolphin and Latymer School Bursary Fund Deferred Income - Fees in advance Balance at 1 September 2025 Amounts released to SOFA in year Amount deferred in year Balance at 31 August	Group 2025 £ 500,000 1,518,500 1,669,126 270,271 132,367 310,560 8,016,644 171,056 270,856 12,859,380	Group 2024 £ 500,000 1,354,200 317,106 300,200 127,203 445,907 525,344 105,067 349,800 4,024,827	Foundation 2025 £ - - - - - - 4,000 - - 4,000 Group 2025 £ 317,468 (317,468) 7,620,159 7,620,159	Foundation 2024 £ - - - - - - 10,734 - -
				10,734
				Group 2024 £ 314,832 (314,832) 317,468
				317,468

Page 24

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

14. Creditors: due after more than one year

Godolphin and Latymer School Bursary Fund loan	Group 2025 £ 1,680,000 1,680,000	Group 2024 £ 2,180,000
		2,180,000

In June 2022, the Godolphin and Latymer Bursary Fund trustees granted a loan of £2.5 million to the School towards the cost of the building development project of which was drawn down in September 2023. The loan has been provided at a rate of 5% floating above six-month LIBOR, with a cap of 7 ½%, fixed for the first five years. The cap was removed in April 2024 for a period of 12 months. The loan capital is repayable by 30 September 2029. The School currently intends to make a minimum repayment of £500,000 per annum over the remaining loan term.

15. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted funds 2025 £ Tangible fixed assets - Current assets 3,119,277 Creditors due within one year - Creditors due in more than one year - Total 3,119,277	Restricted funds 2025 £ 4,799,353 18,991,140 (12,359,380) - 11,431,113	Endowment funds 2025 £ 20,742,417 599,150 (500,000) (1,680,000) 19,161,567	Total funds 2025 £ 25,541,770 22,709,567 (12,859,380) (1,680,000)
			33,711,957

Analysis of net assets between funds - prior year

Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Total	Unrestricted funds 2024 £ - 3,045,441 - - 3,045,441	Restricted funds 2024 £ 4,875,223 8,786,916 (3,524,827) - 10,137,312	Endowment funds 2024 £ 22,462,658 - (500,000) (2,180,000) 19,782,658	Total funds 2024 £ 27,337,881 11,832,357 (4,024,827) (2,180,000)
				32,965,411

Page 25

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

16. Statement of funds

Statement of funds - current year

Unrestricted funds Unrestricted funds Endowment funds Godolphin and Latymer School Restricted funds Godolphin and Latymer School designated fund – Elizabeth Godolphin Fund Godolphin and Latymer School designated fund – Annual Fund Prize fund Elizabeth Crane Fund Bursary Fund Bursaries Travel grant fund Alumnae Programme (70th Gala) Wellbeing programme (70th Gala) Total of funds	Balance at 1 September 2024 £ 3,045,443 19,782,658 6,395,324 3,616,790 96,586 15,667 - - 2,637 5,154 5,154 10,137,312 32,965,413	Income £ 88,672 - 22,397,793 623,623 - - 70,000 24,614 - - - 23,116,030 23,204,702	Expenditure £ (14,838) (621,091) (21,718,575) - (9,040) - (70,000) (24,614) - - - (21,822,229) (22,458,158)	Balance at 31 August 2025 £ 3,119,277
				19,161,567
				7,074,542 4,240,413 87,546 15,667 - - 2,637 5,154 5,154
				11,431,113
				33,711,957

Page 26

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

16. Statement of funds (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 trustee in furtherance of the objects of the charity.

Annual Fund - Designated

This represents donations received from various sources which have been designated by the Governors towards granting bursaries and for specific capital projects within the School.

Prize Fund

The prize fund represents cash held through bank deposits. The fund is used to fund prizes for pupils.

The Elizabeth Crane Fund

The Elizabeth Crane Fund was established in 1999, and its purpose is to encourage girls to widen their horizons beyond the core curriculum in English, through poetry, drama and literature. The Fund is represented by bank deposits.

Bursary Fund

The Godolphin and Latymer Bursary Fund, a separate Trust, was established in 1977 and provides Bursary assistance to girls at the School.

Bursaries

This fund represents donations received from various sources which have been restricted towards the provision of bursaries. All donations have been expended in the year.

Godolphin and Latymer Foundation:

Bursary Fund - Redcliffe

Funds received specifically to assist the funding of bursaries at Redcliffe Garden School.

Travel grant fund

A grant that was received to be restricted to expenditure on items included within the travel plan approved by the Royal Borough of Kensington & Chelsea

Alumnae Programme fund

Funds received to promote networking opportunities for previous students.

Wellbeing Programme fund

To train a member of staff as an emotional literacy support assistant who is trained in psychology and who allows children the time to talk through any difficulties or worries that they might be experiencing.

Endowment Fund

The Endowment fund represents assets which must be held permanently Godolphin and Latymer School and, is the net book value of the freehold school premises, less borrowed funds expended on the premises.

Transfers

Transfers in year relate to completion of building work.

Page 27

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

16. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds Unrestricted funds Endowment funds Endowment Funds - all funds Restricted funds Godolphin and Latymer School designated fund – Elizabeth Godolphin Fund Godolphin and Latymer School designated fund – Annual Fund Prize fund Elizabeth Crane Fund Bursary Fund Bursaries Travel grant fund Alumnae Programme (70th Gala) Wellbeing programme (70th Gala) Total of funds	Balance at 1 September 2023 £ 2,212,385 13,333,100 12,233,329 2,936,151 104,686 15,667 - - 2,637 5,154 5,154 15,302,778 30,848,263	Income £ 1,097,339 - 21,932,660 680,639 - - 70,000 25,493 - - - 22,708,792 23,806,131	Expenditure £ (264,281) (623,641) (20,697,466) - (8,100) - (70,000) (25,493) - - - (20,801,059) (21,688,981)	Transfers in/out £ - 7,073,199 (7,073,199) - - - - - - - - (7,073,199) -	Balance at 31 August 2024 £ 3,045,443
					19,782,658
					6,395,324 3,616,790 96,586 15,667 - - 2,637 5,154 5,154
					10,137,312
					32,965,413

Page 28

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

17. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Profit on disposal of fixed assets Decrease/(increase) in debtors Increase/(decrease) in creditors Investment income and interest received Finance costs Net cash provided by operating activities 18. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents 19. Analysis of changes in net debt At 1 September 2024 £ Cash at bank and in hand 11,610,999 Debt due within 1 year (500,000) Debt due after 1 year (2,180,000) 8,930,999

Group Group 2025 2024 £ £ 746,544 2,117,151 892,557 887,625 - (1,097,163) (8,425,772) 313,810 8,834,554 (1,306,867) (368,474) (286,796) 231,404 403,767 1,910,813 1,031,527 Group Group 2025 2024 £ £ 12,696,126 11,610,999 12,696,126 11,610,999 Cash flows At 31 August 2025 £ £ 1,085,127 12,696,126 - (500,000) 500,000 (1,680,000) 1,585,127 10,516,126

Page 29

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

20. Pension commitments

The School participates in the Teachers’ Pension Scheme (England and Wales) (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £2,384,383 (2024: £1,954,428) and at the year-end £268,367 (2024: £255,556) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

In addition the School contributes to a defined contribution scheme for non-teaching staff. The pension charge for the year includes contributions payable to the scheme of £411,671 (2024: £391,966) and at the year-end £1,903 (2024: £44,645) was accrued in respect of contributions to this scheme.

Total pension contributions made in the year are analysed as follows:.

.

Total contributions during the year were: Teaching staff Non-teaching staff	2025 £ 2,796,053 411,671 3,207,724	2024 £ 1,954,428 493,909
		2,448,337

21. Commitments under operating leases: lease payments

The Group's future minimum operating lease payments are as follows:

Not later than 1 year Later than 1 year and not later than 5 years	Group 2025 £ 157,908 117,048 274,956	Group 2024 £ 147,171 212,603
		359,774

Page 30

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

22. Related party transactions

Governors' remuneration and reimbursed expenses

Trustees indemnity insurance premium of £2,050 (2024: £1,735) was paid on behalf of the governing body in the year. No other expenses were paid on behalf of the governing body. One governor was reimbursed for travel expenses of £28 in the year (2024: £33 one governors).

Governors’ Donations

The aggregate of donations received from the Governors and their connected parties in the year was £nil (2024: £nil).

No Governors were remunerated for services provided to the School. There were no other transactions with related parties either.

23. Capital commitments

At 31 August 2025 the Group and Foundation had capital commitments of £nil (2024: £181k capital commitments).

Page 31

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

24. Comparative Consolidated Statement of Financial Activities

	Unrestricted funds	Endowment funds	Restricted funds	Total 2024
Income and endowments from:	£	£	£	£
Charitable Activities:
Net fees receivable	-	-	19,921,514	19,921,514
Other educational income	-	-	1,518,099	1,518,099
Investments	166	-	286,630	286,796
Donations and Legacies	10	-	982,549	982,559
Profit on disposal of fixed assets	1,097,163	-	-	1,097,163
Total income	1,097,339	-	22,708,792	23,806,131
Expenditure on:
Charitable Activities	264,281	623,641	20,801,059	21,688,981
Total expenditure	264,281	623,641	20,801,059	21,688,981
Net income/(expenditure) before transfers	833,058	(623,641)	1,907,733	2,117,150
Transfers	-	7,073,199	(7,073,199)	-
Net movement in funds Total funds brought forward 1 September 2023	833,058 2,212,383	6,449,558 13,333,100	(5,165,466) 15,302,779	2,117,150 30,848,262
Total funds carried forward at 31 August 2024	3,045,441	19,782,658	10,137,313	32,965,412

Page 32

THE GODOLPHIN AND LATYMER SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

25. Subsidiary Charity

The Godolphin and Latymer Foundation is the sole member of The Godolphin and Latymer School. The Godolphin and Latymer School has been consolidated into these acccounts.

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 Statement of Financial Activities and Balance sheet are given below:

Statement of Financial Activities	2025	2024
	£	£
Income:
Net fees receivable	20,532,238	19,921,514
Other Educational Income	1,545,215	1,518,099
Investments	279,802	286,630
Donations and legacies	758,774	982,548
	23,116,030	22,708,791
Expenditure:
Charitable Activities	(22,443,320)	(21,424,700)
Net movement in funds	672,710	1,284,091
Total funds brought forward	29,907,026	28,622,934
Total funds carried forward	30,579,736	29,907,025
Balance sheet
Tangible fixed assets	25,541,770	27,337,881
Debtors	10,013,440	221,358
Cash in hand and at bank	9,563,266	8,541,876
Creditors: Amounts falling due within one year	(12,858,741)	(4,014,090)
Creditors: Amounts falling due after more than on year	(1,680,000)	(2,180,000)
Net assets	30,579,735	29,907,025
Unrestricted Funds	11,314,955	10,012,114
Restricted Funds	103,213	112,253
Endowment Fund	19,161,567	19,782,658
Accumulated Funds 30,579,735 29,907,025

Page 33