**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