THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND FINANCIAL STATEMENIS FOR THE PERIOD ENDED 31 JULY 2021 Registered Charity No: 1187911 Hoysma¢iMyre LLP Chartered Accounlants Registered Audiiors
THE GODOLPHif4 AND LATYMER SCHOOL BURSARY FUND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2021 CONTENTS P¥Jge Repon of the Trustees Retrf)rt of the independent audit(Ys Staiement of financial activiiies Balance sheet 10 Statemeni of cash flows Noies lo the financial sthiemenls 12- 17
THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 JULY 2021 The Trusttts present their annual report and the audited financial swements for the period frorn 12 February 2020 to 31 July 2021. REFERENCE AND ADMINISTRATIVE DETAIIS Tru$te¢s C S H Hampion (Chair) (appoimed 20 F¢bnwy 2020) S A Davies (appointed 20 February 2020) Mrs C R Mercer (appointed 20 February 2020, retired 22 June 2021) The Lady Patten of Barnes (appointed 20 Febnw 2020) Dr F M R Ramsey (appointed 20 February 2020) Miss M F Rudland {ap)Inted 20 Febnwy 2020) J M Dunn lappoinied I S June 2021) Setretary Mrs D M Lynch Address The Godolphin and La¢ymer Schwl lffley Road Hammersmith London W6 OPG Auditors Haysmaciniyre LLP 10 Queen Street Place London EC4R IAG B*nker5 HSBC 21 Kings Mall Stre¢t Hamtn¢r5mith London W6 OQF Investment Advlsers Quilter Cheviot St Helen's l Undershaft London EC3A 8BB
THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND REPORT OF THE TRUSTEES FOR THE PERIOD ENDED31 JULY 2021 STRucfuRE, GOVERNANCE AND MANAGEMENT Hlstory) Constitution and Trusttt5 The Godolphin and Latymer School Bursary Fund I'l Fun(r') Wds e5tsblished on 12 February 2020 as a Charitable Incorporate Organisaiion (CIO). The Fund was previously registered with the Charities Commission under the regislrdiion of The Godolphin and iatymer School Bursary Fund (Charity Nurnber 1080912). On 31 August 2020 the nei assets of Godolphin and Latymer School Bursary Fund (charity nrnr 1080912) were transferred io rhe fund. Its Trustees are empowered io apply the capttal and income of the Tru in the advancement of ihe charirable objects of The Godolphin and Latymer Foundation {"the FouTKiation"l and The GINJolphin and taiymer School ('Mhe School"), and of education generdlly including the esrablishm¢nt of 5¢holarships, exhibitions and bursarie5 for ihe sch1, and by expenditure on the objects or purpose5 associated with the Foundation or School and Ftople connected with the Foundation or School, pmvided such objects or PUTP)ses 8re exclusively charitsble. Trn$tees The Governing Body of Godolphin and L2tymer School has rhe wTrwer to appoint only two of the Trusiees ("Nominated Trusiees"), and under which only a minoriiy of Tnlee$ may be nominated by the School. Nominated Tn1¢¢$ and oiheTS ("Co-Opied Trustees") serve for four year4 and may be re-apw)inted for a further rerni of four years and. in exceptional circumstances, for a third swh tenn. "rho Nominared Trusiee5 appointed by the Governots of the School are: S A l)avies Dr L Magrill All other Tntee$ {as sknwn on the pr¢viou5 page) are C{0med Trnstees. Recruitment and Training ofTrust¢e$ The Fund's elected Trusiees are apwinled at Trii8tee rneetiTtg5 on ihe basis of relevant experience, based on r£¢ommendations by other Twsiees. Appropriaie Irdining is made available to new and exisiing TTU5tees. Orgathisalional Management The Trusiees are legally responsible for rhe overdll management and control of the assets and income of the Fund. The Inv¢stment Committee of the Fund r¢ceives quarterly reports from the Investmeni Manager5, Quilter Cheviot. and meets three times a year ro asses5 Ihe financial perfomance of the portfolio. in order to ensure sufficient protection of capital and adequacy of income. The Twees approv¢ the sums made available io the School as means-tested buwries or for any other purposes, including loans. PriTrcipal rl$ks and uneertinties The TSteeS are respon5ibl¢ for overseeing Ihe risk managemeni proces5. The major risks ¢enire on financial and regulatory matters, which are considered by ihe Invesimeni Commillee ihree limes a year. This enables the sysiems and procedure5 that control and mhtigate risks io be discussed as necessary. and rewTrrted to the Trustees. Through the risk matydgemeni proce&se5 emablished the Tn5 ar¢ gtisfied ihat ihe major risks identifKd have been mitigated where necessary - li being Tecognised, however. thai systrms ¢an only provide reasonable and nol absolute assurdnce ihai major risks have been adequalely managed.
THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND REPORT OF THE TRusfEES {eoDtillthed) FOR THE PERIOD ENDED 31 JULY 2021 Prineipal risks nd uneertainties (eontinued) The Trusiees identified ihe following as the main areas of risk: Insufficient income generdted from a low return on the inve5tment5 ov¢r5een by ihe Investment Managers. In order to mitigate the risk the yield from the portfolio is reviewed bythe Investment Sub-comrnittee through regular reFMirts and through meetings with the Invesuneni Managers. The invesiment portfolio is reviewed regularly and the investment strategy is amended if requiied. The Godolphin and Latymer Foundation and Godolphin and Latymer khool being unable to meet the capifal an(Vor interest repayrnents on th¢ loans from the Fund. The Chairnian of the Bursary Fund Trustees is in attendance at th¢ School'5 Finance Committee rneetings and is awdre ofthe financial posithon of Ix)th the Foundation and the S¢hool, its budgeling proces5 and cash flow projections. The lopn5 frorn the Fund are r¢view¢d at ea¢h of th¢s¢ rn¢eling5. Related Parties- The Godolphln And Iatymer FouAdation and The Godolphin and Latymer School Both the Foundation and the School are sepame chariiies. The School makes substantial awards as bursaries each year and the Fund supplements the sum available for burwies. A5 stated above. the School Governors have the right to appoint two Trustees to the Fund: other Governors may serve a5 Trusiee5 provided that Governor5 do not constitute the majority. As investments, the Fund has provided loans to both the Foundation and the School. Objects In furtheran¢e of the Fund's objects. the Trustees look to increage the capital of the Fund by seeking donations and to prote¢t ond. $0 far as possible. enhan¢e the income ofthe Fund to enable it to support th¢ School's poli¢y of making available means-tested bursaries to pupil$ on ¢ntry to the S¢hool. The Trusiees endeavour to increase their support io mai¢h ihese needs. During the period, th¢ Trustees provided £23.085 in supm of the SCoI,s own provisions for bursarie5. Objectives for the yer To provide sufficient income from the PL¥tfolio, as well as maintsining capiial value. in order to provide frjr bursary support requested by the School.
THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND REPORT OF THE TRUSTEES {ntInued) FOR THE PERIOD ENDED31 JULY 2021 REVIEW OF ACHIEVEMENTS AND PERFORMANCE The Fund was able io coniribule lowards to the provision of mrdns-tesd bursaries for 83 girls in the School during the academic year 202(k2021. FINANCIAL REVIEW The Fin•n¢il Resuhs The Financial Sialements for the period ended 31 July 2021 are published with thÈs report. They are prepared a$ requityd under the Sratement of Recommended Practi¢e applicable io charities preparing their accounis in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). Second edition- eifeciive l January 2019. The Fund achieved a nei SUTpIus of income for the year from realised income and expendiiuTe before gaing on investments of £268,862. Nei realised and unrealised gains on investment5 amounted io £1.034,370. This has resulted in an overall surplus before transfers in The year of £1.303.232. The transferof the assets li4bilili¢s and a]ville$ from the Godolphin and LatTher School Bursary Fund (Charity nwnber 1080912) to ihe Godolphin and Laiymer Schwl Bursary Fund (charity number 1187911, charitable hncorporaied orgjnisaiion number CE020666) of £1 1,063,583 was made on 31 August 2020. Invtstment power& policy aDd perform8nLY The Tn1¢¢9 have apwinied Quilier Ch¢viot as Investmeni Managers. The aim is io maintain and if possible io increase th¢ real value of the monies invesied over ihe long terni. The Trnste¢5, through their Investment Committee, are presently utilising a Spread of the Fund invesimenls as to approximately 44(/ti in quoted stocks and 564/0 in fixed inieresi siock orpordte and commercial propeny bonds, loans to the Foundation and the School. and c8sh at bartk. The loans to the Foundaiion and th¢ School are ai a commercial ra of inierest. The Trusiees receive quarterly rerts from the Inve5trnent Managers and th¢ portfolio reiurn is measured against composite benchmark consi5lin8 of Ihe FtSE All Share al Ff InvesimeDI Companies. Indices in the a55¢t allocation stated above. In the opinion of the Trustee¥ the Fund Ilas p¢rforned saiisfaciorily. The Covid-19 pandemic undoubtedly had an impact on th¢ investment perforrnaneeand li is likely that intht fuiure. Ihe sarne kvel of k)ng-terni growth will not be experienced. Reserves policy The Tru5tee5 regularly review the level #nd nature of ihe reserve funds #nd invesimenis of ihe Fund. The Fund's aim is to continue to enhance the fund so ih#t it ¢8n cominue support for buTsarits have already been awarded and for those that will be Theeded in the fijiure. A permaneni endowmeni was tablIShed in 2(106 ihrough a donation from the faih¢r of an old pupil of the School. The gift was made in perperuiiy to Fund 10 suppon pupils ai the sch(M)l in the form of bursaries. All relaied iDcorn¢ and expenditure is pui ihrough a related restricted fund. All mainIng funds are hekl as unrestricted funds, cornprisin8 the gener41 Bursary Fund. Grant-m*klng pollcy Applications for bursarhes are assessed by the Sch(xyl awards are rne in line wilh agreed criteria. The Fund allocates funds annually by referenc¢ io its inve51rnent )IEtY and rdurns and by r¢ference to ihe School's requirements.
THE GODOLPHJN AND LATYMER SCHOOL BURSARY FUND REPORT OF THE TRUSTEES (eontlnued) FOR THE PERIOD ENDED 31 JULY 2021 PUBLIC BENEFIT The Charities Act 2006 withdrew the previous legal presumpiion that education in itself offered benefit to the public at large. Thai Act now places an obligaiion on ihe charity to demonstrate ihai it provides'Publio Ben¢fit' as part of its sUPPOrt for education as a charity in a fee-charging environmenL In setting the Fund's objectives and in their financial support for means-t¢st¢d bursories for the S¢hool, the Tst¢eS have paid due regard io the Public Benefii guidance published by ihe Ch8rity Commis$ion. The Trusitts recognise the Sch(KJl's place in the wider community and wish to facilitate acce55 to the education provided by the School. The School supports Work with and for th¢ benefit of other5 Outside the School. and provides means-tested financial assistance on fees- funded by the School out of turrent school fees, by the Fund and by her benefactors. The School's policy is described in IL% aeeounts f( the ended 31 Augum 2021. STATEMENT OF TRUSTEES. RESPONSIBILITIE5 The Trust¢e5 are responsible for preparing the Report of the Trusttts and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdotn fjenerdlly Accepted AOuntIng Practice). The law applicable to chariiies in England & Walesrequirt% the trusttts lo prepare financial statements for each financial year which give a tTue and fair view of Ihe slate of affairs of th¢ charily and of the incoming resources and application of r¢wur¢es of the charity for that period. In preparing these financial stal¢m¢nt4 the tTUSttts are required to.. select suitsble accounting policies and then apply them consistently- observe the meiho(ts and principles in the Charities SORP- make judgernenis and estimaies thai are reasonable and prudent" state whether applicable accounting thndards have l%en followe(L subject io any m&erial {part dis¢losed and explained in the financial staiements; prepare the financial ststements the going concern basis unless li is inapprowiate io presume that the charity will continue in 0ratIon. The irusi¢es are responsible for keeping rffoperaccouniing records that di5c105e with reasonable accuracy at any lime the financial position of the ¢harily and enable ihem io ensure that the financial slatements comply with the Charili¢s A¢t 201 I, the Charity (Accounts and Reports) Regulations2008 and th¢provi5ion50f the tnjst deed. They ar¢ alsoresponsible for 5af¢guarding ihe a55eis of the chariiy and hence for taking reasonable 5tep5 for rhe prevention and detection of fraud and oih¢r iTregularilie& Signed on behalf of ihe trustees Cliffo Trnstee 13 January 2022
REPORT OF THE INDEPENDENT AUDITOR'S TO THE TRUSTEES OF THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND Opinion We have audited the financial ements of Glmlolphin and Laiymer School Bursary Fund foT the period ended 31 July 2021 which comprise Statemeni of Financial Aetivities, Balance Sheet. Siaiement of Cashflows und notes io the financial sraiemeni& including a summary of significant accounting policies. The financial r¢portin8 fraTnework thai has been applied in their preparation is applicable law and Uniied Kingdom Accounting Standards. including Financial Reporting Standard 102 The Finonciol Reporling&andardapplic&ble inihe UKandRepvblic oflreland(Unired Kingdom GeneTally Ac¢¢pted Aounting Practhce). In our opinion, the financial siatemenis= give a tn and fair view of ihe stsie of the chariry's affair5 85 * 31 July 2021 and of ihe charity's net mov¢rN¢nt in funds for the year t ended: have been properly prepared in accordance wilh United Kingdom Generally Accepted Accounting PrJctice' and hav¢ been prepared in accordance with ihe requirements of the Charities Aci 2011. Basis for OPiDlOn We have en appointrd a5 auditor under seciion 144 of the Charities A¢t 2011 and report in accordance with the Act and relevant regulation5 made or having etTeci ihereunder. We conducted our audit in accordance wilh Iniernational Standards on Auditing IUK) (ISAS (UK)) and applicable law. Our re5pon5ibilities under those standards are rther described in the Auditor's re5pon5ibilities for the audit of the financial xaiemcnts section of our repon. We are independent of the charity in accordance with the dhical requiremenis that are relevant to our audii of the financial statements in the UK, including (he FRC'5 Ethical Standard. and we have fulfilled ow other ethical reswjnsibiliiies in accordance with these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriaie to provide a basi5 for our opinion. Conclusions relating to going eoncern In iiuditing the financial statements, we have concluded ihai ihe tTUStees' use of the going eoncem basis of accounting in Ihe preparaiion of the ftnancial yatemenis is appropriaie. Based on the work we have perfom)ed. we have nol identified any material uncertainties relating to evenls or conditions that. individually or collectively. may casi si&Dnificani doubt on the tharity's ability ro coniinue a5 a going con¢ern for a peri(Kl of at least twelve months from when ihe financial sttttements are auihorised for issue. Our resp)nsibiliiies and ihe responsibilities of the irusttts with respeci io going concern are described in the relevani sections of ihis report. Other Informjtio The tStee$ are responsible for ihe other inforniaiion. The oih¢r inforn)ation comprises the informaiion included in the Truslees, Report. Our opinion on the financial sraiements d$ not ¢over the oiher inforniaTion and, except to the extent otherwise expli¢itly stated in our report. we do not express any forni of assurdnce conclusion thereon. In conn¢ction with our audil of the finwKial statements. our responsibiliiy is to read the other infortnation ajbj, in doing so. consider whether The other inforniaiion 15 rnaterially inconsisieni with the financial slatetn¢nt5 or our knowledge obtained in the audii or otherwis¢ appears to be maierially misswed. If we ideniify such material inconsisiencies or apparent material mi551atements, we are required io deierniine whether there is a malerial missiaiemeni in the financial statemenis or a maierial missiat¢rnenl of the other infomaiion. If. based on the work we have perfom)ed. we conclude that ihere is a material misstai¢ment of this other inforniion, we are required to report ihat faci. We have nothing to report in this regard. Matters o whleh wt aye required ¢0 report by exeeptlon We have nothing to report in respect of the following matters in relation io which ihe Charities (Accounts and Reports) Regulations 2008 require us io repon to you if, in our opinion: adeqUe accounting records have n(rf been k¢pt by the chariiy- or
REPORT OF THE INDEPENDENT AUDITORSTO THE TRuEEs OF THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND sufficient accounting records have not been kept- or the chari(y financial swements are not in agreement with the #¢counting r¢¢or(ts and returns; or we have not received all the infornwion and explanations we quITe for our audit. Respon51bllitle5 of trus¢ees for the finnei#l statements As explained more fully in the irustees. responsibilities siaiement sei out on page 5. the trustees are responsible for lh¢ preparntion of ihe financial statements and for being satisfied th they give a true and fair view. and for such internal control as the tru5tee5 d¢temine is nettssary io enabk the preparion of finan¢ial statements thai are free from material mi551atemenL whether due to fraud or error. In preparing the finan¢ial Statemen the trustees are respOlb]e for assessing the ¢harity's ability io continue as a going concern, di%losin& as Applicable. matters r¢lat¢d to going ¢on¢ern and using the going concern basis of a¢¢ouniing unless the trustees either intend to liquidate the charity or W ¢¢&s¢ op¢ration& or have no reali41¢ altern1ve bu¢ to do so. Auditor's responslbilities for the audit of the financial statemtmts Our objectives are to obtain reasonable assurance aEKJut whether ihe finan¢i#l 5talement5 as a whole are fr¢¢ frotn Tnaterial missiaremenL whether due to fraud or error, and to issue an auditor'5 report that include5 our opinion. Reasonable assurdnce is a high level of assurance, but is nol a guardniee that an audit conducted in accordance with ISAS (UK) will always detect a material missthtement when it ex]$. Missiatements can arise from fraud or error and are considered material if. individually or in (he aggregare. they could reasonably be expecied io influence the economic decisions of users taken on the basis of these financial sthtements. Irregularities, including fraud, are instance5 of non-complvdnce with laws and regulions. We design procedures in line with our responsibilities, outlined above, to deteci maierial missMement5 in respect of irregulariiie& including fraud. The extent to which our procedures are capable of deieciing irregularities, including fraud is detailed low.. Based on our und¢r51anding of the charity and the environment in which it operdie5, we identified that the principal Tisks of non-compliance with laws and regulaiions related io charily law and fundrdising regUl7nS, and we considered the extent to which non-compliance might have a mtrial effect on the financial SleMentS. We also considered those laws and regulations that have a direct impaa on the pparatIon of the finan¢ial $eMents such as the Charities Act 2011. W¢ ¢valuated mana8¢m¢nt's inc¢ntive5 and opportunities for fraudulent manipulation of the financial statements (including the rigk of override ofconirols). and deiemiined thai the principal risks were related to the improper recognition of revenue and management bias in accouniing clma[C$. Audit procedures perforn)ed by th¢ ¢ngogem¢nt team in¢lud¢d: Tailored natrdiive here but consider the following Inspecting CoeSpOndence with regulators and tax auihrrities- Discussions with management including ¢oL4ideration of known or suspecied instances of nonrycompliance with law5 and regulation and fraud; Evaluating management's controls designed to prevent and detect Irregularities; Identifying and testing journals, in particular journal eniries wsted at year end; and Challenging assumption5 aNJ judgernenis m&le by management in iheir criiical accounting esiimaies. A further des¢ripiion of our responsibilitie5 for the audit of the financial ststemenis is located on the Financial Reporting Council's website at-. w . This description fom)s part of our auditor'5 report. Use ofour report This report is made solely to the Charity's Irusiees as a tw)dy. in accordance with sectitsn 144 of the Charities Act 2011 and gUlatIOnS made under 5eclion 154 of rhai Acr. Our audii work has been undertaken so that w¢ rnighi slate to ihe charitYs trustees those matters we are required io stsie to them in an Auditorfs report and for no
REPORTOFTHE INDEPENDENT AUDITORS TOTHE TRUSTEES OF THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND other purpose. To The fullesl exterbt pennitted by law. we do noi accept or assume re5pon5ibility to anyone oiher than the charity'5 trusiees a5 a trfjdy for our audit worK for this repoo or for ihe opinions we have forme LLLR Haysmacinly LLP Statutory Auditors 10 Queen Street Place London EC4R IAG 26January . 2022 Hay5macintyre LLP i5 eligible to a¢t as audiior in tern of section 1212 of the Compantes Act 2(Mkn.
THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND STATEMENT OF FINANCIAL AcfIviTIES FOR THE PERIOD ENDEDJI JULY 2021 For the period ended 31 July 2021 Total Unrestricted Funds Restricted Fund Endowrnent Fund Nott INCOME AND ENDOwmEs FROM: Investment5 Donations Other income 259,761 54.166 5.600 1.389 261,150 54,166 5,600 Total income 319.527 1,389 320.916 EXPENDITURE ON: Raising funds.. Inveslment Manager's fees 23.597 23,597 Charitable activities 28.457 28.457 Total expenditure 52,054 52,054 Nel income before iains o# inYe5tmen¢s 267.473 lJ89 268.862 Net gains on investments 1,034,370 1.034,370 Net income before trdnsfrr 1.301.843 1.389 1.303.232 Transfer of assets from predecessor entity 14 10.743.837 1.666 318,080 11.063,583 Iyet movement in funds 12.045,680 3,055 318.080 12.366,815 Balance brought forward Balance carri¢d forward at 31 July 2021 12.045,680 3,055 318.080 12,366.815 Th¢r¢ were no recognised gain5 and losses other than those included above. The cOmpanY1ng notes forni pan of these financial statements.
THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND BALANCE SHEET ASAT31 JULY2021 2021 Note FIXED ASSETS Investments Investment property 6.166,886 I.865.0j CURRENT ASSETS Cash and bank balances Lkbtors 1.835.360 622.390 2.457.750 CREDITORS.. fallithg d•e wilhiTh one yfar 10 (2,821) NET CURRENT ASSETS 2,454.929 DEBTORS: AIn0t$ f8lllng due i more than one year 1.880.000 NET A&SETS 12,366,815 Representing: Unrestricted fund5: General Fund 12,045.680 Restricted funds: Godolphin & Latymer Sch(KJl bursary fund Endowment fund: Pemianent endowment 3.055 318,080 TOTAL FUNDS 12,366.815 The financial statements were approved and auth0ri5ed for i55u¢ by the TnItts on 13 January 2022 and were signed below on its behalf by.. ampton Trustee The accompanying notes forni part of th¢s¢ financial sthiernent5. 10
THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND STATEMENT OF CASH FLOWS AS AT 31 JULY 2021 For the period ended 31 July 2021 Total Note Net cash outflow from oper741ioDs: Net ¢ash used in operations (186,938) Cgsh tlow$ from Investing aetlvities: Income from investmenis Purchase of investments Sale of inve5tment5 261,150 (789,465) 1.154.016 Net cash PTovMled by investing aetlvltles 625.701 Ch4ng¢ in ¢4$h and eash equivalents in the repDrtiig peri1 438,763 Cash ond cosh equivalents at gInnIng of period Cash transferred from predecessor enriiy 1.396.597 Cash and ¢ash equivalents ai end of period 1.835.300 RECONCILIATION OF NET MOVEMENT IN FUNDSTO NET CASH INFLOW FROM OPERATIONS 2021 Net movement in funds trrtfore transfer 1,303,232 (187.606) (7.044) (261,150) 11.034,370) Increase in debtors Increase creditors Interest and dividends Gains on investments Net cash outflow from operations (186.938) ANALYSIS OF CHANGES IN CASH AND CASH EQUIVALENTS At 12 February 2021 Other Change5 At 31 July 2021 Ca$hllows Cash and cash equivalents Deposit accounts 118,319 1.717,041 118,319 1,717,041 1,835.360 1,835.360 A debt reconciliaiion note ha5 not been presented as the chariiy has no debt.
THE GODOLPHIN AND LATYMERSCHOOL BURSARY FUND NOTES TO THE FINANCIAL STATEMEN15 FOR THE PERIOD ENDED 31 JULY 2021 ACCOUNTING POLICIES Basis of Preparation of th¢ Finaneil Statements The charity is a Public Benefit Eniity registered as a charity in England and Wales, it was registered in February 2020 {chariiy number.. 1187911)- On 12 February the Godolphin and Latymer Sch(rt)l Bursary Fund was established as a CIO. The first period of accounts was from 12 February 2020 to 31 July 2021. On the 31 Augu512020 The Godolphin and Lylner S¢hool Bursary Fund (charity number 1108912) irnnsferred all its activilie4 85sets and liabiliiies. including restricted and endowment funds to the Fund. The financial siatements have been prepared in accordance wilh ihe Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021. and the Statement ofRecommended Praciice applicable to charities preparing (heir accounts in accordance wilh the Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS 102) - effective l January 2019 (Charities SORP (FRS 102) Second Edition). The financial statements have been prepared 10 give a'lnje and fair. view and have departed from the Charities (Accounts and Repons) Regulations 28 only to the extent required io provide a'irue and fair vi¢w'. This departure has involved following Accounting and Reporting by Charities preparing iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) rather than ihe Accounting and RertIng by Chariiies.. Statemenl of Recommended Pra¢ti¢e effective from l April 2005 which has sin¢¢ been withdrnwn. The financial siatemenis are drawn up undeT the hislorical cost convention except that investments ar¢ ¢arried at markd value. Going conce Havin8 reviewed ihe funding facilitiesavailable tothecharityiogeiher wilh the ¢XFrted future projeeied cash flow the Trustees have a reasonable expectation that the Chariiy has adequaie re50uwe5 to ¢ontinue its activiiies for rhe foreseeable future and consider that there were no maierial uncertainties over the Charily's financial viability. Accordingly. they also adopt the going concem basis in preparing the financial statements. Critieal aceounting judgemenls key soree9 of estimation un¢¢rt•inty In the application of the accouniing policies. Trusie¢5 are required io rnake judgemeni. esiimaies, and assumptions about the carrying value of assets and liabiliiies that are not readily apparent from oiher sources. The estirnates and underlying assumpiions are based on historical experience and oiher facioTS ihai are consid¢r¢d to be relevant. Actual results may differ from these estimates. The estimeS and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the peri in whi¢h th¢ estimate is revised if the revision affects only that period. or in the period of the revision and future period5 if the revision affected ¢urreni and future periods. In the view of the Tnlee8 no assumption5 conceming the fuiure or estimation uncertainty affecting asset5 or liabilities at the balan¢¢ Sheet datc are likely to result in a material adjustment to their carrying amounts in the n¢xt financial year. The followingaccounting p)licies have bttn applied ¢SistentlY in dealing wilh iiems which are considered material in relalion to the eharity's financial staiemenls. Funds Unrestricted funds are funds that ¢¥n be used in accordance wilh the charit4bl¢ objects at the discretion of the Trustees. Restricted ndS are fvnds re¢¢ivabk for. and their use restricted, lo a sprfific putpose. Related expendilure is Charged to that fvnd. Pemanent eTKlowmeni fjjnds are resriaed ndS where ¢4)ital may noi be converted to income. 12
THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND NOTES TO THE FINANCIAL STATEMENTS l¢ontiued) FOR THE PERIOD ENDED31 JULY 2021 ACCOUNTING POLICIES (Continued) DonatiOllS• grants and legAcies Voluntary incom¢ 15 accounted for as and when eniitlemeni arises. the amounl can be reliably quantified and the economic benefii to the charity is ¢on$id¢rtd probable. Investment income Investment income from dividends. baT)k balances, loans and depisif accoun15 is accounted for on an accrua15 basis. Grgnt exptndlture Grdnts are included as eXndItUre in th¢ peTiod for whi¢h an unconditional award is made by the Trustees. Expendltu Expenditure is accounted for on an accruals basi5 and include5 irrecoverable VAT which is reponed as part of the expenditure io which it relates. Costs of raising funds consist of investsnent management fees. Charitable activiiies relate to costs in¢uTred in deli1ng the ¢harity'5 activities and services io lis beneficiariesaThJ consist mainlyofihe annu granistothe school. GovemaTKe costs are cosis incuJTed in meeting the consi1110nal and sthtutory requirements of the charity. FinanclHI instruments Basic financial instruments are initially recognised ai sa¢ll0n value and subsequently measured at amortised c05t Wlth the exception of investments which are held ai fair value. Financial assets held ai amonised cosr comprise cash at bank and in hand. together wilh other debtors. A specific provision is made for debts for which recoverdbility is in doubt. Cash ai bank and in hand is defined as all cash held in insiani access bank accounts and used as working capital. Finan¢ial liabililies held ai amortised ¢ost comprise of accrual Jnvestments Inve51ments are valued in the balan¢e sheet ai closing pri¢e at the ba]an¢e sheet date. Realised gains are the diff¢ren¢e tween sales pweeds and opening market value wher¢ the investment was held at the beginning of ihe year, or 5ale5 proceeds less C05t of purchase where the investment was acquired in the year. Unrealised gains are the change in value of inve51rnents after taking inio accouni any movemenis in investment holdings such as purchases and disposals of invesimenis. Realised and unrealised gains are accounted for within the Statement of Financial Athiviiies. Investment Property Investment properties are initially measured ai cost and subsequenily measured al foir value. Changes in fair valu¢ are recognised in the Statement of Financial Activities. Debtors Debtors are recognised at the settlement amount du¢ after any dIOnI offered. Prepayments are valued the amouni prepaid net of any trade dis¢owits due. CTedi¢or$ and provi$ions Credi(ors and provisions are recognised wheft the Charxty h&$ a present obligation resulting from a past event that will probably result in the transfer of fundsto a third portyand the amount due to settle the obligation can be measured or estiiiiaied reliably. Credilor5 and provisions are noTTnally recognised * their senlement amount after allowing for any trade di5¢9unts du¢. 13
THE GODOLPHIN AND LATYMER SCHOOL BURSARV FUND NOTES TO THE FINANCIAL STATEMENTS leontlmued) FOR THE PERIOD ENDED 31 JULY 2021 INCOME FROM INVESTMENTS 2021 Inv¢siment income Loan interest Rental income 121.070 97,175 42,905 261,150 DONATIONS 2021 Gross covenants Other donations 2.515 51,651 54.166 CHARITABLE A1vITIEs 2021 Grants to the G]01phin and L*ymer Support costs of grant making (note 5) Finance costs 23.085 5,266 106 28,457 ANALYSISOF SUPPORT COSTS 2021 Management Charge Governance cos15 Auditor's remuneration for audir fees l%g¥41 aNI professional fees 1,000 2.820 1.446 5,266 Support cost5 of grdnt making include £l.OCKI payabl¢ io the Schwl for administrative services. 14
THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND NOTES TO THE FINANCIAL STATEMENTS (eontinued) FOR THE PERIOD ENDED31 JULV 2021 INVESTMENTS 2021 Transftr from predeceswr entity Additions Di5P05als Unrealised inv¢sim¢ni gains 5.497,067 789,465 (462,696) 343.050 Balance ai 31 July 2021 6,166.886 The balance at 31 July 2021 was made up olthe following- Fixed interest Governmeni SttKks UK Equiiies Europe Equiiies Unit Tnjsts Global Other Equiiies 331.562 1,773,752 392,304 586,435 3,082,833 6,166.886 Historical cost 2J03.260 All invesiments are quoied on a recognised UK Sk Exchange. INVESTMEf4T PROPERTY 2021 Transfer from predecessor eniity 1.865,000 At31 July2021 £1,865.000 Historical cosl £1,933.597 The inve5tm¢nt property was valued as at 31 August 2020 by Carter Jonas a RIC5 regist¢r¢d valuer. DEBTORS: amounts falling due in less lha orte year 2021 Income lax recoverable Prepayments and accrued income Amounis due from the Godolphin & iAtymer School Amounts due from the Godolphin & Larymer Foundaiion Loan io the Godolphin & Latymer Sch(x)I 115 6,577 103.552 12,146 500.000 622,390 15
THE GODOLPHIN AND LATYMER SCHOOL BURSAR Y FUND NOTES TO THE FINANCIAL STATEMENTS {eontimued) FOR THE PERIOD ENDED31 JULY 2021 DEwfoRS: amounts falling •ft¢r more thm ont year 2021 Loan to the Godolphin & Latymer SclKK)I Loan to the Godolphin & LYMer Sclwl Foundation 1,180,OLK) 700,(K)O 1,880,0(K) The Trustees agreed a loan of £3.25m io ihe Godolphin and Laiymer School to aTrd in the construction of the 5POrt5 hall of which £3m was drawn down. The loan is ai a rdle of 50/• abov¢ LIBOR with a cap of 6/z'/(. The loan is repayable by 13 Septernber 2028. The Trustees made a loan of £700k 10 the GIKlolphin and iAtymeT SclK)Dl FoUndlOn. The loan is at a rate of 5• alK)ve LIBOR with a cap of 61yi•/o. The108n 15 repayable by 13 September 2028 10. CREDITORS: anbounts falling due within one year 2021 Accruals 2.821 FUNDS ANALYSIS Transfer from predecessor entity Expertditure Investment gains At31 July 2021 Unrestricted funds Restricted fuTMIs Endowment funds 10,743.837 319,527 1,389 (52,054) 1.034.370 12,045,680 3,055 318,080 318.080 11.063,583 320.916 (52,054) 1.034,370 12,366,815 The pernianent ¢ndowmeni was esiablished in 21KJ6 ihrough a donarion from the father of an old pupil of ihe School. The gift was made in perpetuity io the Fund io support pupils at ihe school in th¢ form of bursaries. The restrbcted fund relates to inierest eand w the pernianeni eThlowmeni fund which i5 to tr used io fund bursaries. 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS UNre51ricted FuDd 2021 Resirleted Fund 2021 Endowment Fund 2021 Tot41 2021 Fixed asset investment Non CUTrent asset5 Currenl a55¢ts Curreni liabilities 8,031,886 1.880.IXN) 2.136.615 (2.821) 8.031.886 1.880.000 2.457,750 (2,821) 3,055 318,080 12,045,680 3,055 318.080 12,366,815 16
THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND NOTES TO THE FINANCIAL STATEMENTS lemtlnued) FOR THE PERIOD ENDED31 JULY 2021 13. RELATED PARTY TRANSACTIONS The Godolphin and tatymer School Bursary Fund iwo Trustee5 who are also Governors of The Godolphin and Latymer S¢hotsl and Trustees of the G(wJolphin and Larymer School Foundation. trIng ihe year the Trnsttts of the Bursary Fund made £23.085 available to the School for School bursaries. The Bursary Fund a150 paid £1,000 to the School during ihe year as a management and administration charge. The aggregate donations re¢eiYed from the tnhsiees and their connecied partie5 in ihe year was £3,600. Trustees received remuneration for their services and no TruAees were reimbuTsed for expense5 incurred in perforniing their duti¢s. At the year-end IIK Godolphin and IAtym£r School owedatoial of£l.783.552 10 ihe Bursary Fund. This comprises loan of £1,680,000. loan interest of £84.856. rent payable of £42.906. less expenditure and grants of £24.210. Ai the year.end the Godolphin and Latymer S¢hool Foundation owed a totsl of £712,146 10 ihe Bursary Fund. This comprises a loan of £700,0 and loan interes¢ of £12,146. 14. TRANSFER OF ASSETS FROM GOIK)LPHIN & LATYMER SCHOOL BURSARY FUND On 31 August 2020 the net assets of Godolphin & Latrner Bursary Fund (charity nurnbEr 1080912) were transf¢rred to the Charity. The following table shows the net assets Iransferred to the Charity on 31 August 2020- Fixed asset investments Nort-eurrent asset Cash her net assets 7.362.067 2.055,000 1,396.597 249,919 Total net assets 11,063.583 17