THE C.ODOLPHIN AND LATYMF.R SCHOOL BURSARY FUND FINANCIAL STATF.MF.NTS FOR THE YEAR ENDED 31 AUGUST 2024 Registered Charity No.. 1187911 Ilaysmac LLP Chdrteied Accoulltants Rcsistcred Auditors
THE GODOLPHIN AND LATYMF.R SCHOOL BURSARY FUND FINANCIAL STATEMENTS FOR THF. YEAR F.NDED 31 AUC.UST 2024 CONTF.NTS P&ge Report of the Trustees Repon of the independent auditors Statement of financial activities Balance sheet 10 Sialement of cash flows Notes lo the financial statements
THF. GODOLPHIN AND LATYMER SCHOOL BURSARY FUND REPORT OF THF TRUSTEES FOR THE YF.AR ENDED 31 AUCJUST 2024 'lThc 'I'rusiees present their annual rcport dnd rhe audited financial slaiemenis for the year from I ScptembeT 2023 to 31 August 2024. REFF.RENCE AND ADMINISTRATIVE DETAILS Trustct5 Mrs A Paines (Chair) (appointed 17 January 2024) C S H Hampion (resigncd 5 7 Janu(1ry 20241 G Assi S A Davies JMJDunn M Esiri L Magrill Dr F M R Ramsey Secretary Mrs D M Lynch Address The Godolphin and Latymer SLhool lffley Road Hammersmiih London W6 OPG Auditors Haysmac LLP 10 Queen Street Place London EC4R IAG Bankers HSBC 599 bulham Road London SW6 SUA Investment Advisers James Hambro & Partners 45 Pall Mall .ondon SWIY5JG
THE GODOLPHIN AND LATYMF.R SCHOOL BURSARY FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDF.D 31 AUGUST 2024 STRUCTURE, GOVERNANCF. AND MANAC.EMENT History* Constitution and Tru5tee5 The Godolphin and Ldtymer School Bursary Fund ("Ihc Fund") was establishcd Trn 12 february 2020 (15 a Chdriiable Incorporate Organisaiion ICIOI. Iis'l rusiees are empowered to apply Ihe Ldpilal and income of Ihe'frust In the advancemeni of ihe charitable objects vf The Godolphin and Laiytner Fouiidaiion {"the Foundation") and The Godnlphin and Latytner School {"the School"), and of education generally including the esiablishment of scholarships, exhibition.% and bursaries for rhe School, and by expenditure the objects or purposes assoLiated with the Foundation or School and peuple Connected with the Foundation or School, provided such objects or purposes are exclu5ivcly chaii141blc. Trustees The Governing Body of Godolphin and Latymer School has the power to appoint only two of the Trustees ("Nomindled rrustees"), and under which only H minorifv of Trustees may be nominated by the 8chool. NoTninatcd'l'rusiees and others {"Co-Opled .1 rustees") serve for four years and may be rc-appointcd for a further tcrm of lour years and, in exceptioiial circumstances, for a Ihird such tertn. 'rhe Nominated'I rustees appliinled by the Governors of the School are.. S A Davie5 M Esiri All other'l rustec% (as shown on the pr¢vious pag¢l are Co-opted Trustees. Recruitment and Training of Tru5tee5 The Fund's eletted "lrn%tces are appointed at 'l'rustee meetings on the bagis of relevant experience, based on recommendations by other I rusiees. Appropriate trainin¥ is made available io new and exisiing Trustecs. Orggnisational Managcmenl The Trustees arc legally responsible for thc overall managemcnt and control of the asseis dnd inLonic of the Fund. The Investment Committee of the Fund receiv¢s quarterly reports from ihe Investment Managers, Jatnes Hainbro & Partncrs LLP. and tneels three limes a year to assess th¢ financial performance of the portfolio, in order to ensure surricient prolcction olcapildl and adequacy of inLome. 1.he 'l"rusiees approve the sums made availablc to the SLhool as Ineans-lesied bursaries or for any oth¢r purposc5, Including loan5. Principal ri5k$ and unetrtitnties The Trustees arc responsible foT ovcr%¢eing the risk management process. The major risks centre on financial and regu1310ry matters, which are considcred by thc I'rustces annually. Through the risk management processes established. the Trllstees are sat25fJed that the major risks ideniified havc been mitigatcd where necessary it being recogniscd. however, thai systems can only provide ieasonablc and noi absolute assurance ihat major risks have been adequatcly managed.
THE GODOLPHIN ANI) LATYMER SCHOOL BURSARY Tr-UIYD RF.PORT OFTHE TRUSTF.ES {contKnued) FOR THE YEAR ENDED31 AUGUST 2024 Principal risk5 #nd uneertainties Iconlinuedl The Trustccs identified the following as the main areas of risk.. Poteniial loss of capital value or insuffici¢nl income generdted from a low return on the investmen15 overseen by the Invesmient Mdnagers. In order to Tniligale the ii5k, the yield from the portfolio is reviewed by the Investment Sub- Coinmitt¢e through regular repons and Ilirough meetings wiih the Investment Managers. 'he investment portfolio is revi¢wed regularly and ihe investment strategy is amended if required. The Godolphin and Latyincr School being¥ undble 10 meet ihe capital andlor interest Tepaymcnis on ihe loan trom ihe Futjd. The Chair of the Bursary I".und Tru5tee5 is in aticndance ai ihc 8chool'5 governing body meeiings and is aware of the financidl posiiion of the School, it5 budgeting process and cash floiv projections. 'fhe loan from the Fund is reviewed at each of these meetings. Related P3rties- The Godolphin and Latymer Foundation snd The Godolphin and Latyrner School Both the Foundation and ihe School are scparate charities. The School makes substantial awards as bursaries ¢a¢h year and thc fund supplements (he sum available for bursaries. As slated ab(¥ve, (he School Governors have the right tv dppoint two Trustees to ihe Fund; nther Governors may serve as Trustees provided that Gov¢rnors do not Conslilule the majority. As invesimenis. Ihe Fund ha% provided Iodns lo both the Foundation and the S¢hool. Objccts In funhcrancc of rhe Trund'5 objects. the Trustees look to increase the capital of thc Fund by investing donations and to proi¢ci and, so far as possible. enhdnLE the income of ihe Fund to cnablc it to support the Schoul's puliLy of mdkin available me3n5-te.%tcd bursaries to pupils on eniry to the School. The Trustees cnd¢a¥our to incT¢aSe their sUPPOrt to maich ihese needs. During the period, the Trustees piovided £70,000 in support of ihe School's own provisions for bursarie5. In addition io this direct charitable atlivily. Ihe Trusiees apply some of the F'und's assets in furtherance uf the School's purposes whilst also achitving d financial return. in other w(>rds as social investments. -his includes loans to the Foundation for the School and a property Used for siaffaccommodalion. Objeetives for the year To provide sufficient income from the portfolio, as well as maintaining capital value, in order io provide for bursary support requested by Ihe School. .5 0 Inaintain the other support provided by the Fund through its social investments, and to remain open 10 developing additional area5 of charitable suppon lor ihe School within it% pury)o%cs as neccssary
THL C:ODOLPHIN AND LATYMF.R SCHOOL BURSARY FUND REP()RT OF THE TRUSTEES (contlnued) Foli THE YEAR ENDED 31 AUGUST 2024 REVIEW OF ACHIEVEMF.NTS AND PERFORMANCE The Fund was able to Contribute towards Ihe provision of tneans-tcsicd bursaries for 79 pupils in the School during (he acadeniic year 2023-2024. FINANCIAL REVIEW The Financial Rtsults l-he Financial Siaiements for the ycar ended J l Augusi 2024 are published with ihis report. Th¢y dre preparcd as required under the Siaiemcnt of RccomTnendcd Practice applicable io charities prcparing their accoun15 in accordance with the inancial Reporting Standard appliLable in the UK and Republic of Ireldnd (FRS 1021. Second edition effective l January 2019. 'rhe Fund aLhieved a net surplus for the year before gains on investTnents of£635.81312023.' net deficit of £3 14,7061. Net realised Lind unreali5ed gains on investmenis amounied 10 a gwain of £806,122 (202J.. loss of£786,987). Thi5 has resulted in an overall SUTpIu5 Ill the year of £1,441,935 12023.. £472,281 deficiil Investment powers? policy and performance The'l rusiees have appointed Jan)e5 Hajnbro & Partners as Investtnent Managers. The portfolio is managed to provide long temi capital growth. 'I'he .1 rustees, through their Invesitnent Commilt¢e, are presently Ulilising a spread of (he Fund invesimenrs as 10 approximately 720A cquiiies, l O°A in fixed inteiesl stocks, 80/0 in aliemdtives, 80A in ¢ash and 2 /0 in gold. loan to the School, and cash at bank. 'I'he loan to the School is at a cojnmercial rate of inieresi. The Trustees receive quarterly reports from the Investment Manager5 and thc portfolio return is tnea5ured agaijist ilie ARC Steady Growth Index and the Jame5 Hambro & Partners Steady Growth Compos2tc Benchmark. In ihe opinion of the Trustees, the fund has pcrfomied saiisfactorily. Rcscrvts polley The Trustees regularly review the Icvcl and nature of the reserve funds and investmcni% of the Fund. Trunds held a¢ ihe yearend were as follows". Unrestricied funds.. Restricted funds". Endowmcnt funds.. £13.737,809 £3 18,080 The Fund's aim is to cvntinue to grow ihe fund, by adjusting the investmeni policy, so that it can continue support for bursarics that have already been award¢d and for thosc that will be needed in ihc future. A perniancnt endowment was established in 2006 through a donation from the faiher of an old pupil of ihe School. The gift was made in pcrpetuity to the fund 10 sUPPOrt pupils at the school in ihe fomi of bursaries. All related incomc and expcndiiure is pul through a rclatcd restricted fund. All remaining funds are held as unreslrictcd funds, Comprising the gcneral Bursary bund. Grant-m8king poliey Applications for bursaries &ire assessed by the Schonl and awards ale tnade in line with agreed ciiteiia, on a means-iesied basis. The School rccognises Ihat independent school f¢c% are at levels which may exclude many children from applying for a place. but It is commiiied to widening access to the ¢du¢alion 011ered. Accordingly, the School adveriises the availability of bursary awards. The value of any award is reviewed annually. For rhe year ended J l August 2024, 79 means-tested bursitries were awarded during ihe year to a Vdlue of £l,808,46712023.. £1,733.876}. The School'5 objectivc is to continue 10 inLreiise the number of transfomiaiional bursarics available, dnd there is a fundraising programme in place to facilitatc this. The Fund allocate5 funds annually by refeTence to its investmeni policy and retums. and by reference to thc School's requircmenis.
THE C.ODOLPHIN AND LATYMER SCHOOL BURSARY FUND REPORT OF THE TRUSTEES (continued) FOR THF. YEAR ENDED 31 AUGUST 2024 PUBLIC BENEFIT The Charities Act 2006 withdrew the previous legal presumption that educaiii)n in itself offered benefit to the public al large. Thai Aci now places an obli8alion on the charity 10 detnonstrate that li provides ' Public Elenefjt, as part of ils support for education as a charity in a f¢e-charging environment. In setting the Fund's objectives and in their financial support for means-testcd bursaries for the School, the Trustee5 have paid due regard io the PubliL Benefit gllidance published by Ihe Charity Commission. Thc'frusiees recognise the School's place in the wider community and wish to facilitate acc¢ss io the cducation pri)vided by the School. The School supports work with and for the benefil of tsthers outside ihe School, iilld provides mcan5-iesied rinancial assistance on fees- funded by the School out of curreni school fees, by thc Fund and by other bCnCfacto. The School's policy 1% described In lis accuun15 for Ihc year ended 31 August 2024. STATEMENT OF TRUSTEES, RESPONSIBILITIES 'rhe Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordancc with applicable law atid United Kingdvm Accounlinb Standards (United Kingdom Generally Accepied ALLOUnting l)raclice}. The law Spplicable to charilies in England & Wales requires the Irusiees 10 prepare financial siatemenls for each financial year which give a true and lair view of thc stale of al'fairs of the charity and of the incoinin¥T resources and applicaiion of resources of the charity for thai period. In prcparing these financial 5talemenis, the trusiees dre required to.. seleci suitsble accountin8 policie5 and then apply theni consistently. observe the rneihods and principles in Ihe Charities SORP., make judgements and esiitnaies that drc reasonablc and pNdcni' state whether applicable dLLvunting standards havc been followed, subject to any maierial departures disclosed and explained in the financidl 5tateTncnL%', prepare the financial statements on the going eonceTn basis unlcs5 jt is inappropridte to presume tliat the charily will continue in operation. The trustee5 are responsible for keeping proper accounting records rhai disclose with reasonable accuracy at dny titne the rinancial Posiiion of the Lharity and cnable them io cnsure thai thc financial statcmenrs comply with thc Charities Act 2011, rhe Chariry (Accounts and Reports) Rcgulaiions 2008 and the provi.%ions of th¢ trust deed. They are alsi) responsible for Jafc¥tsdrdinv ihc assrt3 vf thr Iharity aTrd hrnic takiIi¥ ¢IVabl bi¢ps foi Ihe preveniion and deiecilon ot" rraud and other irregularities. Signed on behalf of the trustCC5 AIEson Paines'l'rustee 26 February 2025
RF.PORT OF THF. INDEPENDENT AUDITORS TO THF, TRUSTEES OF THE C.ODOLPHIN AND LATYMF.R SCHOOL BURSARY FUNI) Opinion Wc have audited the financial siatcmcnis of Godolphin and l.atymer School Bursary Fund for thc year ended 31 August 2024 which comprise Staiemeni of Financial Actlvllics, Balance Sheet, Statcmcnt of Cashflows and notes to ihe financial Statcmcnts, including a sujnmary of significant accouniing policies. The financial reporting framework that has been applicd in their preparation is applicabl¢ law and Ilnited Kingdom Accounting Siandards, including financial Reporting Siandard 102 The Financial Repopiirtg.¥113ndardapplictshle ih¥ UK und RL'piibliL oflreland(United Kingdrjm Generally Accepied Accounting Practice). In our opinion, th¢ financial statetn¢ntS'. give a irue and fair view of the state of the charity's affaits as at 31 Au¥ust 2024 and of the charity's nei movement in funds for the year Ihcn cndcd. have been properly prepared in accordance with United Kingdom Generally Acceplcd Accounting Practice; and havc becn prcpared in accordance with the requiremenis ofthe ChdTilies Act 2011. Basi5 for opinion We have been appointed d5 dudilor under section 144 orth¢ Charities Act 201 l and report in accordance with the Aci and relevant regulations made UT h41win¥ effect thcrcunder. We conducted our audii in accordance with International Standard on Audiling {UKI IISAS {UK)) and applicable law. Our rcsponsibilities under Ihose siandards arc further describcd in the Audiior's responsibilities for the audit of the financial stalcments se¢lion of our report. We are indepcndent i)f the charity in accordance wilh the ethical requiremen15 that are relevant to our audil of the financial siatemenis ill the UK, including the FRC'S F.Ihical Standard. and we have fulfilled our other ethical responsibilities in accordance wilh ih¢se requiierncnts. We believe (hal the audit evidenLe we have obtained is sufficienl and apprupriaie to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, wc hawc concluded ihat the trusiees, use of Ihe going concern basis of accouniing in the preparation of the financial statements is appropriatc. Based on thc work wc havc p¢rformed, we have noi idcniified any material uncertaintics relating to events or condiiions that, individllally or collcctivcly, may Cast significani doubi on Ihc charity's ability to continue as a going concern for a period of at least twclvc month% froin when ihe financial siaiemenis are auihoiised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern arc dc%cribed in the relevani sections of ihis report. Other inforrnation 'I'he trusiees are responsible for the oiher inftsmiation. The other itlforniation coinprises the infomiaiion inLluded in the Keport of rhe'l rusiees. Our opinion on Ihc financial 5talemenls does iiot cover thc othcr infornialion and, except lo the extent otherwise expliciily siared in our rcport, we do not expres5 any form of assurance conclusion ihereon. In connection with our audit of the financial statements, our rcsponsibility is to read thc oihcr infomialion and. in doing so. consider whether ihe other infurniation is TndteTially inconstStcnt with the financial staicmcnts or our knowlcdgc obtaincd in the audit 01 otherwise appedr5 tu be materially mi.%stalcd. If we ideniify such maierial inconsisienLies or appaT¢nt material misstatements, we are required to determine wheiher there is a maierial misstaiemcnt in the financial %tat¢ments or a material missl8tement of the other informaiion. If. based on ihe work we have Performed, we conclude that ihere is a maieT131 misstaternent of this other information. we are required to report that faci. We have nothing to report in this regard. Matters on which wt art required to report by exception We have nothing to report in respect of the fullowinb7 matters in relation to which the Chariiies (Atcounts and Reports) Regulaiions 2008 require us io report to ytsu if, in our opinion.. adequaie accounting records have not been kept by ihc charity., or sufficient accounting rccords havc nol been kept., or the charity financial statements are not in a8re¢ment ivtrh the accounting record5 and retllrns., or we have not received all the information and ¢xplanalians we require for our audit.
REPORT OF THF. If4DEPFNDF.NT AUDITORS TC) THE TRUSTEES OF THE CODOLPHIN AND LATYMER SCHOOL BURSARY FUND Respon5Lbilities of trustees for the finaneiil statements As explaincd more fully in the trustees, responsibilities staremcni sct oui on page S, the trnslees are responsible for the preparation of ihe financial staiemenls and for being.%atisfied ihat they give a truc and fair vicw, and for such internal coiirrol as the irus¢ees deiemiine is necessary to enablc the preparation of financial statements ihat are tree from material misstateinent, whether due to fraud or errur. In preparing the financial sialemenis, Ihe Iruslees are responsible for assessing ihe charity'5 ability to coniinuc as a going concern, disclosing, as applicable, Inaiters relaied to going concern and using ihe going7 concern basis of accouniingy unless Ihe trusiecs Clther intend to Iiqu2datc Ihe Charity or (o cease operations, or have no r¢dlislic alternative bui io do so. Auditor's responsibilities for the audit of the finaneÉal 5taternents Our objectives arc to obtain r¢&sonable assurance about whether thc financial statcmen15 as a whole are fr¢c from material misstatement. whether duc lo fraud or error, and ro issue an auditor's report thai includes our opinion. Rcasonable assur(In¢e is a high level ofassurance, but is not a guaraniee ihat an audit conductcd in accordance with ISAS (UK} will always deicct a maierial misstatement when it cxisls. Misstaiements Cdn <irise from fraud or error and are considcrcd material if, individually or in the aggregate, they could reasonably be cxpecled to influence ihe economic decisions of uscrs taken on the basis of these financial statements. Irregularillcs, including fraud, aTC instances of non-compliance with laws and regulations. We design procedures in line with our re.sponsibilities, ouilined above, lo dclect material missiatetnenls in respect of irregulariiics. including fraud. The exieni to which our procedures are Capable of detccling irregulariiies. including fraud is dctailcd below.. Based on our understanding of the charity and th¢ environmenl in which il operates. we identified thai th¢ principal risks of non-compliance with laws and reguldlions Telaled to charity law and fundrai5in¥ rcglllations, and wc considercd the ¢xt¢nt to which non-compliance rnight have a maierial effeci on the financial staiemcnis We also considered those laws and regulations that have a direct impaci on the prcparation of thc financial slaiemenis Such as the Charities Act 2011. We evaluated management's incentives and tspportllnilies for frauduleni manipulation of the financial sraiement% {including the risk of overrsde of control%), and detemiincd thai the principal risks wcr¢ relaied 10 the impropcr rccognilion of revenue and managemeni bias in accounting cstiFnates. Audit procedures perfomied by the eiigagemenl team included.. Inspecting correspondence with regulators and tax duihoritlC5; Discussions wilh management including consideration of known or suspected insianLe5 of non-¢omplianLe with laws and regulation and fraud: Evaluating Jnwiagenienl's controls designed lo prevent and detect itTegularilies". Identifying and resting journals, in particular journal entric% posted at year end", <ind Challenging assumptions and judgetnenls made by nianagement in rheii accounting estimates. Because of the inherent limitaiions oran dudii, thcrc is a risk that we will not detect all irregularities, including those leading io a material missiatemeni in the financial statements or non-eompliancc with regulation. I'his risk increascs the more that coinpliance with a law or reg7ulalion is r¢moved from ihe even15 <ind transa¢iions Tcflecied in thc finaiicial statements, as we will be I¢ss likely lo bLcome awar¢ of instances of non-compliancc. Thr risk 15 a150 greatcr regarding irregularities occurring due lo fraud rather than error, as fraud involvcs intentional concealment. forgery, collusion. omission or misrepresentation. A furth¢r description of our responsibilitie5 for ihc audit of rhc financial 5tatcments is located on the Financial Reporting Council'% website at.. www.frL.or .uklauditorsres onsibiliiies. This description fornis pan of our auditor'5 report.
REPORT OF THE INDEPENDENT AUDITORS TO THF. TRUSTF.F.S OF THF. GODOLPHIN AND LATYMER SCHOOL BURSARY FUND Use (bf our report This report is made solely to the charity's Irusiees. as a body, in accordance wilh section 144 of the Charities Aci 201 l and r¢gulaiions made under section 154 of that Acl. Our audit wurk has b¢en undertak¢n sv Ihdl we might Slat¢ Iv the charily's trustees those matters we ale required to sldl¢ to them in an Audiior's report and for no other purpose. To ihe fullesi extent permitted by law, we do not accepi or assume responsibility to anyone i)iher than the charity's iru%iees as a body for our audit work, for this rcport, or for the opinions we have formed. l.laysMac LLP Sraiuiory Audirors 10 Queen Strect Place l.ondon F.C4Ei I Afj 4 March 2025 Haysmac LLP is eligible to act as auditor in lenns of seciion 1212 of the Lompanics Act 2006.
THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND STATEMENT OF FINANCIAL AcfiviTIES FOR THE YF.AR F.NDED 31 AUGUST 2024 Year ended 31 August 2024 Total Yegr endcd 31 August 2023 Tolal Unrestricted Restricted Endoivment Funds bund Fund Nole INCOME AND ENDOWMF.NTS FROM: Investments Donations 678,969 38,463 18,515 697,484 33.463 408,500 6.369 Tolal income 717,432 735.947 414,869 EXPF.NDITURE ON: Raising fijnds.. Investment Manager's fees 23.624 23.624 24.958 Chariiable aciiviiics 34,802 41,708 76,510 75.225 Total expenditure 58,426 41,708 100,134 100,163 Net income before gain51llos5es} on inve5tment5 659,006 (23,I931 635,813 314,706 Net gainsl{losses) investment5 on 806,122 806.122 (786,987) Net movement in funds ,465,128 (23,193) 1,441,935 1472,2811 Balance brou¥ht forward 12,272,681 23.193 318,080 12,613,954 13.086.235 Ilalanee carried forward at 31 August 2024 13,737.809 318,080 14,055,889 12,613.954 There were no recognised gains and losses other than those included above. The accompanying notes form part of thcsc financial statements.
THF. GODOLPHIN AND LATYMER SCHOOL BURSARY FUND BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note FIXED ASSF.TS Investmcnls Investment property 5,932,134 2,034,988 5,173,882 1,994,807 7.967,122 7,168.689 CURRENT ASSETS Cdsh and bdnk balances Debtors 3,060,534 852.553 2,917,399 2,353,366 3,913,087 5,270,765 CREDITORS., Amounts falling due within one year 10 {4,320} (5,5001 NET CURRENT ASSF.TS 3,908.767 5,265.265 DF.BTORS.. Amounts falling due in more than one year 2,180,000 180,000 NET ASSETS 14,055,889 12,613,954 Representing: Unrestricted funds: General Tr'und 13.737.809 12,272,681 Restrieted funds: Godolphin & l.atymer School bursary fund En¢Juwment fund: Pernianeni endowment 23,193 318,080 318,080 TOTAL FUNDS 14,055,889 12.613,954 Thc financial staicmcnts were approv¢d and authori5¢d for issu¢ by thc Trustees on 26 February 2025 and were signed below on its behalf by.. Alison Paines Trustee The accompanying notes forni part of ihese financial siaiemenis. 10
THF. CODOLPHIN AND LATYMER SCHOOL BURSARY FUNI) STATEMENT OF CASH FLOWS FOR THF. YEAR Ef4DED 31 AUGUST 2024 For the year ended 31 Augu8t 2024 For the year ended 31 August 2023 Note Net cash outflow from operations.. Net cash used in operations (212.038} (200,4501 Cash Ilows from Rnvtsting J)ctivities'. Income from invesiments Purchase of investments S8lc of investments Repayment of loan Issue new loan 697,484 {4,032,319) 4.040,008 1,650,000 {2,000,000) 40¥.500 {797,794) 666.521 500,000 (950,000) Ntt cash {use¢J in)Iprovidcd by iNvt5ting 3ctivities 355,173 (172,773) Change in cA$h and cash equivalents in the reporting period 143,135 {373.223} Cash and cash equivalenis at beginning of period Cash transfcrred from predecessor entity 2,917,399 3.290,622 Cash and cash cquivalcnts al end of period 3,060,534 2.917,399 RECONCILIATIUN I)F NET MCIVF.MF.NT IN FUNDS TO NET CASH OUTFLOW FROM OPERATIONS 2024 2023 Net movement in funds before iransfei Increase in debtors Decrease creditors Interest and dividends Gains on inveshnents 1,441,935 (149,187) (1.180) (697.484) 1806.122) (472,281) (104,556) (2.100) (408,500) 786,987 Net cash outflow from operations 1212,038) 1200,450) ANALYSIS OF CHAN(:E.% IN CASH AND CASH EQUIVALENT8 At I September 2023 Other Chan£es At 31 August 2024 Cashflows Cash and cash equivalents r)eposit accounrs 1 $4,378 2,763,021 (125,3761 268,511 29,002 3,031,532 2,917,399 143,135 3,060,534 A net debt reconciliation note has noi been presented as the charity has no debt.
THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND IYOTES TO THE FINANCIAL STATEMENTS FOR THE VEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES B¥5is of Preparation of the Financial Statements The charity is a PubliL Benefit Entity Tegyistered as a charity in England and Wales, ir was registered in Fcbruary 2020 {charity number.. 1187911). The financial siaiemenis have been prepared in accordance with the Financial Reporting Siandard appliLdble in the UK and Republic of Ireland IFRS1021, dnd the Siaiemeni ol Recotnmended Practice applicabl¢ to charities preparing thcir accounts in accordance with the Financial Reporting Standard applicable in ihe UK dnd Republic of Ireland (FRS 1021- effective l January 2019 (Charities SORP IFRS 102) Second Edition). The findncial slatctncnts have been prepared to give a 'tnse and fair, vicw and have dcparted from the Chdrilies {Accounts and Report5) Rcgulatii)ns 2008 only to the extcnt rcquiT¢d to provide a 'tru¢ and fair view,. 'I'his departure has involved following Accollnting and Reporting by Charities prcparing thcir accounts in accordance with ihe Pinancial Reporting Standard applicable in the UK and Republic of Ireland IF'RS 102) rather than the Accouniing and Reporting by Charities.. Staletnenl of RecomTncnded Practice cffective from l April 2005 which has since been withdrawn. Thc financial statements are drawn up underthe historical cost convention except thai invesimenis dre carried at mark¢t valuc. Going concern Having reviewed the fundingj facilitic% availablc to Ihc charity together wirh the expected future projected cash flows, thr '] rustres hav¢ a rra50nablr cxpcriatioll Ihat thr Charity has adeqiIare re50urcts io coniinuc its aciiviiics for the foreseeable future and consider Ihar there wcrc no maicrial unccrtainties over the Charity's financial viability. Accordingly, they also adopt ihe going Concern basis in preparing thc financial statements. Critical accounting judgements and key sources of e5timAtion uncertainty In the application of the accounting policies, Trustees are required 10 Tlliike judgement. eslimate5, and assumpiions about the carryillg valuc of a%sets and liahililies th31 are not readily apparent from oiher 5uufL¢S. The esliniates and undcTlying assumptions are bascd on historical experience and other faciors thai are considered lu be relevant. Actual results may differ from Ihesc cstimaics. Thc csiimatcs and undcrlying as%umplion% are reviewed on an ongoing basis. Revisions its a¢¢oullting c51iniates are recogni%ed in thc pcriod in which th¢ estimate is revised if rhe revision affects only thai periud, or in the period of the revision and future periods if the revision affccled current and futUTC pcriods. A key area subject to judgemenr and esiimation relaies to ihc valuaiion of investment propcrty. 'I'here are no assumptions conceming ihe future or c81imaiion unccnainty affeciing assets or liabilities ai the balance sheet datc are likely io resuli in a material adjusmient to their carying amounis in the next financial year. The following accouniing policies have been applied consistently in dealing with iicms which are considcred material in relaiion io the charity's financial siaiemenis. Funds Unrestricted funds ar¢ fvnd5 that be used in accordance with the chariiable objects at ihe discretion ofthc Trustees. Rcstricted funds arc funds rcceivable for. and their use restricted, io a specific purpose. Related expenditure is charged to that fund. Pemianenl cndowmenl funds arc resiricled funds where capital may not be converted to income. 12
THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUNI) NOTES TO THE FINANCIAL STATEMF.NTS {continuedl FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIF.S {continued) Dortitionsj grants and legacies Voluntary income is accounied for as and when eniitletnent arises, the amount can be reliably quantified and ihe economic benefit to the charity 1% considered probable. Investment intome Invcstment income from dividends, bank balances, loans and deposit ac¢ounls is accounted for on an accnJa15 basi5. Grgnt expenditure Grants are included as expendiwre in ihc period fur which an unconditional award is made by the "I rustecs. Expenditure Expendilurc is accounted for on an accjuals basis and includes irrecoverablc V AT which is reported as part of the cxpcrtditurc to which il relates. Costs of raising funds consist of invesimeni management fees. Charitable activicies relaie io costs incurred in dclivcring the chariry's activities and services to ils benefiLiaTies and consist mainly of ihe annual g141nls lo thc %chool. Governance osts are costs incurred in tn¢e(ing Ihe Lonstilutional ynd staiutory requiremencs ocihe Lhdrity. Financial inslrumenls Basic financial insirumenis are initially recognised at transaction value itnd subsequently measured at amortised Lost with the exception of investmenls which are hcld at fair value. Financial i155e15 held at amort15ed cosi comprise cash dt hank and in hand. iogeihcr with other debtors. A %pccific provision is made lor debts for which recoverdbilily is i doubt. Cash ai bank and in hand i5 defined as all cash hcld in insiant access bank aLLount5 and used as working Lapildl. inancial liabiliiics held ar amortised cost comprise of accruals Investments Invesimenis are valued in the balance shcct at ¢losing price ai the balance sheet datc. Realised gains dre the difference between sales procccds and opening market Vdlue whcrc th¢ investmcni was held ai the beginning of the year. or sales proceeds le55 cost of purchase where ihe investtnent was acquired in ihe year. Unrealised gdins itre the change in value of investments after taking into account any moveinents in investment holdings such as purchases and disposals of investmejits. Reali5ed and unrealised gains are accounied for within the Statement of Financial Activities. Investment Properly Investment propertics are initially measured &t cost and subsequcnily medsured at fair value. Changes in fair value are recognised in the Statemcni of Financial Aciivilies. Debtors Debtur5 are recognised al the settlement amount due aftei any discount offered. PTepaymenrs are valued at the amount prepaid nel of any trade discounts due. Creditors and provisions Creditgrs and provisions are recvgnised where the Charity has a prcsent obligaiion resulting from a past event ihai will probably result in the iransfer of funds to a third party and the amouni due to settle the obligation can be measured or cstimatcd reliably. Crediior% and pruvi5ions are normally recogniscd ai their settlement amount after allowing for any trade discounis due. 13
THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND NOTES TO THE FINANCIAL STATEMENTS (eontinu¢dl FOR THE YEAR ENDF.D 31 AUGUST 2024 INCOME FROM INVESTMF.NTS 2024 2023 Investment income Loan inleiesl Rental income 163,206 461,042 73,236 150,788 214,355 43,357 697.484 408.500 DONA TJONS 2024 2023 Gross covenants Other donation5 i.240 35.223 3,240 3,129 38,463 6,369 CHAKITABLE AcfiviTIES 2024 2023 Granrs 10 the Gtsdolphin and Latymer School Support cos15 of grant making (note 5) Finance costs 70,000 6.510 69,255 5,680 290 76,510 75,225 ANALYSIS OF SUPPORT COSTS 2024 2023 Managenient charge Governance co%ts- Auditor's iemuneralion for audit fees Legal and profcssiunal fees Miscellancous expense5 1,000 4.320 300 890 1,000 4,680 6,510 5,680 Support cost5 of grant making include £1,000 payable to thc 8ch(>ol for administralive serviccs (2023.. £1,000), 14
THE GODOLPHIN AND LATYMF.R SCHOOL BURSARY FUND NOTF.S TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENI)ED 31 AUGUST 2024 INVESTMENTS 2024 2023 Flalance at I September Addition5 t)ispo%als ljnrealised investment loss 5,173,882 4,032,3 19 12,453,951) 1820,116) 5.741,203 797,794 (580,835) (784,280) Balance at 31 August 2024 5,932,134 5.173.882 The balance ai 31 August 2024 was made up orth¥ following.. rixed interest tiovemmeni Stocks UK Equities Northern American Equilies .uropc Equities Asia Pacific Ex Japan EM Fquities Unil Tnjsis Commodilics Global Other Equities Cash 884.395 1,394,194 1,448,165 572,290 287,007 517,795 64,908 563,381 199,999 273.278 1.518,684 432,430 2.284.991 546,041 118,458 5,932,134 5,173.882 Historical cost 3,564,962 3,363,564 All investments arc quoted on a reco¥ni5ed UK Stock bxchangc. INVESTMENT PROPERTY 2024 2023 Ai I Septembcr 2023 Revaluation 1,994,807 4(J,181 2.083,200 188,393) Ai 31 August 2024 2.034,988 1.994,807 Historical cost 1,933,597 1.933,597 The tnvestment propcrty was revalued as at 31 August 2024 using the Nationwide house price indices. DF.BTORS.. amounts falling due in less than one year 2024 2023 Income tax rccoverable Prepayments and accrued inc0e Amounts due from ihe Godolphin & Latymer School Amounts due from the (iodolphin & Latymer Foundation Loan to the (iodolphin & Latymer School Loan to ilic Cjodolphin & Latymer FoutJdatlDn 2,753 349,800 14,003 113,335 76,028 500,000 1,650,000 500,000 852,553 2,353,366 15
THE GODOLPHIN AND LATYMF.R SCHOI)L BURSARY FUND NOTES TO THE FINANCIAL STATEMF.NTS (continued) FOR THE YEAR F.NDED 31 AUGUST 2024 DEBTORS: amounts falling due gfter more thAn one year 2024 2U23 Loan to the Godolphin & Larymer School 2,180,000 180,000 2,1 go,000 180,000 In June 2022, the Godolphin and Latymer Bursary Fund trnstees granied a loan of £2.5 million to the Cjudolphin & l.aiymer SLhool towards the cost of ihe building dcvclopTneni project of which wa5 drawn down in Septcmber 2023. The Iodn has bcen provided at a rai¥ of 5 /0 floating above six-monih LIBOR, with a cap of 7 1/, %. fixed for the fjrst five ye41rs. Thc cap was removed in April 2024 for a period of12 months. The loan capiral is rcpdyable by 30 Septetnbei 2029. The 8choul currently intend5 to make a minimum repayment of £500,000 per annum over the remaining loan terni. io. CREDITORS-. amounts falling due within one ycar 2024 2023 Accruals 4.320 5,500 FUNDS ANALYSIS At 31 August 2023 Income FJXPtnditure Investment At 31 August 2Q24 Unrestricted funds Restricted funds Endowment funds 12,272.681 23.193 i18,080 717,432 18,515 (58,426) (41,708} 806,122 13.737,809 318,080 12,613,954 735.947 (100,1341 806.122 14,055,889 Comparulivefund movemenls inyear At 31 August 2022 Income Expenditure Investment loss At 31 August 2023 Unrestricted fvnds Restrictcd funds Endowment funds 12.763,535 4,620 318,080 396,296 18.573 1100,163) (786,987) 12,272,681 23,19.7 318,080 13.086.235 414,869 1100,163} (786,9871 12,613.954 'rhe pemianeni endowment was established in 2006 through a donation from the faiher of dn old pupil of the School. The gift was made in perpetuity to the Fund to support pupils at the school in the fomi of bursaries. The restricted fund relates to inteTCSt earned on the pernianent endowment fund which is to be used to fund bursaiies. 16
THE GODOI.PHIN AND LATYMER SCHOOL BURSARY FUND NOTES TO THF. FINANCIAL STATEMF.NTS (continued) FOR THE YEAR ENDED 31 AUGUST 2023 12. ANALYSIS OF NF.T ASSETS BF.TWEEN FUIYI)S Unrestricted Fund 2024 Restricted Fund 2024 Endowment Fund 2024 Total 2024 Fixed assei investment Non current assets Current assets Current liabiliiies 7,967,122 2,180,000 3,595,007 (4,320} 7,967.122 2,180,000 3,913,087 14,320) 318.080 13,737,809 i18,080 14,055,889 Comparalive.fplil of net assets beiweenfunds Unrestricted Fund 2023 Restricted Fund 2023 Endowmtnl Fund 2023 Total 2023 rixed asset invcslment Non Cen1 assets Current asseis CutTent liabilitics 7.168,689 180,000 4,929,492 15,5001 7,168,689 180,000 5,270,765 {5.500) 23,193 3 18,080 12,272,681 23,193 318,080 12,613,954 13. RELATED PARTY TRANSACTIOiYS The Godolphin and l.atymer School Bur541ry F.'und has three-l rustees wh£) are also Governors af 'l-he Godolphin and Latyrner School and Trusiees of the Godolphin and Latymer School foundation. During the year the Trusiees of the Buisary Fund made £70.00012023.' £09,255) dV<iilable to the School for school bursaries. 'I'he Bursary Fund dlso paid £ 1,000 (2023.. £1.000) ro the School duTing thc ycar as a management and administration Charge. The aggregate donations received from th¢ trustees and their connected parties in the year was £nil (2023.. £15,000). No Trustees received remune1411ion for their services and no Trusiees weTe reimbllrsed for expcnses incurrcd in perfonning iheir duties. At the year-end ihe Godolphin and Latymer School owcd a total of £3,029,800 12023.. £793,335} to the Bursary Fund. 'I"his comprises a loan of £2,680,000, loan inicrcst of £279.464, rent payable of £73.236. At the year-end the Godolphin and Latym¢r School Foundation owed a total of £nil (2023.. £1,726,028) to the Bursary Trund. 17
THE C.ODOLPHIN AND LATYMF.R SCHOOL BURSARY FUND NOTES TO THE FINANCIAL STATEMENTS (eontinuedl FOR THF. YEAR ENDED 31 AUGUST 2024 14. COMPARATJVE STATF.MENT OF FINANCIAL ACI'IVITIF.S For the 13 ]onth5 ended 31 August 2023 Total Unrestriettd Restricteil Endowmcnl Funds Fund Fund Nott INCOME AND ENDOWMENTS FROM: Investmenis Donations 389,927 6,369 18,57J 408,500 6,369 Total Éncome 396,296 18,573 414.869 EXPF.NDITURF. ON.. Raising funds.. Investment Manager's fees 24.938 24,9J8 Charitable activities 75,225 75,225 Total expenditllre 100,163 100,163 Net income before gains on investments Net Ilossesvgains on investments 296, li3 18,573 314,706 (786,987) (786,987) r4et movement in funds (490,8541 18.573 (472,281) Balance brought forward 12.763.535 4,620 318,080 13.086,235 Ilalanee carried forward at 31 August 2023 12,272.681 23,193 318,080 12.613,954 18