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2025-08-31-accounts

Charity number: 1187911

THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 5
Independent Auditors' Report on the Financial Statements 6 - 9
Statement of Financial Activities 10
Balance Sheet 11
Statement of Cash Flows 12
Notes to the Financial Statements 13 - 23

THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND

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

Trustees Mrs A Paines, Chair
G Assi
S A Davies
J M J Dunn
M Esiri (resigned 25 June 2025)
L Magril
Dr F M R Ramsey
Ms A Worboyes (appointed 3 June 2025)
Charity registered
number
1187911
Address
The Godolphin and Latymer School
Iffley Road
Hammersmith
London
W6 0PG
Secretary
Mrs D M Lynch
Independent auditors
HaysMac LLP
10 Queen Street Place
London
EC4R 1AG
Bankers
HSBC
599 Fulham Road
London
SW6 5UA
Investment advisors
James Hambro & Partners
45 Pall Mall
London
SW1Y 5JG

Page 1

THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

History, Constitution and Trustees

The Godolphin and Latymer School Bursary Fund (“the Fund”) was established on 12 February 2020 as a Charitable Incorporate Organisation (CIO). Its Trustees are empowered to apply the capital and income of the Trust in the advancement of the charitable objects of The Godolphin and Latymer Foundation (“the Foundation”) and The Godolphin and Latymer School (“the School”), and of education generally including the establishment of scholarships, exhibitions and bursaries for the School, and by expenditure on the objects or purposes associated with the Foundation or School and people connected with the Foundation or School, provided such objects or purposes are exclusively charitable.

Trustees

The Governing Body of Godolphin and Latymer School has the power to appoint only two of the Trustees (“Nominated Trustees”), and under which only a minority of Trustees may be nominated by the School. Nominated Trustees and others (“Co-Opted Trustees”) serve for four years, and may be re-appointed for a further term of four years and, in exceptional circumstances, for a third such term.

The Nominated Trustees appointed by the Governors of the School are:

S A Davies M Esiri (resigned 25 June 2025) L Magrill (appointed 26 June 2025) All other Trustees (as shown on the previous page) are Co-Opted Trustees.

Recruitment and Training of Trustees

The Fund’s elected Trustees are appointed at Trustee meetings on the basis of relevant experience, based on recommendations by other Trustees. Appropriate training is made available to new and existing Trustees.

Organisational Management

The Trustees are legally responsible for the overall management and control of the assets and income of the Fund. The Investment Committee of the Fund receives quarterly reports from the Investment Managers, James Hambro & Partners LLP, and meets three times a year to assess the financial performance of the portfolio, in order to ensure sufficient protection of capital and adequacy of income. The Trustees approve the sums made available to the School as means-tested bursaries or for any other purposes, including loans.

Principal risks and uncertainties

The Trustees are responsible for overseeing the risk management process. The major risks centre on financial and regulatory matters, which are considered by the Trustees annually.

Through the risk management processes established, the Trustees are satisfied that the major risks identified have been mitigated where necessary - it being recognised, however, that systems can only provide reasonable and not absolute assurance that major risks have been adequately managed.

The Trustees identified the following as the main areas of risk:

Page 2

THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND

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

meetings and is aware of the financial position of the School, its budgeting process and cash flow projections. The loan from the Fund is reviewed at each of these meetings.

Related Parties – The Godolphin and Latymer Foundation and The Godolphin and Latymer School

Both the Foundation and the School are separate charities. The School makes substantial awards as bursaries each year and the Fund supplements the sum available for bursaries. As stated above, the School Governors have the right to appoint two Trustees to the Fund; other Governors may serve as Trustees provided that Governors do not constitute the majority. As investments, the Fund has provided a loan to the School.

Objects

In furtherance of the Fund’s objects, the Trustees look to increase the capital of the Fund by investing donations and to protect and, so far as possible, enhance the income of the Fund to enable it to support the School’s policy of making available means-tested bursaries to pupils on entry to the School. The Trustees endeavour to increase their support to match these needs.

During the period, the Trustees provided £70,000 in support of the School’s own provisions for bursaries.

In addition to this direct charitable activity, the Trustees apply some of the Fund's assets in furtherance of the School's purposes whilst also achieving a financial return, in other words as social investments. This includes loans to the Foundation for the School and the provision of a property used for staff accommodation.

Objectives for the year

To provide sufficient income from the portfolio, as well as maintaining capital value, in order to provide for bursary support requested by the School.

To maintain the other support provided by the Fund through its social investments and to remain open to providing enhanced support and to developing additional areas of charitable assistance for the School within its purposes as necessary.

REVIEW OF ACHIEVEMENTS AND PERFORMANCE

The Fund was able to contribute towards to the provision of means-tested bursaries for 77 pupils in the School during the academic year 2024-2025.

FINANCIAL REVIEW

The Financial Results

The Financial Statements for the year ended 31 August 2025 are published with this report. They are prepared as required under 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 Fund achieved a net surplus for the year before gains on investments of £451,222 (2024: £635,813). Net realised and unrealised gains on investments amounted to a gain of £254,539 (2024: £806,122). This has resulted in an overall surplus in the year of £705,761 (2024: £1,441,935).

Investment powers, policy and performance

The Trustees have appointed James Hambro & Partners as Investment Managers. The aim is to maintain and if possible to increase the real value of the monies invested over the long term. The Trustees, through their Investment Committee, are presently utilising a spread of the Fund investments as to approximately 70% in

Page 3

THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND

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

equities. 15% in fixed interest stocks and 15% in alternative investments. The loan is at a commercial rate of interest.

The Trustees receive quarterly reports from the Investment Managers and the portfolio return is measured against a composite benchmark consisting of the MSCI All Country World Investable Markets Index, Barclays Sterling Gilts Index, Barclays Overnight Cash Index and HFRX Equal Weighted Index in the asset allocation stated above.

In the opinion of the Trustees, the Fund has performed satisfactorily.

Reserves policy

The Trustees regularly review the level and nature of the reserve funds and investments of the Fund. Funds held at the year end were as follows:

Unrestricted funds: £14,443,570 Restricted funds: £nil Endowment funds: £318,080

The Fund’s aim is to continue to grow the fund, by adjusting the investment policy, so that it can continue support for bursaries that have already been awarded and for those that will be needed in the future.

A permanent endowment was established in 2006 through a donation from the father of an old pupil of the School. The gift was made in perpetuity to the fund to support pupils at the school in the form of bursaries. All related income and expenditure is put through a related restricted fund. All remaining funds are held as unrestricted funds, comprising the general Bursary Fund.

Grant-making policy

Applications for bursaries are assessed by the School and awards are made in line with agreed criteria, on a means-tested basis. The School recongnises that independent school fees are at levels which may exclude many children from applying for a place, but it is committed to widening access to the education offered. Accordingly, the School advertises the availability of bursary awards. The value of any award is reviewed annually. For the year ended 31 August 2025 77 means-tested bursaries were awarded during the year to a value of £1,920,754 (2024: £1,808,467). The School’s objective is to continue to increase the number of transformational bursaries available, and there is a fundraising programme in place to facilitate this. The Fund allocates funds annually by reference to its investment policy and returns, and by reference to the School’s requirements.

PUBLIC BENEFIT

The Charities Act 2006 withdrew the previous legal presumption that education in itself offered benefit to the public at large. That Act now places an obligation on the charity to demonstrate that it provides ‘Public Benefit’ as part of its support for education as a charity in a fee-charging environment.

In setting the Fund’s objectives and in their financial support for means-tested bursaries for the School, the Trustees have paid due regard to the Public Benefit guidance published by the Charity Commission.

The Trustees recognise the School’s place in the wider community and wish to facilitate access to the education provided by the School. The School supports work with and for the benefit of others outside the School, and provides means-tested financial assistance on fees – funded by the School out of current school fees, by the Fund and by other benefactors. The School’s policy is described in its accounts for the year ended 31 August 2025.

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THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND

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

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the trustees:

................................................ Alison Paines Trustee

Date: 25 February 2026

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THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND

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

Opinion

We have audited the financial statements of The Godolphin and Latymer School Bursary Fund for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, 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:

Basis for opinion

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 charitable company'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.

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THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Report of the Trustees. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.

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THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND (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 Auditors' 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 charity law and fundraising regulations, 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.

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 the improper recognition of revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

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 8

THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND

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

Use of our report

This report is made solely to the Charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's trustees 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 Charity's and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

HaysMac LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG

Date: 3 March 2026

HaysMac LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 9

THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND

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

Note
Income and
endowments from:
Donations and
legacies
4
Investments
3
Total income and
endowments
Expenditure on:
Raising funds
Charitable activities
5
Total expenditure
Net income before
net gains on
investments
Net gains on
investments
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Total funds carried
forward		 Unrestricted
funds
2025
£
8,114
551,668
559,782
41,405
67,155
108,560
451,222
254,539
705,761
13,737,809
14,443,570		 Restricted
funds
2025
£
-
8,195
8,195
-
8,195
8,195
-
-
-
-
-		 Endowment
funds
2025
£
-
-
-
-
-
-
-
-
-
318,080
318,080		 Total
funds
2025
£
8,114
559,863
567,977
41,405
75,350
116,755
451,222
254,539
705,761
14,055,889
14,761,650		 Total
funds
2024
£
38,463
697,484
735,947
23,624
76,510
100,134
635,813
806,122
1,441,935
12,613,954
14,055,889

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

The notes on pages 13 to 23 form part of these financial statements.

Page 10

THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND REGISTERED NUMBER:

BALANCE SHEET AS AT 31 AUGUST 2025

Note
Fixed assets
Investments
7
Investment property
8
Current assets
Debtors due within 1 year
9
Cash and bank balances
Creditors: amounts falling due within one
year
10
Net current assets
Debtors due after more than 1 year
9
Net assets
Charity funds
Endowment funds
11
Restricted funds
11
Unrestricted funds
11
Total funds		 770,857
4,074,131
4,844,988
(4,150)		 2025
£
6,194,156
2,046,656
8,240,812
4,840,838
1,680,000
14,761,650
318,080
-
14,443,570
14,761,650		 852,553
3,060,534
3,913,087
(4,320)		 2024
£
5,932,134
2,034,988
7,967,122
3,908,767
2,180,000
14,055,889
318,080
-
13,737,809
14,055,889

The financial statements were approved and authorised for issue by the Trustees on 25 February 2026 and signed on their behalf by:

Mrs A Paines Trustee

The notes on pages 13 to 23 form part of these financial statements.

Page 11

THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Income from investments
Sale of investments
Purchase of investments
Repayment of loan
Issue new loan
Net cash provided by investing 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
The notes on pages 13 to 23 form part of these financial statements		 2025
£
(27,115)
559,863
3,306,777
(3,325,928)
500,000
-
1,040,712
1,013,597
3,060,534
4,074,131		 2024
£
(212,038)
697,484
4,040,008
(4,032,319)
1,650,000
(2,000,000)
355,173
143,135
2,917,399
3,060,534

Page 12

THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND

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

1. General information

The charity is a Public Benefit Entity registered as a charity in England and Wales, it was registered in February 2020 (charity number: 1187911).

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), 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) - effective 1 January 2019 (Charities SORP (FRS 102) Second Edition). The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

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 Charity together with the expected future projected cash flows, the Trustees have a reasonable expectation that the Charity has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the Charity’s financial viability. Accordingly, they also adopt the going concern basis in preparing the financial statements.

2.3 Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, 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.

A key area subject to judgement and estimation relates to the valuation of investment property. There are 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 charity’s financial statements.

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THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND

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

2. Accounting policies (continued)

2.4 Fund accounting

Unrestricted funds are funds that can be used in accordance with the charitable objects at the discretion of the Trustees.

Restricted funds are funds receivable for, and their use restricted, to a specific purpose. Related expenditure is charged to that fund.

Permanent endowment funds are restricted funds where capital may not be converted to income.

2.5 Income

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 charity is considered probable.

Investment income

Investment income from dividends, bank balances, loans and deposit accounts is accounted for on an accruals basis.

2.6 Expenditure

Grant expenditure

Grants are included as expenditure in the period for which an unconditional award is made by the Trustees.

Expenditure

Expenditure is accounted for on an accruals basis and includes irrecoverable VAT which is reported as part of the expenditure to which it relates.

Costs of raising funds consist of investment management fees. Charitable activities relate to costs incurred in delivering the charity’s activities and services to its beneficiaries and consist mainly of the annual grants to the school. Governance costs are costs incurred in meeting the constitutional and statutory requirements of the charity.

2.7 Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost 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 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 instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise of accruals.

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THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND

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 Investment Property

Investment properties are initially measured at cost and subsequently measured at fair value. Changes in fair value are recognised in the Statement of Financial Activities.

2.10 Debtors

Debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.11 Creditors and provisions

Creditors and provisions are recognised where the Charity 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.

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THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND

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

3. Income from investments

Unrestricted
funds
2025
£
Investment income
181,642
Loan interest
316,910
Rental income
53,116
551,668		 Restricted
funds
2025
£
-
8,195
-
8,195		 Total
funds
2025
£
181,642
325,105
53,116
559,863		 Total
funds
2024
£
163,206
461,042
73,236
697,484

4. Donations

Other donations
Gross covenants		 Unrestricted
funds
2025
£
4,874
3,240
8,114		 Total
funds
2025
£
4,874
3,240
8,114		 Total
funds
2024
£
35,223
3,240
38,463

5. Charitable activities

Grants to the Godolphin and Latymer School
Support costs of grant making (note 6)		 2025
£
70,000
5,350
75,350		 2024
£
70,000
5,620
75,620

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THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND

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

6. Analysis of support costs

Management charge
Governance costs - Auditor's remuneration for audit fees
Legal and professional fees
Miscellaneous expenses		 2025
£
1,200
4,150
-
-
5,350		 2024
£
1,000
4,320
300
890
6,510

Support costs of grant making include £1,200 payable to the School for administrative services (2024: £1,000)

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THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND

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

7. Fixed asset investments

Cost or valuation
At 1 September 2024
Additions
Disposals
Revaluations
At 31 August 2025		 Listed
investments
£
5,932,134
3,325,928
(2,660,526)
(403,380)
6,194,156

The balance at 31 August 2025 was made up of the following:

2025 2024
£ £
Fixed interest Government Stocks 663,759 884,395
UK Equities 831,584 1,394,194
Northern American Equities 2,260,564 1,448,165
Europe Equities 616,734 572,290
Asia Pacific Ex Japan EM Equities 634,760 287,007
Unit Trusts 561,626 517,795
Commodities 257,694 64,908
Global Other Equities 112,341 563,381
Cash 255,094 199,999
6,194,156 5,932,134
Historical cost
5,602,533
3,574,962

All investments are quoted on a recognised UK Stock Exchange.

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THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND

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

8. Investment property

Valuation
At 1 September 2024
Revaluation
At 31 August 2025		 Freehold
investment
property
£
2,034,988
11,668
2,046,656

The investment property was revalued at 31 August 2025 using the Nationwide house price indices. The investment property has a historical cost of £1,933,597 (2024: £1,933,597).

9. Debtors

Amounts falling due after more than one year
Amounts owed by group undertakings
Amounts falling due in less than one year
Prepayments and accrued income
Amounts due from the Godolphin & Latymer School
Loan to the Godolphin & Latymer School		 2025
£
1,680,000
1,680,000
-
270,857
500,000
2,450,857		 2024
£
2,180,000
2,180,000
2,753
349,800
500,000
3,032,554

In June 2022, the Godolphin and Latymer Bursary Fund trustees granted a loan of £2.5 million to the Godolphin & Latymer 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 7½%, 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.

10. Creditors: amounts falling due within one year

2025 2024
£ £
Accruals 4,150 4,320

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THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND

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

11. Statement of funds

Statement of funds - current year

Balance at 1 Balance at 1 Balance at 1 Balance at
September Gains/ 31 August
2024 Income Expenditure (Losses) 2025
£ £ £ £ £
Unrestricted funds 13,737,809 559,782 (108,560) 254,539 14,443,570
Endowment Fund 318,080 - - - 318,080
Restricted Funds - 8,195 (8,195) - -
Total of funds 14,055,889 567,977 (116,755) 254,539 14,761,650
Statement of funds - prior year
Balance at Balance at
1 September Gains/ 31 August
2023 Income Expenditure (Losses) 2024
£ £ £ £ £
Unrestricted funds 12,272,681 717,432 (58,426) 806,122 13,737,809
Endowment funds 318,080 - - - 318,080
Restricted funds 23,193 18,515 (41,708) - -
Total of funds 12,613,954 735,947 (100,134) 806,122 14,055,889

The permanent endowment was established in 2006 through a donation from the father of a former pupil of the School. The gift was made in perpetuity to the Fund to support pupils at the school in the form of bursaries.

The restricted fund relates to interest earned on the permanent endowment fund which is to be used to fund bursaries.

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THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND

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

12. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Fixed asset investments
6,194,156
Investment property
2,046,656
Debtors due after more than one year
1,680,000
Current assets
4,526,908
Creditors due within one year
(4,150)
Total
14,443,570		 Endowment
funds
2025
£
-
-
-
318,080
-
318,080		 Total
funds
2025
£
6,194,156
2,046,656
1,680,000
4,844,988
(4,150)
14,761,650

Analysis of net assets between funds - prior year

Fixed asset investments
Investment property
Debtors due after more than one year
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
5,932,134
2,034,988
2,180,000
3,595,008
(4,320)
13,737,810		 Endowment
funds
2024
£
-
-
-
318,080
-
318,080		 Total
funds
2024
£
5,932,134
2,034,988
2,180,000
3,913,088
(4,320)
14,055,890

Page 21

THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND

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

13. 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:
Gains on investments
Interest and dividends
Decrease/(increase) in debtors
Decrease in creditors
Net cash used in operating activities
14.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
15.
Analysis of changes in net debt
At 1
September
2024
£
Cash at bank and in hand
3,060,534
3,060,534		 2025
2024
£
£
705,761
1,441,935
(254,539)
(806,122)
(559,863)
(697,484)
81,696
(149,187)
(170)
(1,180)
(27,115)
(212,038)
2025
2024
£
£
4,074,131
3,060,534
4,074,131
3,060,534
Cash flows
At 31
August 2025
£
£
1,013,597
4,074,131
1,013,597
4,074,131

Page 22

THE GODOLPHIN AND LATYMER SCHOOL BURSARY FUND

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

16. Related party transactions

The Godolphin and Latymer School Bursary Fund has three Trustees who are also Governors of The Godolphin and Latymer School and Trustees of the Godolphin and Latymer School Foundation.

During the year the Trustees of the Bursary Fund made £61,805 (2024: £70,000) available to the School for school bursaries. The Bursary Fund also paid £1,200 (2024: £1,000) to the School during the year as a management and administration charge.

The aggregate donations received from the trustees and their connected parties in the year was £nil (2024: £nil). No Trustees received remuneration for their services and no Trustees were reimbursed for expenses incurred in performing their duties.

At the year-end the Godolphin and Latymer School owed a total of £2,450,857 (2024: £3,029,799) to the Bursary Fund. This comprises a loan of £2,680,000, loan interest of £220,140, rent payable of £50,716.

At the year-end the Godolphin and Latymer School Foundation owed a total of £nil (2024: £nil) to the Bursary Fund.

Page 23