2023-08-31-accounts - Godolphin And Latymer School

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CONTENTS	Page
Report ofthe Sole Trustee	1 —9
Report ofthe independent auditors	10 —12
Statement offinancial activities
Balance sheet	14
Statement ofcash flows and notes	15
Notes to the financial statements	16-29

				Unrestricted	Endowment	Restricted	Total	funds
				Funds	Fund	Funds	2023	2022
INCOME AND ENDOWMENTS			Note
FROM:
Charitable Activities:
Net fees receivable				18,354,763			18,354,763	17,742,183
Other educational income				1,511,606			1,511,606	1,320,654
Investments				197,962			197,962	27,557
Donations and legacies				887,093		93,963	981,056	964,144
Total Income				20,951,424		93,963	21,045,387	20,054,538
EXPENDITURE ON:
Charitable Activities			6	18,348,032	438,232	102,763	18,889,027	17,819,968
Total Expenditure				18,348,032	438,232	102,763	18,889,027	17,819,968
Net income/(expenditure)		before		2,603,392	(438,232)	(8,800)	2,156,360	2,234,570
investment (losses)
Investment (losses)								(58)
Net income/(expenditure)		before		2,603,392	(438,232)	(8,800)	2,156,360	2,234,512
transfers
Transfers			14	(855,056)	855,056
Net movement in funds				1,748,336	416,824	(8,800)	2,156,360	2,234,512
Total funds brought I September 2022	forward			13,421,145	12,916,276	129,153	26,466,574	24,232,062
Total funds carried	forward	at		15,169,481	13,333,100	120,353	28,622,934	26,466,574
31 August 2023			14

					2023	2022
				Notes
FIXEDASSETS
Tangible fixed assets					26,008,594	20,937,620
Investments
					26,008,594	20,937,620
CURRENT ASSETS
Debtors				10	532,054	391,131
Cash and cash equivalents					7,227,779	10,266,900
					7,759,833	10,658,031
CREDITORS: amounts within one year	falling		due		(4,965,493)	(4,421,399)
NET CURRENT ASSETS					2,794,340	6,236,632
TOTAL ASSETS LESS		CURRENT
LIABILITIES					28,802,934	27,174,252
CREDITORS: amounts after more than one year	falling		due	12	(180,000)	(707,678)
TOTAL NET ASSETS				13	28,622,934	26,466,574
UNRESTRICTED FUNDS
General —Elizabeth Godolphin Fund Designated Fund —Annual Fund				14 14	12,233,330 2,936,151	11,214,837 2,206,308
RESTRICTED FUNDS
Prize Fund				14	104,686	113,486
Elizabeth Crane Fund				14	15,667	15,667
ENDOWMENT FUND				14	13,333,100	12,916,276
TOTAL FUNDS					28,622,934	26,466,574

						2023	2022
					Note
	Net cash inflow from operations:
	Net cash provided by operations				A	3,335,697	3,300,333
	Cash flows from investing activities: Income from investments Interest received Sales ofinvestments Payments to acquire tangible fixed assets					197,962 (5,698,879)	1,495 26,062 129,984 (1,344,813)
	Net cash used in investing activities					(5,500,917)	(1,187,272)
	Cash flows from financing activities: Finance costs Bank loan repayments Bursary loan repayments					(87,990) (285,910) (500,000)	(121,298) (488,169) (500,000)
	Net cash used in financing activities					(873,900)	(1,109,467)
	Change in cash and cash equivalents	in	the reporting	period		(3,039,121)	1,003,594
	Net cash and cash equivalents at beginning		ofperiod			10,266,900	9,263,306
	Net cash and cash equivalents at end ofperiod					7,227,779	10,266,900
A.	RECONCILIATION OF NET MOVEMENT IN FUNDS TO					2023	2022
	NET CASH INFLOW FROM OPERATIONS
	Net movement in funds Depreciation charges Loss on investment Decrease/(increase) in debtors Increase in creditors Investment income and interest received Finance costs					2,156,360 627,905 (140,921) 802,324 (197,962) 87,990	2,234,512 635,113 58 (105,807) 442,717 (27,557) 121,298
	Net cash inflow from operations					3,335,697	3,300,333
B.	ANALYSIS OF CHANGES IN NET	DEBT		At 1 September		Other	At 31 August
				2022	Cashflows	Changes	2023
	Cash and cash equivalents Cash Deposit accounts			2,656,900 7,610,000	(1,429,121) (1,610,000)		1,227,779 6,000,000
				10,266,900	(3,039,121)		7,227,779
	Borrowings Debt due within one year Debt due after one year			(758,233) (707,678)	758,233	(500,000) 527,678	(500,000) (180,000)
				(1,465,911)	758,233	27,678	(680,000)
	Total			8,800,989	(2,280,888)	27,678	6,547,779

n a straight-line basis over the lease	ter	m.
NET FEES RECEIVABLE			2023	2022
Net fees receivable consist of:
Gross fees receivable Fees given as scholarships Fees given as bursaries Fee remission for staff			20,128,148 (98,832) (1,733,876) (34,961)	19,361,162 (103,356) (1,536,651) (71,578)
			18,260,800	17,649,397
Add; Bursaries paid by restricted	funds		93,963	92,786
Payable by parents (net of scholarships		and bursaries)	18,354,763	17,742, 183

3.	OTHER EDUCATIONAL	OTHER EDUCATIONAL	2023	2022
	School lunch income Music		658,650 439,267	606,752 421,654
	Registration fees Insurance commissions Management fees Lettings/hire income Sundry receipts Educational income		141,427 7,190 1,000 8,995 135,860 119,217	129,131 15,489 1,000 14,625 132,003
			1,511,606	1,320,654
4.	INCOME FROM INVESTMENTS		2023	2022
	Elizabeth Godolphin Fund Deposit interest		197,962	26,062
	Prize Fund Dividends and interest			1,495
			197,962	27,557
5.	DONATIONS AND	LEGACIES	2023	2022
	Unrestricted Funds:
	Elizabeth Godolphin Other donations	Fund	157,250	60,000
			157,250	60,000
	Designated fnnds Annual Fund receipts		729,843	803,358
			729,843	803,358
	Total unrestricted funds		887,093	863,358
	Restricted Funds: Prize fund Bursary fund Bursaries		69,255 24,708	8,000 69,255 23,531
	Total restricted funds		93,963	100,786
	Total		981,056	964,144

ANALYSIS OF TOTAL	EXPENDITURE	EXPENDITURE
		Staff costs	Other costs	Depreciation	Total
		2023	2023	2023	2023
Charitable Activities:
School Operating Costs: Prizes			8,800		8,800
Teaching costs Welfare costs		10,329,860 172,955	855,959 886,461	50,820	11,236,639 1,059,416
Premises costs		336,166	1,934,767	577,085	2,848,018
Support and governance Finance costs	costs	2,663,121	891,080 87,990		3,554,201 87,990
Bursaries from restricted	funds		93,963		93,963
		13,502, 102	4,759,020	627,905	18,889,027
Comparative analysis	oftotal	expenditure
		Staff costs	Other costs	Depreciation	Total
		2022	2022	2022	2022
Charitable Activities:
School Operating Costs: Prizes			11,700		11,700
Teaching costs Welfare costs		10,035,221 132,892	782,082 762,868	18,750	10,836,053 895,760
Premises costs		298,503	1,756,561	616,363	2,671,427
Support and governance Finance costs	costs	2,364,857	826,087 121,298		3,190,944 121,298
Bursaries from restricted	funds		92,786		92,786
		12,831,473	4,353,382	635,113	17,819,968

	ANALYSIS OF TOTAL EXPEND Analysis ofSupport costs	ITURE (con	ITURE (con	tinued)
	Teaching costs primarily represent	departmental		and related	costs.	Support		costs can be further	analysed as
	follows:							2023	2022
	Support and governance costs ofschooling Printing stationery and postage Telephone Advertising and recruitment Insurances Sundry expenses Legal and professional Courses and conferences Governance costs							37,832 19,515 193,092 170,437 224,035 111,199 100,912 34,058	31,379 16,806 175,597 164,663 236,013 85,847 88,062 27,720
								891,080	826,087
	Analysis of governance costs: Governors indemnity insurance Auditor's remuneration —for audit	services for the School						3,578 30,480	3,312 27,720
								34,058	31,032
7.	STAFF COSTS							2023	2022
	Wages and salaries Social security costs Pension contributions Redundancy and termination payments							10,282,112 1,198,644 2,021,348	9,729,601 1,150,648 1,931,224 20,000
								13,502, 104	12,831,473
	The average number ofpersons employed		by the school during		the year	was:		2023	2022
	Teaching staff Peripatetic and support staff Temporary staff							125 96 6	125 96 8
								227	229
	The number ofemployees who received		remuneration	off60,000 or greater,			in	the following bands was: 2023 2022
	K60,000 - K70,000 670,000 - K80,000 K80,000 - K90,000 f90,000 - f100,000							26 13 4 4	25 9 8
	F100,000 - f110,000
	F120,000 - 6130,000
	$160,000 - f170,000
	F170,000 - F180,000
	Z250,000 - f260,000
	K260,000 - 6270,000

NGIBLE FIXED	ASSETS
				Fixtures,
		Leasehold		Computers		Assets
	Freehold Property	Property Improvements	Astro Turf	& Equipment	Plant & Machinery	under construction	Total
Cost or valuation At 1 September 2022 Additions at cost	20,956,833 96,823	6,943,578	412,465	109,811 128,281	355,000	1,555,520 5,473,775	30,333,207 5,698,879
At 31 August 2023	21,053,656	6,943,578	412,465	238,092	355,000	7,029,295	36,032,086
Depreciation At 1 September 2022 Charge for year	6,833,074 420,479	1,992,479 138,854	412,465	33,319 50,820	124,250 17,752		9,395,587 627,905
At 31 August 2023	7,253,553	2,131,333	412,465	84,139	142,002		10,023,492
Net BookValue At 31 August 2023	13,800,103	4,812,245		153,952	212,998	7,029,295	26,008,594
At 31 August 2022	14,123,759	4,951,099		76,492	230,750	1,555,520	20,937,620

DEBTORS		2023	2022
School fees		10,243	3,563
Prepayments and accrued income		483,226	258,847
Other debtors		38,585	53,909
Amounts due from Godolphin	and Latymer Foundation		74,812
		532,054	391,131
CREDITORS: due within one year		2023	2022
Bank loan (see note 12)			258,233
Bursary Fund loan (see note 12)		500,000	500,000
Fees in advance		314,832	465,691
Registration deposits		1,300,200	1,293,000
Other taxation and social security		320,204	299,032
Other pensions		241,834	231,617
Old Dolphins Association		121,893	86,148
Text book deposit		393,920	402,220
Accruals		768,596	297,540
Other creditors		890,679	538,907
Other creditors —Bursary Fund		113,335	49,011
		4,965,493	4,421,399
CREDITORS: due after more	than one year	2023	2022
Old Dolphins Association			27,678
Bursary Fund loan		180,000	680,000
		180,000	707,678

SPLITOF NET ASSETS	SPLITOF NET ASSETS	SPLITOF NET ASSETS	BETWEEN	FUNDS		Net current
						liabilities and
					Fixed assets	long term debt	Total
					2023	2023	2023
Unrestricted Funds
General - Elizabeth Designated —Annual	Godolphin Fund		Fund		11,995,494	237,836 2,936,151	12,233,330 2,936,151
Restricted Funds
Prize Fund						104,686	104,686
Elizabeth Crane Fund						15,667	15,667
Endowment Funds					14,013,100	(680,000)	13,333,100
Balances at 31 August		2023			26,008,594	2,596,541	28,622,934
Comparative split	ofttet assets behveen			fwtds		Net current liabilities and
				Fixed assets	Investments	long term debt	Total
				2022	2022	2022	2022
Unrestricted Funds
General - Elizabeth Godolphin Designated —Annual Fund			Fund	6,583,111		4,631,726 2,206,308	11,214,838 2,206,307
Restricted Funds
Prize Fund						113,486	113,486
Elizabeth Crane Fund						15,667	15,667
Endowment Funds				14,354,509		(1,438,233)	12,916,276
Balances at 31 August 2022				20,937,620		5,528,954	26,466,574

FUND MOVEMENTS IN	FUND MOVEMENTS IN	FUND MOVEMENTS IN	FUND MOVEMENTS IN	Balance at			Transfers 4	Balance at
YEAR				1 September			investment	31 August
				2022	Income	Expenditure	gains/(losses)	2023
Restricted Funds:
Prize Fund				113,486		(8,800)		104,686
Elizabeth Crane fund				15,667				15,667
Bursary Fund					69,255	(69,255)
Bursaries					24,708	(24,708)
				129,153	93,963	102,763		120,353
Endowment		Funds		12,916,276		(438,232)	855,056	13,333,100
Unrestricted		Funds:
Elizabeth Godolphin Designated -Annual			Fund Fund	11,214,837 2,206,308	20,221,581 729,843	(18,348,032)	(855,056)	12,233,330 2,936,151
				13,421,145	20,951,424	(18,348,032)	(855,056)	15,169,481
				26,466,574	21,045,387	(18,889,027)		28,622,934
Comparative	finttintovements			in year Balance at			Transfers 4	Balance at
				1 September			investment	31August
				2021	Income	Expenditure	gains/(losses)	2022
Restricted	Funds:
Prize Fund				115,749	9,495	(11,700)	(58)	113,486
Elizabeth Crane fund				15,667				15,667
Bursary Fund Bursaries					69,255 23,531	(69,255) (23,531)
				131,416	102,281	(104,486)	(58)	129,153
Endowment		Funds		12,364,404		(436,297)	988,169	12,916,276
Unrestricted		Funds:
Elizabeth Godolphin Designated - Annual			Fund Fund	10,326,292 1,409,950	19,148,899 803,358	(17,272,185) (7,000)	(988,227)	11,214,838 2,206,307
				11,736,242	19,952,257	(17,279,185)	(988,227)	13,421,145
				24,232,062	20,054,538	(17,819,968)	(58)	26,466,574

Total pension c	utions made in the year are analysed as foll	ows:
		2023	2022
Total contributions Teaching staff Non-teaching staff	during the year were:	1,675,917 345,431	1,630,384 300,840
		2,021,348	1,931,224

OMPARATIVE S	T	ATEME	NT OF	FINAN	CIAL ACTIVIT	IES
					Unrestricted	Endowment	Restricted	Total funds
					Funds	Fund	Funds	2022
INCOME AND ENDOWMENTS				Note
FROM:
Charitable Activities:
Net fees receivable				2	17,742,183			17,742,183
Other educational	income			3	1,320,654			1,320,654
Investments				4	26,062		1,495	27,557
Donations and legacies				5	863,358		100,786	964,144
Total Income					19,952,257		102,281	20,054,538
EXPENDITURE ON:
Charitable Activities				6	17,279,185	436,297	104,486	17,819,968
Total Expenditure					17,279,185	436,297	104,486	17,819,968
Net income/(expenditure)			before		2,673,072	(436,297)	(2,205)	2,234,570
investment losses
Investment (losses)							(58)	(58)
Net income/(expenditure)			before		2,673,072	(436,297)	(2,263)	2,234,512
transfers
Transfers				14	(988,169)	988,169
Net movement in funds					1,684,903	551,872	(2,263)	2,234,512
Total funds brought I September 2021		forward			11,736,242	12,364,404	131,416	24,232,062
Total funds carried		forward	at
31August 2022				14	13,421,145	12,916,276	129,153	26,466,574