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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|
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|||||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||||||
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||||||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|
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|||||||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|
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|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|INCOME|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|
##
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|6.|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|
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||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|||||||||
##
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|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|
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|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|
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|13.|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|
##
|14.|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|
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|Total pension
c|ontrib|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|
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|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|