THE GODOLPHIN AND LATYMER SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Registered Charity No: 312699 Haysmac LLP Chartered A¢countants Registered Auditors
THE GODOLPHIN AND LATYMER SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 CONTENTS Page Report of the Sole Trustee i-io Report of the independent auditors 11-13 Statement of financial activities 14 Balance sheet 15 Statement of ¢ash flows and notes 16 Notes to the flljancial ststements 17-30
THE GODOLPHIN AND LATYMER SCHOOL REPORT OF THE SOLE TRUSTEE FOR THE YEAR ENDED 31 AUGUST 2024 The Godolphin and Latymer School Foundation ('the Foundation,), being the Sole Trustee of the Godolphin and Latymer School ('the School,), presents its Report alld the School's accounts for the year ended 31 August 2024. GENERAL INFORMATION Status, AdmfinistrAtlon and Sole Trustee Foundedby deed on21 December 1703, the School is a registered cbarAty (number: 312699). The Foundation is a company limited by guarantee (registered number 3598439 and charity Dumber 1073924). Directors and Trustees- Governors of the School The following served during the year ended 31 August 2023 and since the year end: L Magrill N McLaughlan Miss J McNeill Ms T Meller Mrs E Watson (retired 26.06.2024) S Davies (Chair) Ms S Dayies M Esiri Dr M Hill (resigned 30.04.2024) Mrs S KiDross K Knibbs Clerk to the Governors MT8 D M Lynch Executfive Officers Head Bursar Senior Deputy Head (Academic) Deputy Head (Pastoral) Sehool address and ProfessloDal Advisers Dr F M R Ramsey Mrs D M Lynch Dr S P Hamett Dr J C Carter The Godolphin and Latsryn¢r School ]ffley Road, Hammersmith, London , W6 OPG www.godolphinandlatymer.com Bankers HSBC plc 599 Fulham Road London SW6 SUA Auditors Haysmac LLP, 10 Queen Street Place, London EC4R IAG Solieltors Veale Wasbrough, Orcbard Lane, Bristol BSI 5WS
THE GODOLPHIN AND LATYMER SCHOOL REPORT OF THE SOLE TRUSTEE (tontlnued) FOR THE YEAR ENDED 31 AUGUST 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT History* Constltutlon and Trustees The School is a day school for girls aged between I l and 18. The charity was founded by Sir William Godolphin by a Deed dated 21 December 1703, further regulated by the will of Elizabeth Godolphin made in 1724, and augmented out of the endowment of the Latymer Foundation in 1903. The charity was regulated by a Scheme created on 23 December 1903 whi¢h was replaced by a Scheme created on 29 September 1977 with amendment on 14 July 1986. A further amendrnent was made on 14 April 1999 under which the Foundation became the Sole Trustee of the School, and its directors became the School's Governing Body. Additional amendments were made on 9 May 2005, to allow the purchase of indemnity insurance on behalf of the Governing Body, and, on 20 June 2008, regarding the School's borrowing powers. The Governing Body of the S¢hool may comprise one Governor, nominated as an Heir of Sir William Godolphin (a Nominated Governor) and not more than nineteen Governors co-opted by resolution of the Governors An office at the time (Co-opted Governors). All Governors are appointed for four-year temjs. A Nominated Governor is eligible for reappointmenl without limit. Co- opted Governors are eligible for reappointment for a further tern) of four years and, in exceptional circumstan¢es, for a further four-year terni or tem)s. The members of the Governing Body who served in the year under review are shown above under 'Dire¢tors and Trustees Governors of the School,. The Directors of the Foundation are also its Members and serye as Trustees of thal charity and as Governors of the School. Governanee ind Management The Governors, as the Trustees of the Foundation, are legally responsible for the overall management and Control of the School, and meeL as a minimum, during each school tem. Day-lo-day managemenl The day-to-day education and pastoral care of pupils and the appointment and management of teaching staff is delegated to the Head Mistress, Dr Frances Ramsey, who is supported by a Senior Leadership Team. Responsibility for the non- teaching staff and for the School's financial management and premises is delegated to the Bursar, Mrs Diana Lynch. Meetings of the Govemors are attended by the Head Mistress, the Bursar and the Deputy Heads, Mrs Anna Paul (Senior Deputy Head, Pastoral) and Dr Sara Harnett (Deputy Head, Curri¢ulum and Academic Matters) and they and other senior members of slaff attend meetings of Governors, committees. The Governors Consider that they> together with the He&d, the Bursar and the two Deputy Head's comprise the Key Management Personnel. The Governors give of their time freely and the pay and remuneralfton of the Head and senior staff is set by the Senior Salaries Committee and is kept under annual review. A number of crlleria are used in setting pay: nature of the role and responsibilities competitor salaries in the region the sector average salary for comparable positions trends in pay In recent years, flexible pay in the sector has affected ihe ease of recruitment to certain roles and the S¢hool intends to be in the upper quartile for pay for senior roles in the independent school sector. The Governors have given delegated authority to the Head to pay higher salaries for exceptional candidates where this is in the interest of the School,
THE GODOLPHIN AND LATYMER SCHOOL REPORT OF THE SOLE TRUSTEE (continued) FOR THE YEAR ENDED 31 AUGUST 2024 For matters concerning the School other than those for which the Head Mistress is responsible, the Govemors have established committees wilh spe¢ifi¢ objectives. a minimum of h¥0 Governors sit on each committee. As appropriate, these committees either pass down decisions to the School's executive management under delegated authority from the Governors, or refer matters for de¢ision to the Governing Body. The princlpal committees are: The Educatlon Committee, which considers matters relating to the curriculum and, more widely, lo teaching, learning and pastoral matters generally. The Finance and General Purposes. This Committee meets termly to assess the School's financial position and to review the capltal and operating budgets, cash forecasts, management accounts. &udited accounts, the annual report for presentation to the Govemors and the fvnds available for prizes. The Health, Safety and Risk Management Committee has responsibility delegated from the Governing Body to review any major risks associated with the operation of the School and the Foundation. The Policy and Governan¢e Commftttee, which ensures a common understanding of the major issues that the School faces and co-ordinates a consistent approach to these between the Oovernors, committees and the School's Senior Leadership Team, The Committee also recommends appointments of a Head Mistress, Governors, the Chairman and Deputy Chainnan of Governors, and considers membership of Governors, committees. Recruitmenl and Iraining ofGovernors Before seeking new Governors, the Policy and Governance Committee will be guided by the relevant competence, experience and specialist skills sought by the Governing Body from any new Governor. New Govemors are appointed only after interview by the committee and after consideration of the committee's ftndings by all Governors. After appointment, all new Governors are given appropriate guidance on all aspects of the School's operations and their own role and responsibilities. access is provided to outside courses on Trusteeship and relaled matters. Prineipal risks and unceriainlies The Governing Body is responsible for overseeing the risk management process condu¢ted by the School. Review of risk is delegated to the Health, Safety and Risk Management Committee. the Head, Bursar, Designated Safeguarding Lead and Senior Teacher (School Organisation) are members of this committee. A formal review of the major risks envisaged for the School (including regulatory and compliance matters) is undertaken a1UallY by the Senior Leadership Team, under which the systems and procedures that control and miligate risks are considered and discussed as necessary. The results are then reviewed and discussed further by the Health, Safety and Risk Management Committee before being reported to the full Governing Body. The Governors have assessed the major risks to which the School is exposed and are satisfied that systems are in place to mitigate the School's exposure lo the major risks. Such risks and controls are reviewed on a regular basis in order to mitigate any impact that they may have on the School in the future. The main risks that the Governors have identifled are those of: The climate of antipathy towards independent schools. This gives rise to a range of risks: from the purely financial, such as the loss of charitable relief on business rates; to the operational, with the introduction of VA T on school fees (which could make them unaffordable for many parents). It is difficult lo identify effective control measures but the School continues to work with the Independent Schools Council and other representative bodies to defend the charitable status of independent schools and publi¢ise the positive contrlbution they make. The School is also looking for ways to reduce costs, generate additional in¢ome and fundraise An order to offset any fAnan¢ial impact. The potential damage to the School's reputation. The School's succes5 is built on its reputation for the edu¢ation and wellbeing of its pupils. The key Controls include the maintenance of high academic standards within a dlscipllned but friendly atmosphere, the close monitoring of major risks and a review of all areas of school life by the Senior Leadership Team, strong pastoral communication and action (both pre-ernptive and reactive) and a strong relationship with parents and the wider community to mitigate potentlal impa¢t. The public profile of the School As monitored and public relations advisers in reputation and crisis management have been appointed.
THE GODOLPHIN AND LATYMER SCHOOL REPORT OF THE SOLE TRUSTEE (continued) FOR THE YEAR ENDED 31 AUGUST 2023 The Godolphin And Latymer School Bursary Fund (the"Bursary Fund") The Bursary Fund is a separate charity (charity number 1187911) whose aims include the advancement of the charitsble objects of the School. The Bursary Fund makes sums available to the School each year to enable the School to supplement the means-tested bursaries that it awards. it has also loaned funds lo the School and the Foundation at commercial rates of interest to help fund development of the School's facilities. The Governors appoint two Trustees to the Bursary Fund, and other Governors may sCe as Trustees provided that Governors do not ¢onstitute the majority of the Fund's Board of Trustees. OBJECTIVES A]YD AcfiviTIES Objeets The 'Objecl' of the Foundalion (the School's Sole Trustee) As lo advance the education of ihe public, under which it is empowered to provide for the instruction of the School's pupils and their 'spiritual, moral, mental and physical training,. The School's Object as a charity, as set out in ils Scheme, is 'the provision and conduct of a day school for girls,. Aims The School's OVeiding aim is to provide the girls with an outstanding education. Through the lessons and activities in which they participate, Ihe girls learn for life, They develop habits of mind that promote curiosity and initiative, inlellectual rigour and independence of thoughL reflective learning and flexible thinking, the ability to maintain an open mind and to reach a balanced judgement. They achieve excellent examination results and follow the higher education pathway of their choice at leading institutions in the UK and beyond. The School recognises that all the girls are different and it aims to provide each one with a stimulating and enjoyable education. It offers an exciting range of intellectual, creative and physical challenges and opportunities, encouraging the development of individual passions and particular skills alongside the self-esteem and confidence with which lo succeed in unfamiliar situations. The School's long hislory of providing education for girls from a wide range of backgrounds creates an enriching and inclusive atmosphere. Within this principled, caring and friendly community, girls learn to lead, to work together for mutual benefiL to communicate ¢learly and to forge firn) friendships. The SchcM)l encourages girls lo learn about local, national and global issues, frorn which it believes they become considerate, compassionate and courageous young women who fvlly expect to tske active responsibility for ihe community and the environment in which they live, as well as for themselves, iioih now and in the future. Objeetives for the Year Principal Activity The School offers to all the girls both a broad and balanced academic cutTiculum and extra-¢urri¢ular activities, where both are considered to be necessary components of a good general education. The academic ¢urri¢ulum includes the option of the International Baccalaureate. The School seeks to Challenge the girls intellectually and to encourage independent thought, by making available to them a wide range of academic and non-academic opportunities, including outreach programmes which provide involvement with, and support to, the wider community. Public Benefit The Charities Act 2006, having withdrawn the legal presumption that education in itself offers benefjt to the public at large, placed an obligation on the School to demonstrate that it provides 'Public Benefit, as part of its provision of education as a Charity in a fee-charging environment. In setting the School's obje¢tives and in their establishment of management of the School, the Governors have p&id due regard to the Public Benefit guidance published by the Commission. Grant Maklng The Governors recognise thAt independent school fees are at levels which may exclude many children from applying for a place, but they are committed to widening access to ihe education offered. Accordingly, they advertise the availability of bursary awards. The value of any award is detern)ined on a means-tested basis and reviewed annually.
THE GODOLPHIN AND LATYMER SCHOOL REPORT OF THE SOLE TRUSTEE (continued) FOR THE YEAR ENDED 31 AUGUST 2024 For the year ended 31 August 2024, 79 means-tested bursaries were awarded during the year to the value of £1,808,467 (2023.. £1,733,876). Community and Partnershlp Ilnks The school supports a programme of meanlngful, mutually-benefjcial partnerships with organi5alions including academic enrichment for primary school children, access to teaching, resources and, and access to Higher Education support for secondary school pupils, and access to sports facilities for local primary schools. In addition, sludent-led initiatives raise awareness and support for local and international charitable organisalions. Our Bridge academic enri¢hment programme for Year 5 girls and boys from lo¢al primary schools was launched in January 2020 with 44 children and continued remotely during the national lockdowns, expanding lo 79 children from 37 primary schools for January 2023. Pupils attend one Saturday morning each month for Maths and English lessons and other subjects on rotation, aThd the programme includes a booster week in August and one during the October half-lem) break to help with I l+ preparation. Lower Sixth Godolphin students provide invaluable learning support for pupils and teachers during the Saturday morning sessions. As a result of the programme, two-thirds of the students from our 2023 programrne applied for places and bursaries at independent secondary schools in London and eight joined Godolphin and Latymer in September 2024, following in the footsteps of the eight currently in Year 7, Year 8 and Year 9. Seventy-six students have enrolled in the 2024 programme, Towards the end of August during the summer break we welcomed over 20 Year 10 students to our Bridge Seniors programme of talks and workshops. Students joined us from Kenstngton Aldridge Academy* The Hurlingham Academy, Fulham Cross Girls School, Saint Thomas More Language College, Saint Gabriel's College and Kingsford Community School. Running over five afternoons, the programme provided a series of tslks and workshops from Godolphin teachers to enrich and extend understanding a¢ross a range of dlsciplines, and also offered support to students and parents who are considering applying for a bursary to join the Godolphin and Latymer Sixth Form. The School continues to be a joint educational partner with the Kensington Aldridge A¢ademy (KAA). The aim of the partnership is to share best practice regarding educational ex¢ellence across both schools. Most recently this has included a visit by Godolphin staff to observe the PSHE programme at KAA, while KAA students were invited to take part in various activities organised by the Higher Education and Careers department, including Godolphin's Universities Fair, which was also attended by a number of Students from several other local schools. We were pleased to host students and staff from West London Free School, KAA and The Cardinal Vaughan Memorial School atour inaugural university interview event. Students were given the opportunity to interact with fellow sixth forniers and specialist teachers from G&L and other lo¢al independent schools through taking part in a series of prh¢tice interviews for their chosen university subjects. Teachers from the Maihs department Continue to link up with Magdalen College School io ¢onduct mock interviews for state school students from across the UK, while five of our Year 12 students ran our longstanding weekly lunchtime Latin club for Year 5 and Year 6 pupils at John Betts Primary School. Every Monday mornlng boys and girls and the PE teachers from West London Free School Primary and Earls Court Free School Primary take part in wall climbing, trampolining and dodgeball in our Sports Hall. Th¢ school continues to host the London Youih Games netball and hockey trials for local slate primary schools and our Sixth Forniers and students from Year 10 and I I help umpire the matches. Pupils from Flora Gardens Primary School took part in a sports activities celebration organised and overseen by a team of Year 12 and Year 9 Godolphin Students. Members of our Social Impact Committee also devised and ran a drama and musical theatre workshop for Year 5 and 6 children from Flora Gardens, while we marked the beginning of British Science Week in March with seventy flve Ye&r 7 students from Sacred Heart School taking part in a STEM fixing and repair event. Every Friday during terni time, the school hosts the Ancient World Breakfast Club (AWBC) which has a national reputation within the fields of Classics and Ancient History with a membership of over 250 fiDm across west London. Several members of staff have laken part in the Royal Springboard Foundation's SpringForward programme, acting as mentors and provlding guidance for care-experienced students as they embark on the unlversity application process. A number of members of stsff also serve as governors at local schools, including.. St Peter's C of E Primary School; the Brackenburyj Kenmont and Wendell Park Foundation. and Westminster Academy.
THE GODOLPHIN AND LATYMER SCHOOL REPORT OF THE SOLE TRUSTEE (continued) FOR THE YEAR ENDED 31 AUGUST 2024 Over the year students pursued a host of volunteering opportunities in their local communilies as part of their Duke of Edinburgh award schemes and collectively were awarded a certificate for donating 4,238 hours of voluntary servi¢¢ between l April 2023 and 31 March 2024. Students sthdying the International Baccalaureate have organised and tsken part in a number of activities as part of their Creativity, Action and Service (CAS) projects. The Social Impact Project invites students to design an individual or group project that has the potential to improve the lives of others and includes proposed impact of the project, implementation strategy, the likely costs, and plans to sustain the project beyond the students, time t the school. Projects Included a Musical Theatre Workshop for students at Flora Gardens Primary School. a Sports Festival and equipment collection for Flora Gardens. and an Art Workshop for a local dementia group. Our Sustainability Committee organises regular second-hand clothes and accessories sales with all profits going lo the anti- fast fashion charity TRAID. In the last year the school community has also run campaigns to support charities including British Red Cross. Movember. Hammersrnith and Fulham Dementia Action Alliance. Hammersmiih and Fulham Foodbank. Hammersmith and Fulham Family Services. and the Salvation Anny. In addition, the school community raised over £20,000 for the six student House charities: Alice's Arc, Blue Cross for Pets, Great Orniond Street Hospitsl, the Opie Jones Foundation, Sibs, and the Williams Syndrome Foundation. Public exsminAtions The A Level cohort achieved excellent results with 400/0 of grades awarded A and 820/0 of grades awarded A/A. This year's IB candidates again a¢hieved ex¢eptional marks, with an average score of 40 points out of a totsl 45 points. These A Level and IB results have enabled 940/0 of pupils to secure their first-choice university placq either in the UK or abroad. The GCSE results were also excellent: at the time of writing, with some reviews outstanding, 920/0 of grades were awarded Grade 918 and 98 % were graded 9-7. Curriculum and Teaching and Learning The School is committed to offering a broad and relevant choice of subje¢ts and the curriculum is kept under regular review. We are Continuing to explore ways that our curricular, extra- and super-curricular provision enable our pupils to develop agile, flexible ways of thinking and ¢reative problem solving abilities. Therefore, we are embedding recent curriculum changes, such as the expansion of the Year 7 Philosophy and Religion scheme of work to broaden awareness and understanding of other perspectives, and our Applied Drama ¢urriculum which aims to promote essential skills of collaboration and self-regulation. Our Futyres Programme encourages pupils in all year groups to tackle real-world challenges with an emphasis on reflective thinking and cooperation. An exarnple of this is the 2023-24 Mentorpreneurship Programme run in-house for Lower Sixth students in partnershlp with the London School of Economics, in which students developed projects that aimed for a positive impact in ihe local community. Thc school continues to contrlbute to training events for teachers and leaders from other Schools. In 2023-24 we worked with GSA to deliver Isqam Level l and 'Every Child Finding Their Own Path- supporting all children in our care on their journey toward adulthood,. We are continuing our relationship with GSA in this coming a¢ademic year, hosting an Aspiring to Head of Departmeni day in March and are also looking forward to hosting ECT Regional Training days for Islip. The Role of Pastoral Care The school's pastoral approach places strong emphasis on the values thal we seek to instil within our pupils such as curiosity bout the world around them, compassion for others, engagcmenl with the wider community, Creativity and resiliencc. The pastoral curriculum is designed to make students aware of the context of the world around them. For example, we address a wide range of current affairs topics as well as having a more formal curriculum on issues such as modern-day slavery, human rights and ¢itizenship. This year external speakers included.. It Happens, who delivered a range of talks on topics including consent, digitsl relationships, and the transition lo university. other external speakers included: The Sex Lies and Love Project, who ran a workshop with Year 12 students on relationships and pornography. Hibo Wardere, who spoke to our Sixth Formers about her campaigning for #nofgm, and ECL Educate Ventures, who ran AI workshops for students in Years 9, 1 l and 12.
THE GODOLPHIN AND LATYMER SCHOOL REPORT OF THE SOLE TRUSTEE (contlnued) FOR THE YEAR ENDED 31 AUGUST 2024 In January 2024 we saw completion of our recent building project and opening of the Alison Paines building. This has provided the school with an enlarged Sixth Form cenlre, a new Librdry and additional space for dining and meeting. The construction of a new link building has improved flow between the main buildings at the centre of the school site, improving flow and accessibility. The adjacent courtyard spaces have been re-landscaped providing valuable outside space. The new facilities have been enjoyed by pupils and staff and added greatly to the school's estate. Opportunltles beyond the classroom We had a fi]11 and very busy extra-curricular programme and a whole host of House competitions, STEM Week Languages Week, that all encouraged participation by each and every student. In sport there was a full fixtures list throughout the year and opportunities for all abilities to benefit from the astro-pitches, courts and sports centre that all on site, while pupils rowed on the Thames nearby. This year our l XI hockey team played competitively in the tier I national league and progressed io the regional semi-finals of the Ul 8 indoor ¢ompetition. Our U18 and U15 netballers were ¢rowned Middlesex champions while our winning 1st vItt rowers broke the course record at the Schools, Head of the River. At the National Schools Regatta our J16 IV were gold medal winners, National Champions and winners of thc Anna Fangen Cup. In cricket we were once again named as one of the top 20 girls, cricket schools and our Ul 5$ were crowned national champions at the Lords, Lady Taverner competition, 'Emilia'_ was directed, produced, and perfornied by senior drama students; the whole of Year 7 took part in the Christmas production of 'Scrooge and Alan Ayckbourn's comedy 'Confusions' was perfonned in the promenade Style. This year's school musical was 'Beauty and the Bea5t'. More than 300 students entered Grade 3 - 8 Speech and Drama exams with 990/0 gaining distinction at Grade 3. Over 550 individual music lessons took place weekly and numerous choral, instNmenlal, and orchestral groups look part in a full diary of Concert performances in our purpose built Bishop Centre and at other venues such as St James's Church, Sussex Gordens, and the Chapel Royal, Hampton Court Palace. The art department staged exhibitions throughout the year and this year's Lower School exhibition was a 'Printmaking Spectacular,. There were over 90, mainly sludent-run, weekly clubs and societies including Dissection Club, Feminist Society, British Sign Language Club, Film Production Club, and the Politics Society whose visiting speakers this year included Lord Vaizey and Jonathan Aitkins. Our trips included language trips to Spain, Gem)any, Italy and France, a Classics trip to Athens, & History trip to the battlefields in Belgium and France, a skting trip to Verniont, a rowing camp in Ghent and a pleihora of UK visits and excursions. This year 106 students successfully completed the Bronze DofE award. 78 took part in the Stlver award. and 21 in the Gold award and we ran expeditions to the Chilterns, Cotswolds, New Forest, Purbeck Hills, Brecon Beacons and the Peak District. Higher Education and Career$ As in previous years, in 2023-24 our Higher Education team successfvlly supported applications to UK universities and beyond parti¢ularly to the US, Canada but also to European destinations. Specialists supported Art Foundation, applications to Drama School and Conseryatoires, medi¢al, veterinary and dentisty applications, alongside students applying to Oxford and Cambridge. We hosted representatives of UK and overseas institutions who gave advice on admissions to our pupils and those from our slate parther schools where possible. Our Sixth Fom] students who applied for courses requiring an interview attended an Interview Evening attended by several schools and hosted at Godolphin and Latymer. In addition, the Medics attended an evening to prepare them for their medical interviews. Our medical applications coordinator established a popular medi¢s networking group which includes both current students and alumni. After their GCSES many of our Year I I students are supported to undertake invaluable work experience, In addition, we introduced more off timetable time for Year 10 to begin to explore careers, university pathways and networking. We welcomed Linkedln to discuss CV and networking opportunities, and students engaged in a series of academic enrichment activities led by Godolphln staff to give them a sense of what their Sixth Form pathway may look like. Pupils in Year l O and above were invited to our inaugural University Fair lo which we also invited partner schools. Universities from the UK and beyond were represented and students could additionally attend talks ranging from applying to Oxbridge, applying to Europe and how to gain funding to study in the US. Our thriving working lunch programme continued in the Spring tenn with a wide range of careers represented including: scientific publishAng nutrition, fashion, veterinary medicine and
THE GODOLPHIN AND LATYMER SCHOOL REPORT OF THE SOLE TRUSTEE (eontinued) FOR THE YEAR ENDED 31 AUGUST 2024 dvertising. We also ran our biennial careers fair which allowed further exploration of the world of work and were once again grateful to our parent body for their support. Old Dolphlns Old Dolphins are an integral and valued part of our community and our alumnae programme is currently engaging over 4,000 individuals with the school. In September we were delighted to welcome back around 50 Old Dolphins for the annual Old Dolphins, Day reunion. Additionally, 66 alumnae attended the 10-year reunion in November, while more than 40 Old Dolphlns gathered for their 20 and 30-year reunions. The Development Office launched a new podcast series, 'The Pod,. featuring seven episodes with Old Dolphins sharing insights about their careers and lives since graduation. Alongside the podcast, the debut of 'Making Waves,, the new alumnae magazine, was launched. FUTURE PLANS The Governors will continue to prioritise broadenlng access to the school for academically able girls through the Bridge programmes for Year 5 and Year 10 pupils, as outlined above, and a continued fticus on increasing the funds available for fee assistance through the Bursary Programme. Our Whole School Priorities for 2024-25 are again centred around increasing creativity and resilience, with a very collaborative approach between the academic and pastoral teams. In seeking to meet these priorities. some of our areas of focus will be: strengthening our SdentS. ability lo move beyond narrative exposition to more confident analysis and evaluation. encouraging sthdents to reason, discuss, argue and explain rather than merely respond. promoting and celebrating opportunities to reflect and respond, critically but empathetically, to alternative viewpoints, encouraging the ability to change one's Mind. challenging perfectionism and fear of failure, building confidence and resilience through a wide range of experiences in school. helping students to experÉence su¢¢ess in planning and implementing approaches to complex challenges so that they can apply the skills they develop wtihin and beyond their academic studies. encouraging students and their families to value the ¢hara¢teristics that are likely to be important for happy, effe¢tive and fijlfilled young women of the future. Challenge Your Limits week will continue to be an important time in which the whole Community can explore the interplay between resilience and creative thinking. For 2024-25 the week will be held in October as a launchpad for continued engagement with the whole school priorities throughout the year, with an emphasis on making a difference. Looking ahead to the academic year 2025-26 a new Middle School course in innovation and leadership will be offered in place of one GCSE subject for those Year 10 students who would like to opt for it.
THE GODOLPHIN AND LATYMER SCHOOL REPORT OF THE SOLE TRUSTEE (continued) FOR THE YEAR ENDED 31 AUGUST 2024 FINANCIAL REVIEW Financial Results The Financial Statements for the year ended 31 August 2024 are published with this report. The School had net income before investment gains and losses during the year of £1,284,091 (2023.. £2,156,360), after providing for depreciation of £846,209 {2023: £627,905). Of this surplus, £1,915,832 was attributable to Unrestricted Funds (2023: £2,603,392) and (£8,100) lo restricted funds (2023.. (£8,800)). £623,641 depreciation expenditure was allocated against the Endowment Fund in the year (2023.. £438,232). The Governors have identified that conlinuing surpluses will be required if investment in the School's activities and facilities is to be maintained, and fee increases in the current year, which continue to be reviewed annually, are intended to support this objective. Reserves Policy The Govemors regularly review the level and nature of the reserve funds of the School. Funds held at the year end werc as follows: Unrestricted general funds.. Designated funds (Annual Fund): Restricted funds: Endowment fund.. £6,299,831 £3,712,283 £112,253 £19,782,658 Unrestricted Funds are held primarily to ptDvide the funds for major development projects, including the current building project ond other fixed asset expenditure. The School plans to continue this investment whilst at the same time, managing its cash flow needs. The Restricted Funds are held primarily to provide bursaries. Funds raised through Annual Fund (Designated) are expended completely, normally during the financial year. In previous years the School ha5 invested substantial Sums in school buildings. In furtherance of those development projects, most of those unrestricted general funds are now invested in fixed assets. At the 2024 finan¢ial year end free reserves which include both general and designated reserves were £5,138,058 (2023: £3,173,987). This value is in line with the Govemors, strategy to build reserves in order to fund the ¢urrent stage of the School's building programme, Fundraislng praetiees &nd performan¢e The governors are aware of the Charities (Protection and Social Investment) Act 2016 and recognise the importance of meeting the highest standards of practice and care in relation to fundraising a¢tivities. The School has signed up to the ndraising code of practice and has voluntarily registered with the Fundraising Preference Servi¢e (FPS). The School is a member of the Institute of Development Professionals in Education and the Council for Advancement and Support of Education. The School only raises fijnds from Old Dolphins, parents, staff and those with a personal ¢onnection to the school and does not undertake fundraising campaigns to members of the publi¢. The School considers the origin of unsollcited donations and legacies. The School does nol share or purchase any donor data with or from third parties. In 2023-2024 the School did not engage with independent professional fijndraisers. In 2023-2024 the School did not receive any complaints in relation to fundraising or raise any matter with regulators.
THE GODOLPHIN AND LATYMER SCHOOL REPORT OF THE SOLE TRUSTEE (continued) FOR THE YEAR ENDED 31 AUGUST 2024 Statement of Trustee's Responsfibilities The Governors, as Directors of the Godolphin and Latymer School Foundation, a¢knowledge on its behalf, as the School, Sole Trustee, its responsibilities for maintaining accounting records and preparing financial statements A5 set out below. Charity law requires the Sole Trnstee 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 its resources for that period. In preparing those financial ststements, the Trustee is required to: select suitsble accounting policies and then apply them consistently* observe the methods and prlnciples of the Charities SORP; make judgements and estimates that are reasonable and prudent. state whether applicable ac¢ounttng standards have been followed, subject to any material deparS disclosed and explained in the financial statements. prepare the flnancial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Sole Trustee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time Ihe financial position of the charity, and to 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 School's trust deed. It is 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. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemlnation of financial statements. Signed on be alf of the Sole Trustee. S Davie Chair Date: 5 December 2024 io
REPORT OF THE INDEPENDENT AUDITORS, TO THE TRUSTEE OF THE GODOLPHIN AND LATYMER SCHOOL Oplnlon We have audited the flnancial statements of The Godolphin and Latymer School for the year ended 31 August 2024 which comprise the Statement of Financlal Activities, the Balance Sheel, the Statement of Cash Flows and notes to the financial statements, including a summary of signifjcant accounting policies. The financial reporting framework that has been applied in their preparation is appllcable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The FinancialReporlingSiandardapplicable in ihe UKandRepublic oflreland(United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial Statements: give a true and fair view of the state of the charity's affairs as at 31 August 2024 and of the charity's net movement in fijnds for the year then ended. have been properly prepared in accordance wilh United Klngdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for oplnion We have been appointed as auditor under se¢tion 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We ¢onducled our audit in a¢¢ordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are fijrther described in the Auditor's responsibilities for the audit of the flnancial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have thlfilled our other ethical responsibilities in a¢cordance with these requirements. We believe that the audit evidence we have obtained is suftTicient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the ftnanclal statements, we have concluded that the trustee's use of the going concern ba515 of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfornied, we have not identified any malerial uncertainties relating to events or conditions thaL individually or Collectively, may cast significant doubt on the charity'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 trustee with respect to going concern are described in the relevant sections of this report. Other information The trustee is responsible for the other infonnation. The other inforn]alion ¢omprises the inforniation included in the Report of the Sole Trustee. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly stated in our report, we do not express any forni 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 infonnation is materially inconsistent with the financial ststements or our knowledge obtsined in the audit orotherwise appears to be materially misstated. If we identify such material in¢onsislen¢ies or apparent material misstatements, we are required to deterniine whether there is a material misstatement in the financial ststements or material misstatement of the other information. If, based on the work we have perfornied, we conclude that there is a material misslatement of this other infornlation, we are required to report that fact. We have nothing io 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 in relation to which the Charities {Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: adequate accounting records have not been kept by the Chlty, or sufficient a¢¢ounting records have not been kept. or the charity rtnancial statements are not in agreement with the accounting records and returns. or we have not received all the inforniation and explanations we require for our audit.
REPORT OF THE INDEPENDEwf AUDITORS, TO THE TRUSTEE OF THE GODOLPHIN AND LATYMER SCHOOL Responsibllitles of trustee for the financial statements As explained more fijlly in the trustee's responsibilities statement set out on pages 10, the trustee 1$ responsible for the preparation of the finan¢ial statements and for being satisfied that they give a true and fair view, and for such internal control as the truslee detcmiine is necessary to enable the preparation of finan¢ial statements ihat are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trnstee is responsible for assessing the charity's ability to continue as a going concern, disclosing, as appli¢able, matters related to going Concern and using the going Concern basis of accounting unless the trustee either intends to liquidate the charity or to cease operations, or have no realistic aliernative but to do so, Auditor's responslbllities for the Audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstalement, whether due to fraud or error, and to issue an auditor's 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 wilh our responsibilities, outlined above, to det¢¢t material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting itregularities, including fraud is detailed below.. Based on our understanding of the charity and the environment in which il operates, we idenlified that the principal risks of non-¢omplian¢e with laws and regulations related to The Education (Independent School Standards) Regulation 2014. safeguarding regulations, health and safety requirements, GDPIL employment law and charity law and we considered the extent to which non-complian¢e might have a malerial effect on the fAnan¢ial statemenls, 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 and consider other factors such as payroll tax. We evaluated management's incentives and opportunities for fraudulent manipulation ofihe financial statements (including the risk of override of controls), and detennined 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.. Inspecting correspondence with regulators and t&x authorities. Discussions with management including consideration of known or suspected instances of non-compliance wlih laws and regulation and fraud. Evaluating management's controls designed to prevent and detect irregularities. Identifying and testing journals, in particular journal entries posted at the year end. and Challenging assumptions and judgements made by management in their accounting estimates. Because of the inhercnt limitations of an audit, there is a rlsk that we will noi detect all irregularities, including those leadtng to a material misstatement in the financial statements or non-compliance with regulation. Th&s risk increases the more that compliance with a law or regulation is removed from the events end transactions reflected in the financial statements, as we will be less likely to become aware of instsnces of non-compliance. The risk is also greater regarding irregularlties occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion. omission or mtsrepresentation. 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.o .uklauditorsres onsibili¢ies. This description forms part of our auditor's report. 12
REPORT OF THE INDEPENDENT AUDITORS, TO THE TRUSTEE OF THE GODOLPHIN AND LATYMER SCHOOL Use of our report This report is rnade solely to tbe charity's tnistee. as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trnstee those rnatters we are required to state to them in an Auditor's report and for no other purpose. To the fijllest extent perniitted by law, we do not accept or assume responsibility to anyone other than the charity's trnstee as a body for our audit work, for this reporL or for the opinions we have fornied. kloyfftioc ZLP Haysmac LLP Statutory Auditors 10 Queen Street Pla¢¢ London EC4R IAG Date: i? l- Q02 Haysmac LLP is eligible to act as an auditor in ternis of section 1212 of the Companies Act 2006 13
THE GODOLPHIN AND LATYMER SCHOOL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted Endowment Restricted Funds Fund Funds Total funds 2024 2023 INCOME AND ENDOWMENTS Note FROM: Charitable Activities: Net fees receivable Other educational income 19,921,514 1,518,099 19,921,514 1,518,099 18,354,763 1,511,606 Investments Donations and legacies 286,630 887,055 286,630 982,548 197,962 981,056 95,493 Total Income 22,613,298 95,493 22,708,791 21,045,387 EXPENDITURE ON: Charitable Activlties 20,697,466 623,641 103,593 21,424,700 18,889,027 Total Expenditure 20,697,466 623,641 103,593 21,424,700 18,889,027 Net Ineome/(expenditure) before transfers 1,915,832 (623,641) (8,100) ,284,091 2,156,360 Transfers 14 (7,073,199) 7,073,199 Net movement in funds (5,157,367) 6,449,558 (8,100) 1,284,091 2,156,360 Total funds brought fonvard I September 2023 15,169,481 13,333,100 120,353 28,622,934 26,466,574 Totsl funds carried fonvlrd at 31 August 2024 14 10,012,114 19,782,658 112,253 29,907,025 28,622,934 The accompanying notes form part of these financial statements. Full comparatives for 2023 are shown in note 21. 14
THE GODOLPHIN AND LATYMER SCHOOL BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Notes FIXED ASSETS Tangible fjxed assets 27,337,881 26,008,594 CURRENT ASSETS Debtors Cash and cash equivalents 10 221,358 8,541,876 532,054 7,227,779 8,763,23 7,759,833 CREDITORS: amounts falling due within one year (4,014,090) (4,965,493) NET CuRREr ASSETS 4,749.144 2,794,340 TOTAL ASSETS LESS CURRENT LIABILITIES 32,087,025 28,802,934 CREDITORS., amounts falling due after more than one year 12 (2,180,000) (180,000) TOTAL NET ASSETS 13 29,907,025 28,622,934 UNRESTRICTED FUNDS General- Ellbeth Godolphin Fund Designated Fund- Annual Fund 14 14 6,299,831 3,712,283 12.233,330 2,936,151 RESTRICTED FUNDS Prize Fund Elizabeth Crane Fund 14 14 96,586 15,667 104,686 15,667 ENDOWMENT FUND 14 19,782,658 13,333,100 TOTAL FUNDS 29,907,025 28,622,934 The financial statements were approved and authorised for issue by the Governors on 5 December 2024 and were signed below on its behalf by: S Davies Chair of Governors M Esiri Chair of Finance and General Purposes Committee The accompanying notes forn] part of these financial ststemenls. 15
THE GODOLPHIN AND LATYMER SCHOOL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note Net c#sh inflow from operations: Net cash provided by operations Cash flows from Investing aetlvltles: Interest received Payments to a¢quire tangible fixed assels 1,493,078 3,335,697 286,630 (2,175,496) 197,962 (5,698,879) Net Cl8h used in Investlng actlvities (1,889,866) (5,500,917) Cash tlows from financing aetivltles: New loans Increase in bank overdraft Finance costs Bank loan repayments Bursary loan repayments 2,000,000 (290.115) (87,990) (285,910) (500,000) Net eash used in financing activities 1,709.885 (873,900) Change in cash And cash equivalents in the reporting period 1,314,097 (3,039,121) Net cash and cash equivalents at beginning of period 7,227,779 10,266,900 Net cash and cash equivalents at end of period 8,541,876 7,227,779 A. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH INFLOW FROM OPERATIONS 2024 2023 Net movement in funds Depreciation charges Loss on investment Decrease/{increase) in debtors Increase in creditors Investment income and interest received Finance costs 1,284,091 846,209 2,156,360 627,905 310,696 (951,403) (286,630) 290,115 (140,921) 802,324 (197,962) 87,990 Net cash inflow from operations 1,493,078 3,335,697 ANALYSIS OF CHANGES IN NET DEBT At I Septembe 2023 Other Changes At 31 August 2024 Cashflows Cash and eash equivalents Cash Deposit accounts 1,227,779 6.000,000 (685,903) 2,000,000 541,876 8,000,000 7,227,779 1,314,097 8,541,876 Borrowlngs Debt due within one year Debt due after one year (500,000) (180,000) (500,000) (2,000,000) {2,180,000) (680,000) (2,000,000) (2,680,000) Total 6,547,779 1,314,097 -2,000,000 5,861,876 16
THE GODOLPHIN AND LATYMER SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES Basis of Prep&rAtion of the Finanelal Statements The financial statements have been prepared in accordance with the Financial Reporting Standard applible in the UK and Republic of Ireland (FRS102), 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. The financial ststements 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 Chartties preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102) Second Edition rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from l April 2005 which has since been withdrawn, The accounting policies set out below have been applied in preparing the financial statements for the year ended 31 August 2024 and the comparative infotination presented in these financial statements for the year ended 31 August 2023. The financial statements are drawn up under the historical cost convention except that investments are carried at market value. The School is a Public Benefit Entity registered as a charity in England and Wales, il was registered in 1977 (Charity number: 312699). Going eoncern Having reviewed the funding facilities available to the School together with the expected ongoing demand for places and the School's future projected cash flows, the Sole Trustee has a reasonable expectation that the School has adequate resources lo Continue its activities for the foreseeable future and consider that there were no material uncertainties over the School's financial viability. Accordingly, they also continue to adopt the going concem basis in preparing the flnancial slatements. Basis of eon$olldAtion Consolidated a¢¢ounts are not prepared as the subsidiary, Bengale Limited, is dorniant (see note 9). Critical Iceounting judgement$ and key sources of estimatfion un¢ertalnty In the appllcation of the accounting policies, the Sole Trustee is 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 io 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 revlsion and future periods if the revision affected current and future periods. In the view of the Sole Trustee, no assumptions concerning the future or estimation uncertainty affecting assets or liabiltlies 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 School's financial statements. 17
THE GODOLPHIN AND LATYMER SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES (CONTINUED) Fund$ The general funds of the School are represented by the EIAzabeth Godolphin Fund and represent unrestricted funds expendable at the discretion of the Sole Trustee in furtherance of the objects of the charity. Designated funds comprise unrestricted funds which have been set aside by the Sole Trustee for a specific purpose. Resources received for purposes specified by the donor, whether for use as income or capital, are credited to an appropriate restricted fund, Amounts expended in accordance with the restrictions are charged directly to the restricted fund. The Endowment fvnd represents restricted funds held on trust to be permanently retained for the benefit of the charity as a capital fund. All other income and expenditure is regarded as being for the general purposes of the School and is included in the general unrestri¢ted funds, represented by the Elizabeth Godolphin Fund. Finanelal Instruments Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised. Financial assets held at amortised cost comprlse cash at bank and in hand, together with trade and other debtors. A specifi¢ provision is made for debts for which recoverabillty is in doubt. Cash at bank and in hand is defined as all cash held in bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other tsxes and provisions. Fixed assets Tangible fixed assets are stated at cost Icss accumulated depreciation. Depreciation is charged on a consistent basis so as to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives. All assets costing more than £1,000 are capitalised. Dcpreciation is charged frorn the date on which assets are brought into use. The following rates are used on the straight line basis. Freehold buildings Leasehold property improvernents Astroturf Fixtures, computers and equipment Plant and machinery 20/0 straight line 20/0 straighi line IO% straight line 250/0 stralght line 50/0 straight line The freehold building was revalued on the 23 September 1999 by Matthews and Goodman at 46 Bow Lane, Cheapside, London using the open market value. In accordance with the transitional provisions of FRS102 section 17, this value has not been updated. Freehold land is not depreciated. Debtors School fee and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due, Credltors and provisions Creditors and provisions are recognised where the School 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 estlmated reliably, Creditors and provisions are nornlally recognised at their settlement amount after allowing for any trade discounts due. 18
THE GODOLPHIN AND LATYMER SCHOOL NOTES TO THE FINANCIAL STATEMENTS {¢ontinued) FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES (Continued) Fees and simllar income Fees receivable and charges for services and use of the premises, less any allowances, s¢holarships, bursaries granted by the School against those fees, but including contribution received from restricted funds, are accounted for in the period in which the seryice is provided. Donatlons* grants and lega¢ie8 Voluntary income is a¢counted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable. Investment Ineome Investment in¢ome from bank balances is accounted for on an accruals basis. Expendlture All expenditure is a¢¢ounted for on an accruals basis and has been classified under headings that aggregate all costs relating to that category, Teaching costs are the direct costs of teaching the pupils at ihe School, Welfare costs are mainly the domestic costs of the School. Premises costs are the costs incurred in maintsining the premi5e5 of the School, including rates, insurance and general expenditure on repairs and renewals. Support Costs are the costs of directly administering and supporting the School's operations. Governance costs are audit fees and governors, insurance. Value Added Tax Value added tax is not recoverable and expenditure is, therefore, shown inclusive of value added t&Y suffered. Pension eosts The S¢hool is a member of the Teachers, Superannuation Scheme run by Teachers, Pensions. The scheme is an unfvnded, defined benefit scheme. It is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attribulable lo the school. Accordingly under FRS102 Section 28 ihe scheme is accounted for hs if it were a defined contributlon scheme. The School also contributes to a defined Contribution scheme for non-tea¢hing staff. The School's contributions to pension funds for its employees are charged to the Statement of Financial Activities on an accruals basis in the year in which they fall due. Operating leases Rentals under operating leases are charged on A Straight-line basls over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term. NET FEES RECEIVABLE 2024 2023 Net fees recelv4ble eonsist of: Gross fees receivable Fees given as scholarships Fees given as bursarics Fee remission for staff 21,775,908 (103,801) (1,808,467) (37,618) 20,128,148 (98,832) (1,733,876) (34,961) 19,826,021 95,493 18,260,800 93,963 Add.. Bursaries paid by restricted funds Payable by parenls (net of scholarships and bursaries) 19,921,514 18,354,763 19
THE GODOLPHIN AND LATYMER SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 OTHER EDUCATIONAL INCOME 2024 2023 School lunch income Music Registration fees Insurance commissions Management fees Lettingsthire income Sundry receipts Educational income 717,751 493,514 156,789 658,650 439,267 141,427 7,190 1,000 8,995 135,860 119,217 1,000 7,800 141,245 1,518,099 1,511,606 INCOME FROM INVESTMENTS 2024 2023 Elizabeth Godolphin Fund Deposit interest 286,630 197,962 286,630 197,962 DONATIONS AND LEGACIES 2024 2023 Unrestricted Funds: Elizabeih Godolphln Fund Other donations 70,226 157,250 70,226 157250 Deslgnaledfund$ Annual Fund receipis Lega¢ies 680,639 136,190 729,843 816,829 887,093 Tolll unrestrieted funds 887,055 887,093 Restricted Funds: Bursary fund Bursaries 70,000 25,493 69255 24,708 Totsl restricted funds 95,493 93,963 Total 982,548 981,056 20
THE GODOLPHIN AND LATYMER SCHOOL NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 ANALYSIS OF TOTAL EXPENDITURE Stfiff ¢o$ts 2024 Other costs 2024 Depreciation 2024 Total 2024 Chgrit&ble Activities: S¢hool Operating C05ts'. Prizes Teaching costs Welfare costs Premises costs Support and governance costs Finance costs 8,100 900,332 877,509 2,044,198 1,111,458 290,115 8,100 12,654,270 1,093,296 3,208,244 4,075,182 290,115 11,670,220 215,787 401,555 2,963.724 83,718 762,491 Bursarie5 from restricted fiinds 95,493 95,493 15,251,286 5,327,205 846,209 21,424,700 Comparalive analysLs oflolal expendilure Staff eo8ts 2023 Other costs 2023 Depreciation 2023 Total 2023 CharitAble Aetivities: School Operating Costs.. Prizes Teaching costs Welfare ¢osts Premises costs Support and governance costs Finance costs 8,800 855,959 886,461 1,934,767 891,080 87,990 8,800 11,236,639 1,059,416 2,848,018 3,554,201 87,990 10,329,860 172,955 336,166 2,663,121 50,820 577,085 Burs1¢$ from restricted funds 93,963 93,963 13,502,102 4,759,020 627,905 18,889,027 21
THE GODOLPHIN AND LATYMER SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 ANALYSIS OF TOTAL EXPENDITURE (eontinued) Analysis of Support costs 2024 2023 Support and governance costs olschoollng Printing slationery and postage Telephone Advertising and recNitment Insurances Sundry expenses Legal and professional Courses and conference5 Governance costs 30,956 24,468 249,459 216,381 273,590 167,666 114,803 34,135 37,832 19,515 193,092 170,437 224,035 100,912 34,058 1,111,458 891,080 Analysis of governance costs; Governors indemnity insurance Auditor's remuneration- for audit services Auditor's remunerntion- for non audit services 1,735 28,800 3,600 3,578 27,600 2,880 34,135 34,058 STAFF COSTS 2024 2023 Wages and salaries Social security costs Pension contributions Redundancy and lermination payments 11,444,992 1,339,358 2,448,336 18,600 10,282,112 1,198,644 2,021,348 15,251,286 13,502,104 The average number of persons employed by the school during the year was.. 2024 2023 Teaching staff Peripatetic and support staff Temporary staff 132 102 125 96 240 227 The number of employees who received remuneration of £60,000 or greater, in the following bands w&s: 2024 £60,000 - £70,000 29 £70,000 - £80,000 16 £80,000 - £90,000 £90,000 - £100,000 £ioo,000- £1 10,000 £110,000- £120,000 £120,000- £130,000 £130,000- £140,000 £170,000 - £180,000 £180,000- £190,000 £260,000 - £270,000 £270,000 - £280,000 The total cost to the employer of remunerating key management personnel is £987,483 {2023: £922,872). 22 2023 26 13
THE GODOLPHJN AND LATYMER SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 TANGIBLE FIXED ASSETS Fixture4 Compulers Leasehold Property Improvements Asse1$ uDder conslruellott Freehold Property P14nt & MaehiNery Equipment Total Co$1 or valuitlon At I September2023 Additions al cost Tronsf¢rs 21,466,121 166.296 8,906,903 6.943,578 238.092 131.592 355,0 7.029.295 1,877,608 (8.906,903) 36,032,086 2.175.496 At 31 Au8USt 2024 30,539,320 6,943,578 369,684 355.000 38.207.582 Depreelillon At I S¢ptemb¢r2023 Char8e for y¢8r 7.666,018 605,893 2.131.333 138,850 84.139 83,718 142,002 17,748 10,023,492 846209 At 31 Au8usI 2024 8271.911 2,270,183 167,857 159.750 10.869,701 Net Book VAlue At 31 Au8USt 2024 22267,409 4,673,395 201,827 195.250 27,317.881 At 31 August 2023 13,800,103 4.812,245 153.952 212,998 7.029,295 26,(K>8.594 The freehold premises were augmented out of the endowment of the Latymer Foundation in 1905. The property is to be held in peryetuity as a pemlanent endowment. The Sole Trnstee holds legal title to the assets of the School, but has no beneficial interest in them, In March 2006, the School entered into a long term lease for the use of Church premises adjoining the main School property. The lease which is for 125 years, commenced on I September 2007. Rent is £235,620 per annum and it is subject to review at 5-year intervals. FIXED ASSET INVESTMENTS Benggle Llmited This Company is a wholly owned subsidiary of the Sole Trustee. The company did not trade in the Current year or the prior year. The Net Assets as at 31 August 2024 amounted to £1 00 (2023: £100). 23
THE GODOLPHIN AND LATYMER SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 io. DEBTORS 2024 2023 School fees Prepayments and accrued incorne Other debtors 8,045 200,386 12,927 10,243 483,226 38,585 221,358 532,054 ii. CREDITORS: due within one year 2024 2023 Bursary Fund loan (see note 12) Fees in advance Registration deposlts Other taxation and social se¢urity Other pensions Old Dolphins Association Text book deposit Accruals Other creditors Other creditors- Bursary Fund 500,000 317,468 ,354,200 317,106 300,200 127,203 445,907 197,079 105,127 349,800 500,000 314,832 1,300,200 320,204 241.834 121,893 393,920 768,596 890,679 113,335 4,014,090 4,965,493 12. CREDITORS: due after more than one year 2024 2023 Bursary Fund loan 2,180,000 180,000 2,180,000 180,000 In June 2022, the Godolphin and Latymer Bursary Fund trustees granted a loan of £2.5 million to the School towards the cost of the building development project of which was drawn down in September 2023. The loan has been provided at a rale of 50/0 floating above six-month LIBOR, with a cap of 7 1/iO/o> fixed for the first five years. The cap was removed in April 2024 for a period of12 months. The loan capital is repayable by 30 September 2029. The School currently intends to make a minlmum repayment of £500,000 per annum over the remaining loan temi. 24
THE GODOLPHIN AND LATVMER SCHOOL NOTES TO THE FINANCIAL STATEMENTS (eontinued) FOR THE YEAR ENDED 31 AUGUST 2024 13. SPLrr OF NET ASSETS BETWEEN FUNDS Net current Assets And long term debt 2024 Fixed assets 2024 Total 2024 Unrestricted Funds General - Elizabeth Godolphin Fund Designated- Annual Fund 4,875,223 1.424,608 3.712,283 6,299,831 3.712,283 Restricted Funds Prize Fund Elizabeth Crane Fund 96,586 15,667 96,586 15,667 Endoivment Funds 22,462,658 (2,680,000) 19,782,658 Balances at 31 August 2024 27,337.881 2,569,144 29,907,025 Comparative splil of net assets belweenfunds Net current Ilabllities and long term debt 2023 Flxed assets 2023 Total 2023 Unrestrl¢ted Funds General - Elizabeth Godolphin Fund Designated- Annual Fund 11,995,494 237,836 2,936,151 12,233,330 2,936,151 Restrieted Funds Prize Fund Elizabeth Crane Fund 104,686 15,667 104,686 15,667 Endowment Funds 14,013,100 (680,000) 13,333,100 Balances at 31 August 2023 26,008,594 2,614,340 28,622,934 25
THE GODOLPHIN AND LATYMER SCHOOL NOTES TO THE FINANCIAL STATEMENTS (eontinued) FOR THE YEAR ENDED 31 AUGUST 2024 14. FUND MOVEMENTS IN YEAR B&lnee at I September 2023 Transfers & investment gainsl(lo$$es) Bxlance At 31 August 2024 Income Expenditure Restricted Funds; Prize Fund Elizabeth Crane fund Bursary Fund Bursaries 104,686 15,667 (8,100) 96,586 15,667 70,000 25,493 (70,000) (25,493) 120,353 95,493 (103,593) 112,253 Endowment Funds 13,333.100 (623,641) 7,073,199 19,782,658 Unrestricted Funds: Elizabeth Godolphin Fund Designated- Annual Fund 12,233,330 2,936,151 21,837,166 (20,697,466) 776,132 (7,073,199) 6299,831 3,712,283 15,169,481 22,613,298 (20,697,466) (7,073,199) 10,012,114 28,622,934 22,708,791 {21,424,700) 29,907,025 Comparatlvefund movements in year Balance at I September 2022 Transfer5 & Investment gaIn(lO5ses) Balnce &t 31 August 2023 Income Expenditure Restrleted Funds: Prize Fund Elizabeth Crane fund Bursary Fund Bursaries 113,486 15,667 (8,800) 104,686 15,667 69,255 24,708 {69,255) (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 Fund Designated - Annual Fund 11,214,837 2,206,308 20,221,581 (18,348,032) 729,843 (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 26
THE GODOLPHIN AND LATYMER SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 14. FUND MOVEMENTS IN YEAR (continued) De ed Funds: Annual Fund This represents donations received from various sources which have been designated by the Governors towards grtIng bursaries and for specific capital projects within the School. Restricted Funds: Prize Fund The prize fund represents cash held through bank deposits. The fund is used to fund prizes for pupils. The Eliz4be¢h Crane Fund The Elizabeth Crane Fund was estsblished in 1999, and its purpose is to encourage girls to widen their horizons beyond the core curriculum in English, through poetry, drama and lilerature. Th¢ Fund is represented by bank deposits. Bursary Fund The Godolphin and Latyrner Bursary Fund, a separate TrusL was established in 1977 and provides Bursary assistance to girls at the School. BursAries This fund represents donations received from various sources which have been restricted towards the provision of bursaries. All donations have been expended in the year, owm nt Fund The Endowment fund represents assets which must be held pern)anently by the charity and, in the case of the Schijol, is the net book value of the freehold school premises, less borrowed funds expended on the premises. Transfers between funds Transfers relate to the bank and loan repayments made in the year. 27
THE GODOLPHIN AND LATYMER SCHOOL NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 15. PENSION CONTRIBVTIONS AND COMMITMENTS The School participates in the Teachers, Pension Scheme (England and Wales) ("the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £2,056,370 (2023.. £1,675,917) and at the year-end £255,556 (2023: £200,525) was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension s¢heme govemed by The Teachers, Pensions Regulations 2010 (as amended) and The Teachers, Pension Scheme Regulations 2014 (as amended). Members contribute on a "pay as you go" basis with contributions frorn members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Acttjary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 Mar¢h 2016 and the Valuation Report, which was published in March 2022, confirmed that the employer contribution rate for th¢ TPS would increase from 16.40/0 10 23.6% from I September 2022. Employers are also required to pay a scheme administration levy of 0.080/0 giving a total employer contribution Yate of 23.680/0, The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the s¢heme regulations and under the approach specified in the Directions, as they applied at 5 March 2022. However, the assumptions were considered and set by the Department for Education prior to the ruling in the 'McCloudlSargeant case, This case has required the courts to consider ¢ases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers, Pensions. On 27 June 2022 the Supreme Court denied the government perniission lo appeal the Court of Appeal's judgment that transitional provisions introduced to the refomled pension s¢hemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court's decision and has said it will engage fijlly with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The TPS is subject to a cost Cap me¢hanism which was put in place to protect taxpayers against unforeseen changes in scheme costs, The Chief Secretary io the Treasury, having in 2019 announced that there would be a review of this cost cap mechanism, in jUary 2022 announced a pause to the cost cap mechanism following the Court of Appeal's ruling in the Mccloudlsargegnt case and until there is certainty about the value of pensions to employees from April 2015 onwards. In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this s¢enario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation. Until a remedy to the discrimination conclusion has been detemlined by the Employment Tribunal it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension Costs is included in these financial statements, In addition the School contributes to a defined contribution scheme for non-leaching staff. The pension charge for the year includes contributions payable to the scheme of £391,966 {2023., £345,432) and at the year-end £44,645 (2023: £39,529) was accrued in respect of contributions to this scheme. Total pension contributions made in the year are analysed as follows: 2024 2023 Total contributions during the year were.. Teaching staff Non-teaching staff 2,056,370 391,966 1,675,917 345,431 2,448,336 2,021,348 28
THE GODOLPHIN AND LATYMER SCHOOL NOTES TO THE FINANCIAL STATEMENTS {contlnued) FOR THE YEAR ENDED 31 AUGUST 2024 16. COMMITMENTS UNDER OPERATING LEASES: LEASE PAYMENTS The school's fulure minimum operating lease payments are as follows.. Equipment 2024 2023 Within one year Between two and five years 147,171 212,603 200,461 224,414 359,774 424,875 Lease commitments for long-term leasehold buildings are disclosed in note 18. RELATED PARTY TRANSACTIONS Governors, remunerntlon and relmbursed expenses Trustees indemnity insurance premium of £1,735 (2023.. £3,578) was paid on behalf of the governing body in the year. No other expenses were paid on behalf of the governing body. One governor was reimbursed ft)r travel expenses of £33 in the year (2023: £121 two governors). Governors, Don4tlons The aggregate of donations received from the Governors and their connected partie5 in the year was £nil (2023: £nil). No Govemors were remunerated for services provided to the School. There were no other transactions with related parties either. 19. ULTIMATE CONTROLLING PARTY The Godolphin and Latymer School ("the School"), a registered charity, is Controlled by The Godolphin and Latymer School Foundation ("the Foundation"), a company limited by guarantee, charity number 1073924. The Foundation is the Sole Trustee of the School and its directors constitute the School's governing body. There were no transactions in the year with the Foundation (2023: no transactions). The consolidated accounts that includes The Godolphin and Latymer School accounts can be obtained from The Godolphin and Latymer School Foundation, lffley Road, Hammersmith, London W6 OPG. 20. CAPITAL COMMITMENrs At 31 August 2024 the School had capital commitments of £18 Ik {2023: £1. Im). 29
THE GODOLPHIN AND LATYMER SCHOOL NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 31 AUGUST 2024 21. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES Unrestrlcted Endowment Restrlcted Tot&1 funds Funds Fund Funds 2023 INCOME AND ENDOWMENTS Note FROM: Charitable Activities: Net fees receivable Other educational income 18,354,763 1,511,606 18,354,763 1,511,606 Investments Donations and legacies 197,962 887,093 197,962 981,056 93,963 Total Income 20,951,424 93,963 21,045,387 EXPENDITURE ON: Charitable Activities 18,348,032 438,232 102,763 18,889,027 Total Expendlture 18,348,032 438,232 102,763 18,889,027 Iyet Incomel(expendlture) before transfers 2,603,392 (438,232) (8,800) 2,156,360 Transfers 14 (855,056) 855,056 Net movement In funds 1,748,336 416,824 {8,800) 2,156,360 Total funds brought forward I September 2022 13,421,145 12,916,276 129,153 26,466,574 Total funds carried (orward at 31 August 2023 15,169,481 13,333,100 120,353 28,622,934 14 30