Charity number: 312699
THE GODOLPHIN AND LATYMER SCHOOL
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
## **THE GODOLPHIN AND LATYMER SCHOOL**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 11|
|**Independent Auditors' Report on the Financial Statements**|12 - 14|
|**Statement of Financial Activities**|15|
|**Balance Sheet**|16 - 17|
|**Statement of Cash Flows**|18|
|**Notes to the Financial Statements**|19 - 36|
## **THE GODOLPHIN AND LATYMER SCHOOL**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025**
|**Trustees**|S Davies, Chair|
|---|---|
||Ms S Davies|
||M Esiri (resigned 25 June 2025)|
||Mrs S Kinross|
||K Knibbs|
||L Magrill|
||N McLaughlan|
||Miss J McNeill|
||Ms T Meller|
|**Charity registered**
**number**
312699
**Registered office**
Iffley Road
Hammersmith
London
W6 0PG
**Clerk to the Governors**
Mrs D M Lynch
**Executive Officers**
**Head**
**Bursar**
**Senior Deputy Head**
**(Academic)**
**Deputy Head (Pastoral)**
Dr F M R Ramsey
Mrs D M Lynch
Dr J C Carter
Mrs M Holder
**Auditors**
HaysMac LLP
10 Queen Street Place
London
EC4R 1AG
**Bankers**
HSBC plc
599 Fulham Road
London
SW6 5UA
**Solicitors**
Veale Wasbrough
Orchard Lane
Bristol
BS1 5WS||
Page 1
## **THE GODOLPHIN AND LATYMER SCHOOL**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **History, Constitution and Trustees**
The School is a day school for girls aged between 11 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 which was replaced by a Scheme created on 29 September 1977 with amendment on 14 July 1986. A further amendment 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 School 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 in office at the time (Co-opted Governors).
All Governors are appointed for four-year terms. A Nominated Governor is eligible for reappointment without limit; Co-opted Governors are eligible for reappointment for a further term of four years and, in exceptional circumstances, for a further four-year term or terms.
The members of the Governing Body who served in the year under review are shown above under ‘Directors and Trustees - Governors of the School’. The Directors of the Foundation are also its Members and serve as Trustees of that charity and as Governors of the School.
## **Governance and Management**
The Governors, as the Trustees of the Foundation, are legally responsible for the overall management and control of the School, and meet, as a minimum, during each school term.
## _Day-to-day management_
The day-to-day education and pastoral care of pupils and the appointment and management of teaching staff is delegated to the Head, 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 Governors are attended by the Head, the Bursar and the Deputy Heads, Dr Jamie Carter (Senior Deputy Head, Academic) and Mrs Michelle Holder (Deputy Head, Pastoral) and they and other senior members of staff attend meetings of Governors’ committees.
The Governors consider that they, together with the Head, the Bursar and the two Deputy Heads comprise the Key Management Personnel. The Governors give of their time freely and the pay and remuneration of the Head and senior staff is set by the Senior Salaries Committee and is kept under annual review. A number of criteria 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 the ease of recruitment to certain roles and the School 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.
For matters concerning the School other than those for which the Head is responsible, the Governors have established committees with specific objectives; a minimum of two Governors sit on each committee. As appropriate, these committees either pass down decisions to the School’s executive management under
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## **THE GODOLPHIN AND LATYMER SCHOOL**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)**
delegated authority from the Governors, or refer matters for decision to the Governing Body. The principal committees are:
- The Education Committee, which considers matters relating to the curriculum and, more widely, to teaching, learning and pastoral matters generally.
- The Finance and General Purposes Committee. This Committee meets termly to assess the School’s financial position and to review the capital and operating budgets, cash forecasts, management accounts, audited accounts, and the annual report for presentation to the Governors.
- 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 Governance Committee, which ensures a common understanding of the major issues that the School faces and co-ordinates a consistent approach to these between the Governors’ committees and the School’s Senior Leadership Team. The Committee also recommends appointments of a Head, Governors, the Chairman and Deputy Chairman of Governors, and considers membership of Governors’ committees.
## _Recruitment and training of Governors_
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 Governors are appointed only after interview by the committee and after consideration of the committee’s findings 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 related matters.
## _Principal risks and uncertainties_
The Governing Body is responsible for overseeing the risk management process conducted by the School. Review of risk is delegated to the Health, Safety and Risk Management Committee; the Head, Bursar, Designated Safeguarding Lead and Assistant Head Co-Curricular and Educational Development are members of this committee. A formal review of the major risks envisaged for the School (including regulatory and compliance matters) is undertaken annually by the Senior Leadership Team, under which the systems and procedures that control and mitigate 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 to 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 identified 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 VAT on school fees (which could make them unaffordable for many parents). It is difficult to 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 publicise the positive contribution they make. The School is also looking for ways to reduce costs, generate additional income and fundraise in order to offset any financial impact.
- The potential damage to the School’s reputation. The School’s success is built on its reputation for the education and wellbeing of its pupils. The key controls include the maintenance of high academic standards within a disciplined 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-emptive and reactive) and a strong relationship with parents and the wider community to mitigate potential impact. The public profile of the School is monitored and public relations advisers in reputation and crisis management have been appointed.
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**THE GODOLPHIN AND LATYMER SCHOOL**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)**
## **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 charitable 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 to 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 serve as Trustees provided that Governors do not constitute the majority of the Fund’s Board of Trustees.
## **OBJECTIVES AND ACTIVITIES**
## **Objects**
The ‘Object’ of the Foundation (the School’s Sole Trustee) is to advance the education of the 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 its Scheme, is ‘the provision and conduct of a day school for girls’.
## **Aims**
The School’s overriding aim is to provide the girls with an outstanding education. Through the lessons and activities in which they participate, the girls learn for life. They develop habits of mind that promote curiosity and initiative, intellectual rigour and independence of thought, 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 students 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 to succeed in unfamiliar situations.
The School’s long history 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 benefit, to communicate clearly and to forge firm friendships.
The School encourages students to learn about local, national and global issues, from which it believes they become considerate, compassionate and courageous young women who fully expect to take active responsibility for the community and the environment in which they live, as well as for themselves, both now and in the future.
## **Objectives for the Years**
## **Principal Activity**
The School offers all students both a broad and balanced academic curriculum and extra-curricular activities, where both are considered to be necessary components of a good general education. The academic curriculum 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.
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**THE GODOLPHIN AND LATYMER SCHOOL**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **OBJECTIVES AND ACTIVITIES (continued)**
## **Public Benefit**
The Charities Act 2006, having withdrawn the legal presumption that education in itself offers benefit 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 objectives and in their establishment of management of the School, the Governors have paid due regard to the Public Benefit guidance published by the Commission.
## **Grant Making**
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 the education offered. Accordingly, they advertise the availability of bursary awards. The value of any award is determined on a means-tested basis and reviewed annually.
For the year ended 31 August 2025, 77 means-tested bursaries were awarded during the year to the value of £1,920,754 (2024: £1,808,467).
## **Community and Partnership links**
The School supports a programme of meaningful, mutually-beneficial partnerships with organisations 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, student-led initiatives raise awareness and support for local and international charitable organisations.
Our Bridge academic enrichment programme, launched in January 2020, continues to provide academic enrichment and support for 11+ applications for Year 5 girls and boys from local primary schools. This year's Bridge Juniors cohort, which began in January 2025, is made up of 69 children from 35 primary schools. Pupils attend one Saturday morning each month for Maths and English lessons and other subjects on rotation. These subjects range from coding with the Computing department to learning Mandarin characters with our Modern Languages teachers. Lower Sixth Godolphin students provide invaluable learning support for pupils and teachers during the Saturday morning sessions. In addition, the Bridge Programme includes a booster week in August and one during the October half-term break to help with 11+ preparation. During these weeks, focused tuition in English, Mathematics, and Reasoning is provided by tuition firm Keystone. As a result of the programme, 70% of the students from our 2025 programme are applying for places and bursaries at independent secondary schools in London and four joined Godolphin and Latymer in September 2025.
The Bridge Programme also provides academic enrichment for bright Year 10 students, nominated by their schools to participate in the Bridge Seniors arm of the programme. Bridge Seniors, which launched in August 2023, runs over three full days towards the end of August. This programme provides a series of talks and workshops from Godolphin teachers to enrich and extend understanding across a range of disciplines. This year's cohort of students joined us from Kensington Aldridge Academy, The Hurlingham Academy, Fulham Cross Girls School, Saint Thomas More Language College, Elthorne Park High School and Notre Dame Roman Catholic School. In September 2024, we welcomed our first Bridge Senior alum to the Lower Sixth at Godolphin and Latymer, and in 2025, we have welcomed four more Bridge Seniors alumni to the Sixth Form here. This brings the total number of Bridge students at Godolphin to 27 and for the first time this year, we now have Bridge alumni in all year groups across the school.
The School continues to be a joint educational partner with the Kensington Aldridge Academy (KAA). The aim of the partnership is to share best practice regarding educational excellence across both schools. Most recently, KAA students were invited to take part in various activities organised by the Higher Education and Careers department (further details follow below).
Students and staff from KAA, Holland Park School, Sacred Heart School, the Cardinal Vaughan Memorial School and Westminster City School were invited to take part in our second annual university interview event. Students were given the opportunity to interact with fellow sixth formers and specialist teachers from G&L and
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## **THE GODOLPHIN AND LATYMER SCHOOL**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **OBJECTIVES AND ACTIVITIES (continued)**
other local independent schools through taking part in a series of practice interviews for their chosen university subjects. Our biannual programme of online Undiscovered Subjects lectures was similarly well attended by students and staff from a number of our partner schools. Schools invited in 2025 included: Sacred Heart School, Cardinal Vaughan Memorial School, Greenford High School, Lady Margaret School, Kensington Aldridge Academy, West London Free School, Chelsea Academy, Westminster City School, and Holland Park School.
Teachers from the Maths department continue to link up with Magdalen College School to conduct mock interviews for state school students from across the UK, while three of our Year 13 students ran our longstanding weekly lunchtime Latin club for Year 5 and Year 6 pupils at John Betts Primary School.
Every Monday morning boys and girls and the PE teachers from John Betts Primary School, West London Free School Primary and Earls Court Free School Primary take part in wall climbing, trampolining and dodgeball in our Sports Hall. The School continues to host the London Youth Games netball and hockey trials for local state primary schools and our Sixth Formers and students from Year 10 and 11 help umpire the matches. Pupils from Brackenbury Primary School and Wendell Park Primary School have taken part in a number of activities organised and overseen by Godolphin students and staff over the course of the academic year. During our Challenge Your Limits week in October, hundreds of Godolphin students partnered with 370 visiting pupils from both primary schools in a variety of activities, including drama, sport and dance sessions, and an entrepreneurial challenge. The highlight of the project was a collaboration between Year 7 Godolphin students and Year 5 pupils from the visiting schools, who together devised lyrics to accompany a cantata composed by our Director of Music which they performed to an audience of parents. Pupils from both schools returned during STEM week in March to take part in a STEM fixing and repair event overseen by Godolphin Sixth Formers and Year 10 students. A similar collaborative project overseen by Year 7 students from Godolphin ran in June, this time focusing on ‘how life could survive on other planets’.
Every Friday during term 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 from across west London.
Several members of staff have again taken part in the Royal Springboard Foundation’s SpringForward programme, acting as mentors and providing guidance for care-experienced students as they embark on the university application process. A number of members of staff also serve as governors at local schools, including: St Peter’s C of E Primary School; the Brackenbury, Kenmont and Wendell Park Foundation; and Ark Franklin Primary Academy.
Over the year students pursued a host of volunteering opportunities in their local communities as part of their Duke of Edinburgh award schemes and collectively were awarded a certificate for donating 4,134 hours of voluntary service between 1 April 2024 and 31 March 2025. Students studying the International Baccalaureate have organised and taken 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 at the school. Projects included a series of workshops for residents at a local care facility to reduce loneliness and inactivity.
## **Public examinations**
Our 2025 leavers achieved our highest results at both A Level and IB (discounting the grades achieved during the years affected by the covid pandemic). The A Level cohort achieved excellent results with 45.9% of grades awarded at A* and 82.9% of grades awarded A*/A. This year’s IB candidates again achieved exceptional marks, with an average score of 41.7 points out of a total 45 points. These A Level and IB results have enabled over 92% of pupils to secure their first-choice university place, either in the UK or abroad. The GCSE results were also excellent: 90.4% of grades were awarded Grade 9/8 and 96.9% were graded 9-7.
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**THE GODOLPHIN AND LATYMER SCHOOL**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **OBJECTIVES AND ACTIVITIES (continued)**
## **Curriculum and Teaching and Learning**
The School is committed to offering a broad and relevant choice of subjects 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 creative problem solving abilities. For example, our Futures Programme encourages pupils in all year groups to tackle real-world challenges with an emphasis on reflective thinking and cooperation. An example of this is the 2024-2025 Community Problem Solving programme in social entrepreneurship, through which students in Years 9-12 developed projects that aimed for a positive impact in the local community. We are also excited to launch our new Key Stage 4 course in Innovation and Leadership from September 2024. This optional, timetabled course is available for students to study over the course of Years 10 and 11 instead of one GCSE. It combines interactive projects with academic content, building critical thinking and problem solving skills that will enable students to solve complex challenges with creativity, communicate with purpose and embrace opportunities to shape a better future.
The School continues to contribute to training events for teachers and leaders from other schools. In 2024-2025 we worked with the Girls Schools Association (GSA) to organise and host their course ‘From Teacher to Head of Department’, utilising in house expertise to lead and deliver sessions. We hope to continue this relationship by hosting this event for the second time in 2025-26. We are a current Regional Coordinator Centre for the Independent Schools Teacher Induction Panel (ISTIP) and last year developed and successfully led three events for Early Career Teachers (ECTs): two for first year ECTs, and one for second year ECTs. Through the relationship with ISTIP we have and will continue to host additional events. We also hosted their ‘Coaching for Mentors’ training in November 2024 and June 2025, and a course ‘Supporting Reflective Practice’ in January 2025. In 2025-2026, we will host three ECT events and an additional one titled ‘Supporting Neurodiversity in the Classroom’. Senior staff also contributed to training for teachers and leaders from other schools, including aspiring Heads of Department and Pastoral Middle Leaders.
## **The Role of Pastoral Care**
Over the past year, the School has further strengthened its pastoral approach, which emphasises values such as curiosity, compassion, creativity, resilience, and engagement with the wider community.
The Personal Development (PD) curriculum, which is largely taught across all year groups through form time, PSHE and RSE lessons, is designed to be thought-provoking, intellectually rigorous, and responsive to pupils’ needs at each stage of their school journey. The curriculum is structured around three strands, Self, Society, and World; sessions enable students to explore and develop their own values, appreciate non-material aspects of life, and gain greater understanding of both the school’s ethos and the wider community. PSHE and RSE remain at its core, with age-appropriate teaching on relationships, wellbeing, consent, and values.
This year, the programme has been enriched by sessions delivered by external speakers, including:
- It Happens – delivering sessions for Years 7–11 on consent, digital relationships, freedom, parties, and harm reduction.
- The Sex, Lies and Love Project – leading a workshop with LVI students on relationships and pornography.
- Dr Aric Sigman: speaking to the Sixth Form on addiction and soft drugs.
- Maya Almemar (Old Dolphin), Consultant Gynaecologist: delivering a session to the UVI on Fertility and Menopause.
This year, the School Council was restructured to strengthen pupil voice and make discussions more effective across every year group. This change has led to a more focused use of time, clearer communication between students and staff, and greater impact in ensuring that pupil perspectives help shape school life.
## **Opportunities beyond the classroom**
We had a full and very busy extra-curricular programme and a whole host of House competitions, STEM Week and Languages Week, that all encouraged participation by each and every student.
Sport continues to be a firm part of many girls’ school experience; from dance through to kickboxing as well as
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## **THE GODOLPHIN AND LATYMER SCHOOL**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **OBJECTIVES AND ACTIVITIES (continued)**
on the fencing piste where we came third across all weapons and won the U14 epee competition. On the hockey pitch our U14 team finished sixth in Tier 2 at the National Finals and our U18 indoor team reached the regional finals. On the netball courts our U13 team became GSA champions, our U14 team finished third in the Sisters n Sport plate competition, and our U15 team made the last eight in the Sisters n Sport national competition. We shone again on the cricket pitch, coming third at the U13 ECB National Indoor Competition and also becoming Middlesex champions in the T20 hard ball competition, whilst also being listed in The Cricketer once again for being one of the top 20 girls’ cricketing schools in the country. Our rowers also enjoyed great success on the water, with the J16 crew winning bronze medals in the B finals of the National Schools Regatta, while the J18 crew pre-qualified for the Henley Royal Regatta.
‘Emilia’ – was directed, produced, and performed by senior drama students; the whole of Year 7 took part in the Christmas production of ‘Scrooge’; and the Whole School Production of Twelfth Night took place in the Spring Term. This year’s school musical was ‘Matilda’. More than 300 students entered Grade 3 - 8 Speech and Drama exams administered by Trinity College, with 100% of entrants passing at all grades and the school again being awarded ‘Trinity Champion Centre’ status.
Over 440 individual music lessons took place weekly and numerous choral, instrumental, and orchestral groups took part in a full diary of concert performances in our purpose built Bishop Centre and at other venues such as the Charterhouse and St George’s Chapel, Windsor. The art department staged exhibitions throughout the year and this year’s Lower School exhibition was a ‘Printmaking Spectacular’. There were over 90, mainly studentrun, weekly clubs and societies including Feminist Society, Philosophy Book Club, British Sign Language Club, Law Society, Film Production Club, and the Politics Society.
Our trips included language trips to France, Germany, Spain and Italy, a Geography trip to Iceland, a Classics trip to Sorrento, a History trip to Paris, History of Art trip to Florence, a rowing camp in Ghent and a plethora of UK visits and excursions. This year 108 students successfully completed the Bronze Duke of Edinburgh award; 71 took part in the Silver award; and 28 in the Gold award. Expeditions ran to the Chilterns, Cotswolds, New Forest, Purbeck Hills, Brecon Beacons and the Peak District.
## **Higher Education and Careers**
As in previous years, in 2024-2025 our Higher Education team successfully supported applications to UK universities and beyond particularly to the US, Canada but also to European destinations. Specialists supported Art Foundation, applications to Drama School and Conservatoires, medical and veterinary 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 state partner schools where possible. Our Sixth Form 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 MMI evening to prepare them for their medical interviews. Our medical applications coordinator established a popular medics networking group which includes both current students and alumni.
After their GCSEs many of our Year 11 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 LinkedIn to discuss CV and networking opportunities, and students engaged in a series of academic enrichment activities led by Godolphin staff to give them a sense of what their Sixth Form pathway may look like. Pupils in Year 10 and above were invited to join our Undiscovered Subjects Taster Lectures, giving them a broader understanding of the range of subjects taught at undergraduate level. Universities from across the UK presented on a plethora of courses including Medicine, Architecture, Anthropology, Society and Linguistics to name a few. Our thriving working lunch programme continued in the Spring term with a wide range of careers represented including: forensic linguistics, engineering, law, sustainability, advertising and finance.
Our Lower School students engaged with the Futures Programme including the Mini MBA in Year 7, the Food and Nutrition Pop Ups in Year 8 and TED talks in the Middle School. Students across the school now have access to the Morrisby and UniFrog Platforms to support their higher education and careers pathways.
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**THE GODOLPHIN AND LATYMER SCHOOL**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **OBJECTIVES AND ACTIVITIES (continued)**
## **Old Dolphins**
Old Dolphins continue to be a cherished and active part of our school community, with our alumnae programme currently connecting with over 4,000 individuals. September saw the return of 47 Old Dolphins for our annual Old Dolphins’ Day reunion, a highlight in our calendar. In October, we hosted two milestone reunions; 76 alumnae came together to celebrate their 20- and 30-year anniversaries, while 37 gathered for their 10-year reunion. More recently, we welcomed the Classes of 2018 and 2019 for their 5-year reunions, with 52 and 73 attendees respectively.
Our podcast series, The Pod, now features nine episodes showcasing Old Dolphins as they reflect on their careers and life journeys since leaving the school. Several new episodes are already recorded and lined up for release this year. Complementing the podcast, we launched our new alumnae magazine, Making Waves, and are currently preparing the second edition.
## **FUTURE PLANS**
The Governors will continue to prioritise broadening 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 focus on increasing the funds available for fee assistance through the Bursary Programme.
Our Whole School Priorities for 2025-2026 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: building an inclusive community, ensuring every classroom and form room is an environment where each student has the opportunity to thrive, while encouraging students to engage with a wide range or perspectives; kindness to self and others, promoting and celebrating kindness in the community while also supporting students and staff to challenge perfectionism and fear of failure; and challenging transactional attitudes, broadening students’ understanding of success beyond a narrow range of academic outcomes and nurturing the pursuit of learning for its own sake in the widest sense. Our ongoing aspiration is to equip our students with the skills and attributes to be happy, effective and fulfilled young women of the future, and integral to this is the continued development of our Futures Programme and our Personal Development Curriculum.
## **FINANCIAL REVIEW**
## **Financial Results**
The Financial Statements for the year ended 31 August 2025 are published with this report.
The School had net income during the year of £672,710 (2024: £1,284,091), after providing for depreciation of £892,557 (2024: £846,209). Of this surplus, £1,302,841 was attributable to Unrestricted Funds (2024: £1,915,832) and (£9,040) to restricted funds (2024: (£8,100)). £621,091 depreciation expenditure was allocated against the Endowment Fund in the year (2024: £623,641).
The Governors have identified that continuing 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 Governors regularly review the level and nature of the reserve funds of the School. Funds held at the year end were as follows:
Unrestricted general funds: £6,979,049 Designated funds (Annual Fund): £4,335,906 Restricted funds: £103,213 Endowment fund: £19,161,567
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## **THE GODOLPHIN AND LATYMER SCHOOL**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
Unrestricted Funds are held primarily to provide the funds for major development projects, including the current building project and 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 has 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 2025 financial year end free reserves which include both general and designated reserves were £6,318,118 (2024: £5,136,891). This value is in line with the Governors’ strategy to build reserves in order to fund the current stage of the School’s building programme.
## **Fundraising practices and performance**
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 activities. The School has signed up to the fundraising code of practice and has voluntarily registered with the Fundraising Preference Service (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 funds from Old Dolphins, parents, staff and those with a personal connection to the school and does not undertake fundraising campaigns to members of the public. The School considers the origin of unsolicited donations and legacies.
The School does not share or purchase any donor data with or from third parties. In 2024-2025 the School did not engage with independent professional fundraisers. In 2024-2025 the School did not receive any complaints in relation to fundraising or raise any matter with regulators (2024: no complaints).
## **Statement of Trustee’s Responsibilities**
The Governors, as Directors of the Godolphin and Latymer School Foundation, acknowledge on its behalf, as the School’s Sole Trustee, its responsibilities for maintaining accounting records and preparing financial statements as set out below.
Charity law requires the Sole Trustee 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 statements, the Trustee is required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial 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 the 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.
Page 10
## **THE GODOLPHIN AND LATYMER SCHOOL**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
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 dissemination of financial statements.
Signed on behalf of the Sole Trustee:
**S Davies** (Chair of Trustees) Date: 5 December 2025
Page 11
**THE GODOLPHIN AND LATYMER SCHOOL**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GODOLPHIN AND LATYMER SCHOOL**
## **Opinion**
We have audited the financial statements of The Godolphin And Latymer School for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 August 2025 and of its net movement in funds, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustee is responsible for the other information. The other information comprises the information included in the Report of the Sole Trustee. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Page 12
**THE GODOLPHIN AND LATYMER SCHOOL**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GODOLPHIN AND LATYMER SCHOOL (CONTINUED)**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditors' responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to The Education (Independent School Standards) Regulation 2014, safeguarding regulations, health and safety requirements, GDPR, employment law and charity law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and consider other factors such as payroll tax.
Page 13
**THE GODOLPHIN AND LATYMER SCHOOL**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GODOLPHIN AND LATYMER SCHOOL (CONTINUED)**
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the improper recognition of revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
- Inspecting correspondence with regulators and tax authorities;
- Discussions with management including consideration of known or suspected instances of non-compliance with 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 inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
## **Use of our report**
This report is made solely to the Charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity's and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
**HaysMac LLP** Statutory Auditors 10 Queen Street Place London EC4R 1AG
Date: 21/01/2026
HaysMac LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 14
**THE GODOLPHIN AND LATYMER SCHOOL**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025**
|**Note**
**Income and**
**endowments from:**
Donations and legacies 6
Charitable activities:
Net fees receivable
3
Other educational
income
4
Investments
5
**Total income**
**Expenditure on:**
Charitable activities
7
**Total expenditure**
**Net movement in**
**funds**
**Reconciliation of**
**funds:**
Total funds brought
forward
**Total funds carried**
**forward**|**Unrestricted**
**funds**
**2025**
**£**
664,160
20,532,239
1,545,215
279,802
23,021,416
21,718,575
21,718,575
1,302,841
10,012,114
11,314,955|**Restricted**
**funds**
**2025**
**£**
94,614
-
-
-
94,614
103,654
103,654
(9,040)
112,253
103,213|**Endowment**
**funds**
**2025**
**£**
-
-
-
-
-
621,091
621,091
(621,091)
19,782,658
19,161,567|**Total**
**funds**
**2025**
**£**
758,774
20,532,239
1,545,215
279,802
23,116,030
22,443,320
22,443,320
672,710
29,907,025
30,579,735|_Total_
_funds_
_2024_
_£_
_982,549_
_19,921,514_
_1,518,099_
_286,630_|
|---|---|---|---|---|---|
||||||_22,708,792_|
||||||_21,424,700_|
||||||_21,424,700_|
||||||_1,284,092_|
||||||_28,622,933_|
||||||_29,907,025_|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 19 to 36 form part of these financial statements.
Page 15
## **THE GODOLPHIN AND LATYMER SCHOOL REGISTERED NUMBER:**
## **BALANCE SHEET AS AT 31 AUGUST 2025**
|**Note**
**Fixed assets**
Tangible assets
9
**Current assets**
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
13
**Total net assets**
**Charity funds**
Endowment funds
15
Restricted funds:
Prize Fund
15
Elizabeth Crane Fund
15
Total restricted funds
15
Unrestricted funds
General – Elizabeth Godolphin Fund
15
Designated Fund – Annual Fund
15
Total unrestricted funds
15
**Total funds**|10,013,440
9,563,266
19,576,706
(12,858,741)
87,546
15,667
6,979,049
4,335,906|**2025**
**£**
25,541,770
25,541,770
6,717,965
32,259,735
(1,680,000)
30,579,735
19,161,567
103,213
11,314,955
30,579,735|_221,358_
_8,541,876_
_8,763,234_
_(4,014,090)_
_96,586_
_15,667_
_6,299,831_
_3,712,283_|_2024_
_£_
_27,337,881_
_27,337,881_
_4,749,144_
_32,087,025_
_(2,180,000)_
_29,907,025_
_19,782,658_
_112,253_
_10,012,114_
_29,907,025_|
|---|---|---|---|---|
Page 16
## **THE GODOLPHIN AND LATYMER SCHOOL REGISTERED NUMBER:**
## **BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2025**
The financial statements were approved and authorised for issue by the Trustees on 05 December 2025 and signed on their behalf by:
**S Davies** (Chair of Governors
The notes on pages 19 to 36 form part of these financial statements.
Page 17
## **THE GODOLPHIN AND LATYMER SCHOOL**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025**
|**Note**
16
17
**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Interest received
Payments to acquire tangible fixed assets
**Net cash used in investing activities**
**Cash flows from financing activities**
New loans
Bursary loan repayments
Finance costs
**Net cash (used in)/provided by financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**|**2025**
**£**
1,935,748
279,802
(462,756)
(182,954)
-
(500,000)
(231,404)
(731,404)
1,021,390
8,541,876
9,563,266|_2024_
_£_
_1,493,078_
_286,630_
_(2,175,496)_
(1,888,866)
_2,000,000_
_-_
_(290,115)_
1,709,885
1,314,097
_7,227,779_
_8,541,876_|
|---|---|---|
The notes on pages 19 to 36 form part of these financial statements
Page 18
**THE GODOLPHIN AND LATYMER SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **1. General information**
Founded by deed on 21 December 1703, the School is a registered charity (number: 312699). The Foundation is a company limited by guarantee (registered number 3598439 and charity number 1073924).
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), 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 statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) Second Edition rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 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 information 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, it was registered in 1977 (charity number: 312699).
## **2.2 Going concern**
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 to 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 concern basis in preparing the financial statements.
## **2.3 Basis of consolidation**
Consolidated accounts are not prepared as the subsidiary, Bengale Limited, is dormant (see note 9).
## **Critical accounting judgements and key sources of estimation uncertainty 2.4 counting policy**
In the application 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 to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.
Page 19
**THE GODOLPHIN AND LATYMER SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **2. Accounting policies (continued)**
In the view of the Sole Trustee, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the School’s financial statements.
## **2.5 Funds**
The general funds of the School are represented by the Elizabeth 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 fund 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 unrestricted funds, represented by the Elizabeth Godolphin Fund.
## **2.6 Financial instruments**
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.
## **2.7 Tangible fixed assets and depreciation**
Tangible fixed assets are stated at cost less 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.
Depreciation is charged from the date on which assets are brought into use. The following rates are used on the straight line basis.
|Freehold buildings|-|2% straight line|
|---|---|---|
|Leasehold property|-|2% straight line|
|improvements|||
|Plant and machinery|-|5% straight line|
|Fixtures, computers and|-|25% straight line|
|equipment|||
|Astroturf|-|10% straight line|
Freehold land is not depreciated.
Page 20
**THE GODOLPHIN AND LATYMER SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **2. Accounting policies (continued)**
## **2.8 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.
## **2.9 Liabilities 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 estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **2.10 Income**
## **Fees and similar income**
Fees receivable and charges for services and use of the premises, less any allowances, scholarships, bursaries granted by the School against those fees, but including contribution received from restricted funds, are accounted for in the period in which the service is provided.
## **Donations, grants and legacies**
Voluntary income is accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable.
## **Investment income**
Investment income from bank balances is accounted for on an accruals basis.
## **2.11 Expenditure**
All expenditure is accounted 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 the School.
- Welfare costs are mainly the domestic costs of the School.
- Premises costs are the costs incurred in maintaining the premises 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.
## **2.12 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.13 Pension costs**
The School is a member of the Teachers’ Superannuation Scheme run by Teachers’ Pensions. The scheme is an unfunded, 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 attributable to the school. Accordingly under FRS102 section 28 the scheme is accounted for as if it were a defined contribution scheme.
The School also contributes to a defined contribution scheme for non-teaching 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.
Page 21
**THE GODOLPHIN AND LATYMER SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **2. Accounting policies (continued)**
## **2.14 Operating leases**
Rentals under operating leases are charged on a straight-line basis 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.
## **3. Net Fees Receivable**
||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|Net fees receivable consist of:|||
|Gross fees receivable|22,463,876|_21,775,908_|
|Fees given as scholarships|(109,087)|_(103,801)_|
|Fees given as bursaries|(1,870,636)|_(1,808,467)_|
|Fee remission for staff|(46,528)|_(37,618)_|
||20,437,625|_19,826,022_|
||||
|Add: Bursaries paid by restricted funds|94,614|_95,493_|
||||
|Payable by parents (net of scholarships and bursaries)|20,532,239|_19,921,515_|
## **4. Other Educational Income**
|School lunch income
Music
Registration fees
Management fees
Lettings/hire income
Sundry receipts|**2025**
**£**
773,272
511,238
122,325
1,000
-
137,380
1,545,215|_2024_
_£_
_717,751_
_493,514_
_156,789_
_1,000_
_7,800_
_141,245_|
|---|---|---|
|||_1,518,099_|
Page 22
## **THE GODOLPHIN AND LATYMER SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **5. Investment income**
|**Unrestricted**
**funds**
**2025**
**£**
Elizabeth Godolphin Fund
Deposit interest
279,802
**6.**
**Donations And Legacies**
**Unrestricted Funds:**
**Elizabeth Godolphin Fund**
Other donations
**Designated funds**
Annual Fund receipts
Legacies
**Total unrestricted funds**
**Restricted Funds:**
Bursary fund
Bursaries
**Total restricted funds**
**Total**|**Total**
**funds**
**2025**
**£**
279,802
**2025**
**£**
35,000
35,000
623,622
5,538
629,160
664,160
70,000
24,614
94,614
758,774|_Total_
_funds_
_2024_
_£_
_286,630_|
|---|---|---|
|||_2024_
_£_
_70,228_|
|||_70,228_
_680,639_
_136,190_|
|||_816,829_|
|||_887,057_
_70,000_
_25,493_|
|||_95,493_|
|||_982,550_|
Page 23
**THE GODOLPHIN AND LATYMER SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **7. Analysis Of Total Expenditure**
||**Staff costs**|**Other costs **|**Depreciation**|**Total**|
|---|---|---|---|---|
||**2025**|**2025**|**2025**|**2025**|
||**£**|**£**|**£**|**£**|
|**Charitable Activities:**|||||
|School Operating Costs:|||||
|Prizes|-|9,040|-|9,040|
|Teaching costs|12,541,709|904,867|132,618|13,579,194|
|Welfare costs|240,321|885,185|-|1,125,506|
|Premises costs|398,260|2,077,944|759,939|3,236,143|
|Support and governance costs|3,191,884|975,535|-|4,167,419|
|Finance costs|-|231,404|-|231,404|
|Bursaries from restricted funds|-|94,614|-|94,614|
||16,372,174|5,178,589|892,557|22,443,320|
## **Comparative analysis of total expenditure**
||**Staff costs**|**Other costs **|**Depreciation**|**Total**|
|---|---|---|---|---|
||**2024**|**2024**|**2024**|**2024**|
||**£**|**£**|**£**|**£**|
|**Charitable Activities:**|||||
|School Operating Costs:|||||
|Prizes|-|8,100|-|8,100|
|Teaching costs|11,670,220|900,332|83,718|12,654,270|
|Welfare costs|215,787|877,509|-|1,093,296|
|Premises costs|401,555|2,044,198|762,491|3,208,244|
|Support and governance costs|2,963,724|1,111,458|-|4,075,182|
|Finance costs|-|290,115|-|290,115|
|Bursaries from restricted funds|-|95,493|-|95,493|
Page 24
## **THE GODOLPHIN AND LATYMER SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
|**Analysis of Support costs**
**Support and governance costs of schooling**
Printing stationery and postage
Telephone
Advertising and recruitment
Insurances
Sundry expenses
Legal and professional
Courses and conferences
Governance costs
**Analysis of governance costs:**
Governors indemnity insurance
Auditor’s remuneration – for audit services
Auditor’s remuneration – for non audit services|**2025**
**£**
32,070
22,679
183,779
244,059
231,208
110,722
117,418
33,600
975,535
2,050
28,300
3,250
33,600|_2024_
_£_
_30,956_
_24,468_
_249,459_
_216,381_
_273,590_
_167,666_
_114,803_
_34,135_|
|---|---|---|
|||_1,111,458_|
|||_1,735_
_28,800_
_3,600_|
|||_34,135_|
## **8. Staff costs**
|Wages and salaries
Social security costs
Pension contributions
Redundancy and termination payments|**2025**
**£**
12,026,397
1,518,874
2,796,053
30,850
16,372,174|_2024_
_£_
_11,444,992_
_1,339,358_
_2,448,336_
_18,600_|
|---|---|---|
||||
|||_15,251,286_|
The average number of persons employed by the school during the year was as follows:
|Teaching staff
Peripatetic and support staff
Temporary staff|**2025**
**No.**
130
103
7
240|_2024_
_No._
_132_
_102_
_6_|
|---|---|---|
||||
|||_240_|
Page 25
**THE GODOLPHIN AND LATYMER SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **8. Staff costs (continued)**
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
||**2025**|_2024_|
|---|---|---|
||**No.**|_No._|
|In the band £60,000 - £70,000|32|_29_|
|In the band £70,000 - £80,000|14|_16_|
|In the band £80,000 - £90,000|14|_8_|
|In the band £90,000 - £100,000|6|_4_|
|In the band £100,000 - £110,000|1|_1_|
|In the band £110,000 - £120,000|1|_1_|
|In the band £130,000 - £140,000|2|_1_|
|In the band £180,000 - £190,000|-|_1_|
|In the band £190,000 - £200,000|1|_-_|
|In the band £240,000 - £250,000|1|_-_|
|In the band £270,000 - £280,000|-|_1_|
The total cost to the employer of remunerating key management personnel is £1,059,486 (2024: £987,483).
Page 26
**THE GODOLPHIN AND LATYMER SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **9. Tangible fixed assets**
|**Cost or valuation**
At 1 September 2024
Additions
Capital Goods Scheme -
Adjustment
At 31 August 2025
**Depreciation**
At 1 September 2024
Charge for the year
At 31 August 2025
**Net book value**
At 31 August 2025
_At 31 August 2024_|**Freehold**
**property**
**Leasehold**
**Property**
**Improvements**
**£**
**£**
30,539,320
6,943,578
267,157
-
(1,366,310)
-
29,440,167
6,943,578
8,271,911
2,270,183
603,339
138,850
8,875,250
2,409,033
20,564,917
4,534,545
_22,267,409_
_4,673,395_|**Plant and**
**machinery**
**Fixtures,**
**Computers &**
**Equipment**
**£**
**£**
355,000
369,684
-
195,599
-
-
355,000
565,283
159,750
167,857
17,750
132,618
177,500
300,475
177,500
264,808
_195,250_
_201,827_|**Total**
**£**
38,207,582
462,756
(1,366,310)
37,304,028
10,869,701
892,557
11,762,258
25,541,770
_27,337,881_|
|---|---|---|---|
The freehold premises were augmented out of the endowment of the Latymer Foundation in 1905. The property is to be held in perpetuity as a permanent endowment. The Sole Trustee 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 1 September 2007. Rent is £235,620 per annum and it is subject to review at 5-year intervals.
## **10. Fixed Asset Investments**
## **Bengale Limited**
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 August 2025 amounted to £100 (2024: £100).
Page 27
**THE GODOLPHIN AND LATYMER SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **11. Debtors**
|**Due within one year**
School fees
Prepayments and accrued income
Other debtors
Capital Goods Scheme (VAT)|**2025**
**£**
8,403,892
219,246
23,992
1,366,310
10,013,440|_2024_
_£_
_8,045_
_200,386_
_12,927_
_-_|
|---|---|---|
||||
|||_221,358_|
Capital Goods Scheme (VAT) relates to accrued VAT recoverable via the Capital Goods Scheme in future years.
## **12. Creditors: due within one year**
|Bursary Fund loan (see note 15)
Registration deposits
Other taxation and social security
Other pensions
Old Dolphins Association
Text book deposit
Accruals and deferred income
Other creditors
Other creditors - Bursary Fund
**Deferred Income - Fees in Advance**
Balance at 1 September 2025
Amounts released to SOFA in year
Amount deferred in year
**Balance at 31 August**
**Creditors: due after more than one year**
Bursary Fund loan|**2025**
**£**
500,000
1,518,500
1,669,126
270,271
132,367
310,560
8,012,644
174,417
270,856
12,858,741
**2025**
**£**
317,468
(317,468)
7,620,159
7,620,159
**2025**
**£**
1,680,000|_2024_
_£_
_500,000_
_1,354,200_
_317,106_
_300,200_
_127,203_
_445,907_
_514,547_
_105,127_
_349,800_|
|---|---|---|
||||
|||_4,014,090_|
|||_2024_
_£_
_314,832_
_(314,832)_
_317,468_|
||||
|||_317,468_|
|||_2024_
_£_
_2,180,000_|
## **13. Creditors: due after more than one year**
Bursary Fund loan
Page 28
**THE GODOLPHIN AND LATYMER SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **13. Creditors: due after more than one year (continued)**
|**2025**|_2024_|
|---|---|
|**£**|_£_|
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 rate of 5% floating above six-month LIBOR, with a cap of 7 ½%, fixed for the first five years. The cap was removed in April 2024 initially for a period of 12 months and extended in April 2025 for a further 12 months. The loan capital is repayable by 30 September 2029. The School currently intends to make a minimum repayment of £500,000 per annum over the remaining loan term.
## **14. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|**Unrestricted**
**funds**
**2025**
**£**
Tangible fixed assets
4,799,353
Current assets
18,874,344
Creditors due within one year
(12,358,741)
Creditors due in more than one year
-
**Total**
11,314,956|**Restricted**
**funds**
**2025**
**£**
-
103,213
-
-
103,213|**Endowment**
**funds**
**2025**
**£**
20,742,417
599,150
(500,000)
(1,680,000)
19,161,567|**Total**
**funds**
**2025**
**£**
25,541,770
19,576,707
(12,858,741)
(1,680,000)|
|---|---|---|---|
||||30,579,736|
## **Analysis of net assets between funds - prior year**
|Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
**Total**|_Unrestricted_
_funds_
_2024_
_£_
_4,875,223_
_8,650,981_
_(3,514,090)_
_-_
_10,012,114_|_Restricted_
_funds_
_2024_
_£_
_-_
_112,253_
_-_
_-_
_112,253_|_Endowment_
_funds_
_2024_
_£_
_22,462,658_
_-_
_(500,000)_
_(2,180,000)_
_19,782,658_|_Total_
_funds_
_2024_
_£_
_27,337,881_
_8,763,234_
_(4,014,090)_
_(2,180,000)_|
|---|---|---|---|---|
|||||_29,907,025_|
Page 29
**THE GODOLPHIN AND LATYMER SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **15. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
Elizabeth Godolphin Fund
Designated - Annual Fund
Endowment Funds
**Restricted funds**
Prize Fund
Elizabeth Crane fund
Bursary Fund
Bursaries
**Total of funds**|**Balance at 1**
**September**
**2024**
**£**
6,299,831
3,712,283
10,012,114
19,782,658
96,586
15,667
-
-
112,253
29,907,025|**Income**
**£**
22,397,793
623,623
23,021,416
-
-
-
70,000
24,614
94,614
23,116,030|**Expenditure**
**£**
(21,718,575)
-
(21,718,575)
(621,091)
(9,040)
-
(70,000)
(24,614)
(103,654)
(22,443,320)|**Balance at**
**31 August**
**2025**
**£**
6,979,049
4,335,906|
|---|---|---|---|---|
|||||11,314,955|
|||||19,161,567|
|||||87,546
15,667
-
-|
|||||103,213|
|||||30,579,735|
Page 30
**THE GODOLPHIN AND LATYMER SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **15. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted funds**
Elizabeth Godolphin Fund
Designated - Annual Fund
Endowment Funds
**Restricted funds**
Prize Fund
Elizabeth Crane fund
Bursary Fund
Bursaries
**Total of funds**|_Balance at_
_1 September_
_2023_
_£_
_12,233,330_
_2,936,151_
_15,169,481_
_13,333,100_
_104,686_
_15,667_
_-_
_-_
_120,353_
_28,622,934_|_Income_
_£_
_21,837,166_
_776,132_
_22,613,298_
_-_
_-_
_-_
_70,000_
_25,493_
_95,493_
_22,708,791_|_Expenditure_
_£_
_(20,697,466)_
_-_
_(20,697,466)_
_(623,641)_
_(8,100)_
_-_
_(70,000)_
_(25,493)_
_(103,593)_
_(21,424,700)_|_Transfers_
_in/out_
_£_
_(7,073,199)_
_-_
_(7,073,199)_
_7,073,199_
_-_
_-_
_-_
_-_
_-_
_-_|_Balance at_
_31 August_
_2024_
_£_
_6,299,831_
_3,712,283_|
|---|---|---|---|---|---|
||||||_10,012,114_|
||||||_19,782,658_|
||||||_96,586_
_15,667_
_-_
_-_|
||||||_112,253_|
||||||_29,907,025_|
Page 31
**THE GODOLPHIN AND LATYMER SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **15. Statement of funds (continued)**
## **Designated Funds:**
## **Annual Fund**
This represents donations received from various sources which have been designated by the Governors towards granting 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 Elizabeth Crane Fund**
The Elizabeth Crane Fund was established in 1999, and its purpose is to encourage girls to widen their horizons beyond the core curriculum in English, through poetry, drama and literature. The Fund is represented by bank deposits.
## **Bursary Fund**
The Godolphin and Latymer Bursary Fund, a separate Trust, 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.
## **Endowment Fund**
The Endowment fund represents assets which must be held permanently by the charity and, in the case of the School, 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.
## **16. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income for the year (as per Statement of Financial Activities)
**Adjustments for:**
Depreciation charges
Investment income and interest received
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Finance costs
**Net cash provided by operating activities**|**2025**
**£**
672,710
892,557
(279,802)
(8,425,772)
8,844,651
231,404
1,935,748|_2024_
_£_
_1,284,092_
_846,209_
_(286,630)_
_310,696_
_(951,403)_
_290,115_
_1,493,079_|
|---|---|---|
Page 32
**THE GODOLPHIN AND LATYMER SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **17. Analysis of cash and cash equivalents**
|Cash in hand
**Total cash and cash equivalents**|**2025**
**£**
9,563,266
9,563,266|_2024_
_£_
_8,541,876_|
|---|---|---|
||||
|||_8,541,876_|
## **18. Analysis of changes in net debt**
|Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year|**At 1**
**September**
**2024**
**£**
8,541,876
(500,000)
(2,180,000)
5,861,876|**Cash flows**
**At 31**
**August 2025**
**£**
**£**
1,021,390
9,563,266
-
(500,000)
500,000
(1,680,000)
1,521,390
7,383,266|**Cash flows**
**At 31**
**August 2025**
**£**
**£**
1,021,390
9,563,266
-
(500,000)
500,000
(1,680,000)
1,521,390
7,383,266|
|---|---|---|---|
||||7,383,266|
## **19. Pension 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 £2,384,383 (2024: £1,954,428) and at the year-end £268,367 (2024: £255,556) was accrued in respect of contributions to this scheme.
The TPS is an unfunded multi-employer defined benefits pension scheme governed 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 from 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 Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn.
The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.
Page 33
**THE GODOLPHIN AND LATYMER SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **19. Pension commitments (continued)**
In addition the School contributes to a defined contribution scheme for non-teaching staff. The pension charge for the year includes contributions payable to the scheme of £411,671 (2024: £391,966) and at the year-end £1,903 (2024: £44,645) was accrued in respect of contributions to this scheme.
Total pension contributions made in the year are analysed as follows:
## **.**
|Total contributions during the year were:
Teaching staff
Non-teaching staff|**2025**
**£**
2,796,053
411,671
3,207,724|_2024_
_£_
_1,954,428_
_493,909_|
|---|---|---|
|||_2,448,337_|
## **20. Commitments under operating leases: lease payments**
At 31 August 2025 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:
|Not later than 1 year
Later than 1 year and not later than 5 years|**2025**
**£**
157,908
117,048
274,956|_2024_
_£_
_147,171_
_212,603_|
|---|---|---|
||||
|||_359,774_|
Lease commitments for long-term leasehold buildings are disclosed in note 9.
## **21. CAPITAL COMMITMENTS**
At 31 August 2025 the School had capital commitments of £nil (2024: £181k).
Page 34
**THE GODOLPHIN AND LATYMER SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **22. Related party transactions**
## **Governors’ remuneration and reimbursed expenses**
Trustees indemnity insurance premium of £2,050 (2024: £1,735) 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 for travel expenses of £28 in the year (2024: £33 one governors).
## **Governors’ Donations**
The aggregate of donations received from the Governors and their connected parties in the year was £nil (2024: £nil).
No Governors were remunerated for services provided to the School. There were no other transactions with related parties either.
## **23. 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 (2024: no transactions). The consolidated accounts that includes The Godolphin and Latymer School accounts can be obtained from The Godolphin and Latymer School Foundation, Iffley Road, Hammersmith, London W6 0PG.
Page 35
## **24. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS**
**FROM:**
**Note**
Charitable Activities:
Net fees receivable
**2**
Other educational income
**3**
Investments
**4**
Donations and legacies
**5**
**Total income**
**EXPENDITURE ON:**
Charitable activities
**6**
**Total expenditure**
**Net income/(expenditure) before**
**transfers**
Transfers between funds
**14**
**Net movement in funds**
Total funds brought forward
01 September 2023
Total funds carried forward at 31
August 2024
**14**|**Unrestricted**
**Funds**
**Endowment**
**Fund**
**Restricted**
**Funds**
**Total funds**
**2024**
**£**
**£**
**£**
**£**
19,921,514
-
-
19,921,514
1,518,099
-
-
1,518,099
286,630
-
-
286,630
887,055
-
95,493
982,548|
|---|---|
||22,613,298
-
95,493
22,708,791|
||20,697,466
623,641
103,593
21,424,700|
||20,697,466
623,641
103,593
21,424,700|
||1,915,832
(623,641) (8,100) 1,284,091|
||(7,073,199)
7,073,199
-
-|
||(5,157,367)
6,449,558
(8,100)
1,284,091
15,169,481
13,333,100
120,353
28,622,934|
||10,012,114 19,782,658 112,253 29,907,025|
Page 36