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2024-08-31-accounts

Charity Registration Number 312714

Consolidated \ Report and Financial Statements

YEAR ENDED 31 AUGUST 2024

Contents

Contents
Principal Addresses and Advisers 3
Trustees’ Report and Statement of Responsibilities 4
Governor Committees 5
Introduction from Chair of Trustees 6
Head and Principal Foreword 7
Trustees’ Report 8
Financial Review 17
Governance Matters 20
Statement of Governors’ Responsibilities 22
Independent Auditor’s Opinion 24
Consolidated Statement of Financial Activities 27
Consolidated and Charity Balance Sheets 28
Consolidated Cash Flow Statement 29
Notes Forming Part of the Accounts 31

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L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

Principal Addresses and Advisers

Address

Latymer Upper School King Street Hammersmith London W6 9LR

Bankers

National Westminster Bank 22 King’s Mall London W6 OQD

Solicitors

Farrer & Co LLP 66 Lincoln’s Inn Fields London WC2A 3LH

Latymer Prep School 36 Upper Mall Hammersmith London W6 9TA

Investment Advisers

(to December 2023)

Evelyn Partners Portwall Place Portwall Lane Bristol BS1 6NA

Auditors

Crowe UK 55 Ludgate Hill London EC4M 7JW

Investment Advisers (from December 2023)

Partners Capital LLP 5th Floor 5 Young Street London W8 5EH

Insurance Brokers

Hettle Andrews 2 Brunswick Square Birmingham B1 2LP

Osborne Clarke LLP One London Wall London EC2Y 5EB

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Trustees’ Report and Statement of Responsibilities

The Trustees of the Foundation are the Governing Body which comprises a maximum of 16 Governors who hold office for five-year terms. In accordance with clause 6(1) of the Scheme of 3 August 1998, every Governor may be reelected for further terms of five years by a resolution of the Governors, upon which the Governor standing for re-election may not vote.

THE GOVERNORS IN OFFICE DURING THE YEAR AND UP TO THE DATE OF SIGNING THE ACCOUNTS WERE:

Kieran Murphy – Chair

Zafar Ahmadullah (appointed 31 January 2024)

David Benson

Mark Brewer

Pauline Campbell Mark Edwards (resigned 18 November 2024)

Chantal Free Jamie Grant Rob Lewis Caroline Ng (appointed 8 January 2025) Annamarie Phelps Alex Plavsic David Price Charlie Wijeratna Leanne Wood (appointed 31 January 2024)

The Head

Su Wijeratna BA

Finance Director

Camilla York BA FCA

Clerk to Governors

Lucinda Evans BA

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Governor Committees

Finance and General Purposes Chair Alex Plavsic
Members Kieran Murphy
Zafar Ahmadullah(from 1 September 2024)
Mark Edwards(resigned 18 November 2024)
Charlie Wijeratna
Caroline Ng(invited from 5 March 2024 and appointed as Governor
from 8 January 2025)
Audit and Risk Chair Mark Brewer
Members Mark Edwards(from 1 September 2024, resigned 18 November 2024)
Pauline Campbell
Chantal Free(resigned 31 August 2024)
Anne Barnard(invited)
Investment Chair Charlie Wijeratna
Members Zafar Ahmadullah(from 5 February 2024)
Jamie Grant
Massimiliano Belingheri(invited)
Federico Foglia(invited) (from 9 October 2023)
Robert Pierce Jones(invited) (resigned 9 October 2023)
Mike Sidhom(invited) (from 5 February 2024)
Education and Pastoral Chair David Price
Members David Benson
Rob Lewis
Annamarie Phelps
Leanne Wood(from 1 September 2024)
Nick Dennis(invited) (resigned 31 August 2024)
Helen Lowe(invited) (resigned 31 August 2024)
Nominations, Remuneration and
Governance Committee Chair Kieran Murphy
Members Mark Brewer
Pauline Campbell(from 6 June 2024)
Chantal Free

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Introduction from Chair of Trustees

2024 will be remembered as the year in which we celebrated the 400th anniversary of the creation of the Latymer Foundation through the will of Edward Latymer, which provided that his land holdings in Hammersmith be used to ‘clothe and educate eight poore boyes’ and, inter alia, to ‘keep them from idle and vagrant courses’. Nothing could have been less idle than our sequence of celebrations during the year. March’s School concert at Cadogan Hall was notable for the sheer number of students who took part as well as a barnstorming rendition of Carmina Burana. A play, written by Latymerian Ruby Thomas and celebrating the School’s 75-year relationship with the Johanneum School in Hamburg, was performed by pupils at the Richmond Theatre. Our Founder’s Day service in October was held in St Paul’s Cathedral; it was profoundly moving to walk the length of the nave and see every seat occupied by members of the Latymer community, past and present.

Our Founder’s concern for the well-being of the less well off in society has informed the School’s culture for a very long time. It underpinned the decision to launch the Inspiring Minds campaign a decade ago with the objective of raising £40m to provide funds for bursaries for future students. The campaign exceeded all our expectations and was wholeheartedly supported by the entire Latymer community, including current and former students and their families, staff and Governors. In total, some £50m was given by over 6,500 individuals and, as a result, the Foundation is now in a position to fund bursaries for 1 in 4 of our Latymer Upper School students. Profound thanks are due to all those who have contributed to this success, both financially and in the hard work necessary to achieve it. We will, of course, continue to need to raise funds to provide future support for pupils and we will continue to be immensely grateful to all those who contribute.

2024 was the first year for Su Wijeratna as Latymer’s first female Head. She has thoroughly immersed herself in all aspects of the School’s activities – no mean feat for a school which offers students as much as we do – and is now clearly established as the School’s respected leader. 2024 was also the first year for our new Director of Finance, Camilla York, who has rapidly picked up and effectively taken forward the large bundle of strands of activity which fall to her role. It was the last for our Deputy Head Pastoral, Mat Chataway, who left us in

the summer to take up the Senior Deputy Headship at Kingswood in Bath. In his seven years in the role, Mat transformed the pastoral capabilities of the School. He leaves behind an excellent team and we are very grateful for what he has achieved. Finally, we wish every success to David Mumby, who left Latymer this year after over 30 years as Head of the Art Department.

This report will address in more detail elsewhere the School’s excellent academic results in the summer of 2024. But I wanted in particular to note that our Sixth Form students had impressive success at A level, where over 80% of all subjects were awarded either an A* or an A. Only a very small percentage of schools in the country meet this mark, and it is a measure of our students’ abilities and hard work and a tribute to the quality of teaching and supervision which is provided by our academic staff. Almost all of our leavers will go on to study at excellent universities either in the UK or, increasingly, overseas and we wish them well and hope that they will remain active members of the Latymer community.

2025 will provide challenges, but there is much to which we can look forward. We are conscious that the imposition of VAT on school fees will significantly increase the cost to parents of the education which we provide and we will continue to support parents where we can to ensure that their children can benefit from what we offer. We will progressively bring into use our new playing fields at Chiswick. We will welcome two new senior members of the team, Hugh Stevens and Stuart Murphy, as our new Deputy Heads Academic and Pastoral respectively, while Ian Emerson will move to a new role as Senior Deputy Head for the School. Our commitment will remain to provide our distinctive education: academic, unpretentious, caring and ambitious. We will continue our programme of community partnerships, Service in the Community and charitable support to ensure that Latymer is a force for good in our local West London community and beyond.

Kieran Murphy December 2024

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L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

Head and Principal Foreword

As we entered our 400th year, we had the opportunity to look back as well as forward with much pride at the legacy of Edward Latymer. Such a diverse and inclusive environment as Latymer is today would, no doubt, have delighted our Founder. The excellence and innovation which defines us has made a meaningful contribution to our community and beyond, making this a very exciting time to be a Latymerian.

It was wonderful to see how the whole Latymer community embraced the anniversary celebrations, showcasing the remarkable talents of our students. Highlights included a joint Prep and Upper School concert at Cadogan Hall and a superb performance of Love. Liebe. Lyubov. at Richmond Theatre. A play commissioned for our 400th anniversary and written by Latymerian Ruby Thomas (2009), the story weaves together the origins of our long-standing relationship with the Johanneum School in Hamburg and modernday Latymer. Fred ‘Wilkie’ Wilkinson, Latymer’s inspirational Head (1937 – 1957) put into action his ‘experiment in friendship’ establishing what is believed to be the longest-running school exchange in the country at 75 years – another celebration which was marked in October 2023.

Year on year, our students continue to make us proud across a range of co-curricular and academic pursuits. 88% of our Y13 students who applied secured a place at their first-choice university, with 85% going to Russell Group universities, including 28 Oxbridge students. In the past year, students had 75 offers from international universities in seven different countries. Latymer’s 2024 results for GCSE and A Level were the best the School has seen. 84% of GCSEs were a Grade 8 or 9 (94% 7-9) and in A Level 81% were graded A or A (A-B 94%). One student, Maiko, was the highest performer in the country for her GCSE Design and Technology exam. We congratulate all our students on such strong results.

In the past 12 months we have celebrated sport with memorable wins across netball, rugby, cricket, fencing, hockey and rowing as well as impressive music and drama performances. We enjoyed visits by authors like Sue Cheung who spoke about her ‘almost entirely true story’ Chinglish , and broadcaster and writer Tim Marshall, who shared his experiences as a Foreign Affairs Editor during his talk on The Future of Geography. Artists have had the privilege of meeting Jonathan Yeo at his studio, while aspiring football managers have taken part in our highly competitive Latymer Fantasy Football League. Through all these experiences, our students have made memories to last a lifetime.

Some of the above students will have joined in the Prep which has also been a hive of activity in the past 12 months. Shortlisted for the Independent Schools ‘Independent Prep School of the Year’, we were proud to celebrate the academic and wider achievements of the younger pupils. Pedagogy has focused on responsive teaching and neurodiversity whilst Prep staff joined Upper School colleagues on the EDI and AI & Cutting Edge committees – a forward thinking approach, with pupil wellbeing at the forefront. The Diana Award anti-bullying ambassadors earned an award for their community work whilst the choirs participated in musical performances with the Barnardo’s Earth Wonder Choral Concert and the Nordoff Robbins music charity, singing alongside Beverley Knight. STEM Club fundraised to purchase a ‘Green Car’ for one of our local primary schools, where they will work in partnership designing, building and racing their cars in 2025. Closer to home, pupils developed their entrepreneurship with ‘Grow a Fiver’ for the Prep Bursary Fund, and both Prep and Upper School Eco-committees joining forces to develop an oasis for nature and biodiversity at our Sports Ground. Students, staff and parents participated in Beat the Streets, a local borough initiative encouraging active travel and community engagement.

A final particular highlight of this year was our inaugural Prep Careers Day, led by our Sixth Form Head of Careers, our aim being to quash assumptions about gendered roles. A range of activities, including interviewing a parent panel, allowed pupils to identify transferable skills across careers as well as confirming their and our belief that children at Latymer are capable of doing, and being, anything!

Reflecting on the School’s past drives our aspirations for the future, all stemming from the extraordinary legacy of our seventeenth century benefactor, Edward Latymer. It is incredible to think that Latymer has, in various guises, survived and thrived in Hammersmith for 400 years. Edward Latymer’s passion, energy and vision endure to this day. Taking us back to our philanthropic roots, the ambitious Inspiring Minds Campaign set the target of being able to offer 1 in 4 Latymer students a place at the School on a bursary by 2024 and I am delighted that we have been able to achieve that aim. This was recognised at the Independent School of the Year awards in October 2023, where we won the Contribution to Social Mobility Award. Equally that our partnership programmes impact the lives of so many local children provides our community with an immeasurable sense of pride. A remarkable year in a remarkable school.

Susan Wijeratna Andrea Rutterford Head Principal

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Trustees’ Report

AIMS OF THE CHARITY

The Latymer Foundation provides leading co-educational schooling in the UK, offering young people from all backgrounds a lifechanging education that equips and inspires them to make a positive impact on society and to excel in the wider world. There are two coeducational schools – Latymer Upper School (years 7 to 13) with 1,258 pupils, and Latymer Prep School (Years 3 to 6) with 175 pupils. Pupils come from West London and surrounding boroughs.

1,433

pupils attending Latymer Upper School and Latymer Preparatory School

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L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

THE AIMS OF THE SCHOOL ARE:

To inspire a love of learning and of life. Through support, guidance and encouragement we seek to nurture selfconfidence and resilience in our pupils to enable them to achieve to the highest academic standards, to find self-fulfilment and to be happy.

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L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

ACHIEVEMENTS

Academic results

The Year 11 and Year 13 students sat external examinations again this summer and yielded Latymer’s best external exam results in ‘normal times’ :

----- Start of picture text -----
GCSE 2022/23 GCSE 2023/24 A Level 2022/23 A Level 2023/24
Grade 9 (high A) = 56.49% Grade 9 (high A) = 61.04% A = 38.90% A = 43.17%
Grades 8 & 9 (A) = 80.12% Grades 8 & 9 (A) = 83.71% A/A = 76.66% A/A = 80.91%
Grades 7-9 (A/A) = 93.98% Grades 7-9 (A/A) = 94.33% A – B = 93.20% A – B = 94.42%
----- End of picture text -----

The success of our Year 13 students enabled 88% of students who applied to university to secure a place at their first choice and 85% of our students going on to Russell Group universities (and 12 to the University of Bath and 3 to the University of St Andrews which are not part of the Russell Group). This year we have 28 Oxbridge students and 19 for Medicine, Dentistry and Veterinary Science.

Bursary holders accounted for 6 of the medics and 4 Oxbridge places, with a range of other good outcomes including students off to Edinburgh, Imperial and LSE. Their courses were primarily STEM-orientated (Engineering, Chemistry, Physics, Computer Science etc.) but included a range from Anthropology and Law (LSE) to Religion and Philosophy (KCL). We are very pleased that one of our Ukrainian students will be studying Maths and Statistics at Imperial and another Graphic Branding and Identity at UAL; we supported the third successfully to find a course with a foundation year. 21 bursary-holders achieved their firm choice universities (81% of those placed) and 5 their insurance; a few students pursued and were awarded

places through Clearing and some will apply next year post-A Level. We supported 1 whose results were lower than he had expected to complete his application on Results Day and pick up a Clearing place with a foundation year.

International successes account for the majority of students not placed in the UK. Latymerians have received over 75 offers from leading institutions across North America, Europe and Canada this year, and 19 have accepted a place to start this autumn. A further six are holding international offers but have chosen to enrol in the UK or take a gap year.

As things stand, our students will be attending universities in 6 different countries: the USA, Italy, Canada, France, Spain and Switzerland.

The range of universities at which our students have enrolled is incredibly diverse, including leading public research universities like McGill, Sciences Po and the University of Vermont; private universities like Bocconi, Columbia University, Cornell, Duke, EHL Hospitality Business School, IE University and New York University.

Our outgoing Year 13 students enjoyed much success on Results Day

----- Start of picture text -----
88%
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of students who applied to university securing a place at their first choice.

85%

of our students going on to Russell Group universities.

Students going to Oxford or Cambridge

28

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INSPECTION

The most recent inspection by the Independent Schools Inspectorate (ISI) was in November 2023 when they conducted a full assessment of the School against the Independent School Standards and other relevant regulations. This was the first academic year that ISI was using their new inspection framework which came into effect in September 2023. Governors were very pleased that all standards assessed were met.

The new framework does not allow for single-word judgements to be made; it simply states whether the standards of each of five categories have been met, with the summative report now more pared back and without the detail of previous reports provided under the former framework. Nevertheless, the School was reflected in a positive light. It was particularly good to see that inspectors mentioned our academic peer mentoring programme, the extensive co-curricular provision, student leadership opportunities, the strength of the PSHE and RSE curriculum, the diversity of our community, the social conscience of our students, the culture of tolerance and respect, support for pupil wellbeing, the nurturing of self-confidence and the ability of our teachers to inspire the love of learning and provide intellectual challenge.

School leaders give pupils opportunities to take a lead in supporting other pupils both within the school and in the school’s locality. Pupils readily support charities by raising funds or volunteering and they have a keen sense of social responsibility. Pupils are proud of their school’s role in the community.

The school is a diverse community where pupils from a wide range of faiths, backgrounds and beliefs show understanding and support for each other. Leaders have worked carefully to ensure the school’s PSHE curriculum meets the needs of pupils in developing an understanding of themselves and an awareness of the needs of others.

School leaders prepare pupils for the next steps in their academic career with a carefully planned careers programme, which includes personal guidance, and supports pupils to make informed choices. Pupils are ambitious for their futures and go on to a wide range of universities and courses, many of which have stringent academic entry requirements.

SOCIAL BENEFIT

The Latymer Foundation at Hammersmith was founded by Edward Latymer in the 17th century to offer an education to the poorest in society. Some 400 years later, Latymer continues to promote social mobility through education, by way of our sector leading bursary and partnerships programmes. During the 2023-24 academic year, just over 4,000 local children and young people participated in a wide range of activities organised by the Latymer Foundation at Latymer Upper School.

EMBEDDING SOCIAL BENEFIT IN TO THE CURRICULUM:

At their core, Latymer’s students embody our community spirit, and this year several fantastic student-led projects have highlighted our commitment to being a helpful and supportive neighbour. Overall, our students volunteered over 5,000 hours of their time in 2023-24.

Service in the Community

This year 196 Year 12 students undertook Service in the Community, offering their time in support of 50 local organisations and causes such as education (art, debating coaches, literacy support, teaching assistants, chess club, Latin), sport (basketball, football, rowing) and homelessness support.

Overall, feedback from community partners has been very positive:

I’d also like to say that we are over the moon with how well your students have settled in here… Having your students volunteer with us has been an absolute pleasure. They work hard, adapt to what is needed here, and represent Latymer excellently!

THE UPPER ROOM

IMPERIAL HEALTH CHARITY

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SUPPORTING LOCAL STUDENTS THROUGH EDUCATIONAL PROGRAMMES

Overall student feedback reported

Core educational programmes

Our five ‘core’ programmes run annually, delivering a course of multiple sessions to primary and secondary school students from partner schools in the maintained sector; schools are asked to nominate students who would most benefit from the experience, with a particular focus on those eligible for Pupil Premium. The topics and skills covered in each programme vary, but all are delivered by Latymer staff, funded by donations, and supported by our Year 9-13 student volunteers. Overall across the year, 278 students participated in almost 4,500 hours of free education and enrichment.

We continue to see excellent numbers for our core programmes. We were able to offer a greater variety of topics than ever before in Saturday School. We also had the highest number so far of Bright Sparks & Maths Challenge participants. See below high-level delivery numbers from all five programmes.

77% had made new friends

94% had fun and enjoyed themselves

89% had learned new skills and knowledge

83% felt more confident in that topic area

70% felt they now had greater aspirations in that topic area

----- Start of picture text -----
LUS
Name Age Hours Number of Participating student LUS Cost
schools students teachers total
volunteers
Bright
Y5 into Y6 32.5 27 55 10 7 9,709
Sparks
Primary
Y5 & Y6 17 15 65 13 1 1,291
Debating
Maths
Y5 & Y6 7.5 12 47 11 2 1,121
Challenge
Saturday
Y6 10 14 81 16 22 15,475
School
STEM
Y7 & Y8 12 5 30 6 3 4,423
Academy
----- End of picture text -----*

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L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

ENRICHMENT

Alongside educational programmes, in 2022-23 we developed an enrichment strand of partnership activity in response to conversations with schools, highlighting a particular need for support in arts and sports. This continued in 2023-24, with a mixture of workshops and events to attend, circulated as opportunities amongst local primary schools with some of the highest Pupil Premium levels. Activities included:

584 primary school students benefitted from these events.

BUILDING LOCAL PARTNERSHIPS TO SUPPORT CHILDREN

Across the academic year, our partner schools were invited to a wide range of in-person and online events, talks and information evenings. These activities have facilitated the sharing of knowledge, promoted inclusivity and opened Latymer to the greater community.

Pride in London

ESTABLISHING LOCAL NETWORKS FOR STUDENTS TO ACCESS CAREERS ADVICE

Career and HE events

For older state school students, we invite them to learn alongside our students at our career and HE themed information events. Last year that included:

Across these, over 43 students from 4 state secondary schools attended.

Mock Oxbridge Interviews

Across the Autumn Term, Latymer continued a tradition of inviting students from the neighbouring West London Free School to attend mock Oxbridge interviews; we also supported students in particular subjects from Richmond Park Academy and Kingsley Academy Hounslow. 34 students participated, with 8 WLFS students receiving places (6 from Oxford and 2 from Cambridge).

On Saturday 29 June, a large group of staff and students from West London Schools LGBT+ Alliance joined together for the Pride in London celebration.

West London Partnership

The West London Partnership is a community of 9 local maintained and independent secondary schools with the vision of sharing knowledge, experience and resources for the benefit of all students. Over the course of this year, Latymer has worked in close partnership with the wider WLP on a range of projects, including shared careers, higher education, business and sustainability events. The Student Committee comprised 2 Y13s and 2 Y10s, who joined meetings to discuss student events and purpose. Events included:

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SHARING OUR FACILITIES

In addition to our partnerships programmes and student-led initiatives, Latymer has offered extensive use of its state-of-the-art facilities to our local partners in order to further our community impact. This has either been at a significantly discounted rate or free-ofcharge when working with youth charities, state primary schools or small community groups. Overall, more than 290 children and 275 adults from local schools and community groups have benefitted from access to our classrooms, swimming pool, and sports pitches including astroturf.

West London Free School

The West London Free School and Latymer enjoy a close partnership, and as neighbours, we have been able to collaborate and provide facilities:

ROBERT PEAL, JOINT HEAD,

SPORTS AND HOLIDAY CAMPS

Let Me Play Action CIC

Let Me Play Action’s goal is to provide fun and exciting activities that promote children’s social development, physical and mental wellbeing, selfesteem, confidence and a passion for learning. Up to 60 children a week attend holiday camps during the half term breaks in October, February and May, as well as 160 children in the Easter and summer holidays. Latymer provides space in a variety of classrooms, the Piazza and other indoor space. Sessions include an hour of daily food and nutrition education, sports, arts and crafts and the use of outside space for structured physical activity. LMP also arranged visits from interesting individuals and organisations such as a doctor, a digital artist, a German Olympic Judo practitioner, STEM specialist, fashion and recycling.

In December, 11 Y12 students worked alongside LMP to make over 1,000 festive hampers for families in the Borough of Hammersmith & Fulham, estimated to support around 2,000 local children and their families.

Wood Lane facilities

At Wood Lane, we have cricket pitches, astroturf and pavilion space that we provide to community groups as often as possible outside of school use hours. For the second year running, Kenmont Primary School used it for free for their Sports Day in July.

WEST LONDON FREE SCHOOL

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SITE USAGE IN TERM TIME

A wide range of community organisations and schools also use our premises for one-off or ongoing events during term time.

The Tri-Borough Music Hub

The Tri-Borough Music Hub returned to Latymer this year to hold their Saturday Music school over 30 Saturdays. This offered music lessons and performance opportunities to 250 children from over 80 different schools. This marked the 21st year of the TBMH’s partnership with Latymer, and we continue to work together to provide musical opportunities to local children.

Swimming pool

Our swimming pool is in constant use, including discounts for primary schools and community groups with free lessons. In partnership with Nautilus Swimming, 9 state primary and secondary schools, Brompton Swimming Club and Solidarity Sports, we had around 950 swimmers using our pool during the year.

Fulham Reach Boat Club and

The Upper Room

Local charities and Service in the Community partners, Fulham Reach Boat ~~a~~ Club and The Upper Room, once again hosted their annual fundraising quiz nights in the Dining Hall, King Street.

Benedetti Foundation

Local music charity, The Benedetti Foundation, used the site for rehearsals on Sundays in October, November and March. Approximately 50 musicians spend the day rehearsing in the Recital Hall, Dining Hall and music classrooms.

Support for Ukrainian Refugees

Having offered free supernumerary places to 20 Ukrainian students when the war started, we have continued to offer support to all students who needed it. Many have now moved or returned to Ukraine, but in 2023/24 we were still supporting 8 students with free places.

STUDENT FUNDRAISING

Both the Upper and Prep Schools run charities clubs which meet regularly to coordinate a rolling series of fundraising events through the year, working with international, national and local charities.

The clubs successfully raised over

£32k

in 2023/24, much of which was to help support educational organisations and charities in Uganda.

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ENVIRONMENT AND SUSTAINABILITY

We continue to develop our initiatives in the vital area of environment and sustainability. The Eco Committee of students along with the Sustainability Lead completed an audit of the school in the summer term. The Upper School was awarded the Eco-Schools Green Flag for a second consecutive year, which is an internationally recognised award for excellence in environmental action and learning.

Our Global Goals lessons for Year 9 students allow time to learn about sustainability and the ways in which individual and local decisions can impact our environment, including issues surrounding food waste and recycling. In the Autumn Term, students develop their own ideas for local eco-initiatives, and some will choose to develop these projects further in preparation for the Global Goals Fair in the summer.

We are currently working with the Carbon Trust to establish our long term sustainability goals along with detailed plans to deliver these. Over the summer we installed sub-meters in order to allow us to monitor the energy usage of individual buildings.

The Parents’ Gild have established an Orchard Society at our Sports Ground in Chiswick with the aim of increasing biodiversity on the site. They have constructed two bug hotels with the help of the Prep School, planted more fruit trees, and they have produced the first bottles of apple juice from the orchard to sell at the Christmas Fair.

DIVERSITY

Our Staff Equality & Diversity Committee, first created in 2019 to help shape our planning and implementation of initiatives in this area, continues to meet on a termly basis. Many staff on the committee also support student clubs such as LGBTQ+, J-Soc. Fem Soc, Muslim Society and African and Caribbean Society. Our student Equality and Diversity Committee is framed by student voice and led by a small group of prefects. During 2023/24, as a whole School, we marked Black History Month in October, Diwali in November, Chanukah in December, Holocaust Memorial Day in January, LGBT+ History Month in February, Neurodiversity week, Ramadan and International Women’s Day in March. Building on the success of last year, we held our second Diversity Day in June; celebrating many aspects of diversity within a student-led programme of activities. We continue to work towards increasing the proportion of ethnic minority teaching and support staff to better reflect both our student and local communities. This year we recruited our first Teaching Apprentice, providing a further opportunity to increase diversity within our teaching body. Our work last year with Inclusion Labs provided some key areas of focus in our work to create a lived culture that further supports and enhances our increasingly diverse School community.

SCHOOL GOVERNORS

Latymer currently has three members of staff acting as governors for local maintained schools: Chase Bridge Primary School, Ark Bentworth Primary Academy, St Stephen’s C of E Primary and Isleworth and Syon School.

Latymer has two members of staff acting as governors for local independent schools: The Royal Ballet School and The Lyceum Prep School. a

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L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

Financial review

INCOME

In the year to 31 August 2024, the Latymer Foundation’s income increased by £3.3m. Fee income, including lunches and trips, rose by £2.1m. Donations received in the year increased by £0.7m and income from our trading activities increased by £0.6m. As ever, the Governors are hugely grateful for the continued generosity of the donors to the Foundation.

EXPENDITURE

Total expenditure increased by £2.6m, reflecting high inflation and the full year running of the Chiswick sports ground.

Our capital programme included further development of the Chiswick sport ground.

INCOME IN 2023/24

EXPENDITURE IN 2023/24

----- Start of picture text -----
£0.2m
£0.4m £1.4m £0.7m
£4.1m Other Investment income Fundraising Investment
donations management fees
Donations
staffing costs
for bursary
programme
£4.3m
Trading £14.2m
and other £29.2m Non pay £21.7m
income £39.4m School fees operational £36.8m Staffing costs
costs
----- End of picture text -----

Our Bursary Programme Sources of income

The majority of donations received in the year as part of our Inspiring Minds campaign were used to support the continued growth of our bursary programme. The campaign combines fundraising for both our endowed and current bursary places.

During the year, we received £0.7m (2023: £0.9m) in gifts to our endowment. We also recorded £1.1m in legacy endowment donations. These donations are held in investments so that the capital is maintained in perpetuity and the annual returns are used to fund bursaries for current and future generations of Latymer students.

In total £2.3m (2023: £2.5m) was received for current bursaries during the year, to support today’s students. These funds are generated in a number of ways including through our community-wide Upper School Bursaries

Appeal and by donors who sponsor the fees for the education of individual pupils through a lump sum gift.

The Governors ensure that bursaries are awarded in line with donor wishes and each year review all funds available. Donations to the endowment are held in investments and their annual returns are used to fund bursary places. Any bursary award backed by the endowment is therefore perpetual and the award will automatically transfer to a new student when one completes their Latymer career. The Foundation aims to continue to grow the endowment to provide long term security for our bursary programme. Donations for current bursaries are also held in investments, but only in the short term. These donations are fully spent over a period of 2 to 7 years, depending on the age of the student when they join.

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

17

Our Spend on Fee Assistance and extras

In total in 2023/24, we are proud to have spent £6.4m on fee assistance and extras (2023 £5.9m), with 90% being spent on means-tested bursary places which funded 265 pupils across both Schools (2023: 253)

A total of 139 pupils (2023: 134) received a free place, and a further 126 (2023: 119) pupils were in receipt of a partial award, with the majority of these exceeding 75%.

In addition to the £5.4m spent on means-tested bursaries, which includes our continued support of the Ukrainian students we have welcomed into our community, we spent £0.7m on other fee remissions, including non-means tested scholarships. During the year, beyond fee assistance, grants of £206k (2023: £198k) were awarded to bursary students for lunch, uniform costs, music and drama tuition fees, external exam fees and university application costs. In addition, with significant support from the fundraising by parents, 303 pupils (2023: 306) received awards totalling £138k (2023: £118k) so they were able to participate in school trips and activities.

Investment policy and performance

The overall value of the Foundation’s investment portfolio increased in the year from £71.7m in 2023 to £84.2m in 2024 mostly reflecting investment gains of £6.8m and an increase in the reserve fund of £5.4m due to Fees received in advance.

Until December 2023, all investments were managed by Evelyn Partners (formerly Smith and Williamson). A contract was signed in December 2023 under which all but the investments held within the Latymer Upper School Pension and Life Assurance Scheme were transferred to Partners Capital LLP. In August 2024, the Blackrock Cash reserve fund was transferred directly to the Foundation.

The investment portfolio remains split between perpetual and current funds, reflecting the type of donation to which they relate. Each investment is managed in accordance with their purpose, liability profile and the corresponding appetite for risk.

PERFORMANCE SUMMARY OF PERPETUAL FUND TO 31 AUGUST 2024

----- Start of picture text -----
Partners
Evelyn (to November 2023)
Capital
Dec 23 to Sept 23 1 Yr 3 Yr 5 Yr Since
Aug 24 to Nov % % % inception
% 23 %
%
Portfolio 9.4 0.9 1.4 3.1 26.3 84.5
Target 5.0 1.5 9.1 40.0 57.1 119.9
Relative
10.2 1.7 3.8 21.0 35.5 96.8
Benchmark
----- End of picture text -----

Our perpetual fund objective remains to maintain and grow the real value of the assets and to generate stable, sustainable and distributable returns that are sufficient to maintain the purchasing power in terms of a bursary place at the School. Since December 2023, the Perpetual fund has delivered a return of 9.4% net of fees, significantly exceeding the target of 5.0% (UK CPI +5%), reflecting strong returns across the portfolio.

PERFORMANCE SUMMARY OF THE CURRENT FUNDS TO 31 AUGUST 2024

----- Start of picture text -----
Partners
Evelyn (to November 2023)
Capital
Dec 23 to Sept 23 1 Yr 3 Yr 5 Yr Since
Aug 24 to Nov % % % inception
% 23 %
%
Portfolio 7.6 1.2 1.4 1.1 25.2 85.7
Target 3.6 1.0 7.1 32.1 42.7 80.6
Relative
7.1 1.9 2.7 9.2 20.5 74.9
Benchmark
----- End of picture text -----

Our current fund objective is aligned with perpetual funds – to maintain and grow the real value of the assets and to generate stable, sustainable and distributable returns that are sufficient to maintain the purchasing power in terms of a bursary place at the School. As the expected liquidity and expenditure requirements are shorter term, the return objective is set at CPI + 3% and risk profile adjusted accordingly. Since inception in December, Partners Capital have delivered a positive return of 7.6% net of fees against a target of 3.6%.

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L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

The performance and governance of all funds is scrutinised by the Investment Committee who meet a minimum of three times during the year.

The Foundation is committed to ensuring its investment portfolio should be invested in a responsible manner and will only appoint investment managers who have environmental, social and governance (ESG) considerations at the heart of their investment process.

The Foundation views its target return for both funds as being compatible with a responsible investment policy and believes that well-run companies with responsible and sustainable ESG policies will ultimately deliver above average returns to investors, therefore taking a responsible approach to investment is absolutely consistent with the Foundation’s long-term investment objectives. The Foundation reviews the performance of the portfolio against this policy routinely and is committed to ensuring it is complied with and evolves as required.

Remuneration policy

The Governors’ remuneration policy seeks to offer fair and competitive pay and benefits to attract and retain teachers and appropriately qualified staff to deliver the Schools’ aims. The policy is reviewed annually taking into account inflation rates and industry benchmarks.

Annual remuneration for the Head is considered by the Nominations, Remuneration and Governance Committee and recommended to the full Governing Body. Annual remuneration for other members of the School’s Senior Management Team is considered on an individual basis by the full Governing Body on the recommendation of the Head. The remuneration packages of the Head and Finance Director are benchmarked annually.

Reserves

The Foundation has unrestricted funds of £55.9m, of which £14.3m is designated as the Building and Bursaries Fund. The unrestricted tangible fixed assets value is £42.6m with £3.3m of those funded by loans. Under the definition of free reserves as a charity, the Foundation has free reserves of £2.4m.

However, the Governors consider a more meaningful calculation of reserves to be as follows:

£m
Endowed Funds
Permanent Endowment unapplied total return 3.3
Unrestricted Funds
Building and Bursaries Investment Fund 14.3
Cash Reserve Investment Fund 8.2
Cash at bank 1.4
Unrestricted net current liabilities (6.3)
Fees in Advance long term liability (3.5)
Available reserves 17.4

The calculation is part of their assessment of Going Concern and forms a critical part of the Foundation’s financial risk management. The Trustees do not articulate a singular figure for a reserve level within their policies, however they require the Foundation to hold adequate levels of reserves so that it can respond to opportunities and continue to honour existing commitments in the event of a shortfall of income. Annual budgets are set to achieve a level of free cashflow to finance improvements to facilities and equipment and provide support for the bursary programme.

Reserves within endowed funds are generated as a result of the Governors adopting a total return approach to the investment component of its Permanent endowment fund. This approach allows the Foundation flexibility by giving the option to spend some, or part of the capital element of the fund on charitable activities. This amount is held as an ‘unapplied total return fund’ and as at 31 August 2024 the value of this was £3.3m. During the year the Governors approved a transfer of £0.4m to the Building and Bursary fund.

The Building and Bursary fund is within our unrestricted funds. These monies can be used at Governors’ discretion and total £14.3m. There is also a cash reserve fund of £8.2m and cash at bank of £1.4m.

When calculating the available reserves, the Foundation takes into account the unrestricted net current liabilities of £6.3m and the fees in advance long term liability of £3.5m; therefore, Governors consider the level of available reserves as at 31 August 2024 to be £17.4m.

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L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

Governance Matters

Public Benefit

The Latymer Foundation is a public benefit entity under FRS102. The Governors consider the Charity Commission’s guidance on public benefit, including the guidance “Public Benefit: Running a Charity” (PB2), and incorporate detailed information on how this is adhered to within the Annual Report.

Governance Code

The Governing Body regularly reviews its compliance with the Charity Governance Code. In the summer of 2024 Governors completed a Board Effectiveness Review, which was organised broadly into sections which followed the Charity Governance Code. The results of this Review have been considered by Governors and they will progressively put in place some changes regarding informal interactions between Governors and the School and the running of Governors meetings.

Recruitment and training of Governors

The Nominations, Remuneration and Governance Committee identifies and interviews suitable individuals able to serve as Governors and makes recommendations to the Governing Body on the appointment of new Governors. Governors follow the best practice induction guidelines issued by AGBIS (The Association of Governing Bodies of Independent Schools). These include a Disclosure and Barring Service check, a meeting with key Governors and management, the issue of a comprehensive pack of relevant papers, and a briefing document on Governors’ responsibilities. The Head, Finance Director and staff provide the Governors with induction training which introduces them to the workings of the School and the charitable trust. Governors are required to undertake safeguarding e-training and encouraged to undertake other e-training provided by AGBIS and attend training workshops run by a number of organisations. Guest speakers are from time to time invited to attend Governors’ meetings to provide briefings on specific topics.

Decision-making

Strategic decisions to determine the overall direction and long term goals are taken by the full Governing Body. There are five core meetings per annum and extraordinary meetings are called as required during the year. Meetings are held in person, remotely or in a hybrid way.

Core decisions for Governors include approving budgets and strategic plans and setting and reviewing policies and procedures that will ensure the best possible education for present and future pupils.

The full Governing Body is supported by the following sub Committees

Decisions that affect the day-to-day management of the schools including pastoral welfare, academic progress, personnel, premises, resources and financial matters, are delegated to the Head and management team.

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L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

RISK MANAGEMENT

The Governors have given consideration to the major risks to which the Foundation is exposed and satisfied themselves that systems, procedures and reserves are established in order to manage those risks. A Risk Register is tabled at all meetings of the Schools’ Senior Management Team and reviewed in full by the Audit and Risk Committee termly.

The Committee reports to Governors as required on the risk register and the effectiveness of measures taken to control risk within the Schools. The register has the following sections: governance, strategy, compliance, environmental/external, operational, IT and financial operations. During the year key risks included:

----- Start of picture text -----
Risk section Key risk Key mitigations
Government intervention leads Continuation of community and partnership activities and promotion of the
to further change in independent School ethos.
sector status. Supporting ISC lobbying for sector.
Preparation of financial analysis for different scenarios with options for how
these could be managed.
Strategic Financial Resilience reduced as cost Long term financial model prepared to enhance scenario planning, reserves
pressures on both the School and retained to ensure the Foundation has the ability to respond to both
parents increase. opportunities and threats to ensure the longevity of the School.
Failure to meet the legal reduction Sustainability lead employed and Carbon Trust engaged to ensure we meet
in emissions target of net zero by the targets.
2050 and any additional regulatory
changes introduced.
Robust policies and training in place and commitment to embedding
Risk to wellbeing of pupils and staff
strong safeguarding culture throughout School community including Safer
Recruitment (including DBS) checks, mandatory staff and Governor training,
pastoral care protocols, risk assessments, named lead Governor and pupil
welfare officer. Ongoing implementation of recommendations from the
Operational Governor commissioned independent review conducted in 2021.
SMT positions to be able to cover Head for a period, and key positions
Key staff cover
have longer notice periods. Use of cover supervisors and supernumerary
appointments as required to ensure Latymer standard of teaching for long
term absences.
Cyber security Move to servers on Cloud, multi-factor authentication for core systems,
password and virus protection, acceptable use and business continuity
policies and ongoing staff training.
IT Rapid development in technology The Foundation has adequate funding earmarked to enable further
and increase in regulatory investment into this area.
requirements will require increased
investment.
Budgetary pressures caused by
Long term financial modelling to support scenario planning. Strategies to
achieve a healthy operating surplus that allows the School to invest in its
high inflation and other economic
factors. facilities and other initiatives. Long term contracts in place to minimise price
volatility where possible.
Financial
Underperformance and
Investment policies include portfolio diversification to mitigate market risks.
market uncertainty put current The investment capacity is reviewed annually in October and number of bursary
commitments and longer-term
awards will fluctuate depending on affordability.
bursary support at risk.
----- End of picture text -----

Related parties

The Latymer Foundation owns a subsidiary company – 1624 Limited – which hires out the School’s sports facilities and commenced trading operations in 2015. The Foundation has prepared Group financial statements consolidating the results of the Foundation and 1624 Limited. 1624 Limited’s results for the year were in line with expectations and are detailed in note 30 of the financial statements.

Going Concern

The Trustees have conducted a thorough assessment of going concern prior to completion of their annual accounts. Following a review of budgets and forecasts, future cashflow projections and reserves, the Trustees consider that there are no material uncertainties

about The Latymer Foundation’s ability to continue as a going concern. The current comparatively low inflationary environment compared to recent years has been used as a starting point for our long-term financial modelling. In future years, the key risk to the Foundation is any further changes imposed on the sector through government intervention. However, this is unlikely following the introduction of VAT on fees, removal of Business Rates Relief and increase in TPS and employers’ NI contributions. The impact of these factors is included in our financial planning that helps Trustees to identify mitigations to manage these costs. Trustees are assured that these factors, whilst challenging to resolve, will not compromise the Foundation’s ability to operate as a going concern.

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L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

Statement of Governors’ Responsibilities

The Governors are responsible for preparing the Governors’ report and the financial statements in accordance with applicable law and regulations.

Charity law requires the Governors to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Financial statements are published on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the charity’s website is the responsibility of the Governors. The Governors’ responsibility also extends to the ongoing integrity of the financial statements contained therein.

The Audit and Risk Committee of the Governors meets three times per year, and has a scrutiny and monitoring role relating to the Foundation’s external audit, internal management and controls, certain policies and compliance, and mitigation of risk.

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L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

In particular, the Audit and Risk Committee will:

Review and report from time to time on:

The Governors have adopted the provisions of the Charities Statement of Recommended Practice (SORP/FRS102) updated in 2020 in preparing the annual report and financial statements of the Charity.

The Governors have discharged these responsibilities to the best of their ability and knowledge in preparing the accounts which follow on pages 27 to 54.

Signed on behalf of the Board of Governors Kieran Murphy – Chair

29 January 2025

Review and report from time to time to the Governors on the performance of the external auditors; make recommendations to the Governors from time to time on the reappointment of the external auditors or appointment of new external auditors; and approve the remuneration of the external auditors.

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L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

Independent Auditor’s Opinion

TO TRUSTEES OF LATYMER FOUNDATION AT HAMMERSMITH

OPINION

We have audited the financial statements of Latymer Foundation at Hammersmith (‘the Charity’) and its subsidiary (‘the Group’) for the year ended 31 August 2024 which comprise the Consolidated Statement of Financial Activities, Consolidated and Charity Balance Sheets, Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We 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 group 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 trustee's 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 or the group’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 trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

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 this gives rise to a material misstatement in the financial statements themselves. 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.

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L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

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 requires us to report to you if, in our opinion:

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 auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of noncompliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 22, 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 charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 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.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011, taxation legislation, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, Data Protection Regulation (GDPR), Health and safety legislation and employment legislation.

Auditing standards limit the required audit

procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

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L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of donations income and other ancillary income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Finance and Investments Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing any regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Tina Allison Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London

3 March 2025

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L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

LATYMER FOUNDATION AT HAMMERSMITH CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2024

Unrestricted Restricted Expendable Permanent 2024 2023
funds funds endowment endowment Total Total
Note funds fund funds funds
£’000 £’000 £’000 £’000 £’000 £’000
INCOME AND ENDOWMENTS FROM:
Charitable activities
Net school fees receivable 2 29,178 - - - 29,178 27,318
Other income 2 2,617 84 - - 2,701 2,427
Other trading activities 3 1,561 - - - 1,561 947
Donations and legacies 4 125 2,602 726 1,083 4,536 3,832
Investments 5 965 211 - 232 1,408 1,542
Total income 34,446 2,897 726 1,315 39,384 36,066
EXPENDITURE ON:
Charitable activities 6 32,426 3,261 - 157 35,844 33,169
Raising funds 6 860 37 - 30 927 1,040
Total expenditure 33,286 3,298 - 187 36,771 34,209
Net gain / (loss) on investments 1,215 1,118 3,261 1,254 6,848 (1,767)
Transfers between funds 1,371 (486) (379) (506) - -
Net income 3,746 231 3,608 1,876 9,461 90
Pension scheme actuarial
(loss) / gain		 9 - - - - - -
Net movement in funds
for the year		 3,746 231 3,608 1,876 9,461 90
Fund balances brought forward
at 1 September		 52,198 15,064 28,848 17,782 113,892 113,802
Fund balances carried forward
at 31 August		 55,944 15,295 32,456 19,658 123,353 113,892

All amounts relate to continuing operations, and all gains and losses recognised in the year are included above.

The notes on pages 31 to 54 form part of these accounts

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L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

CONSOLIDATED AND CHARITY BALANCE SHEETS

AT 31 AUGUST 2024

AT 31 AUGUST 2024
Group Group Charity Charity
Charity number: 312714 Note 2024 2023 2024 2023
£’000 £’000 £’000 £’000
LONG TERM ASSETS
Tangible assets 11 47,868 46,758 47,868 46,758
Investments 12 84,212 71,651 84,212 71,651
Lease premium 13 2,034 2,090 2,034 2,090
134,114 120,499 134,114 120,499
CURRENT ASSETS
Debtors 14 1,690 1,395 1,846 1,453
Cash at bank and in hand 15 1,351 1,026 1,191 958
3,041 2,421 3,037 2,411
Creditors: amounts falling due within one year 16 (7,521) (5,514) (7,517) (5,504)
NET CURRENT LIABILITIES (4,480) (3,093) (4,480) (3,093)
Total assets less current liabilities 129,634 117,406 129,634 117,406
Creditors: amounts falling due after more than one year 17 (6,281) (3,514) (6,281) (3,514)
Defined benefit pension liability 9 - - - -
Total assets less total liabilities 123,353 113,892 123,353 113,892
FUNDS
Endowment funds:
Permanent endowment fund 25 19,658 17,782 19,658 17,782
Expendable endowment fund 26 32,456 28,848 32,456 28,848
52,114 46,630 52,114 46,630
Restricted income funds 27 15,295 15,064 15,295 15,064
Unrestricted income funds 28 55,944 52,198 55,944 52,198
Total Funds 123,353 113,892 123,353 113,892

Approved by the Governors and authorised for issue on 29 January 2025 and signed on their behalf by ~~KE Nop LL~~ Kieran Murphy (Chair)

Alex Plavsic (Chair, Finance and General Purposes Committee)

The notes on pages 31 to 54 form part of these accounts

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L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2024

FOR THE YEAR ENDED 31 AUGUST 2024
Note 2024
2024		 2023 2023
£’000
£’000		 £’000 £’000
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by operating activities (i) 5,815 635
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of tangible fxed assets (2,447) (1,651)
Proceeds from sale of fxed assets - -
Purchase of investments 12 (78,175) (21,664)
Proceeds from the sale of investments 12 72,462 23,926
Investment income and bank interest 1,408 1,542
Payment for lease premium 13 - (2,109)
Net cash (used in) / provided by investing activities (6,752) 44
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of borrowings (547) (2,680)
Receipt of endowments 1,809 900
Net cash provided by / (used in) fnancing activities 1,262 (1,780)
Change in cash and cash equivalents in the reporting period: 325 (1,101)
Cash and cash equivalents at the beginning of period 1,026 2,127
Cash and cash equivalents at the end of the reporting period (ii) 1,351 1,026

The notes on pages 31 to 54 form part of these accounts

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L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

CONSOLIDATED CASH FLOW STATEMENT (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

(i) RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Note 2024
2024		 2023 2023
£’000
£’000		 £’000 £’000
Net income for the reporting period
(as per the Statement of Financial Activities)		 9,461 90
Investment income 5 (1,408) (1,542)
Endowment donations (1,809) (900)
Defned beneft pension scheme adjustments - -
Depreciation charge 11 1,375 1,192
Lease premium expense 13 56 19
(Proft) on sale of assets - -
(Increase) in debtors (294) (643)
Increase in creditors excluding bank loan 5,282 652
(Gains) / losses on investment (6,848) 1,767
(3,646) 545
Net cash infow from operating activities 5,815 635
(ii) ANALYSIS OF CHANGES IN NET DEBT
Cash at bank and in hand 15 1 Sep 2023
£’000
1,026		 Cash fows
£’000
325		 31 Aug 2024
£’000
1,351
Bank loans falling due within one year 16 (547) - (547)
Bank loans falling due after more than one year 17 (3,282) 547 (2,735)
Total (2,803) 872 (1,931)

The notes on pages 31 to 54 form part of these accounts

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L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

NOTES FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024

1 ACCOUNTING POLICIES

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) issued in October 2019 and effective 1 January 2020.

The functional currency of the School is considered to be GBP because that is the currency of the primary economic environment in which the School operates.

The accounts are drawn up under the historical cost convention, as modified by the revaluation of investments.

The Trustees conducted a thorough assessment of going concern prior to completion of their annual accounts. Following a review of budgets and forecasts, future cashflow projections and reserves, the Trustees consider that there are no material uncertainties about Latymer Foundation’s ability to continue as a going concern.

The School is a public benefit entity registered as a charity in England and Wales. It was registered as a charity on 12 November 1963 (charity number: 312714).

In the application of the accounting policies, Governors are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. These include legacy recognition, the liability of the defined benefit pension scheme and the property revaluation. 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 to which they relate. In the view of the Governors, 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 the carrying amounts in the next financial year.

The principal accounting policies are:

Fund accounting

The Permanent Endowment Fund is represented by part of the School’s freehold property held at 31 August 1996, and the investment proceeds of former investment properties. The Permanent Endowment Fund includes a legacy received during the year.

Resources received for specific purposes, where the Governors are given power to retain them or expend them, are disclosed in an appropriate Expendable Endowment Fund.

Resources received for specific purposes where the Governors do not have the power to choose how to expend them are disclosed as Restricted Funds.

Other resources are shown as Unrestricted Funds to be applied at the discretion of the Governors. A proportion of the unrestricted accumulated surplus income is held in a designated Buildings and Bursary Fund, to assist in financing future expenditure on tangible fixed assets and bursaries over the short to medium term.

Further details of each fund are disclosed in note 23.

Accounting for income

School fees and related income are treated as income for the year to which they relate. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the School from its unrestricted funds, but include contributions received from endowment funds for scholarships, bursaries and other grants.

Cash donations, gifts and other income are recognised in the accounts as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable where material.

Investment income is recognised in the accounting year to which it relates.

Legacy Income

Income from legacies is recognised where evidence of entitlement exists, the value is measurable with sufficient reliability, and on the earlier of the date of receipt of finalised estate accounts, the date of payment or where there is sufficient evidence that the legacy will probably be received. In addition, full provision is made for any clawback of legacy payments where notification of such clawback is received.

Expenditure and cost accounting

All revenue expenditure is charged in the accounting year to which it relates. Expenditure is accrued as soon as a liability is considered probable. Expenditure is allocated to expense headings either on a direct cost basis, or apportioned on a consistent basis. The irrecoverable element of VAT is included with the item of expense to which it relates. Governance costs comprise external audit fees.

Investments

Listed investments are included in the balance sheet at market value as at 31 August 2024. Inevitably market valuations fluctuate over time, sometimes significantly, including over the period subsequent to the balance sheet date. However, given the long-term nature of its investment portfolio, the School does not believe that there has been any material diminution in investment valuations subsequent to the balance sheet date.

Unlisted investments are valued with reference to the most recent valuations provided by the fund manager at 31 August 2024. The School does not believe that there is any evidence of a material permanent reduction in these valuations subsequent to the balance sheet date.

Unrealised gains and losses arising on the revaluation of investments are credited or charged to the Statement of Financial Activities.

Consolidation

The charity has a 100% owned subsidiary, 1624 Limited, a trading company established primarily for the sports centre. Group accounts have been prepared, consolidating the results of this subsidiary on a line-by-line basis. Balances and transactions between the two entities are eliminated on consolidation. The unconsolidated results of the charity alone comprise total income of £39,374,000 (2023: £36,058,000) and net movement in funds for the year of £9,461,000 (2023: £90,000).

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

31

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

Tangible fixed assets

School buildings and other educational properties are stated at existing use value with vacant possession. The School has elected, in accordance with Section 35.10(d) of FRS 102, to use the carrying value on 1 September 2014, the date of transition to FRS 102, of the School’s freehold interests in land and buildings previously carried at a valuation, as their deemed cost. This valuation was at 31 August 2013 on the basis of Market Value for Existing Use. Depreciation on this freehold property (excluding land) is provided at 2% per year on a straight-line balance basis. This method of depreciation estimation was effective 1 September 2020 to better reflect the reduction in the value of a property asset; prior to this date the estimate was 4% on a reducing line basis.

Depreciation is provided to write off cost, less estimated residual values, over their expected useful lives from when first brought into use. Depreciation is calculated at:

----- Start of picture text -----
Motor vehicles 25% per annum on cost
Equipment excluding Computer 25% per annum on cost
Computer and older equipment 33% per annum on cost
20% per annum on cost
Furniture and fittings
Building Improvements 5-10% per annum on cost
----- End of picture text -----

All tangible fixed assets costing more than £2,500 are capitalised and included at cost, including any incidental expenses of acquisition and irrecoverable VAT.

Chiswick sports grounds

The School acquired a 38-year lease of sports grounds and buildings thereon in April 2023, referred to as the Chiswick Sports Grounds. The purchase cost of the lease plus initial direct costs incurred are recorded as a lease premium to be charged over the period of the lease.

Debtors

Trade 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.

Pension costs

Contributions to the Teachers’ Pension Scheme are charged to the statement of financial activities in the year in which they become payable. The Teachers’ Pension Scheme 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) where it is not possible to identify the School’s share of the assets and liabilities. See note 9 for more information on the scheme.

Contributions to the School’s group stakeholder pension scheme are charged to the statement of financial activities in the year in which they become payable.

Contributions to the School’s defined benefit scheme are charged to the statement of financial activities so as to spread the cost of pensions over employees’ expected working lives with the School. Variations to pension costs caused by differences between the assumptions used and actual experience are spread over the average remaining working lives of the current employees at each actuarial valuation date.

Termination and redundancy benefits

Termination and redundancy costs are accounted for in the year in which the individual is made aware of the termination or redundancy.

Operating leases

Costs incurred under non-cancellable operating leases for machinery and equipment and for head-lease expenditure on property leases are charged on a straight-line basis over the lease terms, even if the payments are not made on such a basis.

Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with accrued income, trade and other debtors. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise bank loans, trade creditors, other creditors and accruals. At the balance sheet date, the School held investments at fair value through income and expenditure of £84,212,000 (2023: £71,651,000).

Creditors

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.

Total return accounting

The trustees resolved to adopt the total return approach to investments held in the permanent endowment fund with an effective date of 1 August 2020. By adopting this approach, there is no requirement for the investment portfolio to generate a set level of income and this allows greater investment flexibility, which in turn may also increase overall returns.

Parents’ deposits

The School receives a deposit from parents upon acceptance of a place for their child. Up until 2017 the School refunded 50% by deduction from the first term’s bill, and the remaining 50% after the pupil leaves. For pupils joining from 2017, 100% of the deposit is retained until after the pupil leaves. As the school does not have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date, in line with the requirements in FRS102 the balance of the deposits held at 31 August 2024 has been included within current liabilities.

32

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

2 NET SCHOOL FEES RECEIVABLE

2024
£’000
School fees receivable
Gross School fees
34,725
Less bursaries and scholarships
(5,547)		 2023
£’000
32,358
(5,040)
29,178 27,318
Other income
Registration fees
251
Catering receipts
957
Grant income
21
Recharged school trips
1,143
Other
329		 193
923
56
1,024
231
2,701 2,427
31,879 29,745

Income from charitable activities for the charity is the same as for the group and is unrestricted.

3 OTHER TRADING ACTIVITIES

3 OTHER TRADING ACTIVITIES
2024 2023
£’000 £’000
1624 Limited income 477 470
Chiswick leases 651 236
Lettings 250 60
Cafeteria income 140 143
Other 43 38
1,561 947

Other trading activities income for the charity total £1,551,000 (2023: £939,000).

4 DONATIONS AND LEGACIES

4 DONATIONS AND LEGACIES
2024 2023
£’000 £’000
To fund bursaries
4,067		 3,402
For other purposes
469		 430
4,536 3,832

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

33

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

5 INVESTMENT INCOME

5 INVESTMENT INCOME
2024 2023
Unrestricted funds £’000 £’000
Securities 202 251
Rent receivable from investment properties 40 40
Cash 96 30
338 321
From expendable endowment funds:
Securities 627 673
Total Unrestricted 965 994
Restricted funds
Securities 211 280
Permanent endowment funds
Securities 232 268
1,408 1,542

Income from endowment investments is allocated to unrestricted income.

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

34

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

6 ANALYSIS OF EXPENDITURE

6 ANALYSIS OF EXPENDITURE
Group Staf costs Depreciation
&		 Other Total
2024		 Total
2023
Amortisation
Charitable expenditure £’000 £’000 £’000 £’000 £’000
Teaching 15,654 - 9 15,663 14,470
Premises 773 1,179 3,912 5,864 4,989
Other Educational costs 4,754 196 2,949 7,899 7,912
Establishment costs 487 - 3,022 3,509 3,004
Catering - - 1,724 1,724 1,707
Recharged school trips - - 1,129 1,129 997
Other - - 56 56 90
Total charitable expenditure 21,668 1,375 12,801 35,844 33,169
Expenditure on raising funds
Development costs 733 - - 733 703
Investment management fees - - 194 194 337
Total expenditure on raising funds 733 - 194 927 1,040
Total expenditure 22,401 1,375 12,995 36,771 34,209

Governance costs of £38,000 are included within Establishment costs and comprise audit fees (see note 10).

Expenditure for the Charity alone is lower by £10,000 (2023: £8,000) in relation to Establishment costs; the difference includes audit fees for 1624 Limited. Governance costs for the charity alone are £35,000.

7 STAFF COSTS

Salaries and wages
Social security costs
Pension costs (Note 9)
Staf health insurance
Aggregate employee benefts of key management personnel		 2024
£’000
2023
£’000
16,630
15,644
1,804
1,629
3,813
3,354
154
175
22,401
20,802
459
506

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

35

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

7 STAFF COSTS (continued)

Pension costs are the contributions made by the Foundation to the following pension schemes:

2024 2023
Number
Number of higher paid employees in bands of:		 Number
£60,001 – £70,000
49		 58
£70,001 – £80,000
30		 27
£80,001 – £90,000
23		 12
£90,001 – £100,000
3		 4
£100,001 – £110,000
2		 3
£110,001 – £120,000
4		 2
£120,001 – £130,000
1		 -
£130,001 – £140,000
1		 -
£170,001 – £180,000
-		 1
£180,001 – £190,000
1		 -
£230,001 – £240,000
1		 -
£250,001 – £260,000
-		 1

93 (2023: 76) of the higher paid employees are in the Teachers’ Pensions scheme (a defined benefit scheme). The total value of these contributions for the year was £1,802,091 (2023: £1,725,000).

Termination and redundancy costs are accounted for in the year in which the compensation agreement is signed. Termination costs of £10,000 (2023: £52,307) were incurred in the year and £nil was outstanding at the year-end date (2023: £nil).

The average number of employees during the year was:

2024 2023
Number Number
Teaching staf 166 163
Peripatetic music staf 40 37
Administrative and support staf 180 171
386 371

36

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

8 RELATED PARTY TRANSACTIONS

No governor received remuneration. No governors were reimbursed for expenses (2023: 1 Governor £365).

The School received donations totalling £59,693 (2023: £6,408) in the year from 9 (2023: 8) governors.

In accordance with paragraph 27 of its Governance Scheme dated 3 August 1998 the School maintains insurance to indemnify Board members. Premiums paid during the year amounted to £6,442 (2023: £6,134).

Transactions with parents who are Governors are completed on an arm’s length basis.

The Governor Charlie Wijeratna was also a director of the subsidiary company 1624 Limited.

The Latymer Foundation Group Stakeholder Pension Scheme

The School operates a Group Stakeholder pension scheme for support staff which opened to teaching staff in September 2021. New teaching staff are automatically enrolled into this scheme; staff employed pre-September 2021 have the option to remain in TPS or move to the Group Stakeholder Pension Scheme. Employees contribute a minimum of 5% of their salary, and the School up to 21%.

The total cost of the contributions to this scheme made by the charity for these employees was £922,720 (2023: £717,520).

Under the Government’s auto-enrolment legislation the School’s staging date was February 2014. Since that date all support staff choosing not to join the Latymer Foundation Group Stakeholder Pension Scheme have been auto-enrolled into the Government’s NEST scheme. The cost of contributions to this scheme was £6,329 (2023: £4,679).

9 PENSION COSTS

Teachers’ Pension Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £2,371,367 (2023: £2,228,321) and at the year-end £224,892 (2023: £196,120) 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.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation has valued the ‘greater value’ benefits for groups of relevant members.

The Latymer Upper School Pension and Life Assurance Scheme

The Latymer Upper School Pension and Life Assurance Scheme is a defined benefit scheme established for former support staff. This scheme was closed to new members in 1994, and closed to future accruals in 2009.

A full actuarial valuation of the defined benefit scheme was carried out at 1 November 2022 and updated to 31 August 2024 by a qualified independent actuary. The major assumptions at 31 August 2024 used by the actuary were:

Rate of increase in pensions in payment 2024
2023
5.0%
5.0%
Rate of revaluation in deferment (CPI) 2.6%
2.7%
Discount rate 4.8%
5.3%
Infation assumption 3.2%
3.3%

Mortality follows the S4PxA tables with mortality improvements in line with CMI 2023 projections.

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%.

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

37

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

9 PENSION COSTS (continued)

Assuming retirement at age 65, the life expectancy in years is as follows:

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |For a male aged 65 now|21.1|21.3| |At 65 for a male member aged 45 now|22.1|22.2| |For a female aged 65 now|23.6|23.7| |At 65 for a female member aged 45 now|24.7|24.8|

----- End of picture text -----

The overall expected return on assets has been derived by considering the long expected rate of return for each asset class and taking the average of these rates weighted by the proportion invested in each asset class at the year end.

----- Start of picture text -----
|||| |---|---|---| |£|£| |Actual return on plan assets|287,304|27,627|

----- End of picture text -----

The School expects to contribute £0 to its defined benefit pension plan in the year to 31 August 2025

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£’000|£’000| |Reconciliation of present value of plan liabilities| |At 1 September|1,180|1,359| |Interest on obligation|61|56| |Actuarial loss / (gain)|74|(183)| |(54)|(52)| |Benefits paid| |At 31 August|1,261|1,180| |Composition of plan liabilities| |Schemes wholly or partly funded|1,261|1,180| |2024|2023| |£’000|£’000| |Reconciliation of fair value of plan assets| |At 1 September|1,720|1,744| |Expected return on assets|89|72| |Actuarial gain / (loss)|198|(44)| |Employer contributions|-|-| |(54)|(52)| |Benefits paid| |At 31 August|1,953|1,720|

----- End of picture text -----

38

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

9 PENSIONS COSTS (continued)

9 PENSIONS COSTS(continued)
Reconciliation to Balance Sheet 2024
£’000		 2023
£’000
Fair value of plan assets 1,953 1,720
Present value of scheme obligations (1,261) (1,180)
Net unrecognised gain 692 540

Composition of plan assets

Composition of plan assets
2024
2024		 2023 2023
Equities £’000
Proportion
1,313
67.2%		 £’000
1,141		 Proportion
66.4%
Absolute Return 250
12.8%		 255 14.8%
Bonds 347
17.8%		 298 17.3%
Cash 43
2.2%		 26 1.5%
1,953 1,720

Amounts recognised in the SOFA

Amounts recognised in the SOFA
2024
2024		 2023 2023
Interest on obligation £’000
£’000
61		 £’000
56		 £’000
Expected return on assets (89) (72)
Net fnance charge (28) (16)
Total operating charge (28) (16)

Analysis of amount recognised in the SOFA

Analysis of amount recognised in the SOFA
2024 2023
£’000 £’000
Actual return less expected return on pension scheme asset 194 (39)
Changes in assumptions underlying the present value of the scheme liabilities (70) 177
Surplus not recognised (124) (138)
Actuarial (loss) / gain recognised in SOFA - -
Cumulative amount of losses recognised in SOFA (487) (487)

39

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

9 PENSIONS COSTS (continued)

Five year history

9 PENSIONS COSTS(continued)
Five year history
2024 2023 2022 2021 2020
£’000 £’000 £’000 £’000 £’000
Present value of plan liabilities (1,261) (1,180) (1,359) (1,952) (1,995)
Fair value of plan assets 1,953 1,720 1,744 1,974 1,644
Surplus / (Defcit) 692 540 385 22 (351)
Experience adjustments on plan liabilities (14) (21) (11) 8 (13)
Experience adjustments on plan assets 198 (45) (219) 321 85
Experience gains and losses on Scheme liabilities (60) 204 587 19 (42)

There are historic insured pension policies however there is no net impact on the balance sheet or pension expense as a result of their exclusion.

10 AUDITOR’S REMUNERATION

10 AUDITOR’S REMUNERATION
2024 2023
£’000 £’000
Fees payable to the auditor:
For the audit of the annual accounts 38 36
For consultancy advice 22 23
For tax advice 1 24

11 TANGIBLE FIXED ASSETS FOR USE BY THE CHARITY

Freehold Motor Computer Equipment Assets Total
land and
buildings		 vehicles equipment furniture
and fttings		 under
construction
Group and Charity £’000 £’000 £’000 £’000 £’000 £’000
Cost / valuation
At 1 September 2023 56,768 268 1,164 3,266 811 62,277
Additions 564 14 265 193 1,449 2,485
Transfer 126 - - - (126) -
Disposals - (16) (519) (57) - (592)
At 31 August 2024 57,458 266 910 3,402 2,134 64,170
Depreciation
At 1 September 2023 11,646 217 1,117 2,539 - 15,519
Charge for year 995 15 79 286 - 1,375
Disposals - (16) (519) (57) - (592)
At 31 August 2024 12,641 216 677 2,768 - 16,302
Net book value
At 31 August 2024 44,817 50 233 634 2,134 47,868
At 31 August 2023 45,122 51 47 727 811 46,758

40

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

12 INVESTMENTS

12 INVESTMENTS
Market value Market value
2024 2023
UNRESTRICTED FUNDS £’000 £’000
Building and Bursary Fund
Financial investments 13,475 11,973
Cash 62 144
13,537 12,117
Reserve Fund
Financial investments 8,225 2,770
Cash 1 0
8,226 2,770
Total Unrestricted Funds 21,763 14,887
PERMANENT ENDOWMENT FUNDS
Financial investments 13,798 12,480
Cash 105 (165)
Total Permanent Endowment Funds 13,903 12,315
EXPENDABLE ENDOWMENT FUNDS
Music & Drama
Financial investments 1,009 958
Cash 11 16
1,020 974
Bursary Endowment Fund
Financial investments 34,097 30,539
Cash 56 (3)
34,153 30,536
Prize Fund
Financial investments 166 156
Cash - (1)
166 155
Teachers’ Bequest
Financial investments 105 98
Cash - 2
105 100

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

41

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

12 INVESTMENTS (continued)

EXPENDABLE ENDOWMENT FUNDS(continued)
Recital Hall Maintenance
Financial investments
Cash
Stein Fund
Financial investments
Cash		 Market value
2024
£’000
Market value
2023
£’000
170
159
-
3
170
162
101
95
-
2
101
97
Total Expendable Endowment Funds 35,715
32,024
RESTRICTED FUNDS
Bursaries Appeal
Financial investments
Cash
Current Bursaries
Financial investments
Cash		 3,407
3,158
19
1
3,426
3,159
9,367
9,251
38
15
9,405
9,266
Total Restricted Funds 12,831
12,425
Total fxed assets investments 84,212
71,651

Fixed assets investments
Market value at 1 September 2023
Additions at cost
Disposals at market value
Net investment gains / (losses) in the year		 Total
£’000
71,651
78,175
(72,462)
6,848
Market value at 31 August 2024 84,212

In the year the School changed Investment Managers from Evelyn Partners to Partners Capital. During the transfer of funds the majority of investments were sold by the former Investment Managers and the proceeds transferred to the new Investment Managers. The addition and disposal figures above include these transactions.

42

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

12 INVESTMENTS (continued)

12 INVESTMENTS(continued)
Market Percent of
value portfolio
The portfolio consists of the following: £’000 (%)
Multi-assets 33,694 40.0
Overseas equities 14,754 17.5
Private debt 14,677 17.4
Sterling liquidity 9,734 11.6
Alternative investments 5,655 6.7
UK fxed income 5,406 6.4
Cash 292 0.4
84,212 100

Subsidiary undertaking

The School owns all the issued share capital of 1624 Limited, which is incorporated in Great Britain, registered in England and Wales as company number 09474028 and has a reporting date of 31 August. This company was established as a trading company primarily for the new sports centre and began trading in December 2015. The results have been consolidated in the group figures. In the year ended 31 August 2024 1624 Limited had turnover of £477,154 (2023: £469,521), net profit of £37,715 (2023: £38,634) which will be gift-aided to the School, and net assets of £1 (2023: £1).

13 LEASE PREMIUM

13 LEASE PREMIUM
Chiswick Chiswick
Sports Ground
Sports Ground
2024 2023
Cost £’000 £’000
At 1 September 2,109 0
Additions 0 2,109
At 31 August 2,109 2,109
Accumulated amortisation
At 1 September 19 -
Charge for the year 56 19
At 31 August 75 19
Carrying amount
At 31 August 2,034 2,090

14 DEBTORS

14 DEBTORS
Group
Group
Charity		 Charity
2024
2023
2024		 2023
£’000
£’000
£’000		 £’000
Outstanding fees 87
35
87		 35
Other debtors 363
273
333		 255
Prepayments 443
534
443		 534
Accrued income 797
553
797		 553
Amounts due from subsidiary company -
-
186		 76
1,690
1,395
1,846		 1,453

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

43

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

15 CASH AT BANK AND IN HAND

15 CASH AT BANK AND IN HAND
Group
Group
Charity		 Charity
2024
2023
2024		 2023
£’000
£’000
£’000		 £’000
School bank accounts and cash balances 1,351
1,026
1,191		 958

16 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Charity		 Charity
2024
2023
2024		 2023
£’000
£’000
£’000		 £’000
Bank loan 547
547
547		 547
Trade creditors 882
1,209
882		 1,209
Fees received in advance of term (see note 18) 3,006
553
3,006		 553
Deposits 1,385
1,299
1,385		 1,299
Deferred Income 65
41
65		 40
Taxation and social security 484
481
484		 481
Other creditors and accruals 1,152
1,384
1,148		 1,375
7,521
5,514
7,517		 5,504

17 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
Group
Charity		 Charity
2024
2023
2024		 2023
£’000
£’000
£’000		 £’000
Bank loans 2,735
3,282
2,735		 3,282
Fees received in advance of term (see note 18) 3,546
232
3,546		 232
6,281
3,514
6,281		 3,514

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

44

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

17 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR (continued)

Maturity of debt:

In one year or less, or on demand
In more than one year but not more than two years
In more than two years but not more than fve years
More than fve years		 Loans and
Overdrafts
2024
£’000
Loans and
Overdrafts
2023
£’000
547
547
547
547
2,188
1,641
-
1,094
3,282
3,829

18 FEES RECEIVED IN ADVANCE OF TERM

2024
£’000		 2023
£’000
Fees in advance brought forward 785 615
Released in year (553) (609)
Deferred in year 6,320 779
Fees in advance carried forward 6,552 785

19 COMMITMENTS UNDER OPERATING LEASES – LESSEE

As at 31 August 2024 the total future minimum commitment under non-cancellable operating leases for machinery and equipment is £15,000 (2023: £22,000). The total for property leases acquired in April 2023 is £16,671,000 (2023: £16,787,000).

Property
Leases
Machinery &
equipment
Total		 Total
2024
2024
2024		 2023
The total future minimum commitment arising: £’000
£’000
£’000		 £’000
In less than one year 9
793
802		 796
In one to fve years 6
3,172
3,178		 3,119
In more than fve years -
12,706
12,706		 12,894
15
16,671
16,686		 16,809

The amount expensed in the year was £21,000 for machinery and equipment (2023: £28,000) and £784,000 for property leases (2023: £280,000).

20 CAPITAL COMMITMENTS

The School had the following commitment for future capital expenditure not provided for in the financial statements:

2024 2023
£’000 £’000
Equipment - 148

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

45

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

21 OPERATING LEASES – LESSOR

The School is the lessor for the following leasehold property leases at Chiswick Sports Ground:

2024 2023
£’000 £’000
Payable within one year 651 651
Payable in the second to ffth year inclusive 2,337 2,457
Payable after fve years 6,778 7,311
9,766 10,419

The rental amount received in the year was £651,000 (2023: £236,000).

22 POST BALANCE SHEET EVENTS

On 6 December 2024 the School signed a long lease for a premium of £1,000,000 for the letting of the Wood Lane sports ground, effective 1 September 2025.

23 FUNDS OF THE SCHOOL

The School’s funds are analysed under the following headings:

a) Endowed Funds

Permanent Endowment

The Permanent Endowment Fund is represented by a proportion of the School’s freehold property held at 31 August 1996 and investments. The Permanent Bursary Fund includes a legacy received during the year.

Expendable Endowment

The Expendable Endowment Funds consist of numerous individual gifts and legacies given to the School over many years for specific purposes with the request that capital be preserved. The specific funds include:

----- Start of picture text -----
Bursary endowment fund to fund bursaries
Music and Drama to fund music and drama scholarships
Prize fund
to finance merit awards based on examination results
Teachers’ Bequest
to finance teachers’ research
Stein Bursaries fund to fund music lessons for bursary pupils
Recital Hall maintenance to fund the decoration and maintenance of the Recital Hall
----- End of picture text -----

b) Restricted Funds

Restricted Funds are used in accordance with specific restrictions imposed by the donor or trust deed. Specific funds include:

----- Start of picture text -----
Bursaries appeal to fund bursaries through annual giving
Other donations for bursaries to fund bursaries
Other donations
to fund various specific purposes
----- End of picture text -----

c) Unrestricted Funds

Unrestricted funds represent accumulated income from the School’s activities and other sources that are available for the general purposes of the School. A proportion of the unrestricted accumulated surplus income is held in a designated Buildings and Bursary Fund, to assist in financing future expenditure on tangible fixed assets and bursaries over an expected period of five years.

46

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

24 ANALYSIS OF GROUP NET ASSETS OF THE FOUNDATION’S FUNDS

Fixed Investments Investments Lease Cash Other net Long term Fund
assets premium current liabilities balances
assets
At 31 August 2024 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Permanent endowment fund (note 25) 5,311 13,903 - - 44 - 19,658
Expendable endowment funds (note 26) - 35,715 - - (3,259) - 32,456
Restricted funds (note 27) - 12,831 - - 2,464 - 15,295
Designated funds (note 28) - 13,537 - - 777 - 14,314
Unrestricted funds (note 28) 42,557 8,226 2,034 1,351 (6,257) (6,281) 41,630
Pension reserve (note 9 & 28) - - - - - - -
At 31 August 2024 47,868 84,212 2,034 1,351 (5,831) (6,281) 123,353
Fixed Investments Lease Cash Other net Long term Fund
assets premium current liabilities balances
assets
At 31 August 2023 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Permanent endowment fund (note 25) 5,467 12,315 - - - - 17,782
Expendable endowment funds (note 26) - 32,024 - - (3,176) - 28,848
Restricted funds (note 27) - 12,425 - - 2,639 - 15,064
Designated funds (note 28) - 12,117 - - 607 - 12,724
Unrestricted funds (note 28) 41,291 2,770 2,090 1,026 (4,189) (3,514) 39,474
Pension reserve (note 9 & 28) - - - - - - -
At 31 August 2023 46,758 71,651 2,090 1,026 (4,119) (3,514) 113,892

25 PERMANENT ENDOWMENT FUND

By way of a resolution, made in accordance with the Charities (Total Return) Regulations 2013, the Trustees adopted a total return approach to the investment component within the Permanent Endowment Fund on 1 August 2020. On adoption of the total return approach, the fund was analysed between the trust for investment, being the value realised from the sale of the endowed property in 2007 and the unapplied total return, being the balance of the fund. In agreeing the initial unapplied total return value, Trustees took the value of the investments at 31 March 2020.

On adoption of As at 31
As at 31
total return August 2024
August 2023
£’000 £’000
£’000
Value of Trust for Investment at 2007 5,521 5,521
5,521
Total RPI added annually since start date 2,589 4,457
4,233
Value of Preserved Endowment 8,110 9,978
9,754
Value of Permanent Endowment 10,633 13,253
12,315
Value of Unapplied total return 2,523 3,275
2,561

The Trustees agreed a policy for managing the unapplied total return, and this was effective from 1 September 2020. In line with this policy, a transfer of £224,000 was made to the preserved endowment to ensure its value is maintained in real terms. The level of income paid to the Foundation from the unapplied total return to support its charitable objectives in the year was £147,000 and this income is recorded in the Statement of Financial Activities. A transfer of £359,000 from the unapplied total return was made to the Buildings & Bursary Fund to finance future expenditure.

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

47

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

25 PERMANENT ENDOWMENT FUND (continued)

25 PERMANENT ENDOWMENT FUND(continued)
Preserved Unapplied Total
Endowment Total Endowment
Fund Return
£’000 £’000 £’000
At 1 September 2023 9,754 2,561 12,315
Movements for the year ended 31 August 2024
Investment return: dividends and interest - 220 220
Investment return: gains and losses - 1,254 1,254
Less: investment management costs - (30) (30)
Unapplied total return allocated to income in the period - (506) (506)
Transfer to preserved endowment 224 (224) -
As at 31 August 2024 9,978 3,275 13,253
Bursary endowment held in investments 650
Total investments at 31 August 2024 13,903
Balance at Income Expenditure Transfer Gains Balance at
1 September 31 August
2023 2024
£’000 £’000 £’000 £’000 £’000 £’000
Freehold land and buildings 5,467 - (156) - - 5,311
Total return 12,315 220 (30) (506) 1,254 13,253
Bursary endowment - 1,083 - - - 1,083
Other - 12 (1) - - 11
To 31 August 17,782 232 (187) (506) 1,254 19,658
Balance at Income Expenditure Transfer Losses Balance at
1 September 31 August
2022 2023
£’000 £’000 £’000 £’000 £’000 £’000
Freehold land and buildings 5,624 - (157) - - 5,467
Total return 12,747 268 (57) (256) (387) 12,315
Bursary endowment - - - - - -
Other 297 - - (297) - -
To 31 August 18,668 268 (214) (553) (387) 17,782

48

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

26 EXPENDABLE ENDOWMENT FUNDS

Balance at Income Expenditure Transfer Gains Balance at
1 September 31 August
2023 2024
£’000 £’000 £’000 £’000 £’000 £’000
Bursary endowment fund 27,452 726 - (372) 3,176 30,982
Music and Drama 884 - - (3) 51 932
Prize fund 156 - - (4) 15 167
Teachers’ Bequest 101 - - - 5 106
Stein Bursaries fund 98 - - 1 5 104
Recital Hall Maintenance 157 - - (1) 9 165
To 31 August 28,848 726 - (379) 3,261 32,456

Income from endowment investments is treated as unrestricted income, and related expenditure treated as unrestricted expense. Transfers totalling £536,000 were made to the Unrestricted fund. Transfers of £159,000 were made to the Expendable endowment fund in respect of legacies received.

Balance at Income Expenditure Transfer Losses Balance at
1 September 31 August
2022 2023
£’000 £’000 £’000 £’000 £’000 £’000
Bursary Endowment fund 27,973 900 - (492) (929) 27,452
Music and Drama 922 - - 2 (40) 884
Prize fund 164 - - (3) (5) 156
Teachers’ Bequest 105 - - - (4) 101
Stein Bursaries fund 101 - - 1 (4) 98
Recital Hall Maintenance 169 - - (5) (7) 157
To 31 August 29,434 900 - (497) (989) 28,848

49

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

27 RESTRICTED FUNDS

27 RESTRICTED FUNDS
Balance at Income Expenditure Transfer Gains Balance at
1 September 31 August
2023 2024
£’000 £’000 £’000 £’000 £’000 £’000
Bursaries appeal 3,063 725 (642) 45 285 3,476
Other donations for bursaries 11,600 1,702 (2,567) 58 833 11,626
Non-bursary donations 401 470 (89) (589) - 193
To 31 August 15,064 2,897 (3,298) (486) 1,118 15,295

Non-bursary donations include income and expenditure for specific construction work and buildings, including the Chiswick Sports Ground, and outreach programs. Transfers of £473,000 were made to the Unrestricted fund in respect of capital expenditure funded by donations. Legacy receipts of £60,000 were transferred to the Expendable Endowment fund and £40,000 received from the Unrestricted fund.

Balance at Income Expenditure Transfer Losses Balance at
1 September 31 August
2022 2023
£’000 £’000 £’000 £’000 £’000 £’000
Bursaries appeal 3,296 510 (651) 10 (102) 3,063
Other donations for bursaries 11,923 2,245 (2,177) - (391) 11,600
Non-bursary donations 619 430 (94) (554) - 401
To 31 August 15,838 3,185 (2,922) (544) (493) 15,064

50

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

28 UNRESTRICTED FUNDS (net accumulated surplus and pension reserve)

Balance at Income Expenditure Transfer Gains Balance at
1 September 31 August
2023 2024
Group £’000 £’000 £’000 £’000 £’000 £’000
General 35,232 34,119 (33,255) (4,149) - 31,947
Legacy fund 1,472 124 - (139) - 1,457
Reserve fund 2,770 - (1) 5,300 157 8,226
Total Unrestricted 39,474 34,243 (33,256) 1,012 157 41,630
Buildings & Bursary Designated fund 12,724 203 (30) 359 1,058 14,314
To 31 August 52,198 34,446 (33,286) 1,371 1,215 55,944
Balance at Income Expenditure Transfer Gains Balance at
1 September 31 August
2023 2024
Charity £’000 £’000 £’000 £’000 £’000 £’000
General 35,232 34,111 (33,247) (4,149) - 31,947
Legacy fund 1,472 124 - (139) - 1,457
Reserve fund 2,770 - (1) 5,300 157 8,226
Total Unrestricted 39,474 34,235 (33,248) 1,012 157 41,630
Buildings & Bursary Designated fund 12,724 203 (30) 359 1,058 14,314
To 31 August 52,198 34,438 (33,278) 1,371 1,215 55,944

The designated Buildings and Bursary Fund was established to assist in financing future expenditure on tangible fixed assets and bursaries over an expected period of five years.

The following transfers were made:

----- Start of picture text -----
Income less expenditure on Endowment funds 536
Capital expenditure funded by donations 473
Permanent Endowment Fund including unapplied total return 506
Legacy receipts to the Restricted fund (40)
Legacy receipts to the Expendable Endowment fund (99)
Other (5)
Total transfers 1,371
----- End of picture text -----

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

51

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

28 UNRESTRICTED FUNDS (continued)

Balance at Income Expenditure Transfer Gains/ Balance at
1 September (losses) 31 August
2022 2023
Group £’000 £’000 £’000 £’000 £’000 £’000
General 30,004 31,432 (31,016) 4,812 - 35,232
Legacy fund 1,452 30 - (10) - 1,472
Whitton Sports Ground 1,258 - - (1,608) 350 -
Reserve Fund 4,222 - - (1,600) 148 2,770
Total Unrestricted 36,936 31,462 (31,016) 1,594 498 39,474
Buildings & Bursary Designated fund 12,926 251 (57) - (396) 12,724
To 31 August 49,862 31,713 (31,073) 1,594 102 52,198
Balance at Income Expenditure Transfer Gains/ Balance at
1 September (losses) 31 August
2022 2023
Charity £’000 £’000 £’000 £’000 £’000 £’000
General 30,004 31,424 (31,008) 4,812 - 35,232
Legacy fund 1,452 30 - (10) - 1,472
Whitton Sports Ground 1,258 - - (1,608) 350 -
Reserve Fund 4,222 - - (1,600) 148 2,770
Total Unrestricted 36,936 31,454 (31,008) 1,594 498 39,474
Buildings & Bursary Designated fund 12,926 251 (57) - (396) 12,724
To 31 August 49,862 31,705 (31,065) 1,594 102 52,198

52

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

29 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023

FOR THE YEAR ENDED 31 AUGUST 2023

Unrestricted Restricted Expendable Permanent
2023		 2022
funds funds endowment endowment
Total		 Total
Note funds fund
funds		 funds
£’000 £’000 £’000 £’000
£’000		 £’000
INCOME AND ENDOWMENTS FROM:
Charitable activities
Net school fees receivable 2 27,318 - - -
27,318		 26,125
Other income 2 2,424 3 - -
2,427		 2,010
Other trading activities 3 947 - - -
947		 586
Gain on disposal of fxed assets - - - -
-		 22
Donations and legacies 4 30 2,902 900 -
3,832		 7,434
Investments 5 994 280 - 268
1,542		 1,332
Total income 31,713 3,185 900 268
36,066		 37,509
EXPENDITURE ON:
Charitable activities 6 30,169 2,843 - 157
33,169		 29,851
Raising funds 6 904 79 - 57
1,040		 982
Total expenditure 31,073 2,922 - 214
34,209		 30,833
Net loss on investments 102 (493) (989) (387)
(1,767)		 (7,484)
Transfers between funds 1,594 (544) (497) (553)
-		 -
Net income 2,336 (774) (586) (886)
90		 (808)
Pension scheme actuarial gain 9 - - - -
-		 (5)
Net movement in funds
for the year		 2,336 (774) (586) (886)
90		 (813)
Fund balances brought forward
at 1 September		 49,862 15,838 29,434 18,668
113,802		 114,615
Fund balances carried forward
at 31 August		 52,198 15,064 28,848 17,782
113,892		 113,802

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

53

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

30 SUBSIDIARY

Shares held
Country of Reporting
Name Number Incorporation Date Class No. %
1624 Limited 09474028 England and Wales 31 August 2024 Ordinary 1 100
2024 2023
£ £
Total income 477,154 469,521
Total expenditure (439,439) (430,887)
Proft on ordinary activities before tax 37,715 38,634
Tax on proft on ordinary activities - -
Proft on ordinary activities after tax 37,715 38,634
Gift Aid payment to Foundation (37,715) (38,634)
Retained proft for the fnancial year - -
Total assets 190,044 86,181
Total liabilities (190,043) (86,180)
Total net assets 1 1
Called up share capital 1 1
Retained proft - -
Shareholders’ funds 1 1

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2024

54