2025-08-31-accounts

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Charity Registration Number 312714

Consolidated Report and Financial Statements YEAR ENDED 31 AUGUST 2025

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

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

Principal Addresses and Advisers

Address

Latymer Upper School King Street Hammersmith London W6 9LR

Latymer Prep School 36 Upper Mall Hammersmith London W6 9TA

Bankers

National Westminster Bank 22 King’s Mall London W6 OQD

Investment Advisers

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

Solicitors

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

Auditors

Crowe UK LLP 2nd Floor 55 Ludgate Hill London EC4M 7JW

Osborne Clarke LLP One London Wall London EC2Y 5EB

Insurance Brokers

AssuredPartners Eleven Brindleyplace 2 Brunswick Square Birmingham B1 2LP

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

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

David Benson Mark Brewer Pauline Campbell Mark Edwards (resigned 18 November 2024) Chantal Free Lesley French (appointed 12 March 2025)

Jamie Grant Rob Lewis Hadi Moussa (appointed 19 September 2025) Caroline Ng (appointed 8 January 2025) Annamarie Phelps (resigned 24 February 2025) Alex Plavsic (resigned 12 March 2025)

David Price Charlie Wijeratna (resigned 26 November 2025)

Leanne Wood

The Head

Su Wijeratna BA

Finance Director

Camilla York BA FCA

Clerk to Governors

Lucinda Evans BA

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

Governor Committees

Finance and General Purposes	Chair	Alex Plavsic(resigned 12 March 2025)
		Charlie Wijeratna(from 12 March 2025 until 12 November 2025)
		Caroline Ng(from 12 November 2025)
	Members	Kieran Murphy
		Zafar Ahmadullah(from 1 September 2024)
		Mark Edwards(resigned 18 November 2024)
		Charlie Wijeratna(member until 12 March 2025 and Chair
		until 12 November 2025)
		Caroline Ng(invited until 8 January 2025, member from 8 January 2025
		until 12 November 2025 and then Chair)
Audit and Risk	Chair	Mark Brewer
	Members	Mark Edwards(from 1 September 2024, resigned 18 November 2024)
		Pauline Campbell
		Anne Barnard(invited)
Investment	Chair	Charlie Wijeratna(resigned 12 May 2025)
		Zafar Ahmadullah(Chair from 12 May 2025)
	Members	Zafar Ahmadullah(Member until 12 May 20205 and then Chair)
		Jamie Grant
		Massimiliano Belingheri(invited)
		Federico Foglia(invited)
		Mike Sidhom(invited)
Education and Pastoral	Chair	David Price
	Members	David Benson
		Rob Lewis
		Annamarie Phelps(resigned 24 February 2025)
		Leanne Wood( from 1 September 2024)
Nominations, Remuneration and	Chair	Kieran Murphy
Governance Committee
	Members	Mark Brewer
		Pauline Campbell
		Chantal Free(resigned 27 June 2025)

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

Introduction from Chair of Trustees

2025 was another successful year for the School, which has remained as busy and vibrant as ever.

Early in the year, the independent sector experienced significant financial shocks with the abolition of business rates relief and the introduction of VAT on fees. We are acutely conscious of the additional pressure these changes have placed on the Latymer parent community and the significant rise in fees we have been obliged to levy. It remains a key tenet for us to use our resources as best we can to offer all our pupils the best academic, pastoral and co-curricular experience. Our objective is to provide them with an enjoyable, challenging and rewarding time with us and to position them well for adult life thereafter.

Another of the Foundation’s key principles is the capacity to offer a Latymer education to able children whose families cannot afford the fees. We remain firmly committed to our bursary programme at a time when, because of the aforementioned financial challenges, other schools may have little choice but to revisit their commitments.

This principle is key to Latymer’s culture and has been for many years. Our ability to continue this programme is down to the remarkable financial support, large and small, we receive from many members of the Latymer community. That support will allow us to continue to offer our life-changing educational experience, whatever economic or other travails we experience. We are grateful for it.

Our commitment to education does not end with those fortunate enough to study at the School. We deliver a range of programmes in local primary schools, some secondary schools and other organisations and, this year, over 4,000 children participated. These programmes provide opportunities for our staff and students, for whose commitment we are grateful, and are funded by the generosity of parents and alumni.

Academically, our pupils showed continued high achievement in public examinations. Of 1,643 papers entered by Latymer students at GCSE, 96% achieved Grade 7-9. At A-level, of 634 entries, over 81% achieved A* or A, the second year running the School has topped 80%. University destinations are a roll call of the best the UK and, increasingly, the world can provide, with 35 admitted this year to Oxford and Cambridge alone. While these achievements are a testament to the hard work and ability of our pupils, they could not be achieved without the quality of the

teaching and other support our staff offer. Spending a day at the School listening to different lessons is both a rewarding and exhilarating experience.

The breadth of our co-curricular offer remains exemplary and we think it important that pupils have an opportunity to participate in a variety of sports, drama, art and music. Taking part and enjoying it are critical while, for some, tremendous skills are developed leading to life-long pursuits. These activities are important not just in and of themselves but in teaching our pupils life skills such as self-reliance, determination, teamwork and communication.

Work continues at our new sports fields in Chiswick and we will shortly be able to offer all our field sports on one site, much easier to access from King Street than the facilities at Wood Lane. We have also started preparatory work to understand our potential to enhance and extend the buildings on the main School site, allowing us to improve the experience for both staff and pupils.

For some people, Latymer provides a lifetime of experiences. Two such were teachers Graham Bearman and Robert Orme, both of whom sadly died last year and this year respectively. Both worked at the School for their entire career, infusing several generations with a love of history and history of art as well as rugby and cricket. We also mourned the untimely passing this summer of Jim Power, a key and very popular member of our security team. They will all be missed.

Other long-serving staff have retired or moved on; we said au revoir and thank you to Barry Bladon and Justin Joseph.

Latymer’s body of Governors is made up of individuals who commit their time, knowledge and experience to determine the direction of the School, ensure its financial sustainability and support the Head and her team to deliver the remarkable results set out in this report. This year has seen the retirement from the Governing body of Alex Plavsic, Charlie Wijeratna and Annamarie Phelps, and I would like to thank them for their wisdom and support over many years.

Latymer goes from strength to strength and it is a privilege to be the chair of Governors of such a successful and thriving organisation.

Kieran Murphy December 2025

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Head and Principal Foreword

As the dust settles on a year of extraordinary achievement and momentum at Latymer Upper School, our community continues to meet the future with boldness, generosity and ambition. From exceptional exam results to national sporting triumphs, pioneering curriculum reform to widening access through our bursary programme, 2024/25 has exemplified what it means to be a Latymerian.

Excellence and innovation remain central to our mission. Our reform of the Middle School curriculum is now well underway, ensuring students engage more deeply, think more creatively and develop the cognitive fortitude that defines a Latymer education. We want our pupils to be academically ambitious and intellectually curious while equipping them with the skills and resilience to thrive in a complex world.

The heart of Latymer lies not only in academic excellence but in our commitment to access and inclusion. In line with Edward Latymer’s original philanthropic vision, we’re proud that we are now in a position to be able to provide bursary support to one in four students in the Upper School, with an average fee remission of 86%. These bursaries are transformational for the students who receive them – and for our community as a whole. Our longstanding and expanding community partnerships now involve over 250 local schools, charities and civic organisations comprising over 5,000 volunteer hours annually, reflecting the civic responsibility we seek to instil in all Latymerians.

It has been a year of record-breaking academic success. At A-Level, our students broke the 81% A-A grade barrier for the second time. Almost a quarter of the cohort achieved straight A grades and 95% of all results were A*-B, the highest in our history. These achievements reflect not just the ability and commitment of our students but the expertise and dedication of our teaching staff.

University destinations again reflect the ambition and breadth of our students’ aspirations. 85% who applied to university (both UK and international) secured their first-choice, with Oxford the most popular destination. We set a new school record for Oxbridge places with 35 admitted. All 11 of our aspiring medics were successful in securing places at universities such as Cambridge, Bristol, Exeter, Manchester and UCL. We continue to see strong interest in international higher education, with students receiving offers from Bocconi, Duke, Dartmouth, UChicago, Georgetown, IE and UPenn.

Our students continue to shine in co-curricular life. Latymer’s team were crowned national Philosothon champions, in which students debate and analyse a

philosophical question, for the first time. In sport, 2024/25 saw a landmark victory: our Girls’ Hockey team were crowned Tier 3 national champions, Latymer’s first-ever national hockey title. This historic win sits alongside successes across football, netball, rowing, rugby, fencing and cricket. The performing arts continue to flourish, with music and drama productions that inspire and delight, while departmental highlights include national recognition for our mathematics, science and English students through competitions and awards.

The Prep School continues to thrive, once again shortlisted in the Independent School of the Year Awards. Pupils and staff have embraced a forward-thinking approach to teaching and wellbeing, ensuring a dynamic, supportive learning environment. The Prep’s commitment to sustainability and social action is equally inspiring, from biodiversity initiatives and pre-loved clothing sales to securing the 2025 Eco-Schools Green Flag Award.

Academic excellence also flourished. Year 6 were crowned National Champions in the Quiz Club Maths Challenge Finals at Oxford University while also achieving second place in the NLT Reading Quiz. Fundraising events such as the quiz, and film nights have fuelled the Prep’s charitable efforts, with the swimathon alone seeing the pupils swim an incredible 7,000 lengths, raising £21,500, double last year’s total.

In music, pupils achieved success at the Richmond Festival, with the Latymer Singers winning the choral section and soloists gaining top honours. In sport, our swimmers excelled at the national Primary Schools’ Team Championships, winning both the 4x25m Freestyle and 4x25m Mixed Stroke.

Looking ahead, we remain ambitious. Building on the success of the Inspiring Minds campaign, we are focused on ensuring the long-term sustainability of our bursary provision. We will continue to invest in curriculum innovation, digital learning, pastoral care and, above all, our people, the brilliant and committed staff across the School.

It is a rare privilege to lead a school where excellence is matched by integrity, where tradition and innovation go hand in hand, and where every student is encouraged to become the best version of themselves. As we conclude another remarkable year, we extend our sincere thanks to the staff, students, parents, governors and alumni who all contribute to the life of Latymer. A school of excellence. A school of opportunity. A school with purpose. Latymer continues to set the standard and share it widely.

Susan Wijeratna Andrea Rutterford Head Principal

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

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 1,269 pupils, and Latymer Prep School (years 3 to 6) with 174 pupils. Pupils come from West London and surrounding boroughs.

1,443

pupils attending Latymer Upper School and Latymer Prep School

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THE AIMS OF THE SCHOOL ARE:

1 To provide equal opportunity for academically able students from all walks of life to develop their talents to the full.
To provide a choice of academic courses taught to the highest level in a broad, imaginative and developing curriculum, supported by a wide range of extracurricular activities, thereby giving all children the opportunity to excel in both their academic studies and their extracurricular activities.
To encourage independence of thought and approach in the pursuit of excellence in all activities.
To educate our children into a recognition of their wider social responsibilities, particularly through educational activities including community links and partnership schools, to prepare them to become active citizens within their community.

To maintain a focused environment within which an awareness of the needs of others and respect for all members of the community – children, teachers, support staff and parents – is paramount.

To recognise and celebrate the richness and diversity of the range of cultural, religious and social backgrounds within our school community.

To encourage in all Latymerians a pride in their school and the wish to exemplify to the world our values of tolerance, respect and intellectual curiosity.

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.

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

ACHIEVEMENTS

Academic results

95% of A Level results were A*-B, the highest ever.

----- Start of picture text -----
GCSE 2023/24 GCSE 2024/25 A Level 2023/24 A Level 2024/25
Grade 9 (high A) = 61.04% Grade 9 (high A) = 63.04% A = 43.17% A = 41.32%
Grades 8 & 9 (A) = 83.71% Grades 8 & 9 (A) = 87.46% A/A = 80.91% A/A = 81.07%
Grades 7-9 (A/A) = 94.33% Grades 7-9 (A/A) = 96.41% A – B = 94.42% A – B = 95.11%
----- End of picture text -----

The success of our Year 13 students enabled 85% of students who applied to university to secure a place at their first choice, with 89% of our students attending Russell Group universities. Oxford was the most popular destination for Latymerians this year, with 17 students from the Class of 2025 and a further 5 students admitted from the Class of 2024. A further 13 students secured a place at Cambridge, taking the total Oxbridge admissions to 35 students. 11 students secured places to read medicine, including 3 to Cambridge.

Bursary holders (36 in Class of 2025) accounted for 2 of the medics and 7 Oxbridge places, with a range of other good outcomes including students off to Durham, Edinburgh and Imperial. 26 achieved their firm choice universities (87% of those placed).

International successes accounted for the majority of students not placed in the UK, both Year 13 leavers and post-A Level applicants. 41 received offers from leading institutions across 7 different countries; the USA, Italy, Canada, Spain, France, Netherlands and Japan.

23 Latymerians secured a place to study overseas this autumn, while a further 10 have opted for their firm UCAS choices instead – more than half of these at Oxbridge. Many of those went on to attend universities in the US. This includes leading research institutions such as University of Chicago, Columbia, Dartmouth, Duke, Georgetown, Harvard, Princeton and Yale as well as renowned liberal arts colleges such as Williams and Haverford.

Outside the US, 7 secured a place at Bocconi in Italy, of which one will be completing a double degree between Bocconi and HEC Paris. Our students have also enrolled at institutions in Europe, such as IE University in Spain and Leiden University in the Netherlands. Two Latymerians have enrolled in leading Canadian institutions, McGill and University of Toronto, and one achieved a place at university in Japan. Seven students were offered places at Trinity College, Dublin after A level results, with one student accepting a place.

Our outgoing Year 13 students enjoyed much success on Results Day

85% of students who applied to university securing a place at their first choice.

89% of our students going on to Russell Group universities.

Students going to Oxford or Cambridge

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

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 singleword 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. Latymer’s ethos, to offer life changing education and social mobility, is championed through several partnership programmes and our sector-leading bursary programme. During the 2024/25 academic year, just over 4,000 local children and young people participated in partnership programmes, enrichment and other activities organised by The Latymer Foundation at Latymer Upper School.

EMBEDDING SOCIAL BENEFIT IN TO THE CURRICULUM:

This year, Latymer’s students have played a vital role in supporting their community. Students’ contributions through various student-led projects have demonstrated Latymer’s continued commitment to supporting our community. Overall, our students volunteered over 6,000 hours of their time in 2024/25.

Service in the Community

This year 204 Year 12 students undertook Service in the Community, offering their time in support of 53 local organisations and causes such as education (art, debating coaches, literacy support, teaching assistants, chess club, music), sport (football, rowing) and community support such as holiday camps, packing festive hampers and supporting homelessness shelters. Overall, feedback from community partners has been very positive:

I just wanted to thank you and all of your friends so very much for once again coming along to Sycamore House to sing for the residents. You are so amazing and so hugely talented, we are so very grateful to you all

SYCAMORE HOUSE

I thought I should drop you a note to say how utterly brilliant all the Latymer volunteers with Sunday Suppers are this season; without exception, they work hard, are professional, lively and charming and are an incredibly engaging group of students

SUNDAY SUPPERS

Absolutely, I am delighted to confirm that Imogen, Jai and Amelie are all active volunteers with us at Charing Cross Hospital; and Ryan is an active volunteer at Hammersmith Hospital. Just to say, as usual, your Latymer Students are all exemplary. They are a fantastic part of our volunteering programme and we are so grateful for their hard work.

CHARING CROSS HOSPITAL

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

SUPPORTING LOCAL STUDENTS THROUGH EDUCATIONAL PROGRAMMES

Core educational programmes

Latymer continues to deliver five ‘core’ programmes which run throughout the school year. The programmes support students from local partner schools by delivering sessions on various topics. Schools are asked to nominate students who would benefit most from the experience, with a particular focus on supporting students who are eligible for or receiving the Pupil Premium. These programmes are delivered with the help of dedicated Latymer staff and Year 9 -13 student volunteers. Overall across the year, 340 students participated in more than 4,500 hours of educational sessions and enrichment activities.

We have seen great engagement across all of our core programmes with strong participation throughout. Saturday School attracted a high number of attendees, highlighting growing interest in the programme as it continues to provide sessions on various topics. STEM Academy ended with a great guest speaker, Yao Li, who spoke about AI and working within the world of science and technology.

See below the delivery numbers from all six programmes.

Overall student feedback reported

94% 96% had made new friends had learned new skills and knowledge

99% 91% had fun and felt more confident enjoyed themselves

----- Start of picture text -----
Name Age Programme Number of Participating LUS student LUS Cost total
Hours schools students volunteers teachers
Bright Sparks
(summer term
Y5 into Y6 16.25 25 46 10 7 9,227
2025 for 11+
2026)
Bright Sparks
(autumn term
Y5 into Y6 16.25 27 55 12 7 5,688
2024 for 11+
2025)
Primary Y5 & Y6 18.5 18 76 11 1 2,074
Debating
Maths Challenge Y5 & Y6 7.5 15 48 13 2 1,023
Saturday School Y6 10 18 92 25 22 14,124
STEM Academy Y7 & Y8 12.5 4 23 8 2 3,428
----- End of picture text -----*

The cost only represents the incremental cost of teacher time and not the value of the lost opportunity

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

ENRICHMENT

The enrichment strand of our partnership activity provides support for local schools within arts and sports. This includes sessions in sports coaching and various workshops and events local primary schools can attend throughout the year. Some of our key enrichment events include:

Sports coaching: just over 40 hours of cricket and hockey
Local students were provided free attendance and learning workshops in various enrichment activities including; Classics, Art, and ‘Play in a Day’
Joining the audience of 5 student music recitals
A guest author, Anthony McGowan, delivered an engaging talk to students from three partner schools, sharing insights on the writing process. Two sessions took place at Latymer in the Main Hall, with the third taking place at another local school
Students from six local primary schools also attended the dress rehearsal of our Lower School Play.

573 primary school students benefitted from these events.

ESTABLISHING LOCAL NETWORKS FOR STUDENTS TO ACCESS CAREERS ADVICE

Career and Higher Education 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:

Study in the USA: Information event
Applying for Medicine Webinar: Latymer students organised a webinar to discuss the application process for Medicine.

Across these, over 70 students from 25 schools responded to invitations to attend the HE events.

Mock Oxbridge Interviews

Latymer continues to provide support to local sixth form students at the West London Free School as part of their Oxbridge preparation. During the 2024/25 academic year, Latymer staff provided support to around 23 students through mock interviews, with 13 students receiving offers (9 from Oxford and 4 from Cambridge).

BUILDING LOCAL PARTNERSHIPS TO SUPPORT CHILDREN

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

West London Partnership

The West London Partnership (WLP) is a community of nine local maintained and independent secondary schools that collaborate to share knowledge, experience and resources for the benefit of all students. Over the past academic year, Latymer has worked closely with the WLP on various initiatives, including shared careers, higher education, business and sustainability events, as well as philosophy and robotics conferences. The Student Committee, comprising four Year 12s, two Year 11s and one Year 10, met to discuss and organise student events. These included:

Year 9 student quiz night held at Latymer in December 2024. Latymer entered a team and enjoyed the event and camaraderie
Third annual teaching staff INSED held in April 2025. While it was a successful event, Latymer’s term dates once again did not align with those of other schools.

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

SHARING OUR FACILITIES

In addition to our partnerships programmes and student-led initiatives, Latymer also provides use of our facilities, offering access at discounted rates or free of charge, to charities that support young people and a range of community groups. This reflects our commitment to being an active and supportive part of the wider community. Overall, more than 300 children and 200 adults from local schools and community groups have benefitted from access to our classrooms, sport facilities and swimming pool.

West London Free School

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

As with the previous year, during the spring term students from the WLFS celebrated their Founders Day. An estimated 800 WLFS students attended the event held in Latymer’s Sports Hall.

Thank you so much for all of your help in setting up our Founders’ Day assembly this year. Getting the whole school together for an annual event is vital for maintaining our school culture. Without you, I do not believe we would be able to do it, so we are extremely fortunate to have such generous neighbours.

SPORTS AND HOLIDAY CAMPS

Let Me Play Action CIC

Let Me Play (LMP) holiday camps continued to take place across the school holidays. Their main aim is to provide fun and exciting activities that promote children’s social development, physical and mental wellbeing, and self-esteem. LMP offers activities in sports using the Piazza and other outside space for structured physical activity, while classrooms and other indoor space are used for arts and crafts and to provide sessions on food and nutrition education.

Just over 100 children attended holiday camps during the half term breaks in October, February and May, with an average of 25 children attending every day over the May half term. During the Easter and Summer Holiday, more than 250 children attended the LMP camps with a notable percentage of children on free school meals.

As with previous years, over the Christmas holidays several of Latymer’s Year 12 students worked alongside LMP to make over 1,000 festive hampers. These hampers are provided for families across the London Borough of Hammersmith & Fulham and are estimated to support around 2,000 local children and their families.

ROBERT PEAL, JOINT HEAD, WEST LONDON FREE SCHOOL

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

Wood Lane facilities

Wood Lane’s cricket pitches, astroturf and pavilion space were again provided to Chelsea FC Foundation and Imperial Health for their staff football sessions. Kenmont Primary School held their Sports Day there for the third consecutive year in July. We assigned a lease of the site to Inspired Education for Wetherby Pembridge from September 2025, and current partners have been introduced. We understand that some bookings will continue under the new ownership.

Latymer Sports Ground 2024/25

During the autumn term 2024, Latymer Sports Ground welcomed School Kitchen as its new catering company. As part of their agreement, School Kitchen will donate 10% of their proceeds to community projects. Since November 2024, coaches from Latymer have been providing free, twice-weekly hockey and cricket lessons for Year 7 students from Chiswick School.

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 (TBMH) returned to Latymer this year for its Saturday Music School, a programme held over 30 Saturdays. TBMH offered music lessons and performance opportunities to 290 children from over 80 different schools. This marked the 22nd year of Latymer’s partnership with TBMH, as the two organisations continue to work together to provide musical opportunities for local children.

Swimming pool

Our swimming pool provides valuable resources and opportunities for community use. Through partnerships with Nautilus Swimming, Brompton Swimming Club and Solidarity Sports, we can offer free lessons for community groups and discounts for primary schools. This past year, Nautilus provided swimming lessons to children at 10 different state schools. They also educated over 200 children on water safety as part of Water Safety Week (Drowning Prevention Week). Fulham Reach Boat Club appreciated the use of the pool to perform capsize practice in August. In total, approximately 990 swimmers used our pool throughout the academic year.

Volunteer Police Cadets

For the second consecutive year, Latymer has hosted the local Volunteer Police Cadets. They used our site on Wednesday evenings for drills and training practice, and we are delighted to provide this facility to support an estimated 40 local children.

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 2024/25 we were still supporting 2 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

£15k for external charities in 2024/25.

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

ENVIRONMENT AND SUSTAINABILITY

We continue to develop our initiatives in the vital area of environment and sustainability. The Upper School was awarded the Eco-Schools Green Flag for a fourth consecutive year, receiving Green Flag with Distinction for the first time. This 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. Work has begun on the new short courses which will be taught in Years 10 and 11 as part of curriculum reform, with one course focusing on climate change.

We have continued to implement our plans to establish and strengthen our long-term sustainability goals following our work with the Carbon Trust. As part of this ongoing programme, we have continued the phased replacement of lighting across the site with high-efficiency LED fittings, which is now in year four of a five-year upgrade programme, which has already resulted in measurable reductions in electricity use. In addition, the installation of a swimming pool cover has significantly reduced heat loss and improved the energy efficiency of the pool facility.

Alongside these measures, we are upgrading and expanding the Building Management System (BMS) to bring previously isolated equipment, such as underfloor heating, under central control. This

SCHOOL GOVERNORS

Latymer currently has 8 members of staff acting as a parent governor, governor or Chair of Governors for local maintained schools. These schools include: Harris Academy Bermondsey, Chase Bridge Primary School, Ark Bentworth Primary Academy, St Stephen’s C of E Primary, Kilburn Grange Primary School, Bishop David Brown School, Thamesmead School and Isleworth and Syon School. Two members of Latymer staff act as governors for local independent School Governors schools: The Royal Ballet School and The Lyceum Prep School.Latymer counts six members of staff who continue to work as

will enable more accurate monitoring, improved scheduling, and better optimisation of heating and energy use across the site. Further works completed or underway include the installation of electrical submetering to support data-driven energy management, the replacement of wet central heating with electric radiant heat panels in the Art Studio in line with our decarbonisation strategy, and improvements to boiler house pipework insulation to reduce heat losses.

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 2024/25, 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, and Neurodiversity week, Ramadan, Eid alFitr and International Women’s Day in March. Building on the previous success, we held our annual 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 second Teaching Apprentice, providing a further opportunity to increase diversity within our teaching body. We are also planning to recruit a dedicated Equality, Diversity and Inclusion (EDI) Lead who will provide additional time, focus and support to all aspects of EDI within our increasingly diverse School community.

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

Financial review

INCOME

In the year to 31 August 2025, the Latymer Foundation’s income remained broadly in line with the prior year. Fee income, including lunches and trips, increased by £1.2m and investment income by £0.3m. There was a decrease in donations of £1.8m. As ever, the Governors are hugely grateful for the continued generosity of the donors to the Foundation.

EXPENDITURE

Total expenditure increased by £1.8m, reflecting an increase in staff costs, including the rise in employer National Insurance contributions, as well as increased business rates following the loss of charitable rates relief.

Our capital programme included further development of the Latymer Sports Ground.

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INCOME IN 2024/25 EXPENDITURE IN 2024/25
£0.2m
Other £0.5m
£1.7m £0.7m
donations Investment income Fundraising Investment
£2.6m staffing costs management fees
Donations
for bursary
programme
£4.6m
Trading £30.1m £14.3m
and other Non pay £23.1m
School fees
income £39.2m operational £38.6m 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 £0.2m (2024: £1.8m including legacy receipts) in gifts to our endowment. 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 £2.4m (2024: £2.3m) 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 2025

Our Spend on Fee Assistance and extras

In total in 2024/25, we are proud to have spent £6.9m on fee assistance and extras (2024 £6.4m), with 91% being spent on means-tested bursary places which funded 275 pupils across both Schools (2024: 263).

A total of 147 pupils (2024: 139) received a free place, and a further 128 (2024: 126) pupils were in receipt of a partial award, with the majority of these exceeding 75%.

In addition to the £5.9m spent on means-tested bursaries, we spent £0.6m on other fee remissions, including non-means tested scholarships. During the year, beyond fee assistance, grants of £225k (2024: £206k) 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, 230 pupils (2024: 206) received awards totalling £205k (2024: £138k) 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 £84.2m in 2024 to £89.4m in 2025 mostly reflecting investment gains of £6.2m.

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.

A decision has been taken by the investment committee to try to maximise the returns of the perpetual fund by gradually investing in private equity over a period of six years.

PERFORMANCE SUMMARY OF PERPETUAL FUND TO 31 AUGUST 2025

----- Start of picture text -----
Partners Capital Evelyn (to November 2023)
1 Yr Since 1 Yr 3 Yr 5 Yr Since
% inception % % % inception
%
Portfolio 5.8 12.1 1.4 3.1 26.3 84.5
Target 6.1 8.4 9.1 40.0 57.1 119.9
Relative
9.0 13.8 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 September 2024, the Perpetual fund has delivered a return of 5.8% net of fees, against a target of 6.1% (UK CPI +5%) as the USD depreciated by c. 7% over the period.

PERFORMANCE SUMMARY OF THE CURRENT FUNDS TO 31 AUGUST 2025

----- Start of picture text -----
Partners Capital Evelyn (to November 2023)
1 Yr Since 1 Yr 3 Yr 5 Yr Since
% inception % % % inception
%
Portfolio 5.3 9.1 1.4 1.1 25.2 85.7
Target 4.8 6.3 7.1 32.1 42.7 80.6
Relative
6.4 8.8 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 September, Partners Capital have delivered a positive return of 5.3% net of fees above a target of 4.8%.

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

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 School’s 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 £60.2m, of which £14.6m is designated as the Building and Bursaries Fund. The unrestricted tangible fixed assets value is £43.4m with £2.7m of those funded by loans. Under the definition of free reserves as a charity, the Foundation has free reserves of £4.9m.

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

calculation of reserves to be as follows:
	£m
Endowed Funds
Permanent Endowment unapplied total return	3.8
Unrestricted Funds
Building and Bursaries Investment Fund	14.6
Cash Reserve Investment Fund	8.7
Cash at bank	1.1
Unrestricted net current liabilities	(4.6)
Fees in Advance long-term liability	(1.8)
Available reserves	21.8

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 2025 the value of this was £3.8m. During the year the Governors approved a transfer of £0.3m 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 £14.6m. In addition to this fund, there is a separate cash reserve of £8.7m and cash at bank of £1.1m.

When calculating the available reserves, the Foundation takes into account the unrestricted net current liabilities of £4.6m and the fees in advance long-term liability of £1.8m; therefore, Governors consider the level of available reserves as at 31 August 2025 to be £21.8m.

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

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 and has taken its recommendations into account when reviewing its governance documentation and arranging training for Governors. The Board has continued to put in place some changes resulting from the Board Effectiveness Review in the summer of 2024.

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.

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

Finance and General Purposes Committee which makes decisions on key financial, staff, capital development, legal aspects and Charity matters
Audit and Risk Committee which scrutinises and monitors the Foundation’s external audit, internal management and controls, some policies and their compliance and mitigation of risk
Education and Pastoral Committee which has oversight of the academic life and pastoral arrangements, provision and policies
Investment Committee which recommends objectives and policies for the Foundation’s investments and reviews and evaluates the performance of the investment managers
Nominations, Remuneration and Governance Committee which identifies suitable individuals to serve as Governors; undertakes an annual review of the Head’s remuneration; and reviews governance documentation, conducts board effectiveness reviews and considers other governance issues.

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

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.

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

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 School’s 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 School. 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
External factors such as Government policy Continuation of community and partnership activities and promotion
and other regulation leads to further change in of the School’s ethos.
the sector, impacting financial resilience. Supporting ISC lobbying for sector.
Preparation of long-term financial model and financial analysis for
different scenarios. Reserves retained to ensure the Foundation has
the ability to respond to both opportunities and threats.
Failure to meet the legal reduction in Sustainability lead employed and Carbon Trust engaged to ensure we
Strategic emissions target of net zero by 2050 and any meet the targets.
additional regulatory changes introduced.
Implementation of the new Middle School The School is proactively collaborating with partner schools and
Curriculum is a key strategic innovation, respected educational institutions to continue to enhance credibility
with careful monitoring required to ensure and build wider confidence in the new curriculum. This is supported by
it further strengthens academic outcomes strong internal leadership and robust quality-assurance procedures
and supports the School’s continued strong to ensure successful delivery.
reputation and recruitment.
Risk to wellbeing of pupils and staff. Robust policies and training in place and commitment to embedding
strong safeguarding culture throughout the 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
Operational from the Governor commissioned independent review conducted in 2021.
Non-compliance with Independent School Compliance officer in post, regular policy updates and internal audits,
Standards, Charity Commission guidance, ongoing staff training, Board oversight, active monitoring of regulatory
GDPR, Health & Safety legislation can damage changes and inspection readiness.
reputation and impact enrolments.
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, increase The Foundation has adequate funding earmarked to enable further
in regulatory requirements and developing investment into this area.
“Ed tech” will require increased investment,
security and changes to working practices.
Budgetary pressures caused by high inflation Long-term financial modelling to support scenario planning. Strategies to
and other economic factors. achieve a healthy operating surplus that allows the School to invest in its
Financial
facilities and other initiatives. Long-term contracts in place to minimise
price volatility where possible.
----- 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 the Teachers’ Pension Scheme (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.

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

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:

select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

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, some policies and their compliance, and analysis of and mitigation of risk.

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

In particular, the Audit and Risk Committee will:

Review and report from time to time on:

The effectiveness of the internal controls of the Foundation and the Schools, including financial controls and management reporting systems;
The Risk Register and the effectiveness of measures taken to control risk within the Schools;
The arrangements made by the management of the Schools for ensuring the health and safety of pupils and staff, both on and off the Schools’ sites; and the Schools’ health and safety policies and their implementation;
The systems for monitoring and ensuring compliance with relevant legal and regulatory requirements;
The Data Protection Policy and its implementation;
The external auditors’ management letters and the implementation of recommendations within them;
The Complaints Procedure and the nature of complaints reported in the Complaints Register;
Arrangements for investigating potential instances of fraud or irregularity, or cases of whistleblowing.
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.
Review with the external auditors the scope of their work before they commence the annual audit ; review the Annual Report and Accounts of the Foundation with the auditors before they are presented to the Governors; discuss, without the Schools’ management being present, any matters arising from the audit and other issues of concern; report from time to time to the Governors on such discussions; and recommend to the Governors the Report and Accounts.

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

4 February 2026

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

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 2025 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:

give a true and fair view of the state of the group’s and of the parent charity’s affairs as at 31 August 2025 and of the group’s incoming resources and application of resources, including its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We 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 trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the 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 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.

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
sufficient accounting records have not been kept by the parent charity; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement 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 group’s and the parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

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.

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.

We obtained an understanding of the legal and regulatory frameworks within which the charity and group operate, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, including financial reporting legislation and the Charities SORP (FRS 102), and local tax regulations. 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 necessary to the charity’s/group’s ability to operate or to avoid a material penalty. 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.

We also considered the opportunities and incentives that may exist within the charity/group for fraud. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

journals, reviewing regulatory correspondence with the Charity Commission, 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 non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an 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 charity and the charity’s trustees 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

1 April 2026

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

LATYMER FOUNDATION AT HAMMERSMITH CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2025

		Unrestricted	Restricted	Expendable	Permanent 2025 2024
		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	30,117	-	-	- 30,117 29,178
Other income	2	2,999	2	-	- 3,001 2,701
Other trading activities	3	1,603	-	-	- 1,603 1,561
Gain on disposal of fxed assets		21	-	-	- 21 -
Donations and legacies	4	863	1,695	219	- 2,777 4,536
Investments	5	1,192	215	-	305 1,712 1,408
Total income		36,795	1,912	219	305 39,231 39,384

EXPENDITURE ON:
Charitable activities	6	33,570	3,662	-	156 37,388 35,844
Raising funds	6	1,013	69	-	86 1,168 927
Total expenditure		34,583	3,731	-	242 38,556 36,771
Net gain on investments		1,186	776	3,034	1,172 6,168 6,848
Transfers between funds		823	335	(644)	(514) - -
Net income		4,221	(708)	2,609	721 6,843 9,461
Pension scheme actuarial (loss) / gain	9	-	-	-	- - -
Net movement in funds for the year		4,221	(708)	2,609	721 6,843 9,461
Fund balances brought forward at 1 September		55,944	15,295	32,456	19,658 123,353 113,892
Fund balances carried forward at 31 August		60,165	14,587	35,065	20,379 130,196 123,353

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

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

CONSOLIDATED AND CHARITY BALANCE SHEETS

AT 31 AUGUST 2025

AT 31 AUGUST 2025
		Group Group Charity	Charity
Charity number: 312714	Note	2025 2024 2025	2024
		£’000 £’000 £’000	£’000
LONG-TERM ASSETS
Tangible assets	11	48,517 47,868 48,517	47,868
Investments	12	89,406 84,212 89,406	84,212
Lease premium	13	1,979 2,034 1,979	2,034
		139,902 134,114 139,902	134,114
CURRENT ASSETS
Debtors	14	3,783 1,690 3,862	1,846
Cash at bank and in hand	15	1,105 1,351 1,011	1,191
		4,888 3,041 4,873	3,037
Creditors: amounts falling due within one year	16	(9,594) (7,521) (9,579)	(7,517)
NET CURRENT LIABILITIES		(4,706) (4,480) (4,706)	(4,480)

Total assets less current liabilities		135,196 129,634 135,196	129,634
Creditors: amounts falling due after more than one year	17	(5,000) (6,281) (5,000)	(6,281)
Defned beneft pension liability	9	- - -	-
Total assets less total liabilities		130,196 123,353 130,196	123,353

FUNDS
Endowment funds:
Permanent endowment fund	24	20,379 19,658 20,379	19,658
Expendable endowment fund	25	35,065 32,456 35,065	32,456
		55,444 52,114 55,444	52,114
Restricted income funds	26	14,587 15,295 14,587	15,295
Unrestricted income funds	27	60,165 55,944 60,165	55,944
Total Funds		130,196 123,353 130,196	123,353

Approved by the Governors and authorised for issue on 4 February 2026 and signed on their behalf by

Kieran Murphy (Chair)

Caroline Ng (Chair, Finance and General Purposes Committee)

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

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2025

	Note	2025 2025	2024	2024
		£’000 £’000	£’000	£’000
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by operating activities	(i)	(501)		5,815
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of tangible fxed assets		(2,406)	(2,447)
Proceeds from sale of fxed assets		21	-
Purchase of investments	12	(9,782)	(78,175)
Proceeds from the sale of investments	12	10,756	72,462
Investment income and bank interest		1,712	1,408
VAT Capital Goods Scheme adjustment to fxed assets		282	-
Net cash (used in) / provided by investing activities		583		(6,752)

CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of borrowings		(547)	(547)
Receipt of endowments		219	1,809
Net cash provided by / (used in) fnancing activities		(328)		1,262
Change in cash and cash equivalents in the reporting period:		(246)		325
Cash and cash equivalents at the beginning of period		1,351		1,026
Cash and cash equivalents at the end of the reporting period	(ii)	1,105		1,351

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

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

CONSOLIDATED CASH FLOW STATEMENT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

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

	Note	2025 2025	2024	2024
		£’000 £’000	£’000	£’000
Net income for the reporting period (as per the Statement of Financial Activities)		6,843		9,461
Investment income	5	(1,712)	(1,408)
Endowment donations		(219)	(1,809)
Defned beneft pension scheme adjustments		-	-
Depreciation charge	11	1,485	1,375
Lease premium expense	13	55	56
(Proft) on sale of assets		(21)	-
(Increase) in debtors		(2,093)	(294)
Increase in creditors excluding bank loan		1,329	5,282
(Gains) / losses on investment		(6,168)	(6,848)
		(7,344)		(3,646)

Net cash (outfow) / infow from operating activities		(501)		5,815
(ii) ANALYSIS OF CHANGES IN NET DEBT
Cash at bank and in hand	15	1 Sep 2024 £’000 1,351	Cash fows £’000 (246)	31 Aug 2025 £’000 1,105
Bank loans falling due within one year	16	(547)	-	(547)
Bank loans falling due after more than one year	17	(2,735)	547	(2,188)
Total		(1,931)	301	(1,630)

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

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025

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 in 2023/24.

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 22.

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 2025. 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 2025. 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 £39,220,000 (2024: £39,374,000) and net movement in funds for the year of £6,843,000 (2024: £9,461,000).

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025 (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 20-25% per annum on cost
Computer and older equipment 33% per annum on cost
Furniture and fittings 20% per annum on cost
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.

Latymer Sports Ground

The School acquired a 38-year lease of sports grounds and buildings thereon in April 2023, referred to as the Sports Ground Leases. 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 (TPS) are charged to the statement of financial activities in the year in which they become payable. 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) 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 £89,406,000 (2024: £84,212,000).

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 2025 has been included within current liabilities.

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

2 NET SCHOOL FEES RECEIVABLE

2025 £’000 School fees receivable Gross school fees 36,161 Less bursaries and scholarships (6,044)	2024 £’000 34,725 (5,547)
30,117	29,178
Other income Registration fees 215 Catering receipts 1,056 Grant income 45 Recharged school trips 1,413 Other 272	251 957 21 1,143 329
3,001	2,701
33,118	31,879

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
	2025	2024
	£’000	£’000
1624 Limited income	542	477
Latymer Sports Ground leases	651	651
Lettings	205	250
Cafeteria income	144	140
Other	61	43
	1,603	1,561

Other trading activities income for the charity total £1,593,000 (2024: £1,551,000).

4 DONATIONS AND LEGACIES

4 DONATIONS AND LEGACIES
2025	2024
£’000	£’000
To fund bursaries 2,604	4,067
For other purposes 173	469
2,777	4,536

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

5 INVESTMENT INCOME

5 INVESTMENT INCOME
	2025	2024
Unrestricted funds	£’000	£’000
Securities	236	202
Rent receivable from investment properties	39	40
Cash	100	96
	375	338
From expendable endowment funds:
Securities	817	627
Total Unrestricted	1,192	965
Restricted funds
Securities	215	211
Permanent endowment funds
Securities	305	232
	1,712	1,408

Income from endowment investments is allocated to unrestricted income.

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

6 ANALYSIS OF EXPENDITURE

6 ANALYSIS OF EXPENDITURE
Group	Staf costs	Depreciation	Other	Total	Total
		&		2025	2024
		Amortisation
Charitable expenditure	£’000	£’000	£’000	£’000	£’000
Teaching	16,698	-	2	16,700	15,663
Premises	833	1,248	3,642	5,723	5,864
Other Educational costs	5,093	237	2,827	8,157	7,899
Establishment costs	536	-	2,989	3,525	3,509
Catering	-	-	1,775	1,775	1,724
Recharged school trips	-	-	1,389	1,389	1,129
Other	-	-	119	119	56
Total charitable expenditure	23,160	1,485	12,743	37,388	35,844
Expenditure on raising funds
Development costs	692	-	20	712	733
Investment management fees	-	-	456	456	194
Total expenditure on raising funds	692	-	476	1,168	927
Total expenditure	23,852	1,485	13,219	38,556	36,771

Governance costs of £40,000 (2024: £38,000) are included within Establishment costs and comprise audit fees (see note 10).

Expenditure for the Charity alone is £11,000 lower than the total expenditure (2024: £10,000); the difference is within Establishment costs and includes audit fees for 1624 Limited. Governance costs for the charity alone are £37,000 (2024: £35,000).

7 STAFF COSTS

7 STAFF COSTS
	2025	2024
	£’000	£’000
Salaries and wages	17,350	16,630
Social security costs	1,986	1,804
Pension costs (Note 9)	4,349	3,813
Staf health insurance	167	154
	23,852	22,401
Aggregate employee benefts of key management personnel	475	459

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

7 STAFF COSTS (continued)

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

1) The Teachers’ Pension Scheme in respect of teaching staff.
2) The Latymer Foundation Group Stakeholder Pension Scheme in respect of support and some teaching staff.
3) The Latymer Upper School Pension and Life Assurance Scheme in respect of former support staff.

2025 Number Number of higher paid employees in bands of:	2024 Number
£60,001 – £70,000 37	49
£70,001 – £80,000 49	30
£80,001 – £90,000 21	23
£90,001 – £100,000 6	3
£100,001 – £110,000 2	2
£110,001 – £120,000 1	4
£120,001 – £130,000 1	1
£130,001 – £140,000 3	1
£140,001 – £150,000 1	-
£180,001 – £190,000 -	1
£230,001 – £240,000 1	1

88 (2024: 93) of the higher paid employees are in the Teachers’ Pension scheme (a defined benefit scheme). The total value of these contributions for the year was £1,984,912 (2024: £1,802,091).

Termination and redundancy costs are accounted for in the year in which the compensation agreement is signed.

Termination costs of £50,000 (2024: £10,000) were incurred in the year and £30,000 was outstanding at the year-end date (2024: £nil).

The average number of employees during the year was:

	2025	2024
	Number	Number
Teaching staf	166	166
Peripatetic music staf	42	40
Administrative and support staf	181	180
	389	386

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

8 RELATED PARTY TRANSACTIONS

No governor received remuneration. One governor was reimbursed for expenses of £30 (2024: £nil).

The School received donations totalling £46,011 (2024: £59,693) in the year from 5 (2024: 9) 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 £5,348 (2024: £6,442).

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 £1,130,405 (2024: £922,720).

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 £7,598 (2024: £6,329).

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 £2,514,728 (2024: £2,371,367) and at the year-end £204,540 (2024: £224,892) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

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 2025 by a qualified independent actuary. The major assumptions at 31 August 2025 used by the actuary were:

Rate of increase in pensions in payment	2025 2024 5.0% 5.0%
Rate of revaluation in deferment (CPI)	2.5% 2.6%
Discount rate	5.6% 4.8%
Infation assumption	3.0% 3.2%

Mortality follows the S4PxA tables with mortality improvements in line with CMI 2024 projections.

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

9 PENSION COSTS (continued)

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

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |For a male aged 65 now|21.5|21.1| |At 65 for a male member aged 45 now|22.4|22.1| |For a female aged 65 now|23.7|23.6| |At 65 for a female member aged 45 now|24.8|24.7|

----- 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|169,428|287,304|

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

The School expects to contribute £0 to its defined benefit pension plan in the year to 31 August 2026

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£’000|£’000| |Reconciliation of present value of plan liabilities| |At 1 September|1,261|1,180| |Interest on obligation|59|61| |Actuarial (gain) / loss|(90)|74| |Benefits paid|(57)|(54)| |At 31 August|1,173|1,261| |Composition of plan liabilities| |Schemes wholly or partly funded|1,173|1,261|

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

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£’000|£’000| |Reconciliation of fair value of plan assets| |At 1 September|1,953|1,720| |Expected return on assets|93|89| |Actuarial gain|77|198| |Employer contributions|-|-| |Benefits paid|(57)|(54)| |At 31 August|2,066|1,953|

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

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

9 PENSIONS COSTS (continued)

Reconciliation to Balance Sheet	2025 £’000	2024 £’000
Fair value of plan assets	2,066	1,953
Present value of scheme obligations	(1,173)	(1,261)
Net unrecognised gain	893	692

Composition of plan assets

	2025 2025	2024	2024
	£’000 Proportion	£’000	Proportion
Equities	1,224 59.3%	1,313	67.2%
Absolute Return	240 11.6%	250	12.8%
Bonds	333 16.1%	347	17.8%
Cash	269 13.0%	43	2.2%
	2,066	1,953

Amounts recognised in the SOFA

	2025 2025	2024	2024
	£’000 £’000	£’000	£’000
Interest on obligation	59	61
Expected return on assets	(93)	(89)
Net operating charge	(34)		(28)

Analysis of amount recognised in the SOFA

	2025	2024
	£’000	£’000
Actual return less expected return on pension scheme asset	62	194
Changes in assumptions underlying the present value of the scheme liabilities	105	(70)
Surplus not recognised	(167)	(124)
Actuarial (loss) / gain recognised in SOFA	-	-
Cumulative amount of losses recognised in SOFA	(487)	(487)

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

9 PENSIONS COSTS (continued)

Five year history

Five year history
	2025	2024	2023	2022	2021
	£’000	£’000	£’000	£’000	£’000
Present value of plan liabilities	(1,173)	(1,261)	(1,180)	(1,359)	(1,952)
Fair value of plan assets	2,066	1,953	1,720	1,744	1,974
Surplus	893	692	540	385	22
Experience adjustments on plan liabilities	(4)	(14)	(21)	(11)	8
Experience adjustments on plan assets	77	198	(45)	(219)	321
Experience gains and losses on Scheme liabilities	94	(60)	204	587	19

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
	2025	2024
	£’000	£’000
Fees payable to the auditor:
For the audit of the annual accounts	40	38
For consultancy advice	16	22
For tax advice	12	1

11 TANGIBLE FIXED ASSETS FOR USE BY THE CHARITY

	Freehold	Motor	Computer	Equipment	Assets	Total
	land and	vehicles	equipment	furniture	under
	buildings			and fttings	construction
Group and Charity	£’000	£’000	£’000	£’000	£’000	£’000
Cost / valuation
At 1 September 2024	57,458	266	910	3,402	2,134	64,170
Additions	151	-	3	504	1,758	2,416
Transfer	1,208	-	-	35	(1,243)	-
Capital Goods Scheme adjustment	(282)	-	-	-	-	(282)
Disposals	-	-	-	(42)	-	(42)
At 31 August 2025	58,535	266	913	3,899	2,649	66,262
Depreciation
At 1 September 2024	12,641	216	677	2,768	-	16,302
Charge for year	1,031	16	104	334	-	1,485
Disposals	-	-	-	(42)	-	(42)
At 31 August 2025	13,672	232	781	3,060	-	17,745
Net book value
At 31 August 2025	44,863	34	132	839	2,649	48,517
At 31 August 2024	44,817	50	233	634	2,134	47,868

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

12 INVESTMENTS

12 INVESTMENTS
	Market value	Market value
	2025	2024
UNRESTRICTED FUNDS	£’000	£’000
Building and Bursary Fund
Financial investments	14,497	13,475
Cash	104	62
	14,601	13,537
Reserve Fund
Financial investments	8,684	8,225
Cash	0	1
	8,684	8,226

Total Unrestricted Funds	23,285	21,763
PERMANENT ENDOWMENT FUNDS
Financial investments	15,058	13,798
Cash	166	105
Total Permanent Endowment Funds	15,224	13,903
EXPENDABLE ENDOWMENT FUNDS
Music & Drama
Financial investments	1,007	1,009
Cash	10	11
	1,017	1,020
Bursary Endowment Fund
Financial investments	36,987	34,097
Cash	50	56
	37,037	34,153
Prize Fund
Financial investments	177	166
Cash	-	-
	177	166
Teachers’ Bequest
Financial investments	104	105
Cash	-	-
	104	105

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

12 INVESTMENTS (continued)

EXPENDABLE ENDOWMENT FUNDS(continued) Recital Hall Maintenance Financial investments Cash Stein Fund Financial investments Cash	Market value 2025 £’000 Market value 2024 £’000 169 170 - -
	169 170
	101 101 - -
	101 101

Total Expendable Endowment Funds	38,605 35,715
RESTRICTED FUNDS Bursaries Appeal Financial investments Cash Current Bursaries Financial investments Cash	3,467 3,407 21 19
	3,488 3,426
	8,768 9,367 36 38
	8,804 9,405

Total Restricted Funds	12,292 12,831

Total fxed assets investments	89,406 84,212
Fixed assets investments Market value at 1 September 2024 Additions at cost Disposals at market value Net investment gains in the year	Total £’000 84,212 9,782 (10,756) 6,168
Market value at 31 August 2025	89,406

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

12 INVESTMENTS (continued)

12 INVESTMENTS(continued)
	Market value	Percent of portfolio
The portfolio consists of the following:	£’000	(%)
Multi-assets	38,079	42.6
Overseas equities	17,992	20.1
Private debt	16,937	18.9
Sterling liquidity	9,798	11.0
Alternative investments	3,184	3.6
UK fxed income	3,030	3.4
Cash	386	0.4
	89,406	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 2025 1624 Limited had turnover of £552,959 (2024: £477,154), net profit of £44,634 (2024: £37,715) which will be gift-aided to the School, and net assets of £1 (2024: £1).

13 LEASE PREMIUM

13 LEASE PREMIUM
	Latymer	Latymer
	Sports Ground Sports Ground
	2025	2024
Cost	£’000	£’000
At 1 September	2,109	2,109
Additions	-	-
At 31 August	2,109	2,109
Accumulated amortisation
At 1 September	75	19
Charge for the year	55	56
At 31 August	130	75
Carrying amount
At 31 August	1,979	2,034

14 DEBTORS

14 DEBTORS
	Group Group Charity	Charity
	2025 2024 2025	2024
	£’000 £’000 £’000	£’000
Outstanding fees	12 87 12	87
Other debtors	902 363 867	333
Prepayments	739 443 739	443
Accrued income	2,130 797 2,114	797
Amounts due from subsidiary company	- - 130	186
	3,783 1,690 3,862	1,846

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

15 CASH AT BANK AND IN HAND

	Group 2025 £’000 Group 2024 £’000	Charity 2025 £’000 Charity 2024 £’000
School bank accounts and cash balances	1,105 1,351	1,011 1,191

16 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loan Trade creditors Fees received in advance of term (see note 18) Deposits Deferred Income Taxation and social security Other creditors and accruals	Group 2025 £’000 Group 2024 £’000 547 547 803 882 2,489 3,006 1,629 1,385 125 65 533 484 3,468 1,152	Charity 2025 £’000 Charity 2024 £’000 547 547 803 882 2,489 3,006 1,629 1,385 117 65 533 484 3,461 1,148
	9,594 7,521	9,579 7,517

17 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Bank loans Fees received in advance of term (see note 18) Lease premium	Group 2025 £’000 Group 2024 £’000 2,188 2,735 1,812 3,546 1,000 -	Charity 2025 £’000 Charity 2024 £’000 2,188 2,735 1,812 3,546 1,000 -
	5,000 6,281	5,000 6,281

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.

Maturity of debt:

Maturity of debt:
	Loans and Overdrafts 2025 £’000	Loans and Overdrafts 2024 £’000
In one year or less, or on demand	547	547
In more than one year but not more than two years	547	547
In more than two years but not more than fve years	1,641	2,188
	2,735	3,282

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

18 FEES RECEIVED IN ADVANCE OF TERM

18 FEES RECEIVED IN ADVANCE OF TERM
	2025 £’000	2024 £’000
Fees in advance brought forward	6,552	785
Released in year	(3,075)	(553)
Deferred in year	824	6,320
Fees in advance carried forward	4,301	6,552

19 COMMITMENTS UNDER OPERATING LEASES – LESSEE

As at 31 August 2025 the total future minimum commitment under non-cancellable operating leases for machinery and equipment is £152,000 (2024: £15,000). The total for property leases acquired in April 2023 is £15,959,000 (2024: £16,671,000). One of the operating leases requires the lessee to maintain the premises in good and substantial repair and in proper working order for the duration of the lease. In order to meet this obligation, the School expects to undertake works that are predominantly capital in nature, relating to the refurbishment and improvement of the premises to bring them back into operational use. Any element of routine maintenance or repair is expected to be limited in the context of the overall works.

	Property Leases Machinery & equipment Total	Total
	2025 2025 2025	2024
The total future minimum commitment arising:	£’000 £’000 £’000	£’000
In less than one year	37 799 836	802
In one to fve years	115 3,195 3,310	3,178
In more than fve years	- 11,965 11,965	12,706
	152 15,959 16,111	16,686

The amount expensed in the year was £21,000 for machinery and equipment (2024: £21,000) and £795,000 for property leases (2024: £784,000).

20 CAPITAL COMMITMENTS

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

	2025	2024
	£’000	£’000
Latymer Sports Ground development	431	140
Equipment	117	-

	548	140

21 OPERATING LEASES – LESSOR

The School is the lessor for the following leasehold property leases at Latymer Sports Ground and Wood Lane (effective 1 September 2025):

	2025	2024
	£’000	£’000
Payable within one year	976	651
Payable in the second to ffth year inclusive	3,517	2,337
Payable after fve years	20,872	6,778
	25,365	9,766

The rental amount received in the year was £651,000 (2024: £651,000).

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

22 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 in 2023/24.

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 in the short to medium term.

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

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

	Fixed	Investments	Lease	Cash	Other net	Long-term	Fund
	assets		premium		current	liabilities	balances
					assets
At 31 August 2025	£’000	£’000	£’000	£’000	£’000	£’000	£’000
Permanent endowment fund (note 24)	5,155	15,224	-	-	-	-	20,379
Expendable endowment funds (note 25)	-	38,605	-	-	(3,540)	-	35,065
Restricted funds (note 26)	-	12,292	-	-	2,295	-	14,587
Designated funds (note 27)	-	14,601	-	-	-	-	14,601
Unrestricted funds (note 27)	43,362	8,684	1,979	1,105	(4,566)	(5,000)	45,564
Pension reserve (note 9)	-	-	-	-	-	-	-
At 31 August 2025	48,517	89,406	1,979	1,105	(5,811)	(5,000)	130,196

	Fixed	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 24)	5,311	13,903	-	-	444	-	19,658
Expendable endowment funds (note 25)	-	35,715	-	-	(3,259)	-	32,456
Restricted funds (note 26)	-	12,831	-	-	2,464	-	15,295
Designated funds (note 27)	-	13,537	-	-	777	-	14,314
Unrestricted funds (note 27)	42,557	8,226	2,034	1,351	(6,257)	(6,281)	41,630
Pension reserve (note 9)	-	-	-	-	-	-	-
At 31 August 2024	47,868	84,212	2,034	1,351	(5,831)	(6,281)	123,353

24 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 2025 August 2024
	£’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	4,806 4,457
Value of Preserved Endowment	8,110	10,327 9,978
Value of Permanent Endowment	10,633	14,094 13,253
Value of Unapplied total return	2,523	3,767 3,275

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 £349,000 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 £255,000 and this income is recorded in the Statement of Financial Activities. A transfer of £259,000 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 2025

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

24 PERMANENT ENDOWMENT FUND (continued)

	Preserved	Unapplied	Total
	Endowment	Total	Endowment
	Fund	Return
	£’000	£’000	£’000
At 1 September 2024	9,978	3,275	13,253
Movements for the year ended 31 August 2025
Investment return: dividends and interest	-	302	302
Investment return: gains and losses	-	1,129	1,129
Less: investment management costs	-	(75)	(75)
Unapplied total return allocated to income in the period	-	(515)	(515)
Transfer to preserved endowment	349	(349)	-
As at 31 August 2025	10,327	3,767	14,094
Bursary endowment held in investments			1,130
Total investments at 31 August 2025			15,224

	Balance at	Income	Expenditure	Transfer	Gains	Balance at
	1 September					31 August
	2024					2025
	£’000	£’000	£’000	£’000	£’000	£’000
Freehold land and buildings	5,311	-	(156)	-	-	5,155
Total return	13,253	314	(87)	(515)	1,129	14,094
Bursary endowment	1,083	3	-	1	43	1,130
Other	11	(12)	1	-	-	-
To 31 August	19,658	305	(242)	(514)	1,172	20,379

	Balance at	Income	Expenditure	Transfer	Losses	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	1,315	(187)	(506)	1,254	19,658

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

25 EXPENDABLE ENDOWMENT FUNDS

	Balance at	Income	Expenditure	Transfer	Gains	Balance at
	1 September					31 August
	2024					2025
	£’000	£’000	£’000	£’000	£’000	£’000
Bursary endowment fund	30,982	219	-	(641)	3,023	33,583
Music and Drama	932	-	-	4	(3)	933
Prize fund	167	-	-	(4)	14	177
Teachers’ Bequest	106	-	-	5	-	111
Stein Bursaries fund	104	-	-	-	-	104
Recital Hall Maintenance	165	-	-	(8)	-	157
To 31 August	32,456	219	-	(644)	3,034	35,065

Income from endowment investments is treated as unrestricted income, and related expenditure treated as unrestricted expense. Transfers totalling £651,000 were made to the Unrestricted fund. Transfers in respect of legacies of £8,000 were made to the Bursary endowment fund from the Restricted fund and of £1,000 to the Permanent Bursary endowment fund.

	Balance at	Income	Expenditure	Transfer	Losses	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.

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

26 RESTRICTED FUNDS

26 RESTRICTED FUNDS
	Balance at	Income	Expenditure	Transfer	Gains	Balance at
	1 September					31 August
	2024					2025
	£’000	£’000	£’000	£’000	£’000	£’000
Bursaries appeal	3,476	455	(658)	91	207	3,571
Other donations for bursaries	11,626	1,284	(2,954)	295	569	10,820
Non-bursary donations	193	173	(119)	(51)	-	196
To 31 August	15,295	1,912	(3,731)	335	776	14,587

Non-bursary donations include income, expenditure and transfers for specific construction work and buildings, including the Latymer Sports Ground, and outreach programs. In addition to the non-bursary transfers of £(51,000) transfers totalling £386k comprised Legacy receipts of £393,000 which were received into the Unrestricted fund then allocated to Restricted funds, less legacy receipts of £7,000 transferred from Restricted funds to the Expendable Endowment fund.

	Balance at	Income	Expenditure	Transfer	Losses	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 Latymer 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.

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

27 UNRESTRICTED FUNDS (net accumulated surplus and pension reserve)

	Balance at	Income	Expenditure	Transfer	Gains	Balance at
	1 September					31 August
	2024					2025
Group	£’000	£’000	£’000	£’000	£’000	£’000
General	31,947	35,695	(34,512)	1,823	-	34,953
Legacy fund	1,457	863	-	(393)	-	1,927
Reserve fund	8,226	-	-	99	359	8,684
Total Unrestricted	41,630	36,558	(34,512)	1,529	359	45,564
Buildings & Bursary Designated fund	14,314	237	(71)	(706)	827	14,601
To 31 August	55,944	36,795	(34,583)	823	1,186	60,165

	Balance at	Income	Expenditure	Transfer	Gains	Balance at
	1 September					31 August
	2024					2025
Charity	£’000	£’000	£’000	£’000	£’000	£’000
General	31,947	35,687	(34,504)	1,823	-	34,953
Legacy fund	1,457	863	-	(393)	-	1,927
Reserve fund	8,226	-	-	99	359	8,684
Total Unrestricted	41,630	36,550	(34,504)	1,529	359	45,564
Buildings & Bursary Designated fund	14,314	237	(71)	(706)	827	14,601
To 31 August	55,944	36,787	(34,575)	823	1,186	60,165

The designated Buildings and Bursary Fund was established to assist in financing future expenditure on tangible fixed assets and bursaries in the short to medium term.

The following transfers were made:

----- Start of picture text -----
Income less expenditure on Endowment funds 651
Capital expenditure funded by donations 50
Permanent Endowment Fund including unapplied total return 515
Legacy receipts to the Restricted fund (393)
Total transfers 823
----- End of picture text -----

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

27 UNRESTRICTED FUNDS (continued)

	Balance at	Income	Expenditure	Transfer	Gains/	Balance at
	1 September				(losses)	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				(losses)	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 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 and Expendable Endowment funds (139)
Other (5)
Total transfers 1,371
----- End of picture text -----

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

28 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 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 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

L AT YMER FOUNDATION CONSOLIDATED REPORT AND FINANCIAL STATEMENTS 2025

NOTES FORMING PART OF THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

29 SUBSIDIARY

					Shares held
		Country of	Reporting
Name	Number	Incorporation	Date	Class	No.	%
1624 Limited	09474028	England and Wales	31 August 2025	Ordinary	1	100
					2025		2024
					£		£
Total income					552,959		477,154
Total expenditure					(508.325)		(439,439)
Proft on ordinary activities before tax					44,634		37,715
Tax on proft on ordinary activities					-		-
Proft on ordinary activities after tax					44,634		37,715
Gift Aid payment to Foundation					(44,634)		(37,715)
Retained proft for the	fnancial year				-		-
Total assets					145,245		190,044
Total liabilities					(145,244)		(190,043)
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 2025

Contents

Principal Addresses and Advisers

Address

Bankers

Investment Advisers

Solicitors

Auditors

Insurance Brokers

Trustees’ Report and Statement of Responsibilities

The Head

Clerk to Governors

Governor Committees

Introduction from Chair of Trustees

Head and Principal Foreword

Trustees’ Report

AIMS OF THE CHARITY

1,443

THE AIMS OF THE SCHOOL ARE:

ACHIEVEMENTS

Academic results

Our outgoing Year 13 students enjoyed much success on Results Day

INSPECTION

SOCIAL BENEFIT

EMBEDDING SOCIAL BENEFIT IN TO THE CURRICULUM:

Service in the Community

SUPPORTING LOCAL STUDENTS THROUGH EDUCATIONAL PROGRAMMES

Core educational programmes

Overall student feedback reported

ENRICHMENT

ESTABLISHING LOCAL NETWORKS FOR STUDENTS TO ACCESS CAREERS ADVICE

Career and Higher Education events

Mock Oxbridge Interviews

BUILDING LOCAL PARTNERSHIPS TO SUPPORT CHILDREN

West London Partnership

SHARING OUR FACILITIES

West London Free School

SPORTS AND HOLIDAY CAMPS

Let Me Play Action CIC

Wood Lane facilities

Latymer Sports Ground 2024/25

SITE USAGE IN TERM TIME

The Tri-Borough Music Hub

Swimming pool

Volunteer Police Cadets

Benedetti Foundation

Support for Ukrainian Refugees

STUDENT FUNDRAISING

ENVIRONMENT AND SUSTAINABILITY

SCHOOL GOVERNORS

DIVERSITY

Financial review

INCOME

EXPENDITURE

Our Bursary Programme Sources of income

Our Spend on Fee Assistance and extras

Investment policy and performance

PERFORMANCE SUMMARY OF PERPETUAL FUND TO 31 AUGUST 2025

Remuneration policy

Reserves

Governance Matters

Public Benefit

Governance Code

Recruitment and training of Governors

Decision-making

RISK MANAGEMENT

Related parties

Going Concern

Statement of Governors’ Responsibilities

Review and report from time to time on:

Independent Auditor’s Opinion

TO TRUSTEES OF LATYMER FOUNDATION AT HAMMERSMITH

Opinion

Basis for opinion

Conclusions relating to going concern

Other information

Matters on which we are required to report by exception

Responsibilities of trustees

Auditor’s responsibilities for the audit of the financial statements

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