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2022-03-31-accounts

REGISTERED CHARITY NUMBER: 325078

REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 FOR THE LATYMER FOUNDATION AT EDMONTON

Moore NHC Audit Limited Chartered Accountants Nicholas House River Front Enfield Middlesex EN1 3FG

THE LATYMER FOUNDATION AT EDMONTON

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Page
Report of the Trustees 1 to 5
Report of the Independent Auditors 6 to 8
Statement of Financial Activities 9
Balance Sheet 10
Statement of Cash Flows 11
Notes to the Financial Statements 12 to17
Detailed Statement of Financial Activities 18 to 19

THE LATYMER FOUNDATION AT EDMONTON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. The financial statements comply with the Charities Act 2011, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (as amended). The Trustees have complied with the duty in section 4 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission regarding Public Benefit.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number in England and Wales 325078

Principal address

The Latymer School Haselbury Road Edmonton London N9 9TN

Trustees Mr R M Hibberd Chair Mrs S Peazer-Davies Resigned on 30[th] April 2022 Mr C Avraam Resigned on 31[st] August 2022 Mr E Cooper Mrs J Hardie Mrs N Shah Resigned on 1st May 2021 Dr H Shah Mr S Way Mrs E Brasnett Mr R L Quintian Mr J Bolden Mrs P Grieff Appointed on 4[th] May 2022 Mr S Yiannakas Appointed on 27[th] September 2022 Auditors Moore NHC Audit Limited Nicholas House River Front Enfield Middlesex EN1 3FG Bankers CAF Bank Limited HSBC Bank Plc Kings Hill PO Box 131 West Malling The Town Kent ME19 4JQ Enfield EN2 6LD Solicitors Stone King LLP Barker Gooch & Swailes Boundary House 1 Cecil Court 91 Charterhouse St London Road Barbican Enfield London EC1M 6HR Middlesex EN2 6BU Investment managers Sarasin & Partners LLP Rathbones Group Plc

Page 1

THE LATYMER FOUNDATION AT EDMONTON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity. The governing document was last updated and approved by the Charity Commission on the 20[th] February 2019.

Induction and training of new trustees

The majority of current trustees are familiar with the practical work of the Foundation and have served throughout the year. The Charity endeavours to ensure that new recruits bring additional skills or specialisations in order to maintain the balance and effectiveness of the Board.

A Training Session with an experienced Trainer was held in January 2021 as an Introduction for newer Trustees / reminder for more experienced Trustees, providing an introduction to the role and responsibilities of Trustees and two Trustees who are also Governors gave an introduction to the joint roles for newer Trustees in February 2021. New Trustees are given an Induction Pack a n d training as required.

Organisational Structure

The Latymer Foundation at Edmonton is an unincorporated charity, which was established in accordance with the provisions of the scheme made by the Minister of Education under the Charitable Trusts Acts 1853 to 1925; the scheme documents were sealed on 10 April 1959 and established the objects and powers as altered by a scheme of the charity commissioners sealed 10th May 1999. A new scheme came into force on 20[th] February 2019.

The trustees meet regularly to manage the charity's affairs. The Trustees of the Foundation (hereinafter called “the Trustees”) shall consist of such number of Trustees as the Foundation deems necessary to discharge its duties. The Latymer Foundation at Edmonton is the appointing body for Foundation Governors of The Latymer School acting in accordance with the Instrument of Government of The Latymer School made by the Minister of Education. Foundation Governors may be considered for appointment as Trustees. New appointments shall generally be for two years with their re-appointments made by a majority of Trustees. Trustees and Foundation Governors are appointed and removed by a majority of the Trustees.

The Foundation has a Conflicts of Interest Policy which sets out how various issues could be dealt with by The Latymer Foundation at Edmonton in relation to conflict of loyalty situations that may arise as a result of Trustees of the Foundation also being Governors of The Latymer School in light of the Foundation’s objects being to maintain The Latymer School as a voluntary school and other educational benefits as set out in the Scheme.

Related parties

The Foundation has no related parties. However, it does work in partnership with The Latymer School in pursuit of its objectives.

Wider network

At present The Latymer Foundation at Edmonton does not consider itself part of a wider network.

Risk management

The trustees have a duty to identify the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectives of the Foundation are to maintain The Latymer School as a voluntary school, open to pupils selected primarily on grounds of academic ability; to defray certain expenses of maintaining the school as required under the Education Acts; to provide special benefits of a kind not normally provided by the Local Education Authority; to provide grants, bursaries and other financial assistance in pursuance of educational benefits to pupils and former pupils under the age of 25 years, and otherwise to promote the education of beneficiaries.

Additionally, the Foundation:

Page 2

THE LATYMER FOUNDATION AT EDMONTON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

Grant making policy

All requests for grants to individuals are reviewed by the Trustee Finance Committee and / or the full board of trustees; grants are made to ensure that no Latymer School pupil is precluded from participation in the full range of the School's curricular programmes by reason of financial hardship. Requests for grants for extra-curricular activities are considered on a case-by-case basis.

CHARITABLE ACTIVITIES AND PUBLIC BENEFIT - ACHIEVEMENT AND PERFORMANCE

The Foundation conducts its charitable activities through both its general operations, funded by its unrestricted and endowment funds, and through operations funded by its restricted funds.

The Trustees have reviewed guidance from the Charity Commission in relation to public benefit when setting aims and objectives and terms of its grant giving policy and believe they have complied with the duty to have due regard to this guidance.

The principal activity, and the purpose for which the trust was established by a scheme made by the Minister of Education, is to own and maintain The Latymer School as a voluntary school, open to pupils selected primarily on the basis of their academic ability. The provision of a very high quality education without regard to family financial circumstances is regarded by Trustees as a public benefit. Furthermore, the Trustees make grants to ensure that a wide range of extra-curricular activities that the school provides, especially those that are considered to have a strong educational purpose, are available to families who would not otherwise be able to afford them. Additionally, and for the benefit of all the pupils of the school, the Foundation has since 1965 owned and operated a Field Centre, Ysgol Latymer, at Cwm Penmachno in Snowdonia. During the year pupils spent periods of up to a week there engaged in programmes of curricular and personal development through challenging outdoor pursuits.

The four restricted funds comprise the Standards Fund, Science Fund, Prize Fund and School Development Fund.

The Standards Fund was established to ensure that educational standards at the school are maintained over the long term by funding some of the school's capital and revenue projects for which funding from other sources is insufficient or not available. The Fund raises donations, mainly from parents of children at the school and these totalled £279,623 (2021: £336,653) during the year. Whilst contributions to the School from the Standards Fund were modest in 2021-22 they are expected to be significantly larger in 2022-23 as a result of the pressure on School budgets.

The Science Fund was established by a gift from a former pupil of the school. It is the donor's wish that these funds be used to promote the take-up of STEM subjects by current pupils. The capital sum has now been invested to form an endowment, the income from which is being utilised for a programme of advanced Science and Technology studies. In the year to 31 March 2022, £18,335 (2021: £14,778) was expended for these purposes and benefited a broad range of pupils by offering Science provision well beyond the range of the normal curriculum. Since the Fund was established, there has been an increase in the number of pupils taking up Science and Mathematics at A Level.

The Prize Fund represents an accumulation of past gifts to establish named prizes for pupils at the School, the annual cost of which is mainly funded by the income from the Fund. No payments were made from this Fund during the year (2021: None) as the Awards Ceremony was cancelled due to Covid. School prizes recognise the effort, achievement and public service of pupils, who benefit by motivation and example.

The School Development Fund has been created as a result of an initial donation from the former pupil of the school who also created the Science Fund followed by subsequent donations in 2017, 2019 and 2021. This fund is intended to support revenue and capital projects which enhance the school’s facilities and/or support subjects which qualify students to pursue careers in fields which provide practical benefits to the wider community (eg Science, Technology and Engineering). During the year this fund supported the School with donations of £2,184,220 as part of in a major project to upgrade its heating and electrical systems, with the overall cost being c£2.5 million.

In June 2021, the School and Trustees were successful in a joint application for a grant from the Football Foundation totalling c£531,000 towards the cost of a 3G artificial pitch. Alongside this grant the Latymer Foundation and the School will contribute c£207,000. The pitch was completed in June 2022 and is in regular use.

Fundraising

The Charity primarily raises funds from the Latymer community, i.e. parents/carers of current and past students and Latymer alumni. None of the fundraising work we do is carried out by third parties, but we do rely on third party platforms (such as Paypal) to enable us to raise funds.

Page 3

THE LATYMER FOUNDATION AT EDMONTON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

As set out by the Chartered Institute of Fundraising and the Fundraising Regulator, we recognise that every donor is an individual with a unique background, experience and circumstances. Every interaction between a fundraiser and a donor is different. When dealing with potentially vulnerable people we follow the principles of respect, fairness, responsiveness and accountability and take all reasonable steps to treat a donor fairly, enabling them to make an informed decision about any donation.

The Trustees, the School and all the staff involved would like to thank all our donors for their amazing generosity and ongoing support.

FINANCIAL REVIEW

Reserves policy

It is the aim of the Trustees to maintain the real value of Unrestricted and Endowment reserves over time. This does not preclude use of reserves to achieve completion of large capital projects where it is expected that appeal donations will substantially recover those reserves in the foreseeable future. The sums held in Restricted reserves will naturally fluctuate with activity in the purpose for which they are designated.

Fixed Assets

Freehold properties other than the School land and buildings are valued by the trustees based on professional guidance. The School land and buildings have been valued based on a valuation for insurance purposes.

As part of the terms of the grant from the Football Foundation towards the 3G artificial pitch, the Football Foundation has been granted a restriction of title over the land covered by the pitch which can be lifted after 21 years in 2043.

Principal funding sources

The following were the principal sources of funds during the year:

InvestmentIncome
Interest Income
Gifts& Donations
School House Rental Income		 £
269,770
307
3,530,320
16,800
£3,817,197

Investment Policy and Objectives

The Foundation's investments are managed by two long established and respected firms of investment managers. They are mandated to maximise income to meet the Foundation's financial commitments whilst maintaining the real value of the funds; the mandate for investments for the Standards Fund is rather more conservative than for the other investments. Management fees are based on value of funds under management and vary between 0.6% and 0.8%.

FUTURE DEVELOPMENTS

Whilst very significant donations were made to the school in 2021/22, these were largely related to capital projects and notwithstanding the effects of Covid, the School did not run a deficit on day-to-day activities through close control over costs. Whilst the close control over costs will continue, the Trustees expect that in addition to further contributions towards capital projects, a substantial donation will be made in 2022/23 towards day-to-day costs, with increases in salary costs and energy bills not being fully funded.

Page 4

THE LATYMER FOUNDATION AT EDMONTON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011 and the provisions of the trust deed require the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping proper 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 to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

ON BEHALF OF THE TRUSTEES:

R M Hibberd Chair of Trustee Board

02 Dec 2022

Date : ………………………………

Page 5

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF

THE LATYMER FOUNDATION AT EDMONTON

Opinion

We have audited the financial statements of The Latymer Foundation at Edmonton for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 charity in accordance with the ethical requirements that are relevant to our audit of the accounts 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. 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 6

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF

THE LATYMER FOUNDATION AT EDMONTON

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to 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 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.

Our approach was as follows:

Page 7

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF

THE LATYMER FOUNDATION AT EDMONTON

Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matter

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2016.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Francis Corbishley, Senior Statutory Auditor For and on behalf of Moore NHC Audit Limited Statutory Auditor Nicholas House River Front Enfield Middlesex EN1 3FG

13/12/2022

Date: .............................................

Page 8

THE LATYMER FOUNDATION AT EDMONTON

STATEMENT OF THE FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
funds
Notes
£
INCOMING RESOURCES
Incoming resources from
Generated funds
Voluntary income
2
30,307
Investment income
3
27,675

Total incoming resources
57,982
RESOURCES EXPENDED
Costs of generating funds
Investment management costs
4
5,769
Charitable activities
Fund Raising costs
7
-
Grants & awards – School and
general
7
30,635
The Latymer House
6
1,891
Outdoor pursuit centre
6
19,634
Governance costs
8
35,679

Total resources expended
93,608

NET INCOMING/(OUTGOING)
RESOURCES BEFORE
TRANSFERS
(35,626)
Gross transfers between funds
16
67,667
Net incoming/(outgoing)
Resources before other recognised
gains and losses
32,041
Other recognised gains/losses
Gains/(losses) on investment assets
Unrealised (Loss)/Gain on fixed asset
revaluation
16
17,432
Net movement in funds
49,473
RECONCILIATION OF FUNDS
Total funds brought forward
1,133,060
TOTAL FUNDS CARRIED
FORWARD
1,182,533
 Restricted
Endowment
funds
funds
£
£
3,526,682
-
153,934
88,469


3,680,616
88,469
28,108
18,722
40,130
-
2,205,495
200
-
-
-
-
23,401
2,476


2,297,134
21,398


1,383,482
67,071
(596)
(67,071)
1,382,886
-
43,596
125,259
1,426,482
125,259
7,211,335
32,413,917
8,637,817
32,539,176

 2022
Total
funds
£
3,556,989
270,077

3,827,067
52,599
40,130
2,236,330
1,891
19,634
61,555

2,412,139

1,414,928
-
1,414,928
186,287
1,601,215
40,758,312
42,359,527
 2021
Total
funds
£
351,920
273,439
625,359
60,661
41,855
257,679
48,726
18,868
34,704
462,494
162,865
39
162,904
953,528
1,116,431
39,641,881		 2021
Total
funds
£
351,920
273,439
625,359
60,661
41,855
257,679
48,726
18,868
34,704
462,494
162,865
39
162,904
953,528
40,758,312

The Statement of Financial Activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.

The notes form part of these financial statements

Page 9

THE LATYMER FOUNDATION AT EDMONTON

BALANCE SHEET AT 31 MARCH 2022

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
12
165,000
Investments
13
811,295
976,295
CURRENT ASSETS
Debtors
14
1,084
Cash at bank and in hand
244,228
245,312
CREDITORS
Amounts falling due within one
year
15
(39,073)
NET CURRENT ASSETS
206,239
TOTAL ASSETS LESS
CURRENT LIABILITIES
1,182,534
NET ASSETS
1,182,534
FUNDS
16
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS		 Restricted
Endowment
funds
funds
£
£
-
29,850,000
4,859,170
2,639,801
4,859,170
32,489,801
468,772
-
3,434,169
50,093
3,902,941
50,093
(124,294)
(717)
3,778,647
49,376
8,637,817
32,539,177
8,637,817
32,539,177		 2022
Total
funds
£
30,015,000
8,310,266
38,325,266
469,856
3,728,491
4,198,346
(164,085)
4,034,261
42,359,527
42,359,527
1,182,533
8,637,817
32,539,177

42,359,527		 2021
Total
funds
£
30,015,000
8,123,979
38,138,979
43,013
2,702,651
2,745,664
(126,330)
2,619,334
40,758,313
40,758,313
1,133,060
7,211,335
32,413,918
40,758,313

The financial statements were approved by the Board of Trustees on 1[st] December 2022 and were signed on its behalf by:

~~…………………………….~~ Richard Hibberd (Dec 2, 2022, 10:27am)

R M Hibberd – Trustee

…………………………….

Richard Quintian (Dec 8, 2022, 4:20pm) R L Quintian - Trustee

The notes form part of these financial statements

Page 10

THE LATYMER FOUNDATION AT EDMONTON

STATEMENT OF CASH FLOWS AT 31 MARCH 2022

Notes 2022 2021
£ £ £
£
Cash flows from operating activities 20
Cash generated from operations 1,025,840 118,452
Investing activities
Funds withdrawn - -
Funds invested - -
Gains on fixed assets investments -
-
______________ _______________
Net cash generated from investing activities - -
_______________ ________________
Net increase in cash 1,025,840 118,452
Cash at beginning of year 2,702,651 2,584,199
_______________ ____________
Cash at end of year 3,728,491
_______________
_______________

2,702,651
________________
________________
ANALYSIS OF CHANGES IN NET DEBT
At start of year Cash flows At end of year
£ £ £
Cash 2,702,651
_____________
-_____________		 1,025,840
_____________
-_____________		 3,728,491
_____________
-_____________

Page 11

THE LATYMER FOUNDATION AT EDMONTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Accounting Convention

The financial statements have been prepared in accordance with The Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). The Foundation meets the definition of a public benefit entity under FRS102.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include certain financial instruments at fair value.

The principal accounting policies adopted are set out below.

Preparation of the accounts on a going concern basis

The board of trustees consider that there are no material uncertainties about the Foundation’s ability to continue as a going concern.

Key judgements that the Foundation has made which have a significant effect on the accounts include estimating the liability from grant and bursary commitments made to the school.

The board of trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next accounting period.

The trustees have considered the impact of the Covid-19 pandemic on the Foundation and do not believe there to be any change in the going concern status of the Foundation.

In setting its budget plan for 2022/23, the Trustees have considered a number of scenarios for future income and costs. The Foundation has an established reserves policy and considerable free reserves.

Incoming resources

All incoming resources are included on the Statement of Financial Activities when the Foundation is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Tax reclaimed under gift aid is accrued and included in the Statement of Financial Activities in the same period as the gifts and donations to which it relates.

Funds structures

The Foundation’s Endowment Fund consists of properties and investments held since the Scheme made by the Minister of Education under the Charitable Trusts Act, I853 to I925 and takes into account any additions and disposals to date. The Income from the Endowment Fund is wholly unrestricted and can be utilised to further the aims and objects of the Foundation and meet administration and governance costs.

Restricted Funds are funds which are to be used in accordance with specific restrictions imposed by the donor or the scheme document.

Resources expended

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Where incoming resources have related expenditure (as with Fundraising) the incoming resources and related expenditure are reported gross in the Statement of Financial Activities.

Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds (less dealing charges) and opening cost value. Unrealised gains and losses are calculated as the difference between market value at the year end and opening market value. Realised and unrealised gains are shown in the Statement of Financial Activities. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Page 12

THE LATYMER FOUNDATION AT EDMONTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Irrecoverable VAT

The Foundation is not registered for VAT. Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Allocation of overheads and support costs

Overhead and support costs have been allocated between charitable activity and governance. The allocation of overheads and support costs is analysed in notes 6, 7 and 8.

Cost of generating funds

The costs of generating funds consist of administration costs reimbursed to The Latymer School in respect of the Administrative staff time for the appeals for donations, secretarial fees, office running costs, campaign newsletters and costs of fund raising events.

Charitable activities

Costs of charitable activities include expenses incurred in respect of the running costs of the outdoor pursuit centre.

Governance costs

Governance costs comprise of all costs involving the public accountability of the Foundation and its compliance with regulations and good practice. These costs include statutory audit and legal fees together with overhead and support costs.

Tangible fixed assets

Tangible fixed assets consisting of school land and buildings, and an outdoor pursuit centre, are carried at their fair value using the revaluation model. When available, the fair value at the end of the reporting date is determined using market based evidence. Where market based evidence is lacking, such as due to the specialised nature of the school buildings with covenants on their use, fair value has been based on a valuation for insurance purposes. The valuation approach is the same as in prior years.

Taxation

The charity is exempt from tax on its charitable activities by virtue of section 505 of the Income and Corporation taxes Act 1998.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the Report of the Trustees.

Fixed asset investments

Investments listed on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustee's best estimate for market value. The Statement of Financial Activities includes net gains and losses arising on revaluation and disposals for the year.

2. VOLUNTARY INCOME

Gifts
Music instrument hire
YSGOL Latymer income
Latymer House income
Sundry income
INVESTMENT INCOME
Rents receivable
Investment income
Interest receivable		 2022
£
3,530,320
6,084
-
16,800
3,785
3,556,989
2022
£
-
269,770
307
270,077		 2021
£
337,065
4,220
-
7,000
3,635
351,920
2021
£
1
272,293
1,145
273,439

3. INVESTMENT INCOME

Page 13

THE LATYMER FOUNDATION AT EDMONTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

4. INVESTMENT MANAGEMENT COSTS

5.

6.

7.

8.

INVESTMENT MANAGEMENT COSTS
2022
£
Investment Management Fees
52,599
DIRECT COSTSOFCHARITABLE ACTIVITIES
Direct costs
Grant funding
YSGOL/Latymer House
of activities
(See note 6)
(See note 7)
£
£
Outdoor pursuit centre
19,634
-
Refurbishment of Latymer House
1,891
-
Fund Raising costs
-
40,130
Grants & awards – School and general
-
2,236,330
21,525
2,276,460
MANAGEMENTOFYSGOL LATYMER OUTDOOR PURSUIT CENTRE
2022

£
Administrativefees
9,412
Rates and water
2,319
Insurance
-
Light and heat
3,874
Telephone
988
Repairs and maintenance
3,042

19,634
LATYMER HOUSE
Refurbishment of Latymer House
1,891
GRANTS PAYABLE
2022
£
Fund raising costs
40,130
Purchase of Musical Instruments
8,206
Grants & awards – School and general
2,228,124

2,276,460
GOVERNANCE COSTS
2022
£
Administrative fees
3,340
Travelling andhospitality
147
Printing, postage &stationery
57
Auditors'remuneration
9,042
Insurance
5,024
Gifts andpresents
1,211
Bankcharges
145
Books andsubscriptions
1,721
Foundation dayexpenses
733
Repairs & Maintenance
1,021
Legal and professional fees
23,300
Archivist 2,462
Sundrycosts
13,354

61,555		 2022
£
52,599		 2021
£
60,661
Totals
£
19,634
1,891
40,130
2,236,330
2,297,985
2021
£
9,513
2,252
500
2,521
903
3,179
18,868
48,726
2021
£
41,855
-
257,679
299,534
2021
£
1,510
-
306
9,000
7,307
705
71
1,205
-
-
1,450
2,042
11,108
34,705

Page 14

THE LATYMER FOUNDATION AT EDMONTON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

9. TRUSTEES' REMUNERATION AND BENEFITS

No trustees' remuneration or other benefits were paid during the year ended 31 March 2022 (2021: nil).

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2022 (2021: nil).

10. STAFF COSTS

The Foundation does not employ any staff. The services provided on a part time basis by some of the employees of The Latymer School are reimbursed to the school.

11. AUDITORS' REMUNERATION

The auditors’ remuneration constitutes an audit fee of £9,000 (2021: £9,000).

12. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
At 1 April 2021
Revaluations
At 31 March 2022
CARRYINGAMOUNT
At 31 March 2022
At 31 March 2021		 Freehold
Properties
£
30,015,000
0
30,015,000
30,015,000
30,015,000

The freehold property, at Haselbury Road, London N9 9TN, was valued by the Trustees as at 31st March 2022 on declared value for insurance purposes as being a school building with covenants on its use, an open market value is not practical.

The freehold property, known as the outdoor pursuit centre at YSGOL Latymer, at Cwm Penmachno, Nr Betws-y-Coed, Conwy was assessed by the Trustees on 31st March 2022. The last professional valuation was carried out in December 2020 by Mr Christopher Thomas MNAEA MNAVA, independent valuer and surveyor on an open market basis. In the opinion of the trustees the market value of the freehold property as at the balance sheet date is not materially different from that disclosed in the accounts.

13.
FIXED ASSETINVESTMENTS
Investments
£
At 1 April 2021
8,123,979
Revaluations-gain
186,287
At 31 March 2022
8,310,266
CARRYINGVALUE
At 31 March 2022
£8,310,266
At 31 March 2021
£8,123,979
There were no investment assets outside the UK.		 13.
FIXED ASSETINVESTMENTS
Investments
£
At 1 April 2021
8,123,979
Revaluations-gain
186,287
At 31 March 2022
8,310,266
CARRYINGVALUE
At 31 March 2022
£8,310,266
At 31 March 2021
£8,123,979
There were no investment assets outside the UK.		 13.
FIXED ASSETINVESTMENTS
Investments
£
At 1 April 2021
8,123,979
Revaluations-gain
186,287
At 31 March 2022
8,310,266
CARRYINGVALUE
At 31 March 2022
£8,310,266
At 31 March 2021
£8,123,979
There were no investment assets outside the UK.
8,310,266
£8,310,266
£8,123,979

Page 15

THE LATYMER FOUNDATION AT EDMONTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
Accrued expenses
16.
MOVEMENT INFUNDS
Net movement
At 1.4.21
in funds
£
£
Unrestricted funds
General fund
1,133,060
(18,193)
Restricted funds
Restricted Funds
7,211,336
1,427,078
Endowment funds
Endowment Fund
32,413,917
192,330
TOTAL FUNDS
40,758,313
1,601,215


Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
57,981
Restricted funds
Restricted funds
3,680,616
Endowment funds
Endowment Fund
88,469
TOTAL FUNDS
3,827,066
 Transfer
between funds
£
67,071
-
(67,071)
-

Resources
expended
£
(93,607)
(2,297,134)
(21,398)
(2,412,139)
 2022
£
469,856

2022
£
92
163,993
____
164,085
Adjustments
£
596
(596)
-
-

Gains and
losses
£
17,432
43,596
125,259
186,287

Page 16

THE LATYMER FOUNDATION AT EDMONTON

FOR THE YEAR ENDED 31 MARCH 2022

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

17. CONTINGENT LIABILITIES

(i) The Foundation and The Latymer School secured a grant of approximately £3 million from the Department for Education and Skills in 2004 towards the construction of the Sports Hall. The grant was paid to The Latymer School and was limited to funding 90% of the costs incurred, the shortfall being met by the Foundation and other bodies.

The grant is secured by a charge over the land owned by the Foundation held solely for the benefit of The Latymer School. As stipulated in the charge agreement the grant is subject to reimbursement as per a formula in the event of the said building not being used for the primary purpose stated therein. The trustees and the governing body of The Latymer School are jointly and severally liable for this repayment to the Secretary of State for Education and Skills.

The Trustees have confirmed that as at the year-end there is no change in the use of the Sports Hall and do not envisage a change in the foreseeable future.

(ii) As disclosed in the Trustees’ Report, the Foundation has agreed to review and, if required, consider subsidising the 2022/23 revenue budget for The Latymer School to assist with the effect of funding shortfalls and increased energy costs. Latest estimates suggest that the cost could be of the order of c£200,000. Any further requests for funding will be reviewed by the Trustees if required.

(iii) The Foundation and The Latymer School secured a grant of c£531,000 from the Football Foundation towards the installation of an artificial pitch in the Summer of 2022. The grant carries certain obligations relating to the maintenance and usage of the pitch and a charge has been granted to the Football Foundation over the land on which the pitch is situated. This charge can be removed in 2043.

18. RELATED PARTY DISCLOSURES

The Latymer School is related to the Foundation as it occupies the land and building owned by the Foundation as well as the school being a beneficiary of the grants and awards made by the Foundation. The Grants & Awards made to The Latymer School amounting to £2,236,330 (2021: £257,679) are stated in note 7 of the financial statements.

The Latymer School recharged expenses in the year to the Foundation amounting to £130,578 (2021: £195,429). These expenses include the amounts charged for services provided by The Latymer School members, £435 to cover Governors’ Training (2021: £350), plus YSGOL cost of insurance of £nil (2021: £500).

At the reporting date the creditor balance owed to The Latymer School was £154,993 (2021: £117,330). Debtors due to The Latymer Foundation from The Latymer School were £445,350 (2021: £7,780).

19. Legal status of the Foundation

The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity registered with the Charity Commission for England and Wales.

20. CASH GENERATED FROM OPERATIONS

2022 2021
£ £
Surplus for the year 1,601,215 1,116,431
Unrealised (gains)/losses on fixed assets investments (186,287) (953,527)
Movements in working capital:
(Increase)/decrease in debtors (426,843) (17,561)
(Decrease)/Increase in creditors 37,755 (26,891)
________ ________
Cash generated from operations 1,025,840
_____________
-_____________		 118,452
_____________
-_____________

Page 17

FOR THE YEAR ENDED 31 MARCH 2022

THE LATYMER FOUNDATION AT EDMONTON

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

INCOMING RESOURCES
Voluntary income
Gifts & donations
Music instrument hire
YSGOL Latymer income
Latymer House income
Sundry income
Investment income
Rents receivable
Investment income
Interest receivable
Total incoming resources

RESOURCES EXPENDED
Investment management costs
Investment management fees
Charitable activities
Administrative fees
Rates and water
Insurance
Light and heat
Telephone
Repairs and maintenance
Refurbishment of Latymer House
Grants and awards
Governance costs
Administrative fees
Travelling andhospitality
Printing, postage & stationery
Auditors'remuneration
Insurance
Gifts andpresents
Bankcharges
Books andsubscriptions
Foundation dayexpenses
Legal and professional fees
Repairs and maintenance
Carriedforward		 2022
£
3,530,320
6,084
-
16,800
3,785
3,556,989
-
269,770
307
270,077
3,827,066
52,599
9,412
2,319
-
3,874
988
3,042
1,891
2,276,460


2021
£
337,065
4,220
-
7,000
3,635
351,920
1
272,293
1,145
273,439
625,359
60,661
9,513
2,252
500
2,521
902
3,179
48,726
299,534
2,297,986
3,340
147
57
9,042
5,024
1,211
145
1,721
733
23,300
1,021
 367,127
1,510
-
308
9,000
7,307
705
71
1,205
-
1,450
-
21,556
45,741

Page 18

THE LATYMER FOUNDATION AT EDMONTON

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

Governance costs
Brought forward
Archivist
Sundry costs
Total resources expended
Gross transfers between funds
Net income before gains and losses
Recognised gainsandlosses
Realised (losses)/gains on fixed asset investments
Unrealised gains/(losses) on fixed asset investments
Net income
2022
£
45,741
2,462
13,354

61,555

2,412,140

-
1,414,926
195,781
(9,494)


1,601,213

Page 19