REGISTERED CHARITV NUMBER: 325078 REPORT OF THE TRUSTEES AND AUDITED FINANCIALSTATEMEI NTS FOR THE YEAR .DED 31 MARCH 2024 FOR THE LATYMER FOUNDATION AT EDMONTON Moorc NHC Audit Limitcd Chartered Accountants East Wing Goff5 Oak House Goffs Lanc Goffs Oak Hertfordshire CN7 5GE
THE LATYMER FOUNDATION AT EDMONTON coriTEYfs OF THE FIYANCJAL STA'fEM ENI'S FOR THE YLAK ENDED 31 MARCFI 2024 Page Report of th¢ 'fwst¢es to5 Repori of the Ind¢p¢nd¢nl Audilors 6t08 Sialemenl of Finan¢ial Aclivitics Balance Shcel 10 Si8temeni of Cash Floivs Notes lo th¢ Financial Sialements 1210 18 Detailed SlalemeAi of Finan¢i81 Aclivities 191020
THE LATVMER FOUNDATION AT EDMONTON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The (wsiees pi'eseiit their report iyith ihe fiiiancial Statements of ihe charily foy the year ended 31 Mareh 2024. The financial slalemenis comply with Ihe Charities Act 201 I, at]d Accountiiig and Reporling by Charities.. Statement of Recommended Practice applicable to eharilies prcparing Ihcir accounts in &CrdanCe iviih Ihe Financial Reporting Siandard applicable in ihe UK and Republic of Ircland {FRS 102) (as amcnded}. The Ti'ustees have complicd ivith the duly in section 4 of the Charili¢s Act 2011 io have duc rcgard to guidan¢e publi5hcd by the Chai'ily Coinmission regai'ding Public H¢nefil. REFEREIYCL AND ADMINISTIL4TIVE DETAILS Registered CIIAI-ity iiuinbei. ln Englaiid aiid W8les 325078 Priiicii?Al Hddress The Latymei. Scl)ool Hoselbury Road Edmonton London N9 9TN Trustees Mi. R M Hibbcrd Mi. J Boldcii Mi. E Coopcr Mi's J HHrdie Di. Fl Shah Mi. S Way Mrs F. Flrasnell Mr R L Quinlian Mrs P Grieff Mr S Yiannakas Mr14 Mahendran Chair Linlil 41h December 2023, r¢si8ned 3cd December 2024 Chair from 51h December 2023 Resign 3rd December 2024 Resigned 27¢h June 2023 Appoinled 5th Dcccmbcr 2023 Auditoi's Moore NHC Audit l.imited Ea51 Wing Goffs Oak l.lous¢ Gofys Lane Goffs Oak 14citfordshire EN7 5GE Baiiker3 HSBC Bank PIC POBOX 131 The Toiyn Enfield EN2 6LD CAf Bank Limiled Kings Hill Wcsl Malling KcnÉ ML19 4JQ Solicitors Barkcr Gooch & Swatles I Cecil Court Loi)don Road Enfield Middlcscx EN2 6BU Stone King LLP BoutKlary House 91 Charlerhouse St Barbican London F.Cl M 614R IVeStment mnnAger5 Saiasin & Pat1iiei's LLP ]iaihboncs Gi'oiip Pl¢ BlackRo)¢k Inc Pllge I
THE LATYMER FOUNDATION AT EDMONTON REPORT OF THE TRUSTEKS FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVCRNANCE AND MANAGEMEf4T Governing docurnent The charity is conliolled by its governing documcnt. a deed of trnsl. and eonstitutC5 an unincortK)rated charity. The goveining docL)nienl wus last iipdat¢d and 8pproved by Ihc Charity Coinmission on the 20th February 2019. Inductlon And trAiniiig of neiv trustees The majority of current trustees are faniiliar with ihc practical Ivork of Ihe Foundation and hav¢ served throughniil the year. The Charity endeavours lo ensure that new reeruils bring addiliollal skillsor specialisalions in ordei. lo maintaii) thc balancc and cffectiveness of Ilie Board. New Ti'uslees are given an Jnduclion PAck a n d Iraining as requircd. OrgHnisationAI Struclllre The Lalyiner Foundarion at Edmonion is An unincorporatcd Charity. Ivhich ivas established in accordance ivith the piY)Vi5ions of the scheme made by the Minister of Educatioii under the Ch8rilable Trusls Act5 1853 10 1925. the scheme documents ivere sealed on l O April 1959 and established the objects and powers as alicrcd by a scheme of the charity commissioncrs sealed l Oih May 1999. A i)¢w scheime Come into forcc on 201h February 2019. I'he truslcc5 meet regularly io manage Ihe charity's &tTairs. The Tnjsiees tsf the Poundalion (her¢inafter called "the Trustees") sh911 eonsi5t of such number of Trnslces as the Foiindalion dccms ncccssary ro discharge its dulies.-fhe Latyincr Foundation at Cdinoi)lon is the oppoinliiig body for Foundation Governors of The l.Dtyincr School a¢ling in accordance willi Il)e Ins(Nmeiit of Govcminent of The LaLynier School In4d¢ by Ili¢ Minislcr of Education. Foundation Govcrnor5 may be considered for appoinimenl as Trustees. Neiv Appointments shall genei'ally be lor two yeaTS With Ihcir re-appoinlmenls Inade by a majority ofTrusle¢s. TEUStees and Foundolion Governoi's are appoinlcd and renioved by a majority of the Trusiees. 'I'he Foundation lia5 a Contlic15 of Interest Policy ivliich sets out hoiv various issw could bc deali with by The Latymer Foundation al EdinDnlon in relation lo contlicr of loyalty siluaiion5. Su¢li 5itiiglion5 may aris¢ as a resuli of Ti'usiees of the Foundation also being Governoi's of The Llllynier School in light ol. Ihe Foundaiion's objecis being lo mwnlain Th¢ La¢ymer SclM)ol as a volunlaiy-aidcd school and other educational benefit8 as sel vut in ih¢ Sdicmc. RelAted PArties ThL Fouiidalion has no related parti¢s. However, il does work in partnehip ivith The Latymer School in pursuit of ils objectives. Wi(Itr Ii¢lwork At prc5Cllt'I'lic Latym¢r Foundation al Pdinonlon does noi consider iiself parf of a ivider nettyork. Risk IllAnAgement 'rhe Ii'u51cc5 havc a duty io identify the risk5 to ivliich Ihe charity is exposed and lo ¢nsur¢ 8pproprial¢ conliols air in place lo pi'ovide reasonable as8urai)ce #88ins1 fraud and error. finance Coniniitlee rcvicivcd Ihc l(Iternal Control frHmework in bebruary 2023. OBJEcfivES AND ACTIVITILS Objective8 And Aiins The objectives of thc Foundation are to maintain The Lalymer sc111 hs a volunlai'y-aideil school. open lo pupils scleclcd primarily on groLiiid5 of 8¢ademic obility. to dcfray certain expenses of maintaining ihc h0o] as Irqiiii'ed under Ihe Education Acts. lo providc special benefits of a kind not nornially proyided by tl)e Local Education Authority. to provide gi'anls, bursgri¢5 and oih¢r financial asslsfance in pursullnce of educational benefits lo pupils and fonner pupils under th¢ 8gc of 25 y¢ars, and oilierwisc lo promole the education of b¢n¢ficiarics. Addilionally, Ihe Foundation: Rl£ ises finance lo assisl 'fh¢ Laiymcr School its localions in Edmonlon. North London, and Peilmachno, Noi'lh Wales, Ineeiiiig the costs of mlljor capital proje¢ts' Makes smllll nillinlenance grants to Latymei. All Sainls C of E Primary Scliool, Si. Andrews C of E Primary School and Sl. Pauls C of B Primary School., Provides buildings, facililies and open spaces for thc use of l-he tyrner School. and Providcs other finance lo 'fh¢ LalyiT]¢r Srliool. Page 2
THE LATYMER FOUNDATIOP4 AT EDMONTON REPORT OF THE TRUSTEKS FOR THE YEAR ENDED 31 MARCH 2024 Gront making policy All reqve5t5 for gran15 10 individuals are revieii'ed by the Trustcc Finance Committee and l or the full board of trnslees,. grants are Inade lo ensure that no Latymer School PLipiI is precluded fn)m participalion in the full iynge of ihc School's curri¢ular progrdmmcs by rcason or financial hardship. Requests for gran15 for extra-curricular activities are Considcrcd on a case-by-case basis. CHARITABLE ACTIVITIES Af4D PUBLIC BENEFIT- ACHIEVEMENT AND PERfoRMANCE The Foundation conducts ils charitabl¢ activiti¢s Ihmugh boih tis general operations, fuiid¢d by ils unrestricted and cndoivnienl tunds, and through opci'ations funded by ils reslricled funds. I'he Trustees have IEvieived guidance from thc Cliarily Commission in relation to public benefit when setting aims and obje¢lives and ierms of ils grant givir)g policy and believe they have complied with the duly lo have due regard io this guidance. I'l)e principal aetivily, and the purpose for iyhich the trust was eslAblished by a scheme made by the Minister of Education, is to oi¥n and maintain I'he Lalymer School a5 a voluntary-aided school, open io pupils 5elect¢d primarily on the basis of their acadeinic abilily. The provision of a very high quality education wiihoui regard lo fatnily financial circumslances is regardcd by I ruslees as a public b¢n¢fit. Furtl)emiore, the Trustees make grants lo cnsure thal a wide rnngc of cxtr8urrI¢U78r ietivilies Ihat (he school provide5. especially Ihosc that ar¢ ¢onsidei'ed (o h&ve a strong educaiional purpose. air availablL to fatnilic5 ivho ivould not 01h.1vise be able to afford them. Addiiionally. and for the beiiefil of all Ihe pupils of th¢ school, the Foundation has since 1967 oiyiicd and operaied A Field Cenlre. Ysgol Laty'mer, 8t Civm Penmachno in Snoivdonia. During the year pupils spenl periods of up to h week ilierc engaged in programmes of cui'ricular and peisonal devclopment Ilirough challengiiig outdoor pursuits. Monies ar¢ held ir) o number of difter¢ni funds. It has been confimied thai ihc Science Fund and the Development Fund iyhich ivere boih pi'eviou51y d¢5crib¢d Rs Re#ricled funds arc in facl Unr¢51ri¢ied the balances al tlic end of 2022-23 have bc¢n 1.¢5lat¢d a5 follows.. Unrestricted Restri¢ted Endowment Tot*1 Origin81 Dev Fund ,317,931 5,280.783 1,0011,481 7,607,195 8,072.507 (5,280,783) (1.008.481) 1.783,243 75.290.753 84.681.191 Seience Fund RestAted 75.290,753 84,681.191 I'he oiher uni'eslricled fund is the Buildings & General PurrA)ses Fund and Ihere are now tlvo I'C51ri¢id funds; Ille Siandai'ds Fund and th¢ Prize fund as iv¢ll as the Endoivment Fund. The SIAndRrds Fund ivas esthbli5hed lo ensure thai educational siandards al the school are maintaincd over Ilie long lenn by funding 50m¢ of the school's capital and revenue projects for iYhi¢li funding froni oilier 8ourccs is insufficient oi. nol 8vailAble. The fund i'aiscs donations, Inaiiily froin parents of ¢hildren at the school and these iolalled £204,725 {2023-. £239.7781 durin£ th¢ y¢ar. Whilsl Coiitribulions lo Ihc Scliool fi'om (he Standards fund wcrc modest in 2023-24 they arc expected Iv be significantly l&rger in 2024-25 as a resuli of Ilie pressurc on School budgets. The Science Fun(1 was cslablished by a gift from a form¢r pupil of the school. li is Ihc donors ivish th81 Ihe5e funds be used to proillote tli¢ lake-up of STEM subjccls by Current pupils. The capital Sum has noiv been invesled to fonn an cndoivmenl. the income from ivhich is being ulilis¢d for a programmeof advanccd Science, Technology and Mailicwnatical sludics. In Ihe ycar lo 31 Mar¢h 2024, £20,750 (2023.. £47.5261 i¥as expeiided foi. Ihese purposes and benefited a broad rangc of pupi15 by offering Science provision ivcll beyond the rnnge of the norinal curriciilum, Since Ihe Fund ivas establishcd. there has been an in¢reas¢ in the number of pupils taking up S¢ien¢e and Maiheinalics al A luevel. Tlie Prize Fund represenis an accumulalioii of past gifts to cstablish named prizes for pupils at tlie School, the ani)uul cosl of ivhicli is rnainly fui)ded hy the income from thc l."und. Payments lolalling £2,460 iY¢re mad¢ from Illi5 Fund duriiig the year (2023- £2.190). School Pl'i7xs re)g1113e ihe elTort, Nchievemcnt and wJbli¢ service of pupil4 iylio bencfit by moliv8tion and cxamplc. Tlic Srhool Development Fllnd has bccn creaied as a result of an initial donation from Ihe former pupil of the school who also created the Srience Fund folloived by 5ubscqucnt donations tn 2017, 2019, 2021 and June 2023. This fund is inlend¢d Io supporl revenuc and capital project5 ivhich cnliancc Ihc school's facililies andloi. support subjccis which qualify sludenls lo pursue careers in fields whicli provide pi'aclical benefits to the ividcr coinmunity {eg Science. Technology and Engineering). During the year this fund Slipporled the School iyith donations of £298.007 {2023.' £.392.315) including th¢ r¢furbi5hinent of laboratories and initial ivork on ihe neiv Librar)r cxlcn5ion piojecl. P8ge 3
THE LATYMER FOUNDATION AT EDMONTON REPORT OF THE TRL:STEES FOR THL YLAR ENDLD 31 MARCH 2024 Fun(IrRlsing I"hc Chai'ity priinarily raises funds froin Ihc Latymer communilj,. i.e. parentslcarers of currcnt and past students and Latymer alumni. None of th¢ fundraising work we do is carried oui by ihird parlie4 but we do rely on third party platfonns (such ag Paypal) to assist in vaising As set out by Ilic Cliailctcd Inslilute of Fundrdising atKI the Fundraising Rcgulalor, Ive rccognise that every donoi. is an individual iviih a unique backgrouiid, cxperience and C11n$1ance$. Every interaciion between a fundraiser And a donor 15 diffcrcnt. Wh¢n dcaling with polenlially vulncrablc pcople ive follow the principl¢s Df respect, faimess. responsiveness and aceouniabilily and lakc all Irasonablc steps to treat 8 donoi. fairly. enabling Ilicm to make an iThformed decision a1ul any thnalion. The Twslees. the School and all the staff involved would like lo thftnk all our donors for (heir amazing generosity ongoing 5UPPOrt. INANCIAL RLVIKW Resei'ves policy li is the aim of thc Trustees lo mftinlain the real value of Ulircstri¢d and Etyloivmenl reserves over liine at a Icvel that i¥ill ptDduce su1¢]ent incoIne lo mainlain lh¢ fabric of ihe buildings in good order and LX)ver the regular cominilnicn15 of tli¢ foundation. This does iiol preclLide ilse of re5crves to acliieve completion of large capiial projec1& l-lie sums held in Resiricl¢d res¢i've5 will naturally tlucal¢ willi aciivily in lh¢ purpose for ivhich they are designated. Fixed Assets Frecl)old piDpeiti¢s other than Ihe School land llnd building5 llre valued by ihe Iruslees based on piDfession&l guidance. The School land and buildings have been Yalucd bascd on a valuation for insurance purposes. 'llJe mosi trceni iiisurance valuaiion of£72.760,000 was obtained last year as was the £280.IX)O valuaiion of Ihc Outdoor cenire 81 Civm. As parl of the terms of the granl from ihe Fooiball Fouftdation loivards the 3G anificial piicli, the Fooiball Fouiidalion l)85 b¢¢n 8raiil¢d a resli'iclion of lille over ihe18nd ¢overed by the pil¢l) which can be lifted After 20 years in 2043. 1'he School and l oundalion are reqiiired lo set aside £25,000 fiDm renls received for ihc 3G pitch each year foivards Ihe refijrbishinent of the pil¢h after 10 years. The 8e¢ond su¢II suin Ivas paid from tlie School in September 2024. PI'iiicipAI fundlng soiirces The folloiving ivcr¢ IhL principal sources ol. funds during Ihc ycar.. Inveslinent Income Iiilercsl Income (lifts & Donations School HousL Rental Income Miscellaneous Eveiils & Merchandi 37,828 76.376 3.307,285 18,250 64,124 72,517 3,576,380 Nole thal Events & Mercliandisc 15 a nciv source of income during the year to fl¢¢t additional income re¢eived as part of the School's 400111 aiinivei'sary celebruliuii events and Telaled mcrchandise sales. Investment Pijliey Aii(l Objeelives I'he Foiit]dation's inves(Inents have hislori¢ally been Inanaged b), ttvo long cslablished and respected finkns of inveslmcnl manaEcrs, Sarasin & Raihboiies. They ar¢ Inandaled lo maximisc inconle lo meei the Foundation'5 financiBI ¢oininitm¢nls whilst mainlainit)g the I'cal v8lue ofih¢ fuiids. the mandale foi. inve51menis for ihc Standards Fund is raiher more conservative than for Ihc other inveslinenls. Duving the yeol., all Fiinds Jnallaged by Sarasin have been Irdnsferred to loiv cost passivc fut)ds maiiaged by Bl&ckRock. Active Mana8¢menl fees are based on value of funds linder ittanageiiient and vapi b¢liv¢en 0.60/0 wid 0.8O/y with BlftLkllock chargiiig cO.20/D.. FUTURE DEI VfLOPMENTS A futlliei. subslanlial donation (¢£3.1 inillion) was received in Jiine 2023 and this is carmarked for tunding an eylensiun to the l.ibrary nd Learnin£ Resoui'ce Centre togcther witli the creation of an Addilional laboratory and the refurbislimcnt of some exisling laboraloti¢s to mai'k the 400111 anniversary of the Foundation. 'I'he Library Cxtcnsion project has now slaried and is ¢xpecled to C05t c£4.3 tnillion. The School dcficit on day-to-day actiYilie5 in 2023-2024 ihougli Ihis ivas covercd by Ihe balance brought fori¥ard. suc]) Ihat no deficil IEqUiI'ed funding fron) Ihe Foundalion. A d¢fi¢ii of c£0.3 million is forecast for 2024-25 as it is likely il)al increases in salaiy cost5 and encigy bills ivill nol be lully funded atkd Ihe Foundation h8s agrced lo fiind a revenue deficit of that OExlcr. Page 4
THE LATYMER FOUNDATION AT EDMONTON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT or TRUSTEES RESPONSIBILITIES The Irustccs are rc5ponsiblc for preparing thc Rcporl of Ihe Twsl¢es and thc financial ateMentS in accordance with applicable law and United Kingdom Accounting Standards (UDil¢d Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales, the Charities A¢1 2011 and the provisions of the trust deed require the trustees to preparc financial stal¢ment5 for each financial year which give a true and fair vieiv of thc 51ale of affairs of the eharily and of Ihe incoming resourcc5 and application of resources, including Ihe income and expenditure. of the charity for that period. In preparing those fiiidiiLial slalein¢iil& Ilie trustees are required to.. select suilablc accounling policies and Ihen apply thcm consistenily. observe the methods and principles in Ihe Charity SORP. make judgements and eslimales that ar¢ r¢asonable and prudenl. slate wh¢ther applicable UK accounting standards have been followed. subject to any malerial departures disclosed llTJd explained in the financial slatemenls. and prepiire the financial slatements on the going concern basis unless it is inappropriale to presume Ihat the charity ivill continue in operalion. The Irus1¢¢5 are responsible for k¢¢ping pmper accounting records ihai are sutricienl to shoiv and explain the charity's transactions and di5Llose with r¢asonable accuracy at any lime the financial wjsilion of the charily and lo enable Ihem lo ensure that the finan¢ial sluiemenls ¢omply wilh the Charilics Act 201 I, the Charity (Accounts and Rcporlsl Regulalion5 2008 and the provisions of the trust deed. I'Ii¢y 41re also responsible for safeguardin8 the assets ofihe charity and hcnce for iaking reasonable steps for the prevenlioi) and detection or rraud and other irregularili¢s, The Irusle¢s are responsible for the mainlenance and inlegrily of ihe charity and financial infonnalion included on the charily's websile. Lcgislalion in the United Kingdom governing Ihe preparnlion Jnd dissemination of financial slalements may differ from legislation in other jurisdi¢lions. ON BEHALF OF THE TRUSTEES: J Bol(leii Clinii. of Trustee Board 01 DRte'. Page 5
INDKPENDENT AUDITORgS REPORT TO THE TRUSTEES OF THE LATYMER FOUNDATION AT EDMONTON Opinion We have audited the financial statements of Thc Latymer Foundalion al EdmontOE) for ihe year ended 31 Mar¢h 2024 which comprise thc slateinent of financial aclivlties, the balancc 5hcel, Ihe sta(einent of cash flows and th¢ notes to the financial statements, in¢luding a suJnmary of 5ignificanl acUntIng policics. The fii)ancial reporting frameivork ihat has been applied in theii. preparation is applicable laiv and United Kingdom Accounting Standard% including Financial RctK)riing Standard 102 The Financial Rcporting Standard applicable in Ihe UK and Republic of Ireland (United Kingdom Gcnernlly A¢¢¢pl¢d Accounting Praeticc)- In oui. opinion, the financial slateinents.. give a ti'ue and fail. view of the stale of Ihe charity's alT8irs as ai 31 March 2024 and of its incoming resouTCCS arid application of resoui'ccs, for the jiear then ended. have been pi'op¢rly prepared in accordanc¢ ivith United Kingdom Gcnerdlly Accepted Accounting Praclice,. and have b¢¢ii pr¢pared in accordancc iyiih the requirements ofihe Charilits Act 2011. BASIS for OPFiiitsn We conduct¢d our audil in &ccordaTrce wilh Inlernalional Siandards on Auditing (UK) (ISAS (UK)) and applicable law. Our rcsponsibililies undei. those standards are further d¢scribed in the Auditor's responsibilities for ihe audil of Ihe finaiicial sialem¢i)Is s¢clion of our I'eport. Wc aye indepeiident of the charity in accordance wilh Ihe eihicol requiremen15 11)al are relevanl to our audil of ihe accoiinls in the UK, includiiig Ihc fRC's Eihic&l Standard. and ive have fuifillcd our other ethical rcsponsibililies in accoi'dan¢e iviil) these requiremeni8. We believe thal Ihe audii cvidei)ce ive hdV¢ obiaimed is 5ufficienl and appropriale lo provide a basis for our opininn, Concluslon$ I'¢lAting to going eoneern In auditing lh¢ fiii&n¢ial slalcmcnts, Ive have concluded thai fhe Twsleeg use of Ihe going Concern basis of accounting in the prepaialion of Ihc financial slalemenls is appropriate. Ilused on the woi'k ive have perforn)ed, Ive hav¢ iiol idenlified any inutcrial uncet1ainlies relating io ev¢nis oi. conditions that, individuully or collectively, may ¢asi significanl doubt on Ihc cliarity's ability to coniinue as a going coiicern lor a period of al least Iwelve Inonilis fiY)ni when the financial stalemenls arc #uihorised for issue. Oui. respoilsibililies And lh¢ r¢sponsibililies ofihe 1 ruslees iviih respect lo going concern are described in tlie relevaiil sections of this repoi'l. Other iiiformAtion The Irustces Arc responsible for the oihcr inforniaiion. 'fhe oiher infom)aiioT7 compriscs the inforniation included ii) the annual repoit, othei. Ihttn the finan¢ial 51al¢menis and Olir duditor's rert Ihei'eon. Ouropinion on the financial statenients does Iiol cover the oiher infoi'malioii ai)d w¢ do Iiol Lxpress any forin of assurance conclusion thcreon. In connection with oui. aiidil of the financial 5taternenls, our responsibility is to read the oihcr inforinalion and, in doing so, consider ivhctli¢r the other information is Inalcrially inconsislenl iviih the financial 51alem¢nls or our knoiylcdge obtained in Ilie aiidit oi. other4vise appears to be mglerially mi551atcd. If we identify such maierial inconsi5tciicies or appareni tnatcrial mi*8lalemciits, we al'e required lo del¢i'mine wheilici. th¢re is a Inateriul misslatem¢ni in Ilic fiiiancial slaleinenls or a Imaterial Ini5slal¢ment of the other infoi'ination. If, based on thc work we havc perfonned, Ive coiiclude thai Ihere is a malcrial misslalemeiit of Ihis other infonnation. Ive are requircd lo rcpoit Ihal fact. We huve nothing lo reEx)rt in this regard. Page 6
INDCPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE LATYMER FOUNDATION AT EDMONTON Mtte1'S on Ivhich Ive are I'equired to report by ex¢ep¢ion We havc noihing to report in respect ol'thc folloiving niatters i¥here the Charilies Act 2011 requires US to rewjrt to you if, in our opinion.. tlie information given iii the financial statements is inconslSt¢nt in any material respccl iviih the Itustccs, report. or surricieiit accounting rccoi'ds have not been kepl: or the financial slalcmcnls are not in agreemenl with ilic accouniing records. or wc havc not received all Ihc infomialion and e%planaiions wc require foi. our audit. R¢5ponsibilities of trus¢ees As cxplained mol'e fully in the stiien)enr of Irustees. responsibilitie& the truslcc5 are responsible for th¢ preparation of Ihe financiAI slalemenls aiid for bcing satisfied thal Ihcy give a trne and fair view, 8nd for such internal control as the trusrecs d¢l¢t7nine is necessai'}' 10 ei)able the preparation of financial statements that are frtt from malerial mi551atemeni, Ivhcther due 10 fraud or enY)r. In pi'epariiig Ihe financia5 slalements. Ili¢ INstees arc responsible for assessing the charity'5 ability to ¢onlinu¢ 8s a going con¢eii), disclosing, as applicabl¢, Matte rclaied lo going concern and using ihc going nCern basis ofa¢¢ouiiiing unless the Irustees cilher inlend lo cease opcralions, or hAv¢ no re81i$iic Rliernalivc iwl io do . Audltoi s resi)onsibilltie$ for the audit of the Ilnantial statement5 We have becn api)ointed a5 auditor under 5CCtion 144 of Ihc Chariiies Act 2011 &nd report in cOrd8nct with regulation5 made under section 154 of thai Act. Our objectives ar¢ lo obiain rca50nable assurance about %vhciher lh¢ financial slalemenls 8 ivholc arc free froin n)aterial misstatement. wh¢ih¢i' due lo fraud or error, slid lo issue an audilorfs rLport Ihal includes our opinioi). Reasonable assurance is a high level of as5urun¥e, bul is not a guaranlce Ilial an Audit ¢oiiducled in accoTdance iviih ISAS (UK) Ivill alivay5 dclecl a Inalerial mis51alemenl ivhen it exists. Misslalcmenls can arise Irom fraud or etTor aiid are consid¢r¢d ii)al¢ri81 if, ii)dividually oi. in Ihe aggregate, Ihey could rellsonably b¢ cxpeLled lo intlucnc¢ Ili¢ economic decisions ofusers taken on the basis of these financial slatcni¢nls. Irregularities. including fraud, arc instonces of non-compliancc wilh laivs and regulations. We desi8n procedures in line iviih our responsibilities, outlined abovc. to deleci malcrial Inisslatemenls in resp¢cI of in'¢gularilie% includin8 fi'&iid. The cxlenl to which oui. procedures are capablc of delecling inrgularilie4 includin8 frjud, is detailed beloiv. Exi)IAnHlion as to wliat extent the audit ivas considered ¢apAble ofdeleeting iYre2ularlties, including fraud The objectives of uiir audit in respect of fraud. arc- to id¢nlify and asses5 Ihe risks of material Inissr&tement of Ilie financial staleinenls due to fTaud' lo obtain suffi¢ienl appropriate audit evidence r¢gardiiig the 8sses5ed risks ofmalerial mis5taiemenl due lo fraud, Ihrough designing and implementing appropfidtc respons¢s lo Ihose assessed risks; 8nd to respond appropriately lo inslHI)ces of fraiid OT suspccled fraud idcnlifi¢d during the iiudit. l.loivever, the primary respK)nsibilily for the prev¢nlion and deleclion of fraud resls ivith both manllgeinent and Il)ose iliargcd with 8overi?ance of the cliarity. Our dPPlY)a¢h was a5 follows: We obtaiiied an undcr51anding of ihc legal and r¢gulatory r¢qiiiremenls applicable to Ihc charity 8iid considered Ihat Ihc m(>st significaiil arc the Charities Act 2011 and UK financial rcporting slandards as issued by the F inancial Rcportiiig Council We obtaincd an ui)derstanding of liow the ¢hari¢y complies willi Ihese requircm¢nt5 by discussions i¥ith Inanug¢ment nnd those charg¢d with governancc. We asses5cd the risk ol. mat¢rial misslatclneiil of the financial statement& including the risk of inaterial Inisslalenicnt du¢ lo fi'aud and hoiv li might occur, by holding dis¢us5ion5 Ivith manag¢ment and ih05c charged ivitli govcrn&nce, We inquired of Insknagement and those ¢harged iviih governance as lo any knoivn inslan¢¢s of non-CDmpliance or suspccted non- compliancc iyiih laiys and rcgulations. Pag¢ 7
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE LATYMER FOUNDATION AT EDMONTON Based on this undcrslanding, we designed specific appropriate audit proccdures lo identify instances of non-compliance with laws and regulations. 'fhis included making enquiries of management atxl those charged wilh gov¢mance and obtaining additional corroborative evideilcc as requircd. A further descriplion of our responsibilities for Ihe audit ofihe financial stateinenls is located on the Financial Reporting Council's web.sile al.. htlp-l/iv¥v%v.frc.org.uklaudilorsr¢sponsibilities. This dcscriplion forms part ofour audilorfs r¢p)rt. Other mAtter Yoiir attei)lion is drawn to Ihe fact Ihal the charily has prep8r¢d financial slalemenls in aw)rdance with "Accounling and Ileporling by Charities: Slalcmetkl of Rccommended Practice applicable to charities preparing Iheir accounts in aceordancc iviih the financial Reporting Sianddrd applicable in the UK and Republic of Ireland {PRS 1021" las am¢nded) in preference to ilie A¢counling ai)d Rcportiiig by Cl)ai'ilies.' Sialcmcnt of Recommended Practice issued on l April 21K)5 ivhich is r¢f¢rred lo in the exlant r¢gulalions bul noiv bccn iviilidrawn. This has been don¢ in order for the financial 51alemenls lo provide a Irue and fair view in accordance iviih Generally Accepted Accounting Prllcticc cffeclive tor reporting p¢riods bcginning on or after l January 2016. Use of our report This r¥port is made solely lo the charity's Iruslees, as a body. in accordance with Chapler 3 of Part 8 of the Ch8rili¢s Act 2011. Our audit work has been iindertaken so thai we might slalc lo Ihe charily's Iruslees ihose mallers ive are required io slate lo Ihein in an auditors, I'cport nd for no other purpDse. 'lo the fullest extenl pcrniitted by laiv. Ive do nol ac¢¢pl or assume responsibility lo anyone oiher Ihan th¢ charity nd the ¢harily's Irusiees a5 a body, for our audit ¥vork, for this report. or for the opinions we hav¢ formcd. Ac Fi'an¢i% Cor ey. .8enior Sialulory Audilor l or and on bLI)rfiifofMoore Nl IC AudiL Limil¢d SialLilory Auditor Cast Wing Goffs Oak14ouse Cioffs I,Rne (ioffs Oak -Ici'ifordshir¢ EN7 5GI,: Datc.. Page 8
THE LATYMER FOUNDATION AT EDMONTON STATEMENT OF THE FIIYANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 TotAI funds 2023 Total funds Unrestricted funds Restricted Endoivment funds fullds Not¢s INCOMING RESOURCES Incorning resources from Genei'ated funds VolLinlary in¢omc Investment incomc 3.257.451 (7.485) 204.725 45,526 3,462,176 114,204 284,757 286,417 76,163 Total incoinlng r¢sourc¢s 3,249.966 250.251 76.163 3,576,380 571,174 RESOURCES EXPENDED Costs of genergtlns funds Investment tnonagemenl costs ChAI'itable Hctiyities rund Raising eosls GTaiils & aivftrds - School genei'al The Larymer l.louse Ouidi)or pui'siiil ¢enli'e Governance costs 40.849 7.509 17.445 65.803 55,606 7.153 46,186 53.339 54,848 359,116 4,067 18,219 112,015 31.573 450 391.139 4.067 18,219 15,013 452,201 2.325 17,829 41,239 2,998 Tfjtol resources expeiided 541,419 88,266 17,895 647,580 624,049 NET INCOMINGI(OUTGOIIYG) RF.SOURCF.S BEI FORE TRANSTr'LRS 2.708,546 161,985 58.268 2,928,800 152,875) Gross trai)gfers b¢tiYten fund5 16 58,268 {58,268) Net iii¢omiftW(outgoing) Resour¢¢s before other recoznised gAln$ anil losses Olliei. recognl8ed gmlnsllosses Gaiiislllosses) on ii)v¢stment assets Unttalised Gain 011 fixed asset revaluation 2.766.815 161.985 2.928.800 (52.8751 16 489.196 46,204 148.090 683,490 {650,461) 43,025,000 Net Movement iii funds CONCILIATION OF FUNDS 3.256.011 208.189 148.090 3.612.290 42,321,664 I'otal fuii<Js brouglit forwar 7,607,195 .783,243 75.290.753 84.681.191 42,359,527 TOTAL FUNDS CARRIED FORWARD 10,863.206 1.991.432 75.438.843 88,293,481 84,681,191 The Statcmenl of Financial A¢livilies includcs all gains 8nd losscs in the year. All inconiing resourccs and resource5 cxpcnded derivc fioin ¢ontinuing activities. Thc notes forn) part of these financial staMentS Page 9
THE LATYMER FOUNDATION AT EDMONTON BALANCE SHEET AT 31 MARCH 2024 2024 TotAI funds 2023 TotAI funds {RestAted) Unrestricted funds Restricted Endowment fund5 funds Notes rixEI D ASSETS I'aiigibl¢ assets IRvcslmenls 12 13 280.000 10.183.997 72,760.000 2.655.663 73,040,000 14.667.826 73,040,000 7,659.805 1,828.165 10.463,997 1.828,165 75.415.663 87.707,826 80.699,805 CURRENT ASSETS Debtors Cash al bank and in hand 14 13.988 440,917 7.044 173.490 21.031 637.587 21,019 4,155,192 23,180 454.905 180.533 23.180 658.618 4,176,211 CRCDITORS Amoun15 falling due iviihin one year 15 155.696) (17.267> (72,963) {194.824) NET CURRENT ASSETS 399.209 163,267 23,180 585.655 3,981,3¥7 TOTAL ASSETS LESS cuiiiir,NT I,IABILITIES 10.863,206 1.991.432 75,438,843 88,293,481 84.681,191 NEI T ASSETS 10,863.206 1,991,432 75.438.843 88,293,481 84,681.191 FUNDS Uni'esli'icled fiinds Resli'icled funds Endoivi)ieiil fuiids 16 10.863,206 .991,432 75,438.843 7,607,195 1,783,243 75.290.753 TOTAL FUNDS 88.293.481 84,681,191 The financial slalemenls were approved by the Board of Truslees on 3 December 2024 and were 5tgned on ils behalf by: den-'I'i'ustee R L Quintian - Trn51ee Thc notes forni part of these financial statements Page 10
THE LATYMER FOUIYDATION AT EDMO]YTON STATEmEr OF CASH FLOWS AT 31 MARCH 2024 Notes 2024 2023 Cmsh flows fr(bm op¢rAting getivities Casli gcncrated from operdtions 21 2.806.927 426,701 Investing activities Funds withdraivn Funds invcstcd Gains on fixed Rssets investinenls 3,786,114 {10.110.646) Nel cnsh generAted from investing Activities (6.324,532) Net Inci'eAse l (dtcrease) in CAsh (3.517,605) 426,701 Cash At beginnittg of yeAr 4,155,192 3,728,491 Cash At end ofyear 637,587 4.155,192 ANALYSIS OF CHANGES IN NET DEBT At stArt of yeAr Cpsh flows At tnil of yeAr Cash 4,155,IY2 (3,517.605) 037.587 Page 11
THK LATYMER FOUNDATION AT EDMONTON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Tlie principal accounting policies adopied, judgcrnenls and kty sources of ¢5timation uncertainty in the preparalion ofih¢ finaiicial 5tateinents are as follows.. Accounting Conveiition Tlie financial glaiemenis have bc¢n prepar¢d in accordanc¢ with The Charilies Aci 2011 and Accounting and Reporting by Chai'ities: Statement of Recomniended Pi'actice applicable to cllariiies preparing Ihcir accouiils iii accoi'dwice ivitli Ilie Fiiiaiicial Repoi'tii)g Si&ndard applieable in ihe UK and R¢public of Ircl8nd (FRS 102) (effective l January 20191. The foundation mcels Ihc delinilion of a public benefit entity under FRSIO2. The financial 51atcmcnls havc been prepared under Ihe historical cost coftv¢iilion. modified lo include the revaluation of freehold pn)perties and lo iiiclude certain financial iiisrrumciiis ai fair value. "rhe principal accounting policies adopted are sei out below. PrtpHrntion of the Ac¢ounts on a 20in2 concern basis Thc board ol'lrustees consider Ihat Ihere are no malcrial uncertaii)lies about the foundation's ability lo coi)linue as a going concern, Key judgements ihat the foundation has niade which have a signifi¢8nt effccl on Ihc accounts include eslimaling the liability Irom grant and bursary ¢ommilmcn15 made to Ihe sthool. Thc board of itwslees do nol consider that Ihere are any sour¢e5 of e51imwion unc¢rthinty al the reporting dale that h8ve n SignifinI risk of causing a material &djustment 10 Ihe carrying amounls of &s¢tls and liabilities iviihin Ilie next accounting pei'iod. In setting ils budget plan for 2024125, the Trustees have considered A nun)ber of sc¢n8ri0s for fului'¢ incoine And ¢051s. 'fiie Foundation has an eslablisl)ed reserves poliw and ¢oiisid¢roblc fr¢e rveS. Incoming resoiirces All incomii)g iYsource5 are includcd on ihe Sialcinent of financial Activities when Ihe Foundation is legall}, enliiled lo Ihe in¢oine and the amount can be quanlifiedwiih reasonable accuracy. Tax reclaimed undergift Aid isaccrued and included in the Sialement of Financial Activities in the same period as the gifts and doi)alions lo whi¢h il relates. Funils sIretre$ 'rhe Fouiidatioii's Fiidowmcnl fund consisis of properties and inveslmenls held sincc thc Schcmc niadc by thc Minislci. of Education under the Charitable Trusls Aci, 1853 10 1925 and lakc5 irilo accounl any additions and disposals lo dale. The Incoiiie Irom ihe Eiidoivin¢nl Fund is ivliolly unrestricted and can be utiliscd to further Ihe aims &iid obj¢clS ofihe Foundation and Iiieel admiiiisli'ulioii and governance cosl8. Reslriclcd Funds are fijnds iyhich are to be used in occordan¢e iviili Splf1¢ resli'iclions illlPDsed by Ilie donor or Ilie scheme do¢iim¢nl. Resources expeiided Lxi)cnditure is accouiited for on an accruals basis and h85 been classifi¢d uiider headings that aggrcgate all costs related to the CRlegory. Where cnsls eaniiol be directly allribuled lo particular he4dings Ihey have been allo¢aled lo ftclivilies on & bmsis consi.%lenl with Ihc use of rc50urces. Where incoming resources have related expenditure (a5 with Fundrai5iiig) thc incoming rc50UI'CC5 arid I'elaled expei)dilure are reported gross iii Ihc Sialcineiii of finaiicial Activities. Re&liscil gairts xnil 105ses All gains and losses are ¢aken lo the Sialementof Fiiian¢ial A¢livities as tli¢y arise. Unrealised gaii)s on Ihe School Lai)d & Buildings arise wlien the volue for Insuriiiice purposes iiicrease5. Rc&liscd gains and losses on investments are cal¢ulAled a% the ditterence beliveen sales pro¢eeds {I¢s5 dealing cliarg¢s) and op¢iiing cost value. Unrealised gains and losses al'e calciilaled a% the difference between Inarkel value at the year end and opening markd value. Realised and Linrealiscd gaiiis at'e shoivn in Ihc Statcincnt of Fiii<ti)cial Activities. Grants offered subjeci to conditions ivhich have not been mct al Ihc ycar-cnd dat¢ rfirc Iiolcd a5 u cominihncnl but noi accmed as expenditure. Pa£e 12
THE LATYMER FOUNDA TION AT EDMONTON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCII 2024 rr¢cov¢r*ble VAT The foundation is noi registered for VAT. Irrecoverdble VAT 15 charged against the category of resources expended for which it was incurred. AllocAtioTr of overhexd$ ind support costs Overhead and support cosls have been &llocatcd bchveen charitable activity and governance. The allocation of overheads and supporl cosls is analysed in notes 6. 7 and 8. Cost of genei'ating funds The costs of gcneraling funds consist of adminislralion costs reimbursed lo The Lalymer School in respecl ol'thL Adiiiinisli'alive stclff lime for the appeals for donations. 5ccrelarial fees. oifice running cost& campaign ncwSlcltc aiid costs of fund iaising ¢vents. CIIA Yitable Activities Costs of charitablc a¢tivili¢5 in¢lude expenses incurred in respect ofihe running costs of the outdoor pur5uiI cenlre. GovernAnce costs Governance costs coinprise of all cosls involving the public accoiintabiltty of the Foundation and it5 coinpliance with rcgulalions and good practice. These cosls iiicludc 5taluiOry audit and legal fccs logeiher with overhead and supptsrl costs. TAngible fixed A5set5 Taiigible fixed asse15 consisling of school land and building4 and an ouidoor pursuit centrc, are carried HI theii. fair value using Ihc revaluation model. When availablq (he fair value al the of the r¢porting dale is detemiined using markci based evidence. Wher¢ market b8scd evidence 15 laLking. sucl) as due lo ihc 5pccialised nalure of the school buildings wilh covenants on Iheir use, fail. value has b¢¢n based on A valuation for insurance purposes. Thc valualioii approach is Ihc sainc as in prioi. ycars. Tftxation I'lie Charity is exempl from tax on ils charilablc aclivilies by virtue or(10n 505 of ihe Income and Corporalioft taxes Act 1998. Tr'uiid nceouiitlng Unreslri¢l¢d funds can be used in accordance iviih the charitable objeclives at the discretion ofihe Iruslcc5. Re3tri¢led funds cali oiily be used for pariicular reslricted purposes within Ihe obj¢c15 of the ehariLy. Reslriclions 8rise whei) specified by Il)e doiior or ivlicn funds are raised for particular rcslricled purposes. Further Lxplanalion of the naturc and purrA)se of ehch fund and Ihe re¢lassificalion of tivo thnds as Unrestrict is in¢lud¢d ii) the Report of the Truslees. Fixed asset Iiivestments Inveslm¢nls listcd on a i'¢cognised stock exchange Are valued ai markct value al Ihe year ciid. Other inveslm¢nl ass¢ls are IllLluded at trustees, bcst cslimale for markcl valu¢. 'fhe SIAiemetil of financial Aclivilies includes nel gains aiid losscs ai'ising on revaluation aiid disposals for Ihc year. VOLUL¥TARY INCOME 2024 2023 Gifts Musie insirumenl hire YSGOL Lalyincr income Lalymer House income Sundiy income Evenls & M¢i'chandise incoiiic 3.307,285 8,300 30,824 18,250 25,000 72,517 245.114 6.560 13,275 17,300 2,508 3.462.176 284,757 INVESTMENT INCOME 2024 2023 Invcstm¢iil income Int¢51 rc¢¢ivable 273.502 12.916 76.376 114.204 286,417 Page 13
THE LATYMER FOUNDATION A T EDMONTON NOTES TO TIIF. VINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAIICI12024 INVESTMENT MANAGEMENT COSTS 2024 2023 Iiivestment Management Fe¢$ 65,803 55,606 DIREcf COSTS OF CHARITABLE ACTIVITIES Direct Costs YSGOLILatymer House {See note 6) CrAllt fuiiding of actlvltles (See ilot¢ 7) Tota15 Outdoor pursuit ccntre Repai1% lo the Latyincr House Fund Raiging costs Grants & aivai'ds- School and g¢n¢rdl 18.219 4,067 18,219 4,067 53,339 391,139 53,339 391,139 22,286 444,478 466,764 MANAGEMENT OF YSGOL LATYMER OUTDOOR PURSUIT CENTRE 2024 2023 Admini51raliv¢ fees Rales and w#iet Insurance Light and heat 'rclephone 13,706 2,367 12,746 2,294 1.709 1,080 1,236 18,219 17,829 LATYMER HOUSE Repaiis to'l'he Lotynier House 4,067 2,325 GRANTS PAYABLE 2024 2023 "und raising costs l?urcha%e of Musical Insti'utTienls CJrants & a1vals- School and general 53,339 92 391,047 54,8411 452.201 444,478 507.049 COVERNANCE COSTS 2024 2023 Adiniiiisli'alive fees Travelliiig and hospiialiiy Pi'inliii& postage & slaiioneiy Tclcplione cosls Auditors, reniunLI'alion Insurallc Gifts and prescnt5 Bank charges Books and subscriptions oui)dation da)1 expense.s Lcgal and piDI¢s5ional f¢¢s Ai'chivist Sundi'y cost% 4001h AnThiYer.sary ¢osls 2.196 44 339 309 9,622 1.402 1,417 492 4,587 2,283 31,159 2,725 195 349 9,045 5,500 1,040 188 2,207 6,Q65 3,058 7.786 2,168 58,996 15,013 41,239 Page 14
THE LATYMER FOUNDATIOIY AT EDMONTON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR KNDED 31 MARCH 2024 TRUSTEEI S, REMUNERATION AND BENEFITS No liusteeg remunerdlion or other benefils were paid during tlic ycar cnded 31 March 2024 (2023: nil). Trustees, expenses Ther¢ were no Iruslees, expenses paid for ihe year ended 31 March 2024 {2023.' nil). io. STAFF COSTS Tlie Foundation doe5 not employ any staff. The services provided on A part time basis by some of ihe employce5 of 'l-he l.atymer S¢hoDI are reimbursed lo ihe school. AUDITORS, REMUNERATION The auditors. rcinuiierAiion ¢onstiluies an audil fee of £9.622 (2023.. £9.045)- 12. TANGIBLE FIXED ASSETS Fi'eellold Properti¢s Ai l Api'il 2023 Unrealised Revaluation of Freehold Property 73,040,000 At 31 Mai'ch 2024 73,040,000 CARIIYING AMOUNT Al 31 March 2024 73.040,000 Al 31 March 2023 73.040,000 The freehold property. al Flaselbury Road, London N9 9'fN. wL8 valued by Ihc Truslces as at 31 sl Mai'ch 2024 01) the declaitd valu¢ for insur#n¢e purposes as bein8 a scliool building iviih covenants on its us¢. an open Iark value is not practi¢HI. The freehold pN)pcrty. known a5 the ouidoor pursuil ccntr¢ ai YSGOL Laiyiner, al ¥M Penmachno. Nr Beiws-y-cocd, Coniyy Ivas valiied in October 2023 by Mr Chrislopher Thomas MNAEA MNA VA. indepcnd¢nl valuei. und surveyor on an opeii market basi5 al £280,000 - £285,000. Th¢ freehold property has been valued ii) liiie wilh his valualioii as the I'i'usl¢e$ consider this lo be Ilie Inai'ket valiie al 3 I March 2024 a150. 13. FIXED ASSET INVESTMENTS Investiments Al l April 2023 Revaluations Addiiional investments Sales proceeds Realised piDfil l (loss) 7,659,805 717.301 10,110,646 (3,786,114) (33,811) At 31 Mai-ch 2024 14,667,826 CARRYING VALUE Al 31 March 2024 14,667,826 Ai 31 Marcli 2023 7,659,805 I'here ivere no investment a5SCt5 0u15ide th¢ UK. Pllge 15
THE LATYMER FOUNDATIOIY AT EDMONTON NOTES TO THE FINANCIAL STATII MENTS FOR THE YEAR ENDED JI MARCH 2024 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YCAR 2024 2023 Other debtors 21,031 21.019 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Othei. ¢redilors AccrLied e.¥pens¢s 72.963 194,824 72,963 194,824 16. MOVEMENT IN FUNDS Net inovement in funds TrAnsfer between fund5 At 1.4.23 (Restated) Adjustments At 31.3.24 Uni'estricted fiinds General fund Resti'icted fund$ Re.8lricled Funds I n<l0iYmeI funds Endowment Fund 7.607,195 3,197.743 58,268 10.863.206 1.783.243 20¥,189 1,991,432 75.290.753 206,358 (58,268) 75,438,843 TOTAL FUNDS 84,681.191 3.612.290 88,293,481 Ncl Inovciiienl in funds included in the abov¢ Jrc as follows: Incomliig re50urc¢5 Ruources expended Gains nnd 105ses MOvemet in funds Unrtstricte(I fun(15 General fund 3,249,966 (541,419) 489,196 3,197,74J ReJtricte(J funrls Il¢51ri¢lcd funds 250.251 (88,266) 46.204 208,189 ndoivment funds Lndoiymenl Fuiid 76.163 (17,895) 148.090 206,358 TOTAL fiUNDS 3.576,380 (647,580) 683,490 3,612,290 Pasc 16
THE LATYMER FOUNDATION AT EDMONTON DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 17. CONTINGENT LIABILITIES {1) Th¢ Foundation and Thc Latymer School secured a grant of approximately £3 million from the Deijartment for Education and Skills in 2004 iowards thc consituclion of Ihe Sports Hall. Tlie grant was paid lo The Latymcr School and was liiniied lo funding 900/oof thc costs incurred, the shortfall being met by the Foundaiioii and othei. bodies. The grant is secured by a charge over the land oivncd by Il)¢ Foundaiton held solely for the benefit of Thc Latyiner S¢hool. As slipuliteil in ihe cliarge agreemenl Ihe giznt IS SLtbjcct to reimbut3¢menl as per a formula in the event of the said building not being used for Ihe primary purpose slated Therein. The Iruslc¢5 and Ihe governing body of The Lalymei. School arc jointly wid sevcrally liable for this repayjneni lo ihe Secrelewyot. State for Educution Hnd Skills. The Trustees havc confimied Ihal as at Ihc y¢arrfnd there is no chhnge in ihc use of (he SpoTts Hall and do not envisage a changc in Ihc forcs¢cabl¢ fitiure. {ii) As disclos¢d in tlie Tru$iees' Report, the Foundation has agreed to review and. if required, considcr 5ubsidising ihe 2024125 i'evenue budget for The L81ymer School lo assisl iviih ihe effect of funding shortfalls and increased cncrgy Costs. Lalesl esliinates suggcst Ihftl the School Ivill r¢quir¢ c£3(KI.000. Any furthcr requ¢s¢s for funding ivill be reviewed by Ihe Ti'U51ees if requircd. lili) The Foundation and The Latymcr School secured a grant of c£531.0 fry)Ih Ihe Football foundation toi¥ards ihe installation of Rn artificial pii¢h in ihe Summer of 2022. The granl carries certain obligations relating to ihe maintenance and usagc of th¢ pilcli ond a Lhai'ge has been graftled lo ihe Football Foundation over the land on ivhicli Ihc pil¢h is 51tuated. This chargc cali be removed in 2043. 18. RCLATED PARTY DISCLOSURES 'I'he Lftlyiner School is r¢laled to the Foundation as it occupies Ihe land and buildings oivned by Ilie foundation as well as the school being a beneficiary of Ihc grunls and awards mJd¢ by the FoundAiion. The Granls & Alvards made io Thc Latymei. S¢hool aimouniirtg lo £391,139 (2023.. £452.201) arc siatcd in noie 7 of lh¢ financial 518tcmenls. 'he Laiyiner School rccharged expenses in ihe year io Ihc Foundation 8mounting lo £227,343 12023: £138.383). 'I'h¢s¢ expens¢s includ¢ the Mmounis charged for servi¢es provided by The l.atymer School In¢mb¢r& Al the I'epoi'ting date the rrediloi. balance owed to Th¢ Latymer School was £70.341 (2023: £185,824). Debtors due lo The Latym¢i' Founddtioii fmm The l.atymer School iv¢ £12,724 (2023.. £13,275). 19. Legnl stH¢ws of the FoundAtion The charity is Lonlrolled by it5 governing documenL a deed of iru51, and constiiules an unincorporaied el)4rity registered wilh Ilie Charity Commission for Cnglaiid and Wales. 20. Prior yeRI' rtstatement The ¢omparaliv¢ figur¢5 were reslaled lo rcclassify £6.289.264 offunds receivcd froin reslricted funds to ullirsli'icled funds. The i'ecIa]riCatIOn following a review of lh¢ nalure of funds held by Ihc fouiidalion. The reclassification of the funds fi'oin Rcstricled fund5 to Unrcslri¢t¢d funds havc no other in)pacl on Ihe compur81iv¢ figures aladY Irwrted. Funds 2023 2023 Total funils Adjustment TotAI funds (Restatcd) Unreslri¢led funds 1.317.931 8,072.507 75 290 753 6,289,264 {6,289.264} 7.607.195 1,782,243 75 290 753 Reslricie(I fiinds EndoiYmctEI funds Totlll Fund5 84,681,191 84681,19A Page 17
THE LATYMER FOUNDATION AT EDMONTON DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 21. CASH GENERATED FROM OPERATIONS 2024 2023 Surplus for the year Unrealised (gain) on ihe revaluation of freehold properly Unrcalised Igainslllosses on fixed ass¢ls investments 3.612.290 42,321,664 (43,025,000) 650,461 (683,490) Movemenis in ivorking capildl: {Incr¢14 sc)Ide¢r¢as¢ in debtors (Dccrcasc)Ilncrcase in credilors (12) (121,861} 448,837 30,739 Cash 8¢n¢raid from OpeI10nS 2,806.927 426,701 Pagc 18
THK LATYMER FOUNDATION AT EDMONTON DETAILED STATEMENT OF FINANCIAL ACI'tVlTIES FOR THE YEAR ENDED JI MARCH 2024 2024 2023 INCOMING RESOURCES Voluntary income Gifis Music instrum¢nt hirc YSGOL Latymer ineon)e Latym¢r Flouse inEn¢ Suiidry in¢on)e Events & Merchandise income 3,307,285 8,300 30,824 18,250 25,000 72,517 245,114 6,560 13,275 17,300 2,508 3,462,176 284,757 Investment incorne Investment income Intcr¢sl r¢¢¢ivabl¢ 37,828 76.376 273,502 12,916 114.204 286.417 Total Incomliig resourees 3,576.380 571,174 RESOURCES EXPENDED Inv¢stmeiit m8nAgemeiit ¢o$l$ Inveslm¢nl manag¢in¢nl f¢¢s 65.803 55.606 CIIAI'iIAble Actlvllles Administrative fees Rates and ivaler Insurance l.ight and heat 'I'elephone Rcpaii'5 1)d maintenance Rcfurbislimcnl of l.atyiner l.louse und Raising Costs Gillnls and diyards 13,706 2,367 12,746 2,294 1,709 1,080 1,236 4.067 53.339 391.139 2,325 54,848 452,201 466.764 527.203 Governai)ce costs Administrative fccs Travclling and h05pilalily Prinlii)g, poslagL & slalioncry Telephone Auditors, r¢niunerMlion Insuranc¢ Gifls and presents Bxnk charges Books and Slibscriplions Fouiidalion day expenses Legal and piofes5ional fees 2,196 44 339 309 9.622 ,402 1,417 492 4.587 2,283 31,159 2.725 195 349 9,045 5,500 1,040 188 2,207 6,065 Carried for¥vard 55.850 30,396 Page 19
THE LATYMER FOUNDATION AT EDMONTON DETAILED STATEMENT OF FINA]YCIAL ACTIVITIES ITOR THE YEAR ENDED 31 MARCH 2024 2024 2023 GtsvernaCe costs Brought forivai'd Archivist Sundry cos15 400th Anniversary 55.850 30,396 3,058 7,786 2,168 58,996 115,013 41,239 TotAI I'e50urces exInded 647,580 624.049 Grogs transfers betivten fndS Net iiieome becore gaii)s and 1055e 2,928,800 (52,8751 ReCoglSed gAins and losses Ilcali5cd1105scsygains 011 fixcd a55et inve5tmeiit5 Uiirealised g&insl(losses) on fixed asset inveslmenls Unrealised gains l {losses) on revalualion of freehold {33,811) 717,301 (650,4611 43,025,000 Net Income 3,612,290 42,321,664 Page 20