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REGISTERED CHARITY NUMBER: 325078
REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE VEAR ENDED 31 MARCH 2025 FOR THE LATYMER FOUNDATION AT EDMONTON
Moore NHC Audit Limited Chartered Accountants Fast Wing Gotis Oak House Goffs T anc Golfs Oak HHerifordshire EN7 S5GE
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THE LATYMER FOUNDATION AT EDMONTON CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3L MARCH 2025
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| Page Report of the Trustees tiod Report of the hidependent Auditors S107 Statement of Financial Activities x Balance Sheet 9 Statement of Cash Flows {9 Notes to the Financial Statements ILto 17 Detailed Statement of Financial Activities [Rio 19
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THE LATYMER FOUNDATION AT EDMONTON . FOR THEREPORTYEAR OFENDED THE TRUSTEES31 MARCTE 2025
The trustees present their report with the financial stitements of the charity for the year ended 31 March 2025. 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 treland (FRS 102) (as amended). The Trustees have complied with the duty in section 4 uf the Charities Act 2011 to have due regard to guidance published by the Charity Comunission regarding Public Benetit.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number in England and Wales 325078
Principal address TheHaselburyLatymer RoadSchool EdmontonLoudon NO OTN TrusteesMrMr J E BoldenCooper Dy H Shah Mr 8 Way Mrs FE Brasnett Mr ROL Quintian Mir S Yiannakas Mr H Mahendran Mr RM Uibberd Resigned 03/12/2024 Mrs | Hardie Resigned 03/12/2024
Auditars Moore NHC Audit Limited KastGofts Wing Oak House Gotfs Lane Gotfs Oak Hertfordshire EN7 SGE
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Bankers HSBC Bank Pte CAF Bank Limited
Tnyestment managers Rathbones Group Pie BlackRock Inc
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THE LATYMER FOUNDATION AT EDMONTON
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCTE 2025
SPRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by ts goventing document, a deed of trust, and constitutes an unincorporated charity.
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, New Trustees are given an Induction Pack and training #8 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 Trusis Acts {853 to 1925; the scheme documents were sealed on 10 April 1959 and estublished the objects and powers as altered by a scheme of the charity commissioners sealed LOth May 1999. A new scheme came inte force on 20th February 2019.
The trustees meet regularly to manage the charity's affairs. The Trustees of the Foundation (hereinafier 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 Govemors of The Latymer School acting in accordance with the Instrument of Government ofThe Latymer School made by the Minister of Education. Foundation Governors may be considered for appointment as Trustees. New appoinunents 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 Trusices.
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 (o conflict of loyalty situations. Such situations 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-aided school and other educational benefits as sei out in the Scheme.
Related parties
The Foundation has no refated parties. However, it does work in partnership with The Latymer Scliool in pursuit of its objectives.
Wider network
AL present The Latymer Foundation at Edmonton does nat 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 reusonable assurance against fraud and error. The Foundation’s Fmance Committee reviews the infernal control framework routinely.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the Foundation are to maintain The Latymer School as a volontary-aided school, open to pupils selected primarily on grounds of academic ubility; to defray certain expenses of mainiaining 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:
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e = - Raises finance to assist The Latymer School at its locations in Edmonton, North London, and Cwm Penmachno, North Wales, meeting the costs of major capital projects;
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¢ Makes sinall maintenance grants to Latymer All Saints C of E Primary School. St. Andrews C of E Primary School and St. Pauls C ofFE Primary School;
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Provides buildings, facilities and open spaces for the use of The Latymer School, and
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e = Provides other finance to The Latymer School.
Grant making policy
All requests for grants to individuals are reviewed by the Trustee Finance Conunitiee and / ar the full board of trustees; grants are made to ensurefinancialthathardship.no LatymerRequests Schvolfor pupilgrants is precludedfor extra-curricular from participationactivities inare theconsidered full rangeonofa thecase-by-caseSchool's curricularbasis, programmes by reason of
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YHE LATYMER FOUNDATION AT EDMONTON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 20245
CHARITABLE ACTIVITIES AND PUBLIC BENEFIT - ACHIEVEMENT AND PERFORMANCE
The Foundation conducts its charitable activities through boul its general operations, funded by its unrestricted and endowment funds, and through operations funded by its restricted finds.
The Trustees have reviewed guidance from the Charity Commission in relation to public benefit when setting aims and objectives and terms ofits grant giving policy and believe they have complied with the duty to have due regard to this guidance.
The principal activity, and the purpose lor 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-aided 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 (o ensure that a wide range of extra-curricular activities that the schoo! 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 lnts since 1967 owned and operated a Field Centre, Ysgol Latymer, at Cwm Penmachne in Snowdenia. During the year pupils spent periods of up to a week there cazaged in programmes ofcurricular and personal development through challenging outdoor pursuits.
Fundraising
The Charity pronarily raises funds from the Latymer community, i¢. parents/carers ofcurrent 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 platfornis (e.g. Potentiality, PayPal) to assist us in raising funds,
As set out by the Chartered bistitute 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 douor 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 Schoo! and all the staff involved would {tke to thank all our donors for their amazing generosity and ongoing support.
FINANCIAL REVIEW
Reserves policy
Ttis the aim of the Trustees to invest the resources of the Foundation so as to produce sufficient retums over the long-term to maintain the fabric of the buildings in good order and cover the regular commitments of the Foundation, as well as supporting completion of large capital projects when there ave appropriate.
Fixed Asscts
Freehold properties other than the School land and buildings ave valued by the trustees based on professional guidance. The School land and buildings have been valued based on a valuation for insurance purposes. The most recent insurance valuation of £72,760,000 was obtaimed in 2023 as was the £280,000 valuation of the Ouideor centre at Cwm.
As part of the terms of the grant from the Footbail Foundation towards the 3G artificial pitch, the Football Foundation has been svanted a restriction of tile over the land cavered by the pitch which can be lified after 20 years in 2043. The School and Foundation are required to set aside £25,000 from rents received for the 3G pitch each year towards the refurbishment of the pitch afier 10 years (so in around 2033).
FUTURE DEVELOPMENTS
The Foundation is currently supporting the Latymer School in its extension of the Ashworth Library, an important part of the school’s educational provision. This project is expected to have significant positive impact on the education that the school provides for its siudenis. The project is currently im the budding stage and Trusiees expect the all-in cost of the project to be around £5 million.
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THE LATYMER FOUNDATION AT EDMONTON
REPORT OF TH) TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
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 io prepare financial statements for each financial year which give a ime 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. Jn preparing those financial statements, the trusices are required to:
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select suitable accounting policies and then apply them consistently:
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- observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK accounting standards have been followed. subject to uny material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concem basis unless il is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that are sullicient to show and explain the charity’s transactions and disclose with reasonable accuracy ai any time the financial position of the charity and to cnable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accaunis and Reports) Regulations 2008 and the provisions of the tust 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 regularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's websiic. Legislation in the United Kingdom governing the preparation and dissentnation of financial statements may differ from legislation in other jurisdictions.
ON BEHALE OF THE TRUSTEES: | [_ Jq Chair of Trustee Board of E | 26
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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE LATYMER FOUNDATION AT EDMONTON
Opinion
We have audited the financial statements of The Latyiner Foundation at Edmonton tor the year ended 31 March 2025 which comprise the statement offinancial activities, the balance sheet, the statement of cash flows and the notes to the linancial statements, including a summary ofsignificant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, inchiding Financial Reporting Standard [02 The Financial Reporting Standard applicable in the UK and Republic of lweland (United Kingdom Generally Accepted Accounting Practice).
In our opmion, the fmanctal statements:
- resources,give a true andfor thefairyear viewthen of theended: state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and - have been prepared in accordance with the requirements of the Charities Act 2011.
Basis fur opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UR)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial stalements section of our report, We are independent of the charity in accordance with the ethical requirements that ave relevant to our audit of the accounts in the UK, imejuding the FRC’s Ethical Siandard, 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 concladed that the ‘Trustees’ use of the going concern basis of accounting im the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relatmg to events or conditions that, individually or collectively, may cast significant doubi on the charity’s ability to continue as a going concem for a period of at least twelve months from when the financial staicoients are authorised for issue.
Our responsibilines and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The tustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements und our auditor's report thereon. Our opinion on the financial statements does not cover the ather information and we do not express any form of assurance conclusion thereon.
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In connection with our audit ofthe finanvial statements, our responsibility is io read the other information and, in doing sv, consider whether the other information ts materially imconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially nuisstated. Tf we identify such material consistencies or apparent material misstatements, we ave required to determine whether there is a material misstatement in ihe fmancial statements or a material misstatement of the other information. Lf, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF . . . TITE LATYMER FOUNDATION AT EDMONTON
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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 201 | requires us to report to you if, in our opinion: - the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or ~ sufficient accounting records have not been kept: or - the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explamed more ‘fully in the statement of trustees” responsibilities, the trustees are responsible for the preparation of the financial statements and for being satished thal they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation offinancial statements that are free front naterial misstatement. whether due to fraud or error.
In preparmy the financial statements, the wusices are responsible for assessing the charity's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis af 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 veport in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable tssurance about whether the financial statements as a whole ave [ree {rom material misstatement, whether duc to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high fevel 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 avise from fraud or ervor und 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, outlmed above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capuble of detecting inregularities, 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 identilied 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:
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. We obtamed an understanding of the legal and regulatory requirements applicable to the charity and considered that the most sigmficant are the Charities Aci 2011 and UK financial reporting standards as issued by the Financial Reporting Council
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° We obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance.
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° We assessed the risk of material misstatement ofthe financial statements, including the risk ofmaterial misstatement due to fraud and how it might occur, by holding discussions with management and those charged with govemance.
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. We inquired of management and those charged with governance as to any known instances of non-compliance or suspected noncomplinnce with laws and regulations,
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UNDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE LATYMER FOUNDATION AT EDMONTON
Based on this undersianding, 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 corvoborative evidence as required.
A further description of our responsibilities for the audit ofthe financial statements is located on the Financial Reporting Council’s website at: http://Awww.fre.org.uk/auditorsresponstbilities. This description forms part of our auditor's report.
Other matter
Your attention ts drawn to the fact that the charity has prepared financial statements in accordance with “Accounting and Reporting by Chanties: 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 | April 2005 which is referred to in the extant regulations but has now been withdrawn.
‘This has been dove in order for the financial statements to provide a irue and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or aller ( January 2016.
Use of our report
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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 (rustees as a bodyelor our audit work, for this report, or for the opinions we have formed.
Francis Coyfstiley, (Senior Statutory Auditor) For and on behalf of Moore NHC Audit Limited Statutory Auditor Chartered Accountants East Wing Gofts Oak House , Golts Lane Go ffs Oak Hertfordshire EN7 5GE
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THE LATYMER FOUNDATION AT EDMONTON STATEMENT OF THE FINANCTAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
| Unrestricted funds |
Restricted funds |
Endowment funds |
2025 Total funds |
2024 Total funds |
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| Notes | £ | £ | £ | £ | £ | |
| INCOMING RESOURCKS | ||||||
| Tacoming resources from | ||||||
| Generated funds | ||||||
| Voluntary income | 2 | 93,2588 | 208,100 | - | 301,388 | 3,462,176 |
| Investment income | 3 | 106.230 | 10,446 | 50,953 | 167,629 | 114,204 |
| Total incoming resources | [99,318 | 218.546 | 50,953 | 469,017 | 3,576,380 | |
| RESOURCES EXPENDED | ||||||
| Costs ofgeneratingfunds | ||||||
| Investment management costs | 4 | TLAGS | 8,088 | 17,220 | 96,476 | 65,803 |
| Charitable activities | ||||||
| Fundraising costs | 7 | 3,059 | 57,392 | - | 65.451 | 53,339 |
| Grants & awards ~- School and |
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| general | 7 | $37,010 | 269,236 | 450 | 806,696 | 391,139 |
| The LatymerHouse | 6 | 3,237 | - | - | 3,237 | 4,067 |
| Outdoorpursuit centre | 6 | 20,175 | - | - | 20,175 | 18,219 |
| Governance cests | 8 | $7,905 | 7,829 | - | 65,734 | 115,013 |
| Totalresourcesexpended | 697,554 | 342.545 | 17.670 | 1,057,769 | 647.3580 | |
| NETINCOMING/OUTGOING) | ||||||
| RESOURCES BEFORE | ||||||
| TRANSFERS | (498,036) | (123,999) | 33,282 | (588,752) | 2,928,800 | |
| Gross transfers between funds | 16 | 33,282 | - | (33,282) | - | - |
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| Netincoming/(outgoing) | ||||||
| Resources before other recognised | ||||||
| gains and losses | (464,754) | (123,999) | - | (588,752) | 2,928,000 | |
| Otherrecognised gains/losses | ||||||
| Gains/(losses) on investment assets | 16 | 421.161 | 65,958 | 49,189 | 536,308 | 683,490 |
| Unrealised Gain on fixed asset | ||||||
| revaluation | - | ~ | - | - | - | |
| Netmovement infunds | (43592) | (58,040) | 49,189 | (52,444) | 3,612,290 | |
| RECONCILIATION OF FUNDS | ||||||
| Total funds brought forward | 10,863 ,206 | 1,991,432 | 75,438,843 | 88.293,481 | 84,681,191 | |
| TOTAL FUNDS CARRIED | ||||||
| FORWARD | 10,819,614 | {,933,391 | 75,488,032 | $8,241,037 | 88,293,481 |
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The Statement of Financial Activities includes all gams and losses in (he year. All incoming resources and resources expended derive from continuing activities.
The notes form patt ofthese financial statements ee rt rr re re a a A ER thee Page[8]
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THE LATYMER FOUNDATION AT EDMONTON
BALANCE SHEET
AY 31 MARCH 2024
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|---|---|---|---|---|---|---|---|---|---|
|2025|2024|
|Unrestricted|Restricted|Endowment|Total|Total|
|funds|funds|funds|funds|funds|
|Notes|£|z|£|£|£|
|FIXED|ASSETS|
|Tangible|assets|12|280,000|-|72,760,000|73,040,000|73,040,000|
|Investments|13|9,790,159|1,819,123|2,704,852|14,314,134|14,667,826|
|10,070,159|1,819,123|75|A64,852|87,354,134|87,707,826|
|CURRENT ASSETS|
|Debtors|14|4,430|14,167|567|19.164|21,031|
|Cash|at|bank and|in hand|798,155|127,918|22.413|945|686|637,587|
|799,885|142,085|23.180|964.850|658,618|
|CREDITORS|
|Amounts|falling|due within|one|
|year|15|50.130|27,317|-|77,947|72,963|
|NET CURRENT ASSETS|749.455|114.268|23,180|886,903|585,655|
|TOTAL|ASSETS|LESS|
|CURRENT LIABILITIES|10,819,614|1,933,391|75,488,032|88,241,037|84,293,481|
|NET ASSETS|10,819,614|1,933,391|75,488,032|88,241,037|84,293,481|
|FUNDS|16|
|Unrestricted|funds|10,819,614|10,863,206|
|Restricted|finds|1,993,391|1,991,432|
|Endowment|funds|75,488,032|75,438,843|
|TOTAL FUNDS|88,241,037|88,293,481|
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The financial statementsafwgfe approved by the Board of Trustees on 2" December 2025 and were signed an its behalf by:
J Bolgen— Trustee
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The notes form part of these financial statements
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THE LATYMER FOUNDATION AT EDMONTON STATEMENTAT 31 MARCH OF CASTE20625 FLOWS
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Notes 2025 2024
£ £ £ £
CashCash generatedflows fromfrom operatingoperations activities 20 (581,901) 2,806,927
Investing activities
Funds withdrawn 2,390,000 3,786,114
Funds niwvested 1,500,000) (10,110,646)
Gains on fixed assets investments - -
Net cash generated from investing activities 890.000 (6,324,532)
Net increase / (decrease) in cash 308,099 (3,517,605)
Cash at hepinning of year 637,887 4,155,192
Cash at end of year 945,686 637,587
ANALYSIS OF CHANGES IN NET DEBT
At start of year Cash flows At end of year
£ £ £
Cash 637,587 308,099 945.686
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THE LATYMER FOUNDATION AT EDMONTON
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NOTESai Are’ TO vgsTHE~ FINANCIAL44 STATEMENTS~ FOR TIHG YEAR ENDED 31 MARCH 2025
1, ACCOUNTING POLICTES
The principal accounting policies adopted. judgements and key sources of estimation uncertainty in the preparation of the financial statements are as Lollows:
Accounting Convention
The financial statements have been prepared in accordance with The Charities Act 2011 and Accounting and Reporting by Charities: Staicment of Reconmnended Practice applicable to charities preparmg their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of lreland (PRS 102) (effective 1 January 2019). The Foundation meets the definition ofa public benefit entity wider 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 imstruments at fair value.
‘The principal accounting policies adopted are set out below.
Prepavation of the accounts en a going concern busis
The board of tustees consider that there ave no material uncertainties about the Foundation’s abiliry to continue as a going concern.
Key judgements that the Foundation has made which have a significant effect on the accounts inchide 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 (hat have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next accounting period.
In setting its budget plan for 2025/26, the Trustees have considered a number of scenaries for future income and costs. The Foundation has an established reserves policy and considerable free reserves.
incoming resources
Alf 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 pift aid is accrued and included in the Statement of Financial Activities in the same period as the gifts and donations to whichit relates,
ands structures
The Foundation’s Endowment Fund consists ofprapertics and invesunents held since the Scheme made by the Minister of Education under the Charitable Trusts Act, 1853 to 1925 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 timposed 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 aitributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Where incoming resources have celated expenditure (as with Fundraising) the incoming resources and related expenditure are reported gross in the Statement of Fmancial Activities.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activilies as they arise. Unrealised gains on the School Land & Buildings arise when the valuc for Insurance purposes increases. Realised gains and losses on vestments are calculated as the difference between sales proceeds (fess dealing charges) and opening cost value. Unrealised gas and losses are calculated as the difference between market value at the yeur 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 ure noted as a commitment but nol accrued as expenditure.
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THE LATYMER FOUNDATION AT EDMONTON
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: NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
Irrecovernble VAT
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The Foundation is noi registered for VAT. fecoverable VAT is charged against the category ofresources expended for which it was incurred.
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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 ~
:
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The costs of generating funds consist of administration costs reimbursed to The Latymer School in respect of the Development & Alumni Relations staff line, as well as divect fundraising costs (e.g. CRM system, cost of running fundraising events).
Charitable activities
Casts ofcharitable activities include expenses incurred in respect of the mong costs of the outdoor pursuit centre.
Governance costs
Govermance costs comprise of all costs involving the public accountabilily of the Foundation and ifs compliance with regulations and good practice. These costs include statutory audit and Jegal 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 detexmined 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 lax 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 ate raised for particular restricted purposes. Further explanation of the nature and purpose of each fund and the reclassification of ewo funds as Unrestricted is included in the Report of the Trustees.
Fixed asset investments
Investnenis listed on a recognised slock exchange are valued at market value at the year end. Other investment assets are included al trustees” best estimate tor market value. The Statement ofFinancial Activities includes net gains and losses arising on revaluation and disposals for the year.
- VOLUNTARY INCOME
,
| 2. | VOLUNTARY INCOME | |||
|---|---|---|---|---|
| 2025 | 2024 | |||
| £ | £ | |||
| Gills | 227,841 | 3,307,285 | ||
| Music instrument hire | 5,683 | 8,300 | ||
| YSGOL Latymerincome | 12,190 | 30,824 | ||
| LatymerHouse income | 18,850 | 18,250 | ||
| 3G pitch income | 25,000 | 25,000 | : | |
| Cvyents& Merchandise income | 8,913 | 72,5)7 | ||
| Sundry income | 2,911 | - | ||
| 301,388 | 3,462,176 | |||
| 3. | INVESTMENT INCOME | |||
| 2028 | 2024 | |||
| £ | £ | |||
| Investment income | 159,831 | 37,828 | ||
| Interest recervable | 7,798 | 76,376 | ||
| 167,629 | 114,204 |
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THE LATYMER FOUNDATION AT EDMONTON
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 MARCH 2025
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| 4. | INVESTMENT MANAGEMENT COSTS | ||||
| . | 2025 | 2024 | |||
| InvestmentManapementFees | £ 96.476 |
£ 65,803 |
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| 5. | DIRECT COSTS OF CHARITABLE ACTIVITIES | ||||
| Direct costs YSGOL/Latymer House |
Grantfunding ofactivities |
||||
| (See note 6) | (See note 7) | Totals | |||
| £ | € | & | |||
| Outdoorpursuit centre | 20,175 | - | 20,175 | ||
| Repairs to theLatymerHouse FundRaising costs |
3.237 . |
- 65,451 |
3,237 65,451 |
||
| Grants & awards— School and general | - | 806,496 | 806,686 | ||
| 2aA12 | 872.147 | 895,559 | |||
| 6. | MANAGEMENT OF YSGOL LATYMEROUTDOOR | PURSUITCENTRE | 2025 | 2024 | |
| £ | £ | ||||
| Administrative fees | 13,842 | 13,706 | |||
| Rates and waiver | 2,570 | 2,367 | |||
| Insurance | - | - | |||
| Lightandheat Telephone |
2,430 1,333 |
OH 1,236 |
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| 20,175 | 18,219 | ||||
| 7. | GRANTS PAYABLE | ||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Fundraising costs | 65,451 | $3,339 | |||
| Purchase ofMusical Insiruments | 23,072 | - 92 | |||
| Grants & awards - School and general | 783,624 | 391,047 | |||
| 872.147 | 444,478 | ||||
| 8. | GOVERNANCE COSTS | 2025 | 2024 | ||
| £ | £ | ||||
| Administrative fees | 2,275 | 2,196 | |||
| Travelling and hospitality | - | 44 | |||
| Printing, postage & stationery | 345 | 339 | |||
| Telephone costs | 109 | 309 | |||
| Auditors’ remuneration | 10.956 | 9,622 | |||
| Insurance | 2,754 | 1,402 | |||
| Gifts and presents | 2,033 | 1417 | |||
| Bank charges | 623 | 492 | |||
| Books and subscriptions | 6.628 | 4,587 | |||
| Foundation day expenses | $442 | 2,283 | |||
| Legal and professional fees | 15,930 | 31,159 | |||
| Archivist | - | ~ | |||
| Sundry costs | 2,272 | 2,168 | |||
| 400" Anniversary costs | 16.367 | 38,996 | |||
| 65,734 | 115,013 |
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JHE LATYMER FOUNDATION AT EDMONTON
so.
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“NOTES TO THE FINANCIAL STATEMENTS . FOR THE YEAR ENDED 31 MARCH 2025
- TRUSTEES' REMUNERATION AND BENEFITS
No trustees’ remuneration or other benefits were paid during the year ended 31 March 2025 (2024: nil).
Trustees’ expenses
;
There were no irustees' expenses paid for the year ended 31 March 2025 (2024: nil).
- STAF¥ COSTS
‘The Foundation does not employ any staff. The services provided on a pari lime basis by some of the employees of The Latymer School are reimbursed to the school.
- AUDITORS' REMUNERATION
.
The auditors’ remuneration constitutes an audit tee of £10.956 (2034: £9,622).
.
- TANGIBLE FIXED ASSETS
| TANGIBLE FIXEDFIXED ASSETS | Freehold |
|---|---|
| Prapertics | |
| £ | |
| At! April 2024 | 73,040,000 |
| Unrealised Revaluation alFreehold Property | - |
| At 31 March 2025 | 73,040,000 |
| CARRYINGAMOUNT | |
| At31 March 2025 | 73,040,000 |
| At31March2024 | 73.040.000 |
The lrechold property, al Haselbury Road, London N9 OTN, was valued by the Trustees as ai 31st March 2025 on the 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, Ne Betws-y-Coed, Conwy was valued in October 2023 by Mr Christopher Thomas MNAEA MNAVA, independent valuer and surveyor on an open market basis at £280,000 - £285,000. The freehold property has been valued in line with his valuation as the Trustees consider this to be the market value at 31° March 2025 also.
|
| 13. | FIXED ASSET INVESTMENTS | Investments |
|---|---|---|
| £ | ||
| Atl April 2024 | 14,667,826 | |
| Revaluations | 1,500,000 | |
| Additional investments | (2,390,000) | |
| Sales proceeds | - | |
| Realised profit / (loss) | 536,308 | |
| At 31 March 2025 | 14,314,134 | |
| CARRYING VALUE | ||
| At31 March2025 | 14,314,134 | |
| At31March2024 | 14,667,826 |
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THE LATYMER FOUNDATION AT EDMONTON : NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAK ENDED 31 MARCH 2025 .
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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|id.|DEBTORS:|AMOUNTS|FALLING|DUE|WITHEN|ONE|YEAR|
|2025|2024|
|£|£|
|Other|debtors|19,164|21,031|
|15.|CREDITORS:|AMOUNIS FALLING DUE WITHIN|ONE YEAR|
|2025|2024|
|£|£|
|Other|creditors|77|O47|72,963|
|Accrued|expenses|-|~|
|77,947|72,963|
|16.|MOVEMENT|IN|FUNDS|Net|movement|‘Transfer|
|At 31.3.24|in funds|between|funds|Adjustinents|At 31.3.25|
|£|£|£|£|£|
|Unrestricted|funds|‘|
|General|fund|{0,863,206|(43,592)|33,282|~|10,852,896|
|Restricted|funds|
|Restricted Funds|1,991.432|(58,040)|-|-|1,993,391|
|Endowment|funds|
|Enadowment|Fund|75|A38|B43|49,189|(33,282)|-|75,454,750|
|TOTAL|FUNDS|88.293.481|(52,444)|-|-|88,241,037|
|Net|movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|199.518|(697,554)|421,161|(76,875)|
|Restricted funds|
|Restricted|finds|218,546|(342,545)|65,958|(58,040)|
|Kadowment|funds|
|Endowment|Fund|50,953|(17,670)|49,189|82,471|
|TOTAL FUNDS|469,017|(1,057,769)|536,608|(52,444)|
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THE LATYMER FOUNDATION AT EDMONTON DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE VEAR ENDED 31 MARCH 2025
- CONTINGENT LIABILITIES
G) The Foundation and The Latymer School secured a grant of approximaicly £3 million from the Department for Education and Skills in 2004 towards the construction of the Sports Wall, 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 licld solely for the benefii of The Latymer School. As ; stipulated in the charge agreement the grant is subject to rembursement as per a formula in the event of the said building not beg used for the primary purpose stated therem. The trustees and the governing body of The Latymer School ave jointly and severally liable for this repayment to the Seerelary of State for Education and Skills.
The Trustees have confirmed that as at the yeur-end there is no change in the use of the Sports Halt and do not envisage a change in the foreseeable firture.
(ii) The Foundation and The Latymer School secured a grant of ¢£531,000 from the Football Foundation towards the installation of an artificial pitch m the Sumner of 2022. The grant carries certain obligations relating te the maintenance and usage ofthe pitch and a charge has been granted to the Footbal) Foundation over the Jand on which the pitch is situated, This charge can be rernoved in 2043.
- RELATED PARTY DISCLOSURES
The Latymer School is related to the Foundation as it accupies the land and buildings owned by the Foundation as well as the school being a beneficiary of the grants aud awards made by the Foundation. The Grants & Awards made to The Latymer School! ave stated in note 7 of the financial statements.
At the reporting date the creditor balance owed to The Latymer School was £65,222.05 (2024: £70,341). Debtors due to The Latymer Foundation from The Latymier School were £0 (2024: £12,724),
19. Leyal status of the Foundation
The charity ts controlled by ts governing document, a deed of trust, and constitutes an unincorporaied charity registered with the Charity Commission for England and Wales.
20. CASH GENERATED FROM OPERATIONS
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Surplus for the year | (52,444) | 3,612,290 |
| Unrealised (gains)losses on fixed assets investinents |
(536,308) | (683,490) |
| Movements in working cupital: | ||
| (Increase)/decrease in debtors | {,867 | (2) |
| (Decrease)/Increase in creditors | 4,984 | C121,861) |
| Cashgeneratedfromoperations | (581,901) | 2,806,927 |
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THE LATYMER FOUNDATION AT EDMONTON
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
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| ~~ | — | ~~ | ~ | _ | ~~ | 2025 | 2024 |
|---|---|---|---|---|---|---|---|
| INCOMING RESOURCES | |||||||
| Voluntary income | |||||||
| Gills | 227,841 | 3,307,285 | |||||
| Music instrument hire | 3.683 | 8.300 | |||||
| YSGOL Latymermeome | 12,190 | 30,824 | |||||
| Latymer House income | 18,850 | 18,250 | |||||
| Sundry income | 27,911 | 25,000 | |||||
| Events& Merchandise income | 8.913 | 72.517 | |||||
| 301,388 | 3,462,176 | ||||||
| Investment income Investment inconic |
— 159,831 |
- 37,828 |
|||||
| Interestreccivable | 7,798 | 76,376 | |||||
| 167,629 | 114,204 | ||||||
| Total incomingresources | 469.017 | 3,576,380 | |||||
| RESOURCES EXPENDED | |||||||
| Investmentmanagement costs | |||||||
| Investment management [evs | 96,476 | 65,803 | |||||
| Charitable activities | |||||||
| Administrative fees | 13,842 | 13,706 | |||||
| Rates and water | 2,570 | 2,367 | |||||
| Light and heai | 2,430 | 911 | |||||
| Telephone | 4.333 | {236 | |||||
| Refurbishment ofLatymer House | 3,237 | 4,067 | |||||
| Fundraising Costs | 65,451 | 33,339 | |||||
| Purchase ofMusical Instruments | 23,072 | 92 | |||||
| Grains andawards | 783.623 | 391,047 | |||||
| $95,559 | 466,764 | ||||||
| Governance costs | |||||||
| Administrative fees | 2.275 | 2,196 | |||||
| Travelling and hospitality | - | 44 | |||||
| Printing. postage& stationery | 345 | 339 | |||||
| Telephone | 109 | 309 | |||||
| Auditors’ remuneration | 10,956 | 9,622 | |||||
| Insurance | 2,754 | 1,402 | |||||
| Gifis and presents | 2,033 | 1,417 | |||||
| Bank charges | 623 | 492 | |||||
| Books and subscriptions | 6.628 | 4,587 | |||||
| Foundation day expenses | 5.442 | 2,283 | |||||
| Legal and professional fees | 15,930 | 31,159 | |||||
| Carriedforward | 47,095 | 55,850 |
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THE LATYMER FOUNDATION AT EDMONTON DETAILEDFOR STATEMENTTHE YEAR ENDEDOF FINANCIAL31 MARCH ACTIVITIES2025
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|---|---|---|---|---|---|---|
|2025|2024|
|Governance|costs|£|£|
|~|Brought|forward|47,095|35,850|
|Sundry|costs|2,272|2,168|
|400"|Anniversary|16,367|58,996|
|65,734|115,013|
|Total|resources|expended|1,057,769|647,580|
|Net income before gains and losses|(558,752)|2,928,800|
|Recognised|gains|and|losses|
|Realised|(losses)/guins on|fixed|asset|investments|-|(33,811)|
|Unrealised gains/(losses) on|fixed asset investivents|$36,308|717,301|
|Net income|(52,444)|3,612,290|
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REGISTERED CHARITY NUMBER: 325078
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REPORT OF TILE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR THE LATVYMER FOUNDATION AT EDMONTON
Moore NHC Audit Limited Chartered Accountants East Wing Goffs Oak House Gaffs Lane Gotts Oak Herifordshire EN? 5SGE
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THE LATYMER FOUNDATION AT EDMONTON
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CONTENTS OF TITE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 20245
ene
Page Report of the Trustees Ltiod Report of the fudependent Auditors 5 to 7 Statement of Financial Activities & . Baiance Sheet 9 Statement of Cash Flows 10 Notes to the Financial Statements Th to 17 Detailed Statement of Financial Activities [8to 19
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THE LATYMER FOUNDATION AT EDMONTON
- REPORT OF THE TRUSTEES FOR THE YAR ENDED 31 MARCH 2028 ‘The trustees present their report with the financial statements of the charity for the year ended 31 March 2025, The financial statements comply with the Charities Act 2011, and Accounting and Repotting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordunce wih the Financial Reporting Standard applicable in the UK and Republic of lrehmd (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 OTN Trustees Mr J Balden Mr E Cooper Dr Shah Mr S Way Mrs E Brasnett Mr RL Quintian Mr 5 Yiannakas . Mr H Mahendran Mr RM Hibberd Resigned 03/12/2024 Mrs I Hardie Resigned 03/12/2024
Auditors Moore NHC Audit Limited East Wing Goffs Oak House Goffs Lane Gofts Oak Hertlordshire
Bankers HSBC Bank Ple CAP Bank Limited
Investinent managers Rathbones Group Pile BlackRock Inc
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THE LATYMER FOUNDATION AT EDMONTON ; REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
.
STRUCTURE, GOVERNANCE AND MANAGEMENT ; Governing document
The charity is controlled by its governing document. a deed of trust, and constifties an unincorporated charity.
Jaduction and training of new (rustees
The majority of current wustees are familiar with the practical work of the Foundation and have served throughout the year. The Charity oo endeavours to ensure that new recruits bring additional skills or specialisations in order to maintain the balance and effectiveness of[the] Board. New Trustees are given an Induction Pack and 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 [0th May 1999. A new scheme came into force on 20th February 2019.
The trustees meet regularly to manage the charity's affairs. ‘The Trustees of the Foundation (hereinafter called “the Trustees”) shalt consist of such number of Trustees as the Foundation deems necessary io discharge its duties. The Latymer Foundation at Edmonton is the appointing beady for Foundation Governors of The Latymer School acting in accordance with the Instrument of Government of The Latymer School made by die Minister of Education. Foundation Governors may be considered for apposntivent as Trustees, New appointments shall generally be for two years with their re-appointinents 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 ofInterest Policy which sets out how vatious issues could be dealt with by The Latymer Foundation at Edmonton in relation to conflict of loyalty situations. Such situations may arise as a result of Trustees of the Foundation also being Govemors of The Latymer School in light of the Foundation’s objects being to maintain The Latymer School as « voluntary-atded 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
;
Ac present The Latymer Foundation at Edmonton dves not consider itself part of a wider network.
Risk management
‘The trustees have a duty to identify the risks to which ihe charity is exposed and to censure appropriate controls are in place to provide reasonable assurance against fraud and error. The Foundation’s Finance Commutiee reviews the internal control framework routinely,
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the Foundation are to maintain The Latymer Schoo! as a vohmtary-aided school, open to pupils selected primarily on grounds of academic ability; to defray ceriain expenses of mamiaining the schoo! as required under the Education Acts: to provide special benefits ofa kind not normally provided by the Local Fducation 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 edtteation of bencficiaries.
Additionally, the Foundation:
-
e Raises finance to assist The Latymer School at its locations in Edmonton. North London, and Cwm Penmachno, North Wales, meeting the costs of major capital projects;
-
« Makes small maintenance grants to Latymer All Saints C of E Primary School, St. Andrews C of E Primary School and St. Pauls C of E Primary School;
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« = Provides buildings, facilities and open spaces for the use of The Latymer School, and ¢ = Provides other finance to The Latymer School.
Grant making policy
All requests for grants to individuals are reviewed by the Trustee Finance Conmiittee and / or the Gall 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 basts.
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THE LATYMER FOUNDATION AT EDMONTON
:
REPORT OF THE TRUSTEES FOR THE VEAR ENDED 31 MARCH 2024
CHARITABLE ACTIVITIES AND PUBLIC BENEFIT - ACHIEVEMENT AND PERFORMANCE ‘The Foundation conducts its charitable activities through both its general operations, finded hy 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 belicve 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 selreme made by the Minister of Education, is to own and maintain The Latymer School as a voluntary-aided school, open to pupils selected primarily on the basis of their academic ability. The provision of a very high quality education without regned to family financial circumstances is regarded by Trustees as a public benefit. Furthermore, the Trustees make grants to ensure (hat a wide range of extra-curricular activities that the school provides, especially those that are considered to have a strong educational purpose, are avadable 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 1967 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.
Fandraising
The Charily primarily raises funds from the Latymer community, i.e. parents/carers of current and past students and Lalymer alunini. None of the fundraising work we do is carried out by third parties, but we do rely on third party platforms (c.g. Potentiality, PayPal) to assist us in raismeg funds.
As set out by the Chartered Institute of Fundraising and the Fundraising Regulator, we recoguise thai every donor is an individual with a unique background, experience and circumstances. Every interaction between a fundraiser and a donor is different. When dealmg with potentially vulnerable people we follow the principles of respect, faimess, responsiveness and accountability and take all reasonable steps to treat a donox fairly, enabling them to make an informed decision about any donation.
The ‘Trustees, the School and all the staff involved would [ike to thank all our donors for their amazing generosity and ongoing support.
FINANCIAL REVIEW
Reserves pulicy
itis the aim of the Trustees to invest the resources of the Foundation so as to produce sufficient retums over the long-term to maintain the fabric of the buildings in good order and cover the regular commitments of the Foundation, as well as supporting completion of large capital projects when there are appropriaic.
Fixed Assets
Freehold properties other than the School land and buildings ave valued by the trustees based on professional guidance. The School land and buildings have been valued based on a valuation for msurance purposes. The most recent msurance valuation of £72,760,000 was obtained in 2023 as was the £280,000 valuation of the Outdoor cenive at Cwm,
As part of the ierms of the grant from the Footbal! Foundation towards the 3G artificial pitch, the Football Foundation has been granted a restriction of title over the Jand covered by the pitch which can be lifted after 20 years im 2043. The School and Foundation are required to set aswe £25,000 from rents received for the 3G pitch cach year towards the refurbishment of the pitch afier 10 years (so in around 2033).
FUTURE DEVELOPMENTS
The Foundation is currently supporting the Latymer School in tts extension of the Ashworth Library, an important part of the school’s educational provision. This project is expected to have significant positive impact on the education that the school provides for its siudenis, ‘he project is currently in the building stage and Trusices expect the all-in cost of ihe project to be around £5 million.
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THE LATYMER FOUNDATION AT EDMONTON
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
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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 Churities Act 2011 and the provisions ofthe trust deed require the trustees to prepare financial statements for cach 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 resourevs, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trusices are required to:
:
;
-
select suitable accounting policies and then apply them consistently;
-
- observe the methods and principles in the Charity SORP; - make judgements and estiniates that are reasonable und prudent; - state whether applicable UK accounting standards have been followed, subject to aay inaterial departures disclosed and explained in the financial statements: and
-
- prepare the financial statements on (he going concern basis unless il is mappropriaie to presume that the chatity will continue in operation,
The trustees are responsible for keeping proper accounting reeurds that are sufficient to show and explain the charity’s transactions and disclose with reasonable accurucy at any time the financial position of the charity and io enable them to ensure that the financial statements comply with the Charities Act 201 [, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the ust 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 muintenance und integrity of the charity and financial information included on the charity's Soo websiic, Legisiation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions,
ON BEHALF OF THE TRUSTEES:
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Chair of Trustee Board
Oo oj o€
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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE LATYMER FOUNDATION AT EDMONTON
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Opinion
We have audited the Financial statements of The Latymer Foundation at Edmonton for the year ended 31 March 2025 which comprise the statement of financial activites, the balance sheet, the statement of cash flows and the notes to the financial statements, including a stummary ofsignificant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United KingdomRepublic ofAccounting lreland (United Standards,Kingdom includmgGenerally FinanctalAccepted ReportingAccountingStandardPractice).102 The Financial Reporting Standard applicable in the UK and
In our opinion, the financial: statements:
- give a true and fair view of the state of the charity's affairs as at 31 March 2025 aud of its incoming resources and application of resources, Tor the year then ended: - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and - have been prepared in accordance with the requirements of the Chartlies Act 2011.
Basis for opinion
We conducted our audit in accordance with International Stmdards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further deseribed in the Auditor's responsibilities lor the audit of the financial statements section of our report. We are independent of the charity im accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Siandard, und we have fulfilled our other ethical responsibifitics m accordance with these requirements, We believe that the audit evidence we have obtained ts 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.
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Based on the work we have perfonned, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt an the charity’s ability to continue as a going concer for a period of at least twelve months from when the financial statements arc authorised for Issue.
Our responsibilities and the responsibilities of the Trustees with respect (o going concern are described in the relevant sections of this report.
Other information
;
The trustees are responsible tor the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditoc’s report thereon. Our opinion on the fmancul statements does not cover the other information and we do not express any fonn of assurance conclusion therean.
In comection with our audit of the financial statements, vur 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 maturially misstated. [we identify such matecial inconsistencies or apparent material misstatements, we are required to determine whether there is a maierial misstaiement in the Hnancial statements or a material misstatement of the other mformation. 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 ihis regard.
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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE LATYMER FOUNDATION AT EDMONTON
Matters on which we are required fo report by exception
We have nothing to report in respect of the following matters where the Charities Act 201 £ requires us to report to you if, in aur opinion:
- the infomation given in the Gnancial statements is inconsistent in any material respect with the trustees’ report; or ~ sufficient accounting records have not been kept: or - the financial statements are not in agreement with the accounting records; or - we have not received all the information und explanations we require for our audit.
Responsibilitiesep spege 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 sach internal control as the trustees determine is necessary fo enable the preparation of financial statements that are free from material misstatement, whether due to fraad or error,
{
Iu preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concem, disclosing. as applicable. matters related to going concern and using the going concern basis ofaccounting untess 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 wuditor 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 finunctal 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 figh level of assurance, but is not 4 guarautee thal 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 ave considered material if) individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis ofthese 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 invegulurities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below,
iixplanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our aadif 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 duc 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:
-
. We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 20] 1 and UK financial reporting standards as issued by the Financial Reporting Council
-
° We obtained au understanding of how the charity complies with these requirements by discussions with management and those charged with governance.
-
° We assessed the risk of material misstatement of the financial statements, including the risk ofmaterial misstatement due to fraud and how itisight occur, by holding discussions with management and those charged with povemance.
-
. We inquired of management and those charged with governance as to any known instances of non-compliance or suspected noncompliance with laws and regulations.
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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 further description of our responsibilities description of our responsibilities of our responsibilities responsibilities for the audi audi of the the financial statements statements is located located on the Financial Financial Reporting Council’s website
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A further description of our responsibilities further description of our responsibilities description of our responsibilities of our responsibilities responsibilities for the audi audi of the the financial statements statements is located located on the Financial Financial Reporting Council’s website at: http://www. fre.org.uk/auditorsresponsibilitics. 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 churities preparing them accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of lreland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which ts referred to in the extant regulations but has now been withdrawn. ,
This has been done in order for the financial statements te 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 repart is made safely 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 underiaken so that we might siate io the charity's (rustces those muatlers we are required to staic 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 irustees 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 behalfofMoore NHC Audit Limited Statutory Auditor Chartered Accountants East Wing Goffs Oak House Goffs Lane Go ffs Oak Hertfordshire . EN7 5GE
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STATEMENTTHE OF LATYMERTHE FINANCIAL FOUNDATIONACTIVITIES AT EDMONTONFOR THE YEAR ENDED 31 MARCHE 2025
| 2028 | 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | Total | ||||
| : | . | funds | funds | funds | funds | funds | ||
| Notes | £ | £ | £ | £ | £ | |||
| INCOMING RESOURCES | ||||||||
| Incoming resources from | ||||||||
| Generated funds | ||||||||
| Voluntary income | 2 | 93.288 | 208,100 | - | 301,388 | 3,462,176 | ||
| Investment income | 3 | 106,230 | 10,446 | §0,953 | 167,629 | 114,204 | ||
| Totalincomingresources | 199,318 | 218.546 | 30,953 | 469,017 | 3,576,380 | |||
| RESOURCES EXPENDED Costs ofgeneratingfunds |
||||||||
| Investment management costs | 4 | 71.168 | 8,088 | 17,220 | 96.476 | 65,803 | ||
| Charitable activities | ||||||||
| Fundraising costs | 7 | 8.059 | 57,392 | - | 65,45] | 53,339 | ||
| Grants & awards ~- School and | ||||||||
| general | 7 | $37,010 | 269,236 | 450 | 806,696 | 391,139 | ||
| The LatymerHouse | 6 | 3,237 | - | - | 3,237 | 4,067 | ||
| Outdoor pursuit centre | 6 | 20,175 | - | - | 20,175 | 18,219 | ||
| Gavernance costs | 8 | 57,905 | 7,829 | - | 65,734 | 115,013 | ||
| Total resources expended | 697,554 | 342.545 | 17.670 | 1,057,769 | 647.580 | |||
| a nn’ | rs | errr | od | one | ||||
| NEPINCOMING OUTGOING) | ||||||||
| RESOURCES BEFORE | ||||||||
| TRANSFERS | (498 036) | (123,999) | 33,282 | (588,752) | 2,928,800 | |||
| Gross transfers between funds | 16 | 33,282 | - | (33,282) | - | - | ||
| Net incoming/(outgoing) | ||||||||
| Resources before other recognised | ||||||||
| gains and losses | (464,754) | (123,999) | - | (588,752) | 2,928,000 | |||
| Otherrecognised gains/osses | ||||||||
| ’ | Gains/(losses) on investment assets | 16 | 421,161 | 65,958 | 49,189 | 536,308 | 683,490 | |
| Unrealised Gain on fixed asset | ||||||||
| revaluation | - | - | ~ | - | - | |||
| Netmovement infunds | (43 592) | (58,040) | AQ 189 | (52,444) | 3,612,290 | |||
| RECONCILIATION OF FUNDS | ||||||||
| ‘Total funds brought forward | 10,863 ,206 | 1,991.432 | 75,438,843 | 88.293,481 | 84,681,191 | |||
| TOYAL FUNDS CARRIED | ||||||||
| FORWARD | 10,819,614 | 1,933,391 | 75.488,032 | 88,241,037 | 88,293,481 |
The Statement ofFinancial 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
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THE LATYMER FOUNDATION AT EDMONTON
BALANCE SHEET
- AT 31 MARCH 2025
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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|2025|2024|
|Unrestricted|Restricted|Endowment|Total|Total|
|funds|funds|funds|funds|funds|
|Notes|.|£|£|£|£|£|
|TIXED|ASSETS|
|Tangible|assets|12|280,000|-|72,760,000|73,040,000|73,040,000|
|Jovesiments|13|9,790,159|1,819,123|2,704,852|14,314,134|14,667,826|
|10,070,159|L819,123|75,464,852|87,354,134|87,707,826|
|CURRENT|ASSETS|
|Debtors|14|4,430|14,167|567|{9.164|21,031|
|Cash|at|bank|and|tn hand|795,155|{27,918|22.013|945|686|637,587|
|799,585|142,085|23.180|964.850|658,618|
|CREDITORS|
|Amounts|falling|due within|one.|
|‘year|5|$0,130|27.317|-|77,947|72,963|
|NET CURRENT|ASSETS|749.455|114.268|23,180|886,903|385,655|
|TOTAL|ASSETS|LESS|
|CURRENT LIABILITIES|10.819,614|1,933,391|75,488,032|88,241,037|84,293,481|
|NET ASSETS|10,819,614|1,933,391|75,488,032|88,241,037|84,293,481|
|FUNDS|16|
|Unrestricted|funds|10.819,614|10,863,206|
|Restricted|fiumds|1,993,391|1,99] ,432|
|Endowment funds|75,488,032|75,438,843|
|TOTAL FUNDS|88,241,037|88,293,481|
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The financial statements were approved by the Board of Trustees on 2'4 December 2025 and were signed on its behalf by:
J{ Trustee ‘
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The notes form part of these financial slatements Page 9
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THE LATYMER FOUNDATION AT EDMONTON STATEMENT OF CASH FLOWS AT 31 MARCH 2025
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sing
Notes £ 2025 £ £ 2024 £
Cash flows from operating activities 20
CashInvesting peneratedactivities from operations (581,901) 2,806,927
Funds withdrawn 2,390,000 3,786,114
Fuids invested (1,560,000) (10,110,646)
Gains on fixed assets investments - -
cee meee eee ce eee eee
Net cash generated from investing activities 890.000 (6.324,532)
Net increase / (decrease) in cash 308,099 (3.517,605)
Cash at beginning of year 637,587 4,155,192
Cash at end of year 945,686 637,587
ANALYSIS OF CHANGES IN NET DEBT
At start of year Cash flews At end of year
£ £ £
Cash 637,587 308,099 945,686
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THE LATYMER FOUNDATION AT EDMONTON
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
i ACCOUNTING POLICIES
The principal accounting policies adopted. judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follaws:
Accounting Convention
The financial statements have been prepared in accordance with The Charities Act 201} and Accounting and Reporting by Charities: Statement of Reconmmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of treland (RS 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 inchide the revaluation of freehold properties and io include certain fmanctal instruments at fair value.
The principal accounting polictes 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 schoul.
‘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,
In setting its budget plin for 2025/26, the Trustees have considered a sumber 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 gil aid is acerued 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 findowment Fund consists ofproperties and investments held since the Scheme made by the Minister of Education under the Charitable Trasts Act, 1853 to 1925 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 headmgs 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 yelated 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. Unrealised gains on the School Land & Buildings arise when the valuc for Insurance purposes increases. Realised gains and losses on investments are calculatcd as the difference between sules proceeds (less dealing charges) and opening cost value. Unrenlised gums and losses ave 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 al the year-end date are noted as a commitment but not accrued as expenditure,
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- VOLUNTARY INCOME
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THE LATYMER FOUNDATION AT EDMONTON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
a
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Irrecoverable VAT
The Foundation is not registered for VAT. Inecoverable VAT ts charged against the caiegory ofresources expended[for] which[it] was incurred,
Allocation of overheads and support costs Overhead und support costs have been allocated between charitable activity and governance. The allocation ofoverheads and support cosis 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 Development & Alumni Relations staff (ime, as well as direct fundraising costs (e.g. CRM system, cost of running fundraising events).
Charitable activities
Costs ofcharitable activites include expenses tinourred in respect of the running costs of the vutdvor pursuit centre.
Governance costs
Governance costs comprise of all casts invelving (he 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 Jand and buildings. and an outdoor pursuit centre, ave carried at their fair value using the revaluation model. When available, the fair value at the ond of the reporting date ts 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 bused on a valuation for insurance purposes. The valuation approach is the same as in prior years.
TaxationThe 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 finds can be used in accordance with the chantable objectives at the discretion ofthe trustees. Restricted fimds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds ave taised for particular restricted purpases. Further explanation of the nature and purpose of each fund and the reclassification of pwo finds as Unrestricted is included in the Report of the Trustees.
Tixed asset investments
Investinents lisicd on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees” best estimate for market value. The Statement of Financial Activities includes net gains and losses avising on revaluation and disposals lor the year.
| VOLUNTARY INCOME | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Gifts | 227,841 | 3,307,285 |
| Music instrument hire | 5,683 | 8,300 |
| YSGOL. Latymerincome | 12,190 | 30,824 |
| LatymerHouse income | 18,850 | 18,250 |
| 3Gpitch income | 25,000 | 25,000 |
| Eveuts& Merchandise income | 8,913 | 72,517 |
| Sundry income | 2,911 | - |
| 301,388 | 3,462,176 | |
| INVESTMENT INCOME | ||
| 2025 | 2024 | |
| £ | £ | |
| Invesiment income | 159,831 | 37,828 |
| Tnterest receivable | 7,798 | 76,376 |
| 167.629 | 114,204 |
3 INVESTMENT INCOME
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THE LATYMER FOUNDATION AT EDMONTON
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
INVESTMENT MANAGEMENT COSTS
| 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| £ | £ | ||||||
| Investment Mamigement Fees | 96.476 | 65,803 | |||||
| 5. | DIRECTCOSTSOF CHARITABLE ACTIVITIES Direct casts YSGOL /Latymer House (See note 6) |
Grantfunding ofactivities (See note7) |
Totals | ||||
| Outdoorpursuit centre Repairs to the LatymerHouse |
20,175 3.237 |
- - |
20,175 3,237 |
||||
| Fund Raising casts | - | 65,451 | 65,451 | ||||
| Grants& awards - School and general | - | 806,696 | 806,686 | ||||
| 23.412 | 872,147 | 895,559 | |||||
| 6. | MANAGEMENT OF YSGOLLATYMER OUTDOOR PURSUITCENTRE | 2025 | 2024 | ||||
| £ | £ | ||||||
| ; | Aduinistrative fees | 13,842 | 13,706 | ||||
| Rates and water | 2,570 | 2,367 | |||||
| Insurance | - | - | |||||
| Light and heat | 2,430 | OL) | |||||
| Telephone | 1,333 | 1,236 | |||||
| 20,175 | 18,219 | ||||||
| 7. | GRANTS PAYABLE | ||||||
| 2025 | 2024 | ||||||
| £ | £ | ||||||
| Fundraising costs | 65,431 | $3,339 | |||||
| Purchase ofMusical Instraments | 23,072 | 92 | |||||
| Grants& awards - Svhool and general | 783,624 | 391,047 | |||||
| 872.147 | 444,478 | ||||||
| & | & | GOVERNANCE COSTS | 2625 | 2024 | |||
| £ | £ | ||||||
| Administrative fees | 2,275 | 2,196 | |||||
| Travelling and hospitality | - | 44 | |||||
| Printing, postage & stationery | 345 | 339 | |||||
| Telephone costs | 109 | 309 | |||||
| Auditors’ remuneration | 10.956 | 9,622 | |||||
| Insurance | 2,754 | 1,402 | |||||
| Gifts and presents | 2,033 | 1,417 | |||||
| Bank charges | 623 | 492 | |||||
| * | Books and subscriptions | 6,628 | 4,587 | ||||
| Foundation day expenses | 5,442 | 2,283 | |||||
| Legal and professional fees | 15,930 | 31,159 | |||||
| Archivist | - | - | |||||
| , | Sundry costs 400" Anniversary costs |
2,272 16.367 |
2,168 58,996 |
||||
| 05,734 | 115,013 |
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Pape 13
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THE LATYMER FOUNDATION AT EDMONTON
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
- TRUSTEES' REMUNERATION AND BENEFITS
No trustees’ remuneration or other benefits were paid during the year ended 31 March 2025 (2024: nil).
Trustees’ expenses
There were no trustees’ expenses paid for the year ended 31 March 2025 (2024: nil).
° i0. 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 Schoo! are rermbursed to the school,
- AUDITORS' REMUNERATION
The auditors’ remuneration constitutes an audit fee of £10,956 (2024: £9,622).
- TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | TANGIBLE FIXED ASSETS | Freehold |
|---|---|---|
| Properties | ||
| £ | ||
| At | April 2024 | |
| Unrealised Revaluation ofFreehold Property | - | |
| At31 March 2025 | _ | 73,040,000 |
| CARRYINGAMOUNT | ||
| At 31 March 2025 | 73,040,000 | |
| AU3LMarch2024 | 73,040,000 |
The freehold property, at Haselbury Road, Iondon N9 9TN, was valued by the Trustees as at 31st March 2025 on the declared value for insurance purposes us being a schoo! building with covenants on its use, an open market value is not practical.
The frechold property, known as the outdoor pursuit centre at YSGOL. Latymer, at Cwm Penmachno, Nr Betws-y-Coed, Conwy ; was valued in October 2023 by Mr Christopher Thonias MNALA MNAVA, independent valuec and surveyor on an open market basis at £280,000 - £285.000, The frechold property has been valued in line with his valuation as the Trustees consider this to be the market value at 3.1‘ March 2025 also.
,
- FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | Investments |
|---|---|
| £ | |
| Atl April 2024 | 14,667,826 |
| Revaluations | 1,500,000 |
| Additional investments Sales proceeds |
(2,390,000) - |
| Realised profit / (loss) | 336,308 |
| AU March2025 | 14,314,134 |
| CARRYING VALUE | |
| At31 March2025 | 14.314,134 |
| Ai31March 2024 | 14,667,826 |
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THE LATY MER FOUNDATION AT EDMONTON
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NOTES TO THE FINANCIAL STATEMENTS FOR TILE YEAR ENDED 31 MARCH 2025
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|---|---|---|---|---|---|---|---|---|
|id.|DEBTORS:|AMOUNTS|FALLING|DUE|WITHIN|ONE VEAR|
|2025|2024|
|£|£|
|Other|debtors|19,164|21,031|
|15.|CREDITORS:|AMOUNTS|FALLING|DUE|WITHEN|ONE|YEAR|
|2025|2024|
|£|z|
|Other creditors|77 O47|72,963|
|Accrued expenses|-|-|
|77,947|72,963|
|16.|MOVEMENT|IN|FUNDS|Net|movement|Transfer|
|Aft 31.3.24|in|funds|between|fuads|Adjustments|At 31.3.25|
|£|£|£|£|£|
|Unrestricted|funds|
|General|fund|{0.863.206|(43,592)|33,282|-|10,852,896|
|Restricted|funds|
|Restricted|Funds|1,991,432|(38,040)|-|.|1,993,391|
|Endowment|funds|
|Endownient|Fund|75|ABB|843|49,189|(33,282)|-|75,454,750|
|TOTAL|FUNDS|§8.293.48}|(52,444)|-|-|88,241,037|
|Net|movement|in|funds, mcluded|in the above|are|as|follows:|
|Incoming|Resources|Gains|nnd|Movement|
|resaurces|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|199.518|(697,554)|421,161|(76,873)|
|Restricted|funds|
|.|
|Restricted|finds|218,546|(342,545)|65,958|(58,040)|
|Endowment|fands|
|Endowment|Fund|50,953|(17,670)|49,189|82,471|
|TOTAL FUNDS|469,017|(1,057,769)|536,608|(52,444)|
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THE LATYMER FOUNDATION AT EDMONTON DETAILED STATEMENT OF FINANCIAL ACTIVITLES FOR THE VEAR ENDED 31 MARCH 2025
- CONTINGENT LIABILITIES
G) The Foundation and The Latymer School secured a grant of approximately £3 million fron 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 bodes.
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 (o 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 nol envisage a change in the foreseeable future.
(ii) The Foundation and The Latymer School secured a grant of c£$31,000 from the Football Foundation towards the installation of am artificial pitch in the Summer of2022. The grant carries certain obligations relating to the maintenance and usnge of the pitch and a charge has been granted to the Football Foundation over the Lind on which the piteh 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 buildings 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 axe stated m note 7 of the financial statements.
At the reporting date the creditor bafance owed to The Latymer Schoo! was £65,222.05 (2024: £70,341). Debtors due to The Latymer Foundation from The Latymer School were £0 (2024: £12,724).
19. Legal status of the Foundation
The charity is controlled by its governing document, « deed of trust, and constiiuies an unincorporated charity registered with the Charity Commission for England and Wales.
20). CASH GENERATED FROM OPERATIONS
:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Surplus for theyear | (52,444) | 3,642,290 |
| Unrealised (gains)losses onfixed asset investoients |
(536,308) | (683,490) |
| Movements in working capital: | ||
| Uncrease)/deercase in debtors | {,867 | (12) |
| (Decrease)/Inerease in creditors | 4,984 | (121,861) |
| Cashgeneratedfromoperations | (381,901) | 2.806.927 |
|
{ i i |t |
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‘ THE LATYMER FOUNDATION AT EDAMIONTON DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2035
| FOR THE YEAR ENDEDENDED 31 | MARCH 20352035 | |
|---|---|---|
| . | ||
| aS |
) | |
| £ | £ | |
| INCOMING RESOURCES | ||
| Voluntary income | ||
| Gilts | 227,841 | 3,307,285 |
| Music instrument hire | 5.683 | 8.300 |
| YSGOL Latymer tcome | 12,190 | 30,824 |
| Luatymer House income | 18,850 | 18,250 |
| Sundry income | 27,911 | 25,000 |
| Events& Merchandise income | 8.913 | 72,517 |
| 301,388 ss |
3,462,176 _ |
|
| Investment income | ||
| Investment tacome | 159,831 | 37,828 |
| Interestreceivable | 7,798 ee |
76,376 TO |
| 167,629 | 114,204 | |
| Total incoming resources | 469,017 | 3,576,380 |
| RESOURCES EXPENDED | ||
| Investinent management costs | ||
| Investment management fees | 96,476 | 63,803 |
| Charitable activities | ||
| Administrative fees | 13,842 | 13,706 |
| Ratesand water | 2,570 | 2,367 |
| Light and heat | 2,430 | 91 |
| Telephone | 1.333 | 1,236 |
| Refirbishment ofLatymer House | 3,237 | 4,067 |
| Fundraising Costs | 65.451 | 53,339 |
| Purchase ofMusical fnstruments | 23.072 | 92 |
| Grantsandawards | 783.623 | 391,047 |
| 895.559 | 466,764 | |
| Governance costs | ||
| Administrative fees | 2,275 | 2,196 |
| Travelling and hospitality | - | 44 |
| Printing, postage & stationery | 345 | 339 |
| Telephone | {09 | 309 |
| Auditors’ remuneration | 10,956 | 9,622 |
| Insurance | 2,754 | 1,402 |
| Gifts and presents | 2,033 | 1,417 |
| Bank charges | 623 | 492 |
| Books and subscriptions | 6.628 | 4,587 |
| Foundation day expenses | 5.442 | 2,283 |
| Legal and professional fees | 15,930 | 31,159 |
| Carriedforward | 47,095 | $5,850 |
|
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THE LATYMER FOUNDATION AT EDMONTON
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
==> picture [475 x 199] intentionally omitted <==
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|Governance|costs|20245£|2024£|
|Brought|forward|47.095|55,850|
|Sundry|costs|2,272|2,168|
|400" Anniversary|16,367|58,996|
|65.734|115,013|
|Total|resources|expended|1,057,769|647,580|
|Net income|before gains|and|losses|(558,752)|2,928,800|
|Recognised|gains|and|losses|
|Realised|(losses)/gains|on|fixed|asset|investments|-|(33,811)|
|Unrealised|gains/Uosses)|on|fixed|asset|investments|536,308|717,301|
|Net income|(52,444)|3,612,290|
----- End of picture text -----
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