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2020-07-31-accounts

Company Registration No. 04258359 Registered Charity No. 1088415

Wakefield Grammar School Foundation and Associated Charities

STATUTORY FINANCIAL STATEMENTS

for the year ended 31 July 2020

Company Registration No. 04258359

Wakefield Grammar School Foundation and Associated Charities

FULL DETAILED FINANCIAL STATEMENTS

for the year ended

31 July 2020

GOVERNORS’ REPORT FOR THE YEAR ENDED 31 JULY 2020

Wakefield Grammar School Foundation

Wakefield Grammar School Foundation is a charitable company limited by guarantee, registered in England and Wales. The Governors of the Wakefield Grammar School Foundation are the directors of the company for Companies Act purposes and in charity law.

Throughout this document the following abbreviations are used:

Queen Elizabeth Grammar School – QEGS Wakefield Girls’ High School – WGHS

GOVERNORS, DIRECTORS AND CHARITY TRUSTEES

The Governors of Wakefield Grammar School Foundation who served in office during the year and subsequently are detailed below.

Co-opted Governors

Mr S Chamberlain 1 2 3 4 5 6 7 (Appointed Chair of Governors 17 October 2019) Mr S Baxter 1 3 7 (Appointed 17 October 2019) Mr S Butterworth 1 3 5 6 Ms J E Claire 3 4 Mrs C Gorton 1 3 7 (Resigned 22 June 2020) Mrs F Galbraith 2 4 (Appointed 17 September 2019) Mrs C Harrison 1 3 6 Mr J Jeffries 1 2 6 Prof. D Jenkins 2 4 Mr I A McKinlay 3 5 7 Mrs H Massey 2 5 6 7 Dr M Patel 3 4 (Resigned 17 October 2019) Mrs E C Peckett 2 5 6 Mrs P Plumpton 2 4 Mr M Shevill 1 3 (Resigned 15 October 2020) Miss A J Tetley 2 4 Mr T Welton 2 4

Nominated Governors

Rev’d Canon L B Vasey-Saunders (appointed by the Chapter of Wakefield Cathedral) 2 3 4 7 (Safeguarding Governor)

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Wakefield Grammar School Foundation GOVERNORS’ REPORT FOR THE YEAR ENDED 31 JULY 2020

OFFICERS (key management personnel)

Director of Finance and Operations Mr L Perry (also Company Secretary) Mr L Perry (also Company Secretary)
QEGS Senior School Head
 Mr D N Craig (resigned 31 December 2020)
Acting Head of QEGS Mr M Shevill (appointed 1 January 2021 to 31 August 2021)
QEGS Junior School Head
 Mrs L A Gray (resigned 31 December 2020)
WGHS Senior School Head
 Ms H-J Boyes (Head of WGHS Sr and Jr from 1 January 2021)
WGHS Junior School Head
 Mrs R Edwards (resigned 31 December 2020)
ADDRESSES QEGS Senior School QEGS Junior School
154 Northgate 158 Northgate
Wakefield Wakefield
West Yorkshire West Yorkshire
WF1 3QX WF1 3QY
WGHS Senior School WGHS Junior School
Wentworth Street 2 St John's Square
Wakefield Wakefield
West Yorkshire West Yorkshire
WF1 2QS WF1 2QX
REGISTERED OFFICE Wakefield Grammar School Foundation
AND PRINCIPAL PLACE Governors’ Office
OF BUSINESS: Green House
158 Northgate
Wakefield
West Yorkshire WF1 3UF
BANKERS: Barclays Bank plc
 Svenska Handelsbanken AB (publ)
Trinity Walk Shopping Centre Unit 10
Teall Way
 Navigation Court
Wakefield WF1 1QS
 Wakefield WF2 7BJ
EFG Private Bank Ltd
Leconfield House
Curzon Street
London
W1J 5JB
SOLICITORS: Newtons Solicitors Gordons
Unit 8, Calder Close Riverside West
Wakefield Whitehall Road
WF4 3BA Leeds LS1 4AW
AUDITORS: Saffery Champness LLP
Mitre House
North Park Road
Harrogate
North Yorkshire
HG1 5RX

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Wakefield Grammar School Foundation

GOVERNORS’ REPORT FOR THE YEAR ENDED 31 JULY 2020

STOCKBROKERS :

Julius Bär International Ltd The Platform New Station Street Leeds LS1 4JB

The Governors present their annual report for the year ended 31 July 2020, under the Charities Act 2011, together with the audited financial statements for the year, and confirm that the latter comply with the requirements of the Act, and Reporting by Charities: Statement of Recommended Practice 2015 applicable to charities preparing their accounts in accordance with the Financial Report Standard applicable in the UK and Republic of Ireland (FRS 102).

DEFINITIONS

In these financial statements the following expressions shall have the meanings set out below:

The Foundation - Wakefield Grammar School Foundation, Company No. 4258359 Registered Charity No. 1088415 and, under the terms of a uniting order, Wakefield Grammar School Foundation Endowed Lands Trust, Incorporated by Royal Charter 1591 (as amended), Registered Charity No. 1088415-1 Subsidiary - W.I.S. (Education) Limited, Company No. 2737083. Group - The Foundation and its Subsidiary as noted above. Board - Board of Governors of the Foundation

HISTORY AND STATUTORY INFORMATION

Wakefield Grammar School Foundation, in the City of Wakefield, West Yorkshire, was founded by Royal Charter of Her Majesty Queen Elizabeth I in 1591. Up until July 2001 the Foundation was regulated by a Scheme made under the Endowed School Acts 1891, as varied by schemes between 1893 and 1997. From August 2001 the operations of the Foundation, with the exception of its permanent endowment, were transferred with the approval of the Charity Commission and the Privy Council to a company limited by guarantee called Wakefield Grammar School Foundation. This was incorporated under the Companies Act 1985 on 24 July 2001.

The Articles of Association of the Company supplement the Royal Charter and replace all the intervening Schemes as the Governing Instrument of The Charity.

The Permanent Endowment of the Foundation, consisting of the original school sites purchased in 1854 and 1878, together with other restricted funds, have remained part of the original Charity now known as the Wakefield Grammar School Foundation Endowed Lands Trust.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Governors determine the strategy and general policies of the Foundation and its Schools and meet as a Board three times a year. The Governors discharge their responsibilities through a Committee Structure which covers all aspects of Foundation administration. There are committees for School General Purposes, Finance, Investment, Land and Buildings, Risk and Compliance, and Marketing Strategy. The Board normally consists of nineteen Governors. Of the nineteen full Governors, eighteen are co-opted and one is nominated by the Chapter of Wakefield Cathedral.

The Board of Governors has responsibility for ensuring that the Board contains members with the skills and dedication necessary for the operation of an educational charity, whilst representing fairly the interests of each school in the Foundation together with the interests of the local community. New Governors, other

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GOVERNORS’ REPORT FOR THE YEAR ENDED 31 JULY 2020

Wakefield Grammar School Foundation

STRUCTURE, GOVERNANCE AND MANAGEMENT continued

than nominated Governors, are selected if possible from a pool list maintained for this purpose and are approved by the Board prior to appointment.

Governors are appointed initially for a period of four years and can serve for a maximum of three four-yearly terms. The Chair of Governors and Deputy Chair of Governors are elected annually at the AGM in October.

New Governors are inducted into the workings of the Foundation and its schools, including Board policies and procedures, during an induction session convened for that purpose. New Governors, where appropriate, are provided with a Governor mentor for the first year of their appointment. All Governors are encouraged to attend appropriate training courses which typically include principles of good governance, safeguarding children, managing health and safety, fire safety and managing the charity finances.

The Board in conjunction with the Director of Finance and Operations and the Head teachers sets the strategy for the Foundation. The implementation of the strategy together with the day-to-day management of Foundation schools is delegated to the Director of Finance and Operations and the Head teachers who, in turn, are supported by their Senior Management Teams. The Director of Finance and Operations attends all meetings of the Governing Body’s Committees.

The remuneration of key management personnel is set on scales determined by the Board, with the policy objective of providing an appropriate incentive to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the Foundation’s success.

The appropriateness and relevance of the remuneration scales are reviewed periodically to ensure that the Foundation remains sensitive to the broader issues of pay and employment conditions elsewhere.

The Foundation aims to recruit new key management personnel at the lower to medium point within a band, providing scope for rewarding excellent performance against objectives. Delivery of the Foundation’s charitable vision and purpose is primarily dependent on our key management personnel, and staff costs are the largest single element of our charitable expenditure.

Details of Governors, Officers and Advisors are set out on pages 1 and 2.

The Foundation carries out periodic parental surveys but, due to the pandemic, one was not carried out in 2019/20. Parental feedback is also sought on occasions, the last time being in January 2021 to assist with decision-making regarding the new pre-preparatory school. Staff are able to contribute to decision making primarily through the termly meetings of the Foundation's Joint Negotiating and Consultative Committee. The meeting is chaired by a Governor and attended by the Heads and two representatives from each school. This statement is made under Section 172 of the Companies Act 2006.

The Charity has a wholly owned non-charitable trading subsidiary; W.I.S. (Education) Limited, whose activities and trading performance are detailed in the notes to these accounts.

Foundation schools actively support the attainment of the highest standards in the independent schools sector through membership of relevant representative organisations being the Headmasters’ and Headmistresses’ Conference (HMC), the Girls’ Schools Association (GSA), the Independent Association of Preparatory Schools (IAPS) and the Independent Schools’ Bursars Association (ISBA). The Heads and the Director of Finance and Operations also attend regional groups of independent schools to share best practice and provide support when required.

Foundation schools work with regional and national charities, amateur and professional sports teams, local music groups and orchestras and other organisations to widen public access to the educational, cultural and sporting facilities the schools provide. The generosity of a number of supportive and alumni organisations is much appreciated and gratefully acknowledged.

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GOVERNORS’ REPORT FOR THE YEAR ENDED 31 JULY 2020

Wakefield Grammar School Foundation

AIMS, OBJECTIVES AND ACTIVITIES

Wakefield Grammar School Foundation is a Company limited by Guarantee. It is also a registered charity. The object for which the company is established is to advance education by the provision of a school or schools in or near Wakefield or elsewhere in Britain and by ancillary or incidental educational activities and other associated activities for the benefit of the community.

At 31 July 2020 the Foundation comprises a boys’ school (Queen Elizabeth Grammar School), a girls’ school (Wakefield Girls’ High School) and a co-educational nursery (Mulberry House). Both QEGS and WGHS take pupils from age 4 through to age 18 and in each case there is a pre-preparatory school (pupils aged 4 to 7), a junior school (pupils aged 7 to 11) and a senior school (pupils aged 11 to 18).

From September 2021 the Foundation plans a restructure which will see QEGS and WGHS taking pupils from age 7 through to 18 and the opening of a co-educational nursery and pre-preparatory school for pupils aged 4 to 7. The new school will be called Wakefield Grammar Pre-Preparatory School (WGPPS) and will be based on the site of Mulberry House. The restructure will reduce the number of key management personnel from five to three.

In December 2020, Mr David Craig, Mrs Rachel Edwards and Mrs Louise Gray retired from their positions as Headteachers within the Foundation. Interim arrangements have been put in place for school leadership prior to the Foundation restructure in September 2021 when Ms Heidi-Jayne Boyes will extend her WGHS Headship to include pupils aged 7-18. In December 2020 Dr Richard Brookes was appointed as Head of QEGS to start in September 2021 and Mrs Emma Gill was appointed as Head of WGPPS to start in April 2021.

The Foundation’s aims are to enable all students to prosper within a stimulating academic environment, to pursue excellence and to realise their full potential within broadly based cultural and social surroundings.

In February 2011 the Governors agreed a 5 year strategic plan which was subsequently revised in 2013 and again in 2017 and now covers the period to 2022. The strategy of the Foundation is to develop and maintain inspirational learning environments at Queen Elizabeth Grammar School and Wakefield Girls’ High School, with the schools focused towards the distinctive needs of boys and girls.

The schools will develop the potential of, and promote educational opportunity for all those with the academic ability to access the curriculum, by encouraging the pursuit of excellence, providing high quality teaching, outstanding pastoral care and an extensive range of extra-curricular activities. They will embrace as wide a cross section of the community as possible and support students irrespective of their social or economic background.

The Foundation has to maintain its permanent endowment, which consists of a number of trust funds held for the provision of bursaries, scholarships and educational prizes.

During 2019/20 the focus has been on the continued achievement of academic performance, ensuring access to the education provided by Foundation schools is maintained as wide as possible, embracing further the use of technology in teaching and learning, and improving the schools’ facilities and access to them by the local community. A number of classrooms and common areas were refurbished or renovated but there were no major capital projects during the year.

From March 2020 the Foundation’s key short term objective was to continue providing a high standard of education to all pupils following the national closure of schools due to the Covid-19 pandemic. Further details of this can be found in the Review of the Year on page 10.

In January 2018 the Foundation, after many years of detailed planning and negotiations, completed the purchase of the site of the former Clayton Hospital from the NHS. Outline planning permission to clear the

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Wakefield Grammar School Foundation GOVERNORS’ REPORT FOR THE YEAR ENDED 31 JULY 2020

AIMS, OBJECTIVES AND ACTIVITIES continued

majority of the hospital buildings had been granted in July 2017 subject to a number of conditions. Since January 2018, the Foundation has been working to discharge the conditions, some of which have been complex in nature. All information has now been submitted to the council and it is hoped that approval to commence demolition will be given in spring of 2021 with the expectation that demolition can commence later in 2021 subject to restrictions caused by the ongoing pandemic.

PUBLIC BENEFIT

Wakefield Grammar School Foundation is a charitable company whose primary objective is to provide an education to children aged between 3 and 18 years at four schools in Wakefield. The schools aim for excellence in academic achievement in addition to allowing the children to develop in an exciting and stimulating environment. It is the view of the Governors that children from all backgrounds should have the opportunity to attend and benefit from the Foundation’s schools.

When planning our activities for the year the Foundation has considered the Charity Commission’s guidance on public benefit.

Bursaries:

The Foundation provided financial assistance to 328 pupils in 2019/20 (332 in 2018/19). This represents 17% of the 19/20 average total school roll of 1,924 pupils. The monetary value of the financial assistance was £2,330,840 (£2,433,835 in 2018/19) which is 10.5% of the total fee income. Financial assistance is given in the form of bursaries, short term awards to relieve hardship, and support for uniforms, travel to school and for educational trips. The Foundation also has a number of modest scholarships which are used to acknowledge pupils’ academic or sporting excellence or provide financial assistance to certain qualifying pupils.

Bursaries are typically provided to pupils who meet the schools’ academic entrance criteria as a reduction in school fees of 25%, 37½%, 50%, 62½%, or 75%. The majority of the bursarial support available is in the two senior schools. The level of bursary that may be offered to a pupil is dependent on the financial circumstances of the child’s parents or legal guardians. The Foundation has agreed cut off levels at which bursarial support may be offered. The Foundation effectively assesses after tax household income which will include a notional income based on assets, investments and equity in property and/or a business where applicable. An allowance is also given for any other children in full time education.

As of September 2019 bursaries were available where household income was below £50,000 having been increased from £40,000 prior to that date. Information on how to apply for bursaries is provided in the schools’ prospectuses and on the Foundation website.

The combined senior schools provide as standard bursaries each year in Year 7 (the first year of senior school) the equivalent of 13 full time places. The senior schools may also award one totally free place each, usually awarded to the highest performing external applicant in the entrance examination who qualifies for a 75% bursary. In addition, WGHS Senior School offers a further free place, the Hepworth-Knott bursary which is funded from the sale proceeds of two sculptures by former pupil Dame Barbara Hepworth and a legacy from Miss Margaret Knott, a popular, long-serving former Headmistress.

All bursary awards are then carried forward through a pupil’s time at the senior school until he or she leaves. Subsequent to the initial award of a bursary, the parents or legal guardians of recipients of awards are requested to fill in a financial questionnaire each year and provide documentary evidence that their income is still within the qualifying parameters. It should also be noted that the recipients of the free places also receive financial assistance with the cost of uniform, travel and school trips. Recipients of other bursaries (e.g. 75% reduction off the full fees) may qualify for assistance with uniform, travel and trips depending on their particular individual circumstances.

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GOVERNORS’ REPORT FOR THE YEAR ENDED 31 JULY 2020

Wakefield Grammar School Foundation

PUBLIC BENEFIT continued

At 6[th] form level, additional bursaries up to 75% for 2 years may be awarded to students requiring financial assistance who are joining from a school outside the Foundation, or to existing students whose parents are experiencing financial hardship.

The two junior schools provide a limited number of awards at either a 25% fee reduction or a maximum 50% reduction. It is the view of Governors that the best use of the bursary funds available is to provide greater financial support in senior school when the pupils undertake examination courses.

The following activities relating to Partnerships with State Schools take place annually and operated normally until March 2020. Due to the closure of all schools, from this point onwards there was limited opportunity for these to take place during the period from March to July.

Partnerships with State Schools: ISSP

Wakefield Grammar School Foundation has been involved in Independent State School Partnerships (ISSP) since they were introduced in 1997. In the past this has enabled meaningful collaboration between the schools in the delivery of Maths and Science, professional development of teachers and science outreach to local primary schools. The government funding may have now been discontinued but Activity Days for primary school children and SPLATS (Students Presenting Learning and Teaching Science) continue running each year, albeit unfunded, and are well-attended.

Partnerships with State Schools: Activity Days for Year 5 pupils

The Year 5 Activity Days which have been running since 2012 are run by members of our teaching staff and is attended by both State Primary Schools and Independent Junior Schools. The state schools involved are Flanshaw Junior, Gawthorpe Primary, Pinders Primary, Rooks Nest Academy, The Vale Primary and West Bretton Junior. Queenswood, an Independent School is also involved along with our own Junior Schools.

It has become an annual tradition for both QEGS and WGHS to host this popular and entertaining day of activities for Year 5 pupils from the local area. Each school welcomes around 200 Year 5 girls or boys. The boys and girls are split into groups of approximately 20 and, along with their teachers, they participate in around 6 activities in a variety of departmental areas. The activities are run by QEGS or WGHS specialist teachers, supported by two Year 12 students per group. The activities are tailored to provide as interactive and lively a learning experience as possible. The day also gives the visiting pupils an insight into daily life in a senior school. This year’s bespoke activities included activities included Venetian Masks (Art), Operation H₂O (Science), Am I Really Real? (RS), African Drumming (Music), Delicious Creations (Food), an Egg Parachute Challenge (DT), the Three Little Pigs (Classics) and Sport for All. The seven participating primary schools say the event is one of their annual highlights and the 2018/19 Activity Days proved to be the usual resounding success.

Partnerships with State Schools: SPLATS

There are eight state primary schools involved in this project which has been running since 2012. They are Rooks Nest Academy (Outwood), Cawthorne Primary, Flanshaw J & I, Jerry Clay Academy, New Beverley Community School, Pinders Primary School, The Vale Primary School in addition to WGHS Junior and QEGS Junior Schools.

Each year a group of 18 Year 10 students from QEGS & WGHS spend a rewarding three days planning and delivering science workshops to Year 5 pupils which encourage curiosity in science. After one day of intensive training the students spend two days delivering science activities to about 360 primary pupils. The Year 5 pupils are split into 6 groups of about 30 and work with 3 Year 10 students with the support of the pupils’ teachers or teaching assistants. Typically, each day consists of 6 workshops. The workshops cover Fire, Kites, Solar Circuit, Rollers, Earth & Science and Marble Run. The positive feedback received tells us that the Year 5 pupils not only have an enjoyable day but that they really appreciate the hands on science

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Wakefield Grammar School Foundation GOVERNORS’ REPORT FOR THE YEAR ENDED 31 JULY 2020

experience gained through practical, exciting and inspiring workshops. Meanwhile the Year 10 students are able to develop transferable skills; each year they are complimented for their high level of skills thus further promoting and consolidating the good relationships we enjoy with our local primary schools.

More information is available in respect of Activity Days and SPLATS on the Schools Together website: https://www.schoolstogether.org/case-studies/?schoolId=95078

Partnerships with State Schools: SHINE

In Autumn 2016, the Foundation launched its SHINE ‘Serious fun on Saturday’ programme. SHINE is a leading educational charity whose focus is social mobility through education. We are the first school in West Yorkshire to be awarded a ‘Serious Fun on Saturday’ contract with SHINE. ‘Serious Fun on Saturday’ is a programme hosted by independent schools for students from local state schools who may be less likely to access additional educational support outside school. The project aims to deepen pupils’ understanding and instil a desire to learn more - achieved through offering innovative, fun, focussed activities. Our programme at WGSF provides a major opportunity for deserving children from some of the more deprived areas of Wakefield to further their educational development and enjoy an innovative and exciting range of lessons. Our primary partners are Heath View Academy, Green Hill Primary School, St Michael’s CE Academy, St Mary’s Primary School and Flanshaw Junior and Infant School.

The WGSF programme involves forty Year 5 pupils from our primary partner schools attending the Wakefield Grammar School Foundation Campus from 9.30am-12.00 noon on eleven Saturday mornings during term time. The learning sessions are delivered by specialist WGSF teachers who are passionate about their subject area and supported by Sixth Form Mentors. Specialist facilities and resources are employed in each subject area. The Year 5 pupils therefore work in a culture where excellence and enquiry is actively encouraged, establishing an increase in the children’s aspirations and self-esteem. It also helps to provide an insight into what they can expect at secondary school, enabling them to be more confident and positive about the opportunities it provides.

Partnerships with State Schools: Joint Latin teaching

Joint teaching between QEGS and St Thomas à Becket Catholic School, an academy in Wakefield, has been running for fourteen years. The Head of Classics at QEGS is released weekly to teach Latin to Year 10 pupils at St Thomas à Becket and he also teaches Latin to a class of Year 11 pupils from St Thomas à Becket’s on Friday afternoons. In addition there are revision lessons and additional lessons during the school holidays as appropriate, which are offered to pupils from both schools and these have been popular and successful.

From this initiative St Thomas à Becket pupils have the opportunity to learn Latin which no other state school pupil in the Wakefield area does, and this also benefits both their English and Modern Languages learning. It offers a real academic challenge, with Latin’s statistical record as the most difficult GCSE of all. As a school St Thomas à Becket gains as a “flagship” programme for their gifted and talented pupils and it adds an academic profile to the school which it has not had before. A number of pupils are enabled to gain the EBacc qualification that would not otherwise do so, indeed some 6 out of 13 Latin entries were awarded grade 7, 8 or 9 in 2018.

The Head of Classics at QEGS has also led four trips to Rome for pupils from St Thomas à Becket which brings immense benefits beyond the classroom with the reputation of QEGS being enhanced considerably by its association with these trips. Lastly he also runs a Beginners’ Latin for Adults class at St Thomas à Becket on Monday evenings, and the last cohort of adult pupils started in January 2020.

More information is available on the Schools Together website: https://www.schoolstogether.org/case-studies/?schoolId=71206

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Wakefield Grammar School Foundation GOVERNORS’ REPORT FOR THE YEAR ENDED 31 JULY 2020

Community use of Foundation facilities:

Another aspect of the Foundation’s public benefit policy is in the use of the schools’ grounds and facilities by public bodies, amateur arts or sports groups and other charitable organisations. These groups use the school buildings or sports facilities at cost, below cost or in some cases free of charge.

Local clubs were the main sporting beneficiaries during 2019/20 and included Wakefield Tennis, Netball and Hockey Clubs, Wakefield Archers, Friends of St John’s Badminton, College Five a Side, and Wrenthorpe Badminton. Additionally Leeds United Football in the Community hires part of our sports fields to run its summer coaching courses for boys and girls from the local area, Ceylon Cricket Academy hires the QEGS Sports Hall, Kings Camp use the facilities for holiday camps for children during the Easter and Summer holidays, and Atlantis Swimming School hires the QEGS pool for teaching children to swim.

The Yorkshire Wind Orchestra, the Yorkshire Philharmonic Choir and the Associated Board of the Royal School of Music all used school buildings for musical practice, examinations and events during the year. British Transport Police, West Riding Woodcarvers and the Scalefour Society used Foundation facilities for various functions.

Unfortunately, when the Foundation Schools closed on 20 March 2020 due to the national lockdown, the schools’ facilities were unable to be used by any external groups. Wakefield Tennis Club was the only group able to return to the site before the end of the financial year, when they ran some sessions in July.

In July 2007 the Foundation granted a license at no cost to Next Generation, a local youth group, for it to use the Foundation-owned Stanley Royd playing fields in Wakefield for junior sports, primarily football and cricket. The fields are also used by Next Generation for community events and they provide a focal point for young people in the area. Further to this, in September 2014 the Foundation entered into a formal lease with Next Generation for the fields and this has facilitated an arrangement for Wakefield College to use the fields for some of their sports courses.

Foundation school children support many charities throughout the school year and between September 2019 and March 2020 £13,696 (2018/19 £31,804) was raised.

The Governors, the Director of Finance and Operations, the Homes Manager and the Estates Manager of the Foundation provide trustee and management services to Wakefield Charities’ Homes, an almshouse charity and Registered Social Landlord which provides low cost accommodation for elderly people in need who have connections with the City of Wakefield.

DISABLED PERSONS

Due consideration is given to applications for employment of persons with a disability, either in arrangements for attending interview, or for any adjustments which may be needed when a role has been offered and accepted. Arrangements are made, wherever possible, for the retraining of employees who develop a disability during the course of their employment and reasonable adjustments are made to allow them to continue to fulfil their duties. The company provides for the adequate training, career development and promotion of all staff with a disability.

EMPLOYEE INFORMATION

During the financial year the Foundation has maintained and developed arrangements aimed at the systematic provision of employee information, held regular consultations so that employees’ views can be taken into account, encouraged employees’ involvement in the Foundation’s performance and strived to achieve a common awareness of the financial and economic factors affecting the Foundation’s performance. Meetings are held termly with staff representatives on the Joint Negotiating and Consultative Committee (JNCC) in respect of teaching staff, and as required with representatives for the support staff to discuss matters affecting the Foundation and its staff.

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Wakefield Grammar School Foundation GOVERNORS’ REPORT FOR THE YEAR ENDED 31 JULY 2020

STRATEGIC REPORT

REVIEW OF THE YEAR AND FUTURE DEVELOPMENTS

The Governors recognise the importance of their governance structure in supporting the operational performance of the school. Details of the training and governance structure are included within the Structure, Governance and Management section of this report on pages 3 and 4.

2019/20 has been a unique year in the history of the Foundation’s schools, with the unprecedented requirement to close for the majority of pupils for a sustained period of time. The national ‘lockdown’ affected all staff, pupils and parents, but also impacted the Foundation’s Key Performance Indicators, namely pupil numbers, exam results and financial performance.

On 20 March 2020 the Foundation schools closed due to the national lockdown to prevent the spread of the Covid-19 virus. The site remained open to the children of key-workers and those considered vulnerable, but all other pupils were educated remotely until 1 June when Nursery, Year 1 and Year 6 children returned. On 15 June, the senior schools opened for years 10 and 12 but all remaining year groups continued to be educated remotely until the start of the autumn term in September. Pupils were educated remotely using Google Chromebooks in conjunction with Firefly, the Foundation’s online learning platform.

Due to the closure of the school sites, governors made the decision to utilise the government’s Coronavirus Job Retention Scheme (CJRS) by furloughing 147 members of support staff between April and July 2020. Initially the furloughed staff were all support staff but following a review in June, 16 members of teaching staff were also furloughed although some support staff had returned to work at that time. 24 members of support staff were re-furloughed in July and, at the start of the autumn term, the majority of staff returned to work

The Governors were mindful that the remote learning being offered to the pupils, whilst good, did not provide pupils and parents with the full experience that they had paid for. Consequently governors agreed to offer a discount off the school fees to parents which was 25% for Junior School pupils and 20% for Senior School pupils. The cost of this discount was mitigated to an extent by the receipts from the CJRS alongside other cost savings from the schools being closed such as energy cost, food, cleaning and educational equipment. The Foundation was sympathetic to the difficult financial circumstances which many parents found themselves in and, where appropriate, assessed each case individually and arrived at mutually agreeable fee payment arrangements whilst maintaining effective financial control. Ultimately whilst some parents took advantage of an extended period to pay the school fees, no further discount was offered to parents.

Pupil numbers at the Foundation were 1,924 (average pupils between September and July), which was a decrease compared to 2,009 for the previous year. At the time of writing there continues to be economic uncertainty due to the risk of Covid-19 and this is likely to have an impact on pupil numbers in September 2021.

The Foundation remains committed to providing the opportunity for pupils to attend Foundation schools regardless of their circumstances. In 2019/20 328 pupils received financial support, a small decrease from the number of pupils for the previous year (2018/19 332 pupils). This represents 17% of the pupil body, a figure that has risen significantly from just under 10% in 2005/06. Further information on the Foundation’s bursary policy is given in the Public Benefit section of this report.

Public examinations were cancelled in 2020 due to the national school closure. GCSE and A-Level grades were awarded based on teacher assessments.

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GOVERNORS’ REPORT FOR THE YEAR ENDED 31 JULY 2020

Wakefield Grammar School Foundation

Once again WGHS and QEGS continued to perform well in the 2020 public examinations for both A Levels and GCSE. As stated previously in this report, results were based on teacher assessments due to the impact of the Covid-19 pandemic.

At WGHS, this year’s cohort of A-Level students achieved 53% A to A grades and 77% of results achieved were at grades A to B. 29 girls achieved impressive multiple top grades of 3 or more A-Levels at grade A*/A.

At GCSE students secured an impressive set of results with a 100% pass rate. 72% of all grades fell in the 9 to 7 bracket. Furthermore, 49% of results were graded 9 or 8, equivalent to an A*. Six girls achieved grade 9 in all of their subjects, an extremely rare and difficult achievement. A further five girls achieved grade 9 or 8 in every subject.

QEGS students celebrated strong A-Level results, with just under 75% of grades being A* to B. At GCSE it was another year of success with over 70% of grades in the top 9-7 bracket.

There were a number of standout performances with five pupils achieving straight grade 9s in all subjects. Over half of the year group achieved at least one grade 9 which bodes well for their upcoming A-Level studies.

The Foundation’s schedule of rolling maintenance continued across the estate as much as possible during 2019/20, ensuring a high quality learning environment is maintained for the pupils. Fixed asset additions were £554,586 (2018/19 £1,070,135) of which 50% was spent to remove asbestos from the Clayton Hospital site, which is now completed.

The average number of employees across the Foundation was 466 in 2019/20 compared to 438 for the previous year.

In the 2019/20 financial year the Foundation continued to roll out its digital learning strategy which began five years ago. The Firefly system, which was introduced in 2018/19 as a state of the art e-learning platform, proved extremely valuable in order to carry out remote teaching. Chromebooks have now been provided to all Senior School pupils outside the 6th form. Those pupils have their own devices.

The Foundation continues to ensure that comprehensive fire risk assessments for all premises owned and used by the Foundation are in place. The recommendations from the annual fire risk assessments are reviewed by the governors and all work required to clear the items is authorised and carried out. The Foundation now employs a full time Health, Safety and Compliance Manager and a programme of maintenance ensuring the Foundation is compliant with relevant legislation and consistent with best practice is in place at all times. The fire risk assessments were updated in 2019 and further enhancements to the estate were made in respect of fire safety.

In 2015 the Foundation reached agreement with Mid Yorkshire Hospitals NHS Trust to acquire the vacant Clayton Hospital site which sits between the main QEGS and WGHS campuses. The acquisition was in the form of an option contract that was dependent on a grant of planning permission by Wakefield Council thereby allowing the Foundation to demolish or substantially demolish the existing buildings and clear the site. At the same time the Foundation submitted outline plans for the development of the site. On 20 July 2017 Wakefield Council approved the outline planning application which, in its final version, proposes to clear the hospital buildings which have become dilapidated but retain the central core including the tower. It is intended that this will become a central feature of the new development. After protracted negotiations and planning permission requirements, the Foundation finally acquired title to the site in late January 2018. At the time of writing, we are awaiting final approval from the council to commence demolition on the site.

The proposals to develop the site provide for a new sports complex including a swimming pool, an outdoor multi-use games area, a business and technology centre and a building dedicated to performing arts. There will also be a new central pedestrian access through the site with appropriate landscaping treatments. It should be noted that the site is located in a conservation area which adds a layer of complexity to the

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Wakefield Grammar School Foundation

GOVERNORS’ REPORT FOR THE YEAR ENDED 31 JULY 2020

planning process. In September 2018 the Foundation formally launched its fundraising campaign for the site, to be called the Clayton Campus.

Following the unprecedented circumstances arising from the Covid-19 pandemic and lockdown, further development of the site beyond demolition has been temporarily put on hold until the wider economic position stabilises.

PUPIL NUMBERS

Average numbers of pupils in the schools were:

WGHS Senior
WGHS Junior
QEGS Senior
QEGS Junior
TOTAL		 2020
Number
622
286
686
330
1,924		 2019
Number
650
323
705
330
2,008

FINANCIAL RESULTS

2019/20 proved a difficult year for the Foundation to predict. Re-forecasts were calculated following the school closure with both income and expenditure impacted significantly. Despite mid-year forecasts of a significantly worse position, the Foundation ended the year with total incoming resources of £20.459m.

Whilst the Statement of Financial Activities shows a result for the year of net outgoing funds from operations of £539k (2018/19 net outgoing funds of £176k), this figure is after charging £1.179m of depreciation which does not affect actual cash generated. The Foundation’s cash position has decreased with a net cash outflow from operations for the year of £995k before capital expenditure to maintain and improve the estate. Capital expenditure during the year was £550k of which 50% covered the cost of Clayton asbestos removal. Overall this has resulted in a decrease in the Foundation’s cash balance from £10.2 million to £9.2 million. It should be noted however that this cash balance does not represent free reserves which are available to spend. The free reserves currently stand at £982k and this is explained in the Reserves Policy section below and note 14.

Expenditure was monitored closely throughout the year, with an embargo placed on all but essential spending during the school closure. A nationally agreed pay award of 2.75% was given to teaching staff from September 2019. Further to this, the Government also implemented a substantial increase in employers’ contributions to the Teachers’ Pension Scheme (TPS). This came into effect from September 2019 and increased contributions from 16.48% to 23.6% which is in effect an increase of over 40%. This has added approximately £600k to the Foundation’s payroll cost on an annual basis. The Governors have reviewed the impact of this increase on the Foundation’s financial position and whilst the Foundation has decided at this stage to remain within the scheme, its continued membership will be kept under constant review. A minimum pay award of 2% was given to support staff from April 2020. This was agreed in September 2020 and backdated.

Between 117 and 147 members of staff were furloughed during the period April to July 2020. As a result the Foundation received £490k via the government’s Job Retention Scheme. In acknowledgement of this, and that other costs would be saved due to the school closure, Governors made the decision to discount the summer term fees. The junior schools offered a 25% discount, and the senior schools offered 20%.

The Foundation has worked hard to maintain its robust liquidity position and Governors consider the financial position as at 31 July 2020 to be satisfactory.

Page 12

GOVERNORS’ REPORT FOR THE YEAR ENDED 31 JULY 2020

Wakefield Grammar School Foundation

The accounts have been prepared on a going concern basis following consideration by the Governors and a review of the impact of the Covid-19 pandemic. Forecasts have been prepared and reviewed for the next four years, alongside the current level of reserves and cash. Governors consider there to be no material uncertainty which casts doubt on the Foundation’s ability to continue as a going concern. Covid-19 had a financial impact in 2019/20 and continues to do so in 2020/21, but these impacts will not be significant in the long term so as to affect future financial performance.

RESERVES POLICY

The Foundation’s Reserves Policy requires the Foundation to hold, or aim to hold, free reserves of a minimum of £3 million, as a contingency in order to maintain the stable operation of the school in the case of a future unforeseen event. Free reserves are considered to be unrestricted funds, excluding the Designated Funds and excluding the carrying value of tangible fixed assets held within general reserves, and are as shown in note 14 of these accounts.

The Foundation’s total reserves of £26.3m at the year-end included £1.0m restricted funds and £25.3m unrestricted funds. Of these unrestricted funds, £19.2m represented the net book value of fixed assets and £5.1m is held in Designated Funds. The Designated Funds are not considered to be “free reserves” as the Foundation has made a commitment to use these funds for specific purposes. Therefore free reserves at 31 July 2020 totalled £982k (31 July 2019 £1.65m).

The Governors are implementing plans to increase the level of annual surplus being generated by the Foundation over the next five year period thereby increasing the free reserves to the minimum level of £3m. These plans include restructuring QEGS and WGHS to create all-through schools from age 7 to 18 and the creation of the co-educational pre-preparatory school, both of which will decrease the Foundation's cost base significantly. Further work is being undertaken to reduce the core teaching and support staff cost without impacting the education of the pupils and this will include a decision on whether to remain in the Teachers' Pension Scheme. There will also be a review of some designated funds which may result in them becoming free reserves.

RISK MANAGEMENT

The Governing Body has overall responsibility for risk management within the Foundation and this is delegated to the Risk and Compliance Committee. In the opinion of Governors, the Foundation has established systems which, under normal circumstances, should allow those risks to be mitigated to an acceptable level in its day-to-day operations.

The Governors continue to keep the Foundation’s activities under review, particularly with regard to any major risks that may arise from time to time. A comprehensive Risk Register is maintained by the Governors that itemises the risks likely to be encountered by the Foundation, along with the systems and procedures that are in place in order to mitigate the risks. The register is reviewed by the Risk and Compliance Committee and the Board on a termly basis. The risks are classified on the register as High, Medium and Low.

The major risks to the Foundation as noted on the Risk Register are

The Governors believe that appropriate controls are in place to manage these risks successfully although the case of the pandemic the controls often change at short notice. It should also be noted that controls implemented and procedures operated by the schools during the pandemic are based on guidance issued by the Department for Education and Public Health England. Notwithstanding the controls noted above, in

Page 13

Wakefield Grammar School Foundation

GOVERNORS’ REPORT FOR THE YEAR ENDED 31 JULY 2020

general Governors monitor the effectiveness of the controls, including providing insurance cover where appropriate, by which those risks identified by Governors can best be mitigated. The key controls used by the Foundation include:

The Governors of the Foundation considers its underlying financial risk to be moderate which is based on the assumption that the pandemic will end during 2021. It has a strong cash flow, no borrowings, and pupil numbers remain at a reasonable level. Investments are made in accordance with Foundation policies and a long term view is taken. Funds received for specific purposes, such as the Advance Fees Scheme (where parents may pay up to the equivalent of 15 years tuition fees in advance), are kept in separate bank accounts and are available to meet the Foundation’s liabilities when they fall due.

Governors recognise that the acquisition and development of the Clayton Hospital site will involve a significant financial investment, but believe that the Foundation’s strong governance and financial controls will allow the project to be undertaken effectively albeit over a period of up to 10 years.

INVESTMENT POWERS POLICY AND PERFORMANCE

The Governors are permitted to invest available funds at their absolute discretion. The Governors delegate the management of the Foundation’s investments to Julius Bär International Ltd who report to the Finance Committee every year, including performance comparison and sector bench-marking. The Finance Committee has set out its investment principles, the specific long-term objectives of which are the achievement of a balance of income and growth with total annual returns at least matching the performance of the ARC PCI Global Balanced index. In July 2020, an Investment Sub-Committee was created by the Governing Body to provide additional review and scrutiny of the Foundation’s investments.

Between 31 July 2019 and 31 July 2020 the value of the Foundation’s investment portfolio, other than COIF shares, experienced a 3.32% increase (after adjusting for net additions of £8,686) in market value from £2,522,471 to £2,606,178. The value of COIF holdings increased by 0.22% from £324,996 to £325,720. Over the same period the ARC PCI Global Balanced benchmark increased by 0.5%. The Governors consider that the overall investment performance was satisfactory, especially given the moderate risk profile which has been adopted and the economic climate over the last 12 months.

In addition to the above investments, the Foundation holds £9.18m cash at bank in instant access or up to 95 days’ notice accounts. Out of this total, £2.3m is held to cover the Foundation’s liability to the Fees in Advance scheme, £6.1m is in respect of various Restricted or Designated Funds, with the balance – which varies significantly depending upon the time of year - held to fund day to day operations. The Investment Sub-Committee will also review the cash balances with the goal of making recommendations for improving the return on these assets.

Page 14

Wakefield Grammar School Foundation

GOVERNORS’ REPORT FOR THE YEAR ENDED 31 JULY 2020

FUNDRAISING

Approach to Fundraising

The Foundation has in place a Gift Acceptance Policy and Code of Ethical Fundraising Practice and is registered with the Fundraising Regulator, abiding by their Code of Fundraising Practice. Adherence to these policies ensures that the Foundation has a professional approach to fundraising.

The Foundation has a Development Office, which consists of a Development Director and Development Officer both of whom are employees of the Foundation. The primary responsibilities of the Development Office staff are:-

Working with professional fundraisers

For part of this financial year WGSF worked with Gifted Philanthropy Ltd, who provided strategic assistance to help deliver the development of the Clayton Campus, which requires a fundraising campaign to raise as much as £10 million over a 5 year period. Gifted Philanthropy Ltd belong to the Association of Fundraising Consultants and are committed to upholding best practice and the highest standards at all times and without compromise. Additionally, Gifted Philanthropy Ltd are also registered with the Fundraising Regulator.

Fundraising conforming to recognised standards

The Foundation is registered with the Fundraising Regulator and therefore bound by its code of practice to ensure that we conform to recognised standards.

Monitoring of fundraising carried out on its behalf

During the financial year, volunteers were in place to help to deliver the capital campaign for the Clayton Campus. All volunteers were provided with a copy of the Gift Acceptance Policy and Code of Ethical Fundraising Practice and a link to the Fundraising Regulator’s Code of Fundraising Practice. Occasionally, the volunteer will be accompanied by a member of WGSF staff, who will provide feedback to the volunteer.

Fundraising Complaints

There have been no complaints about fundraising during this financial year. The complaints process is detailed in the Section A Point 8 of WGSF’s Gift Acceptance Policy and Code of Ethical Fundraising Practice.

Protection of the public including vulnerable people

WGSF adheres to the Fundraising Regulator’s Code of Fundraising Practice, in particular Section 1 Standards: All fundraising states that fundraising will be legal, open, honest and respectful. Section A point 4 of the WGSF Gift Acceptance Policy and Code of Ethical Fundraising Practice states that Donors will be encouraged to seek independent advice if the Foundation has any reason to believe that the donor is vulnerable or a proposed gift might significantly affect the donor’s financial position, taxable income, or relationship with other family members.

Furthermore Section B point 1 states that fundraising solicitations on behalf of the WGSF will:

Page 15

GOVERNORS’ REPORT FOR THE YEAR ENDED 31 JULY 2020

Wakefield Grammar School Foundation

STREAMLINED ENERGY AND CARBON REPORTING (SECR)

This report has been compiled in line with the March 2019 BEIS 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance', and the EMA methodology for SECR Reporting. All measured emissions from activities which the organisation has financial control over are included as required under The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. The carbon figures have been calculated using the BEIS 2019 carbon conversion factors for all fuels, other than the market based electricity which has been taken from Eon Energy and Total Gas & Power as the UK supplier.

Emissions Detail by Scope

Location Based Method Location Based Method Market Based Method Market Based Method
Scope Units Previous
Year		 Current
year		 Previous
Year		 Current year
2018/19 2019/20 2018/19 2019/20
Scope 1 Combustion
S1C		 tCO2e 0
Scope 1 FacilityOperation
S1O		 tCO2e 838
Total Scope 1 tCO2e 0 838
Total Scope 1 kWh 4,437,479
Scope 2 Purchased Energy
S2		 tCO2e 387 29
Total Scope 2 tCO2e 0 387 0 29
Total Scope 2 kWh 1,515,140 1,515,140
Scope 3 Combustion
S3C		 tCO2e 0
Scope 3 FacilityOperation
S3O		 tCO2e 0
Total Scope 3 tCO2e 0 0
Total Scope 3 kWh 0
Total All Scopes **tCO2e ** 0 1,225 0 867
Total All Scopes kWh 0 5,952,619 0 5,952,619

Emissions Detail by Fuel Type

Location Based Method Location Based Method Market Based Method Market Based Method
Fuel Type Units Previous
Year		 Current
year		 Previous
Year		 Current
year
2018/19 2019/20 2018/19 2019/20
Electricity tCO2e 387 29
Natural Gas tCO2e 816
Total tCO2e 0 1,203 0 29
Electricity kWh 1,515,140 1,515,140
Natural Gas kWh 4,437,479
Total kWh 0 5,952,619 0 1,515,140

Page 16

Wakefield Grammar School Foundation

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 JULY 2020

Intensity Ratio - tCO2e / Employee

Year Location based Market based
2019/20 2.723 1.926
Employees 2019/20 450

Statement of Exclusions

Scope 1 exclusions

No exclusions

Scope 2 exclusions

Scope 2 purchased electricity does not include the Transmission and Distribution element as this is owned by the supplier.

Scope 3 exclusions

No exclusions

Year on year emissions changes

No emissions for the previous year have been included as this is the first year of SECR reporting as per the legislation commencement date of 01/04/2019.

Estimation methods used

No Estimation Required

Energy Efficiency Actions taken

Started retrofit of LED lighting with integrated PIRs to common areas.

Reduced temperature set points inside all buildings.

Implemented an 'energy awareness' programme.

Controlled our kitchen extractor fans based upon cooking levels.

Page 17

Wakefield Grammar School Foundation

GOVERNORS’ REPORT FOR THE YEAR ENDED 31 JULY 2020

AUDITORS

Saffery Champness LLP have expressed their willingness to continue in office as Auditors for the next financial year.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Governors at the time when this Governors’ report is approved has confirmed that:

Governors’ report, including a Strategic Report, approved by order of the Board of Governors, as the company directors, on 4 March 2021 and signed on the Board’s behalf by:

Mr S Chamberlain Chair of Governors

Mrs C Harrison Chair of the Finance Committee

4 March 2021

Page 18

Wakefield Grammar School Foundation

GOVERNORS’ RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS

The Governors (who are also directors of the Foundation for the purposes of company law, and the Charity Trustees) are responsible for preparing the Governors’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the reparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Page 19

Wakefield Grammar School Foundation

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WAKEFIELD GRAMMAR SCHOOL FOUNDATION

Opinion

We have audited the financial statements of Wakefield Grammar School Foundation for the year ended 31 July 2020 which comprise Statement of Financial Activities, Balance Sheet, Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and the parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

We have nothing to report in this regard.

Page 20

Wakefield Grammar School Foundation

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WAKEFIELD GRAMMAR SCHOOL FOUNDATION

Other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report and Strategic Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 19 the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Page 21

Wakefield Grammar School Foundation

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WAKEFIELD GRAMMAR SCHOOL FOUNDATION

Use of our report

This report is made solely to the charitable company’s members and the trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members and trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Sally Appleton BA (Hons) FCA (Senior Statutory Auditor) for and on behalf of Saffery Champness LLP

Chartered Accountants Statutory Auditors Mitre House North Park Road Harrogate HG1 5RX

Date: 26 March 2021

Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Page 22

Wakefield Grammar School Foundation

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) for the year ended 31 July 2020

Notes
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM:
Charitable activities
Fees receivable
1
22,294,425
Less bursaries, scholarships and fee assistance
(3,041,614)


19,252,811
Other trading activities
Commercial operations
2
181,890
Other activities
2
56,395
Investments
Investment income
36,138
Bank and other interest
40,814
Voluntary Sources
Donations, legacies and Grants
2
138,386
Property Sales
Gains on sale of properties
147,840

TOTAL INCOMING RESOURCES
19,854,274

EXPENDITURE ON:
Charitable activities
School Operating Costs
20,491,792
Raising funds
Commercial trading operations
15,635

TOTAL EXPENDITURE
4,5
20,507,427

NET (OUTGOING) INCOMING FUNDS FROM OPERATIONS
BEFORE INVESTMENT GAINS AND LOSSES
(653,153)
Gains on investments
74,299

NET INCOME AND CAPITAL
(OUTFLOW)/INFLOW
(578,854)
Pension Scheme actuarial gains/(losses)
13,736

Net movement in funds for the year
(565,118)
Fund balances brought forward at 1 August 2019
25,864,391

FUND BALANCES CARRIED FORWARD AT
31 JULY 2020
25,299,273
 Endowed&
Restricted
funds

£
-
(2,400)



(2,400)
-

-

2,449
4,321
600,500
-

604,870


491,127
-

491,127


113,743
954


114,697

-


114,697

909,274

1,023,971
 Total funds
2020
£
22,294,425
(3,044,014)

19,250,411
181,890
56,395
38,587
45,135
738,886
147,840

20,459,144

20,982,919
15,635

20,998,554

(539,410)
75,253

(464,157)

13,736

(450,421)
26,773,665

26,323,244
 Total funds
2019
£
23,599,927
(3,022,879)

20,577,048
263,349
-
57,893
41,762
232,237

21,172,289

21,325,660
22,386

21,348,046

(175,757)
135,307

(40,450)
(5,182)

(45,632)
26,819,297

26,773,665

There are no recognised gains or losses in the year other than those shown in the statement of financial activities above. Consequently no separate statement of recognised gains and losses has been prepared.

All activities are classed as continuing.

Profit for the purposes of the Companies Act 2006 is the net (outgoing)/incoming funds from operations before investment gains and losses.

Page 23

Wakefield Grammar School Foundation CONSOLIDATED BALANCE SHEET 31 July 2020

Registered Number 04258359

Group Group Foundation Foundation
Notes 2020 2019 2020 2019
£ £ £ £
FIXED ASSETS
Tangible fixed assets 6 19,285,452 19,926,937 19,285,452 19,926,937
Investments 7 2,932,134 2,847,467 2,932,234 2,847,567
22,217,586 22,774,404 22,217,686 22,774,504
CURRENT ASSETS
Stock 8 4,034 6,311 2,501 4,800
Debtors 9 590,759 566,947 653,917 627,343
Cash at bank 9,182,886 10,177,624 9,087,232 10,088,589
9,777,679 10,750,882 9,743,650 10,720,732
CREDITORS: amounts falling due
within one year 10 (4,025,146) (5,028,796) (4,016,317) (5,023,746)
NET CURRENT ASSETS 5,752,533 5,722,086 5,727,333 5,696,986
TOTAL ASSETS LESS CURRENT
LIABILITIES 27,970,119 28,496,490 27,945,019 28,471,490
CREDITORS: amounts falling due
after more than one year 11 (1,646,875) (1,722,825) (1,646,875) (1,722,825)
26,323,244 26,773,665 26,298,144 26,748,665
REPRESENTED BY:
Restricted funds 12 1,023,971 909,274 1,023,971 909,274
Unrestricted funds
- Designated funds 13 5,070,915 4,326,147 5,070,915 4,326,147
- General funds 20,228,358 21,538,244 20,203,258 21,513,244
14 26,323,244 26,773,665 26,298,144 26,748,665

The accounts were approved and authorised for issue on 4 March 2021 by:

Mr S Chamberlain Chair of Governors

Mrs C Harrison Chair of the Finance Committee

Page 24

Wakefield Grammar School Foundation

CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 July 2020

2020 2020 2019
Notes £ £ £ £
NET CASH INFLOW/(OUTFLOW)
FROM OPERATIONS 17 (680,050) 1,153,561
RETURN ON INVESTMENTS AND
SERVICING OF FINANCE
Investment income receipts 38,587 57,893
Interest received 45,134 41,762
83,721 99,655
TAXATION
CAPITAL EXPENDITURE AND
FINANCIAL INVESTMENT
Purchase of tangible fixed assets (554,587) (1,070,135)
Purchase of investments (1,179,242) (3,384,313)
Proceeds on sale of properties 165,000 -
Proceeds of sale of investments 1,170,420 3,328,658
(398,409) (1,125,790)
(DECREASE) INCREASE IN CASH (994,738) 127,426
RECONCILIATION OF NET CASH FLOW TO MOVEMENTS IN NET FUNDS
(Decrease) Increase in cash in the year (994,738) 127,426
Net funds at 1 August 2019 10,177,624 10,050,198
Net funds at 31 July 2020 9,182,886 10,177,624

Page 25

Wakefield Grammar School Foundation

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2020

The financial statements have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice (SORP) and Financial Reporting Standard 102 (FRS 102). The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are set out below.

BASIS OF PREPARATION

The accounts have been prepared in accordance with the historical cost convention with the exception of investments which are included at market value.

The Foundation has availed itself of paragraph 3 (3) of schedule 4 of the Companies Act and adopted the Companies Act formats to reflect the special nature of its activities.

On 17 November 2004 the Charity Commission granted a uniting order for Wakefield Grammar School Foundation (WGSF) and Wakefield Grammar School Foundation Endowed Lands Trust (WGSFELT) (Charity No. 529908). The uniting order allows the two Charities to be administered as one. Accordingly the accounts for the Foundation are for the combined results of WGSF and WGSFELT.

The educational opportunities available at the Foundation continue to be attractive and the Foundation has strong pupil numbers even in the current economic climate. The Foundation manages operational cash flow to make the best use of available resources and the Governors are confident that it has sufficient resources to continue as a going concern.

Wakefield Grammar School Foundation meets the definition of a public benefit entity under FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

GOING CONCERN

The accounts have been prepared on a going concern basis following consideration by the Governors and a review of the impact of the Covid-19 pandemic. Forecasts have been prepared and reviewed for the next four years, alongside the current level of reserves and cash. Governors consider there to be no material uncertainty which casts doubt on the Foundation’s ability to continue as a going concern. Covid-19 had a financial impact in 2019/20 and continues to do so in 2020/21, but these impacts will not be significant in the long term so as to affect future financial performance.

BASIS OF CONSOLIDATION

The consolidated financial statements comprise the accounts of Wakefield Grammar School Foundation and its subsidiary made up to 31 July 2020. The results of the subsidiary are consolidated on a line by line basis.

No separate SOFA has been presented for the Charity alone, as permitted by Section 408 of the Companies Act 2006. The net incoming resources of the Charity are disclosed in note 22.

FUND ACCOUNTING

General funds, which are generated from the main school activities, are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the Foundation and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Governors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Page 26

Wakefield Grammar School Foundation

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2020

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Foundation for a particular purpose. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

ACTIVITIES

The Governors consider there to be one charitable activity, this being the provision of education to children aged 3 to 18.

FEES AND SIMILAR INCOME

Fees receivable and similar income are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and bursaries allowed by the school.

DONATIONS, LEGACIES, GRANTS AND OTHER VOLUNTARY INCOMING RESOURCES

Voluntary incoming resources are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the Foundation is considered probable.

Voluntary income for the Foundation’s general purposes is accounted for as unrestricted and is credited to either Designated or General Reserves. Where the donor or an appeal has imposed restrictions, voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as permanent trust capital or expendable trust capital, according to whether the donor intends retention to be permanent or not. Gifts in kind are valued at estimated open market value at the date of gift, in the case of assets for retention or consumption, or at the value to the Foundation in the case of donated services or facilities.

TANGIBLE FIXED ASSETS

Fixed assets are stated at historic cost.

Items are capitalised as Freehold Property additions when the expenditure incurred is considered to enhance and improve the overall fabric and condition of the Foundation schools.

Depreciation is calculated to write off the cost of fixed assets, less estimated residual value based on current market prices, on a straight line basis over their estimated useful lives, using the following rates:-

%
Freehold property
 Between 2 and 10
Fixtures, fittings and equipment 12.5
Machinery, computer and other equipment 12.5 / 20 / 25
Motor vehicles 25

Freehold land is not depreciated.

Individual items costing less than £1,000 are charged to the income and expenditure account in the period in which the item is acquired.

Fixed assets are reviewed for impairment where there is an indication of impairment.

STOCK

Stocks are stated at the lower of cost and net realisable value.

Page 27

Wakefield Grammar School Foundation

NOTES TO THE FINANCIAL STATEMENTS

Year ended 31 July 2020

EXPENDITURE

Expenditure is accrued as soon as the liability is considered probable, discounted to present value for longer term liabilities. The following information is also relevant:

Costs of generating funds include the costs of the trading subsidiary, W.I.S. (Education) Limited.

The irrecoverable element of VAT is included with the item of expense to which it relates.

INVESTMENTS

All investments other than in the subsidiary are stated at market value. Unrealised gains and losses on revaluation and realised gains and losses on disposal are credited to the fund to which the investments relate. The investment in the subsidiary is stated at historical cost.

Bank and building society interest is recognised on an accruals basis.

All other investment income is recognised on a receipts basis.

PENSION COSTS

The majority of the teaching staff are members of the Teachers' Pension Scheme which is a defined benefit scheme. Certain members of the non-teaching staff are either members of a group pension scheme or a group personal pension scheme, both of which are defined contribution schemes. The assets of all the pension schemes are independently managed and held separately from the Foundation.

In the support staff pension scheme, the Pensions Trust Growth Plan, series 1 2 and 3 are deemed to be multi employer defined benefit pension schemes, series 4 is a defined contribution scheme. Series 1, 2 and 3 are closed to further contributions from new or existing members and all contributions are made into Series 4. It is not possible to identify the share of underlying assets and liabilities belonging to individual participating employer in the Pensions Trust Growth Plan.

OPERATING LEASES

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

FINANCIAL INSTRUMENTS

The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Page 28

Wakefield Grammar School Foundation

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2020

1 FEES RECEIVABLE Unrestricted Unrestricted Restricted Total Total
2020 2019
£ £ £ £
Gross fees 22,294,425 - 22,294,425 23,599,927
Less: scholarships, bursaries
and allowances (3,041,614)
 (2,400)
 (3,044,014)
 (3,022,879)
19,252,811 (2,400) 19,250,411 20,577,048
2 COMMERCIAL OPERATIONS 2020 2019
£ £
Sale of confectionery and sports equipment 16,842 28,123
Commission on sale of school uniform 4,479 5,467
Lettings 63,072 96,254
After School Clubs and Holiday Clubs 76,318 132,915
Rental income 18,822 -
Other 2,357 590
181,890 263,349
OTHER ACTIVITIES 2020 2019
£ £
Other 56,395
56,395
DONATIONS, LEGACIES AND GRANTS 2020 2019
Covenants, donation and legacies 248,332 224,187
Grants Received 490,554 8,050
738,886 232,237

Included in the above are restricted grants of £490,554 (2019: £nil) and restricted donations of £109,946 (2019: £123,074)

3 W.I.S. (EDUCATION) LIMITED

The School has a 100% interest in its trading subsidiary which is registered in England. W.I.S. (Education) Limited promotes commercial activities which use the schools’ assets to generate income from lettings, tuck shops and other activities.

The subsidiary had a turnover for the year of £86,003 (2019: £114,712) and expenditure of £25,565

Page 29

Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2020

(2019: £34,159). The whole of its taxable profits of £60,438 (2019: £80,553) were gifted to Wakefield Grammar School Foundation.

At 31 July 2020 the subsidiary had assets of £115,392 (2019: £125,813), liabilities of £90,292 (2019: £100,713) and net assets of £25,100 (2019: £25,100).

4 EXPENDITURE 2020 2019
£ £
Included in resources expended are:
Travel and subsistence expenses paid to 17 (2019: 17) Governors 1,159 2,159
Governors’ liability insurance 10,980 5,395
Operating lease payments – plant, machinery, vehicles and land 208,649 103,244
Auditors’ remuneration
Audit of the parent company and consolidated accounts 17,900 20,520
Audit of the subsidiary company 1,600 2,200
Taxation services 950 1,775

The average number of employees employed by the Foundation during the year was as follows:

Teaching staff

Non-teaching staff

 2020
Number
2019
Number
220
232
246
206

466
438

In January 2019, 32 cleaning staff transferred back to the Foundation after being transferred to an external cleaning company in 2017. If the staff had been employed by the Foundation for the whole of 2018/19, the comparative prior year average number of employees would have been 454.

The number of employees whose emoluments during the year exceeded £60,000 were:


£60,000 - £70,000
£70,000 - £80,000
£80,000 - £90,000
£90,000 - £100,000
£100,000 - £110,000
£110,000 - £120,000
£120,000 - £130,000		 2020

Number

4
4
1
1
1
-
2
13		 2019
Number
2
4
2
1
-
-
2
11

Page 30

Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2020

Contributions of £205,737 were made to the Teachers’ Pension Scheme, which is a defined benefit scheme, for all but two of the above higher paid employees. For the remaining higher paid employees, contributions of £18,945 were made to Series 4 of the Pensions Trust, which is a defined contribution scheme.

4 STAFF COSTS 2020 2019
£ £
Wages and salaries 12,125,930 12,166,892
Social security 1,239,489 1,235,900
Pension costs 2,270,745
 1,670,759
15,636,164 15,073,551
None of the Governors received any remuneration or other benefits from the Foundation or from
any connected body (2019: nil).
Aggregate employee-benefits of key management personnel 646,745 599,383

None of the Governors received any remuneration or other benefits from the Foundation or from any connected body (2019: nil).

5 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Charitable activities

Charitable activities
Staff Other Total Total
costs Depreciation costs 2020 2019
£ £ £ £ £
Teaching costs 11,619,365 174,468 1,206,014 12,999,847 13,194,648
Welfare and catering 723,714 - 347,057 1,070,771 1,330,207
Premises 864,244 776,333 1,451,547 3,092,124 3,322,475
Administration 2,280,439 228,110 770,240 3,278,789 2,922,164
Other expenditure 148,402 - 357,214 505,616 521,689
15,636,164 1,178,911 4,132,072 20,947,147 21,291,183
Governance costs - - 35,772 35,772 34,477
Total Expenditure by
Charity 15,636,164 1,178,911 4,167,844 20,982,919 21,325,660
Trading costs of the
subsidiary - - 15,635 15,635 22,386
Total Expenditure by
Group 15,636,164 1,178,911 4,183,479 20,998,554 21,348,046

Governance costs include the costs of external audit, governors’ liability insurance and governors’ expenses.

Page 31

Wakefield Grammar School Foundation

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2020

Included in staff costs above are restricted costs of £490,554 relating to costs covered by the CJRS Scheme (2019: £nil)

All expenditure included by the charity is considered to be direct expenditure as a result of undertaking the charitable activity.

6
TANGIBLE FIXED ASSETS
Freehold
land and
buildings
£
Fixtures,
Fittings
and
equipment
£
Machinery,
computer
and other
equipment
£
GROUP AND FOUNDATION
Cost
At 1 August 2019
30,614,455
4,931,486
3,601,213
Additions in year
315,048
182,832
56,706
Disposals in year
(35,750)
-
-
At 31 July 2020
30,893,753
5,114,318
3,657,919
Depreciation
At 1 August 2019
11,923,548
4,068,305
3,233,109
Charge for year
776,334
228,109
171,433
Disposals in year
(18,590)
-
-
At 31 July 2020
12,681,292
4,296,414
3,404,542
Net book value
At 31 July 2020
18,212,461
817,904
253,377
At 31 July 2019
18,690,907
863,181
368,104		 Motor
vehicles
£
Total
£
12,140
39,159,294
-
554,586
-
(35,750)
12,140
39,678,130
7,395
19,232,357
3,035
1,178,911
-
(18,590)
10,430
20,392,678
1,710
19,285,452
4,745
19,926,937

All tangible fixed assets are owned by the Foundation.

Page 32

Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2020

7 INVESTMENTS
Foundation Foundation
Unrestricted Restricted Total
£ £ £
MARKET VALUE
At 1 August 2019 2,694,223 153,344 2,847,567
Additions 1,179,242 - 1,179,242
Disposals (1,170,420) - (1,170,420)
Increase in market value 75,403 342 75,745
At 31 July 2020 2,778,448 153,686 2,932,134
ANALYSIS OF INVESTMENTS
Cash 177,380 - 177,380
Government stock 422,283 - 422,283
Charity deposits 172,035 153,686 325,721
Listed investments 2,006,750 - 2,006,750
2,778,448 153,686 2,932,134
FOUNDATION
Unlisted investments in subsidiaries 100 - 100
2,778,548 153,686 2,932,234

The following individual investment constitutes 5% or more of the market value of the overall investment portfolio:

£ COIF income units 325,720

Included within Unrestricted Investments is £1,853,253 representing part of the Bursary Reserves as shown in note 13.

The charity deposits totalling £325,720 consist of 19,418.73 units held in COIF Charities Investment Fund. There are no known material restrictions which might apply on the realisation of this holding.

Unlisted investments in subsidiaries:

Company
Nature of business
Class of
shares
W.I.S.
(Education)
Limited
Sale of confectionery, educational
and sports equipment and supply
of sundry school activities
Ordinary		 % held
Capital and
reserves
£
Results for
the year
£
100

25,100

-

Page 33

Wakefield Grammar School Foundation

NOTES TO THE FINANCIAL STATEMENTS

Year ended 31 July 2020

8
STOCKS
Catering supplies
Goods for resale
9
DEBTORS
Fee debtors
Prepayments and accrued income
Other debtors
Amounts due from the subsidiary
undertaking		 Group
2020
£
2019
£
2,941
5,020
1,093
1,291
4,034
6,311
Group
2020
£
2019
£
234,587
86,554
332,973
347,670
23,199
132,723
-
-
590,759
566,947		 Foundation
2020
£
2019
£
2,501
4,800
-
-
2,501
4,800
Foundation
2020
£
2019
£
234,587
86,554
320,207
317,963
17,660
127,163
81,463
95,663
653,917
627,343		 Foundation
2020
£
2019
£
2,501
4,800
-
-
2,501
4,800
Foundation
2020
£
2019
£
234,587
86,554
320,207
317,963
17,660
127,163
81,463
95,663
653,917
627,343
627,343

Included in the amount due from the subsidiary is a sum of £60,438 which relates to the subsidiary’s surpluses for the year and was paid to the Foundation, under Gift Aid provisions, in January 2021.

10 CREDITORS: Amounts falling due within one year

Group Foundation Foundation
2020 2019 2020 2019
£ £ £ £
Trade creditors 332,371 824,634 332,371 824,634
Fees received in advance 1,588,213 1,788,772 1,588,213 1,788,772
Advance fees (see note 11) 745,862 806,356 745,862 806,356
Other creditors 893,190 971,151 893,190 971,151
Taxation & social security 304,451 314,587 301,411 312,662
Accruals 145,434 308,126 139,645 305,001
Pension Funding Deficit 15,625
15,170		 15,625 15,170
4,025,146 5,028,796 4,016,317 5,023,746

Page 34

Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2020

11 CREDITORS: Amounts falling due after more than one year

Advance fees
Pension Funding Deficit		 Group
2020
£
2019
£
1,589,417
1,651,176

57,458
71,649

1,646,875
1,722,825		 Foundation
2020
£
2019
£
1,589,417
1,651,176
57,458
71,649
1,646,875
1,722,825

Advance fee payments

Parents may enter into a contract to pay to the Foundation up to the equivalent of fifteen years tuition fees in advance. The money may be returned subject to specific conditions on the receipt of one term’s notice. On the assumption that pupils will remain in school the advance fees will be applied as follows:

applied as follows:
2020 2019
£ £
Within 1 to 2 years 498,702 577,504
Within 2 to 5 years 665,397 733,736
After more than 5 years 425,318 339,936
1,589,417 1,651,176
2020 2019
£ £
Advance fees brought forward 2,437,557 2,478,448
Received in year 596,900 898,283
Interest received 10,581 11,000
Adjustments payable (66,957) (45,339)
Fees for year (751,412) (922,866)
Net losses 64,726 18,031
2,291,395 2,437,557
Creditors 43,884 19,975
2,335,279 2,457,532
Due within one year 745,862 806,356
Due after one year 1,589,417 1,651,176

Page 35

Wakefield Grammar School Foundation

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2020

12 RESTRICTED FUNDS

The income funds of the Foundation include restricted funds comprising the following unexpired balances to be applied for specific purposes.

Balance at
31 July 2019
£
Investment
Gain (Loss)
£
Herbert Wice Exhibition
45,081
71
Neil Spawforth Memorial
1,356
-
Miss McCroben Scholarship
44,355
120
WGHS Scholarship
145,444
506
Isobel Fowler Scholarship
17,228
25
Margaret Bentham
3,178
52
Chapman Sports Hall
5,917
-
Wilson Bursary
40,380
180
Ford Art Scholarship
41,946
-
Development Bursary Fund
60,586
-
Development Fund
35,728
-
Bursary Reserves
98,569
-
Miss Knott Legacy
198,425
-
QEGS Roche Music Fund
-
-
Shine
11,765
-
Clayton Campaign
159,316
-
Coronavirus Job Retention
Scheme
-
-
909,274
954

 Incoming
£
Outgoing
£
1,035
(500)
7
-
960
(500)
2,646
(1,000)
370
-
29
-
29
-
279
-
210
-
1,260
-
-
-
1,284
-
2,634
(400)

51,262
-
521
(573)
54,190
-

490,554
(490,554)
607,270
(493,527)

 Balance at
31 July 20
£
45,687
1,363
44,935
147,596
17,623
3,259
5,946
40,839
42,156
61,846
35,728
99,853
200,659
51,262
11,713
213,506
-
1,023,971

Comparative Figures for Year Ending 31 July 2019:

Balance at
31 July 2018
£
Investment
Gain (Loss)
£
Herbert Wice Exhibition
41,595
2,471
Neil Spawforth Memorial
1,349
-
Miss McCroben Scholarship
41,607
2,199
WGHS Scholarship
137,025
6,266
Isobel Fowler Scholarship
15,998
867
Margaret Bentham
3,171
-
Chapman Sports Hall
5,889
-
Wilson Bursary
42,792
( 29)
Ford Art Scholarship
41,737
-
Development Bursary Fund
50,532
-
Development Fund
33,128
-
Bursary Reserves
92,825
-
Miss Knott Legacy
197,665
-
Shine
7,683
-
Clayton Campaign
61,830
-
774,826
11,774

 Incoming
£
1,015

7

1,049

3,178

363

7

28

617

209

10,054

2,600

5,744

990
8,071
97,486
131,418

 Outgoing
£
Balance at
31 July 2019
£
-
45,081
-
1,356
( 500)
44,355
( 1,025)
145,444
-
17,228
-
3,178
-
5,917
( 3,000)
40,380
-
41,946
-
60,586
-
35,728
-
98,569
( 230)
198,425
( 3,989)
11,765
-
159,316
( 8,744)
909,274

Page 36

Wakefield Grammar School Foundation

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2020

Restricted Funds are held for the following purposes:

Herbert Wice Exhibition – to provide scholarships to students attending the Foundation schools or the University of Cambridge.

Miss McCroben Scholarship – to provide scholarships for students of WGHS entering an approved university.

WGHS Scholarship – to fund 6[th] form scholarships at WGHS.

Isobel Fowler Scholarship – to provide a 6[th] form scholarships at WGHS Senior.

Wilson Bursary – to provide scholarships based on academic merit and financial need to pupils from the Metropolitan Borough of Kirklees entering secondary education at WGHS or QEGS.

Ford Art Scholarship - to provide benefits such as the provision of art materials, exhibition visits, or an internship, for pupils at WGHS Senior School aged 13 to 18, who have above average artistic ability.

Bursary Reserves and the Development Bursary Fund – funds donated specifically to provide total or partial exemption from the payment of tuition and other fees for children who need financial assistance to enable them to attend the Foundation’s Schools.

Miss Knott Legacy – bequeathed from the will of Miss M A Knott, Headmistress of WGHS Senior from 1949 to 1973, for the use and benefit of Wakefield Girls’ High School.

Development Fund – to provide for sundry development and educational projects as specified by the donor.

QEGS Roche Music Fund – to provide benefits for the musical education of students at WGHS.

Shine – to provide for the Foundation’s Shine “Serious fun on Saturdays” programme after a successful bid for funding. Shine is a leading educational charity whose focus is social mobility through education.

Clayton Campaign – for funds raised, from donations and other sources, to develop the site of the former Clayton Hospital.

Coronavirus Job Retention Scheme – funds received from the UK Government to protect jobs in the wake of the Covid-19 pandemic. 80% of the wage costs of the furloughed employees was claimed.

The other funds consist of trust and prize funds set up by individual donors. The restricted funds comprise restricted and endowed funds. Due to the age of some funds, it is difficult to identify endowed fund separately.

13 DESIGNATED FUNDS

The income funds of the Foundation include the following designated funds which have been set aside out of unrestricted funds by the Governors for specific purposes:

Balance
at 31 July
2019
£
Movement in reserves
Investment
Gains
£
Incoming
£

Scholarship reserves
44,633
-
-
Cyclical repair reserves
62,380
-
Extraordinary repair
reserve
137,403
-
-
Sundry school reserves
550,227
-
133,328

Hepworth Fund - Bursaries
1,500,684
-
17,886

Hepworth Fund - Estates
416,193
4,482
Bursary Funds
1,614,627
49,685
703,865

4,326,147
49,685
859,561
 Balance
at 31 July
2020
£
Outgoing
£
-
44,633
-
62,380
-
137,403
(113,392)
570,163
(26,538)
1,492,032
-
420,675
(24,548)
2,343,629
(164,478)
5,070,915

Page 37

Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2020

Comparative Figures for Year Ending 31 July 2019:

Balance Movement in reserves Movement in reserves Movement in reserves Balance
at 31 July Investment
Incoming		 Outgoing at 31 July
2018
Gains		 2019
£ £ £ £ £
Scholarship reserves 44,633 - - - 44,633
Cyclical repair reserves 43,380 - 19,000 - 62,380
Extraordinary repair
reserve 127,403 - 10,000 - 137,403
Sundry school reserves 530,323 - 218,218 ( 198,314) 550,227
Hepworth Fund - Bursaries 1,500,505 - 12,815 ( 12,636) 1,500,684
Hepworth Fund - Estates 412,669 3,524 - 416,193
Bursary Funds 1,607,946 101,974 2,295,496 (2,390,789) 1,614,627
4,266,859 101,974 2,559,053 (2,601,739) 4,326,147

Designated Funds are held for the following purposes:

Bursary Fund – to provide total or partial exemption from the payment of tuition and other fees for children who need financial assistance to enable them to attend the Foundation’s Schools. Incoming resources into the Bursary Reserves of £703,865 include a proportion of fee income received during the year. Historically the proportion has been set at 3.5%.

Scholarship reserves - to augment scholarship funds if required.

Foundation development reserves – funds, to the most part arising from surpluses on the surrender of a lease regarding the Foundation’s playing fields, held to contribute to the cost of redevelopment.

Cyclical repair reserves - to contribute to the cost of recurring repairs. The Governors continue with works to upgrade and improve the existing fabric of the school buildings and part of this is funded by this reserve.

Extraordinary repair reserve - held to fund the cost of unforeseeable major repairs, as and when required.

Sundry school reserves - funds designated to school activities, clubs and Societies. In part these funds arise from amounts set aside each year to cover cyclical costs, such as those of inspection or prospectuses, which re occur over a timescale of up to 5 years. The funds also arise from fundraising and donations, such as amounts gift aided from the subsidiary company, the proceeds of which have been designated to be used for specific purposes, or as and when required.

Hepworth Fund – proceeds from the sale of two sculptures by celebrated former Wakefield Girls’ High School pupil Dame Barbara Hepworth. Held for the benefit of present and future WGHS students with a quarter of the fund (less an amount already expended) intended to improve estates and three quarters intended to support the aim of widening participation at the school where Dame Barbara was educated.

Page 38

Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2020

14 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Designated Unrestricted
funds funds Restricted funds Total funds
£ £ £ £
Fund balances at 31 July 2020 are represented by:
Tangible fixed assets 40,020 19,245,432 - 19,285,452
Investments 1,853,253 925,195 153,686 2,932,134
Current assets 3,177,642 5,729,752 870,285 9,777,679
Creditors - (5,672,021) - (5,672,021)
5,070,915 20,228,358 1,023,971 26,323,244
£ £ £ £
Comparative figures at 31 July 2019:
19,926,937
Tangible fixed assets 41,400 19,885,537 - 2,847,467
Investments 1,760,964 933,159 153,344 10,750,882
Current assets 2,523,783 7,471,169 755,930 (6,751,621)
Creditors - (6,751,621) - -
4,326,147 21,538,244 909,274 26,773,665

Free reserves totalling £982,926 (2019: £1,652,707) are calculated as other unrestricted funds of £20,228,358 less the £19,245,432 carrying value of tangible fixed assets held within unrestricted funds. The Designated Funds are not considered to be “free reserves” as the Foundation has made a commitment to use these funds for specific purposes.

Unrealised gains included above:

Unrestricted
funds
£
Restricted
funds
£


On investment assets at 31 July 2020
329,870
98,689

Reconciliation of movement in unrealised gains on investment assets:
Unrealised gains at 1 August 2019
309,655
98,347

Net gain arising on revaluation
75,403
342

Disposals – realised (gain) loss on cost
( 55,188)
-

As at 31 July 2020
329,870
98,689
 Total
funds
£
428,559
408,002
75,745
( 55,188)
428,559

Page 39

Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2020

15
CAPITAL COMMITMENTS
Future capital expenditure:
Contracted for but not provided in the financial statements		 2020
£


-

 2019
£
388,564

16 OTHER FINANCIAL COMMITMENTS

At 31 July 2020 the Foundation was committed to making the following total payments under non cancellable operating leases:

cancellable operating leases:
Operating leases payable within 1 year:
Educational

Administration


Operating leases payable within 2-5 years
Educational
Administration		 2020
£
160,829
3,144
163,973
245,760

3,064

248,824

 2019
£
82,752
8,289
91,041
169,172
15,264
184,436

17 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

2020 2019
£ £
Net (outgoing) resources (539,410) (175,757)
Elimination of non-operating cashflows:
Pension adjustments (13,736) (13,501)
Add back depreciation charge 1,178,911 1,231,057
Interest receivable (45,136) (41,762)
Deferred income and advance fee payment received, less release (122,253) (20,916)
Investment income (38,587) (57,893)
Decrease (Increase) in stock 2,377 (853)
(Increase) in debtors (23,812) (167,293)
(Decrease) Increase in creditors (1,078,404) 400,479
Net cash used in operating activities (680,050) 1,153,561

Page 40

Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2020

18
ANALYSIS OF NET CASH/(DEBT)
Bank loans and overdrafts
Cash at bank and in hand
Net cash/(debt)		 1 Aug 2019
£
-
10,177,624

10,177,624		 Movement
£
31 Jul 2020
£
-
-
(994,738)
9,182,886


(994,738)
9,182,886

19 PENSION SCHEMES

Teachers’ Pension Scheme

Introduction

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

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However , the assumptions were considered and set by the Department for Education prior to the ruling in the 'McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. A consultation was launched by the government on 16 July 2020, and closed to responses on 11 October 2020.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020 and the government is preparing to complete the cost control element of the 2016 valuations, which is expected to be completed in 2021.

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation. Until the consultation and the cost cap mechanism review are completed it is not

Page 41

Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2020

possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

Valuation of the Teachers’ Pension Scheme

Not less than every four years the Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2016 and in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014. The valuation report was published by the Department for Education on 5 March 2019. The key elements of the valuation and subsequent consultation are:

During the year under review the employer contribution rate was 23.6%. The pension costs paid to TPS in the period amounted to £1,962,315 (2019: £1,418,201).

A copy of the valuation report and supporting documentation is on the Teachers’ Pensions website.

Under the definitions set out in FRS 102, the TPS is a multi-employer pension scheme. The Foundation has accounted for its contributions to the scheme as if it were a defined contribution scheme. The Foundation has set out above the information available on the scheme.

The Pensions Trust

Wakefield Grammar School Foundation participates in the scheme, a multi-employer scheme which provides benefits to some 950 non-associated participating employers. A part of the scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2017. This valuation showed assets of £794m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Page 42

Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2020

Deficit contributions

From 1 April 2019 to 31 January 2025:

£11,243,000 per annum (payable monthly and increasing by 3% each on 1st April)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement, the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

Present Values of Provision

Present Values of Provision
31 July 2020 31 July 2019 31 July 2018
£ £ £
Present value of provision
 73,083 86,819 95,138
Reconciliation of Opening and Closing Provisions
Year Ending Year Ending
31 July 2020 31 July 2019
£ £
Provision at start of period 86,819 95,138
Unwinding of the discount factor (interest expense) 786 1,521
Deficit contribution paid (15,170) (13,501)
Re measurements - impact of any change in assumptions 648 1,679
Re measurements – amendments to the contribution schedule - 1,982
Provision at end of period 73,083 86,819

Income and Expenditure Impact

Year Ending Year Ending
31 July 2020 31 July 2019
£ £
Interest expense 786 1,521
Re measurements – impact of any change in assumptions 648 1,679
Re measurements – amendments to the contribution schedule - 1,982
Costs recognised in income and expenditure account 1,434 5,182

Page 43

Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2020

Assumptions
31 July 2020 31 July 2019 31 July 2018
% per annum % per annum % per annum
Rate of discount 0.60 1.00 1.72

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

The pension charge for the year includes contributions payable to the scheme of £297,748 (2019: £247,010) excluding the funding deficit above.

Friends Provident

The school also contributes to Friends Provident pension scheme which is a defined contribution scheme. The pension charge for the year includes contributions payable to the scheme of £7,164 (2019: £5,548).

20 RELATED PARTY TRANSACTIONS

A number of Governors have children who attend the Foundation schools. Governors pay normal school fees on commercial terms.

The Foundation has a 100% interest in its trading subsidiary W.I.S. (education) Limited. During the year ended 31 July 2020 administration and estates services have been provided by Wakefield Grammar School Foundation on an arms length basis, with a management charges of £6,499 payable by W.I.S. (Education) Limited (2019: £8,517). At the year end there were amounts outstanding to Wakefield Grammar School Foundation of £81,809 (2019: £95,663).

21 OTHER CHARITIES

WAKEFIELD CHARITIES’ HOMES

The Governors and the Bursar of the Foundation provide trustee and management services to Wakefield Charities’ Homes, an almshouse charity and Registered Social Landlord which provides low cost accommodation for elderly people in need who have connections with the City of Wakefield. During the year under review management charges of £4,840 (2019: £4,840) were payable by Wakefield Charities’ Homes to the Foundation for administration services provided on an arms length basis.

The funds below, which are also administered by the Governors of Wakefield Grammar School Foundation, are included separately, on pages 47 and 48, as funds provided for specific purposes, and do not form a part of the Foundation's activities.

BROTHERTON SCIENCE SCHOLARSHIP

Bequeathed by the Will of the late Lord Brotherton of Wakefield to provide for the establishment of a scholarship for the study of physics and chemistry at the Universities of Manchester and Leeds.

WILSON AND BROMLEY’S CHARITY

Bequeathed separately by the Will of Richard Wilson dated 7 December 1672 and John Bromley dated 3 January 1722 and amalgamated to provide an annual income to the Vicar and Curate of Wakefield.

Page 44

Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2020

22 WAKEFIELD GRAMMAR SCHOOL FOUNDATION OWN RESULTS

The Foundation’s own results for the year included in the consolidated Statement of Financial Activities were:-

were:-
2020 2019
£ £
INCOME AND ENDOWMENTS FROM:
Charitable activities
Fees receivable 22,294,425 23,599,927
Less bursaries, scholarships and fee assistance (3,044,014)
 (3,022,879)
19,250,411 20,577,048
Other trading activities
Commercial operations 95,541 148,637
Income from Subsidiary 60,438 80,553
Other activities 56,395 -
Investments
Investment income 38,587 57,893
Bank and other interest 45,134 41,762
Voluntary Sources
Donations, legacies and Grants 738,886 232,237
Property Sales
Gains on sale of properties 147,840
 -
TOTAL INCOMING RESOURCES 20,433,232
 21,138,130
EXPENDITURE ON:
Charitable activities
School Operating Costs 20,972,742
 21,313,887
NET INCOMING FUNDS FROM OPERATIONS
BEFORE INVESTMENT GAINS AND LOSSES (539,510) (175,757)
Gains on investments 75,253
 135,307
NET INCOME AND CAPITAL INFLOW (464,257) (40,450)
Pension Scheme actuarial (losses) gains 13,736
 (5,182)
Net movement in funds for the year (450,521) (45,632)
Fund balances brought forward at 1 August 2019 26,748,665
 26,794,297
FUND BALANCES CARRIED FORWARD AT 31 JULY 2020 26,298,144 26,748,665

Page 45

Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2020

23 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES – Comparative figures by fund type

Year ended 31 July 2019 Endowed &
Unrestricted Restricted Total funds
funds funds 2019
£ £ £
INCOME AND ENDOWMENTS FROM:
Charitable activities
Fees receivable 23,599,927 - 23,599,927
Less bursaries, scholarships and fee assistance (3,018,379)
 (4,500)
 (3,022,879)
20,581,548 (4,500) 20,577,048
Other trading activities
Commercial trading operations 263,349 - 263,349
Investments
Investment income 52,955 4,938 57,893
Bank and other interest 38,356 3,406 41,762
Voluntary Sources
Donations, legacies and Grants 109,163
 123,074
 232,237
TOTAL INCOMING RESOURCES 21,045,371
 126,918
 21,172,289
EXPENDITURE ON:
Charitable activities
School Operating Costs 21,321,416 4,244 21,325,660
Raising funds
Commercial trading operations 22,386
 -
 22,386
TOTAL EXPENDITURE 21,343,802
 4,244
 21,348,046
NET INCOMING FUNDS FROM OPERATIONS
BEFORE INVESTMENT GAINS AND LOSSES (298,431) 122,674 (175,757)
Gains on investments 123,533
 11,774
 135,307
NET INCOME AND CAPITAL INFLOW (174,898) 134,448 (40,450)
Pension Scheme actuarial losses (5,182)
 -
 (5,182)
Net movement in funds for the year (180,080) 134,448 (45,632)
Fund balances brought forward at 1 August 2018 26,044,471
 774,826
 26,819,297
FUND BALANCES CARRIED FORWARD AT 31 25,864,391 909,274 26,773,665
JULY 2019

Page 46

Wakefield Grammar School Foundation BROTHERTON SCIENCE SCHOLARSHIP

INCOME AND EXPENDITURE ACCOUNT
for the year ended 31 July 2020

INCOME
Interest receivable
Investment income
TOTAL INCOME
EXPENDITURE
Scholarships awarded

Stockbrokers charges
Other Charges

TOTAL EXPENDITURE

SURPLUS FOR THE YEAR
BALANCE SHEET AT 31 JULY 2020
TOTAL ASSETS
Investments (at market value)
Cash at bank
Debtor
Creditor
Represented by:
Accumulated fund
At 1 August 2019

Surplus for the year
Gain on revaluation of investments
At 31 July 2020		 2020
£
9
2,293
2,302
500

-
-
500
1,802

68,251
5,747

28,693

-
102,691

100,094

1,802

795
102,691
 2019
£
844
2,349
3,193
-
36
-
36
3,157
68,099
5,738
26,257
-
100,094
91,755
3,157
5,182
100,094

Page 47

Wakefield Grammar School Foundation WILSON AND BROMLEY’S CHARITY Year ended 31 July 2020

INCOME AND EXPENDITURE ACCOUNT

for the year ended 31 July 2020

INCOME AND EXPENDITURE ACCOUNT
for the year ended 31 July 2020

INCOME
Interest receivable
TOTAL INCOME
EXPENDITURE

(DEFICIT) FOR THE YEAR
BALANCE SHEET AT 31 JULY 2020
TOTAL ASSETS
Cash at bank
Creditor


Represented by:
Accumulated fund
At 1 August 2018

(Deficit) for the year

At 31 July 2020
 2020
£

1
1
25

( 24)
573
( 250)

323

347

( 24)

323
 2019
£
1
1
25
( 24)
573
( 250)
323
347
( 24)
323

Page 48