Compaiiy Regi%lralion No. 04258359 Registered Cliarity No. 1088415 Wakefield Grammar School Foundation and Associated Charities STATUTORY FINANCLAL STATEMENTS for the year ended 31 July2021
Company Registration No. 04258359 Wakefield Grammar School Foundation and Associated Charities FULL DETAILED FINANCIAL STATEMENTS for the year ended 31 July2021
Wakefield Grammar School Foundation GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2021 Wakefield Grammar School Foundk)tion is a chE)rilable company liinited by garantee, registered in England aiid Wales. The Governors of the Wakefield Grammar School Fouiidation are th¢ dirtorS of the coiiipaJ)y for Compaiiies Act purposes aiid in cliarity law. Throughout this do¢ument th¢ following abbr¢viations are used: Queen Elizabeth Grainmar School- QEGS Wak¢fJeld Girls High School- WGHS Wakefield Grainmar Pre-Preparatory School - WGPPS GOVERNORS, DIRECTORS AND CHARITY TRUSTEES The Governors of Wakefi¢ld Grainmar Scliool Fouiidation who s¢rvcd in offic¢ during the year and subs¢quently arc d¢tailed below. Co-opted Governors Mr S Chamberlain 12 3 4 5 6 7 8 (Chair of Govemors) Mr S Baxter 1 3 7 {resigned 24 F¢brllary 2021) Mr S Butterworth 13 5 6 MsJEClaiiE34 Miss E Crowson 12 (appointed 17 June 20211 Mrs F Galbraith 2 4 Mrs C Harrison 13 6 8 MrJJeffries1268 Prof. D Jenkins 2 4 Dr S Khan 13 7 (appointed 4 March 2021) Mr J LEWIS 13 8 {appointed 17 June 2021) Mr l A McKinlay 3 5 7 MrsHMassey2567 Mrs K Morgan 13 7 (appoint 17 Jun¢ 2021) Mrs E C Peckett 2 5 6 Mrs P Plumpton 2 4 Mr M SheTrill 13 (resigned 15 October 2020, reappointed 20 October 20211 Miss A J Tetley 2 4 Mr T Welton 2 4 (resigned 14 October 20211 Nomin8t¢d Gov¢mors R¢v'd Canon L B Vasey-S2undets {appointed by the Chapter of Wakefield Cathedral) 2 3 4 7 (SafegFuarding Governor) {ReSied 26 June 20211 Member of Finance ComTnittee Member of WGI.IS G¢ncrg1 Purpos¢s Cominitt¢c Member of QEGS General Purposes Coininittee Member ofRisk and Compliance Committee Member of Land and Buildings Committee Member of the Stralegy Committee Govemor with childlren) in Foundation Schools Member of Investments Committee Page I
Wakefield Grammar School Foundation GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2021 OFFICERS {key management personnel) DIrtOr of Finance and Operations Mr L Perry {al80 Company Secretary) QEGS Senior School Head Acting 14ead of QEGS QEGS Head QEGS Junior School Head WGHS Senior School Head WGHS Junior School Head WGPPS H¢ad Mr D N Craig (resigned 31 December 2020) Mr M Shevill (appointed l January 2021 to 31 August 20211 Dr R Brookcs (appointed I September 2021 } Mrs L A Gray Ir¢siEned 31 December 2020) Ms H-J Boyes (Head of WGHS Sr and Jr frorn l January 2021} Mrs R Edwards IresiLmed 31 December 2020) Mrs E Gill {AppoiT)led 12 April 20211 ADDRESSES QEGS Scnior S¢hool 154 Northgat¢ Wakefield West Yorkshire WFI 3QX QEGS Junior School 158 Northgate Wakefield West Yorkshire WFI 3QY WGHS Senior School Wentworth Street Wakefield West Yorkshire WFI 2QS WGHS Junior School 2 St John's Square Wakefield West Yorkshire WFI 2QX WGPPS lop¢n¢d 2 September 2021) Margaret Street Wakefield West Yorkshire WFI 2DO REGISTERED OFFICE AND PRINCIPAL PLACE OF BUSINESS.. Wakefield Grammar School Foundation Governors, Office Green House 158 Norihgate Wakefield Wesl Yorkshire WFI 3UF BANKERS: Barclays Bank plc TEillity Walk Shopping Centre T¢all Way Wakefield WFI IQS Svenska Handelsbanken AB (publ) Unit 10 Navigation Court Wakefield WF2 7BJ EFG Private Bank Ltd Leconfield House Curzon Street London WIJ 5JB Nationwide Building Society Business Savings Commercial Division The Obs¢rvaiory Chapel Walks MaDch¢st¢r M2 IHL Page 2
Wakefield Grainmar School Foundation GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2021 SOLICITORS: Newtons Solicitors Unit 8. Calder Close Wakefield WF4 3BA Goi.dons Riverside West Whitchall Road Leeds LSI 4A W AUDITORS: Saffery Champne&g LLP Mitre House North Park Road HaOgate North Yorkshire HGI 5RX STOCKBROKERS: Julius Bar Intemational Ltd The Platfom New Station Street Leeds LSI 4JB Rathbone Brothers PIC Port of Livelpool Building Pier H¢ad Liveryool L3 INW The Governors present their annual report for the year ended 31 July 2021, under th¢ Charities Act 2011, together with the audited financial statements for the year, and confirn] that the latter coinply with the requireinents of the Act, and R¢porting by Charities.. Statement of Recoimnended Practice 2015 applicable to charities preparing tlieir accounts in accordance with the Financial Report Standard applicable in the UK and Republic of Ireland (FRS 1021. DEFINITIONS In these financial statements the following expressions shall hav¢ th¢ meanings sct out below.. The Foundation Wakefield Graininar School Foundation, Company No. 4258359 Registered Charity No. 1088415 and, under the terms of a uniting order, Wakefi¢ld Grammar School Foundation Endowed Lands Trust, Incorporated by Royal Charter 1591 {as ainendedl, Register Charity No. 1088415-1 W.l.S. (Education) Liinited, Company No. 2737083. The Foundation and its Subsidiary as noted above. - Board of Govemors of the Foundation Subsidiary Group Board HISTORY AND STATUTORY INFORMATION Wakefield Grainmar School Foundation, in the City of Wakefield, Wesl Yorkshire, was founded by Royal Charier of Her Majesty Queen Elizabeth l in 1591. Up until July 2001 the Foundation was regulated by a Scheine made under the Endowed School Acts 1891. as varied by schemes betweeii 1893 and 1997. From Au¥ust 2001 the OallonS of the Foundaiion, with the exception of its pern)anent endowment, were transferred with the approval of the Charity c.ommission and the Privy Council to a company limited by guarantee called Wakefield Grammar School Foundation. This was incorporat¢d under the Coinpanies Aet 1985 on 24 July 2001. The Articles of Association of the Company Supplement the Royal Charter and replace all the intervening S¢hemes as the Governing Instrument of The Charity. The P¢rniancDt [,ndory¢I of the Foundation, consisting of the oribFinal school sites purchased in 1854 and 1878, togeth¢r with other restricted funds. have rnained part of the original Charity now known as the Wakefi¢ld Grainnipr S¢hool Foundatioii Endowed LAnds Trust. Page 3
Wakefield Grammar School Foundation GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2021 STRUCFURE, GOVERNANCE AND MANAGEMET Tl)¢ GOVorS deterniine the strdtegy and general policies of the Foundation and its Scl)ool$ and meet as a Board three liines a year. The Governors discharge their responsibililics through a Committee Structure whsch covers all aspects of Foundation adminislralion. There are coininitl¢es for School General Purposes, Finance, Investinent, LAnd and Buildings, Risk and Compliance, and marketrtg Siralegy. The Board norn)ally consists of ninet¢¢n Governois. Of the nineteen 1[ Governors, eighteen are co-opted and one is nominated by th¢ Chapter of Wakefield Cathedral. The Boai.d of Governors has responsibility for cnsuring that tlie Board contains Mnber8 with th¢ skills and dedication necessary for the operation of an educational eharily. whilsl representiiig fairly the interests of ea¢h school in the Foundation together with the interests of the local community. New Govemors, other 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 appoint¢d initially for a period of four years and can serve for a inaximum of three four-yearly tems. The Chair of Governors and Deputy Chair of Governors ar¢ elected annually at the AGM in Octob¢r. New Governors are inducted into the working5 of the Foundation and its schools. including Board policies and procedures, during an induction session convened for th&1 purpose. New Governors, wh¢r¢ &ppr(>priate, are pn)vided wilh a Govemor mentor for the first year of their appointm¢nt. ASI Governors are encouraged to attend appropriate training Courses whieh typically include principlcs of good governance, safeguarding ¢hildren, managing health and safety, fir¢ safety and managing tl)e charity finances. The Board in conjunction with the Director of Finance and Operations and the Head teachers sets the strategy for the Foundation. The linplllentatlon of the strdtegy together with the day-to-day managn¢nt of Foundation schools is delegated to the Dirwtor of Finance and Operations and the Head t¢acher8 who, in turn, are supported by their Senior Managcin¢iit Teams. The Director of Finance and Operations attends all mettings of the Governing Body's Coininittees. The remuneration of key Managnent personnel is set on scales detern]in¢d by the Board, with the wlicy objective of providing an appropriate iJTrcentive to encourage enhanced p¢rforn]ance And of rewarding them fairly and responsibly for their individual contributions to the Foundation's sU¢CCSS. The appropriateness and relevance of the rUReNtl0n scales are reviewed periodically to ensure that the Foundation remains sensitive to the broader ISSU of pay and employment conditions elsewhere. The Foundation aims to recruit new key manag¢m¢nt perso[e1 at the lower to mediuin point within a band, providing seope for rewarding excellent perfortnance againsl objectives. Delivery of th¢ Foundation's charitable visitsn and purpose is primarily dependent on our key managemeni personnel, and staff cosls are the largest single cleinent of our charitable expenditure. Details of Governors, Offi¢¢rs and Advisors are set out on pages l and 2. The Foundation carries out period¢ parental surveys but, due to the pandemic, these were not carried out in 2019120 or 2020121. A full, d¢tail¢d patal survey has however been Caled out in December 2021. Parental Eeedback is also sought on o¢¢asioiis, the last lime being in January 2021 to assist with decision- making regarding ihe new pre-preparatory 5Ghool. Staff are able to contribute to dlS1On tnaking primarily through the tennly meetings of tlie Foundation's Joint Negotiating and Consultative Cominittee. The mc¢lin is chaircd by a Govemor and attended by the Heads and iwo representatives from each school. This statement is made under Section 172 of the Companies Act 2006. Th¢ Charity has a wholly owned non-charitable trading subsidiary; W.l.S. (Education) Limited, whose activities and trading performance are detailed in the notes to these accounts. Page 4
Wakefield Grammar School Foundation GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2021 Fouiidation gchools xctively support the attainment of the highest standards in the indepeiident scl)ools sector through ni¢mb¢rsliip of relcvgnt representative organisalions being Ihe Headmasters, and Fl¢admislresses' Confcrence IHMLI, the Girls Scliools Association IGSAI, the Independent Asswiation of Preparatory School$ {IAPS), the As$o¢iation of Governii)g Bodies ot'tndependent Schools IAGBIS} and the Independent School8, Bursars Association {ISBA). The Heads and the Director of Finanee and Operations also attend rcgional groups of independent schools to share best practice and provide suptxirt when r¢quired. Foundation schools work with regional and national charities. amateur and profeggional sports teains, local music groups and orchestra8 and other organisalioi)s 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 Tnuch appreciated and gratefully acknowledged. AIMS, OBJEcfivES AND ACTIVITIES Wakefield Grammar School Foundation is a Company limited by Guarantee. It 18 al$0 a registered charity- The object for which the coinpany is established is to advance educE)lion by tlie provision of a school or schools in or near Wak¢fi¢ld or elsewhere in Britain and by ancillary or incidental ediicational activities and other associated activities for the benefit of the cominunily. At 31 July 2021 the Foundation comprises a l)oys' school (Queen Elizabeth Grammar School), a girls, School {Wakefield Girls, High School) and a co<ducaiional nursery Imulbetry House). Both QEGS and WGHS take pupi15 froin age 4 through to age 18 and in each ease there is a pre-preparatory school (pupils aged 4 to 7), a junior school {pupils aged 7 to I l } and a senior school Ipupils aged I I to 18}- During the first half of 2021 the Foundation undertook a strategic review 2nd decided lo restrUcre the schools. With effect froin September 2021, QEGS and WGHS both beegme all through s¢hools with a single Head in charge and the schools now taking pupils from age 7 through to 18. At the saine time a new co- educational Foundation Stage and Key Stage I school called Wakefield Grammai. Pre-Preparatory School IWGPPS) was opened for pupils aged 4 to 7. The new school is locat¢d on the site of Mulberry House. The restructure has reduced the number of key management personnel from five to three. In December 2020, Mr David Craig, Mrs Rachel Edwards and Mrs Louise Oray retired from their positions as Head teachers wtthin the Foundation. Interi arrangem¢nts w¢r¢ put in place for school leadership prior to the Foundation restrncture in September 2021 when Ms Held1-Jae Boyes extended her WGHS Headship to include all girls aged 7-18. Mr Martin Sh¢vill was apinted as Head of QEGS on a temporary basis for two lenn$ and Dr Richard Brookes was appointed as Head of QEGS and started in September 2021. Mr5 Emma Gill was appoint¢d as Hcad of WGPPS and started in April 2021. The FoundatiorL'S aiLllS are to enable all students to prosper within a stimulating academic ¢nvirontnent. to pursue excellence and to realise their full potential within broadly based cultural and social surroundings. In F,ebruary 2011 the Goven]ors agreed a 5 year strategic plan which was subsequently reMs¢d in 2013 and again in 2017 and now covers the period to 2022. The strategy of the Foundation is lo develop and n]aintain inspirational learning environtnents at Queen Elizabeth Grainmar School and Wakefield Girls, High School, with the schools focused towards the distinctive needs of boys and girls. The schools will d¢vclop the potential of, and promote educational opportunity for all those with the acadetnic ability to access tht Cufficulum, by encouraging the pursuit of excellence, providing high quality l¢&ching, outstanding pastoral Care and an extensive raiige of extra-curricular activities. They will ¢mbra¢e as wide a cross section of the community as possible and support students irrespective of their social or e¢onomic background. The Foundalign l)as to rnaintain its MIan¢t ¢ndow]ll¢nt, which consists of a number of trnst funds held for the provision of bursarics, scholarships and educational prizes. Page 5
Wakefield Grammar School Foundation GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2021 During 2020121 the focus has been on tlie continued achievement of academic performanc¢, Cnsuring access to the educatiot) provided by Foundation schools is maintained ag wide as possiblc, cinbracing further the use of technology in tea¢hing and leaming, and improving the schools. facilities and acc$ to them by the local coininunity. A number of classrooms and comrnon areas were refurbished or renovated but there were no major ¢apital projecrs during the year. From March 2020 the Foundation's kcy short terni objective was to continue providing a high standard of education to all pupils following the national closure of schools due to the Covid-l9 paiidetnic. This continued into 2021 and further details of this can be found in the Review of the Year on pag¢ 10. In January 2018 th¢ Foundation, Bfter mony years of detailed planning and negotiations, eompleted the puhs¢ of the site of the fornier Clayton Hospital from Mid-yorkshire NHS Trngt. Outline planning p¢rniission to clear the majority of the hospital buildings was granted in July 2017 subject lo a number of ¢onditions. Following work to discharge these conditions. approval to ColnenCe demolition was granted in spring of 2021. Demolition began in June 2021 and was ¢ornpl¢td at the end of December 2021. PUBLIC BENEFIT Wakefield Gratnniar School Foundation is a charitable company whose primary objwtive is io provide an education to children aged between 3 and 18 years at four schools in Wak¢fJeld. The schools aim for ex¢elleD¢¢ in academic achievement in addition to allowing the children to develop tn an exciting and stimulating environment. It is the view of the Governors that children from 811 backgrounds should have the optxirtuniry to attend and benefit from the Foundation'8 s¢hools. When planning our activiti¢s for th¢ ar the Foundation has considered the Charity Commission's guidance on public ben¢fit. Bursarles: Th¢ Foundation proNryded financial assistance to 301 pupils in 2020121 {328 in 2019120). This represents 16 /0 of the 20121 average total school roll of 1,846 pupils. Th¢ moD¢tary value of the financial assistance was £2,287,5601£2,330,840 in 2019120} which is 10/0 of the total f¢e Inc0e. Financial assistan is given in the forni of bursaries, thort lerni awards to relieve hardship. and support for unifonns, travel to school and for educatsonal trips. The Foundation also has a number of modest scholarships which are used to acknowledge pupils, a¢ad¢mi¢ or sporting excellence or provide financial assistanc¢ to L¢rtain qualifying pupils. Bursaries are typically provided to pupils who mett the schools, academic entrance criteria as a reduction in school fees of 25 /0, 37½ /0, 50 /.. 62,/2 /0, or 75 /&. The majority of the bursarial support available 18 in the two senior schools. The l¢vel 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 lcvcls at which bursarial support inay be offered. The Foundation ctIve]Y ass¢ss¢$ after tax household incoine which will include a notional income based on assets, investtnents and equity in property anwor a business where xpplieable. An allowance is also given for any other children in full tiinc education. FroD] Seplanber 2019 bursaries were available where household in¢oill¢ is below £50,OOQ having been increased from £40,OQK) prior to that dale. Inforniation on how to apply for bursaries is provided in the schools, prospectuses and on fhe Foundaiion website. Both senior schools provide as standard bursaries each year in Yr 7 (th¢ first year of senior school) the equivalent of 13 fv11 time places. The senior schools inay also award one totally free pLace each, usually awarded io the highest perfoming exterllal applicant in the entrance ¢AalAatIOn who qualifies for a 75 % bursary. In addition, WGHS Senior School offers a further frec pla¢¢, the H¢pworth-Knott bursary which is fiindd from the sale proceeds of two sculptures by forn]er pupil Dame Barbara Hepworth and a legacy from Miss Margaret Knott, a popular, long-serving fonner Headtnistrcss. Page 6
Wakefield Granunar School Foundation GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2021 All bursary awards are theii carried forward through a pupil s lirne at the senior school until he or 51ie leaves. Subsequent to thc initial award of a bursary, the parents or le¥al guardians OF recipieiits of awards are requcsl¢d to fill in a financial questionnaire each year and provide documentary evidence Ihal their incoinc is still within the ou2lifyin¥ Pdf8ineiers. It should also be noted that the recipients of the free place5 also receive financial assistance wilh the cost of unifonll, travel and school trips. Recipients of other bursaries (e.g. 750/0 reduction off the full fees) may qualify for assistance with unifoTm, travel and trips depending on their particular individual circumstances. Ai 6th fonn level, addilioiial bursaries up lo 7501. for 2 years may be awarded to students requiring fiiiancial assistaiice wlio are joininL fioin a school outside the Foundation, or lo existing stLtdents whose parents are expcriencing financial hardship. The two junior schools provide a liiniled nuinber of awards at either a 25 /0 fee reduction or a maximuin 50% reduction. It is the view of Govemors that the best use of th¢ bursary funds available is to provide greater financial support in senior school when the pupils undertake ¢xamination ¢ours¢s. The following activities relating to Partnerships with State Schools take place annually and operated nomially until March 2020. Due to the periods of school closure and the requireinent to operat¢ in pupil 'bubbles', there has been limited opportunity for these to take place during the period from Mawh 2020 10 July 2021. Partnershlps wlth .State Sehools: 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 ineaningl collabor2tion bctween the schools in the delivery of Maths and Science, professional developmen( of teachers and science outreach to local primary sch1[S. The government funding may have now been discontinued but Activity Days for primary school children and SPLATS (Students Presenting Learning and T¢aehing Seiencel continue nning each year, albeit unfunded, and are well-attended. Partnership5 With State Schools: Aetfivity Dxys for YeaT 5 pupi15 The Year 5 Activity Days which have been running since 2012 are run by Tn¢mb¢rs of our teaching staff and is attended by both State Primary Schools and Independent Junior Schools. The stale scliools involved are Flanshaw Junior. Gawthorpe Prirnary. Pinders Primary, Rook$ Nest Academy, The Vale Pritnary and West Bretton Junior. Queenswood, an Independent School is also involved along with our own Junior Schools. It has become an annual traditlOD for both QEGS and WGHS to host this popular and entertainin& day of activities for Year 5 pupils Irotn 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 thcir teachers, they participate in around 6 activities in a variety of departmental areas. The activities are run by QEGS or WGI.IS specialist teachers, supported by two Year 12 students per group. The activitics ar¢ lailor¢d to provid¢ as interactive and lively a leaming experience as possible. The day also giv¢5 th¢ visiting pupils an insight into daily life in a senior school. This year s bespoke aCfiMti¢s included gctivities included Venetian Masks {Artl. Operation H O (Science), Am l Really Real? (RS), A.¢A Drninming (Music}, D¢liciou5 Cr¢ations (Food), an Egg Parachute Challenge IDT), the Three Little Pigs (Classics) and Sport lor All. Parh]er$hips with State Sehools: SPLATS There are eighi slate primary scliools involved in this project which has beery running since 2012. They are Rooks Nest Academy (Outwood}. Caw(horne Primary, Flanshaw J & I, J¢rry Clay A¢adany, New Beverley Community School, Pinders Primary School, The Vale Priniary School in P&ddition to WGHS Junior and QEGS Junior Schools. Page 7
Wakefield Grammar School Foundation GOVERNORS. REPORT FOR THE YEAR ENDED 31 JULY 2021 Each year a group of I S Year 10 students from QEGS & WGHS spend a rewarding three days planning and deliverin¥ science workshops to Y¢ar 5 pupils which encourage curiosity in science. After one day of intensive traininLI the students spend two days delivering science activities to aly)ut 360 primary pupils. Th¢ Yegr 5 pupils ale split into 6 groups of aboui 30 and work with 3 Yvdr 10 students with tlie support of th¢ pupils, teachers or leaching assistants. Typically, each day consists of 6 workshops. The workshops cov¢r Fir¢, Kit¢s, Solar Circuit, Rollers. Earth & Seienee and Marble Run. The positive feedback received tells us Iliat the Y¢ar S pupils not only have an cnjoyable day but that they really appreciate th¢ hands on science experieiice gained Ihrough practical, exciting and inspiring workshops. Mcanwhile the Year 10 students ar¢ able to dcvelop transferable skills. eacli year they are compliinented for their l)igli l¢vel of skills thus turth¢r promoting and consolidating the good relationships we enjoy with our local priinary schools. More infonnation is available in respect of Activity Days And SPLATS on the Schools Togcih¢r website.. hiips..//wivTrv.Jrhvolstvg¥ihLJr.ow/case-sliidiest?selioolld-95078 Partner5hip5 Wlth State Sehools: SHINE In Autumn 2016, the Foundi£ tion launched its SHtNE 'Serious fun on Saturday. programme. SHINE is leading educational cliarity whose focus is social mobility through education. We are the fiTs1 school in West Yorkshire to be awarded a 'Serious Fun on Saturday, contract with SHtNE. 'S¢rious Fun on Saturday. is a prograinine hosted by independent schools for students from local state schools who Inay be less likely to access additional educational support outside school. Th¢ project aims to deepen pupils, understanding and instil a desire lo leam more achieved through offering innovative. fun, fo¢ussed activities. Our prograinine al WGSF provides a major oppOrn]ty for deserving children from some of the more deprived areas of Wgkefield to further their educational developinenl and enjoy an innovative and exciting range of lessons. Our priinary partners are Heath Vi¢w Acadeiny, Green Hill Prijnary Scliool, St Michael's CE Academy, St Mary's Primary School and Flanshaw Junior and Intant School. The WGSF programme involves forty Year 5 pupils from our primary partner schools atndIng the Wakefield Grammar School Foundation Cainpus from 9.30ain-12.(K) ni)on on ¢leven Saturday momings dursng term lime. The leaming sessions are delivered by specialist WGSF teachers who are passionate about their subject arca and supported by Sixth Forn] Mentors. Specialist facilities and resources are einplL¥yed in each subjwt arca. The Year 5 pupils therefore work in a culture where excellence and enquiry is actively encouraged, ¢stablishing an increase in the childr¢n's aspirations and self-esteem. It also helps to provide an insight into what tli¢y can expect al secondary school, ¢nabling them 10 be more confident gnd positive about the opportunities it provides. Partnerships with State Schools: Jolnt Latin teaching Joint teaching betw¢¢t] QEGS and Si Thomas a Becket Catholie School, an academy in Wakefield, has been rutming for fourteen years. The Head of Classics al QE.OS is r¢lea8ed wttkly to leach Latin to Year 10 pupils ai St Thomas a B¢¢kei )nd he also teaches Latin to a class of Year I I pupils froin St Thomas a Becket's on Friday afternoons. In addition there are revision lessons and additional lessons during tl)e school holidays as appropriate, which are offer¢d to pupils from both schotsls and these have been popular and sucC¢ssl. From this initiative St Thomas a Becket pupils have the opportunity to learn Latin which no other stat¢ school pupil in the Wakefield area does. and this also benefits both their English aiid Modem Languages leaming. It offcrs a r¢al academic challenge, with Latin's staiislical record as the most difficult GCSE of all. As a schi>ol St Thoinas a Beckel gains as a "tlagsliip" programme for their gified and lalcnted pupils and it adds an academic profil¢ lo the school wliich it has not had b¢Eore. A nuinber of pupils arc ¢nabled to gain the EBacc qualification that would not othIse do so, indeed som¢ 6 out of 13 Latin entries were awarded grade7, 8 or9 in 2018. The H¢ad of Classics at QEGS has also led four trips to Rome for pupils frorn St Thomas a Becket which brings immense benelits beyond the classrootn with the reputation of QEGS being enlianced considerably by Page 8
Wakefield Grammar School Foundation GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2021 its association with thes¢ trips. Lastly he also runs a Beginners, L8tin for Adult8 class at St Thoinas a Becket on Monday ¢v¢nings, and the Igst cohort of adult pupils started in January 2020. More information is available on the Schools Together website.. hitps.'//W¥,.sLhoo1sÈ0set1ler.oyg1cUse-st11dteSl?1Cho0lId=712uO 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 orBanisations. These groups usc the school buildings or sports la¢iliti¢s at cost. below cost or in some cases free of charge. Unfortuiialely, due to Covid-19 restrictions during 2020121, there was limited scope for the schools. facilities to be used by extemal groups. Local clubs which were able to benefit dullng th¢ year included Wakcfield Hockey Club, Yorkshire Rugby Club. The Borealis Choir and Wrenthorpe BadiT]inton. Additionally Atlantis Swimming School Iiired the QEGS 0] for teaching children to swim. Maiiy other local clubs have beeii able to resuinc us¢ ol'tlie facilities since Sepleinber 2021. IJ] July 2007 the Foundation granted a license at no cost to Next Generation, a local youth group, for it to use the Foundation-own¢d Stanl¢y Royd playing fields in Wakefield for junior sports, primatily football and ricket. The fi¢lds arc g1$0 uscd by Next Generation for cominunity events and they provide a focal poilit lor young people in the arca. Further to this, in SePteMr 2014 the Foundation entered into a fonnal l¢as¢ with N¢xt Generation for th¢ field5 and tliis has facilitated an arrangement for Wakefield College lo use the fields for some of their sports course8. Foundation school pupils supported many charities throughout the school year and between Septcmber 2020 and July 2021 £33,327 12019120 £13,696) was raised. £24,550 of this was raised in OLtober 2020 when QEGS Junior School pupils held a successful Charity Day. The donations were used lo purchas¢ a niinibus for Variety, the Children's Charity. The Governors. the Director of F'inance and Operations, the Homes Manager and the Estates Managcr of the Foundation provide trustee and inanageinent services 10 Wakefield Charities Hoines, an almshouse charity and Registered Social Landlord which providog low cost accommodation for elderly peoplf in need who have connections with the City of Wakefield. DISABLED PERSONS Due consideration Is given to applications for ¢mploymcnt of persons with a disability. either ill arrangements for attending interview, or for adjustm¢nts which may be needed when a role has been offered and accepled. Arrangements are made, wl)erever possible. for the retraining of employees who develop a disabilily during the courst of their fflnploent and reasonable adjustments are made io allow thein lo ¢onlinue io fulfil their duties. The company provides for the adequate training, career development and proinotioii of all staff with a disability. EMPLOYEE INFORMATION During the financial year the Foundation has maintained and developed arrangements aiin¢d at the systeinalic provision of employee infonnation, held regry12r consultations so that employees, views can be taken into account, encouraged employees. involv¢inent in the Foundation's perfortnance and strived to achieve a common awareness of the financial and economi¢ factors affecting the Foundation s perfonnance. Meetings are held temly with siaff representatives on the Joint Negotiating and Consultative Committee {JNCC) in iespect of leaching staff, and as required with r¢pres¢nlatives for the support staff to discu&s matrers aft¢cting the Foundation and its staff. Pilg¢ 9
Wakefield Grammar School Foundation GOVERNORS. REPORT FOR THE YEAR ENDED 31 JULY 2021 STIL4TEGIC REPORT REVIEW OF THE YEAR AND FUTURE DEVELOPMENTS The Governors recognise the IlDrtanCe of tl)¢ir govemance structure in supporting the operational perfonnance of the school. Details of Il)c training and governance structur¢ included within the Structtkre, Governance and Management sectioii of this report on pages 4 and 5. 2019120 ttnd 2020121 have been UiqUe years in the history of ihe Follndation's schools, with the unprecedented requireinent to close for the majority of pupils for a sustained period of time owing io the Covid pandeinic. The ngtiot]al lockdown affected all staff, pupils and Piirenls, bul also impacted the Foundation's Key PerfonnaDce Indicators, namely pupil nu]nber5, exain results and financial perforn]2nce. During this financial period the schools were closed from 5 January 2021 until 8 March 2021. The school sites r¢maiJied open to the children of key-workers and those considered vulnerable, but all oiher pupils were educat¢d reinoiely using Google Chrom¢books in conjunction with Firefly, the Foundation's online learning platfom. Du¢ to the previous closure of th¢ s¢hool sites in Spring 2020, the governors had ulilised the govcrnment'g Coronavirus Job Retention Scheme {CJRS} by furloughing 147 members of staff. When the schools fully reopened in Septunber 2020, 65 members of staff rcinained on furlough, but this reduced lo only one in Decnber 2020. When the sites closed for the sccond tsine in January 2021. 107 staff were furloughed, with more t¢a¢hing support starf remaining kn school than previously. This reduced to 92 in March and the final staff Inernber relurned lo school in April. The GovernLirs were mindful that the remote learning being offered to the pupils. whilst good. did not provide pupils and parents with the 11 experience that they had paid for. Consequently for the period January to Mah 2020, governors agreed to offer a discount off the school fees to parents which was 200/, for pupils in Reception to Year 2, 15 % for pupils in Year 3 to Year 6, and IOV/o for Senior School pupils. These discounts were lower than those given in Suine[ terni 2020 due to the iinproved remote learning provision. Teacher experience. pupillparent feedback and improved Icr provision enabled more effective 'virtual' and interactive lessons to take place. The cost of this discount was initigated lo an extent by t]ie rec¢ipts from the CJRS alongside other cost s8Trings from the schools bcing closcd such 2s energy cost, food, Icaning and educational equipinent. The Foundation was sympathetic to the difficult financi81 circuinslances which many par¢nls found themselves in and, where appropriate, assessed each ca indiiidually and anived at mutually agreeable fee paiqnei)t arrangements whilst maintaining Cllective financial control. Ultimately whilst some parents took advantage of an exiended period to pay th¢ schoo fees, no further discount was offered to parents. Pupil numbers at the Foundation for the year were 1,851 (average pupils between September and July), which was a decrease coinpar¢d to 1,924 for the previous year. The Foundation reJnain$ coininilled lo providiiig tl)e opportunity for pupils to attend Foundation schools regardless of their circuinstJi)ees. In 2020121 301 pupils received financial support (2019120 328 pupils). This represents 16/0 of the pupil body, only a small decreasc froin 170/0 in ihe previous year, a figu thai has ris¢n significantly Iroin just under IOU/t) in 2005106. Further infonnation on the Foundation's bursary policy s given in the Public Beii¢fit s¢otioii of this report. Public examinations were cancelled in 2021 due to the national school closure and GCSE and A-Level grades were awarded basd on teacher assessments. Once again WGHS and QEGS continued to perfonn well in the 2021 public examinations for both A Levels and GCSE. AI WGHS, this year s cohort ol A-L¢vel students achieved 63Q/. A to A grades and 850/ts of results achieved w¢re at bFrades A to B. 26 girls achieved impressive muliiple top grades of 3 or more A- Levels at grade A*lA. P(Tge JO
Wakefield Grammar School Foundation GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2021 At GCSE students s¢cured an irnpressive set of results with 79Q/o of all grades falling in the 9 to 7 bracket. Furihennore, 490/0 of results were graded 9 or 8. equivalent to an A Six girls achieved grade 9 in all of ih¢ir subjects, an extremely rare and difficult achievement. A further five girls achieved grade 9 or 8 in ¢vcry subject. QEGS students Celebrated strong A-Level results, with 38D/o of boys achieNing the top A and A grades in 3 or more subjects. At GCSE it was another year of success with over 70n/o of grades in the top 9-7 bracket. There were a numbei of st1£ ndoLLt perfonnances with ten pupils achieving at l¢ast 9 grade 9s. 59/0 of the year group achieved al least one grG1de 9 which kndes well for their upcoming A-L¢v¢l studies. Th¢ average nuinber of einployees across the Foundation was 455 in 2020121 Coinpared to 466 for the previous year. In the 2020121 financial year the Foundation continued to roll oui its digital learning strategy which began six years ago. The Firefly system. which was introduced in 2018119 as a slate of the art e-learning platfonn, proved extremely valuable in order to carry out remote teaching. Chr0ebOokS have beeii providcd to all nior School pupils outside the 6th forn). Those pupils have their own deICeS. The Foundation's schedule of rolling maintenance continued across the e$late as rnu¢h 8$ possible during 2020121, ensuring a high quality learning environinenl is mainl£lined for the pupils. Fixed asset additions were £391,409 (2019120 £554,586) of which £113k related to demolition work on tlie Claytoii Flospital site. £55k was spent on resurfacing the WGHS tennis courts and £44k related to set-up costs for WGPPS. The Foundation conLinues to ensure that comprehensive fire risk assessments for all premises owiied and Used by the Foundatton are in place. The recommendations froin the annual fire risk assessments are reviewed by the govemors and all work required lo clear the items is auihorised and earri¢d out. The Foundation employs a full time Health, Safety And Compliance Manager and a programme of maintcnance ensuring the Foundation is compliant with relevant legislation and consistcnt b¢st pra¢tice is in place at all times. The fire risk assessments are updated annually with the last updat¢ in sprin 2021 and further enhancements to the eslale continue to be 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 betw¢¢n th¢ main QEGS and WGHS campuses. The acquisition was in the fomi of an option contract that was depend¢nt on a grant of planning pennission by Wakefield Council Ih¢r¢by allowin¥ th¢ Foundation to demolish or substantially deinolish the existing buildings and clear the site. At thc Same time the Foundation submitted outline plan8 for the development of the site. On 20 July 2017 Wakefield Council approved the outline planning application which, in its final version, proposes to lear the hospital buildings which have become dilapidated bul relain the central core including the tower. It is intended that this will become a central feature of the new development. Afier protracted negoiialions and planning pennission requirements. the Foundation finally acquired title to the site in late January 2018. Demolition of the site began in June 2021 and, ai time of writing, was substantially COTnpleted by Decanber 2021. It should be noted that the site is located in a conservation area which adds a layer of compl¢xity to the planning process. ltt Sepieinber 2018 th¢ Foundation fonnally launched its tiLndraisii)g campaign for the SLte, lo be called Ihe Clayton Campus. Following the unprecedented circumstances arising from the Covid-19 pandemic and lockdown, further development of tli¢ sit¢ beyond demolition has been temporarily put on hold until the wider economic position stabilises. Pftgg JI
GOVERNORS’ REPORT FOR THE YEAR ENDED 31 JULY 2021
Wakefield Grammar School Foundation
PUPIL NUMBERS
Average numbers of pupils in the schools were:
| WGHS Senior WGHS Junior QEGS Senior QEGS Junior TOTAL |
2021 Number 595 274 694 288 1,851 |
2020 Number 622 286 686 330 1,924 |
|---|---|---|
FINANCIAL RESULTS
In terms of financial performance, 2020/21 proved a difficult year for the Foundation to predict owing to the impact of the pandemic. Re-forecasts were prepared following the January school closure with both income and expenditure impacted significantly. Despite this the Foundation ended the year with total incoming resources of £20.558m.
The Statement of Financial Activities shows a result for the year of net outgoing funds from operations of £109k (2019/20 net outgoing funds of £539k). This figure however is after charging £1.084m of depreciation demonstrating an underlying very strong net cash inflow from operations of £1.122m. This performance is the result of income holding up through the pandemic whilst management have exercised tight control over costs.
As noted above, the Foundation generated just over £1m from operations along with a further £48k from investments and interest. Capital expenditure during the year was £391k of which £113k was spent on the first stage of demolition on the Clayton Hospital site and £55k was spent on resurfacing of the WGHS tennis courts.
Towards the end of the financial year, governors took the decision to invest a further £1m with Rathbones hence the Foundation’s total cash balances reduced by £229k during the year.
It should be noted that the cash balance of £8.953m does not represent free reserves which are available to spend. The free reserves currently stand at £890k and this is explained in the Reserves Policy section on page 13 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 1% was given to teaching staff from September 2020. In addition a minimum pay award of 1% was given to support staff from April 2021. This was agreed in September 2020 and backdated.
The Governors are mindful of the impact of the increase in employers’ contributions to the Teachers’ Pension Scheme, which came into effect from September 2019. The increase from 16.48% to 23.68% added around £600k to the Foundation’s annual payroll cost. To date, the Governors have decided to remain with the scheme but to keep the membership under constant review.
139 members of staff were on furlough at the start of the financial year but all had returned to work by December 2020. Between 92 and 107 members of staff were furloughed during the period January to March 2021. As a result the Foundation received £305k via the government’s Coronavirus Job Retention Scheme. In acknowledgement of this and recognising that other costs would be saved due to the school closure,
Page 12
Wakefield Grammar School Foundation GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2021 Governors inad¢ the decision to discount the spring term fees for the period of the Closure. The junior schools oftered a 15 /0-20 /0 discouiil Idependant on year bFroup), and the senior schools offered 10 /0. The Foundalion has work¢d hard to Inaintain its robust liquidity pasition and Govemors consider th¢ financial posiiion as at 31 July 2021 to be satisfactory considering the impact of the pandniC during the last two years. Th¢ accoui)ts have been prepared on a going conc¢m basis following consideration by the Governors and a review of the impact of the Covid-19 pandemic. Governors consider there to be no material uncertainty which casts doubt on the Foundation's ability to contliiue as a going concern. Covid-19 had a financial iinpact in 2019120 and 2020121, but these impacts will not be significant in the loiig tenn so as to affect future financial perfornlance. RESERVES POLICY The Foundation's Reserves Policy requires the Foundation to hold. or aim to hold, free reserves of a miniinum of £3 million, as a contingency in order lo maintain the Slable operation of the school in thc case of a future unforesecn ¢v¢nl. Frcc reserves are considered to be unrestri¢t¢d funds, excluding the Des1&ated Funds and excluding the calng value of tangible fixed asseits. held within general reserves, and are as shown in note 14 of Ihese accounts. The Foundation's total reserves of £26.6m at the year-end included £l.Im restricted funds and £25.5m unr¢stricted funds. Of these unrestricied funds, £18.6in reprented the net book value of fixed assets and £6.Om is li¢ld in Designated funds. The Desi¥naled Fuiid8 are not considered to be "free reserves" as the Fuundalion ha5 rnade a COiDIDltment to use these funds for specific purposes. Therefore free reserves at 31 July 2021 totslled £890k {31 July 2020 £983k}. Going forwards the Governors are itnplementing plans to increase the level of annual surplus being generated by the Foundation over the next fiv¢ year period thereby increasin¥ Ili¢ frtt reserves to ihe minimuin level of £3m. The restructur¢ of QEGS and WGHS and ihe creation of WGPPS are part of these plans and will decrease the Foundation's cost base. Further work is being undertakcn to reduce the core teaching and support staff cost without impacting the education of the pupils this will include a decision on whether to remain in the T¢a¢h¢rs' Pension Scheme. There will also k a review of soine designated funds which may result in them becoiniiig fr¢e reserves. RISK MANAGEMENT The Governing Body has ov¢rall responsibility for risk management within tl)c Foundation and this is delegated to tlie Risk and Complianc¢ Coinmittee. In the opinion of Gov¢rnors, the Foundation has established systems which, under nonnal circumstances. should allow those risks to be mitigated to an acceptable level in its day-to-day oper2lions. The Governors continue to keep the Foundation's activities under review, particu12rly with T¢gard to any major risks that may arise froin tinie to time. A coJnpreh¢nsive Risk Register is inaintained by the Govemors that iteinises around 50 risks likely to be encouiit¢red by the Foundation, along with th¢ Systems and procedures that are in place in order to niili&Fal¢ the risks. The register is reviewed by th¢ Risk and Coinpliance Coimnittee and the Board on 8 iemjly basis. The risks are classified on the register as High, Medium and Low and are quantified based on a scor¢ for both level of impact and likelihood of occurr¢nce. Th¢ major risks to the Foundation as noted on the Risk R¢gi5t¢r are T]1¢ iinpact of the pandniC on the operation of the schools and the finances of the Foundation The affordability of school fees for parents The ability to recruit pupils at all entry point in & cOmtitIve Inarket, Adverse Changes to the nding of the Teachers. Pension Scli¢me Page 13
Wakefield Grammar School Foundation GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2021 The Governo believe that approptiate controls are iii place to nianage these risks successfully. Jt should also be noted that controls implemented and procedures operated by the schools durii)g the pandemic are based on guid8nrE issued by the Department for Education and Public Health Englaiid. Notwitlistanding the controls noted above, in &Feneral Governors monitor th¢ effeciiveness of the controls, including providing insurance cova" where appropriate, by which those risks identified by Governors can b¢st b¢ illstigaled. The key controls used by the Foundation include.. Fornial agendas and minutes for all Committee and Board activity, Ternis of reference for all Committees, Tennly review of the Risk Register, Appoiiitinei)t of a dedicated Health, Safety and Compliance Manager who gives tennly reports 10 the Governors al the Risk and Compliance Coinmittee, Coinprehensive strategic planning, budgeting and management awounting. Established organisational structure and lines ofreponing. Fonnal Titlert policies, Fonnal risk assessm¢nts undertaken for all in-school a¢tivities, edu¢ational visits, classroom enviromnents, and workplaces, Comprehensive firc risk a$sessinents For all Foundation premises undertaken by an accredit¢d third party organisation, Commitmcnt from GovemoTS and Head teachers to ensuring a strong culture of health and safety amongst all eTnployees and to provide funding for expenditure to address H&S inatters as required All staff receiving appropriate safcgugrding, health and safety, fire safety and GDPR training Clear auihorisation and approval levels, and Vetting procedures as required bylaw for the protection of th¢ childrai and vulnerable adults. The Governors of the Foundation consider its underlying finan¢ial risk to be moderate. 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 lerni view is taken. Governors recognise that the acquisition and development of the Clayton Hospital site will involve a significant financiAI investment. but believe that the Foundation's strong gov¢mance and financial controls will allow the project to be undertakeD effectively albeit over a period of up lo 10 years. tNVESTMENT POWERS, POLICY AND PERFORMANCE The Governors are penllitted to invest available funds at their absolute discretion. The Governors delegate Ihe management of the Foundation's invesiments to Julius Bar Iniemational Ltd who report to th¢ Finance Committee every year, including perforniance cornparison and sector bench-marking. The Finance Committee has s¢t out its investment principles, the specific long-terni objectives of which are the achievanent of a balance of incoine and growth with total annual returns at least matching the pcrfomance of the ARC PCI Global Baldnced index. tn July 2020, an Investment Sub-Coininitt¢e was created by the Goveming Body to provide addiiional review and scrutiny of the Fouiidation's investm¢nts. In Jui)e 2021 the Finance Committee approved the appoiniment of Rathbones as a second Investinent Manager. Long term reserves were idcnlified that would receive significantly high¢r returns from investment tlian they currently receive in bank interest. In order to spread risk and increase the accountability ofthe investrnent managers, a swond inatkagnent coinpany was selected. As at 31 July 2021. £lm had b¢¢n transferred (o Rathbones for inY¢8tsnent, with a further £2.5tn transferr¢d AugLtsI 2021. Betw¢¢n 31 July 2020 and 31 July 2021 the value of the Foundation's investment portfolio, other than COIF shares, ¢Kperienced a 12.13D/o increas¢ (after adjusting for net disposals of £44,345) in market value from £2,606.178 to £2,922,541. The value of COIF holdin¥s increased by 16.51 /0 froin £325,720 to £379,502. Over the same period the ARC PCI Global BalaD¢ed benehmark increased by 14.44/0. Th¢ Governors Page 14
Wakefield Grammar School Foundation GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2021 coiisider thilt the overall investinenl performance was satlsfactory, especially given the moderate risk profile which has been adopted. In addition to the alxive investments, the Foundation holds £8.gm Cash at bank in instant access or up to 95 days. notice accounts. Out of this total, £2.2in is held to cover tlie Foundation's liability to the Fees in Advance s¢heJiie, £5Jn is in respect of various Restricted or Des1]dIed Funds, willi the balance which varies significantly depending upoji the lime of year - held lo fund day io day operations. The Investment Sub-ComIiiiltee will Loiilinue to r¢w¢w the cash balances with the goal of making re¢oinmendations for improving Ihe return on these assets. FUNDRAISING Approach to f%undr41slng The Foundation has in place a Gih Acceptance Policy and Code of Ethical Fundraising Practi¢¢ and is registered with the Fundraisinb Regulator, 2bidingT by their Cod¢ of Fundraising Practice. Adherence to these policies ensures that the Foundation ha$ 8 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 slaFfare'.- To build and maintain alumni relations and communication as well as to atTange alumni ¢vents. To provide the strategic and tactical approach to fundraising for th¢ Foundation, encompassing bursaries, Inajor capital fundraising as well as legacies. Working with professional fundralsers During the year, WGSF has not worked with any external professional fundraisers. Fundralslng ¢onformlng to recognlsed $tand#rds The Foundation is registered with the Fundraising Regulator and therefore bound by its code of practice to ensure that we conforni to recolsed standards. Monitoring of fundr#iying carried out on its behalf During the year, WGSF has not worked with any volunteers to deliver ndraiSIng. Fundraising Complaints There have been no complaints about fiindraising during this financial year. The eornplaints process is d¢tailed in the Section A Point 8 of WGSF'S Gift Acceptance Policy and Code of Etl)i¢al Fundraising Practice. Protection of the public including vulnerable people WGSF adheres to the Fundraising Regulator's Code of Fundrai5iiig Practice, in particular Section I Standards.. All fundraising slates thal Fundraising will be legal, open, honest and respectful. Section A point 4 01 the WGSF Gift Acceptance Policy and Code of Ethical Fundraising Practice states that Donors will be encouraged lo seek independent advice if the Foundation has any r¢ason to believe that the donor is Inerable or a proposed gift might significantly affeci the donor's financial position. taxable income, or relationship with other family members. Furtli¢nnore Section B point I states that fundraising solicitations on behalf of thc WGSF will.. be tNthfvl Puge 15
Wakefield Grammar School Foundation GOVERNORS. REPORT FOR THE YEAR ENDED 31 JULY 2021 accurately describe the Foundation s aclivilies and tlie intendd use of donated funds respect the dignity and privacy of those who benefit from Ilie Foutjdation's activities Adhere to the Fundraising Regulator's Code of Fundraising Practice STREAMLINED ENERGY AND CARBON REPORTtNG ISECR) This report has been compiled in line with the March 2019 BEIS 'Environinental Reporting Guidelines.. Including slreamlined energy and carix>n reporting ¥uidanLe', and the EMA iiiethodology for SECR Reporiing. All measured emissions froin activities which ihe organisation ha5 fin2n¢ial control over are included as required under The Companies (Directors, Report) and Liinited Liability Partnerships (Eiiug'y and Carbon Rert) Regulations 2018. The Ck)rbon figures have been calculated using the BEIS 2019 carbon conversion factors for all fuels, other than the market based ¢l¢ctricity which has been taken from Eon Energy and Total Gas & Power as the UK supplier. Emi55ions Detail by Scope Lo¢atlon Based Method Previous Y¢#r 2019-20 816 22 838 4.437,479 Market Based Method Previous Current Year year 2019-20 2020-21 816 934 22 Scope Code Unl¢$ Current yeor 2020-21 934 Scope I Combustion Scope l Transport Total Scope I Total Seope I Scope 2 PurLhased Ener Total Seope 2 Total Scope 2 Scope 3 Tranbport Total Scope 3 Total Seope 3 Totsl All Scopés. Sco tC02¢ tCO2e ICO2e kwh 943 5,135,641 302 838 4.437.479 943 5,135,641 tCO2e 387 29 tCO2e kwh 387 1,515,140 302 1,423,859 29 1,515,140 1,423,859 tCO?e tCO2e kwh kwh 5 952 619 6 559 500 5 952 619 6 559,500 Emi55ions Detail b! Fuel T}'pe on as Fuel Type UJ)its Previous Year Current year Previou5 Year Current year 201121 2020-21 302 934 Electricity Natural Gas Di&gel Electric Vehicles tCO2e tCO2e tCO2e tCO2e 387 816 29 816 934 Electricity Natural Gas Di&%el kwh 1,515,140 4,437,479 1,423,859 5,100,882 34,759 1,515,140 4,437,479 1.423,859 5,100,882 34,759 kwh kwh kwh kwh",: .952,619.41 El¢ctric Vehicles 6A59WO Page 16
Wakefield Grammar School Foundation GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2021 Iiileiisit J Ilatio- tC'02c l Lmplui'ee ' Year oc#tion base Market based 2.33 2020-21 3.08 2019-20 2.72 1.93 Employ¢es ?Q,20-:21.,,, ..404 Year on YeAr li missions Previous Year Current Year °/0 Change Cowitry<f.} Location Bllsed Units 2019-20 2020-21 tC02C tco 1.225 867 1,245 943 Market Based ge 9/ Stotement of Exclusions Scope l exLIusioJJ5 No ¢x¢lusions made. Scope 2 exelusions Scope 2 purclia5ed elwtri¢ity does not include the Transmision and Distribution element as this is owned by the supplier. Scope 3 exclusions Scope 3 is voluntary. Estimation methods used No estlLnations made. AUDITORS Saffery Champness LLP have expressed their willingness lo oontinu¢ in office as Auditors for the next financial year. STATEMENT AS TO DLSCLOSURE. OF INFORMATION TO AUDITORS Each of the persons who are Governors al the time wh¢n this Govemors report is approved has confimied so far as that ihe Governor is aware, there is no relevant audit infornjation of which the cornpanvs auditor is unaware, and IhAt the Governor has taken all thc $t¢ps that ought to have been taken as a Govemor order to be aware of any relevant audit infonnation and to establish that the coinpanls auditor is aware of that infomation. Poge 17
Wakefield Grammar School Foundation GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2021 Governors, report, including a Strategic Repori, approved by order of the Board of Governors, a8 the company directors, on 3 March 2022 and signed on the Board's behalf by.. Mr S Chainberlain Chair of Governors Mrs C Harrison Chair of the Finance Committee 3 March 2022 PÉTgE 18
Wakefield Grammar School Foundation GOVERNORS, RESPONSIBILITIES tN THE PREPARATION OF FINANCIAL STATEMENTS The Govemors {who are also directors of rhe Foundation for the piirposcs of company law, and the Cliarity Trustees} ar¢ responsible for preparing the Governors Repoil ajid the fjnaiicial statements in accordance witli applicable law and United Kingdom Accounting Siajidards (United Kiiigdoin Generally Accepted Accouiitiiig Practice). Company law requires the trustees to prepare finaneElll slatemcnt8 for cacli financial year which give a true and fair view of the stale of affairs of the charitable compaiiy and the group and of the incoining resoui'ces and application of resources. including the incoine and expeJiditt2r¢, of tl)¢ cliaritable group for thai perii)d. tn preparing these linancial slalanenls, the trn$tees 2re required to.. select suitable accounting wlicies and th¢i) apply them consistently? observe thc methods and principles in the Charities SORP IFRS 1021. Inake judgements and estimates that ar¢ reasonable and prudent,. state whether applicable accounting standards hdve been followed, $ubjwl to any material departures disclosed and explained in the financial stateincnts,. and prepare the financial statfflnenls on thc going concern basis unless it is inappropriate lo presume th2t the charity will ¢ontinue in business. The trustees are responsible for keeping proper accounting reeords that dis¢lose with reasonable accuracy at any time the financial position of the charitable company and enable than to ¢nsure that the financial statem¢nts comply with the Companies Act 2006. They ale also responsible for safeguarding the assets of the cliaritabl¢ coinpany and the group and hence for taking reasonable steps for thc prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant audit inFomiation of which tl)e charitable coinpany's auditor is unaware,. 2nd the trustccs have taken all steps that they ought to have taken 10 make themselves aware of any relevant audit infonnation and lo ¢$tabli81i that the auditor is aware of that infonnation. The trnslees are responsible for the rnainlenance and integrity of the corporate and financial inf(>rniatio included on the ehttritable ¢oFnpany's website. Legislation in the United Kingdom governing the reparation 2nd dissemination of finan¢ial ststem¢nt5 may differ froin legislation in other jurisdictions. Page 19
Wakefield Grammar School Foundation tNDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WAKEFIELD GRAMMAR SCHOOL FOUNDATION Oplnlon We have audited the financial statements of Wakefield Graininar S¢hool Foundation {Ihe 'parent cl)aritable company'l and its subgidiaries (the 'group') for the year ended 31 July 2021 which coinpiise the consolidated stat¢mcnt of financial activities {incorp)rating in¢ome and expenditure account), the consolidatcd balance sheet, the charity balance shect, tli¢ consolid2ted cash flow statement and notes to the financial stateinents, including SigFnificanl accountiiig policies. Tlie financial reporting framework that has been applied in their pr¢paration is applicable law aiid Uiiited KinbFdoin Accounting Standards, iiTrcludii)g Financial Reporting Standard 102, the Financial Reporting Staiidard applicable in the UK and Republic of Ireland {United Kingdoin Generally Accepted Accounting Practice). In our opinion th¢ tinancial st21emenls'. give a true and fair view of the state of the affairs of the group and the parent charitable coinpany as at 31 July 2021 and of the group's incoming resources and application of resources, including its income and expenditure, for the year tlien ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practic¢,' and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion Wc conducted our audit in accordance with International Standdrdb on Auditing (UK) (ISAS {UK}} and applicabl¢ law. Our responsibilities under those standards are further describ¢d in the Auditor's responsibilities for the audit of the financial stat¢m¢iits section of our repirt. We are independent of the group and parent charitable company in accordance with the ethical requireinents that are relevant to our audit of the financial statements in the UK in¢luding the FRC'S Ethical Standard, and we have fulfilled our oihcr ethical responsibilities in accordanc¢ with these requirements. We believe that the audit evidence we have obtained is suificient and appropriatc lo provide a basis for our opinion. Conclusion5 relating to golng eoneern In auditing the financial StatnentS, we have con¢lud¢d that the Governors, use of the going ¢oncern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perforn)ed, we have not identificd any material uncertaintie5 r¢lating to events or conditions that, individually or collectively. may cast significant doubt on the wup or th¢ parent charitable company's ability to continue as a going concern for a period of ai least twelve months from when the financial statements are 8utl)orised for issue. Our responsibilities and the responsibilities of the Governors with respect to going concern are dcscrib in the relevant sections of this rcport. Other inforniation The Gov¢rnors #re resnsIble for the otlier infomiation. The other inforniation coinpris¢s the inforniation included in the annual report, other than the financial stat¢inents and our auditor's report Ihereon. Our opinion on the financial stateFnents does nol cover the other infomjation and, except to the extent otherwise explicitly stated in our report, we do noi express any fonn of assurance conclusion thereon. Our responsibility is to read the oihcr infonn2tion and, in doing so, consid¢r whether the other infonnatlOD is inaterially inconsistent with the fiDaneial starements or our knowledge obtained in the course of the audit or othenvise appears to be materially misstated. If we identify such inaterial inconsisttncies or apparent Inaterial misstatements, we are required to dctennine whether this gives rise to a mate5i&l inisstatement in tlie financial stateinents Iheinselves. If. based on the work we have perfornied, we conclude that there is a material rnisstatetnent of this other infonnation; we are required to report that fact. Page 20
Wakefield Grammar School Foundation tNDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WAKEFIELD GRAMMAR SCHOOL FOUNDA TION We have nothtng io report in ihis regard. Other matters prescribed by the Companie5 Act 2006 In our opinion. based on the work undeitakeii in tlie course of the audit.. the infonnation gFiven iii the Governors. Annual Report which inelud¢s Ihe Directors. Report and the Strategic R¢port for the financial year for wliich the financial stat¢in¢nts are prepared is on.%istent with tl)e financial statements; and tlie Govemors. Annual Report which includes the Directors. Report and the Strategi¢ Report has beeii prepared in accordance with applicable legal requirements. Matters on whicli Ive are required to report by exceptioD the liglil of the kniowl¢dg¢ aiid understanding OF the gFroup and the parent charitabl¢ ¢oinpany and their environment obtained in th¢ coursc of tlie audit, we have noi identified material misslaleinents in the Governors, Annual Report and Strategic Report. We have nothing lo report in r¢spc¢t of the following matters where the Coinpanies Act 2006 require us to report to you if, in our opinion.. adequate accounting records have not been kept by the parent charitable company, or rern$ adequate for our audii have not been received froin branches not visited by us. or the parent charitable company financial statements are not in agreement with the accounting records and returns; or certain disclosures of Govemors, remuneration specifi¢d by law are not Inade. or we have not received all the infonnation and explanations we require for our audit. Responsibilities of Governors As explained more tully in the Statement ol Govemors, Responsibilities set out on pagc 14, the Governors {who ar¢ a150 thc dircctors of the parent chariiable company for the puryoses of company law} are responsible for the preparation of the financial statements and for being satisfied that they give a fair view, and for such internal control as the Governors deternine ig necessary to cnable the preparation of the financial statements that are free from inaterial misstatement, whcthcr due to fraud or em)r. In prcparing th¢ flnancial statements, the Govemors are responsible for assessiiig the group and Ihe parenl charitable coinpany's ability to continue as a going ¢on¢ern, disclosiiig, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the group or the parent charitable cornpany or to cease operations, or have no realistic alternative bul to do so. Audltor's responsibilities for the audit of the fjnanelal statements We have been appointed 2s auditors under the Companies Act 2006 and report in a¢¢ordance with regulations made under that Act. Our objectives ar¢ to obtain reasonable assurance aboul whether the group and parent fanCIal statements as ¥ whole ar¢ fe from material misstatement, whether due io 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 21w2ys detect a inatcrial misstatement when il exists. MisstatentS can arise from fraud or eOr and are considcr¢d Inaterial if, individually or in the aggregate. they could reasonably be expected to influei)¢e the economic decisions of users taken on the basis of these financial stalejnenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our respoiisibilities, outlined above. to detect malerial inisslalements li) respect of irregulariliu, inLludingF fraud. The specific procedures for ihis engageinenl and the eKtent lo which these are capabl¢ of detectingF irr¢gularitics, including fraud are deiailed below. Page2J
Wakefield Graminar School Foundation INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WAKEFIELD GRAMMAR SCHOOL FOUNDATION Identifying and assessing risks related to irregularities: We assessed the susceptibility of the group and parent chaIitable company's financial statements to material misstatcment and how fraud might occur, including through discussions with the Governors, discussions witliin our audit team planning ineeting, updating our record of internal controls and ensuring these controls operated as inlended. We evaluatcd possible incentives and opportunitics for fraudulent manipulaiion of the financial sraieinents. We ideiitified laws and iebFulations ihal are of significance in the context of the group and parcnt charitable coinpany by discussions with Govemors and upd21in¥ our understanding of th¢ sector in which the group and parent charitable company operate. Laws and regulations of direct significance in the contcxt of the group and parent charitable company include The Companies Act 2006 and guidance issued by tli¢ Charity Conunission for Englajid and Wales. Further the charitable coinpany is subject to other laws and regulations where the consequeiic¢s of non- coinpliance could have a materilll effect on amounts or disclosures the financial statements, through significant fine, litigalioii or restiictions on the charity's operations. We identified ihe Inost $ignificani Igws and regulations to be llie Independenl School Standards as fouiid in tlie Education and Ski115 Act 2008 and guidance issued by the Department for Education. Audit response to risks identifled.. We considered the extent of cotnpliance with these laws and regulations As part of our audit procedures on the related financial Statlle111 iteiiis including a review of financial Statent disclosures. We reviewed the parent charitable company's records of breaches of laws aiid re¥ulalions, minutes of meetings and correspondence with relevanl authorities to identify potential Inat¢rial inisslatements arising. W¢ discussed the parent charitable comp2ny's liCieS and procedures for ¢ornpliance with laws and regulations with members olmanageincnt iEsponsible for compliance. During the planning in¢elinLr w jih the audit team. the engagement partner drew attentLOn to the key areas which inight involve non-coinpliance with laws and regulatioiis or fraud. We enquired of tnanagFement whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the approprialenegs of joumal eiitries and idcntifying any significant transactions that were unusual or outside the nomal course of business. We ass¢Sd whether judgements made in making auounting estimates gave rise to a pc>ssible indication of manageineDt bias. Ai the coinpletion stage of the udit, tlie engagement partner's review included ensuring that the team had approached their work with appropriate professional sccpti¢ism and thus the capacity to identify non-compliance with laws and regulations and fraud. There gr¢ inherent limitations in the audit procedures described above and the further removed non- compliancc with laws and regulations is from th¢ events and transactions reflccted in the financial statenients, the less ILkely we would becom¢ aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting froin CiTor, as fraud may involve deliberate con¢ealinent by, for exainple. forgery or intentional Inisrepresentation5, or through collusion. A rther description of our responsibilities is available on the Financial Reporting Council's websiie At.. www.frL.or .uklaudilorsr¢5 iisibilities. This description forms part of our auditor's report. P¢Tge 22
Wakefield GraiTllnar School Foundation INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WAKEFIELD GRAMMAR SCHOOL FOUNDATION U$e of our report This report is inade solely lo the pai'ent charitable coinpany'5 meinbcrs, 95 a body, in accordance with Chapter 3 of Part 16 of tlie Companies ALI 2006. Our audit work has been undertaken so that we Inight stale to the parent charitable company s member8 those Inalters we arc r¢quir¢d tts state to them in an auditor's report and for no other purpose. To the lIest extent pe]7nitted by law, we do not accept or assiime iesponsibilily to anyone oilier than the parent charitable company and tlie par¢nt cliaritable conipany's ]neMr8 as a body, lor our audit work, £01. tliis r¢port, or for tli¢ opinions w¢ have fonned. Sally Appleton (Senior Statutory Auditor} for ajid on behalf of Saffery Chainpness LLP Charter¢d A¢¢ounlants Mitrc House North Park Road Harrogate HGI 5RX Statutory Auditors Date: 11 April 2022 Saffery Champness LLP is eligible to A¢t as an auditor in tertns of section 1212 of the Companies Act 2006 Puge ?3
Wakefield Grammar School Foundation CONSOLIDATED STATEMENT OF FtNANCIAL ACTIVITIES (tNCLUDtNG CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) for the year ended 31 July 2021 Noles Endowed& Restricted funds Unr¢8tricted funds Total funds 2021 Tot81 funds 2020 INCOME AND ENDowN[S FROM: Charilcible actiiyilies Fees receivable Less bursaries, scholatships and fee assistance 22.769,726 (2,950,077) 22,769,726 22,294,425 11,776) {2,951.853) (3,044,014) 19,819,649 (1,7761 19.817,873 19,250,411 Oiker trtzdiNg acliviliLJS ComTner¢ial operations Oth¢r a¢tiviti¢s 119,274 33,526 119274 33,526 181,890 56.395 Inv¢slin¢nl income Bank and other interest Voluntary Soiirces Donations, legacies and Grants Proi?erty SL71e.f Gains on salc of properties 34,636 1,253 4,256 7,352 38.892 8,605 38,587 45,135 116,864 385,256 502,120 738,886 147,840 TOTAL INCOMtNG RESOURCES 20,125,202 395,088 20,520,290 20,459,144 EXPENDrfuRE ON.. Ch(Iril£ible ciclivilies School Operating Costs Roisiiigfiinds Commercial trading operations 20,285,621 314,879 20,600,500 20,982,919 28,509 28,509 15,635 TOTAL EXPENDITURE 20,314,130 314,879 20,629,009 20.998.554 NEr ioirrGOtNGI tNCOMING FUNDS FROM OPERATIONS BEFORE tNVESTMENT GAINS AND LOSSES 1188,928} 80,209 (108,719) (539,4101 Gains on investments 334,275 27,870 362,145 75,253 NET INCOME AND CAPITAL (OUTFLOW}IINFLOW Pension Scheme actuarial {lossesl/gains 145,347 108,079 253,426 (464,1571 {2631 (263) 13,736 Net movem¢nt in funds for the year Fund balances brought fonvard at l August 2020 145,084 25,299,273 108,079 1,023,971 253.163 26,323,244 (450,4211 26,773,665 FUND BALANCES CARRIED FORWAIU) AT 31 JULY 2021 25,444,357 1.132,050 26,576,407 26,323,244 There are no recognised gains or losses in the year other than those shown in the statement of financial activities above. Consequently no separat¢ statenient of recognised gains and losses has been prepared. All activities ar¢ classed as continuing. Profit for the PUTPQS¢S of the Companies Act 2006 is the iiet (outgoing)lincoming ndS from operations before investment gains and losses. PÉTge 24
Wakefield Grammar School Foundation CONSOLIDATED BALANCE SHEET 31 July2021 Registered Number 04258359 Gmup Foundation 2021 Noles 2021 2020 2020 FJXED ASSETS Tangsble fixed assets Investtnents 18,592,257 4,302,043 19,285,452 2,932,134 18,592,257 19,285.452 4,302,143 2,932,234 22,894,300 22,217,586 22.894.4(A) 22.217,686 CURRENT ASSETS Stock Debtors Cash ai bank 3.433 505,437 8,953.472 4,034 590,759 9,182,886 2.0(X) 517.835 8.908.907 2,501 653.917 9.087.232 9,462,342 9,777,679 9,428,742 9,743,650 CREDITORS.. amounts falling due within on¢ ar io {4,232,965) {4,025,1461 (4,224,565) {4,016,317) NET CURRENT ASSETS 5,229,377 5.752,533 5,204,177 5,727,333 TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS.. amounts falling due aft¢r inore than one year 28,123,677 27,970,119 28.098,577 27,945.019 11,547,270} 11,646.875) (1,547,270) (1,616,875} 26,576,407 26,323,244 26,551,307 26,298,144 REPRESENTED BY.. Restricted funds Unrestricted funds - Designaied funds - General Funds 12 1,132,050 1,023,971 1,132,050 ,023,971 13 6,000,497 19,443,860 5,070,915 6,000,497 5,070,915 20,228,358 19,418,760 20,203,258 14 26.576,407 26,323.244 26,551.307 26,298.144 The accounts were approved and auihorised for issue on 3 March 2022 by.. Mr S Chainberlain Chair ofGovemors Mrs C Harrison Chair of the Finance cornlItee Puge25
Wakefield Grammar School Foundation CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 July 2021 2021 2020 Notes NET CASH tNFLOWI(OUTFLOWI FROM OPERATIONS 17 1,122,262 {680,0501 RETURN ON INVESTMENTS AND SERVlCtNG OF FINANCE Invesimenl incoine receipts Interest received 38,892 8.605 38,587 45,134 47,497 83,721 TAXATION CAPITAL EXPENDITURE AND FINANCIAL INVESTMENt Purchase of tangible fixed asseis Purchase of investments Proceeds on sale of properties Proceeds of sale of investmaits (391,4091 (2,166,576) {554.587) 11,179.2421 165,000 1,170.420 1,158,812 {1,399,173) {398,4091 DECREASE IN CASH {229.414) (994,7381 RECONCILIATION OF NET CASH FLOW TO MOVEMENTS tN NEF FUNDS Drease iii ¢ash ill the year (229,414) (994,738) Net fundg at l August 2020 9,182,886 10,177,624 Net funds at 31 July 2021 8,953,472 9,182,886 Page 26
Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2021 The fin1c ncial statements have been prepared under the Compi2nies Act 2006 and in accordgnce with the Cliarities Statement of Recommended Piactice ISORP} aiid financial Reporting Standard 102 (FRS 102}. The principal accounting policies adopted, judgcineiits and key sources of estimation unccrtainty in the preparation of the fitiancial stateinenls are set out bclow. BASIS OF PREPARATION The accounts have been prepared tn accordance with the historical cost convention with the exception of investments which are included al Inarkel value. The Foundation has availed itself of paragraph 3 {31 of schedule 4 of the Companies Aet and adopted the Companies Act forniats to reflect the special nature of its activities. On 17 November 2004 the Charity Commis5ioiI granted a uniting order for Wakefield Grammar School Fouiidalion {WGSF) and Wakefield Grammar School Foundation Endowed Lands Trust (wGsLT} (Charity No. 529908}. The uniting order allows the two Charities to be adminisiered as on¢. 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 th¢ Foundation has strong pupil nuinbers even in the eurrent econoinic cliinate. The FoundatEon manages op¢rational cash flow to make the best use of available resources and the Govemors are confident that li has sufficicnt resources to continue as a going concern. Wakefield Grammar School Foundation meets thc definition of a public benefit entity under FRS 102. The financial stateinenls are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements ar¢ rounded to the nearest £. GOING CONCERN The accounts have been prepared on a going concern basis following considerAtion by the Governors and 8 review of the imp£iCt of the Covid-19 pandemic. Forecasts have been prepared and r¢vicwed for the next four years, alongside the currciit l¢v¢l of reserves and cash. Gtsverno consid¢r thcr¢ to be no material uncertainly which casts doubt on tl)¢ Foundation's ability lo coniinue as a ¢oncem. Covid-19 had a financial impact in 2020121, but this impact will not be significant in the long term so as to affect fure finan¢ial pcrfomiance. BASIS OF CONSOLIDATION The consolidated financial statements comprise the a¢counts of Wakefield Grammar School FouJ)dation and its subsidiary made up to 31 July 2021. The regult5 Qf tlic subsidiary are consolidated on a line by linc basis. No separate SOFA has IM) presented for lh¢ Charity alone, as pern)itted by Section 408 of the Companies Act 2006. The net incoming resour¢es of the Charity are disclosed in note 22. FND ACCOtrNTING General funds, which generated from the main school a¢tivities, are unrestricted funds w'hich are available for use at the discretion of the Governors in furtheran¢e of thc gTreral objectives of the Foundation and which have not been designated for other purposes. Designated funds comprise unrestricted fijnds that have been set aside by the Governors for particular purposes. The airn and use of each designated fund is set out in the notes lo the financial statements. Page27
Wakefield Grammar School Foundation NOTES TO THE FtNANCIAL STATEMENTS Year ended 31 July 2021 Restricted funds are funds which are to be used in accordance with specific r¢strictions iinposed by donors or which have been raised by Ili¢ Foundation For a particular purpos¢. llie cost of raising and administering such funds are charged agaiiist the spectfic fvnd. The aim and use of each restrict¢d fund is set out in the notes lo the financial slatnentS. AcfiviTIES The Govemors consider there to be one charitable activity. this being tl)¢ provision of education lo children aged 3 to 18. FEES AND SIMILAR INCOME F¢¢s receiv&ble and similar incoine are accounted for in the period in which the servi¢¢ is profvided. Fees receivable are stated after deducting allowances, scholarships and bursaLies allowed by the school. DONATIONS, LEGACIES, GRANTS AND OTHER VOLUNTARY tNCOMtNG RESOURCES Voluntary incoming resources are accounted for as and when entitlernent arises, the amounl ¢gn b¢ reliably quantified and the econoinic benefit to the Foundation is considered probable. Voluntary income for the Foundation's general purposes is accounted for as unr¢stricted and is credited to either Designated or General Reserves. Where the donor or an appeal has imposed r¢5trictions, voluntary income is credited to the relevant restrictcd fund and incoming endowments are accounted for as pemianeni trust capital or expendable trust capital, heeording to whether the donor intends retention to be pemiAneni or not. Gifts in kind are valued at e5tiinated open market value at the date of gift, in the case of assets for r¢tention or consuinption. or at the value to the Foundation in the case of doi)atcd services or facilities. TANGIBLE FIXED ASSETS Fix¢d ass¢ts are stated al historic cost. Item8 are ¢apitalised as Freehold Property additions when the expenditure incutTed is considcred to enhance and improve the ov¢r811 fabric and condition of the Foundation schools. Depreciation is calculated to write off the cost of fixed assets, less estimated residual value based on CUTreni market prices, on a straight lin¢ basis over their estimated useful liv¢s, using the following rates'._ Freehold propety Fixtures, fittings and ¢quipineiit Machinery, coniputer and ot])¢r Cquipinent Motor vehicles Between 2 and l O 12.5 12.5120125 25 Freehold land is not depreciated. Individual it•ns ¢Stin¥ less than £1,000 are charged to the income and expenditure account in the period in which the itetn is aequir¢d. Fixed assets are reviewed for imp8irn)ent where there is an indication of impaiment. STOCK Stocks are stated at the lower of cost and net r¢alisAble value. Page 28
Wakefield Grammar School Foundation NOTES TO THE FtNANCtAL STATEMENTS Year ended 31 July 2021 EXPENDITURE Expenditure is aCLnLed as soon as the liabiliiy is con$id¢red probable, discounted to present value for longer tenn liabilities. The following infonnation is also relevant- Governanee costs Govemanee costs include tho.ge costs incuffed in th¢ govcmance of the Charity and its assets and are priinarily associated with constitutional and statutory requireinents. Charitable Activities Charitable activities include expenditure Associated with the operation of the Foundation's schools. Costs of Generating Funds Costs ot generating filnds include the costs of the trading subsidiary, W.l.S. (Education} Liniited. The irre¢overable el¢menl of VAT is included with th¢ item of expense to which it relates. INVESTMENTS All investinents 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 whicl) tlie investinents relate. The inv tment in the subsidiary is $tAted At historEcal cost. Bank and building 50¢iety interest is recognised on a¢¢ruals basis. All other investment income is r¢cognis¢d on a receipts basis. PENSION COSTS The majority of the teELehing staff are members of the Teachers, Pension Scheme which is a defined benefit scheme. Certain m¢mb¢rs of the non-teaching staff are either members of a group pension scheme or a group personal pension scheme, both of which are defined contribution scheines. The assets of all the pension schemes are independently inanaged and Iield separately from the Foundation. In the support staff pension scheme, the Pensions Trust Growth Plan, series 12 and 3 are deemed to be multi employer defined benefit pension schemes, series 4 is a defined contribution scheme. Series 1, 2 and 3 ar¢ closed to Further contributions from new or existing members and all contribution5 are made into Series 4. It is not possible lo identify the share of underlyin¥ asseis. and IEabilities belonLTinL' to individual participating employer in the Pensions Trnst Growth Plan. OPEIL4TtNG LEASES Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the IOr are charged against profits on a straight line basis over the period of the lease. F[NANCL tNSTRUMENrs The Foundatson only has financial assets and financial liabiliti of a kind that qu3lify a8 basic financial instrLLmeJits. Basic financial instruments are initially recognised at transaction v8lue and subsequently m¢asur¢d al Ih¢ir settleinent valu¢. PagL 29
Wakefield Grammar School Foundation NOTES TO THE FtNANCIAL STATEMENTS Year ended 31 July 2021 FEES RECEIVABLE Unrestricted Restricted Total 2021 Total 2020 Gro4$ fee$ Less.. scholatships, bursaries and allowances 22.769,726 (2,950,0771 22.769,726 22,294,425 (2,951.8531 13,044,014) {1,776) 19.819,649 {1,776) 19,817,873 19,250,411 COMMERCIAL OPERATIONS 2021 2020 Sal¢ of confectionery and sports equipment Cominission on sale of school unifoml Lettiiigs After School Clubs and Holiday Clubs Rental income Other 6,960 1,601 28,018 56.016 22,319 4,360 16.842 4.479 63,072 76,318 18,822 2,357 119,274 181,8 OTHER AcfiviTIES 2021 2020 Other 33.526 56,395 33,526 56,395 DONATIONS, LEGACIES AND GRANTS 2021 2020 Covenants, donation and legacies Grants Received 197,238 304,882 248,332 490,554 502,120 738,886 Included in the above are restrtcted grants of £304,882 relating to the Coronavirus Job Retention Scheme12020.. £490,554) and restricted donations of £80,37412020.. £109,946) W.I.S. (EDUCATION) LIMITED The School has a IOOO/u interest in its trading subsidiary which is registered in England. W.l.S. {Educatson) Limited promotes coinmercial activities which use the schools, assets to generate income from l¢ttings, tuck shops and other activiti¢s. The subsidiary had a Nrnov¢r for the year of £40,939 (2020.. £86,003) and expenditure of £35,319 {2020.. £25,565). Thc wholc of its taxable profits of £5,620 {2020'. £60,438) were fted to Wakefield Page 30
Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2021 Graininar School Foundation. At 31 July 2021 the subsidiary had assels of £63,134 (2020.. £115,392), liabilLti¢s of £38,034 (2020. £90,292) aiid net assets of £25,10012020.. £25,100). EXPENDrruRE 2021 2020 Included in resources expended are.. Travel and subsistence expenses paid to 17 (2020.. 17) Governors Govemors liability insurance Operating lease panents- plant, Inachinery. vehicles and land Auditors. rnUneratiOn Audit of tlie parent coinpany and consolidated aecounts Audit of the subsidiary company Taxation services 15 1,120 186,109 1.159 10,980 208,fv19 18,250 2,000 990 17,900 1.600 950 The average number of employees employed by the Foundation during th¢ yeor w8s as follows.. 2021 Numb¢r 2020 Nuinber Teaching staff Non-teaching staff 217 238 220 246 455 466 The number of employees whose ernolulnents during th¢ year exceeded £60.(KKI were: 2021 Number 2020 Number £60,000- £70,000 £70,000- £80,000 £80,000- £90,000 £90,000 - £100,000 £ioo,000 - £1 10.000 £I10,000- £120.000 £120.(K)0 - £130.OIK> £130.000 - £140,000 15 13 Contributions of £224,296 w¢re made to the Teachers, Pension Scheme. which is a defined benefit scheme, for all but three of the above higher paid employees. For two h2gher paid nploYeeS, ontrTbutions ot. £16,893 were made to Series 4 of the Pensions TNSI, which is a defin¢d contribution scheme. The rnnaining higher paid employee opted out of the Teachers, Pension Scl)ane. Page 31
Wakefield Grammar School Foundation NOTES TO THE FtNANCIAL STATEMENTS Year ended 31 July 2021 STAFF COSTS 2021 2020 Wages and salaries Soci£11 security Pension cosis 12.142,064 12,125,930 1,237,127 1,239,489 2.254,546 2.270,745 15,633,737 15,636,164 None of the Governors rec¢ived any rernuneration or other benefits from the Foundation or from any connected body (2020.. nill. Aggregate employee-benefits of key management personnel 599,781 646,745 ANALYSIS OF EXPENDITURE ON CHARITABLE AcfiviTIES Charitable >etlvlties Staff costs Other cost5 Total 2021 Ttslal 2020 Depreciation Teaching costs Welfare and catering Preinises Administration Other expenditure 11,666,265 714,697 906,014 2.110,732 236,029 133.667 945,152 12,745.084 12,999,847 416,012 1,130,709 1,070,771 1,541,774 3,182,213 3,092,124 734,571 3,061,815 3,278,789 217,515 453.544 505,616 734.425 216.512 15,633.737 1,084,604 3.855,024 20,573,365 20,947,147 GovernAnce costs 27,135 27,135 35.772 Total Expenditure by Charity 15.633,737 1,084,604 3,882,159 20,600,500 20,982,919 Trading costs tsf th¢ subsidiary 28,509 28.509 15,635 Total Expenditsre by Group 15,633.737 1.084.604 3,910,668 20,629,009 20,998,554 Governance costs include the costs of external audit, govemors, liability insurance and governors, expenses. Included in staff costs above are restri¢ted costs of £304.882 relating to ¢ost$ covered by the CJRS Sche]ne 12020.. £490,554). A further £9,997 of restricted funds were spent on operational music eouipin¢nt. All expenditure included by the charity is Considered to be direct expenditu as a result of undertaking the challtable activity. Page 32
Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2021 TANGIBLE FIXED ASSETS Fixliires. Fiiiipigs aiid eqi1ipmgt Machineiy. coirtpiileJ- and oiher eqiiipmenl Freehold luiid biiilclings vehEcles Total GROUP AND FOtrNDATION Cost At l August 2020 Additions in year Disposals in year 30,893,753 216,739 5.114.318 3,657,919 56.066 118.604 12,140 39,678,130 391,409 At31 July2021 31,110,492 5,170,384 3,776,523 12.140 40,069,539 Depreciatioll At l August 2020 Charge for year Disposals in year 12.681.292 734.425 4,296,414 216,512 3,404,542 131,957 10,430 1.710 20,392,678 1,084,604 At31 July2021 13,415,717 4,512,926 3,536,499 12,140 21,477.282 Net book value At 31 July 2020 18.212,461 817,904 253,377 1,710 19.285.452 At31 July2021 17,694,775 657,458 240,024 18,592,257 All tangible fixed assets are owned by the Foundation. In¢luded within the cost OF Freehold land and buildings are assets under Construction with a value of £2.068m. These asseis relate lo the Clayton Hospitsl site. refed lo oil page I I, and are not ¢urr¢ntly d¢pr¢ciated. Page 33
Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2021 7 INVESTMENTS Foiindalio Urtresli'icled Foiindalion Resli'icled Total MARKET VALUE At l August 2020 Additions Disposals Increase in market value 2,778.448 2.166.576 {1,158,8121 334,275 153,686 2,932,134 2,166,576 11,158.812} 362,145 27,870 At31 July 2021 4,120,487 181,556 4,302.043 ANALYSIS OF INVESTMENTS Cash Government gtock Charity deposits Lisied investments 1,198.-fj76 339.756 200.440 2,384,209 1,198,576 339.756 379,502 2,383.974 179,062 4,122.981 179,062 4,302.043 FOUNDATION Unli8ted inva8tments in subsidiaries 100 loo 4,123,081 179,062 4,302,143 The following individual investment consiilutes 50/0 or more of the market value of the overall itiV¢Stment portfolio.. COIF income units 379,502 Included within Unrestricted Investments is £3,103,232 representing part of the Bursary Reserves as shown in note 13. The charity deposits totalling £379.502 consist of 19,418.73 units held in COtF Charities IDvestm¢nt Fund. There are no known inaterial restrictions which might apply on th¢ rralisation of this holding. Unlisied invesiments in subsidiaries: Capilal and Resiillsfor p-esc)rves ¢heyeai' Class tsf shares Company Naliire ofbiisiF7ess /9 held w.i.s. Sale of conftttionery, educational Ordinary (Education) and sports equipment and supply Limited of sundry school activities 100 25,100 Page 34
Wakefield Grammar School Foundation NOTES TO THE FANC[AL STATEMENTS Year ended 31 July 2021 STOCKS Group Foundation 2021 2021 2020 2020 Catering supplies Goods for resale 2,440 993 2,941 1,093 2,000 2.501 3,433 4,034 2.501 DEBTORS Group Foundation 2021 2020 2021 2020 Fee debiors Prepayments and ae¢rll¢d in¢ome Other debto AInounts due from the subsidiaiy undertakiiig 88,913 405,001 11,523 234,587 332,973 23,199 88,913 387,865 11,523 234,587 320,207 17,660 29,534 81,463 505,437 590,759 517,835 653,917 In¢lud¢d in the ainount du¢ Irom th¢ subsidiary is a suin of £5,620 which relates to the subsidiary's su]pIuses for the year and is du¢ to be paid lo th¢ Foundation, und¢r Gift Aid provisions, in the next financial year. 10 CREDITORS.. Amounts falling due within one year Group Foundation 2021 2020 2021 2020 Trade creditors Fees received in advance Advance fees {see note I l) Other ¢reditors Taxatioi) & social security Accruals P¢nsion Funding D¢fi¢it 280,248 332,371 1.761,784 1,588,213 727,754 745,862 842,847 893,190 311,063 304,451 293,175 145,434 16,094 15,625 275,601 332,371 1,761,784 1,588,213 727,754 745.862 842,847 893,190 310,475 301,41 290,010 139.645 16,094 15,625 4,232,965 4,025,146 4,224,565 4.016,317 PugL 35
Wakefield Grammar School Foundation NOTES TO THE FtNANCIAL STATEMENTS Year ended 31 July 2021 CREDITORS.. Amounts falling du¢ aft¢r inore than one year Group Foundatio 2021 2020 2021 202LI Advance lees Pension Fuiiding Deficit 1,505.488 1,589,417 41,782 57,458 1,505,488 41,782 1.589,417 57,458 1,547,270 1,646,875 1,547,270 1,646,875 Advgnee fee payments Parents Inay enter into a contract to pay to the Foundation up to the equivalent of fifteen years tuition fees in advance. M)¢ moiiey inay be returned subject lo specific conditions on the receipt of one tenn's notice. On the assumption that pupils will remain in school the advanc¢ fees will be applied as follows.. 2021 2020 Within I to 2 years Within 2 to 5 years After more than 5 years 496,477 715,647 293,364 498,702 665,397 425,318 1,505,488 1.589,417 2021 2020 Advance fees brought forward Received in year Interest received Adjustments payable Fees for year Net {gains}Ilosses 2,291,395 741,687 2,182 {16,138) {765,322) {20,562) 2,437,557 596,900 10,581 166,9571 {751.4121 64.726 2.233,242 2,291,395 Creditors 43,884 2.233242 2,335,279 Due within one year Due aft¢r on¢ year 727,754 1,505,488 745,862 1,589,417 Page 36
Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS Year elided 31 July 2021 12 RESTRICTED FUNDS The in¢oine funds of the Foundation in¢lude restricted funds coinprising the following unexpired balances to b¢ applied for specific pu]pos¢s. Balance al 31 Julj, 20 Iiiveslmeni Gain(Loss) Incoming Oiiiguipig Balance al 31 Jiilj. ?1 Herbert Wice Exhibition N¢il Spawforth Memorial Miss Mccroben Scholarship WGFIS Scholarship Isobel Fowl¢r Scliolarship Margaret Bentham Chapman Sport$ Hall Wilson Bursary Ford Arl Scholarship Developinent Bursary Fund Developinent Fund Bursary Reserves Miss Knott Legacy QEGS Roche Music Fund Shine Clayton Cainpaign Mavis Moore Legacy Fund Marjorie Ann Holmes Music Fund Coronavirus Job Retention Scheme 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 5.277 1,007 51,971 1,364 49.752 165,069 19,828 3,490 5,951 41,672 42.191 61.912 37,235 102,R97 206,456 51.262 11,717 269,280 5,0 5,003 4,946 14,853 1.851 211 371 2,620 354 20 {500) 732 101 35 66 1,507 3,044 7,073 (1,2761 55,774 5,000 I s,000 304,882 19,9971 (304,882) 1,023.971 27,870 396,864 {316,655) 1,132,050 Coinparative Figures for Year Ending 31 July 2020- Irtl'eslmertl Gain (Loss) Incuming Otstgving B(IlapicE at 31 JLilJ 20 31 Jiily 19 Herbert Wice Exhibition Neil Spawforih Meinorial Miss Mccroben Scholarship WGHS Scholarship Isobel Fowler Scholarship Margarct Bcjitliam Chapman Sports Hall Wilson Bursary Ford Art Scholarship Developinent BuTsary Fund Developinent Fund Bursc1ry Reserves Miss I(nott Lega¢y QEGS R(Khe Music Fund Shin¢ Clayton Cainpaign Coronavirus Job Retention 45,081 1,356 44,355 145.444 17,228 3,178 5,917 40.380 41,946 60,586 35.728 98,569 198,425 71 1,035 (500) 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 11,713 213,506 120 506 25 52 960 2,646 370 29 29 279 210 1260 1500) { 1,000) 180 1,284 2,634 51,262 521 54,190 490.554 {490,5541 {400} 11.765 156,316 (5731 909,274 954 607,270 (493,527) 1,023,971 Page37
Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2021 RestriLted Funds are held for the followinL purposes.. Herbert Wiee Exhibition University of Caiiibridge. to provide scholatships to student8 atiending the Foundation schools or the Miss M¢Croben S¢holarship- to provide scholarships for students of WGHS entering an approved university. WGHS 8cliolarship- to fund 6th fonn scholarships ai WGHS. Isobel Fowler Scholarship- to provide a 6111 foiin scliolarships at WGHS Senior. Wilson Bursary - to provide scholarships based on academic metit and financial need lo pupils from the Metropolitan Borough of Kirklees eniering secondary education at WGHS or QEGS. Ford Art Scholarsliip to provid¢ beiiefils sucli as tlie provisioii of art inaterials. exhibilion visits, or an iiit¢rnship, for pupils at WGHS Senior School aged 13 to 18, who have above average artistic ability. Bursary Reserves and the D¢ve10Ment Burgary Fund - funds don8t¢d specifically io provide iotal or partial cxeinption from the pajinent of tuition and otlier fees for children who need financial assistance to enable than to att¢nd the Foundation's Schools. Miss KJ)ott Legacy- b¢queath¢d froin the will of Miss M A Knott, Headmistress of WGHS Senior from 1949 to 1973, for the use and benefit of Wakeficld Girls, High School. D¢v¢lopm¢nt Fund- to provide for sundry developinent and educational projects as specified by the donor. QEGS Ro¢he Music Fund- to provide benefits for the musical education of SDJdents at WGHS. Shine - to provide for the Foundation'8 Shine "Sersous fun Saturdays" programme after a successful bid for funding. Sliine is a leading educational charity whose focus is social mobility through education. Claon Campaign - for ndS raised, from donations and other sources, to develop the site of the former Clawon Hospital. Mavis Moor¢ L¢gacy Fund- to provide benefit5 to the students at QEGS and WGHS. Marjorie knui Holmes Musi¢ Fund- to piDvide illusi¢ and ¢oinpositioi) ¢quipmenl ai WGHS. Coronavirus Job Retention Scheme - funds received from the UK Governmcnt to prot¢et jobs in the wake of the Covid-19 pandemic. 80 % of the wag¢ costs ol. the furloughcd wnployees was claiined. The other fijnds consist of trust and prize funds set up by individual donors. The restricted funds compris¢ restricted and endowed fullds. Due to the age of some funds. it is difficult to identify endowed fund separately. Page 38
Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2021 13 DESIGNATED FUNDS The incoine fuiids of tl)e Foundation include the following designated funds which have been set aside out of Unrestrict funds by the Govemors for specific putposes.. Moi'emenl in resenJL5 131 Jiily INIEslppiepil Incoming Balance 2020 2021 Scholarship reserves Cyclical repair reserves Extraordinary repair reserve Sundry school reserves Hq)worth Fund - Bursaries Hepworth Fund- Estates Bursary Funds 44,633 62,380 (44.633) 62,380 137,403 570.163 1,492,032 420.675 2,343.629 137,403 595,583 1,454,047 420,675 {6,723) 3,330,409 174,282 (148.8621 {37.985) 236,080 757,423 5,070,915 236,080 931,705 1238,203) 6,000,497 Coinparalive Figures for Year Ending 31 July 2020.. Balunee t 3] Jill) 2019 Movemenl in reserves Iniye51ment Incoming Gain5 Balunce ai 31 Jzlly 2020 Oulgoing Scholarship reserves Cyclical repair reserves Extraordinary repair reserve Sundry school reserves Hepworth Fund - Bursaries Hepworth Fund - Estates Bursary Funds 44,633 62,380 44.633 62,380 137,403 550,227 1,500,684 416,193 1.614,627 137,403 570,163 1,492,032 420,675 124,548) 2,643,629 133.328 17,886 4,482 703.865 {113,392) (26.538) 49,685 4,326,147 49,685 859,561 1164,4781 5,070,915 Designated Funds are held for the following purposes.. Bursary Fund - to provide ioiRI or p2rtial exemption from the panent of tuition and other fees for Childr who need fIiian¢i21 assistance to enable thein to attend the Foundation's Schools. Incoining resources into tlie Bursary Reserves of £757,423 include a transfer froin the Scholarship reserves (see below) and a proportion of fee in¢om¢ r¢¢¢iv¢d during the year. Historically the proportion has been set at 3.5 /,. Schol&rship reserves -thes¢ reserves were ¢ombined with the above Bursary Fund during the financial year due to the similarity in their purptsses. 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 cosi of redev¢lopm¢nr. Cyclical repair reserves - to conlribure lo the cost of rwurring rcpairs. The Governors continue with works to upgrade and iniprove the existing fc1bri¢ of the school buildings aiid part of this is futkded by this reserv¢. Extraordinary repair reserve - held to fund the cosi of unforeseeablc major repairs, as and when required. Page 39
Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2021 Sundry school reserves - funds designated to school activitie5, clubs and Societies. In part these funds arise from amounts set aside each year to cover cyclical costs. such as those of inspeclioii or pi'ospectuses. wliich re occur over a timescal¢ of up to 5 years. The funds also arise from fundraising and donations. sucli as amounts gift aided froin tlie subsidiary company, the proceed5 of which have been designated to be used for speciFic purposes, or as and when required. Hepworth Fund - proceeds from the sale of two sculplures by celebrat¢d fortner Wakefield Girls. High School pupil Dgin¢ Barbard Hepworth. Held for the benefii of present and tuture WGHS sludeiits willi a quarter of the fund (less an amount alrcady expended) intended to jinprove eslales and three quartets intended to support the aim of widening participation Èl the school where Dame Barbara was educated. 14 ANALYSIS OFNET ASSETS BETWEEN FUNDS Designated funds Unrestricted funds Restricted 6Jnds Total funds Fund balances at 31 July 2021 are represented by.. Tangible fixed assets Investn]ents Curent assets Creditors 38,640 3,082,919 2,878,938 18,553.617 1,040,062 5,630,416 (5,780,235) 18,592.257 4.302,043 9,462,342 15.780,235) 179,062 952,988 6,000,497 19,443,860 1,132,050 26,576,407 Coinparative figures ai 31 July 2020.. Tangible fixed assets Investments Current assets Creditors 40.020 1,853,253 3,177,642 19,245,432 925,195 5.729,752 15,672,021) 19,285,452 2.932,134 9,777,679 (5,672,021 } 153.686 870.285 5,070,915 20,228,358 1,023.971 26.323,244 Free reserves toralling £890,243 (2020.. £982,926) Are calculated as oth¢r unrestricted funds of £19.443,860 less tli¢ £18,553,617 carying value of tangible fixed Assets held within unrestricted funds. The Designated Funds are not considered to be"fr¢¢ rcscrveg" as the Foundation has made a commitinent to use these funds for sp¢cifi¢ putposes. Page 40
Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2021 Unrealised g8ins included abov¢: Unr¢strict¢d funds Restricted fi]nds Total runds On investment asseis at 31 July 2021 502,103 124,065 626,168 Reconciliation of moveinent in unrealised gains on investm¢nt assets.. Unrealised gains al l August 2020 Nei gain arising on revaluation Dispos<lls- realised {gainl loss on cost 329.870 365,460 (193,227) 98,689 25,376 428,559 390,836 1193.227) Asal 31 July2021 502,103 124,065 626,168 15 CAPITAL COMMITMENTS 2021 2020 Future capital expenditure.. Contracted for but not provided in the financial stateinents 178.620 16 OTHER FtNANCIAL COMMITMENTS At 31 July 2021 th¢ Foundation was coinmilted to making the following total payments under non cancellable operatiiig l¢as¢s.' 2021 2020 Operating leases payable within l ye2r'. Educational Administryatio 192,022 10,762 160.829 3,144 202,784 163,973 Operating Ivdses payable within 2-5 years EduLalional Adininistryation 140.704 1,305 245.760 3,064 142,009 248,824 Page 41
Wakefield Grammar School Foundation NOTES TO THE FtNANCIAL STATEMENTS Year ended 31 July 2021 17 RECONCII.IATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATtNG ACTtvrriES 2021 2020 Net {outgoing) resourc¢s Elimination of iioii-operating ¢8sliflows: Pension adjusiments Add back depreciation charge Interest receivable Deferred income and advan¢¢ fee payment received, less release Investment income Foreign exchange loss IDecreRsel in stock (Increase)/Decrease in debto IDecreasel/lncrease in creditors (108,7191 (539,4101 263 1,084,604 (8,6051 {102,037) (38,8921 939 16011 85,322 209.988 (13,7361 1,178,911 (45,1361 1122,253) (38.5871 12,377) {23,812} (1.078.404) Nel cash used in operating activities 1,122,262 1680,0501 18 ANALYSIS OF NET CASHIIDEBTI l Aug 2020 MoveTnent 31 Jul 2021 Batth loans and overdrafts Cash at bank and in hand 9,182.866 (229,414} 8,953,472 Net ¢ashlldebt) 9,182,866 (229,414} 8,953,472 19 PENSION SCHEMES Teachers, Pension Scheme Introduction The TPS 15 an unfunded mlllti-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Teach¢rs' Pcnsion Scheme Regulations 2014 (8$ ameiided). M¢inbers contribute on a'pay as you go" basis with contribulioiis from members and th¢ employer being credited to th¢ Exchequer. Retireineiil ai)d other pensioii beiiefits are paid by public fuJ?ds provided by Parliament. The employer contribution rate is sct by the Secretary of State following scheme valuations undertaken by the Goveminenl Actuary's Dq)grt]nent. The niosl recent actuarial N'aluation of the TPS was prepared a9 at 31 March 2016 and the Valuation Report, which was published in March 2019, confinned that the employer contribulion rale for the TPS would increase from 16.4 % to 23.60/, from I Septeinbet 20I9. Employ¢rs are also required lo pay a scheme adininistration l¢vy of 0.080/0 giving a total employer contribution rate of 23.68U/o. The 31 March 2016 Valuation Report was prepared in accordance with th¢ ben¢fLts sel out in the sche¢ regulations and under the approach specified in the Directions, as they applied al 5 March 2019. Page 42
Wakefield Grammar School Foundation NOTES TO THE FtNANCIAL STATEMENTS Year ended 31 July 2021 However. the assuinplions were considered and set by the Department for Edu¢atiOT) prior to the Nling in the 'McCloudlSargeant case.. This ca.8¢ has required the courts to Consider cases r¢garding the implementation of the 2015 refoms to Public S¢rvice Pensions including the Teachers, Pensions. On 27 June 2019 the Suprnne Court denied the government pemission to appeal the Court of Appeal's judgment that transitional provisions introduced to the refornied pension scheines in 2015 gave rise to unlawful age discrimination. The government is respecting the Court's deeisioji and has said it will engage with the Employment Tribiinal as well as cjnployer and Ineinber representatives to agr how the discriminations will be reniedied. 'l-he Gov¢rDiiient announced on 4 February 2021 that it intends to proceed with a deferred choice underyin ui)der which members will be abl¢ 10 choos¢ either legacy or reforn)ed scheine beiiefits in respect of their service during the period benveen l April 2015 and 31 March 2022 at the y)ini they become payable. The TPS is subject to a cost cap iiiechaiiisin wl)ich was put in place to proie¢t taxpayers against unforeseen changes in scheme costs. Thc Chiel. Secretary to the Treasury, hdvingF in 2018 atujounced Ihat there would be a review of this cost cap meclianism. in January 2019 announc a pause to the cost cap mechanism following the Court of Appeal's ruling in the McCloud/Sclrge8Tlt ease and until there is certainty about the value of pensions to employecs from April 2015 onwards. The pause was lifted in July 2020 and a consulration was launched on 24 June on proposed changes to the cost control mechanism rollowing a review by the Government Actuary. The consultation closed to r¢sponse on 19 August 2021 and the Goveminent is currently analy$inLy the responses. In view of the above tulings and dwisions the assumptions used in the 31 Mawh 2016 Actuarial Valuation may become inappropriate. tliis scenario. a valuation prepared in accordan¢¢ with revised benefits and suilably revised assumptions would yield different resLtlis than those contained in the Actuarial Valuation. Until the consultation and the cost cap mechanism review are coinpl¢ted it is not ssible to conclude on any financial impact or future changes to the contribution rat¢s of the TPS. Accordingly no provision for any additional past benefit pension costs is iiicluded in these finanLial statements. Valuatfion of the Teaehers, Penslon Scheme Not less than every four year8 th¢ Goveminent Actuary, using nornial ttetuarial principles, conducts a f0rn121 actuarial review of th¢ TPS in accordance wÈih the Public S¢rvi¢¢ Pensioiis {Valuattons and Employer Cost Capl Directions 2014 published by HM Treasury. The aim of the review is to specify the level of futur¢ contributions. Actuarial scheme valuations are dependeT)t on assuinptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was ¢8rried out a5 at 31 March 2016 and in accordance with th¢ Public Service Pensions (Valuations and Eillployer Cost Cap) Directions 2014. The valuation report was published by the Depall¢nt for Education on 5 March 2019. The key eleinents of the valuation and subsequent consulialion w¢re'. employer ¢ontribuiion rates rose from 16.480/0 10 23.68 1 of pensionable pay (including an 0.080/0 etnployer administration charge) from I September 2019. total s¢hcme liabiliti¢s {p¢nsions currently in payment and the estiinated cost of future benefits) for service to the effective date of £218,100 million, and notional assets {estimated future contributions tOLT¢ther with the notional investments held al ihe valuation date) of £196.100 million giving a notional past service deficit of £22,000 million. the assumed real Tate of return was reduLed from 3 /0 to 2.8¢/0 and then 2.4Tr/o in excess of CPI (Consumer Prices Index). The expected long tertn rate of general pay increases has also been reduced from 4.750/u to 4.2Q/y per annum. During the year under review the employer contribution rate was 23.680/ty. The pension costs paid to TPS in the period amounted to £1,980,082 (2020.. £1.962,315). Page 43
Wakefield Grammar School Foundation NOTES TO THE FtNANCtAL STATEMENTS Year ended 31 July 2021 A copy of the valuation report and supporting documentation is on the Teachers. Pensions website. Under the defiiiitions set out in FRS 102, the TPS is a inulii-einployer pension s¢han¢. The Foundation has accounted for its coniributions to the scheme as if il were a defined contribution scherne. Th¢ Foundation has set out above the inforniation available on the scheme. The Pensions Trust Wakefield Grammar School Foundatiorj patticipales in the scheme, a mulii-employer schpJne which proldeS benefits to some 950 non-associatcd participating ernployer8. A part of the scheme is a defined benefil scheine in the UK. It is not possible for the company to obtain sufficient inforn]ation to enable it lo account for tlie schne as a defined b¢i)efit 5chane. 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 fo¢ on 30 Decnber 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standai'ds issued by the Financial Reporting Council. set out the framework for funding defined benefit occupational pension schemes in the UK. The 8¢herne is classified as a 'last-man standing attangement,. Therefor¢ the company is potentially liable for other participating employers, obligations if those employers are unable lo meet their share of the scheme deficit following withdrawal froni the scheme. Participating omployers are legally required lo meet their sharc of the scheme deficit on an annuity purchase basis on withdrkwal from the scheme. A 11 actuarial valuation for the scheme was carried out at 30 September 2017. This valuation showcd asseis of £794m, liabilities of £926.4m and a deficit of £131.5m. To eliininate this fundinbF shortfall, the Trustee has asked thc participating employers to pay additional contributions to the scheme as follows.. Deficit contributions From l April 2019 to 31 January 2025.. £11,243,000 per annum (payable monthly And increasing by 3 /0 each on 1st April} The recovery plan contributions are allocated to each Eyarticipating employer in line with their estimated %hare of the Series l and Series 2 scheme liabilities. Where the 8ch¢m¢ is in deficit and where thc company has agreed to a deficst funding arrangernent, the company recognises a liability for this obligation. The amount recognised is th¢ net present value of the deficit reduction contributions payable under the aLTeement that relates to the dcfi¢it. The present value is calculated using the di5¢0utti rate detailed in these disclosures. The unwinding of the discount ratc is recognised as a finance cost. Present V*lves of Provision 31 July2021 31 July 2020 31 July2019 Present value of provision 57,876 73,083 86,819 Poge 44
Wakefield Gramtnar School Foundation NOTES TO THE FtNANCIAL STATEMENTS Year ended 31 July 2021 Reconciliation of Opening and Closing ProTrTrsions Year Ending 31 July2021 Year Ending 31 July 2020 Provision at start of period Unwinding of the discount factor (interest expense) Deficit coniribution paid Re Ineasureinents - iinpact of any change in assumptions Re Ineasureinents- ainendments to the contribulion SLhedule 73,083 388 115,6251 30 86,819 786 (15.170} 648 Provision at end of period 57,876 73,083 Ineome and Expendlture Impact Year Ending 31 July2021 Ycar Ending 31 July 2020 Illtert expense Re measurements - iinpact of any change in assumpiions Re measuremenis- amendments to the contribution schedule 388 30 786 648 Costs recognised in income and expenditure account 418 1,434 Assumptlons 31 July2021 31 July 2020 /0 per annum 31 July2019 /0 per aiinuin /0 per annu Rate of dis¢ount 0.57 1.00 The discount rates shoivn abov¢ arc the equivalent single discount rates which, when used to discount the future recovcry plan coi)tributions du¢, would give the saine results as using a full AA corporate bond yield curve to discount the same recovery plan contribuiions. The pension charge for the year in¢lude$ contributions payable to the scheme of £274,464 (2020.. £297.748} ¢xcludTrDg th¢ funding d¢ficit above. Friends Provldent The school also contributes to Friends Provident pension scheme whi¢h is a defined contribution scheme. The pension charge for the ye2r includes Contributions payablc to thc sch¢in¢ of £6,553 {2020.. £7,164). 20 RELATED PARTY TRANSACTIONS A number of Governors have children who attend the Foundation schools. Govemors pay nornial school fees on commercial ternis. Page 45
Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2021 The Foundation has a IOOO/p interest in its trading subsidiary W.l.S. (Education) Limited. During the year ended 31 July 2021 administration bnd estate8 servi¢cs h2ve been provided by Wakefield Graminar School Foundation on an anns length basis, with a Inanagemenl charges of £3,675 payable by W.l.S. (Education) Liiiiited (2020.. £6,499). At the year end th¢re were aniounls outstanding to Wakefield Grammar School Foundaiion of £29,534 (2020.. £81,809). 21 OTHER CHARITIES WAKEFIELD CHAIUTIES. HOMES The Governo and the Bursar of the Foundation provide trust¢¢ and management services lo Wakefield Charities, Flonies, an almshouse charity and Registcrcd Social Landlord which provides low cost accoininodation for eldeily people in need who have coniiections with the City of Wakefield. Durii)g th¢ y¢ar under review manageinent cliarges of £4,840 12020.. £4,840) were payable by Wak¢field Chatuties. Home5 to the Foundation for administration services provid¢d on an anns length basis. Thc thnds below, which are also administered by the Govemors of Wakefield GraTnmar School Foundation, are included separately, on pagcs 49 and 50, as filnds piovided for specific pury)08es, and do not foTm a part of the Foundation's actipities. BROTHERTON SCIENCE SCHOLARSHIP Bequcathed by the Will of the late Lord Broth¢rton of Wakefield to provide for the establishTnenl of a scholarship for the study of physics and chemistry at the Universities of Manchester and Lecds. WILSON AND BROMLEY'S CHARrrY B¢queath¢d separately by the Will of Richard Wilson dated 7 December 1672 and John Broinl¢y dated 3 January 1722 and ainal¥ainated to provide an annual incom¢ to the Vicar and Curate of Wakcficld. Page 46
Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2021 22 W AKEFIELD GRAMMAR SCHOOL FOUNDATION OWN RESULTS The Foundation's own results for the year included in the Consolidated Stalthnent of Finaiicial Activities were'.- 2021 2020 tNCOME AND ENDOWMENTS FROM.. Charzt17hlc ciLlii'ili(.¥ Fees receivable Less bursaries. scholarships and fee assistanLe 22,769,724 12,951,853) 22,294,425 (3,OLH,014) 19,817.873 19,250,411 Oihep Irading aclii?ilies Coininercial operations Incoine from Subsidiary Other activities 78,335 5,620 33,526 95,541 60,438 56,395 Investment income Bank aiid oth¢r int¢r¢st Voliinl<iiy Soiirc Donations. legacies and Grants Property. Sales Gains on sale of properties 38.892 8,605 38,587 45,134 502,120 738,886 147,840 T(yfAL INCOMING RESOURCES 20.484,971 20,433,232 EXPENDITURE ON.. Charitnblg aclivitigs School Operating Costs 20,593,6gX) 20,972,742 NET OUTGOING FUNDS FROM OPERATIONS BEFORE INVESTMENT GAINS AND LOSSES (108,719) (539.510) Gains on investments 362,145 75,253 NET NCOME AND CAPITAL INFLOW 253,426 (464.257) Pension S¢heme actuarial {losse$) gains (263) 13,736 N¢t Inovement in funds for th¢ ar 253,163 (450,521) Fund balances brought torward at l August 2020 26,298.144 26,748,665 FUND BALANCES CARRIED FORWARD AT 31 JULY 2021 26,551,307 26,298,144 Page 47
Wakefield Grammar School Foundation NOTES TO THE FtNANCIAL STATEMENTS Year end¢d 31 July 2021 23 CONSOLIDATED STATEMENT OF FINANCIAL ACTtVlTIES- Coinparative figures by nd type Year ended 31 July 2020 Endowed & Restricted funds Unrestricted nds Total funds 2020 INCOME AND ENDOWMENTS FROM.. Charilable aclivities Fees receivable Less bursaries, scholarship5 and fee Assistance 22,294,425 13.041.614) 22294.425 13,044,014) (2,4(K)) 19,252,811 (2,400} 19,250,411 Oiher Irading netiviligts Commercial trading operations Other activities Inveslpnenls Inve5tinent income Bank and other interest VolLIIFtaiy SoL¢rc' Donations, legacies and Grants Property Sales Gains on sale of properties 181,890 56,395 181,890 56,395 36,138 40,814 2,449 4,321 38,587 45,135 138,386 6(X).5(K) 738,886 147,840 147,840 TOTAL tNCOMtNG RESOURCES 19,854,274 604,870 20,459,144 EXPENDITURE ON: Charit¢7ble aclivili&f School Operating Costs RaisingfLinds Coinmercial trading op¢rations 20,491,792 491,127 20,982,919 15,635 15,635 TOTAL EXPENDITURE 20,507,427 491,127 20,998,554 NET INCOMtNG FUNDS FROM OPERATIONS BEFORE tNVESTMENT GANS AND LOSSES (653.153) 113,743 1539,410) Gains on tnvestments 74,299 954 75,253 NET tNCOME AND CAPITAL (OUTFLOWlItNFLOW Pension Scheme actuarial gain(loSses) {578,854} 114,697 1464,157) 13.736 13,736 Net movem¢nl in funds for the year {565,118) 114,697 1464,157} Fund balances brought forward at l August 2019 25.8&1,391 9119,274 26,773.665 FUND BALANCES CARRIED FORW ARD AT 31 JULY 2020 25,299,273 1,023,971 26,323,244 Page 48
Wakefield Grammar School Foundation BROTHERTON SCIENCE SCHOLARSHIP tNC.OMF AND EXPENDtruRE ACCOUNT for the year endcd 31 July 2021 2021 2020 tNCOME Interest receivabl¢ Investment incoine 2.314 2,293 TOTAL tNCOME 2,315 2,302 EXPENDITURE Scholarships awarded Stockbrokers chargGS Other Charges 500 500 TOTAL EXPENDITUIIE 500 500 SURPLUS FOR THE YEAR 1,815 1,802 BALANCE SHEET AT 31 JULY 2021 TOTAL ASSETS Inveslinents {at market value) Cash at bank D¢btor Cr¢ditor 79,521 5,747 32,512 68251 5,747 28,693 117.780 102.691 Represented by: Aeeumulated fund At l Augusi 2019 Su}s for the year Gain on revaluation of investments 102,691 1,815 13,274 100,094 1,802 795 At31 July2021 117.780 102,691 Pllge 49
Wakefield Grammar School Foundation WILSON AND BROMLEY'S CHARITY Year ended 31 July 2021 INCOME AND EXPENDITURE ACCOUNT for the year ended 31 July 2021 2021 2020 JNCOME Interest receivable TOTAL COmE EXPENDITURE 25 (DEFICIT) FOR THE YEAR 241 BALANCE SHEET AT 31 IULY 2021 TOTAL ASSETS Cash at bank Creditor 573 {2501 573 250} 323 323 Represented by.. Accumulated fund At l August 2020 {Deficitl for the year 323 347 { 24) At31 July2021 323 323 Ptjge 50