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2023-08-31-accounts

Company Registration No. 04258359

Wakefield Grammar School Foundation and Associated Charities

FULL DETAILED FINANCIAL STATEMENTS

for the 13 month period ended

31 August 2023

Company Registration No. 04258359 Registered Charity No. 1088415

Wakefield Grammar School Foundation and Associated Charities

STATUTORY FINANCIAL STATEMENTS

for the 13 month period ended

31 August 2023

Wakefield Grammar School Foundation GOVERNORS’ REPORT FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2023

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

Throughout this document the following abbreviations are used:

Queen Elizabeth Grammar School — QEGS Wakefield Girls’ High School - WGHS Wakefield Grammar Pre-Preparatory School - WGPPS

GOVERNORS, DIRECTORS AND CHARITY TRUSTEES

,

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

Co-opted Governors

Mr S Chamberlain 1 2345678 (Chair of Governors, term of office ended 1 December 2023) Mr S Butterworth 1 3 7 8 Mrs E Jones 1 2 (resigned 13 May 2023) Mrs F Galbraith 2 4 5 Mrs C Harrison | 3 9 Mr J Jeffries 12789 Dr S Khan 3 7 8 Mr J Lewis 1 3 9 Mr1IA McKinlay 3 6 8 Mrs H Massey 2 6 7 8 Mrs K Morgan 1 3 8 Mr H Patel 2 (appointed 30 November 2022 ; resigned 22 January 2024) Miss E C Peckett 2 6 7 Mrs P Plumpton 2 4 5 (Safeguarding Governor) Mr M Shevill 1 3 (appointed as Chair of Governors | December 2023) Miss A J Tetley 2 5 (retired 1 December 2023)

Nominated Governors

Canon J Rhodes 2 3 4 8 (resigned 15 June 2023)

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Wakefield Grammar School Foundation GOVERNORS’ REPORT FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2023

KEY MANAGEMENT PERSONNEL

Director of Finance and Operations Mrs J Cocker (also Company Secretary) QEGS Head Dr R Brookes WGHS Senior School Head Ms H-J Boyes WGPPS Head Mrs E Gill ADDRESSES

QEGS Senior School QEGS Junior School 154 Northgate 158 Northgate Wakefield Wakefield West Yorkshire West Yorkshire WFI 3QX WFI 3QY WGHS Senior School WGHS Junior School Wentworth Street 2 St John's Square Wakefield Wakefield West Yorkshire West Yorkshire WFI1 2QS WFI1 2QX WGPPS Margaret Street Wakefield West Yorkshire WFI1 2DG

REGISTERED OFFICE Wakefield Grammar School Foundation AND PRINCIPAL PLACE Governors’ Office OF BUSINESS: Green House 158 Northgate Wakefield West Yorkshire WF1 3UF BANKERS: Barclays Bank ple Svenska Handelsbanken AB (publ) Trinity Walk Shopping Centre Unit 10 Teall Way Navigation Court Wakefield WF1 1QS Wakefield WF2 7BJ Nationwide Building Society Business Savings Commercial Division The Observatory Chapel Walks Manchester M2 1HL

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Wakefield Grammar School Foundation GOVERNORS’ REPORT FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2023

AUDITORS:

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||||||||| |---|---|---|---|---|---|---|---| |AUDITORS:|Saffery|LLP| |Mitre|House| |North|Park|Road| |Harrogate| |North|Yorkshire| |HG1|5RX| |STOCKBROKERS:|Julius|Bar|International|Ltd|Rathbone|Brothers|Plc| |The|Platform|Port|of Liverpool|Building| |New|Station|Street|Pier|Head| |Leeds|Liverpool| |LS1|4JB|L3|INW|

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During the period, the charitable company has changed the accounting reference date to 31 August, therefore the Governors present their annual report for the 13 month period ended 31 August 2023, under the Charities Act 2011 and the Companies Act 2006, together with the audited financial statements for the year. The Governors confirm that the financial statements comply with the requirements of the Act, and Reporting by Charities: Statement of Recommended Practice 2015 applicable to charities preparing their accounts in accordance with the Financial Report Standard applicable in the UK and Republic of Ireland (FRS 102).

DEFINITIONS

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

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

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HISTORY AND STATUTORY INFORMATION

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

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

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

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Wakefield Grammar School Foundation GOVERNORS’ REPORT FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Governors determine the strategy and general policies of the Foundation and its Schools and meet as a Board a minimum of three times a year. The Governors discharge their responsibilities through a Committee Structure which covers all aspects of Foundation administration. There are committees for Finance, Investment, Risk and Compliance, Strategy, Fundraising and Governor Education Committees for each individual school within the Foundation. The Board normally consists of nineteen Governors. Of the nineteen full Governors, eighteen are co-opted and one is nominated by the Chapter of Wakefield Cathedral. The Board of Governors has responsibility for ensuring that the Board contains members with the skills and dedication necessary for the operation of an educational charity, whilst representing fairly the interests of each school in the Foundation together with the interests of the local community. New Governors, other than nominated Governors, are selected if possible from a pool list maintained for this purpose and are approved by the Board prior to appointment.

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

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

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

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

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

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

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

The Foundation carries out periodic parental surveys. A full, detailed parental survey was carried out in December 2021. Parental feedback is also sought on occasions, the last time being in January 2021 to assist with decision-making regarding the new pre-preparatory school. Staff are able to contribute to decision making primarily through the termly meetings of the Foundation's Joint Negotiating and Consultative Committee. The meeting is chaired by a Governor and attended by the Heads and two representatives from each school.

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

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Wakefield Grammar School Foundation GOVERNORS’ REPORT FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2023

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

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

AIMS, OBJECTIVES AND ACTIVITIES

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

At 31 August 2023 the Foundation comprises a boys’ school (Queen Elizabeth Grammar School), a girls’ school (Wakefield Girls’ High School) and a co-educational pre-preparatory school (Wakefield Grammar Pre-Preparatory School). Both QEGS and WGHS take pupils from age 7 through to age 18. WGPPS offers places from age 3 to age 7.

The Foundation’s vision is to empower long lasting contributions to society through a shared joy of learning. This vision is supported by a mission to provide education in a supportive, engaging and inclusive environment that inspires young people to develop their abilities, strengthen their character and fulfil their potential.

During 2022 the Governors and Executive Team developed and approved a strategic plan for the period 2023-2028. This plan emphasises the continued commitment to the Foundation’s vision and values and recognises the significant financial challenges facing the independent school sector. The overriding strategic objective is to secure organisational sustainability, to enable the continued success of our schools and our pupils.

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

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

During 2022/23, the focus has been on the continued achievement of academic performance, ensuring access to the education provided by Foundation schools is maintained as wide as possible and promoting a culture that encourages the well-being of our pupils.

The Foundation continues to invest in our facilities. A rolling programmes of classroom refurbishments, ICT upgrades and energy efficiency works has continued and during Summer 2023, the Foundation made significant investments in the improvements to QEGS Sixth form facilities and a new astro-turf hockey pitch.

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Wakefield Grammar School Foundation GOVERNORS’ REPORT FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2023

In January 2018 the Foundation, after many years of detailed planning and negotiations, completed the purchase of the site of the former Clayton Hospital from Mid-Yorkshire NHS Trust. Following planning negotiations, the site was mostly cleared with the 19"" Century Pavilion building being retained. In May 2023 planning permission was granted to undertake works to secure and safeguard the historic Pavilion building and to landscape the remaining site.

PUBLIC BENEFIT

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

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

Bursaries

The Foundation provided financial assistance to 315 pupils in 2022/23 (275 in 2021/22). This represents 17% of the 2022/23 average total school roll of 1,877 pupils (15% in 2021/22). The monetary value of the financial assistance was £2,385k (£2,222k in 2021/22) which is 9% of the total fee income (10% 2021/22). Financial assistance is given in the form of bursaries, short term awards to relieve hardship, and support for uniforms, travel to school and for educational trips. The Foundation also has a number of modest scholarships which are used to acknowledge pupils’ academic or sporting excellence or provide financial assistance to certain qualifying pupils.

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

During the year, bursaries were available where household income is below £50,000; this has been increased to £65,000 for 2023/24. Information on how to apply for bursaries is provided in the schools’ prospectuses and on the Foundation website.

Bursaries are principally awarded in year 7, although applicants from parents are welcome at other times if financial circumstances change. WGHS Senior School offers a further free place, the Hepworth-Knott bursary which is funded from the sale proceeds of two sculptures by former pupil Dame Barbara Hepworth and a legacy from Miss Margaret Knott, a popular, long-serving former Headmistress. In the prior year, QEGS received a generous legacy gift from the family of Anthony Albert Denton with the final amount being received in 2022/23. The legacy will be held as an endowment and will enable a 100% funded bursary to be made available to a senior boy.

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

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Wakefield Grammar School Foundation GOVERNORS’ REPORT FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2023

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

Partnerships with State Schools

Partnerships with State Schools: ISSP

Wakefield Grammar School Foundation has been involved in Independent State School Partnerships (ISSP) since they were introduced in 1997. This has enabled meaningful collaboration between the schools in the delivery of Maths and Science, professional development of teachers and science outreach to local primary schools.

Partnerships with State Schools: SHINE

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

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

WGHS has extended this so that in the Spring Term EDGE block, some Year 12 pupils from WGHS will visit these Primary schools on a Thursday afternoon to assist in the classroom, delivering various activities. QEGS has also run a summer reading programme with boys from Y10 and 11, volunteering to help students with their reading skills.

Partnerships with State Schools: Joint Latin teaching

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

From this initiative St Thomas 4 Becket pupils have the opportunity to learn Latin which no other state school pupil in the Wakefield area does, and this also benefits both their English and Modern Languages learning. It offers a real academic challenge, with Latin’s statistical record as the most difficult GCSE of all. As a school St Thomas 4 Becket gains as a “flagship” programme for their gifted and talented pupils and it adds an academic profile to the school which it has not had before. A number of pupils are enabled to gain the EBacc qualification that would not otherwise do so.

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Wakefield Grammar School Foundation GOVERNORS’ REPORT FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2023

In the last few years, the previous Head of Classics at QEGS also led five trips to Rome for pupils from St Thomas a Becket which brings immense benefits beyond the classroom with the reputation of QEGS being enhanced considerably by its association with these trips. More information is available on the Schools Together website:

https://www.schoolstogether.org/case-studies/?schoolld=7 1206

WGHS Partnership with State Schools: Barnsley Academy

WGHS continues to work with Barnsley Academy on a program to inspire and encourage aspiration in terms of destinations and careers for gifted and able year 11 pupils.

Year 11 pupils from Barnsley Academy have attended lessons in subjects they might be interested in pursuing at A level and we have provided them with advice, support and guidance in terms of the subjects required, preparation needed and recommended reading towards applications for medicine, dentistry, veterinary and Oxbridge.

Patient Liaison Volunteers

Working with our local hospital, Pinderfields, Year 12 and 13 pupils have the opportunity to apply for a role as a Patient Liaison Volunteer. They become part of the Mid Yorkshire team and play a crucial role in enhancing the experience of patients, carers, visitors and staff. They do this by performing a wide variety of tasks throughout the Trust to complement the work of our nurses and other paid staff. The pupils get handson experience in a hospital environment and have a huge impact on our patient services and life in hospital. As well as the difference they make to others, our pupils describe the positive impact being a volunteer has made on their own lives, helping them to meet new friends and improve their self-confidence and motivation, and feeling they have a valuable contribution to make which is greatly appreciated. Pupils have donated many 100s of hours over the past 5 years of the partnership and have changed the experience of many elderly, isolated and hospital bound patients. During the pandemic pupils were on the front line assisting with technology that enabled patients separated from loved ones to communicate for example using ipads, facetime and skype.

Widening Participation

We seek to level the playing field for the most disadvantaged pupils through the use of a range of measures that promote widening participation through contextual admissions and additional academic support at 6th Form. On application to join year 12 following GCSE we have taken into consideration a range of similar factors to those used by higher education institutions including:

‘ You are the first generation of your immediate family to go to university. : You attended a school achieving below the national average at GCSE (Attainment 8 score). : Your studies have been disrupted by circumstances in your personal, social or domestic life. : You live in an area with low progression to higher education (see our online postcode checker). Usually polar 4 quintile 1 or 2. ‘ You live or grew up in public care.

Our Widening Participation Program has been designed to provide support by using academic activities and tasks that prepare pupils for success at A level, bridging the gap between ability and attainment. A support package for parents of pupils from widening participation backgrounds, to commence in Autumn 2023, has been designed particularly to support parents who did not go to university themselves and/or those whose own experience of education is not in the UK education system meaning they need more support in order to help their child to realise their potential. We also aim to support parents and guardians to see value in some of the post 18 opportunities such as higher education. Towards the end of the 6th form journey we also help these pupils to identify and access those widening participation opportunities, contextual offers, scholarships and bursaries they are eligible for in post 18 university admissions.

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Wakefield Grammar School Foundation GOVERNORS’ REPORT FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2023

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

Local clubs and organisations which were able to benefit during the year included Yorkshire Philarmonic Choir, Wakefield Hospice, Wrenthorpe Badminton Club, Wakefield Concert Society, Diddikicks and Calder Valley wood carvers amongst others. Additionally Atlantis Swimming School hired the swimming pool for teaching children to swim.

In July 2007 the Foundation granted a license at no cost to Next Generation, a local youth group, for it to use the Foundation-owned Stanley Royd playing fields in Wakefield for junior sports, primarily football and cricket. The fields are also used by Next Generation for community events and they provide a focal point for young people in the area. Further to this, in September 2014 the Foundation entered into a formal lease with Next Generation for the fields and this has facilitated an arrangement for Wakefield College to use the fields for some of their sports courses. This lease was extended in 2019 and Next Generation, the local community and Wakefield College continue to benefit from the arrangement.

Charity fundraising and charity events continue to be a regular and important feature of school life, ranging from high profile annual events, such as the WGHS Christmas Charity Fayre and Foundation Charity Fayre to support for individual charities and pupil-led events, most notably cake sales. The school’s Charities Committees play an important role in this, democratically deciding which charities are support each term/academic year.

The funds raised by the WGHS community - as a through school — for the year are £12,148.

In QEGS, the House system plays a huge role in charitable activities with each house supporting a local charity: Bentley support Yorkshire Children’s Charity; Cave support Wakefield Hospice, Freeston support Andy’s Man Club and Savile support Yorkshire Air Ambulance.

The funds raised by the QEGS community - as a through school — for the year are £15,800.

The Y10 Enterprise Teams also raise money for FairShare by creating and selling products at the concerts and drama production. The money raised goes straight to helping feed the homeless; the junior section also raised money in their tenner challenge.

Each year WGPPS pupils, parents and staff nominate the charities they would like to fundraise for. Sick Children’s Trust, Horticare and Martin House were selected as the nominated charities for 2022-23 and the school raised £1,081 for these charities. An additional £413 was also raised to support the Disaster Emergencies Committee. For 2023-24 WGPPS pupils have selected Leeds Hospital Charity and Wakefield Hospice as their nominated charities.

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

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Wakefield Grammar School Foundation GOVERNORS’ REPORT FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2023

DISABLED PERSONS

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

EMPLOYEE INFORMATION

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

STRATEGIC REPORT

REVIEW OF THE YEAR AND FUTURE DEVELOPMENTS

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

Like many independent schools, the Foundation has been operating in challenging circumstances. The legacy of the Covid pandemic continues to be felt financially, pastorally and for some pupils academically. Inflation has been a particular challenge during this financial period with utilities, catering, transport and estate maintenance costs particularly impacted.

The Foundation is also aware of the potential introduction of VAT on school fees and is scenario planning for the potential impact and required actions.

The Foundation is mindful that parents are facing the same financial difficulties in their private finances and whilst the pupil roll has remained strong at 1,879 (2021/22: 1,875) we are alert to the financial pressures that some families face.

The Foundation remains committed to providing the opportunity for pupils to attend Foundation schools regardless of their circumstances. In 2022/23, 315 pupils received financial support (2021/22: 275 pupils). This represents 17% of the pupil body, a small increase from 15% in the previous year, a figure that has risen significantly from just under 10% in 2005/06. Further information on the Foundation’s bursary policy is given in the Public Benefit section of this report.

Academic Achievements

Nurturing a joy for learning is fundamental to the vision of the Foundation. The encouragement and celebration of learning means that the Foundation’s schools consistently achieve strong academic results at each stage of a student’s schooling.

WGPPS continues to set ambitious academic targets that aim for all children to be working at 105 or above in standardised testing in reading, SPAG (spelling, punctuation and grammar) and Maths by the end of Year 2.

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Wakefield Grammar School Foundation GOVERNORS’ REPORT FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2023

The Foundation was delighted that a WGPPS pupil has been selected as a finalist in the BBC 500 words writing competition. The same pupil has also won a national film making competition and has had her stories and poems recently published.

Once again WGHS and QEGS continued to perform well in the 2023 public examinations for both A Levels and GCSE.

At WGHS, this year’s cohort of A-Level pupils achieved 51% A to A grades and 76% of results achieved were at grades A to B. 22 girls achieved impressive multiple top grades of 3 or more A-Levels at grade At/A.

At GCSE, WGHS pupils secured an impressive set of results with 56% of all grades falling in the 9 to 7 bracket. Furthermore, 34% of results were graded 9 or 8, equivalent to an A*. Five girls achieved grade 9 or 8 in every subject.

At QEGS, this year’s cohort of A-Level pupils achieved 47% A to A grades and 70% of results achieved were at grades A to B. 29 boys achieved impressive multiple top grades of 3 or more A-Levels at grade A/A. The truly excellent achievement of at least 3 A grades at A Level was attained by 8 boys with one boy achieving an incredible 5A* grades.

At GCSE, QEGS pupils secured a very pleasing set of results with 58% of all grades falling in the 9 to 7 bracket. Furthermore, 36% of results were graded 9 or 8, equivalent to an A*. Six boys achieved grade 9 or 8 in every subject.

The Foundation continues to roll out its digital learning strategy. Chromebooks supplied to senior school pupils proved to be advantageous during Covid home learning and continue to have significant benefit in both the classrooms and to enable further home studies.

Extra-Curricular offer

The Foundation continues to place great emphasis on the benefits of a broad and inclusive educational experience. The schools offer a full and varied programme of extra-curricular activities either offered within our timetable through the EDGE programme, Forest school or at lunchtime or after school. This has enabled students to engage in opportunities as diverse as Japanese cookery and Musical Theatre. The Foundation believes that students gain real benefit through the participation in these activities and feedback from students and parents supports the benefits of these activities in improving pupil well-being and academic achievement. Participation ensures that our students receive an excellent rounded education.

Feedback is taken from pupils with student voice opportunities expanding each year and from parents so the schools are able to adapt their offer dependent on the interests of current pupils. There are strong links with a range of clubs and partnerships across Wakefield and the wider community which give our pupils pathways to enable them to contribute in a vast range of activities.

Employees

The average number of employees across the Foundation was 382 in 2022/23 compared to 410 for the previous year. The reduction is primarily relating to non-teaching staff. On 1 August 2022, the Foundation began a contract for the supply of school catering with Holroyd Howe. Catering had previously been delivered in house and 37 catering staff were transferred to Holroyd Howe on | August 2022.

Estates

The Foundation has the benefit of a significant but complex estate. The Foundation invests in both maintenance and improvement to ensure that an appropriate learning environment is available for all students. Fixed asset additions were £1,406k (2021/22: £1,528k). The main projects have included the

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Wakefield Grammar School Foundation GOVERNORS’ REPORT FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2023

refurbishment of the QEGS sixth form centre, development of the hockey pitches along with the continued planning and development of Clayton.

The Foundation continues to ensure that health and safety is a priority. The Foundation has a robust health and safety management system, with review, inspection and Governor oversight a key part of ensuring effective compliance. The majority of health and safety incidents reported relate to student slips, trips and falls. During the year there were two reportable health and safety incidents neither in which have resulted in any further action or requirements.

Pupil Numbers

Average numbers of pupils in the schools were:

2023 2022
Number Number
WGHS Senior 620 604
WGHS Junior 156 161
QEGS Senior 719 708
QEGS Junior 161 178
WGPPS 221 210
TOTAL 1,877 1,861

FINANCIAL RESULTS

The Foundation has chosen to amend its accounting reference date to 31 August resulting in a thirteen month period being reported in these results. The change in accounting reference date brings the school and financial year into better alignment.

In terms of financial performance, 2022/23 proved a challenging year for the Foundation. The result for the year shows a loss on unrestricted activities from operations for the 13 month period of £1,316k. This result includes 12 months of fee income and 13 months of salary and other costs. After adjusting for the salary costs in August 2023, the Foundation’s result would have been a surplus on unrestricted activities from operations of £44k (2021/22: loss of £577k). The Foundation does not generate significant non-fee income in August, and operating costs other than salaries are minimised during August school holidays. Investment performance was also impacted by general economic and market conditions and an unrealised loss on investments of £125k is reported (2021/22: loss £312k).

Total unrestricted incoming resources for the period were £24,020k (2021/22: £21,320). Of this total, 96.9% relates to fee income (2021/22: 97.6%).

The Foundation also received the final payment of a legacy of £192k from the estate of Mr AA Denton. In line with the donor’s request, this restricted endowment fund will be invested and income generated from investments will be used to support bursary provision at QEGS.

During the 13 month period, and against a background of high inflation, the Foundation has continued to carefully manage costs. Expenditure on unrestricted activities was £25,223k. Adjusting this for August 2023 salary costs gives unrestricted expenditure of £23,862k (2021/22: £21,897k).

Teaching and support staff received a pay increase of 5% in 2022/23.

During the period, the Foundation remained an active member of the Teachers’ Pension Scheme. The anticipated, and now confirmed increase in employer contributions from 23.68% to 28.6% from 1 April 2024 has been identified as a significant financial risk for the Foundation. Post year-end, in October 2023, the Foundation entered a period of consultation with Teachers regarding TPS membership that concluded with

Page 12

Wakefield Grammar School Foundation GOVERNORS’ REPORT FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2023

the closure of TPS to new entrants and an agreed change to current teacher’s remuneration to share the additional cost impact of the increased employer contributions.

The Foundation has significant financial investments. These are managed by professional investment management companies. Investment income is used to support a range of restricted and unrestricted activities, but principally to support bursary provision. There have been no significant changes to the investment portfolios this year. Governors continue to review investment performance and to ensure that the Foundation is actively managing cash balances.

The Statement of Financial Activities shows a deficit for the period of net incoming funds from operations, including endowed and restricted activities of £1,056k. Adjusting for August 2023 salary costs, the Foundation result was a surplus of £304k (2021/22: net incoming funds of £578k). The Foundation has worked hard to maintain its liquidity position and Governors consider the financial position as at 31 August 2023 to be satisfactory considering the economic background and impact of the pandemic. Net assets have decreased £1,056k from £26,876k to £25,820k due to the loss on activities over the 13 month period. The Foundation had a net current liability position of £413k, however, is able to access liquid investments to boost cash reserves if required.

The accounts have been prepared on a going concern basis. Governors consider there to be no material uncertainty which casts doubt on the Foundation’s ability to continue as a going concern.

RESERVES POLICY

The Foundation’s Reserves Policy requires the Foundation to hold, or aim to hold, free reserves of a minimum of £3 million, as a contingency in order to maintain the stable operation of the school in the case of a future unforeseen event. Free reserves are considered to be unrestricted funds, excluding the Designated Funds and excluding the carrying value of tangible fixed assets held within general reserves. They are as shown in note 13 of these accounts.

The Foundation’s total reserves of £25.8m at the period end included £2.5m restricted and endowed funds and £23.3m unrestricted funds. Of these unrestricted funds, £6.3m is held in Designated Funds. The Designated Funds are not considered to be “free reserves” as the Foundation has made a commitment to use these funds for specific purposes. The Foundation does not hold any free reserves at 31 August 2023 (31 July 2022: £Nil). Free reserves stated with the inclusion of the designated funds were £4,190k (2021/22: £6,457k).

Going forward the Governors are overseeing a comprehensive series of reviews with the aim of ensuring financial sustainability and a return to a positive free reserves position for the Foundation. Reviews are anticipated to conclude by December 2024 with a series of recommendations for Board approval.

The reviews are being undertaken to address the need to ensure a financially sustainable operating model, and also to plan for the significant change that may impact the Foundation if VAT on school fees or charitable exemptions such as business rates relief are removed from the independent school sector.

RISK MANAGEMENT

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

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

Page 13

Wakefield Grammar School Foundation GOVERNORS’ REPORT FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2023

and the Board on a termly basis. The risks are classified on the register as High, Medium and Low and are quantified based on a score for both level of impact and likelihood of occurrence.

The Governors believe that appropriate controls are in place to manage these risks successfully. Governors monitor the effectiveness of the controls, including providing insurance cover where appropriate, by which those risks identified by Governors can best be mitigated.

The key controls used by the Foundation include:

The Governors of the Foundation consider its underlying financial 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 term view is taken.

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

INVESTMENT POWERS, POLICY AND PERFORMANCE

The Governors are permitted to invest available funds at their absolute discretion. The Governors delegate the management of the Foundation’s investments to Julius Bar International Ltd and Rathbones who report to the Finance Committee every year, including performance comparison and sector bench-marking. The Finance Committee has set out its investment principles, the specific long-term objectives of which are the achievement of a balance of income and growth with total annual returns at least matching the performance of the ARC PCI Global Balanced index.

Between 31 July 2022 and 31 August 2023 the value of the Foundation’s investments experienced a 1.5% decrease (after adjusting for net additions and disposals) in market value. The Foundation’s investment portfolio performance whilst disappointing, reflected general market performance.

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Wakefield Grammar School Foundation GOVERNORS’ REPORT FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2023

In addition to the above investments, the Foundation holds £5.7m cash at bank in instant access or up to 95 days’ notice accounts. This balance can vary significantly depending upon the time of year is principally held to support day to day operations and regularly accessed designated funds.

The Investment Committee will continue to review investment performance and cash balances with the goal of making recommendations for improving the return on these assets.

FUNDRAISING

Approach to Fundraising

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

The Foundation has a Development Office that has primary responsibilities for:

Working with professional fundraisers

During the year, WGSF has not worked with any external professional fundraisers.

Fundraising conforming to recognised standards

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

Monitoring of fundraising carried out on its behalf

During the year, WGSF has not worked with any volunteers to deliver fundraising.

Fundraising Complaints

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

Protection of the public including vulnerable people

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

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

Page 15

Wakefield Grammar School Foundation GOVERNORS’ REPORT FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2023

STREAMLINED ENERGY AND CARBON REPORTING (SECR)

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

Emissions Detail by Scope

P LocationBased BasedMethod Market BasedMethod Method
Pt 2022/23 2021/22 2022/23 2021/22
TotalScope 1 Fawn 4,559,983 4,615,562 4,559,983
TotalScope2 fawn 1,417,698 1,457,826 1,417,698 1,457,826
TotalAllScopes 5,977,082 6,073,387 5,977,682 6,073,387

Page 16

Wakefield Grammar School Foundation

:

GOVERNORS’ REPORT

FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2023

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Page17

Wakefield Grammar School Foundation GOVERNORS’ REPORT FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2023

Statement of Exclusions

Scope | exclusions No exclusions made

Scope 2 Exclusions No exclusions made

Scope 3 exclusions Scope 3 is voluntary

Estimation methods used No estimations made.

Energy Efficiency Actions taken

The Foundation has undertaken the following actions during the year:

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Wakefield Grammar School Foundation GOVERNORS’ REPORT FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2023

AUDITORS

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

Governors’ report, including a Strategic Report, approved by order of the Board of Governors, as the company directors, on 21 March 2024 and signed on the Board’s behalf by:

Mr S Chamberlain Chair of Governors

Mrs H Massey Deputy Chair of Governors

Page 19

Wakefield Grammar School Foundation GOVERNORS’ RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS

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

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

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

In so far as the trustees are aware:

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

Page 20

Wakefield Grammar School Foundation INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WAKEFIELD GRAMMAR SCHOOL FOUNDATION

Opinion

We have audited the financial statements of Wakefield Grammar School Foundation (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the period ended 31 August 2023 which comprise the consolidated statement of financial activities (incorporating income and expenditure account), the consolidated balance sheet, the charity balance sheet, the consolidated cash flow statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Governors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.

Other information

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

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in

Page 21

Wakefield Grammar School Foundation INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WAKEFIELD GRAMMAR SCHOOL FOUNDATION

rnTE EU ren the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

Other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

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

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

Responsibilities of Governors

As explained more fully in the Statement of Governors’ Responsibilities set out on page 20, the Governors (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Governors are responsible for assessing the group and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

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

a

nee Page 22

Wakefield Grammar School Foundation INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WAKEFIELD GRAMMAR SCHOOL FOUNDATION

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

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the Governors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with Governors and updating our understanding of the sector in which the group and parent charitable company operate.

Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales, the Independent Schools Standards as found in the Education and Skills Act 2008 and guidance issued by the Department for Education.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management 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 appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become 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 from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.fre.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Page 23

1 May 2024

Wakefield Grammar School Foundation CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) For the 13 month period ended 31 August 2023

Unrestricted Endowment Restricted Totalfunds Total funds
Notes funds funds Funds 2023 2022
13 months 12 months
£000 £000 £000 £000 £000
INCOME AND ENDOWMENTS
FROM:
Charitable activities
Fees receivable 1 26,419 - - 26,419 23,750
Less bursaries, scholarships and fee (3,145) - (15) (3,160) (2,945)
assistance
23,274 - (15) 23,259 20,805
Other trading activities
Commercial operations 2 360 - - 360 250
Other activities 2 171 - - 171 33
Investments
Investment income 146 13 9 168 69
Bank and other interest 59 - 8 67 6
Voluntary Sources
Donations, legacies and Grants 2 10 192 109 311 1,441
TOTAL INCOMING 24,020 205 111 24,336 22,604
RESOURCES
EXPENDITURE ON:
Charitable activities
School Operating Costs 25,192 - 44 25,236 21,952
Raising funds
Commercial trading operations 31 - - 31 74
TOTALEXPENDITURE 4,5 25,223 - 44 25,267 22,026
NET (OUTGOING) / INCOMING FUNDS FROM
OPERATIONS
BEFORE INVESTMENTGAINSAND (1,203) 205 67 (931) 578
LOSSES
(Losses)/gains on investments (113) 1 (13) (125) (312)
NET(EXPENDITURE)/INCOME (1,316) 206 54 (1,056) 266
Pension Scheme actuarial gains - - - - 34
Netmovement in funds for the year (1,316) 206 54 (1,056) 300
Fund balances brought forward at 24,606 950 1,320 26,876 26,576
1 August 2022
FUND BALANCES CARRIED 23,290 1,156 1,374 25,820 26,876
FORWARDAT31AUGUST2023

Page 25

Wakefield Grammar School Foundation

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) For the 13 month period ended 31 August 2023

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

Profit for the purposes of the Companies Act 2006 is the Net expenditure / income.

Page 26

Wakefield Grammar School Foundation CONSOLIDATED BALANCE SHEET 31 August 2023

Registered Number 04258359

Group Foundation Foundation
Notes 31 August 31 July 31 August 31 July
2023 2022 2023 2022
£000 £000 £000 £000
FIXED ASSETS
Tangible fixed assets 6 19,101 18,944 19,101 18,944
Investments 7 8,033 8,056 8,033 8,056
27,134 27,000 27,134 27,000
CURRENT ASSETS
Debtors 8 694 534 829 590
Cash atbank 5,680 5,483 5,512 5,396
6,374 6,017 6,341 5,986
CREDITORS: amounts falling due 9 (6,787) (4,718) (6,774) (4,639)
within one year
NETCURRENT (LIABILITIES) / (413) 1,299 (433) 1,347
ASSETS
TOTALASSETS LESS CURRENT 26,721 28,299 26,701 28,347
LIABILITIES
CREDITORS: amounts falling due 10 (901) (1,423) (901) (1,496)
aftermore than one year
25,820 26,876 25,800 26,851
REPRESENTED BY:
Endowment Funds 11 1,156 950 1,156 950
Restricted funds 11 1,374 1,320 1,374 1,320
Unrestricted funds
- Designated funds 12 6,375 6,457 6,375 6,457
- General funds 16,915 18,149 16,895 18,124
13 25,820 26,876 25,800 26,851

The accounts were approved and authorised for issue on 21 March 2024 by:

Mr S Chamberlain Chair of Governors

Mrs H Massey Deputy Chair of Governors

Page 27

Wakefield Grammar School Foundation CONSOLIDATED CASH FLOW STATEMENT

For the period ended 31 August 2023

For the period ended 31 August 2023 For the period ended 31 August 2023 For the period ended 31 August 2023 For the period ended 31 August 2023 For the period ended 31 August 2023 For the period ended 31 August 2023
a
ae
eee
vee
ETEen
2023 2023 2022 2022
13 months 13 months 12 months 12 months
Notes £000 £000 £000 £000
NETCASH INFLOWFROM 16 1,472 2,049
OPERATIONS
RETURN ON INVESTMENTS AND
SERVICING OF FINANCE
Investment income receipts 168 70
Interest received 65 5
233 75
CAPITAL EXPENDITURE AND
FINANCIAL INVESTMENT
Purchase oftangible fixed assets (1,406) (1,528)
Purchase ofinvestments (161) (4,812)
Proceeds ofsale ofinvestments 59 746
(1,508) (5,994)
INCREASE/(DECREASE) INCASH 197 (3,470)
RECONCILIATION OFNET CASH FLOWTO TO MOVEMENTS INNET NET FUNDS
Increase/(decrease) in cash in theyear 197 (3,470)
Net funds at 1 August 2022 5,483 8,953
Netfundsat31August2023 5,680 5,483

Page 28

Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS For the 13 month period ended 31 August 2023

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

BASIS OF PREPARATION

The Foundation has changed its accounting reference date from 31 July to 31 August, therefore the financial statements presented relate to the 13 month period from 1 August 2022 to 31 August 2023.

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

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

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

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

GOING CONCERN

The accounts have been prepared on a going concern basis following consideration by the Governors.

The educational opportunities available at the Foundation continue to be attractive and the Foundation has strong pupil numbers even in the current economic climate. The Foundation manages operational cash flow to make the best use of available resources.

Forecasts have been prepared and reviewed for the period of at least 12 months from the date of signing, alongside the current level of reserves, current liabilities and cash. Governors consider there to be no material uncertainty which casts doubt on the Group’s ability to continue as a going concern.

BASIS OF CONSOLIDATION

The consolidated financial statements comprise the accounts of Wakefield Grammar School Foundation and its subsidiary made up to 31 August 2023. The results of the subsidiary are consolidated on a line by line basis.

No separate SOFA has been presented for the Charity alone, as permitted by Section 408 of the Companies Act 2006. The net incoming resources of the Charity are disclosed in note 21.

FUND ACCOUNTING

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

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

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Foundation for a particular purpose. The cost of raising and administering

Page 29

Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS For the 13 month period ended 31 August 2023

such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds are funds where the principal is to be held in perpetuity. Investment income earned on the resources of the endowment fund are applied for the purposes of the restricted fund.

ACTIVITIES

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

FEES AND SIMILAR INCOME

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

DONATIONS, LEGACIES, GRANTS AND OTHER VOLUNTARY INCOMING RESOURCES

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

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

TANGIBLE FIXED ASSETS

Fixed assets are stated at historic cost.

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

Depreciation is calculated to write offthe cost offixed assets, less estimated residual value based on current Depreciation is calculated to write offthe cost offixed assets, less estimated residual value based on current
market prices, ona straight line basis over their estimated useful lives, using the following rates:-
%
Freehold property Between 2 and 10
Fixtures, fittings and equipment 12.5
Machinery, computer and other equipment 12.5/ 20/25
Motorvehicles 25

Freehold land is not depreciated. Assets under construction are not depreciated until they are brought into use.

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

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

Page 30

Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS For the 13 month period ended 31 August 2023

EXPENDITURE

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

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

INVESTMENTS

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

Bank and building society interest is recognised on an accruals basis. All other investment income is recognised ona receipts basis.

PENSION COSTS

Retirement benefits to employees of the Foundation are provided through two pension schemes. The pension costs charged in the Statement of Financial Activities are determined as follows:

OPERATING LEASES

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

FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Page 31

Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS For the 13 month period ended 31 August 2023 e ee eeee

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial instruments

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, including composition fees are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1 FEES RECEIVABLE Total Total
Unrestricted — Restricted 2023 2022
13 months 12 months
£000 £000 £000 £000
Gross fees 26,419 - 26,419 23,750
Less: scholarships, bursaries (3,145) (15) (3,160) (2,945)
and allowances
23,274 (15) 23,259 20,805
2 COMMERCIALOPERATIONS Unrestricted Restricted Total2023 =Total 2022
£000 £000 £000 £000
Sale
of		 confectionery and_ sports 38 - 38 22
equipment
Commission on sale ofschool uniform		 - - - 10
Lettings
After School Clubs and Holiday Clubs		 109
90		 -
-		 109
90		 95
88
Rental income 91 - 91 21
Other 32 - 32 14
360 - 360 250
OTHERACTIVITIES Unrestricted Restricted Total 2023 Total 2022
£000 £000 £000 £000
Other 171 - 171 33
171 - 171 33

All income from commercial and other activities was unrestricted in 2022/23.

nan ED SEY DEO Page 32

Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS For the 13 month period ended 31 August 2023

|DONATIONS|Unrestricted||Endowed|Restricted|Total|Total| |---|---|---|---|---|---| ||£000|£000|£000|2023|2022| |||||£000|£000| |Covenants, donation and legacies|10|192|109|311|1,441| ||12|192|107|311|1,441|

Endowed funds relate to the final payment of a legacy of £192k bequeathed to the Foundation by AA Denton (2022: £950k).

W.I.S. (EDUCATION) LIMITED

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

The subsidiary had a turnover for the 13 month period of £161,410 (12 months 2022: £141,129) and expenditure of £34,375 (2022: £84,704). The whole of its taxable profits of £127,035 (2022: £56,425) were gifted to Wakefield Grammar School Foundation under a Deed of Covenant agreement.

At 31 August 2023 the subsidiary had assets of £196,346 (2022: £113,024), liabilities of £171,246 (2022: £87,924) and net assets of £25,100 (2022: £25,100).

4

EXPENDITURE 2023 2022
£000 £000
Included in resources expended are:
Governors’ liability insurance 1 1
Operating lease payments — plant, machinery, vehicles and land 228 200
Auditors’ remuneration:
Audit ofthe parent company and consolidated accounts 20 16
Audit ofthe subsidiarycompany 2 2
Taxationservices 1 1

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

2023 2022
Number Number
Teaching staff 205 210
Non-teaching staff 177 200
382 410

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Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS For the 13 month period ended 31 August 2023

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

2023 2022
Number Number
£60,000 - £70,000 6 6
£70,000 - £80,000 3 3
£80,000 - £90,000 5 3
£90,000 - £100,000 3 -
£100,000 - £110,000 - -
£110,000 - £120,000 - 1
£120,000 - £130,000 - 1
£130,000 - £140,000 - 1
£140,000 - £150,000 2 -
19 15

Contributions of £335k (2022: £256k) were made to the Teachers’ Pension Scheme, which is a defined benefit scheme, for all but one of the above higher paid employees. For three higher paid employees, contributions of £24k (2022: one employee with contributions of £15k) were made to Series 4 of the Pensions Trust, which is a defined contribution scheme.

STAFF COSTS 2023 2022
£000 £000
Wages and salaries 13,405 12,175
Social security 1,417 1,281
Pension costs 2,540 2,276
17,362 15,732

None of the Governors received any remuneration or other benefits from the Foundation or from any connected body (2022: Nil).

Aggregate employee-benefits of key management personnel 584 588

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Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS For the 13 month period ended 31 August 2023

5 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Charitable activities

Charitable activities
Staff Other Total Total
costs Depreciation costs 2023 2022
£000 £000 £000 £000 £000
Teaching costs 14,129 299 1,992 16,420 14,454
Welfare and catering 204 = 1,429 1,633 1,273
Premises 953 718 1,871 3,542 3,048
Administration 1,615 232 1,302 3,149 2,711
Other expenditure 461 - - 461 442
17,362 1,249 6,594 25,205 21,928
Governance costs - - 31 31 24
Total Expenditure by 17,362 1,249 6,625 25,236 21,952
Charity
Trading costs ofthe - - 31 31 74
subsidiary
Total Expenditure by 17,362 1,249 6,656 25,267 22,026
Group

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

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

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Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS For the 13 month period ended 31 August 2023

6 TANGIBLE FIXED ASSETS
Fixtures, Machinery,
Freehold Fittings computer
landand and and other Motor
buildings equipment equipment vehicles Total
£000 £000 £000 £000 £000
GROUP AND FOUNDATION
Cost
At 1 August 2022 31,629 5,489 4,468 12 41,598
Additions in year 381 395 630 - 1,406
At 31 August2023 32,010 5,884 5,098 12 43,004
Depreciation
At August 2022 14,182 4,722 3,738 12
Charge foryear 718 232 299 - 1,249
At 31 August2023 14,900 4,954 4,037 12 23,903
Net book value
At 31 July2022 17,447 767 730 - 18,944
At31August2023 17,110 930 1,061 - 19,101

All tangible fixed assets are owned by the Foundation.

Included within the cost of Freehold land and buildings are assets under construction with a value of £1,265k (2022: £1,171k). These assets relate to the Clayton Hospital site, and are not currently depreciated.

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Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS For the 13 month period ended 31 August 2023

----- Start of picture text -----
|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |7|INVESTMENTS| |Foundation|Foundation|Foundation| |Unrestricted|Restricted|Endowed|Total| |£000|£000|£000| |£000| |MARKET|VALUE| |At|||August|2022|7,143|163|750|8,056| |Additions|152|9|-|161| |Disposals|(59)|-|-|(59)| |Transfers|(509)|509|-|-| |(Decrease)/increase|in|market|value|(113)|(13)|1|(125)| |At|31|August|2023|6,614|668|751|8,033| |ANALYSIS|OF|INVESTMENTS| |Cash|403|-|-|403| |Government|stock|1,614|-|-|1,614| |Charity|deposits|193|173|-|366| |Listed|investments|4,404|495|751|5,050| |6,614|668|751|8,033| |FOUNDATION|£|£|£|£| |Unlisted|investments|in|subsidiaries|100|-|-|100| |The|following|individual|investment|constitutes|5%|or|more|of|the|market|value|of|the|overall| |investment|portfolio:| |£000| |COIF|income|units|366|

----- End of picture text -----

Included within Unrestricted Investments is £3,050k (2022: £3,576k) representing part of the Bursary Reserves as shown in note 13.

The charity deposits totalling £366k (2022: £375k) consist of 19,518.73 units (2022: 19,518.73 units) held in COIF Charities Investment Fund. There are no known material restrictions which might apply on the realisation of this holding.

Unlisted investments in subsidiaries:

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Capital|and|Results|for| |Class|of|reserves|the year| |Company|_|Nature|of|business|shares|% held|a|£| |WLS.|Sale|of confectionery,|educational|Ordinary|100|25,100|-| |(Education)|and|sports|equipment|and|supply| |Limited|of sundry|school|activities|

----- End of picture text -----

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Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS For the 13 month period ended 31 August 2023

8 DEBTORS Group Foundation Foundation
2023 2022 2023 2022
£000 £000 £000 £000
Fee debtors 121 27 121 27
Prepayments and accruedincome 282 452 279 426
Other debtors 291 55 265 55
Amounts due from the subsidiary - - 164 82
undertaking
694 534 829 590
Included in the amount due from the subsidiary is a sum of£127k (2022: £56k) which relates to the
subsidiary’s surplus for the period and is due to be paid to the Foundation, under Gift Aid
provisions, in the next financial year.
9 CREDITORS: Amounts falling due within one year
Group Foundation
2023 2022 2023 2022
£000 £000 £000 £000
Trade creditors 935 468 934 468
Fees received in advance ofterm 3,491 1,980 3,491 1,980
Fees in Advance Scheme (see note 10) 554 702 554 629
Other creditors 1,072 940 1,072 940
Taxation& social security 337 329 335 328
Accruals 393 294 383 289
Pension Funding Deficit 5 5 § 5
6,787 4,718 6,774 4,639
10 CREDITORS: Amounts fallingdue aftermore than one year
Group Foundation
2023 2022 2023 2022
£000 £000 £000 £000
Fees in Advance Scheme 899 1,416 899 1,488
Pension Funding Deficit 2 7 2 7
901 1,423 901 1,495

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Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS For the 13 month period ended 31 August 2023

Fees in Advance Scheme

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

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2023|2022| |£000|£000| |Within|||to|2|years|318|569| |Within|2|to|5|years|471|710| |After more|than|5|years|110|137| |Due|after more|than|1|year|899|1,416| |Due|within|1|year|554|702| |1,453|2,117| |2023|2022| |£000|£000| |Advance|fees|brought|forward|2,117|2,233| |Amounts|utilised|to|pay|fees|(836)|(834)| |New|contracts|282|885| |Unwinding|of finance|cost|24|32| |Repayments|(32)|(70)| |Net|(gains)|(102)|(129)| |1,453|2,117|

----- End of picture text -----

11 RESTRICTED FUNDS AND ENDOWED FUNDS

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

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Balance|at|Investment|Incoming|Outgoing|Balance|at| |31|Jul|22|Gain|31|Aug|23| |£000|£000|£000|£000|£000| |AA Denton|Bursary|950|1|205|-|1,156|

----- End of picture text -----

The AA Denton Bursary was endowed to the Foundation for the funding of bursary provision at Queen Elizabeth Grammar School.

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Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS For the 13 month period ended 31 August 2023

The income funds of the Foundation include restricted funds to be applied for specific purposes comprising:

Balance at Investment Incoming Outgoing Balance at
31 Jul22 Gain/ (loss) 31Aug 23
£000 £000 £000 £000 £000
Herbert Wice Exhibition 53 (1) - - 52
Neil Spawforth Memorial 1 - - - 1
Miss McCroben Scholarship 49 - - - 49
WGHS Scholarship 163 (3) é) - 163
Isobel Fowler Scholarship 20 - - - 20
Margaret Bentham 3 - - - 3
Chapman Sports Hall 6 - - - 6
Wilson Bursary 40 - - - 40
Ford Art Scholarship 39 - l - 40
Development Bursary Fund - - 6 (3) 3
Bursary Reserves 220 - 56 - 276
Miss Knott Legacy 197 (6) 8 (1) 198
QEGS RocheMusic Fund 35 - - (35) -
Shine 12 - 2 (3) 11
Clayton Campaign 352 - 47 - 399
Mavis Moore Legacy Fund 5 - - (1) 4
MarjorieAnnHolmes Music Fund 3 - - (1) 2
Gail Knight Bursary 122 (3) 3 (15) 107
1,320 (13) 126 (59) 1,374
Comparative Figures forYearEnding 31 July 2022:
Balance at Investment Incoming Outgoing Balance at
31 July 21 (Loss) 31 July 22
£000 £000 £000 £000 £000
Herbert Wice Exhibition 52 - 1 - 53
Neil Spawforth Memorial I - - - 1
Miss McCroben Scholarship 49 (1) 1 - 49
WGHS Scholarship 166 (2) 3 (4) 163
Isobel Fowler Scholarship 20 - - - 20
Margaret Bentham 3 - - - 3
Chapman Sports Hall 6 - - - 6
Wilson Bursary 42 - - (2) 40
Ford Art Scholarship 42 - - (3) 39
Development Bursary Fund 62 - 1 (63) -
Development Fund 38 - - (38) -
Bursary Reserves 103 - 117 - 220
Miss Knott Legacy 206 (10) 2 (1) 197
QEGS Roche Music Fund 51 - - (16) 35
Shine 12 - - - 12
Clayton Campaign 269 - 83 - 352
Mavis Moore Legacy Fund 5 - - - 5
Marjorie AnnHolmes Music Fund 5 - - (2) 3
Gail Knight Bursary - (4) 126 - 122
1,132 (17) 334 (129) 1,320

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Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS For the 13 month period ended 31 August 2023

Restricted Funds are held for the following purposes:

Herbert Wice Exhibition — to provide scholarships to pupils attending the Foundation schools or the University of Cambridge.

Miss McCroben Scholarship — to provide scholarships for pupils of WGHS entering an approved university.

WGHS Scholarship — to fund 6" form scholarships at WGHS.

Isobel Fowler Scholarship — to provide a 6" form scholarships at WGHS Senior.

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

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

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

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

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

QEGS Roche Music Fund — to provide benefits for the musical education of pupils at WGHS.

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

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

Mavis Moore Legacy Fund — to provide benefits to the pupils at QEGS and WGHS.

Marjorie Ann Holmes Music Fund — to provide music and composition equipment at WGHS.

Gail Knight Bursary — to provide a bursary for the benefit of pupils at QEGS

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

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Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS For the 13 month period ended 31 August 2023

12 DESIGNATED FUNDS

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

Balance Movement inreserves Movement inreserves Balance
at31 Jul =‘Investment Incoming Outgoing at 31 Aug
2022 Gains 2023
£000 £000 £000 £000 £000
Cyclical repairreserves 76 - - (5) 71
Extraordinary repair 137 - - - 137
reserve
Sundry school reserves 562 - 38 (87) 513
Hepworth Fund - Bursaries 1,348 (39) 46 (60) 1,295
Hepworth Fund - Estates 421 - - - 421
Bursary Funds 3,913 (814) 843 (4) 3,938
6,457 (853) 927 (156) 6,375
Comparative Figures for Year Ending 31 July 2022:
Balance Movement in reserves Balance
at 31 July Investment Incoming Outgoing at 31 July
2021 Gains 2022
£000 £000 £000 £000 £000
Cyclical repairreserves 62 - 14 - 76
Extraordinary repair 137 - - - 137
reserve
Sundry school reserves 596 - 147 (181) 562
Hepworth Fund - Bursaries 1,454 (84) 22 (44) 1,348
Hepworth Fund - Estates 421 - - - 421
Bursary Funds 3,330 (151) 763 (29) 3,913
6,000 (235) 946 (254) 6,457

Comparative Figures for Year Ending 31 July 2022:

Designated Funds are held for the following purposes:

Bursary Fund — to provide total or partial exemption from the payment of tuition and other fees for children who need financial assistance to enable them to attend the Foundation’s Schools. Incoming resources into the Bursary Reserves included the transfer of fee income of £814k (2022: £763k) . Funds of the same value were utilised to support bursary awards in the year.

Scholarship reserves — these reserves were combined with the above Bursary Fund during the 2021 financial year due to the similarity in their purposes.

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

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

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

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Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS For the 13 month period ended 31 August 2023

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

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

13. ANALYSIS OFNET ASSETS BETWEEN ANALYSIS OFNET ASSETS BETWEEN FUNDS
Designated Unrestricted Restricted Endowed Total
funds funds funds funds funds
£000 £000 £000 £000 £000
Fund balances at 31 August 2023 are represented by:
Tangible fixed assets 37 19,064 - - 19,101
Investments 3,050 3,564 668 751 8,033
Current assets 3,288 1,975 706 405 6,374
Creditors - (7,688) - - (7,688)
6,375 16,915 1,374 1,156 25,820
Comparative figures at 31 July 2022:
£000 £000 £000 £000 £000
Tangible fixed assets 37 18,907 - - 18,944
Investments 3,368 3,115 162 751 8,056
Current assets 3,052 1,608 1,158 199 6,017
Creditors - (6,141) - - (6,141)
6,457 18,149 1,320 950 26,876

There are no free reserves at 31 August 2023 (2022: £Nil). Free reserves are calculated as other unrestricted funds of £16,916k less the £19,064k carrying value of tangible fixed assets held within unrestricted funds. Designated Funds are not considered to be “free reserves” as the Foundation has made a past commitment to use these funds for specific purposes. However, a review of future purposes may result in the undesignation of reserves if the specific purpose is no longer relevant. Free reserves including designated funds are £4, 190k.

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Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS For the 13 month period ended 31 August 2023

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |14.|CAPITAL|COMMITMENTS|2023|2022| |£000|£000| |Future|capital|expenditure:| |Contracted|for|but|not provided|in|the|financial|statements|248|21|

----- End of picture text -----

15 OTHER FINANCIAL COMMITMENTS At 31 August 2023 the Foundation was committed to making the following total payments under noncancellable operating leases:

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2023|2022| |£000|£000| |Operating|leases|payable|within|||year:| |Educational|260|112| |Administration|-|1| |260|113| |Operating|leases|payable|within|2-5|years| |Educational|318|29| |Administration|1|-| |319|29|

----- End of picture text -----

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |2023|2022| |£000|£000| |Net|(outgoing)|/|incoming|resources|(932)|578| |Elimination|of non-operating|cashflows:| |Add|back|depreciation|charge|1,249|1,177| |Interest|receivable|(65)|(6)| |Deferred income|and|advance|fee|payment|received,|less|release|(210)|(116)| |Investment|income|(168)|(69)| |(Decrease)|in|stock|-|3| |(Increase)|in|debtors|(160)|(29)| |Increase|in|creditors|1,758|S11| |Net|cash provided by|operating|activities|1,472|2,049|

----- End of picture text -----

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Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS For the 13 month period ended 31 August 2023

17 ANALYSIS OFNET CASH 1 Aug 2022. Movement 31 Aug 2023
£000 £000 £000
Cash atbank and in hand 5,483 197 5,680
Netcash 5,483 197 5,680

Teachers’ Pension Scheme

The School participates in the Teachers’ Pension Scheme (‘the TPS’’) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £2,249k (2022: £1,981k) and at the yearend £250k (2022: £238k) was accrued in respect of contributions to this scheme.

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

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report and the Valuation Report was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the ‘greater value’ benefits for groups of relevant members.

The valuation confirmed that the employer contribution rate for TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

The Pensions Trust

TPT Retirement Solutions — The Growth Plan

Wakefield Grammar School Foundation participates in the scheme, a multi-employer scheme which provides benefits to some 638 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

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

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Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS For the 13 month period ended 31 August 2023

a

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

A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme.

Deficit contributions

From | April 2022 to 31 January 2025:

£3,312,000 per annum (payable monthly)

Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies.

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2017, This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From | April 2019 to 30 September £11,243,000 per annum

2025:

(payable monthly and increasing by 3% each on Ist April)

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

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

PRESENT VALUES OF PROVISION

31 August 2023 31 July 2022
£000 £000
Present value of provision 7 12

ce

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Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS For the 13 month period ended 31 August 2023

RECONCILIATION OF OPENING AND CLOSING PROVISIONS

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |31|August|2023|31|July|2022| |£000|£000| |Provision|at|start|of period|12|58| |Deficit|contribution|paid|(5)|(12)| |Remeasurements|-|amendments|to|the|contribution|-|(34)| |schedule| |Provision|at|end|of period|7|12| |INCOME|AND|EXPENDITURE|IMPACT| |Period|Ended|Year|Ended| |31|August|2023|31|July| |2022| |£000|£000| |Remeasurements|-|amendments|to|the|contribution|-|(34)| |schedule| |Costs|recognised|in|income|and|expenditure|account|420|498| |ASSUMPTIONS| |31|August|31|July|31|July| |2023|2022|2021| |%|per|%|per|%|per| |annum|annum|annum| |Rate|of discount|6.04|3.15|0.57|

----- End of picture text -----

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

The following schedule details the deficit contributions agreed between the company and the scheme at each year end period:

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Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS For the 13 month period ended 31 August 2023 i

DEFICIT CONTRIBUTIONS SCHEDULE

Period Period ending 31 August 2023 31 July 2022
£000 £000
Year 5
Year 2 2 5
Year 3 - 2

The company must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises.

It is these contributions that have been used to derive the company's balance sheet liability.

Friends Provident

The school also contributes to Friends Provident pension scheme which is a defined contribution scheme. The pension charge for the period includes contributions payable to the scheme of £5k (2022: £4k).

19 RELATED PARTY TRANSACTIONS

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

The Foundation has a 100% interest in its trading subsidiary W.I.S. (education) Limited. During the period ended 31 August 2023, administration and estates services have been provided by Wakefield Grammar School Foundation on an arm’s length basis, with a management charges of £5k payable by W.LS. (Education) Limited (2022: £4k). At the year-end there were amounts outstanding to Wakefield Grammar School Foundation of £164k (2022: £82k).

20 OTHER CHARITIES

WAKEFIELD CHARITIES’ HOMES

The Governors and the Bursar of the Foundation provide trustee and management services to Wakefield Charities’ Homes, an almshouse charity and Registered Social Landlord which provides low cost accommodation for elderly people in need who have connections with the City of Wakefield. During the year under review management charges of £21k (2022: £5k) were payable by Wakefield Charities’ Homes to the Foundation for administration services provided on an arm’s length basis.

The funds below, which are also administered by the Governors of Wakefield Grammar School Foundation, are included separately, on pages 50 and 51, as funds provided for specific purposes, and do not form a part of the Foundation's activities.

BROTHERTON SCIENCE SCHOLARSHIP

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

WILSON AND BROMLEY’S CHARITY

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

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Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS For the 13 month period ended 31 August 2023

21 WAKEFIELD GRAMMAR SCHOOL FOUNDATION OWN RESULTS

The Foundation’s own results for the 13 month period included in the consolidated Statement of Financial Activities were:-

Activities were:-
2023 2022
13 months 12 months
£000 £000
INCOMEAND ENDOWMENTS FROM:
Charitable activities
Fees receivable 26,419 23,750
Less bursaries, scholarships and fee assistance (3,160) (2,945)
23,259 20,805
Other trading activities
Commercial operations 199 109
Income from Subsidiary 127 56
Other activities 171 36
Investments
Investment income 168 69
Bank and other interest 65 2)
Voluntary Sources
Donations, legacies and Grants 311 1,441
TOTAL INCOMING RESOURCES 24,300 22,521
EXPENDITURE ON:
Charitable activities
School Operating Costs 25,226 21,941
NET OUTGOING FUNDS FROM OPERATIONS
BEFORE INVESTMENT GAINS AND LOSSES (926) 580
Losses on investments (125) (314)
NET (EXPENDITURE) /INCOME (1,051) 266
Pension Scheme actuarial gains - 34
Netmovement in funds for the year (1,051) 300
Fund balances brought forward at 1 August 2022 26,851 26,551
FUNDBALANCESCARRIEDFORWARDAT31AUGUST2023 25,800 26,851

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Wakefield Grammar School Foundation NOTES TO THE FINANCIAL STATEMENTS For the 13 month period ended 31 August 2023

22 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES — Comparative figures by fund type

Year ended 31 July2022 Unrestricted
funds
£000		 Endowment
funds
£000		 .
Restricted
°
£000		 Totalfunds
2022
£000
INCOME AND ENDOWMENTS FROM:
Charitable activities
Fees receivable 23,750 - - 23,750
Less bursaries, scholarships and fee assistance (2,935) - (10) (2,945)
20,815 - (10) 20,805
Other trading activities
Commercial trading operations 250 - - 250
Other activities 33 - - 33
Investments
Investment income 63 - 6 69
Bank and other interest 3 - 3 6
VoluntarySources
Donations, legacies and Grants 156 950 335 1,441
TOTAL INCOMING RESOURCES 21,320 950 334 22,604
EXPENDITURE ON:
Charitable activities
School Operating Costs 21,823 - 129 21,952
Raising funds
Commercial trading operations		 74 - - 74
TOTALEXPENDITURE 21,897 - 129 22,026
NET (OUTGOING) /INCOMING FUNDS FROMOPERATIONS OPERATIONS
BEFORE INVESTMENTGAINSAND LOSSES (577) 950 205 578
(Losses) on investments (295) - (17) (312)
NET(EXPENDITURE) /INCOME (872) 950 188 266
Pension Scheme actuarial gains 34 - - 34
Netmovement in funds for the year (838) 950 188 300
Fundbalances brought forward at 1 August 2021 25,444 - 1,132 26,576
FUNDBALANCES CARRIED FORWARDAT 31 24,606 950 1,320 26,876
JULY2022

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Wakefield Grammar School Foundation BROTHERTON SCIENCE SCHOLARSHIP

INCOME AND EXPENDITURE ACCOUNT For the year ended 31 July 2023

INCOME AND EXPENDITURE ACCOUNT
For the year ended 31 July 2023
2023 2022
£ £
INCOME
Interest receivable 62 4
Investment income 285 2,400
TOTAL INCOME 347 2,404
EXPENDITURE
Scholarships awarded (1,000) 500
TOTAL EXPENDITURE (1,000) 500
Investment losses (1,499) (1,281)
(DEFICIT)
/ SURPLUS FORTHEYEAR		 (2,152) 623
BALANCE SHEET AT 31 JULY 2023
TOTAL ASSETS
Investments (at market value) 78,022 79,521
Cash atbank 5,813 5,751
Debtor 32,416 33,131
116,251 118,403
Represented by:
Accumulated fund
At 1 August 2022 118,403 117,780
(Deficit) / surplus for the year (2,152) 623
At31July2023 116,251 118,403

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Wakefield Grammar School Foundation WILSON AND BROMLEY’S CHARITY Year ended 31 August 2023 ee eenne een

ee eenne een ee INCOME AND EXPENDITURE ACCOUNT

For the year ended 31 July 2023

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