Charity number.. 1090885 WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 IWR Partners Protecting your future.
WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND CONTENTS Page Refer&n¢e and Adminlstrative Details of the Charity, Its Trustees and Advisers Trustees, Report Independent Audltors, Report on the Financial Statements Statement of Financial ActivS1ie5 7-10 11 Balance Sheet 12 Notes to the Financial Statements 13-23
WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022 TrLtstees Mr D J Hughes, Chairman Mr S Ross Mr M J Hughes Dr R D G Cooper Mr J Harper Charity registered number 1090885 Principal office clo Wolverhampton Grammar School Compton Road Wolverhampton WV3 9R8 Clerk to the Trustees S Hemmings Indepèndent auditors WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Bankers Lloyds Bank PIC 28a High Street Tellenhall Wolverhampton WV6 8QT Solicitors FBC Manby Bowdler LLP 6-10 George Street Snow Hill Wolverhampton WV2 4NB Investment Manager Evelyn Partners 3rd Floor g Colmore Row Birmingham B3 2BJ Page 1
WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The Trustees present their annual report together with the audited fi'nancial stalem$nls of the Charity for the 1 September 202110 31 Augu512022. Objectlves and actlvities a. Policies and objectives The objects of the Charity are lo support and fund Wolverhampton Grammar School (the 'School'l. The principal activity is lo support and fund Wolverhampton Grammar School in ils aims and lo provide financial support for capital projects of the School. b. Strategies for achieving objectives The agreed strategy has been lo lake advantage of the improving market conditions lo increase the value of the investment portfolio with a view to providing support where practicable through income streams in future years, thereby allowing the ¢apilal of the Fund to remain al least at current levels and to meet the ReseNes Policy agreed lor the ¢onsolidaled group las detailed under Organisalional Slructurel. c. Activities undertaken to achievè oblectives In conjunction with ils Investment Manager, the Charity has been focusing on increasing the value of ils investment portfolio lo enable increased support of the School in future years. d. Grant-making policies The Trustees, policy is to fund any specific bursary or scholarship al the School as required by the donoT of those funds and lo make general funds available to the School for bursaries and in support of other aims and objectives of the School as agreed with the Directors of the School, in particular for ¢apilal projects. 11 was decided by the Trustees that an award lo the School would not be made this year,. however, il is hoped that in fvlure years financial assistance will be given as the Charity continues the provision of benefit for pupils al the School and for the School itself. g, Volunteers Many parents, friends of the School and Old Wulfrunians help with fundraising, cultural and sporting activities providing many hours of voluntary service during the year. Mueh of this work involve5 raising awareness of the need lo promde bursary support and promotion of the School's Appeal Fund role and support in this. Page 2
WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Objectives and activitie5 Icontinuedl f. Main activities undèrtaken to further the charity's purposes for thè public benefit Being a former slate funded Grammar School and subsequently heavily involved in the Government As51s1ed Places Scheme. Wolveihamplon Grammar School is perceived by itself and Ihe people ol Wolverhampton, very much as a School with a duly to uphold its strong ¢h&rilable links. This strength has been further developed since the advent of lull independence in 1979. with great importance placed on maintaining the publi¢ benefit provided, not only in the delivery of a rounded education, but also through the provision of supported places to pupils otherwise unable lo afford lo attend the Schcol. Wolverhampton Grammar School remains an academically selective, bul not elitist School. 11 continues lo remember ils tradition of educating pupils from all sections of the community, with a significant number of bursaries being offered. to 8SSiSt childron of low income families IN 8llending the School. The philosophy tsl the School is steeped in the educational tradition ol providing pubSic benefit, in both educational and community terms. Furthèrmore, the continuation of a policy of provlding pla$ to pupils who cannot 8fford to pay fees is one endorsed wholeheartedly by the School's Directors and staff alike. Whilst the main focus for bursarial support rightly concenlrates on full fee awards, the School's Directors are also mindful of PLJpils who wish lo allend the School, bul do not qualify for full bursaries. With this in mind, there ale a number of part funded places offered lo families of moderate income, further widening the access to potential beneficAaries. Although Ihese Commitments have been difficult lo honour in recent years, the strategy is lo resume support lo the School. During the year the Charity continued lo make avaiLable part of ils freehold land and property for the use of the School. In the further8nce of the aims, the Trustees have complied with the duly in section 4 of the Charities Act 201110 have due regard lo the Gharity Commission's published and relevant sub sector guidance Conrning the operation of the Public Benefit requiremenl under that Act. Achievements and performance a. Review of actlvities The Charily holds an investment portfolio. including property, the results of which are reported below. b. Investment policy and perfomiance The Trustees have appointed Investment Managers lo manage the investment portfolio on a discretionary basis in a¢¢ordance with the agre&d strategy. The Trustees monitor the retums on a regular basis. The investment (A)jectives are The ¢reation of a sufficient financial relum to enable tho Charity to carry out its purposes effectively and wilhoul inlerruplion; The maintenance and enhancement of Ihe investment funds over the long term., To obtain a reasollable balance between capital growih and income so Ihal the Charity can meet futu as well as current needs., To avoid investments that are unduly risky. The income for the year from the managed investment portfolio amounted lo £2,36712021.. £2,368). Page 3
WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Achievements and performancè Icontinuedl Overall Performance The total income for the year frtyn donations and both the investment portfolio and investment properties amounted lo £25,573 {2021'. £25,962). Rental income from inveslmenl properties accounted for 89Q/o 12021.. 910AI ol the total income generated, with the balance made up from investment returns from quolecl investments and donations. The results for the year are shown In the Slalemenl ol Finan¢ial Activities on page 11 8nd show a positive nel movement of funds of £30,68912021'. £59,253>. Financial review a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they Continue to adopt the going con¢ern basis in preparing the financial stalemenls. The Trustees have also assessed the potential impact on the future operations of the Charity with regard lo the Covid 19 outbreak. The Charity is considered lo be well positioned given the current environment with no impacl on the going concern basis of the financial slalemenls. b. Reserves policy In the Trustee's view, the level of reserves held should provide the Charity with adequate financial stability and the means for il lo meet ils charitable objectives for the foreseeable future. The level of reserves is also considered in line with the consolidated group's Reserves Policy which aims lo build up and maintain ils unreslricled free reserves in order to accommodate longer term plans for capital investment and other slralegic objectives as well as provide an emergency fund lo manage the risks and uncertainly for an educational charity in the current political and econornic climate. In addilion, the Directors 2nd the Trustees recognise the need to increase the reslricled and endowment reserve held lo help fund future transformational bursaries. Al 31 August 2022 total funds amounted lo £1,274,246 12021.. £1,243,557). All funds held are classed as unreslri¢led. StnJ¢ture. governance and management a. Constitutlon The 1958 Appeal Fund is ¢onsliluled under a Declaration of Trust dated 30 April 1958 and ils subsequent amendments. b. Methods of appolntment or election of Trnstees The Charity's Trustees are appointed by Deed of Appointment by the curr&nUovlgoing Trustees who carefulty consider the range of skills which ale required by the Board of Trustees. A minimum of four Trustees are required on Ihe B02rd. Page 4
WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND TRUSTEES. REPORT ICONTINUED FOR THE YEAR ENDED 31 AUGUST 2022 Structurei governance and management Icontinuedl c. Policies adopted for the Induction and trainlng of Trustees New Trustees are provided with an induction pack. which contains details of the trust deeds under which the Charity operates. Before taking up post, they meet with the Chairman ol the Board of Directors of the School and the Head of the School. Once appointed. a meeting with the Clerk lo the Trustees is arranged, lo provide more detailed infomalion and to identify appropriate training courses for individuals lo allend. d. Organisatlonal structure and decision making Wolverhampton Grammar School is a charity and company limited by guarantee. and is governed by ils memorandum and articles of association. The associated Trusts, The Independen¢e Appeals Fund and The 1958 Appeal Fund are administered in conformity with their Trust Deed5. The consolidated accounts comprise Wofverhampton Gramrllar School Ltd Iregislered charity number 11252681, Wolverhampton Giammar School Founclalion (registered charity number 5290061. Wolverhampton Grammar School Independence Appeal Fund Iregistered charity number 5074871 and Wolverhampton Grammar School 1958 Appeal Fund Iregislered charity number 10908851. The School was sel up to run the operational and trading aclimlies, the Foundation was sel up lo manage the specie endowed land and buildings and the bKo Appeal FLJnds were sel LJP lo support the School in ils aims and lo provide financial help wherever possible lo students who would not otheiSe have been able to attend Wolverhampton Grammar School. The Trustees are responsible for the overall management of the Charity. The Trustees meet al least twice a year and are empowered to ensure that the policies of the Charity are carried out in line with the aims of the Charity. The day lo day management of the Fund is delegated to the FLJnd's Investment Managers and lo Wolvertiamplon Grammar School management. The Head and the Finance Difftclor of the School (who also acts as Clerk to the Trustees) allend meetings of the Trustees. . Risk management The Trusle&s examine the major risks each financial year with particular reference to their future plans. The Charrty has developed systems to monitor and control the major risks that could affect the Charity in the future. Plans for futurè periods In the coming year, Trtjslees will ¢onlinue lo explore ways of increasing the caprtal value and investment returns of the Fund, lo enable the resumption of the financial Support for the School and continued support for the School itself. Page 5
WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Statement of Trustees. rèsponsibilities The Trustees are responsible for preparing the Truslees, Report and the financial slalements in accordance wrth applicable law and United Kingdom Accounting Standards (United Kingdom Geneffj1 Accepted Accounting Praclicel. The law applicable lo charities in England & Wales requires the Trustees lo prepare financial slalemenls for each financial which give a true and fair view ot the slate of affairs of the Charity and of its inwming resources and application of resources, including ils income and expenditLJre, for that period. In preparing these financial slalements, the Trustees are required lo.. select suitable accounting policies and then appty them consistently., observe the methods and principles of the Charities SORP {FRS 1021., make judgments and accounting estimates that are reasonabla and prudent., slate wh¢lheT applicable UK Accounting Standards IFRS 1021 have been followed. subject lo any material departures disclosed and explained in the financial slatemenls., prepare the finanual slalemenls on the going concern basis Ltnless il is inappropriate lo presume that the Charity will continue in business. The Trustees are responsible for keeping adequate ¥¢counling records that are sufficient lo show and explain the Charills transactions and disclose with reasonable accuracy at ¥ny lime the financial position Df the Charity and enable them lo ensure that the financial slalemenls Comply with the Charities Act 2011, the Charity {AccoLJnts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charily and hence for taking reasonable slops for the prevention and detection of fraud and other irregul8rrties. Disclosure of information to auditors Each of the persons who are Trustees al the lime when this Trustees, Report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charity's audilors are unaware, and that Trustee has taken 811 the steps that ought lo have been taken as a Trustee in order lo be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Auditors The auditors, WR Partners, have indicated their willingness to continue in office. The designated Trustees wll propose a motion reappointing the auditors al a meeting of the Trustees. Approved by the Trustees and signed on their behalf by.. Mr D J Hughes, Chairman Dale.. L3 Page 6
WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND Opinion We have audited the financial slalements ol Wolverharnplon Grammar School 1958 Appeal Fund Ilhe 'charily') for the year ended 31 August 2022 which Comprise the Slalemenl of Financial Activities, the Balance Sheet. the Statement of Cash Flows and the related notes. including a summary of significant accounting policies. The financial reporting framework that has been applied in Ihfjir preparation is appli¢able 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 General Accepted Accounting Practice). The financi81 statements have been prepared in accordance with Accounling and Reporting by Charities PTeparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland {FRS 1021 in preference lo the Accounting and Reporting by Charities.. Statement of Recommended Practice iysued on fj April 2005 whi¢h is referred lo in the extant regtjlalions bul has been withdrawn. This hes l)een done in order for the accounts to provide a true and fair view in accordance wrth the Generally Accepted Accounting Pracli¢e effective for reporting periods beginning on or after 1 January 2015. In our opinion the fin8ncial stalements.. give a true and fair view of the slate of the eharitls affairs as al 31 August 2022 and of ils incoming resources and application of resour8 foT the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted AountINg Practice,. and have been prepared in accordan wrth the requirements of the Charities Act 2011. Basis for opillion We conducted our audit in accordance thth Intemalional Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial slalemenls section of our report. We are independent of the char41y in ao¢ordance with the ethical requirements that are relevant to our audit of the financial slalements in the United Kingdom, induding the Financial Reporting Council's Ethical Slandafd, and we have fulfilled our other ethical responsibilities in accordance thth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis foi our opinion. Conclusions relatlng to going concern In auditing the financial slalemenls, we have concluded that the Trustees. use of the going ¢oncern basis of a¢tounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identilied any material uncertaintios relating lo events or conditions that, individually or collectively, may Cast significant doubl on the charitS abilily to continue as a going Concern for a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees wilh respect lo going COnM are described in the relevant sections of this report. Page 7
WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND ICONTINUEDI Other inlom)ation The other information comprises the information included in the Annual Report other than the finan¢ial statements and our Auditors, Report Ihereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial slalemenls does not oover the other information and, except lo the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial slalemenls or our knoedge obtained in the course ol the audit. or otherwise appears lo be m8leri211y rnisslated. 11 we identify such material inconsistencies or apparent material missl#lements, we are required to determine whether this gives rise to a material misslalement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a malerk81 misslatemenl of this other infom)ation, we are required lo report that fad. We have nothing lo report in this regard. Matters on which w& are requlred to report by exceptlon We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us lo report to you if, in our opinion.. the information given in the Trustees, Report is inconsislenl in any material respect with the financial statements,. or sufficient a¢¢ounling recorcls have not been kept,. or the financial slslemenls are not in agreement with the accounting records and returns., or we have not received all the informalion and explanations we require for our audit. Responsibilltles of trustees As explained more fully in the Trustees, Responsibilities Statement, tho Trustees are responsible for the preparation of the financial slalemenls which give a true and fair view, and for suGh internal control as the Trustees determine is ne¢essary to enable the preparation of financial statements that are free from material misslalement, whether due to fraud or error. In preparing the financial slalemenls, the Trustees are responsible for assessing the charills ability lo continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concem basis of accounting unless the Trustees either intend lo liquidate the charity or lo ase operations. or have no realistic allernalive bul lo do so. Page 8
WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND ICONTINUEDI Auditors. responsibilitles for the adit of the financial statements We have been appointed as auditor under section 145 01 the Charities Act 2011 and report in accordance wilh the Act and relevant regulations made or havino effect Ihereunder. Our objectives are to obtain reasonable assurance about whetheT the finan¢i81 slalemenls as a whole are free from material misslalemenl, whether due lo fraud or error, and lo issue an Auditors, Repc>rt that includes our opinion. Reasonable assuiance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always deled a material misslalement when it exists. Miss181emenls can arise from fraud or error and are considered mal&rial if. individLJally or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the b8sis of these financial statements. Irregularities, including fraud. are instances ol non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo dele¢l material missl8lemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling irregularities, including fraud is detailed below.. We remewed the sus¢eplibilily of the charitable company's financial slalements lo material mi5Statemenl and idenlified the principal risks, implementing a series of testing procedures lo provide us with sufficient ¢omfort lo issue our opinion. We reviewed the charitable company's regulatory environment lo ensure we could conclude that il ha6 acted in accordance with the framework relevant to the charitable Gompany and ils enwronmenl and identify any instances of non-complianc&. We also assessed the charitable Compantys intemal ¢onlrol procedures lo ensure we could appropriately scrutinise these ¢onlrols and establish whether our unders18ndin9 of the control environment was sufficient lo supplement our additional lesting procedures. The engagement team consisted of a team that the engagement partner believes is equipped with the relevant level of technical and charitable company awareness lo carry out our work lo the required standard. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including those leading lo a material misslalemenl in the financial statements or non-compliance with regulation. This risk increases the more that compSiance with a law 01 regulation is removed from the events and transactions reflected in the financial stalemenls, as we will be less likely lo be¢ome aware of inslan¢es of non-complian¢e. The risk is also greater regarding irregularities occurring due to fraud ralhar than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A fLJrther dos¢riplion of our responsibilities for the audil of the financial statements is located on the Financial Reporting Council's website al.. ww.frc.or .uklaudilorsres onsibililies. This description forms part of our Auditors. Report. Page 9
WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND ICONTINUEDI Use of our report This port is made solely lo the charills trustees. as a body, in accordance with Part 4 of the Charities IA¢counls and Reports) Regulations 2008. Our audil work has been undertaken so that we might slate to the charills Iruslees Ih05e matters we are required lo slate lo them in an Auditors, Report and lor no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility to anyone other than the ¢harily and ils Iruslees. as a body, for our audit work, for this report, or for the opinions we have formed. WR Partners Chartered A¢counlants Slatulory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Dale.. WR Partners are eligible lo act as auditors in terms of section 1212 of the Companies Ad 2006. Page10
WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 Unrestrictèd funds 2022 Total funds 2022 Totgl funds 2021 Note Income from.. Inv6slmenls 25,573 25.573 25,961 Total inGome 25,S73 25,573 25,96? Expendlture on- Raising funds Charitable a¢tivilies 1,348 2,656 1,348 2,656 t. 140 7,923 Total expenditure 4,004 4,004 9.063 Net in¢ome before net galns on investments Nel gains on investments 21,569 9,120 21,569 9,120 16,898 42,355 Net movement In funds 30,689 30,689 59,253 Reconclllation of funds- Total funds brought foward Net movement in funds 1,243,557 30.689 1,243,557 30.689 1, 184,3Q4 59.253 Total funds carrled forward 1.274,246 1,274,246 1,243,557 The Slalemenl of Financ(al Activities includes all gains and losses recognised in the year. The notes on pages 13 10 23 form part of these financial slalernenls. Page11
WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND BALANCE SHEET AS AT 31 AUGLIST 2022 2022 2021 Note Fixed assets Inveslmenls Investment property 232,777 860,000 223,651 860.000 10 1,092,777 1,083,657 Current assets Debtors Cash al bank and in hand 12 3,548 177,921 161, 754 181,469 161. 754 Creditors.. amounts falling due within one year 13 11,854) Nel Current assets 181.469 159,900 Total net a55ets 1,274,246 1,243.557 Charity funds Unreslri¢led funds General lunds Revaluation reseNe 14 806.828 467,418 776, 139 467,418 Total unre8lricled funds 14 1,274,246 1,243,557 Total funds 1.274,246 7.243,55T The financial slalemenls were approved and aulhorised fo issue by the Trustees and signed on their behalf by., on Mr D J Hughes, Chairman The notes on pages 13 to 23 form part of these financial slalemenls. Page 12
WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 General information Wolverhampton Grammar School 1958 Appeal Fund is 8 Charity registered in England. The address of the principal Offi is given in the charity infoTmalion on page 1 of these financial slalements. Accounting policies 2.1 Basis of preparation of financial ststements The financial slalemenls have been prepared in accordance with the second edition Charities SORP {FRS 102) - Accounting and Reporting by Charities.. Slaternenl of Recommended Practice applicable lo ¢harilie5 preparing their accounts in accordan with the Financial Reporting SlandaTd applicable in the UK and Republic of Ireland IFRS 102) (issued in October 20191. the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Charities Act 2011. The financial statements have been prepared lo give a Yrue and fail view and have departed from the Charities {A¢¢ounts and Reports) Regulations 2008 only lo the extent required lo provide a 'lrue and fair, view. This departLJre has involved following the Charities SORP IFRS 1021 published on 16 July 2014 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 ApTiI 2005 which has since been wilhdr8wn. Wolverhampton Grammar School 1958 Appeal Fund meets the definition of a public benefit enlily under FRS 102. Assets and liabilities are Initially recognised al historical cost or transaction value unless otherwise slated in the relevant a¢untIng policy. 2.2 Going Goncern After making enquires, the Trustees have a reasonable expeclation that the Charity has adequate reSoUrS lo continue in operational existence for the foreseeable future. The Charity therefore continues lo adopt the going conrn basis in preparing ils linancial slalemenls. 2.3 Income All income is recognised once the Chaiily has enlillemenl to the income, il Is Probable that the income will be received and the amount of income Teceivable can be measured reliably. Rental income from tenants is credited lo the Slalemenl of Financial Activities in the period to which it relates. Page 13
WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accountillg policies Icontinuedl 2.4 Expenditurè Expenditure is recognised once there is a legal or ¢onslruLlive obligation to Irsnsfer economic benefit lo a third party. il is probable that a transfer of economic ben6fit5 will be required in selllemenl and the amounl of the obligation can be measured reliably. Expenditure is ¢lassilied by aclivily. The costs of each activity are made up of the lolal of direct costs and shared costs, including support costs involved in L)ndertaking each activity. Direol costs allribvlable lo a single activity are allated directly lo that aclivily. Shared costs which contribute lo more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expendilLJre incurred by the Charity lo raise funds for its ¢harilable purposes and includes costs of all fundraising activities events and non-charilable trading. Expendiluie on charitable a¢livilie8 is incurred on directly undertaking the activities which further the Charills objectives, as well as any associated support costs. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be rneasured reliably by the Charity., this is normally upon nolifi¢alion of the interest paid or payable by the inslilulion with whom thè funds are deposited. 2.6 Investments Fixed asset investments S a form of financial instrument and are initially recognised at their transaction cost and subsequently measured al fair value al the Balance Sheet date, unless the value cannot be measured reliably in which case il is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Lossesl on inveslmenls, in the Slalemenl of Financial Activities. 2.7 Investment property The 1958 Appeal Fund holds two investment properties which are let out on tenancy agreements. In accordance with FRS102. the investment properties are revalued annually by the Trustees with the aggregate surplus or defioil transferred lo the Statement of Financial Acliwlies. No depreciation or amortisalion is provided. 2.8 Debtors Trade and other debtors are recognised at the sellltsmenl amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 2.9 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short malurily of three months or less from the dale of acquisition or opening of the deposit or similar account. Page 14
WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accounting policies (continued 2.10 LlabiSities and provlsions Liabilities are recognised when there is an obligation at the Balan Sheet dale as a result of a past event, il is probable that a transfer ol economi¢ benefit will be required in selllement. and the amount of the selllemenl can be estimated reliably. 2.11 Financlal instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basi¢ financial illslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured al their settlement value wlh the exceplson of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.12 Fund a¢countlng General funds are unreslricled funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been desi9naled for other purposes. Investment incom8. gains and1055es are allocated lo the appropriate fund. Critl¢al accovnting estimates and areas of judgment Eslimales and judgments are continually evaluated and are based on historical experience and other f8clors, including expectations ol fuluTe events that are believed lo be reasonable under the circumstances. Critical accounting estimates and assumptions.. The Charity makes eslimales and assumptions ¢oncerning the future. The resuKing accounting estimates and assumptions will. by delinilion. 601dom equal the related actual results. The estimates and assumptions that have a significant risk of causing a malerial adjuslmenl to the carrying amounts of 8ssels and liabilities within the next financial year are discussed below. Critical areas of judgment are.. Pro ert Valuations Al the Balance Sheet dale, the Charity held investment properties with a carrying value of £860,000 (see note 1 D). The value of the properties are based on an open market value, for existing use basis. Page15
WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Investment Income Unr8Stricted funds 2022 Total funds 2022 Rental income from investment properties Investment income Bank interest 22,875 2,692 22,875 2,692 25,573 25,573 Unrestricted funds 2021 Tolal funds 2021 Rental income from investment properties Investment income Bank interest 23.581 2,367 13 23,581 2,367 13 25,961 25,961 Investment management costs Unrestrlcted funds 2022 Total funds 2022 Investment management fees 1,348 1,348 Unr881ricted funds 2021 Total funds 2021 Inveslmenl management fees 1, 140 1, 140 Page 16
WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Alla5ysis of expenditure by actlvities Support costs 2022 Total funds 2022 Charitable activities 2,658 2,656 Support sls 2021 Tolal funds 2021 Charitable activities 7,923 7,923 Analysis of support Gosts Total funds 2022 Activities 2022 Audit costs Refurbishment costs of investment properties Bank charges 1,854 771 1.854 771 31 31 2,656 2.656 Total lunds 2021 AGlivili8S 2021 Audit costs Refurbishment costs of inveslmenl properties 1,854 6,069 1,854 6,069 7,923 7.923 Page 17
WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Auditors, remuneration 2022 2021 Fees payable lo the Charity's auditor for the audit of the Charity's annual accounts 1,854 1,854 Staff costs The Charity has no employees. Trustee5' remuneratlon and expenses During the year. no Trustees recewed any remuneration or other benefits (2021- £NIL). During the year, no Trustee expenses have been incurred (2021- £NILJ. Page 18
WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 10. Investment property Freehold Investment property Valuation Al 1 September 2021 860,000 Al 31 August 2022 860,000 The 2022 valuations were made by Trustees on an open market value for exislino use basis. The historic cost of re-valued investment properties is £392,582 {2021'.£392,5821. 11. Fixed asset Investm8nts Listed Inveslmènts Cost or valuatlon At 1 September 2021 Revaluations 223.657 9,120 At 31 August 2022 232,777 Nèt book value At 31 Au9usI 2022 232,777 Al 31 August 2021 223,657 All the fixed asset investments are held in the UK and are held al market value al the balance sheet date. Pag6 19
WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Debtors 2022 2021 Due withln one yea Trade debtors Other debtors 1,272 2,276 3,548 13. Creditors.. Amounts falllng duè within one year 2022 2021 Accruals and deferred income 1,854 Page 20
WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 14. Statement of funds ststement of funds . current year Balance at 1 Sèptember 2021 Balance al 31 August 2022 Gainsl IL055esl Income Expenditure Unrestrlcted funds 1958 Appeal fLJnd Revaluation reserve 776,139 467,418 25,573 14,0041 9,120 806,828 467.418 1,243,557 25,S73 14,0041 9,120 1,274,246 statement of funds - prlor year Balance at 1 Seplember 2020 581anco al 31 Augusl 2021 Gain (Loss&s) InGoin@ Expendilure Unrestricted funds fj958 Appeal fund Rev8lualion reserve 716,886 467,418 25,962 (9,064) 42,355 776, 139 467,418 1, 184,304 25,962 (9,064) 42,355 1,243,557 Page 21
WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 15. AnalysSs of net assets between funds Analysis of net assets between funds - current yèar Ur7restrlcted funds 2022 Total funds 2022 Fixed asset inveslrnenls Investment property Current assets Creditors due wlhin one year 232,777 860,OOQ 179,193 2,276 232,777 860,000 179,193 2,276 Total 1,274,246 1,274.246 Analysis of net assets between funds - prior year Unrestricted fvnds 2021 Total funds 2021 Fixed asset investments Investment property Current assets Credrtors due within one year 223,657 860,0(k) 161, 754 (1,854) 223, 657 860,000 161, 154 (1,854) Total I,243,7 1,243.557 16. Related party transactions DuTing the year there were rKJ r61aled party Iransaclions. P8ge 22
WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 17. Controlling party The parent undertaking and ultimate controlling party is consideTed lo be Wolverhsmplon Grammar School Limited. Wolverhampton Grammar School Limited is a charitable company limited by guaranlee (company number 6610261, charity numbor 11252681. The Fund has taken advantage of the exemption within FRS102 from disclosing related party transactions with Wolverhampton Gramrnar S¢hool Limited and Wolverhamplon Gramm8r School Independence Appeals Fund on the grounds that the ¢onsolidaled a¢¢ounls for the limited company, which are publicly available from the Charity Commission, in¢lude Wolverhampton Grammar Independence Appeals Fund and the Wolverhampton Grammar School 1958 Appeal Fund. They are also available from the Registrar of Companies. Page 23