Charity number: 1090885 WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND CONTENTS Page Reference and adminlstrative details of the Charity, its Trustees and advisers Trustees. report Independent auditors, report on the financial statements Statement of financial activities 7-10 Balance sheet 12 Notes to the financial statements WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees Mr D J Hughes, Chairman Mr S Ross (retired 3 December 2024) Mr M J Hughes (retired 3 December 2024) Dr R D G Cooper Mr J Harper Mr M J Round {appointed 3 December 2024) Mr A P Holles (appointed 3 December 2024) Charity registered number 1090885 Principal office CIO Wolverhampton Grammar School Compton Road Wolverhampton VVV3 9RB Clerk to the Trustees S Hemmings Independent auditors Crowe U.K. LLP Fourth Floor st James House st James Square Cheltenham GL50 3PR Bankers Lloyds Bank PLC 28a High Street Tettenhall Wolverhampton WV6 8QT Solicitors FBC Manby Bowdler LLP 6-10 George Street Snow Hill Wolverhampton WV2 4DN Investment Manager Evelyn Partners 3rd Floor 9 Colmore Row Birmingham B3 2BJ Page 1 WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their annual report together with the audited financial statements of the Charity for the period 1 September 2023 to 31 August 2024. Objectives and activities a. Policies and objectives The objects of the Charity are to support and fund Wolverhampton Grammar School (the'school,). The principal activity is lo support and fund Wolverhampton Grammar School in its aims and to provide financial support for capital projects of the School. b. Strategies for achieving objectives The agreed strategy has been to take advantage of the improving market conditions to increase the value of the investment portfolio with a view to providing support where practicable through income streams in future years, thereby allowing the capital of the Fund to remain at least al current levels and to meet the Reserves Policy agreed for the consolidated group {as detailed under Organisational Structure). Activities undertaken to achieve objectives In conjunction with its Investment Manager, the Charity has been focusing on increasing the value of its investment portfolio to enable increased support of the School in future years. d. Grant-making policies The Trustees, policy is lo fund any specific bursary or scholarship at the School as required by the donor of those funds and to make general fLsnds 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 capital projects. It was decided by the Trustees that an award to the School would not be made this year., however, it is hoped that in future years financial assistance will be given as the Charity continues the provision of benefit for pupils at the School and for the School itself. e. 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. Much of this work involves raising awareness of the need to provide 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 {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Objectives and activities (contlnued) f. Main activities undertaken to further the charity's purposes for the public benefit Being a former state funded Grammar School and subsequently heavily involved in the Government Assisted Places Scheme, Wolverhampton Grammar School is perceived by itself and the people of Wolverhampton, very much as a school with a duly to uphold its strong charitable links. This strength has been further developed since the advent of full independence in 1979, with great importance placed on maintaining the public benefit provided, not only in the delivery of a rounded education, but also Ihrough the provision of supported places to pupils otherwise unable to afford to attend the School. Wolverhampton Grammar School remains an academically sele¢live, bul not elitist School. It continues to remember its tradition of educating pupils from all sections of the community, with a significant number of bursaries being offered to assist children of low income families in attending the School. The philosophy of the School is steeped in Ihe educational tradition of providing public benefit, in both educational and community terms. Furthermore, the continuation of a policy of providing places to pupils who cannot afford to pay fees Is one endorsed wholeheartedly by the School's Directors and staff alike. Whilst the main focus for bursarial support rightly concentrates on full fee awards, the School's Directors are also mindful of pupils who wish to attend the School, but do not qualify for full bursaries, With this in mind, there are a number of part funded places offered to families of moderate income, further widening the access to potenlial beneficiaries. Although these commitments have been difficult to honour in recent years, the strategy is to resume support to the School. During the year the Charity conlinued to make available part of its freehold land and property for the use of the School. In the furtherance of the aims, the Truslees have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the Charity Commission's published and relevant sub sector guidance concerning Ihe operation of the Public Benefit requirement under that Act. Achievernents and performance a. Review of activities The Charity holds an investment portfolio, including property, the results of which are reported below. b. Investment policy and performance The Truslees have appointed Investment Managers lo manage the investment portfolio on a discretionary basis in accordance with the agreed strategy. The Trustees monitor the returns on a regular basis. The investment objectives are The creation of a sufficienl financial return to enable the Charity to carry out Its purposes effectively and without interruption., The maintenance and enhancement of the investment funds over the long term., To obtain a reasonable balance between capital growth and income so that the Charity can meet future as well as current needs., To avoid investments that are unduly risky. The income for the year from the managed inveslment portfolio amounted to £4.429 {2023.' £3,30n. Page 3 WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achievements and performance {continued} . Overall performance The total income for the year from donations and both the investment portfolio and investment properties amounted to £25,753 <2023.. £26,889). Rental income from investment properties accounted for 83 % (2023.. 88/1 of the total income generated, with the balance made up from investment returns from quoted investments and donations. The results for the year are shown in the Statement of Financial Activities on page 11 and show a positive net movement of funds of £26,962 (2023.. £221, 779). Financial review . Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. The Charity is considered to be well positioned given the current environment with no impact on the going concern basis of the financial statements. b. Reserves policy In the Trustees, view, the level of reserves held should provide the Charity with adequate financial stability and the means for il to 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 its unrestricted free reserves in order to accommodate longer term plans for capital inveslment and other strategic objectives as well as provide an emergency fund to manage the risks and uncertainty for an educational charity in the current political and economic climate. At 31 August 2024 total funds amounted lo £1,522,987 (2023.. £1,496,025). All funds held are classed as unrestricted. Structure, governance and management Constitution The 1958 Appeal Fund is constituted under a Declaration of Trust dated 30 April 1958 and its subsequent amendments. b. Methods of appointment or ele¢tion of Trustees The Charity's Trustees are appointed by the currenuoutgoing Trustees who carefully consider the range of skills which are required by the Board of Trustees. A minimum of four Trustees are required on the Board. Page 4 WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Structure, governance and management (continued) c. Policies adopted for the Induction and training of Trustees New Trustees are provided with an induction pack, which contains details of the trust deeds under which Ihe Charity operates. Before taking up post, they meet with the Chairman of the Board of Directors of the School and the Head of the School. Once appointed, a meeting with the Clerk to the Trustees is arranged, to provide more detailed informalion and to identify appropriate training courses for individuals lo attend. d. Organisational 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 Independence Appeals Fund and The 1958 Appeal Fund are administered in conformity with their Trust Deeds. The consolidated accounts comprise Wolverhampton Grammar School Ltd (registered Charity number 1125268), Wolverhampton Grammar School Foundation (registered charity number 529006), Wolverhamplon Grammar School Independence Appeal Fund (registered charity number 507487) and Wolverhampton Grammar School 1958 Appeal Fund (registered charity number 1090885). The School was set up to run the operational and trading activities, the Foundation was set up to manage Ihe specie endowed land and buildings and the two Appeal Funds were set up to support Ihe School in its aims and to provide financial help wherever possible to students who would not othewise have been able to attend Wolverhampton Grammar School. The Trustees are responsible for the overall management of the Charity. The Trustees meet at 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 to day management of the Fund is delegaled to the Fund's Investment Managers and to Wolverhampton Grammar School management. The Head and the Finance Director of the School (who also acts as Clerk to the Trusleesl attend meetings of the Trustees. e. Risk management The Trustees examine the major risks each financial year with particular reference lo their future plans. The Charity has developed systems to monitor and control the major risks that could affect the Charity in the future. Plans for future periods In the coming year, Trustees will continue to explore ways of increasing the capital value and investment returns of the Fund, to enable the resumption of the financial support for the School and continued supporl for the School itself. Page 5 WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Statement of Trustees, responsibilities The Trustees are responsible for preparing the Trustees, report and Ihe financial statements in accordance with applicable law and United Kingdom Accounling Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required lo.. select suitable accounting policies and then apply them consistently- observe the methods and principles of the Charities SORP (FRS 102)., make judgements and accounting estimates that are reasonable and prudent., state whether applicable UK Accounling Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements., prepare Ihe financial statements on the going concern basis unless it is inappropriate to presume that the Charity will Gontinue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Dlsclosure of information to auditors Each of the persons who are Trustees al the time when this Trustees, report is approved has confirmed that.. so far as thal Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitls auditors are aware of that information. Auditors The auditors, Crowe U.K. LLP, have indicated their willingness to continue in office. The Trustees will 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 Date.. Page 6 WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND Opinion We have audited the financial statements of Wolverhamplon Grammar School 1958 Appeal Fund (the 'charitl) for the year ended 31 August 2024 which comprise the Statement 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 their preparation is applicable law and United Kingdom Accounling Standards, including Financial Reporting Slandard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial statements-. give a true and fair view of the state of the charity's affairs as at 31 August 2024 and of its incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinlon 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 Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of Ihe charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Elhical 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 relatSng to going concern In auditing the financial statements, we have concluded thal the Trustees, 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 lo events or conditions that, individually or collectively, may cast significant doubt on the charily's ability to continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 7 WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND (CONTINUED) Other informatlon The other information comprises the information included in the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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 olher information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otheNise 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 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. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Trustees, report is inconsistent in any material respect with the financial statements., or sufficient accounting records have not been kepl., or the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such inlernal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to Gease operations, or have no realistic alternative but to do so. Page 8 WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND (CONTINUED) Auditors. responsibilities for the audit of the financial statements We have been appointed as auditor under section 145 of the Charilies Acl 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statemenls as a whole are free from material misstatement, whether due to fraud or error, and to issue an Audilors, Report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstalement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in Ihe aggregate, they could reasonably be expected to influence the economic decisions of Lfsers taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, oullined above, to detect material misstatements in respect of irregularities, including fraud. The extenl to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We oblained an understanding of the legal and regulatory frameworks within which Ihe Charity operates, focusing on those laws and regulations that have a direct effect on the delermination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011, taxation legislation and employment legislation, together with the Charities SORP {FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, lo be the approval and processing of bursaries, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Trustees about their own identification and assessment of the risks of irregularities, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged wilh governance. Because of the inherent limitalions of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the evenls and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. ww.frc.or .uklaudilorsres onsibilities. This description forms part of our Auditors, Report. Page 9 ## **WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND (CONTINUED)** ## **Use of our report** This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. **Crowe U.K. LLP** Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR Date: 20 May 2025 Page 10 WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Investments 25,753 25,753 26, 889 Total income 25,753 25,753 26,889 Expenditure on: Raising funds Charitable activities 1,502 3,456 1,502 3,456 1,341 45, 710 Total expenditure 4,958 4,958 47,051 Net expenditure before net gains on Investments Net gains on investments Net movement in funds before other recognised gainsl{lossesl 20,795 43,168 20,795 43,168 (20, 162) 6,941 63,963 63,963 (13,221) Other recognised gainsl{lossesl: Gains on revaluation of investment property 235,000 Net movement in funds 63,963 63,963 221, 779 Reconciliation of funds: Total funds brought fomard Net movement in funds q,496,025 63,963 1,496,025 63,963 1, 274,246 221, 779 Total funds carried forward 1,559,988 1,559,988 1, 496,025 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 13 to 21 form part of these financial statemenls. Page11 WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Fixed assets Investments Investment property 284,657 1,095,000 241, 489 1,095, 000 10 1,379,657 1,336,489 Current assets Debtors 12 5,400 176,731 Cash at bank and in hand 196,537 182,131 196,537 Creditors.. amounts falling due within one year (1,8001 (37,007J Net current assets 180,331 159,536 Total net assets 1,559,988 1,496, 025 Charity funds General fund Revaluation reseNe 14 857,570 702,418 793, 607 702,418 Total unrestricted funds 14 1,559,988 1,496, 025 Total funds 1,559,988 1,496, 025 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Mr D J Hughes Chairman Date.. I q ￿￿.￿s- The notes on pages 13 to 21 form part of these financial statements. Page 12 WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General information Wolverhampton Grammar School 1958 Appeal Fund is a charity registered in England and Wales {Charily Number 1090885). The Charity's registered office and primary place of business is CIO Wolverhampton Grammar School Limited, Compton Road, Wolverhampton, West Midlands, WV3 9RB. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP {FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effeGtive 1 January 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 to give a 'lrue and fair, view and have departed from the Charities (Accounts and Reports) Regulalions 2008 only to the extent required to provide a 'true and fairt view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than Ihe Accounting and Reporting by Charities= Statement of Recommended Practi￿ effective from 1 April 2005 which has Sin￿ been withdrawn. Wolverhampton Grammar School 1958 Appeal Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Going concern After making enquires, Ihe Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements. 2.3 Income All income is recognised once Ihe Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Rental income from tenants is credited to the Stalement of Financial Activities in the period to which il relates. Page 13 WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies {continuedl 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit lo a third party, il is probable that a transfer of economic benefits will be required in settlement and Ihe amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to 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 time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitls 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 measured reliably by the Charity., this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Lossesl on investments, in the Statement 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 deficit transferred to the Statement of Financial Activities. No depreciation or amortisation is provided. Page 14 WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.8 Financial instruments The Charity only enters into basic financial instrumenl transactions that result in Ihe recognition of financial assets and liabililies like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and inveslments in ordinary shares. Financial assels and liabilities are offsel and the net amount reported in the Balance Sheet when there is an 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. Debtors Short-term debtors are measured at transaction price, less any impairment. Cash and cash equivalents Cash is represented by cash in hand and deposits with financial inslitutions repayable wilhout penalty on notice of not more than 24 hours. Creditors Short term creditors are measured at the transaction price. 2.9 Fund accounting General funds are unrestricted funds which are available for use at Ihe discrelion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. Critical accounting estimates and areas of judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions.. The Charity makes eslimales and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Critical areas of judgement are: Pro ert Valuations At Ihe Balance Sheet date, the Charity held investment properties with a Garrying value of £1,095,000 (see note 10). The value of properties are based on an open markel value, for existing use basis. Page15 WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Investment income Unrestricted funds 2024 Total funds 2024 Investment income Bank Interest Rental income from investment properties 4,429 4,429 21,321 21,321 25,753 25,753 Unrestricted funds 2023 Total funds 2023 Investment Income Bank Interest Rental income from investment properties 3,307 3,307 23,580 23,580 26,889 26,889 Investment management costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment management fees 1,502 1,502 1,341 Page 16 WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure by activities Support costs 2024 Total funds 2024 Total funds 2023 Charitable activities 3,456 3,456 45,710 Analysis of support costs Total funds 2024 Total funds 2023 Activities 2024 Refurbishment costs of investment properties Audit costs Bank charges 1,489 1,800 167 1,489 1,800 167 43,674 1, 854 182 3,456 3,456 45, 710 Auditors. remuneration 2024 2023 Fees payable to the Charity's auditor for the audit of the Charity's annual accounts 2,525 1,854 Staff costs The Charity has no employees. Trustees, remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023.- £NIL). During the year, no Trustee expenses have been incurred {2023.' £NILI. Page 17 WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Investment property Freehold investment property Valuation At 1 September 2023 1,095,000 At 31 August 2024 1,095,000 After taking appropriate advice, the 2023 valuations were made by Trustees on an open market value for existing use basis. The historic cost of re-valued investment properties is £392,582 (2023.. £392,582). Fixed asset investments Listed Investments Cost or valuation At 1 September 2023 Revaluations 241,489 43,168 At 31 August 2024 284,657 Net book value At 31 August 2024 284,657 Al 31 August 2023 241,489 12. Debtors 2024 2023 Due within one year Trade debtors 5,400 Page18 WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Creditors: Amounts falling due within one year 2024 2023 Accruals and deferred income 1,800 37,001 14. Statement of funds Statement of funds - current year Balance at 1 September 2023 Balance at Gainsl 31 August {Losses} 2024 Income Expenditure Unrestricted funds 1958 Appeal fund Revaluation reserve 793,607 702,418 25,753 {4,958) 43,168 857,570 702,418 1,496,025 25,753 (4,9581 43,168 1,559,988 Statement of funds - prior year Balance al I Seplember 2022 Balance al 31 Augusl 2023 Gains/ (Losses) Income Expenditure Unrestricted funds 1958 Appeal fund Revaluation reseTve 806, 828 467,418 26, 889 (47,051) 6,941 235, 000 793, 607 702,418 1,274,246 26,889 (47,051) 241,941 1,496,025 Page 19 WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Fixed asset investments Investment property Current assets Creditors due within one year 284,657 1,095,000 182,131 {1,8001 284,657 1,095,000 182,131 {1,8001 Total 1,559,988 1,559,988 Analysis of net assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Fixed asset investments Investment property Current assets Creditors due within one year 241,489 1, 095,000 196,537 (37,OOtJ 241,489 1, 095, 000 196,537 (37,001) Total 1,496,025 1, 496,025 16. Related party transactions During Ihe year, there were no related party Iransaclions. Page 20 ## **WOLVERHAMPTON GRAMMAR SCHOOL 1958 APPEAL FUND** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** ## **17. Controlling party** The parent undertaking and ultimate controlling party is considered to be Wolverhampton Grammar School Limited. Wolverhampton Grammar School Limited is a charitable company limited by guarantee (company number 6610261, charity number 1125268). The Fund has taken advantage of the exemption within FRS102 from disclosing related party transactions with Wolverhampton Grammar School Limited and Wolverhampton Grammar School Independence Appeals Fund on the grounds that the consolidated accounts for the limited company, which are publicly available from the Charity Commission, include Wolverhampton Grammar Independence Appeals Fund and the Wolverhampton Grammar School 1958 Appeal Fund. They are also available from the Registrar of Companies. Page 21