DoGuSign Envelope ID". OB2D9223-EF4B42C7.B3DA4CC8DD408778 Registered number.. 00454793 Charity number.. 1092221 THE ROYAL WOLVERHAMPTON SCHOOL FOUNDATION (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
DoGuSign Envelope ID". OB2D9223-EF4B42C7.B3DA4CC8DD408778 THE ROYAL WOLVERHAMPTON SCHOOL FOUNDATION IA company limited by guarantee) CONTENTS Page Reference and admlnlstratlve detalls of the Charlty, Its Trustees and advlsers Trustees. report Independent examlner's report ststement of financial activitlOS Balance sheet 10 Notes to the financial ststomgnts
DoGuSign Envelope ID". OB2D9223-EF4B42C7.B3DA4CC8DD408778 THE ROYAL WOLVERHAMPTON SCHOOL FOUNDATION IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023 Trustees Mr P Hill, FCMA, CGMA, CPFA, Chairman Mr M Masters Iold Royall Mr G Greenhough, BA, M.Litl. MA Company registered number 00454793 Charity registered number 1092221 Registered office The Royal Wolverhampton School Foundation Penn Road Wolverhampton West Midlands WV3 OEG Accountants Cooper Parry Group Limited Cubo Bimingham Office 401, 3rd Floor Two Chamber18in Square Birmingh8m 83 3AX Page 1
DoGuSign Envelope ID". OB2D9223-EF4B42C7.B3DA4CC8DD408778 THE ROYAL WOLVERHAMPTON SCHOOL FOUNDATION IA company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The Trustees present their Annual Report together with the financial statements of the Company for the year ending 31 August 2023. The Annual Report serves the purposes of both a Trustees, report and a directors. report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable to charities preparing their awounts In accordance with the Financial Reporting Stsndard applicable In the UK and Republic of Ireland IFRS1021 leffective 1 January 20191. Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 Istrategic Report and Directors. Report) Regulations 2013 has been omitted. Reference and Administration Infomiation The Royal Wolverhampton School Foundation IRWSFI is conslituled as a charitable company. The company Itself is rIStered under Charity Number 1092221, and as a company limited by guarantee (under Company Number 004547931 and is regulated by its Memorandum and Articles of Association dated 15 March 2002, subsequently amended in June 2004, January 2005, August 2011 and August 2016. Charities administered A Charity Commission Scheme dated 16 June 2016 was created to permit the Royal Wolverhampton School IRWSI in effect to convert to an independent Free School. The Royal School Wolverhampton I'RSW, or 'the School'l, on 1 September 2016. AIL RWS assets and specified liabilities were transferred to the Free School except for the Leaving Exhibition Fund which remained, as mandated by the Charity Commission. Consequently, the Foundation continues to administer the following unincorporated charities and their obiecls.. The Royal Wolverhampton School Endowment Charity15290071 a. The advancement of education of persons of school age, in particular pupils who have, or are, attending the School. 2. The Charles Hayward Scholarship Fund a. The advancement of education by the award of bursaries, scholarships or other assistance to pupils at the School. 3. The Orphan Scholarship Fund a. The advancement of education by the award of financial assistance lo pupils al the School who are without one or both parents or who are no longer resident with one or both parents or who are otherwise in financial need. 4. The Leaving Exhibition Fund a. The advancement of education by the award of grants (which may be known as Leaving Exhibitions) lo beneficiaries to enable them to attend any pla of higher or further education or an equivalent course of study lincluding an apprenliTrshipl. 'Beneficiaries' means persons under the age of 25 years who have been registered pupils al the School for at least two years. Page 2
DoGuSign Envelope ID". OB2D9223-EF4B42C7.B3DA4CC8DD408778 THE ROYAL WOLVERHAMPTON SCHOOL FOUNDATION IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 The funds held in the fir51 three of these charities were fully applied in the Commercial Transfer Agreement enacted on 31 August 2016 enabling, inter alia, the Free School to become operative from 1 September 2016. Consequentially they contain no funds. The Royal W0erhampton School Endowment Charity continues in the Charity Commission register although Il currently has no funds. The other two funds are considered as effectively closed. However, the objects of the Endowment Charity fil within the remit of the Foundation itself as in practice 'School' refers to the Royal School Wolverhampton and it is focused on financial support for individual pupils. The Leaving Exhibition Fund contains those funds held on 31 August 2016, which due to low interest rates have basically remained conslanL Objectives and activities Charitable Objects The Foundation's objects, as set out In the Memorandum of Association, are the advancement of education of persons of school age. Given that the Leaver's Exhibition Fund, required lo continue under the scheme agreed with the Charity Commission, Is specifically aimed at supporting eligible former RWS and RSW pupils who have left school and are under the age of 25 years, the Trustees consider the objects lo include them. Aims The Foundation only has The Leaving Exhibition Fund transferred on the setting up of the Free School, plus any later donations, legacies and bequests received, less any donations made by the Foundation. These received donations, legacies and bequests may have conditions attached to them restricting the purposes to which they may be applied. Those may, for example, be to fund boarding at the School or to finance Infrastructure projects. Priority Is generally given to supporting Individual pupils whose needs cannot be financed by the School andlor Social ServiTrs and whose funding request is made by the School Principal - typically lo urgently fund a period of Boarding In the School. Other similar Foundations and funding bodies may be approached by the School lo help share those costs. The School now accommodates more than three times the number of pupils Il had when it applied to become a Free School. 11 continues lo be heavily oversubscribed and DfE slates it continues to be the hardest-lo-get-inlo Stale-funded school in the country. The building and renovation project al the School stsrted in 2016, was due lo be completed in 2019, and has suffered significant delays and reconfiguralions. Despite having many temporary classrooms, lack of Spa meant boarding capacity had to be reduTrd from 100 to 80 pupils though this will be reversed when boarding accommodation is Increased in the next 2 years. In this financial year there were no requests to fund a period of Boarding for pupils in need in the School. There are facilities In the School which are not funded by the DfE or the ESFA. Costs lo ensure regulatory compliance and costs of operating these facilities must however be carried by the School. An example is the School Chapel, which is used for Daily Assemblies by Primary and Senior School pupils and is intrinsic lo the operation of the school and the well-being of those pupils. The Foundation may be asked lo donate lo support such facilities. It is hoped an appeal for the renovation and enhancement of the Chapel and adjacent Lodge will be launched in 2024. The Foundation is registered as a charity for tax purposes. As such Il is able to claim Gift Aid on appropriate donations meaning any donation from an eligible UK tax-payer can be increased by 25'/o al no cost to the donor. 11 is the preferred roule for donations lo benefit the School and its pupils. Donations and bequests made for a specific purpose, such as those for a project, are ring-fenced from others - in effect like an endowment, lo be used only for that purpose. For example, a large bequest was made for the renovation for the fountsin in front of the Senior School in Page 3
DoGuSign Envelope ID". OB2D9223-EF4B42C7.B3DA4CC8DD408778 THE ROYAL WOLVERHAMPTON SCHOOL FOUNDATION IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Objectives and activities {continuedl memory of an Old Royal, Frank Nelson, and his wife Gwen. In that case the work was managed by the School using donated funds passed on by the Foundation. The Foundation's aims are therefore to manage these funds and make such disbursements as decided by the Trustees of The Foundation. 11 is expected that such disbursements will be mainly for the benefit of pupils at the Royal School Wolverhampton during their education al the School. In setting objectives and planning for activities, the Trustees have given due consideration lo general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity IPB21'. Donations have been made in previous years which directly benefit the general public. Donations, legacies and bequests are used to further the Foundations aims. Policies and objectives The objects of the Foundation are relatively simple and are staled above. Policies cover key aspects of the Foundation's work. They include those related lo the recruitment, registration and operating policies of Trustees, financial delegation, processing donations and applications for funding from RSW. Policies are in place to cover instanTrs of perceived or real conflicts of interest. Trustees The Foundation is relatively small and managed by three trustees, who know the school well and who have experience in running charities. Two of the current three trustees have been Govemors of the School and Iwo were former pupils. Achievements and performance Main achievements of the Charity Donations received During the year income of £44,648 was received In donations and bequests. The Foundation Is very grateful for the generosity of those who have contributed. Most are from former pupils of the School - Old Royals and Old Rowans- many who have donated regularly. Two subslanlial legacies were received in the year. The first was from Mrs Ward née Jean Phelps who attended the school beeen 1934 and 1942. She was a Foundalioner lalmosl all were orphans) and said she was always very grateful for her lime at The Royal. A member of the Old Rowans, she joined the Old Royals Association IORAI when the Old Rowans Association was disbanded. She last visited the School in 2018 along with several other Old Rowans and had a tour of the buildings bringing back many memories. The Foundation Is very grateful to Jean for her generosity. Her bequest will be applied to requests for donations from the school lo support those pupils directly in need of financial support. Typically, this would be by helping to fund a period as a boarder. The second was from Sylvia Rosemary Bell. Sylvia was an Old Rowan and left RWS in 1951. She was keen on furthering lies with the ORA and was delighted when it incorporated the Old Rowans, becoming one of the first lo take out a full membership of the ORA. Sylvia was a stalwart member who, while she was able, still attended Founders Days and ORA AGMS along with several of her contemporaries al RWS. A substsntial donation was made by a former pupil, who wishes to remain anonymous, towards the conservation of the chapel together with a further donation lo support pupils in need. Page 4
DoGuSign Envelope ID". OB2D9223-EF4B42C7.B3DA4CC8DD408778 THE ROYAL WOLVERHAMPTON SCHOOL FOUNDATION IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Achievements and performance lcontinuedl As Trustees of the Foundation, we wish lo record our grateful thanks to them both and will apply these funds appropriately. In 2019 the Foundation made a donation to help fund the renewal of the all-weather Astroturf pitch next lo the School swimming pool complex. 11 has a covenant with the School's trading company, RWS Enterprises Ltd., under which a sum equal to the cumulative annual profits from RWSE, if any, will be remilled by way of donation of profits to the Foundation. A repayment of £12,561, from 2021122 trading was made lo the Foundation in 2023. At the end of the reporting year, the Foundation held restricted funds of £66,800 (Organ fund and Fountsin renovation) and £78,564 of leaver's endowment funding. There was an unrestricted balance of £141,798 which Included £52,737 earmarked for the chapel appeal (see below) and considered as committed. They total £287,162. Donations made The Foundation may be conla¢led by the School to help support pupils in need who are attending the school. These are generally vulnerable pupils whose home circumstances are such that they require a period in the School as Boarders. In the period under review, the Foundation was not called on by the School to make any donations. This was mainly because the boarding capacity is currently reduced from 100 to around 80 places by the delayed building and renovation programme, as mentioned above. Consequentially, there have been no boarding plaS which required external funding. At the lime of writing this report, il Is still anticipated the Foundation will make a significant contribution to a Chapel preservation and enhancement project lo enable work to begin on the design, planning, gaining of needed permissions and project management necessary lo gel the physical work started. This work would encompass the nearby lodge, to be used for toilets and catering, as well as the chapel. The aim is to preserve the chapel In its current role a5 a place of essentially Christian-based worship and also enable Il to be used more flexibly for many activities by the school and local community. We envisage an appeal to other fundraisers will be essential lo meet the cost of preserving the chapel and enhancing it so it becomes an attractive venue for a range of activities, including weddings, some of which will bring needed revenue lo continue its ongoing maintenance. The Foundation has eamiarked, but not committed, £52,737 to gel the work started. Foundation Website The Foundation website llheroyalschool.foundationl contains much Infomialion about the Foundation, Ils aims and objectives, what it does, Its history and current news. It explains how everyone can help make a difference lo the lives of current and recently-left pupils at the school by donating lo the Foundation. The website is set up lo receive donations and claim Gift Aid. Donating electronically can be by lexl, online banking, using the website's online%iving page, and using the Schoolcomms App which is used by parents to pay for school meals etc. 11 also facilitates payments using paper forms. It is hoped the website will be the main way for parents, friends Old Royals, etc., to donate, and the Foundation can then claim Gift Aid on suitsble donations. Financial review Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate Page 5
DoGuSign Envelope ID". OB2D9223-EF4B42C7.B3DA4CC8DD408778 THE ROYAL WOLVERHAMPTON SCHOOL FOUNDATION IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 resources lo continue in operational existen for the foreseeable future. For this rea50n, they continue to adopt the going concern basis in preparing the financial slalements. Further detsils regarding the adoption of the going concern basis can be found In the accounting policies. Reserves policy The Foundation does not possess large endowment reserves to generate income to assist in the financing of the charity. The Trustees are of the view that it is appropriate to retain sufficient funds to protect The Foundation against uninsurable risks and future uncertainties. Structure, Governance and Management The Directors of the charitable company are its Trustees for the purpose of charity law and throughout this report are collectively referred lo as the Trustees. The Trustees are also members of the company for the purpose of company law. The Trustees who served during the year are named on page 1. Recruitment and Training of Trustees The management of the Company is the responsibility of the Trustees who are elected and co opted under the terms of the Memorandum of Association. The Foundation has three Iruslees- the minimum as permilled by a change in the Articles on August 2016. The Trustees are mindful that the Board should contain members drawn from a broad range of backgrounds. Prospective Trustees are encouraged lo visit RSVV, meet the staff and pupils and have an introduction to the way In which the School works and how the Foundation might assist pupils and former pupils especially those who are vulnerable and in need of support. Trustees are elected al a Trustees meeting after a diligent recruitment process. They are interviewed by the Chair of Trustees of the Foundation prior lo any decision by the Trustees. Trustees are appointed for a term of 5 years and for a maximum uninterrupted period of 15 years. On appointment Trustees are given the opportunity to participate in an induction course. Existing Trustees are encouraged to attend training courses on an ad hoc or on demand basi5. Trustees may also receive presentations in advance of Trustee meetings about aspects of the School's or Foundation's activities or topics of importance that may impact on the Foundation's decisions. Trustees may be given specific training in areas such as child protection and lo maintain awareness of developments in the education and charitable sectors. Plans for future periods The charitable company will continue lo operate in accordan with the aims of The Foundation as sel out above. Page 6
DoGuSign Envelope ID". OB2D9223-EF4B42C7.B3DA4CC8DD408778 THE ROYAL WOLVERHAMPTON SCHOOL FOUNDATION IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 ststement of Trustees. responsibilities The Trustees (who are also the directors of the Charity for the purposes of company lawl are responsible for preparing the Trustees. 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 stslemenls for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the Charity and of Ils incoming resources and application of resources, including Its income and expenditure, for that period. In preparing these financial stslemenls, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements, prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue 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 al any lime the financial position of the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. DocuS*Mdty. 42681B819A42435_. Mr P Hill Chair of Trustees Dale. 09 May 2024 Page 7
DoGuSign Envelope ID". OB2D9223-EF4B42C7.B3DA4CC8DD408778 THE ROYAL WOLVERHAMPTON SCHOOL FOUNDATION IA company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Independent Examlner's Report to the Trustees of The Royal Wolverhampton School Foundatlon {'the Charlty'l I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 August 2023. Responsibilltles and Basls of Report As the Trustees of the Charity {and ils directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Act'l. Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 I'lhe 2011 Act'l. In carying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent Examlner's Statement I have completed my examination. I confirm that no matters have come to my attents'on in connection with the examination giving me cause to believe.. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act,. or the accounts do not accord with those records", or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practi for accounting and reporting by charities applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. 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. My work has been undertaken so that I might stale lo the Charity's Trustees those matters l am required lo stste to them in an Independent examinerfs report and for no other purpose. To the fullest exlenl permitted by law, I do not accept or assume responsibility lo anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed.. Glen Bott FCA Dated.. 16 May 2024 Cooper Parry Group Llmlted Cubo Birmingham Office 401, 3rd Floor Two Chamberlain Square Birmingham B3 3AX Page 8
DoGuSign Envelope ID". OB2D9223-EF4B42C7.B3DA4CC8DD408778 THE ROYAL WOLVERHAMPTON SCHOOL FOUNDATION IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023 Unrestricted funds 2023 Restricted Endowment funds funds 2023 2023 Total funds 2023 Total funds 2022 Note Income and endowments from: Donations and legacies Total income and endowments 44.648 55,211 44.648 55,211 Expendlture on: Charit8ble activities 3,507 3,507 7,156 Total expenditure 3.507 3.507 7,156 Net movement in funds 41,141 41,141 48,055 Reconclllatlon of funds: Total funds brought forward 100,657 66,800 78,564 246,021 197,966 Net movement in funds Total funds carried forward 41.141 41.141 48,055 141.798 66.800 78.564 287.162 246,021 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 11 to 17 form part of these financial statements. Page 9
DoGuSign Envelope ID". OB2D9223-EF4B42C7.B3DA4CC8DD408778 THE ROYAL WOLVERHAMPTON SCHOOL FOUNDATION IA company limited by guarantee) REGISTERED NUMBER: 00454793 BALANCE SHEET AS AT 31 AUGUST 2023 2023 2022 Note Current assets Debtors Cash al bank and in hand 8.716 281.086 36,136 212,585 289.802 248,721 Creditors.. amounts falling due within one year {2.6401 12,7001 Net current assets 287,162 246,021 Total not assets 287,162 246,021 Charity funds Endowment funds Reslricled funds Unrestricted funds 10 10 10 78.564 66.800 141,798 78,564 66,800 100,657 Total funds 287,162 246,021 The Charity was entided lo exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year In question in accordance with section 476 of Companies Act 2DO6. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial statements. The financial statements have been prepared in accordan with the provisions applicable to entities subject lo the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. ty00u8n•dty. 426ts7È81$A42.. Mr P Hill Chair of Trustees Dale: 09 May 2024 The notes on pages 11 to 17 form part of these financial statements. Page 10
DoGuSign Envelope ID". OB2D9223-EF4B42C7.B3DA4CC8DD408778 THE ROYAL WOLVERHAMPTON SCHOOL FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 General Informatlon The Royal Wolverhampton School Foundation is a private company limited by guarantee Iregislered number 004547931, which is incorporated and registered in England and Wales. Its charity registration number is 1092221. The registered office and principal place of business is Penn Road, Wolverhampton, West Midlands, WV3 OEG. It's principal activity is to support the provision of education at The Royal School Wolverhampton. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. Accountlng pollcles 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 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 IFRS 1021 leffective 1 January 20191, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Royal Wolverhampton School Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are Inilialty recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy. 2.2 Going concern After making appropriate enquiries, the Iruslees have a reasonable expectation that the company has adequate reSoUrS lo continue in existence for the foreseeable future. For this reason they continue lo adopt the going conrn basis In preparing the financial slalements. 2.3 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted fvjnds are funds which are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund Is set out in the notes lo the financial statements. Endowment funds represent those assets which must be held permanently by the charity, principally The Leaving Exhibition Fund. Page11
DoGuSign Envelope ID". OB2D9223-EF4B42C7.B3DA4CC8DD408778 THE ROYAL WOLVERHAMPTON SCHOOL FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accountlng pollcles Icontlnuedl 2.4 Income All income is recognised once the Charity has entillemenl lo the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of reIpt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement lo a legacy exists when the Charity has suffi'cient evidence that a gift has been left lo them Ilhrough knowledge of the existence of a valid will and the death of the benefaclorl and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that il will be received and the fair value of the amount re1Vable, which will generally be the expected cash amount lo be distributed to the Charity, can be reliably measured. Donations received for the general purpose of the Foundation are credited to unrestricted funds, where the donor or appeal has imposed trust law restrictions, voluntsry income is credited lo 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 is to be permanent or not. Gifts in kind are valued al estimated open market value at the date of the gift, in the case of assets for retention or consumption, or al the value lo the Foundation in the case of donated services or facilities. 2.5 Expendlture Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo a third party, it is probable that a transfer of economic benefi'ts will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.6 Flnanclal Instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. 2.7 Debtors & Credltors Short temi debtors are measured al transaction price, less any impairment. Short temi creditors are measured al transaction price. Page 12
DoGuSign Envelope ID". OB2D9223-EF4B42C7.B3DA4CC8DD408778 THE ROYAL WOLVERHAMPTON SCHOOL FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Income from donatlons and legacles Unrestricted funds 2023 Total funds 2023 Total funds 2022 Donations Leg8cies 28,584 16,064 28,584 16,064 2,341 52,870 Total 2023 44,648 44,648 55,211 Total 2022 55,211 55,211 Anatysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2023 Total 2023 Total 2022 Support costs and governance 3,507 3,507 7,156 Total 2022 7,156 7,156 Support costs include administration costs, bank charges, legal fees and governance costs relating to the independent examiners fees. Independent oxaminer's remuneration 2023 2022 Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts 2,640 2,400 Employees The average number of employees during the year was Nil12022' Nill. Page 13
DoGuSign Envelope ID". OB2D9223-EF4B42C7.B3DA4CC8DD408778 THE ROYAL WOLVERHAMPTON SCHOOL FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Trustees. remuneratlon and expenses During the year, no Trustees reiVed any remuneration or other benefits12022.' £Nill. During the year ended 31 August 2023, no Trustee expenses have been incurred12022'. £Nill. Debtors 2023 2022 Due within one year The Royal School, Wolverhampton Prepayments and accrued income 8,716 7,136 29,000 8,716 36,136 Creditors: Amounts falling due within one year 2023 2022 Accruals 2,640 2,700 Page 14
DoGuSign Envelope ID". OB2D9223-EF4B42C7.B3DA4CC8DD408778 THE ROYAL WOLVERHAMPTON SCHOOL FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 10. Statement of funds Statement of funds - current year Balance at 1 September 2022 Balance at 31 August 2023 Income Expendlture Unrestricted funds Foundation General Funds 100,657 44,648 {3.5071 141,798 Endowment funds The Leaving Exhibition Fund 78.564 78.564 Restrlcted funds Organ Fund Fountain Fund 6.700 60.100 6.700 60.100 66,800 66,800 Totsl offunds 246,021 44,648 13,5071 287,162 Page 15
DoGuSign Envelope ID". OB2D9223-EF4B42C7.B3DA4CC8DD408778 THE ROYAL WOLVERHAMPTON SCHOOL FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 10. Statement of funds (contlnuedl Statement of funds - prlor year Balance at Balance at 31 August 2022 September 2021 Income Expendlture Unrestricted funds Foundation General Funds 52,602 55,211 17,1561 100,657 Endowment funds The Leaving Exhibition Fund 78,564 78,564 Restrlcted funds Organ Fund Fountain Fund 6,700 60,100 6,700 60,100 66,800 66,800 Totsl offunds 197,966 55,211 17,1561 246,021 The Leaving Exhibition Fund represents the permanent endowment Capital of a fund to be applied for the advancement of education by the award of grants Iwhich may be known as Leaving Exhibitions) to beneficiaries to enable them to attend any place of higher or ftjrther education or an equivalent course of study (including an apprenliTrshipl. For the purposes of the Scheme "Beneficiaries" means persons under the age of 25 years who have been registered pupils al the School for at least years and School" means The Royal Wolverhampton School and upon its closure the Royal School, W0erhaMptOn. The Organ Fund was created by a legacy intended to cover the renovation and upkeep of the organs of The Royal School, Wolverhampton. The Fountsin Fund was created by a donation intended lo cover the restoration of the Fountain of The Royal School, Wolverhampton. Any unapplied funds on completion of the project may be applied to further the purposes of the Charity at the Trustees, discretion. Page 16
DoGuSign Envelope ID". OB2D9223-EF4B42C7.B3DA4CC8DD408778 THE ROYAL WOLVERHAMPTON SCHOOL FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 11. Analysls of net assets between funds Analysls of net assets between funds - current year Unrestrlcted Restrlcted Endowment funds funds funds 2023 2023 2023 Total funds 2023 Current assets Creditors due within one year 144,438 12,6401 66,800 78,564 289.802 {2,6401 141,798 66,800 78,564 287.162 Analysis of net assets between funds - prior year Unrestricted Restricted Endowment funds funds funds 2022 2022 2022 Total funds 2022 Current assets 103,357 12,7001 66,800 78,564 248,721 12,7001 Creditors due within one year 100,657 66.800 78,564 246,021 12. Related party transactions During the year £12,56112022'. £Nill was received from The Royal Wolverhampton School Enterprises of which one of the trustees is also a director of. At the year end £nil12022'. £nill} was owed from The Royal Wolverhampton School Enterprises. The Royal School Wolverhampton is a related party due to the fact that one of the trustees is a member of the Royal School Wolverhampton. The Foundation incorrectly received and paid across boarders. fees of £nil12022.' £4,340). In addition il was incorrectly charyed and has been reimbursed for, bank charges of £nil12022.' £1,280) on behalf of The Royal School Wolverhampton. The Royal School Wolverhampton paid Independent Examiner's fees of £2,40012022.' £2,500). Al the year end, The Royal Wolverhampton School Foundation was owed by The Royal School Wolverhampton £8,71612022'. £7,136). Page 17