Registerèd number.. 6610261
Charlty number.. 1125268
WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
DIRECTORS. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
WR
Partners
Protecting your future.

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limited by guarantee}
CONTENTS
Page
Referonce and admlnlstrative detalls of the Companyi its Directors and advisers
Dlrectors. report
Independent auditors. rèport on tha financlal statements
Consolidated statement of financial activities
Consolidated balance sheet
3-13
14-16
17-18
19-20
Company balance sheet
Consolidated statement of cash flows
Notès to the financlal statements
21-22
23
24-50

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS DIRECTORS AND ADVISERS
FOR THE YEAR ENDED 31 AUGUST 2020
Dlrectors
Mr N C Berriman2.3
Mr C l Bill, Chairman of Finance and General Purposes Commillee2,4
Mrs E Bloch lappoinled 9 April 202011
Mrs S H L Cawdell, Chairman ol Education Committeei
Ms E Forde lappoinled 28 September 2020)
Dr M Gowan Gopa11
Mr R Grainger Iresigned 18 October 2019)1
MT J H8rper2
Mr P A Hawthornel,4
Professor K B Madelin. Chairman of Eslales Commillee (resigned 30 December
201912,3
Mr Y J Malik1,3
Mr J Pale12
Ar J Sage, Chairman
Members of The Education Committee
Members of The Finance and General Purposes Committee
Members of The Eslales Committee
Members of The Remuneration Committee
Company register&d
number
6610261
Charlty registered
number
1125268
Registered office
Compton Road
Wolverhampton
WV3 9RB
Page 1

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limlted by guarantee
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS DIRECTORS AND ADVISERS
ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2020
Company secretary
Mrs P C Rudge (resigned 31 August 2020)
Mrs S Hemmings (appointed 1 September 202QI
Mis K Crewe- Read (resigned 31 August 20201
Mr A Frazer {appoinled I September 20201
WR Partners
Chartered Accountants
Belmonl House
Shrewsbury Business Parf(
Shrewsbury
Shropshire
SY2 6LG
The Head
Indepandent audltors
Bankers
Allied Irish Bank IGB}
61 Temple Row
Bim)ingham
B2 5LT
Sollcitors
FBC M2nby Bowdler LLP
6 - 10 George Street
Snow Hill
Wolverhampton
WV2 4DN
Investment Managers
M & G Securities Limited
Laurence Pounlney Hill
London
EC4R OHH
Smi(h & Williamson
3rd Flc>or, 9 Colmore Row
Birmingham, B3 28J
CCLA Investment Management Limited
80 Cheapside, London
EC2 SDZ
Page 2

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
{A company limited by guarantee)
DIRECTORS, REPORT
FOR THE YEAR ENDED 31 AUGUST 2020
The Directors, who are also Trustees, present their annual report together with the audited financial slalements
of the Company for the 1 September 2019 10 31 August 2020. The Annual report stttves the purposes of both a
Directors, report and a directors. report under corNpany18w. The Diieclors confirm that the Annual report and
financial slalements ol the charitable company Comply with Ihe CLJrrenl statutory requirements, the requirements
of the charitable company's governing document and the provisions of the Slalement of Recommended Practice
ISORPI applicable lo charities preparing their accoLJnts in accordan￿ with the Fin8ncial Reporting Standard
applicable in the UK and Republic of Ireland IFRS1021 leffe¢twe 1 January 20191.
Objectives and activities
Policies and objectives
The objects of the Charity are'the provision and conduct in or near Wolverhampton of a day school for boys and
girls" thereby Providing the advancement of education within the meaning of English law.
The Wolverhampton Grammar School's Ilhe 'S¢hool'l mission is lo deliver education th81 transforms lives as well
as minds. We do this by providing an education as individu81 as every child within an environment like no other.
Our staff help us fulfil our mission as a School by working with students lo ensure their curriculum is Tight for
them. We ¢an do this because of small class sizes, flexibility within our academic slrucluies and an all
embracing range of exlra curricular activities. We all play a part in equipping students lo develop a love of
learning.
Our School community inspires opennoss, trust and mutual respe¢t. We know that a challenging education
reqLJires a supportive, caring environment as well as a blend of skills and a mind sel that embraces diversity and
drfference.
For us. education is not just about academic achievement, il's about helping our students lo know they can make
difference during their lime al Sch(x)l and after they leave us. All our students are Irealed wamly as
individuals and their opinions are valued this is because we know that our S¢hool thrives on the relationship
between our students. their parents and our staff and the active role that we all play.
Objectives for the Year
The School's objectives for the year were to delbver against the third year of Ihe new School's 201712022
Strategic Plan, whilst remaining true lo the School's mission as slated above.
Primarily the objectives included-.
ImpToving the quality oftoaching and learning.,
Embedding a new digital strategy to supwrt 8nd enhance each student's educational experience as well
as preparing them for the future.,
Making improvements lo the pastoral system lo further develop the community of the School.,
Encouraging a clubs for all culture.,
Continuing with the planning application process lo create Infant facility on the school sile
Embarking on a science laboratory refurbishment scheme.,
Finalising restructure plans for the governance of the organisalion,. and
Raising further funds lo enable a greater number of bursaries lo be granted.
Page 3

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company IlmSted by yuaranteel
DIRECTORS. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2020
Oblectives and activities Icontinuedl
b. Strategle5 lor achieving objectivès
The School is now part way through ils second fi've year Strategic Plan which is split down into eight key areas..
Inlelleclual Challenge.. Pastor81 Care and Spiritual Growth., Co Curricular Breadth". Purposeful Staff Developmenl,.
Effective Marketing and Communication8,' Secure School Finances,. Well Maintained Eslales, Facilities and
Infr8sltuclure,' and Effective Govemance.
The Strategic Plan is reviewed and updated annually leading lo the production of annual whole School
Development Plans detailing the annLJal School objeclives lor the year cOn￿med. Departmental and individual
objectives are linked through lo the whole School Development Plan allowing a co-ordinated and well
communicated approach lo achieving obje¢tives. All Development Plans are reviewed al the end of each year
before the Strategic Plan is reviewed and updsled. This review and objective selling process involves slafl, the
senior management team and the Directors.
c. Activities undertaken to achieve objectives
Wolverhampton Grammar School IWGSI provides education lo boys and girls fTom the ages of 7 to 18 in the
Junior School and the Senior School. Whilst maintaining high academi¢ standards, the School also provides
specialist support for students wlh special edu¢alional needs through ils Opportunities for Assisted Learning
Scheme {OpALI.
578 students aged 11 18 were on roll as of September 2019 in the Senior School (September 2018.. 5701 and
175 students aged 7 - 11 in the Junior School (September 2018.. 1721. The School continues lo altracl strong
interest from the Wolverhampton area as well as from Slaffordshire. Shropshire, Walsall and Birmingham.
Public examinations were repla￿d by Centre Assessment Grades, as required by OFQUAL in the context of the
COVID-19 pandemic. A rigorous and fair process was conducted by the School lo determine the Centre
Assessmenl Grades for each student in each subject, and there was an extremoly high degree of confidence
expressed by students and parents when the results were published In August. Al GCSE the 2019120 cohort
achieved a 93.￿ pass rale al gr2das 9 10 4 with 64Qh passes al grades 9 10 7. The students averaged over 9
passes each. At A Level there was a 1000A pass rate, an 84°/0 pass rale al A'IB 1650/0 in 20171181 and 550/0 al
grade A'IA, reflecting the particularly high average ability of a cohort which contained an unusually large number
of full-fees bursary recipients. the Directors having made additional awards to celebrate the School's
quincenlenary in 2012. 790A of our students achieved a place al a university of their choice. The School
continues lo offer Ihe EPQ qualification which is popular with students and is regarded highty by universities.
In the Spring term, the School (Senior and Junior) underwent a routine ISI inspedion of Regulatory Compliance.
The School received a flawless report with all regulatory requiTemenls mel in full.
The Junior School, opened in 2011, continues lo flourish and was al ils largest in terms of pupil numbers during
the year. Links with the Senior School are enhanced by sharing facilities and in some cases, teachers Isciences
for example. are laught in purpose built labs by the Senior S¢hool slafn and there is strong support in place for
both students and their parents in terms of transition lo Senior School including immersion days and parent
infomation evenings.
Achievement and well rounded education al WGS is evident both inside and outside the classroom. The School
provides high quality leaching and an excellent programme of co-curricular and extra curricular activities and
opportunities lover 100 clubs. societies and activities 8re available lo students across the School). Both are
supported by the implemenlalion of the School's digital strategy, whi¢h has modernised adminislralion and has
provided up lo dale methodology for both leaching and learning. The prominence of Sludenl Parliament in the
Senior School and School Council in the Junior School and seriousness with which sludenl voice is taken
Page 4

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limited by guarallteel
DIRECTORS. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2020
Objectives and activities Icontinuedl
throughout the School enables our young people lo learn lo articulate their thoughts and speak up for what is
right. The sludenl run Peer Support group is popular, and very active in the Senior School. Peer supporters are
allocated lo each form, so ensuring their approachability, and their work is coordinated by a slrono team lead.
The inlroduclion ol Inlerform activities has increased 8 sense of collegiality between students throughout the
School and will be expanded into a full house system over the next three years. Over the Course of the year they
¢onlribuled lo various pastoral initiatives in School by bringing 8 student perspective. Such aclivities help us to
meet our objective of raising students who are Gonfidenl that they can make a difference within their communily
or sphere.
The School continues lo provide quality sporting opportunity for students and participation levels are high. Some
260 Senior School fixlures were played during the year in netball, football, rounders, hockey and rugby. Other
minority sports thrive and ¢omplete an exciting and varied offering.. Elon fives, squash, basketball, CTOSS ¢OLJntry,
gymnastlos, fencing, swimming, and badminton. In girls, 5POrt the U14 Netb811 team won the district lournsment.
The U12 Hockey team qualrfied for the Midlands Hockey Tournament bul this was never played due to Covid-19.
Unfortunately, the curtailment of the Spring and Summer Terms due lo Covid-19 meant that there was no
opportunity for students lo participate in summer sports such as Tennis and Rounders. The School also
supports students who compete at City, regional and Intern81ional level with supported learning lo ensure they do
not fall behind and in some cases. a tailored fitness programme to support their sporting discipline.
The music and drama departments continue to provide exciting opportunities for our students. The Hullon
Theatre hosted a performance of Our Town.
Unlortunately, the planned Lower School production of
Rumpleslillskin and the annual Dan￿ Show were cancelled due to lockdown. Students from local secondary
and primary schools are invited lo performances free of ¢harge for both academic Teasons and entertainment. In
November 2019, 16 pupils and 3 staff joined the Wombourne Choral Society in a performance Df The Messiah.
24 pupils from Years 5-7 sang in Young Voices al the NEC in January. A virtual cOn￿rt look place during
IoGkdown and Year 10 pupils compiled a virtual recording ol'Bring Me Sunshine"
School trips that support and enrich the curriculum have continued lo enhance the educational and spiritual
gromrth of students. Most Junior School children were able lo lake part in a residential trip, which gives them an
opportunity lo team build and involve themselves in outdoor challenges.
Provision was and ha5 been made in the budget over the next few years lo allow for tho ongoing science
laboratory refurbishment scheme, with three chemislry laboratories being refurbished in the summer of 2018 and
a biology laboratory being refurbished in the summer of 2019. The remaining biology and general laboratories
will be refurbished over the next few years as part of the phased plan. The School is very grateful for the
generosrty of the M8rchanl Taylors, Livery Cornpany for their donation for this ongoing Wotk.
Page 5

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA Gompany limited by guaranteel
DIRECTORS, REPORT ICONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
Objectives and a¢tlvitles Icontinuedl
d. Main actlvities und8rtaken to further the Company's purposes for thè public beneflt
The Directors have given due regard lo the Charity Commission guidance on public benefrt and have continued
lo demonstrate the School's comrllilmenl lo delivering public benefit lo both its own students and the wider
communily of Wolverhamplon. Means lesled bursaries amounted lo over h21f of all Com￿SSIOnS awarded, with
Ihe lolal number of students in September 2019 receiving means tested bursaries amounting lo 65 (September
2018". 641. The total number of students receiving means lesled support and the proportion receiving support
with 900A or more of lees and additional extras 1450/DI is in line with last year. These students come from
households where the gross annual income is less than £60.000. One student on such an award is a Looked
After Child. The school has also accepted a second Looked After Child, placed by the Local Authority,. this has
been deemed a ¢omplele success by authority and parent, and the arrangement is sel lo continue next
academic year. Means lesled bursaries are primarily offered al entrance in Year 7 and in Year 12 and in addition
a bursary hardship fLJnd is used lo support students thr()ugh critical exam years where their parents have
experienced significant financial difficulty. Further don8tions of funds for bursary support have been r￿e1Ved
during the year and have augmented the number of 1 OOOA means tested awards that have been made lo new
entrants al Year 7 in September 2019. During the year, an Emergency Appeals Fund was launched in order lo
support families in short term financial difficullies as a result of Covid-19. The fund supported 25 students, who
would otherwise have had to leave WGS and will continue lo be used to support students during the 2020121
academic year.
The School sees itself very much as part of 8 wider community, and where we call assist the community wilhoul
detriment lo advancing the education of our students, we are delighted to do so. We provide public benefit lo the
Community through a number of lellings al subsidised rates lo local children's sports and holiday clubs. including
junior cricket. hockey and rugby clubs and Soccer 2000. The lelling of musi¢ and exam hall facilities lo wider
educational music organisalions has also been developed as has the use of the Viner Gallery, which as a
serwces space, has been made available lo local artists as an exhibition venue on several occasions, The local
nursery is able lo use the School grounds free of charge for ils sports day and the local Tabernacle church is
able lo us$ the School car p8rk free of charge on a Sunday.
As part of the School's public benefit provision, the WGS Library continues to inspire reading and is working lo
raise levels of reading attainment across the Wesl Midlands. As the author events expanded in 2019120,1804
young people from a lolal of 23 local slate schools mel award-winning and besiselling children's authors. poets
and storytellers. Based on this slalistic, we are delighted to report that the level of engagement from schools is
increasing exponentially each year, wlh many schools now Iravelling a considerable distance lo atlend our
events. Our first large-scale ￿lebritY author wsil also look place, where we welcomed over 1,200 children lo
Wolverhampton's Grand Theatre lo meet David Baddiel for Ihe launch of his lalesl children's book, 'The Taylor
Turbochaser,. As part ol our work lo make reading accessible for all children, funding from Meichanl Ta￿ots,
Company was sourced and enabled us lo gift 1,200 signed copies of David's book lo every child in attendance.
In addition lo the author events. the School's Librarian led a Read Well training session. This was planned in
collaboration with Custom Training and offered 6 local state schools the opportunity to enhance their mental
health first aid training. In addition, schools who attended this free workshop received infomialion and resources
lo Create wellbeing book displays In their own libraries.
The School Libraiian Network Group. run from WGS, continues lo offer training and support for librarians from
local and iegional slal8 schools. We now welcome represenlalives from 18 schools lo these lermly meetings
where good pra¢li¢e is shared and resources linked lo the Wolverhampton Children's Book Award are
dislribuled. These schools all participated in the 2019 Wolverhampton Children's Book Award, where 600 young
people aged 9-13 voted for the award with Humza Arshad emerging as their winning author.
Throughout the pandemic. we irlcreasecl our offering lo the School Librarian Network Group by sharing digilal
resources and risk assessments via virtual meetings. As a result of this work, schools were able lo continue
Page 6

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA Gompany limited by guaranteel
DIRECTORS. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2020
Objectives and activities IcontinLtedl
operating a library service whilst promoting reading remotely.
Other outreach opportunities have ¢onlinued lo be organised by the s¢hc)ol, although major events such as the
Year 5 Discovery Day were unable lo lake place due lo lockdown. Similarly, we were due again to host a National
staff training event. bul this had to be cancelled.
Students in the Junior School support workshops al Severndale Specialist Academy. The Junior School 8lso run
a rugby festival, two Cross country festivals 2nd a Festival of Sport, where local stale schools are encouraged to
make the most of the School's grounds, f8cililies and leaching expertise.
Both Senior and Junior Schools raise funds which are divided amongst local and national charities.. in this
respect, in 2019-20 the Schoo1 raised funds for Compton Hospice, WalerAid, Buddy Bear Foundation and
Birmingham Children's Hospilal. The total raised was £2352 which was significantly less than in recent years;
owing lo the pandemic, the School was not able lo hold a number of the usual fundraising events in the second
half of the academic year. Among these. the annual Coast 2 Coast run. normally run in May, was delayed this
year bul run in a different format in October 2020.
The School actively supports the attainment of the highest standards in the Independent Schools sector through
networking with other schools and membership of Ihe appropriate bodies concerned with such standards. The
Head is an elected member of The Headmasters. and Headmistresses, Conference IHMCI. The Warwick Group
of HMC schools provides a forLJm for the Head, the Deputy Heads and Heads of all academic departments to
meet and consider mallers of mutual interest and importan￿. The School is a member of the Independent
Schools, Bursars Asso¢iation which provides relevant advi¢0 for the effective adminislralion of the School. The
outgoing Bursar was elected as Chair of the ISBA Executive Committee. The S¢hool was also shortlisled and
won the TES Senior Leadership Team of the Year 2018. Three of the School's leaders and management setve
the wider educational community by acting as School governors in regional slate primary schools.
In the furtherance of the aims of the School, the Trustees have complied with the duty in section 4 of the
Charities Act 2011 to have due regard to the Charity Commission's published and r¢1evant sub sector guidance
con￿rning the operation of the Public Benef1t requirernent under that Act.
Fundraising and Volunteer Aclivilies
The School continues lo promote the Independenca Appeals Fund for the ¢ollection of donations and legacies
for augmenting bursary funds. During the year. Bn Emergency Appeals Fund was launched in order lo support
families in short term financial difficulties as a result of Covid-19. The fund raised £116.965, £50k in malcheLI
funding was provided by the Independen￿ Appeals fund and £50k was transferred from the Sports Scho13rship
Fund at the expiess wish of the donor. The EAF supported 25 students, who would olhetwise have had to leave
WGS, with fees conliibulions of £71.920 in the Summer lemi. The remainder of the fund is expe¢led lo be used
for support during 2020121.
In the furtherance of these aims, the Trustees have Complied with the duly in section 4 of the Charities Act 2011
lo have due regard lo the Charity Commission's published and relevant sub sector guidance con￿Ming the
operation of the Public Benefit requirement under that Act.
Many parents. friends of the school and Old Wulfrunians help with fundraising, cultur81 and sporting activities and
care&rs events providing many hours of voluntary service during the year. The Directors very much appreciate
their continLJing and valuable support.
Page 7

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limited by guaranteel
DIRECTORS. REPORT ICONTINUED}
FOR THE YEAR ENDED 31 AUGUST 2020
Objectives and activities (continued)
Strategic report
Achievements and perfomiance
a. Key performance Indicators
The Directors consider that the key financial performance indicators are pupil numbers,. full fee equivalent pupil
numbers., leaching staff.. pupil ratios., investment surplus {profil before depreciation as a percentage of net fee
income),. salary costs as a percentage of nel fee income," bursary and scholarship concessions as a percentage
of gross fee income,. per￿ntage fee rises., level of 8nnual capital expenditure and reserves levels.
The key performance indicators are sel during the budget process and reviewed al least On￿ a term by the
Finance and General Purposes Committee through the production of Month￿ management accounts and th6
annual SORP accounts.
b. Review of activities
The surplu5 for the year Ibefore transfers between funds and movements on investment assets) amounted to
£173k 12019.. £993kl. The deficit for the year after Iransfers between funds and gains on investment assets
amounted lo £103k 12019.. £868k surplus) and has been transferred to reserves. Total funds amounted to
£17,911 k12019.. £18,015k}. The overall cash surplus for the year amounted lo £223k (2019". £1,297kl.
During the year, fee income after bursaries and diseounls decreased by £508k,' equivalent lo a 5.80A decrease
(2019.. £416k equivalent lo a 5.OOA increase). due lo significant discounts lo Summer Temi fees as a response lo
the pandemic and the financial impact on parents. This was partially offset by Government Grants of £258k
received lo support operations during lockdown. In addition, whilst Ihe School continues lo maintain a good level
ol means lesled bursary assistance, the level of non means lesled Scholarship concessions have been reduced.
The donations and legacies received during the year were £250k for bursary support. The School has continued
lo work to increase awareness of the benefits th21 a child obtains through the award of a buTsary and is very
grateful lo ils alumni body both in the UK and abroad for their continued bursary donations lo the Independence
Appeal Fund.
Total resources expended have Inc￿aSed lo £9,048k 12019.. £9,141kl w((h greater funds being spent on
leaching Tesources for the benefit of pupils in the School whilst operating costs have continued lo be kept lirmly
under control.
The value of the investments held have decreased, wth realised and unrealised losses amounting lo £102k
{2019'. £103k gain). Whilst the latter is largely beyond the control of Directors, there is a strong expectation that
operating costs will continue lo be diiven down in order lo oplimise the incoming reSoUr￿S for th& main aim of
the charity, the eduealion of ils students. The ongoing aim of the School is lo increase cash surpluses lo enable
the School to invest in an ongoing capital expenditure plan to allow buildings lo be updated and lo increase the
level of reserves lo provide security for the School in the current Un￿rtain political and economic climate. Whilst
a small cash surplus was generated during the year, the program of capital expenditure was pul on hold during
the Summer Term due lo the economic uncertainly introduced by lockdown.
Page 8

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limited by guarantee)
DIRECTORS, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2020
Strategic report Icontinuedl
Achievèments and performance Icontlnuedl
Res8Nes Policy
The School aims to build up and maintain ils unrestricted free reserves in order lo accomrnodate lorsger term
plans for capital investment and other strategic objeclives as well as provide an emergency fund lo manage the
risks and uncertainly for an edu¢alionaS charity in the current political and economi¢ ¢limale. In addition the
Directors recognise the need lo increase the reslricled and endowment reserves held, in particul8r the
Independence Appeals Fund. to help fund futur¢ Iransformalional bursaries.
Consolidated reserves at 31 August 2020 amounted to £17,911k 12019.. £18,015kl. Al 31 August 2020 the
consolidated free reseTves were £2,540k 12019.. £2,338kl. Details of the specific reserves held are provided in
note 22 to the 8¢counls.
Total unreslricled funds as shown in the financial slalements include a notional funding deficit of £1,194k {2019',
£821kl cal¢u5aled under the FRS102 Charity SORP in respect of the School's defined ben&fil scheme for
support staff. The Directors believe that this notion81 funding calculation, which can vary Considerably between
surplus and deficit a¢¢ording to the assumptions made at each year end, has no material effect on the School's
short term ¢ashllow and that in the longer lerm, ils effects are s(Jslainable oul of future income. For this Teason il
is considered that it should be disregarded for reserves policy purposes.
The Directors are satisfied that they have sufficient reSoUr￿S available lo meet liabilities and any unscheduled
future costs and review their policy on an annual basis.
c. Investment policy and performance
The Trustees of the Appeals Funds have appointed Investment Managers to manage the investment portfolio on
a discrelionary basis in accordance with the agreed strategy. The Trustees monitor the returns on a regular
basis. The m8in investment objectives are."
The creation of a sufficient financial return lo enable the Charity to Carry out ils purposes effectively and without
interruption.,
The maintenance and enhancernenl of the investment funds over the long lemi.,
. To obtain a reasonable balance betwe&n capital growth and income so that the Charity can meet future as well
as current needs.,
To avoid investments that are unduly risky.
The investment performance foT the majority of the School's accounts is measured against the MSCI
WMAIPIMFA Balanced Index, which rosfj by 2.260/0 during the year lo 31st August 2D20. By ¢ontrasl, the 1958
investments achieved a gain of 9.gOA., the Independence Appeal Fund returned 2.25°/o and the Reslricled Fund
rose by 2.440A. The Ivy Jones Endowed Fund, which has an income orienlaled benchmark, rose by 2.890A while
the MSCI WMAIPIMFA IncDme Index gained 2.31tlA.
The general policy is lo maintain and gTQW investment capital levels, generating returns to provide the hardship
bursary support lo sludenls who would otherwisè be unable lo attend the School. In addition, the relurns are
used to fund specific means lesled awards through donations received for these purposes such as the Sports
Scholarship and Ivy Jones Award, and the Foundation Bursaries.
Page 9

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA Company limited by guarantee)
DIRECTORS, REPORT ICONTINUED
FOR THE YEAR ENDED 31 AUGUST 2020
Strategic report {contlnuedl
Financlal review
a. Going concern
After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources
lo continue in operational existence for the foreseeable fLJture. The Company therefore continues lo adopt the
going Concern basis in preparing ils financial slalemenls. The Directors have also assessed the polenlial impact
on the future operations of the Company with regard lo the Covid-19 outbreak. The Company is considered to be
well positioned gThien the current environment with no impact on the going concern basis of the financial
slalements.
b. Principal risks and uncertainties
The Directors believe that the principal risks and uncertainties to the business are..
Oper81ional- atlmcling and maintaining pupil numbers in today's difficutt economic environment,.
Environmental- ability to expand and build an Infant School on the current Schwl sile due lo planning
considerations.,
Technological- keeping up lo dale in a worfd of fast moving dKJilal technology advan￿8 and in particular the
impact of social media..
+ Political- the threat lo charitable slalus and charitable lax reliefs.
Economic- Ihe increase land possible further future increases) in employer contribution lo the Teachers,
Pension Scheme.
Whilst these risks and uncertainties are considered and regularfy reviewed, the Directors manage these 81 an
acceptable level through their robust risk management policy and associated reserves position.
Structure, governance and management
a. Constitution
The School is a charity and company limited by guarantee, and is governed by ils memorandum and articles of
association by ils Board ol Directors. The associated Trusts, The Independence Appeals Fund and The 1958
Appeal Fund are administered in conformity with their Trust Deeds by their Boards of Trustees. Wolverhampton
Grammar School Foundalion is adminisleTed in conformity with ils revised Scheme of Government dated 16
February 2018 by Wolverhampton Grammar School Limited, who has been appointed the Corporate Trustee of
the FoLJndation.
The consolidated accounts comprise Wolverhampton Grammar School Ltd Iregislered charity number 1125268),
Wolverhampton Grammar School Foundation (regisleied charity number 5290061, Wolverhampton Grammar
School Independence Appeal Fund Iregislered Charity number 5074871 and Wolverhampton Grammar School
1958 Appeal Fund (registered eharily number 10908851. The School was set LJP lo run the operational and
trading activities, the Ftsundalion was sel up lo manage the specie endowed land and buildings and the two
Appeal Funds were sel up lo support the School in its aims and lo provide finanoial help wherever possible to
students who would not otherwise hav& been able to atl6nd Wolverhampton Grammar School.
Page10

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limited by guarantee)
DIRECTORS, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2020
Structurei governance and management Icontinuedl
b. Methods of appointment or election of Directors
The Board of Dire¢lors is appointed at the AGM under the terms of the memorandum and articles. A srnall
working group made up of a commitlee of Directors appointed by the Chairman, carries out reviews of possible
new members, in readiness for vacancies arising through reliremenls of Directors. They also carefully consider
the range of skills which are needed on the Board, and names of potential Directors are recommended lo the
Board when appropriate.
The Trustees of the Trust Funds are appointed by Deed of Appointment by the currenvoutgoing Trustees, who
carefully consid&r the range of skills required on the boards.
. Organisational structure and decision-makSng policies
The Directors are responsible for the overall management of the School and meet as a board al least three
limes a year. The Finance General Purposes, Education and Eslales Commillee5 meet on a termly basis as
a minimum and these commillees are empowered on behalf of the Board lo ensure that the policies as agreed
by them are carried out. A copy of the minutes of these meetings and accounts are s¢nl lo all Dire¢tors.
The day lo day management of the School is delegated lo the Head supported by the Senior Management
Team. The Head and Bursar allend all meetings of the Trustees. and the full Board, Education and Finance and
General Purposes Commillees, in addition the Fill8n￿ Director attends the Eslales Committee meetings. The
Senior School Deputy Heads and Head of the Junior School attend meetings of the full Board and the Education
Committee, with the Assistant Heads allending the Education Committee only. The Annual General Meeting of
the S¢hoDI (held in October) is 811ended by all members of the School Ilhe Council of Members) and includes
staff. parents and other stakeholder representatives.
d. Policies adopted for the induction and training of Directors
New Directors are provided with an induction pack, which contains details of the memorandum and articles of
association of the School and other relevant documents, together with the Association of Governing Bodies
induction reSoUr￿s. Before taking up post, they meet wilh the Chairman of the Board and the Head. Once
8ppointed, a meeting with the Company Secretary is arranged, to PTovide more detailed information and to
idenlify appropriate training courses for individuals lo allend.
All Directors lake part in annual training which provides relevant and up lo date information on goveinan¢e and
school inspections with outside speakers being brought in as and when appropriate. Directors are also
encouraged to attend training events run for the not for profrt and school sector by external bodies.
e. Pay poll¢y for key management personnel
The Directors, Remuneralion Committee meets annually lo review the pay and remuneration of the Head and the
Bursar, with the Head also reviewing the pay of other members Df the senior management team on an annual
basis. Any proposed adjuslmenls to the pay of the senior management team are confirmed by the Remuneration
Commiltee. The reviaw of all senior staff pay is with refe￿rnCe lo their agreed annual objectives and
performance.
Page11

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limited by guarantee)
DIRECTORS, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2020
Structure, govèrnance and management (continued}
f. Financial risk management
During the year the Dire¢tors have examined the principal areas of the School's operations and Considered the
major risks in each ol these areas. In the opinion of the Directors, the School has established systems which,
under normal circumstances. should allow these risks lo bè managed al an acceptable level in ils day lo day
operations. 11 is recognised that systems can only pmwde reasonable bul not absolute assurance that major
risks have been adequately managed. A risk register is held and updated on a iegular basis. Much ol the
operational work in this area is managed by the Risk Management Group, which comprises the Head and his
Senior Management Team.
The Directors continue lo keep the School's activities under review, particularly with regard lo any major risks
that may arise from lime lo lirne. They monitor the effectiveness of the system of intern81 controls and other
viable means, including insljran￿ cover where appropriate, by which those risks already identified by the
Directors can best be managed.
The key controls used by the School include..
Formal agendas for 811 Committee and Board activity.
• Detailed terms of reference for all Committees,
Comprehensive slralegi¢ planning, budgeting and management accounting,
Established organisalional structure and lines of reporting,
FoFmal wrillen policies,
Clear authorisalion and approval levels, and
. Velling procedures as required by law for the protection of the students.
Plans for future perlods
The School continues lo regard leaching and leaming lo be of the highest importance and intends to make
further progress and improvements in this area. Plans for the coming year include progressing the new digital
strategy to sUPPOrt and enhan￿ each student's educational experience as well as preparing them for the future",
improving the pastoral system to furtheT develop the community of the School., improving Sixth Form leaching lo
ensure students, aspirations are slrelched., and reviewing the specialist support offered by our Opportunit￿S for
Assisted Leaming Department.
The School will continue wlh a knng tem programme of work lo refurbish and Maintain ils School buildings. in
particular a Sc￿nCe laboratory refijrbishmenl sch6me.
The School will continue lo build on the Fundraising Strategy that has been launched focusing on bursary
funding as well as new capital projects, supporting both the long term aim of being able lo offer a greater number
of bursaTies as wèll as provide the infrasliuclure needed in a forward thinking modern School.
Page 12

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company Ilmited by guarantee)
DIRECTORS, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2020
Statemènt of Directors. responsibi1Stles
The Directors (who are also tho directors of the Company for the purposes of Company lawl are responsible for
preparing the Directors, report including the Slialegic report and the financial slalements in accordance wth
applicable law and United KingdoTn Ac¢oiJnling Standards (United Kingdom Generally Ac¢epled A¢¢ounling
Practi￿1.
Company law requires the Directors to prepare financial slalements for each financial year. Under ¢ompany law.
the Directors musl not approve the financial slalemenls unless they are satisfied that they give a true and fair
view of the stale of affairs of the Group and the Company and of their incoming resources and application of
resources, including their income and expendrturo, for that period. In preparing these financial slaloments, the
Directors are required to..
select suitable accounting policies and then apply them consislenlly.,
observe the methods and principles of the Gharilies SORP {FRS 1021.,
make judgments and accounting eslimales that are reasonable and prudent..
slate whether applicable UK Accounting Standards IFRS 1021 hgve been followed, subject lo any material
departures disclosed and explained in the financial slalementS',
prepare the fin8n¢i81 statements on the going concern basis unless il is inappropriate lo presume that the
Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient lo show and explain
the Group and the Companys transactions and disclose with reasonable accuracy at any lime the linancial
position of the Group and Ihe Company and enable them to ensure that the financial slalemenls Comply with the
Companies Acl 2006. They are also responsible for safeguarding the assets of the Group and the Company and
hen¢e for taking reasonable steps lor the prevention and detection of fraud and other irregularities.
Disclosure of informatlon to audltors
Each of the persons who are Dir￿lorS al the lime when this Directors. report is approved has confirmed Ihal..
so far as that Director is awara. there is no relevant audit information of which the charitable group's
auditors are unaware, and
Ihal Director has taken all the steps that ought lo have been taken as 8 DirecloT in order lo be awa￿ of
any relevant audit infomalion and lo establish that the charrtable group's auditors are aware of that
information.
Audltors
The auditors, WR Partners, have indicated their willingness lo continue in office. The designated Directors will
propose a motion reappointing the auditors al a meeting of the Diredors.
Approved by order of the members of the board of Directors on 9 December 2020 and signed on their behalf by.
rJESag
hairman
Page 13

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limited by guaranleel
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WOLVERHAMPTON GRAMMAR SCHOOL
LIMITED
Opinion
We have audited the financial slalemenls of Wolverhampton Grammar School Limited Ilhe 'parenl charitable
¢ompany'l and ils subsidiaries Ilhe 'group'l for the year ended 31 August 2020 which comprise the Consolidated
slalemenl of financial activities. the Consolidated balance sheet, the Company balance sheet. the Consolidated
slalement 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
Accounting Standards, including Financial Raporting Standard 102 'The Financial Reporting Standard applicable
in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Pra¢lice).
In our opinion the financial statements..
give a true and fair view of the slate of the Group's and of the parent charitable companls affairs as al 31
August 2020 and of the Group's incoming resources and application of reSoUr￿s, including ils income
and expenditure 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 Companies Act 2006.
Basis for oplnion
We conducted our audit in accordance wrth International Standards on Auditing IUKI IISAS IUKI) 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 the Group in accordance with the ethical
requirements that are relevant to OLJr audit of the financial slalemenls in the United Kingdom, including the
Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in
accordance with these reqLJirements. We believe that the audit evidence we have obtained is sufficient and
appropriate lo provide a basis for our opinion.
Conclusions relating to going concern
We have nothing lo report in respect of the following matters in relation to which the ISAS IUKI require us to
report to you where..
the DireGlors' use of the going concern basis of accounting in the preparation of the financial slalem6nls is
not appropriate., or
the Directors have not disclosed in the financial slalemenls any identified material uncertainties that may
cast significant doubt about the Group's or the parent ¢harilable company's ability lo continue lo adopt the
going ¢oncern basis of accounting for a period ol al least twelve months from the date when the financial
statements are authorised for issue.
Page 14

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limited by guarantee)
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WOLVERHAMPTON GRAMMAR SCHOOL
LIMITED ICONTINUEDI
Other information
The Directors are responsible for the other information. The other information comprises the information
included in the Annual report, other than the financial slalemenls and our Auditors, report Ihereon. Our opinion
on the financial statements does not cover the other information and, except to the exienl olheTwise explicitly
slated in our report, we do not express any form of assurance conclusion Ihereon.
In conneclion with our audit of the financial slalemenls, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsislenl wilh the financial slalemenls or OUT
knowledge obtained in the audit or otherwise appears to be malerially misslaled. If we identify such material
inconsistenryes or apparent material misstatements, we are required to determine whether there is a material
misslalemant in the financial slalemenls or a material misslalemenl ol the other information. If, based on the
work we have performed, we conclude that there is a material misslatemenl of this other information, we are
required ID report that fact.
We have nothing lo report in this regard.
Opinion on other mattgrs prescribed by tha Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Directors, report including the Slralegic report for the financial year for which
the financial stslements are prepared is consislenl with the financial statements.
the Directors, report and the Strategic report have been prepared in accordance with applicable legal
requirements.
Matters on which wè are required to report by exceptlon
In the light of our knowledge and understanding of the charitable company and its environment obtained in the
course of the audit, we have not idenlrfied material misslalemenls in the Directors. report including the Strategic
report.
We have nothing lo report in respect of the following matter8 in relation lo which Companies Act 2006 Tequires
us lo report to you if, in our opinion..
the parent charitable company has not kept adequate and sufficient accounling records, or relums
adequate for our audil have not been re￿iVed from branches not visited by us; or
the parent charitable company financial statements are not in agreement with the accounting records and
returns., or
rtain disdosures of Directors, remuneration specified by law are not made.. or
we have not received all the information and explanalK)ns we require for our audit.
Page15

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA Gompany limitèd by guarantee)
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WOLVERHAMPTON GRAMMAR SCHOOL
LIMITED ICONTINUEDI
ResponslbS1ities of trustèes
As explained more fully in the Dire¢lors' responsibilities slalemenl, the Dire¢tors (who are also Ihe directors of
the charitable company for the purposes of company lawl are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view. and for such internal control as the
Dire¢lors determine is necessary lo enable the preparation of financial statements that are free from material
misslalemenl, whether due lo fraLJd or error.
In preparing the financial slalemenls, the Directors are responsible for assessing the Group's and the parent
charitable companls ability lo continue as a going can￿rn, disclosing, as applicable, mallers related lo going
¢oncern and using the going concern basis of accounting unless the Directors either intend lo liquidate the
Group or the parent charitable cornpany or lo cease operations, or have no realistic allernalive bul lo do so.
Audltors. responsibilities for the audit of the financial statements
Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free
from material misslalement, whether due lo fraud or error. and lo issue an Auditors. report that includes our
opinion. Roasonable assurance is a high level of assurance, but is not a guarantee that an audit condu¢ted in
accordan￿ wlh ISAS IUKI will always deled a material misslalemenl when il exists. Misslalemenls can arise
from fraud or error and are considered material If, individually or in the aggregate, they could reasonably be
expected lo influence the economi¢ decisions of users taken on the basis of these financial slalemenls.
A further description of our responsibilities for the audit of the financial slalemenls is located on the Financial
Reporting Council's website al.. www.frc.or
-uklaudilorsres
Auditors. report.
onsibililies. This description forms part of our
Use ofour report
This report is made solely lo the charitable Company's members. as a body, in accordance with Chapter 3 of Part
16 of the Companies Act 2008. Our audit work has been undertaken so that we might slate lo the charitable
company's members those mallers we are required lo slate lo them in an Auditors. report and for no other
purpose. To the fullest extent permilled by law, we do not accept or assume responsibility lo anyone other than
the charitable company and ils members. as 8 body, for our audit work, for this report, or for the opinions we
have formed.
Andrew
alpass BA FCA Isenior slalulory audilorl
for and on behalf of
WR Partners
Chartered Accountants
Slalulory Auditors
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG
Dale..
11 December 2020
Page 18

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limited by guarantee)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND
EXPENDITURE ACCOUNTI
FOR THE YEAR ENDED 31 AUGUST 2020
Unrestrlcted
funds
2020
£000
Restricted Endowment
funds
funds
2020
2020
£000
£000
Total
funds
2020
£000
Tolal
rui?ds
2019
Note
Income and
endowments from:
Donations and legacies
Charitable activities
Other trading activities
Investments
342
8,595
40
167
509
351
8,595
40
134
48
9.552
67
77
57
123
64
Other in¢ome
48
Total Income and
endO￿￿Ènts
Expendilure on-
Raising funds
Charitable a¢livilies
9,102
224
9,326
10. 157
10
11
12
22
23
9, f 41
8,811
237
9,048
Total expendlture
8,823
246
9,070
9. 164
Nel Ilossesllgains on
investments
1591
1201
Net movement in
funds bèfore olher
recognlsed
gainsl(lossesl
Other recognised
gainsllloss8sl'.
Actuarial losses on
defined benefit pension
schemes
Other gainslllossesl on
Investments
220
1421
{51
173
998
25
{2571
12571
(228)
17
15
1241
1101
1181
98
Net movement in
funds
{221
1661
1151
11031
868
Page 17

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limited by guarantee)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND
EXPENDITURE ACCOUNTI ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2020
Unrestricted
funds
2020
£000
Restricted Endowment
funds
funds
2020
2020
£000
£000
Total
funds
2020
£000
Total
funds
2019
Note
Reconciliation of
funds:
Total funds brought
forward
Nel movement in funds
q 5.206
1221
2.307
1661
501
18,015
11031
17.147
868
1151
Total funds carrled
forward
15,184
2,241
486
17.911
18,015
The Consolidated slalemenl of financial activities includes all gains and losses recognised in the year.
The notes on pages 24 10 50 form part of these financial statements.
Page 18

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limited by guaranloel
CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2020
2020
£000
2019
Note
Fixed as58ts
Tangible assets
Investments
Investment property
12,016
4,183
620
12.248
4.280
520
16
16,819
17,148
Currant assets
stocks
Debtors
Cash al bank and in hand
18
10
235
3,371
401
3, 148
3,616
3,557
Creditors.. amounts falling dLJe within one
year
20
11,2981
(f,838)
Net current assets
2,318
1,719
Total assets less current liabllltles
19.137
18,867
Creditors.. amounts falling due after more
than one year
21
{321
132)
Net assets excluding penslon Ilabilily
Defined benefit pension scheme liability
19,lOS
18,835
25
11,1941
(821)
Total net assets
17,911
18,074
Page 19

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
(A company limited by guarantee)
CONSOLIDATED BALANCE SHEET ICONTINUEDI
AS AT 31 AUGUST 2020
2020
£000
2019
£(￿0
Note
CharSty fun(fs
Endowrnenl fijnds
Reslricled funds
Unreslricled funds
Unreslricled funds excluding pension asset
Pension reserve
22
486
501
2,307
22
2,242
22
16,377
11,1941
16,027
{821)
22
Total unrestricted funds
22
15,183
15,206
Total funds
17,911
18,014
The Directors acknowledge their responsibilities for complying with the requirements of the Act wilh respect lo
accounting records and preparation of financial statements_
The financial slalemenls were approved and aulhorised for issue by the Directors on 09 December 2020 and
signed on their beha￿ by.
MrJE
Chaima
Chair of Finance Commtttee
The notes on pages 24 10 50 fomi part of Iheye financial statements.
Page 20

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
A company limited by guarantee)
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2020
2020
£000
2019
£000
Note
Fixed assets
Tangible assets
Investments
11,919
293
12,151
320
17
12,212
12.471
Current assets
stocks
Debtors
18
19
10
247
374
2, 636
Cash al bank and in hand
2,790
3,047
3.018
Creditors.. amounts falling due wlhin one
year
20
11,293)
(7,833)
Net current assets
1.754
1, 185
Total assets less cuttent Ilal)illties
13.966
13,656
Creditors.. amounts falling due after more
than one year
21
1321
{32)
Net assets excluding penslon liability
Defined benefit pension scheme li8bilily
13,934
11,194)
13,624
25
{821)
Total nel assets
12,740
12,803
Pag821

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limited by guarantee)
COMPANY STATEMENT OF FINANCIAL POSITION ICONTINUEDI
AS AT 31 AUGUST 2020
2020
£000
2019
£000
Note
Charity funds
Endowment funds
Restricted funds
Unreslricled lunds
Unrestricted funds excluding pension liability
Pension reserve
22
22
212
212
561
591
22
12,674
11,1941
12,821
(821)
22
Total un¥eslricted funds
22
11,967
12,000
Total funds
12,740
12,803
The Directors acknowledge their ￿SpOnsIbl1111es for complying with the requ1￿MentS of the Act with respect lo
accounting records and preparation of financial stalemenls.
The financial slalemenls were approved and aulhorised for issue by the Directors on 09 December 2020 and
signed on their behalf by..
The notes on pages 24 10 50 form part of these financial slalements.
Page 22

WOLVERHAMPTON GRAMMAR SCHOOL LSMITED
IA company Ilmited by guarantee)
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2020
2020
£000
2019
£000
Note
Cash flows from operating activities
Net cash used in operating activities
256
1,815
Cash flows from investing actlvllies
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Proceed$ from sale ol investments
Purchase of investments
123
122
12211
946
18791
(736)
490
(394)
Net cash used in investing actlvlties
1311
5181
Cash and cash equivalents al the beginning of the year
Change in cash and cash equivalents in the year
3,148
223
1,851
1,297
Cash and cash equivalents at the end of the year
3,371
3, 148
The notes on pages 24 to 50 fom part of these financial slalemenls
Page 23

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limlted by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
General information
Wolverhampton Grammar School Limited is a charity and company limited by guarantee and registered in
England. The members of the company are the Directors named on page 1. In the event of the Company
being wound up. the liability in respect of the guarenlee is limited to £10 per member ol the company.
The address of the registered office is given in the charily infoimalion on page 1 of Ihese financial
slatemenls.
The nature of the School's operations and principal activities are that of an educational eslablishmenl.
Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the second edition of the Charities
SORP {FRS 1021- Accounting and Reporting by Charities.. Stalemenl of Recommended Practi¢e
applicable lo charities preparing their 8¢counls in accordance with the Financial Reporting St8ndard
applicable in the UK and Republic of Ireland IFRS 1021 lissued in October 20191, the Financial
Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act
2006.
Wolverhampton Gr8mmaT School Limited meets the definition of a public benefit enlily under FRS
102. Assets and liabilities are initially recognised al historical ¢osl or transaction value unless
othe￿is6 slated in the relevant accounting policy.
Under a uniting direction issued by the Charities Comission Wolverhampton Grammar School
Foundation is Irealed as forming part of Wolverhampton Grammar School Limited which is lo be the
reporting charity for the purposes of part 4 Iregislralionl and part 8 laccounlingl of the Gharilies Act
2011.
The Consolidated Slalemenl of Financial Activities ISOFAI and Consolidated balance sheet
consolidate the financial slalemenls of the School and ils subsidiary undertakings. The results of the
subsidiary are consolidated on a line by line basis.
The School has taken advantage of the exemption allowed under section 408 of the Companies Act
2006 and has not presented r(s own Statement ol Financial A¢livilies in these financial slalemenls.
2.2 Basis of consolldation
The financial stalemenis Consolidate the accounts of w0￿rhaMpIOn Grammar School and all of its
subsidiary undertakings {'subsidiaries').
The School has taken advantage of the exemption contained within section 408 of the Companies
Act 2006 nol lo present ils own Income and Expenditure account.
The income and expenditure account for the year dealt with in the accounts of the School was £63k
delicil (2019 £782k surplus).
Page 24

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
Accounting policies Icontinuedl
2.3 Going concern
After making enquiries, the Dire¢lors have a reasonable expectation that the Company has adequale
resources lo ¢onlinue in operation81 existence for the fo￿Seeable future. The Company therefore
¢ontinues lo adopt the going concern basis in preparing ils financial slatemenls. The Directors have
also assessed the potential impact on the future operations of the Company with regard lo the Covid-
19 outb￿8k. The Company is considered to be well positioned given the current environment with no
impact on the going concern basis of the financial slalemenls.
2.4 Income
All income is recognised once the Company has enlillement lo the income, it is probable that the
ncome 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
receipt and the abi5ily lo estimate with sufficient accuracy the amount receivable. Evidence of
enlillemenl lo a legacy exists when the Company has sufficient evidence that a gift has been left lo
them Ilhrough knowledge of the exislence of a valid will and the death ol the benefa¢lor) and the
executor is satisfied that the property in question will not be required lo satisfy claims in Ihe estate.
Receipt of a legacy musl be recognised when il is probable that il wqll be received and the fair value
of the amount receivable, which will generally be the expected cash amount to be distributed lo the
Company, c8n be reliably measured.
Grants are included in the Consolidated slalemenl of financial activities on a receivable basis. The
balance of income received for specific purposes bul not expended during the period is shown in the
relevant funds on the Balance sheet. Where income is received in advance ol enlillement of re￿Ipl,
ils recognition is deferred and included in Creditors as deferred income. Where enlillement occurs
before incorne is re￿ived, the income is accrued.
In¢ome lax recoverable in relation lo investment income is ￿COgnised al the lime the investment
income is recewable.
Other income is recognised in the period in which il is receivable and to the exienl the goods have
been Provided or on ccmplelion of the Se￿1￿.
2.5 Expendllure
Expenditure is re¢ognised On￿ there is a legal or conslruclive obligation lo transfer economic benefit
to a third party, il is probable that a transfer of economic benefits will be required in settlement and
the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs
of each aclivity are made up of the lolal ol direct costs and shared costs, including support costs
involved in undertaking each aclivily. Direct costs allributable to a single activity 8re allocated directly
lo that aclivily. Shared costs which contribute lo more than one activity and support costs which are
not attribLJlable to a single activity are apportioned between those activities on a basis consislenl 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 expenditure incurred by the Group to raise funds for its
charitable purposes and inGludes costs of all fundraising activities events and non-charilable trading.
Page 25

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
Accounting policies (continuèd
2.5 Ex￿ndIture Icontinuedl
Expenditure on charitable actThiilies 18 incurred on directly undertaking the aclivili&s which further the
Group's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.6 Intorest receivable
Interest on funds held on deposit is included when receivable and the amount c2n be measured
reliably by the Group,. this is normally upon nolificalion of the interest paid or payable by the inslilulion
with whom the funds are deposited.
2.7 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised al cost. After recognition, under the cost model, tangible
fixed assets are measured al cost less aocumulaled depreaalion and any accumulated impairment
losses. All costs incurred lo bring a tangible fixed asset into ils intended working ¢ondilion should be
included in the measurement of c05t.
Depreciation is charged so as lo allocate the cost of tangible fixed assets lèss their residual value
over their eslimaled useful lives.
Depreciation is provided on the following bases..
Freehold property
Plant and machinery
olor vehicles
0-10Yo slr8ighl line
10.250A slraighl line
200h slraighl line
A review for impairment of a fixed asset is carried out if events or changes in circijmslances indicate
that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying
value of fixed assets and their recoverable amounts are recognised as impsirmenls. Impairment
losses are recognised in the Statement of Financial Activities
2.8 Revaluation of Investment Properties
The School has adopted the revaluation model lo revalue Inveslmenl Property whose fair value can
be measured reliably. The revaluations shall be made with sufficient regularity lo ensure that the
carrying amount does not differ materially from that which would be determined using fair value al
the end of the reporting period.
The fair value of land and buildings is usually dalermined from market-based evidence by appraisal
that is nonnally undertaken by professionally qualified valuers.
RevalLJalion gains and losses are recognised in the Statement of Financial Activities and
accumulated in equity.
The 2020 valuations were made hy the Directors, on an open market value for existing use basis.
Page 26

WOLVERHANPTON GRAMMAR SCHOOL LIMITED
IA company limited by guaranteel
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
Accounting policies Icontinuedl
2.9 Investments
Fixed asset investments are a form of financial inslTument and a￿ ini11215y recognised al their
transaction ¢osl and subsequently measured al fair value al the Balance sheet dale, unless the value
¢annol 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 'GainsllLossesl on
inveslmenls, in the Consolidated slalemenl of financial aclivilies.
Investments in subsidiaries are valued al cost less provision for impairment.
2.10 stocks
Wolverhampton Grammar School holds stocks of cleaning products, food and clothing lo which are
all valued al the lower of cost and nel realisable value after making due allowan￿ for obsolete and
slow-moving stock
2.11 Debtors
Trade and other debtors are recognised al the selllement amount after any trade discount offered.
Prepayments are valued at the amount prepaid nel of any trade discounts due.
2.12 Cash at bank and In hand
Cash al bank and in hand includes cash and short-lerm highly liquid investments with a short maturity
of three m()nlhs or less from the date of acquisition OT opening of the deposit or similar a￿ount.
2.13 Liabilities
Liabililies and provisions are re¢ognised when there is an obligation al the Balance sheet dale as a
result of a past evenl, il is probable that a transfer of economic beTrefil will be required in selllemenl,
and the amount of the selllement can be estimated reliably.
Liabilities are re¢ognised al the amount that the Company anticipates it will pay lo sellle the debt or
the amount il has re￿iVed as advanced payments for the gwds or services il musl prowde.
Provisions are measured at the best estimate of the amounts required lo sellle the obligation. Where
the effect of the lime value of money is material, the provision is based on the present value of those
amounts, discounted al the pre-tax discount rate that reflects the risks specific lo the liability. The
unwinding of the discount is recognised in the Conso5idated slalemenl of financial activities as a
finance Cost.
2.14 Financial instruments
The Group only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial inslwmenls are initially recognised al transaction value and subsequently
measured al their selllemenl value with the exception of bank loans which are subsequontly
measured al amortised cost using the effective inlerosl method.
Page 27

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limÈted by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
Accounting policies Icontinuedl
2.15 Operating leases
Rentals paid under operating leases are charged to the Consolidated slalemenl of financial activities
on a slraighl line basis over the lease term.
2.16 Pensions
The School operates three pension schemes for ts support staff.. a defined contribution pension
scheme, provided by Peoples, Pension and the pension charge represents the amounts payable by
the School lo the fund in respect of the year., a defined benefits pension schème provided by the
Local Government Pension Scheme {LGPSI and the pension charge is based on a full actuarial
valuation dated 31 August 2020.. and a pension scheme provided by The Independent Schools,
Pension Scheme IISPSI which is treated as a defined contribution scheme and the pension charge is
based on the lalesl actuarial valuation.
The School also conlribules to a defined benefit pension scheme Ifinal salary scheme) for the
academi¢ staff, which is a national scheme operated for the Department for Children, Schools and
Families. The pension charge represents amounts payable by the School to the fund in respe¢l of the
year.
Retirement ben6fils lo employees of the School are provided by the Teachers, Pension Scheme
I'TPS") and the Local Government Pension Scheme l LGPS"). These are defined benefit schfjmes
and the assets are held separately from those of the School.
The TPS is an unfunded scheme and contributions are calculated so as lo spread the cost of
pensions over employees, working lives with the School in such a way that the pension cost is a
subslalllially level percentage of current and future pensionable payroll. The contributions are
determined by the Government Actuary on the basis of quadrennial valuations using a prospective
unil credil method. As staled in note 24, the TPS is a mulli-employer scheme and there is insufficient
information available lo use defined benefit accounting. The TPS is therefore Irealed as a defined
nlribulion schemo for accounting purposes and the contributions re¢ognised in the period lo which
they relate.
Tha LGPS is a funded scheme and the assets are held separately from those of the School in
separate Iruslee administered funds. Pension scheme assets a￿ measured al fair value anof
liabilities are measured on an actuarial basis using the projected unil credit method and discounted al
rale equivalent lo the current rate of return on a high quality corporate bond of equivalent term and
curren¢y lo the liabilities. The acluaTial valuations are obtained al least triennial￿ alld are updated al
each Balance Sheet dale. The amounts charged lo operating surplus are the current service costs
and the costs of scheme inlroduclions, benefit changes, selllemen15 and curtailments. They are
included as part of staff costs as incurred. Nel interest on the nel defined benefi'l liabililylassel is also
recognised in the Slalement of Financial Activities Incorporating Income and Expenditure Account
and comprises the inleresl Cost on the defined benefit obligation and interest income on the scheme
assets, calculated by multiplying the fair value of the scheme assets 8t the beginning of the period by
the rale used to discount the benefit obligations. The difference bolw6en the interest income on the
scheme assets and the actual return on the scheme assets is recognised in other recognised gains
and losses.
Actuarial gains and losses are recognised immediately in other recognised gains and losyes.
Psge 28

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company Ilmlted by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
Accounting pollcles Icontlnuedl
2.17 Fund accounting
General funds are unreslricled funds which are available for use at the discretion of the Directors in
furtherance of the general objectives of the Group and which have not been designated for other
purposes.
Endowmenl funds comprise of investments established by a foundation that makes consistent
withdrawals from invested capital.
Restricted funds are funds which are lo be used in ac¢ord8n¢e with specific reslriclions imposed by
donors OT which have been raised by the Group for particular purposes. The costs of raising and
administering such fvnds are charged against the specific fund. The aim and use of each restricted
fund is sel out in the notes lo the financial slalements.
Investment income, gains and losses are allttated lo the appropriate fund.
Critical accounting estimates and areas of judgment
Estimates and judgments are Continual￿ ev8lualod and are based on historical experience and other
faclors, including expectations of future events that are believed to be reasonable under the
CITcumslances.
Critical accounting eslimales and assumptions..
The Company makes estimates and assumptions conceTning the lulure. The resulting accounting
estimates and assumptions will, by definition, seldorn equal the related aolual results.
Income from donations and lega¢ie$
Unrestricted RestrScted
funds
funds
2020
2020
£000
£000
Total
funds
2020
£000
Total
fui)ds
2019
£000
Donations
29
29
222
100
251
Legacies
Government grants
55
167
258
258
342
167
509
351
Tolal 2019
18
333
351
Page 29

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limited by guarante&l
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
Income from charitable activities
Unrestricted
funds
2020
£000
Total
funds
2020
£000
Total
fu17ds
2019
£000
School fees - see note 6 below
Catering ,Music & travel Income
Other Educational Income
7,995
426
7,995
426
174
8, 729
573
174
250
Total 2020
8.595
8,59S
9,552
Tot812019
9,552
9,552
Charltable Activities School Fees
2020
£000
2019
£000
Gross Fees
Bursaries, scholarships & other awards
8,705
17101
9.587
1858)
7,995
8, 729
Income from other trading activities
Income from fundraising events
Unrestricted
funds
2020
£000
Total
funds
2020
£000
Total
funds
2019
Lellings
40
40
67
Total 2019
67
67
Page 30

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company Simited by guarantèe)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
Investment income
Unrestrlcted Restricted
funds
funds
2020
2020
£000
£000
Total
funds
2020
£000
Total
funds
2019
Rental income from investment properties
Income from inveslrllenls listed on a
recognised slo¢k exchange
Investment income - local cash
15
15
17
52
10
57
109
10
106
77
57
134
123
Total 2019
72
51
123
Other Incomlng resources
Unrestricted
funds
2020
£000
Total
funds
2020
£000
Tol81
funds
2019
£000
MIS￿lIaneOUS income
48
48
64
Total 2019
64
64
Page 31

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
10. Investment management costs
Unrestricted
funds
2020
£000
Restricted Endowment
lunds
fLsnds
2020
2020
£000
£000
Total
funds
2020
£000
Total
fundg
2019
Investment management fees
Expenditure on investment
managerllent
21
23
12
22
24
Tolol 2019
32
io
24
11. Analysis of expenditure on charitable actlvltles
Summary by fund type
Unrestricted
funds
2020
£000
Restricted
funds
2020
£000
Total
funds
2020
£000
Total
funds
2019
£000
Teaching and scholastic resources
Eslales
Welfare and Catering
Support costs and governance
5,952
1.061
433
1,365
19
178
5.971
1.239
433
5. 738
1.288
578
40
1,405
1,536
8,811
237
9,048
9, 140
Tolal 2019
8,997
143
9. 140
Page 32

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA Company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
12.
Net In¢omelexpenditure
This is slated after charging..
Group
2020
£000
G￿up
2019
£000
Operating lease rentals
Depreciation of tangible fixed assets
Auditors remuneration
Other services
21
453
10
21
401
489
436
13. Staff costs
Group
2020
£000
Group
2019
£000
Company
2020
£000
Compgny
2019
£000
Wages and salaries
Social security costs
Contribution lo defined contribution pension
scheme5
4,614
444
4.490
432
4,614
444
4,490
432
1,099
790
1,099
790
6.157
5, T12
6,157
5, 712
The average number of persons employed by the Company during the year was as follows..
Group
2020
No.
Gn)up
2019
No.
Teaching
Estates
Administration
121
117
27
21
20
169
164
Page 33

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limSted by guarante61
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
13. Staff costs Icontinuedl
The 8veTage headcounl expressed as full-time equivalents was.
Group
2020
Group
2019
No.
Teaching
Eslales
Administration
92
90
17
18
19
129
724
The number of employees whose employee benefits lexcluding employer pension ¢ostsl exceeded
£60,QOO was..
Group
2020
Group
2019
No.
In the band £60.001- £70,000
In the band £70,001- £80,000
In the band £80,001 - £90,000
In the band £90,001- £100,000
In the band £100,001 - £200,000
14.
Directors, remunoratlon and expenses
During the year, no Directors received any remuneration or other benefits (2019 - £NIL).
During the year ended 31 August 2020, no DirectOT expenses have been incurred {2019- £NIL).
Page 34

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
{A Company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
Tanglble flxed assets
Group
Freehold
property
£000
Plant and
machinery
£000
Motor
vehlcles
£000
Total
£000
Cost or valuation
Al 1 September 2019
Additions
15,030
114
1,379
107
33
16,442
221
At 31 August 2020
15.144
1,486
33
16,663
Deprèciation
Al 1 September 2019
Charge for the year
3.282
278
879
33
4,194
454
176
Al 31 August 202D
3,560
1,055
33
4,648
Net book value
At 31 August 2020
11.584
431
2.015
At 31 August 2019
11,748
500
12.248
Page 35

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limitad by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
15. Taiigiblè fixed assets {continuedl
Group Icontinuedl
Company
Freehold
property
£000
Plant and
machinery
£000
Motor
vehicles
£000
Total
£000
Cost or valuation
At 1 September 2019
Additions
14,934
114
1.379
107
33
16,346
221
Al 31 August 2020
15,048
1,486
33
16.567
Depreciation
At 1 September 2019
Charge for the year
3,282
278
879
176
33
4.194
454
Al 31 August 2020
3,560
1,055
33
4,648
Net book value
Al 31 August 2020
11.488
431
11.919
Al 31 August 2019
11,651
500
12, 151
Page 36

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company 1Smited by guaranteel
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
16. Investment propèrty
Group
Freehold
investment
property
£000
Valuation
Al 1 September 2019
620
Al 31 August 2020
620
The 2020 valuations were made by the Directors, on an open market value for existing use basis.
Investment properties in Wolverhampton Grammar School 1958 Appeal Fund have been valued by the
Directors al open market value as al 31 August 2020. The historic costs of revalued investment properties
are £393k12018.. £393kl.
17.
Fixed asset investments
other fixed
Llsled
asset
investinents Investments
£000
£000
Total
£000
Group
C05t or valuation
Al 1 Seplember 2019
Additions
Disposals
Revaluations
4,107
879
173
4,280
879
19591
1181
19591
so
1681
At 31 August 2020
4,078
105
4.183
Net book value
At 31 August 2020
4,078
105
4,183
Al 31 August 2019
4, 107
173
4,280
Page 37

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
17.
Fixed asset investments Icontinuedl
Listed
investments
£000
Company
Cost or valuatlon
Al 1 September 2019
Disposals
Revaluations
320
{131
At 31 August 2020
293
Net book value
At 31 August 2020
293
Al 31 August 2019
320
18. Stocks
Group
2020
£000
10
Group
2019
£000
Company
2020
£000
10
Company
2019
stocks
19.
Debtors
Group
2020
£000
Group
2019
£000
Company
2020
£000
Company
2019
Due within one year
Tr8de deF)tors
Other debtors
Prepayments and accrued income
89
174
83
165
51
95
43
50
25
184
184
114
235
401
247
374
Page 38

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company1Smit&d by guaranteol
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
20.
Creditors: Amounts falling due within one year
Group
2020
£000
Gll)up
2019
Company
2020
£000
Company
2019
£000
Fees in advance
Trade creditors
Other laxalion and social security
Other Creditors
Accruals
676
713
458
108
136
676
184
110
713
186
110
145
181
456
108
136
420
147
176
423
1,298
1,838
1.293
1,833
21. Creditors.- Amounts falling due after more than one year
Group
2020
£000
Group
2019
£000
Company
2020
£000
Comp&ny
2019
£000
Payments received on a￿OUnt
32
32
32
32
A fixed charge is in place as security against BACS and Direct Debil F8¢ilily requirements of
Wolverhampton Grammar School Limited.
Page 39

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
22. Statement of funds
Statement of funds - cuttent year
Balance at 1
Septèmber
2019
£000
Balance at
Gainsl 31 August
(Losses)
2020
£000
£000
Income Expenditure
£000
£000
Unrestricted funds
Undesignaled
IAF General
Revaluation Reserve
Wilson Fund
Designated- Foundation
Bursary
Pension reserve
13,353
2,176
324
88
9.048
S1
18,6461
149
14
{491
13,769
2,129
324
81
191
86
18211
1121
74
11,1941
12571
15,206
9,101
18,8231
13011
15,183
Endowment funds
Specie Funds
IAF Ivy Jones Endowed Fund
212
289
212
114)
274
501
1141
486
Restricted funds
General Prize Fund
Wolfson Fund
Gym Refurb Donation
Martin Bequest
OW Sports Scholarship
IAF Bursary
Catering Capital Donation
WGS Lab DOnat￿n
Ivy JonÈs Award Fund
Foundation Bursary Fund
127
242
132
210
1191
1201
174
882
151
62
16
120
1151
1211
11051
{27}
1131
151
1401
121
1201
219
857
162
so
23
170
19
490
157
22
458
2,307
224
12451
1441
2,242
Total of fLtnds
18,014
9,32S
19,0691
(3591
17,911
Page 40

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limlted by guaranteo)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
22, Statement of funds Icontinuèdl
ststement of funds - prior year
Balance al
I Sepleinber
2018
Balance al
31 August
2019
£000
Gain
(Losses)
Inconje Expendilure
£000
Unrestricted funds
Undesignaled
IAF General
Revaluation Reserve
Wilson Fund
Designated - Foundation
Bursary
Pension reserve
12.471
2,114
324
9. 707
63
(8,835)
(56)
io
13.353
2,776
324
89
(i)
(2)
88
900
(490)
(14)
(103)
86
(821)
(228)
14,6Q8
9,772
19,0091
(165)
15,206
Endowment funds
Specie Funds
IAF Jones Endowed FLJnd
212
287
212
289
(2)
499
121
501
Page41

WOLVERHANPTON GRAMMAR SCHOOL LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
22. Statement of funds {continuedl
Statement of funds - prior year Icontinuedl
Balance al
I Seplfymbei
2018
£000
Balance al
31 Augusl
2019
£000
Gains/
(Losses)
Income Expendilure
£000
Restricted funds
General Prize Fund
Wolfson Fund
Gym Refurt) Donation
Martin Bequest
OW Sports Scholarship
IAF Bursary
Catering Capital Donation
WGS Lab Donation
Ivy Jones Award Fund
Foundaliori Bursary Fund
119
254
127
(19)
242
170
875
90
120
86
18
306
(1?
(14)
(15)
(70)
174
882
21
62
14
151
50
170
95
19
207
(23J
490
2.040
384
11531
36
2,307
Total of funds
17,147
10, 156
{9, 164)
(125)
18.014
Page 42

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
23. Statèment of funds Icontlnuedl
Unrestrlcted Funds
Unreslricled Funds are held with the inlenlion that they fund ongoing general purpose expenditure.
The Wilson Fund- a designated fund lor the benefit of sludents at the discretion of the Head.
Independence Appeals Fund IIAFI.. IGenerall - These monies were Talsed by appeal when the school
was given notice by local government of their intention lo cease lo maintain the school. The purposes of
the appeal were to raise £180.000 for new buildings and Ihe balan￿ of sums Taised to provide financial
assistance for children who olheTwise would be unable lo allend WolveThamplon Grammar School.
Endowment Funds
IAF Ivy Jones Endowed Fund
an endowed fund under the terms of Professor Douglas Jones, (Old
Wulfrunianl will. A legacy has been lell lo the Appeals Funds for the express purpose of providing bursary
assistance for able pupils whose parents could not otherwise afford lo send their children lo the School.
Any bursary awarded is lo be designated as an 'lvy Jones Award. in honour of Prof Jones. late wife. Under
the terms of the will. the c8Pltal of the legacy is required lo be maintained unless certain circumstances
are reached whereby some or all of the capilal may be spent.
The SpecAe Endowment Fund - relates to the historical costs of land and buildinos held by the Foundation
as specified in the 1979 Scheme of Government.
Restricted Funds
General Prize Funds - Thes¢ represent a large number of individual donations gnien for the putpose of
awarding prizes for achievement.
The Wolfson Fund- This fund is for the purpose of Ihe award of bursaries lo sixth form pupils.
Independence Appeals Fund IIAFI.. (Bursary) - Thege monies were raised by appeal when the school was
given notice by local government of Iheir intention lo cease lo maintain the school. The purposes of the
appeal were lo raise £180,000 for new buildings and the balance of sums raised to provide financial
assistan￿ for children who otherwise would be unable to allend Wolverhampton Grammar School.
The Sharing The Vision Appeal was launched in 1998 in response to the government's decision to phase
out the Assisted Places Scheme. The purpose of this appeal was to provide financial assislance with fees
lo those children who would previously have benefited from the Assisted Places Scheme and who wilhoul
such help would be unable to attend Wolverhampton Giammar School. This appeal forms part of the
Independence Appeals Fund.
Independen￿ Appeals Fund.. {The Martin Bequesll
The Martin Bequest is a reslricled fund whi¢h has been sel up lo provide a bursary prize or prizes for
students studying for or proceeding to AS1ied Medical Sciences or such other subjects as the governing
body of the school shall al its discretion think fil.
Independence Appeals Fund.. (The Old Wulfrunian Sports Scholarship Fund)
The Old WulfrLJnian Sports Scholarship Fund is a reslricled fund which has been donated lo provide a
means lesled Sports SGholarship lo a student lor sludenlsl living in the Wolverhampton poslcode area
who joins Ihe school into the Sixth Fom and who is able to demonstrate considerable sporting
achievement.
Page43

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
Catering Capital Donation Fund..
The School's catering contractors provided a donation towards the refurbishment of the dining areas al
the commencement a five year contract with them in September 2015. Depreciation is being charged
against the donation fund over the expected life of the refurbishment in accordance with the deprecation
policy.
WGS Lab Refurbishment Fund..
Donations have been received from the Old Wulfrunians in America specifically for the refurbishment of
the Chemistry Laboratories, which were completed Èt the end of August 2018 Depreciation is being
charged against the donation fund from over the expected life of the refurbishment in a¢¢ordance with the
deprecation policy.
Ivy Jones Award Fund..
Income generated from the IAF Ivy Jones Endowed Fund is credited lo tha Ivy Jones Award Fund, a
Teslricled fund, which is used for bursary assistance.
Foundation Bursary Fund..
These monies were raised as part of the Current fundraising strategy lo provide 1000A bursaries lo
students in financial need entering Year 7, making full provision for a full 7 years of edu¢alion al
Wolverhampton Grammar School if required.
24. Analysis of net assets between funds
Analysis of net assets between funds - current perlod
Unrestricted Reslrlcted Endowment
funds
funds
funds
2020
2020
2020
£000
£000
£000
Total
funds
2020
£000
Tangible fixed assets
Fixed asset inveslmenls
Investment property
Current assets
Creditors due within one year
Creditors due in more than olle year
Provisions for liabili11&s and charges
11,816
2,091
620
3,180
11.300)
{321
{1,1941
200
12,016
4,183
620
3,616
11,3001
1321
{1.1941
1,806
436
Total
15,181
2.242
486
17.909
Page 44

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
24. Analysis of net assets between funds Icontinuedl
Analysis of net assets between funds - prior period
Unreslricled
funds
2019
£000
R&slricled Endowment
funds
funds
2019
2019
£000
Total
funds
2019
£000
Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
Prtsmsions for liabilities and charges
12,036
1,999
620
212
289
12.248
4,280
620
3.556
{1.837J
(S2)
(821)
1,992
3,241
{1,8371
1321
{8211
315
601
18,014
Total
15,206
2,307
Page 45

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
25.
Pension commitments
Certain of the school's employees belong lo the Teacher's Pension Scheme England and Wales ITPSI.
the Wesl Midlands Metropolitan Authorities Pension Fund ILGPSI and The Independent Schools. Pension
Scheme IISPSI. These schemes are defined benefit schemas.
From July 2014. the School introduced a new s¢heme lo the members of the Support Staff not currently in
a pension run by the Peoples Pension. This is a defined contribution scheme.
Introductlon
The Teachers. Pension Scheme (TPSI is a stslulory. conlribulory, defined benefit scheme, governed by
the Teachers, Pension Scheme Regulations 2014. Membership is automatic for full-lime teachers in
acad&mies. All teachers have the option lo opt-oul of the TPS following enrolment.
The TPS is unfunded scheme lo which both the member and employer makes contributions, as a
percentage of salary - these contributions are credited lo the Exchequer. Retirement and other pension
benefits are paid by public funds provided by Partiamenl.
Valuation of the Teache￿. Pension Scheme
The Government A¢tuary, using nomal acluarial principles, conducts a formal actuarial review of the TPS
in accordan￿ with the Publi¢ servi￿ Pensions (Valuations and Employer Cost Capl Directions 2014
published by HM Treasury every 4 years. The aim of the review is lo specify the level of future
conlribulions. Actuarial scheme valuations aTe dependent on assumptions about the value of future costs
design of benefits and many other factors. The lalesl actuarial valuation of the TPS was carried out as ai
31 March 2016. The valuation report was published by the Dep8rtmenl for Edu¢alioll on 5 March 2019.
The key elements of the valualion and subsequent consultation 8re'.
employer contribution rates sel al 23.680A of pensionable pay (including a 0.08Vo adminislralion levyl.
the SCAPE rate. sel by HMT, is used lo delemine the notional investment return. The ¢urrenl SCAPE
rat8 is 2.40/0 above the rale of CPI. assumed real rate of return is 2.40h in excess of prices and 21/10 in
excess ol earnings. The rale of real earnings growth is assumed lo be 2.2DA. The assumed nominal rale
of return including earnings growth is 4.45°kn.
The next valuation result is due lo be implemented from 1 April 2023.
The employer's pension costs paid to TPS in the year amounted lo £767,94212019- £523.995).
A copy of the valuation report and supporting documentation is on the Teachers, Pensions website
Ihllps'.Ilww.lea¢herspensions.co.uklnewslemployers12019104Aea¢hers-pensions-valualion-report.aspxl.
Under the definitions sel out in FRS 102, the TPS is an unfunded mulli-employer pension scherne. The
Academy Trust has accounted for ils wnlributions lo the scheme as if il were a defined contribution
scheme. The Academy Trust has sel out above the information available on the schem&.
Independent Schools Pension Scheme
The School participates in the TPT Retirement Solutions
Independent Schools. Pension Scheme, a
mulli-employer scheme which provides benefits lo associated employers. The scheme is a defined benefit
scheme in the UK. 11 is not possible for the School lo obtain sufficient information lo enable il 10 8ccounl
for the s¢heme as a defined benefit scheme. Therefore il accounts for the scheme as a defined
contribution scheme,
Page 46

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
{A ¢ompany limited by guaranteal
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
25. Pension commitments Icontinuedl
The scheme is subject to the funding legislation outlined in the Pension Act 2004 which came into foTce
on 30 December 2005. This, together with documents issued by the Pension5 Regulator and Technical
Actuarial Standards issued by the Financial Reporting Council, set out the framework lor funding defined
benefit occupatsonal pension schemes in the UK.
Participating employers are leg811y required lo meet their share of the scheme deli¢il on an annuity
purchase basis on wilhdr2wal from the scheme.
During the accounting period, Wolverhampton Grammar School paid a joint contribution rate of 23.141A,
comprising employer contributions of 15.7Yo and member contributions range from 3.50fi 10 6.60h.
The total contribution made for the year ended 31 August 2020 was £48,00412019'. £44,152), ofwhich the
lolal ¢mployer's contributions lotalled £37,450 12019". £33,550), the employees. contributions tolalled
£10,55412019.' £10,602) and past SeN1￿ costs of £53,512 {2019. £54,074).
The Group operates a defined benefrt pension scheme.
Local Government Pension Scheme ILGPSI
Tho LGPS is a funded defined benefit scheme, wilh the assets held in separate Iruslee- administered
funds. The lolal contribution made for the year ended 31 August 2019 was £119,00012019.. £101,000), of
which employer's contributions lotalled £86,000 12019.. £72,000) and employees. contributions lolalled
£33,000 12019.. £29,000).
Al the year end £10,781 12019.. £8.8591 was accrued in respect of contributions to this scheme.
The pension costs are assessed in accordan￿ with the advi￿ of independent qualified actuaries, The
lalesl actuarial valuation of the LGPS was 31 March 2019.
Principal actuarial assumptions al the Balan￿ sheet dale lexpressed as weighted averages)..
At 31 At 31 August
August 2020
2019
Discounl rale
Future salary increases
Future pension increases
1.60
3.30
1.80
3.80
2.30
2.30
Page 47

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limitad by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
25.
Pension Gommitments Icontlnuedl
At 31 Al 31 August
August 2020
2019
Years
Yeafrs
Mortality rates lin y8ar81
- for a male aged 65 now
al 65 for a male aged 65 now
- for a female aged 65 now
- al 65 for a female aged 65 now
21.9
23.8
24.1
20.9
22.6
23.2
25.1
26.0
The Group's share of the assets in the scheme was..
At 31 Al 31 August
August 2020
2019
£000
£000
Equities
Gilts
1.718
332
1,801
284
113
245
108
445
Other bond8
Property
Cash and other liquid assets
Other
119
231
203
457
Total fair value of assets
3,060
2,996
The actual retum on scheme assets was £290.000 (2019- £182,1￿).
The amounts recognised in the Consolidated statement of financial aclmlies are as follows.,
2020
£000
2019
Current service Gosl
Interest cost
Administrative expenses
Total amount rocognised In the Consolldated statement of financial
aclivltles
188
763
14
202
175
Page 48

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
25. Pension commitments Icontinuedl
Movements in the present value of the defined benefit obligation were as follows..
2020
£000
Opening defined benefit obligation
Interest cost
Contributions by scheme participants
Benefits paid
Current service cost
3,817
69
33
501
186
Past Servi￿ cost
Acluarial gains
199
Closing defined benefit ob5igation
4,254
Movements in the fair value of the Group's share of scheme assets were as follows..
2020
£000
Opening fair value of scheme assets
Interest income
Contributions by employer
Contributions by scheme participants
Benefits paid
Administration expenses
Actuarial losses
2,996
55
86
33
1501
121
1581
Closlng fa5r value of scheme assets
3,060
Page 49

WOLVERHAMPTON GRAMMAR SCHOOL LIMITED
{A company Ilmlted by guarant•81
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
26. Operatlng lease commitments
Al 31 August 2020 the Company had commitments to make fulure minimum lease payments under non-
cancellable operating leases as follows..
Group
Group
2019 (As
Resl8led)
Company
Company
2019 (As
Reslaled)
2020
£000
2020
£000
Not later than 1 year
Later than 1 year and not later than 5 years
Later Ihan 5 years
26
21
65
26
21
50
34
65
36
34
36
110
122
110
122
27. Related party transactlons
During the year, the School provided luilion lo 7 pupils related lo the Directors and 4 pupils related lo key
management personnel {2019'. 6 related lo the Directors, 4 related lo key management personnell.
Fees receivable were £79,851 12019.. £100,827). The amount oulslanding to Wolverhampton Grammar
School at the year end was £Nil12019'. £Nill.
Page 50