Directors, Report and Financial Statements for the year ended 31 August 2024
Illlk
Contents Page Reference and administrative details of the Compan)y its Directots at Advisets Directors, Report 3-14 Independent Auditots, Report on the Financial Statements 15-17 Consolidated Statement of Financlal A1VItieS 18-19 Consolidated Balance Sheet 20 Company Balance Sheet 21-22 Consolidated Statement of Cash Flows Notes to the Financial Statements 2447 Registered number: 6610261 Charity number: 1125268 Wojvtrhampton Grammar sch11 (A company limited by £uaYantet)
MrJ Sage, Chairman
1,2,4,5 Mr CI Bill, Chairman of Finance and General Purposes Committee 2,4,5 Mrs E Bloch, Chairman of Education Committee 1 Mtr S Aldis, Chairman of Estates Committee 2,3 MrN CBerriman 2,3 (resigned 29 April 2024) Ms E Forde MBE1 (resigned 18 September 2023) Dr M Gowan Gopal 1 (resigned 14 November 2024) Mr P A Hawthorne CBE 1,4 MrJ A Harper 2 Mr A Holles 2,5 Mr YJ Malik 1,3 (resigned 20 October 2023)
Wolverhampton Partners 6DZ
Directors, Report for the year ended 31 August 2024 The Directors. who are also Trustee5. present their annual report together with the audited financial statements of the Company and the consolidated Group for the I September 2023 to 31 August 2024. The Annual report serves the purposes of both a Direttors, Report and a Direttors Report under company law. The Direttors confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements. the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Prauice (SORP) applicable to chariues preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) (effective l January 2019>. Pvliulri ¢iilu vbjrutiWrt The objects of the ch3rity 3re.the provision and condutt in or near Wolverhampton of a day school for boys and girls" thereby providing the advancement of educatyon within the me3ning of English law. At Wolverhampton Grammar School. our vision is to delNer an education that transfom)s lives as well as minds. We do this by providing an education that treats every child as an individual.- inspiring them Lhrough excellent teaching and a curriculum that 15 tailored to securing the best outcomes for all. We can do thi5 because of small cla55 sizes. OUL5randing P3Stordl care, flexibility wthin our academic structure5 and 3n all-embracing range of eXtra-CU1Cur activities. All our staff play a part in inspiring swdents to develop a love of learnin& Our school community is built on an ethos of openness. trust and muwal respecL We kn¢)w that a challenging education require5 a 5UPPOrtive, caring environment as well as a blend of skills and a mind-set that embraces dNersity and drfFerence. For us. education is not just about academic athievemen( it's about helping our sojdents to know they can make a difference during their time at school and after they leave us. All our swdents a treated warn)ly as individuals and their opinions are valued. Objectives fot the Year The School's objettives for the year were to deliv ¥dinst the final year of the School's 2022-24 Strategic Ilan las outlined below). whilst remaining true to the School's mission as stated above and tsking into account new challenges and opportunities that may occur. b. Strategies for achieving objectives The Strategic Plan was reviewed and updated annual leading to the produttion of annual whole School Development Plan5 detailing the annual School objettives for the year concerned_ Departmental and indwidual objectyves were linked through to the whole School Development Flan allowing a co-ordinated and well communicated approach to achieving objectives. This review and objective setting process invofves staff. the senior management tsam, and the Directors. Our three core objectives were: To improve and grow our Sthool, by M3ximising academic achieyement Optymi5ing our Sixth Forni offer Building on the succe55 of our Junior School Extending a WGS education to a wider audience Increasing our provision of bursary places Embedding a community that embodies Equity. Diversity aTh Inclusion for all students and 5r2ff Being a centre of excellence for stgjdeni wellbeing and personal development Being a centre of excellence for staff professional development and wellbeing Contributyng more to the City ofwofverhampton and nearby areas Working towards a Carbon Zero school To look after and develop our people. by To have a posmve impatt on our surroundiry.
Activities undertaken to achieve objectives Wofverhampton Grammar School (WGSI provides education to boys and girls from the ages of 4 to 18 in the Junior and Infants setting and the Senior School. Whilst maintaining high academic standards. the school also provides specialist support for students with special educational needs through its Opportunities for Assisted Leaming {OpAL) Department 579 swdents aged I1- 18 were on roll as of September 2023 in the Senior School (September 2022.. 5811 and 200 students aged 4 - 1 l in the Junior School {Septsmber 2022.. 190}. The schwl continues to attratt strong interest from the Wofverhampton area as well as from Staffordshiro Shropshiro Walsall and Dudley. The results achieved in public examinations contynue to highlight the academic power of the school. At GCSE the 2023124 cohort achieved a 96% pass rate at grades 4 and above with 77% pa55e5 at 94. 1 O students achieved a remarkable l O or more GCSES at grade 9 or 8 and 41 % of entries were rewarded the top grade5, 9 and 8. At A Level there wa5 a I pass rate, a 70% pass rate at A B and 42% at grade AIA. 20% of our cohort were awarded straight A*s. All students who pursued Cambridge Technical qualifications in Sport and Physical Educatyon or Information Technology excelled, IC(l% of students in the ttrr gaining at least a distinttion 52% of students gained their first choice offer from one of the pre5tigiotJs RtJ5sell Group univer5ities_ 83% 5uccessfiJlty gained places at their first choice or insurance destynatyons. Our 5wdents will be swdying a vast spectrum of Subjects including Criminology, Law, Liberal Arts, Medicine {four swdentsl, Geography, Economics, Dentistry and Architecwre and Sport Business ManagemenL A small number have entered employment or an apprenticeship. The Junior School. opened in 2011, continues to fiouri5h and from septemb 2021. children aged 4-6 were part of Wofverhampton Grammar School for the first vme in its history. The first year of Infant classes wa5 incredibty 5uccessftJl with 47 children joining the School 3cr05s the three new year groups_ This increased to 56 children in the second year. Links with the Senior khool a enhanced by sharing facilities and. in some case5. teachers (Sciences. Languages and Humanities are taught by Senior School staff) and there is strong support in phcefor both swdents and their parents in terms of transOn tcs Senior School, including immersion days and parent inforn)atyon evenings. The Music and Drama Departments convnue to prowde excityng opportunmes for our students. The end of term Mu51C concerts returned and were well attended. 63 instrumental exams were sat with 22 Distyncuons awarded. The Senior khool plays this year were an Upper School performance of'The Twelfth Night. and a Lower School perforniance of'The Chrysalids. both performed to sell-out audiences. In the Junior School, The Auwmn Tern) ended with the Infants. Natwity_ Year5 3 & 4 performed 'Hansel & Gretel. and Years 5 & 6 perfomied 'Dick Whittington.. The annual Dance Show saw 75 Junior and Senior School girls perforni in tr/0 sold-out performances. SUCCESS! ,
WGSRES
Next stop university. 4wGsRESiTs I"oh'erhampton School (a compan} limited by guarantee)
Achievement and well-rounded education at WGS are evident both inside and outside the classroom. The School continues to provide quality sporting opportunities for students and participation levels are high. Interschool fixtures returned during the 2023/24 academic year with over 79 Football fixtures, 88 Hockey fixtures and 60 Cricket fixtures 97 Netball fixtures, 6 Tennis fixtures and 34 Rounders fixtures. Notable achievements were in Football where the U18 boys, U15 girls and U13 girls were City Cup runners-up. Our Junior School pupils entered several competitions run by the Wolverhampton Association for Sport in Primary Schools (WASPS), claiming victory in, KS1 City Sportshall Athletics KS1 Black Country Games Sports Hall, Athletics, U9 City Cricket, U11 City Hockey, U11 City Rounders. Meanwhile, our Senior sportspeople collected their own haul of awards at the ConnectEd Partnership’s Wolverhampton Sports Presentation Evening including, Cross Country: U12 boys, U14 boys, U15 girls. Netball: U13 girls, U18 girls. Sportshall Athletics: U12 girls, U13 boys and girls. Football: U12 boys, U12 girls, U13 boys. The School also supports students who compete at city, county, regional and international level with supported learning and/or adapted curricula to ensure they do not fall behind and, in some cases, a tailored fitness programme to support their sporting discipline.
School trips that support and enrich the curriculum have continued to enhance the educational and spiritual growth of students. There were 21 trips in the Junior School and 79 in the Senior School throughout the year.
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Notable trips included outdoor educational residential’s for Years 2-7, a Reception trip to the Gruffalo trail at Cannock Chase, seven trips run by the Careers department, A Level and GCSE Geography Field Trips and Duke of Edinburgh Bronze, Silver and Gold expeditions. A full programme of overseas trips during the year with trips to Iceland, Berlin and sports trips to Spain, Germany, and South Africa and the annual ski trip to Austria.
Our Wellbeing Curriculum, encompassing Personal, Social, and Health Education (PSHE) and Relationships and Sex Education (RSE), is delivered by specialist teachers from Years 7 to 13. We have created a proactive and inclusive culture by training 32 Student Mental Health Champions, aged 11-18. These champions play a pivotal role in raising awareness, reducing stigma, and providing support. In addition to our Mental Health Champions our Diversity Champions, also aged between 11-18 years old, were shortlisted for the National Diversity Awards. Their role is to plan ways to mark different events that acknowledge the nine protected characteristics they all learn about in their Wellbeing lessons. Some of the notable events that the Diversity Champions have coordinated include raising awareness of Black History Month, Eid, World Mental Health Day, LGBTQ+ History Month and South Asian Heritage Month.
Our Diversity Champions and initiatives like the WGS Big Conversation have fostered a more inclusive and connected school culture. Events like the Wellbeing Evening for parents and students has strengthened the partnership between the school and families, enhancing support for students’ mental health. An annual ‘We are WGS Day’ was a true celebration of the progress WGS has made so far to build a cohesive and happy school.
Significant capital projects during the year were upgraded lighting to the sports hall, refencing of the netball courts, new electric security gates and fencing.
We have reviewed August exam data (and end of year exams in Years 7, 8, 10 and L6) in departments to identify trends and adaptations to future planning and resources. Timetabled/calendared deadlines for departments to review/ implement actions from data with clear instructions for process.
AI working party with all departments to review ways in which AI can be used to assist with staff efficiencies and benefit students. To ensure support and stretch is in place for students to achieve their potential observations have taken place across lessons with feedback send to Heads of Department and the departmental meetings have been restructured to improve efficiencies. To ensure consistent behaviour expectation, we have updated the Behaviour Management Policy and the Attendance Policy, as well as rewritten the school rules. Work has is underway with our Student Voice group to update uniform expectations and we've introduced new mobile phone guidance for use of phones during the school day.
Main activities undertaken to further the Company’s purposes for the public benefit
The Directors have given due regard to the Charity Commission guidance on public benefit and have continued to demonstrate the school’s commitment to delivering public benefit to both its own students and the wider community of Wolverhampton. Means tested bursaries amounted to over half of all concessions awarded, with the total number of students in September 2023 receiving means tested bursaries amounting to 51 (September 2022: 54). The proportion of students receiving support with 90% or more of fees and additional extras is 66% (September 2022: 60%). All students receiving means tested financial support come from households where the gross annual income is less than £60,000. Two students on such an award are Previously Looked After Children.
A Ukrainian student joined the school on a free place during the summer term of 2021 as her host family had links to the school. Any additional costs related to her education are being met by the generosity of an Old Wulfrunian (alumnus).
Means tested bursaries are primarily offered at entrance in Year 7 and in Year 12, and in addition, a bursary continuity fund is used to support students through critical exam years where their parents have experienced significant financial difficulty.
The school sees itself very much as part of a wider community, and where we can assist the community without detriment to advancing the education of our students, we are delighted to do so. We provide public benefit to the community through a number of lettings at subsidised rates to local children’s sports and holiday clubs, including junior cricket, and hockey clubs, Soccer 2000 and Pauline Quirke Academy.
Growing Young Minds, Lifelong Readers and Big Dreams is our community initiative which is expertly designed and led by Head Librarian at the School. Throughout the past 11 years the initiative has to inspired children to read for pleasure, connect with nature in the Bennett Story Garden and have life shaping experiences. This initiative has ensured that more than 120,000 children from over 50 state schools have worked alongside more than 250 inspirational authors, received free books and taken part in innovative workshops designed to boost literacy skills and develop lifelong readers.
The largest event to take place was on World Book Day when Dame Jacqueline Wilson spoke to over 450 children from 12 local schools. In September 2023, the Bennett Story Garden, was installed in an aim to make our library more environmentally friendly, encourage children to spend time outdoors and bring a range of nature themed books to life in an authentic setting. The Story Garden was custom designed with sensory features to support children with specific learning needs who often struggle to engage with literacy in a classroom setting. So far, over 200 children from several local state schools have attended workshops in the garden.
WGS again hosted the Wolverhampton Children’s Book Award Ceremony, with shortlisted authors delivering presentations to over 200 children from 10 local schools. Other library events included Wolverhampton Children’s Book Award Quiz and Wolverhampton Young Authors’ Prize and Event. The Discover Reading Project, in partnership with Southern Connecticut State University in the USA, supported 12 children and their parents in gaining a love of reading
Both Senior and Junior Schools raise funds which are divided amongst local and national charities. The 26th annual Coast2Coast Challenge took place in May 2024 with 11 Year 10 students running a 170-mile relay from St Bees to Robin Hood’s Bay. The team raised a record-breaking £8,540 for the eating disorder charity, Beat.
During 2023/24 academic year, we raised over £11,500 for good causes. Following the Morocco earthquake, students raised £852 for the Earthquake Appeal, other outstanding efforts include £2,951 for Comic Relief, £1494.30 during a non- uniform day which was split between Children In Need and British Red Cross. The Junior and Infants raised £3,519 for their chosen charities Birmingham's Children’s Hospice, Ronald McDonald House and Tigers 4 Ever. £172 was also raised by Jenyns House following the ‘WGS does X Factor’ event for Eyecan, while Moreton house raised £418.75 for Compton Care with their Christmas Market.
The school actively supports the attainment of the highest standards in the Independent Schools sector through networking with other schools and membership of the appropriate bodies concerned with such standards. The Head is an elected member of HMC ~~-~~ The Heads’ Conference and represents the West Division of Heads on HMC’s Academic Policy Sub-Committee. The Warwick Group of HMC schools provides a forum for the Head, the Deputy Heads and Heads of all academic departments to meet and consider matters of mutual interest and importance. The school is a member of the Independent Schools’ Bursars Association which provides relevant advice for the effective administration of the School. Four of the School’s leaders and management serve the wider educational community by acting as School governors in regional state schools. In the furtherance of the aims of the School, the Directors have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s published and relevant sub sector guidance concerning the operation of the Public Benefit requirement under that Act.
Fundraising and Volunteering Activities
The School continues to promote the Independence Appeals Fund for the collection of donations and legacies for augmenting bursary funds. The Directors are grateful for donations of c.£132,000 received during the year.
Work is underway on the ‘150th Appeal’, a new fundraising campaign to mark the forthcoming 150th anniversary of WGS being located on the Compton Road site in October 2025. This new fundraising campaign was launched during the 202324 academic year; ahead of planned activities from September 2024 onwards. These include a charity ball, garden party, donation tree and stained-glass window competition. Many parents, friends of the school and Old Wulfrunians help with fundraising, cultural and sporting activities and careers events providing many hours of voluntary service during the year. The Directors very much appreciate their continuing and valuable support.
report
performance
Achievements and
The Directors consider that the key financial performance indicators are pupil numbers; full fee equivalent pupil numbers; teaching staff:pupil ratios; investment surplus (profit before depreciation as a percentage of net fee income); salary costs as a percentage of net fee income; bursary and scholarship concessions as a percentage of gross fee income; percentage fee rises; level of annual capital expenditure and reserves levels.
The key performance indicators are set during the budget process and reviewed at least once a term by the Finance and General Purposes Committee through the production of monthly management accounts and the annual SORP accounts.
b. Review of activities
The gains for the year (before transfers between funds, movements on pension scheme valuation and movements on investment assets) amounted to £115k (2023: deficit of £226k). The gains for the year after transfers between funds, movement on pension scheme valuation and gains on investment assets amounted to £595k (2023: deficit of £81k) and has been transferred to reserves. Total funds amounted to £20,906k (2023: £20,311k). The overall cash surplus for the year amounted to £601k (2023: £400k).
During the year, fee income after bursaries and discounts increased by £918k; equivalent to a 9.6% increase (2023: £420k; equivalent to a 4.6% increase). Fees were increased by between 6% and 7.5% in September 2023. No Government Grants were received during the year (2023: none). In addition, whilst the school continues to maintain a good level of means tested bursary assistance, the level of non-means tested Scholarship concessions have been reduced. The donations and legacies received during the year were £190k, (2023: £209k) for bursary support. The school has continued to work to increase awareness of the benefits that a child obtains through the award of a bursary and is very grateful to its alumni body both in the UK and abroad for their continued bursary donations to the Independence Appeal Fund.
Total resources expended, post exceptional items, increased to £12,724k (2023: £10,899). Spend in all areas has increased year on year after 2 years of reduced expenditure due to the pandemic. The teaching staff: pupil ratio of 1:10.1 is consistent with previous years (2023: 1:10.1) due principally to the staff ratios required in the new Infant classes. Salary costs were 70.8% of net fee income (2023: 74.5%). Costs continue to be tightly controlled but some increases are unavoidable in view of the economic environment in which the school is operating.
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The value of the investments held have increased, with realised and unrealised gains amounting to £480k (2023: £114k loss). Whilst the latter is largely beyond the control of Directors, there is a strong expectation that operating costs will continue to be driven down in order to optimise the incoming resources for the main aim of the charity: the education of its students. The ongoing aim of the school is to increase cash surpluses to enable the School to invest in an ongoing capital expenditure plan to allow buildings to be updated and to increase the level of reserves to provide security for the School in the current uncertain political and economic climate.
Reserves Policy
The school aims to build up and maintain its unrestricted free reserves in order to accommodate longer term plans for capital investment and other strategic objectives as well as provide an emergency fund to manage the risks and uncertainty for an educational charity in the current political and economic climate. In addition, the Directors recognise the need to increase the restricted and endowment reserves held, in particular the Independence Appeals Fund, to help fund future transformational bursaries. As a result, capital expenditure has been carefully controlled since the pandemic to ensure that cash and reserves levels are maintained at an appropriate level. Total capital expenditure in the year was £308k (2023: £334k) with the main expenditure being new security in/out gates on the main site, roofing refurbishments, air conditioning upgrades and LED lighting upgrades.
Consolidated reserves at 31 August 2024 amounted to £20,906k (2023: £20,311k). At 31 August 2024 the consolidated free reserves including unrestricted investments but excluding unrestricted fixed assets were £5,565k (2023: £5,169k). Details of the specific reserves held are provided in note 24 to the accounts.
The Directors are satisfied that they have sufficient resources available to meet liabilities and any unscheduled future costs and review their policy on an annual basis.
The Trustees of the Appeals Funds have appointed Investment Managers to manage the investment portfolio on a discretionary basis in accordance with the agreed strategy. The Trustees monitor the returns on a regular basis. The main investment objectives are:
The 1958 Investments achieved a gain of 17.1% during the year to 31 August 2024 and the other funds all returned positive gains. The Independence Appeals Fund gained 9.7%, the Restricted Fund increased by 7.3% and the Ivy Jones Endowed Fund gained by 9.0%.
The general policy is to maintain and grow investment capital levels, generating returns to provide the hardship bursary support to students who would otherwise be unable to attend the School. In addition, the returns are used to fund specific means tested awards through donations received for these purposes such as the Sports Scholarship and Ivy Jones Award, and the Foundation Bursaries.
Financial teview Going concern After making appropriate enquiries, the Directors have a reasonable expectation that the Company and the consolidated Group have adequate resources to contynue in operational existencefor thefore5eeable future_ For this rea50n, they contintje to adopt the going concern basis in preparing the financial sta*ments. Further details regarding the adoptyon of the going concern basis can be found in the accoumng policies. Principal risk5 and uncertsinties The Ditectors believe that the princApal risks and uncertainties to the business are: Operational- attracting and maintaining pupil numbers in today's drficult economic environmenL Environmental- ability to expand on the current School site due to planning consideraoons.- Technological- keeping up to date in a world of fa5t-wnoving diytal technology advances and in particular the impatt of social media.. Political- the threat to charitable status and charitable tax reliefs.. Economic- the continued threat of VAT on fee levels. Whilst these risks and uncertainties are considered and regularty reviewed. the Directors maroge these at an acceptable level through their robust risk management policy and associared reserves posiuon. The Direttor5 have taken strawc actyon to mitygate the risk in relatyon to uncertsinoe5 concerning fuwre funding requirements for the school's three defined benefrt pension schemes.. The Schcx)l exited the Teachers. Pension kheme on 15¢ May 2024 after consultation with the tsaching staff.. The khool served notice on the West Midlands Pension Fund and the Indepa)dent khools. Pension Scheme on 31 st August 2024 after corbsulrdtion with the school'5 non-teaching staff Defined Contribution arrangements are now in place for most staff as detailed in note 29 to the accounts. Structure) governance and management Constitution The School is a charity and company limitrd by 8uarnne. and is govemed by its Memorandum and Articles of Association by its Board of Director5. The associated Trusts. The Independence Appeals Fund 3nd The 1958 Appeal Fund are administered in conformirywith their Trust Deeds by their Boards of Trustre5. Wolverhamptorh Gramtnar School Foundation 15 administered in corrforniity with its revised Scheme of Government dated 16 February 2018 by Wofverhampton Grammar School Limited, who has beerh appointed the Corporate Trustee of the Foundation. The con501idated accounts comprise w0erhap¢0n Grdmmar School Ltd {registered charity number 11252681, Wofverhampton Grammar School Foundation (rStered chariry number 529CQ6), Wofverhampton Grammar School Independence Appeal Fund Iregstered charity number 507487) and Wofverhampton Grammar School 1958 Appe31 Fund {registered charity number 1090885}- The School was set up to run the oper3ty0nal and trading actyvities, the Foundation was set up to manage the specie endowed land and buildings and the tsvo Appeal Fund5 were set up to stjpport the School in its aims and to provide financial help wherever possible to students who would not otherwise have been able to attend Wofverhampton Grammar School. Methods of appointment or electyon of Directors The Board of Direttors is appointed at the AGM under the tern)s of the Memornndum and Arts"cles of Association. A sm311 working group, made up of a committee of Direttors appointed by the Chairman, carrie5 Out reviews of possible new members, in readines5 for vacancies arising through retiremenrs of Directors. They a150 carefulty consider the range of skills which are needed on the Board, and names of potentyal Directors are recommended to the Board, when appropriate. The Trustses of the Trust Funds are appointed by Deed of Appointment by the currentloutgoing Trustees, who carefully consider the range of 5kn.lls required on the boards. "ohTrlwJJpton School (a COpanY limited by guarantee) 10
Organisational structyjre and decision-making policies The Direttors are responsible for the overall management of the School and meet as a board at least three times a year. The Finance and General Purposes, Educatyon and Estates Commite$ meet on a ternity basis as a minimum and these committees are empowered on behalf of the Board to ensure that the policies as agreed by them are carried OUL A copy of the minutes of these meetings and accounts are sent to all Direttors. The day-to-day management of the khool is delwted to the Head. SUPFX)rted by the Senior Management Team. The Head and Finance Director attend all meetyngs of the DIrecr$ and the fvll Board, Educatyon and Finance and General Purposes Committees, in addition the Finance Director attends the Estates Committee meetings. The Senior School Deputy Heads and Head of thejunior School attend meetings of the full Board and the Education Committee. wth the Assistant Heads and the Director of Marketing & Communications attending the EdLKauon Committee only. The Annual General Meeting of the School Iheld in October) is attended by all members of the School (the Council of Members) and includes staff. parents and other stakeholder representstives. After a period as Acung Head. the Directors are delighted that Nic Andwson has accepted the role a5 the pern)anent Head of Wolverhampton Grammar School. Nic has already begun working with his Senior Management Team and the Directors to form a new Strategic F12n to 12ke the School forsvdrds over the next three years. Core objectives will include upholding the hig)est standards, empowering our community and securing the School's future. Wofverhampioll GralluDar School (a company limited by guarantee) 11
Policies adopted for the induttion 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 d¢xuments. together with the Ass¢xiatyon of Governing Bodie5 induction resources. Before taking up POSL they meet wth the Chairnian of the Board and the Head. Once appointrd. a meeting with the Company Secretary is arranged. to provide more detailed inforniation and to identsfy appropriate training courses for individuals to attend. All Directors take part in annual training which provides relevant and up to date inforniatyon on governance and school inspettions with outside speakers being brought in as and when appropriate. Directors are also encouraged to attend training events run for the not for profit and school settor by exornal bcxjies. Pay policy for key management personnel The Directors Remuneration Committre meets 3nnualty to reeW the pay and remuneration of the Head and the Finance Director, with the Head also rewewing the pay of other members of the senior management team on an annual basis. Any proposed adjustments to the pay of the senior management team are confirnied by the Remuneratyon Committee. The review of all senior staff pay is with reference to their agreed annual objectyves and performance. Financial risk management During the year. the Directors have examined the principal areas of the School's operations and considered the major risks in each of these 3re3s. In the opinion of the Directors. the School has e5t2blished systems which, under normal circumst2nce5, should allow these risks to be managed at an acceptable level in its day-to-day operations. It is recogni5ed that systems can only prowde reasonable but not absollrte assurance that major ri5k5 have been adequatety managed. A risk register 15 held and updated on a regular basis. Much of the operational work in this area is managed by the Risk Management Group, which comprises the Head and the senior management team. The Director5 continue to keep the School's activttie5 under review. particularly reprd to any major risks that may arise from time to tyme_ They monrcor the effectyveness of the system of internal controls and other wable means, including insurance cover where appropriate, by which those risk5 already identified by the Directors can best be managed. IiAifit. "ohTrlwJJpton School (a COpanY limited by guarantee)
The key controls used by the School
include:
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Formal agendas for all Committee and Board activity Detailed terms of reference for all Committees
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e Comprehensive strategic planning, budgeting and management accounting e —_ Established organisational structure and lines of reporting e — Formal written policies e Clear authorisation and approval levels
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Vetting procedures as required by law for the protection of the students
periods
Plans for future
The School continues to regard teaching and learning to be of the highest importance and will continue to make further progress and improvements in this area. Core objectives for the new Strategic Plan will include:
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Upholding the highest standards in both academic and personal development;
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Empowering our community by providing forward-thinking education and excellence-driven initiatives;
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S ecuring the School’s future by ensuring the financial stability of the school and widening access to maximise admissions.
Statement of Directors. responsibilities The Directors (who are also the directors of the Cownpany for the purpose5 of company law) are responsible for preparing the Directors, Report including the Strategic Report and thÈ financial statements in accordance with applicable law and United Kingdom Accounting Standard5 Iunited Kingdom Generalty Accepted Accounting Practice). Company law requires the Directors to prepare finanaal statements for each financial year. Under company law, the Directors must not approve the financial ststements unless they are satisfied that they give a true and fair view of che state ofaff2irs ofthe Group 2nd the Company 2nd of therr incoming resources and application of resources. including their income and expenditure, for thal period. In preparing these financial statefflents, the Directors are required to: Selett suitable accounting policies and then apply them consistentty.. Observe the rnethod5 and principle5 of the Charities SORP {FRS 102)- Mal<e judgments and accounting estimates that are reasonable 2nd pruden State whether 2pplicable UK Accounting Stlndards (FRS 102) have been fdlowed. subjert to 2ny materi21 departures disclosed and explained in the financial seatements,. Prepare the financial statements on the going concern basis unless it is lnaPpr¢)prla ta presume that the Group will continue In business. The Directors are responsible for keeping adeqlrd accounting records thai are SLrfficient to show and exphin the Group and the Compan15 trdnsacvons and disclose with reasonable accurdcy al any Dme ihe financial posrcion of the Group and the Company and enable them ¢0 ensure tha¢ the financial ststements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company 2nd hence for talang reasonable steps for the prevention and detection of fraud and other irregularities. Drsclosure of information to audit5 Eath of the persons who a Dreetors at the time Ythen this D*ectors' Report is approyed has eonfrn)ed thaL' So far as that Dlrector is aware. thereis no relevantaudit inforni2tion ofwhich the charitablegroup's auditors are unaware, and . Tha¢ Director has taken all the steps that ought to have been taken as a Director in order to be aware ofany relevant audit information and to establish that the charitable group's auditors are of that information. Auditors After a rigorous woces& the Directors have appointed Crowe U.K. LLP as the school's new auditors. Directors have also formed a new Audit commit at WGS, which is attended by a representative from Crowe U.K. LLP. Approyed by order of the members of the Board of DOr$ and srgned their behaw by. r J Sage hairman Date-. ILIK * 2L)LJ"
Opinion
We have audited the financial statements of Wolverhampton Grammar School Limited (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 August 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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4 and
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ended;
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Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors’ Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on thefinancial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
15
guarantee)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
Matters on which we are required to report by exception
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 identified material misstatements in the Report including the Strategic Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
Responsibilities of Directors
As explained more fully in the Responsibilities Statement, the Directors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the and the parent charitable the going concern basis of accounting unless the Directors either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and noncompliance with laws and regulations are set out below.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
1
guarantee)
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's ability to operate or to avoid a materi21 penally. Wt also considtrtd the opportunities 2nd inctntives that may exist within the charicable company for fraud. The law5 and regu12rion5 we considered in this c¢ntÈxr for the UK opÈration5 were The Education Ilndependtnt School St2nd2rds) Rogul3tions 2014. AudiLing standard5 limir Lhe ruired audit procÈdure5 to identify non*compliance wich Lhe5e law5 and regulation5 to enquiry of the directors and ocher management and inspection of regulatory and legal correspondence, if any. We idÈncified thÈ greacesL risk of wnaterial impact on che financial sracemencs from irregularirie5. including fraud, to be the override of controls by management. Our audit procedures ro respond ro these risks included enquirie5 of ManeMent. and the Audit & Risk Committee about their own identification and Lssessment of the risks of irregularities. sample testing on the posting of journals. reviewing accounting esEimates for biases. reviewing regulatory correspondence wich Lhe Charity Commi55ion. Independenr Schoo15 InspecL¢fdre, Of5Led and reading minuce5 of meetings of those charged with governance. Because of the inherÈnt limitstions of an audi¢ there is a risk that we will not dÈtÈct all irrÈgularitiÈs. including those leading to a material misstatemÈnt in thÈ financial statements or non-compliancÈ with regLJl2tion. This risk incrÈases the more that compliance with a law or regulation is removed from the events and transactions reflected in ihe financial statements, a5 we will be less likely io become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves inter)tional concealment, forgery collusion, omission or misrepresentation. Use of ouv repovt This report is made 501ely to the charitable company 5 members. as a body. in accordance with Chapier 3 of Pari 16 of the Companies Act 2006. Ojr alli work has so thai we Nght srate to ttE c1wble cotnpanI5 members those matters we are required to State to them ir) an Auditors, Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members. as a body, for our audit work for this repor( or for the opinions we have formed. Guy Biggin (Seniov statutory auditor) for and on behalf of Crowe U.K. LLP Fourth Floor St James House St J2mÈs Square Chelcenham GL50 3PR DatÈ: 20 May 2025 17 Woli'crlianipton Granimdr Sclionl (A cotJ)pany liii)iicd by ¥u8tr¢)
Consolidated Statement of Financial Activities (Incorporating income and expenditure accounts)
for the year ended 31 August 2024
| Income and endowments from: Note Donations and legacies 4 Charitable activities 5 Other trading activities 6 Investments 7 Other income 8 Total income and endowments Expenditure on: Raising funds 9 Charitable activities 10 Exceptional items 11 Total expenditure Net income/(expenditure) before net gains/(losses) on investments Net gains/(losses) on investments 17 Net movement in funds before other recognised gains/(losses) carried forward |
Unrestricted funds 2024 £000 4 11,563 78 164 810 12,619 14 12,525 - 12,539 80 265 345 |
Restricted funds 2024 £000 186 - - 59 - 245 9 199 - 208 37 186 223 |
Endowment funds 2024 £000 - - - - - - 2 - - 2 (2) 29 27 |
Total funds 2024 £000 190 11,563 78 223 810 12,864 25 12,724 - 12,749 115 480 595 |
Total funds 2023 £000 209 10,487 73 139 65 10,973 25 10,899 275 11,199 (226) (114) (340) |
|---|---|---|---|---|---|
Wolverhampton Grammar School (A company limited by guarantee)
18
| Note Net movement in funds before other recognised gains/(losses) brought forward Other recognised gains/(losses): Other remeasurements Actuarial gains on defined benefit pension schemes 29 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £000 345 - - 345 17,375 345 17,720 |
Restricted funds 2024 £000 223 - - 223 2,440 223 2,663 |
Endowment funds 2024 £000 27 - - 27 496 27 523 |
Total funds 2024 £000 595 - - 595 20,311 595 20,906 |
Total funds 2023 £000 (340) (580) 839 (81) 20,392 (81) 20,311 |
|---|---|---|---|---|---|
The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 2 to 4 form part of these financial statements.
Wolverhampton Grammar School (A company limited by guarantee)
19
Consolidated Balance Sheet for the year ended 31 August 2024 2024 2023 Note Fixed assets Tangible assets Investmen 15 11366 4,995 745 12,417 4.533 745 17 Investment propwty 16 18,106 17,695 Current assets StLKk5 18 Debtors 19 1,396 1.500 439 291 Investments Cash atbank and kn hand 5,438 7,443 5,738 Credit¥xs:amounts (alh'nz due within one >wr 21 (4,643) (2.748) Net current assets 2,800 2,990 Total a55ets less current liabilities 20,906 20.685 Creditors: amounts falling due after more than one year Total net assets 20.906 20,311 2024 £000 2023 Note Charlty fttnds EndowmentluThls 23 523 496 Restricted funds 2,663 17,720 2,440 17,375 UestriCtsd fimd5 Total fund5 20,906 20,311 The Trustees acknowledge their responsibilities for complying wlth the requirements of the Artwlth respett to accounting records and preparation of financial statements. The financrdl statements were apyoved and ahOrISed for issue bythe Tntstees and sned on therbeF4Wbr. rj Sage Chairman Date.. MrCIBill Chair Finance Committee IOU. The notes on pages 21 to 47 fomi part ofthese thancial statwnents. 20 Wolverliamptoii Granimay Scliool (A ¢tsinPaiiy liiyilttd l)y guarantee)
Company Balance Sheet for the year ended 31 August 2024
| Note Fixed assets Tangible assets 15 Investments 17 Current assets Stocks 18 Debtors 19 Investments 20 Cash at bank and in hand Creditors: amounts falling due within one year 21 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 22 Total net assets |
8 1,383 1,500 3,942 6,833 (4,726) |
2024 £000 12,159 366 12,525 2,107 14,632 - 14,632 |
9 322 - 4,799 5,130 (2,743) |
2023 £000 12,210 332 12,542 2,387 14,929 (374) 14,555 |
|---|---|---|---|---|
Wolverhampton Grammar School (A company limited by guarantee)
21
2024 £000 2023 £wo Note Charity funds EndowTnentfund5 212 Restricted funds 511 l Dnrestrictod fiinrfo Unrestricted funds inckJdr penyon asset 14,360 13.832 TDtal rjnrestyiaed fund5 23 13,909 13,832 Total funds 14.612 14.555 The Companys Dot movement in fund5 lor the ywdr wa5 £T7k12023- £(244k)). Th• Trustees acknowledge their responbilIt$ lor conytyiTrg ¥rith thè reqLMremÉnts crf the Act r¢s¢t to accountlng rec(Yds and preparation of financial ststsments. The financsal statements wffe 3Fproved and IhOrTsed issuebythe Tntstees atwj s¢ned on their behalf by. MrJS Chairman Date.. MrCIBin c1r ol Firunce Committee The notes on pages 24 to 4-, fi>rm part of these financial ststemubt& Wnlverliainpion Grumniur sch£1 (A Ll)InPai)y limited liy guar07ltLe>
Consolidated Statement of Cash Flows
for the year ended 31 August 2024
| Note 26 27 Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments Net cash used in investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2024 £000 661 223 8 (309) 406 (388) (60) 601 5,438 6,039 |
2023 £000 582 139 - (334) 869 (856) (182) 400 5,038 5,438 |
|---|---|---|
The notes on pages 2 to form part of these financial statements
Wolverhampton Grammar School (A company limited by guarantee)
23
Notes to the Financial Statements for the year ended 31 August 2024
1. 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 guarentee is limited to £10 per member of the Company.
The registered office of Wolverhampton Grammar School Limited is Wolverhampton Grammar School, Compton Road, Wolverhampton, WV3 9RB.
The nature of the School's operations and principal activities are that of an educational establishment.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Wolverhampton Grammar School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
Under a uniting direction issued by the Charities Commission, Wolverhampton Grammar School Foundation is treated as forming part of Wolverhampton Grammar School Limited which is to be the reporting charity for the purposes of part 4 (registration) and part 8 (accounting) of the Charities Act 2011.
The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.
2.2 Basis of consolidation
The financial statements consolidate the accounts of Wolverhampton Grammar School and all of its subsidiary undertakings ('subsidiaries').
2.3 Going concern
After making enquiries, the Directors have a reasonable expectation that the Company and the consolidated Group has adequate resources to continue in operational existence for the foreseeable future. The Company and consolidated Group therefore continues to adopt the going concern basis in preparing its financial statements.
Wolverhampton Grammar School (A company limited by guarantee)
24
2. Accounting policies (continued)
.Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it 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 activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion
Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
Depreciation is provided on the following bases:
Freehold property - 0-10% straight line Plant and machinery - 10-25% straight line Motor vehicles - 20% straight line
A review for impairment of a fixed asset is carried out if events or changes in circumstances 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 impairments. Impairment losses are recognised in the Statement of Financial Activities.
Wolverhampton Grammar School (A company limited by guarantee)
25
2. Accounting policies (continued)
2.6 Investment Property
Investment property is carried at fair value determined annually by an appropriately qualified valuer and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided.
Revaluation gains and losses are recognised in the Statement of Financial Activities and accumulated in equity.
The 2024 valuations were made by the Directors, on an open market value for existing use basis.
2.7 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and
2.8 Stocks
Wolverhampton Grammar School holds stocks of cleaning products, food and clothing to which are all valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stock.
2.9 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.10 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.11 Creditors
Creditors are recognised at the amount due to settle the obligation and can be measured or readily estimated.
2.12 Financial instruments
The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2.13 Operating leases
Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight-line basis over the lease term.
Wolverhampton Grammar School (A company limited by guarantee)
26
2. Accounting policies (continued)
2.14 Pensions
The School operates three pension schemes for its support staff; a defined contribution pension scheme, provided by Peoples' Pension where the pension charge represents the amounts payable by the School to the fund in respect of the year; a defined benefits pension scheme provided by the Local Government Pension Scheme (LGPS) where the pension charge is based on a full actuarial valuation dated 31 August 2024; and a pension scheme provided by The Independent Schools' Pension Scheme (ISPS). The ISPS is a defined benefit scheme, however it is not possible for the School to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.
The School also contributes to a defined benefit pension scheme (final salary scheme) for the academic 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 respect of the year.
Retirement benefits to teaching employees of the School are provided by the Teachers' Pension Scheme ("TPS") and the Local Government Pension Scheme ("LGPS"). These are defined benefit schemes and the assets are held separately from those of the School. The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees' working lives with the School in such a way that the pension cost is a substantially 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 unit credit method. As stated in note 30, the TPS is a multiemployer scheme and there is insufficient information available to use defined benefit accounting. The TPS is therefore treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate.
The LGPS is a funded scheme and the assets are held separately from those of the School in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each Balance Sheet date. The amounts charged to operating surplus are the current service costs and the costs of scheme introductions, benefit changes, settlements and curtailments. They are included as part of staff costs as incurred. Net interest on the net defined benefit liability/asset is also recognised in the Statement of Financial Activities Incorporating Income and Expenditure Account and comprises the interest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligations. The difference between 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 losses.
2.15 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.
Endowment funds comprise of investments established by a foundation that makes consistent withdrawals from invested capital.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Wolverhampton Grammar School (A company limited by guarantee)
27
3. Critical accounting estimates and areas of judgement
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The present value of the Local Government Pension Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 29, will impact the carrying amount of the pension liability. Furthermore a roll forward approach which projects results from the latest full actuarial valuation has been used by the actuary in valuing the pensions liability at 31 August 2024. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Critical areas of judgement: Property
Valuations
The value of the properties are based on an open market value, for existing use basis.
Wolverhampton Grammar School (A company limited by guarantee)
28
4. Income from donations and legacies
| Donations Total 2023 |
Unrestricted funds 2024 £000 4 11 |
Restricted funds 2024 £000 186 198 |
Total funds 2024 £000 190 209 |
Total funds 2023 £000 209 |
|---|---|---|---|---|
5. Income from charitable activities
| School fees - see breakdown below Catering, music & travel income Other educational income Trip income Total 2023 School Fees Gross fees Bursaries, scholarships & other awards |
Unrestricted funds 2024 £000 10,456 688 107 312 11,563 10,487 |
Total funds 2024 £000 10,456 688 107 312 11,563 10,487 2024 £000 11,310 (854) 10,456 |
Total funds 2023 £000 9,538 623 120 206 10,487 2023 £000 10,313 (775) 9,538 |
|
|---|---|---|---|---|
Wolverhampton Grammar School (A company limited by guarantee)
29
6. Income from other trading activities
Income from fundraising events
| Lettings Total 2023 Investment income Rental income from investment properties Income from investments Total 2023 |
Unrestricted funds 2024 £000 21 143 164 90 |
Unrestricted funds 2024 £000 78 73 Restricted funds 2024 £000 - 59 59 49 |
Total funds 2024 £000 78 73 Total funds 2024 £000 21 202 223 139 |
Total funds 2023 £000 73 |
|---|---|---|---|---|
| Total funds 2023 £000 24 115 |
||||
| 139 | ||||
7. Investment income
8. Other incoming resources
| Miscellaneous income Other income Total 2023 |
Unrestricted funds 2024 £000 47 763 810 65 |
Total funds 2024 £000 47 763 810 65 |
Total funds 2023 £000 65 - |
|---|---|---|---|
| 65 | |||
Other income relates to the surplus realised upon cessation of the LGPS. See note 29 for more details.
Wolverhampton Grammar School (A company limited by guarantee)
30
9. Investment management costs
| Expenditure on investment management Total 2023 |
Unrestricted funds 2024 £000 14 |
Restricted funds 2024 £000 9 9 1 |
Endowment funds 2024 £000 2 2 2 |
Total funds 2024 £000 25 25 25 |
Tota funds 2023 £000 25 |
|---|---|---|---|---|---|
| 14 | 25 | ||||
| 22 |
10. Analysis of expenditure on charitable activities
Summary by fund type
| Teaching and scholastic resources Estates Welfare and Catering Support costs and governance Other Total 2023 |
Unrestricted funds 2024 £000 7,299 1,644 780 2,802 - 12,525 10,700 |
Restricted funds 2024 £000 31 164 4 - - 199 199 |
Total Total 2024 2023 £000 £000 7,330 7,168 1,808 1,536 784 755 2,802 1,439 - 1 12,724 10,899 10,899 |
|---|---|---|---|
Wolverhampton Grammar School (A company limited by guarantee)
31
10. Analysis of expenditure on charitable activities (continued)
Summary by expenditure type
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Staff costs Depreciation|Other costs|Total|Total|
|2024|2024|2024|2024|2023|
|£000|£000|£000|£000|£000|
|Teaching and scholastic|
|resources|5,789|254|1,287|7,330|7,168|
|Estates|604|88|1,116|1,808|1,536|
|Welfare and Catering|-|-|784|784|755|
|Support costs and governance|2,212|10|580|2,802|1,439|
|Other|-|-|-|-|1|
|8,605|352|3,767|12,724|10,899|
|Total 2023|7,171|363|3,365|10,899|
----- End of picture text -----
Support and governance costs includes £1,226k in relation to the liability accrued upon exiting the Independent Schools Pension Scheme. See note 29 for more details.
11. Exceptional expenditure
----- Start of picture text -----
|||||
|---|---|---|---|
|Unrestricted|Total|Total|
|funds|funds|funds|
|2024|2024|2023|
|£000|£000|£000|
|Restructuring costs|-|-|275|
|Total 2023|275|275|
----- End of picture text -----
The exceptional expenditure in the prior year related to the costs incurred in appointing a new head teacher.
12. Auditor's remuneration
----- Start of picture text -----
||||
|---|---|---|
|2024|2023|
|£000|£000|
|Fees payable to the Company's auditor for the audit of the Company's|
|annual accounts|23|15|
|Fees payable to the Company's auditor in respect of:|
|All non-audit services not included above|2|-|
----- End of picture text -----
Wolverhampton Grammar School (A company limited by guarantee)
3
13. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
Group Group 2024 2023 £000 £000 5,701 5,517 544 550 2,360 1,104 8,605 7,171 |
Company Company 2024 2023 £000 £000 5,701 5,517 544 550 2,360 1,104 8,605 7,171 |
|---|---|---|
During the year, the Company made redundancy and settlement payments totaling £Nil (2023 - £194k) in relation to no employees (2023 - three) .
The average number of persons employed by the Company during the year was as follows:
| Teaching Estates Administration The average headcount expressed as full-time equivalents was: Teaching Estates Administration |
Group 2024 No. 132 31 27 190 Group 2024 No. 100 21 21 142 |
Group 2023 No. 134 31 30 |
|---|---|---|
| 195 | ||
| Group 2023 No. 102 22 23 147 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| The number of employees whose employee benefits (excluding £60,000 was: |
employer pension costs) exceeded | |
|---|---|---|
| Group | Group | |
| 2024 | 2023 | |
| No. | No. | |
| In the band £60,001 - £70,000 | 2 | 1 |
| In the band £70,001 - £80,000 | 1 | 1 |
| In the band £80,001 - £90,000 | 1 | 3 |
| In the band £90,001 - £100,000 | 2 | - |
| In the band £120,001 - £130,000 | 1 | 1 |
The total remuneration received by key management personnel, including wages, pension and benefits in kind amounted to £895k (2023 - £1,025k) .
Wolverhampton Grammar School (A company limited by guarantee)
33
14. Directors' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL)
During the year ended 31 August 2024, no Trustee expenses have been incurred (2023 - £NIL) .
15. Tangible fixed assets
Group
| Cost or valuation At 1 September 2023 Additions Disposals At 31 August 2024 Depreciation At 1 September 2023 Charge for the year At 31 August 2024 Net book value At 31 August 2024 At 31 August 2023 |
Freehold property £000 16,013 165 - 16,178 3,878 213 4,091 12,087 12,135 |
Plant and machinery £000 1,727 98 - 1,825 1,457 129 1,586 239 270 |
Motor vehicles £000 49 46 (8) 87 37 10 47 40 12 |
Total £000 17,789 309 (8) 18,090 5,372 352 5,724 12,366 12,417 |
|---|---|---|---|---|
Wolverhampton Grammar School (A company limited by guarantee)
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15. Tangible fixed assets (continued)
Company
| Cost or valuation At 1 September 2023 Additions Disposals At 31 August 2024 Depreciation At 1 September 2023 Charge for the year At 31 August 2024 Net book value At 31 August 2024 At 31 August 2023 16. Investment property Group |
Freehold property £000 15,806 165 - 15,971 3,878 213 4,091 11,880 11,928 |
Plant and machinery £000 1,727 98 - 1,825 1,457 129 1,586 239 270 |
Motor vehicles £000 49 46 (8) 87 37 10 47 40 12 |
Total £000 17,582 309 (8) 17,883 5,372 352 5,724 12,159 12,210 |
|---|---|---|---|---|
| Valuation At 1 September 2023 At 31 August 2024 |
Freehold investment property £000 745 745 |
|---|---|
Investment properties in Wolverhampton Grammar School 1958 Appeal Fund were valued by the Directors at open market value as at 31 August 2023. The historic costs of revalued investment properties is £393k (2023 - £393k) .
Wolverhampton Grammar School (A company limited by guarantee)
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17. Fixed asset investments
| Group Cost or valuation At 1 September 2023 Additions Disposals Revaluations At 31 August 2024 Net book value At 31 August 2024 At 31 August 2023 Company Cost or valuation At 1 September 2023 Revaluations At 31 August 2024 Net book value At 31 August 2024 At 31 August 2023 |
Listed investments Other fixed asset investments £000 £000 4,518 15 388 - (406) - 459 21 4,959 36 4,959 36 4,518 15 Listed investments £000 332 34 366 366 332 |
Total £000 4,533 388 (406) 480 4,995 4,995 4,533 |
|---|---|---|
Wolverhampton Grammar School (A company limited by guarantee)
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18. Stocks
| Finished goods and goods for resale 19. Debtors Due within one year Trade debtors Other debtors Prepayments and accrued income 20. Current asset investments Short term investments 21. Creditors: Amounts falling due within one year |
Group 2024 £000 8 Group 2024 £000 134 47 1,215 1,396 Group 2024 £000 1,500 |
Group 2024 £000 8 Group 2024 £000 134 47 1,215 1,396 Group 2024 £000 1,500 |
Group 2023 £000 9 Group 2023 £000 24 15 252 291 Group 2023 £000 - |
Group 2023 £000 9 Group 2023 £000 24 15 252 291 Group 2023 £000 - |
Company 2024 £000 8 Company 2024 £000 122 46 1,215 1,383 Company 2024 £000 1,500 |
Company 2024 £000 8 Company 2024 £000 122 46 1,215 1,383 Company 2024 £000 1,500 |
Company 2023 £000 9 Company 2023 £000 18 15 289 322 Company 2023 £000 - |
|---|---|---|---|---|---|---|---|
| Fees in advance Trade creditors Amounts owed to group undertakings Other taxation and social security Other creditors Accruals and deferred income |
Group Group 2024 2023 £000 £000 2,235 1,605 217 410 - - 127 133 1,800 232 264 368 |
Group Group 2024 2023 £000 £000 2,235 1,605 217 410 - - 127 133 1,800 232 264 368 |
Company 2024 £000 2,235 217 86 127 1,799 262 |
Company 2023 £000 1,605 405 - 133 232 368 |
|---|---|---|---|---|
| 4,643 | 2,748 | 4,726 | 2,743 |
22. Creditors: Amounts falling due after more than one year
| Group | Group | Company | Company | |
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| £000 | £000 | £000 | £000 | |
| Other creditors | - | 374 | - | 374 |
Wolverhampton Grammar School (A company limited by guarantee)
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23. Statement of funds
Statement of funds - current year
| Unrestricted funds General IAF General Revaluation Reserve Wilson Fund Designated - Foundation Bursary Endowment funds Specie Funds IAF Ivy Jones Wolfson Fund Gym Refurb Donation IAF Bursary WGS Lab Donation Martin Bequest OW Sports Scholarship Endowed Fund Restricted funds General Prize Fund |
Balance at 1 September 2023 £000 14,468 2,183 559 91 74 17,375 212 211 2 1 152 547 931 284 496 145 |
Income £000 12,558 59 - 2 - 12,619 - 7 - - - 5 24 - - 1 |
Expenditure £000 (12,472) (65) - (2) - (12,539) - (2) (2) - (31) - - - (1) (29) |
Transfers in/out £000 - - - - - - - - - - - - - - (42) - |
Gains/ (Losses) £000 43 217 - 5 - 265 - 29 29 8 21 - - - 17 95 |
Balance at 31 August 2024 £000 14,597 2,394 559 96 74 17,720 212 311 523 154 208 2 1 152 526 1,021 |
|---|---|---|---|---|---|---|
Wolverhampton Grammar School (A company limited by guarantee)
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23. Statement of funds (continued)
Statement of funds - current year (continued)
| Ivy Jones Award Fund Foundation Bursary Fund 150 Years on Compton Road Bursarial Funds Robin Cooper Science Fund Total of funds |
Balance at 1 September 2023 £000 24 302 125 - - 2,440 20,311 |
Income £000 10 8 110 44 36 245 12,864 |
Expenditure £000 (16) (70) (1) (32) (28) (208) (12,749) |
Transfers in/out £000 - - - - 42 - - |
Gains/ (Losses) £000 - 32 13 - - 186 480 |
Balance at 31 August 2024 £000 18 272 247 12 50 |
|---|---|---|---|---|---|---|
| 2,663 20,906 |
Wolverhampton Grammar School (A company limited by guarantee)
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23. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General IAF General Revaluation Reserve Wilson Fund Designated - Foundation Bursary Endowment funds Specie Funds IAF Ivy Jones Endowed Fund Restricted funds General Prize Fund Wolfson Fund Gym Refurb Donation IAF Bursary WGS Lab Donation Martin Bequest OW Sports Scholarship Ivy Jones Award Fund Foundation Bursary Fund 150 Years on Compton Road Total of funds |
Unrestricted funds General IAF General Revaluation Reserve Wilson Fund Designated - Foundation Bursary Endowment funds Specie Funds IAF Ivy Jones Endowed Fund Restricted funds General Prize Fund Wolfson Fund Gym Refurb Donation IAF Bursary WGS Lab Donation Martin Bequest OW Sports Scholarship Ivy Jones Award Fund Foundation Bursary Fund 150 Years on Compton Road Total of funds |
Balance at 1 September 2022 £000 14,709 2,295 324 92 74 17,494 212 301 513 145 226 2 2 152 483 942 38 395 - 2,385 20,392 |
Balance at 1 September 2022 £000 14,709 2,295 324 92 74 17,494 212 301 513 145 226 2 2 152 483 942 38 395 - 2,385 20,392 |
Income £000 10,446 72 - 2 - 10,520 - - - 2 5 - - - 76 27 12 - 125 247 10,767 |
Expenditure £000 (10,718) (72) - (1) - (10,791) - (2) (2) - (15) - (59) - (1) (15) (26) (84) - (200) (10,993) |
Expenditure £000 (10,718) (72) - (1) - (10,791) - (2) (2) - (15) - (59) - (1) (15) (26) (84) - (200) (10,993) |
Transfers in/out £000 - (59) - - - (59) - - - - - - 59 - - - - - - 59 - |
Gains/ (Losses) £000 31 (53) 235 (2) - 211 - (15) (15) (2) (5) - (1) - (11) (23) - (9) - (51) 145 |
Balance at 31 August 2023 £000 14,468 2,183 559 91 74 |
|---|---|---|---|---|---|---|---|---|---|
| 17,375 | |||||||||
| 212 284 |
|||||||||
| 496 145 211 2 1 152 547 931 24 302 125 2,440 20,311 |
|||||||||
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23. Statement of funds (continued)
Unrestricted Funds
Unrestricted Funds are held with the intention that they fund ongoing general purpose expenditure. The Wilson Fund - a designated fund for the benefit of students at the discretion of the Head.
Independence Appeals Fund (IAF): (General) - These monies were raised by appeal when the school was given notice by local government of their intention to cease to maintain the school. The purposes of the appeal were to raise £180,000 for new buildings and the balance of sums raised to provide financial assistance for children who otherwise would be unable to attend Wolverhampton Grammar School.
Endowment Funds
IAF Ivy Jones Endowed Fund - an endowed fund under the terms of Professor Douglas Jones' (Old Wulfrunian) will. A legacy has been left to the Appeals Funds for the express purpose of providing bursary assistance for able pupils whose parents could not otherwise afford to send their children to the School. Any bursary awarded is to be designated as an 'Ivy Jones Award' in honour of Prof Jones' late wife. Under the terms of the will, the capital of the legacy is required to be maintained unless certain circumstances are reached whereby some or all of the capital may be spent.
The Specie Endowment Fund - relates to the historical costs of land and buildings held by the Foundation as specified in the 1979 Scheme of Government.
Restricted Funds
General Prize Funds - These represent a large number of individual donations given for the purpose of awarding prizes for achievement.
The Wolfson Fund - This fund is for the purpose of the award of bursaries to sixth form pupils.
Independence Appeals Fund (IAF): (Bursary) - These monies were raised by appeal when the school was given notice by local government of their intention to cease to maintain the school. The purposes of the appeal were to raise £180,000 for new buildings and the balance of sums raised to provide financial assistance for children who otherwise would be unable to attend 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 assistance with fees to those children who would previously have benefited from the Assisted Places Scheme and who without such help would be unable to attend Wolverhampton Grammar School. This appeal forms part of the Independence Appeals Fund.
Independence Appeals Fund: (The Martin Bequest):
The Martin Bequest is a restricted fund which has been set up to provide a bursary prize or prizes for students studying for or proceeding to Allied Medical Sciences or such other subjects as the governing body of the school shall at its discretion think fit.
Independence Appeals Fund: (The Old Wulfrunian Sports Scholarship Fund):
The Old Wulfrunian Sports Scholarship Fund is a restricted fund which has been donated to provide a means tested Sports Scholarship to a student (or students) living in the Wolverhampton postcode area who joins the school into the Sixth Form and who is able to demonstrate considerable sporting achievement.
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23. Statement of funds (continued)
Catering Capital Donation Fund:
The School's catering contractors provided a donation towards the refurbishment of the dining areas at 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 at the end of August 2018 Depreciation is being charged against the donation fund from over the expected life of the refurbishment in accordance with the deprecation policy.
Ivy Jones Award Fund:
Income generated from the IAF Ivy Jones Endowed Fund is credited to the Ivy Jones Award Fund, a restricted fund, which is used for bursary assistance.
Foundation Bursary Fund:
These monies were raised as part of the current fundraising strategy to provide 100% bursaries to students in financial need entering Year 7, making full provision for a full 7 years of education at Wolverhampton Grammar School if required.
150 Years on Compton Road:
WGS moved onto its current Compton Road site on 15th October 1875; meaning that on Wednesday 15th October 2025, WGS will have been located on its current Compton Road site for 150 years. To mark this special anniversary, WGS is launching a "150 Year Fundraising Campaign" to increase its Bursary Award provision. The aim is to increase the provision to 10% of the student body by 2030.
Robin Cooper Science Fund:
The Robin Cooper Science Fund has been set up to provide equipment for the Chemistry Department and to provide a Sixth Form Science scholarship
24. Summary of fund
Summary of funds - current year
----- Start of picture text -----
Balance at 1 Balance at
September Transfers Gains/ 31 August
2023 Income Expenditure in/out (Losses) 2024
£000 £000 £000 £000 £000 £000
General funds 17,375 12,619 (12,539) - 265 17,720
Endowment
funds 496 - (2) - 29 523
Restricted funds 2,440 245 (208) - 186 2,663
20,311 12,864 (12,749) - 480 20,906
----- End of picture text -----
Summary of funds - prior year
| General funds Endowment funds Restricted funds |
Balance at 1 September 2022 £000 17,494 513 2,385 20,392 |
Transfers Gains/ Balance at 31 August Income Expenditure in/out (Losses) 2023 £000 £000 £000 £000 £000 10,520 (10,791) (59) 211 17,375 - (2) - (15) 496 247 (200) 59 (51) 2,440 10,767 (10,993) - 145 20,311 |
|---|---|---|
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25. Analysis of net assets between funds
Analysis of net assets between funds - current period
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Unrestricted|Restricted|Endowment|Total|
|funds|funds|funds|funds|
|2024|2024|2024|2024|
|£000|£000|£000|£000|
|Tangible fixed assets|12,155|-|211|12,366|
|Fixed asset investments|2,020|2,663|312|4,995|
|Investment property|745|-|-|745|
|Current assets|7,443|-|-|7,443|
|Creditors due within one year|(4,643)|-|-|(4,643)|
|Total|17,720|2,663|523|20,906|
----- End of picture text -----
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Analysis of net assets between funds - prior period|
|Unrestricted|Restricted|Endowment|Total|
|funds|funds|funds|funds|
|2023|2023|2023|2023|
|£000|£000|£000|£000|
|Tangible fixed assets|12,206|-|211|12,417|
|Fixed asset investments|1,808|2,440|285|4,533|
|Investment property|745|-|-|745|
|Current assets|5,738|-|-|5,738|
|Creditors due within one year|(2,748)|-|-|(2,748)|
|Creditors due in more than one year|(374)|-|-|(374)|
|Total|[17,375 ]|2,440|496|20,311|
----- End of picture text -----
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26. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/expenditure for the period (as per Statement of Financial Activities) Adjustments for: Depreciation charges Gains/(losses) on investments Dividends, interests and rents from investments Decrease/(increase) in stocks Increase in debtors Increase in creditors Movement in FRS102 pension Net cash provided by operating activities |
Group 2024 £000 595 352 (480) (223) 1 (1,106) 1,522 - 661 |
Group 2023 £000 (340) 362 59 (139) (1) (8) 588 61 582 |
|---|---|---|
27. Analysis of cash and cash equivalents
| Cash in hand Cash held in investments Total cash and cash equivalents |
Group 2024 £000 4,539 1,500 6,039 |
Group 2023 £000 5,438 - 5,438 |
|---|---|---|
28. Analysis of changes in net debt
| Cash at bank and in hand Cash held in investments |
At 1 September 2023 £000 5,438 - 5,438 |
Cash flows £000 (899) 1,500 601 |
At 31 August 2024 £000 4,539 1,500 6,039 |
|---|---|---|---|
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29. Pension commitments
Certain of the school's employees belong to the Teacher's Pension Scheme England and Wales (TPS), the West Midlands Metropolitan Authorities Pension Fund (LGPS) and The Independent Schools' Pension Scheme (ISPS). These schemes are defined benefit schemes.
From July 2014, the School introduced a new scheme to the members of the Support Staff not currently in a pension run by the Peoples Pension. This is a defined contribution scheme.
From September 2022 the School introduced a new scheme to teachers who wish to withdraw from the TPS, the new schemes operated by Royal London. This is a defined contribution scheme.
The TPS is an unfunded multi-
basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. The latest valuation showed total scheme liabilities of £262,000 million and notional assets of £222,200 million, giving a notional past service deficit of £39,800 million.
Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them wit the greater benefits, and in preparing the 2020
The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.
Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The School is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the School has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined contribution scheme.
The employer's pension costs paid to TPS in the year amounted to £739,000 (2023 - £746,000) .
Independent Schools Pension Scheme
During the year, the School participated in the TPT Retirement Solutions - Independent Schools' Pension Scheme, a multiemployer scheme which provides benefits to associated employers. The scheme is a defined benefit scheme in the UK. It is not possible for the School to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounted for the scheme as a defined contribution scheme.
The scheme is subject to the funding legislation outlined in the Pension Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. During the accounting period, Wolverhampton Grammar School paid a joint contribution rate of between 21.5% and 24.6%, comprising employer contributions of 17.9% and member contributions range from 3.6% to 6.7%.
At 31 August 2024 the Charity exited this pension scheme and the Fund's actuary calculated at Section 75 payable of £1,655k. In previous years the School had entered into a deficit funding agreement in relation to the scheme which ceased when the cessation debt was triggered. The liability related to the deficit funding agreement brought forward of £429k has therefore been reversed, resulting in the recognition of net expenditure of £1,226k. The amount is shown in Exceptional expenditure in the Statement of Financial Activities and is included within Other Creditors in the Balance Sheet.
The total contribution made for the year ended 31 August 2024 was £85,723 (2023 - £82,470) , of which the total employer's contributions totalled £76,624 (2023 - £71,634) , the employees' contributions totalled £9,009 (2023 - £10,836) and past service costs of £55,452 (2023 - £53,837) .
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29. Pension commitments (continued)
Local Government Pension Scheme (LGPS)
The LGPS is a funded defined benefit scheme, with the assets held in separate trustee- administered funds. The total contribution made for the year ended 31 August 2024 was £125,541 (2023 - £139,000) of which employer's contributions totalled £93,585 (2023 - £104,000) and employees' contributions totalled £31,956 (2023 - £35,000) .
The pension costs are assessed in accordance with the advice of independent qualified actuaries. The latest actuarial valuation of the LGPS was 31 August 2024.
Principal actuarial assumptions at the Balance sheet date (expressed as weighted averages):
| Discount rate Future salary increases Future pension increases Mortality rates (in years) - for a male aged 65 now - at 65 for a male aged 45 now - for a female aged 65 now - at 65 for a female aged 45 now |
At 31 August 2024 % At 31 August 2023 % 5.00 5.20 3.65 4.00 2.60 3.00 |
|---|---|
| At 31 At 31 August August 2024 Years 2023 Years 21.8 21.9 22.3 22.4 24.4 24.4 26.0 26.1 |
The actual return on scheme assets at 31 August 2023 was £153,000.
The amounts recognised in the Consolidated Statement of Financial Activities are as follows:
| Interest cost Movements in the present value of the defined benefit obligation were as follows: Opening defined benefit obligation Interest cost Contributions by scheme participant Change in demographic assumptions Current service cost Change in financial assumptions Experience loss/(gain) on definded benefit obligation Estimate benefits paid net of transfers in Closing defined benefit obligation |
2024 £000 133 2024 £000 2,545 133 32 (5) 87 (81) 90 (94) 2,707 |
2023 £000 146 2023 £000 3,391 146 39 (1) 139 (647) (461) (61) 2,545 |
||
|---|---|---|---|---|
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29. Pension commitments (continued)
Movements in the fair value of the Group's share of scheme assets were as follows:
| Opening fair value of pension scheme assets Interest on assets Return on assets less interest Employer contributions Contributions by scheme participants Estimated benefits paid plus unfunded net transfers in Closing fair value of scheme assets |
2024 £000 3,570 186 122 90 32 (94) 3,906 |
2023 £000 3,601 155 (270) 106 39 (61) 3,570 |
|---|---|---|
At 31 August 2024, the School opted to exit the pension scheme, and the Fund's actuary carried out an exit valuation in respect of the School's admission to the Fund, which revealed that a surplus existed. The surplus was calculated as £763k but has not yet been repaid to the School. The amount is shown in Other Income in the Statement of Financial Activities and is included in Accrued income in the Balance Sheet.
30. Operating lease commitments
At 31 August 2024 the Group and the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows:
| Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years |
Group 2024 £000 41 77 1 119 |
Group 2023 £000 36 105 25 166 |
|---|---|---|
31. Related party transactions
During the year, the School provided tuition to 6 pupils related to the Directors and 4 pupils related to key management personnel (2023 - 6 related to the Directors, 5 related to key management personnel).
Fees receivable from Directors and key management personnel were £104,250 (2023 - £100,095) . The amount outstanding to Wolverhampton Grammar School at the year end was £Nil (2023 - £Nil) . Fees for Director's are charged at market rate, without reduction.
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