2024-08-31-accounts

311048 WATFORD GRAMMAR SCHOOLS FOUNDATION ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDING 31 AUGUJQT 2024 Charity Number 311048

Trustees, Annual Report and Accounts 31 August 2024 CONTENTS Contents Trustees, report Independent Examiner's report Receipts and Payments account Balance Sheet Notes 9-14 Boys, School prize accounts AnnexA Girls, School prize accounts Annex B

TRUSTEES, REPORT The Trustees present their annual report together with the independently examined accounts of the Foundation for the year ended 31 August 2024. Background The charity, now known as The Wafford Grammar Schools Foundation, dates from 1704 when a Free School was founded in Watford by Elizabeth Fuller. For nearly 200 years her original building, whic.h still stands beside the Parish Church, was used for the education of 40 boys and 20 girls, By 1884 the original beqLJeSts had become insufficient, so a fresh start was made with greatly increased funds in new buildings, firsl as the Walford Endowed Schools and later as the Watford Grammar Schools, The girls then moved into new premises in Lady's Close and in 1912 the boys moved to the present site in fields off the Rickmansworth Fload, Before 1927 the schools were direct grant schools and later became Voluntary Controlled schools operated by Hertfordshire County Council. In 1990 and 1991 the Schools achieved Grant Maintained status but September 1999 saw the abolition of that status and Ihe schools beGame Voluntary Aided. As from 1 September 2010, the schools (with the approval of the Foundation) were onverted to Academies under the Academies Act 2010. The Foundation is registered as a charity under number 311048. Governing Scheme The Charity Commissioners approved a revised Scheme for the Foundation on 4 September 2006. The Scheme stafes that, when complete, the body of Trustees shall Gonsist of eleven persons being Seven nominated Trustees Two appointed by the Governing Body of the Watford Grammar School for Boys, and Two appointed by the Governing Body of the Watford Grammar School for Girls, One appointed by the University of Oxford Two appointed by the University of London No more than three co-opted Trustees Appointed by a resolution of the Trustees passed at a special meeting as definp.d by the scheme One ex-offici'o Trustèe The Vicar for the time being of the Ecclesiastical Parish of Watford The Nominatp.d and Co-opted Trustees are appointed for a term of four years, At a Special Meeting on 1117124, Trustees approved a revision to the membership structure in the Trust Deed from 119124. The Trustees norninated by Ihe Universities of Oxford and London were replaGed with Nominated Trustees by alumni and ordinary Trustees who are either former Acaderny Trustees or former members of staff.

DETAILS OF TRUSTEES serving during the year are as follows Appointed by Governors of Watford Grammar School for Boys: Bridget Lyne term expires 31 August 2025 Peter Nunn term expires 31 August 2027 Appointed by Governors of the Watford Grammar School for Girls: David Edward Arrighi term expires 31 August 2Q25 Percy Mccloskey resigned 16 June 2024 Appolnted by the University of London: Gill Gollison resigned 15 January 2024 Coopted: Tim Cosgrove Fiona Shore ,8tephen Nokes term expires 31 August 2027 resigned 22 January 2024 resigned 31 August 2024 Ex-offlcio; Rev Tony Rindl Resigned 151712024. Principal Activlties To apply the Foundation's land and the buildings thereon used for the purposes of Gharitable Schools and in furtherance of the Objects of the Gharily, TO consider and, if appropriate, to agree proposals with regard to the use of land detailed in the Scheme dated 4 September 2006 or otherwise owned by the Foundation. To advise Dn any known reslrictions applicable to the land detailed in the Scheme dated 4 September 2006 and othemise owned by the Foundation. (iv) To advise the Governing Bodies of the Schools on any significant matter affecting the Foundation. (v) To appoint Foundation Governors to the Schools, governing bodies. {vi) To ensure that Ihe income received from bequests and other sources is available to the Boys, Grammar School or Girls, Grammar School as appropriate and Ihat, In the ¢ase of restricted income, it is used for the purpose intended by the donor. (vii) To take all reasonable steps to maintain the value of any bequest and the income from the bequest,

Review of Actlvities The Foundation's annual meeting was held on 22 January 2024 when Tim Cosgrove was elected as Chairman for the ensuing year. The Trustees, other meetings took place on 17 June 2024 and a Special Meeting on 17 July 2024, Trustees expressed thanks to Mr Groves for examining the accounts for the year ended 31 August 2D24, He agreed to act as Independent Examiner for the current year, Both schools have amended their corporate constitutions to meet the ever-changing demands of the regulators, The Foundation will Gontinue to play a key role in the appointment of Governors as well as being represented on the respective Academy Trust companies. During the year, Trustees confirmed the appointment of 5 Governors to WBGS and 2 to WGGS. The Foundation's own constitution remained under review during the year and the situation will be resolved upon completion of the schools, legal formalities. The Trustees regularly monitor the performance of the Foundation's investments to ensure they meet future obligations. Any surplus is either reinvested or otherwise rnade available to the schools. By order of the Trustees Caroline Brown Clerk lo the Trustees Watford Grammar School for Boys Rickmansworth Raad Watford WD18 7JF 20 January 2025

INDEPENDENT EXAMINER'S REPORT TO THE WATFORD GRAMMAR SCHOOLS FOUNDATION I report on the accounts for the year ended 31 August 2024, which are set out on pages 7 and 8. The notes on pages 9 to 14 form part of the accounts as do the Annexes A and B detailing the prize trust funds administered by the Foundation. Respective responslbilities of trustees and examiner As the charity's trustees you are responsible for the preparation of the accounts., you consider that the audit requirement of section 43(2) of the Charities Act 1993 (the Act) does not apply. It is my responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioner8 under section 43(7)(b) of the Act, whether particular matters have come to rny attention, Basis of independent examiner's report My examination was Garried out in accordance with the General Directions given by the Charity Commissioners. The procEdures undertaken do not provide all the evidence thal would be required in an audit, and consequently I do not express an audit opinion on the view given by the aGcounts. Independent examiner's statement In connection with my examination, no matter has come to my attention., a) which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with section 41 of the Act and to prepare accounts which accord with the accounting records and to comply vvith the accounting requirements of the Act have not been met; or bl to whiGh, in my opinion, attention should be drawn in order to enable a proper understanding of the ac,counts to be reached. Signed Simon Groves 20 January 2025

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NOTES TO THE ACCOUNTS 31 August 2024 STATEMENT OF ACCOUNTING POLICIES Accounting Convention These accounts have been prepared on the "receipts and payments basis" and 'statement of assets and liabilities in accordance with Section 133 of the Charities Act 2011. Charity Commission Scheme The Charity is registered under the Charities Act 2011 as amended by the Charities (Protection and Social Investment) Act 2016 and the Charities Act 2022 and has been administered in accordance with the Charity Cornmission Scheme dated 4 September 2006. Unrestricted Funds Unrestricted funds are assets, donations and other incoming resources received or generated for any of the Foundation's charitable purposes. Restricted Funds Restricted funds are to be used for Specific purposes as laid down by the donor. Expenditure whiGh meets these criteria is identified to the fund, Support costs and Management & Adrninistration costs The Trustees have agreed that these costs generally will be a charge to the General FLJnd to which unrestricted income is credited. School Prize Funds The general policy 18 that no payments are made in advance. The Trustees have agreed to pay out of each prize fund the whole of the income arising to that fund in the current year, Investment Policy The Trustees agreed an investment policy on 2 February 2006 as a result of which: (a} Permanent Endowment Funds are held in COIF units. (b} Permanent Prize Funds are held In COIF units. (c) General Balances are held in COIF units or as COIF deposits.

NOTES TO ACCOUNTS 1. Permanent Endowments for Monrose Farrn (Investment C03045613), Whitwells Meadow, Sarratt Hall (Investment C03045611) and 2006 Sale (Investment C03045615) are historic investments, unrestricted and invested in COIF units, The income is divided equally between the two 8chools. 2. Permanent Endowment- Sale 198112 Thi8 fund represents the consideration received by the Foundation from the compulsory sale of part of Ihe Girls, Grammar School site in 198112. The fund Is invested in 1,180,12 COIF Investment Units (C03045612), Its use is unrestricted but, as a rnatter of policy for many years, the income arising from its investment has been applied as a contribution to fund school prizes for the Girls, Gr8mmar School (Note B15) 3, Permanent Endowment- West Drive On 16 April 2002, the Foundation granted third party rights of way over that part of the Boys, Gramrnar School site knows as the West Drive" The consideration received included a cash payment of £90,000. The fund is invested in 11 ,446.16 COIF Investment Units (C03045599). The fund is not restriGted but, as a matter Df policy, on 27 March 2002 (and subsequently amended to take account of the change to Academy Status), the Foundation agreed an exception failing any substantial change in the financial circumstances of the trust andlor the schaols- that the entire income therefrom would be paid to the Governors of the Boys, Grammar School towards capital projects at the school. (Note B15). 4. Foundation of Richard Platt In 1882 the Foundation beGame entitled to benefit under The Foundation of Richard Platt (311055) which is managed by its ccrporate trustee, The Worshipful Company of Brewers. An annual, unrestricled payrnent is received from the Foundation of Richard Platt. As a matter of policy over many years this income has been applied equally between the two schools and, more recently, has been used by the Schools in part or whole to fund school prlzes. The payment for 2023124 was £1268.98, 10

1. Speedwell The freehold property known as 'Speedwell', 16 Shepherds Road, Waffcrd forms part of the Foundation's unrestricted permanent endowmenl. It is contiguous to the Boys, Grammar School site and has been registered as a House in Mulliple Occupation providing seven lettable rooms. Operational matters are delegated to the Headmaster of the Boys, Grammar School under a Protocol agreed on 22 September 2005. On 21 January 2019 the Foundation agreed, that the priority was to ensure that all rooms were occupied, It was agreed that rooms should be equally allocated belween the two schools, three each with one rernaining and, if there are empty rooms, other SGhools could be Gontacted. On 21 January 2019 the Trustees discussed the appropriateness of making any reduction against the market rents, given their responsibilities to get proper value for Trust assets. They Goncluded that it would be reasonable to continue to agree rents below market levels to assist the schools in recruiting and retaining q u ality staff, It was agreed that (a) (b) tenants should receive a reduction of 200/0 from the market level the chief tenant should receive a tolal reduction of 300/0 from the market level, the additional sum recognising the savings to the Trust and the School in the time and cost of day to day management of Speedwell. In 2023-24 Speedwell rental incorne was £33, 944.02.
2. Metropolitan Place On 16 April 2002, the Foundation granted third party rights of way over that parl of the Boys, Grammar School site known as the West Drive" The con.8ideration received included the transfer to the Foundation of the freehold reversion of the block of 18 flats benefiting from the right of way Each flat is required to pay an annual ground rent of £150 (rising after 33 years). Income received is unrestricted. According to the Agreement, the Foundation was entitled to receive rents "from the sale of the last" which took place on 27 Decermber 2002. The transfer of the reversion was Gompleted in late 2007 and the Clerk has undertaken the task of collecting the ground rent,

3. General Fund COIF Income Units IC03045596 A substantial parl of the Foundation's accumulated unrestricted reserves ( initially arising largely from net rents from Speedwell) has been invested in this fund, The fund and its inc,ome is unrestricted. In recent years it has been applied by the Schools in part or whole to the Prize Funds (Note B151.

4. General Fund COIF Deposit Account (C03045594) This deposit account holds the Foundation's general reserves and monies committed for distribution or investment, but not yet paid. The fund and its income is unrestricted.

5. Speedwell Expenses The operational expenses of Speedwell during 2023-2024 were as follows: Maintenance Insurance Council tax Water rates HMO application TOTAL 7566.22 824.97 3642,16 642.77 903.12 13579.24 10. Professional & Governance Expenses During 2023-24 expenditure on governance and legal services amounted to £2,220.52 School Prizes The Foundation manages a range of subsidiary restricted prize funds which are detailed in Annexes 'A' and 'B' to these accounts. As a matter of policy, the FoundatiDn allocates some of its unrestricted income to the Schools to use in part or whole to supplement the Schools, Prize Funds. 12. Grants to Schools Durin the ear the Foundation rnade the followin WBGS rants ta the Schools WGGS Prize Funds 4,967,97 1,371,47 Endowment - West Drive 6,283.95 Endowment- Sarrat Hall 259.12 259,13 Whilwell & Monrose Farms 22.71 22,71 Endowment - 2006 sale 9,002,30 9 002.30 COIF unit income 1,347,57 1,347.57 Endowment WGGS Sale of Land 847.88 Platt Foundation 634.49 634.49 22,518.11 l2 13,285.55

6. Cash Funds this year end The Foundation's cash funds are held in its account with National Westminster Bank plc and COIF deposit account. At 31 August 2024, the balances were as follows,, National Westminster Bank I COIF De osit Account TOTAL 64,603.47 7,946,65 72,550,12 OTHER ASSETS In addition to the Investments which are held by the Trustees in the Charities OffiGial Investment Fund, by virtue of several Orders of the Charity Commissioners, the Official Custodian for Charitles holds, on behalf of the Trustees, the title to the following land., Land containing 7 acres or thereabouts with the buildings thereon known as the Vvatford Grammar School for Girls. Land Gontaining 12 acres or thereabouts with the buildings thereon known as the Wafford Grammar School for Boys, of which a small part was sold on 3 November 2006 and a further part is formally leased to the Governors of Watford Grammar School for Boys for Th& Clarendon Muse for 105 years from 2007. A triangular shaped piece of land containing 39.49 poles or thereabouts adjoining the land numbered 1 above. Land containing 1,000 square yards or thereabouts with the building thereon known as Speedwell, Shepherds Road, Watford, adjoining the land numbered 2 above, and now let to teaGhing staff of the both schools. Land containing 2 acres 2 roods 19 poles or thereabouts with the buildings thereon known as Lady's Close, and Land containing 23 poles or thereabouts having a frontage of 400 feet or thereabouts to Wiggenhall Road and adjacent to the land numbered 5 above, The Foundation holds; The freehold reversion of the property known as 'Metropolitan Place,, 80-80a Rickmansworth Road, Watford, registered at HM Land Registry under title number HD472798, and The freehold land contiguous to 7, above and registered at NM Land Flegistry under title nuinber HD472795, now accommodating the Site Manager's house at Watford Grammar School for Boys. 13

No figure is included in the accounts in respect of the land and buildings. The property known as Speedwell Shepherds Road, Watford (4, above) was valued by professionally qualified independent valuers in Septernber 1988 at £220,000- and is insured, in the current year for £442,304, 14

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