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

5. 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.
6. 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,
7. 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.

8. 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.
9. 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

16. 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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