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← The Watford Grammar Schools Foundation

2025-08-31-accounts

311048

WATFORD GRAMMAR SCHOOLS FOUNDATION

ANNUAL REPORT AND ACCOUNTS

FOR YEAR ENDING

31 AUGUST 2025

Charity Number 311048

1

Table of Contents

TRUSTEES’ REPORT ....................................................................................................................... 3
INDEPENDENT EXAMINER’S REPORT ........................................................................................... 6
Respective responsibilities of trustees and examiner ............................................................. 6
Basis of independent examiner’s report .................................................................................. 6
Independent examiner’s statement ........................................................................................ 6
RECEIPTS & PAYMENTS ACCOUNT 2024-25 ................................................................................. 7
BALANCE SHEET ............................................................................................................................ 8
NOTES TO THE ACCOUNTS ........................................................................................................... 9
A.
STATEMENT OF ACCOUNTING POLICIES ......................................................................... 9
B.
NOTES TO ACCOUNTS ................................................................................................... 10
C.
OTHER ASSETS ............................................................................................................... 12
Annex A – Watford Grammar School for Boys ........................................................................... 14
Annex B – Watford Grammar School for Girls ........................................................................... 15

2

TRUSTEES’ REPORT

The Trustees present their annual report together with the independently examined accounts of the Foundation for the year ended 31 August 2025.

Background

The charity, now known as The Watford Grammar Schools Foundation, dates from 1704 when a Free School was founded in Watford by Elizabeth Fuller. For nearly 200 years her original building, which still stands beside the Parish Church, was used for the education of 40 boys and 20 girls. By 1884 the original bequests had become insufficient, so a fresh start was made with greatly increased funds in new buildings, first as the Watford 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 Road.

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 the schools became Voluntary Aided.

As from 1 September 2010, the schools (with the approval of the Foundation) were converted to Academies under the Academies Act 2010.

The Foundation is registered as a charity under number 311048.

Governing Scheme

At a Special Meeting held on 17 July 2024, members approved an ‘Amendment of Scheme’ of the Trust Deed dated 4 September 2006 and replaced Sections 6, 7, 8 and 9 of that Deed with the following:

No more than 2 co-opted Trustees

3

2 Trustees shall be nominated by the Board of Directors of Watford Grammar School for Girls.

1 Trustee shall be nominated by the alumni of Watford Grammar School for Boys.

1 Trustee shall be nominated by the alumni of Watford Grammar School for Girls

The person nominated need not be a member of the relevant nominating body

9 Ordinary Trustees 2 Trustees shall be former Academy Trustees or former members of staff of the schools.

DETAILS OF TRUSTEES serving during the year are as follows

Ex officio (1) The Rev Richard Banham - Vicar of Watford

Nominees by Governors of WBGS (2) B Lyne (31.8.29) (Appt Cttee) P Nunn (31.8.27) (Appt Cttee Chair) Nominees by Governors of WGGS (2) David Edward Arrighi (resigned 31.8.25) Alumni of WBGS (1) R Deane (16.7.28) (Premises Cttee Chair) Alumni of WGGS (1) J Hart (14.7.28) Former Governor or Staff of WBGS (1) S Hussey (16.7.28)

Former Governor or Staff of WGGS (1) S Edwards (16.6.29)

Co-opted (2)

T Cosgrove (31.8.27) (Chairman) C Baker (1.6.29) (Premises Cttee)

Principal Activities

4

Review of Activities

The Foundation’s annual meeting was held on 20 January 2025 when Tim Cosgrove was elected as Chairman for the ensuing year. The Trustees’ other meetings took place on 16 June 2025 and a Special Meeting on 15 May 2025.

Trustees expressed thanks to Mr Groves for examining the accounts for the year ended 31 August 2025. 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 continue 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 0 Governors to WBGS and 1 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 made available to the schools.

By order of the Trustees

Bhanisha Prajapati Co-Clerk to the Trustees Watford Grammar School for Girls Lady’s Close Watford WD24 0AE

8 January 2026

5

INDEPENDENT EXAMINER’S REPORT

TO THE WATFORD GRAMMAR SCHOOLS FOUNDATION

I report on the accounts for the year ended 31 August 2025, 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 responsibilities 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 Commissioners under section 43(7)(b) of the Act, whether particular matters have come to my attention.

Basis of independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

Signed

Simon Groves

8 January 2026

6

Receipts & Payments Account 2024-25 Receipts & Payments Account 2024-25 Receipts & Payments Account 2024-25 Receipts & Payments Account 2024-25 Receipts & Payments Account 2024-25
COIF Note Unrestricted
funds		 Restricted
funds		 Endowment
funds		 Total Total last year
RECEIPTS
WBGS Prize Funds(Annex A) 88 3,842.91 3,842.91 4,967.97
WGGS Prize Funds(Annex B) 89 1,060.89 1,060.89 1,371.47
COIF unit income 96 B7 2,760.43 2,760.43 2,695.14
Endowment - West Drive 99 B3 6,436.18 6,436.18 6,283.95
Permanent Endowments 11,13,15 B1 19,018.10 19,018.10 18,568.27
Endowment – Sale 1981/2 12 B2 663.57 663.57 647.88
Platt Foundation B3 1,365.52 1,365.52 1,268.98
COIF deposit interest 94 B8 357.06 357.06 406.22
Speedwell Income B5 32,544.50 32,544.50 33,944.02
Metropolitan Place ground
rents		 B6 1,950.00 1,950.00 2,550.00
Other income -
10,000.00
TOTAL RECEIPTS 37,611.99 4,903.80 27,483.37 69,999.16 82,703.90
PAYMENTS
Speedwell Expenses B12 25,074.88 -
-
25,074.88		 13,579.24
Governance & Professional
Expenses		 B13 3,213.06 3,213.06 2,220.52
Transfers to Schools - WBGS B14/15 25,518.11 25,518.11 22,293.71
Transfers to Schools - WGGS B14/15 13,285.55 13,285.55 13,131.80
Grants to schools - WBGS 5,366.50 5,366.50 5,723.30
Grants to schools - WGGS 7,989.50 7,989.50 20,849.06
TOTAL PAYMENTS 80,447.60 -
-
80,447.60		 77,797.63
Net of Receipts/(Payments) - 42,835.61 4,903.80 27,483.37 - 10,448.44 4,906.27
CASH FUNDS B16 62,129.18 72,550.12
Value of COIF Units last year 1,355,052.36 1,185,566.00
Change in value of COIF Units -
116,938.49
96,936.24
Value of COIF Units this year 1,238,113.87 1,282,502.24
TOTAL FUNDS THIS YEAR END 1,300,243.05 1,355,052.36

7

BALANCE SHEET WATFORD GRAMMAR SCHOOLS FOUNDATION

AT 31 AUGUST 2025

COIF
Units
CASH FUNDS AT YEAR END
NatWest - bank account
COIF deposit General Fund Deposit
94
SUB TOTAL
GENERAL FUND
COIF units General Fund
96
4,909.21
SUB TOTAL
ENDOWMENT
COIF units: Endowments
11/13/15
33,821.98
COIF units: Endowment - Sale 1981/2
12
1,180.12
COIF units: Endowment - West Drive
99
11,446.16
SUB TOTAL
NET CURRENT ASSETS
COIF units: Boys' School prizes
88
9,110.73
COIF units: Girls' School prizes
89
2,498.16
NET CURRENT ASSETS inc. School Prize Funds
FUNDS
Restricted
Unrestricted
Total		 Unrestricted
Restricted
Endowment
£
£
£
54,182.53
7,946.65
-
62,129.18
-
-

96,530.29
-
-		 Total
£
54,182.53
7,946.65

62,129.18

96,530.29

96,530.29		 Previous
£
64,603.47
7,946.65
72,550.12
100,088.97
100,088.97
96,530.29
-
-
665,044.97
665,044.97		 689,562.53

23,204.82
225,066.99
-
913,316.78
23,204.82

225,066.99

913,316.78		 24,060.29
233,364.31
946,987.12
158,659.47
-
913,316.78

179,145.23

49,121.57
1,071,976.25
179,145.23
49,121.57		 1,119,626.22
184,493.66
50,932.49
158,659.47
228,266.80
913,316.78
1,300,243.05		 1,355,052.37
228,266.80
1,071,976.25
235,426.15
1,119,626.22
1,300,243.05 1,355,052.37

8

31 August 2025

NOTES TO THE ACCOUNTS

A. STATEMENT OF ACCOUNTING POLICIES

1. 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.

2. 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 Commission Scheme dated 4 September 2006.

3. Unrestricted Funds

Unrestricted funds are assets, donations and other incoming resources received or generated for any of the Foundation’s charitable purposes.

4. Restricted Funds

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund.

5. Support costs and Management & Administration costs

The Trustees have agreed that these costs generally will be a charge to the General Fund to which unrestricted income is credited.

6. School Prize Funds

The general policy is 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.

7. Investment Policy

The Trustees agreed an investment policy on 2 February 2006 as a result of which:

9

B. NOTES TO ACCOUNTS

  1. Permanent Endowments for Monrose Farm (Investment CO3045613), Whitwells Meadow, Sarratt Hall (Investment CO3045611) and 2006 Sale (Investment CO3045615) are historic investments, unrestricted and invested in COIF units. The income is divided equally between the two schools.

2. Permanent Endowment – Sale 1981/2

This fund represents the consideration received by the Foundation from the compulsory sale of part of the Girls’ Grammar School site in 1981/2. The fund is invested in 1,180.12 COIF Investment Units (CO3045612).

Its use is unrestricted but, as a matter of policy for many years, the income arising from its investment has been applied as a contribution to fund school prizes for the Girls’ Grammar 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’ Grammar 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 (CO3045599).

The fund is not restricted but, as a matter of 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 and/or the schools – that the entire income therefrom would be paid to the Governors of the Boys’ Grammar School towards capital projects at the school. (Note B12).

4. Foundation of Richard Platt

In 1882 the Foundation became entitled to benefit under The Foundation of Richard Platt (311055) which is managed by its corporate trustee, The Worshipful Company of Brewers. An annual, unrestricted payment 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 prizes. The payment for 2024/25 was £1365.52.

5. Speedwell

The freehold property known as ‘Speedwell’, 16 Shepherds Road, Watford forms part of the Foundation’s unrestricted permanent endowment. It is contiguous to the Boys’ Grammar School site and has been registered as a House in Multiple 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 between the two schools, three each with one remaining and, if there are empty rooms, other schools could be contacted.

10

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 concluded that it would be reasonable to continue to agree rents below market levels to assist the schools in recruiting and retaining quality staff.

It was agreed that

In 2024-25 Speedwell rental income was £32,544.05.

6. Metropolitan Place

On 16 April 2002, the Foundation granted third party rights of way over that part of the Boys’ Grammar School site known as the “West Drive”. The consideration 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 December 2002. The transfer of the reversion was completed in late 2007 and the Clerk has undertaken the task of collecting the ground rent.

7. General Fund COIF Income Units (CO3045596)

A substantial part 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 income is unrestricted. In recent years it has been applied by the Schools in part or whole to the Prize Funds (Note B12).

8. General Fund COIF Deposit Account (CO3045594)

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 2024-2024 were as follows:

£
Maintenance 19,243.77
Insurance 889.46
Council tax 3,815.63
Water rates 961.67
Other 164.35
TOTAL 25,074.88

11

10. Professional & Governance Expenses

During 2024-25 expenditure on governance and legal services amounted to £3,213.06

11. 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 Foundation 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

During the year, the Foundation approved the following grants to the Schools to be transferred in the 2025-26 financial year

WBGS WGGS
£ £
Prize Funds 5,055.25 1,393.30
Endowment - West Drive 6,436.18
Endowment - Sarratt Hall 265.40 265.40
Whitwell & Monrose Farms 23.26 23.26
Endowment - 2006 sale 9,220.40 9,220.40
COIF unit income 1,380.22 1,380.22
Endowment WGGS Sale of Land 663.57
Platt Foundation 682.76 682.76
TOTAL £23,063.46 £13,628.90

13. 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 2025, the balances were as follows:

£
National Westminster Bankplc 54,182.53
COIF Deposit Account 7,946.65
TOTAL £62,192.18

C. OTHER ASSETS

In addition to the Investments which are held by the Trustees in the Charities Official Investment Fund, by virtue of several Orders of the Charity Commissioners, the Official Custodian for Charities holds, on behalf of the Trustees, the title to the following land:

  1. Land containing 7 acres or thereabouts with the buildings thereon known as the Watford Grammar School for Girls.

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  1. Land containing 12 acres or thereabouts with the buildings thereon known as the Watford 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 The Clarendon Muse for 105 years from 2007.

  2. A triangular shaped piece of land containing 39.49 poles or thereabouts adjoining the land numbered 1 above.

  3. 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 teaching staff of both schools.

  4. Land containing 2 acres 3 roods 19 poles or thereabouts with the buildings thereon known as Lady's Close, and

  5. 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:

  1. The freehold reversion of the property known as ‘Metropolitan Place’, 80-80a Rickmansworth Road, Watford, registered at HM Land Registry under title number HD472796, and

  2. The freehold land contiguous to 7, above and registered at HM Land Registry under title number HD472795, now accommodating the Site Manager’s house at Watford Grammar School for Boys.

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 September 1988 at £220,000 – and is insured, in the current year for £1,102,024.

13

Annex A – Watford Grammar School for Boys

ANNEXE A WBGS 1 SEPTEMBER 2024 - 31 AUGUST 2025 1 SEPTEMBER 2024 - 31 AUGUST 2025 1 SEPTEMBER 2024 - 31 AUGUST 2025 1 SEPTEMBER 2024 - 31 AUGUST 2025 1 SEPTEMBER 2024 - 31 AUGUST 2025
PRIZE FUND DISTRIBUTIONS Number
of Units		 Value
2024		 Increase/
Decrease		 Value
2025		 Income Distribution
£ £ £ £ £
Edward John Slinn 1,196.27 24,224.61 - 702.27 23,522.35 663.77 663.77
Boys' War Memorial 830.66 16,820.92 - 487.63 16,333.28 460.90 460.90
FH Vince legacy (English) 394.09 7,980.47 - 231.35 7,749.12 218.67 218.67
Bomken(sailing) 216.76 4,389.33 - 127.25 4,262.09 120.27 120.27
Southern(creative art) 240.16 4,863.35 - 140.99 4,722.37 133.26 133.26
FH Vince fund 378.99 7,674.65 - 222.49 7,452.17 210.29 210.29
William Robert Carter memorial 193.47 3,917.76 - 113.57 3,804.18 107.35 107.35
Reginald F Smith memorial 31.48 637.53 - 18.48 619.05 17.47 17.47
School prize (economics) (ex
Pratt)		 45.09 913.18 - 26.47 886.71 25.02 25.02
PhilipE Posner 28.79 583.10 - 16.90 566.19 15.98 15.98
McEvoy (travel burseries) 2,227.53 45,107.84 - 1,307.67 43,800.17 1,235.99 1,235.99
Woollams (oustanding 'A' level
perf.)		 231.39 4,685.77 - 135.84 4,549.93 128.39 128.39
Thomas memorial 201.16 4,073.60 - 118.09 3,955.51 111.62 111.62
Smith memorial(artists) 132.30 2,679.13 -77.67 2,601.46 73.41 73.41
Pedler memorial(history) 57.85 1,171.43 - 33.96 1,137.47 32.10 32.10
Levene memorial (community
service)		 90.62 1,835.16 - 53.20 1,781.96 50.28 50.28
Knights Coates 9.72 196.74 - 5.70 191.04 5.39 5.39
Norman Marrow 118.69 2,403.54 - 69.68 2,333.86 65.86 65.86
PhilipProffitt(physical science) 139.64 2,827.82 - 81.98 2,745.84 77.48 77.48
Michael Tomlinson 46.54 942.54 - 27.32 915.21 25.83 25.83
Kate Emma King 1,981.30 40,121.55 - 1,163.11 38,958.43 1,099.36 1,099.36
William Sullivan(languages) 46.54 942.54 - 27.32 915.21 25.83 25.83
Brearley (6th formpolitics) 93.09 1,885.07 - 54.65 1,830.43 51.65 51.65
LK Turner(mathmatics) 93.09 1,885.07 - 54.65 1,830.43 51.65 51.65
Openshaw(cricket) 32.04 648.75 -18.81 629.94 17.78 17.78
Loydall 11.79 238.74 - 6.92 231.82 6.54 6.54
Robert Silver(business studies) 41.65 843.45 - 24.45 819.00 23.11 23.11
Restricted account CO1008188 9,110.73 184,493.66 - 5,348.43 179,145.23 5,055.25 5,055.25

14

Annex B – Watford Grammar School for Girls

ANNEXE B WGGS 1 SEPTEMBER 2024 - 31 AUGUST 2025 1 SEPTEMBER 2024 - 31 AUGUST 2025 1 SEPTEMBER 2024 - 31 AUGUST 2025 1 SEPTEMBER 2024 - 31 AUGUST 2025
PRIZE FUND DISTRIBUTIONS Number of
Units		 Value
2024		 Increase/
Decrease		 Value
2025		 Income Distribution
£ £ £ £ £
Edward Slinn 1,196.28 24,224.82 -702.27 23,522.54 504.59 504.59
AmyHunt 102.62 2,078.15 - 60.25 2,017.90 43.29 43.29
Vince,Loydall & Daws(French) 231.52 4,688.22 - 135.91 4,552.31 97.65 97.65
FH Vince(English) 394.09 7,980.47 - 231.35 7,749.12 166.23 166.23
FH Vince 378.99 7,674.65 - 222.49 7,452.17 159.86 159.86
Unattributed(two funds) 111.48 2,257.56 - 65.45 2,192.12 47.02 47.02
Engledow(biology) 60.98 1,234.90 - 35.80 1,199.10 25.72 25.72
Ada Bessie Pratt 31.40 635.90 - 18.43 617.47 13.25 13.25
Vicar of Watford(scripture) 7.79 157.80 - 0.96 156.84 3.29 3.29
Restricted account CO1008189 2,515.17 50,932.49 - 1,472.91 49,459.57 1,393.30 1,393.30

15