WGSTRUST
Charity Number: 505207
ANNUAL REPORT
YEAR ENDED 31 AUGUST 2020

WGSTRUST
CONTENTS
Page
REFERENCE AND ADMINISTRATIVE INFORMATION
TRUSTEES, ANNUAL REPORT
3-11
STATEMENT OF TRUSTEES, RESPONSIBILITIES
12
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES
13-15
STATEMENT OF FINANCIAL ACTIVITIES
16
BALANCE SHEET
17
STATEMENT OF CASH FLOWS
18
NOTES TO THE FINANCIAL STATEMENTS
19-24

WGSTRUST
REFERENCE AND ADMINISTRATIVE INFORMATION
TRUSTEES
Lord Lee of Trafford IChaim)an) DL. FCA
Mr R Bailey BA. ACA
Mr A Beardsworth MA (Cantab) ACA CTA
Mrs SJ Haslam BA
Mr DJ Illingworth BA. FCA
Mfs SE Marks. MA {Oxon} MA (Nott) FRSA
Mrs JD Pickering 8Sc
Mr CM Poston BSC. FCA
Mr lan Goulty resigned as a Trustee on 3 April 2020. There werg no other movements
of Trustees during the year.
Clerk to the Trustees
Mrs S Senn Bsc (Econ). ACA
ADVISERS
Auditor8
Crow& U.K. LLP
3￿ Floor. The Lexicon
Mount Street
MANCHESTER
M2 5NT
Stockbrokers
Brown Shiplèy
3 Hardman Street
Manchester
M3 3HF
Banker8
Bank of Scolland
224 Ingram Stffjet
Glasgow
G1 1DR
Lloyds Bank
223 Finn8y Lane
Heald Green
Cheshire
SK8 3PY
Registered and principal office
Wilhington Gids, School
Wellington Rt)ad
Fallowfield
Manchester
M14 6BL
Charity Number
505207
Constitution
The charity is uninwrporated and is govemed by
Trust Deed executed in 1976.

WGSTRUST
TRUSTEES. ANNUAL REPORT
YEAR ENDED 31 AUGUST 2020
The Trustees of the W G S Trust present their Annual Report and audited accounts for the year
ended 31 August 2020 and confirm they comply with the requirements of the Charities Act 2011, as
amgnded by the trust deed and the Charities SORP 2015.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trustees detemine th8 general policy adopted by the Trust and work with professional advisers
to deal with the day lo day management of investments. Administration of the Trust including
management of bursaries is undertaken by staff of Withinglon Girls, School (Charity Number
115822611'the School,).
Objectlvès and actlvitles for the publlc benefit
The objects of the Trust, as set out in the Trusl Deed, are as follows:
the advanc8m8nt of the educational Work of the School
charitable purposes (whether educational or not} of or associated with the School
the advancement of education in any part of the world
The Trustees confinn Ihat they have referred to Charity Commission's guidance on public benefit
when reviewing the Trust's aims and objectives.
Provision of means-tesled bursarlès
The principal way in which th8 Trust supports the advancement of the educational work of the School
is by providing means-lesled bursaries to girls who have performed well in the entrance examination
and rnighl otherwise be unable lo lake up plac8s offered to them by the School. Bursaries are also
awarded to pupils whos8 family circumstances change, to enable them to continue to attend the
School. Bursaries are made solely on the basis of parental means or to relieve hardship where a
pupil's education would otherwise be at risk for example in the case of redundancy. In assessing
means a number of factors are taken into consideration including family income, investments,
savings, opportunity lo generate additional income and family circumstances. for èxample dependent
relatives.
The bursary awards range from 10% to 1 OOYO of fees. Infomiation about fee assistance through
bursaries is provided lo all parents of gids applying to the Senior School and also to parents of junior
girls, as a limited number of bursaries have been available for girls entering Years 5 and 6 in the
Junior School from September 2015. The availability of means-tested bursaries is publicised through
School advertisements in the press and promotional materials at local librari8s. Details of the
bursary policy and how to apply are also on the School website.

WGSTRUST
TRUSTEES, ANNUAL REPORT
YEAR ENDED 31 AUGUST 2020
Support for Capital Projects at the School
The other major way in which the Trust supports the educational advancement of the School is by
providing financial assistance, in the fom of grants and repayable loans, to enable a programme of
capital development lo lake place.
Trustees agreed at their meeting in February 2021 to provide a capital grant of £1 m for a tWOvStorey
extension to the Dining Room of the School. Work commenced on this project in April 2021 and it is
expected to be completed in January 2022. Th8 capital support is expected to be rèquired in two
inslalments (September 2021 and De￿mber 2021). Trustees confirmed at their meeting in May
2021 that the capital grant will be financed from the partial disposal of investments. The start date for
this project was delayed as a result of thè pandemic. While planning pemission for this project was
obtain8d in April 2020, Governors of the the School put major capital expenditure on hold until they
felt that the time was right for this major project to commence. That decision was taken in F8bruary
2021.
The previous major capital project undertaken by the School was the Sports Development Project
which was completed during the 2017118 academic year. Work started in August 2017 and was
¢ompl8t8d at Easter 2018.
The Development Office launched a Capital App8al for thls proj8cI with a targèt of £SOO.000 and
cumulative donations as at 31 August 2020 wgre £350.90412019.' £350,754).
Recrultment and Tralnlng of Trustees
Th8 statutory power of appointing new Trustees is vesled in the Govemors of Withington Girls,
School. This power is to be exercised so that immediately after any appointment, at least on8 of the
Trustees is not a Governor, and the power shall cease to havè effect upon b8ing r818asèd in writing
by the Governors or if the School shall be discontinued or shall become a maintained school or if the
power of appointing all or a majority of the Govemors shall be vested in a local or other public
authority andlor any officer or department of the govemment. However, rf the power of appointing
new Trustees as indicated above shall cease to have effect, the statutory power of appointing
Trustees shall be vested in the surviving or continuing Trustee or Trustees for the time being, or the
personal representative of the last surviving or continuing Trustee.
New Trustees are selected to provide the Trust with an appropriate breadth of abilities and
experience. New Trustees are inducle(l into the workings of the Charity by the Chairman of the Trust,
the Headmistress of the School and the Clerk to th6 Trust.
Risk Management
The Trustees ar6 responsible for the management of the risks faced by the Trust. The principal risk
faced by the Trust is the perfomiance of the investment porfolio.

WGSTRUST
TRUSTEES, ANNUAL REPORT
YEAR ENDED 31 AUGUST 2020
Trustees of the Charity manage the portfolio under the guidance of the Chair of the Trust. The
Trustees bring a diverse range of skills and experiences to the Charity- The fund is administered by
external slockbrokers. Trustees actively monitor the perfomance of the investment portfolio, mainly
through quarterly reports from the stockbrokers. The investment policy of Ihe Trustees is to aim to
achieve an above average dividend yield lo provide the income for means-tested bursaries, with a
view lo long-temi capital appreciation of the holdings. wnsislent with an acceptable level of risk.
Trustees have taken the decision lo invest primarily in smaller UK quoted companies and no one
holding should normally represent appreciably more than 7.5% of the overall portfolio in order to
ensure a suitabl8 spread of risk.
The key controls used by the Charity include=
Formal agendas and supporting papers for all Trust meetings
Considèration of r8gulatory compliance at all Twst meetings
Comprehensive bLAdgeting, management accounting. and reports on investrnent performance
Clear authorisation and approval levels
Use of a Risk Register to assèss th8 likelihood and impact of 8ach risk tog8ther with the steps
taken in mitigation
Regular meetings of Trustees, a standing item of which is Conflicts of Interest andlor Confli¢ls
of Loyalty
Active monitoring of the investment portfolio and mechanisms to effect transactions at short
notice
The Trustees are satisfied that the major risks identified have been adequately managed wh8r8
necessary. It is recognised that systems can only prowde reasonable but not absolute assurance.

WGSTRUST
TRUSTEES. ANNUAL REPORT
YEAR ENDED 31 AUGUST 2020
OBJECTIVES AND ACTIVITIES
Charitable Objects
The objecls of thè Charity, which are sel out in the Trust Deed, are the advancement of Ihe
educational work of Withinglon Girls, School. charitable purposes of. of associated with, the School
and the advancement of education in any part of the wortd. The S¢h¢)ol is a separate charity which
provides a day school for girls from the ages of seven to eighteen.
In setting and planning our objectives Trustees have given careful consideration to the Charity
Commission's general guidance on public benefit.
A specific aim of the Charity is to maintain and enhance the level of means-lesled bLJrsary support lo
safeguard the diversity of the school community. The School has never offered financial support on a
non-means-tesled basis, such as academic scholarships. The School is committed to providing
public benefit as is evidenced in its published Annual Report.
ACHIEVEMENTS AND PERFORMANCE
REVIEW OF THE YEAR
The Trust has generated incoming resources of £876,074 {2019: £787,993) for the year.
Governors of the Schix)l approved a new Development & Alumna8 Strategy12019 10 2024} at their
meeting in September 2019. The key focus of this Strategy, which dovetails with the School's
Development Plan. is lo continue to raise funds for School priorities. A significant focus is lo increase
funding for means-tesled bursaries as one of the aims of the School is lo maintain and increase the
level of Governors, means-lested bursary support to secure the diversity of the School community,
with the eventual aim of n8eds-blind admission.
Donations received by the WGS Trust for the bursary fund amount to £125,662 (2019: £71,075}.
This amount excludes £75,000 received from the Zochonis Charitable Trust (2019.. £70.000} Ihe
temis of which are that this money must be spent on bursaries in the 2020121 year. As a result, this
donation has been included within WAthington Girls, School's accounts as a payment on account for
Ihe year lo 31 August 2020.
The Development Office of the Sch¢)ol launched a bursarylhardship appeal in July 2020 supported by
an alumna land her husband} who pledged to match the first £12,633 donated. The response from
this direct mail appeal. the first carried ovl by the school, has been exceptional. The amount raised in
total (including pledges), when this appeal closed in October 2020. was £114.339. The alumna
increased her pledge to ensure that more than £100.000 was raised.

WGSTRUST
TRUSTEES, ANNUAL REPORT
YEAR ENDED 31 AUGUST 2020
This direct mail appeal was part of Ihe ne￿Y approved stralegy to diversrfy our methods of making
fundraising ask. Half ol all donors who gave to the appeal were either new donors or long lapsed
donors who had not given for more than ten years.
The annual Emily Simon Society Lunch was held on 11 th March 2020. This provided an opportunity
for members of the Society to visit the School. meet some current bursary recipients, and to learn
about the School's partnership, WithGambia, that has been running for many years.
The Annual Fund was renamed and relaunched as the 'Ad Lucem Fund, and applications were
invited from staff members to bid for funding to support projects which enhance and enrich the girls,
learning but that normally fall outside the reach of the annual school budget. This year we particularly
encouraged projects that provide opportunities to compensate for experiences lost during the COVID-
19 oulbr8ak.
The running costs for the Development Office have been bom8 equally by the WGS Trust and the
School. In the year ended 31 sl August 2020, the direct costs for eaGh were £78,581 {2019: £72,653).
The School paid £397,852 {2019.. £382.258) into the Trust. This equates to 4% of fee income plus
an additional sum of £50.000 for the year to 3181 August 2020 (the same calculation as the previous
nine years).
Bursaries were awarded lo 108 girfs {2019-. 104 girls)- 100 in the Sènior School and 8 from the
Junior School. This equates lo over 17% of girls in the Senior School and almost 9Yo of girls in Year
5 and 6 of the Junior School receiving bursary support, of whom 17 benefited from full r8mission of
fees. Thirty-three girls in the Senior School obtained a bursary worth 80¥g of more of fees. The
total cost of thes8 bursaries was £710,609 (2019.. £672.434). The bursaries enabled gids who have
met the entrance criteria, whose families would not otheprtise have been able to afford th8 fè8S, to
attend the School.
The pupils in receipt of bursaries may also recetve support with the purchase of school unifom),
individual musicldrama lessons, curriculum-related school trips and similar expenses.
The overall result for the investment portfolio for the year was a loss of £138,164 (2019.. loss of
£340,544) of which the realised position for 2020 was a gain of £439.427 (2019= gain of
£1,803,481).
As described in Note 12, Truslees underlook an exercise in May 2021 to re-evaluate the18vel of
Restricted Reserves for bursaries. Trustees felt that. in the conlext of their agreement lo provide a
capital grant of £1m to the School for the ￿0-stOreY Dining Room extension, it was appropriale lo
consider if additional funds should be classified as restricled for bursaries. The decision to transfer
£2,171,055 from Unrestricted Funds to Restricted Funds was made following careful and
considered analysis.

WGSTRUST
TRUSTEES. ANNUAL REPORT
YEAR ENDED 31 AUGUST 2020
Trustees ensure that the Portfolio is invested in a diverse range of sectors while at the same time
ensuring that no single holding is appreciably more than 7.5% of the investment portfolio. Particular
focus is given to any holdings whiGh are approaching or in excess of this threshold to detemiine
whether th8 lev81 of risk is acceptable or whether it is appropriale lo sell a proportion or all of th8
holding.
Trustees compare the perfO￿nanCe of the portfolio with the FTSE 250 {ex-Investment Trust) Index
and one or more appropriate charity indices at eath of Iheir meetings.
The overall result for the year was a nel reduction in funds of £67.308 (2019-. rèduction in funds of
£316,852).
The effecl of the pandemic continues to have an impact on the retum of th8 investment portfolio and
the movement of investments. This is being monitored by Trustees at their meetings.
For the year ended 3151 August 2020 the capital retum of the portfolio posted a positive retum of
2.47 /0 compar6d with a drop in the FTSE 250 ex Investment Trust index of 12.60/0 and a drop in th8
FrsE All Share index of 12.6Oh. For thè same peri¢)d last year, the capital retum for the portfolio
was a neg81ive retum 2.49% whilst the ￿SE 250 ex Investment Trust index dropped by 7.9% on
total return basis.
The long-term effects of the pandemic are still unknown and, as for many entities at this time, there is
potential for increased demand for bursary funding from Withington Girls, School (Charity 1158226)
and continued volatility of the investment portfolio.
The fiindraislng appmach
The School employs an in-house Development Team to cary out fundraising on its behalf. This is
led by a Director of Development who has experience in fundraising and follows besi practice.
The Development Director reports directly to the Headmistrass of tha School who is also a Trustee of
the Trust. A professTronal fund-raiser is engaged specifically to assist with the biennial telephone
campaign. As menlioned earlier. all running costs of the Development Offic8 are shared equally
between the Trust and the Sch¢)ol.
The Trust registered as a member of the Fundraising Regulator in October 2017. Registration is
optional for charilies which spend less than £100,000 on fundraising each year and. as a result, there
was no requirement for the Trust to register. The Trust's voluntary registration is evidence of its
desire to follow best practice.

WGSTRUST
TRUSTEES. ANNUAL REPORT
YEAR ENDED 31 AUGUST 2020
The Director of Development is a member of the InstitLrte of Fundraising which also has a code of
practice.The Development Team are pleased lo confimi that all fundraising activities for the School or
the Trust have complied with the requirements of the Fundraising Regulator and the Instilute of
Fundraising's Code of Practice. The School and Trust have also adopted a WGS Fundraising Code
of Practice that sets out the principles by which we will pursue and accept donations and also lo
demonslrale a commitment to ethical practices in relation to donors, so as to ensure openness,
transparency and respect.
Careful monitoring of the activities of the Development Office is carried out by Govemors of lh8
School and Trustees of the WGS Trust. The Development Director submits a report on fundraising
activities for each Govemors, meeting and each Trustees, meeting and attends the meetings to
answer any questions raised.
Th8r8 hav8 been no Complaints about fundraising activities in the year lo 31 August 2020 (2019=
NIL).
General Data Protection Rogulatlons (GDPR) Updato
The School and the Trust a￿ fully aware of their responsibilities under the General Data Protection
R8gulations (GDPR} which came into effect from May 2018. Over recent years, the Development
Team has requested and recorded communication preferences for contacts and conducts Data
Protection Impact Assessments as appropriate lo carefully consider who is being approached for
support, how Ihe approach is made and how often this is done. to ensure that our fundraising is not
unrèasonably intrusive or persistent. All consent and communication preferences are retained on a
specialist database.
In July 2020. the Development Ciffice became aware that the School's database So￿are provider.
Blackbaud, had suffered 8 ransomware attack and that there had been a data breach. The
company provided the School with a data file which enabled analysis to be carried out to detemiine
which individuals were affected and which data had been breached. Data subjects known lo have
personal data included in the breach were infomied by email al the beginning of August. The
breach was reported lo the ICO, the Charity Commission and Action Fraud in respect of the Trust
and the School. The Charity Commission acknowledged Ihe Serious Incident Report noting that
Trustees were dealing with the matter appropriately and responsibly.

WGSTRUST
TRUSTEES, ANNUAL REPORT
YEAR ENDED 31 AUGUST 2020
INVESTMENT POWERS
These are governed by the Trust Deed which permits the Trustees lo invest in a manner that they
see fil. The Trustees have a policy designed to achieve an above average dividend yield, with a vièw
to long term capital appreciation. consistent with acceptable risk.
In order lo achieve this high yield combined with longer temi capital growth the Trustees have
decided to invest predominantly in a broad range of smaller UK quoted companies. Th8 Trustees
are minded to avoid exposure lo investments which are deemed to be unsuitabl8 in the ¢ontexl of the
objectives and interests of the WGS Trust and Wrthington Girls. School, when considering the
portfolio as a whole. This includes preference to avoid sectors or companies involved in the following
activities.. tobacco and payday lending.
The Truslees seek lo maintain a conservative approach lo funds and al their meeting on 24 April
2015 it was agreed that no single holding should normally represent appreciably more than 7.50h of
the investment portfolio. Particular focus is given lo any holdings which are approaching or in excess
of this threshold to detemiine whether the level of risk is acceptable or whether it is appropriate to sell
a proportion or all of the holding. The level of liquidity depends on anticipated financial support for
future School projects.
The Trustèes monitor the investment perfomance against the FTSE Small Cap (ex Investment Trust)
Index and one or more appropriate charity indices.
RESERVES
In fomiulating their reserves policy the Trustees are conc8med that the Trust has a sufficient level of
reserves to enable it to meet its objects and policies. which have been described earfier in this report,
In particular the Trustees consider that the Trust should have adequate capilal to provide inwme up
lo the level required lo support Junior and Senior pupils throughout their school career, and the
provision of financial assistance for the building programme of the Sch¢x)l.
Trustees have reviewed the allocalion of reserves between Unrestricted and Restricted during the
year and further details of transfers carried out are shown in Note 12.
10-

WGSTRUST
TRUSTEES, ANNUAL REPORT
YEAR ENDED 31 AUGUST 2020
Mindful of the increased demand for t￿Sary funding 109ether wrth fin8ncial 8UPPOrt for Ihe School,
buildlno ond ma1ntenan￿ progrnmme. the Trustees and Ihe professional advisers con6thr that
g¢n8r8tlon ol reserves of a minimum 01£10 millionls required lo meet these demands. This will
enable l)olh an 8¢tive bursary outrea¢h programme to ty)nlinue to be doveloped and future
buildin￿MaIntenance prol8cas lo b¢ finarKed khievem¢nl of this aim onty happen ovor
poriod ol lime arKJ Tru$lees ar• encouraged by Ihe resilience of the inveslmenl portfoli) in the current
year whlGh has generated a los$ 01 £138,16412019.. loss of £340.6541 and a small decrease In Ih
Ovorall level of reserves 88 813111 Augusl 2020 to £8.579.23912019.' £8.646,547). Following the
Iran81ers from Unre8lrictfjd ReseN$$ to Reslrlcted Reserves, as ¢J¢$cribed in Nol• 12, free ro8eTh•8
os al 31W August 2020 are £5,107,103 (2019.. £7.330,051)
ed by the Tr￿1001 onj
and on Ils bow by..
Lonl Le• of Trafford

WGS TRUST
STATEMENT OF TRUSTEES, RESPONSIBILITIES
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The Trustees are responsible for preparing the annual report and the financial
statements in accordance with applicable law and regulations.
Charity law requires the Trustees to prepare financial statements for each financial year
in accordance with United Kingdom Generally Accepted Accounting Practice (United
Kingdom Accounting Standards and applicable law}. Under charity law the Trustees
musl not approve the financial statements unless Ihey are satisfied that they give a true
and fair view of the state of affairs of the charity and of the incoming resources and
applicalion of resources, including the income and expenditure. of the charity for that
period.
In preparing those financial slalements the Trustees are required to:
selecl suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent:
state wh8ther applicable UK Accounting Standards have been followed. subject
lo any material d8parture disclosed and explained in the financial statements.,
prepare the financial slalemenls on the going concem basis unless it is
inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping accounting records that are sufficient to show
and explain the charity's transactions and disclose with reasonable accuracy at any time
the financial position of the charity and enable them to ensure that the financial
slalements comply with the Charities Act 2011. as amended by the trusl deed and the
Charities SORP 2015. They are also responsible for safeguarding the assets of the
charity and hence for taking reasonable steps for the prevention and detection of fraud
and other irregularities.
12-

WGS TRUST
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES
YEAR ENDED 31ST AUGUST 2020
Opinion
We have audited the financial statements of WGS Trust for the year ended 31 August 2020 which
comprise the statement of financial activities, the balance sheet. the cash flow statement and notes
to the financial statements, 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 {Uniled Kingdom Generally Accepted
Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the charity's affairs as al 31 August 2020 and of its
incoming resources and application of resources. for the year then ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice: and
have be8n prepared in accordance with the requirements of the Chariti85 Act 2011.
Ba81s for opinion
We conducted our audit in accordancè with International Standards on Auditing IUKI {ISAs (UKI)
and applicable law. Our responsibilrties under those standards are further described in the Auditor's
responsibilities for the audit of the financial statements seclion of our report. We are independent of
the charity in accordance with the ethical requirements that are relevant to our audit of Ihe financial
statements in the UK, including the FRC'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.
Concluslon8 relating to going concern
We havé nothing to report in respect of the following matt8rs in relation to which the ISAS (UK)
require us to report lo you where..
the trustees, use of the going ¢on¢em basis of accounting in the preparation of the financial
statements is not appropriate.. or
the trustees havè not disclosed in the financi81 statements any identified material
uncertainties that may cast signifi&?nt doubt about the chanty's ability to continue to adopt
the going concern basis of accounting for a period of at least hvelve months from the date
when the financial statements are authorised for issue.
13

WGS TRUST
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES
ST
YEAR ENDED 31 AUGUST 2020
Other information
The trustees are responsible for the other information. The other infomiation comprises th8
information included in the annual report. other than the financial statements and our auditor's report
thereon. Our opinion on Ihe financial statements does not cover the other infomiation and we do not
express any form of assurance conclusion Ihereon.
In wnnection with our audit of the financial statements. our ￿SpOnsIbl11ty is to read the olher
information and, in doing so, consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated. If we identify such material inconsistencies or apparent material misstaternenls. we are
required to determine whether there is a material misstalemenl in the financial statements or a
material misstatement of the other infom)ation. If. based on the work we have p8rfomied. we
conclude that there is a material misslalement of this other information. we a￿ required lo report
that fact.
We have nothing to report in this régard.
Mattèrs on which we are required to report by excoptlon
We have nothing lo report in r8SP8Ct of the following matters in relation to which the Charities
(Accounts and Reports) Regulations 2008 r8quir8 us lo report lo you if. in our opinion:
the information givèn in the financial statements is In￿nsIstenI in any material r8specI with
the trustees, report,. or
sufficient accounting records have not been kepi., or
the financial statements are not in agreement with the aC￿unting records and retums: or
we have not received all the information and explanations we require for our audit
Respon8lblllt108 of tru8toe8
As explained more fully in the Irustees. responsibilitiès ststement sel out on page 12. the truslees
are responsible for the preparation of the financial statements and for being satisfied that they give a
true and fair view, and for such intemal control as the trustees dete￿nIne is necessary to enable the
preparation of financial slalements that are free from material misslalemenl, whether due to fraud or
error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability
to continue as a going concern. disclosing, as applicable, matters related lo going concern and
using the going concern basis of accounting unless the trustees either intend lo liquidate the charity
or lo cease operations. or have no realistic altemative bul to do so.
Auditor's responsibilities for the audlt of thè financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in
accordance with Ihe Act and relevant regulations made or having effecl thereunder.
Our objectives are to obtsin reasonable assuran￿ about whether the financial statements as a
whole are free from material misstatement. whether due to fraud or error, and to issue an audilor's
14-

WGS TRUST
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES
sr
YEAR ENDED 31 AUGUST 2020
report that includes our opinion. Reasonable assurance is a high level of assuran￿, but is not a
guarantee Ihal an audit conducted in accordance with ISAS {UK} will always delect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they ￿Uld reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial sla16menls is located on the
Financial Reporting Council's website at.. www.frc.or
-uklauditorsres
onsibilities. This description
forms part of our auditor's report.
U80 of our roport
This report is made solely to the charity's trustees, as a b¢Jdy, in accordance with Part 4 of the
Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we
might slate to the charity's trustees those matters we are required to state to them in an audilor's
report and for no other purpose. To the fullest extent permitted by law, we do not a¢￿p1 or assume
responsibility to anyone other than the charity and the charbty's trustees as a body, for our audit
work, for this report, or for the opinions we have formed.
Vicky Szulist
Senior Statutory Auditor
For and on behalf of
Crowo U.K. LLP
The Lexicon
Mount Street
Manchester
M2 5NT
30th lune
2021
15-

WGS TRUST
STATEMENT OF FINANCIAL A¢ThryTrES
FOR YEAR ENDED 31st AUGUST 2020
Capital Restrkled
Fur￿5
2019
T¢
2020
Z019
2019
2019
INCOME AND EXPENDITLIRf
INCOME
DDnaiions
Conthbullon5 Irrffl w1￿￿10n Gh15'$chr
Inv•sim¢ni irtco
Inromèqenernlry
125.662
397ffj52
2Y&.126
12S.812
397A52
351.95
71.075
382.258
280.776
4.150
75,225
382,258
330.070
440
52M29
49284
Toi•l Incom•
$2J29 676.074
734.549
4,1SO
40.294
787.993
EXPENDITURE
76.S81
76.5Ui
72.653
72,653
n.sji
76.511
72.653
Exp•ndtturn on ¢h•rfi•bl•a¢iivtt
8uis•ries pah110 purlls o*Wlthiw
S¢ho
657.780
52.82a
710M9
623.140
49.294
672.434
Annu•l Fund
2.032
Othei Chlldt4bk Exwndhw•
16.028
16.0
17.172
Towi Ch•rfWty• AthHi•s Ex￿￿1￿j1•
891838
Toi•l •Ap•ndluv•
752.389
$2.82>
OOS.218
114.007
49.2P4
764,291
PJ•i kn¢om• b•for•wln••n Ivv•Jbn•nl
180
11.5$2
23,702
N•1 Ilosslon
{117.fA3)
0 121.0ts11 (138.184
1249.7091
0 140.7J61 1310.5541
TrANSFER BETWEEN RÈ8ERVE8
12
12.170.5711
5.516 2.171.1)55
NET MOVÉMENT IN FUNDS
12
12.222.948)
5.ee4 2.1d9.974
107JO8
I2￿.216}
4,1XI 140,7861 I316.￿2>
RECONCIL14TION OF FVNDS
TOTAL FUNDS BROUGHT FORWARO
12
7.W.051
18.038 1.297A56 6.616.54
7.610,267
14.488 1.336.644 8.963,399
TOTAL FVNDS CARRIED FORWARD
12
5 107 103
24.304 3.447.832 B.579.239
16.638 1 297 8 646,547
Thfr n¢ws ¢y) page$ 1910 24
All arnOun15 rdat• toconlNIw 0pwati0￿.
-18-

WGS TRUST
BALANCE 8HEEf AS AT 31st AUGUST 2020
2020
2019
INVESTlblENT8
8.508,325
8.468,298
CURReNT A88eTS
Debtors
Ca8h
27.438
8,097
488 128
496.225
10
478.343
CREDITOR3
Amounts falllng du• wllhtn oro year
11
405 429
317978
NET CURRENT A88ET8
72.914
178,249
MET A83ET8
8 646,547
ACCUMULATED FUN08
Re¥lriclod
Unrestricted - de6ign8led
Unr081ricted - not dasignaled
12
12
12
3.447,832
24.304
5,107 103
8 579 239
1,297,858
18,838
7 330,061
8 846 547
Approved by Ihe Board of Trusleo8 on i
and 61gned on Its beh811 by
Lord La• of Trnfford
Mr¥ S J Ha•lam
17-

WGS TRUST
STATEMENT OF CASH FLOWS
FOR YEAR ENDED 31 AUGUST 2020
2020
2019
R•eanelllatlon of not mov•m•nt In funds to n•t ca•h flow from opèrat5ng actl¥ltl•8
Nel movernent in funds
Dgducl interest inc4)me sh￿n in tnvesbng aclwrt
Add nel loss on inveslrnent portfoltt)
Ilncreaseydttreasè in dèbtors
Increase in credrtors
(67.3081
11061
138.164
119,3391
87.453
1316,8521
11931
340,554
45,234
315.976
Not ¢•$h from opbratlng Jctlvlll•¥
138.864
Cajh fl¢>w• from Inv••tlng act1¥1￿•*
Interest income
Purehasg of invesimonts
Disposal of investments
106
{1.949,0831
1.778,616
193
13,644,825)
3,397,721
¢••h u¥•d In Inv••tlng Jctlvlll••
170.361
246.911
IDecre8Seyinc￿5e in cash and cash eouivalenls in the year
Cash and cash equivalents at thè begsnning of thè yèar
131.4981
494.534
137,808
356,726
Total cash and ca•h •qulv•l•nts at th• •nd of th• yaar
494,534
Br•akdown of Cash and Cash Equlval•nts
Lbyds Bank Curr8nt AccoLtnt
450 9)7
450,K)7
488 128
488,128
Cash hold by Stockbrok8rs
12.130
6,406
Total cash and calh •quSvai•nts at th• •nd of th• ￿•1
463.037
494.534
18.

WGS TRUST
NOTES ON THE FINANCIAL STATEMENTS
YEAR ENDED 31st AUGUST 2020
1. ACCOUNTING POLICIES
{a) Basis of preparatlon of flnanGial statements
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable
in the UK and Republic of Ireland IFRS102). the Charities Act 2011 and the Slalement of Recommended
Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard
8pplicable in the UK and Republic of I￿land (FRS 102)- effective 1 January 2015.
The functional currency of the Charity is considered to be GBP because that is the currency of the prlmary
economic environment in which the Charity operates.
The accounts are drawn up on the historical cost basis of accounting. as modifi8d by thé revaluation of
Investments.
The Charity is a Public Benefit Entity registered as a charity in England and Wal8s. Its charity number is
505207 (England and Wales).
(b} Incomlng rgsourcas
All income is included within the Statement of Financial Activities ('SOFA')
on a receivable basis.
(cl Resour¢os exponded
All expendilure is accounted for on an accruals basis and allocated directly lo the category to which it relates.
Governance costs comprise those costs incurrred complying with constitutional and stslutory requirements.
C8Pital granls are accounted for vthen the Charity has made an obligation to pay the monies.
Idl Invostmonts
Investments are staled at market value.
{e) Fund accountlng
Funds held by the charity are either.
un￿strICtod funds which can be used in accordance with the charitable objects at the dlscwtion of th8
trustees.
Designated funds are those ear-marked for a specific purposé. As at 31st August 2020 these funds are due to
be paid to the School for the Sports Development ProjecL
Restricted funds which can only be used for particular restricted purposes within the objects of the charity.
Restrictions arise when specified by the donor or when the funds are raised for particular restricted purposes.
(f} Financial Instrum¢nts
Basic financial instruments a￿ initially recognised al transaction value and subsequenlly measured at
amortised cost with the excepb'on of investments which are held at fair value. Financial assets held at
amortised cost comprise cash at bank and in hand. together with trade and other debtors. A specific provision
is made for debts for which recoverability is in doubl. Cash at bank and in hand is defined as all cash held in
instant access bank accounls and used as working capital. Financial liabilities held al amortised cost comprise
all creditors except social security and other laxes and provisions. Assets and liabilities held in foreign currency
are translated to GBP at the balance sheet date at an appropriate year end exchange rate.
19-

WGS TRUST
NOTES ON THE FINANCIAL STATEMENTS
YEAR ENDED 31st AUGUST 2020
1. ACCOUNTING POLICIES CONTINUED
(g} Crltlcal a¢counting judgernents and key sources of estimatlon uncertalnty
In the application of the accounting policies. Trustees a￿ required to make judgement. estimates. and
assumptions about the carrwn9 value of assets and liabilities that are not readily apparent from other sources.
The estimates and underlying assumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these estimates.
The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is ￿ViSed rf the revision affects only that Period, or
in the period of the revision and future periods if the revision affected current and future periods.
TTuslees have carried out an exercise lo estimate an appropriate transfer from Unr6slrict6d to Restricted
ReseNes. as explained in Note 12 on page 23 to these accounts.
In the view of the trustees. no other assumplions Conceming the future or eslimalion uncertainty affecting
assets or li8bililies at the balance sheet date are likely to result in a material adjustment to their carrying
amounts in the next financial year.
(h) Golng Con¢orn
Trustees consider that the WGS Trust is a Going Con¢em. Truslees monitor the School's requirement for
bursary funding and capital projects at 8ach of their meetings to ensure that this can be funded.
Trustees monitor th8 impact of the pandemic on the retum of the investmenl portfolio and the movement of
investments at their meetings. The School provide5 Trustees with an indication of the funding required for
bursaries. Th6 Trustees then decide the amount that is paid lo the School.
The Trustees believe that the Trust is able to continu8 as a going concem for the foreseeable fvlure, belng al
least tmelve months from the dale of approval of these financial slalemenls, and have therefore prepared the
financial stslements on 8 going concem ba￿8.
2. INVESTMENT INCOME
2020
2019
Bank interest
Dividends on UK listed investments
106
351,B49
193
329,877
351,955
330,070
3. INCOME GENERATING ACTIVITIES
2020
2019
Alumnae nelworking events
455
440
455
440

WGS TRUST
NOTES ON THE FINANCIAL STATEMENTS
YEAR ENDED 31st AUGUST 2020
4. FUNDRAISING COSTS
2020
2019
Staff costs recharged from Withington Gids, School
Promotional materials
Telephone Campaign
Other fundraising costs
65.379
52,713
5.822
12,033
2.085
72.653
6,767
1,889
78.581
5. BURSARIES
2020
2019
Bursaries paid for pupils of Withington Girls. School
710.609
672,434
The total number of pupils in receipt of bursaries during the year was 10812019.. 1041.
6 ANNUAL FUND
2020
2019
Purchase of equipment for Withington Girls. Sthool
2,032
2,032
7 OTHER CHARITABLE EXPENDITURE
2020
2019
Sundry expenses
Subscriptions
Clerk to the Trust
Stockbroking fee
Postag6
Recruitment costs
Office expenses
Database So￿are
Trustee Indemnity Insurance
2.076
1,126
482
2,500
670
2,243
1,745
124
2,142
1.960
2,500
672
2,869
478
2,323
1.960
Governance Costs
Audit Fees
3,150
4.180
16,028
17,172
The Trustees received no remuneration or reimbursement of expenses during the year {2019 £NIL).
There are no employees of the Charity.
There are no employees who received employee benefits (exduding pension costs) of more than £60,000.
21

WGS TRUST
NOTES ON THE FINANCIAL STATEMENTS
YEAR ENDED 31st AUGUST 2020
8 INVESTMENTS
The movements on this a¢￿￿nt during the year were as follows:
2020
2019
UK quoted Investments
At valuation..
At 1 September 2019
Additions at cost
Disposal proceeds
Changes in market value
8,461,892
1,949.083
11.778,6161
1138,164)
8,555,342
3.644.825
{3,397,7211
{340,5541
At 31 August 2020
8,494,195
8,461,892
Cash held by stockbrokers
12,130
6,406
8,506,325
8,468,298
All investments are held for charity use.
Th8 historical cost of investments held is £6,451,777 {2019: £5.841.9091.
Trustees Continue to monttor the impact of the pandemic on the portlolio.
9 DEBTORS
2020
2019
Income tax recoverable
27,436
27,436
8,097
8.097
10 CASH AT BANK
2020
2019
Lloyd$ Bank Current Account
450,907
488,128
450.907
488,128
11 CREDITORS
2020
2019
Amounts falllng duo within one year
Accruals
Amount due to Withinglon Gids, School
3.120
402,309
3,120
314,856
405.429
317.976
-22-

WGS TRUST
NOTES ON THE FINANCIAL STATEMENTS
YEAR ENDED 31st AUGUST 2020
12 ACCUMULATEO FUNDS
2020
2019
Restrlded - for Bursarl•s
At 1 September 2019
Net {lossl on investments
Net income before gains on investment
Transfer from Unrestricted Reserve
At 31 August 2020
1,297,858
(21,081)
1,338,644
{40.7861
2,171,055
3,447,832
1,297,858
2020
2019
Unrestrlct•d - not doslgnated
At 1 September 2019
Net income before gains on Investm8nt
Net Ilossl on investments
Transfer lo Restricted Resenle - for Bursaries
Transfer lo Unrestrided - designated Reserve
Al 31 August 2020
7,330.051
70,706
(117.083)
12.171.055)
5,516
5.107,103
7.610.267
19,552
(299,7681
7,330.051
Unr•8trl¢ted - deslgnalod
At 1 September 2019
Net income before gains on investment
Transfèr from Unrestricted Reserve
Al 31 August 2020
18,638
150
5,516
24,304
14,488
4.150
18,638
Tolal
8.579.239
8,646.547
As a result of Trustees, commitment, al their meeting in February 2021. to provide a £1 m Capital Grant
lo the School for a two-slorey extension lo the Dining Room, a decision was made to re-evaluate
the level of Restricted Reserve for bursaries. A review of the overall Reserves of the Trust, resulting
from fundraising 8ppe8ls, was carried out for the peri¢)d from 2004 to 2020.
Trustees considered detailed proFosals at their meeting in May 2021 and detemiined that they felt it was
appropriate for a transfer of £2,171.055 to be made from Unrestricled Reserves to Restricted ReseNes
for this purpose. Consideration was given to the donations provided for the 100 Plus Bursary Appeal
which commenced in 2005 and reached ils £2m target in 2011. in addition lo a proportion of income
and capital movements on the portfolio from 2005 to 31 sl August 2020. in making this assessment.
Trustees felt that while historically the Trust has provided capital support for major building projects,
it was appropriate to ring fence a larger sum specifically for bursaries.
The Sch¢Jol's capitsl projecl commenced in April 2021 and 1$ expected to bè completed in January 2022.
The Restricted Funds represent a fund specifically for bursaries.
In respect of the Unrestricted - designated fund for the Sports Development project. a transfer has been
made from the Unrestricted Fund to reflect a proportion of income and capital movernents from 2018
10 31st August 2020. This designated fund indudes donations re￿1ve(l lo date which have not been paid
over lo the School. The value as at 31 st August 2020 is £24.30412019- £18.638)- This amount is due to
be paid to the School before 31 sl August 2021.
-23-

WGS TRUST
NOTES ON THE FINANCIAL STATEMENTS
YEAR ENDED 31st AUGUST 2020
13 ANALYSIS OF NET ASSETS BETWEEN FUNDS
Investments
Other assets
Total
Reslricled funds
Unrestricted funds
3.447,832
5.058.493
3.447.832
5,131,407
72,914
8.506.325
72,914
8.579.239
14 RELATED PARTY
The Govemors of Withington Gids, School {Charity Number 1158226) appoint the Trustees of
WGS Trust. Transactions with Wilhington Girts. School have b8en identified and disclosed
within the aeKounts as appropriate.
Donations received from Trustees during the year were £22012019.. NIL).
The value including gift aid is £27512019.. NIL)
Trustees confirmed their commitment lo provide a capital grant to Wilhington Girls. School
of £1 m al their meeting In February 2021. The capital grant is for a fvst0￿Y extension to
the Dining Room. Work commenced on the project in April 2021 and the c8Pital support
1$ expected to be required in hvo instalments (September 2021 and December 2021).
Trusteès confimied at their meeting in May 2021 that the capital grant will be financed from the
partl81 disposal of inv8Stments.
15 FINANCIAL INSTRUMENTS
2020
2019
Financial asgets measured at amortised cost (a>
478,343
496,225
Financial assets measured al falr value Ib>
8.506,325
8.468.298
Financial liabilities measured at am0￿'sed cost (c)
(405,429)
(317,976)
Net financial assets rneasured at amortised cost
8,579,239
8,646,547
lal Financial assels at amortised cost include cash and olher deblors
Ib) Financial assets at fair value include inveslmenls
{c) Financial liabilities include other creditors
24-