WGSTRUST Charity Number: 505207 ANNUAL REPORT YEAR ENDED 31 AUGUST 2021
WGSTRUST CONTENTS Page REFERENCE AND ADMINISTRATIVE INFORMATION TRUSTEES, ANNUAL REPORT 3-12 STATEMENT OF TRUSTEES, RESPONSIBILITIES 13 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES 14-16 STATEMENT OF FINANCIAL ACTIVITIES 17 BALANCE SHEET 18 STATEMENT OF CASH FLOWS 19 NOTES TO THE FINANCIAL STATEMENTS 20-25
WGSTRUST REFERENCE AND ADMINISTRATIVE INFORMATION TRUSTEES Lord Lee of Trafford (Chairnian) DL. FCA Mr R Bailey BA. ACA Mr A Beardsworth MA {Cantab) ACA CTA Mts SJ Haslam BA Mr DJ Illingworth BA, FCA Mrs SE Mar*s. MA (Oxon) MA (Nott) FRSA Mrs JD Pickering Bsc Mr CM Poston BSC. FCA There were no movements of Trustees during the year. Clerk to the Trustees Mrs A Cohen LLB Mrs Sharon Senn retired from her position of Bursar and Clerk to the Governors from Withingion Girls. School on 3151 August 2021. Her successor. Mrs Anna Cohen, ¢omm6nced in the role from 1st September 2021 and becomes the Clerk to the Trust from that date. ADVISERS Auditors Crowe U.K. LLP Fl¢)or, The L8xicon Mount Street MANCHESTER M2 5NT Stockbrokors Brown Shipley 3 Hardman Street Manchester M3 3HF Bankor8 Lloyds Bank 223 Finney Lane Heard Green Cheshire SK8 3PY Regl$tered and prlnclpal ¢>fflce Withington Girls, School Wellingion Road Fallowfield Manches16r M146BL Charity Number 505207 Constitution The charity is unincorporated and is governed by Trust Deed executed in 1976.
WGSTRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 AUGUST 2021 The Trustees of the W G S Trust presenl their Annual Report and audited accounts for the year ended 31 August 2021 and confimi they comply with Ihe requirements of th8 Charities Act 2011, as amended by the trust deed and the Charities SORP 2015. STRUCTURE, GOVERNANCE AND MANAGEMENT The Trustees determine the general policy adopted by the Trust and work with professional advisers to deal with the day to day management of investments. Administration of the Trust induding management of bursaries is undertaken by staff of Withinglon Girls, School (Charity Number 1158226} ('the School,). ObJoctlv•s and actlvffitlès for tho public benofft The objects of the Trust. as set out in the Trust Deed, are as follows: the advancemènt of the educational work of the School charitabl8 purposes {whather educational or not) of or assocAated with the School the advancement of education in any part of the world The Trustees confimi that they have referred to the Charity Commission's guidan on public benefit when reviewing th8 Trust's aims and objectives. Provl8lon of moans-tosted bursarles The principal way in which the Trust supports the advancement of the edu¢8tional work of Ihe School is by providing means-tesled bursaries lo girls who have performed well in the entrance examination and might otheNise be unable lo take up pla¢es offered to them by the School. Bursaries are also awarded to pupils whose 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 laken into consideration including family income, inveslmenls, savings, opportunity to generate additional income and family circUmstans. for example dependenl relatives. Th8 bursary awards range from 10% to 1000A of fees. InfoTmation about fee assistance through bursaries is provided to all parents of gids applying to the Senior School and also lo parents of junior girls, as a limited number of bursaries have been available for gids entering Years 5 and 6 in the Junior School from September 2015. The availability of means-lested bursaries is publicised through School advertisements in the press and promotional materials at local libraries. Details of the bursary policy and how to apply are also on the School website.
WGSTRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 AUGUST 2021 Support for Capltal Projects at tho 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 capitsl development to take place. Trustees agr88d at their meeting in February 2021 to provide a capital grant of £1 m for a tWO-Storey extension to the Dining Room of the School. Work commenced on this project in April 2021 and it is expected to be completed in February 2022. The capital support is expected to be required in two inslalments {December 2021 and May 2022). Trustees confimed at their meeting in May 2021 that the capital grant would be financed from the partial disposal of investments. The stsrt date for this project was delayed as a result of the pandemic. While planning p8miission for this projèct was obtained in April 2020, Govemors of the the Sch¢)ol put major capitsl expenditure on hold until Ih8y f811 that the time was right for this major project to commence. That decislon was tak8n in February 2021. The previous major capital project undertaken by the School was th8 Sports Development Project which wa5 completed during the 2017118 acad8mi¢ year. Work started in August 2017 and was completed at Eastèr 2018. The Development Office launched a Capitsl Appeal for this project with a tsrget of £500,000 and cumulativ8 donations as at 31 St August 2020 were £350,904 (2019.. £350,754). No donations were recelved in the year ènded 31 August 2021. The balance on the Unrestricted - designated reserve as at 31 St August 2020 (of £24.304) was paid to the School before 31* August 2021. Recrultment and Tralnlng of Trustees The statutory power of appointing new Trustees is vested in Ihe Govemors of Withington Girls, School. This power is to be exercised so Ihal immediately after any appointmenL at least one of the Trustees is not a Govemor, and the power shall cease to have effecl upon being released in writing by the Governors or rf the School shall be discontinued or shall b8come a maintained school or if the powor of appointing all or a majority of the Govemors shall b6 vested in a local or other public authority andlor any officer or department of the govemment. However, if the power of appointing new Trustees as indicated above shall ase to have effèct. the stslulory power of appointing Trustees shall be vested in the surviving or continuing Trustee or Truslees for the time being, or the personal repr8s8ntative of Ihe last surviving or continuing Trustee. New Trustees are selected to provide the Trust with an appropriate breadth of abilities and experience. New Trustees are inducted into the workings of the Charity by the Chaimian of the Trust, the Headmistress of the School and the Clerk to the Trust.
WGSTRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 AUGUST 2021 Risk Management The Trustees are responsible for the management of the risks faced by the Trust. The principal risk faced by the Trust is the performance of the investment porfolio. 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 experien$ to Ihe Charity. The fund is administered by external stockbrokers. Trustees actively monrtor the performance of the investment portfolio, mainly through quarterly reports from the stockbrokers. The investment policy of the Trustees is to aim lo achieve an abov8 average dividend yield to provide the income for means-tèsted bursaries, with a view to long-lerm capital appreciation of the holdings. consistent with an acceplable lev61 of risk. Trustees have taken the decision to invest primarily in smallèr UK quoted companies and no one holding should nomially represènt appreciably more than 7.50/0 of the overall portfolio in order to 8nsure a suitabl8 spread of risk. The key controls used by the Charlty include: Formal agendas and supporting papers for all Trust meetings Consideration of regulatory compliance al all Trust meetings Comprèhensive budgèting, management accounting. and reports on investment perfornance Clear authorisation and approval levels Use of a Risk Registar to assess the likelihood and impact of each risk together with the steps taken in rnitigation Regular rneetings of Trustees. a standing item of which is Conflicts of Interest andlor Conflicts of Loyalty Active monitoring of the investment portfolio and mechanisms to effect transactions at short notice The Trustees are satisfied that thé major risks identified have been adequately managed where necessary. 11 Is recognised that systems can only provide reasonabl8 but not absolute assurance.
WGSTRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2021 OBJECTIVES AND ACTIVITIES Charitable Objects The objects of the Charity, which are set out in the Trust Deed. are the advancement of the educational work of Wrthington Girls. School, tharitable purposes of, or associated with, the School and the advancement of education in any part of the world. The School is a separat8 charity which provides a day school for girls from the ages of seven to eighteen. In setting and planning our objeGtives Trustees have given careful consideration lo the Charity Commission's general guidance on public b6n8fit. A specific aim of the Charity is to maintain and enhan the level of means-tesled bursary support to safeguard the diversity of th8 school community. The School has never offered financial support on a non-mèans-tested basis, such as academic scholarships. The School Is committ8d to providing publi¢ benefit as is evidenced in its published Annual ReporL ACHIEVEMENTS AND PERFORMANCE REVIEW OF THE YEAR The Trust has generated incoming resources of £977,256 (2020: £876,074) for the year. Governors of the School approv8d a new Development & A]umnae Strategy (2019 to 20241 al théir meeting in September 2019. The key focus of this Strategy, which dovetails with the School's Development Plan, is to continue to raise funds for School priorities. A significant focus is lo increase funding for means-lested bursaries as one of tha aims of the School is to maintain and increase the level of Govemors, means-tested bursary support to secure th8 diversity of the School community, with the evèntual aim of needs-blind admission. Donations reGeived by the WGS Trust for the bursary fund amount to £173,727 {2020'. £125.662). This amount excludes £75,000 received from the Zochonis Charitable Trust12020: £75,000) the terms of which are that this money must be spent on bursaries in the 2021122 year. As a result, this donation has been included within Withington Girls, School's accounts as a payment on account for the year to 31 August 2021. The Development Office of the School launched a bur5arylhardship appeal in July 2020 supported by an alumna {and her husband) who pledged lo match the first £12,633 donated. The response from this dired mail appeal, the first carried out by the school. has been exceptional. The amounl 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 2021 This direct mail appeal was part of the nY approved strategy to dwersify methods of making a fundraising ask. Half of all donors who gave to the appeal were either new donots or long lapsed donors who had not given for more than ten years. One of the k8y prrorities for the Development Office in the last year was to increase engagement with the alumnae body. In the last year, engaged alumni have increased by over 17Yo and almost 50 % of alumnae Gan now be classtfied as 'engaged' wrth the School. This has largely been driven by offering an increased number of virtual reunions which, through the lock-down period, has appealed lo a greater number of fomier pupils from across the world. Engagement in new Communications such as a new podcast. 'Spotcast On.. the inaugural Ad Lucem Alumna8 Awards and Withington Connect have all contributed to this success which has also been extremely beneficial for current pupils. The winners of the first Ad Lucem Alumnae Awards were announced in October 2021 following nominations from the school community. The Head Girl team participatèd in th8 shortlisling process and a final vole was taken by all girfs in the Senior School. The main Ad Lurn Alumna Award was awarded to world renowned neuroscientist, Brenda Miln6r. The Ad LuM Young Alumna award was awarded lo Bronya Sykes, a Cambridge University Student who was parl of the winning 2021 Oxfordlcambridge Boat Race squad. During Ihe course of the shortlisling process it was decided that we would introduc8 a third award, the Rose Aclon Ad Lucem Award. Rose, from the Class of 2010, died in December 2020 and this award will r8cognise those who display qualities such as courage, curiosity. kindness, humour. determination. resilience and a desire lo improve outcomes for others. Most importantly. like Rose. future recipients will inspire and support those around them to achieve more than they thought they could. Inspired by the national project, 'Portrarts for NHS Heroes,. which was inriialed by artist, Tom Croft, the School's Art Department, in conjunction with the Developmenl Team. decided to follow in Tom's footsteps and offer a free portrait to our key worker alumnae to say thank you and lo express the depth of our gratitud8 and our heartfelt thanks for all thal they have don6 and are continuing to do for us during the pand6mi¢. GCSE and A level pupils of the School. as well as staff, created the portraits that were displayed in an online exhibition before the portraits were sent lo the alumnae. The last annual EmiFy Simon Society Lunch was held on 11th March 2020. This provided an opportunity for members of the Society to visit the School, meet some currènt bursary recipienls, and to learn about the School's partnership, WrthGambia, that has been running for many years. This year we m81 virtually in D8mber 2020 when members were able to watch lo highlights from our virtual Christmas concerts. The Annual Fund was renamed and relaunched as the 'Ad Lurn Fund, and applications were invited from staff members of the School lo bid for funding lo support projects which enhance and enrich the girls, learning. bul that nonnally fall outside the reach of the annual school budget. This year, the School particularfy encouraged projects that provide opportunitie5 to compensate for experiences lost during the COVID-19 oulbraak. A telephone campaign, 'Wrthington Calling 2021, ran for two vekS in August 2021. The campaign was run remotely and conducted by a calling team of 12 Sixth Fomi pupils and recent alumnae. The campaign was managed by an extemal company, supported by our Development Offi. and the callers made contact with more than 450 alumnae. The purpose was not only to raise funds for bursaries and specific Annual Fund projects. but also to engage further wtth alumnae.
WGSTRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2021 The running costs for the Development Office have been bome equally by the WGS Trust and the School. In the year ended 31st August 2021, the direct costs for each were £88.356 (2020- £78.581). The School paid £402.057 (2020= £397,852) into the Trust. This equates to 41J/o of fee income plus an additional sum of £50.000 for the year to 31s1 August 2021 (the same calculation as the previous ten years). Bursarigs were awarded to 112 girls (2020: 108 girls}: 106 in the Senior Sthool and 6 from the Junior School. This equates to over 18% of girls in the S8nior School and almost 6 % of girls in Yèar 5 and 6 of the Junior School receiving bursary support. of whom 17 benefited from full remission of fees. Thirty-two girls in the Senior School obtained a bursary worth 800/0 of more of fees. The total cost of these bursaries was £740.587 (2020.. £710.609). The bursaries enabled girls who have rn8t the entranc8 criteria, whose families would not otherwise have been ablè to afford the f8es, to attend th8 School. Th6 pupils in rec81Pt of bursaries may also receiv8 support with the purchase of school unrform. Individual musicldrama lessons, cu1¢u1Uffle1ated school trips and similar expenses. The OV8rydll result for the investment portfolio for the year bvas a gain of £2,715,514 {2020: loss of £138,164) of which the realised position for 2020 was a gain of £644,068 (2020: gain of £439,427). As described in Note 12. Trustees undertook an exercise in May 2021 to revevaluate the level of Restricted Reserves for bursaries. Trustees felt that, in the conlexl of their agreement lo provide a capital grant of £1 m to the Sch¢)ol for the Iwo-storey Dining Room extension, il was appropriate to considér if additional funds should be dassified as restricted for bursaries. The decision lo transfer £2,171,055 from Unrestricted Funds to Restricted Funds was made following careful and considered analysis. 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 7.50/0 of th8 investment portfolio. Particular focus is given to any holdings which are approaching or in excess of this threshold to determine whether the level of risk is acceptable or whether it is appropriate to sell a proportion or all of the holding. Trustees compare the performance of the portfolio with the SE 250 (ex-lnvestment Trust) Index and one or more appropriate charity indices al each of their meetings. The overall result for the year vms a net IneaSe in funds of £2,818.211 {2020= reduction in funds of £67,308). Trustees monitor the effect of the pandemic and other global market conditions on the retum of the investment portfolio and the movement of investments at their meetings.
WGSTRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2021 For the year ended 31st August 2021 the capital retum of the portfolio posted a positive return of 31.980A compared to a rise in the SE 250 ex Investment Trust index of 40.4% and a rise in the FfsE All Share index of 22.7°A. For the sam6 Périod last year. the Capital retum for the portfolio was a positive 2.47Yo whilst the FTSE 250 ex Investment Trust index dropped by 11.2% on a capital relum basis and a drop in the SE All Share index of 12.6% on a capital retum basis. While the long-term effects of the pandemic are still unknown. as for many entities at this time, there has been a significant recovery in the investment portfolio during the year. Trustees acknow16dge that there is potential for increased demand for bursary funding from Withington Girfs, School (Charity 1158226) moving forwards and further volalility of the investment portfolio is possible. The fundraislng approach Thé School employs an in-house Developm8nl Team to carry out fundraising on its behalf. This is led by a Director of Development who has experience in fundraising and follows best practice. The Dev81opment Director reports directly to the Héadmistress of the School who is also a Trustee of lh8 Trust. A professional fund-raiser is engaged specifically io assist with the biènnial telephone campaign. As mentioned earlier, all running costs of the Development Office are shared equally between the Trust and the School. The Trust registered as a member of the Fundraising Regulator in October 2017. Registration is optional for charities which spend less than £100.000 on fundraising each year and, as a r8sult, there was no requirement for the Trust to regisler. The Trust's voluntary registration is evidence of its desire to follow best practice. The Director of Development is a member of the Institute of Fundraising which also has a codè of praclice.The Development Team are pleased to confimi that all fundraising activities for the School or the Trust have complied with the requirements ol the Fundraising Regulator and th8 Institute 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 to demonstrate a commitment to ethical practices in relation to donors. so as to ensure openness, transparency and respect. Careful monitoring of the a1vitieS of the Development offi is canied out by Govemors of thè 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. There have been no complaints about fundraising actwities in the year to 31 August 2021 (2020.. NIL).
WGSTRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2021 Goneral Data Protection Règulations {GDPR) Updat• The School and the Trust are fully aware of their responsibilities under the General Dats Prolection Regulations IGDPR) 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 to carefully wnsider who is being approached for support, how the approach is made and how often this is done. lo ensure that our fundraising is not unreasonably intrusive or persistent. All consent and communication preferences are retained on a specialist databas8. 10-
WGSTRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2021 INVESTMENT POWERS These are governed by the Trust Deed which permits the Trustees to invest in a manner that they see fit. The Trustees have a policy designed to achieve an above average dividend yield, with a view to long tem capital apprecialion. consistent with acceptable risk. In order to achieve this high yield combined wrth longer tem) capitsl growth the Trustees have decided to invest predominantly in a broad range of smaller UK quoted companies. The Truslees are minded to avoid exposure lo investments which are deemed to be unsuitable in the context of the objectives and interests of the WGS Trust and Wrthington Gids. School, bthen Considèring the portfolio as a whole. This includes preference to avoid sectors or companies involved in the following activities: tobacco and payday lending. The Trustees seek to maintain a conservative approach to funds and at their meeting on 24th April 2015 it was agreed that no single holding should nomially represent appreciably more than 7.5 % of th8 investment portfolio. Parkncular focus is given to any holdings which ar8 approaching or in excess of this threshold to detemine whether th618vel of risk is acceptable or whether it is appropriate to sell a proportion or all of th8 holding. The lev81 of liquidity depends on anticipated financial support for future School projects. The Trustees monitor the investment perfomancé against the FfsE Small Cap (ex Investrnent Trust) Index and one or more appropriate charty indices.
WGSTRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 AUGUST 2021 RESERVES In fomiulating their reserves policy the Trustees are concemed that the Trust has a sufficienl level of reserves to enable it to meet its objects and policies, which have been described earlier in this report. In particular the Trustees consider that the Trust should have adequale capital to provide incom8 UP to the lev61 required to support Junior and Senior pupils throughout their school career. and the provision of financial assistance for the building pn)gramme of th8 Sthool. Mindful of the increased demand for bursary funding together with financial support for the School's building and maintenance programme, the Trust86s and the professional advisers consider that generation of lolal reserves of a minimum of £12 million is required to meel these demands, half of which is required to be ring-fenced in th6 Restricted Reserve specifically for bursaries. This will enable both an active bursary outreach programme to continue to be developed and future buildinglmaintenance projects lo be financed. Achievement of this aim can only happen ov8r a period of time and Truste8s are encouraged by the outstanding p6rformance of th8 investment portfolio in the current year which has generated a gain of £2,715.514 (2020.. Ios5 of £138,164) and large increase in thè overall level of reserves as at 3151 August 2021 to £11.397,450 (2020: £8,579,239). Fr8e reserves as at 31$1 August 2021 are £5,861.817 (2020: £5.107,103) after taking into account the commitment of £1 m to the School Approved by th8 Truslees on and signed on its b8half by: DE(£rfl)d loL Lord Loe of Trafford L4-,4ei 12-
WGS TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES STATEMENT OF TRUSTEES, RESPONSIBIUTIES The Trustees are responsible for preparing the annual report and the financial statements in aordanCe wilh applicable law and regulations. Charity law r6quires the Trustees to prepare financial stalemenls for each financial year in accordance with United Kingdom Generally A¢PIed Accounting Practice {Uniled Kingdom Accounting Standards and applicable law). Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the ino)me and expenditure, of the charity for that period. In preparing those financial ststements the Trustees are required to: select suitable accounting policies and then apply them consistently., make judgments and accounting estimates that ar6 f8asonable and prudent., stale whether applicabl8 UK Accounting Standards have been followed, subjecl lo any malerial departur6 disclosed and explained in the financial statements: pr6pare the financial statements on the going conGern basis unless il is inappropriate to presume that the charity will CA)ntinu8 in business. The Trustees are responsible for keeping accounling r&¢ords 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 statements comply with the Charities Act 2011, as amended by the Irusl deed and the Charities SORP 2015. They are also responsible for safeguarding the assets of the harily and hence for laking reasonable steps for the prevention and detection of fraud and other irregularitie 13-
WGS TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES ST YEAR ENDED 31 AUGUST 2021 Oplnlon We have audited the financial statements of WGS Trust I'the chaiity'l for the year ended 31 August 2021 which comprise the Slalemenl of Financial Activities. the Balan Sheet. the Ststemenl of Cash Flows and notes to the financial 51alements. Including significant accounting pOl$eS. The financial reporting framework that has been applied in their preparalion is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland Iuniled Kingdom Generally Accepted Accounting Practice). In our opinion the finan¢ial stalemenls.. give a true and fair view of the stale of the charity's affairs as at 31 August 2021 and of its in¢om8 and expenditvre, for th6 year then ended: . have been propedy prepared in accordance vthh United Kingdom General Accepted Accounting Practice.. and . have been prepared in accordance th the requirements of the Charit$ A¢1 2011. asls for oplnlon We conducted our audll in accordance with Inlernalional Stsndards on Auditing IUKI {ISAs IUKII and applicable law. Our responsibilities under those stsndards are further described in the Auditor's responsibilities for the audit of the financial slalements section of our report. We are independtrnl of the charity in accordance with the elhul requirements that are relevant lo our audit of the financial slalements In the UK. including the FRC'S Ethical Stsndard, and we have fvifilled oui other ethical responsibilities in accordance with these requirements. We believe that Iho audit eviden¢e we have obtsined 18 sufficient and appropriate lo provide a basis for our opinion. Concluslons relatlng to golng concem In auditing the financial slalements, we have concluded thal the Iruslee's use of the going concern basis of attounling in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identrfied any material uncertainties relallng lo events or conditions that, individually or collectively. may ¢asl signrficant doubl on th8 charity's ability to continue as a going con¢ern for a period of al least Iwelve months from when the financial statements are aulhorised for issue. Our responsibi1S1ies and the responslbilities of the truslee$ wlh respect to going concem are described in the relevant sections of this report. Other Infornlation The trtjslees are responsible for the other information contsined vthhin the annual report. The other information comprises the information included in the annual reF)Ort. other than the financial slalemenls and our auditor's report Ihereon. Our opinion on the financial statements does not cover the other information and, except lo the extent OtherSe explicttly stated in our report, we do nol express any form of assurance conclusion thereon. Our responsibility is lo read the other infomiation and, in doiro so. cvnsider whether the other informallon 1$ materially inconsistent with the financial sl8lemenls or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identrfy such material inconsistencies or apparent material misslalements, we are required lo determine whether this gives rise lo a material misstalemenl in the financial statements themselves. If. based on the work we have perfomed. we condude that there is a material misslalemenl of this other informab'on. we are required to report that fact. 14
WGS TRUST INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES ST YEAR ENDED 31 AUGUST 2021 We have nothing to report in this regard. Matters on which we are requlred to rèport by exceptlon We have nothing lo report in respect of the following matters in relation to whi¢h the Charities (Accounts and Reports) Regulations 2008 requires us to report lo you rf, in our opinK)n: the information given in the ffinancial statements is irwnsistent in any material respect with the Iruslees, report., or . sufficient and proper aettiunling records have rt been kept by the charity: or . the financial statements are not in agreement the accounting rerdS and returns,. or • we have not received all the information and explanations we require for our audit. Re8pon8lbllltlos of trust•a8 As explained more fully in the trustees, responsibilities stslemenl set out on page 13, the trustee$ are responsible for the preparatn of the financial statements and for being satisfied that they give a true and fair view. and for su¢h inlemal control as the trustees delemine is necessary lo enable the preparation of financial slalements that ar8 free from malerrdl mi5Stalemenl. whether due to fraud or error. In preparing the financlal stslements, the trustees are responsible for assessing the charity's ability lo continue as a going concern. disclosing, as applicable. matters related lo going concem and using the going concern basis of accounting unless the trustees eilher intend lo liquidate the charity or to cease operations, or have no realistic altemalive bul lo do so. Audltor's responslbllftle8 for the audll of tho financlal Ststements We have been appointed as auditor under section 151 of the CharitKrys Act 2011 and report In aexordance wlth the Acts and relevant regulations made or havlng effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due lo fraud or error. and lo issue an auditor's report that includes our opinion. Reasonable assurartce is a high level of assurance, bul Is not a guarantee that an audll ¢onducled in accordantt with ISAS IUKI will atways deleci a material misstslemenl when il exists. Mlsslalamenls can arise from fraud or error and are con$Klered material rf, individually or in the aggregate, they could reasonably be expe¢ted lo innuence the economic decisions of users taken on the basis of these flnanclal ststemenls. Details of the extent lo which the audit w8$ considered cap8ble of delecling irregulartties, including fravd and non-compliance with laws and regulations are Sel out below. A further description of our rèsponsibilities for the audit of the financial stslemenls is located on the Flnan¢ial Reporting Coun¢il's websrte at.. www.frc.or .ukJaudilorsres onsibililies. This (lescription foms part of our auditor's report. Extent to whlch the audll was Consldered capabl• of detertlng irregularltles, Includlng fraud IegUlarl1S, including fraud, are instances of non-compliance with laws and regulations. We idenlrfied and assessed the risks of material misstalemenl of the financial statements from irregularities, whether due lo fraud or error, an¢Y discussed these between our audit team members. We then designed and performed audit procedures responsive lo those risks. including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding ol the leg81 and regulatory frameworks within which the charity operate$. focusing on those laws and regulations that have a direct effect on the determination of material amounts and disciosures in the finan¢ral statements. The laws and regulations we considered in this context were the 15
WGS TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES YEAR ENDED 31ST AUGUST 2021 Charilies Act 2011 together the Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulations as part of our audit prccedures on the related financial statement items. In 8ddilion. we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity's ability to operate or lo avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulath)ns we considered in this ntext for the UK op8ralions were the Charities Act Regulations. Auditing Standards limit the required audit pr(edre5 lo identtfy non-compliance wilh these laws and regulations lo enquiry of the Tnjslees and other management and inspection of regulatory and legal correspondence, rf any. We identrfied the greatest risk of material impact on the financial statements from Irregularilies, incsuding fraud, lo be within the liming of recognilion of income and the override of controls by management. Our audit procedures lo spOnd to the$e risks induded enquiries of management about their own idenlrficalion and assessment of the risks of irregularities. sample lesling gn the posting of journals, reviewing aOUntIng eslimales for biases, reviewing regulatory cWeSpondere with the Charity CornmissK)n. reading minutes of meetings of those charged with governance and samplè lesling of income. Owing to the inherent limitations of an audll. there Is an unavoldable rlsk that we may not have detected some material misslalemenls in the financial stalemenls. even though we have properly plar¢ned and perforrned our audit in accordance with auditing standards. For example, the further removed non- compliar¢ce with laws and regulations lirregulariliesl is from the events and Iransacllons refieclgd in the financial slalemenls, the less likely the inherently limite(I edUreS required by auditing slandartjs would idenlrfy it. In addition, as with any audrt, there remained a higher risk of non4election of irregularities. as these may involve collusion, forgery, intentional omissions, misrepresentslions, or Ihe override of internal controls. We are not iesponsible for preventing non)MPlI8ftC¢ arKi ¢annol be oxpecled lo dele¢t noTr- compliance with all laws and regulations. Uso of our report Thls report is made solely to the eharity's Iru$tees. as a body. in aecordance with Part 4 of the Charities {Accounls and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the charity's Iruslees those matters we are required lo stale lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility lo anyone other than the charity and the charity's trustees as a body, for our audit work, for this report. or for the opinions we have formed. UKUF Crowe U.K. LLP Stalulory Auditor The Lexicon Mount Street Manchester M2 5NT Date 22nd April 2022 16-
WGS TRUST STATEmePlT FINANCI ACTMnÉs FOR YEAR ENDED 31stAUGU$T 2021 Unllt¥d capit R•5trtctad FL¥ Appèol Fund¥ 2420 2D20 FLYth Arwl F Y)21 Toi•l 2021 Totsi 2020 INCOMEANO EXPEMDffURE INCOME DonAOnI conbUtIOnsfrOrn WthIW fyrf¥'Sc Inveilmenl IrKorn• Incom• gonrniill9 1473 1n727 I77) 0 2.0ST 402.057 158.191 397,999 125.662 397.8SZ 2Bg.t26 455 126.612 397.852 251.953 455 52.829 Tolal Inconx 977256 423.095 676 074 EXPÈNDITURE 78.581 78M81 76.$81 78,581 Exp•ndltu¥• on cth4rii•bl• Kt5vtth• 8ufsarfes p ts puO1$ olwllhhgton Glrfi, 740.587 7,56? 657,780 52.820 710.609 Annuol Fur Ceph•l Grirtllo Wlthlngion tslrh. S¢Prt4 24. 24.W4 Oth•r charty ExpBnellur• 18.43 18.463 16.028 16.028 To1 ChaAt4trA• AcbvI¥ 24 YJI 740 $87 203 T•¢4 •Np•ndNur• 24 N•t ln¢¢Al4xp•rhlW•j b•lgm Iii¥•itswrf 133M13 124J041 16.8121 102.687 70.706 ?5Q 70,856 0 1.094.413 1715,514 0 121M811 1138.ie41 TRANSFER BETblEEN RESERVES 12 178.5711 5.516 2.171,065 NET MOVEMENT IN FUNCIS 12 1,754.714 Q4.>MI I.017.1 2J18311 P.22t9481 5.660 2,149.974 ie7,2081 RECONCILIATKIN OP FUND8 TOTAL FUNDS BROUGFrr FORWIJID 12 107.103 24204 1447A32 8.$79. 7230.051 18.638 1.297.858 8.t46.547 7orAL FUNDS CARRIED FORW*JID 12 6881017 0 4.535.&33 11.397 S.107 103 24.304 3.447.832 ThA notès on pages 20 10 2S fom) pwn Df •cccoxA
WGS TRUST BALANCE SHEET AS AT 31st AUGUST 2021 2021 2020 Notes INVESTMENTS 11,211,050 8.506,325 CURRENT ASSETS Debtors Cash 62.943 126.577 189,520 27.438 450 907 478,343 10 CREDITORS Amounts falllng due within one year 405,429 NET CURRENT ASSETS 186,400 72,914 NET ASSETS 11.397,450 8,579,239 ACCUMULATED FUNDS Restrict8d Unrestricted - designated Unrestri¢led - not designated 12 12 12 4,535,633 3,447,832 24,304 5 107,103 8 579,239 6,861817 11 397.450 Approved by the Board of Trus16es on and signed on its behalf by Lord Lèe of Trafford Lf K4Q4 Mrs S J Haslam 18-
WGS TRUST STATEMENT OF CASH FLOWS FOR YEAR ENDED 31 AUGUST 2021 2021 2020 Roconclllatlon ol ngt mowm•nt In funds to n•t cash flow from optrroong actlvltS•s Nel movernerit in funds Deduct inter&%t income shown investirvJ advths Add ntrl Igainyloss on Snvéstmeni portfol {Increasel in debtors IDecreaseYincr9ase in cr8drtors 2.818,211 1611 12.715.514) 135,5071 1402,3101 167.3081 11061 138,164 {19,3391 87,4S3 N•t cash from op•raWng a¢¥111• 335,181 138.864 Cash flow8 Irom Inv•$tlng •cttvltl•• Interest Income Purchasa of investments Dlspos81 ol Investmènts 61 1890.8061 889.465 106 11,949,083) 1,778,616 Ca•h u••d In Investlng aetMIIo• 1.280 170,361 (Decraasel In ¢85h eouival8nls in the year Cash and cash equivalants at the b8ginniro of the year 1336.461 463,037 131.4981 494,534 Totsl ea•h and ¢J•h •qulv•f•nt• It th• •nd ol th• y•ar 463.036 Br•akdown of Cah •nd Cash Equlval•nt• Lloyds Bank Currènt Accn( 126577 126,577 450 907 450,907 Cash held by Slockbroke 12,130 Totsl ¢4¥h and ca•h •qufvJlgnts at th• •nd of lh• y•ar 126.577 463,037 19-
WGS TRUST NOTES ON THE FINANCIAL STATEMENTS YEAR ENDED 31stAUGUST 2021 1. ACCOUNTING POLICIES (a) Basls of preparatlon of ftnanclal Stalements The financial statements have baen prepared in accordance with the Financial Reporting Stsndard applicable in the UK and Republic ol Ireland (FRS102), the Charities Act 2011 and the Statement of Recommended Practice applicable lo charib'es preparing their accounts in accordance wilh the Financial Reporting Stsndard applicable in th8 UK and Republic of Ireland {FRS 102) - effective 1 January 2015. The functional currency of the Charity is considered to be GBP because that is the currency of the primary economic environment in which the Charity operates. The accounts are drdwn up on the historical cost basis of accounting, as modified by the revaluation of Investments. The Charity is 8 Public Benefit Entity registered as a charity in England and Wales. Its charity number is 505207 (England and Wales). (b} In¢omlng r050urces All income is in¢luded within the Statement of Flnancial Aotivtties {'SOFA') on a receivable basis. Icl Rosourcos exnded All expenditure Ss accountèd for on an a¢¢nlS b8s1s and allocated directly lo th8 category to which it relates. Govemance costs comprise those costs incurTred complying with nStItutional and statutory requirements. Capital grants are accounted for when the Charity has made an obligation to pay the monies. (d) Investments Investments ar8 Stated at market value. lel Fund accountlng Funds held by the charity are either. un$tricted funds which can be used In acwrdance with th8 charitable objects at the dlscretion of the trustees. Design8ted funds are those ear-marked for a SIfiC purpose. As at 31st August 2021 there We no fund8 In this category as the amount payable as at 31 st August 2020 was paid to the School durlng the year. Restricted funds whi¢h Can only b6 used for particular restricted purposes wthin the objects of the charity. Reslriclions arise when specrfied by the donor or when the funds are raised for particular $triCted purposes. {Q Flnancial Inslruments Basic financial Instruments are initially recognised at transactlon value and subsequently meaSUd at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash al bank and in hand, together wth trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in inslant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions. Assets and liabililies held in foreign currency are translated to GBP at the balance sheet date at an appropriate year end exchange rate.
WGS TRUST NOTES ON THE FINANCIAL STATEMENTS YEAR ENDED 31st AUGUST 2021 1. ACCOUNTING POLICIES CONTINUED Ig) Crltical accounting Judgements and key sources of tIMatiOn unurtalnty In the application of the accounting Frt)licies. Trustses are required to make judgement. estimates, and assumptions about the carrying 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 consider6d to be relev8nt. Actual results may differ from these estimates. The estimates and underfying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period. or in the period of the revision and future riodS if the revision affted current and future periods. In the view of the trustees. no other assumpllons conceming the future or estimation uncettsinty affecting assets or liabS1ities at the balance sheet date are likely lo result in a material adjustment lo their carrying amounts in the next financlal y88r. (h) Golng Concern Trustees consider that the WGS Trust Is a Going Concem. Trustees monitor the School's requirement for bursary funding and capitsl projects at each of their meetings to ensure that this can be funded. Trustees monitor the impact of the pandemlc on the retum of the inveslment porffolio and the movement of Investments al their me8ting$. The School provides Trustees with an indicatlon of the funding r8quired for bursaries. The Trus18es then decide the amount that is paid to the School. The Trustees beli8ve that the Trust is able to contlnu6 as a going concem for the foreseeable futur8, belng at least e1ve months from the date of approval of these financial ststernents, and have therefor6 prepared the financial statements on a going ¢onc8m basis. 2. INVESTMENT INCOME 2021 2020 Bank interest Dividends on UK listed investments 61 397,938 106 351.849 397,999 351,955 3. INCOME GENERATING ACTivmES 2021 2020 Alumnae n8tworking event5 455 455 -21
WGS TRUST NOTES ON THE FINANCIAL STATEMENTS YEAR ENDED 31stAUGUST 2021 4. FUNDRAISING COSTS 2021 2020 Staff costs recharged from Withington Gids, Schcol Promotional materials Telephone Campaign Giving Day Other fundralslng costs 66,271 3.270 13.041 4,263 1,511 88,356 65,379 4,546 6,767 1.889 78.581 5. BURSARIES 2021 2020 Bursaries paid for pupils of Withington Girls, Sthool 740,587 710,609 The total number of puplls In receipl of bursaries during the year was 112 (2020: 108). 6 ANNUAL FUND 2021 2020 Purchas8 of equipment for Wilhington Gids, School 2,829 2,829 7 OTHER CHARITABLE EXPENDITURE 2021 2020 Sundry 8xp8nsès Subscriptions Clerk to the Trust Stockbroking fee Postage Office expenses Database Soare Trustse Indemnity Insurance 2.093 919 2,500 678 2.113 1,112 2,660 2,058 2,076 2,500 672 2,869 478 2,323 1.960 Governance Costs Audit Fees 4,350 3,150 18,483 16,028 The Twstees received no remuneratlon or reimbursement of expenses during the year12020 £NIL). There are no employees of the Charity. There are no employees who received employee benefits (excluding pension costs) of more than £60,000.
WGS TRUST NOTES ON THE FINANCIAL STATEMENTS YEAR ENDED 31stAUGUST 2021 8 INVESTMENTS The movements on this account during the yearwere as follows: 2021 2020 UK quoted Invostmonts Al valuation.. At 1 September 2020 Additions at cost Disposal proceeds Changes in market value 8,494,195 890,806 (889,465) 2,715.514 8.461,892 1,949,083 {1,778.6161 1138,164) Al 31 August 2021 11.211,050 8,494.195 Cash held by stockbrokers 12,130 11,211,050 8,506,325 All Investments are held for charity use. The hSstorfcal cost of investments held Is £7,166,39112020- £6,471,777). Trustees continue to monitor the Impact of the pandemic on the Portfol. 9 DEBTORS 2021 2020 Income lax recoverable Amount due from Withington Glrls. School 44,171 18,772 27,436 62.943 27,436 10 CASH AT BANK 2021 2020 Lloyds Bank Current Account 126,577 450,907 126.577 450,907 11 CREDITORS 2021 2020 Amounts falllng duo wlthin one year Accru81s Amount due lo Withington Girls. S¢hool 3,120 3.120 402.309 3,120 405.429 -23-
WGS TRUST NOTES ON THE FINANCIAL STATEMENTS YEAR ENDED 31st AUGUST 2021 12 ACCUMULATED FUNDS 2021 2020 Restricted - for Bursarles At 1 September 2020 Net gainllloss) on investments Net (expenditure) befor8 gains on investment Tr8nsfer from Unr8stricted Reserve At 31 Augusl 2021 3.447.832 1,094,413 (6,6121 1.297.858 121,081 } 2.171.055 3.447.832 4,535.633 2021 2020 Unr951rfcted - not deslgnatod At 1 September 2020 Net income before galns on Investment Net galnl{loss) on investments Transfer lo Reslricled Reserve - for Bursaries Transfer lo Unrestricted - designaled ReseNe At 31 August 2021 5,107,103 133.613 1,621,101 7,330.051 70,706 1117,083} (2,171.055} 5.516 5,107,103 6,861,817 Unrestrlcted - deslgnated At 1 September 2020 Net lexpenditureytncome before gains on investment Transfer from Unrestricted R6seTv8 At 31 August 2021 24.304 (24,304) 18,638 150 5,516 24,304 Total 11,397,450 8,579,239 As a result of Trustees. commitment. al their meeting in February 2021, to provide a £1 m Capital Grant to the School for a 0-storeY extension to the Dining Room, a decision was made lo *Valuate the level of Restricted Reserves for bursaries prior to the finalisation of the accounts for the year ended 31 August 2020. Following a review of the overall Reserves of the Trust, sUltIng from fundraising appeals from the period from 2004 to 2020, Trustees determined that a transf6r be made from unStrICted Reserves to Restricted Reserves frjr £2.171.055. The Restricted Funds ffjpresent a fund specificalty for bursaries. The balance rem8ining in the Unrestricted - designated fund for the Sports Development project was paid over to the School before the end of August 2021. 13 ANALYSIS OF NET ASSETS BETWEEN FUNDS Investmonts Other as$•ts Total Restricted funds Unreslricled funds 4.535.633 6.675.417 4.535,633 6.861.817 186.400 -24- 11.211.050 186,400 11.397.450
WGS TRUST NOTES ON THE FINANCIAL STATEMENTS YEAR ENDED 31st AUGUST 2021 14 RELATED PARTY The Govemors of Withington Gids. School {Charity Number 1158226) appoint the Trustees of WGS Trust. Transactions with Withington Girls. School have been identified and disclosed within the accounts as appropriale. Donations received from Twstees during the year were £1,040 (2020: £2201. The value including gift aid is £1.300 {2020- 275} Trustees confimed their commltment to provlde a capital grant to Withington Girts. School of £1 m al their meeting in February 2021. The capital granl 1$ for a Iwo-storey extension to the Dining Room. Work commenced on the project in April 2021 and the capital 5UPPOrt Is expecled to be required in tsvo instalments (December 2021 and May 2022). Trustees confimed at their meeting in May 2021 that the capilal grant will be financed from the partial disposal of investments. 15 FINANCIAL INSTRUMENTS 2021 2020 Financial assets measured at amortised cost (a) 189,520 496,225 Flnanclal assets measured at fair value Ib) 11,211,050 8,468.298 Financial liabS1ities measured at amortised cost (c) (3,120) 1317,9761 Nel financi81 assels measured at amrtiS8d cost 11,397,450 8,646.547 {a} Financial assets at amortlsed cost Include cash and other debtors {b} Financial assets at fair value include investmenls {¢) Flnancial liabililies include other creditors -25-