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 circUmstan￿s. 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 n￿Y 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 Lu￿rn Alumna Award was
awarded to world renowned neuroscientist, Brenda Miln6r. The Ad Lu￿M 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 D8￿mber 2020 when members were able to watch lo highlights from
our virtual Christmas concerts.
The Annual Fund was renamed and relaunched as the 'Ad Lu￿rn 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 v￿ekS 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, cu￿1¢u1Uffl￿e1ated 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 In￿eaSe 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 a￿1vitieS 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 a￿ordanCe 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 Other￿Se 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 r￿t been kept by the charity: or
. the financial statements are not in agreement the accounting re￿rdS 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 preparat￿n 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
I￿egUlarl1￿S, 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(￿ed￿re5 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$e risks induded enquiries of management about their own idenlrficalion and
assessment of the risks of irregularities. sample lesling gn the posting of journals, reviewing a￿OUntIng
eslimales for biases, reviewing regulatory cWeSponder￿e with the Charity CornmissK)n. reading minutes of
meetings of those charged with governance and samplè lesling of income.
Owing to the inherent limitations of an audll. there Is an unavoldable rlsk that we may not have detected
some material misslalemenls in the financial stalemenls. even though we have properly plar¢ned and
perforrned our audit in accordance with auditing standards. For example, the further removed non-
compliar¢ce with laws and regulations lirregulariliesl is from the events and Iransacllons refieclgd in the
financial slalemenls, the less likely the inherently limite(I ￿￿edUreS required by auditing slandartjs would
idenlrfy it. In addition, as with any audrt, there remained a higher risk of non4election of irregularities. as
these may involve collusion, forgery, intentional omissions, misrepresentslions, or Ihe override of internal
controls. We are not iesponsible for preventing non￿)MPlI8ftC¢ arKi ¢annol be oxpecled lo dele¢t noTr-
compliance with all laws and regulations.
Uso of our report
Thls report is made solely to the eharity's Iru$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
Un￿ll￿t¥d capit￿ R•5trtctad
FL￿￿¥
Appèol
Fund¥
2420
2D20
FLYth Arwl F￿
Y)21
Toi•l
2021
Totsi
2020
INCOMEANO EXPEMDffURE
INCOME
DonA￿OnI
con￿bUtIOnsfrOrn WthIW fyrf¥'Sc
Inveilmenl IrKorn•
Incom• gon*rniill9
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 char￿￿ty￿ ExpBnellur•
18.43
18.463
16.028
16.028
To￿1 ChaAt4trA• AcbvI￿¥
24 YJI 740 $87
203
T•¢4 •Np•ndNur•
24
N•t ln¢¢Al4xp•r￿hlW•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 Ca*h •nd Cash Equlval•nt•
Lloyds Bank Currènt Acc￿n(
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 ex￿nded
All expenditure Ss accountèd for on an a¢¢n￿lS 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￿$tricted funds which can be used In acwrdance with th8 charitable objects at the dlscretion of the
trustees.
Design8ted funds are those ear-marked for a S￿IfiC purpose. As at 31st August 2021 there We￿ no fund8 In
this category as the amount payable as at 31 st August 2020 was paid to the School durlng the year.
Restricted funds whi¢h Can only b6 used for particular restricted purposes wthin the objects of the charity.
Reslriclions arise when specrfied by the donor or when the funds are raised for particular ￿$triCted purposes.
{Q Flnancial Inslruments
Basic financial Instruments are initially recognised at transactlon value and subsequently meaSU￿d 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 aff￿ted 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 So￿are
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 un￿StrICted
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-