WGSTRUST Charity Number: 505207 ANNUAL REPORT YEAR ENDED 31 AUGUST 2022
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 {Chaimian) DL, FCA Mr R Bailey BA, ACA Mr A Beardsworth MA (Cantab) ACA CTA Mrs SJ Haslam BA Mr DJ Illingworth BA, FCA Mrs SE Marks. MA (Oxon) MA (Nott) FRSA Mrs J Pickering Bsc (resigned December 2021) Mf CM Poston Bsc, FCA Mrs SE Senn Bsc {Econ. ACA) Mr DJ Illingworth sadly passed away during the year. The Trust88s and Wrthington Girls, School are extremely gratefiil for hk8 enduring commitment to the School and to the WGS Trust. There were no other movements of Trustees during the year. Clerk to the Trustees Mrs A Cohen LLB ADVISERS Audltor Crowe U.K. LLP 3rd Floor, The Lexicon Mount Street MANCHESTER M2 5NT Stockbrokers Brown Shipley 3 Hardman Street Manchester M3 3HF Bankor Lloyds Bank 223 Finney Lane Heald Green Cheshire SK8 3PY Roglstered and prlnclpal offlco Withington Girts, School Wellington Road Fallowfield Manchester M146BL Charlty NuMr 505207 Constltutlon The charity is unincorporated and is govemed by Trust Deed execut8d on 13th May 1976.
WGSTRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2022 The Trustees of the W G S Trusl present their Annual Report and audited accounts for the year ended 31 August 2022 and confirm they comply with the requirements of the Charities Act 2011, as amended by the twst 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 including management of bursaries is undertaken by staff of Withington Girfs, School (Charity NuMr 1158226) {'the School,). Objectives and activities for the public benofit The objeds of the Trust, as set out in the Trust Deed, are as follows: the advanrnent of the eduG8tional work of the School charitable purposes (whether educational or not) of or associated with the School the advanment of education in any part of the world The Trustees confimi that they have referred to Ihe Charity Commission's guidance on public benefit when reviewing the Trust's aims and objectives. Provision of means-tested bursaries The principal way in which the Trust SUPPOrts the advancement of the educational work of the School is by providing means-lesled bursaries to girls who have performed well in the entran examination and might otheiSe be unable to take up places offered to them by the School. Bursaries are also awarded to pupils whose family circumstances change, to enable them to conlinue 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 Gase of redundancy. In assessing means a number of factors are taken into consideration including family income, investments, savings, opportunity lo generate additional income and family circumstances, for example dependent relatives. The bursary awards range from 100/0 to 1000/0 of fees. Information about fee assistance throLtgh bursaries is provided to all pantS of girls applying to the Senior School and also to parents of junior girls, as a limited number of bursaries have been available for girls entering Years 5 and 6 in the Junior School from September 2015. The availability of means-tested bursaries is publicised through School advertisements in the press and promotional materials at local libraries. Details of the bursary policy and how to apply are also on the School website.
WGSTRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2022 Support for Capital Projects at the School The other major way in whiGh the Trust supports the educalional advancement of the School is by providing financial assistsnce, in the form of grants and repayable loans. to enable a programme of ¢apital development to tske pla. Trustees agreed 8t their meeting in February 2021 to provide a ¢apital grant of £1 m for a 0-storeY extension to the Dining Room of the SGhool. Work commenced on this project in April 2021 and il was completed in Febnjary 2022. The capilal support was paid in two instalments during the year and was financed from the partial disposal of investments. The start date for this project was delayed as a result of the pandemic. While planning permission for this project was obtsined in April 2020, Governors of the School put major capital expenditure on hold until they felt that the b'me was right for this major project to commen. Thal decision was taken in February 2021. The previous major capital projecl undertaken by the School was the Sporls Development Project which was completed during the 2017118 academic year. Work started in August 2017 and was completed at Easter 2018. Recruitment and Training of Trustees The statutory power of appointing new Trustees is vested in the Governors of Wilhington Girls, School. This power is lo be exercised so that immediately after any appointment, at least one of the Trustees is not a Governor, and the power shall Gease to have effect upon being released in writing by the Governors or rf the School shall be discontinued or shall become a maintained school or rf the power of appointing all or a majority of the Governors shall be vested in a local or other public authority andlor any offIr or department of the governmenl. However, if the power of appointing new Trustees as indicated above shall cease to have effect, the statutory power of appoinling Trustees shall be vesled in the surviving or continuing Trustee or Trustees for the time being, or the personal representative of the last surviving or continuing Truslee. New Trustees are selected to provide the Trust with an appropriale breadth of abilities and experience. New Trustees are inducted into the workings of the Charty by the Chairman of the Trust. the Headmistress of the School and the Clerk to the Trust.
WGSTRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2022 Risk Management The Trust8es are responsible for th8 management of the risks fa¢ed by the Trust. The principal risk faced by the Trust is the performance of the investment portfolio. Trustees of the Charity manage the portfolio under the guidance of the Chair of the Trust. The Trustees bring a diverse range of skills and experiences to the Charity. The fund is administered by external stockbrokers. Truslèes adively monitor the performan of the investment portfolio, mainly through quarterly reports from the stockbrokers. The investment policy of the Trustees is to aim to achieve an above average dividend yield lo provide the income for means-tested bursaries, with a view to long-tem capital appreciation of the holdings, consistent with an acceptable level of risk. Trustees have taken the decision to invest primarily in smaller UK quoted companies and no one holding should nomially represent appreciably more than 7.5fj/0 of the overall portfolio in order to ensure a suitable spread of risk. The key controls used by Ihe Charity include: Formal agendas and supporting papers for all Trust meetings Consideration of regulatory compliance at all Trust meetings Comprehensive budgeting, management accounting, and reports on investment perfomiance Clear authorisation and approval levels Use of a Risk Register to assess the likelihood and impact of each risk together with the steps laken in miligalion Regular meetings 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 the major risks identified have been adequately managed ere nècessary. It is recognised that systems can only provide reasonable but not absolute assurance.
WGSTRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2022 OBJECTIVES AND ACTIVITIES Charitable Objects The objeds of the Charity, which are sel out in the Trust Deed, are the advancement of th8 educational work of Withington Girls, School. charitable purposes of. or associated with, the School and the advancement of education in any part of the world. The School is a separate charity which provides a day school for girls from the ages of seven lo eighteen. In setting and planning our objectives Trustees have given careful consideration to the Charity Commission's general guidance on public benefit. A specific aim of Ihe Charity is to maintain and enhance the level of means-tested bursary support to safeguard the diversity of the school community. The School has never offered financial support on a non-means-tested basis, such as academic scholarships. The School is committed lo providing public benefil as is eVIdend in ils published Annual Report. ACHIEVEMENTS AND PERFORMANCE REVIEW OF THE YEAR The Trust has outgoing resources of (£1,959.647) (2021.. Incoming resources of £977,256) for the year. Governors of the School approved a new Development & Aiumnae Strategy (2019 to 2024) at their 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-tested bursaries as one of the aims of the School is to maintain and increase the level of Governors, means-tested bursary support to secure the diversity of the School community, with th8 eventual aim of needs-blind admission. Donations reiVed by the WGS Trust for the bursary fund amount to £175,216 {2021: £173,727). This amount excludes £75,000 rèceivèd from the Zochonis Charilable Trusl {2021- £75,000} the terms of which are that this money must b6 spent on bursariès in the 2022123 yèar. As a result, this donation has beèn included withln Wlthington Gids, School's accounts as a payment on account for Ihe year lo 31 August 2022.
WGSTRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2022 The focus for our fundraising activities is to increase funding for means-tested bursaries. Our Bursary Fund is integral to our School, consolidating our vision and ethos to create a wam community centred on equality and opportunity, irrespective of a pupil's race, religion, social background and financial position, ensuring that Wilhington retains its position as a true centre for excellence open to all. Following a slrategic review of our Bursary provision, our immediate aim is to in¢rease our overall bursary provision to support 1 in 5 Senior School pupils {currently 1 in 6). A new bursary publication detailing our 'case for support, has been produced with input from donors, governors and bursary recipients. We have also launched a new programme called 'Parenls Funding Fulur8s'. In response to qUestS from some parents, this programme makes it èasier for parents to support Ihe Bursary Fund by donating al the same tirne that monthly or termly fe6 payments are Made. As part of our strategy to diversify how we are asking for support, we ran our first ever Giving Day in March 2022. A Giving Day is a 36-hour, multichannel fundraising campaign which aims lo engage our whole community and was underpinned by a bespoke online platform. The Giving Day raised over £70,000 for our Bursary Fund and has helped raise awareness of Bursary Fundraising- even among those who did not donale. One of our aims was to attract new donors and it is pleasing to note that 580/0 of donors to the Giving Day had not given before. We were delighted to welcome members of the Emily Simon Society back to school for their first annual lunch since the pandemic. The Emily Simon Society recognises those who have chosen to remember Wilhington with a gift in their will and members enjoyed hearing from sludenl leaders of the Withington's Model United Nalions Society IWIMUN). Applications to the 'Ad Lurn Fund. were invited from staff members to bid for funding lo support projects which enhan and enrich the pupils, learning, bul that normally fall outside the reach of the annual school budget. This year the Fund supported= 6 graphic tablets for design technology, a digital art station for the art department, 4 virtual reality headsets - a central resour which will have applications across the curriculum, flower planters for the new outdoor learning space, a career focused leadership programme for Year 12 students. Languages for Life week which provided students with a varieiy of language-relaled enrichrnent activities to explore the possibilities that language leaming offers in school and beyond and an Archive project to digitise the school's original handwritten admissions registers which can now be viewed on the Archive section of our websile. In order lo review the way that we engage with our alumnae and former staff, we conducted a piece of research to try and find out how they want us to engage with them going forward in terms of our events and our communications. As a resull of this. from 2023 we will be holding a reunion catering for year groups Celebrating a significant annivarsary since leaving WGS {10, 20. 30 years, etc.) in September and holding online reunions for other groups. We will also extend Ihe Circulation of our quarterly E-news and will be employing increased segmenlalion in our email communications to ensure we are as relevant as possible to different age groups of alumnae. Withington Onwards, our annual alumnae publication, was perceived to be an important and valued form of communication by respondents and so we intend to widen its circulation to include as many alumnae as possible.
WGSTRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2022 Withinglon has played a prominent role in professional development for school fundraising over the last year. Headmistress. Sarah Haslam, and Director of Developmenl, Lesley Dowdall. spoke at the annual HMC, IDPE and AGBIS Schools Bursary Conference in March 2022, giving an account of the Bursary programme at Withington. Lesley Dowdall was also Co-chair of the IDPE {Institute for Developmenl Professionals in Education) Annual Conference held in June 2022, leading on th8 ¢uralion of ¢onlent and speakers and contributing to sector-wide discussion, debate and dissemination of best practice. Thè running costs for the Development Office have been bome equally by the WGS Trust and the School. In the year ended 31 st Augusl 2022, the direct costs for each were £81,642{2021.' £88,356). The Fundraising Approach The School employs an in-house Development Team lo cary out fundraising on its behalf. The Director of Development reports directly to the Headmistress. A professional fundraising consultancy is engaged to assist witha biennial telephone campaign which also assisted with the Giving Day in 2022. The WGS Trusl {Charity 505207) 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 result, there was no requirement for the WGS Trust to register. The Trust's volunlary registration is evidence of its desire to follow best practice. The Trust also follows the Institute of Fundraising's code of practice and we have published our own Fundraising Code of Practice. The Development Team can confirm that all activities comply with the requirements of the Fundraising Regulalor, that of the Institute of Fundraising's Code of Practice and our own Code of Practice. Careful monitoring of the activities of the Development offi is carried out by Governors of the School and Trustees of the WGS Trust. The Director of Development submits reports on fundraising aclivilies to Governors and Trustees. There have been no complaints about fundraising activities in the year to 31 August 2022 {2021: NIL). The School paid £411,739 {2021'. £402,057) into Ihe Trust. This equates lo 4% of fee income plus an additional sum of £50,000 for the year lo 3151 August 2022 {the same calculation as the previous eleven years). Bursaries were awarded to 98 pupils {2021'. 112 pupils}= 95 in th6 Senior School and 3 from the Junior School. This equates lo over 170A of pupils in the Senior School and almost 20kn of pupils in Year 5 and 6 of the Junior School r8c8iving bursary support, of whom 18 benefited from full remission of fees. Thirty-two pupils in the Senior School obtained a bursary worth 800/0 of more of fees. The total cost of these bursaries was £713,384 {2021'. £734.973). The bursaries enabled PLbpils who have mel Ihe entrance criteria, whose families would not othemise have been able to afford the fees, to attend the School.
WGSTRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2022 The pupils in reipl of bursaries may also receive support with the purchase of school uniform, individual musicldrama lessons, curriculum-related school trips and similar expenses. Thè overall result for Ihe investment portfolio for the year was a loss of £1,155,955 {2021= gain of £2,715,514) of which the realised position for 2021 was a gain of £991,405 (2021.. gain of £644.068). As described in Nole 12. Truslees undertook an exercise in connection wilh the finalisation of the 2020 accounts to re-evaluale the level of Restricted Reserves for bursaries. Trustees fell Ihat, in the context of their agreement to provide a capital grant of £1m to the School for the two-storey Dining Room extension, and a revi6w of the rent and likely future use, it was appropriate to consider if additional funds should be classified as restricted for bursaries. It is on Ihis basis thal funds are now allocated. The Capital Grant of £1,000,0 for the Dining Room Extension was paid from Unrestricted Reserves. 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 1 OQh of the 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 FTSE 250 {ex-Investment Trust) Index and one or more appropnale charity indices at each of their meetings. The overall result for the year was a net decrease in funds of £1,959,647 (2021: increase in funds of £2,818.211). Trustees monitor the effect of the pandemic and other global market conditions on the retum of the investment portfolio and the movemenl of inveslments at their meetings. For the year ended 31$1 August 2021 the capitsl return of the portfolio posted a positive relurn of 31.98% compared to a rise in the FTSE 250 ex Investment Trust index of 40.40/0 and a rise in the FTSE All Share index of 22.70/0. For the same period last year, the capilal retum for the portfolio was a positive 2.47¥0 whilst the FTSE 250 ex Investment Trust index dropped by 11.20kn on a capital retum basis and a drop in the FTSE All Share index of 12.6 % on a capital return basis. The long-term effects of the pandemic are still unknown. and, as for many entities at this time, there has been a negative impact on the portfolio due to the volatility of global markets. Trustees acknowledge that there is potential for increased demand for bursary funding from Withinglon Girls. School (Charity 1158226) moving forwards and further volatility of the investment portfolio is possible.
WGSTRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2022 General Data Protection Regulations (GDPRI Update The School and the Trust are fully aware of their responsibilities under the General Data Prolection Regulations (GDPR) which came into effect from May 2018. Over rent years, the Development Team has requested and recorded communication preferences for contacts and conducts Data Protection Impact Assessments as appropriate to carefully consider who is being approached for supporl. how the approach is made and how oftèn this is done, to ensure that our fundraising is not unreasonably intrusive or persistent. All consent and communication preferences are retained on a specialist database. io-
WGSTRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2022 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 poli¢y dèsigned to achieve an above average dividend yield, with a view lo long term capital appreciation, consistent with acptable risk. In ordèr lo a¢hiave this high yield ¢ombined with longer term c2Pital growth the Trustees have decided to invest predominantly in a broad range of smaller UK quoted companies. The Trustees are minded to avoid exposure to investments which are deemed to be unsuitable in the context of the objectives and interests of thè WGS Trust and Withington Girls, School, when considering the portfolio as a whole. This includes preference to avoid sectors or companies involved in the following activities.. tobacco and payday lending. The Trustees seek lo maintain a conservative approach lo funds and at their meeting on 81h July 2022 it was agreed that no single holding should nomially represent appreciably more than 10 % of the investmenl porlfolio. Particular focus is given lo 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. The level of liquidity depends on anticipated financial support for future School projects. The Truslees monitor the investment performancE against the FTSE Small Cap (ex Investment Trus1} Index and one or more appropriate charity indices.
WGSTRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2022 RESERVES In formulating their reserves policy the Trustees are concemed that the Trust has a sufficient 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 thal the Trust should have adequate capital to provide income up to the level required to support Junior and Senior pupils throughout their school career. and the provision of financial assistance for the building programme of the School. Mindful of the increased demand for bursary funding together with financial support for the School's building and maintenance programme, the Trustees and the professional advisers consider that generation of unrestricted reserves of a minimum of £10 million is required lo meet these demands. This will enable both an active bursary outreach programme lo continue to be developed and future buildinglmaintenance projects to be financed. Achievement of this aim can only happen over a period of time and the current volatility in the markets has resulted in a loss on the investment portfolio in the cuent year of £1,155,955 {2021'. gain of £2,715,514). The level of reserves remains healthy overall at £9,437,803 {2021.' £11.397.450). Free reserves as al 315t August 2022 are £5,319.235 after taking into account the payment of £1m to the School12021.. £5.861.817}. Approved by the Trustees on & a.Z4 and signed on ils behalf by.. Lord Lee of Trafford L4-4e4 12-
WGS TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES ST YEAR ENDED 31 AUGUST 2022 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the annual report and the financial statements in accordan with applicable law and regulations. Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the Trustees must not approve the financial slalements 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 income and expenditure, of the charity for that period. In preparing those financial statements Ihe Trustees are required to.. select suitable accounting policies and then apply them consistently. make judgments and accounting estimates that are reasonable and prudent. slate whether applicable UK Accounting Standards have been followed, subject to any material departure disclosed and explained in the financial statements- prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy al any time the financial position of the charity and enable them to ensure that the financial statements comply wilh the Charities Act 2011, as amended by the trust deed and the Charities SORP 2015. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
WGS TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES ST YEAR ENDED 31 AUGUST 2022 Opinion We have audited the financial ststemenls of WGS Trust I'the charity,) for the year ended 31 August 2022 which comprise the Statement of Financial Activities. the Balants Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting poliaes. The financial reporting framework th81 has be8n applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iuniled Kingdom Generally ACpIed Accounting practi). In our opinion the financial statements.. • give a true and fair view of the state of the charity's 8ff8irs 8$ al 31 August 2022 and of Ils income and expenditure, for the year then ended., • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Praclice- and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordan with International Stsndards on Auditing IUKI IISAS IUKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Slan(Jard, and we have fulfilled our other ethical responsibilib'es in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a b8sis for our opinion. Conclusions relating to going concern In atjdiling the financial statements, we have concluded that the trustee's use of the goirrfJ COnM b8sis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability lo conty'nue as a going concern for a period of al least twelve months from when the financial statements are authoiised for issue. Our responsibilities and the responsibilities of the trustees wlh respect lo going concem are described in the relevant sections of this report. Other information The trustees are responsible for the other infomi81ion con18ined within the annual report. The other infomiation comprises tt)e information included in the annual report, other than the financi81 stslements and our auditor's report Ihereon. Our opinion on the financial sl8lemenls d<*s not Cover the other information and, except lo the exlenl OtheSe explicitly staled in our report, we do not express any form of assurance condusion thereon. Our responsibility is to read Ihe other information and. in doing so. consider whether the other infomalion is materially inconsistent with the financial statements or our knowledge obtained in the audit or othenlSe appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required lo determine whether this gives rise lo a material missl8lement in the financial slalements themselves. If, based on the work we have perfom)ed, we conclude that there is a m8terfal mlsslalemenl of this other inforniation, we are required lo report that fact. We have nothing lo report in this regard. Matters on whlch we are requlred to report by exceptlon We have nothing to report in respect of the following matters in relation lo which the Charities {Accounts and Reports) Regulabons 2008 requires us lo report to you if. in our opinion.. 14
WGS TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES YEAR ENDED 31ST AUGUST 2022 the information given in Ihe financial staternents is inconsistent in any material respect with the trustees, report- or SLrfficient and proper 8ccounting records have not been kept by the charity.. or the financial slalemenls are not in agreement with Ihe aGcounling records and relums.. or • we have not received all the infom)ation 8nd explanations we require for our audiL Responsibilities of trustees As explained more fully in the trustees. fesponsibililies statement sel out on page 13, the Iruslees a responsible for the preparation of the financial slalements and for being satisfied Ihat they give a true and fair view, and for such internal control as the Iruslees determine is necessary to enable the preparation of financial statements that are free from material misslatemenl, whether due lo fr8ud or error. In preparing the financial ststements, the trustees are responsible for assessing the charity's ability lo continue as a going concern. disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realisllc allemative bul to do so. Audltor's re$pon$lbllltle$ for the audlt of the flnanclal $tstements We have been appointed as auditor under section 151 of the Charflies Act 2011 and report in occordance with the Acts and relevant regulalior+s made or having effect Ihereunder. Our objectives are lo obtsir) reasonable assurance about whether the finanaal statements as a whole are free from material misstatement, whelher due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high lever of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to inffluen the economic dlSIonS of users taken on the basis of these finano81 slalements. Details of the extent to bvhich the audit was considered capable of detectin9 irregularities, including fraud and non- compliance with laws arml regulations are sel out below. A further description of our responsibilities for the audit of the financi81 slalemenls is located on the Financial Reporting Council's website al.. www.fr¢.or .uLlaudilorsres onsibilib"es. This descrlplion fomis part of our auditor's report. Extsnt to which the audit was considerèd capable of detecting irregularities, including fraud Irregularities, induding fr8vd, 8re instances of non-compllance ¥th laws and regul8llons. We identified and assessed the risks of material misststement of the flnancial stslemenls from irregularities, whether due to fraud or error, and discussed these beeen our audit team members. We then designed 8nd performed audit procedures responsive lo those risks, including obtsining audit evidence sufficient and appropriate lo provide a basis for our opinion. We obtained an understanding of the legal and regu18tory frameworks within which the charity operates, focuslng on those18ws and regul8dons that have a dlre¢l effect on the detemiinatlon of malerfal amounts and dil0$yreS in the financial slalemenls. Th8 laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP IFRS 102}. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In 8ddition, we considered provisions of other laws and regu18tions that do not have a direct effect on the financial slalemenls bul compliance wlh which might be fundamental lo the charity's ability to operate or lo avold a material penalty. We also consldered the opportunities and incentives that may exist wlhin the charity for fraud. The laws and regulations we considered in this context for the UK operations were the Charities Act Regulations 15-
WGS TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES ST YEAR ENDED 31 AUGUST 2022 Auditing standards limit the required audit Prtscedures to identify non-cornpliance with these laws and regulations lo enquiry of the Trustees and other managernenl and inspection of regulatr)ry and legal correspondence, if any. We idents'fied the greatest risk of material impact on the financial statements from irregularities, including fraud, lo be wlhin the bming of recognition of income and the override of controls by management. Our audit procedures lo respond lo these risks induded enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posliThJ of joumals, reviewing accounting eslimates for biase5, reviewing regulatory correspondence with the Charity Commission, reading minutes of meetings of those ¢haTged with governanc8 and sample lesl'ng of Income. Chving lo the inherent limitations of 8n 8udil, there is an unavoidable rfsk that we may not have detected some material misstatements in the financial slalemenls. even though we have properly p18nned and perfom)ed our audit in accordance wlh auditing standards. Foi example, the further removed non-compliance with laws and regulatsons lirregulafitiesl is from the events and transactions reflected in the financial ststements, the less likely the inherently limited procedures required by auditing stsndards would identify it. In addition, as with any audit. Ihere remained a higher risk of non4etection of iiregularilies, as these may involve collusion, forgery, intentional omissions, misrepresenlaliDns. or the override of intern81 controls. We are not responsible for preventing non- compliance and cannot be expected lo detect non-compliance with all18ws and regu181ions. Use of our report This report is made solely to the charity's trustees, as a body, in accordance wlh Part 4 of the Charities {Accounls and Reports) Regulations 2008. Our audit work has been undertaken so that we might state lo the charty,5 Iruslees those matters we are required lo slate lo them in an auditor's report and lor no other purpose. To the fullest exlenl peimitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's Iruslees as a body, for our 8udil work. for this report, or for the opinions we h8ve fomed. LLF Crowe U.K. LLP Statutory Auditor The Lexicon Mount Street Manchester M2 5NT Dale 19th July 2024 l6-
WGS TRUST STATEIAENT OF FINANCIAL ACTM FOR YEAR ENDED 31•lAUGUST 2022 Fur Fun Tot•1 FJ1 Tcal IIICQIIEWIID EXPENL¥TURE &107 176216 411,np 262 897 173 774 2e6 004 760.729 1,0 17&WO 411,739 3.473 173.727 1712 402,057 402,C67 T¢tsl 248281 735,975 81M41 1,841 18,358 81 Burn•l•s wtrpUW•wt Qlrw 717.780 717.7aol 740 710.687 15,576 14 1,OCII.O1 24J)4 15,Qg 18.483 1031 LW 717780 1748 784 24 1112.645 717780 1mO 109.688 24.304 740.687 874 ,8411 42,949 1 13JM13 P4,3041 16A12) 1¢Y2.th7 N•tOw6y9dn on Inb&bi (895,9411 148D,0141 11.1SS.9551 1.fj21.101 0 1,1)04A13 2,715,S14 IIETIAOVEIIENfiFI AIND8 12 11.542,5B2) I417,() 11.959.647) 1.7N.714 124.3011 1M7M01 1818211 RÉCOIKIUAIION OF FUND8 ToTLFuN bR¢uoKfFORW•IID 12 6I61M17 4N6M33 11.397. 5.107.105 24,301 3,447,832 9.579239 TOTLFUND8 cRIED FORW*JIO 12 S319235 118588 9437 17 0 4.$3S833 11 Tr•Mt•s on ptyts20 ID 26forrn wrt01th iDx¥Jnts. .17.
WGS TRUST BALANCE SHEET AS AT 31stAUGUST 2022 2022 2021 Notes INVESTMEKrs 9,375,852 11,211,050 CURRENT ASSErs Debtor Cash 28,903 428 808 457,711 62,943 126577 189.520 10 CREDITORS Amounts falling du8 thin on8 y8* 395 760 NET CURRENT ASSETS 61,951 186,400 NET ASSETS 9,437,803 11,397,450 ACCUMULATED FUNDS Restrictad Unre5tricted- de$ign8t8d Unwtricted - nol designatgd 12 12 12 4.118.568 4,535,633 5319235 9 437 803 6861 817 11 397450 Approved by the Board ol Trus1¢8s on and signed on its behalf by ots- IvicJckn zGbZi, Lord L•• of Trafford Mr• S J H••l•m J.T. Il_
WGS TrUST STATEiiÈKfoF CASH FLOWS FORVEAR ENDED 31 IIOUST 2022 R•EonElll•U•n ol n•trno¥•rMnt In ta n•t ealhllowfrom op•r•Ung •¢ll 11.959.647) 1801 1.155.955 1818211 161} P.715,5141 135,S)61 1402,3101 O•Ju¢t Inter•st $lbyn In lAtiNJ •¢lvlU Add rt loB811nI on InlMt DKrea8elllncr08801 In dBbt 3¥2.640 77 C•Bh IIow8 frwn In¥•Ing¥1u8 Interest Irn8 Pur¢Trow of Inwstrn•nts Lwiwl oflnv•thi•n 61 18W.8061 889.465 11201.2661 1W.$08 In¢ff••Wld•¢r••MI in ¢••h •wW•rts In ih and ¢•¥h 04ufvalwts atth• bB9iMlng ofthB fftr 307,228 121577 1336.4WI 463,037 Tot•1 r••h Ind ¢•bh •tth••nd •fth• Lws Bwk Curf•nl*uount 126,577 Totsl and •4uh•f•Thl• atth• md •fth• > -f9-
WGS TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31st AUGUST 2022 1. ACCOUNTING POUCIES la} Ba$ls of pr•p4r•tlon of fln•n¢lal Statsments The financi81 statements have been Prepared in accordance wlth the Finan¢i81 Reportlng Standard applicable in the UK and Republic of Ireland IFRS1021, the Charities Act 2011 and the Statement of Recommended Pradi¢o applicable lo charilitrs proparing their a¢Unts in 8¢wdan¢e wlh the Finan¢ial RakKJrbng Standwd applible in the UK and Republic of Ireland IFRS 1021- effective 1 January 2015. Thg hJnclion81 currency of the Charity 1$ Considered lo be GBP because that is the currency of th¢ prfmary economic environment in which the Charity operates. The accounts are drawn up on the historical cost basis of a¢¢ountsng. as modffied by revaluation of investment5. The Charity is a Public Beneff( Entity regi31ered as a charity in England and Wales. Its charity number is 505207 {England and Walos). Ibl Incoming resources l income is induded within the Statement of Financial Activities I'SOFA'I on 8 re¢oiv8ble basis. Ic) Resources gxpend•d All expenditure is accounted for on an accruals basis and allocated direcuy to the categjry to which it relatss. Govemance costs comprise those costs in¢urrrgd complying constilubonal al statulory requirements. Capital grants are accounted for when the payment is made. {dl Inv•stments Investments 8re 518ted at market v81ue. le) Fund a¢countlng FurKls held by the drity are eitr. Unrostricled funds which can be used in a¢¢ordan¢e with the ¢haritat4e objects at the discretion of tho Irustsos. Design8t8d funds 8re those ear-marked for 8 specific purpose. As a131s1 August 2022 ther& *wa no funds in this categcry. Reslricted fvnds vthith can only be used f¢y portitar rastri¢ted purposes within Ihe objects ofthe charity. Restrictions arise vthen specrfied by the donor OT when the funds are raised for particular restricted purpo888. If) Financlal Instrum•nts Basic financial instruments ara initially recognised at transaction valuè and subsequently rn&asLbred at amortised cost vAlh the ex¢epbon of investmgnts which a held at fair valug. Financial 8ssels htrld at amortised cost compri5tr cash at bank and in hand, together trade and other deblor5. A specAfic provision is mado for d$bts for which recoverabilty is in doubt. Cash at bank and in hand is dgfined as all ¢ash held in instant access bank aCCnts and used a5 WOTking capital. Financial lla.1111e5 held al amortised cost comprise all creditors except social security and other tsxes and provision$. As$ets and liabilib'es held in fowign crnCY are translated to GBP al tho balance sheet dats al an appropriate year ond exchange Tate. -20-
WGS TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31st AUGUST 2022 1. ACCOUNTING POLICIES coiinNUED (gl Crlllc•l accountlng Judi•m•nts fid lourcm of Mtlm•tlon ntlty In tha application olthe a¢Unting pdici08. Tru8to88 are rnqulrod to mako IOrn8n( osumatos. and assum about the carylng vu9 of assets ond Ilab116tlgs that arg not roadily opparent from other sourc88. The estimates and undertying assumptions are ba58d on historical experience and otherfactor8 that are considered to bè rolevanL ALtual re8ts may from e811m•t6S. The astlmates and Unden9 a$sumpOons are revl•wed on an orvJoing bgsks. R8vLshJns to ajn{inU Ostimates are recc¥nised in the period in which the estimate is revis&J revision affocts ontythal wrfod, or in the of the revi8H)n and firture period8 rf tha revision affected ojrrent and future wrfods. In the view of the tru8tee8, no other a88umption8 concaming the fuiure or estimatlon uncort8lnty offodiry assets or Ilablllugs at thg bal¥n¢g shogt dats arg Ilkoly to result In o matorfal adlu$tm•nt to th8lr ying affints in tho r*xt financial Jtar. (h) Golng cOnrn The Tru8t8e8 COn8ider thatthe WGS Tru8t Is a GOINJ Concem. The TrLk4te08 monl¢orth8 SclK)ofs Ygquiroment for bursary fvnding and wtal prol8cts at 08ch oftholr mggtings to ensure that this can fiJnd8d. The Trusloes mnltor th8 return of the Investment portfollo and th• movomgnt invostrnents at their meetiry. The School prodeS the Trustees with an inditiOn of the funding required for Tran85. Tho Trustees thon d8ada the amount that is pa6d to tho School. The Trustg¥s b811gv8 that the Trust Is obfe to conttnue as a golng con¢gm fry the frnable firture, Ing at least fflonths from the dale of approv81 olthese financial statements, and havo therefore prepargd thg financlal stalgmonts on a golng concwn basis. 2. INVESTMENT INCOME 2021 Bank interest Dividend8 on UK listed investmer 61 397.938 436,591 436,671 -21-
WGS TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31st AUGUST 2022 3 COSTOF RSING FUNDS 2022 2021 Staff reth•rged from Wilhington Girt8' Scl Promotional matsri T•lophono Campaign Giving Day Oiherfundraislng costs 71,561 7.047 (2.320) 3,247 2.108 66,271 3.270 13,041 4.263 1.511 4 BURSARIES Bwsarfes pald for pupils of Wmhlngkn Glrts. School 717.780 740,587 total number of pupi18 in roceipt of ts88 durirwJ thè Y waB 98 {2021..112>. 5 ANNUAL FUND 2022 Purch88e of owipment for Withington Glrf8' Sthool 15,576 15,576 2,829 6 CAprfAL GRANT TO WITHINM GIR SCHOOL 2022 2021 Capital grant paid lo Withington Gir15' for thg 8xtfjn$ion of Dlnlng Room. S•9 Note 14. The prlor yearffiguro rfjloles to th• Donatso for thg Sports Dgvelopment Project that wera pald to thè S¢hcd. 7 OTHER CHARrrABLE EXPENDrruRE 2022 Sundry *xp•nso8 Subscrfptsons Clork to the Tntst stwkbroklng fve 1.162 919 2.500 678 2,113 1.112 2.660 2.058 2,500 678 2.217 Office exnSeS Database sofhvare TnKste8 Indemnity Insuranco Gob•manc• Co•ts Audlt F88$ 2.759 15,428 18.483 Thg Truslstrs received no remuneration or reimbursement of expenses during the year12021 £NILI. There are no employees ofthe Charity and therefora no 8mploy8e bengfits paid of more than £60,000
WGS TRUST NOTES TO THE FINANCIAL STATEMEKrs YEAR ENDED 31st AUGUST 2022 8 INVESThENTS Tho nM)vtn*nts on this &(xiunt during thg were a8 followa: 2021 UK quol•d InvMtm•nt8 At valuation.. At 1 September 2021 hjitlons at rmt DIspo881 eedS chan in marketvalue 11211,050 1301388 (1,885,508) 11,155,955 8,494,1 1889,4651 2,715.514 At 31 August 2022 9,370.855 11.211,050 Cash hd by 8tockbrokèrs 4,997 9.37S.832 11,211.050 I IrN88tmen18 are held for ¢ty us•. Th• Ns1orfI co81 of inve81mants held is £7.398.783 (2021: £7.166.3911. 9 DEBTORS 2022 Inrne tax remratl• Am( due from Withingkn Girf8' SchLK 44.171 18,T12 28.903 62.943 10 CASH AT BANK Uoyd8 Bank CurrentAccount 126.577 428.808 126.577 11 CREDITORS nounts lalllnq du• wlthln on• )•ar 3,120 392.640 3.120 Amount payablè to Withington Glrts. ScPwy)I 395.760 3,120
WGS TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31st AUGUST 2022 12 ACCUMULATED FUNDS Rmtrlctod . for Bur•arl•• At 1 Sepltmtr 2021 Nel 008sygaln on Investmonts Nèt incomel{expenditUTe) before gains on imiestment At 31 AUgt 2022 4,535,633 (460.014} 3,447,832 1,094.413 6,612 4,535.633 118.568 Unr•strl¢t•d. not d••lgn•t•d At 1 Soptomber 2021 Net Ilossyincomo bofore gain$ on investm8nt Net11088ygaln on Inv881monts Al 31 August 2022 6A61.817 (846,6411 695.941 4319.235 5,107,103 133.613 1.821.101 6,861.817 Unv••trlcl•d . dMlgn•tsd Al 1 Septernbor 2021 Net (oxwdllurel bofore gair on inve8knent At 31 Auwst 2022 24.304 24.304 Total 7kn803 11,397,450 At their meeting in February 2021. Trustoes agreed to provtde 0 £1m Cap5ts1 Grant to tho School for a Iwwlorey oxlensk)n to th9 Dinlr¥J Room. Th8 Caphal Grant was mado from Unreslricted Re8arv08 during the ojrront year. Thg Rostr1(led Funds represent 8 fvnd sp•dfiNY for l)urs•rl•s. 13 ANALYSIS OF NEf ASSEfs BEfYftEM FUNOS In¥•th Oth•ra•••ts T•X•l Restrlcted funds Unr68tri¢ltd funds 4.118.568 5257.284 4.118.588 5,319,235 61.951 9 375 852 9 437 803 14 RELATED PARTY Thg Governors ofwthirwn Gid8' School {cty Number 1158226) spinttr* Tru8te88 of WGS Trust. Transactions 1th Within9ton Girf$' School have bggn IdgnOW orKI disdosgd wlthin thg awounts os opproprialo. Donation8 rocoived from Tru8te88 during the year wwe £1,44512021: £1.040}. T Val induding gift is £1.556 (2021- £1,300} A Ggpltsl grant of £1.OLXI.(N)O was pokl to Wlthlngton Glrfs. Sclwjol dlry th• ye•r as • cothtyJYon towards the twwtorgy onsn to tho Dlnlng Room. Truste•s •pprry•d thls capltal granl at thelr
WGS TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st AUGUST 2022
meeung In Fotruary 2021 from Unrosldcted Resepm.
The c&pital grant wa5 financed from tho partial di$pwl of investments.
15 FINANCIAL INSTRUMENTS
2022
2021
Finanrial assets measwed at amorbsed c