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 NuM￿r
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 NuM￿r
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 advan￿rnent of the eduG8tional work of the School
charitable purposes (whether educational or not) of or associated with the School
the advan￿ment 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 othe￿iSe 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 pa￿ntS 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 offI￿r 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 eVIden￿d 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 re￿iVed 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 Lu￿rn 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 re￿ipl 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 re￿nt 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 re￿nt 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 ac￿ptable 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 cu￿ent 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 AC￿pIed 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 COn￿M 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 Othe￿Se 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 othen￿lSe 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 d￿lSIonS 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 be￿een 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 di￿l0$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 char￿ty,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
F￿J1
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 wtr*pUW•￿w￿t￿ Qlrw
717.780
717.7aol
740
710.687
15,576
14
1,OCII.O￿1
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
ToT*LFuN￿ bR¢uoKfFORW•IID
12
6I61M17 4N6M33 11.397.
5.107.105
24,301 3,447,832 9.579239
TOT*LFUND8 c￿RIED 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 $lby*n In lA￿tiNJ •¢lvlU
Add r*t loB811￿nI on In￿lM￿t
DKrea8elllncr08801 In dBbt
3¥2.640
77
C•Bh IIow8 frwn In¥•￿Ing￿￿¥1u8*
Interest Ir￿n8
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$ls of pr•p4r•tlon of fln•n¢lal Statsments
The financi81 statements have been Prepared in accordance wlth the Finan¢i81 Reportlng Standard applicable in
the UK and Republic of Ireland IFRS1021, the Charities Act 2011 and the Statement of Recommended Pradi¢o
applicable lo charilitrs proparing their a¢￿Unts in 8¢wdan¢e wlh the Finan¢ial RakKJrbng Standwd appli￿ble in
the UK and Republic of Ireland IFRS 1021- effective 1 January 2015.
Thg hJnclion81 currency of the Charity 1$ 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 d￿rity are eit￿r.
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 porti￿tar 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$bts
for which recoverabilty is in doubt. Cash at bank and in hand is dgfined as all ¢ash held in instant access bank
aCC￿nts and used a5 WOTking capital. Financial lla￿.1111e5 held al amortised cost comprise all creditors except
social security and other tsxes and provision$. As$ets and liabilib'es held in fowign c￿r￿nCY 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 ￿n￿t*l￿ty
In tha application olthe a¢￿Unting pdici08. Tru8to88 are rnqulrod to mako I￿Orn8n( osumatos. and
assum￿￿ about the carylng v￿u9 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 re8￿ts may from e811m•t6S.
The astlmates and Unde￿n9 a$sumpOons are revl•wed on an orvJoing bgsks. R8vLshJns to a￿￿jn{inU
Ostimates are recc¥nised in the period in which the estimate is revis&J revision affocts ontythal wrfod, or
in the of the revi8H)n and firture period8 rf tha revision affected ojrrent and future wrfods.
In the view of the tru8tee8, no other a88umption8 concaming the fuiure or estimatlon uncort8lnty offodiry assets
or Ilablllugs at thg bal¥n¢g shogt dats arg Ilkoly to result In o matorfal adlu$tm•nt to th8lr ￿￿ying affi￿nts in tho
r*xt financial Jtar.
(h) Golng cOn￿rn
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 pro￿deS the Trustees with an indi￿tiOn 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 frn￿able 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 R￿SING 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 ts￿￿88 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$ion
of Dlnlng Room. S•9 Note 14.
The prlor yearffiguro rfjloles to th• Donatso￿ for thg Sports Dgvelopment
Project that wera pald to thè S¢hcd.
7 OTHER CHARrrABLE EXPENDrruRE
2022
Sundry *xp•nso8
Subscrfptsons
Clork to the Tntst
stwkbroklng fve
1.162
919
2.500
678
2,113
1.112
2.660
2.058
2,500
678
2.217
Office ex￿nSeS
Database sofhvare
TnKste8 Indemnity Insuranco
Gob•manc• Co•ts
Audlt F88$
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 h￿d by 8tockbrokèrs
4,997
9.37S.832
11,211.050
I IrN88tmen18 are held for ¢￿ty us•.
Th• Ns1orf￿I co81 of inve81mants held is £7.398.783 (2021: £7.166.3911.
9 DEBTORS
2022
In￿rne 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 Sepltmt*r 2021
Nel 008sygaln on Investmonts
Nèt incomel{expenditUTe) before gains on imiestment
At 31 AUg￿t 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•dfi￿NY 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 {c￿ty Number 1158226) sp￿inttr* 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 dl￿ry th• ye•r as • cothtyJYon
towards the twwtorgy ￿ons￿n 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<tst {a>
457,711
189.520
Finandal a88ets me88urnd atf*rvalue Ib)
9,375,852
11,211,050
Finand81 Ilabilrtses mèasu￿ at am0￿88d cost {c)
P95,780)
(3.1201
Netfinondal 9880ts measured 01 wnorU8ed o)sl
9.437.803
11,397.450
la} Finar￿191 assets al amorbsod o)st Indudg cash and other debtorn
Ib} Flnanclal a880ts al fairvaluo irK4ude investrnenls
{c) FinarKi81 liabilities indude other u&JitOTS