WGSTRUST Charlty Number.. 505207 ANNUAL REPORT YEAR ENDED 31 AUGUST 2023
WGSTRUST CONTENTS Page REFERENCE AND ADMINISTRATIVE INFORMATION TRUSTEES, ANNUAL REPORT STATEMENT OF TRUSTEES. RESPONSIBILITIES 10 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES 11 STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET 15 STATEMENT OF CASH FLOWS 16 NOTES TO THE FINANCIAL STATEMENTS 17
WGSTRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 AUGUST 2023 TRUSTEES Lord Lee of Trafford (Chairman) DL, FCA Mr P Adams BA, ACA (joined 9th October 20231 Mr R Bailey BA, ACA Mr R Bale LLB O"oined 5th June 20231 Mr A Beardsworth MA {Cantab) ACA CTA Mrs SJ Haslam BA Rev SE Marks, MA (Oxonl MA {Nolll FRSA Iresigned 26th March 20241 Mr CM Poslon Bsc, FCA Mrs SE Senn BSC IEconl, ACA There were no other movements of TnJslee5 during the year. Clerk to the Trustees Mrs A Cohen LLB ADVISERS Auditor Crowe U.K. LLP 3rd Floor, The Lexicon Mount Street MANCHESTER M2 5NT Stockbrokers Brown Shipley 3 Hardman Street Manchester M3 3HF Banker Lloyds Bank 223 Finney Lane Heard Green Cheshire SK8 3PY Registergd and principal office Wilhinglon Girls, School Wellinglon Road Fallole1d Manchester M146BL Charity Number 505207 Constltution The charity is unincorporated and is governed by a Trust Oeed executed on 13th May 1976
WGSTRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2023 The Trustees of the W G S Trust present their Annual Report and audited accounts for the year ended 31 August 2023 and confirm they comply with the requirements of the Charities Act 2011, as amended by the trust deed and the Charities SORP 2015. STRUCTURE, GOVERNANCE AND MANAGEMENT The Trustees determine Ihe general policy adopted by the Trust and work with professional advisers lo deal with the day lo day management of investments. Adminislralion of the Trust including managemenl of bursaries is undertaken by staff of Wilhington Girls, School (Charity Number 11582261 I'lhe School'l. Objèctivos and activit1•5 for thè public bangfit The objects of the Trust, as sel out in the TrLJ$I Deed, are as follows.. the advancement of the educational work of the School charitable purposes Iwhelher educational or noll of or associated with the School the advancement of education in any part of the world The Trustees confirm that they have referred lo the 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-tesled bursaries lo girls who have performed well in the entrance examination and might otherwise be unable lo lake up places offered lo them by the School. Bursaries are also awarded lo pupils whose family circumstances change, lo enable them to continue lo attend the School. Bursaries are made solely on the basis of parental means or lo relieve hardship where a pupil's education would otherwise be al risk for example in the case of redundancy. In assessing means a number of factors are taken into consideration including family income, investments, savings, opportunity lo generate additional income and family circumstan, for example dependent relatives. The bursary awards range from 10 /0 to 1 (10'/o of fees. Information about fee assistance through bursaries is provided lo all parents of girls applying to the Senior School and also lo 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-lesled bursaries is publicised through School advertisements in the press and promotional materials at local libraries. Details of the bursary policy ano how lo apply are also on the School website.
WGSTRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2023 Support for Capital Projects at the School The other major way in which the Tru51 supports the educational advancemerbl of the School is by providing financial assistance, in the form of grants and repayable loans, to enable a programme of capital development lo lake place. Trustees agreed lo provide a capital grant of £1 m for a two-storey extension lo the Dining Room of the School. This w85 completed In February 2022. The previous major capital project undertaken by the School was the Sports Development Project which was completed during the 2017118 academic year. Work started in August 2017 and was completed al Easter 2018. R•cruitment and Training of Trust9•$ The ststulory powef of appointing new Trustees is vested in the Governors of Wilhinglon Girls, School. This power is lo be exercised so that immediately after any appoinlmenl, al least one of the Trustees is not a Governor, and the power shall cease lo have effect upon being released in writing by the Governors or if the Sehool shall be discontinued or shall become a maintained school or if the power of appointing all or a majority of the Governors shall be vested in a local or other public authority andlor any officer or department of the government. However, rf the power of appointing new Trustees as indicated above shall cease lo have effect, the slalutory power of appointing Trustees shall be vested in the surviving or continuing Trustee or Trustees for the time being. or the personal represenlalive of the last surviving or continuing Trustee. New Trustees are selected to provide Ihe Trust with an appropriate breadth of abilities and experience. New Trustees are in(lucled into the workings of the Charity by the Chairman of the Trust, the Headmistress of the School and the Clerk to the Trust. Rlsk Management The Trustees are responsible for the management of the risks faced by the Tru51. The principal risk faced by the Trust is Ihe 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 lo the Charity. The fund is adminislereé by external stockbrokers. Trustees actively monitor the performance of the investment portfolio, mainly through quarterly reports from the stockbrokers. The investment policy of the Trustees Is lo aim lo achieve an above average dividend yield lo provide the income for means-lesled bursaries, with a view lo long-lerm capital appreciation of the holdings, consistent with an acceptable level of risk. Trustees have taken the decision lo invest primarily in smaller UK quoted companies and no one holding should normally represent appreciably more than 100/0 of the overall portfolio in order to ensure a suitable spread of risk. The key controls used by the 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 aulhorisalion and approval levels Use of a Risk Register lo assess the likelihood and impact of each risk together with the steps taken in mitigation
WGSTRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2023 Regular meetings of Trustees, a standing item of which is Conflicts of Interest andlor coflICtS of Loyalty Active monitoring of the investment porrfolio and mechanisms lo effect transactions al short notice The Trustees are satisfied that the major risks identified have been adequately managed where necessary. 11 is recognised that systems can only provide reasonable bul not absolute assurance. OBJECTIVES AND ACTIVITIES Charitabl• Objèct$ The objects of the Charity, which are sel out in the Trust Deed, are the advancement of the educational work of Wilhinglon Girls, School, charitable purposes of, or associated with, the School and the advancement of education any part of the world. The School is a separate charity which provi(Jes a day school for girls from the ages of seven lo eighteen. In setting and planning Our objectives Trustees have given careful consi(ieration to the Charity Commission's general guidance on public benefit. A specrfic aim of the Charity is lo maintain and enhance the level of means-lesled bursary support lo safeguard the diversity of the school community. The School has never offered financial support on a non-means-lesled basis, such as academic scholarships. The School is commilled to providing public benefit as is evidenced in ils published Annual Report. ACHIEVEMENTS AND PERFORMANCE REVIEW OF THE YEAR The Trust has outgoing resources of £1.525,492 12022.. outgoing resources of £1,959,647) for the year. This result has largely been brought about by Ihe loss on investments in the current year of £1,694,66612022.' loss of £1,155,955). The realised portion of this loss in the current year is £16,483 (2022.. realised gain of £991,405). Trustees have reviewed the investment portfolio and have concluded that the portfolio performance largely reflects global fluclualions in the market. The strijclure of the portfolio consislenlly provides the required level of income for providing means tested bursaries al Wilhington Girls, School. The portfolio is reviewed in detail al every meeting. Governors of the School approved a new Development & Alumnae Stralegy12019 to 20241 al their meeting in September 2019. The key focus of this Siralegy, which dovetails with the School's Development Plan, is to continue lo raise funds for School priorities. A significant focus is to increase funding for means-tesled bursaries as one of the aims of the School is lo maintain and increase the level of Governors, means-tested bursary support to secure the diversity of the School community, with the eventual aim of needs-blind admission. Donations received by the WGS Trust for the bursary fund amount lo £182,44512022". £175,216). This amount excludes £75,000 received from the Zochonis Charitsble Trust {2022'. £75,000) the temis of which are that this money musl be spent on bursaries in the 2022123 year, As a result, this donation has been included within Wilhiriglon Girls. School's account5 as a payment on account for the year lo 31 August 2023.
WGSTRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2023 The focus for our fundraising activities is to increase funding for means-lesled bursaries. Our Bursary Fund is integral to Wilhington Girls, School, consolidating our vision and ethos lo create a warm Community cenlred on equality and opportunity, irrespective of a pupil's race, religion, social background and financial position, ensuring that Vvilhington retains ils position as a true centre for excellence open to all. Following a strategic review of our Bursary provision, our irnmediale aim is lo increase our overall bursary provision lo support 1 In 5 Senior School pupils Icurrenlly 1 in 61. Our fundraising activities continues lo focus on the Marjorie Hulme BuTsary Fund and the provision of means- lesled bursaries lo support those who would otherwise be unable lo allend Wilhinglon. The Funé was renamed in November 2022 in honour of Miss Hulme's 100th birthday. Miss Hulme was Headmistress of Wilhinglon from 1961 unli5 the end of 1985 Miss Hulme's lasting legacy lo Wilhinglon was the creation of the WGS Trust in 1976 in response lo the impending abolition of the Direct Grant Scheme. She had the fores+ghl lo realise that something was needed in order lo maintain the founding ethos of the school.. that Wilhinglon should remain a community cenlred on equality and opportunity, regardless of a PLJpiI's social background and financial situation. It is filling that our Bursary Fund is now named after her. A slruclured and proactive legacy communications plan is an integral part of our fundraising strategy This year we launched a new legacy publication and information pack and alongside this we ran a free online Eslale Planning Seminar which gave information about the importance of making a Vvill, how lo go about il and what needs lo be considered when creating your Will. The annual lunch for members of the Emily Simon Society Ifor those who have pledged support lo Wilhinglon in their will) took place in June. In March 2023 the very first WGS Iftar took place. 11 was a very special evening of warmth 2nd friendship across faiths and cultures and pledges lolalling over £32,000 were made in support of the Marjorie Hulme Bursary Fund. This will fund more than two years of a full bursary and will support a talented girl who would otherwise miss out on all that a Withinglon education offers. We are extremely grateful to Wilhirigton parents for their support in organising Ihis event and for their suggestion that we lake the opportunity to raise funds for bursary provision at Withinglon. In April 2023, we were pleased lo launch the 1890 Circle lo honour and recognise far-sighted and generous donors who have made a significant contribution lo upholding our founding ethos by making gifts totalling £50,000 or more. We welcomed inaugural members of the 1890 Circle to a celebratory lunch and a special plaque was unveiled by of our Sixth Form Bursary Ambassadors lo recognise our donors, generosity. A telephone campaign, 'Wilhinglon Calling 2023,, ran for two weeks in August 2023. The campaign was run remotely and conducted by a calling learri of 11 Sixth Form pupils and recent alumnae. The campaign was managed by an external company, supported by our Development Office, and the callers spoke with more than 430 alumnae, current and former parents, and former staff. The purpose was not only lo raise funds for the Marjorie Hulme Bursary Fund, bul also to engage further with alumnae and members of the wider Wilhington ommunity. Applications lo the'Ad Lucem Fund, were invited from staff members lo bid for funding lo support projects which, whilst enhancing and enriching the girls, learning, would normally fall outside the reach of the annual school budget. This year the Fund supported.. 3 colorimeters for Biology E- Harps and amps for the Music Department Mandarin Exlra~Curricular sessions for Years 7-9 Creative technology equipment for Art A Succah for the Jewish Festival Sukkol for Religious Studies Equipment and kil for use by bursary pupils taking parl in the Duke of Edinburgh's Award The winners of the second Ad Lucem Alumnae Awards were announced in May 2023 followng nominations from the school community. The Head Girl team partiCiP21ed in the shortlisling process and a final vole was taken by all pupils in the Senior School. Our award winners, achievements, outlook and conduct demonstrate
WGSTRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2023 that they continue lo refiect the school's ethos and values, making them exceptional role models for our current pupils. The running costs for the Development Office have been borne equally by the WGS Trust and the School. In the year ended 31st Augu512023, the direct costs for each were £92,17212022.' £81,641>. The Fundraising Approach The School employs an in-house Development Team lo carry out fundraising on ils behalf The Director of Development reports directly lo the Headmistress. A professional fundraising consultancy is engaged lo assist with a biennial telephone campaign which also assisted with the Giving Day in 2022. The WGS Trust {Charity 505207} registered as a member of the Fundraising Regulator in October 2017. Regislralioll 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 lo register. The Trust'5 voluntary registration is evidence of ils desire lo follow be51 practice. The Trust also follow5 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 reouirements of the Fundraising Regulator, that of the Institute of Fundraising s Code of Practice and our own Code of Practice. Careful monitoring of the activities of the Development Office is carried out by Governors of the School and Trustees of the WGS Trust. The Director of Development submits reports on fundraising activities lo Governors and Trustees. There have been no complaints about fundraising activities in the year lo 31 August 202312022-. NIL). The School made donations tolalling £426,691 during the year12022.. £411,739> into the Trust. This equates 10 4% of fee income plus an additional sum of £50,000 for the year 19 31 August 2023. Bursaries were awarded lo 98 pupils12022.. 98 pupils).. 95 in the Senior School and 3 from the Junior School. This equates to over 170/D of pupils in the Senior School and almost 20/0 of pupils in Year 5 and 6 of the Junior School receiving 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 lolal cost of these bursaries was £741,751 {2022.. £717,780}. The bursaries enabled pupils who have mel the entrance criteria, whose families would not olhetwise have been able to afford the fees, lo attend the School. The pupils in receipt of bursaries may also receive support with the purchase of school uniform. individual musicldrama lessons, curriculum-relaled school trips and similar expenses. Investments The overall capital result for the investment portfolio for the year, after generation of investment income of £426,981 {2022.. £436.591 } was a loss of £1,694,66612022.. loss of £1,155.955). As described in Note 12, TrLJslee5 undertook an exercise in connection with the finalisalion of the 2020 accoLJnls to re-evaluate the level of Restricted Reserves for bursaries. Trustees fell that, in the context of their agreement lo provide a capital grant of £1 m to the School for the two-slorey Dining Room extension. and a review of the recent and likely future use, it was appropriate to consider rf additional funds should be classified as restricted for bursaries, 11 is on this basis that funds are now allocated.
WGSTRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2023 Trustees ensure that the portfolio is invested in a diverse range of sectors while al the same lime ensuring that no single holding is appreciably more than 100/0 of the investment portfolio. Particular focus is given lo any holdings which are approaching or in excess of this threshold lo determine whether the level of risk is acceptable or whether il is appropriate lo sell a proportion or all of the holding. Trustees compare the performance of the KM)rtfolio with the FTSE 250 lex-lnveslmenl Trust) Index and one or more appfOPTiale charity indices al each of their meetings. The overall result for the yeaf was a nel decrease in funds of £1,525,492 {2022.. decrease in funds of £1,959,647). Trustees monitor the effect of global market conditions on the return of the investment portfolio and the movement of investments at their meetings. For the year ended 31slAugust 2023 the capital return of the porttolio posted a negative return of 8.08'/0 compared lo a fall in the FTSE 250 ex Investment Trust index of -0.330/0 and a rise in the FTSE All Share index of 1.30/0. Trustees also monitor the performance of the portfolio against the ARC Steady Growth Index, and for the period ending 3151 August 2023, the ARC Steady Growth Benchmark was positive 0.20019 and the WGS portfolio was negative 14010 on a lolal return basis.. For the same period last year (lo period ending 31 st August 20221, the caprtal return for the portfolio was a negative 9.600/0 whilst the FTSE 250 ex Investment Trust index decreased by 24.300A on a capital return basis while the FTSE All Share index decreased by 4.47D/o on a capital return basis. These figures provided exclude all dividends and income received into the portfolio. The ARC Steady Growth Benchmark was -6.80/0 and the portfolio posted a negative return of 6.7D/o on a total return basis. Total cost and charges of the portfolio for the period equalled £11,32010.12'kn}. As for many entities al this lime, there has been 2 neg21ive impact on the portfolio due lo the volatility of global markets. Trustees acknowledge that there is potential for increased demand for bursary funding from Wilhinglon Girls, School (Charity 11582261 moving fomards and further volatility of the investment portfolio is possible. General Data Protection Regulations IGDPRI Update The School and the Trust are fully aware of their responsibilities under the General Data Protection Regulations {GDPRI which came into effect from May 2018. Over recent years, the Development Team has requested and recorded communication preferences for contacts and conducts Data Protection Impact Assessments as appropriate lo carefully consider who is being approached for support, how the approach is made and how often this is done, lo ensure that our fundraising is not unre2sonabty intrusive or persislenl. All consent and communication preferenS are retained on a specialist database. INVESTMENT POWERS These are governed by the Trust Deed which permits the Trustees to invest in a manner that Ihey see fil. The Trustees have a policy designed lo achieve an above average dividend yield lo fund bursaries, with a view lo long term capital appreciation, consistent with acceptable risk. In order lo achieve this high yield combined with longer term capital growth the Trustees have decided lo invest in a broad range of smaller UK quoted companies alongside a number of large FTSE companies. The Trustees
WGSTRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2023 are minded lo avoid exposure lo investments which are deemed lo be unsuitable in the cornlexl of the objeelives and interests of the VVGS Trust and Wilhinglon Girls, School, when considering the portfolio as a whole. 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 llormally represent appreciably more than 100/0 of the investment portfolio. Particularfocus is given to any holdings which are approaching or in excess of this threshold lo determine whether the level of risk is acceptable or whether il is appropriate lo sell a proportion or all of the holding. The level of liquidity depends on anlicipaled financial support for future School projects. The TTuslees monitor the investment performance against the FTSE Small Cap lex Inveslmenl Trust) Index and one or more appropriate charity indices. RESERVES In formulating their reserves policy the Trustees are concerned that the Trust has a sufficient level of reserves lo enable il to meet its objects and policies, which have been described earlier in this report. In particular the Trustees consider that the Trust should have adequate capital lo provide income up to the level required lo support Junior and Senior pupils throughout their school career, aniJ the provision of financial assistance for the building programme of the School. Min¢Yful 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 to meet these demands. This will enable both an aclive bursary outreach programme lo continue lo be developed and future buildinglmainlenance projects lo be financed. Achievemenl of this aim can only happen over a period of lime and the current volatility in the markets has resulted in a loss on the investment portfolio in the current year of £1,694,66612022.. loss of £1,155,955), The level of reserves remains healthy overall al £7,912,311 12022: £9,437,803). Unreslricled reserves as at 31 st August 2023 are £4,479,47112022.. £5,319,235). Approved by the Trustees on 22.S.24 and signed on its behalf by.. -L4--QQJ Lord Lg• of Trafford
WGSTRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES YEAR ENDED 31 AUGUST 2023 STATEMENT OF TrUSTEES' RESPONSIBILITIES The Trustees are responsible for preparing the annu21 report 2nd the financial $121emenls in accordance with applicable18w and regulations. Charity law requires the Trustees lo prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the Trustees musl not approve the financial slalemenls unless they are satisfied that they give a true and fair view of the slate 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 slalemenls the Trustees are required lo.. select suitable accounting policies and then 2pply them consislenlty,. make judgments and accounting eslimales that are reasonable and prudent,. stale whether applicable UK Accounting Standards have been followed, subject to any material departure disclosed and explained in the financial statements., prepare the financial slalemenls on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping accounting records that are sufficient lo show and explain the charity s transactions and disclose with reasonable accuracy al any time the financial position of the charity and enable them lo ensure that the financial statements comply with 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. 10-
WGSTRUST INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Oplnlon We have audited the financial stslemenls of WGS Trust I'lhe charity'l for the year ended 31 August 2023 which comprise the Statement of Financial Aclivilies, the Balance Sheet, the Statement of Cash Flows and notes to the fin8n¢ial statements. inclu(Jing significant accounting policies. The financial reporting frafflework that has been applied in their preparation is applicable law and United Kingdom Accounts'ng Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial statements.. give a true and fair view of the siale of the charity's affairs as al 31 August 2023 and of its income and expendit(Jre, for Ihe year then ended., have been properly prepared in accordance wilh United Kingdom Generally Accepted Accounting Prachce., and • have been piepared in accordance with the requirements of the Charities A¢1 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUK}l and applicable law. Our responsibilities under those standards are further des¢ribed in the Auditor's responsibilits'es for the audit of the financial statemenls section of our report. We are independent of the charity in accordance with the ethical requirements ihat are relevant to our audit of the financial slatements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethi¢al responsibilities in accordance with these requiremenls. We believe that Ihe audit evidence we have obtained is sufficient and appropriate to provlde 8 basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial slatements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collecb'vely. may cast significant doubt on the charity's ability to continue as a going concem for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities ar)d the responsibilities of the trustees with respecl to going conrn are described in the relevant sections of this report. Other information The trustees are responsible for the other information ¢ontsined within the annual report. The other information comprises the infomiation included in the annual report, other than Ihe financi81 slalements and our auditor's report thereon. Our opinion on the financial statements does not cover the other informats'on and, except to the exlenl otherwise explicitly stated in our report, we do not express any form ol assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other inforrnalion is rnaterially inconsistent with ihe financial statements or our knowledge obtained in the audit or otherwise appears lo be rnalerially misslaled. 11 we idenb'fy such material inconsistencies or apparenl material mi5slalemenls. we are required lo determine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that the is a material misslalemenl of this other Informatlon, we are fequired lo report that fact. We have nothing to report in this regard. Mattors on which we are requirod to report by exception We have nothing lo report in respect of the following mallers in relation to whlch the Charities {Aunts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. • the information given in the financial statements is inconsistent in any material respect with the trustees, report.. or sufficient and proper accounting records have not been kept by the charity., or
WGSTRUST INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 AUGUST 2023 the financial statements are not in agreement with the accounting records and retums.. or we have not received all the information and explanations we require for our a(Jdil. Respon$Sbllltl8s of trust99$ As explained more fully in Ihe Iruslees, responsibilities slalement sel out on page 13, the trustees are responsible for the preparation of the financial ststemenls and for being $81isfied that they give a true and fair view. and for such internal control as the trustees determine is necessary lo enable the preparation of financial slalements that are free from material misstalemenl, whether due lo fraud or eiror. In preparing the financial slalemenls, the Iru51ees ale responsible for assessing the charity's ability lo Con'nUe as a going concefn, 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 lo cease operations. or have no realistic altemative bul to do so. Audltor's responsibilities for th• audit of the financial statem•nts We h8ve been appointed as auditor undei section 151 of the Charities Act 20118nd report in accordance wilh the Acts 8nd relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from materi81 missl8lemenl, whether due lo fraud or error. and to issue an auditor's report th81 includes our opinion. Reason8ble assurance is a high level of assurance, but 15 not a guaianlee that an audit condvcled in a¢cordance with ISAS IUKI will alw8ys delecl a material 15State[neI when it exists. Mi55tstemenls can arise from Iraud or error and are considered material if. individually or in the aggreg81e. they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stalemenls. Details of the exlenl to which the audit was consitjered capable of detecting irregularities, including fraud and non- compliance with laws and regulations are set out below. A further description of our responsibilities for the audit of the financi81 statements Is located on the Financial Reporting Council's website al.. Mvw.frc.or .uklaudilorsres onsibililies. Thi5 description fom)s part of our auditorfs report. Extent to which thé audit was considorad capable of detecting irr8gularitie$, including fraud Irregularitses, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularilies, whether due lo fraud or error. and discussed these between our audit teaTll rnember5. We then designed and perfomed audll procedures responsive lo those risks, including obtaining audit eviden Sufficient and appropriate lo provide a basis for our oplnion. We obtained an understsnding of the legal and regulatory frameworks within which the charity operates, focusing on those laws 8nd regulations that h8ve a direct effect on the delerminalion of material amounts and disclosures in the financial stalemenls. The laws and regulations we considered in this context were Ihe Charities Act 2011 together with the Charities SORP IFRS 1021. We assessed the required compliance wth these laws and regulats'ons as part ol our audit predUreS on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity's ability to operate or to avoid a materi81 penalty. We also considered the DPPOrtunities and incentives that may exist within the charity for fraud. The18WS and regulations we considered in this context for the UK operations were the Charities Act Regulations Auditing standards limit the required audit procedures to identify non<ompliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence. if any. We identified the gre8lesl risk ol material impact on the fin8ncial slalemenls from irregularities. including fraud, to be within the liming of recognition of income and the override of controls by management. Our audit procedures to respond to these risks ilded enquiries of management about their own identifi¢81ion and assessment of the risks of irregularities. sample lesling on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, reading minutes of meetings of those charged with govemance and sample testing of income. Cming lo the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material Misslalements in the financial stalemenls, even though we have properfy planned and perfomied our audit in accordance with auditing standards. Fof example, the further removed non-compliance wilh18ws ané regulations 12
WGSTRUST INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 AUGUST 2023 lirregulariliesl is from the evenls and transactions Tefiected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addits'on, as with any audit, there remained a higher risk of non4eleclion of irregularilies, as these may involve collusion. forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected lo delect non<ompliance with all13ws and regulab'ons. Usa of our report This report is made solely to th8 charlty's Iruslees, as a body, In accordance with Part 4 of the Charslies {Account5 and Reports) Regulation$ 2008. Our audit work has been undertaken so that we might slate lo the charity's trustees those matters we are qUIred to slate lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's Irustees as a body. for our audil work, for this report. or for the opinions we have formed. eUKLLF Crowg U.K. LLP Stalulory Auditor The Lexicon Mount Street Manchester M2 5NT 26th lune 2024 13
WGS TRUST STATEMENT OF FINANCIAL ACTIWTIES FOR YEAR ENDED 31¥t AUGUST 2023 UnreBtrfctsd Restrlcbj FuThJs Fd8 2023 2023 Totsi 2023 FU19 2022 Fund5 2022 Totsl COME AND EXPENDifuR INCOAIE 1.625 162.445 426.691 184.070 426.691 3.107 175,218 411,739 173 774 760.729 1.028.733 178,323 411.739 C¢wthbubws from WithiDVton Glts, 8thrd Invtrgt Inromg Totsl Incf 240 770 242.395 262 897 266.OD4 795,W 1.037.954 PENDITURE Cwl¥ ofr•tslnF fvnd¥ 92,172 92.172 81.641 81,641 92.172 92.172 81,641 81.641 Bur9ArfBy pakl iopupHs ofWNWm School 741.751 741.7511 717.7FA) 717.7 An91 Fu1 15.356 15,356 15.576 15.576 Ca1 townhlrykn G8. S(th 1mD.rKJ 1.¢>X.O Othorcharftabh Expvndliure 19,501 19.501 15.426 15,428 Totol Chftlllab ExpBnth 741 751 776 608 717 780 1 748 T84 127.029 741.751 86B.780 1.112,645 717.780 1.830425 Il•tIn¢Wl•XWd1tsr•)ty•1Or• o•lM hwbn•Tht 115.366 53.808 169,174 1846,6411 42.949 18111.6921 Notllo551 OD 1955.130) 173g.536} {1,694,fj66} 1695.941} 1460.0141 11.1S5.9551 NET MOVEMENT IN FUNDS 12 1839.7641 1685,7281 11.525,492 11,542.5821 1417.0651 {1.959,617? RECONCIUATIOII OF FUNDS TOT FUNDS BROUGHT FORWNRD 12 5.319.235 4.118.56B 9.437.803 6,881.817 4.535.633 11,397,450 To7 FUNDS ¢¢R1ED FORWAD 12 4 479 471 3432840 7912311 5 319 235 4 118 568 9437 803 The 20 to 2SfoFpn partofihese accojnts. l arryJrrt¥ rgw lotrU1
WGS TRUST BALANCE SHEEf AS AT 31st AUGUST 2023 2023 2022 Notes INVESTMENTS 7,680,507 9,375.852 GURRENf ASSETS Debtors Cash 54,287 183087 237.374 28.903 428 808 457,711 10 CREDITORS Amounts falli due *ithiTh one ye 11 395 760 NET CURRENT ASSETS 231.804 61,951 NET ASSETS 7,912,31 t 9.437.803 ACCUMULATED FUNDS Restricted UnrestriGled- not designated 12 12 3.432,840 4 479 471 7912,311 4,118,568 5319235 Approv8d by Ihe Board ol Twstees on and 5vaned on its behalf by zoLJ4 Lord Lo0 of Tr•fftxd -e-4Q Mr8 S J Ha81am
WGS TrU8T STATEMENTOF CASH FLOWS 11.525A (2121 IM94.e86 12$3841 1390.1WI 11.959,64n IBOI 1.155.955 tYeJLXt Intarnst In¢fym• $Povm •¢Mkn• d not1¢>sB on IrwutrnBnt IlncTra80kn In dBtIo ID8crea88nU8a&0 In crodlt¢¥B 392,640 C••hffl0 In¥•sllng •rllvlth• Ir4orest Ir0 212 (903A281 964.031 11,201,268) 1.885.5)8 Drthal al Inwslmnts Cuh u¥•d In Inv•¥Urw a¢ll4rftl (Decreasollncrew In W4ak8nts In the Cash and c¥h •t th8 beghnlThJ ofthè ywr 1185,7951 433105 307.228 128.571 T•tsl u•h ¢••h •qulv•l•M• •llh• •nd •f tr• 241.010 Bwk1tyn ofc•th •nd C••h Equlv•l•Thts LW8 knk CurrentAcef•Jnt 183.087 428,808 Cbryh hdd by St¢>dthrok•rn 4,997 010 16
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31st AUGUST 2023 1. ACCOUNTING POLICIES la} 8a5is of preparation of financial stat•ments The financial statements have been prepared in accordance with the Finanaal Reporting Standard applicable in the UK and Republic ol Ireland IFRS1021, Ihe Charities Acl 2011 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ifeland IFRS 1021- effective 1 January 2015. The functional currency of the Chaiity is considered to be GBP because that is the currency of the primary economic environment in which the Charity operates. The accounts are drawn up on the historical cost basis of accounting, as modified by (he revaluation of investments. Th8 Charity is 8 Public Benefit Enlrty registered 8$ 8 ¢h8rity in England and Wales. Its charity number is 505207 (England and Wales). {bl Incoming resources All income is included within the Slalemenl of Financial Activities I'SOFA'I on a receivable basts. Icl Rasourcès 8xp8nd All expendilure is a¢counle<l lor on an a¢¢ruals basis and allocated directly lo the c3legory lo which it relates. Goveman¢e costs comprise those costs incurrred complying with conslilulional and slalulory requirements. Capitsl grants are accounted for when the payment is made. Idl Investments Investments are staled at market value. {el Fund a¢¢ounting Funds held by the Charity are either.. Unreslricled funds which can be used in accordance with the charitable objects at the discretion of the trustees. Designated funds are those ear-marked for a specrfic purpose. As al 31st August 2023 there were no funds in this category. Restricted funds which can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when the funds are raised for particular festricted purposes. {0 Flnan¢lal Instrumonts Basi¢ finanaal instruments are inili811y recognise(J al Ir8nsa¢lion value and subsequently measured at amortised cost with the exception of investments which are held al fair value. FinancAal assets hold at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A spe¢ifi¢ provision is made for debts for which recoverability is In doubt. Cash at bank and in hand is defined as all cash held In instant access bank accc¥Jnts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except soaal security and other taxes and provisions. Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year end exchange rate.
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31st AUGUST 2023 1. ACCOUNTING POLICIES CONTINUED Ig) Critical accounting judgoments and key sources of ostlmatlon uncertalnty In the applicatk)n ol the accountsng policies, Trustees are required to make judgement, esitmates, and assurnptions about the carrying value ol assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and olher18Ctors that are considered lo be relevant. Actual results may differ from these estimates. The eslimal8s and undedwng assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are rgcognised in the period in which the estimate is revised il the revision affects only that period, or in the period ol the revision and future peri¢)ds if the revision affected current and future peri¢xls. In the view of the Iruslees, no other assumptions concerning the future or estimation uncertainty affè¢ling assats OT liabilities 81 the balance sheet dale are likely to result in 8 material adjustment lo their carrwng amounts in the next financAal year. Ihl Going Concern The Trustees consider that the WGS Trust is a Going Concem. The Trustees monitor ihe School's requirement for bursary fvnding and capital projects at each of their meetings to ensure thal this can be funded. The Trustees monitor the Teturn on the investment portfolio and the movement of investments al their meetings. The School prOve5 the Trustee5 with an indication of the funding required for bursaries. The Trustees then decide the amount that is paid lo the S¢hoc)l. The Trustees believe that the Trust is able lo continue as a going concem for the foreseeable fLrture. belng at least iwelve monlhs from the date of approval of these financial statements, and have therefore prepafed th8 financial slalemenls on a going concern basis. 2. INVESTME14T INCOME 2023 2022 Bank interest Dividends on UK listed investments 212 426.981 80 436,591 427.193 436,671 18
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31st AUGUST 2023 3 COST OF RAISING FUNDS 2023 2022 Stsff costs re¢h8rged from Wilhinglon Girls, School Promotional materials Telephone Campaign Giving Day Other fundraising costs 79.471 7,064 8,025 71.561 7.047 12,3201 3,247 2,106 81,641 2.388 92.172 4 BURSARIES 2023 2022 Bursaries paid for pupils of Withinglon Girls, School 741,751 717.780 The total number of pupils In receipt of bursaries during the year was 98 12022.,981. 5 ANNLIAL FUND 2023 2022 Purchase of equipment lor Wilhinglon Gids, S¢h¢)ol 15,356 15,576 1 S,356 15,576 6 CAPITAL GRANT TO WITHINGTON GIRLS. SCHOOL 2023 2022 Caprtal granl paid to Withington Gids, Sch(x)I for th8 extension of the Dining Room. 1000 000 7 OTHER CHARITABLE EXPENDITURE 2023 2022 Sundry expenses Clerk lo the Trust Stockbroking fee Postage Subscriptions Offi¢e exp8nses Database software Trustee Indemnity Insuran 593 2,500 678 3,773 1,162 2.500 678 2,217 691 5.203 2,161 424 2,759 2,OS8 GOrnanCe Costs Audit Fees 3,630 19,501 15.428 The Trustees received no remuneration or reimbursement of expenses during the year12022 £NILI. There are no employees of the Charity and th9refore no employee benefits paid of more than £60.000. 19
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31st AUGUST 2023 8 INVESTMENTS The movements on this account during the year were as follows.. 2023 2022 UK quoted investments At valuabon". At 1 S8pt8mber 2022 Additions at Cost Disposal procèeds Changes in markét value 9,370,855 903.426 1964.0311 {1,694,6661 11.211,050 1,201.268 11,885,508) 11.155,9551 Al 31 August 2023 7,615,584 9,370,855 Cash hgld by stockbrokers 64923 4.996 7,680.507 9.375,852 All Investments are held for charity use. The histIcal cost of investments held is £7,738,53912022.. £7,398,783). 9 DEBTORS 2023 2022 Income lax recoverable Amount due from Withington Girls, School Prepayments 49.523 28,9)3 4,764 54,287 28.903 10 CASH AT BANK 2023 2022 Lloyds Bank Current Account 183,087 428,808 183,087 428.808 11 CREDITORS 2023 2022 Amounts falling due within one year Accruals Amount Payable lo Withington Glrfs. School 3.120 2.450 3,120 392,640 5,570 395,760 20
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31st AUGUST 2023 12 ACCUMULATED FUNDS 2023 2022 Restricted - for Bursari•s Al 1 September 2022 Nel Ilossl on inveslments Netlincome before gains investment Al 31 August 2023 4,118,568 1739,5361 53.808 4,535,633 1460.014} 42,949 4 118568 2023 2022 Unrestricted- not deslgnated At 1 September 2022 Net incomelllossl before gains on investmenl Net Ilossl on investmènts At 31 August 2023 5,319,235 115,366 955,1301 4,479,471 6,861,817 (846,6411 695.9411 5,319,235 Total 7 912 311 9.437 803 Th8 Restricted Funds represent a fund specifically for bursaries. 13 ANALYSIS OF NET ASSETS BETWEEN FUNDS Instm#t8 Other assets Total R8slri¢led funds Unreslricled funds 3.432,840 4,247,667 3.432.840 4,479.471 231,804 7,680,507 231.803 7,912,311 14 RELATED PARTY The Governors of Withington Girls, School (Charily NLJmber 11582261 appolnt Ihg Trustees of WGS Trust. Transactions with Withington Girls. School have been identifiad and di$¢losed within the a¢unt$ as 8PPTopriale. Donations recelved from Trustèes during the ye8r were £1.36012Ct22.. £1,445). The value including gift aid is £1,70012022= £1,556) 21
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31st AUGUST 2023 15 FINANCIAL INSTRUMENTS 2023 2022 Finanryal a$sols measured at am¢ytlsed cost {a) 237,374 457.711 Flnandal assets measured at falr value {bl 7.680.507 9,375.852 Fin8ncial litbilili68 maasur&J at amortis&J cost Ic} (5,570) {395,7601 Net finanaal assets measured al amortised cost 7.912.311 lal Financial assgls al amortlsgd cost In¢lud9 Cosh and other dgblors {b) Flnancial a$sgts al fair value Include Investments {cl Financial liabilities incjude other credl