WGS TRUST Charty Number.. 505207 ANNUAL REPORT YEAR ENDED 31 AUGUST2024
WGS TRUST CONTENTS Page REFERENCE AND ADMINISTRATIVE INFORMATION TRUSTEES, ANNUAL REPORT STATEMENT OF TRUSTEES, RESPONSIBILITIES INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES 10 STATEMENT OF FINANCIAL ACTIVITIES 13 BALANCE SHEET 14 STATEMENT OF CASH FLOWS 15 NOTES TO THE FINANCIAL STATEMENTS 16
WGS TRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 AUGUST 2024 TRUSTEES Lord Lee of Trafford (Chairman} DL, FCA Mr P Adams BA, ACA O'oined 9" October 2023) Mr R Bailey BA, ACA Mr R Bate LLB (Joined 5 June 2023) Mr A Beardsworth MA (Canlabl ACA CTA Mrs SJ Haslam BA Rev SE Marks, MA (Oxon) MA {Nott) FRSA {resigned 26" March 2024) Mr CM Poslon BSC, FCA Mrs SE Senn BS¢ {Econ), ACA Mrs Ranjil Munro (Joined 12th July 2024) There were no other movements of Truslees during the year. Clerk to the Trustees Mrs A Cohen LLB (until 31 August 2024) Mr. R Grant (from 2 September 2024} ADVISERS Auditor Crowe U.K. LLP 3, Floor, St Grge'S House, 56 Peter Street Manchester M2 3NQ Stockbrokers Brown Shipley 3 Hardman Streel Manchester M33HF Banker Lloyds Bank 223 Finney Lane Heald Green Cheshire SK8 3PY Registered and principal office Withington Girls, School Wellington Road Fallowfield Manchester M14 6BL Charity Number 505207 Constitutlon The charity is unincorporated and is governed by a Trusl Deed executed on 13, May 1976
WGS TRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 AUGUST 2024 The Trustees ofthe WG S Trust present their Annual Report and audited accounts for the year ended 31 August 2024 and confirm they comply with the requirements ofthe Charities Act 2011, as amended by the trust deed and the Charities SORP 2019. STRUCTURE, GOVERNANCE AND MANAGEMENT The Trustees detennine the general policy adopted by the Trust and work with professional advisers to deal with the day to day management of investmenls. Adminislration of Ihe Trust including management of funds for bursaries is undertaken by staff of Withington Girls, School (Charity Number 11582261 {'the School,) Objectives and activities for the public benefit The objects of Ihe Trusl. as set out in the Trust Deed, are as follows.. the advanment ofthe educational work of the School charitable purposes Iwhelher educational or not) of, or associated with, the School the advancement of education in any part of the world The Trustees confirm that they have referred to the Charity Commission's guidan on public benefit when reviewing the Trust's aims and objectives. Donations to the School for means-tested burnarles The principal way in which the Trust supports the advancement of the educational work of the School is by helping to fund means-tested bursaries to gids who have performed well in the entrance examination and might othemse 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 continue to attend the School. Bursaries are made solely on the basis of parental means or to relieve hardship where a pupil's education would OtheISe be at 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 to generale additional income and family circumstances, for example dependent relatives Bursary awards range from 100/0 to 1000/ts of fees. Information about fee assistan through bursaries is provided lo all parents 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 rneans- 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. Support for Capltsl Projects atthe School The olher major way in which the Trust supports Ihe educational advancement of the School is by providing financial assi51ance, in the form of grants and repayable loans, lo enable a programme of capilal development to lake place. Trustees agreed to provide a capital grant of £1 m for a l-storeY extension lo the Dining Room of the Sch¢JoI. This was completed in February 2022. The previous major capitsl project undertaken by the School was the Sports Development Project which was completed during the 2017118 ac8demic year Work slarted in August 2017 and was compleled at Easter 2018.
WGS TRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 AUGUST 2024 Recruitment and Training of Trustees The statutory power of appointing new Trustees is vested in the Governors of Wilhinglon Girls. School. This power is to be exercised so that immediately after any appointment, at least one ofthe Trustees is not a Govemor, and the power shall cease to have effecl upon being released in writing by the Governors or if the School shall be discontinued or shall become a maintained school or if the power of appointing all or a majority of the Governors sh811 be vested in a local or olher public authority andlor any officer or department of the government. However, if the power of appointing new Trustees as indicated above shall cease to have effect, the slatutory power ofappointing Trustees shall be vested in the suNiving or continuing Trustee or Trustees for the time being, or Ihe personal representalive of the last surviving or continuing Trustee. 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 Charity by the Chairman of the Trust, the Headmislress of Ihe School and the Clerk to the Truslees. Risk Management TheTrustees are responsible for the management of the risks faced by the Trust. The principal risk faced by the Trust is the performance of the investment portfolio. Trustees of the Charity manage the portfolio under the guidance of the Chair ofthe Trust. The Trustees bring a diverse range of skills and experiences to the Charity. The fund is administered by external stockbrokers. Trustees actively monitor the performance of the investmeni Portfolio, mainly through quarterly reporls from the stockbrokers. The investment policy of the Trustees is to aim to achieve an above average dividend yield to provide the income for means- lested bursaries, with a view lo long-term capital appreciation of the holdings, consistenl with an acceptable level of risk. Trustees have taken the decision to invest primarily in smaller UK quoled companies and no one holding should norrnally represent appreciably more than 100/0 of the overall portfolio in order to ensure a suitable spread of risk. The key conlrols used by the Charity include.. Formal agendas and supporting papers for all Trust meeb'ngs Consideration of regulatory compliance at all Trusl meetings Comprehensive budgeting, rnanagement 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 tsken in mitigation 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 thal the major risks identified have been adequately managed where neSsary. It is recognised that systems can only provide reasonable bul nol absolute assurance. OBJECTIVES AND ACTIVITIES Charitable Objects The objects of the Charity, which are set out in the Trust Deed, are the advancement of the educalional work of Withington Girls, School, charitable purposes of, or associaled with, the School and the advancement of education in any part of the world. The School is a separale charity which provides a day school for girls from the ages of seven to nineteen.
WGS TRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2024 In selling and planning our objectives Trustees have given careful considefalion to the Charity Commission's general guidance on public benefit. A specific aim of the Charity is to support the School through the provision of funds for means-tested bursary support to safeguard Ihe 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 to Providing public benefit as is evidenced in its published Annual Report. ACHIEVEMENTS AND PERFORMANCE REVIEW OF THE YEAR The Trust has nel incoming resources of £1,793,87012023- outgoing resources of £1,525,492) for the year. This result has largely been brought about by the gain on investments in the current year of£1,337.006 {2023'. loss of £1,694,666). Trustees have reviewed the investment portfolio and have concluded that the portfolio performance largely reflects global fluctuations in the market The structure of the portfolio consistently provides the required level of income for supporting means lested bursaries al Withinglon Girls, School. The portfolio is reviewed in detail at every meeting. Governors of Ihe School approved a new Developmenl & Alumnae Strategy 12019 to 20241 al their meeting in Seplernber 2019, The key focus of this Strategy, which dovetails with the School's Development Plan, is lo continue lo raise funds for School priorities. A significant focus is to increase funding for means-lested bursaries as one of the aims of the School is to maintain and increase the level of means-tested bursary support to secure the diversity of the School Gomrnunily, with the eventual aim of needs-blind admission. Donations received by the WGS Trust for the bursary fund amounted to £221,992 {2023.' £182,445) This amount excludes £75.000 received from the Zochonis Charitable Trusl {2023'. £75,000) the terms ofwhich arethal this money must be spent on bursaries in the 2023124 year. As a result, this donation has been included within Withingion Girls, School's accounls as a payment on account for the year to 31 August 2024. The focus for our fundraising aclivilies is lo increase funding for means-tested bursaries. The Marjorie Hulme Bursary Fund is integral lo Withington Girls, School, consolidating our vision and ethos lo create a warm community centred on equality and opportunity. irrespective of a pupil's race, religion, social background and financial position, ensuring that Withington retains its position as a true centre for excellence open to all. Philanthropic income lotalled £505,461 in the year to 31 August 2024 which is more Ihan double that in the previous year. This was largely due to a legacy received of over £282,000 from the husband of a former Withington pupil. We also held Withington's second Giving Day in March 2024. It is testament to the generosity of our Wilhington community that, over the 36 hours of our Giving Day, we raised more than £84.000 for the Marjorie Hulme Bursary Fund, allowing us to conlinue to provide future pupils with the opportunity of a Withington education regardless of financial circumstances. It was a real team effort, with students and staff taking part in challenges in school to unlock matched donations. We were also joined by Mo former Lionesses, Jill Scolt MBE and Rachel Brown-Finnis, inspiring pupils during the fundraising challenges with their insights and experiences as elite sportswomen. We are extremely grateful to all our donors for their support and generous donations. The Ad Lucem Fund supports projects across the school which enhance and enrich the girls, learning but that normally fall outside the reach of the annual school budget. This year the generous donations have supported a number of projects.. A theatrical communication systern for Performing Arts, ensuring that students who take part backstage in our productions Gan work more collaboratively and have a more professional experience. First aid dummies and breast models, improving the health teaching resources for PSHCE and allowing for practical application of topics discussed, such as CPR and breast examination for signs of cancer.
WGS TRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 AUGUST 2024 Wellbeing supporter training for Sixth Formers lo mentor younger pupils, enhancing the current pastoral care and wellbeing of pupils throughout the school and developing leadership, coaching and communication skills for those sixth formers who apply for these roles. Photography equipment for the Art Departrnent to allow them to develop the Photography Club with a long term aim of introducing GCSE Photography as an extra-cunicular activity, building on the success already experienced by Withington pupils in recent photographic competitions. The running costs for the Development Office have been borne equally by the WGS Trust and the School. In the year ended 31 sl August 2024, the direcl costs for each were £85,27312023'. £92,172}. The Fundraising Approach The School employs an in-house Developmenl Team to carry out fundraising on its behalf. The Director of Development reports directly to the Headmistress. A professional fundraising consultancy is engaged to assist with a biennial telephone campaign and the giving days in 2022 and 2024. The WGS Trust (Charity 5052071 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 Trusl's voluntary registration is eviden of its desire to follow best practice The Trust also follows the Instrtute of Fundraising's code of practice and we have published our own Fundraising Code of Prathce. The Development Team can confirm that all activities comply with the requirements of the Fundraising Regulator, that of the Institute of Fundraising's Code of Practice and our own Code of Practi. Careful monitoring ofthe activities of the Development Office is carried out by Governors of the School and Trustees of the WGS Trust The Director of Developmenl submits reports on fundraising activities lo Governors and Truslees. There have been no complaints atK)Lrt fundraising activities in the year to 31 August 202412023. NIL). The School made donations totalling £462,925 during the year {2023'. £426,691) into the Trust. Bursaries were awarded to 98 pupils (2023 98 pupils) 95 in the Senior School and 3 from the Junior School. Of these, 26 pupils benefited from full remission of fees. Foty-six pupils in the Senior School obtained a bursary worth 80U/o of more of fees. The total cost of these bursaries was £864.48012023.' £741,751). The bursaries enabled pupils who have met the entrance criteria, whose families would not otherwise have been able to afford the fees, to attend the School. The pupils in receipt of bursaries may also receive support with the purchase of school uniform, individual musicjdrama lessons, curriculum-related school trips and similar expenses Investments The overall capitsl resurt for Ihe investment portfolio for the year, after generation of investment income of £467,043 {2023. £427,193), was a gain of£1,337,IXE12023.' loss of £1,694,666) Ttustees 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 10 /0 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 &Cptable or whether it is appropriate to sell a proportion or all of the holding. Trustees compare the performance of the portfolio with Ihe FTSE 250 lex-lnveslmenl Trust) Index and one or more appropriate charity indices al each of their meetings. Trustees monitor Ihe effect of global market conditions on the return of the investment portfolio and the movement of investments al their meetings.
WGS TRUST TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2024 For the year ended 31 $1 August 2024 the portfolio posted a positr've capital return of 17.40/0 compared lo a rise in the FTSE 250 ex Investment Trust index of 14.910/0 and a rise in the FTSE All Share index of 12.510/,. Trustees also monitor the performance of the portfolio against the ARC Steady Charity Growth Index, and for the period ending 31st August 2024, the ARC Steady Growth Charity Benchmark was positive 10.530/0 and the WGS portfolio was positive 23.4 % on a total return basis. For the same period last year (period ending 31 st August 2023}, the capital retum of the portfolio posted a negative return of 8.08010 compared lo a fall in the FTSE 250 ex Investment Trust index of -0.33 % and a rise in the FTSE AII Share index of 1.3 %. Trustees also monitor the performance of the portfolio against the ARC Steady Growth Index, and for the period ending 31 st August 2023, the ARC Steady Growth Benchmark was positive 0.200/0 and the WGS portfolio was negalive 14 % on a total return basis. Totsl cost and charges of the portfolio for the period equaled £21.042 (0.230/.). The overall resultfortt)e year was a nel increase infunds of£1,793,870 (2023.. netdecrease in funds of£1,525,492). General Data Protectlon Regulations {GDPR) Update The School and the Trust are fully aware of their responsibilities under the General Dala Proteclion Regulations {GDPR} which came into effect from May 2018. Over recent years, the Development Team has requested and recorded communication preferences for contacls and conducts Dala Protection Impact Assessments as appropriate lo carefully consider who is being approached for supporl, how the approach is made and how often this is done, to ensure that our fundraising is not unreasonably intrusive or persistent. All consent and communication preferences are retained on 8 specialist database. INVESTMENT POWERS These are governed by Ihe Trust Deed which permits the Trustees to invest in a manner that they see fit. The Trustees have a policy designed to achieve an above average dividend yield to fund bursaries, with a view to long term capital appreciation. consistent with acceptable risk. In order to achieve Ihis high yield combined with longer term capital growth the Trustees have decided to invest in a broad range ofsmaller UK quoted companies alongside a number oflarge FTSE companies. TheTrustees are minded to avoid exposure to investments which ale deemed to be unsuitable in the context of the objectives and interests of the WGS Trust and Withington Girls, School. when considering the portfolio as a whole. The Trustees seek to maintain a conservative 8pproaGh to funds and at their meeting on 8th July 2022 it was agreed that r)0 single holding should normally represent appreciably more than 10 1 of the investment portfolio. Particular focus is given to any holdings which are approaching or in excess of this threshold to detemiine whether the level of risk is acceptable or whether it is appropriate lo sell a proportion or all of the holding. The level of liquidity depends on anticipated financial support for future School projects. The Trustees monitor the investment performance againsl the SE Small Cap {ex Inveslment Trust) Index and one or more appropriate charity indices.
WGS TRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 AUGUST 2024 RESERVES In formulating their reserves policy the Trustees are concerned that the Trust has a sufficient level of reserves to enable it to meet its obiecls and poliaes, which have been described earlier in this report. In particular the Trustees consider that 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. As described in note 12 Trustees undertook an exercise in connection with the finalisation ofthe 2020 accounts to re-evaluate the level of Restricted Reserves for bursaries. Trustees felt that, in the context of their agreement to provide a capital grant of £1 m to the School for the trS1OreY Dining Room extension, and a review of the rent and likely future use, it was appropriate lo consider if additional funds should be classified as restricted for bursaries. 11 is on this basis that funds are now allocated. Mindful of the increased demand for bursary fvjnding together with financial support for the School's building and maintenance programme, the Trustees and the professional advisers consider that generalion of unrestricted reserves of a minimum of £10 million is required to meet these demands. Thi5 will enable both an active bursary outreach programme to continue to be developed and future buildinglmaintenance projects to be financed. Achievement of this aim can only happen over a period of time The current volatility in the markets has resulted in a gain on the investment portfolio in the current year of £1,337,006 {2023: loss of £1.694.666} The level of reserves has Improved lo £9,706,181 12023. £7,912,311} Unrestricted reserves as at 31st August 2024 are £5,637,501 12023.. £4,479.471}. Approved by the Trustees on ........................ and signed on its behalf by.. L4 K4Ql Lord Lee of Trafford
WGS TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES YEAR ENDED 31 AUGUST 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES The Truslees are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations. Charity law requires the Trustees to prepare financial statemenls for each financial year in accordance with Uniled Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the Truslees must not approve the financial slatements unless they are satisfied that they give a true and fair view of Ihe 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 statements the Trustees are required to.. select suitable accounling policies and then apply them consistentiy; make judgments and accounting estimates that are reasonable and prudenl., state whether applicable UK Accounting Standards have been followed, subject to any material departure disclosed and explained in the financial stalemenls- prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the charity will continue in business. The Trustees are responsible for keeping accounting records that are sufficient to show and explain the charify's transacbons and disclose with reasonable accuracy al any time the financial position of the charity and enable them to ensure that the financial statements comply with Ihe Charities Act 2011, as amended by the trust deed and the Charities SORP 2015. They are also responsible for safeguarding the assels of the charity and hence for taking reasonable sleps for the prevention and deteGlion of fraud and other irregularities.
WGS TRUST INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Opinion We have audited the financial statements of WGS Trust {'the charity'l for the year ended 31 August 2024 which comprise the Statement of Financi31 Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been 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 (United Kingdom Generally Accepted Accounting practi). In our opinion the financial statements.. give a true and fair view of the slate of the charity's affairs as at 31 August 2024 and of its income and expenditure, for the year then ended., have been properly prepared in accordance with Uniled Kingdom Generally Accepted Accounting Practice., and have b8en prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK} IISAS (UKI) and applicable law. Our responsibilities under those standards are fijrther described in the Auditor's responsibilities for the audit of the financial statements sedion of our report. We are independent of the charity in accordan with the ethical requirements that are relevant to o(Jr aLJdil of the financial statements in the UK, induding ihe FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit evidence we have obtained is suffiaent and appropriate to provide a 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 conrn basis 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 lo events or conditions that, Individually or collectively, may cast significant doubt on the charity's ability to continue as a going conrn for a period of at least 1ve months from when the financial Statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in Ihe relevant sections of this report. Other Informatlon The trustees are responsible for the other information contained wthin the annual report. The other informalion comprises the information included in the annual report, other than the financial statements and our auditols report Ihereon. Our opinion on the financial statements does not cover the other information and, except lo the extenl othewse explicitly ststed in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the olher information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial ststements themselves. If, based on the work we have performed, we conclude that there is a material rnisstaternent of this other information, we are required to report that facl. We have nothing to report in this regard. 10
INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Matters on whlch are required to report by exception We have nothing to report in respect of the followng matters in relation to which the Charities (Accounts and Reports) Regulalions 2008 requires us to POrt to you if, in our opinion.. the information given in the financ4al statements is inconsistent in any material respect with the trustees, report,. or sufficienl and proper accounting records have rtot been kept by the charity," or the financial slatements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for oui audit. Re8pon8ibilities of trustees As explained more fully in the trustees, responsibilities statement sel out on page 13, the twslee5 are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary lo enable the preparation of finarrial ststements that are free from material misstatement, whether due to fraLtd or error. In preparing the financial statements, the trustees are responsible for assessing the charity's abilty to continue as a going conrn, disclosing, as applicable. mattets related to going cnncern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibllltles for tho audit of the flnancial ststsments We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordan with the Ads and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assuran, but is not a guarantee that an audit conducted in accordance th ISAS (UK) will aayS detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financtal statements. Details of the extent to which the audil was considered capable of detecting irregularities, including fraud and non- Complian with laws and regulations are set out below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Counal's website at.. This descripb.on forms part of our auditols report. Extent to whlch the audlt was consldorod capablo of dotoctlng Irregularltles. Includlng fraud Irregularities, induding fraud, are InStanS of non-complian with laws and regulations. We identified and assessed the risks of material misstatement of the finanaal slalements from irregularities, whether due lo fraud or error, and discussed these beeen our audit team members. We then designed and performed audit procedures responsive lo those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We oblained an understanding of the legal and regulatory frameworks wthin which the charity operates, focusing on those laws and regulations that have a direct effect on the detemiination of materi81 amounts and disclosures in the financial statements The laws and regulations we considered in this conlexl were the Charities Act 2011 together with the Charities SORP IFRS 1021 We assessed the required compliance with these laws and regulations as part of our audit prOdre$ on the related finanaal 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 abilty to operate or to avoid a material penalty. We also considered Ihe opportunities and incentives that may exist within the charity for fraud. The laws 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-compliance wth these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.
INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 We identified the greatest risk of material impact on the financial slatemenls from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures lo respond to these risks included enquiries of management about their own idenlificalion and assessment of the risks of irregularities, sample lesling on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charily Commission, reading minules of meetings of those charged with governance and sample testing of income. Owing to the inherent limitations of an audit, there is an unavoidable risk thal we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing slandards would identify il. In addition, as with any audit, there remained a higher risk of non-deteclion of irregularities, 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 detecl non-compliance with all laws and regulalions. Use of our report This report is made solely to the charity's trustees, as a body, in accordance wilh Part 4 of the Charities {Accounts and Reports} Regulations 2008. Our audit work has been undertaken so that we might state lo the charity's trustees Ihose matters we are required to slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's trustees as a body. for OLbr audit work, for this report, or for the opinions we have formed. Crowe U.K. LLP Statutory Auditor 3rd Floor Sl George's House 56 Peler Street Manchester M2 3NQ rtuKuF Date 9th April 2025 12
WGS TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR YEAR ENDED 31st AUGUST 2024 Unrestricted Restricted Funds Funds Unrestricted Reslricled Funds Funds Total Total 2024 2024 2024 2023 2023 2023 INCOME AND EXPENDtTURE Notes INCOME Donations Donalions from Wilhinglon Girls, School 283,469 221,992 505,461 1.625 182,445 184,07Q 462.925 231.946 462,925 467,043 426,691 186.423 426,691 427,193 Investment Income 235,097 240.770 Total intorn• 916 863 1.435.429 242 395 795,559 1037 954 EXPENDITURE Costs of raising lunds 85,273 85,273 92,172 92,172 92,172 Expenditure on charitsble a¢tivili•$ ursaries paid to support pupils of Withinglon Girls, School 864,480 864,480 741,751 741.751 Annual Fund 7.665 7.665 15,356 15,356 Other Charitable Expenditure 21,147 21,147 19.501 19,501 Total Charitable ActivitS Expenditure 893 292 34.857 741,751 776,608 Totsl 8xp8nditure 114.085 864.480 978.565 127029 741,751 868.780 Net {expenditureyin¢om• bèforo gains on investment 404,481 52,383 456,864 115,366 53,808 169,174 Net {lossllgain on inve$lmenls 753,549 583,457 1,337,006 1955,1301 1739.536} 11,694,6661 NET MOVEMENT IN FUNDS 1,158,030 635.840 1,793,870 1839,7641 1685,7281 {1,525,4921 RECONCILIATION OF FUNDS TOTAL FUNDS BROUGHT FORWARD 11 4,479,471 3,432,840 7,912.311 5,319,235 4,118,568 9,437,803 TOTAL FUNDS CARRIED FORWARD The notes on pages 16 to 20 fom7 part of these account5. All amounts relate lo cntInuIng operations. 11 5.637.501 4.068,680 9.706,181 4,479,471 3,432,840 7,912,311 13-
WGS TRUST BALANCE SHEET AS AT 31stAUGUST 2024 2024 2023 Notes INVESTMENTS 9,016,853 7,680,507 CURRENT ASSETS Debtors 81,103 625,914 707,017 54.287 183,087 237,374 Cash CREDITORS Amounts falling dlte within one year 10 17,689 5,570 NET CURRENT ASSETS 689,328 231,804 NET ASSETS 9,706,181 7,912,311 ACCUMULATED FUNDS Restricted 4,068.680 5,637,501 9.7C6,181 3,432,840 4,479,471 7.912.311 Unrestricted - not designated Approved by the Board of Trustees and aulhorised for issue on . and si ned on its behalf by 28th March 2025 L4i4Ql. Lord Lee of Trafford S. 7. Mrs S J Haslam 14-
WGS TRUST STATEMENT OF CASH FLOWS FOR YEAR ENDED 31 AUGUST 2024 2024 2023 Reconciliation of net movement in funds to n•t cash flow Irom op•rating activities Nel movement in fvnds 1,793,870 18.2271 {1,337,0061 126,8161 12,119 (1,525.492) 1212} 1,694,666 125,3841 1390,1901 Deduct interest InMe shown in investing activrties Add nel Iloss}Igain on investment portfolio {Increase} in debtors In¢ase/(deCreasel in Creditors Net ¢ash from opèrating activitiès 433,940 246.612 Cash flows Irom Investing actlvities Interest income 8,227 11,741,293) 1,765,962 212 Purcha of investrnents 1903,4261 964,031 Disposal ol investments Cash used in investing activities In¢rea5elldecreasel in cash equivalents in the year Cash and cash equivalents at the beginning of the year 466,836 248,010 1185,795 433.805 Totsl cash and cash •quival¢nts at th• end of the year 714 846 248,010 Breakdown of Cash and Cash Equivalents Lloyds Bank Current Account 625,914 625,914 183,087 183,087 Cash held by Stockbrokers 88,932 64.923 Totsl cash and cash equivalents at the end of the year 714.846 248 010 15
NOTES ON THE FINANCIAL STATEMENTS YEAR ENDED 31st AUGUST 2024 ACCOUNTING POLICIES {al Basis of pr•paration of financial statsments The financial slalernents have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. the Charities Act 2011 and the Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reportin9 Standard applicable in the UK and Republic of Ireland {FRS 1021- effective 1 January 2019. The functional currency ol the Charity is considered to be GBP because that is the currency of the primary economic environment in which the Charity operates. The accounts are drawn up on the historical cost basis of accounting. as modified by the revaluation of investments. The Charity is a Public Benefit Entity registered as a eharity in England and Wales. Its charity number is 505207 IEngland and Wales) Ibl Incoming re$our¢os All income is included within the Statement of Financial Adivitie¥ I'SOFA'I on a received basis. Icl Resources expgnded All expenditure is accounted for on an accruals basis and allocated directly lo the category lo which it relates. Governan costs comprise those costs incurred complying wilh constitutional and stalulory requiremenls. Capital grants are accounted for when the payment is made. Idl Inveslmonts Investments are ststed at market value. {el Fund accounting Funds held by the charity are either.. Unrestricted 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 specific purpose. As al 31 sl August 2024 there were no funds in this category. Restricted funds which can only be used lor particular restricted purposes within the objects of th8 charity. Re$tri¢lion$ arise when specified by the donor or when the funds are raised for particulaT restri¢led purposes. In Financial Instruments Basic financial insliuments are initially recognised al transaction value and subsequently measured at amortised cost with the eXPIlon of investments which are held al fair value. Financial assets held al amortised cost comprise cash al bank and in hand. together with trade and other debtors. A specific provision is made for debts for which reeoverabilily is In doubl. Cash 21 bank ind in hand is defined as all cash held in instant a$S bank accounts and used as working capital. Financial liabilities held al amortised cost comprise all creditors except social security and other taxes and provisions. Assets and Iiabililies held in foreign currency are translated lo GBP al the balance sheet dale al an appropriale year end exchange rate. 16-
Notes on Financlal Statements Year Ended 31st August 2023 ACCOUNTING POLICIES CONTINUED (g) Critical accounting judgements and key sources of estlmation uncertalnty In the application of the accounting policies. Trustees are required to make judgement. estimates. and assumplions about the carying value of assets and liabilities that are nol readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underfying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised rf the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. In the view of the trustees, no other assumplions conceming the future or estimation uncertainty affecting assets or liabilities at the balance sheet dale are likely to result in a material adjuslment to their carrying amounts in the next financial year. (h> Golng Concem Trustees consider that the WGS Trust is a Going Concern. Trustees monitor the School's requirement for bursary funding and capital projects at each of their meetings to ensure that this can be fvnded. The Trustees monitor the retum on the investment portfolio and the movement of investments at their meetings, whilsl the school provides the Trustees with information on the required funding for the ongoing bursary support. The Trustees review this infom)ation and decide on the amount paid to the School. INVESTMENT INCOME 2024 2023 Bank interest 8,227 212 Dividends on UK listed investments 458,816 426,981 467,043 427,193 3 FUNDRAISING COSTS 2024 2023 Staff costs recharged from Withington Gids. School 71,403 5,894 25 79,471 7,064 8,025 Promotional materials Telephone Campaign Giving Day Other fundraising costs 5,174 -2,388 85,273 92,172 4 BURSARIES 2024 2023 Bursaries paid for pupils of Wilhington Girls. SGhool 864,480 741.751 The lotal number of pupils in receipt of bursaries during the year was 98 {2023'.98). 17
Notes on Financial Statements Year Ended 31st August 2023 5 ANNUAL FUND 2024 2023 Purchase ofequipment for Withington Girfs, School 7,665 15,356 7,685 15,356 6 OTHER CHARITABLE EXPENDITURE 2024 2023 Sundry expenses Clerk to the Trust 1,754 2,500 660 593 2,500 678 Stockbroking fge Postage Subscriptions Office expenses Database sofvare 3,713 249 3,773 308 1.743 691 4.688 5,203 Trustee Indemnity Insurance 2,210 2,161 Governance Costs Audit Fees 3,630 3,594 21,147 19.501 The Trustees received no remuneration or reimbursement of expenses during the year12023 £NIL>- There are no employees of the Charity. There are no employees who received employee benefits (excluding pension costs} of more than £60,000. 7 INVESTMENTS The movements on this account during the year were as follows: 2024 2023 UK quoted Investments At valuation.. At 1 September 2023 Additions at cost 7,615,584 1.741.293 (1,765,962) 1,337,006 9,370,855 903,426 {964,031 } (1,694,666) Disposal proceeds Changes in market value At 31 August 2024 8.927.921 7,615,584 Cash held by stockbrokers 88,932 64,923 9,016,853 7,680,507 All investments are held for charity use. 18-
Notes on Financial Statements Year Ended 31st August 2023 8 DEBTORS 2024 2023 Income tax recoverable 81,103 49,523 4,764 Prepayments 81.103 54.287 9 CASH AT BANK 2024 2023 Lloyds Bank Current Account 625,914 183.087 625 914 183,087 10 CREDITORS 2024 2023 Amounts falling due withln one year Accruals 9,278 8,411 3.120 Amount payable to Withington GiJ1s' School 2,450 17,689 5,570 11 ACCUMULATED FUNDS 2024 2023 Restrlcted - for Bursaries At 1 September 2023 Net gainl{loss} on investsnents Net incomel{expenditurel before gains on investment 3,432,840 583,457 4,118,568 {739,536) 52,383 4,068 680 53,808 At 31 August 2024 3,432,840 2024 2023 Unrestrlcted - not designated At 1 September 2023 Net income before gains on investment Nei gainl{loss} on investrnents At 31 August 2024 4,479,471 404.481 5,319.235 115,366 753,549 955,130 5,637,501 4,479,471 Unrestricted - designated At 1 September 2023 Nel (expenditure) before gains on investment At 31 August 2024 24,304 24,304 Total 9,706,181 7,912,311 The Restricted Funds represent a fvnd specifically for bursaries. 19-
Notes on Financial Statements Year Ended 31st August 2023 12 ANALYSIS OF NET ASSETS BETWEEN FUNDS other assets Investments Total Reslricted fijnds 4,068,680 4,948,173 4,068.680 5,637,501 Unrestricted funds 689,328 9,016,853 689,328 9,706,181 13 RELATED PARTY The Govemors of Withington Girfs, School (Charity Number 11582261 appoinl the Trustees of WGS Trust Transactions with Withington Gids. School have been identified and disclosed wilhin the accounts as appropriate. Donations reiVed from Trustees during the year were £1.44512023'. £1,360). The value including gift aid is £1,70012023= £1.700) 14 FINANCIAL INSTRUMENTS 2024 2023 Financial assets measured at amortised cost la) 707,017 237,374 Financial assets measured at fair value (b) 9,016,853 7.680,507 Financial liabilities measured at amortised cost (cl (17,689) {5,570) Net financial assets measured at amortised cost 9,706,181 7,912.311 Financial assets at amortised cost include cash (a) and other debtors Ib) Financial asset5 at fair value include investments {G) Financial liabilities inGlude other creditors 20-