Charity number: 507487 WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 WR Partners Protecting your future.
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND CONTENTS Page ReferenGe and admlnlstrative details of the Charity. its Trustees and advisers Trustees, report Independent audltors. report on the linancial statements Statement of financial activities 9-12 13 Balance sheet 14 Notes to the financlal statements 15-25
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022 Trustees Mr D J Hughes, Chairman Mr S Ross Mr M J Hughes Dr R D G Cooper Mr J Harper Charity registered number 507487 Princlpal office clo Wolverhampton GTammar School Compton Road Wolverhampton WV3 9RB Clerk to the Trustees S Hemmings Independent auditors WR Partners Chartered A¢¢ounlants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Bankers Lloyds Bank 28a High Street Teltenhall Wolverhampton WV6 8QT Solicitors FBC ThAanby Bowdler 6-10 George Street Snow Hill Wolverhampton WV2 4DN Investment Manager Evelyn Partners 3rd Floor, 9 Colmore Row Birmingham B3 2BJ Page 1
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The Tiuslees present their annual report together with the audited finan¢ial slalements of the Charity for the 1 September 2021 10 31 August 2022. Objectives and activities a. Policies and oblectives The Independence Appeals Fund Ilhe 'Charily'l was set up to support Wolverhampton Grammar School Ilhe 'School'l in its aims and lo provide financial help wherever possible to children who would not otherwise have been able lo allend the School. In selling objectives and planning for activities, the Trustees have given due consideration lo general guidance published by the Chaiily Commission relating lo public benefi't. includino the guidance 'Public benefit.. running a charity IPB21'. b. Strategies for achieving objectives The agreed strategy h8s been to take advantage of the improving market conditions to increase the value of the investment portfolio with a view lo providing SUPPDrt where practicable through income streams in future years, thereby allowing the ¢api181 of the Fund lo remain al least al curr¢nl levels and lo meet the Reserves Policy agreed for the consolidated group (as detailed under Organisational Slruclurel. Activities undertaken to achiève objectives In conjunction wilh ils Investment Manager, the Charity has been focussing on increasing the value of its investment portloliD lo enable increased support of the School in lulure years. The Charity supports a number of annual means lesled scholarships from funds given specifically foF this purpose along with a number of means lesled hardship bursaries. d. Grant-making policies The Trusl6e5' policy is lo fund any specific bursary or scholarship al the School as required by the donor of those funds and lo make general funds available to the School for bursaries and in support of other aims and objectives of the School as agreed with the Directors of the School. e. Volunteers Many parents, friends of the school and Old Wullrunians help with fundraising, cultural and sporting activities providing hours of voluntary seNice during the year. Much of this work involves raising awareness of the need lo provide bursary support and promotion of the Independence Appeals Fund's role and support in this. Page 2
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Objectives and activities {continuedl f. Main activities undertaken to further the Charity's purposes for the public benefit Being a former slate funded Grammar School and subsequently heavily involved in the Govemmenl Assisted Places Scheme, Wolverhampton Grarnrnar School is perceived by itself and the people of Wolverhampton, very much as a School with a duty to uphold ils strong charitable links. This strength has been further developed sincts the advent of full Independence in fj979. with great Importan placed on maintaining the public benefit provided, not only in the delivery of a rounded education, bul also through the provision of supported places lo pupils otherwise unable lo afford lo attend the School. Wolverhampton Grammar School remains an academically seledive, but nol elitist School. 11 continues lo remember its tradition of educating pupils from all sections of the comn)unily, with a significant number of bursaries being offered, to assist children of low income families in atlendino the school. The philosophy of the School is sleeped in the educational tradition of providing public benefit. in both educational and community terms. Furthermorè, the conlinualion of a policy of providing places lo pupils who cannot afford to pay fees is one endorsed wholeheartedly by the School's Directors and staff alike. Whilst the main focus for bursarial support rightly ¢oncentrales on full fee awards, the School's Directors 8re also mindful of pupils who wish lo allend the School, bul do not qualify for full bursaries. With this in mind. there are a number of part funded places ollered lo families of moderate income, further widening the access lo potential beneficiaries. In addition, the School provides 2 number of haidship bursaries to pupils in years 10 10 13 to allow them lo complete their critical exam years. Whilst the Charity has focussed on increasing ils investment portfolio, the Trustees have a9Teed to provide up to £50,000 on an annual basis lo support hardship funding lo support the School in awarding means lesled bursaries lor pupils in critical exam years. This hardship funding is au9menled by donations received specifically for this purpose. In addilion, Ihe Chaiily provides a number ol me8ns tested bursaries and scholarships. such as the Sports Scholarship 2nd Ivy Jones Award from donations given specrfically for such awards. During 2017118 the Trustees also agreed lo offer a means tested Foundation Bursary lo a new enlranl at Year 7 from September 2018. This decision was made lo assist in the fundraising strategy of the School and encourage matching donations for Foundation Bursaries to be made. In the furtherance of these aims. the Truslees have complied with the duly in section 4 of the Chaiities Act 2011 lo have due regard lo the Charity Commission's published and relevant sub sector guidance COnrning the operation of the Public Benefit requirement under th81 Act. Page 3
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Objectives and actlvlties Icontlnuedl Achievements and performaiice a. Review of activitiès The School continues lo promote the Independence Appeals Fund for the receipt and management of donations and legacies for augmenting bursary funds. The fund received donations and legacies amounting to £58,421 12021.. £201,914) in the year. As part of the School slralegi¢ plan, a Development Office was established in 2015116 which was financially supported by Ihe Fund Ljnlil August 2018. A fundraising strategy has now been developed and adopted with a ajor focus of allracling significant donations lo the Independence Appeals Fund allowing a greater number of bursaries to be awarded. The most recent donations have been for Foundation Bursaries an($ in addition lo the Foundalion Bursary commilled lo by the Trustees lor Seplember 2018, the new donations have allowed a second Foundation Bursary lo be made for September 2018, two further Foundation Bursaries to be awarded for September 2019 and one Foundation Bursary lo be awarded for September 2020, September 2021 and September 2022. These awards were made in addition to a number of hardship bursaries and specific awards such as the Sports S¢holarships. b. Investment policy and performancè The Trustees have appointed Investment Managers to mallage the investment portfolio on a discretionary basis in accordance with the agreed strategy. The Trustèes monitor the returns on a regular basis. The investment obiectives lor the General Appeals Fund and the Reslricled Funds are.. The ¢realion of a sufficient financial return lo enable the Charity lo carry out ils purposes effectively and wilhoul inlerruplion-. The maintenance and enhancement of the investment funds over the long term., To obtain a reasonable balance between capital growth and income so that the Charity CAn meet future as well as current needs., To avoid inveslrnenls that are unduly risky. The investment objectives for the Ivy Jones Endowed Fund are., To maximise the returns on inveslmenls., To avoid investments that are unduly risky. The income for the year fiom the manajed investrmenl portfolio amounted lo £85,759 {2021.' £80,162). The lolal return achieved was 2.25°/o on the General Appeal Funds and 2.440/0 on the Reslricled Funds as measured against the MSCI WMA Balanced Index, which rose by 2.26010 during the year. The Ivy Jones Endowed Fund, which has an income orientated benchmark, returned 2.89OA while the WMA Income Index gained 2.31tsA. Page 4
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Financial review a. Going concern After making enquires, the Trustees have a reasonable expèctation that the Charity ha5 adequate resources lo continue in operational exislence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing rts financial $18temenls. The Trustees have also assessed the potential impact on the future operations of the ChaTily with regard lo the Covid 19 outbreak. The Chaiily is considered lo be well positioned given the current enviionment with no impact on the going conr basis of the financial slalemenls. b. ReseNes policy In the Trustees, view. the level of reserves held should provide the Charity adequate financial stability and the means for it lo meel its charit8ble objectives for the foreseeable future. The leve5 of reseNes is also considered in line with the consolidated group's Reserves Policy which aims lo build up and maintain ils unrestricted free reserves in order lo accommodate longer term plans for capital investment and other strategic objectives as well as provide an emergency fund lo rllanage the iisks and uncertainties for an edu¢alional charity in the current political and economi¢ climate. In addition The Direclors and the Trustees recognise the need lo increase the reslri¢ted and endowed reserves held lo help fund luture Iranslormalional bursaries. Al 31 August 2022 lolal funds amounted lo £4,463,87112021.. £4,794,094). Details are shown in note 14. Structure* govemance and management a. Constitution Wolverhampton Grammar School Independen Appeals Fund is a registered charity, number 507487, and is Constituted under a Trust deed. b. Methods of appointment or electlon of Trustees The Charity's Trustees are appointed by Deed of Appointment by the currenlloulgoing Trustees who carefully consider the range of skills which are required by the Board of Trustees. A minimum of four Trustees are required on the Board. c. Policies adopted for the induction and training of Trustees New Truste&s are provided with an induction pack, which contains details of the trust deeds under which the Gharily operates. Before taking up post, they meet with the Ch8irman of the Board of Directors of the S¢hcx)l and the Head of the School. Once appointed, a meeting fjth the Cleik lo the Trustees is arranged, to provide more detailed information and lo idenlily appropriate training courses for individuals lo all&nd. Page S
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Structure, governance and management Icontinuedl d. Organisational structure and decision making Wolverhampton Grammar School is a charity and company lirniled by guarantee, and is governed by ils emorandum and articles of association. The associated Trusts, The Independen Appeals Fund and The 1958 Appeal Fund are administered in conformbty with their Trust Deeds. The consolidated accounts comprise Wolverhampton Grammar School Ltd Iregislered charity number 11252681, Wolverhamplon Grammar School Foundation Iregislered charity number 5290061, Wolverhampton Grammar School Independence Appeal Fund Iregislered charity number 5074871 and Wolverhampton Grammar School 1958 Appeal Fund Iregislered charity number 10908851. The Sohool was sel up lo run the operational and trading aclivilies, the Foundation was sel up lo manage the specie endowed land and buildings and the Appeal Funds were sel up to support the School in ils aims and lo prowde financial help wherever possible lo students who would not otheise have been able lo allend Wolverhampton Grammar School. The Trustees are responsible for the overall management of the Charity. The Trustees meet al least twice limes a year and are empowered lo ensure that the policies of the Charity are carried out in line with the aims ol the Charity. The day to day management ol the Fund is delegated to the Fund's Investment Managers and lo Wolverhampton Grammar School management. The Head and the Bursar of the School {who also acts as Clerk lo the Trusleesl allend meetings of the Trustees. e. Risk management The Trustees examine the major risks each financial year with particular referen¢e lo their future plans. The Charity has developed systems lo monitor and manage the major risks that could affect the Charity in the future. Plans for future periods During the next year, Trustees will continue lo seek lo establish additional opportunities for generating income streams, in order to continue lo provide bursary support for pupils al the School and other linan¢ial support for th¢ School as supported by the new Fundraising Strategy adopted by the School. The overall strategy of the Tmslees will also seek lo protect and grow the capital of the Fund. Page 6
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Statement of Trustees, responsibilities The Trustees are responsible for preparing the Trustees. report and the financial slalemenls IN accordance wilh applicable law and Unrted Kin9dom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Practi1. The law applicable lo charities in England & Wales requires the Trustees lo prepare financial slalements for each financial which give a true and lair view of the state ol affairs of the Charity and of its incoming resources and applioalion ol resources, including ils income and expenditure, for that period. In preparing these financial statements. the Trustees are required to.. select suitable accounting policies and then apply them consislent5y', observe the methods and principles of the Charities SORP IFRS 1021.. make judgments and ac¢ounling eslimales that are reasonable and prudent,. slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financi21 sl¥lemenls', prepare the financial slalements on the going concem basis unless il is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's Iransa¢tions and disclose with reasonable accuracy al any lime the financial position of the Charity and enable them to ensure that the fi'nancial slalemenls comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hen for taking reasonable sleps for the prevention and detection of fraud and other irregularities. Page 7
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Disclosure of information to auditors Each of the person5 who are Trustees al the lime when this Trustees. report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and that Trustee has taken all the steps that ought lo have been taken as a Trustee in order lo be aware of any relevant audit information and lo establish that the charrtls auditors are aware of that information. Auditors The auditors, WR Partners, have indiGaled their willingness lo Continue in office. The Trustees wll propose a motion reappointing the auditors al a meeting ol the Trustees. Approved by the Trustees and signed on their behalf by.. Mr DJ Hughes Chairman Dale.. -02 Page 8
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND Oplnion We have audited the financial statements of Wolverhampton Grammai School Independence Appeals Fund Ilhe 'charity') lor the year ended 31 August 2022 which comprise the slatemenl of financial aclwilies. the balance sheet, the statement of cash flows 2nd the related notes, including a summary ol significant 8¢¢ounling policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Finan¢ial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iuniled Kingdom Generally Accepted Accounling practi). Th6 financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities preparing their a¢¢oLJnts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 102) in preference lo the Accounting and Reporting by Charities.. Slstemenl of Recommended practi issued on 1 April 2005 which is referred lo in the extant regulations but has been wilhdrawn. This has been done in order lor the accounts lo provide a true and fair view in accordance with the Generally Accepted Accounting Practi effe¢live for reporting periods beginning on or after 1 January 2Q15. In our opinion the financial statements.. give 8 true and fair wew ol the stale of th¢ charills affairs as al 31 August 2022 and of its incoming resources and application of resources lor the year then ended; have been properly prepared in accordance with Uniled Kingdom Generally Accepted Accounting Pracli¢e', and have beon prepared in 8CCOTdance with the requirements of the Charities Ad 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial slalèmenls section of OUT report. We ara independent ol Ihe charity in accordance with the ethical requirements that are relevant to our audit of the financial slalemenls in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fijifilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relating to going concern In auditing the financial slalemenls. we have concluded that the Trustees, use of the going concam 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 Ihal, individually Dr collectively, may cast significant doubl on the charity's 3bilrty lo continue as a going concern for a period of al least twelve months from when the financial slalemenls are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going conrn are described in the relevant sections of this report. Page 9
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND ICONTINUEDI Olher inforination The other Information comprises the information included in the annual report other than the financial slalemenls and our auditors. report Ihereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial slalements does not cover the other information and, except lo the extent otheiSe explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial slalements or our knowledge obtained in the course of the audit, oi otherwise appears lo be materially misstaled. If we identify such material inconsislenoies or apparent material misst8tements, we are required lo determine whether this gives rise lo a material misslalemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misslalemenl ol this other information, we are required lo report that fact. We have nothing lo report in this regard. attèrs on whi¢h we are required to report by exception We have nothing lo report in respect of the following mallers where the Charities IAccounts and Reports) Regulations 2008 requires us lo report lo you if, in our opinion". the information given in the Trustees, report is inconsislenl in any material respect with the finanaal slalemenls., or suffi¢ienl accounting records have not been kept., or the financial statements are not in agre&menl with Ihe accounting records and returns., or we have not re¢eived all the information and explanations we require for our audit. Responsibilltiés of Trustees As explained more fully in the Trustees. responsibilities slalemenl. the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal Control as the Trustees determine is necessary to enable the preparalion of financial slalements that are free from material misslalemenl, whether due lo fraud or error. In preparing the finanu?I slalemenls, the Trustees are responsible for assessing the Charity's ability lo continue as a going concem, disclosing, as applicable, mallers related lo going concem and using the going concem basis of accounting unless the Trustees either intend lo liquidate th¢ charity or to ase operations, or have no realislic allemative bul lo do so. Page 10
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND ICONTINUED Auditors, responsibilitles for the audit of the financial statements We have been appointed as auditor Ljnder section 145 of the Charities Act 2011 and report in ac¢ordance with the Ad and relevant regulations made or having effect Ihereunder. Our objectives are to oblain reasonable sssurance about whether the financial slalemenls as a whole are free from material misslalemenl, whether due lo fraud or error, and to issue an auditors, report that includes our opinion. Reasonable assurance is a high level of assLJrance, bul is nol a guarantee that an audit conducted in accordan with ISAS IUKI will always deted a material misstalemenl when it exists. Misslalemenls can arise from fraud or error and are considered material if, individu8lly or in the aggregate, they could reasonably be expected lo Influen the economic decisions of users taken on the basis of these financial slatemenls. Irregularities, including fraud, are instances of non¥compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misslalemenls in respect of iiregularities, including fiaud. The extent lo which our procedures are capable of delecling irguIar1IieS, including fraud is detailed below.. We reviewed the susceptibility of the charrties financial slalemenls lo material misstatement and identified the principal risks. implementing a series of testing predUreS lo prowde us with SLth'cienl comfort lo issue our opinion. We reviewed the charity's regulatory environment lo ensure we could conclude that il had a¢led in accordance with the framèwork relevant to the charity and ils environment and identify any instances of non-¢ompliance. We also assessed the charities intern81 control procedures to ensure we could appropriately scrulinise these controls and establish whether our understanding ol the ntrol environment was sufficient lo supplement our additional testing procedures. The engagement team consisted of a team that the engagement partner believes is equipped with the relevant level of technical 8nd charity awareness lo carry out our work lo the required standard, Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misslalement in the financial slalemenls or non-complian with regulation. This risk increases the more Ihal compliance with a law or regulation is removed from the ovenls and transa¢lions reflected in the f5nancial stalemenls, as we will be less likely to become aware of installS of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment. forgery. collusion. omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.or .uklaudilorsres nsibililies. This description forms part of our auditors, report. Page 11
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND ICONTINUEDI Use of our report This report is made solely lo the Gharily's Iruslees. as a body, in accordance with Part 4 of the Charities (Accounts and R&portsl Regulations 2008, Our audit work has been undertaken so that we might slate lo the charity's Iruslees those matlers we are required to s18le lo them in an auditors. report and for no other purpose. To the fullest exlenl permilled by law. we do not a¢¢epl or assume responsibility lo anyone other than the charity and ils Iruslees. as a body, for our audil work, for this report, or for the opinions we have formed. WR Partners Chartered Accounlanls Slalulory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Date.. J4 WR Partners are eligible to ad as auditors in terms of section 1212 of the Companies Act 2006. Page 12
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 Unrestricted funds 2022 Restricted Endowment funds funds 2022 2022 Tot41 funds 2022 Total lui?ds 2021 Note Income and endowments from- Donations and legacies Inveslments 4,304 55,538 54.117 84,030 58,421 139,568 201,914 80,162 Total income and endowments 59,842 138,147 197.989 282,076 Expendlture on.. Raising funds Charitable activities 12,866 69,345 10,293 135,655 1.697 24,856 205.000 22,555 304,435 Total expenditure 82,211 145,948 1.697 229,856 326,990 Net expenditure before net 1105sesllgains on investments Realised net gainslllosses) on investments Net movement in funds before other re¢ognised gaillslllossesl 122,3691 17,8011 11,6971 131,867} (44,914) {27,2761 14511 11,3001 {29,0271 28. 766 149,6451 18,2521 12,9971 160,8941 (16, 148) Other recognised gainslllossesl: Unrealised net gainslllossesl on investments {130,8331 {116,077} 122,4191 1269,3291 681,298 Net movement in funds 1180,4781 124,3291 125,416) 1330,2231 665. 150 Reconciliation of funds.. Total funds brought foward N&1 mov8ment in funds 2,481,503 1180,47BI 1,985,213 1124,3291 327,378 125.4161 4,794,094 1330,223) 4, 128,944 665, 150 Total funds carried fOard 2,301.025 1,860,884 301,962 4,463,871 4. 794.094 The Statement of finsncial activities includes all gains and losse5 recognised in the year. Page 13
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND BALANCE SHEET AS AT 31 AUGUST 2022 2022 2021 Note Fixed assels Investments 4,087,339 4,403,001 4,087.339 4,403,001 Current assets Debtors Cash al bank and in hand 12 59,855 346,677 10, 778 383,915 376,532 394.693 Creditors". amounts falling due within one year 13 (3,600) Net current assets 376,532 391,093 Total net assets 4.463,871 4, 794,094 Charity funds Endowment funds Restricted funds Unrestricted funds 14 301,962 1,860.884 2,301.025 327.378 1,985,213 2,481,503 14 14 Total funds 4,463,871 4, 794.094 The linancial slalemenls were approved and aulhorised for issue by the Trustees and signed on their behaFf by.. Mr D J Hughes Chairman Dale.. oz The notes on pages 15 10 25 form part of these financial slalemenls. Page 14
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 General information Wolverhampton Gramrnar School Independence Appeals Fund is a Ch8ri1y registered in England. Th& address of the principal office is given in the charity information on page 1 of these financial slalements. Accounting policles 2.1 Basls of preparatlon of financial statements The finan¢ial statements have been prepared in a0Wrdan with the second edition Charities SORP {FRS 1021- A¢counling and Reportlllg by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in accor(Jance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021 lissued in Oolober 20191, the Financial Reporting standard appli¢able in Ihe UK and Republic ol Ireland {FRS 1021 and the Charities Act 2011. The financial slalemenls have been prepared lo give a 'lrue and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required to provide a 'lrue and fair, view. This departure has involved following the Charities SORP IFRS 1021 published on 16 July 2014 r81her than the Accounting and Reporting by Char"rties". Statement of Recommended Pra¢lice effective from 1 April 2005 which has since been withdrawn. Wolverhampton Grammar School Independence Appeals Fund meets the definition of s public benefit enlily under FRS 102. Assets and liabilitie5 are initially iecognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy. 2.2 Going concern After making enquires, the Trustees have a reasonable expectation that Ihe Charity has adequate resour¢es lo continue in operational existence for the foreseeable future. The Charity Iherefore continue5 to adopt the going concern basis in preparing ts financial stalemenls. Page 15
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accountlng policies Icontinuedl 2.3 Income All income is recognised Orn the Charity has enlillemenl to the income, il 1$ probable that the income will be received and the amount of Income receivable can be measured reliably. FOT legacies, enlillemenl is taken as the eartier of the dale on which either.. the Charity is aware that probate has been granled, the estate ha5 been finalised and nolificalion has been made by the execuloTlsl lo the Trust that a distribution will be made, or when a distribution is received from the eslale. Receipl of a legacy. in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the exe¢ulor's intention lo make 8 distribution. Where legacies have been notified lo the Charity, or the Charity is aware of the granting Df probate, and the criteria for income recognition have not been mel, then the legacy is Irealed as a contingent asset and disclosed if material. Donated services or facilities are recognised when the Charity has control over the item, any conditions associated with the donated item have been mel, the receipt of economic benefit from the use by the Charity of the item is probable and th81 economic benefit ¢an be measured reliably. In accordan with the Charities SORP IFRS 1021, general volunteer lime is not recognised Ihou9h the Trustees, report provides more infomialion about their conlribulion. On receipt, don8ted professional semces and facilities are recognised on the basis of the value of the gift lo the Charity which is the amount il would have been willing lo pay lo obtain services or facilities of equivalent economic benefit on the open market," a corresponding amount is then recognised in expenditure in the period of receipt. Where the donated good is a fixed asset, it is measured al fair value, unless il is impractical lo measure this reliably. in which case the cost of the item lo the donor should be used. The gain is recognised as income from donations and a correspDnding amount is included in the appropriate fixed asset class and d8precialed over the useful e¢onomic life in accordance wrth the Charills accounting policies. Income tax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised al the lime of the donation. 2.4 Expenditurè Expenditure is recognised On there is a legal or constructive obligation lo transfer economic benefit lo a third party, il is probable that a transfer of econorllic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the lolal of direct costs and shared costs. including sUPPOrt costs involved in undertaking each aclivily. Direct costs attributable lo a single activity are allocated directly lo that aclivily. Shared costs which conlribule lo more than one activity and support costs which are not allribulable to a single activity are apportioned between those activities on a basis consistent with the use of resour¢es. Central staff c051s are allocated on the basis of lime spent, and depreciation Charges allocaled on the portion ol the asset's use. Expenditure on raising funds inclLJdes all expenditure incurred by the Charity to Taise funds for its charitable purposes and includes costs of all fundraising activities events and non-charilable trading. Expenditure on charitable activities is incurred on directly Ljndertaking the aclivilies which further the Charity's objectives, as well as any associated support costs. Page 16
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accounting policies Icontlnuedl 2.5 Interest rèceivable Interest on funds held on deposil is included when receivable and the amount Can be measured reliably by the Charity., this is noimally upon nolilication of the interest paid or payable by the inslilulion wlh whom the funds are dep0511ed. 2.6 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction wsl and subsequently measured al fair value al the balance sheet date, unless the value cannot be measured reliably in which case il is measured al cost less impairment. Investment gains and losses, whether realised or unre3lised. are combined and presented as 'GainsllLossesl on inveslmenls, in the Slalemenl of financial activrties. Investments held as fixed assets are shown al cost les8 provisDn for impairment. 2.7 Debtors Trade and other debtors are recognised al the selllement amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 2.8 Cash at bank and In hand Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short malurily of three months or less from Ihe date of acquisition or opening of the deposit or similar account. 2.9 Liabililiès and provisions Liabilrties are recognised when there is an obligation al the balance sheet dale as a result of a past event, il is probable that a transfer of econornic benefit will be required in selllement, and the amount of the selllemenl can be eslimaled reliably. 2,10 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financi81 instruments are initially recognised al transaction value and subsequently measured al their selllemenl value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.11 Fund accounting General funds are unreslricled funds which ale available for use at the discretion of the Trustees in furtherance of the general objeclivas of the Charity and which have nol been designated for other purposes. Reslricled funds are funds which are lo be used in accordance with specific reslridions imposed by donors or which have been raised by the Charily for particular purposes. The cosls of raising and administering such funds are charged against the specific fund. The aim and use of each reslricled fund is sel out in the notes lo the financi81 statements. Investment income, gains and losses are allocated to the appropriate fund. Page17
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Critical accounting estimates and areas of judgment Eslimales and judgments are continually evaluated and are based on historical experience and other faGlors, including expectations of fuluie events that are believed lo be reasonable under the circumslancets. Critical accounting eslimales and assumptions.. The Charity makes estimates and assumptions concerning the future. The resulting accountin9 eslimales and assumptions will, by definition, seldom equal the related a¢lual results. There are no estimates or assumptions that have a significant risk of caLJsing a rnalerial adjustment to the carrying amounts ol assets and liabilities within the next financial year. Income from donatlons and legacies Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Total funds 2021 DonalDns and Legacies 4,304 54,117 58,421 201,914 Tolg12021 5,925 195,989 201,914 Investment Income Unrestrlcted funds 2022 Restricted funds 2022 Total funds 2022 Tol21 funds 2021 Investment income Bank interest 55,521 17 84.030 139,551 17 80,127 4t 55.538 84,030 139,568 80,162 Tol812021 45,418 34, 744 80, 162 Page 18
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Investrngnt management costs Unrestricted funds 2022 Restricted Endowment funds funds 2022 2022 Total funds 2022 Total funds 2021 Investment management fees 12,866 10,293 1,697 24,856 22,555 Tolal 2021 11,665 9,394 1,4g6 22,555 Analysls of expendltltre on charitable a¢tivities Summary by fund type Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Tot81 funds 2021 Bursaries & Awards Audil Costs Finance and Other Costs 67,469 1,800 76 135,655 203,124 1.800 76 302,495 1.800 140 69,345 135.655 205.000 304,435 Total 2021 53,370 251, 125 304,435 Staff Costs The Charity has no employees. Auditors. rewnunaration 2022 2021 Fees payable lo the Charity's auditor for the audit of the Charity's annual accounts 1,800 1.800 Page 19
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 10. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2021- £NIL)- During the year. no Trustee expenses have been incurred {2021- £NIL). Fixed asset investments Other fixed Listed asset investments Investments Total Cost or valuation Al 1 September 2021 Additions Disposals Revaluations 4,282,556 222,605 1329.2421 1269,3281 120,445 60.303 4,403,001 282,908 1329.2421 1269.3281 Al 31 August 2022 3,906,S91 180,748 4,087,339 Net book value Al 31 August 2022 3.906,591 180,748 4,087,339 At 31 August 2021 4,282,556 120,445 4,403,oot All fixed asset investments are held in the UK and are held al market value al the balance sheet dale. 12. Debtors 2022 2021 Due within one year Trade debtors Other debtors Prepayments and accrued income 51,840 619 7,396 10, 778 59,855 10, 778 Page 20
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Creditors: Amounts falllng due within onè year 2022 2021 Trade credilors 3,600 14. Statement of funds Statement of funds - current yaar Balance at 1 September 2021 Balance at 31 August 2022 Gainsl (Losses Incom& Expenditure Unrestricted funds GeneTal Appeals Funds Foundation Bursary Fund 2,406,835 74,668 59.842 182,2111 1158.1091 2,228,357 74,668 2,481,503 59.842 182,2111 1158,1091 2,301,025 Endowment funds Jones Award Fund 327,378 {1,6971 123,7191 301,962 Restrlcted funds Martin Bequest OW Sports Scholarship Fund Bursarial Funds Ivy Jones Award Fund Foundation Bursary Fund 408,548 1,023,242 20,564 30,940 501.919 108,724 21,277 428 {17,3971 115.4721 140,2891 11421 172.6481 114,9861 {67,219} 11.351) 484,889 961,828 120.6481 38,516 396,299 7,718 {32,9721 1,985,213 138,147 1145,9481 1116.5281 1,860,884 Total of funds 4,794,094 197,989 1229,856) 1298,3561 4,463,871 P8ge21
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 14. Statement of funds Icontinuedl Statement of funds - prior year Balance al I September 2020 Balance al 31 Au.qii&l 2021 Gain (Losses) Income Expendillire Unrestrlcted funds General Appeals Funds Foundation Bursary Fund 2,060,674 74,668 51,343 (64,975J 359, 793 2,406,835 74.668 2. 135,342 57,343 (64,975) 359, 793 2, 481,503 Endowment funds Ivy Jones Award Fund 273,967 (1,496J 54,907 327,378 Restricted funds Martin Bequest OW Sports Scholarship Fund Bursarial Funds Ivy Jones Award Fund FoLJndalion Bursary Fund 220.590 877,045 140, t08 22,899 458,993 166,437 13,435 35,678 8. 152 7,031 (16, 108) (20,370) (179,685) [111) 144,245) 37,629 153, 132 24,463 408,548 1,023,242 20.564 30,940 501,919 80, 140 1, 719, 635 230, 733 (260,519) 295,364 1,985.273 Total of funds 4, 728,944 282,076 (326,990) 770,064 4, T94,094 Page 22
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 15. Statement of funds {continuedl Endowment Funds The Ivy Jones Endowed Fund is an endowed fund under the terms of the will of Professor Dtsuglas Jones (Old Wulfrunianl for the express purpose ol providino bursary assistance lor able pupils whose parents could not othenlSe afford lo send their childron lo the School. Any bursary awarded is lo be designaled as an 'lvy Jones Award, in honour of Prof Jone5' late wife. UndeT the terms of the will, Ihe Capital of the legacy is required to be maintained unless certain circumstances arise whereby sorne or all of the capital may be spent. Restrlcted Funds The Martin Bequest.. The Martin Beouesl is a restri¢led fund which has been sel up lo provide a bursary prize or prizes for students studying lor or proceeding lo Allied Medical Sciences or such other subjects as the governing body of the school shall al Ils discretion think lil. The Old Wullrunian Sports Scholarship Fund". The Old Wulfrunian Sports Scholarship Fund is a restricted fund which has been donated lo provide a means lesled Sports Scholarship to 3 student lor students) living in the Wolverhampton poslcode area who joins the school into Ihe Sixth Form and who is able lo demonslrale ¢onsiderable sporting achievement. Bursarial Funds.. These monies were raised by appeal when the school was given noti by lo¢al government of their intention lo Cease lo mainl8in the school. The purposes of the appeal were lo raise £180,000 for new building5 and the balan ol sums raised lo provide financial assistanca for children who otherwise would be unable lo attend Wc>lverhamplon Grammar School. During the previous year, an Emergency Appeals Fund was launched in order to support families in short term financial difficulties as a result ol Covid-19. Jon&s Award Fund.. Income generated from the Ivy Jones Enclowed Fund is credited to the Ivy Jones Award Fund, a restricted fund, which is used for bursary assisl8n¢e. Foundation Bursary Fund". These monies were raised as part of the current fundraising strategy lo provide 1000h bursaries to students in financial need entering Year 7, making provision tor a full 7 years of education al Wolverhampton Grammar School if required. Page 23
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 16. Analysis of net assets between funds Analysls of net assets between funds - Current year Unrestricted Restricted Endowment funds funds funds 2022 2022 2022 Total funds 2022 Fixed asset investments Current assets 1,924,493 376,532 1,860,884 301,962 4,087,339 376,532 Total 2,301,025 1,860,884 301,962 4,463,871 Analysis of net assets between funds - prior yèar Unrestncled funds 2021 Restricteé Endowm8nl funds funds 2021 2021 Tolal fu17ds 2021 Fixed asset investments Current assets Creditors due within one year 2,090,410 394,693 (3,600J 1,985,213 327,378 4,403,001 394,693 {3, 600) Total 2,481,503 1.985,213 327,378 4, 794,094 17. Related party transactions Owing lo the nature of the relationship between the IAF and Wolverhampton Grammar School's operations and Ihe composition of the Board of Directors being drawn from local public and private sector organisalions, Iransa¢tions may lake place with organisalions in which a member ol the board has an interest. All transactions involved such organi5alions are conducted at arm's length and in accordance wrth the Schc)ol's financial regulations and normal procurement procedures. During thè year, donations tolalling £42,00012021'. £NILI were reiVed into the Bursarial Support Fund fron) R D G Cooper, a Trustee. Page 24
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 18. Controlling party The parent undèrtaking and ultimate controlling pat1y is considered lo be Wolverhampton Grammar School Limited. Wolverhampton Grammar School Limited is a charitable company limi(ed by guarantee Icompany number 6610261, charity number 1125268}. The Fund has taken advanlage of the exemption within FRS102 from disclosing related party transactions wtth Wolverhampton Grammar School Limited and Wolverhampton Grammar School 1958 Appeal Fund on the grounds that the consolidated accounts f()r the limited company, which are publicly available from the ChaTily Commission, include the Wolverhampton Grammar School Independence Appeals Fund and Wolverhampton Grammar School 1958 Appeals Fund. They are also available from th6 Registrar of Companies. Page 25