Charity number: 507487
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS
FUND
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
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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 COn￿rning 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 con￿r￿ 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 othe￿ise 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
Practi￿1.
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 con￿rn 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 othe￿iSe 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 ir￿guIar1IieS, 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 pr￿edUreS 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 install￿S 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
fO￿ard
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 othen￿lSe 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 re￿iVed 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