Charity number: 507487 WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Trustees. report Independent auditors. report on the financial statements Statement of financlal actlvities 8-11 12 Balance sheet 13 Notes to the financial statements 14-25
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees Mr D J Hughes, Chairman Mr S Ross (retired 3 December 2024) Mr M J Hughes (retired 3 December 2024) Dr R D G Cooper Mr J Harper Mr M J Round {appointed 3 December 2024) Mr A P Holles (appointed 3 December 2024) Charity registered number 507487 Principal office CIO Wolverhampton Grammar School Compton Road Wolverhampton WV3 9RB Clerk to the Trustees S Hemmings Independent auditors Crowe U.K. LLP Fourth Floor st James House St James Square Cheltenham GL50 3PR Bankers Lloyds Bank PLC 28a High Street Tettenhall Wolverhampton WV6 8QT Solicitors FBC Manby Bowdler 6-10 George Street Snow Hill Wolverhampton VVV2 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 2024 The Trustees present their annual report together with the audited financial statements of the Charity for the period 1 September 2023 to 31 August 2024. Objectives and activities a. Policies and objectives The Independence Appeals Fund (the 'Charity') was set up to support Wolverhampton Grammar School (the 'School') in its aims and lo provide financial help wherever possible to children who would nol otheiSe have been able to attend the School. In setting objectives and planning for activilies, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity IPB2)'. b. Strategies for achieving objectives The agreed strategy has been to take advantage of the improving market conditions to increase the value of the investment portfolio with a view to providing support where practicable through income streams in future years, thereby allowing the capital of the Fund to remain at least at current levels and to meet the Reserves Policy agreed for the consolidated group las detailed under Organisational Structure). c. Activities undertaken to achieve objectives In conjunction with ils Investment Manager, the Charity has been focusing on increasing the value of its investmenl portfolio to enable increased support of the School in future years. The Charity supports a number of annual means tested scholarships from funds given specifically for this purpose along with a number of means tested hardship bursaries. d. Grant-making policies The Trustees, policy is to fund any specific bursary or scholarship at the School as required by the donor of those funds and to 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 Wulfrunians help with fundraising, cultural and sporting activities providing many hours of voluntary service 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 (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Objectives and activities {continued) f. Main activtties undertaken to further the Charity's purposes for the public beneflt Being a former state funded Grammar School and subsequently heavily involved in the Government Assisted Places Scheme, Wolverhampton Grammar School is perceived by itself and the people of Wolverhamplon, very much as a school with a duty to uphold its strong charitable links. This strength has been further developed since the advent of full independence in 1979, with great importance placed on maintaining Ihe public benefit provided, not only in the delivery of a rounded education, but also through Ihe provision of supported places to pupil otherwise unable to afford to attend the School. Wolverhampton Grammar School remains an academically selective, but not elitist School. It continLtes lo remember its tradition of educaling pupils from all sections of the community, with a significant number of bursaries being offered, to assist children of low income families in attending the School. The philosophy of the School is steeped in the educational tradition of providing public benefit, in both educational and community terms. Furthermore, the continuation of a policy of providing places to 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 SLtpport rightly concentrates on full fee awards, the School's Directors are also mindful of pupils who wish to atlend the School, but do not qualify for full bursaries. With this in mind, there are a number of part funded places offered to families of moderate income, further widening the access to potenlial beneficiaries. In addition, the School provides a number of hardship bursaries to pupils in years 10 to 13 to allow them to complete their critical exam years. Whilst the Charity has focused on increasing its investment portfolio, the Trustees have agreed to provide up to £50,000 on an annual basis to support hardship funding to support the School in awarding means tested bursaries for pupils in critical exam years. This hardship funding is augmented by donalions received specifically for this purpose, In addition, the Charity provides a number of means tested bursaries and scholarships, such as the Sports Scholarship and Ivy Jones Award from donations given specifically for such awards. During 2017118 the Trustees also agreed to offer a means tested Foundation Bursary to a new entrant at Year 7 from September 2018. This decision was made to 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 Trustees have complied with the duty in section 4 of the Charilies Acl 2011 to have due regard to the Charity Commission's published and relevant sub sector guidance concerning the operation of the Public Benefit requirement under that Act. Page 3
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achievements and performance Review of activities 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 £189,826 (2023.. £208,432) in the year. b. Investment policy and performance The Trustees have appointed investment Managers to manage the investment portfolio on a discretionary basis in accordance with the agreed strategy. The Trustees monitor the returns on a regular basis. The investment objectives for the General Appeals Fund and the Restricted Funds are.. The creation of a sufficient financial return to enable the Charily to carry out its purposes effectively and without interruption., The maintenance and enhancement of the investment funds over the long term., To obtain a reasonable balance between capital growth and income so Ihat the Charity can meet future as well as current needs., To avoid investments that are unduly risky. The investment objectives for the Ivy Jones Endowed Fund are.. To maximise the returns on investments., To avoid investments that are unduly risky. The income for the year from the managed investment portfolio amounted to £105,573 {2023.' £102,326). The total return achieved was -4.10/0 on the General Appeal Funds and -3.80/0 on the Restricted Funds, both of which are benchmarked against the MSCI WMA Balanced Index. The Ivy Jones Endowed Fund, which has an income orientated benchmark, returned -6.3 %. Page 4
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Financial review . Going concern After making appropriale enquiries, Ihe Truslees have a reasonable expectation that the Charity has adequate resourGes to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Resenies policy In the Trustees, view, the level of reseNes held should provide the Charity with adequate financial stability and the means for it to meet its charitable objectives for the foreseeable future. The level of reseNes is also considered in line with the consolidated group's Reserves Policy which aims to build up and maintain its unrestricted free reseNes in order to accommodate longer term plans for capital investment and other stralegic objectives as well as provide an emergency fund to manage the risks and uncertainties for an educational charity in the current political and economic climate. At 31 August 2024 total funds amounted to £4,857,380 {2023.' £4,403, 756). Details are shown in note 14. Structure, governance and management a. Constitution Wolverhampton Grammar School Independence Appeals Fund is a registered charity, number 507487, and is constituted under a trust deed. b. Methods of appointment or election of Trustees The Charity's Trustees are appointed by the currentloutgoing Trustees who carefully consider the range of skills which are required by the Board of Trustees. A minimum of four Trustees are required on Ihe Board. c. Policies adopted for the Snduction and training of Trustees New Trustees are provided with an induclion pack, which conlains details of the trust deeds under which the Charity operales. Before taking up posl, they meet with the Chairman of the Board of Directors of the School and the Head of the School. Once appointed, a meeting with the Clerk to the Trustees is arranged, lo provide more detailed information and to identify appropriate Iraining courses for individuals to attend. Page 5
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Structure, governance and management (Gontlnued) d. Organisational structure and decision making Wolverhampton Grammar School is a charity and company limited by guarantee, and is governed by its memorandum and articles of association. The associated Trusts, The Independence Appeals Fund and The 1958 Appeal Fund are administered in conformity with their Trust Deeds. The consolidated accounts comprise Wolverhampton Grammar School Ltd (registered charity number 1125268), Wolverhampton Grammar School Foundation (registered charity number 529006), Wolverhampton Grammar School Independence Appeal Fund (registered charity number 507487) and Wolverhampton Grammar School 1958 Appeal Fund {regislered charity number 1090885). The School was set up to run the operational and trading activities, the Foundation was set up to manage the specie endowed land and buildings and the two Appeal Funds were set up to support the School in its aims and to provide financial help wherever possible to students who would not othetwise have been able to attend Wolverhampton Grammar School. The Trustees are responsible for the overall management of the Charity. The Trustees meet at least twice a year and are empowered lo ensure that the policies of the Charity are carried out in line with the aims of the Charity. The day to day management of the Fund is delegated to the Fund's Investment Managers and to Wolverhampton Grammar School management. The Head and the Finance Director of the School (who also acts as Clerk to the Trustees} attend meetings of the Trustees. e. Risk management The Trustees examine the major risks each financial year with particular reference to their future plans. The Charity has developed systems to 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 to seek to establish additional opportunities for generating income streams, in order to continue to provide bursary support for pupils at the School and other financial support for the School as supported by Ihe new Fundraising Stralegy adopted by the School. The overall strategy of the Trustees will also seek to protect and grow the capital of the Fund. Page 6
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Statement of Trustees, responsibilities The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: selecl suitable accounting policies and then apply them consislently., obseNe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards {FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on Ihe going concern basis unless it is inappropriate to presume Ihat the Charily will continue in business. The TrLFStees are responsible for keeping adequate accounting records thal are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of Information to auditors Each of the persons who are Trustees al the time 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 charitls auditors are unaware, and that Trustee has taken all the steps Ihat ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish Ihat the charity's audilors are aware of that information. Auditors The auditors, Crowe U.K. LLP, have indicated their willingness to continue in office. The Trustees will propose a motion reappointing Ihe auditors at a meeting of the Trustees. Approved by the Trustees and signed on their behalf by.. Mr D J Hughes Chairman Date: Page 7
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND Opinion We have audited the financial statements of Wolverhampton Grammar School Independence Appeals Fund (the 'charity') for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounling policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). The financial statements have been prepared in accordan with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland {FRS 102) in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as al 31 August 2024 and of ils incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Slandards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accoLtnting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 8
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND (CONTINUED) Other information The other information comprises the information included in the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other infomiation contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any fonn of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in Ihe course of the audit, or otheiSe appears to be materially misstated. If we identify such material inconsislencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial slatements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of Ihe following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Trustees, report is inconsistent in any material respect with the financial statements., or sufficient accounling records have not been kept,. or the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, 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 preparation of financial statements thal are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going Goncern, disclosing, as applicable, matters related to going concern and using the going concern basis of aCUnting unless the Trustees either intend to liquidate the chartty or to cease operations, or have no realistic alternative but to do so. Page 9
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND {CONTINUED) Auditors, responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misslalement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design proGedures in line with our responsibilities, outlined above, lo delect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011, taxation legislation and employment legislation, together with the Charities SORP {FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on Ihe related financial statement items. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry oflhe Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the approval and processing of bursaries, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Trustees about their own idenlificalion and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with govern2nce. 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 misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves inlenlional concealment, forgery, collusion, omission or misrepresentation. A further descriplion of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or -uklauditorsres onsibilities. This description forms part of our Auditors, Report. Page 10
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND (CONTINUED)
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. Ce Crowe U.K. LLP 5 — Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR
Date: 20 May 2025
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WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted funds 2024 Restricted Endowment funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowments from: Donations and legacies Investments 3,789 55,269 186,037 50,304 189,826 105,573 208, 432 102,326 Total income and endowments 59,058 236,341 295,399 310,758 Expenditure on: Raising funds Charitable activities 12,677 52,690 9,267 168,308 1,797 23,741 220,998 23,388 235, 952 Total expenditure 65,367 177,575 1,797 244,739 259,340 Net lexpenditure)lincome before net gains on investments Realised nel gains Net movement in funds before other recognised gainslllosses) (6,309) 27,696 58,766 1,677 (1,7971 329 50,660 29,702 51,478 935 21,387 60,443 {1,468) 80,362 52,353 Other recognised gainsl{losses): Unrealised net gainsl(losses) on investments 189,608 155,152 28,502 373,262 {112,468) Net movement in funds 210,995 215,595 27,034 453,624 (60, 115) Reconciliation of funds: Total funds brought fonmard Net movement in funds 2,187,848 210,995 1,930,469 215,595 285,439 27,034 4,403,756 453,624 4,463,871 (60, 115) Total funds carried forward 2,398,843 2,146,064 312,473 4,857,380 4, 403, 756 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 14 to 25 form part of these financial statements. Page 12
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Fixed assets Investments 12 4,344,631 3,959, 708 Current assets Debtors Cash at bank and in hand 13 92,341 420,408 6, 209 442,942 512,749 449, 151 Creditors: amounts falling due within one year 14 15, 103) Net current assets 512,749 444,048 Total net assets 4,857,380 4, 403, 756 Charity funds Endowment funds Restricted funds Unrestricted funds 15 312,473 2,146,064 2,398,843 285,439 1,930,469 2, 187,848 15 15 Total funds 4,857,380 4,403, 756 The financial statemenls were approved and authorised for issue by the Truslees and signed on their behalf by: Mr D J Hughes Chainnan Date.. The notes on pages 14 to 25 form part of Ihese financial statements. Page 13
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General information Wolverhampton Grammar School Independence Appeals Fund is a charity registered in England and Wales (Charity Number 5074871. The Charity's registered office and primary place of business is CIO Wolverhampton Grammar School Limited, Compton Road, Wolverhampton, West Midlands, WV3 9RB. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appliGable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019}, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Charities Acl 2011. The financial statements have been prepared lo give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required to provide a 'true and fair, view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Wolverhampton Grammar School Independence Appeals Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or Iransaclion value unless otherwise stated in the relevant accounting policy. 2.2 Going concern After making enquires, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements. Page 14
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.3 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. For legacies, entitlement is taken as the earlier of the date on which either.. the Charity is aware Ihat probate has been granted, the estale has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt 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 executorfs intention to make a distribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. Donaled 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 Ihe Charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP {FRS 102), general volunteer time is not recognised though the Trustees, report provides more information about their contribution. On receipt, donated professional seIceS and facilities are recognised on the basis of the value of the gift to the Charily which is the amount it would have been willing to pay to obtain services or facilities of equivalenl 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 at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be Lfsed. The gain is recognised as income from donations and a corresponding amount is included in Ihe appropriate fixed asset class and deprecialed over the useful economic life in accordance with the Charitls accounting policies. Income tax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 2.4 Expenditure Expenditure is recognised On there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic 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 total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and deprecialion charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for ils charitable purposes and includes costs of all fundraising activities events and non-charilable trading. Expenditure on charitable activities is incurred on directly LFndertaking the activities which further the Charity's objectives, as well as any associated support costs. Page15
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amounl can be measured reliably by the Charity., this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Investments Fixed asset investments are a form of financial instrument and are initially recognised at Iheir transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments, in the Statement of Financial Activities. Investments held as fixed assels are shown at cost less provision for impairment. 2.7 Financial instruments The Charity only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans lo related parties and investments in ordinary shares. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or lo realise the asset and sellle Ihe liability simultaneously. Debtors Short-lerm debtors are measured at transaclion price, less any impairment. Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Creditors Short term creditors are measured at the transaction price. 2.8 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted funds are funds which are lo be used in accordance with specific restrictions imposed by donors or which have been raised kiy the Charity for particular purposes. The costs of raising and administering such funds are charged against the specifiG fund. The aim and use of each reslricled fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 16
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Critical accounting estimates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed lo be reasonable under the circumstances. Critical accounting estimates and assumptions.. The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related aclual results. The estimates and assumptions that have a significanl iisk of causing a material adjustment to Ihe carrying amounts of assets and liabilities within Ihe next financial year are discussed below. Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations and Legacies 3,789 186,037 189,826 208,432 Total 2023 10, 759 197,673 208,432 Investment income Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Investment income Bank interest 55,253 16 50,304 105,557 16 102,321 55,269 50,304 105,573 102,326 Total 2023 60,834 41,492 102,326 Page 17
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Investment management costs Unrestricted Restricted Endowment funds funds funds 2024 2024 2024 Total funds 2024 Total runds 2023 Investment management fees 12,677 9,267 1,797 23,741 23, 388 Total 2023 20,494 7,110 1, 784 23, 388 Analysis of expenditure by activities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Tolal funds 2023 Bursaries & Awards Audit Costs Finance and Other Costs 215,487 215,487 1,800 3,711 233,041 1,900 1,071 1,800 3,711 215,487 5,511 220,998 235, 952 Total 2023 233,041 2,911 235, 952 Page 18
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure on charitable activities Summary by fund type Unrestri¢ted Restricted funds funds 2024 2024 Total 2024 Tolal 2023 Bursaries & Awards Audit Costs Finance and Other Costs 50,700 1,800 190 164,787 215,487 1,800 3,711 233,041 1, 900 7,Ofl 3,521 52,690 168,308 220,998 235,952 Tolal 2023 51,471 184,481 235, 952 Auditors. remuneration 2024 2023 Fees payable to the Charitls auditor for the audit of the Charity's annual accounts 2,525 1,900 10. Staff Costs The charity has no employees. 11. Trustees, remuneration and expenses During the year, no Trustees received any remuneration or other benefits {2023.' £NIL). During the year, expenses tolalling £3,521 were reimbursed or paid directly to one Trustee (2023 - £NIL). Page 19
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Fixed asset investments Other fixed Listed asset investments investments Total Cost or valuation At 1 September 2023 Additions Disposals Revaluations 3,944,902 387,790 1405,8311 402,964 14,806 3,959,708 387,790 {405,831) 402,964 At 31 August 2024 4,329,825 14,806 4,344,631 Net book value At 31 August 2024 4,329,825 14,806 4,344,631 At 31 August 2023 3, 944, 902 14,806 3,959, 708 13. Debtors 2024 2023 Due within one year Trade debtors Amounts owed by group undertakings Other debtors 6,630 85,711 5,590 619 92,341 6,209 14. Creditors: Amounts falling due within one year 2024 2023 Trade creditors 5, 103 Page 20
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Statement of funds Statement of funds - current year Balance at I September 2023 Balance at Gainsl 31 August (Losses) 2024 Transfers inlout Income Expenditure Unrestricted funds General Appeals Funds Foundation BL¢rsary Fund 2,113,180 59,058 (65,3671 217,304 2,324,175 74,668 74,668 2,187,848 59,058 (65,3671 217,304 2,398,843 Endowment funds Ivy Jones Award Funds 285,439 (1,797) 28,831 312,473 Restricted funds Martin Bequest OW Sports Scholarship Fund Ivy Jones Award FLtnd Foundation Bursary Fund 150 Years on Compton Road Bursarial Funds Robin Cooper Science Fund 548,791 5,002 (1,120) (42,1451 17,181 527,709 930,075 24,326 {28,9801 95,642 1.021,063 23,671 9,784 (15,600) 17,855 302,932 7,923 {69,937) 31,152 272,070 125,000 109,519 43,877 {750) (32,357) 12,854 246,623 11,520 35,910 {28,8311 42,145 49,224 1,930,469 236,341 1177,575) 156,829 2,146,064 Total of funds 4,403,756 295,399 (244,739) 402,964 4,857,380 Page 21
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Statement of funds {¢ontinuedl Statement of funds - prior year B8lanGe al 1 September 2022 Balance 81 31 Augusl 2023 Transfers in/oul Gains/ (Losses) Income Expenditure Unrestricted funds General Appeals Funds General Foundation Bursary Fund 2,226,357 71,593 (71, 965) (59,481) (53,324) 2, 113, 180 74, 668 74,668 2,301, 025 71,593 (71, 965) (59,481) (53,324) 2, 187,848 Endowment funds Ivy Jones Award Fund 301,962 (1, 784) (14, 739) 285,439 Restricted funds Martin Bequest OW Sports Scholarship Fund Bursarial Funds Ivy Jones Award Fund Foundation Bursary Fund 150 Years on Compton Road 484, 889 76, 448 (1, 110) (11,436) 548, 791 961,828 (20, 648) 26,647 (572) (14,715) (59,404) (20, 648) 80, 129 (23,037) 495 930,075 38,516 11,642 (26,487) 23,671 396,299 (83, 875) (9,492) 302, 932 125,000 125, 000 1, 860, 884 239, 165 (185,591) 59,48t (43, 470) 1, 930, 469 Total of funds 4,463,871 310, 758 (259,340) (111,533) 4,403, 756 Page 22
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Statement of funds (continued) Endowment Funds The Ivy Jones Endowed Fund is an endowed fund under the terms of the will of Professor Douglas Jones (Old Wulfrunian) for the express purpose of providing bursary assistance for able pupils whose parents could not OtheiSe afford to send their children to the School. Any bursary awarded is to be designated as an 'lvy Jones Award, in honour of Prof Jones, late wife. Under the terms of the will, the capital of the legacy is required to be maintained unless certain circumstances arise whereby some or all of the capital may be spent. Restricted Funds The Martin Bequest: The Marlin Bequest is a restricted fund which has been set up to provide a bursary prize or prizes for students studying for or proceeding to Allied Medical Sciences or such other subjects as the governing body of the school shall at its discretion think fit. The Old Wulfrunian Sports Scholarship Fund.. The Old Wulfrunian Sports Scholarship Fund is a restricted fund which has been donated to provide a means lesled Sports Scholarship to a student (or students) living in the Wolverhampton postcode area who joins the school into the Sixth Form and who is able to demonstrate considerable sporting achievement. Bursarial Funds: These monies were raised by appeal when the school was given notice by local government of their intention to cease to maintain the school. The purposes of the appeal were to raise £180,000 for new buildings and the balance of sums raised to provide financial assistance for children who otheTwise would be unbiased to attend Wolverhamplon Grammar School. During 2021, an Emergency Appeals Fund was launched in order to support families in short term financial difficulties as a result of Covid-19. Ivy Jones Award Fund: Income generated from Ihe Ivy Jones Endowed Fund is credited to the Ivy Jones Award Fund, a restricted fund, which is used for bursary assistance. Foundation Bursary Fund: These monies were raised as part of the current fundraising strategy to provide 1000/0 bursaries to students in financial need entering Year 7, making provision for a full 7 years of education at Wolverhampton Grammar School if required. Robin Cooper Science Fund The Robin Cooper Science Fund has been set up to provide equipment for the Chemistry Department and to provide a Sixth Form Science scholarship 150 Years on Compton Road WGS moved onto its current Compton Road site on 151h October 1875,. meaning that on Wednesday 15th October 2025, WGS will have been located on its current Compton Road site for 150 years. To mark this special anniversary, WGS is launching a "150 Year Fundraising Campaign to increase its Bursary Award provision. Page 23
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted Restricted Endowment funds funds funds 2024 2024 2024 Total funds 2024 Fixed asset investments 1,886,094 512,749 2,146,064 312,473 4,344,631 512,749 Current assets Total 2,398,843 2,146,064 312,473 4,857,380 Analysis of net assets between funds - prior period Unrestricled funds 2023 Restricted Endowment funds funds 2023 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within one year 1, 743, 800 449, 151 (5, 103) 1,930,469 285,439 3, 959, 708 449, 151 (5, 103) Total 2, 787,848 1,930,469 285,439 4, 403, 756 17. Related party transactions Owing to the nature of the relationship between the IAF and Wolverhampton Grammar School's operations and the composition of the Board of Directors being drawn from local public and private sector organisations, transactions may lake place with organisations in which a member of the board has an interest. All transactions involved such organisations are conducted at arm's length and in accordance with the School's financial regulations and normal procurement procedures. During the year, donations lotalling £Nil (2023.. £100,000) were received into the Bursarial Support Fund from a TrLtstee, and donations totalling £35,910 were received into the Robin Cooper Science Fund. Trustee expenses have been disclosed in Note 11. Page 24
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
18. Controlling party
The parent undertaking and ultimate controlling party is considered to be Wolverhampton Grammar School Limited.
Wolverhampton Grammar School Limited is a charitable company limited by guarantee (company number 6610281, charity number 1125288).
The Fund has taken advantage of the exemption within FRS102 from disclosing related party transactions with Wolverhampton Grammar School Limited and Wolverhampton Grammar School 1958 Appeal Fund on the grounds that the consolidated accounts for the limited company, which are publicly available from the Charity Commission, include the Wolverhampton Grammar School Independence Appeals Fund and Wolverhampton Grammar School 1958 Appeals Fund. They are also available from the Registrar of Companies.
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