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 othe￿iSe 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 othe￿iSe 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 aC￿Unting 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 

Page 11 



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 se￿IceS 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 Othe￿iSe 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. 

Page 25