Charity numb8r: 507487 WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUMD CONTENTS Page Relergnco and administrative details of the Charity, its Tfustees •nd advisers Trustses. rnport Independent auditors, rnport on thè financial ststemgnts Stat8m•nt of finan¢ial activrtie¥ 8-11 12-13 Balanc• Shaot 14 Motes to the financlal statsments 15-25
WOLVERHAMPTON GRAMMAR SCHCK)L INDEPENDENCE APPEALS FUND REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND AOVISERS FOR THE YEAR ENDED 31 AUGUST 2025 Tru$tO•S Mr D J Hughes. Chairman (resigned 3 June 2025) MT S Ross (retired 3 December 2024 Mr M J Hughes Ireb"red 3 December 2024) DrR D G Cooper Mr J A Harper lappointe(I Chair 3 June 20251 Mr M J Round lapp)inled 3 DewntÈr 20241 Mr A P Holles lapwnted 3 December 20241 Charity reglster•d numbor 507487 Principal office CIO Wolvethampton Grammar Srtthy Compton Road w0eaMpt0n WV3 9RB Clerk to the Trustees S Hemmings (resigned 7 Juty 20251 Independent auditors Crowe U.K. LLP Fourth Flwr St James House St James Square ch&enhaM GL50 3PR Bankern Lk*yds Bank PLC 28a High Street Tettenhall Wolvethampton WV6 8QT Sollcltors FBC Manby BtrNdler &10 George Street SrKw Hill Wolverhampton WV2 4DN Invostrnent Manager Evelyn Partners 3rd Flooi. 9 Colrrve R¢y4Y Birmingham B3 2BJ Pa9e 1
WOLVERHAMPTON GRAMPIAR SCHOOL INDEPENDENCE APPEALS FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The TrUStS prèsènt their ann rept togets y1 the audrt¢d finanoal Statements of the Charity for the penod 1 September 2024 to 31 August 2025. OblKtiv•$ and 3¢tivities a. Policies and obl8etiv•s The Independence Appeals Fund (thè 'CharWI was set up to support Wofverhampton Grammar Sth(l Ilhe 'School) in its aims and to prov•Je firnal help [1b to d)ildren who wjId not otheThvise have been able lo attend the School. In setting obie&ives and planning for activilies. Trustees have given due consideration to general guidan published by the Chartty Commission relabng to pU1C benefft, induding the guidan¢e 'PulYi¢ benefit. wnning a Charity IPB21'. b. Stratsgie5 for achieving objoclives The agreed strategy has been to tske advantage of the improviThJ market condth"on$ to increase the value of the nveslmenl portfolio with a Vie*V to providing SUPPOrt vknere practicable Ihrough irtcome strèams in futurè yèars. thereby allmng thé ofthe Fsjnd to remain at least at current level5. c. Activlti88 und•rtak•n to a¢hi¥¥e obioCt5ves In conjunclion Investrnènt Marwger. the Chanty has been foCun9 on inueasing the value of its investment FK)rtfolio lo enable increased support of the S¢hwl in fijltjre years. The Charity supports a number of annual means tested scholarships from ftjnds given specthcally for this purpose along with a number of means tested hard3hip bursaries. d. Grant-making policies The Trustees. policy is to fvnd any Specific bursary or schclarship at Ihe Sthool as required by the donor of those funds aThJ to make general lunds available lo the School for bursaries and in support of other aim$ and obJeclNes of the Sthoc4 as agreed vthh the Th'rectors the sch1. e. Volunt•• Many parents. friends of the school and Old wUlfvlas help with fijndraising, oJltural and Sponing acb"vrtiès prowding many hours of voluntary seNce during the year. Muth of thi5 work involves raising awareness of the need to provide bursary sJJpport and rKornotn ofthe Independen Appeals Fund's role and support in thLS. Page 2
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 Objectives and activities Icontinuad f. Main activiti undertaken to fUrtr tha Charlty's purp<>s•s for th• public bèn•fft Being a lomer state funded Grammar School aThJ subsequenlty heawly involved in the Government Assssted Pla$ Scheme. Wofverhampton Grammaf School is perceived by itself and the peO[e of Wolverhampton. very much as a schod wth a duty to uphold its strong chariiable links. This strength has been further devew sin¢¢ the advent of full independence in 1979. with great importance aCe on maintaining the public benefit prowded, not only in the delivery of a rounded edution, but also throu9h the proM&on of supported places to pupil Otherwise unable to afford to attend the Sth<x)t. Wolverhampton Grammar School remains an academically selective, but not elitist Sthool. It continues to meMber its tradtb.on of educab.ng pupils from all sections of the community, with a signifiranl number of bursaries beirrtJ offered. to assist thiklren of low income families in attendirrtJ Ihe school. The philosophy of the School is steeFd in the educaon4 tradrtion of providing publi bènefit. in both educab.onal and community terms. Futhem)ore, the conknnuab'on of a pM)licy of providing places lo pupils who cannot afford to pay fees is one endorsed wholeheartedly by the S¢ho¢l's Dire¢tors and Staff alike. Whilst the main foojs for bursarial support rightly o)ncentrates on fvll fee awards. the School's Directors are also mindfvl of pupils who wish to attend the School. but do not 4U31rfy fgr full bursarie5. With this in mind, there are a number of part funded Pla offered to families of moderate income. further bmdening the access to potential beneficiaries. In addrtion, thè sCh(X provides a number of hardship bursaries to pupils in years 10 to 13 to allow them lo complete thr Critsl exam years. Whilst the Chafity has frSed on inueasin9 its investsnent portfolio. the Tnjstees have agreed lo provide up lo £75,000 on an annual basis 10 5UPPOrt hardship ftjnding to support the School in awafthng means tested bursaries for pu1$ in uitical exam years This hardship funding is augmented by donab.tsns received 5pecthcally forthis purpose, In addition. the Chanty prowdes a number of means tested bursaries and scholarships, such as the Sports Schdarship aThJ Jon¢$ Award from donab.ons given speuffi(31ty ft)r Such award5. During 2017118 the Trustee5 a150 agreed to offer a means tested Foundats'on Bursary to a new entrant at Year 7 from sept•mr 2018. This deosKJn was made Its assist in the fvndrajsing strategy of the Sthool aThJ encourage matching dorkition5 for Foundation Bursaries to be made. In the fvrtherarKe of these aims. the Trustees have complied vnlh the duty in secbon 4 of thè Charities A(* 2011 to have due regard to the Charity Commission's pUished and relevant sub seclor guidance conmIng the operation of the Public Benefit qu1ment Lfnder that Art. Page 3
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUMD TRUSTEES, REPORT ICONTINUEDI FOR TFIE YEAR ENDED 31 AUGUST 202S Achievomonts and p8rfomian¢e a. Rgvi8w of acllvltiets The School continues lo promote the IrKlepeThlence Appeals Fu1 for receipt and maament of donations and legaaes for augmenb'ng tHJrsary ftjnds. The ftjnd received donth'ons and legaaes amounting to £283.695 12924_" £189.826J in the year. b. Investsnent polley and rf0mnce The Trustees have appointed invslment Managers to manage the investment FM)rtfolio on a discretionary basis in accordance the agreed strategy. The Trustees monrtor the lUMS on a wular basis. The investment Dbject¢ves for the General App¢als Fund and the Restricted Funds are.. The crealKJn of a suffioent finanryal retum to enable the Charity to carry its purposes effedively and w(thoul interruption.. The maintenancÈ and enhancerrEnl ofthe investment funds over the long temi." To obtain a reasonab balance betw caFYtal growth and income so ihat the Charity can meet future as well as currènt needs.. To avoid investments that are unduty tsky. The investment obj'edives lor the Jc**s En¢knied Fund are: Tts rllaximise the returns on investments- To avoid investMts that are unduly risky. The income f¢y the year from Ihe rnaned Investrnt portfolio amounted to £106.33812024." £105.573?. Page 4
WOLVERHAMPTON GRAMAIAR SCHOOL INDEPENDENCE APPEALS FUND TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENOED 31 AUGUST 2025 Flnanclal review •. Going eone•m After making appropriate ewLiies, the Trustees have a reasonable expectation Ihat the Chanty has adequate resources to continue in operathThal exislence for the foreseeable ftjlure. For Ihis rèastsn. they contt.nue to adopt the going ¢on¢em basis in preparing the ffinancial statements. Further details regarding the adoption of the going conceln bass can be found in the acccwnty.ng polioe5. b. Re¥erv¢s policy In the TnJsteÈs' ew, the level of SerVeS held should PTowde the Charity wth adequate financial stability and the means for r( to meet its chantable obiecbves fr)r the foreseeable fvture. The Trusteès, aim to build up and maintain its unre5tricteil free reserves in order to accommodate longer temi anS for capital Investment and other strategic objectives as well as provide an emergency fund to manage the risk5 and Ljncertainties for an educational Charty in the <xJrrertt poEib"cal and e(x)nomi¢ dimate. At 31 August 2025 total ftjnds amounted to £5.201.573 (2024." £4.85T.380). Detsils are shown in note 15. structure. governance and management a. Con$lltution Wolverhampton Grammar School Indewdence Wls Fund is 8 l$t8d tharity, number 507487, and is CstrtUted under a trust deed. b. Methods of •ppoinlm¢nt or oi•¢tfion of Truslo•8 The Charitys Trustees are aFpointed by the currenvoulgoing Trustee5 who careftjlly thè range of skills whith are required by the Board ofTrLths. A minimum of four Trustees are required on the Board. c. Pollcles adoptod for the Induction and training of Tru$t89s Nwl TwstÈes are provKJed wth delails of the trust deeds under the Charity operates. Bef¢re taking up the post, they meet with the Chair of the Trustees arKI the Head of the Sthwl. Once apwinted, more detailed inf0mtIOn is prowded in order to identfy apppn"e training courses for individuals lo attend_ d. Organisational strueturè and d•clsion making The Trust are responsibL for the overall management of the Chan"ty. The Trustees meel at least ts"¢e a year and a eMptrred to ensure that the pdiaes of the Charity are carried out in line vAth the aims of the Charity. The day to day management of the Fund is delegaied to the FurKI'$ Investment Managers and to Wolverhampton Grammar Scknol management. The Head and Finan Chrector of the School (who also a¥ts as Clerk lo the Trustees} attgrKI meeb"n9s of the Trustees. Page 5
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR EMDED 31 AUGUST 202S Structure. governance and management Icgntinuedl o. Risk managornent The Trustees exarnine the major risks each finarrial year wth particular reference to their futu plans. The Charity has develoFed systems to rnlt and mane the m4or risks that coubd affect the Charity in the future. Plans for future pèriods During the next y8ar. Trustees wll contt'r4Je to seek to establish addib.onal OPF)Ortunilies for generats'ng Incole streams, in order to continue to prwde buT5ary support ft)T pu.1$ at the School and other finan¢ial support for e Sthool as supported by the new Fundraising Strategy adopted by the Sd)ool. The overall strategy of the Trustees will also seek to protecl arKI capilal of thtr FU1. Ststsmertt ol T. r¢sponsibililiès The Trustees ar• responsible for pparing the Trustees. report and the financial statements in acrdanCe wth applicable law and United Trfjngdom Accountirwj Standartls IUnrt8d lQThJdom Generally AcLepted Ac¢ounb"ng Practice). The law applicable to charities in England & Wales requires the Trustees lo prepare finanaal statements for each financAal vthich give a true and fair View of the stst¢ Of affairs of the Chanty and of its incomins resources and application ol resources, indudirKJ its income and expendrture, for that PÈri¢#Y. In preparin9 these financAal statements, the Trustees are required lo". seled suitable accounb.ng polic$ and then ap them consistenty, observe the met)dS and wnciples of the Charth"e5 SORP IFRS 102}- make judgmènts and accounting esbmates that are reasonable and prudent; stale whether applicab UK Accounb"ng Standards {FRS 1021 have been followed. sutytd to any material departures disclosed and explaiwy in the ffinanryal stslernents". prepa the finanaal statements on the wng concem basis lesS rt 15 inappropriale to presume that the Charrty will conb"nt in business. The Trustees are resnsIble for kee"n9 adequate acwjnting records that are suffioenl to show and explain the Charitys transactions and disclose with reasonable ac¢JJracy al any b.me the finanaal posrf(ion of the Charty and enable them lo ensure that the finarKial statemenis comply ith the Charrtbes Ad 2011. the Charty (Aeeourtts and Reports) Regulatsons 2008 and the provisions of the Trust deed. They e also responsible for safeguarding the assets of the Charity and he for ting aSonable steps for the prevention and dgtgdion of fraud and other irreguLarib'es. Disclosurn of inforniation to auditors Exh of the persons vthJ are Trustees at the time when U)is Trustees, report is approved has confiwmed that.. 50 far as that Trustee is are, there is no relevant audrt irrf(xmation of vthich the charitls auditor5 are naware. and that Trustee has tsken all the steps that ought to have tr*en taken as a Trustee in order to be awarè of any fykvant audit infomiation and to eStalsh that the charivs audrtors are aware of thal inforniab'on. Page 6
WOLVERHAMPTON GRAMPAAR SCHOOL IMDEPENDENCE APPEALS FUND TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDEO 31 AUGUST 2025 Auditorn Thè auditors, Crowe U.K. LLP. have indi(*ed thèir wllingness to 0x)tinl in offi. The Trustees will propose a motion reappo¢nting the auditors at a meeknng of th& Trustees. Approved by t s and signed on Iheir behalf by: r J Harp•r Chair Date. IS-G.IL Page 7
WOLVERHAMPTON GRAMAIAR SCHOOL IMDEPENDENCE APPEALS FUND INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF WOLVERHAMPTON GRAMMAR SCHOOL IhlDEPENDENCE APPEALS FUND Oplnion We have audited the ffinanoal statements of Wofverhamplon Grammar School IndependerTrce Appea15 Fund (the 'chafity'l for the year ended 31 AL¢gust 2025 which (MpriSe the Statement of Finanoal Ath"vities, the Balance Sheet and the rdated notes, induding 3 summary of signfficant accounts'ng p)liaes. The finanaal reporting framework that has been applied in their preparabon is aFplicable law and United Kingdom Accounting Standards. includiThJ Finanoal Rèporbng Stsndard 102 The Financial ReporbrrfJ Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generalty Ac£epted knountmg Practsce). In our opinion the finantial statements". give a true and fair view of the stste of the thartys affairs as at 31 August 2025 and of rts incoming resources and appliCatn of fesources for the year then ended.. have been pmperfy pared in with Unrted Ifj'ngdn Generally Aepted Accounting prad1.. arKI have been prepared in aco)rdance wrth the requirements of the Charilies A( 2011. Basis for opinion We conduded ijur audrt in alrordan wth 1ntemab.mal SlarKlards on Auditing IUK) IISAS IUK)) and applicable law. Our reSpOnbIlitieS under those stsndards are further described in the Auditors, reSponbilltieS for the audit of the financlal statements section of our report. We are independent of the tharity in accordan wth the ethical quirements that are rdevant to our audrt of the financial statements in the United Kingdom. including the Financial Reporting Council's Ethul Siandard. and have futhlled our (rther elhical responsibilities in a¢¢ordance wrth these requiiements We believe th the dit evvjertt we have obtained 13 sufficlent and appropriate to prowde a basis for our opinKJn. Conclusions relating to going concern In audibng the financjal stalemenls. we have cormjuded that the Trustees. use of the gng concern basis of accounting in the preparaton ol the finanaal statements is appropnate. Based on the work we have perforn. we have not identsfied any material uncertainb.es rnlating to ev•nts or corKlitions that. bndmdually or collectsvety, may cast signthcant doubt on the chantls ability to o)ntinue as a going concern for a period of at least tsAve months from when the finarla1 statements are authorise(I for issue. Our responsbilities and the Sponsi1[eS of the Trustees Spect to going nM are described in the levant seth'ons ofthis K)rt. Page 8
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND INDEPENDENT AUDtroRS' REPORT TO THE MEMBERS OF WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND ICONTINUEDI Other information The otr information comprises tha infowmattw induded in the Annual Report other than the financial statements and 1r Auditor3, Report thereon. The TnJstÉes a responsible fof the other information contained wÈthin the Annual Repori. Our opinion r)n Ihe finanrjal statements does not cover the other Infomiation and, except to the extent othefwi5e explicitty staled in tyjr rewt. we (k) not express any fomi ol assurance ¢ondusion thereon. Our respOnbIl is to read the tsther information and. in doing $0. LXV)sder whether ihe other infomiation is materialty inconsistent wrth the finanoal statemènts or our knowledge obtained in the course of the audit. or otheiSe appears to be merially misststed. If we Klenbfy suth material inconsstenoes or apparent material misstatements. we are required to detem)ine whether this gNes rise to a material misstatement in the finanaal statements themselves. If. ba5e(l on the work we have perfotmed. we condude that there is a material misslatemenl of this other infomiation, we a required lo report that fad. We have nothing to report in regard. Mattors on whlch w• arn r¢quiTed to rnport by exceptlon We have nothing to report in Spect of the following matters where the Chanbes (Accounts and Reportsl R8gulab"ons 2fy)8 require5 US to report to you rf. in our opirwon: the Informati given in the Trustees. pt 1$ in¢onstenl in any material respect wth the finanaal ststements.. or sufficient accouth'ng records have rwt been kept.. or the finanaal ststements are not in agreement wilh the acrA)unb"ng records and retums., or we have not re¢eived all the infonmabon and eX3n3110ns require lor our autht. R8sponsibiliti0s of Trustees As explained more lully in Ihe Trustees. resw)sibilth"es stslemenl. the Trustees are responsible for thè preparation of the finanaal statements whith give a true aThJ fair view, aThJ for intemal cDntrol as the Trustees dètèrmine is necessary to enab the preparab.on of financial statements that are free from material misstatement, whether ¢Jue to Iraud tr err. In prèpanng the financaal statements, the Truslees are responsible for assessing the thantys ability to continue as a going concèm, disd05ing, as applicable, matters related to going nCern and using the going concem basis of accounting unless the Tnjstees either intend lo liquidate the d)arity Ix to cease operations, or have no fealistic altem*ve txrt to do so. Page 9
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND ICONTINUEDI Auditorn. Trsponsibilities for the audlt of the financial statomenlB We have been appointed as audrtor under se("on 144 of the chanb.es Art 2011 and report in accordance wth the Act and relevant regulations made or hawng effect thereunder. Our objectives a to obtsin reasonable assurance about %thether the finane4al slalements as a whole are f8 from material misststemènt. whethèr due to fraud or error. and to issue an Auditors. Report that includes our opinion. Reasonable assurarKe is a high levd of assurance. but is not a guarantee that an audit wnducted in accordance wth ISAS IUKI 11 adayS deted a Mat31 misstatement when rt exists. Misstatetnents can arise from fraud or error and are considered material rf, Indiwdually or in the aggregate. they wuld reasonably be expgcled to flUenCe the e¢rJnomic derysions of Use tsken on the basis of thgse finanfjial 5tattm8nts. Dètails of the extènt to which the audst was con&dered PaA8 of detecting Irreglarrt•es, including fraud and non-compliance with laws and regulations are sel out belcw. A further description of our responsibilities for the audr( of the finanoal statements is thated on the Finanaal Reporting Coun¢il'$ website at". www.fr¢.o .ukIauditorS This description fom)s part of our audlcorfs report. Extent to which the audit was consldornd capab of dCtIng irr8gularftles. Including fraud Irregularities, indudin9 fraLBJ. a instances of non-conwliance laws and regul'ons. We identified and assessed the risks of material misstatement of the financial statements from irregularities. whether due to fraud or error, and dIu51 these L%hveen our audit team MernLr$. We then de%gned aThJ perfomed audit procedures responsive to those risks, includirrfJ obtaining audit ewdence sufficierrt and appropriate to prowde a basis for our opinim. We obtained an underslarKling ofthe legal arKI regulatory frameworks wthin which tre tharity operatès. knusing on those laws and regulations that have a direct effect on the detemiination of material amounts and disdosures in the finanaal statements, including finanaal reporhng legislabon and the Charities SORP IFRS 102), and tsx regulats.<s. We a55e55ed Ihe required ryynpliance with these laws regulab.ons as part ol our aLwJti procedures on the related financsal statement itenTh. In addition, we considered proS1onS of othèr regulations that do not have a direct effect on the financial ststements but clanCe wth which rnight be nece558ry to the than$ ability to opèratè or to avoid a material penalty. Auditing standards limit the required audit procedures to Identsfy nortrc0mpl1an with these laws and regulatK)ns to enquiry of the Tnjstees and other management and inspection of regulatory and legal correspondence. rf any. We also nsidered the oppthinths and incents.ves that may exist within the charity for fraud. Chjr audit procedures to respond to these risks indLNJed enquiries of management. sample tesb'ro on the posting of journals. and reading mirKrtes of Theb"ngs of those tharged w¥eman. Owing to the inherent limrtabon5 of an audrt. th$tE is an unav(M¢Jthe risk that we may t have detecied some material misstatements in the finanaal statements, even thjgh we have property planned and performed our aud(t in aC£Ordan wrth aud"n9 Standarts. For example. thè futher removed non-compliance wth laws and regulations lirregularitiesl is from the events and transactions reflected in the finanoal statements, the less likely the inherenty limited procedures required by audrbng standards would hlenbfy rt. In addf(ion. as with any audit. there remained a higher risk of non-deledion of irreguLaribes, as these may involv• collusion, lorgery. intenlÈonal c¥nissions. miSpIeSelats"Ons. or the override of intemal contro15 We are not responsible for prevent norpcoI8n and cannot be exFcl to delert non-U)mplian(* laws and regulations 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.
Crowe U.K. LLP Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR Date: 17/06/2026
Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 11
WOLVERHAMPTON GRAIIMAR SCHOOL INOEPENDENCE APPEALS FUMO STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR EMDED 31 AUGUST 2025 Unrestricted Rostrict8d Endo¥mi•nt funds fvnds fvnds 202S 202S 202S Total funds 202S Total funds 2024 Incom8 and endowments frorn: Donations and legaoes Investments 185.601 42.279 283.695 106.338 189,826 105,573 64,059 Totsl in¢om• and •ndowm8nts 162.153 227.880 390,033 295,399 Expenditure on: Raising funds Charitsble aclivits.es 21.985 3,557 1.215 229.891 184 25.084 233.448 23,741 220,998 Total •xnditurn 25,542 231.1Q6 258,S32 244,739 Net incom•ll•xpdIiur#j before ngt 110$se$llgains on investments 136,611 {3,090) 13.2261 11.8171 (1,8841 1754) 131.$01 15,6811 50,660 29,702 Realised net gain$ Not incomellexpenditurg Transfers between funds N•t movèmènt in funds before other rg¢ogni¥ed gainsllloss8sI 133,521 140431 {46381 125,840 80,362 15 246.623 1246,6231 380.144 1251.6661 {2.6381 125.840 80,362 othor recognssèd gainslllosxesl: Unrealised net gainsllloyde5) investrnents 121.413 80.257 16.683 218.353 373,262 Nat mov•m•nt in funds $01.S57 1171.409) 14.045 344,193 453,624 Page 12
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND STATEMENT OF FINAMCIAL ACTIVlnES {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 Unr¢str6¢t funds 2025 Rostrl¢t•d Endowmant funds funds 2025 2025 Total funds 2025 Total ftjnds 2024 Reconclliation of funds: Total fvnds brought fOard Nel movement in funds 2,398,843 501.557 2.146.064 1171.409) 312.473 14.045 4.857.380 344.193 4,403, 7 453,624 Totsl funds ¢arri¢d fornard 2.900,400 1.974,655 326,518 S,201.573 4,857,380 The St*ement of Finanoal Ath"vrtÈs indudes all gains and losses rewJrrised In the year. The notes on pages 15 to 25 fom part ofthese financial ststents. Page 13
WOLVERHAMPTON GRAMMAR SCHOOL IP4DEPENDENCE APPEALS FUND BALANCE SHEET AS AT 31 AUGUST 2025 2025 2024 Fixod a8s•ts Investments 12 4.538.7T6 4.344.637 Currgnt aets Debtors Cash at bank and in hand 28.165 641,868 92,341 420,408 670.033 512, 749 Ctsrr¢nt liabilitiès Creditors.. amourrts falling due within one year 14 {7.236) Net current assets 662,797 512.749 Total net assots 5,201,573 4.857,380 Charity funds Endowment funds Rgstri¢tsd fund$ Unrestricted fvnds 15 15 15 326,518 1.974.656 2.900.400 312,473 2, 146,064 2,398,643 Total funds 5.201.573 4,857,380 The fin apyoved and aLthorised for issue by the Trustees and signed on their behalf by. Mr J Harpgr Chair Datè. JS . G-IC The notes on pages 15 to 25 fom part of these financial statements. Page 14
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 General InfomialSon Wolverhampton Grammar Srhrx)I Indepenrfen Appeals Fund is a tharity registered in England and Vvales {Chanty Number 5074871. The Charitys registered office and pnmary pl of btlsiness is CIO Wolverhampton Grammar S¢ool Mitl. C¢tyon Road. Wolverhampton, West MidLands. W3 9R8. AccoLFnting policlets 2.1 8asi$ of prgparatlon of financial stat8m&nts The financ1 statements have been prepad in accordance with the Charities SORP IFRS 1021- Accounting and ReFX)rting by Charities.. Stalemenl of Recommended Practice applicable to chanb'es preparing their accounts in accordance wth the FinanGial Reporb"ng Stsndard applTrGable in the UK and Rewbli¢ of IrelarKI IFRS 1021 leffectwe 1 January 20191, Ihe FInaral Reporting Standard applicable in the UK and Repu of Ireland IFRS 1021 arKI the chartb.es Act 2011 Wolverhampton Grammar Sthoc4 IridepÈnderKe Apppa15 Fund meets the definition of a publ benefit enb.ty under FRS 102. Assets and lial.eS are initkally recognised at hislorical o)st or transaclion value unless otheThise staled in the ¥elevanl aUnting policy. The finanoal statements have been prepared in accordance WTih Accounting and Reporting by Charities preparing their aco)unts in accordan wrth thè Finanual Reporting Standards applicablè i the UK and ReputAic of Irend IFRS 102) in pference to the Accounting and Reporting by Charities.. Statement of Recommended PradKe issued tsn 1 April 2005 wlx"¢h 1$ referred lo in the extant rwlab.ons but has been wthdrawn. 2.2 Going concem After making enwires, the Trustees have a reasonable expedats. thal the Charity has adequate rèsourcès to continue in operatsal exislence for the foreseeable fLtture. The Charity therèfor8 continues to adopt the goin9 cOnM basis in preparing Jts financial ststements. Pa9e 15
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ACCOUnn9 pollcles Icontinuodl 2.3 In¢omo l in¢>)me is recognised once the Charty ha5 enbyement to the income. it is probable that the income wll be received and the amount of irthme receivab can be measured reliably. For legacies, entitlement is taken as the eIer of the date on vknich either. the Charity is aware that probate has been granted. the estate has been finalised and nt)tsficakn"on has been made by the èxeortorlsl lo the Trust that a distiibution wTII be Made, or when a distnbution is received from the estate. Receipt of a 8. in vthole or in part is only considered probalAe when the amount can be measured reliably and thè Charity has been nottfied of thè executorfs intenkn'on lo make a distribution. ere acies have been notif ed to the Charity. or the Charity is aware of the granb.ng of probate, and the ¢rrtena for in¢off rg¢¢¥Jntb"(w) have not been mec then the is treated as a conts'n9ent asset and disclosed rf material. Donated semces or fa011t$ are nised the Charity has control over the item, any condrtK)ns assoryaled wth dcnaled rtem have been met, the recèipt of economic benefit from ihe use by the Charity ol the item is probable and that economK beneft can be measured reliably. In accordance wth the Charities SORP IFRS 1021. general volunteer bme is not recognised though the Trust, report WOVKles morè inf0mtiOn about thr contribution. On receipt. donated pr¢fe5sional services and lao1[tS are recognised on the basis of the value of the gift to the Charity vthich is the amount it %Uld have bew willing to pay lo L)tsin servi¢es gr facilities of equivalent orni¢ benefit on the open matheL a correspondiThJ amount is then recognised in expenditure in the period of receipt. Wherg Ihe donated good is a fixéd asset, it is measured at fair value, unless it is impractical to measure this reliably, in whith case the cost of the rtem to the donor should be used. The gain is recognised as income from donab.ons and a (xjrresponding amount is induded in the appropn'ate xed asset dass and depreciated over the useful economic Itfe in aOrdanCe th the Chantys antIng 1r)es. 2A Intorest rocoivable Interest C fijnds held on depw't 13 IndUd when rNable arKI the amount be measured reliably by the Charty.. this ts nom)ally uwjn notificabon of the interest paid or payable by the institution Trmth whom the funds a deposited. 2.5 ExndIture Expèndtture is recognised there is a legal or construckn've obligation to transfer e¢onomi¢ benefit to a third party. it is probable that a transfer of economK nefft$ will be required in settlement and the amount of the obligation ¢an bs measured reliably. Expenditure is dassrfied by ads'vity. The costs of each athwty are made up of the total of direGt Costs aryl shared costs. induding support costs involved in undertaking each a¢vty. Direct (x)sts attritryjtable to a &ngle activity are allocated directly to that activty. Shared costs contn'bsjte to more than one a¢b"vty and support ¢osts whi¢h are not attr1bUtae to a single activty are apportioned befv4een those actItieS on a basis consistent with the use of resc¥Jrces. Expenditure on raising fvnds indtKles all enditUre In¢rred by the Charity to raise funds for ts charitable purposes and indudes costs of all fvndrai%ng ac1w.es events and nOharrtab1e trading. Page 16
WOLVERHAPAPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 202S Accounting policies Icontinugd) 2.5 Expenditure {continu8dl Expendrture on chantstAè ath"vities is incurred directy lertaking the actmlies which fijrther the Charitys obje(XNe5. as well as any associated Supp costs. 2.6 Invèstmènts Fixed asset investments are a fomi of finanoal instrument and are inili81ty re¢(yJni8ed at their transaci¢on cost and subsequenty measured at fair value at the Balan Sheet date, unless the value cannot be measured reliably in whith case rt is measured at cost lèss impairment Investment gains and losses. whether realised or unrealised. are C4)Ined and presented as 'GainsllLossesl on inve51ments' in the Statement of Finanaal ALvtb"e5. Investments held as fixed assets are SIKYn at ¢>)sl less prowsion for impairment. 2.7 Financial inslrum•nts The Charity only enleis into basic finanaal instrument trarssactions that resutt in the recognition of finanual assets and 1iats.leS like trade and other debtors and credrtors. Financial assets and liabilrties are offset and the net amount reported in tre Balan Sheet when there is an enlorceable right to set off the recognised amounts and thère is an Fntention to settle on a net basis or to realise the asset and setuo the liats.lty ymutsrwsty. Short-temi debkn5 are nasured 81 transaction wice. less any imw'mient. Cash and cash equivalents Cash 1$ rere5ented by cash tn hand and deposits wth financial institubons repaya6 wÉthout penalty on noticè of not more than 24 hour5. Crgdttors Short tem cjeditors are measured at the transacbon wice. 2.8 Fund accounting General funds are urTrestricted fvnds lch are avarfable IOT use at the dis(yth"on of the Trustees in furtherance of Ihe general obieth.ves of the Charty and which have nol trn designaled for other purposes. Restiicted lunds are funds 1othith a to l* used in auxjrdance restn"ctions imposed by donors w whKh have been raised by the Charity for parb'cular purposes. The costs of raising and administering such funds arè charged against the specrfic fvnd. The aim and use of each restricted ftjnd is set out in the notes to the ffinaal statem. Investment Income, gn$ and bsses are auCed to apFw>riate ftjnd. Page17
WOLVERHAMPTON GRAMIAAR SCHOOL IMDEPEI4DENCE APPEALS FUND NOTES TO THE FIPIANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGLIST 202S Crltlcal accountlng timath$ and a¥oas ofjudgment Estimates and judgments are o)nlinually evaluated and are based on historical experience and other factors. ilUdIj expectstions of futuie events thal are believed to be reasonable under the arcumstanc8S. Cntical accoLtnts'ng e$timat¢s and assumpti$. The Chanty does not makè arty significant esb"matès and a5sumpb.ons conmIng future. Income from donatiorts and l•gacies Unrestricted Restricted fund$ funds 2025 2025 Total funds 2025 Total funds 2024 Don8bons and Leg*ies 98.094 185.601 283.695 189,826 Total 2024 3.789 186.037 189,826 InvlMent In¢¢)m• Unrestricted Restricted funds fvnd 2025 2025 Total funds 2025 Total funds 2024 Investment income Bank interest 64.053 42.279 106,332 105,557 16 64.059 42.279 106.338 105,573 Total 2024 55,269 50,304 105.573 Page18
WOLVERHAAIPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 202S Inveslmont managoment costs UnrestrictBd Restrictgd Endowmgnt funds funds funds 2025 2025 2025 Totsl funds 2025 Total fvnds 2024 Investment management fees 21.985 1,215 25.084 23,741 Tot812024 12,677 9,267 1,797 23,741 Analysis of eXpendire by aclivities Aetfvltl8s undertaken directly 202S Support ¢osts 2025 Total lunds 202S Total fvnds 2024 Burs8fies & Awards Audit Costs Finance and Other Costs 229.892 229.892 3.425 131 215,487 1,8 3,711 3,425 229,892 3,556 233,448 220,998 Total 2024 215.487 5.511 220,998 Page19
YIOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Anatysits of expendriure on charitsble activities Summary by fund type Unrestricted Rgstri¢t funds funds 2025 2025 Totsl 2025 Tolal 2024 Bursaries & Awards Audrt Costs 229,891 229,892 3,425 131 215,487 3.425 131 Finance and Other C03ts 3.711 3.557 229,891 233,448 220.998 Total 2024 52.690 168,308 220,998 Audltors, remunordtion 2025 2024 Fees payable to the ChariV$ aUdrt( for the audit of the Chanty$ annual accounts 3,425 10. Stsff Costs The ¢harity has no employees. 11. Trustges. remuneratlon and exp•ns During thè year, no Trustett réceived any remunerth.on or tstr bemfits (2024- £NIL). During tho year, no expenses We re1mbue<1 or pa dire¢Yy to any Trn$tee (2024- £3,521}. Page 20
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FIPIANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 12. Fixed at inv•stm•nts othorfix Listed asset investments investments Total Cost or valuation Al 1 Septnber 2024 Addith)ns 4.329,825 472,179 1490,726) 212,692 14.806 4.344,631 472.179 1490,7261 212,692 Disposals Revaluations At 31 August 2025 4.523,970 14806 4.538,776 Net book valuo At 31 August 2025 4.$23,970 14,806 4.S38.776 Al 31 August 2024 4,329.825 14,806 4,344.631 13. Dgbtgrs 202S 2024 Ou• vrithin on• yèar Trade debtors Other debtors 22.020 6.145 6.630 85,711 28.165 92.341 14. Creditors.. Afflounts fall•ng due within one year 2025 2024 Trade ¢re<lrtors 7.236 7.236 Page 21
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDEMCE APPEALS FUMD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 15. Ststomont offunds ststement of funds - currnntyear Balance at 1 SoPt¢mb•r 2024 Balan¢• at Gainsl 31 August 1Losses} 2025 Transfers inlout Incom• Expèndiiu Unrostrl¢t funds General ApFeal$ Fund5 1324.175 6S,963 {2S,5421 118,323 2,482,919 Foundaknon Bursary Fund 150 Years on Compton Road 74.668 74,fj68 96,190 246.623 342,813 2,398.843 162,153 125,5421 246,623 118.323 2,900,400 Endowm•nt nds Ivy Jones Award Funds 312,473 {1.8841 15.929 326,518 R¢$tri¢ted funds Martin Bequesl OW Sports Scholarship Fund Ivy Jones Award Fund Foundation Bursary Fund 150 Years on Compton Road Bursarsal Funds Robin CooFfr Sa'ence Fund $27.709 21.169 (14.890 12,020 486,008 1.021.063 26.121 125,470) 51,983 1.073,697 17.855 10,545 28,400 272.070 (96.7861 13.851 189,135 246,623 11.520 1246,6231 128.706 {33.9601 586 106.852 49.224 41.339 90.563 2,146.064 227,880 1231.1061 1246,623) 78,440 1.974.656 Total of funds 4,857.380 390.033 1258,$321 212,692 S.201,573 Page 22
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 202S 15. Ststèm•nt of fvnds Icontinuedl ststement of fund3- prior year Balan at I September 2023 8alance al 31 Augusl 2024 Trdnsfef Gwn (Loss8s) Unmtri¢t•d funds General Appeals Funds Foundab'on Bursary Fun 2, 113. 180 59,058 {65,367) 217,304 2,324, 175 74,668 74.668 2. 187.848 (65.367) 217,304 2,398,843 Endowment funds Jones Award Funds 285.439 {t,797) 28.831 312.473 funds Martin Bequest OW Sports Scholarship Fund Ivy Jone5 Award Fund Foundation 8ursary Fund 150 Years on Compton Road Bursarial Funds Robin Coo Saence Fund 548, T91 (1, 120) (42, 145) 17,181 527, 709 930,075 24.326 {28.980) 95,642 1,021.063 23,671 9,784 (15.600) 17,855 302.932 7,923 {69,937) 31, 152 272.070 125,(X 109,519 43.a77 (750) (32.357) 12,854 246.623 11,520 35.910 (28.831) 42. 145 49.224 1,930.469 236,341 (177.575) 156,829 2, 146,064 Total of funds 4,403.756 295.399 (244.739J 402.964 4.857,380 Page 23
WOLVERHAMPTON GRAMIAAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FIPIANCIAL STATEPAENTS FOR THE YEAR ENDED 31 AUGUST 2025 1S. Statement of fund$ 1¢ontinu} Endowment Funds The lyy Jones Endowed Fund is an endowed fvnd under the terms of the wll of Professor Douglas Jones {Old wu1fruniI for the express purpose of providing bursary assistan for able pupils vA)ose parents could not otherwisè afft?rd lo send their children to the Sthool. Any bursary awarded is to be designated as an '1 Jones Award, in honour of Prof Jones. late wfe. Under the terms of th¢ wll. the ¢api¢31 of the lègacy is rÈquired lo be maintained unless certain circumstances arise whereby some or all of the capital may be spent. R•strictgd Funds The Martin Bequest.. The Marfin Bequest is a restricted fund which has been set up to pro¥Trde a bursary prize or prizes for students studyng for Qr proc2eding to Allied Medical Sryences or such other subjects as the goveming body of the school shall at its discxetion think fiL The Old Wumrunian Sports scharshiP Fund." The Old Wulfrunian Sp)rts Stholarship Fund is a restricled fvnd vthith has been donated to provide a means tested Sports SclarshIp to a student {or $tudentsl living in the Wofverhampton p¢sl¢ode area who joins the school into the Sixth Fom) and WIK) is able to demonstrate considerable sporting achievement Bursarial Funds. These monies were raised by ap31 when the was gNen nobce by lo¢al government of their intèntion lo cease lo maintain the scool. The wrposes of the appeal were to raise £180,000 for new buildings and the balanc of sum5 raised to piowde finanoal asgstarKE for ¢hil(fren who otrerwi5e would be unbiased to atiend Wolverhampton Grammar School. Ivy Jones Award Fund. Income generated from the Ivy Jones Endchved Fund is uedrted to the Ivy Jones Award Fund. a restricted fund, ts used ixjwry assistan. Foundation Bursary Fund.. These monies were raised as part of the rrent fundraising strategy to promde 100% bursaries to sttjdenls in finanryal need entering Year 7. making provision for a fv11 7 years of education al wolverhampt Grammar School rf required. Robin Cooper Saence Fund The Rolyn Cooper Science Fund has been set up to Fffovide equipment for the Chemistry Departsnent and to provide a Sixih Fom) Scièncè $ch2[Ship 150 Years on Compton Road WGS moved onto its ujrrent Compton Road site on 15th October 1875". meaning that on Wednèsday 15th October 2025. WGS wll have been located on ts current Compton Road site for 150 years. To mark this speoal anniversary. This represents 3 -150 Year FLJndrai&ng Campaign" to in(yease its 8ur88ry Award provIsN On review this bJnd has been redassified has unrestricted and a transfer has been made at the year end to refled this. Pagè 24
WOLVERHAMPTON GRAMMAR SCHOOL INDEPENDENCE APPEALS FUND NOTES TO THE FINANCIAL STATEPAENTS FOR THE YEAR ENDED 31 AUGUST 2025 16. Anatysls ol net assets betn funds Analysis of n•t as80ts bet**en fund5- current year Unrnstrictèd R85trTrcted Endowment funds funds funds 2025 2025 2025 Total funds 2025 Fixed asset invesbnents Current assets Creditors due ce year 2.237.603 670,033 17.2361 1,974,655 326,518 4,538,776 670,033 17,2361 Total 2.900.400 1.974.655 326,518 5,201,573 Analysis of net ass•ts bètwegn lunds- prior year UnStCld Resfricl8d Endowm8nl fvThJs funds fvnds 2024 2024 2024 Tolal funds 2024 ed asset investments Current assets 1,886.094 512.749 2, 146.064 312.4T3 4,344,631 512,749 Total 2,398,843 2, 146,064 312.473 4.857,380 17. Rolated party transactions During the year donations totalling £40.758 (2024." £35.91OJ ¥e receNed into the Robin Cooper Science Fund. Tnjstee expenses have been disdosed in Note 11. Page 25