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$tO•S Mr D J Hughes. Chairman (resigned 3 June 2025) MT S Ross (retired 3 December 2024 Mr M J Hughes Ireb"red 3 December 2024) DrR D G Cooper Mr J A Harper lappointe(I Chair 3 June 20251 Mr M J Round lapp)inled 3 DewntÈr 20241 Mr A P Holles lapwnted 3 December 20241 Charity reglster•d numbor 507487 Principal office CIO Wolvethampton Grammar Srtthy Compton Road w0￿e￿aMpt0n WV3 9RB Clerk to the Trustees S Hemmings (resigned 7 Juty 20251 Independent auditors Crowe U.K. LLP Fourth Flwr St James House St James Square ch&￿enhaM GL50 3PR Bankern Lk*yds Bank PLC 28a High Street Tettenhall Wolvethampton WV6 8QT Sollcltors FBC Manby BtrNdler &10 George Street SrKw Hill Wolverhampton WV2 4DN Invostrnent Manager Evelyn Partners 3rd Flooi. 9 Colrrve R¢y4Y Birmingham B3 2BJ Pa9e 1 WOLVERHAMPTON GRAMPIAR SCHOOL INDEPENDENCE APPEALS FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The TrUSt￿S prèsènt their ann￿￿ rep￿t togets y￿1 the audrt¢d finanoal Statements of the Charity for the penod 1 September 2024 to 31 August 2025. OblKtiv•$ 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 fir￿n￿al help [￿1b￿ to d)ildren who w￿jId 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 pU￿1C 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 foCu￿n9 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 sch￿1. e. Volunt•• Many parents. friends of the school and Old wUlfv￿la￿s 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 rKornot￿n 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 fUrt￿r 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 edu￿tion, but also throu9h the proM&on of supported places to pupil Otherwise unable to afford to attend the Sth)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 e￿Ier 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 inf0m￿tiOn about th￿r contribution. On receipt. donated pr¢fe5sional services and lao1[t￿S 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 a￿OrdanCe ￿th the Chantys a￿ntIng ￿1r)es. 2A Intorest rocoivable Interest C￿ fijnds held on depw't 13 IndUd￿ when r**Nable 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 Ex￿ndIture 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 attr1bUta￿e to a single activty are apportioned befv4een those actI￿tieS on a basis consistent with the use of resc¥Jrces. Expenditure on raising fvnds indtKles all e￿nditUre In¢￿rred by the Charity to raise funds for ts charitable purposes and indudes costs of all fvndrai%ng ac1w￿.es events and nO￿harrtab1e 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 AL*vtb"e5. Investments held as fixed assets are SIKY￿n 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.l￿eS 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 ymutsr*wsty. Short-temi debkn5 are n*asured 81 transaction wice. less any imw'mient. Cash and cash equivalents Cash 1$ rer*e5ented by cash tn hand and deposits wth financial institubons repaya￿6 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 tr￿n 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 ffina￿al statem￿. Investment Income, g￿n$ and bsses are auC￿ed 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. i￿lUdI￿j 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 con￿mIng 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 Inv￿lMent 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 eXpendi￿re 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 tst￿r bemfits (2024- £NIL). During tho year, no expenses We￿ re1mbu￿e<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 a￿t inv•stm•nts othorfix Listed asset investments investments Total Cost or valuation Al 1 Sept￿nber 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