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Wirral Grammar School for Girls (A company limited by guarantee) FINAL

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(A company limited by guarantee) FINAL ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 August 2014 Company Registration No REFERENCE AND ADMINISTRATIVE DETAILS Governors (Trustees)
(A company limited by guarantee) FINAL ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 August 2014 Company Registration No REFERENCE AND ADMINISTRATIVE DETAILS Governors (Trustees) G Dougherty - (Chairman) # J Kingston-Davies 14 J Gillard # T Harney # N Hayward # R James # C Weber # C Todd S Bridge C Field # R Ward Dr R Smith J Schwarz (Responsible Officer) C Arnold (Staff governor) # P Walton (Staff governor) # E Cogan (Headteacher and Accounting Officer) # #denotes that the governor is also a member of the Academy Company Secretary Senior Management Team Headteacher DeputyHeadteacher Deputy Headteacher Assistant Headteacher Assistant Headteacher Assistant Headteacher Assistant Headteacher Principal and Registered Office Company Registration Number Independent Auditor Bankers Solicitors P. Haggart E.Cogan R.Mahony J.Taylor M.Loveland M Mc Sweeney T.Johnson J. Reynolds Heath Road, Bebington, Wirral, CH63 3AF (England and Wales) BDO LLP 5 Temple Square Temple Street Liverpool L2 5RH Lloyds TSB 19 Arrowe Park Road Upton Wirral CH49 OBU Browne Jacobson 44 Castle Gate Nottingham NG1 7BJ Page 1 GOVERNORS REPORT The governors present their annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 August The comparative figures are for the period ended 31 August The annual report serves the purpose of both a Trustees' report and a directors' report under company law. The charitable company was incorporated on 6th July 2011 and took over the trade and assets of the Wirral Grammar School for Girls (a foundation School) from the Wirral Local Authority on 1st August Structure, Governance and Management Constitution The Academy (School) is a company limited by guarantee and an exempt charity. The Charitable Company's memorandum and articles of association are the primary governing documents of the Academy Trust herewith referred to as Wirral Grammar School for Girls. The governors act as trustees for charitable activities of Wirral Grammar School for Girls and are also the directors of the Charitable Company for the purposes of company law. The Charitable Company is known as Wirral Grammar School for Girls. Details of the Governors who served throughout the year except as noted are included in the Reference and Administrative Details on page 1. Governors' (Trustees) liability All Governors are members of the Charitable Company and as such undertake to contribute to the assets of the Charitable Company in the event of it being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding 10 (Ten Pounds), for the debts and liabilities contracted before they ceased to be a member. Governors' (Trustees) indemnities In accordance with normal commercial practice the School Trust has purchased insurance to protect trustees, local governors and officers from claims arising due to negligent acts, errors or omissions occurring on School business. Principle Activities The principle objective of the School is to advance the educational opportunities and achievements of its students by maintaining, operating and developing the School and ensuring a broad curriculum is available to challenge, support and motivate students. In setting the School's objectives and planning its activities, Governors have given careful consideration to the Charity Commission's general guidance on public benefit. Priority admission falls to those girls who have sat the 11+ and scored 236 or over. The admission criteria is based on looked after children, medical reasons, sibling, daughters of full time staff with permanent contracts and then distance from the School. The admission number is 172. Applications for places are made in accordance with Wirral's co-ordinated admission arrangements. The School aims to work with others to create a healthy, safe environment in which all of its students can enjoy learning, make progress and achieve high standards. Each student is encouraged to participate fully and make a positive contribution to their School and the wider community and, ultimately become successful, motivated, well adjusted adults who achieve economic well-being. The School aims to achieve the following for all of its students:- Page 2 GOVERNORS REPORT achieve high standards in their academic attainment and actively pursue fulfilment in their personal and social development; apply and develop their personal, learning and thinking skills across a broad range of programmes; excel in aspects of School life beyond the taught curriculum; are E-confident learners prepared for living and working in global society; are prepared to contribute positively to society and are capable of achieving economic wellbeing in their chosen careers; go on to higher education or training and understand the importance of learning throughout their lives. In the year, Governors have continued to monitor progress by: regularly receiving information on financial performance against the approved budget; review of the planned initiatives for maintaining high academic performance; receiving regular updates on key aspects of School life Method of Recruitment and Appointment or Election of governors (trustees) There are 17 Governors representing various local stakeholders; 4 elected parent Governors from the prevailing parent body, 3 elected staff Governors, 10 appointed Governors (reflecting the skills required of a modern academy as determined by the other governors). During the year 1 governor's term of office expired and this will be filled during the Autumn Term. Staff governors are voted for by staff at the School every four years. Governors are appointed after an audit of skills has identified any areas of need. This appointment is either through recommendation or by external advert. Potential governors are expected to come along to the Governing Body meeting and talk about what they can contribute to the governing body and School. Existing governors then vote to accept or decline the candidate. Policies and Procedures Adopted for the induction and training of governors (trustees) Governors undertake an induction programme in line with the School's Induction Policy for Governors including meetings with the Headteacher. Organisational structure The organisational structure is one governing body who are all directors of the trust. The key purposes of the Governing Body (GB) are: monitoring the Schools' financial and academic performance; - developing strategic policies which reflect the School's vision and ethos; - promoting the School and fostering links with the local community In fulfilling the above purposes, the GB discharges the following responsibilities:- Page 3 GOVERNORS REPORT develop and review the School Improvement Plan; review and monitor the School's financial position on a regular basis and consider any significant contractual matters; monitor the educational performance of the School in line with outcomes and success criteria; approve and review the implementation and effectiveness of key operational policies; monitor the effectiveness of staffing policies; participate in marketing and communication with parents and the local and wider communities; monitor the effective management of the School site and buildings; maintain an overview of the School's risk management procedures. The School's Leadership Team consists of the Headteacher, 2 Deputy Headteachers and 4 Assistant Headteachers. These leaders manage the School at an executive level implementing the policies laid down by the Governing Body. Risk management Governors are responsible for the management of risks to which the School is exposed and are assisted in this task by the School Leadership Team, Human Resource advisors from SAS Daniels and the local authority and financial advice from our auditors BDO LLP. Operational risks are identified and assessed at School level and these are reviewed by Governors who also identify and assess the key strategic risks facing the School. The key controls used by Governors include:- Detailed Terms of Reference for all committees; Formal agendas for all meetings and committee meetings of Governing Body. Minutes of full Governing Body and committee meetings are reviewed by governors; Schemes of delegation and formal financial regulations for staff; Formal written policies; Clear authorisation and approval levels; Policies and procedures required by law to protect the vulnerable. Risk management procedures have been reviewed during the year and Governors are satisfied that the major risks identified have been reviewed and processes have been established to manage those risks where necessary. Pupil numbers and forecast numbers based on the number of girls within partner primary Schools are annually reviewed to ensure appropriate recruitment policies are adopted including recruiting students from outside the immediate catchment zone to help ensure all available places are filled in the School. Connected organisations, including related party relationships The Governing Body works closely with Wirral Borough Council, the DfE, the EFA, primary Schools and other local organisations including neighbouring secondary Schools. Objectives and Activities Objects & Aims The Academy Trust's object is specifically restricted to the following to advance for the public benefit education in the United Kingdom, in particular but without prejudice to the generality of the foregoing by establishing, maintaining, carrying on, managing and developing a School offering a broad and balanced curriculum. The principle activities have been referred to earlier in this report. Page 4 GOVERNORS REPORT Objectives, strategies and Activities Each year the School produces a School Development Plan. The current SDP identifies all key issues around teaching & learning and staff development including the rationale and objectives. It includes the action to be taken, which staff will be undertaking the work, the time frame and the resources required. An evaluation process is also identified for each key issue. Examples are as follows... Use of revised AAR process and SISRA Develop Intervention process using SISRA & SIMS pastoral tracker Public Benefit The academy trust trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission (on their website at Charities and Public Benefit) in exercising their powers or duties. Page 5 GOVERNORS REPORT STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR The period covered by these financial statements reflects the third year for Wirral Grammar School for Girls as an academy. The following paragraphs present a review of the significant achievements during this period in pursuit of furthering its charitable purposes for public benefit has seen excellent A Level and GCSE results as follows: GCSE Level It's been another successful year for Wirral Grammar School for girls who are celebrating their GCSE results. 99.4% of pupils having gained at least 5 A* to C grades. Over 64% of all grades were awarded at the very highest grades of A* or A. This leading school is renowned for cultivating high achieving students and this year is no exception with 42 pupils gaining 10 or more A*/A grades. Thirteen students achieved at least 9 A* grades. Five achieved at least 8A* and a further eight at least 7A* grades. This high success rate is due to the students' self-motivation and drive to do well, the school setting ambitious targets for the students to aspire to, the staff working with the students as individuals to ensure they achieve their full potential and the students desire to stay on at the school in the sixth form. Following the outstanding GCSE pass rate, over 90% of the Wirral Grammar School for Girls students plan to stay on at the school for their A-Levels and additional girls will also be joining the 6th form from other schools. The results show the high standard of teaching and learning and with the constant support of the parents, staff and governors we have developed a culture of high attainment that everyone aspires to. Our GCSE results are outstanding and are a true reflection of the hard work that all our pupils consistently deliver. A-level results The percentage of A*/A grades was 41%, with 74% for combined A* to B grades. One girl achieved an amazing six A*s and will study Medicine at the University of Hong Kong. Five girls achieved 4 A* grades and one girl 3 A* grades. Seventeen girls achieved 2A* and 2 A grades. A total of 79 girls achieved A* and A grades in their A level examinations This high success rate is due to rigorous attention to detail, the staff's outstanding commitment and subject knowledge, consistent hard work from girls throughout the two years of A level courses, desire of pupils to achieve, a strong school ethos and the sharing of this ethos between school, home and the wider community. Now we have to look towards next year to maintain this success and support all our girls individually. Offering an individual education to each student and sound careers advice is the key to a bright future. We are extremely proud of the achievements of all the girls. It is a true testament to the hard work and dedication of all the pupils, staff and parents. Page 6 GOVERNORS REPORT Statistical Info for reference: Number of Candidates 141 Number of Entries 431 % of entries achieving A* / A 41 % of entries achieving A* - B 74 Further details of our examination results were provided on a press release and can also be found on the School's web site Going concern After appropriate enquiries the Governing Body has a reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues 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. Page 7 GOVERNORS REPORT Key Financial Performance Indicators The School will sustain appropriate staffing levels to deliver a broad and balanced curriculum that meets the interests and aspirations of its students. The School will sustain strong performance in external examinations and will provide a physical environment that is safe and secure for all. From a financial point of view the School takes every step to reach its admission numbers and therefore the total value of its GAG, as well as maximising third party funding through new lettings. We currently have 1,163 pupils in School as the start of the Academic year, compared with 1,135 twelve months ago. Although the School is using 120,000 of its reserves to support the budget in 14-15, it will endeavour to take every step to remain within this budget by way of regular budget monitoring of the accounts. Comparative financial benchmarking information will be sought to identify areas where cost savings could be made in the future and these will be referred the Finance Committee / Governing Body for approval. Financial Review Financial and risk Management Objectives and policies The financial position of the Academy is strong with Net Assets including Pension Liability at 799,000. As such, the academy is able to cover all possible expenditure for the foreseeable future. It is worth noting that the Pension Liability is not a current liability, but we should plan for increased contributions in the coming years to reduce its size. The main source of funding is of course through the GAG, details of which can be found in Note 1. The expenditure, see Notes 4-7 shows how this money is used to support the key objectives of the Academy Trust. Principal Risks and Uncertainties The principal risks for the school are the PFI project and the uncertainty surrounding predicting the future funding of the school from central government. The PFI project, particularly the benchmarking process and the increase in costs in line with RPI, are a principal risk for the school. There has been no growth in the unit rate of pupil funding since and much of the additional funding provided to the school when it converted to an Academy in 2011 has now ended. At the same time the school has been faced with a significant increase in its expenditure caused by factors which are outside of its control. This has resulted in the school having to use some of its reserves to support the budget in , with a more difficult situation expected in Reserves policy Governors review the level of reserves annually. The review encompasses the nature of income and expenditure streams, the need to match income with commitments and the nature of reserves. The trustees will ensure that the reserves policy continues to conform to the requirements laid down in the Academies' Financial Handbook produced by the EFA in Sept 2014 (para 3.10 Managing General Annual Grant). The EFA previously set a limit on the sum of GAG that could be carried forward from one year to the next. The limit has now been removed so the Academy Trusts can keep the money aside for when it is needed and build up reserves, for example for long term capital projects. Page 8 GOVERNORS REPORT The School received a deed of variation dated 23rd July 2013 relating to its Funding Agreement. Clause 78 of the Funding Agreement has been deleted and replaced with the following clause. At the beginning of any Academy Financial Year the Academy Trust may hold unspent GAG from previous Academy financial Years amounting to such percentage (if any) as for the time being specified in the Academies Financial Handbook or otherwise as the Secretary of State may specify by notice in writing to the Academy Trust prior to the beginning of that Academy Financial Year of the total GAG payable for the Academy in the Academy Financial Year just ended or such higher amount as may from time to time be agreed. The Academy Trust shall use such carried forward amount for such purpose, or subject to such restriction on its use, as for the time being specified in the Academies Financial Handbook or otherwise as the Secretary of State may specify by notice in writing to the Academy Trust It is the Governors' policy to build up unrestricted reserves which can be used for future education purposes in line with each academy's development plan. The School's pension liability is 876,000, with sufficient liquid assets to cover this figure. Plans for Future Periods The budget for the 2014/2015 financial year has been set and agreed by Governors.This confirms that the School will use 120,000 of its reserves to balance the budget. The Budget Forecast return was submitted to the EFA in advance of the deadline of 31st July 2014 and at that time it was not possible to estimate with any degree of certainty the future cost of the PFI contract. This is currently subject to a benchmarking process outside of the control of the Academy. We are still awaiting confirmation regarding our PFI contract and the associated charges the School will have to incur for the next few years. A multi year budget forecast will be presented once this information is available. In July 2014 the DfE announced the arrangements for in respect of Fairer Schools Funding . The DfE has provided a total of 390m to the least funded local authorities. Unfortunately Wirral Council is not one of the LA's which has received any additional funding. Although we are an Academy and we are separately funded by the EFA and not the LA, our funding is still largely determined by the School Funding Formula as determined by Wirral Council. In addition to this the school has not benefitted from the recent Funding Formula review undertaken by Wirral Council which directly affects the amount of GAG the School receives from the EFA. Although the school has an additional 48 pupils compared with two years ago, its funding has not increased. Thi
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