Comp*ny No: IW)65070 MANCHESTER HIGH SCHOOL FOR GIRLS FIIYAIYCIAL STATEMENTS FOR THE YEAR ENDED 31sfJuLY 2022 MANCHESTER HIGH SCHOOL FOR GIRLS Report of the Governors COVERNOR& DIRECTORS AND CHAIUTY TRUSTEES The Governors of Manchester High School for GiTls ('Yhe School") are the Sthool's ¢harity tru$t¢¢s under charity law and the directors of the charitable company. The members of th¢ Gov¢rnin8 Body who served in office as Governors during the year and subsequently are detsiled below. Professor lady Rachcl Davies Cooper OBE {Chair- Tetired 18101122) Laurd F￿rnshaW {Chair- appointed 18101122) Andrew Bland Ivice Chair) 04ulme TNst Estates Nominal¢d) M¢rlyn Lo￿ker (Hon Treasurer) Dr Amar Ahmed Vicky Kloss (retired 30111121) Kate Dickson {Mact£an) Gilc$ Burton Joy King%lcy Hayl¢y Goldstone (Retired 03110122) Prof Fiona Srnyth (University of Manchester Nominated) Carol Boxter Joarna Conway Mohammed Khan Tamsin Lloyd-Tyrrell Mohamyned Yawn There were no other Changes within th¢ Goveming Body during the ycar Senlor Leader$hlp Team The key managem¢nt per50nnel who served during the year were.. _ Mrs H F Jeys Mrs A Goddard Mrs J Hod¥on Mrs S Norton Mrs S Gibbons Mrs H Mortim Mr J P Mordn Ms E A Smith Mrs L B8rnwell Head Mislr¢5S Etpuly Head Mistyess Depuiy Head Mistress Assisiant Head Helld of Pr¢paratory Departm¢nt Hcad ofprepaTatory Department Direaor of Finance & Eststes (Bursar) Director of Winanec and Opcration5 Development & MarketinkF Director (Appointed 01109120) (Appointed 01109116) (Appoinied 01109116) (Appointed 01101115} (Appoinied 01109121) IR¢signed 31108121) (Resigned 31112121) (Appointed 04101122) (Resigned 16103122) Comp•ny s¢eretAry: Mr J P Moran Director of r.inance & Lstates (Bur¢ar) Dirrctor of Fjnance and Operdtions (Resigned 3 1112121) (Appointed 04101122) M$ E A Srnith Clerk tts the Governors Mrs S Sutton aerk to th¢ Gover[￿￿ & HR Admin (Appointed 05109118) Registered address: Grangethotpe Road Manchester M146HS Website- Registered Charity No. ADVISERS: Auditors.. Crowe LLP 3 Floor. The Lexicon Mount Street Manchester M20 6NW Solicitors.. Addleshaw Goddard Ll.P One Si Peter'5 Squar¢ Manchester M2 3DE Worknest Woodhouse Church Lan< Aldford Chester CH3 6JD Veale Wasbrough VizaTds LLP Narrow Quay House Narrow Quay Bristol BSI 4QA Bankers: SantallderUK PIC Bootle MeT5eyside L30 4GB Approv¢d by the Board of Govemors of Man¢hesl¢r High SclKK>I for Girls on IS and signed on its behalf by Governors.. Laur& Earnshaw (Chair) /i/IlLS Mttlyn ￿￿her (Hon Tr￿Urer) MANCHESTER HIGH SCHOOL FOR GIRLS Report of the Governors Report of the Governors for the Year ellding 31 July 2022 Th¥ GovernoTS of Manchester High School for Girl8 present their annual rewrt and audited a¢counLg for the year eTHled 31 July 2022 and confim thai they comply with the rquiremenis of the Charities Act 2011, the Articles of Asso¢iation of the Company and Charities SORP (FRS 102). Oknr Alms Manchesl¢r High School for Gir15 was founded irt 1874 and is a company limited by guarantee and a regi.s(ered charity. li is governtd by the Articles ofAssM)ciation dated July 2015 and amendment5 made by special resolution dated 61hOciober 2015. The objerts of th¢ charity are the advaTLcemenc of edU￿tl0ll for the public benefit by.. l. {a) Th¢ provision and conduct of a day andlor day and boarding School or *thools it) or near Manchester or elsewher4 primarily bui not exclusively for girls. the Governors shall in their absolute discreiion dcterniine,. 2. (b) The prowsion of buTsaiics, scholarships, allowanccs OT any other form of filloncial a5SiStantt at such times and in such manner as the GovemoT5 shall in their absolu1¢ discretion detemiin¢.' 3. {c) The Provision and support of ancillary or incidenta] educational acliviiies and any other &sKKiated activities for ihe benefjt of the coinmunity as a whole in MOn¢he￿¢T or elsewhere. and 4. {d) The Provision and support of other educaiional in%litutions and activities in Man¢h¢ster or elsewhere The primary activity of the charily is offering education appropriate to the needs of talented girls aged frorn 4 to 18. through the provision in Manchesrer of a day school for girls. Our Mi$$ion and Objeetives Our mission is lo be a pion¢erin& 8cademicaily selective school ihai ¢]nbraces academic excellen¢¢ and extrd- eurri¢ular enrichment where the individual tlourishes. The s¢￿07 empowers and inspires highly lalcntcd, intellectually curious sludents to be¢orne self-confidenL indep¢nd¢nl. resilient ¥nd T¢￿￿kab]e global ¢iti2en5. Our obje¢tives are to Tefleet our educational aims and the mission of the School. IPThen setiing obje¢tiv&q and planning activiii¢s our Gov¢rnors give careful consideraiion to th¢ Charity Ctsrnmission's publi¢ benefit guidance. Our a5pirithg vision include9 being open to all girls who would benefit from the educalion we provide itTespeciive of financial means bul we r￿ognis¢ that we do not have sytyicient fund5 to help all Ihose who might need financial assistanc Obj￿tiV¢S for the Year 2021-22 Following the review of ihe School's stated vision, mission and values in 2020121, the main objcctive for 2021122 w&$ io embed the i)ewly published mission and values and embark upon thc new 3-year slTate8ic plan. Key objectives includcd.. a focus on ensuring thot wc are providing a research-based approa¢h to tuching and learning,. reviewing our curriculurn in trf)th the Scnior and PTep2fd(ory areas of the School,. re5urning Ihe ruslomary wide range of extra-¢urri¢ula activities and.%ustaining the high- quality pastoral and edueational experie2)ce for our pupils as we progress beyond ihe COVID pandemic. beginning a ma5terplan of the site 80 that the School Could ¢oniinue in its airn to offer an outstanding educational expentnce for its pupils: suming work on the d¢v¢lopTn¢nt and mainlenance of the School's fociliti¢s- an obj'ective that had been paused in OTd¢r to conservc the School's resoiirces during the Pandemic. Supporting pupils in the return to A level and GC.SE examinations. REVIEW OF ACTIVITIES AND ACHIEVEMErYrs Pupil nurnbers snd ftts 20?1122. Manches1ei High School for Girls pupil nuTnbeTS weTe 742 (2020121.. 742) in the Senior School and 239 (2020r21.. 248) in the Prepardlory Department. Our f¢es for the year 2021-22 before the deduction of any mean$ assisted burwies and 8cholarships were.. Infants £9,240 Junior5 £9,390 Seniors £12,61X Academic &ehievemeDts This year, exteTnal examinations r¢sum¢d after the COVID-19 pandemic. With the support of MIISG staff. results for 4*udents r¢lurn¢d to their pre-covid levels, ￿ expecte￿ after two years of Centre A￿Se&￿ and T&i¢her A$s¢￿ed Grades. Of ihe GCSE grades awarded to all of our Year I I students in 2022, 80.30/17 were grade 7 orabove and the majority of our Year I I pupils Chose 10 slay on to join th¢ MHSG Sixth Fomi. In 2022, 95.2Q/D of A-level grades awarded to MHSG %tudents were A* B. This cornpares to 99.30/0 ofgrades in 2021 and 980/• of grades in 2020 Cfeacher Assessed and Centre Assessed GTades respectively). In 2019, 91 /D of grades w¢r¢ A*_B. Extr8-curriculaT &ctiirytie$ The educationa] life of pupkls at MHSG is enriched by extra-curricular participation. Studenis have the ability lo engage in a vaa array of a¢tiviti¢s whieh enable then] to flourish and gain in self-esteem. In Sport, we offered a wide variety of Clubs including tenni5. cricket. swimmin& water polo, rock climbing. fitness suiie, football, cross-country. hockey. netball, gymnastics, strength and conditioning, fitness swite and rock climbing. We attended exttrnal team rJxttJres in most of these sports including football. hock¢y, water polo and ndball. In Danee, our lunchlkme dance groups wcrc well atiended, particularly by pupils in Key Stage 3. In Music, pupils of all ages and abilitie5 were able to join ¢xtra-¢urricular groups and ensen]bles including Junior Choir. Choral Vocal Group. Wind Band, wind and .%tring ensernbles and Senior OrchestTa. Th¢Te were a150 many oppornunities for pupi15 10 perform, including ai Twilighi and Christmas Conc¢rts and an end of year ¢onc¢rt which wa5 perfonncd io a live audience. A large number of pupils took instrumental lessons wilh our peripatetic leacheT5. DraTna, a huge number of girls were involved in the musical production 'Chicago' attd a new Key Stage 3 production was presented forihe firsl timc. This production of 'Annie' was a great success. Other extra-curricular opponunitkes ineluded Model United Naiions, the Duke of Edinburgh's Award Scherne, book clubs. LGBTQ club. Young Enterprise and tnany more. Pwtoral ¢#re The dominant feature of Pthordl care for 202112022 was managing the ongoinby impact of Ihr COVID Pandemie on our ¢udents. Repe. aTLd also d4scribe the various restricted funds of the School and summarise the year's movements on each fund. unr&￿tr1ded funds amounted ¢0 £4,489.056 but none tsf this is freely available because the balance is invested or 15 design21ed for olh¢r putposes {see notes 15 and 17)- The Govemors have determined ihat the appropriate level of free reserv¢s which are rK)t invested in tangible fix¢d assets should be equivalent to IOU/0 of tuilion fee income, being approximately £l.000.IMJO. With sirdtegic objectives which include increasing bursary provision alongside significant investment in facilitjes OUT policy is to eoniinue building up rc5erves by m¢an5 of annual operating surpluses and judicious management of our investment assets. supplcrneTrted by g¢nerdl- purpose appeals from time to time. Tangible fixed asse4s are all held for use by th¢ school. Subject to the reberves policy. the School transfers fijnds sutplus lo its irnmediaie and planned development need5 to The MancheS￿r High School for Girls General Charitable Trust to &ssist in the provision of grants to ¢urr¢nt and futUTe pupil& This year the School transferred £309,50412020121 £421.997) to the Charilabl¢ Trust. Illvestnwnt Powers Poliry ind PerformAnee Th¢ Articles of Association place no restrictions on the Govemors, powers of inv¢5tment. Thc School's Prize Fund5 are invested in COIF Charity Funds. They are promoted as responsible funds Ihai ¢onsid¢r the economic. S￿la] aTKi environmental impatts of ihe companies in which the funds invesi. sp￿lfi￿[lY, they avoid direct investment in armamenis, gambling aud tobacco. OUR ETHOS AND POLICJES Our Etbos The School remains true to ihe spirit of the Founders. We OUTselves part of local, naiional and global cornmuniti&s. W¢ are committed to giving our studentsthc very best cducation. Girls rtteivea rigorousacademic trainin& bui learn as well the importance of ￿Cial re5ponsibs1ity. a sense of Community and an appreciation of diversity in our multi-cultuial society. Over 45 different languagesare spoken in the homes ofour Current studentsand since its foundaiion th¢ School hashad a strong tradition of embracing oiheT ¢uliures and religious beliefs. In th¢ 1875 'M¢morial' to the Charity Commissioners the School Committee stated clearly.. 'The s¢hool is iniended io b¢ open forany girls of suitable age, characterand ability, without anydislinctionasto reliEiOUS profession or social rank. The School is xademically Se1￿1]yC and. a5 such, seis its own enirnnce exatnination. Applicants for¢ntry inlo Year 7 are cxatnined in Mathematics, Essay WTitin& Comprehension. Verbal R¢asoning and NoD-V¢rbal Reasoning. Applicants who do well erK)ugh in the initial writt¢n ¢xaininatiou are illvi￿lI io auend an interview. Not all those Interviewed, however, are offered a placc. At the Interview slage we look for potential. a wdc range of inleresls and a rnat¢h between thc ability of the child and her performanec in the entranc¢ txamination. A sehool report is requested from tht Head Teacher ofthe appli¢gni's pres¢nt school. The Head T¢a¢h¢r's recommendation and ¢omments are an important pan of the selection PTOC￿$. It is the policy of the School lo enable pupils to attain the highes1 a¢ad¢mi¢ levels whi15t PUT5uing a curr]culum which is broad and baian¢¢d. with wide-ranging extra-¢urricular opportunities. A highly qualifjed staff and excellent faciliiies particularly for music, science, ¢ompuiin& lallguage teaching and physical education combine to provide a stimulating educaiional environmcnt. Pastoral arc and ￿￿OurageMent lo individual deveJopm¢nt in creative, leadership and teamwork skills are also i]llportant ObJ￿riV¢s. Pupils aT￿ staffare encouraged to contribute to the local Community by the establishment anddevelopm¢nt of links at vaTiOUS levels with state-maintain¢d schools in ihe surroundiiig area. Acce$s Pollcy 11 is important to US that aecess to the education we offer is Mt rertricted to tho8e who can afford our fees. We belt¢ve our pupils benefii from learning within a diverse community. A great deal of learning occurs through sociaj inte￿lion, conversation and shared experienc￿ which help5 our pupils develop an understanding of the petsye¢iives of other people that will bc vital in their adult liv¥s. Our bursary policy contributes lo a wldening of acetss in ihe edu¢ation we offer and the facilities we enjoy. Bursary Policy The school has each futlded bursaries inro both Y¢aT 7 and the Junior Sixth. The Governors View our bujsary awards as itnportant in helping ro ensure cliildTen fTOm familieb who would oiherwi5e not be able to afford the fees can access the educalion we offer. OUT bursary awards are available to all who Tneet our general entry requirements and are made on the basis of ix>th ability and parental means. In assessing means we take a number of factors into consideration including family incoTn< and family circumstances for cxample.. dependant relatives and ihe numb¢T of sibling5. The bursary ?wards offer fijll or partial &8sistance with tuition fees aeeording to a sliding scale that is linked ¢0 family ineome. Infomiation aboui fee assiston¢e through bursaries is provided to all applyin8 (o the school and details of OUT bursary policy and how to apply are availabl¢ on our website atLd in the pro$pe¢tu$. We also have a hardship fund that.supplements bursary awards io pay for short-teTm hardship, usually up ¢0 a maximum of two terms. where a pupil's edu¢aiion and future prospects would oiherwise b¢ al risk for example in ihe ¢ase of redundancy. Sehol#rshlp Policy: promotlng I￿gh standards The purpose of our scholaT%hip awards is to rttognise high academic potential or the abiliiy 10 excel in our extra- curricular aCti￿lieS. Our ￿holaTShIps are not means tested and ate iwarded on rhe basis of the individual's a¢ad¢mi¢ potential or evid¢nGe of exccptional abilitie5 which will coniribute to ovr ¢xtra-CUTricular activities. ID additio]4 awards may bc subjcct lo condilions imposed by the original donor. One or more academic s¢holaTship8 may be awarded for excellence in performanee in the entyanc¢ examination. Ill addition Music, Dance and Sports scholarships may be awarded. Scholarships aT¢ awarded wilh a fixed reTh155i0n of ftts of between 5•A and 50/. Where further &%sistance is required, schola￿hlp awards may be $upplemented by a means tested bu￿ry. Furthcr details of our scholarship policy arc available on our website. Other polities on asyl$¢anee To underline the value w¢ place on continuity for families, we offer discount5 where paTents have mor¢ than two thildr¢n at the School. AS part of our emphasis on atiracting and retaining high calibre staff. we offer a discounl scheme where staff members choose to educate iheir ¢hildren at our Sch(K)l. Fundraising Poliey Fundraising in School takes many forms,. including activilie5 by the pupils. staff and the Parent Teacher Association (PTAI. The Development Team ts at the heart of furhdraising to support the School'5 bursary appeal. Whilst the School from tim¢ to time may look to rai8¢ money to support the annual expenditure and capital projects. the Va￿ majorily of fundiaising efforts aT¢ focvsed towards the provision of bursary places. This direcily supports the School s obj¢ctives io. .¢nrol girls wilh true potential, regardless of their means io pay; striving to b¢ acad¢mirally* bui noi financially selective." Fundraising activities include indirrtt solicitations to alumnae and parents, dir¢ct mail campaigns Ip¢)stal and email), and fac¢-to face solicitations with donuTS. All fundraising etTorts are solely ledby the Development I'earn. Consultant8 and freelance fundraisers are not ¢mploy¢d. The team has voluntsrily signed up with The I'"uthdraising Regulator to dcmonstrate dedicaiion to best practice in fundraising and compliance with thc law. Alongside our owi Ethical Fundraising Policy we are committed io adheNng to the r¢gulztor's Code of Fundraising Pracii¢e and the Fundraising Prolnise. Thert has been no failure to colnply wih the slat)dards laid out above and no ¢ompl8ints have been Ttteived about our fundraising activilies or any individual member of the tram carrying out fundraising a¢tiviiies. Reports are proviikd to the Governors and the Tru5t¢es of the Manches￿[ Hjgh Sthi)ol for Girls Charitable Twst about the Development Team's fundrdising practice5 dvTing the year, in line with the rcquirements of Section 13 of the Charities {Protection and Social liive5ttn¢nt} Act 2016 and in linewith our Ethical Fundrdising Policy. The DevelopmentTeam is cornmilted io prote¢ting vulnerable people and other mcmber8 of the publie from unreasonable intn]sion into privacy. unreasonable persistent apprtsa¢heb and the placing of undue pressure on a person to give money or property. Th¢ Ethi¢al Fundrdising PolL¢y Olltlines the team's approa¢h to mak¢ ¢¢rtain this does not happen. The team works lo comply with GDPR laws, capturing communication cot)sent prcferences from our database, ensures they only ever comrnunicatt with people who have expli¢iily indicatcd they wish to be Co￿[￿unIcated Ni¢h, and by their preferred method and frequency of communt¢ation. Any forn] of communi¢ation is logged on an individual's constiiueni record within the team's database, and only the Director of Dev¢loprnenl and Marketing and the AluM]￿e and Developrneni Manager have acc&&$ to this database. Thc Dcvelopment Team also SUPPOTts Manchester High School for Girls ihrNgh the creation of meallingful relation8hip5 with aluTnnae, pupils and parents (both current and fornier) and supponers of the School. This is done throu¥h a range of edu¢atioThal, srtial 2nd networking events, publications and careers advi¢e for CUTr¢nt and recent pupils. Careen events. such a5 our"Insi8hi Into. ¢venings. whi¢h s¢e men1b￿S of the alun]nae community giving pupils and parents the inside track on specifi¢ indtsslry seclOT4 are always open to all n¢ighbouring Schools. STRucfuRE, GOVERNANCE AND MANAGEMENT The School, which w&s fouThAed in 1874, is a company limlted by guarantee and a TegisieTed charity. It Ib governed by Article& or Association dated l July 2015 and amendments mad¢ by special rewlulion dated 6 October 2015. Organlsatlonal Management The day-to-day manageTnent of the S¢h¢y)l is delegated to the Head Mistress ond S¢nior Leadership Team. The Smior Ltadership -I'eam is supported by an Extend¢d Manag¢ment Team (appoithted for September 2021). The GovernoT5 deterniine the strdtegLC dire¢tion and geoeral poltcy of the xhool with the Senior Leadership Team. They achievethis through di5cus5ions with staff and at Board mcttings and sitting on one or more of the main ¢ommitte&%.' Acadetnic Developmeni, Finance, Estates and Personnel. Each of these committees meds thr¢¢ time5 a year to moniior the a¢tiviiies of the school. Board tneelings of ihe Goveriiors normally take place thrtt tilnes a year. covering op¢rational, tactlLal and &traiegi¢ issu¢s. Governors are also called uptsn periodically with matt¢rg outside the meetings such as senior leadership appointrnents. Other Relationship5 The Manchester High School for Girls Charitable Trust is Closely ¢onne¢ted to the school. The material iransa¢tions between the School and ih¢ Trust are detailed in not¢ 18 in the financial 51atem¢nts. The Trust's charity regi51ration number is 506823 and its registered address is at ihe school's premis¢s detailed on page 3. The ltnd and bui14Jings orth¢ School are considered io be pemianent endowrnenl and are held within the MHSG Property Trust, a linked chaTity with chaTity number I I￿23-1. The assets and liabiliiies of this linked charity are reported within Ihe financial slai¢ment5 ofih¢ School. There are albo a number of small linked charities, which are Prize Fund5 donated to the S¢hool over the ¢ourse of its hislory. These Prizc Funds are included as Testricted funds within the financial staternents of the Schwl. The Head Mistress is a member of the Girls Sch(M)Is Associaiion (GSA) and is Vict￿lair of the GSA Education Committe¢. Rlsk Managemen4 Principal risks And un¢ertainti¢s The Governors are responsible for the overseeing Of ihe risks fa¢¢d by the school. Detailed ronsid¢Tations of risks are delegated to the senioT ¥nanag¢ment ofthe s¢h¢)ol. During (he yfaF the GoveTnots have examined the principal areas of the School's op¢raiions d coJ)sidered the major Tisks in each of these areas. A lknsk Matrix is maintained and reviewed on an annual basi.%. Risk ig managed under the headings of stratcw¢, operntional. safety, compliance, employment, cdllcational and financial risk. In the opinion of the Governors the SchoDI has established 5y5tem¥ which under normal ¢ircumstat]ces. should allow these risks to be mitigated to an acceptsbl¢ level in its day-to- day operation& A Policies and Procedures Registtt is updated on an ongoing ba￿$ as amendmenL% are apprnved by the appropria1¢ wrnmittee is reviewed in its entirety by the Governors on an annual basts. The Govemors ¢ontinue io keep the School's aGtivities under review. particulaTly with T¢gard to any major risks that may arise from lime lo lime and moniior the effectivencss of the intemal ¢ontrol$ and other viable Mea￿$. Including insurance cover wher¢ appropriate, by which th0￿¢ ri%ks already identified by the Govemor8 can be bcsl mitigated. Among the m05t significant short-term t￿n-fInancial risks faced by the School this year were considered to be t￿ health and safely of ihe pupils and staff in the light of the Covid-19 pandemic. This wa5 managed by frequent risk ass¢ssment& ￿MplianCe with GoveTnTneni guidelines relating to schools and coniinuous ottention to hygiene standards. As re%tricttons were eased and chool life rcturnrd to nornjal, pupils were carefully monitored lo &ldrtss any adverse consequences for th¢ir wellbeing resulting from the previous restriciions. Other $ignifL¢ant risks identified included poor examination r¢$ults, failure to attract or retsin staff and the risk of accidents or injury to pupils or ￿aff. These risks are managed by continuous Jnonitoring of pupi15' p¢rfoTman¢e at all leveis. suttabl¢ condition.% of employment (monetary and otheTWi5e) for btstyand siringeni healih and safety measures_ The Governors have also considered longer-terni economic uncertainty> parti¢ulaTly in rclation to the iTnpa¢i of Ihe ¢urreTht politi¢al and ¢conomic unccrtainty, Brexit. and poteniial future increases in teacher's pension eontributlOll5. The imp￿1 of ri$in8 food costs and CO￿ of g(ods began to be seell duTing the Summer Terni 2022. Tuition fee income was noi affected by the pandemic in 2021-22. The impa¢t of higher inflation and the worsening ¢¢onomic situation are still io be fully understood and 2 10 kcen eye is being kept L)n any major developrnents. For teacher's pension contributions. a review 1$ underway to consider the s¢hool's future pr(>vision. Through the recent uncertainties the Governors have adopted a policy of building up Teserves while the futu￿ strategy was being developed. They are, therefore, confident that the School ￿maInS a going concern foT the foreseeable fuiure and so have piepared the accounts aecordingly CovernoT R¢£ryltm¢Dt and Trainin Members of the Governing B¢)dy are rccruiied, d4)endeni upon th¢ir expertise, experience and skills. Nominatcd Gvvernorb are as rollows.. One by the Tru5tee5 of the Charity called Hulme Trust Estates (Educational) at Manchester and elsewhere and,. On¢ by tht Board of GOVer￿TS of the Universiry of Manchester New Governors are induded into the workings of the Chariry, I￿l￿ding policies and procedutes, iog¢ther with an appmpriale training schedule depending upon their existing area of expcrtibe. STATEMENT OF GOVERNORS, RESPONSIBILITIES -Ih¢ Governors {who are also direclor8 for ihe purpose of company law) are responsible foT preparing Ihe Governors. Annual Report and the flnancial statements in accordance with applicable law and Uniied knngdom Generally Accepted A¢¢oulllin8 Practice (United Kingdom Accounting SiandaTds}. Company law requires the Goverjwrs to prepare financial statements for ￿ch financial year. Und¢r ¢ompany law the Governors must not approve the finan¢ial ￿aten￿ftts unless they are satisfied ihat they give a true and fair view of the state of affairs of the Charitable co]npany alld of the incoming r¢50urces and application of resou￿¢s, including the income and expenditure, of the charitable ¢ompany for that period. In preparing these financial statements the Governors are Tcquired to-. Selcct suitable accounting policics and then apply them consistently., Observe the methods and prin¢iplt in the Charitke5 SORP- Make judgments and e5titnates thai are r¢asonablc and prudent.. Slate whether applicable UK accounting standards havc been followed. subject to any material departures disclosed and explained in ihe financial statements- and Prepare the linaneial statemenis on th¢ going concern b&sis unless it is inappropriate to presume that the chaTitable company will continue in bu$iness. Th¢ Governors are respon¥ible for kttping adequate accounting re¢ord$ that are sufficient to show and explain the charitable tompanv's transactions, disclose witli reasonablc accuracy at any time th¢ finan¢ial position of thc chaTltable company and enable th¢m to ensure that the financial statements ¢omply wth the Comparties Aci 2006 and the provision of the charity's ¢onslitution. 'rhey are also responsible for Eafeguarding the assets of lh¢ charity and hence for taking rea50nobl¢ steps for ihe prevention and dete¢tion of fraud and other irr¢gularities. Thc Governors who were in office (pn the datc of the approval of these finan¢ial statements have COTLfiTmed that as far they are aware there is no relevant aLMJit information of which the auditors are unaware. Each of the Governors has cunfimed Ihat they have taken all th¢ Steps that they ought to have laken as Gowernors in OTder to make thembelves aware of any Televanl inforrnalion d to c%tablish that the audiiors are aware of that information. Approved by the Board of Governors of Manehester High Sch(K>l for Girls on Lslh J¢ $i￿ed on ils behalf by Govemors.. Laura EarnshJw (Chairl Q£rt-L 1gJlllS Merlyn Lo￿her (Hon Tr￿￿UreT) Independent Auditor.q' Report to the Members of Manchester Iligh School for Girls For the Year Ended 311t July 2022 OpiDioD We have audiied ihe fiMn¢id statements ofMan¢hes*r Htgh s¢1￿)1 for Girl$ I'the ¢haritsble rompany.) for th¢ year ended 31 Ju]y 2022 which comprise the Statement of FinaDcial Athivllie￿ Ihe Balance Sh￿, Ihe Cash Flow Stalcrncnt and notes to the finanrtal siaterncnts, including significant accounting policies. Thc financial Teporting framework that has becn appliefj in iheir preparation 1$ applicable law aryj United ￿ngdorn Accourtting Standards, including Financial Reporting Standard 102 The Financial Reporting Siandard applicable in the UK and R¢public of Ir¢land (United ￿'ngdoM GeneFally Awed Accounting Practicc). In our opinion the financial statements: brive i truc and faiT view of the stste ofihe charitable comp8Dy'5 8tTairs at 31 July 2022 and of its income and cxpenditur< for the y¢8T then ended. have been PToperly prepared in xcordance wilh Unitrd Kingdom Genera]ly Ac¢ep¢ed Accotmting Pra¢ii¢¢,' and have been prepared in &cordaTKe with the requirements of the Companies Act 2c￿. Bagh for opltslo We eormluctra our audit in aceordance wilh Ini¢rnalional SL2ndards on Audilinb IUKI {ISA.% IUK}l and applicable law. responsibiliTi¢S under those standard5 are fvrther dcscrib¢d in the Auditor's responsibiliiies for the audit of the financial ststements section of our report. We ar¢ ind¢pend¢nt of ¢harilablc eompany in accordance wi¢h Ihe ethical rcqwremcnis thal are relevani ¢0 our audit of th¢ IiTtancio1 stafem¢nts in the UK, including ihe FRC.'s Ethi¢AI Standard. 8nd we have fulfilled our other ethi￿1 responsibilities in accordance with these requirements. We believe that the audit cvidencc we have obtained is sutyicicni and appropriate to provide a basis foi our opinion. Contluilons relgting to going coneern In audiiink thc financial 51aternents. wc have eortcluded ihat the trus1tt's usc of the going concern basis of accounting in the prcparalion orth¢ fjnancial MateJr*nts approprialc. Based on the work we hav¢ perfornied. w¢ have nol identified any material uncertainiie5 relarinE to events or conditiorts ¢haL individually or collectively. may ca* 8ignificani doubl on ihe charitable company'?* ability to eontittue as a going ¢onrxrn for a penod of at le&sr twelve tnonihg from when the financia] Sta￿￿ents art auihoTised for issue. r re4)onMbilitie4 aTMI the rttsponsibiliiies of the tA￿let5 wilh Tespcci to goitt8 concern arc described in ihc rtlevanl sections of this report. Other IDform¥tlon The trustces are responsible for the oth¢r infomialion contained ￿thin the annual report. The other inforniation COTnprises the informolion included in the annual r¢port, other Ihan the financial statemenis and our audiior's report ih¢Teon. Our opinion on the financial siaiements does not cover the other infomiation and, except to the ext¢nt otherwise expliciily in our report, we do not CXPTe&s any fonn of assurance Conclusion theretsn. T Te4h)nsibility is ￿ read the other information an¢L in doitjg so, Consider whdher Ihe other infomiation is M￿cTiallY in¢ortsiAenl with the financia] 5th¢emcnls or our k[￿Wledge obtaithed in the audit OT oihcrwi5e appea]s to be materially missiated. Irwe idcntsfy such rnalerial inconsistenci¢s or apparenl maieriaj MiS￿￿ements. we we requsred to deternine whether this gives ri5¢ 10 a mateJial mi&ststcmcni in the financial statements ihcmsdves. If. ba¥ed on the work we have p¢rformed. wc concludc th there is a material missiatement of rhi$ olher 1nforn)atio￿ we are requirgj to rfpon ihat fxL We have nOthI￿g to repon in (his regard. Oplnlons on other m•tters pru¢rlbed by the Comp¥nles Act 2 In our opinion babed on tht work undertaken ill the coujse of our audit the inforniation given in the trustec5' repori, which includes the diTecton' r¢port and the strate8lC rtport prepared forthe purpw4 of cornpany law. for th¢ financial ye4r for which ihe financial 51al¢ments ar¢ pr¢paT¢d is consistcnt with the financial stat¢ments; and Ihe s¢rat¢gi¢ report and ihe directors. repM in¢luded wiihin the trustees. report have been prepared in a¢¢ord4nce with applicable I￿ requrfemenLS. 12 Independent Auditor5, Report to the Members of Manch¢st¢r Hl%h School for Girls For the Year Ended 311t July 2022 Matters which we are requlréd to report by ext¢pttOA In light of the knowledge aTKI uThdcr5tanding of the c&￿11￿11t company and their ertvironmeni obiained in the course of the audit, w¢ have Jhot identified Materi￿ misstatements in the strdlegic reporl or ihe directors. report included ￿thin th¢ truslees, rq)ort. We have nolhing to r¢pon in reipeci of ihe following martcrs in r¢l*ion ¢0 which the Companies A￿ 2(KNS requiT¢S US to r¢port to you if. in our opinion.. adequate and proper accounting rccords ha￿ not bccn kepi,. or the r]nancial statements ?r¢ not in agreement with the accounting records and rdurns or ¢ertain disclo8ures of tru%lees' remuneraiion specifjed by law are not mad¢,' or we have not ree¢ived all the infomation and explanaiions we require for our audit Responsil)ilities of irustees A5 ￿pIll￿ed fully ID th¢ trustree5 resp(Fnsibililies stat¢m¢rii sel out on pag¢ T I, the tru￿¢¢9 (who are also the directors of the aritable Company for the purposes of company law) arc responsible for the preparation of the financial siatemenis and for being satisfled that they a true and fair view. and for such iniema] control as Ihc trustres detrmiine is n￿esSary to enalle the prepa￿10￿ of financial statemcnts that are frce from rnaierial misstatement. whdher due to fraud or CTror. In prcparing the financial $iaiement& the tTU51ees are rtsponsible ftsf assessing thc charitable company'5 ability to ¢ontinue as a going concern. disclosing. as applicable, matters related lo goin8 concern and using ihe going conccrn basis of accounting unless Ihe trustees etther intend to liquidate the charitable company OT to ec￿ oper4tions or have Tho re4li$tic ali¢mativc but to do so. Auditor's responsibilities for the Audit of the fin*n¢ial $t•tem¢n¢s Our objeciive8 are io obtain reasonable a&suran¢e at￿u[ whelh¢r the financial staiem¢nts as a whole aTe free from maleriat missiatement, whether due to fraud or error. and 10 issue an audiior's repon that in¢ludes our opinion, Reasonable 8S5urance is high kvel of assurance, bui 1% not a guaranicc that an audil conducted in accordanct with ISAS IUKI will always d¢le¢t a material misstatemenl when it exists. Miss1aternents can ari5c from fraud or error and are considered material if. individually or in the aggregat4 tly could r¢4sonably bc expccted to influtnct the tconornic decisions of useT$ taken on the b&si$ of thcse financial Sthlcmems. Details of the exlent 10 whtch ihe audii w&$ ¢onsid¢red cap8ble of da￿ling irregulariiie4 I￿1￿ling fra￿ and rN)n-cornplia￿c with laws and tegulations are oui below. A further description of our Tesponsibililies for the audit of ihe financial stalrmertts is I￿a[c￿ on the Financial Rep￿Ing Council's w¢b51te at.. . This dc5CriPtion fomjs part of t)UT audiior's rep)rt. Extent to whieh tlLC Audlt was considered tapAble Trf deteetlng Irre8ul*rltie4 iDtludln% ftaud Irregularit1¢5, ID¢luding fraud, r in*ances of nonse laws and regulations thai have a dire￿ effeei on the detemination of material amounts and disclosures in the financial Sthlements. The la￿ and rcgulatioTL% we con*dertsJ in Ihis Coniext were thc CotNpaniL% Act 2￿￿ tsX&ion legislation togdher with the ChaTiiies SORP {FRS 102). We as%ssed the rryuired Compliance with thcse laws and rc8ulaltoM a5 part of our audit procedures on the related financial 51atetnent item5. In addition. we ¢onsid¢r¢d PTQVLsions of other laws and r¢8ulations that do not have a dirrft ¢tfrx¢ on th¢ financial s¢*ements compliancc with which might be fundamental lo the ch8riiabl¢ company's Abiliry ¢0 op¢rai¢ or io avoid 8 material p¢nalty. We also considered the oppnrtunilies and inceniives thai may exist within the charitable company for fraud. laws and regulalions we ¢tsnsidered in thi.% contcxt for the UK operations were The Education {Independeni S¢hcM)I Sundards) Regulations 2014. Employment le8islaiiort and Health and Safdy le¥i$l*ion. Auditing stsndard5' limit the required audit proccdurcb io identify non-compliance with these law5 and re8ulalions to enquiry of the Tn]5te¢s and other mana8ement and inspection of regulatory aTrJ legal corre4K)ndence. if any. 13 Independent Auditors, Report to the Members of Manehester High School for Girls For the Year Ended 31" July 2022 We idethtified the greatest risk of material impact on the finaneial staiements from iTr¢glllariti¢5, includin¥ fraud, 10 be within tli¢ timing of recognition of other incorne and the override of controls by management. Our audil PTo¢eduTes to respond lo thcse risks included ¢nquiries of management. and the Finance Committee about their own identification and a55essmeThl of the risks of irFegulariiies, sample testing on the posting of journa15, Teviewing accounling ￿li]nat¢S for bi&ses, reviewing regulatory CO￿¢spOndence with the Charity Commission, Independent Schools Inspeetorak and reading minutes of itteetin&s of those charged with governan Owing to the inher¢nt limitations of an audit, theT¢ is an unavoidable risk that we may not hav¢ d¢t¢cted some material Mi￿latementS in the financial statements, even though w¢ have properly planned and performed our audit in accordance with audiiing standards. For ¢xJmple, the further removed non-¢ompli2nce with laws and regulatlOT15 (iTregulariiies) is from the events And Iraftsa¢tions reflected in the financial statemen15. Ihc less likely the inherently lirnitcd procedures required by auditing standards would identify it. In addition, as wth any audit. there remainejj a higher risk of non-detection of itTegularities &5 th¢se may involve collusion. forgery. inteniional omissions. misrepie¢tntations. or the Ove￿ide of internal controls. We ar¢ not responsible for preventing non-compliance and ¢allnot b¢ expected to ddect non40mpliallc¢ all laws and regulations. Use of our report This report is made solely to the charitable cornpally's members, as a body, Trn accordance with Chapter 3 of Part 16 of t]ie Cotnpanies AGI 2(106. Our audit work has been undertaken 50 thai we might state to thc charitable company's memb¢rs those matters we are required to $lJit to them in an auditor's report and for ￿ other purpose. To the fulle* eKient perniitied by law, we do not accept OT assume responsibility to anyone other than the chariiabl¢ Lompany and th¢ charitable company's members a5 a body, for our audit worK for this repo¢ or for the opinions we have formed. Vicky Szulist Senior sta￿tOry A￿ltOr For and on b¢hdfof Crowe U.L LLP Sthtuiory Audhior The Lexicon Mount Stre Manchestet M2 5Nr 28th February 2023 14 MANCHESTER HIGH SCHOOL FOR GIRLS Statement of Fin*ntial Activities for the year elld￿ 315t July 2022 TOMI Unrestrlctsd Funds Umrestricied De5i8M4ied Fuftds Restrlcted EndowmeNI FundJ 2022 2021 ajkllexoci her Irading activitia. Jnir.*tmenl inconie 34.704 96,470 34. 704 90,476 JO,J55 40,743 8,014 8.014 7.816 Ipitomefro#i ¢hapirahle 11.943.9J2 27.306 IJ,943,902 27.300 Jl.451,550 139.691 Oiher J2 102 J88 12 110 402 11.650,155 &Ypen4lthre • C051 ofrai$ingJunds Expexdiiure ¢hoTTlable acriviiies Fxp¢ndtthre on oiher iradirtg und ociii'iti 93,743 93.743 86.872 11.400,28 io,Jii 148,853 11.619,452 10,820,017 63,2112 03.282 57.040 Total lJ.617,313 111,311 148,853 lJ,776477 10.964,529 Ne¢ iMcome/ (£rpendlthreJ beforeKéin5 on inv£thents 48J,075 (2,297) 1148.853) 3JJ.925 085.620 goitts imesthiertts Nei Income/ {trptMdit#re) (J.087) (2.052) 13. 139) 40,295 4&5.O75 f3,384) IIJO,905) 330.786 725,921 Net MoVe￿eR￿ iMfMn&$ 485.075 150 905) 330 786 725.92J Reroneilio1ioTh oflunds Toiolftsnds brO￿gh1 foniwrd Tothlf¥nds J5, 16 &17 4.003.981 72,155 178.939 7.829.964 12.085.039 JJ.359.JJ7 4.489.050 72. 155 125 555 7.679.059 J2,415,825 12.015.039 All ofrhe above acliiulies are classifiedtty conÉinuing. The noie.s onpoges J9 to 33formpari of iheJefin4n¢iul.flolemenl 15 ## **MANCHESTER HIGH SCHOOL FOR GIRLS** ## **Balance Sheet as at 31st July 2022 Company No: 09665070** |**Fixed Assets**
Tangible fxed assets
Investments at market value
**Total fxed assets**
**Current Assets**
Debtors
Cash at bank and in hand
**Total current assets**
**Liabilities**
Creditors: Amounts flling due within one year
**Net current assets**
**Total assets less current liabilities**
**Creditors:**Amounts flling due after one year
**Net Assets**
**The funds of the charit **
Unrestricted fnds
Unrestricted designated fnds
Restricted fnds
Endowment fnds
**Total funds**
Approved on behalf of the Board of Goverors on 19January 2023
**Notes**
9
10
12
13
14
15
16
16
17||**2022**
9,513,157
283,543
**9,796,700**
294,446
4,201,796
**4,496,242**
(1,590,952)
**2,905,290**
**12,701,990**
(286,165)
**12,415,825**
4,489,056
72,155
175,555
7,679,059
**12,415,825**|**2021**
9,860,007
286,682
**10,146,689**
270,291
3,612,018
**3,882,309**
{1,437,059)
**2,445,250**
**12,591,938**
(506,899)
**12,085,039**
4,003,981
72,155
178,939
7,829,964
**12,085,039**| |---|---|---|---| ||||| ||||| ||||| Governors Laura Earnshaw � Chair The notes on pages 19 to 33 form part of these financial statements. v· _**ltd:b;, tU{�**_ Me,Jy� Lomhe, 16 MANCHESTER HIGH SCHOOL FOR GIRLS C8$hllow Statement for the year ended 31st July 2022 Notes 2022 2021 Cash nows from oper*tlni #etlvlllu: N¢t Wivided by operating aclivities ,104,243 1.620,552 C￿hflQKsfr(￿￿ *clivitie.*." Purchas¢ of prop¢rty. plant and ￿UIpment (308.735) (189.IR3) Net ¢aJh proTrlded by investlng Actl￿tIeS 795.508 1,431J69 Cd.fhflo)vsfromfinancing acllvili¢y.' Dividends, ?Dt¢rst and rcnls from inveslmenls Rep4ym¢n15 of borrowing 8.014 (213,744) 7,816 (206,790) IYe¢ c•$h u5¢d in fm*n¢in% *¢tlvl¢leJ {205,730) (198,974) Ch*nge In ¢•sh And ¢4sh equlvaleDts In the rnporthig perknl 589,778 1232a95 Cash Ind (Ash equivalents it the brylnning of tbe repDrtiDg period 3,61L018 2J79,623 Ca.¥h and cash equI￿leftts ihe end ofthe rEpot*ngperiod b) 4,201,796 3,612.018 the Cashflow Statemen *) Reeonciliation ofchan e5inr eash inflom. from o rxtln #c urc 2022 2021 les Nd Tncome Nel gains from invcstmenls DEpr¢ci&tion Dividcnds. interest and rents from inveslmen18 Increaye in debtors It)crease in creditors N¢1 Cash inflow from operating a¢liNitie5 330.786 3.139 655,585 (8,014) {24,155) 146,902 1 104 243 725.921 (40.295) 653.757 (7.816) 213,594 75,391 1620,552 b) of rhan es Sn net 2022 2021 Cash in hand 4,201,796 3,612,018 To¢*1 r45h #nd cash equlv*lents 4201.796 3,612,018 The note5 on pa¥e5 19 10 33 forn) part of tbese financial statements. 17 MANCHESTER HIGH SCHOOL FOR GIRLS Cashflow Statement ¢ont ..... for the year ended 31st July 2022 c) Reconclliati f net debt l Augus1 2021 Cashf]ow 31 July 2022 Cash in hand and at bank Bank loan due in less than on¢ year Bank loan due in greater than one y¢aT 3.612,018 (213,744) 589,778 (6,991) 220 735 4.201.796 (220,735) 286 165 18 MANCHESTER HIGH SCHOOL FOR GIRLS Note$ on and forming part of the Financial Statements for the year ended 31st July 2022 1). A¢uuntln Poli¢ies The principal accounting policics adoptc(L judEem¢nis and key sources of estimation uncertainty in the preparotion of the fjnancial &tsteTncnts are as follow5.' B*si5 of Te r#tioD The fina￿131 statements have been PTep8Ted in accorda￿e with Accounting and Reporting by Charities.. Staternent of Rerommend¢d Prdctice applicable to charities preparing theiT accounts in a¢cordance wth the Financial Rcporting StsThlaTd applicable in the UK and Republic of Ireland (FRS 102) (effective l January 20191- (Ciwities SORP (FRS102)I, th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and th¢ Companics Aci 2006. The school mceis the definition of a public benefit¢ntity underFRS 102. Ass¢ts and liabilities art initially recognised at hiswrical cost or t￿nsaction value unless oth¢rwise slated in the relevant accounting policy note(s). The financial ￿ateM¢￿t$ have been prepared on an accnjals basis and include income aThd expcnditure as they are earned OT in¢urred rather than oll a cash basi8. b) Goin Coneern The governoTh have due regard for th¢ going concern of the Charity. The school prepares a detailtd budget for the 12 months ahead a¥ well as Tnore longer-lerm financial projectlolls. Actual performance is rnonitored iemily. and c&sh ba]ances are monitored and reviewed daily. At the time of approval of the fIT￿ClaI statements, the COVID-19 pandetnic has ea]med down. If there arc any futur¢ outbreaks bolh lh¢ school and the country as a whole are now better prepared lo deal with Ihem. At this time, pupil numb¢rs are healthy. cash flow liquidity is exlremely PDsilive, and we are anticipating a healthy cosh surplus for 2022-23. Supply chain issue5 are a problem Currently and this Tnay wor8en with rhe main effects being on calering supplies and estates work related materials. However. these issues will continue to be managed within ihe school, budgets and should t)oi impact materially on ils going ¢onc¢rn. Th¢ govemots have und¢rtaken planning and fore¢as¢ing and continue to c105ely monitor the d¢vdopirtg situarii)n. Further detai15 ori the school's response and plan5 for dealing with th¢ continuing C.OVID.19 pandemic sltuatTon are dwumented in the Trustees Report. The governors belicve that the school's financial re50UT¢efy and contingency planning is sufficient to ensure the ability of the school to continue ab a going conc¢rn for the foreseeable fulure, being at leasttwelve months from thedate of appro￿%] of ¢heye finan¢ial Statements and iherefore haveprq)ared the flnanci statements on a going con¢ern basis. Fund Aeeomutl The school's iinremricted fvnds consist of funds which the sclKJoI may use for its purpose at the Gov¢rtK>f5' disLYetion. Certain unrestricted furtds have been designated for specific pU￿oseS as explain¢d in more detail in nole 14. The s¢hool h&$ a number of endowment funds the income of which is used for re51ri¢l¢d purpose5. vol￿#t th)nations under deeds of covenanl togethcT ￿th the asso¢ialed ineorne tax recovcry, are rec4>gnised as in¢om¢ wh¢n the dO[￿tIon js Tcceived. Legacics are included in income when it is r¢asonably ¢e￿In they ar¢ to be receiv¢d and their vaiu¢ can be tncasurvj th suffi¢i¢nt reliability. Awards and 8rants receivable are credited to incomc in the school year to which they relate. 19 MANCHESTER HIGH SCHOOL FOR GIRLS Notes on and forniing part of the Financial Ststements cont.... for the year ended 31$t July 2022 Donations for ihe pu)yoses reslTiCted by thc wishtti of the donor are laken to Restricted Funds where these wishes are lebally binding on the Schools Governor5, except that any amount% rtquired to be retained as capital in accordance with the donon wishL* are accounted for instead as Endowments- pemianent or expendable xcording to the nature of th¢ restrictioti. Flxed Assets Fixed assets at¢ stated at COS1 (or deemed cost for land and buildinbF5 held al waluation at ihe date of traT*ition lo FRS102) less a¢¢umulated depreciation. Depreeiaiion is ¢harged at the following rat￿=. Buildings Fixlllr&s Equipment and Fittings Plani and Facilities 30- 100 years 3 - 20 years 4- 20 years Capital item5 gr¢at¢r ihan £2,000 are included iTJ fixed asset additions Current A￿t Invèstment Cury¢nt asset it)vesthieni8 are ￿]u¢d at the lower of eost and net realisable valu¢. g) Debtors Tuiiion fee debtors 4nd other d¢btors are T￿OgnISed al the settlement atnount due. h) Creditors rovi$ions CrediloTS and provisions are re¢ognis¢d wh¢re the school has a preseni obligation resulting frorn a past event that will probably result in the transfer offunds io a ihird party and the amount due lo settle the obligation can be measured or estimated reliably. Crcdilors and provisions are nornmily rccDgnised at their settlement amount after allowing for any trade dibcounts due. Investment Income Dividends are credited to thc income 8nd eX￿nditUre account when ihey ar¢ receivable. Credii is taken for interest in th¢ school y¢ar to which it relates. Fe¢ In¢ome Fee in¢om¢ is credited to the income and expenditur¢ account in the school yearto which li relates. k) Ailo¢ation of Costs Whenever possible expenditure is allocated to an activity cosi ¢at¢gory. Where items of expenditure contribuic directly to more than one afflivity they are apportioned on a r¢asonoble, justifjable and consistent b&sis. Support ¢osts are also, wherever possibl4 attributed to a single activity but where apportionrnent is required thi5 LS done on a reasonablcy justifiable and con￿stent basis. Govcrnance costs comprise the Costs of jwnning the school. including strategic planning for its ￿tUre developmeni, external audit, any legal advice ftsi the Schools Governors, and all tlie cosls of complying with wnstitutional and statutory requirernents, such as the cos1s' of Bodrd and Committe¢ m¢elings #nd of preparing slatLJtory xcounts and satisfying public accountsbility. 20 MANCHESTER HIGH SCHOOL FOR GIRLS Notes on and forming part of the FiDan¢ial Sl2tements Lont.. for the year ended 315t July 2022 ommitrnents All expenditUTe in¢urr¢d at 31Si July 2022 has b¢£n PTovid¢d for os detailed in notes S and 7. Pension Stheme5 Retirem¢ni benefits to employees of M&nchest¢rHigh School for Girls are provided by the T¢a¢he￿, Pension S¢hem¢ I'TPS'I and the Scottish Widows schemes for thos¢ not covered by the T¢a¢hers' Pension Scherne. Scottish Widows is a defined contribution s¢hem¢ and contributions areeharged to the slatement of fina[￿la1 activities in the year lo which they relate. Teachers, Ptnsion Scheme and and Wdes The TPS is an unfunded deffIn￿ beneftt scheme and contributions are ealculaied so as to spr¢ad the co# of pensions over ¢mploy¢es' working lives with the schLN)l in such a way that the pellsion c05t 1$ a substantially level percentage of Current anil future pensionable payToII. The ¢onlribulions are deterniined by the Governmertl Actuary on the baths of qU]￿u¢￿nia7 valualions using a prospective benefit mdhod. The TPS is a multi the Tea¢h¢rs' Pension Schcme which is a defined b¢nefit schtTn¢ for 7 key personnel at cost of £111,437. Pension contributions were made to Scottith Widows for 4 key personn¢l a¢ a cosl of £17.656. The average number of people employed by ihe school (both fijll time and part lime) was a$ follows.. 2022 2021 Fundraising Teaching Welfare 97 98 Prernises 14 56 10 Support Management & Administration 47 183 169 le Fixed A Freehold Land & Buildings FiX￿re$ F9￿1pment & Flitlngs Plant & F8eilities Vehl¢le5 Tot Cosbvaluation Balance ￿ at 31. July 2021 10,453,654 7,274,554 2,499,013 44,393 20.271,614 Addilions Disposals 69,029 183,695 56,011 308.735 Balanrx as at 31" July 2022 io 22,683 249 44.393 Accurnulated Depreciation Balan¢£ as at 31° July 2021 Charg¢ for the year Depre¢i2tion on disposals 2,811,620 148.853 5,658,247 373,877 1,897.347 132,855 44,393 10,411,607 655.585 Balance as at 3l* July 2022 6.032.124 02 93 11067 192 Nei book value at 31# July 2022 7,562,210 1,426.125 524822 9,513,157 Net book v&lue ￿ ai 31° July 2021 117 25 MANCHESTER HIGH SCHOOL FOR GIRLS Notes on and formlng part of the FiDAncial Statements eont.... for the year ended 31st July 2022 9) Tan 'ble Fixed Assets CODtinued All fixed assets are used directly for ¢h8Titable purposes. The land and buildings were held at a valuation until transition to FRS102 when the value of the land and buildings was thken as deemed cost. 10) Fixed Asset Illve5tm¢nts 21122 2021 Cost at 315¢ July 2021 Additions DisposaL$ Cost * 3I5L July 2022 60,501 60,501 60.501 60,501 Market value at I￿ Augu￿ 2021 Addiiions at cost Disposal at c<)st UnTealised {lossygain Market value at 31. July 2022 286,682 246,387 (3,1391 283,543 40.295 286.682 Invesiments h¢ld in fixed 85set investments are as follows=_ cotF Charities Lnv¢$lm¢nt Funds amount to £283,543 (2020121= £286,682). Il) Disbursements During Ihe y¢ar staff and pupils of the school organi5ed a iiumber of cdutational visits and other exlra4urri¢ular acrivilies. Thesr activities generatcd receipts of £309,702 {2020121.. 97.149)whi¢h have subsequently been disbuTsed on those ￿tiVitI and l)ave rtot been recognised in the statement or rinancid activities as the Governors consider th￿ the school has acted in the ¢apacify of an agent and that these re¢eipts are th¢r¢fore not available for the s¢hool's objects. At 31st July 2022 £18,027 {2021.. £37.100) was included in debtors for expKnses met by thc Sthool for activitie% where moni¢s had not yet bee]] collecied and £78,08612021 £105.170) was in¢lud¢d in cr¢ditors for monic8 collected in advance of actLVlti¢s taking place. 26 MANCHESTER HIGH SCHOOL FOR GIRLS Notes on and forming part of the Finan¢i•l Statements conl.... for the year ended 31st July 2022 12) Debtors 2022 2021 Tuition fces Prepayment5 and Acerued Income Di&bursemenlS (noie I l) Oth¢r debiors MHSG Bursary Fund 137.708 134,931 18,027 3,780 90,316 105.270 37.100 37.605 270,291 294.446 13) Creditor$- Amounts FY411in Due Wrthin One Yeo 2022 21121 Trade creditors Accru21s athd Deferred Income PAYE a￿d n￿lOnal insurance Superannuatton Fe4$ in advance Disbursernenls (note I l) MHSG BuTRry Fund her ¢rediÉoT5 Bank Deposits held 351,083 105,166 148,592 625 132,598 129.394 132,699 111,479 136,406 105.170 188.434 76.334 33,970 220.735 466.013 1,590,952 213.744 475.569 .437,059 27 MANCHESTER HIGH SCHOOL FOR GIRLS Notes on and forniing part of the Financial Statements cont.... for the year ended 31st July 2022 14) ito Uln Due After One Ye&r 2022 2021 Bank Loa 286,165 286,165 506,899 506,899 The bank loan is uns¢¢ur¢d with a negative pledge. 15) Ullrestricted Desi i¢¢d FuTrds Bxlance at 3131 Jllly 2021 Balanet at 31" July 2022 In¢on)¢ Expenditure School 50eiety funds 72,155 72,155 BAIADce at 3J" July 2020 Bai4D¢e it 31. July 2021 lthtome Expenditsre School $￿idY funds 72.155 72,155 16) Re$tri¢ted & Endown￿nt Funds The capital elemtrtt of the Prize Funds generates inwne which is restricted. This is shown below in the reslricted fund described as Prizes and award8. The ￿￿tricted incomega]erated from rhePrizeFund investments. is utllised for prizes and awards ]nade to pupil.s for¥*lemi¢ achievement or to ￿￿]St in theirbludies. The movement in Ihe Prize l.unds endowed refieeis t]￿ change in market value of the inv¢stments. .￿h0o[ has also received T¢sÈricted fund& which are utilised io award scholarships. The Land and Buildings from which the s¢hool operate5 are penMancntly endowed. 28 MANCHESTER HIGH SCHOOL FOR GIRLS Notes on and forming p&rt of the Financial Statements cont.... for the year ended 31st July 2022 16) stri Endowment Funds eontijiii Re5tri¢ted FuDdi Unr¢al6s¢d g*ins on Investments Transfer of fvllds BglAnee at 31"July 2022 3i¥tJuly 2021 Income ExpeDd5ture Prizes and awards 166.739 8,014 (2.751) (1.087) 170.915 SclK>laTship Fujkl 12.200 (7,560) 4,640 Total 178,939 8,014 (10,311) (1.087) 175,555 Unrea115ed g8ins o Investments B8lance #t 3111July 2020 Tr•nsf¢r offvnds B*Jall¢e #t 3111July 2021 ExpeThditure Prize5 and awards 146.913 7.816 (1,940) 13,950 166.739 S¢holarship Fund 35,386 {23,186) 12200 Totsl l82.299 7,816 {25,126} 13,950 178.939 EndowJDellt Funds Unrealised gain$ on Investments Bxlx*tt at Tr*Dsftr of fund5 B&laDce 8t 51￿J￿1Y 2022 185,878 31. Julv 21121 IDCOD Expendltmre Prize funds 187,930 {2.0521 Land & Buildin 7,642.034 {148,853) 7.493,181 Totsl 7.829.964 {148,8531 12,0521 7,679,059 UnreHlised galns 011 Inve5tment$ B&i&nce 8t Tr&D$fer of funds BHlanfe at 31ylJuly 2021 187,930 31" July 2(120 161,586 IDcome Expendilure Priie funds 26,344 Land & Buildings 7.790.886 {148,853) 7.642,034 Total 7,932,472 {148,S53) 7.829,964 29 MANCHESTER HIGH SCHOOL FOR GIRLS Notes on and forming part of the Financial Stat¢m¢nts cont.... for the year ended 31st July 2022 17) Anal 815 of Net Assets Between Fund$ Unrestri¢ted Designated Fund5 A8 at 31" July 21122 UDre5trirted Fund$ Rt$trict¢d Funds EndoTrvment Total Tangible fixed a&sets Fix¢d assrf inv¢stments Net curreni asqets less lotlg term Liabilities 2.019,976 7.493.181 185,878 9,513.157 283,543 97,665 2 469.080 2.619 125 4.489.056 72,155 175.555 7,679,069 12.415.825 Unrestricted D¢$ignated Funds A5 at 31" July 2021 Unre5tri¢t¢d Funds Restrllrted Funds Endowm¢nt Totll Tangible fixed a5S¢ts Fixed asset invesimenls Net cutTent 3ssd$ less long term Liabilities 2,217,973 7,642.034 187,930 9,860,007 286,682 98,752 1,786,008 72.155 80,187 1.938 50 4 003 981 12.1)85 039 30 MANCHESTER HIGH SCHOOL FOR GIRLS Notes on and forming part of the Financi81 Ststements cont.... for the year ended 31st Jmly 2022 18) RÉl&ted Par Tran$8dlon6 During the year undri review thc following Iransa¢¢ions took pla¢e bctween Manchester High School for GiTls and The Manchcster High School for Girls Charitable Tn]st (MHSG Bursary Fund). which is a conne£tcd Lharity. The school received £329.084 {2020121'. £470,0391 in a bursary grant during thc year from Thc Manchester High Schcx)I for GiTls Charitable Trust. A donation of £309,504 (2021Y21-. £421,SK)7) w&8 paid to The Manchcster High Seh(K)I for Girls Chariiabl¢ Ttvst to augTnent their r¢soureo8. At the year-end Ihe School owed the Charitablr Trust £33,970 (2021.. owcd the School £37,065)- Lqura Earnshaw 15 the founder of myHappymind and a Governor. myHappytnind provides this edu¢ational curriculujn to MHSG for free. F Smyth, A Blan(L V Kloss, L Earnshaw. M Khan. T Lloyd-Tyrrell and M Yasin have pupils at the Sch￿[ and all pay %hool fec5 at a non-discount¢d rdte. 19) 1* I states of tbe $¢hool At 31°July 2022 ihe s¢hool operdte5 through a Charitable Company limited by guarante¢ and has no share capital. In ihe event of thr chArity bein8 NK>urKi up. the liability in respcct of the guarantee is limited to £1 per member of the charity. 20) Pension si rob The school'5 current employees b¢long to two principal pension s¢hemes-. the Teaehers, Pension S¢hem¢ England and Wales ITPSI for academic and related staff. Scottish Widows for those staff not covered by the TPS- TeacheT5' Pension Seh¢me llltroduetlon TheTeachers'Pen$ion Schernc (TPS) is a sialulory, contributory.dcfinedbenefii scheme, governed byt￿Teachers,P¢nsIonS Regulations (2014). McTnbcrship is aulomatic for full.time teach¢rsond, from l January 2007. automatic forteacher8 in part- time employm¢nt followng appointment or a change of wniract, although they are able to ow out. The TPS is an unfunded scheme and membeTS contribute on a 'pay as you go, basis- thcse Coniributions along with those made by employeTS ate ￿edited lo the Exeheouer. Rdiremeni and other pension benefits are paid by publie funds provided by Parliainent. 31 MANCHESTER HIGH SCHOOL FOR GIRLS Notes OD and forming part ol the Flnan¢ial Statements ¢ont.... for the year ended 31st July 2022 20) Pettsion attd slmllar •bii *tions ¢oDtinued Pension S¢heme The S¢h(K)I parttcipates in the Tea¢hers' P¢nsion ScheTn¢ I'*h¢ TPS"} (or its t¢aching staff. The pension charge for the year includes contribution¥ payable 10 the TPS of £978,112 {2021.. £943,018) and at the year-end £114.572 {2021.. £110,597) WAS crued in respect of contributlOD5 to thi_s s¢hem¢. The Tl)S is an unfunded multi-cmployer defined benefits pension scheme govemed by Th¢ T¢ach¢rs' Pensions Regulalion5 2010 (as amended) and The Tekch¢rs' Pension Scheme RegulaI￿On5 2014 las amended). Memb¢rs contribute on a'pay a5 you go" basis with contribuiions from member5 and the ¢Tnployer being eredtted to ihe Exchequer. Retirement and other pension benefits are pald by public lunds provided by Parliamcllt. The C￿p70ye[ ctsntribution rate is set by the Secraary of Sthte following scherne valuaiion¥ undertaken by ihe Governmen¢ .4¢tuary'5 Department. The mosl rccent actuarial valuation of the TPS was PTepared as at 31 March 2016 and the Valuation Report. which was published in March 2019. confirmed that the employer contribution Tale for the TPS would increase frojn 16.4•/0 10 23.60/0 from I Septemb¢r 2019. EmployeT5 are also required to pay a scheTne administration levy of 0.08Yo giving a iotal employer contributlon ralc of 23.680 31 March 2016 Valuation Rq>ort was prepared in aceordance with the benefits s¢t out in the scheme regulations at)d underthe approach spe¢ifiul in the Directions. as they applied at 5 March 2019. However, rhe assumptions were considered and set by the Department for Education prhor lo the rulirhg in ih¢'McCloudlSarseant case.. This case has required the courts to consider ca5e5 rcgaiding the implementatioTh of the 2015 r¢forms to Public Service Pensions in¢ludin8 the Teachers. Pensions. On 27 June 2019 th¢ Supreme Court denied the govemment pemission io app¢al ihe Court of Appeal's judgment that transitional provisionb introduced to the reformed pension s¢heme5 in 2015 gave rise to unlawful age di5erimination. The government is respe¢ting the Couri's decision has $2id it will engage fully with ihe Employment Tribunal as well as employer and member representativ￿ to agree how the discriminattons will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which tnembers will be able 10 choose either legacy or refornied seherne benefits in re$pe¢t of their service duriT)g the period b¢lwe¢n l April 2015 athl 31 March 2022 al the point they become payable. The TPS is subje¢t to a cosl cap mechanism which Wds Put in placeto protect tsxpayers against unforcseen changes in scheme costs. The Chief Secretsry lo the Treasury. having in 2018 announced that there would be a review of this cost Cap mecliaftism. in Janu&ry 2019 announced a pau￿ to the ¢osi Cap mechanism followin¥ the Coun of App¢al'5 ruling in the Mccloudsargeant c&se and until there is ¢ertaiE)ty about the value of pensions to employees from April 2015 onwards. I'he pause was 1]fi￿ in July 2020. and aconsUlt￿lon was launch¢d on 24 June on proposed changes to the cost Control mechanism following a Tewiew by ih¢ Gov¢rntnent Actuary. Following the public cortsultation, the Govcrnment have aceepled three key proposals i¢¢ommtnded by the Govemment Actuary and are aiming to implement th￿ changc5 in time for the 2020 valuatLOn. In of the above rnlings and de¢isions the ￿umptIOnS used in the 31 btsrch 2016 Actuarial V81uation may become inappropriaie. In this scenaTiO, a valuation prepared in accordaDrt Hfjth reviscd benefIts and suitably revised L*sumptions would yield dirtereni results than those contairttd in the Actuarial Valuation. Until the cost cap me¢hani$m review is completed il is Th)t po&fible to conclude on any fjnancial itnpact or future Changes io the contribution rates of rhe TPS. Accordingly. no provision for any additional Pa￿ benefit pension costs i5 included in thtse financial statements. 32 MANCHESTER HIGH SCHOOL FOR GIRLS Note5 on Ydnd formtng part of the Financial Stat¢ments cont.... for the year ended 31st July 2022 20) PeDslon and simil#r obli tions continutd Seottish Widow$-Ml.J Staff Scheme The MHSG Support Staff ScheTn¢ is a defined ¢onlributioJ]s scheme. Contributions made into this scheme arr paid by the school at tates spe¢ifled in the scheme rules. The assds of the scherne arc hcld separ4ltly from those of tlie school In an indepLmdently administered fund and are charged to the siaiement of fLllan¢Lal activities in the year to which they relate. The school paid eontributions ￿ the rate of I￿10 during the accounting period. M¢mber5 paid contributions at the rate of 5Yo during the accounting period. As at the balance Sheet dale there were 51 active members of the Plan employed by the school. The school co￿lnueS io offer membership of the Plan to ILS employees. Contribution$ amounting to £125,594 {2020121.. £122,991) were payable by thc school during the year and hav¢ betn recognised in th¢ statement of fiaJanGial activiiies. As at the balance sheet dale contributions of £17.795 {202(V21'. £17.824) had not been paid ov¢r to the fund and are included wiihin ¢r¢ditors. 33