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2024-08-31-accounts

Company No: 09665070

MANCHESTER HIGH SCHOOL FOR GIRLS

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2024

MANCHESTER HIGH SCHOOL FOR GIRLS

Report of the Governors

GOVERNORS, DIRECTORS AND CHARITY TRUSTEES

The Governors of Manchester High School for Girls ("the School") are the School's charity trustees under charity law and the directors of the charitable company. The members of the Governing Body who served in office as Governors during the year and subsequently are detailed below.

Laura Earnshaw (Chair) Andrew Bland (Vice Chair) (Hulme Trust Estates Nominated) Merlyn Lowther (Hon Treasurer) Dr Amar Ahmed Kate Dickson (MacLean) Giles Burton Joy Kingsley (Blackburn) Prof Fiona Smith (University of Manchester Nominated) Carol Baxter Joanna Conway Mohammed Khan Tamsin Lloyd-Tyrrell Mohammed Yasin Sarah Ramsbottom Susheila Cox Sarah Louise Parkinson (resigned 08/12/2023)

There were no other changes within the Governing Body during the year.

Senior Leadership Team

The key management personnel who served during the year were: -

Mrs HF Jeys Head Mistress Mrs J Hodson Deputy Head Mistress Ms D Bruce Deputy Head Mistress (Appointed 15/04/24) Ms C Purvis Assistant Head Mrs S Gibbons Head of Preparatory Department Ms V Shingler Deputy Head of Preparatory Department Ms R Fairgrieve Director of Finance and Operations (Appointed 18/09/23) Mrs Z Kosar-Ahmed Development & Marketing Director Ms Liz Smith Director of Finance and Operations (Resigned 31/10/2023) Mrs A Goddard Deputy Head Mistress (Resigned 31/12/2023) Company Secretary Ms R Fairgrieve Director of Finance and Operations (Appointed 18/09/23) Ms Liz Smith Director of Finance and Operations (Resigned 31/10/2023)

Clerk to Governors

Mrs S Sutton Clerk to the Governors & HR Admin 

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Registered address:

Grangethorpe Road Manchester Ml4 6HS

Web�ite: https:/l"·Y'w.rnanchesterhigh.co.uk/ Registered Charity No. I 164323

ADVISERS:

Auditors: Crowe UK LLP
3rd Floor
St George's House
56Peter Street
Manchester
M2 3NQ
Solicitors: Addleshaw Goddard LLP
One St Pete�s Square
Manchester
M23DE
Worknes1
Woodhouse
Church Lane, A Id ford
Chester
CH3 6JD
Veale Wasbrough Vizards LLP
Narrow Quay Hou�e
Narrow Quay
Bristol
BSI 4QA
Bankers: Santander UK PI.C
Btle
Merseyside
L304GB

Approved by the Board of Governors of Manchester liigh School for Girls on 3rd March 2025 signed on its behalf by

� Governors: Laura Earnshaw (Chair) � ... ,, . . '"'" -�, ,/,,..;tW

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MANCHESTER HIGH SCHOOL FOR GIRLS

Report of the Governors

Report of the Governors for the Year ending 31 August 2024

The Governors of Manchester High School for Girls present their annual report and audited accounts for the year ended 31 August 2024 and confirm that they comply with the requirements of the Charities Act 2011, the Articles of Association of the Company and Charities SORP (FRS 102).

Our Aims

Manchester High School for Girls was founded in 1874 and is a company limited by guarantee and a registered charity. It is governed by the Articles of Association dated 1st July 2015 and amendments made by special resolution dated 6th October 2015.

The objects of the charity are the advancement of education for the public benefit by:

The primary activity of the charity is offering education appropriate to the needs of talented girls aged from 4 to 18, through the provision in Manchester of a day school for girls.

Our Mission and Objectives

Our mission is to be a pioneering, academically selective school that embraces academic excellence and extra- curricular enrichment where the individual flourishes. The School empowers and inspires highly talented, intellectually curious students to become self-confident, independent, resilient and remarkable global citizens.

Our objectives are set to reflect our educational aims and the mission of the School. When setting objectives and planning activities our Governors give careful consideration to the Charity Commission's public benefit guidance. Our aspiring vision includes being open to all girls who would benefit from the education we provide irrespective of financial means, but we recognise that we do not have sufficient funds to help all those who might need financial assistance .

Objectives for the Year 2023-24

Following the review of the School's stated vision, mission and values in 2020/21, the main objective for 2023/2024 was to complete the 3 year strategic plan which had been launched immediately after the Pandemic (2021-2024) and to develop a new 3 year strategic plan which would be launched in September 2024. There was also a key focus on preparing for the anticipated Independent Schools’ Inspectorate visit to the School. A highly successful inspection took place in April 2024 and the School was noted for its significant strength.

Key objectives of the new three year strategy include: 

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REVIEW OF ACTIVITIES AND ACHIEVEMENTS

Pupil numbers and fees

In 2023/24, Manchester High School for Girls pupil numbers were 739 (2022/23: 745) in the Senior School and 249 (2022/23: 229) in the Preparatory Department.

Our fees for the year 2023-24 before the deduction of any means assisted bursaries and scholarships were: Infants £10,440 Juniors £10,560 Seniors £14,160

Academic achievements

Of the GCSE grades awarded to our Year 11 students in 2024, 79.7% were grade 7 or above and the majority of our Year 11 pupils chose to stay on to join the MHSG Sixth Form. The percentage of grades 7 and above was higher than in any previous “normal” year (ignoring 2020 to 2022) since the current GCSE specifications were introduced.

In 2024, 85.8% of A-level grades awarded to MHSG students were A-B and 60.1% of grades were Aor A. As expected, our A-level results were significantly better than the previous year. We were very pleased with the grades achieved, which reflected the hard work both of the students themselves and their teachers.

Extra-curricular activities

The educational life of pupils at MHSG is enriched by extra-curricular participation. Students have the ability to engage in a vast array of activities which enable them to flourish and gain self-esteem.

In Sport, we offer a wide variety of clubs including tennis, cricket, swimming, water polo, rock climbing, fitness suite, football, cross-country, hockey, netball, gymnastics, strength and conditioning. We attended external team fixtures in most of these sports including football, hockey, water polo and netball. In Dance, our lunchtime dance groups were well attended, particularly by pupils in Key Stage 3.

In Music, pupils of all ages and abilities were able to join extra-curricular groups and ensembles including Junior Choir, Chorale, Vocal Group, Wind Band, wind and string ensembles and Senior Orchestra. There were also many opportunities for pupils to perform, including at Twilight and Christmas Concerts, all performed to a live audience. A large number of pupils took instrumental lessons with our peripatetic teachers.

Other extra-curricular opportunities included Model United Nations, the Duke of Edinburgh's Award Scheme, book clubs, LGBTQ club, Young Enterprise and many more .

Pastoral care

A focus for Pastoral care in 2023/24 was educating students about online safety and guiding students on how to use mobile devices responsibly. Internet safety experts spoke to parents and secure pouches were introduced for the incoming Year 7 cohort for the academic year 2024/25 so that they were not able to access their phones during the school day.

Character education continues to be at the forefront of our pastoral system, with students working towards Ivy Awards in Bronze, Silver and Gold to further their personal development. The Pastoral Team also developed a 'Back to Basics' theme each week to ensure that students adhere to expectations for personal behaviour and that they are treating each other, and staff, with respect.

Bursary and Scholarship awards

The number of pupils receiving financial assistance from means tested bursaries was 64 pupils in total, of whom 44 pupils benefitted from a full remission of fees. In 2023/24 the annual financial commitment to means tested bursaries amounted to £873,549 being 8.3% of our gross Senior School tuition fees. The majority was provided by the School and its own charitable trust. A hardship fund is also available to help pupils in receipt of bursaries meet the costs of school trips, examination entrance fees and similar expenses. In the year, costs of £7,816 were met by the hardship fund.

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In addition, the School awarded scholarships to 101 pupils, based on their educational merit and potential, totaling £169,684 and representing 1.61% of our gross Senior School tuition fees.

Community focused activities

a) Links and events with other schools

We use our imagination and initiative to establish links with other schools and agencies to support a range of educational activities for the benefit of pupils attending state schools and their teachers. In practice most schools, both primary and secondary, have established links with their local secondary schools or sixth form colleges which, understandably, they are reluctant to compromise by entering into a partnership with a school which, by dint of its selective and single-sex nature, many of its pupils may not be able to attend. It has become clear that we do have, however, areas of particular expertise which are of great interest and practical benefit to other schools. We are currently concentrating on developing these areas. Examples of this are St James Partnership and Physics Partners.

We are aware that, although we typically offer events free of charge, schools still incur significant costs when sending pupils to events (in terms of provision of supervision and transport), and also sending teaching staff to events during working hours (cover costs).

b) The archive

MHSG has a substantial archive dating back to the School's foundation in 1874. It is one of the most complete archives in the country, documenting the introduction of an academic education for girls. It is therefore of local, national and international importance and is consulted by academics from around the world.

The School funds the work of two archivists (2x 8 hours per week for 36 weeks a year) to manage the collection and respond to enquiries. The School has invested in IT solutions to make the collection accessible to researchers online and to ensure a rapid response for enquiries. Information from the archive has been used by undergraduate, postgraduate and independent researchers. Family research - former pupils and their families - have been provided with information from the archive to support them with their research. Enquiries are dealt with free of charge. The work of the Archivists has been particularly important during this, our 150[th] Birthday year.

c) Charity fundraising

Pupils in both the Prep Department and Senior School raise substantial funds for a wide range of charities; local, national and international.

d) Expertise sharing

MHSG is fortunate in having an experienced and academically highly qualified staff. Our staff give generously of their time, making use of their expertise to support activities in education and beyond. This includes acting as school governors and providing advice and sharing expertise. The School actively supports members of staff who wish to use their expertise in the setting and marking of public examinations and MHSG continues to be a training school for Manchester University Education Department.

e) Use of facilities

We aim to make our facilities available to the local community at below market rates.

Marketing and Development

Marketing and Development both involve the promotion of the School with the aim of ensuring that engagement and funding from donations and sponsorship are maximised as well as ensuring that sufficient suitably talented girls are enrolled. A proportion of funds raised for means tested bursaries are included within the accounts of the Manchester High School for Girls Charitable Trust.

During August 2023 to August 2024, the work of the Development and Marketing Department focused on planning and delivering outstanding events and activities and a fundraising campaign to support the celebrations of the 150[th] birthday. These included a Founders’ Day Lunch and Fundraising Launch, a 150[th] special London Supper Club at the House of Lords, a Founders’ Lecture with alumna Emma Barnett, reunions in Manchester and London, walking tours of the school site, the first ever Ramadan Iftari held at school, joint reunion with WGS and MGS in London, Birthday Ball at the Lowry Hotel and Summer Extravaganza – amongst others.

Marketing focused on maximising student numbers to the School's open events and increasing our focus on digital marketing. Social media posts increased across the year with more student generated content and videos. 

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FUTURE PLANS

Mrs Jeys, as Head Mistress, continues to implement the strategic objectives. The 2024-2027 objectives are based on the vision and mission statements of the School which were published in June 2024. These include the delivery of an innovative and dynamic learning experience, a pioneering approach to wellbeing and happiness and to continue to embrace the School’s pioneering history.

The charity's main objectives for the next year, therefore, are:

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

Financial Review

Financial Activities and Results

The net movement in funds for the year amounted to incoming resources of £53,460 (2022/23: outgoing 492,732). This was largely in line with the budgeted expectations.

The School is helped by the support of the connected charity, The Manchester High School for Girls General Charitable Trust, which provided £443,727 (2022/23: £410,933) in bursaries during the year.

The School's principal funding source is from school fees, which amounted to £13,419,748 this year (2022/23: 12,505,973).

Lettings income increased in the year. The School hired out its facilities during vacations and after-school hours and this contributed £79,673 (2022/23: £70,988) to the School's income. Lettings included use of the sports hall and dance studio by various Manchester University clubs and societies, use of the all-weather hockey pitch by local hockey clubs, use of the swimming pool by local swimming schools and use of the main hall by a local church worship group.

The expenditure which supported the key objectives of the School regarding the quality of staff, marketing the School, and development of the School's facilities is detailed on page 22 note 5 .

Reserves

Notes 15 to 17 of the financial statements show the assets and liabilities attributable to the various funds by type, and also describe the various restricted funds of the School and summarise the year's movements on each fund.

Unrestricted funds amounted to £4,398,277 but none of this is freely available because the balance is invested or is designated for other purposes (see notes 15 and 17). The Governors have determined that the appropriate level of free reserves which are not invested in tangible fixed assets should be equivalent to 3 months’ worth of expenditure which is approximately £2,500,000. With strategic objectives which include increasing bursary provision alongside significant investment in facilities our policy is to continue building up reserves by means of annual operating surpluses and judicious management of our investment assets, supplemented by general-purpose appeals from time to time. Tangible fixed assets are all held for use by the School.

Subject to the reserves policy, the School transfers funds surplus to its immediate and planned development needs to The Manchester High School for Girls General Charitable Trust to assist in the provision of grants to current and future pupils. This year the School transferred £214,183 (2022/23 £260,655) to the Charitable Trust. 

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Investment Powers, Policy and Performance

The Articles of Association place no restrictions on the Governors' powers of investment. The School's Prize Funds are invested in COIF Charity Funds

OUR ETHOS AND POLICIES

Our Ethos

The School remains true to the spirit of the Founders. We see ourselves as part of local, national and global communities. We are committed to giving our students the very best education. Girls receive rigorous academic training, but learn the importance of social responsibility as well, a sense of community and an appreciation of diversity in our multi-cultural society. Over 45 different languages are spoken in the homes of our current students and since its foundation the School has had a strong tradition of embracing other cultures and religious beliefs. In the 1875 'Memorial' to the Charity Commissioners the School Committee stated clearly: 'The school is intended to be open for any girls of suitable age, character and ability, without any distinction as to religious profession or social rank.'

It is the policy of the School to enable pupils to attain the highest academic levels whilst pursuing a curriculum which is broad and balanced, with wide-ranging extracurricular opportunities. A highly qualified staff and excellent facilities particularly for music, science, computing, language teaching and physical education combine to provide a stimulating educational environment. Pastoral care and encouragement to individual development in creative, leadership and teamwork skills are also important objectives.

Pupils and staff are encouraged to contribute to the local community by the establishment and development of links at various levels with state-maintained schools in the surrounding area.

Access Policy

It is important to us that access to the education we offer is not restricted to those who can afford our fees. We believe our pupils benefit from learning within a diverse community. A great deal of learning occurs through social interaction, conversation and shared experiences which helps our pupils develop an understanding of the perspectives of other people that will be vital in their adult lives.

The School is academically selective and, as such, sets its own entrance examination. Applicants for entry into Year 7 are examined in Mathematics, Essay Writing, Comprehension, Verbal Reasoning and Non-Verbal Reasoning. Applicants who do well enough in the initial written examination are invited to attend an interview. Not all those interviewed, however, are offered a place. At the interview stage we look for potential, a wide range of interests and a match between the ability of the child and her performance in the entrance examination. A school report is requested from the Head Teacher of the applicant's present school. The Head Teacher's recommendation and comments are an important part of the selection process.

Our bursary policy contributes to a widening of access to the education we offer and the facilities we enjoy.

Bursary Policy

The School has each year funded bursaries for both Year 7 and the Junior Sixth. The Governors view our bursary awards as important in helping to ensure children from families who would otherwise not be able to afford the fees can access the education we offer. Our bursary awards are available to all who meet our general entry requirements and are made on the basis of both ability and parental means. In assessing means we take a number of factors into consideration including household income, disposable assets and family circumstances for example: dependent relatives and the number of siblings.

The bursary awards offer full or partial assistance with tuition fees according to a sliding scale that is linked to family income. Information about fee assistance through bursaries is provided to all applying to the School and details of our bursary policy and how to apply are available on our website and in the prospectus.

We also have a hardship fund that supplements bursary awards to pay for short-term hardship, usually up to a maximum of two terms, where a pupil's education and future prospects would otherwise be at risk, for example in the case of redundancy. 

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Scholarship Policy: Promoting High Standards

The purpose of our scholarship awards is to recognise high academic potential or the ability to excel in our extracurricular activities. Our scholarships are not means tested and are awarded on the basis of the individual's academic potential or evidence of exceptional abilities which will contribute to our extracurricular activities. In addition, awards may be subject to conditions imposed by the original donor.

One or more academic scholarships may be awarded for excellence in performance in the entrance examination. In addition, Music, Dance and Sports scholarships may be awarded.

Scholarships are awarded with a fixed remission of fees of between 5% and 50%. Where further assistance is required, scholarship awards may be supplemented by a means tested bursary. Further details of our scholarship policy are available on our website.

Other policies on assistance

As part of our emphasis on attracting and retaining high calibre staff, we offer a discount scheme where staff members choose to educate their children at our School.

Fundraising Policy

Fundraising in School takes many forms; including activities by the pupils, staff and the Parent Teacher Association (PTA). The Development Team is at the heart of fundraising to support the School's bursary appeal. Whilst the School from time to time may look to raise money to support the annual expenditure and capital projects, the vast majority of fundraising efforts are focused towards the provision of bursary places. This directly supports the School's objectives to, " ... enroll girls with true potential, regardless of their means to pay; striving to be academically, but not financially selective."

Fundraising activities include indirect solicitations to alumnae and parents, direct mail campaigns (postal and email), and face-to face solicitations with donors. All fundraising efforts are solely led by the Development Team. Consultants and freelance fundraisers are not employed. The team has voluntarily signed up with The Fundraising Regulator to demonstrate dedication to best practice in fundraising and compliance with the law. Alongside our own Ethical Fundraising Policy, we are committed to adhering to the regulator's Code of Fundraising Practice and the Fundraising Promise. There has been no failure to comply with the standards laid out above and no complaints have been received about our fundraising activities or any individual member of the team carrying out fundraising activities.

Reports are provided to the Governors and the Trustees of the Manchester High School for Girls Charitable Trust about the Development Team's fundraising practices during the year, in line with the requirements of Section 13 of the Charities (Protection and Social Investment) Act 2016 and in line with our Ethical Fundraising Policy. The Development Team is committed to protecting vulnerable people and other members of the public from unreasonable intrusion into privacy, unreasonable persistent approaches and the placing of undue pressure on a person to give money or property. The Ethical Fundraising Policy outlines the team's approach to make certain this does not happen.

The team works to comply with GDPR laws, capturing communication consent preferences from our database, ensures they only ever communicate with people who have explicitly indicated they wish to be communicated with, and by their preferred method and frequency of communication. Any form of communication is logged on an individual's constituent record within the team's database, and only the Director of Development and Marketing and the Alumnae and Development Manager have access to this database.

The Development Team also supports Manchester High School for Girls through the creation of meaningful relationships with alumnae, pupils and parents (both current and former) and supporters of the School. This is done through a range of educational, social and networking events, publications and careers advice for current and recent pupils. Careers events, such as our "Insight Into... " evenings, which see members of the alumnae community giving pupils and parents the inside track on specific industry sectors, are always open to all neighboring schools. 

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STRUCTURE, GOVERNANCE AND MANAGEMENT

The School, which was founded in 1874, is a company limited by guarantee and a registered charity. It is governed by Articles of Association dated 1 July 2015 and amendments made by special resolution dated 6 October 2015.

Organisational Management

The day-to-day management of the School is delegated to the Head Mistress and Senior Leadership Team. The Senior Leadership Team is supported by an Extended Management Team (appointed September 2021). The Governors determine the strategic direction and general policy of the School with the Senior Leadership Team. They achieve this through discussions with staff and at Board meetings and sitting on one or more of the main committees; Academic Development, Finance, Estates and Personnel. Each of these committees meets at least three times a year to monitor the activities of the School. Board meetings of the Governors normally take place three times a year, covering operational, tactical and strategic issues. Governors are also called upon periodically with matters outside the meetings such as senior leadership appointments.

Other Relationships

The Manchester High School for Girls Charitable Trust is closely connected to the School. The material transactions between the School and the Trust are detailed in note 19 in the financial statements. The Trust's charity registration number is 506823 and its registered address is at the School's premises detailed on page 2.

The land and buildings of the School are considered to be permanent endowment and are held within the MHSG Property Trust, a linked charity with charity number 116423-1. The assets and liabilities of this linked charity are reported within the financial statements of the School. There are also a number of small, linked charities, which are Prize Funds donated to the School over the course of its history. These Prize Funds are included as restricted funds within the financial statements of the School.

The Head Mistress is a member of the Girls Schools Association (GSA) and is Chair of the GSA Education Committee. The Head Mistress is also a member of The Heads’ Conference (HMC).

Risk Management, Principal Risks and Uncertainties

The Governors are responsible for overseeing the risks faced by the School. Detailed considerations of risks are delegated to the senior leadership of the School. During the year, the Governors have examined the principal areas of the School's operations and considered the major risks in each of these areas. A Risk Matrix is maintained and reviewed on an annual basis. Risk is managed under the headings of strategic, operational, safety, compliance, employment, educational and financial risk. In the opinion of the Governors, the School has established systems, which under normal circumstances, should allow these risks to be mitigated to an acceptable level in its day-to- day operations.

A Policies and Procedures Register is updated on an ongoing basis as amendments are approved by the appropriate committee and is reviewed in its entirety by the Governors on an annual basis.

The Governors continue to keep the School's activities under review, particularly with regard to any major risks that may arise from time to time and monitor the effectiveness of the internal controls and other viable means, including insurance cover where appropriate, by which those risks already identified by the Governors can be best mitigated.

Significant risks identified included poor examination results, failure to attract or retain staff and the risk of accidents or injury to pupils or staff. These risks are managed by continuous monitoring of pupils' performance at all levels, suitable conditions of employment (monetary and otherwise) for staff and stringent health and safety measures.

The Governors have also considered longer-term economic uncertainty, particularly in relation to the impact of the current political and economic climate. 2025 will bring sector specific legislative changes such as the introduction of VAT on independent school fees as well as the removal of business rates relief, both of which continue to require careful financial management and planning. Uncertainty remains around potential future increases in teacher's pension contributions and a full review in 2024 has concluded that the most suitable approach is to implement a phased withdrawal from the pension scheme for new staff, to limit the impact of further increases in the future.

Through recent uncertainties the Governors have adopted a policy of building up reserves while the future strategy 

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was being developed. They are therefore confident that the School remains a going concern for the foreseeable future and so have prepared the accounts accordingly.

Governor Recruitment and Training

Members of the Governing Body are recruited dependent upon their expertise experience and skills. Nominated Governors are as follows:

New Governors arc inducted into the workings of the Charity, including policies and procedures. together with an appropriate training schedule depending upon their existing area of expertise.

STATEMENT OF GOVERNORS' llESPONSIBILITIES

The Governors (who are also directors for the purpose of company law) are responsible for preparing the Governors' Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Governors to prepare financial statements for each financial year. Under company law the Governors must not approve tbe financial statements unless they are satisfied that they give a m1e and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources,

including the income and expenditure, of the charitable company for that period. In preparing these financial statements the Governors are required to:

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provision of die charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Governors who were in office on the date of the approval of these financial statements have confinned that as far as they are aware there is no relevant audit infonnation of which the auditors are unaware. Each of the Governors has confirmed that they have taken all the steps that they ought to have taken as Governors in order to roakt- themselves aware of any rE"levSlnl infomu1 io11 Anet to e.c.tJ:1hli�h that the auditors are aware of that infonnation.

Governors:

Laura Eamshaw (Chair)

Merlyn Lowther, (Hon Treasure,)

3rd March 2025

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Independent Auditors’ Report to the Members of Manchester High School for Girls For the Year Ended 31st August 2024

Opinion

We have audited the financial statements of Manchester High School for Girls (‘the charitable company’) for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit 

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Independent Auditors’ Report to the Members of Manchester High School for Girls For the Year Ended 31[st] August 2024

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 10, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, Employment legislation and Health and Safety legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. 

12

Independent Auditors’ Report to the Members of Manchester High School for Girls For the Year Ended 31[st] August 2024

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management from relevant parts of the business to understand where management considered there was a susceptibility to fraud. We also considered the potential for management to manage earnings and influence the perceptions of the financial statements.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of other income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate and reading minutes of meetings of those charged with governance.

Audit procedures performed by the engagement team included:

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Vicky Szulist Senior Statutory Auditor

For and on behalf of

Crowe U.K. LLP Statutory Auditor 3rd Floor St George’s House 56 Peter Street Manchester M2 3NQ

14th April 2025 

13

MANCHESTER HIGH SCHOOL FOR GIRLS Statement of Financial Activities For the Year Ended 31st August 2024

Notes
Income
Donations and legacies
Other trading activities
3
Investment income
Income from charitable
activities
2
Other
4
Total income
Expenditure on
Cost of raising funds
7
Expenditure on charitable
activities
5
Expenditure on other
trading and activities
6
Total
Net income/
(expenditure) before gains
and losses on investments
Net gains on investments
Net Income/(expenditure)
and movements in funds
Reconciliation of funds
Total funds brought
forward
15, 16
& 17
Total funds carried
forward		 Unrestricted
Funds
£
Unrestricted
Designated
Funds
£
14,995
-
111,425
-
146,856
-
13,419,748
-
7,617
-		 Restricted
Funds
£
-
-
14,333
-
-		 Endowment
Funds
£
-
-
-
-		 Total
31 August
2024
£
31 August
2023
£
14,995
60,888
111,425
104,168
161,189
70,440
13,419,748
12,505,973
7,617
28,410
13,700,641
-		 14,333 - 13,714,974
12,769,879
126,249
-
13,357,493
-
46,104
-		 -
1,890
-		 -
152,227
-		 126,249
116,002
13,511,610
13,103,040
46,104
36,431
13,529,846
-
170,795
-
-
-		 1,890
12,443
7,772		 152,227 13,683,963
13,255,473
(152,227) 31,011
(485,594)
14,677 22,449
(7,138)
170,795
-		 20,215 (137,550) 53,460
(492,732)
4,155,327
72,155		 183,140 7,512,471 11,923,093
12,415,825
4,326,122
72,155		 203,355 7,374,921 11,976,553
11,923,093

All of the above activities are classified as continuing. The notes on pages 18 to 32 form part of these financial statement 

14

MANCHESTER HIGH SCHOOL FOR GIRLS Balance Sheet as at 31st August 2024 Company No: 09665070

MANCHESTER HIGH SCHOOL FOR GIRLS
Balance Sheet as at 31st August 2024
Company No: 09665070
Noies
Fixed Assets
Tangible fixed assets
9
IJwetments at m arket value
10
Total fxed assets
CurrentA$sets
Dbtors
12
Cash at bank and in hand
Total current assets
Liabilities
Creditors: Amounts flling due within one year
13
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due afer one year
14
Net Assets
The funds of the charitv
Unrestricted funds
Unrestricted designated fnds
15
Restricted funds
16
Endowment fods
16
17
TotJ•I funds
Approve on behalf of the Board of Goverors oo
3rd March 2025
Goverors
(�
Laura Eshaw (Chair)
tAtbfM Lowther (Hon Treasurer)
.-(
15
31 August
2024
9,988,746
298,854
10,287,60
725,008
S,091,539
5,816,547
(4,127,594)
1,688,953
11,976,553
11,976,553
4,326,122
72,155
203,355
7,374,921
11,976,553		 31 August
2023
£
9,730,482
276,405
I 0,0,887
554,052
3,403,486
3,957,538
(1,995,654)
1,961,88
11,968,771
(45,678)
1 l,!n3,093
4,155,327
72,155
183,140
7,512,471
11,923,093

The notes on pages 18 to 32 form part of these financial statements.

MANCHESTER HIGH SCHOOL FOR GIRLS Cashflow Statement

For the Year Ended 31st August 2024

Notes
Cash flows from operating activities:
Net cash provided by operating activities
a)
Cash flows from investing activities:
Purchase of property, plant and equipment
Net cash provided by investing activities
Cash flows from financing activities:
Dividends, interest and rents from investments
Repayments of borrowing
Net cash used in financing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
b)
Notes on the Cashflow Statement
a) Analysis of cash flow from operating activities
Net income/(loss)
Net gains from investments
Depreciation
Dividends, interest and rents from investments
Increase in debtors
Increase in creditors
Net cash inflow from operating activities
b)Analysis of changes in net funds
Cash in hand
Total cash and cash equivalents		 31 August 2024
£
2,657,555
(952,704)
1,704.851
161,189
(177,987)
(16,798)
1,688,053
3,403,486
5,091,539
31 August 2024
£
53,460
(22,449)
694,440
(161,189)
(170,777)
2.264.070
2,657,555
31 August 2024
£
5,091,539
5,091,539		 31 August
2023
£
306,219
(891,685)
(585,466)
70,440
(283,284)
(212,844)
(798,310)
4,201,796
3,403,486
31 August
2023
£
(492,732)
7,138
674,360
(70,440)
(259,608)
447,501
a)






b)
306,219
31 August
2023
3,403,486
3,403,486 
16

MANCHESTER HIGH SCHOOL FOR GIRLS

Cashflow Statement cont…..

For the Year Ended 31st August 2024

c) Reconciliation of net debt

c)Reconciliation of net debt
Cash in hand and at bank
Bank loan due in less than one year
Bank loan due in greater than one year		 1 September
2023
Cashflow
£
£
3,403,486
1,688,053
(177,987)
132,309
(45,678)
45,678		 31 August
2024
£
5,091,539
(45,678)
-
3,179,821 1,866,040 5,045,861 
17

MANCHESTER HIGH SCHOOL FOR GIRLS Notes on and forming part of the Financial Statements For the Year Ended 31st August 2024

1). Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The financial statements have been prepared on an accruals basis and include income and expenditure as they are earned or incurred rather than on a cash basis.

These financial statements cover a 12-month period ending on 31 August 2024, with the comparative period covering 13 months ending on 31 August 2023.

b) Going Concern

The Governors have due regard for the going concern of the Charity. The School prepares a detailed budget for the 12 months ahead as well as more longer-term financial projections on which they overlay sensitivities. Actual performance is monitored monthly, and cash balances are monitored and reviewed daily.

At the time of approval of the financial statements, the independent school sector is facing a number of financial and economic challenges, not least being VAT added to independent school fees, the removal of business rates relief, an increase in National Insurance rates and the increase to employer TPS contributions. At this time, pupil numbers are healthy, cash flow liquidity is positive, and the School has a low level of financial indebtedness.

The Governors continue to closely monitor the developing financial and economic situation. They believe that the School's financial resources and contingency planning is sufficient to ensure the ability of the School to continue as a going concern for the foreseeable future, being at least twelve months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.

c)

Fund Accounting

The School’s unrestricted funds consist of funds which the School may use for its purpose at the Governors’ discretion. Certain unrestricted funds have been designated for specific purposes as explained in more detail in note 15.

The School has a number of endowment funds the income of which is used for restricted purposes.

d) Voluntary Income

Donations under deeds of covenant, together with the associated income tax recovery, are recognised as income when the donation is received.

Legacies are included in income when it is reasonably certain they are to be received, and their value can be measured with sufficient reliability. 

18

MANCHESTER HIGH SCHOOL FOR GIRLS Notes on and forming part of the Financial Statements cont…. For the Year Ended 31st August 2024

Awards and grants receivable are credited to income in the school year to which they relate.

Donations for the purposes restricted by the wishes of the donor are taken to Restricted Funds where these wishes are legally binding on the Schools Governors, except that any amounts required to be retained as capital in accordance with the donors wishes are accounted for instead as Endowments - permanent or expendable according to the nature of the restriction.

e)

Fixed Assets

Fixed assets are stated at cost (or deemed cost for land and buildings held at valuation at the date of transition to FRS102) less accumulated depreciation.

Depreciation is charged at the following rates:-

Buildings 30 - 100 years Fixtures Equipment and Fittings 3 - 20 years Plant and Facilities 4 - 20 years

Current Asset Investment

Current asset investments are valued at the lower of cost and net realisable value.

f) Debtors

Tuition fee debtors and other debtors are recognised at the settlement amount due.

g) Creditors and provisions

Creditors and provisions are recognised where the School has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

h)

Investment Income

Dividends are credited to the income and expenditure account when they are receivable. Credit is taken for interest in the school year to which it relates.

i) Fee Income

Fee income is credited to the income and expenditure account in the school year to which it relates.

j)

Allocation of costs

Whenever possible expenditure is allocated to an activity cost category. Where items of expenditure contribute directly to more than one activity cost, they are apportioned on a reasonable, justifiable and consistent basis.

Support costs are also, wherever possible, attributed to a single activity but where apportionment is required this is done on a reasonable, justifiable and consistent basis.

Governance costs comprise the costs of running the School, including strategic planning for its future development, external audit, any legal advice for the School’s Governors, and all the costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability . 

19

MANCHESTER HIGH SCHOOL FOR GIRLS Notes on and forming part of the Financial Statements cont…. For the Year Ended 31st August 2024

k) Commitments

All expenditure incurred at 31[st] August 2024 has been provided for as detailed in notes 5 and 7.

l) Pension Schemes

Retirement benefits to employees of Manchester High School for Girls are provided by the Teachers’ Pension Scheme (‘TPS’) and the Scottish Widows schemes for those staff not covered by the Teachers’ Pension Scheme.

Scottish Widows is a defined contribution scheme and contributions are charged to the statement of financial activities in the year to which they relate.

Teachers’ Pension Scheme (England and Wales)

The TPS is an unfunded defined benefit scheme and contributions are calculated so as to spread the cost of pensions over employees’ working lives with the School in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quinquennial valuations using a prospective benefit method. The TPS is a multi-employer scheme and the School is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. The TPS is therefore treated as a defined contribution scheme and the contributions recognised as they are paid each year.

m) Fixed Asset Investments

Investments held as fixed assets are stated at market value at the balance sheet date.

n) Fundraising and Marketing

The School operates a Development Department that is responsible for both Fundraising and Marketing. The expenditure is detailed in notes 5 and 7 below.

o) Financial Instruments

Financial assets and financial liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. 

20

MANCHESTER HIGH SCHOOL FOR GIRLS Notes on and forming part of the Financial Statements cont…. For the Year Ended 31st August 2024

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

p) Critical accounting judgments and key sources of estimation uncertainty

In the application of the accounting policies, Governors are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

In the view of the Governors, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

2) Incoming resources from charitable activity

Incoming resources from charitable activity comprises mainly fee income. Fee income includes £443,727 (2023: £410,933) from The Manchester High School for Girls General Charitable Trust.

School fees
The School’s fee income comprised:
Gross fees
Less: Total bursaries, grants and allowances
Add:
Bursaries and scholarships paid for by Restricted Funds
School fees		 Total
31 August
2024
Total
31 August
2023
£
£
13,812,502
12,857,434
(392,754)
(351,461)
13,419,748
12,505,973
-
-
13,419,748
12,505,973

Bursary and scholarship awards were made to 165 individuals (period ended 31 August 2023: 198 individuals).

Total bursaries, grants and allowances includes means tested bursaries, scholarships, staff discounts and parental discounts. 

21

MANCHESTER HIGH SCHOOL FOR GIRLS Notes on and forming part of the Financial Statements cont…. For the Year Ended 31st August 2024

3) Other trading activities

Admission fees
Letting income
Other incoming resources
Other income		 Unrestricted
funds
Restricted
funds
Total
31 August
2024
Total
31 August
2023
£
£
£
£
31,752
-
31,752
33,180
79,673
-
79,673
70,988
111,425
-
111,425
104,168
Unrestricted
funds
Restricted
funds
Total
31 August
2024
Total
31 August
2023
£
£
£
£
7,617
-
7,617
28,410
7,617
-
7,617
28,410

4) Other incoming resources

5) Analysis of expenditure

Costs of generating funds
Ancillary trading costs
Raising funds
Total cost of generating
funds
Charitable expenditure
Education and grant
making
Teaching
Welfare
Premises
Support costs
Total charitable
expenditure
Total expended		 Staff
costs
Depreciation
£
£
20,792
1,719
54,875
-		 Other costs
£
23,593
71,374		 Grant
funding
Total
31 August
2024
£
£
-
46,104
-
126,249
75,667
1,719		 94,967 -
172,353
7,281,355
-
60,821
14,691
664,778
494,331
855,570
183,699		 -
817,582
1.092.583
1,401,821		 -
7,281,355
-
893,094
-
2,251,692
644,379
3,085,469
8,862,524
692,721		 3,311,986 644,379
13,511,610
8,938,191
694,440		 3,406,953 644,379
13,683,963		 
22

MANCHESTER HIGH SCHOOL FOR GIRLS Notes on and forming part of the Financial Statements cont…. For the Year Ended 31st August 2024

6) Other trading activities

This expenditure related mainly to the letting of the School facilities to local groups outside school hours.

Property Costs
Management and Administration
7)
Raising funds
Development Office Salaries
Development Office Expenses
Fundraising
Alumni Relationship Expenses		 31 August
2024
£
41,944
4,160
46,104
31 August
2024
£
54,875
10,407
47,868
13,099
126,249		 31 August
2023
£
32,056
4,375
36,431
31 August
2023
£
56,363
6,127
45,463
8,049
116,002

Fundraising costs support initiatives to raise funds for both the School and the connected charity. The Manchester High School (MHSG Bursary Fund). The funds raised in 2023/24 were £14,995 (Period ended 31 August 2023: £10,888) for the School and £220,974 (Period ended 31 August 2023: £162,365) for the MHSG Bursary Fund. As detailed in the Trustees report the MHSG Bursary Fund makes annual bursary grants to the School.

8) Staff Costs

Wages and salaries
Social security costs
Contributions to Teachers’ Superannuation Scheme
Contributions to Defined Contribution Scheme		 31 August
2024
£
6,794,344
705,306
1,190,325
190,718
8,880,693		 31 August
2023
£
6,822,679
693,647
1,084,854
157,319
8,758,499

8) Staff Costs (continued)

The number of employees with total remuneration in excess of £60,000 per annum are analysed below:

£60,000 - £69,999
£70,000 - £79,999
£80,000 - £89,999
£90,000 - £99,999
£140,000 - £149,999		 7
9
3
3
3
2
2
1
1
1
16
16		 
23

MANCHESTER HIGH SCHOOL FOR GIRLS Notes on and forming part of the Financial Statements cont…. For the Year Ended 31st August 2024

The key management personnel of the School comprise the Governors and the Senior Management Team listed on Page 1. The total amount of employee benefits (including employer pension contributions) received by the key personnel for their services to the School is £737,996 (Period ended 31 August 2023: £930,670).

The School contributes to a defined benefit pension scheme for 6 (Period ended 31 August 2023: 6) and a defined contribution scheme for 2 (Period ended 31 August 2023: 2) of the key management personnel.

Pension contributions were made to the Teachers’ Pension Scheme which is a defined benefit scheme for 6 key personnel at a cost of £111,972. Pension contributions were made to Scottish Widows for 2 key personnel at a cost of £20,920.

The average number of people employed by the School (both full time and part time) was as follows:

Fundraising
Teaching
Welfare
Premises
Support
Management & Administration		 31 August
2024
4
99
2
25
50
10
190		 31 August
2023
3
95
2
26
54
10
190

9) Tangible Fixed Assets

Cost/Valuation
As at 31stAugust 2023
Additions
Disposals
As at 31stAugust 2024
Accumulated Depreciation
As at 31stAugust 2023
Charge for the year
Depreciation on disposals
As at 31stAugust 2024
NBV as at 31stAugust 2024
NBV as at 31stAugust 2023		 Freehold Land
& Buildings
Fixtures
Equipment &
Fittings
Plant &
Facilities
£
£
£
10,797,767
7,952,154
2,677,720
-
920,014
32,690
-
-
-		 Freehold Land
& Buildings
Fixtures
Equipment &
Fittings
Plant &
Facilities
£
£
£
10,797,767
7,952,154
2,677,720
-
920,014
32,690
-
-
-		 Vehicles
Total
£
£
-
21,427,641
-
952,704
-
-
10,797,767
8,872,168		 2,710,410 -
22,380,345
3,122,394
6,391,665
152,227
396,250
-
-		 2,183,100
145,963
-		 -
11,697,159
-
694,440
-
-
3,274,621
6,787,915		 2,329,063 -
12,391,599
7,523,146
2,084,253		 381,347 -
9,988,746
7,675,373
1,560,489		 494,620 -
9,730,482		 
24

MANCHESTER HIGH SCHOOL FOR GIRLS Notes on and forming part of the Financial Statements cont…. For the Year Ended 31st August 2024

9) Tangible Fixed Assets (continued)

All fixed assets are used directly for charitable purposes.

The land and buildings were held at a valuation until transition to FRS102 when the value of the land and buildings was taken as deemed cost.

10) Fixed Asset Investments

Cost at 31stAugust 2023
Additions
Disposals
Cost at 31stAugust 2024
Market value at31stAugust 2023
Additions at cost
Disposal at cost
Unrealised (loss)/gain
Market value at 31stAugust 2024		 31 August
2024
£
60,501
-
-
60,501
276,405
-
-
22,449
298,854		 31 August
2023
£
60,501
-
-
60,501
283,543
-
-
(7,138)
276,405

Investments held in fixed asset investments are as follows: -

COIF Charities Investment Funds amount to £298,854 (31 August 2023: £276,405).

11) Disbursements

During the year staff and pupils of the School organised a number of educational visits and other extra-curricular activities. These activities generated receipts of £424,316 (Period ended 31 August 2023: £487,081) which have subsequently been disbursed on those activities and have not been recognised in the statement of financial activities as the Governors consider that the School has acted in the capacity of an agent and that these receipts are therefore not available for the School’s objects.

At 31st August 2024 £89,842 (31 August 2023: £124,628) was included in debtors for expenses met by the School for activities where monies had not yet been collected and £107,211 (31 August 2023: £123,825) was included in creditors for monies collected in advance of activities taking place. 

25

MANCHESTER HIGH SCHOOL FOR GIRLS

Notes on and forming part of the Financial Statements cont…. For the Year Ended 31st August 2024

12) Debtors

Tuition fees
Prepayments and Accrued Income
Disbursements (note 11)
Other debtors
MHSG Bursary Fund
13)
Creditors– Amounts Falling Due Within One Year
Trade creditors
Accruals and Deferred Income
PAYE and national insurance
Fees in advance
Disbursements (note 11)
Bank Loan
Deposits held		 31 August
2024
£
77.010
266,335
89,842
7,065
284,756
725,008
31 August
2024
£
380,291
207,617
161,050
2,773,774
107,210
45,678
451,974
4,127,594		 31 August 2023
£
81,466
247,849
124,628
6,044
94,065
554,052
31 August
2023
£
200,918
244,448
152,647
611,410
123,824
177,987
484,420
1,995,654		 
26

MANCHESTER HIGH SCHOOL FOR GIRLS

Notes on and forming part of the Financial Statements cont…. For the Year Ended 31st August 2024

14) Creditors – Amounts Falling Due After One Year

Bank Loan 31 August
2024
£
-
-		 31 August
2023
£
45,678
45,678

The bank loan is unsecured with a negative pledge.

15) Unrestricted Designated Funds

School society funds
School society funds		 Balance at
31st August 2023
£
Income
£
Expenditure
£
Balance at
31stAugust 2024
£
72,155
-
-
72,155
Balance at
31st July 2022
£
Income
£
Expenditure
£
Balance at
31st August 2023
£
72,155
-
-
72,155

16) Restricted & Endowment Funds

The capital element of the Prize Funds generates income which is restricted. This is shown below in the restricted fund described as Prizes and awards.

The restricted income generated from the Prize Fund investments is utilised for prizes and awards made to pupils for academic achievement or to assist in their studies.

The movement in the Prize Funds endowed reflects the change in market value of the investments.

The School has also received restricted funds which are utilised to award scholarships.

The Land and Buildings from which the School operates are permanently endowed. 

27

MANCHESTER HIGH SCHOOL FOR GIRLS

Notes on and forming part of the Financial Statements cont…. For the Year Ended 31st August 2024

16) Restricted & Endowment Funds (continued)

Restricted Funds
Prizes and awards
Scholarship Fund
Total
Prizes and awards
Scholarship Fund
Total
Endowment Funds
Prize funds
Land & Buildings
Total
Prize funds
Land & Buildings
Total		 Balance at
31st August
2023
Income
£
£
180,460
14,333
2,680
-		 Expenditure
£
(1,890)		 Transfer
of funds
£
-
-		 Unrealised
gains on
Investments
Balance at
31stAugust 2024
£
£
7,772
202,565
-
790
183,140
14,333		 (1,890) - 7,772
203.355
Balance at
31st July 2022
Income
£
£
170,915
12,016
4,640
-		 Expenditure
£
-
(1,960)		 Transfer
of funds
£
-
-		 Unrealised
gains on
Investments
Balance at
31stAugust 2023
£
£
(2,471)
180,460
-
2,680
175,555
12,016		 (1,960) - (2,471)
183,140
Balance at
31st August
2023
Income
181,211
-
7,331,260
-		 Expenditure
(152,227)		 Transfer
of funds
-		 Unrealised
gains on
Investments
Balance at
31stAugust 2024
14,677
195,888
-
7,179,033
7,512,471
-		 (152,227) - 14,677
7,374,921
Balance at
31st July 2022
Income
185,878
-
7,493,181
-		 Expenditure
-
(161,921)		 Transfer
of funds
-
-		 Unrealised
gains on
Investments
Balance at
31stAugust 2023
(4,667)
181,211
-
7,331,260
7,679,059
-		 (161,921) - (4,667)
7,512,471		 
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MANCHESTER HIGH SCHOOL FOR GIRLS

Notes on and forming part of the Financial Statements cont…. For the Year Ended 31st August 2024

17) Analysis of Net Assets Between Funds

As at 31stAugust 2024
Tangible fixed assets
Fixed asset investments
Net current assets less long term
Liabilities
As at 31st August 2023
Tangible fixed assets
Fixed asset investments
Net current assets less long term
Liabilities		 Unrestricted
Funds
Unrestricted
Designated
Funds
Restricted
Funds
Endowment
Total
£
£
£
£
£
2,797,271
7,191,475
9,988,746
115,408
183,446
298,854
1,528,851
72,155
87,947
1,688,953
4,326,122
72,155
203,355
7,374,921
11,976,553
Unrestricted
Funds
Unrestricted
Designated
Funds
Restricted
Funds
Endowment
Total
£
£
£
£
£
2,399,222
-
-
7,331,260
9,730,482
-
-
95,193
181,211
276,404
1,756,105
72,155
87,947
-
1,916,207
4,155,327
72,155
183,140
7,512,471
11,923,093		 
29

MANCHESTER HIGH SCHOOL FOR GIRLS Notes on and forming part of the Financial Statements cont…. For the Year Ended 31st August 2024

18) Capital commitments

As of the reporting date, the School had capital commitments amounting to £18,000 for contracts that had been agreed upon but not yet fulfilled. These commitments pertain to the replacement canopy for the prep school and early years.

19) Related Party Transactions

During the year under review the following transactions took place between Manchester High School for Girls and The Manchester High School for Girls General Charitable Trust (MHSG Bursary Fund), which is a connected charity.

The School received £443,727 (Period ended 31 August 2023: £410,933) in a bursary grant during the period from The Manchester High School for Girls Charitable Trust.

A donation of £214,183 (Period ended 31 August 2023: £260,055) was paid to The Manchester High School for Girls Charitable Trust to augment their resources.

At the year end the Charitable Trust owed the School £284,756 (Period ended 31 August 2023: £94,065).

Laura Earnshaw is the founder of myHappymind and a Governor. myHappymind provides this educational curriculum to MHSG for free.

L Earnshaw, M Khan, and M Yasin have pupils at the School and all pay school fees at a non-discounted rate.

20) Legal states of the School

At 31[st] August 2024 the School operates through a Charitable Company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

21) Pension and similar obligations

The School’s current employees belong to two principal pension schemes:

Teachers’ Pension Scheme

Introduction

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pensions Regulations (2014). Membership is automatic for full-time teachers and, from 1 January 2007, automatic for teachers in parttime employment following appointment or a change of contract, although they are able to opt out.

The TPS is an unfunded scheme and members contribute on a ‘pay as you go’ basis – these contributions along with those made by employers are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. 

30

MANCHESTER HIGH SCHOOL FOR GIRLS Notes on and forming part of the Financial Statements cont…. For the Year Ended 31st August 2024

21) Pension and similar obligations (continued)

Pension Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,639,373 (Period ended 31 August 2023: £1,084,854) and at the period end £147,852 (Period ended 31 August 2023: £118,189) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following the public consultation, the Government have accepted three key proposals recommended by the Government Actuary and are aiming to implement these changes in time for the 2020 valuation.

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

Until the cost cap mechanism review is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly, no provision for any additional past benefit pension costs is included in these financial statements. 

31

MANCHESTER HIGH SCHOOL FOR GIRLS Notes on and forming part of the Financial Statements cont…. For the Year Ended 31st August 2024

21) Pension and similar obligations (continued)

Scottish Widows – MHSG Support Staff Scheme

The MHSG Support Staff Scheme is a defined contributions scheme. Contributions made into this scheme are paid by the School at rates specified in the scheme rules. The assets of the scheme are held separately from those of the School in an independently administered fund and are charged to the statement of financial activities in the year to which they relate.

The School paid contributions at the rate of 10% during the accounting period. Members paid contributions at the rate of 5% during the accounting period.

As at the balance sheet date there were 51 active members of the Plan employed by the School. The School continues to offer membership of the Plan to its employees.

Contributions amounting to £189,070 (Period ended 31 August 2023: £157,319) were payable by the School during the period and have been recognised in the statement of financial activities. As at the balance sheet date contributions of £22,285 (Period ended 31 August 2023: £21,379) had not been paid over to the fund and are included within creditors. 

32