R¢gistrdlion No- 506K23 THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARIT ABLE TRUST OPERATING AS MHSG BURSARY FUND FINAIYCIAL STA TEMENTS FOR THE YEAR ENDED 31ST JULY 2022 THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND ANNUAL REPORT AND ACCOUNTS 2022 TEES OFFICE D ADVISERS CHARITY TRUSTEES The charity Trustees have all served in office throughout the year cxcept where indicaied. Together with the past TDJStees who served in the y¢?r as indicated, they are.. Mr C Saun(lers OBE, MA, FSI {Chairniall) Mr A Clarke FCA Mr G N Elliott CBE. FCA Mrs C Walker BA (reliTed 05 September 2022) Mr D Hemian BA{Com), FCA Mr G C Burton B.Sc.. C.Eng, F.l.SthJct.E., F.C.S.. F.Cons. E. (ap￿Inted 08 December 2021) Mr J Moran FCCA (appointed 01 January 2022) OFFJCERS Bursar Di￿tOr of Finance and Operatiolls Mr J P Motan FCCA (retired 3111212021) Ms E A Smlth lapwint¢d 0410112022) CleJk to the Trustee6'. Mrs S Sutton Registetrd Addr¢ss: Orangethorpe Road rallowfield MANCHESTER M14 6HS Registration Nwnber. 506823 THE MANCHESTER HIGH SCHOOL FOR GIRLS GEIYERAL CHARITABLE TRUST OPEIi4TING AS MHSG BURSAR FUND ANNUAL REPORT AND ACCOUNTS 2022 TRUSTEES OFFICERS AND ADVISERS ADVISERS: Auditors: Crowe U.K. LLP The Lexicon Mount Street Manchester M2 5Nr Solicitors.. Addleshaw Gi)ddard LLP 100 Barbirolli Square MANCHESTER M2 3AB Bankers.. Santander Bridle Road Bootle L30 4GB Investment Adviser.8'. Kedmayne Bentl¢y LLP 3 Hardman Square Spujningfields Manchester M3 3EB THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND TRUSTEES REPORT FOR THE YEAR ENDED 31S'1' JULY 2022 -rhe Truste¢$ present their ai)nual report and fjnancial statemet]Is of the charity for the year ended 31st July 2022. The financial slatements bave been prepared in accordance with th¢ accouniing policies sei out in noie I to ihe accounts and comply with th¢ charity's trust deed, the Charitie5 Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practi¢¢ applicable to charitie5 preparsng their accounts in a￿ord￿r￿¢ with the Ffftnancial RqKTrrting Standard applieable in the UK and Republic of Ireland leffectivc 1° January 2019). REFERENCE AND ADMINISTRATIVE INTrORMATION Administrdtive inforniation relating to the Trnsl is list￿ on page l & 2 of the Financial Statements. The Manchester High Sch{￿1 for Girl$ General Charitable TNst (the Tjijst) operdies os MHSG Bursary Fwid. STRUCTURF, GOVERNANCE AND MANAGEMEF4T Governing doeument The Charitable Tw.si. which was estsbli5hed by a TTUSt Deed in 1971 wilh a furth¢T supplem¢nt in 1987. is governed under a Charity Commission Scheme {number 506823) as an uninco￿oIa￿d associaiion io the naw¢ of The Manchester High School for Girls General Charitable Trnst. The Tn￿t now operates as MHSG Bursary Fund. Conneeted Cbarlty Manchesier High School for GiTls is closely ConneC￿d to the Trust. The Sehool transferred £309,504 {2021- £421,997) of ￿ndS to the Trust. The Trust paid a bursary grant aTnounting to £329,084 12021- £470,039) which the Srhool awarded as bursaries during th¢ year. The Twst provides essential suppori to the advancemenl of educational work of the 5GhoDI by providing means tested bursaric8 and scholarthips to ytudenls who have perfurn)ed well in the ¢ntratÈ¢e exan]s for entry irtto Senior School and Sixth Fonn. The work of the Tn]st is essential to achievin￿ the School's ObJ￿tive of b￿￿mIng increasingly socially diverse regardless of the financial means of parents and a¥ the girls school oC¢hoice across the North West. The Covid pande]nic h&$ impacied everyone - therefore th¢ support of the Charitable Trnst in providing bursaries for familic4 i hards'hip was essential to pttsvide bonlinuily of learning for our Students. I# July 2021, a new strategic plath for ManchLster High Sch{￿1 for Girls was published and distribut¢d ainong5t all key audien¢e8. The Vision of the School is excellence.. to deliver a pÈoneering. inrtovative and dynamic learning experience within a eompassionaie and rating enviromnent for a diverse communÈty regardless of fJnan¢ial means where the w¢llbein8 and ha￿lineSS of every individual and the fulfilmenl of Iheir potential are our priority. A5 the school of ¢hoi¢e foT girls in the Nortli-west. our pupil$- ]ike those who have attended the school before them- will go on to be global citizens and ¢OUTageous moiivators of Change. The three stralegtc objectives within the Strategic Plan ￿e.. To deliver a pioneering, )r￿0Vative and d)mamic learning experience To support a pioneering approaoh Lo the wellbeing and happiness of every individual student To be k school that embraces its pioneering history pnd pimeering ￿tt[re Within the third strategic objeclive is the need to ensure a comprehensive fundrdi$ing ¥trate8y lo illcrease current bursary provision enabling the school to move closer to the vision of being objective of b¢coming incre&sin8ly s(Kially diverse tEgardless of the rinanGial rneans of parents. As we look foTward to celebratitig the ￿h￿l,$ 150, anniversary ill 2024, a fvndraising feasibility study has been uommissioned by the School. fjifi¢d Philattthropy completed the study in July 2021. The report included a strdtegic review of activily and resulted in a clear plan for the fvtur¢ delivery of fvndraising. particularly foLu5ed OD bunaries in the lead up to the 150th Am]iversary in 2024. The slrategy identifies a tl)ree year plan with slralegic phases for planning and then fundraisiTJg. Priorities include updaiing all Collateral aDd web content. devii*ing a campaign plaD' recruiting to the campaign board and securing gifis before planning a series of cultivaliou ev¢nts. The focus will then switch to fundraisillg with cultivation evenLS and face to face asking. Regular communicalions giving updates on the tyansEorniativ¢ impact of bursary Cunding will be an e&wtial aspect of the strategy. THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHAIUTABLE TRUST OPERATING AS MHSG BURSARY FUND TRUSTEES REPORT ST FOR THE YEAR ENDED 31 JULY 2022 Reerultment and training of Trusltts All Trnstees are recryitcd by invitation, d￿ndent upon their expertise. exp¢rience and skills. The Ttustees may appoint any number of ￿dItIOnal trustees by a r￿01￿11￿￿ of ihe Thisiees recorded in the Tn￿l¢t$' minutes. New Twstecs are inducted into the working8 of the Trusl, includiiig policics and procedure& tog¢ther with an appropriate training s¢hedule depending UFKTrn their existlng area of ¢xpertise. Org¥4lllsailonal maMgem¢nt and decls6oD maklDg The Tn￿eS detennine the strategic direction and general policy of the .1 Tust. A Full Tn￿te¢S meeting norn)ally lakes pl￿e Thvice a year, covering operdiional, tactical and stralegic issues. The day to day athninistrdtion of the Tn￿1 is provided by the SchL)oI. Ri$k ManagemeDt The Trustees have considered the major risks faced by thc Trust and believe that the principal threai ￿ its abilily to achieve its objectives lies in its ability to majnthin its revenues from ILS investmcnts, donaiions ajhl lega¢i¢s. order to manage thig risk, regular meetings are held with the investfflent advisor and the S¢hool coniinues to seek to deVe￿p its relationship with local orEanisations a]Ml fomier pupils ￿ iDcre&qc the level of donaiions aJKI l¢¥acies. THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATIIYG AS MHSC BURSARY FUND TRUSTEES REPORT Cont'd ST FOR THE YEAR ENDED 31 JULY 2022 OBJECTS, AIMS, OWECTIVES AND ACTIVITIES Charltable obje¢¢s The Trnstees shall pay or apply the entirely of the annual inwme of the Trnsl Fund to or for l) Such charitable puq)oses conn¢¢*d with the School 05 the Trnstees shall from lime to time in their absolute dis¢retion deterniine or 2) Such other chatitable puTroses or such charithble foundations {wheth¢r or not connected with the School) as the Trnsi¢es shall in like n)anner d¢t¢tmine. Charitable alm The aim of the Tn￿t L5 to assi8t Manchester FIigh School for Girls {*he sch{￿7"} and whett appropTiate, aDy Other Lharitable fOund￿lon$ in fvIr￿illg thrir charithble purposes. Obj¢¢tlV¢s for the year This year the focu5 rontinues to be to build up and maintain adequate ￿ndS in order 10 Slisiain the l¢v¢l of bursary support as previously provided to pllpils al Martchester High Schotsl for Girls. The larget each ye4r is w provid¢ a gtani which will maintairt bursary support. The Tru5tetts are actively seekin8 way.8 to enhance the underlying capital of the Trusi so as to maximise the possibility of futur¢ awards. Strategies to aehieye the y¢or's objectives In order io achieve the objects and aims of the Trnst we have retained Ibe St￿1¢¢5 of Redmayne Bentley LLP, who report to the Trusiett on iheir perforniance ai the rwo Trustees Meetings each year. Dthing the ¢ourse ofeach year the total rc40urces of the Tnjsi are compared io the projected cost of providing the bursarie% over a full seven-year peri(yJ, ITJ order lo ensure that there are adequaie resources io pp)vide the grants for the new pupils each year. Publie benefit In line with the charitable objeclives of the T￿st a bursary grdnl was awarded to Manchester High School for Giris (Charity number 1164323) which is a uonnected ¢hgrity. Those fvnds have betn ring fenced in the School and al10￿tcd ort a meaTLg testrd basis to provide bursaries to high ability girl$ from low income [a￿lI]eS. PriDcipAI aetivltles of the year In order to achieve this year's objectives, the Trustees have continucd to support and assist the School in its endeavour io provid¢ bursaTie5 to pupils wilh high ability from low income families, on a means tested basis. The Trustees have also reviewed the f￿anCial resouiLes iivailable to ensur¢. as much &s is possible, that the School can fulfil ils financial ¢omrnitments in relatioD tsTr bursaries. THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND TRUSTEES REPORT Cont'd FOR THE YEAR EIYDED 31. JULY 2022 Grant mxkillg policy The Trus*es, afier Consideration ot the financial state of affairs of the fund and requests for suptM)rt for pupils in the Senior Schoo prepared by the Head Mistress, Tnake an atmual grani io Manchestcr High School for Girls for the provision of bursaries. The application of the grant towards the JTKlividual bursaries is del¢rniined by the Flead Mistress on the basis of educational ability and r]nancial need. Any restriclions Lll]posed by the original donor of the funds are recognised. REVIEW OF ACHIEVEME]Y73 AND PERFORMANCE FOR THE YEAR Operation81 performante The grant providal to the Sch(N)l this year to fund schwl bursaries was a grant amountin¥ to £329,084 (2020121 £470.0391. It used by th¢ School, together with its own resources. to award bursary assislance to 66 pupi]s across the S¢htxTrl. FMDdr8isiDg performance 'Fhe Twst's tundraising is entirety promoted by the S¢h(Kbl with the aim of en5UTing thai funding fr[￿ donations and sponsornhip is maximis¢d. A proporlaon of ￿ndS raised for bursaries by the School aTe included within the accounts of The Manchester High School for Girls General Chariiable-fn]st. Invesltnent performan¢e 8g*knst objectives The perfornthnce objective for the ￿rtd is to outPLYfom, over the long-terrn. on the investment wrnposiie ben¢bmark which has be¢n agreed with the Investment Manager. The perfonnallce of the fvnd is monitored quarterly against the benchmaJk. Any nrdjor variations are discuss¢d by the Bursar l Director of Finat]ce and Operations. alld Investrn¢nt Adviser. FINANCIAL REVIEW Af+lD RESULTS FOR THE YEAR The increase in tiindb. Ihis year amounts to £10,32212021: in¢rease of £1.193,06R)- Tothl funds inCr&￿d to £4.644.533 fTOTn £4,634.211. Reserves policy The TnL8tees seek to mainiain unde%i&mated and unrestricted funds, which are the free reserves of the Trust and effectively include its entire funds, at a level that is adequate to fimd the grants made to pupils throughoui their expected ai(endance at school. Tht Trustees Currently feel that reserves to underpin an averdge disbursement of £400K for 7 years. i.e. £2.8M, would be suffi¢ient. The totsl funds shown in the balan¢e sheel are adequaie to enable the Trt￿l 10 continue to provide grant support ￿ the School at the targeied level. THE MANCHESTER HIGH SCHOOL FOR GIRLS GEIYERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND TRUSTEES REPORT Cont'd ST FOR THE YEAR ENDED 31 JULY 2022 Principal funding $Trurres The Trusi's principal funding sOu￿e 18 from ¥ transfer of fimds from Manchester High School for Girls, donations, legacies alld investment income. The transfer from the School is to augment the T￿51,$ resources in order for them to pay for butsaries for pupils of the SGhool. The majority of expenditure of the Tru51 during th¢ year was the payment of a bursary grant to Ilie School. thi$ expendittwe is in excess of the income generated from ihe principal i]Jcome sources and dire¢tly supporis the key objectives of the Trust. InvestmeDt pollcy objectives The T￿￿eeS s¢¢k to ensurc thai the funds of the Trust are rnvesled in medium and high-risk equitÉL% in order to proteci the long tenn 'real' valve of its assets. Th¢ investsnent wallager5 are engaged on a discretionary basis whi¢h mcans that investtnent de¢istons are made using their judgement. Their approa¢b will involve pur¢hasing a variety of securities in the market Ls long as they fall in line with the Trusl's m¢dium io high risk profile, finallcial and ethical aims. The l-rustees would therefore expcct an average 50/. Return o Invesunent ov¢r a rolling 5-year peri￿. Above all, the Tru8lecs are c4)mmitted to an invesimeni wTrlicy which seeks to maxirnise 'overall return, being the combined Teturn froEn incotRe and Capital growt[4 sjbject to the required level of income being generated. Publi¢ Benefit and Future Plans The Trustees consi(kr the fund5 available each year that can be made available io provide bursary grants. They are advised by the TnJ5t's Investmeni manage￿ in relation to the investment8 held. They assess the level of funds now and those expected in the next few year5 to See how sustainable they are againsl cxpecied gra￿t$. The current expeciation is thai this T￿st will wntinue io nmke rnodesi bursary grants for the foreseeable future. The level of bursary grants will of ci)urs¢ continu¢ io be consid¢r¢d each year, 'rhe Tru%tees continue io consider the public benefit requirernenl in light of the guidance issued by the Charity Commission and in the commitment o( Manchester l.ligh SchiKhl for Girls io it5 provision of the public benefit. The Tn￿lee5 are in regular contact with Manchester High School forGir15 in relaiion 10 the publi¢ bellefil TWUiTemeiJt and the critoia for detemiining the award of bursarie& ACCOUNTING AND REPORTING RESPONSIBILITIES The Truste¢8 are reswnsible for preparing a trustees. annual report fmaD¢ial staterncnls in accordance with appli¢abl¢ law and United Kingdom Accountin¥ Standards Iunited KinKdom Generally A¢¢ept¢d Arcounting Ptactice). The law applicable io charities in England and Wales requires the Trnst Trusttts to ptepare fitjanciai staiemertts for each year which give a true and fair view of tbe siale of affairs of the Trnst and of the inco￿l￿g re50ur¢es and applicalion of resources, of the TnLSi for that period. In preparing tbe fthan¢ial slat¢m¢nls, the TNstees are required to: • select ￿ltable accounting polici￿ and apply them consisientiy. observe the methods and PTinciples in th¢ applicable chariti￿ Statement Of Recommended Practice I"SORV')' make judgements and estimates that are reasonable and pntht. state whether applicable accounting s&Thdards haye been follow￿, subj'ect to material dq)artures thai must be disclosed and cxplained in the financial 8tatemenL%' prepare the financial statements on the going conccTn basis unless it is inappropriaie io assume that the trust will continue in operation. THE MANCHESTER HIGH SCHOOL FOR GIRLS GENEIL4L CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND TRUSTEES REPORT Cont'd R TILE YEAR ENDED 31S1 JULY 2022 e Trugtees are respon5Tbl¢ for keeping proper accounting records which Are such as to di$¢lose, with reasonable accuta¢y, the fllw¢iai o$iti(>n of the Trust at any time, and to ¢llable them as Trustees to ensur¢ that the financial statements comply with the Charities Act 2011, th¢ pplicable Ch¥rilie$ (A¢¢ounts and Reports) Regulation$, and the provisions of the Trust Deed. Thc Tn]ste¢s are also responsibl¢ for Ifeguarding th¢ Trust's asscts, and hence for taking r¢asonable steps for the prevejktion and detection of fraud and other irrcgularities. e Truste¢s are responsible for the maintenall¢¢ and integrity of the ¢lwity and financiAI inforn]ation iueluded on th¢ charity's w¢bsite in "cord8n¢¢ with legislation in tbe United Kingdorn governing the preparation and diss¢ti]ination of finkncial statem¢nts. e finan¢ial statements contained on pages 12 10 18 have been approved by th¢ Trustees of The Mallch Stsndard applicable in the UK and Republic of Ireland (United Kin8dom Generally A¢eep*d Accounting Prdcti¢e}. In ow opinion the finan¢ial statemEntg'. givc a true and fair view of the sraie of the charity's affairs as al 31 July 2022 and of ils income and expendiiure. for the year them endcd., have been properly prepared in accordance with United Kin8doEn Generally Accepted Acciwnling Practice,. and have been prep￿d in a¢¢ord4n¢e with the requiremenis of the Charities Act 2011. Ba$is for oplnlDR We conducted our audii in accordance with Intunauonal Standards on AuditiEIE IUKI IISAS {UK)) and wlicable law. Our responsibilities under tliose standards are further de￿ribed in the Auditor 5 responsibilities for the audil of the F￿ancIal sthtemcnt8 secuon of our report. We are independenl of ihe charity in a¢wrdanc¢ with the ethical requirrments that are relevant to our audit of the financial statements in the UK, inLluding the FRC'5 Ethical Standard. and we Iiave fulfilled our other ethical responsibilities in ccordanoe with th¢s¢ r¢quirement%. We believe ihat the audit evidence we have obtsined is 8uffi¢ient and apprtyriate to provid¢ a basis for our opinion. Conclusions relating to golllg ¢OD¢er Jn auditing the financial %tateTnents, we haye ¢onclude41 that the Tntstee's use of the going Concern ￿$15 of accountiT]g in the prepardtion of the financial statements is appropTiaie. B&sed on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast 5ignifJcant doubt on tbe chariils ability io continue as ? going conLern for a period of at least twelve months from when the financial statcmenL% are autborised for issue. Our responsibilitiLs and the r&y)nfibilities of the TNstees wlth respeci to going concern are described in ihe relevant sections of this report. Other information The Twstees are resF4Trnsible lor the other it)fonnation contained within the annual report. The other inforniation Compri￿ the Inforn>aiion included in the annual report. other than the financial statements and our auditOT'S report theTeon. Our opinion on the financial sthiements does not cover the other it)fomiation and, except to the exteDt othenvise expliciily sthted in our report, we do nol express any forni of assurance conclusion thereon. Our responsibility 15 to lead the other infornlation and, in doing so. consider whether the other infomtstion is materially inwnsibt¢nt with the finai)cial 5talemeE]ts or our knowledge obtained in the audit or othcrwiqe app¢aTS to bc materially misstated. If we identify such material illcon4iSten¢ies or apparent material rnisstatement& we are required to detemiine whether this gives Tise io a material rnisstaternent in the financjal siatemcnts theJnselve$. If, based on tl)e work we have ￿rfo￿nCd, we ¢on¢lude that ihere is a rnaterial misststernent of thi5 other infom)&tion, we are required io report ihai r￿l We have nothing to report in this r¢gard. REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPEtL4TINC AS MHSG BURSARY FUND FOR THE YEAR ENDED 31ST JULY 2022 Matters on which we are required to report by exceptioft We haye nothing to report in respect of the following Tnalters in relation to which the chariti￿ IA¢¢ounis and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the infomiation given in the fjnsneial statejnents is in¢oJJsisLeDt in any material respect with the Trustees, report. or sufficient and proper accounting records have not been kepi by the charity. or the f￿ancial statements are not in agreement with the accounting Yecords and retums: or we have not received all the infornialion and explanations w¢ require for our audit. Responslbllities of Trustees As explained more fully in the Trustees, r¢sponsibiliries statement set out on page 7, the Trn8tees are responsible fi>r the preparation of the financial staternenls aTJd for being salisfjed that they give a true fair view, and tor yjch intemal control as the Trusiees detemline 18 necessary to enable the preparation of financial siaternents that are tree from material mi%stalemenl whether due to fraud or eTror. In preparing the financial S￿￿￿erIT$, the Ttustees are responsible for absessing the charity's ability io cnntinuc as a goityd con¢em, di%losing, as applicable. matters related to going concern and usinb the ¥oing ¢oncern basis of accounting unless the TJustee5 either intend to liquidate the chariry or to ¢¢ase operations, or have no realistic alternative but lo do so. Auditor s respo￿51b1[I(ieS for the audit of th¢ financlal stalernenls We have been appointed as auditor under seclion 151 of th¢ Charities Aci 2011 and r¢port in acGordance with the Acts and relevant regulations made tsr having eff￿t thereuDder. Our objectives are io obtain r&*wnable assurance aboul whether the financial sta¢emenis as a whole are free from material misstatement, whether due to frdud or error, and to an auditor's report that includes our opinion. Reasonable assuran¢e is a high level of as$uraMce, bllt is not a guarantee that an audit conducied in a¢corddnce wilh ISAS IUK) will always deie¢t a moteri81 misstatemcnt when it exis15. Misstaiements Can arise Crom Ernud or error and are considered material if, individually or in the aggregate. they could reasonably be expec￿1 io illAuence the economic decisions of users taken the basis of these fmat)cial statements. Detail8 of the extent to which the audit was ¢oLsidered cawknl¢ of deiectitig irregularities, including fraud and non-compliance with laws and regulations are sei out below. A further description of our responsibililies for the audit of the fmancial tstatements is located on the Financial Reporting Council, website at= 14.Iri.Iirip uk.'iiiditOl"*rLNJi(Insibiliiii%. This description fomis part of our auditor s report. Extent to Ivhi¢h the audlt was considered eapable of dele¢iine Irr¢gularltles, In¢ludin¥ fraud Irregularities, including fraud, are instÈnces of non-compliance with laws and regulations. We identified and assessed the risks of material rni8%tatemeni of the financial statemenis from irregularities. wheiher due to fraud or error. and discussed these bctween our audit team members. We then designed and perforn]¢d audit procedures responsive to ¢hose risks. including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of Ihe legal and re¥ul¥tory frameworks within which the charily operate5, focu8ing on those laws and regulations that have a direct effect on the deterniination of material amounts and disclosures in the financial.8tatements. The laws and regulations we considered in this context were the Charities Act 2011 together wilh the Charities SORP IFRS 102). We assessed the required compliance with these laws and regulatiolls ag part of our audit procedures on the related tinancial sthternent items. In addition, we eonsidered provision% of other laws and regulations that do not have a direct ef(ect on Ihe fjnancial stalemenls but Compliance with which mighi be fundamental to the charity's ability to operdte or to avoid a matEtial penalty. We alw considered the opportunities and incentive8 that may exist Hrythin the charity for frdud. The laws and regulations we c¢)nsidered in this cont¢xi for the UK operaiions were ihe Charities Act Regulations io REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE MANCHESTER HICH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPEIL4TING AS MHSG BURSARY FUND FOR THE YEAR ENDED 31ST JULY 2022 Audiiing standards limit the iequired audit procedure5 to identtfy non-compliance wilh th&sc law% and regulatiomi to enquiry of the Trustees and other management and inspection of regulatory and legal ¢orrespondence, if any. We ideniified the grrdtest risk of material inipact on the fitkwial slaternents from irwegulariti¢S, including fraud. to be within the timing of r¢co¥nition of voluntary incorne and the override of control* by managemenl. Ottr audii procedures to respond to thege risks included ¢nquiri¢s of managemeni about their own identification alld a*q&ssment of the risks of irregularities, sample testing on the p)siing of journa]s, reviewing accounting estimates for biases, revicwin¥ ￿gulaTOry ctsrreswndence with th¢ Charity Commission, reading minutes of meetings of those ¢har8ed with governan¢¢ and sample le8ting of income. Owing w th¢ inberent limilatiL>llS of an audit, there is an unavoidable risk that we may not have detected sonie material misstatements in the fuwicial statement& even though we have properly planned and perfomied our audii in accordance with auditing standards. For exampl¢, the further removed non-compliance with laws and reEulations {l￿egulaTi11¢4) is from ihe events and transactsons refle¢ied in Ihe finan¢ial statements, the less likely the inherenily limited procedures required by audiiing s(andards would identify it. In additiol as with any audit, theie remained a higher risk of non-detcction of irregularities, these may involve ¢ollusion. forgery, intentional omissioD5, niisreprt¥vntations, or the ovemde of internal controls. We are not ￿pOnSIble forprev¢nting non-compli4nc¢ and raTmol be eXp￿ted to detect non-¢ompliance with all law$ and regulations. Use of our report This r¢p)rt is Tnade sulely to the ¢harity'S TTusiecs. os a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audir work has been undertaken so that we mighi 8late 10 the charity's Trusiees thoge matters we are required to state to (hern in an auditor's report and for no other pury)ose. To ihe fullest extent permitted by law, we do Dot accept or assume responsibillty to anyone other than the charity and the ¢harity's Trn8rees as a body, for our audit worK for this report, or for the opinions we have fornjed. LLR CroTrve U.K. LLP Statutory Auditor The Lexicon Mount Street Manchester M2 5NI' Datc 25th May 2023 li THE MANCHESTER HIGH SCHOOL FOR GIRLS GEIYERAL CHARITABLE TRUST OPEIUTIIYG AS MHSG BURSARY FUND Statement of Finydncial Aetivities for the ear ended 31st Jul 2022 Unrestricted Restricted 2021 Notes Capital FuDd Endowmettt Fund Total Total Income and endowments from: D(Trnations and lega¢ies Charitable activitl¢5'. Tranqfer from th¢ Other Investment incorne Total 240,957 240.957 617,486 309,504 309,504 421.997 6,545 99,055 I,J45,083 124,J67 675,028 124,567 675,028 ndlture on: Charilable aciivities.. Butsary grants awarded 329,084 329,084 470,039 Raising funds.. Brokers fees & bank charges Other costb. Tot 23,909 3,360 356 353 23,909 3.360 350 22,935 3,120 496,094 N¢t inco]ne and net movement in funds before gain5 and losses on investmenis 318.675 318,675 648,989 Net {105ses)Igaitts on investments.. Nd movements in funds 308,353 IOJ21 308,353 22 1193 068 Recon¢ili•tions of Funds Total funds brought fotward 4,634206 4.634,211 3,441,143 Total fund$ rarried forward 4.044.528 4,644,533 4,634,211 The llotes on pages 15 to 18 forrn part of these f]nan¢ial statements. 12 THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG B ARYF 022 Fixed As Investments 3.406,920 3,795,327 nt Ass A￿rUed income Manehester High Sehool for Girls Cash at bank and in hand Total cllrrent assets 29,937 33,970 1,176.946 1,240,853 61,618 817,991 879,609 Creditors" Amounts falling due within one year Accrnals Manchester High School for GiT]s (3,240) {3.120) (37,605 (40,725 3240 Net evrrent gS8et8 1,237,613 838,884 Net Assets 4.644,533 4,634,211 The funds of the Chari Unrestticted capital fijnd Endowment Fund Total charity funds 4,644528 4,634.206 4.644533 4,634,21 I .pproved on behalf of tbe T￿￿te¢S oll 4th May 2023 ruste¢s.' Cl)ristopher Saunders (Chairjnan) AlaD Clarke The notes on EYdge$ 15 to 18 fonn part of these financial statements. THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND Cashflow Statement For the year ended 31st Jul 2022 Not¢8 2022 2021 Cath flows used in operating aciiviiies Nel cash pmwided by operating aeÉli'iiies (a) 154,J34 588,460 Cash t10￿5 from investillg 4¢tlvltles: Dividends, interest and rcnL% from investmenls Proceed5 from 8a1¢ of invcstments Cost of purchasing inve%lrnen15 124.567 661,448 1581,394) 99,055 233,234 (1.311,469) Ne¢ cash provided by inve￿1￿8 aefivitie. 204,621 (979,180) Change cssh and Cash equlval¢nts in the reporting period 358,955 (390,720) Cash 4Dd cash equlvalellts at the beginlllng of the rtporthig period 817,991 ,208,711 Casji ¢#yh equivalents al the end Df the reporting period 1,176,946 817.991 Note$ on Ibe Ca5hflow StattmeDt Reeonciligtton of net movemcnt in funds to net Cash froj ratin &¢¢i%'itie8 Net movejnenis in ￿ndS (In¢ttase)Idecrease in debtors InCreaselldecre￿e} in credito Dividends, interest and rents from investments {Gains)￿OsseS on investments Net cash useil operating actiwldes 10,322 {2,289) (37.485) {124,567) 308,353 154,334 1,193,068 921 37,605 {99,055) 1544.079) 588.460 b). An#1 ,sls of cash and c8$h e ulvalents Cash in hand 1.176.946 817,991 Total cash and cash ¢quival¢nts 1.176,946 817,991 14 THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHAIUTABLE TRUST OPERATING AS MHSG BURSARY FUND Notes on and formin art of the Financial Statements for the 'ear ended 31st Jul 2022 i). Polieles The aCCOUDts (financial ststements) have been prepared under the hi%torical cost conveniion with items recogni*d al 5t or transaction value unless otherwise stated in the relevant Mote(s) to ihesc aceounts. The financtal staternents have been prepared it) accordance wtth the Statement of Recommended Pra¢tice.' Accouttting and R¢portin¥ by Charities preparing their a¢¢ounts in ac¢ordance with the Finan¢tal Reporting Standard applicable in the UK and Republic of Ircland (FRS 102) (eff￿tiv¢ l January 2019) and ihe Financial Reporting Standard appli¢abl¢ in the United Kingdom and Republi¢ of Ireland IFRS 102) and the Charities Act 2011. The Trust constittktes to be a public benefit entiry as defined by FRS 102. b) Goin Concer The T￿￿te¢S believe thai the Trnsi has adequate resources to continue operation for at least twelve months from the date of approval oc these financial statements and for the foreseeable future. The accounts arc therefore prepared on a goingi ¢oncern basis. The Trustees have also assessed the Current economic environmcnt. tsking into a￿Ount investment inLome, expenditure and wtential futUTe financial uncertainty. They have concluded the Tn￿t is well positioned, iu Ihe current ei)vironment. to continue as a BoinÉ concern. The Trnstces ¢oLsider that there are no malerial uncertainties about the Trust'5 ability io continue as a going concern. Fund Aceountin All of the TTUSt's funds. other than a pernianenl enth)wmenl of £5, are available for the Tru4tees to use at their dis¢Tetron. d) Don8dons and ik #eles Donation% and legacies are recognised a5 illCO]n¢ to the capital fund when received or earlier if, before ieceipt, there ]% suificient e￿dence to provide the necessary LeriainLy that the donation or lega¢y will be re¢eive41 and the value of the illcoming resources can be measured with sutyicieni reliability. Transfers from ihe S¢hwl are recognised in the year to whith they r¢lale. Donations for the purposes restricted by the wishes of the donor are taken 10 Restricted Fund5 where these wishes are legally binding ort the TNstees of ihe Charitable Trust. txcepi that any amounts r¢qukred to be reiained as capital in ac¢oTdance with Ihe donor'5 wishes are accounted for instead as Endowm¢nts- pern￿nent or expendabk Cording io the nature of ihe restriciion lttvestment Income Dividends are credited to the siateEnent of financial activities when thry are rtteivable. Interest Received Interest is cr¢dited to the statement ot financial activiti¢5 on an accrnals basis. 15 THE MANCHESTER HIGH SCHOOL FOR GIRLS GENEIL4L CHARITABLE TRUST OPEIL4TINC AS MHSG BURSARY FUND Notes on and formin art of the Financial Statements ar ended 31st Jul ' 2022 Allo¢atson of costs Whenever possible expenditure is allo¢ated to an activity CQ5t category. Where iiems of expenditure tontribute direLtly to rnore ttwi one activity cost, th¢y are apportaoned on a reasonable, justifMbl¢ and consistent basTS. Support tosts are also, wherever Ew)ssible, attributed to a single activity but where apportionmeni is required this is done on a reasonabl¢, jus¢ifiable and CODSiStenl basis. Governance costs Comprise the ¢osts of rnnning ihe TNSL including slralegic plaI￿]ng for its fvture development, extem&l audiL any legal adviee for the Trustees. and all the oosts of complying with eonstitutional and statutory ywuirements. such a5 th¢ ¢os¢s of Trnstee meetings and ofpreparffing Statutory accounts and sattsfying public accountsbility. h) Cash and c88h e ivAlents Cash and c&qh equivalents comprise cash on hand and call deposits. TaxatioD The charity is con8idered to pa&$ the tests set out it] Paragraph I Schcdule 6 of the Finance Act 2010 and therefore li meels the definition of a charitsble eompany for UK corporation kn PUTpo%es. Accorditigly. the charity is potentially exempt from taxation in r&weci of income or capital gains received within categories covered by Chapter 3 Part I I of the Corpordtion 'fax Act 2010 or Section 256 of the T&xation of Ch8rgeable Gains Aci 1992, to the exteni thai such in¢ome or gains are applied exclusively to chargeable PUFpose8. i) Fxxed Asset Investment5 Investments 4lTe a forni of basic fJt]ancial instrument and are initially re￿gnised at their transaction value and Subsequently measured at their fair value as at the baSan¢e sheet date wsing the clo8ing quoted mat4(et price. The 5talement of financial activities includeg the net gains and losse% arising on revaluation and disposa15 throu¥houl the year. The Ttust doe8 not acquire put optiorts, derivattves or other ￿MpleX financial instrnmenis. The main forni of finaT]¢ial risk faced by the charity is that of volatility in equity markets and investment Markets. due to wider eCO￿Orni¢ conditions, the attitsde of investors io inv￿lMen1 Tisk, and ehaog&% in seniimeni coneernin¥ equilies and within particular sectors or sub sectors. k) Realised iDS and losses All gal￿ts and losses taken 10 the Statement of Financial A¢tivilie8 as they arise. Realised gains and losse8 on invesimenls are calculated as th¢ difference between salc8 proceeds and their opening carrying value or their purchase value if a¢quir¢d subsequent to the fiT8t day of the fillancial year. Unrealised gains and losses are calcula*d &lS diff¢r¢n¢e between the fair value al the year end and their L*rrying value. Realiqed and unrealised inve51meni gains and losses are combined in the Statement of Fillan¢io1 A¢tivitie& 16 THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND Notes on and formln art of the Financial Statements for the ear ended 31st Jul 2). Fixed Asset Jnvestments 2022 2021 M2rkei vaIue ai Isi Augusi 2021 3.795,327 2,173,013 Additions Disposa18 at cost Unrealised (loss)Igain on revaluation 581.394 1661.448) 1308J53} 1,311,469 (233,234) 544,079 Market value at 31st July 2022 3.406.920 3.795,327 Cost at 3 1st Jul 2022 2,966,614 2,839,969 Inve.8tments at fair valuc comprise Fixed Income Bonds £104,278 {2021.. £128,150) Equxiies £2.747,83312021.- £3.314,155) Property £134.590 (2021.. £126.375) and Alternatives £420,21912021.. £226.647). Fixed &sset inv&thcnts are staled ai market value. The net movemenl fimds therefore includes an unr¢alised loss on revaluation of (£308,353) (2021. £544.079 gain}. This repreyents losses which have noi and may never be realised. No prnvision has been for any costs arising on diTosal. Investments are held and managed by Redmayne Bentley LLP in accordance with the investment asset allocation as instru¢t¢d by ihe Trnstees. This allocation is reviewed and a¥reed by the Trnsiees at their biannual committee meetings. All investments are carried at their fair value. Invesimeni in equiries and fixed int¢r¢&t securitie5 are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in Common inY¢stEnent fi￿d￿. unit ITUStb' and open-endtd inveslment companies are at the bid pric¢. The basis of fair value for quoted investm¢nls is equivalent to the fftaikel value. using the bid price. Asset sales and pur¢hay¢$ are recognised ai the dale of tiade ai cost Ithat is their transaclion value). The 8ignifi¢anc¢ of financial instruments to the Ollgoing fmancial sustainability ofthe Trnsl is consider¢d in the finaTJcial review and inv¢slm¢E]t policy and performance sections of th¢ Trus(ees' A Trnual Report. 3). Otb¢r Costs 2022 2021 Audit No Trustees receiv¢d any r¢munerdtion or expenses durin¥ the year. THE MANCHESTER HIGH SCHOOL FOR GIRLS GEIYERAL CHARITABLE TRUST OPERATING AS 17 MHSG BURSARY FUND Notes on and formin art of the Financial Statements for the lear ended 31st Jul 2022 continued 4). Reliteil Part . Tr8Dsaetions During the year under review the following tyansaciions took place between The m1￿Ches1er High School for Girls G¢neral Charitable Ttu%t and Manchester High School for Girls {RCN 1164323). which is a conTheeied chan'ty. Thc Trusi awarded £329,084 12020121 £470.039) by way of a I￿rSary grdnÈ during the year to Manchester l.ligh Schwl for A tral￿fer of £309,504 {2020121 £421,997), was received from the Manchester High School for Girls. Al the year end the Manchester High School for Girls owed the Tr￿st £33,970 12020121 The Trnst owed Manchester High School for Girls £37,605). 18