Registration No: 506823 THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPEIUTING AS MHSG BURSARY FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024
THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND ANNUAL REPORT AND ACCOUNTS 2024 REFERENCE AND ADMINISTRATIVE INFORMATION CHARITY TRUSTEES The charity Trustees have all served in office throughout the year except where indicated. Together with the past Trustees who served in the year as indicated, they are.. Mr C Saunders OBE, MA, FSI (Chaimian) Mr A Clarke FCA MrG N Elliott CBE, FCA Mr D Herman BA(Com), FCA Mr G C Burton B.Sc., C.Eng> F.l.Struct.E., F.C.S., F.Cons. E. Mr J Moran FCCA Ms Susannah Thompson (Appointed 0411212023) OFFICERS Director of Finance and Operations Mrs R Fairgrieve Clerk to the Trustees: Mrs S Sutton Registered Address: Grangethorpe Road Fallowfield MANCHESTER M14 6HS Registration Number: 506823
THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND ANNUAL REPORT AND ACCOUNTS 2024 REFERENCE AND ADMINISTRATIVE INFORMATION ADVISERS: Auditors: Crowe U.K. LLP 3 Floor St George's House 56 Peter Street Manchester M2 3NQ Solicitors: Addleshaw Goddard LLP 100 Barbirolli Square MANCHESTER M2 3AB Bankers.. Santander Bridle Road Bootle L30 4GB Investin¢nt Advis¢rs'. Redmayne Bentley LLP 3 Hardman Squar¢ Spinningfields Manchester M3 3EB
THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND TRUSTEES REPORT FOR THE YEAR ENDED 31ST AUGUST 2024 The Trustees present their annual report and financial statements of the charity for the year ended 3 1st Augsl 2024. Th¢ financial statement% have been prepared in accordance wilh the accounting policies set out in note I to the accounts and comply wilh the charity's trust deed, the Charities Act 2011 and Accounling and Reporting by Charities.. Stsiement of Recommended Practice applicable lo charilies preparing their accounls in accordance with the Financial Reporting Standard applicablc in thc iIK av]d Rcpublic of IrclaEtd (cffective l January 2019). The Manchester High School for Girls Generdl Charitable Trusl (the Trust) operates as MHSG Bursary Fund. STRUCTURE, COVERNANCE AND MANACEMENT Governing do¢ument The Charitable Trust, which was established by a Trust Deed ii) 1971 with a further supplement in 1987, is governed under a Charity Commission Scheme (number 506823) as an unincorporaled association in the name of The Manchester High School for Girls General Charitable Tru4t. The Trust now operates a5 MHSG Bursary Fund. Conne¢ted Charlty Manchester Htgh School for Gir15 is ¢105ely connected to the Trnst. The School transferred £214,183 (2023 - £260,655) of funds to the Trust. The Trust paid a bursary grant amounting lo £443,727 (2023 - £410,933) which the School awaTdcd as bur&aries during the year. The General Charitable Trust provides essential support to the advancement of educational work of the School by providing means tested bursaries to students who have perforn)ed well in the entrance cxaminations and intcrvicw for entry into Year 7 and GCSE results for Sixth Form. The work of the Trust is essential io achieving the School's objective of becoming increasingly socially divcrsc rcgardless of the financial means of parents and as the girls, school of choice across the North West. A sinall numbcr of part QT full fe¢ bursaric% are offeTed to pupils who can dcmonstrate thc need for financial support. Bursaries can be worth up to 100 per cent of fees- and in some cases 110 per cent if they cover trips, lunches. travel grant% and uniforni and some extra-culCu1ar activitie5. The School is aiming to award more Iransforniative bursaries at I l O %, designed to support those with the greatest financial need, ensuring they can truly benefit from a life-changing MHSG education. The School works hard to ensure bursary fundlng is awarded to those who will benefit most from an MHSG education. The application process for bursaries usually involves interviewing parents / guardians to ensure that vital bursary funding is awarded to those most suitable, with the greatest financial need as well as academic potential.
THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS IVIHSG BURSARY FUND TRUSTEES REPORT FOR THE YEAR ENDED 31ST AUGUST 2024 Re¢ruitment and Trainlllg of Trustees All Trustees are recruited by invitation, dependeT]t upon thelr expertise, experience and skills. The Truslees may appoint any number of additional trustees by a r¢solution of the Trustees recorded in the Trustees. minutes. New Trustees are inducted into the workings of the Trust, including policies and procedures, together with an appropriate training schedule depending upon their existing area of expertise. Organisatiollal Management and Decision Making The Trustees deternine the strategic direction and general policy of the Trnst. A Full Trustees meeting nomially takes place twice a year, covering operaiional, tactical and strategic issues. The day-to-day adminislralion of the Trust is provided by the School. Risk Management The Trustees have considered the major risks faced by the TNst and believe that the principal threat lo lis ability to a¢hieve its obje¢tives lies in its ability to rnaintain its revenues from its investments donations and legacies. In order to manage this risk, regular meetings are held with the investment advisor and the School Continues to seek to develop ils relationship wilh local organisations and fornier pupils to increase th¢ l¢vel of donations and legacies.
THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND TRUSTEES REPORT Cont'd FOR THE YEAR ENDED 31ST AUGUST 2024 ORFECTS, AIMS, OWECTIVES AND ACTIVITIES Charitable objects The Trust¢es shall pay or apply the entirety of the annual income of the Trust Fund lo or for l) Such charitable purposes connected with the School as the TNstees shall from time lo time in their absolute discretion determine or 2) Such other charitable purposes or such charitable foundatlOD.% (whether or not connecied with the School) as the Trustees shall in like manner deterniine. Charitable afim Th¢ aim of the Trust is to assist Manchester High Sch(rf)I for Girls ("the School") and where appropriate, any other charitsble foundations in fulfilling their charitable purposes. Objeetives for the year This year, the focus continued lo be lo build up and maintain adequaie funds in order to sustain the level of bursary support as previously provided to pupils al Manchester High School for Girls. The target each year is to provide a grant which will maintsin bursary support. The Trustees are actively seeking ways lo enhance the underlying Capital of the Trust so as to maximise the possibility of future awards. Sirategies to aehitve the year's objectives In order to achieve the objects and aims of the Trust we have retained the services of Redmayne Bentley LLP, who report to the Trustees on their perforniance at the two Trustees Meetings each year. During the Course of each year the total resources of the Trust are rompare41 to the projected cost of providing the bursaries over a full seven-year period, in order to ensure that there are adequate r&sourees to provide the grants for the new pupils each year. Public benefit In line with the charitable objectives of the Trust a bursary grant was awarded to Manchesler High School for Girls (Charity number 1164323) which is a connected charity. Those funds have been ring-fenced in the School and allocated on a means tested basis lo provlde bursaries to high ability girls from low income families. Principal activities of the year In order to achieve this year's objectives: the Trustees have continued io support and assist the School in its endeavour to provide bursaries to pupils with high ability from low income families, on a means tested basis. The Trustees have also reviewed the financial resources available to ensure, as much as is possible, that th¢ School can fulfil its financial commitments in Telation to buFwies.
THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHAIUTABLE TRUST OPERATING AS MHSG BURSARY FUND TRUSTEES REPORT Cont'd FOR THE YEAR ENDED 31ST AUGUST 2024 Crant making policy The Truslees, after considcration uf the financial State of affairs of the fund and requests for support for pupils in the Senior School prepared by thc Head Mistress, Tnake an annual graT]t to Manchesler High School for Gills for the provision of bursaries. rhe application of the grant towards thc individual bursaric% is dctcrmined by ihe Head Mistress on the basis of educatiOT)al ability and financial need. Any restrictions irnposed by the original donor of the funds are reLogniscd. REVIEW OF ACHIEVEMbl*TS AND PERFORMANCE FOR THE PERtOD OperAtional performance The grant provided to the School this year lo fund school bursaries was a grant amoun¢ing to £443,727 (2023 £410,933). It was used by the School, together with its own resources, lo award bursary assistance to 63 pupils across the SGhool. The 150th Birthday: Empoivering lil'es one glrl at a time As the School celebrates its 150th anniversary An 2024 as the first academic girls. school in the North of England, a key objeclivc of our celebrations is to increase fundraising for rneans tested Iransfomalive bursaries, aiming to Taise £750,000. This key objective reflects the vision of the S¢hool.. lo deliver a pioneering. innovative and dynamic learning experience within a Cornpassionate and aring environment for a diverse Community Tegardless of financial means where the wellbeing and happiness of every individual and the fulfilment of their potential are our priority. As the school of choice for girls in the North-west, our pupils- like those who have attended the school before them - will go on to be global cit12ens and courageous motivators of change. The three scrategic objectives within the strategic plal) are- To deliver a pion¢¢ring, innovative and dynamic learning experience To support a pioneering approach to the wellbeing and happiT]Lss of every individual student To be a school that embrdces its pioneering history aiid pioneering future The School is striving to increase the understanding of the value of social diversity aT]d increasingly celebrate the life-changing difference bursaries make to the lives of our studei)ts and their families. Increasing the visibility of the success of alumnae who have bellcfited from bursaries or assisted pla¢¢s provides crilical reminders of the truly transfonnalive effect of bursary funding. This is even more important given the addition of VAT onto school fees which could resuli in a lack of social diversity wiihin the School. The Development Team updated its fundraising collateral with three brochures focusing on different carnpaigns. The two pertaining lo Ihe Bursary" Fund ttre regarding legacy donations ('Investing in the Women of the Future,) and regular givinglg¢n¢ral bursary donations ('Investing in our Community'}. 'fhese documents feature tcslimonies from former bursary recipicnts. as well as slatemenls from somc of our legators, giving thc reasons why they have chosen to leave a gift to MHSG in their wills. Wc havc also held a vast number of events this ycar lo bolster engagement with parcnls. alumnae and other stakeholders and have taken the opportunity to cncourage giving wherever possible. Focused fundrdising events Included: 150th Anniversary Founders Day Fundraising Launch - 19th January 2024 MHSG Ramadan lftari - 14th March 2024-targcted al raising interest for capital pmjects MHSG Birthday Ball - 29th June 2024 Key aetivities under way: We are continuing to ulilise bursary l assisted funding students who Can help tell the story of the value of Iransfomative bursaries. We have now amassed a pool of alumnae ambassadors who arc willing lo support our bursary messages. These alumnae are critical in telling the story in video, written word and visually. They play an important role in key events as well as within regular communications and collateral.
THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND TRUSTEES REPORT Cont'd FOR THE YEARENDED 31SI AUGUST 2024 We created a 150th Fundraising Leadership Board by identifying a number of key individuals from acTOSS our alumnae, current and former parents, governors and supporters of the School. This group has helped us access high net WOTth individuals and parents with the ability and willingnes5 to support the School. Wc arc working to increasc bursary funding from current studcnts and parents. Parents donaling their child's fiill deposit upon leaving school at the cnd of Sixth Forni havc their child's name featured on a "Class of 2024" donor wall within the Sixth Forni Centre. The creation of a pareni led subgroup of Ihe 150th Birthday Fundrai8ing Lc(Idership Board was critical to the success of the Birthday B211 held in June 2024 lind has enablcd parents to become more engaged with the School's vision. Howcvcr, this has been affectcd by the backdrop of the changing political landscape and cconomic pressures on famAIAes, meaning families have Icss to donate. We continue to increa4t the visibility of our buTsary provision, showcasing the success of our bursary studen18 with alumna4 studeT]ts and parent. During our Founders, Evcning ld at our Birthday Ball, our younger bursary recipient5 spokc incredibly confidently about the impact of bursary funding on their lives. The Head Girl for 2023124 was open about being a bursary student during sixth forni and supported the Developrnent TeaTn with video conlenL print and digital media. Like all bursary students, the funding Natalie and her family benefitted from has been transfonnational: "It s constL7ntly L71 ihe b¢7ck (pfmy mind ihinking aboiii hijw liic'ky l £7m to have this opporliip7ilv'. So gDingfonvardl will continiie wvrling hard aiidpursiiing ivhuleiyer I to be ipi thefviure...Jt's ilie gifr ofbeing empoivep'¥d, Ihe gift of11lg Ihe courage and coiifidepice tOpue anv1hig that vou wanl. This is the ft ofa Manchesler High educalion. which has alyeadv done so much, and opeiied Jo ipiany doorsfor me. We continue to identify potential new legators. Now that new fundraising collateral h&s been produced, we continue to use this to encourage further lega¢y gifts as these present the single biggest source of fundraising income for the School. We have already recruited new members to the Ivy Leaf Society and will continue this work into the remainder of 2024 and 2025, building on the considerable engagement with alumnae and parenls undertaken during 2024. Fundralslng performan¢e The Trust's fundraising is entirely promoted by the School with the aim of ensuring that funding from donations and sponsorship is maximised. A proportion of funds raised for bursaries by the School are included within the accuunls of The Manchester High School for Gtrls Charitable Trust. Investment performAnce against obJeetives Thc perfonnance objcctive for the fund is to oulperfom. over Ihe long-tcrn]. on the investment composite benchmark which has been agreed with lh¢ Investment Manager. The perfoTm<tnce ot the fund is monitored qudrterly against the bcnchmark. Any major variations discussed by the Dircctor of Finance and Operations and Investment Advisci. FINANCIAL REVIEW AND RESULTS FOR THE PEIUOD The increase in funds thi5 year amounts to £401.639 (2023- decrease of £74,173). Total funds increased to £4,971,999 from £4,570.360. Reserves policy Tlle Trustees seek to maintain undesignated and unreslricled funds, which aTe the free reserves of Ihc TTU4t and effectively include its entire funds, at a l¢vel that is adequate to fund the grants made to pupils throughout their expected attendance at school. The Trustees Currently feel that reserves to underpin an average disbursement of £400,000 for 7 years, i.e. £2.8M, would be sufficient. The total funds shown in the balance sheet are adequate to cnable the Trust to continue to provide grant support to the School ai the targeted level.
THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND TRUSTEES REPORT Cont'd FOR THE AR ENDED 31ST AUGUST 2024 Principal funding sources Tl)e 'l'rust's principal funding source is from a transfer of funds from Manchester High School for Girls. donalion5, legacies and investment income. Tlle transfer from the School is to augment the Trust's resources in order for them to pay for bursaries for pupils of the Sch ool. The majoTity of expenditurtt of the TTUSt during the year wa% thc payment of a bursary grant to the School- this expenditure is in excess of the income generatcd from the principal income sources and directly supports the key objcctives of the Trust. Investment policy and objectives The Trnstees seek to en%ure that the funds of ihe TTUSt are invested in mcdium and high-risk equilie8 in order lo protect the long term 'real' value of its assets. The investment managers are engaged on a discretionary basis which means that investmcnt decisions are Jnadc using tlieir judgernenl. Their approach will involve purchasing a variety of securities in the market as long as they fall in line with the Trust's medium to high risk profile, financial and ethlcal aims. The Trns¢ees would therefore expect an average 50/0 Return on Investment over a rolling 5-y¢ar period. Above all, the Trustees are committed to an investment policy which .4eeks to maximise 'overall retum. _ being the combined return from income and capital growth, subject to the required level of income being generdted. Publie Benefit and Future Plans The Trustees consider the funds available each year that can be made available to provide bursary grants. They are advised by the Trust's Investment Managers in relation lo the investments held. They atsscss the level of funds now and those expected in the nexl few years lo see how sustainable they are against expected grants. The current expectation ig that this Trust will continue to make modest bUTrry grants for the foreseeable future. The level of bursary grants will of course continue to be considered each year. The Trustees continue to consider the public benefil requirement in light of the guidance issued by the Charity Cornmission and in the commitment of Manchester High School for Girls lo its provision of public benefit. The Tru5fees are in regular contact with Manchester High School for Girls in relation to the public baiefit requirement and the criteria for detemiining the award of bursaries. ACCOUNTING AND REPORTING RESPONSIBILITIES The Trustees are responsible for preparing a Irustees, annual report and financial statements in accordance with applicable law and United Ktngdom Accounting Standards (United Kingdom Generdlly Accepted Accounting Practice). The law applicable to charities in England and Wales requir the Trnst Trustees to prcpare financial statements for each year which givc a true and lair vicw of the state of affairs of the Trust and of the incoming resources and application of resources, of the Trust for that period. In prcparing the financial statements, the Trustees are Icquircd to.. select suitablc accounting policies and apply them consistently. observe the methods and principl in the applicablc Charities Ststement Of RecoTnmended Practice ("SORP"),' make judgements and estirnates thal are reasonable and prudcT]t; state whether applicable accounting standards have been followcd, subject to any material departures that musl be disclosed and explained in the financial statements. prepare the financial statements on the going concem basis unless it is inappropriate lo assume thal the irusl will continue in operation.
ST The Trustees are responsible for ke¢ping proper accounting records which are such as to disclose, with reasonable accuracy, the financial position of the Trust at any time, and to enable them as Trustees to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulatlons, and the provisions of the Trust Deed. The Trustees are also responsible for safeguarding the TTU5t's &ssets. and hence for taking reasonable steps for the prevention and det¢¢tion of fraud and other irregularlties. The TnteeS are responsible for the maintenance and integrity of the ¢barity and financial inforniation included on the ¢lwity's website in accordance with legislation in the United Kingdo governing the preparation and disseminp4tion of financial statements. The financial statements contained on pages 13 to 19 have been approved by the TTUStees of TILe Manchester High School for Girls General Clwitabl¢ Trust on 30th lattuary 2025 and signed on their b¢balf by.. Trustees: Christopher Saunders OBE, MA, FSI (Chairnian) Alan C arke FCA
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHAIUTABLE TRUST OPERATING AS MHSG BURSARY FUND FOR THE YEAR ENDED 31ST AUGUST 2024 Opinion We have audited the financial statements of The Manchester High School for Girls General Charitable Trust operating as MHSG Bursary Fund ('the charity,) for the year ended 31 August 2024 which comprise the Slatement of Financial Aclivilies, the Balance Sheet, the Cash Flow Statement and notes to the financial slatemenls, 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 R¢porting Standard 102 The Financial Reporting Siandard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In OUT opinion the financial statements.. give a Inie and fair view of the state of the charity's affairs as at J l August 2024 and of its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Charities Act 201 I. Basis for oplnion We conducted our audit in ac¢ordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in tlie Audilor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial 51at¢ments in the UK. includii)g the FRC'S Ethical Siandard, and ive have fulfilled our other ethiral responsibilities in accordance with these requirements. We beli¢ve that the audil evidence we have obtained is .quffi¢ienl and appropriate to provide a basis for our opinion. ConclusioDS relating to going concern In auditing the financial statemeJ)ts. we have concluded that the Trustee's use of the going wncem basis of accounting in the preparation of the financial Statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve IOnthS 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 Televant S¢¢tions of this report. Other information The Trnstees are responsible for the other inforniation contained wiihin the annual report. The other information comprises the inforn]ation included in the annual report, other than the financial statenients and our auditor's report thereon. Oiir opinion on the financial statements does not cover the other information and, except to tl)e extent othenvise explicitly slated in our report, we do not express any fom of assurance conclusion thereon. Our responsibility is to read the other infonnation and, in doing so. consider whether the other inforniation is rnaterially 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 deterniine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfornied, we conclude that ihere is a material misstatement of this other inforrnation. we are required to report that fact. W¢ have nothing lo report in this regard. io
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE MAIYCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND FOR THE YEAR ENDED 31SiT AUGUST 2024 Matters on which we are required to report by exception We have nothing to report in Tespect of the following matleTS in relation to which the Charities (Accounts and Reports) Regulation5 2008 requires us lo report to you if, in our opinion: the infonnation given in the financial 5tatemenls is inconsistent in any matcrial respect with the Trustees. Teport. or sutyicient and propcr accounting record% have nol been kept by the charity- OT the financial statements arc not in agreement with the accounting records and return8,' or wc have not received all the infonnation and explanatian% wc require for our audit. Responsibilities of Trustees A5 explained more fully in the Trustees, responsibilities statcrnenl set out on pagc 8 . the Trustees are responsible for thc prcpardtion of the financi31 statements and for being satisfied that ihcy give a lrne and fair view, and for Such internal control as thc Trustces detennine is nec¢ssary to enabl¢ the preparation of financial statements that are free from material misstatemenl, whelher due to fraud or error. In preparing the financial slatemenls, the Trustees arc responsible for assessing the charity's ability to continue as a going COTJcern, dtsclosing, as applicable, matters related to going ¢oncern and using the going concern b&sis of accounting unless the Trustees either inlend to liquidat¢ the charity or to cease operations. or have no rea]isti¢ alternative but to do so. Auditor's respothsibilities for the audit of the fJDancithl stltemenls We have been appointed as auditor under section 151 of the Charities Act 2011 and rqjort in accordance with the Acts and relevant regulatTons made or having effect thereundeT. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemenL 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 mal¢rial misstatement when it exists. Misslatemenls 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 statemenls. Details of the extent lo which the audit was considered capable of delccling irregularities, including fraud and non-compliance with laws and regulations are set out below. A further description of our responsibilitie5 for the audit of the financial statements is located on the Financial Reporting Council's website al- wivw.(rc.oi"¢, .ukldiidili)Isre$ 01)sibilitlL%. Tliis descriplion forms part of our auditor's report. Extent to which tbe audit Ivas considered capable of detecting irregularities, including frxud Irregularitic&. including fraud, are instances of non-complianc¢ with laws and regulations. We identified and assessed the risks of material misstatement of Ihc financial statements froTn irregularities whether due to fraud or error, and discussed thc5c between our audit team mcrnbers. We thcn dcsigned and performed audit procedures responsive to tho&c risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an undcr5tanding of the legal and regulatory frameworks within which the charity operatcs. focusing on those laws and regulations that have a diiecl effect on the detennination of rnalerial amounts and disclosures in th¢ financial statements. Thc laws and regulations we considered in this contcxt were the CharitTre% Act 2011 together witli Ihe Charitics SORP @RS 102). We absegsed th¢ required compliance wilh these laws and Tegulalions as part of our audit procedur¢s on the relat¢d financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial 51alem¢nls but compliance with which might be fundamental to the charity's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Charity for fraud. The laws and regulations we considered in this context for the UK operations were the Charities Act Regulations li
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHAIUTABLE TRUST OPERATING AS MHSG BURSARY FUND FOR THE YEAR ENDED 31ST AUGUST 2024 Auditing standards lirnit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other managernent and inspection of regulalory and legal ¢orr¢spondence, if any. We identified the greatest risk of material impact on the financial staiemenls from irregularities, including fraud, lo be within the timing of recognition of voluntary income and the override of controls by management. Our audit pro¢edures lo respond to these risks tncluded ¢nquirie5 of management about their identification and assessment of the risks of irregularities, sampl¢ testing on the posIAng of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, reading minutes of meetings of those ctrLarged with governance and sample testing of income. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some malertal misstatements in the financial statements, even though we have properly planned and perfomied our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations {irregularilies) is from the events and transaclions reflected in the financial statements, the less likely Ihe inherently limited procedures required by auditing standards would identify it. In addition, a5 With any audit, there remained a higher risk of non-detection of irregulariti¢5. &$ these may involve collusion, forgery, inlentional omissions, misrepresentations, or the ovcrride of internal controls. We are not responsible for preventing non-compliance and cannoi be expect¢d to detect non-compliance with all laws and regLElations. Use of our report This report is made solely to the charity's Trustees, as a body, in a¢¢ordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might st8le to the charity's Tru5te¢s those matters we are required to state to them in an auditor's report and for no other pun)ose. To the fullest extent permitted by law. we do not a¢¢ept or assume responsibility to anyone otlier than the charity and the charity's Trustees as a body. for our audit work, for thi5 report. or for the optnions we have fomed. rtUKuF Crowe U.IL LLP Siatulory Auditor St Georges, House Peter Street Manchester M2 3NQ Dale 16th April 2025 12
THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPEIL4TING AS MHSG BURSARY FUND Statement of Financial Activities for the ear ended 3Jst Au st 2024 Unrestricted Restrict 31Au 2024 31Au 2023 Note5 Capital Fund Endowment Fund Total Total Income and endowments from: Donations and legacies Charitable activities: Transfer from th¢ school Investment income Totydl 220,974 220,974 168,684 214,183 134,492 S69,649 214,183 134,492 569,649 260,655 131.127 560,466 nditure on: Charitable activities.. Bursary grants awarded 443,727 443,727 410,933 Raising funds: Brokers fees & bank charges Other costs Total 26.767 5,570 476 064 26,767 5,570 476,1164 33.916 4,110 448,959 Net income and net movement in funds before gains and losse5 on investments 93,585 93,585 111,507 Net (lossesvgains on investments: Net movements in fund5 308,054 401,639 308.054 185 6801 74 173) Reconciliations of Funds Total funds brought fonvard 4.570.355 4,570,360 4,644,533 Total funds c4rried fo8rd 4,971,994 4,97J,999 4,570J60 The notes pages 16 10 19 forn] part of these financial ststements. 13
THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND Balance Sheet as at 31st Au st 2024 Note5 31Au st 2024 31 Au ust 2023 Fixed Assets Investments 3,665,899 3,416,146 Current Assets AccTu¢d income Cash at bank and in hand Totwl current assets 6,397 1,245.632 1,252,029 1,599,254 1.599,254 Creditors: Amounts falling due within one year Accruals & deferred income Manchester High School for Girls 8,398 284.756 293.154 3,750 94,065 Net current assets 1.306.100 1,154,214 Net Assets 4,971,999 4,570,360 The funds of the Chari Unrestricted capital fund Endowment Fund Total charity fimds 4,971.994 4,570,355 4,971.999 4,570,360 Approved on behalf of the Trnstees on 30th January 2025 Trustees C]]ristopher Saunders OBE, MA, FSI (chairn) Alan ClaTke FCA The not¢s on pages 16 to 19 forni part of these financial statements. 14
THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND CAshflow Statement For the vear ended 31$t Au st 2024 tes 31Au ust 2024 31All ust 2023 Cash flows used in operating activities Net casliprovided by operating activili (a} 160.830 132,465 Cash flows from investiug activities: Dividends. interest and rents from investments Proceeds from sale of investments Cost of purchasing investments 134,492 907,830 (849,530) 131.127 1.553,720 (1,748,626) Net cashprovided by invethng detivilies 192,792 (63,779) Change in cash and Cash equivalents in the reporting period 353,622 68.686 C4sh and cash equivalents at the beginning of the reporting period 1.245,632 ,176,946 Cash and cash equivalents at the end of the reporting period I,599,254 1,245,632 Notes on the Clshflow Statement . ReconciliatioTh of net movement in funds to net cash from o era¢in aclivitfies Net movements in funds (Increaseydecrease in debiors Increase/(de¢rease) in creditOTS Dividends, interest and rents from investments (Gains)Aosses on investments Net cash Used in operating activities 401,639 9,796 191,941 (134,492) (308,054) 160,830 {74,173) 57,510 94,575 (131,127) 185,680 132,465 b). Anal 'sis of cash and ¢&sh e UiVV41ents Cash in hand 1,599,254 1,245,632 Total cash and casb equivalents 1,599,254 1,245,632 15
THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND Lyotes on and formin rt of the Financial Statements for the vear ended 31st Au st 2024 i). Accountin Policies The a¢¢ounls (financial statemenls) have be¢n prepared under the historical cost convention with iiems recognised at C05t or transaction value unless Oth¢rwise slated in the relevant note(s) to these accounts. The finan¢ial slalements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Rcpublic of Ireland (FRS 102) (effective l January 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The Trust constitutes to be a public benefit entity as defined by FRS 102. These financial statements have been prepared for a 12 month period ending 31 August 2024 with the comparative period being prepared for a 13 month period ending 31 August 2023. b) Goin Coneern The Trustees believe that the Trust has adequate resources to continue operation for at le&st twelve months from the dale of approval of these financial gtalements and for the foreseeable future. The accounts are therefore prepared on a going concern basis. The TTUStees have also assessed the current economic enviTonment, taking into account investment income, expenditure and poiential future financial uncertainty. They have concluded the Trust is well positioned, in the current environment, to continue as a going concern. The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going ¢oncern. Fund Accountin All of the Tru.sl's funds, other than a pennanent dOWment of £5, are available for ihe Trustees to use at their discretion. DoDAtlons and Le ¢ie$ Donations and legacies are recognised a5 ID¢orne to Éhe capital fund when re¢eived or earlier if, before receipt, there As sufficient evidence to provide the necessary certainty that the donation or legacy will be received and the value of the incoming resources can be measured with Su]cIent reliability. Transfers from the School are recognised in the 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 Truslees of the C.harAtable Trust, ex¢epl that any amounts required to be retained as capital in accordance with the donLTrT's wishes are accounted for instead as Endowrnent5- pennanent or expendable a¢cordin8 to the nature of the restriction. Ini'¢$tment Income Dividends are credited to the statemenl of financial activities when they are re¢eivable. Interest Received Interest is credited to the statement of financial activities on an accruals basis. 16
THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPEIL4TING AS MHSG BURSARY FUND Notes on and formin art of the Financial Statements for the Trear ended 31st Au ust 2024 continued g) Allocation of eosts 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, justifiabl< 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 cost% coJnprise the costs of Tllnning the Trusl, including strategic planning for its future developmenl, external audit, any legal advice for the Trustees, and all thc Losts of complying with con%titutional and statutory requirements, such as the costs of Trustee meeting5 and of PTcparing statutory accounts and satisfying public accountability- h) Cash and cash e uivalents Cash and cash ¢quivalents comprise cash on hand and call deposils. Taxation Th¢ charity is considered to pass the tests sct out in Paragraph I Schedule 6 of the Finance Act 2010 and therefoTe il Ineets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or ¢apital gains received within ¢ategorAes covered by Chapter 3 Part I I of the Corporation Tax Act 2010 or Seclion 256 of the Taxation of Chargeable Gains Act 1992, to the extent that su¢h income or gains are applied exclusively to chargeable purposes. i) Flxed Asset Investments Investments aTe a fonn of basic fJnan¢ial instrument and are initially recognised at their trnnsaction value and subSeqentlY measured at their fair valuc as al the balance shcct date using ihe closing quoted market Price. Thc statement of financial activities includcs thc J]et gatns and losses arising on revaluation and disposals throughout thc year. The Trust docs nol acquire pul Options. deTivative4 or other complex financial in%rtTuTncnts. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to inveslmcnt risk. and changes in scntiJnent concerning equities alld within particular sectors or sub sectors. k) Realised ain$ and losses All gains and losses are taken to the Statemenl of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are cal¢ula¢¢d as the difference between the fair value at the year end and iheir carrying value. Realised and unrealised investment gains and losses are combined in Ihe Statement of Ftnancial Activities. 17
THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND Iyotes on and formin art of the Financial Statements for the ear ended 31st Au st 2024 2). Fixed Assets Investments 31 Au ust 2024 31 Au ust 2023 Market value at 1st September 2023 3,416,146 3,406,920 Additions 849,530 1,748,626 Proceeds from sale of investments Unrealised (lossygain on revaluation (907.831) 308.054 (1.553.720) (185,680) Markcl valuc at 3 1.st August 2024 3,665,899 3,416,146 Cost al 3 1st Au ust 2024 3,225.386 3.301,498 Investments at fair value coinprise Fixed IncoTne Bonds £968,747 (Period ended 31 August 2023.. £1,014,677) Equities £2,333,724 (Period ended 31 August 2023.. £1,928,435) Property £118.023 (Period ended 31 August 2023: £161,495) and Alternatives £245,405 (Period ended 31 August 2023: £311,539). Fixed assets investmenls are stated at markd value. The net movement in funds therefore includes an unrealised gain/(loss) on revaluation of £308,054 (2023.. (£185,680)). This represents gainsl(losses) which have not and may never be realised. No provision has been made for any costs arising on disposal. Inveslmenis are held and managed by Redmayne Bent]ey LLP in accordance with the investment asset allocation as instThcted by the Tru¥tees. This allocation is reviewed and agreed by the Trusttts al their biannual committee meetings. All investments are carried at their fair value. Investment in equiti&s and fixcd iT)tcrcst sccurities are all tradcd in quotcd public markets, PTimaTily thc London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investinent companie5 are at thc bid price. The basis of fair value for quoted investments is equivalenl to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value). Th¢.]gnifICance of financial instruments to the ongoing financial sustainability of the Trnst is considered in the financial review and investment policy and perforniance section5 of the TTUStees' Annval Rcport. 3). Other Costs 31Au 31 2024 2023 Audit No TnL5tees received any remuneration or expenses during the period. 18
THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND Notes on and formin art of the Financial Statements for the Trear ended 31st Au ust 2024 continued 4). Related Partv Transactions During the year under review the following transactions took place bclween The Manchester High School for Girls General Charitable Trust and Manchester I.Iigh School for Girls (RCN 1164323), which is a connected charity. The Trnst awarded £443,727 (Period ended 31 August 2023: £4IO,933) by way of a bursary grant during the period to Manchester High School for Girls. A iransfer of £214.183 (Period cndcd 31 August 202.1= £260,655). was received from the Manchester High School for Girls. At the year end the Trust owed Manchester High School for Girls £284,756 (Period ended 31 Augusi 2023: £94.065). 19