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-cu￿lCu1ar 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 l￿d 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 of11￿l￿g Ihe courage and coiifidepice tOpu￿￿e anv1hi￿g 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