2025-08-31-accounts - The Manchester High School For Girls General Charitable Trust

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Registration No.. 506823 THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND FINANCIAL STATEMFIYTS FOR THE YEAR ENDED 31ST AUGUST 2025

THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATINC AS MHSG BURSARY FUND ALYNUAL REPORT AND Accouwfs 2025 REFERENCE AND ADMINISTRATIVE INF RMATION CHARITY TRUSTEES The charity Trustces hav¢ all served in office thUghOut the year ex¢epl where indicated. Tts8ether with ihe past TnJ$tees who served in the year as indi¢aied, they are.. Mr C Saunders OBE, MA, FSI (Chaimianl Mr A Clarke l.'CA Mr Ci N F.Iliott CBE, FCA (Retired 0910612025) Mr D Hemian BA(Com). FCA (Reiir¢d 0910612025) Mr G C Bunon B.Sc., C.Eng. F.l.Struct.E., F.C.S., F.Cons. E. Mr J Moran FCCA Dr Robert Harper (Appointed 18109120251 Ms Susannah Thompson Ms Elena Zelenktsva {ApJx)inted 1910112026) OFFICERS Director of Finance and Operaiions Mrs R Fairgrieve Clerk io the Truste¢s'. Mrs S Sutton R¢gist¢r¢d Address: Grdngethorpe Road Fallowfield MANC14ESTER M14 6HS Registration Number. 506823

THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND NNUAL REPORT REFERENC AND AD INI ND ACCOUNTS 2025 TRATIVE INFORMATION ADVISERS: Auditors: Crowe U.K. LLP St George's House 56 Peter Str¢¢i Manch¢ster M2 3NQ Solicitors.. Addleshaw Goddard LLP (he St P¢ter's Square Manchester M2 3DE Bankers.. Santand¢r Bridlr Road Bootle L30 4GB Investment Advisers.. Rcdmayne Beniley LLP 3 Hardman Square Spinnin8fields Manchester M3 3EB Invcstment Advisers.. CCLA Investment Management OD¢ Angel Lane London EC4R 3AB

THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATJNG AS MHSG BURSARY FUND TRUSTF.ES REPORT FOR THE YEAR ENDED 31ST AUGUST 2025 The Trnstees present thcir annual report and financial siaiements of the charity for the 12-month period eDd¢d 3 1st August 2025. Th¢ financial 5tatemenis have been prepared in a¢cordance wilh the a¢¢ouniin8 policies set out in note I to the aecounts and comply wilh the ¢harity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Pra¢tic¢ applicable to charities pr¢paring their accounts in a¢wrdantt with th¢ Financial Rcporting Siandard applicable in the UK and Republi¢ of Ireland {¢ffe¢tive 1° Jjnuary 2019). The Manchester High School for Girls General Chariiabl¢ Trust (the Trust) operntes as Ml.ISG Bursary Fund. STRUCTURE, GOVERNANCE AND MAIYAGEMENT Governing document The Charitable Trust, which was established by a Trust D¢ed in 1971 with a further supplement in 1987, is governed under a Charity Comrnission Scheme Inurnber 506823) Is an unincorporated association in thc name of The Manchester High S¢h¢y)I for Oirls Generdl Charitable Trust. The Trust now op¢rdte5 as MHSG Bursary Fund. Connected Chlrlty Manchesler High Sch()Dl for Girl% 15 closely ¢onn¢rted to the Trusi. The S¢hool tfdll5ferred £193,935 {2024 - £214,183) of funds to the Trust. The TTUSt paid a bursary grant amounting to £480.89] {2024 - £443.7271 which ihe School awarded as bursaries during the year. Thc Get)eral Charitable Tn]5t provides essential support to the advuncement ofeducatiollal work of the S¢ho(Trl by providing mean5 iesl¢d bursarie5 to gtudents who have perfornicd well in the enirance ¢xaminations and inierview for entry into Year 7 and GCSE results for Sixth Form. The work of thc-frust is essential to achieving the S¢h(K>l's objective of becoming increasingly socially diverse reggrdl¢ss of the firtan¢ial means of parcDt5 and as tht 8ir15' school of choi¢¢ across the Nortb West. A small oumber of part or full fec bursaries are offer¢d to pupils who can demonstrate the need for financia] support. BuTsari¢s ean worth up to 100 per ¢ent of f¢e5- and in some cases 110 per ceni if they cover trips, lunches, iravel grants and uniform and some exira-¢urri¢ular activities, The School 15 aiTning Lo award more tranSfonat1ve bursaries at I IOQ/ffj designed to support those wilh ihe greatest financial need. ¢nsurin8 they can trnly b¢nefJi from a life-¢hanging MHSG edu¢*ion. The School work5 hard to ensure bursary funding is awarded trj ihose who will benefit most from an MHSG education. The appli¢ation proce55 for bursaries usuAII)' involves inteiewIlg parents I guardians to ensure ihai vital bursary funding is awarded 10 Ihose most suilable. wth the greFdte51 financial n¢¢d as well &5 academic pot¢ntial. RetruitmeTh¢ and Trn]Mi% of Try$tee5 All Trustee5 are r¢cruited by invitation, dependent upon iheir expertise, ¢xperience and skills. The Trustees may appoint any number of additional irustee5 by a resolution of the Trustees re¢orded in the Tru5tces' miniiics. New Tru$tee5 are inducted into thc workings of the Tn]s¢ including wli¢ies and procedures. together with an appropriate training SGhedule depending upon their existing area of expertise. OrgaNtsatlonal Man8geettt De¢ision MoklThg Th¢ Trustees deterniine the strategic dir¢¢titsn and general policy of th¢ Tn]st. A Full Trusiees meeting nonallY take$ pla¢e iwic¢ a year, ¢overing operational, tactical and strategic issues. The day-ttrday administrdtioll of the Trust is provided by the School.

THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND TRUSTEES REPORT Cont'd FOR THE YEAR ENDED 31ST AUCUST 2025 Risk Management The Truste¢s have considered the major risks faced by the Tnjsi and believe that the principal threat to its ability to achieve ils objectives lies in its abilily to mainiain its revenues from its investsnent5. donaiions and legacies. In order io manage this risk, regul&T mcctin¥s are held with th¢ investment advisor and the School c<)ntinues to %¢k to develop ils r¢lationship with local or¥anis&iions and fom]¢r pupils increase the l¢v¢l of donations and legA¢ieS. OWEcfs, AIMS OWEcfivES AND AcfiviTIES Charitab]e objeets The TTUSttts $hall pay or apply the entirety of the annual income of the Trust Fund io or for l) Such chariLible PUTpose5 connected with the S£h(K)l as the TTUStets shall from time to time in their absolute discretion dctem)ine or 2) Such other charitabl¢ purp)ses or such charithble foundations {whether or not connected with thc School) as The Trustees shall in likc tnaTJner detemjine. Charitable aim The aim ol-the T$1 Ès 19 45S15t Manchester Higl) School for Girls ('Yhe Schotsl") and where appropriate, any other charitsble foundations in fi]Ifillithg theircharltable purposes. Objtttive5 for tht year This yfdr, tlje focu5 continud to be to build up and maintain adwuate funds it) order to susiain the level of bursary sup]KJrt as previously provided to pupils at Mallrhester High 5¢hool for Girls. The target each year is to provide a grant which will maintain bursary support. The Trustee5 are aciively s¢ekin8 ways to cnhance the ut)d¢rlying capital of the Trust so as to maximise the possibility of future awards. Str•ttgies to achieve the ye8r'$ objertives In OTd¢r to achieve th¢ obje¢ts and g4ims of th¢ ThJ$t we have relained Ihe services of CC.LA Investmcnt Management moving from Redmayne B¢ntl¢y LLP in the year. CCLA report to lh¢ Tn]stees on their performance at the Iwo Tn]st¢es Meetings each ycar. During the course ofeach y¢ar the total rcsources of the Trust are compar¢d io the projccttd cost of pwviding the bursaries over a full seven- year pcriod, in order to ensure that thcre are adequate resou¢$ to provide the grants for the new pupils ¢a¢h yw. Public b¢n¢fi¢ ID line with the charitable objectives of the Trnst a bursary grant WAS awarded to Man¢h¢ster High School for Girls {Charity number 1164323} which is a connected charity. Those funds have been ring-fenced it) ih¢ School and allocated on a The&ns tesied basis lo provide bursari io high ability ¥ir15 from low InMe families. Printip*l &ctivities of the year In order to achicve this year's obje¢tivcs, the TnJst¢es have continued to suprth and a5SlSt the School in its endeavour io provide bursaries to pupils with hTgh ability from low income families, a means t¢sied b&sis. The Trustees have albo ieviewed the financial resources availabl¢ to ensure. &4 much as is possible. that the Sch1 can fulfjl its fjnancial comjnitments in relation to buF5aries. Gr4nt making policy The Trustees. after Consideration of the financial stale of affairs of th¢ fund and requests for support for pupils tn the Senior Sch1 prepared by the Head Mistress, make an annual lo Manchester High School for Girls for the provision of bursaries. The applicaiion of the grant towards the individual bur5arie5 is delemhined by the 14ead Mistress on the basis of educational ability and finan¢ial need. A Thy restrictions imposed by the original donor of the funds are recognised.

THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND TRUSTEES RFPORT Cont'd FOR THE YEAR ENDED 31ST AUGUST 2025 REVIEW OF ACHIEVEMENTS AND PERFORMAIYCE FOR THE PERIOD Operatio1 p¢rfoTm8nce Th¢ grani provided to th¢ S¢hool this year to fund school bursarie5 was a grant amountin8 to £480.89112024 £443,727). It wa5 Used by the sch()]. together %'ith its own resourtts, to award bursary &ssi5tance to 63 pupils across the Schi)ol. The key objtttive of the 8rant provided reflts the visiort of the School.. to deliver a pioneering, innovaliv¢ and dynatni¢ leaming experience within a compassionate and caring environment for a diverse community regardless of financial means wh¢r¢ th¢ wellbeing and happiness of every individual and the fulfjlmeni of their potential are our priority. As rhe school of choice for girls in the Nonh-WesL our pupils. like those who have &ttend¢d the school before them- will go on to be global citiztns and wutageous motivators of Change. Th¢ three strategic objeelives within the schools strategic plan are= To deliver a pioneering, innovative and dynamic leaTning experience To support a pioneering apprvach to the wellbeing and happiness of every individuai student To be a school that embraces its pion¢ering history and pioneering futhTe The School is striving 10 increase the understanding of the value of social diversity and increasTngly eelebrdte the lifer¢hanging difference bursaries make to the live$ of sltsdenls and their familtes. Incrcasin8 th¢ visibility of ihe SuesS of alumnac who hav¢ ben¢fJted from bursaries or assisted place5 provides critLcal reminders of the truty transfomiative effect of bursary fuThding. This is even more important given the addition of VAT on Independtnt school fees which could result in a lack of social diversity withirt th¢ Sch(Kkl. The tkvelopmeni Team coniinue io build relationships with alLLmae via the Ivy l.eaf 8o¢i¢ty welcoming new mernbers itt the year. A regular 8ivin¥ campaign is in the pipeline for 2026 and work continues ea¢h yearon promoting the deposit donation to year I l and senior 6 leavers. FutHJra¥sing p¢rforJnsTrce The Trust'5 fundraising is entirely promoted by the School with the aim of ensuring thai funditjg from donations and 5ponsvrship is maximised. A prop)rtian of funds ryaised for bursaries by tht School are in¢lud¢d within the 4Lccounis of Th¢ Manchester High School for Girls Chariiable Tn]st. Inv¢s¢m¢n¢ perfoTm#nee gg4in$¢ objective5 Th¢ perftimiance objeeiive for the fllnd 15 to outperfom), over the lon8-tenn. on the inveslment ¢omp051te benchmark which has b¢en agreed wilh the Invc5tment Manag¢r. The pcrfoTmat]ce of the fund 15 monitottd quarterly against the benchmark. Athy major variations are diU5$ by the Dire¢wr of Finance and Op¢tations and Investment Adw5er. FINANCIAL RF.VIEW AND RESULTS FOR THE PEIUOD The in¢rease in ThdS this y¢ar amounts to £217.650 (2024.. in¢r¢ase of £401,639). Tothl fund5 in¢r¢ased to £5,189,649 from £4,971.99912024.. £4,971,999 from £4.570.360)- Re5erve5 ptsIiLV The Tru51ee5 srek to maintain undesignaied and unrestricted fund4 which are th¢ free reserv¢s of the Trust and effectively include its entire funds, at a level that is eqUate io fund the grants made io pupils throughoui their expected attendance at school. Th¢ Trustres currtntly feel that reserves to undetyin an average disbursement of £400.000 for 7 years, i.e. £2.8M, would be sufficienL The total funds shown in th¢ balanc¢ shect are adequate to enablc the Trust to continu¢ to provide grallt siwport to the School at the targeted level.

THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND TRUSTEES REPORT Cont'd FOR THE YEAR ENDED 31ST AUGUST 2025 Prin¢ip*l fundirtg sources The Trust's principal funding source is froni a transfer of funds from Manch¢st¢r High School for Girls. donations, Icgacies and investment income. The transfer from the S¢hool is io augment the Trust's resour¢&% in order for them io pay for bursaries for pupils of the School. The majority of expenditur¢ of the Trusi during the year wa5 thc payment of a buT5ary grant to the School., this expertditsjre is in excess of the incorne 8en¢rai¢d from the principal incom¢ sources snd directly supports the key objeGtivrs of ihe TTUSt. Investment policy ¥nd objectives The Twstee5 seek to ensure that the fitnds of the Trusl are tnvested in medium and hi8h-ri5k equities in order to protect the long ternj 'ieal' value of its assets. The investment managers arc engaged on a discretionary ba5i5 which means that inve51ment decisionb Are made using rheir judgemeni. Their approach will involve purchasing a variety of securities in the markei as long as they fall in line with the Trust'5 medium to high risk profilc. financial and ethical aim5. The Trusie¢s would therefore exp¢ct an average 5Yo Return on Investment ov¢r a rolling 5-year period. Above all. the Tmste¢s are com]nittd to art investment policy whi¢h seeks to maximise 'overall rewm'_ b¢ingthe combined retum from incorn¢ and fdpital growth. subject io th¢ rcquiTed level of income being generated. Public Benefit ¥nd Future Plans The Trustees consider the funds available each year ihat can be niade available to provide buT5ary watjts. They are advised by ihe I"rust's Tnvestment Managers in relation to the inve51ments held. They a5S¢5$ the level of funds now and ihos¢ expected in the next few years to see how sustainable they are agait]st expected gjxnts. The current expectation is that this Twst will continue to rnake mode51 buJ3ary grants for the foresteable fi)ture. The level of bllrsary grants will of wurse continue 10 be ¢onsidered ¢h year. I'he l-n]Mees continue to congider the publi¢ benefit reouirem¢nt in ligiit of the 8uidan¢e issu¢d by the Charity Commission and in the commitment of Man¢hester High S¢hfy)I for Girls to its provision of public benefit. The TNstee5 are in regular conthct with Man¢h¢ster Hi¥h S¢hwl for Girls in relation to th¢ public benefit requiremeni and the criteria for detcnnining th¢ award of bursaries. ACCOUN'fiNC AND REPORTING RESPONSIBILITIES The Trustees are responsible for preparing a trus1¢¢5' aOIJUo1 report and financial staiements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdorti Gen¢rnlly A¢cepted Arcouniing Pr8¢ticel. The law applicable to ¢harities in England and Wales requiT¢S ihe Trust Trustees to prepare financial 5taiemenls for each yvdr which give a true and fair view of the state of affairs of ihe Trust and of the incoming resource5 and application of resource5, of the Trusi for that period. In preparillg the financial statemenE the Trustees art required to: s¢lect suitable accounting licieS and apply them consistcntly; observE lh¢ m¢thods and principles in the applicable Charities Statement Of Rewmmended Practice I"SORP"}; m8ke judgernenis and estimate5 that arc asOnable and prudent. state whether appli¢abl¢ xcounting 51andards have been followed, subject to èny material departures that rnusÉ b¢ disclosed and explained in the fjnancial statements. prepare Ihe financial Stat)eIS on the 80ing eoncem basis unlc5S It is inappmpriate to 8S5urne that the tNst will ¢ontinue ID opention. The Trust¢es are responsible for keeping proper a¢counting rdS which ar¢ such as to dis¢lo5e. with reasonable arturaey, the fitsan¢ial position of the Trust any time. and to enable th¢m as Trustees io ensure Ihai the financial statements comply with th¢ Charities Aci 2011, lh¢ applicable Charilirs (A¢¢ounts and R¢wrtsl Regulations, and thc provisions of the Trusi Deed. Th¢ Trustee5 are a150 responsible for 5af¢guarding th¢ Tnist's #ssetg, and hence for taking reasonable steps for the prev¢n¢ion and detection of fraud and oih¢r irregularities. The Trustees are responsible for the maint¢nan¢e and integrity of the charity and financial inforrnaiion included on the ¢harity's websi¢¢ in accordance with legislation in the ljtsited Kingdom governing the preparation and di5seminaiion of financial statements.

THE MANCHESTER HJGH SCHOOL FOK GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND TRUSTEES REPORT Cont'd FOR THE YEAR ENDED 31ST AUGUST 2025 • The financial 5titem¢nts Contsined on pages I I to 13 hav¢ been approved by the Trustees of The Manchester High School for Girls General Chariiabl¢ Trust on 11103l&and signed on their behalf by.. Trustees Christopher Saunders OBE, MA, FSI (Chairnian) Alan Clarkr FCA

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARJTABLE TRUST OPERATILYG AS MHSG BURSARY FUND FOR THF. YEAR ENDF.D 31ST AUGUST 2025 Opinio We have audited th¢ financial Statements of The MaTtchest¢r High School for Girls General ChaTilablc Trust operating as MHSG Bur$ory Fund ('the charity'l for thc year ended 31 August 2025 which cofflprist the Statement of Financial Aciiviti¢s, th¢ Balance Sh¢rf, the Cash Flow Stat¢ment and noies to the fjnancial statements, including signtfic4nt accounting policies. The rn8ClaI reporting framewo that ha5 been applied in their preparnlion 15 applicable law and Ut)ited Kingdom Aewunting Standards, including Financial Reporting Standard 102 lThe Financial Reporting Standards applicabl¢ in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the fit)ancial stateThents'. give a trne and fair view of the state of the ¢hariiy's affairs as at 31 August 2025 and of its income and expenditure, for the period then ended; hav¢ been properly prepated in aordIn¢t with Uniied Kin8dom Generally Accepted Accounting PracticE- and have been prepared in accordance with lh¢ rtyuiremeDts of the Charities Act 2011. Basis for opinio We ctsndu¢t¢d our audit in accord8nce with International Standards on AuditllJ8 (UK) {ISAs IUKI} and applicable law. Our r¢sponsibilitie5 under those standardg are further deseribed in th¢ Auditor's responsibiliti¢s for the audit of the financi statements section of our report. We are indep£ndent of the ¢hority in accordance with the ethical rrquiremcnts (hat are relevant to our audit of the financial ststements in the UK, ineluding the FRC'S Ethical StaDdaTd, and we have fulfilled our otherethical re5ponsibiliti¢s in accordance with these TequireTn¢nt$. We believe that the audit evidentt we have obtained is sufficient and appropriate to provide a basTr5 for our opinion. Conclusions relating to going toneern In auditin8 the financial statements. we hav¢ concluded ihat lh¢ Thtee'S use of th¢ goin8 concern basis of a¢¢ounting in the preparation ofthe financial stalernents is appyopriate. Based on the work we have perfonned. we have Dot identified any material uncertainties relaiing to events or conditions that, individually or collectively, may ust significani doubt on the chity's ability lo continue as a going Loncern for a period of al least twelve months from when the financial stateTTr¢nts are authorised for issu¢. OLtr responsibilities and the TEsponsibilities of the Trustees wilh respect to going conccm are described in the rclev#nt sections of this r¢port. Other informa¢ioD The Trustees are responsible for the other infomation Gontained within the annual r¢pon. The other infoTmation c4)mprises the informalion included in the annual reFQrt, oth¢r tlw thc finan¢ial 518temerbts and our 2udilor's report thereon. Our opinion on the financial staTrments does nol wver the other infomiation and. ¢x¢ept to the extent othenvis¢ explicitly sthied in our rerM)rt. we do not express any forni of assuran¢¢ wnclusion thcreon. Our responsibility is to Tead th¢ other infomation and, in doing so, ¢onsider whether ihe oth¢r illforniation is materially inconsistent with the financial statements or our knowledge obtained in the audit or oth¢nvise appears to be materially misststed. If w¢ identify such Mtrial inconsistencies or apparent rnaterial misstatem¢nt5, we are required to detemine whcih¢r this gives rise to a malerial misstatement in ihe financial siatements themselves. If. bwed on the work we have perfomied. we conclude that there is a Material misstatement of this ofh¢r tnforniation, we are required to report that fth. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE MANCHESTER HIGH SCHOOL FOR GIRLS GENE4 RAL CHAIUTABLE TRUST OPERATING AS MHSG BURSARY FUND FOR THE YEAR ENDED 31ST AUGUST 2025 Matters on which we Are requir¢d to report by excotrtio We have nothing to report in respect of the following matters in relation io whi¢h the Charities (Accounts and RerM)rtsl Regulations 2008 reqIreS us to report to you if, in our opinion., the infomation given in the fsnan¢ial $ernents i5 in¢oiisist¢nl in any material respe¢t with the TTUStccs' report.. or sutTicient and proper ac¢ounting records have not been kept by the ¢harity,' or the financial statements are in agreen]tht with ihe accounting records and returns; or we have not receiv all the infoTmation and explatjations we require for our audit. Responsibilities of Trustee5 As exp18ined rnore fully in the Th15tees' spOnSIbl]It]eS statement set oul on pages 6 and 7. the Trust¢es are responsible forihe prepatation of the fJnan¢ial statements and for being satisfied ihat thcy giv¢ a tn]e and fair view, and for sv¢h internal Control as the Trustees deterniine is necessary to enablc the prepArlOn of financial statements thai are free from material misstatemenl whether due to fraud or error. In preparing the fjnancial statements, the Tnjsiees are respMTrnsible for assessing the charity's ability to ¢ontinu¢ as a going concern. dis¢losin¥. as applicable, m&tters related io goin8 concem and using the going ¢on¢em bwis of accounting unless ih¢ Tn]stee5 either iniend lo liquidate th¢ ¢harity or to cease operations, or have no realisti¢ alternative but to do so. Auditor's responsibilities for the audit of tbe finantial statements We have been appointed as auditor u]]der wiion 151 of the Chatities Aci 2011 and rqjort Jrt accordance with the Acts and relcvant regulations made or having eff¢¢t theTeunder. Our objectives are to obtain r¢&8onable assurance about whether the financial ateMents as a whole are fr¢e from material mi55tat¢ment, wljether due to fraud or error, and to issue an 8uditor'5 rep)rt ihat include5 our opinion. Reasonable assurance 15 a high levtl of assurance. but is not a guarantee that an audit wnducted in acc4)rdan¢¢ with ISA5 IUKI will always detect a rnaterial misstaiement whcn it exists. Misstatement5 can arise from frdud or error and ar¢ considered rnaterial if, individually or in ihe aggregale. they wuld r¢&sonably be expxted io influence the economic decisions of us¢rs taken on the basis of thes¢ financi81 stat¢menl5. Details of the exteni lo which the audTt was considered cttpable of deteciing iTr¢gularities, including fraud and non-complian¢¢ with laws and iegulation5 are set oui below. A furth¢r description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Coun¢il's websile ai.. ¥4'wi4'.IrL.ar,.ukiauditOFSri's onsibiliiEe%. This description fornis part of our auditor's i¢port. Extent to which the audit wxs ton5idered eapable of detecting irreg1#rt1eS. including frnud Irregularities, including fraud, ar¢ instanccs of non-complia¢ with laws and regulations. W¢ identified and assessed the risks of material mi5Staiem¢nt of the financial siatements from iTregulariti¢5, whether due to fraud or error. and dis¢us¢d these between our audit team mfrnbers. W¢ then desi¥ned and p¢rformed audit procedures responsive to those risks, including obtaining audit evidence suffi¢i¢nt and appropriate to provide a basi$ for our opinion. W¢ obiained all undeTStanding of the legal and regulalory frnmeworks within which the charity op¢rate& fo¢usin¥ on those laws and regulations that have a direct eff¢ on the ddemiination of material amounts and diKltssur¢s in th¢ fanCIal 5tateMents. The laws arml regulations we considered in this contEXt were the Charities Act 2011 iog¢th¢r with the ChaTities SORP IfRS 102}. We assessed the required compliance with ihese laws and Tegula¢iort$ as part of our audit procedures oll the related financial ststement items. In dddiiion, we considered provisions of other laws 8nd regulations ihat do not have a direci effect on the financial 512temen(s bul eoTnplianc¢ with whicli might be fi]ndamental to th¢ ¢harity's ability to operate or to avoid a merial penalty. We also con5id¢red ihe opportunitie5 and io¢entives that may exist within the Gharity for fraud. The laws and r¢8ulatiolls we considered in this ¢ontext for th¢ UK operdtions were the Charities Act Regulations

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND FOR THE YEAR ENDED 31ST AUGUST 2025 Audiling Standards limit the required audit procedures to identify non-cornpliance with ihese laws and regulation5 to enquiry of The Tru5ttes and other mana8eme]]t and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of mat¢rial impact on the finaneia] siaiements from irregularities. including fraud, to be within the timing of recognition of voluntary incom¢ and the override ofcontrols by managernent. Our audit prts¢edur¢s to respond to these ri5k5 included enquiries of managemenl about their own identification and a55essmen( of the risks of iTTegulorities, sample t¢sting on the posting ofjournals, reviewing accounting estimates for biases, reviewing regu10tory correspondence.wiih the Charity Commission, reading minutes of meetings of those char8ed with governance and sampl¢ testing of income. Owing to the inh¢r¢nt limitations of art audit, there is an unavoidable risk th8t we may not have d¢tect¢d some material mi551alefftents in the financial stst¢ments. tven though we hav¢ properly planned ond perfornied our audit in a¢¢ordance with auditin8 standards. For example. the further r¢mov¢d non40mplian¢¢ with law5 and regulations (irregularities) 15 from the events and trdll5actions reflected in the fJnan¢ial ststemertts, the less likely the inherently limited procedures r¢quir¢d by auditing standards would ideniify it. In addition. as with any audit, there remained a higher risk of non4etection of irregularities, as these may involve collusion. fo¢ry, inteniiona] omissions, mi5rcpresentations. or the ovclde of intemal wntrols. We are llot reSnSIble for pr¢ventin8 non-compliance ond cannot bc expected to detect n-coMpli8nCC with all laws and regulations. Vse of our report This report is made Solely to the charity's Ttwsiees, 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 state to the charity's Trusie¢s those matters we are Tequired to stht¢ to them in an auditor's rq)ort and for no oih¢r putpose. To die fulltsl exient perniitted by law, w'¢ do not a¢¢ept or assume responsibility to anyone oth¢r than the charily and th¢ ¢harity's TTUStees as a body. forour audit work. for thKs report. or for the opinions we have formed. CmcLe LLP Crowe U.IL LLP Statutory Auditor St Georges, House 56 Peter Street ManchesteT M2 3NQ Date 21 May 2026 io

THE MAIYCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS iIqHSG BURSARY FUND Statemen¢ of Fin8nei#l Activities for the ear ended 31st Au ust 2025 Unrestritted Restricted 31Au 31A 2024 IYo¢es Capital Fund Endowment Fund Total Tots INeome and td0MentS from: Donations and legacies Charitable activities= Trdnsfer from the school Investm¢ni incorne 362,796 362.796 220.974 193,935 139,428 696.159 193,935 139428 096.159 214,183 134492 569ffi49 diture on: Charitable a¢tivifies'. Bursary grants awarded 480,891 480.891 443,727 Raising funds: Brokers fees & bank ¢harge5 Oth¢r costs Total 13,888 5,000 499,779 13,888 5,000 499.779 26.707 5,570 476,064 Net ineoTne and net movem¢nt in funds before gains and 105%S Oll tnveslments 196 J80 196.380 93,585 N¢t Iloss¢sy8ain5 on investments.. Net movements in funds 21,270 217650 21,270 308.054 Reconciliations of Fund8 Total fuTMls broughi forward 4.971.994 4,971999 4.570.360 Total funds carried fonv4rd 5.189ffj44 S,189,649 4,971.999 The notes on pages 14 to 17 forni parf of these financial statem¢nts. li

THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND Balance Sheet as at 31st Au ust 2025 Notes 31Au st 2025 Fixed A$set$ Invesvnents 3,758,967 3.665,899 Curr¢Dt Assets Cash at bank artd in hand Tot&1 current assets 1.533,024 1.533.024 ,599254 .599,254 Cr¢ditor&". Amounts falling due within one year ATual5 & deferred inwme Man¢h¢sler High Schwl for Girls 13,379 88,963 102 342 8,398 284.756 293 154 Nèt eurrent *ssets .430.682 ,306,100 Net Assets 5.189,649 4.971.999 The funds of the Chari Unrestricted capitsl fur Endowment Fund Totsl ¢h#rity funds 5,189,644 4,971,994 5,189.649 4.971.999 Approved on behalf of the Ttvstees on Il+h 2040 Trust¢e5 Christopher Saunders OBE. MA. FSI IChairn)anl Alan Clart(e FCA The notes on pages 14 to 17 fonn part of these financial statements. 12

THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND Cashfloiv Statement ear ended 31" Au ust 2025 For the Notes h tlows used in operating aclivitles Nel cashprowided by operallg aciivilies (al {133,8601 160,830 Cash flows from investing Activities: Dividends, interest and rents from inveentS Pro¢eeds from sale of investments Cost of purchasing investn)ents 139,428 3,491,432 13,563,230) 134,492 907,830 1849.530) Nei c4¥shprmvdedby inFrsling tsdlvifles 67,630 192,792 Change In e95h aDd cash equivxlertts in the reportiTbg period 166.230) 353,622 Cayh and ca$h ¢quivAleThts at the beginning ofthe reportlng period 1,599,254 1,245,632 sh ind cgsh equivalent$ •t the end of the reporting period 1.533,024 1,599,254 Notes on the C25hflow Statement . Relne51111O of ntt movem¢nt funds to net c#sh from o Jer*tin attiwitie5 Net movernents in funds {Increa5eydecrease in debtors In¢reasel(decTeasel in ¢r¢ditt)rs Dividend5. interesi and r¢nts from inveslmenis {Gainslllo$ses on investments Net tAsh used in opernting aetivitlt$ 217,650 401,639 9,796 191,911 {134,4921 {308.0541 160,830 1190,812) (139,428) (21,270) (133,860) bl Anal .$ls of cash e#$h e uivalents Cash in hand 1,533,024 1,599,254 Totsl cash and cash equivalents ,533,024 1.599.254 13

THE MANCHESTER HIGH SCHOOL FOR GIRLS GE]YERAL CHARIT ABLE TRUST OPE114TING AS MHSG BURSARY FUND Notes on and formin rt of the Financial Statements for the 'ear ended 31st Au ust 2025 Accountin Policies Th¢ accounts {finaD¢i&l Stements) hav¢ been prepared und¢i thr histori1 w$t wnvenlion with items recognised at cost or transaction value unless otherwis¢ ststed in the relevant note(s) to these accounts. The financial statements have been pr¢pared in accordaDce with Ihe Slattmtnt of Recommended Practi¢e'. AcLX)uniing and Reporting by Charities preparing their accounts in accordan¢t with the Finsncial Reporting Siandard appIlbI¢ in the UK and R¢publi¢ of Ir¢land IFRS 102) (effective l January 2019) and the Financial Reporting S&ndard applicable in th¢ United Kin8dom and R¢publi¢ of Ir¢land IFRS 1021 and the Charities Act 2011. The TrLE5I constituies 10 be a public benefit entity as defined by FRS 102. Tjiese financial statements hav¢ be¢n prepared for a 12 mortth period ¢nding Jl Au8U5t 2025 with the comparative p¢riod being prepared for a 12 Inonih pcriod ending 31 August 2024. b) Goin Concern The Trn8tees belicve that ihe Trust has adequate resource5 to continue operaiion for at least twelve months from the date of approval of these finanLial stsiemenis and for the foreseeable futu. The a¢¢ounts are therefore prepared 011 a going wJic¢rn basis. The Tru5t¢¢s have also 8ssess¢d the CUTrent economic environment, tsking into account investment income, ¢xp¢nditure and tttIal futll financial uncertainty. They have concluded the Trnst is well positioned, in the current ejjvironment. to continue as a going concern. Th£ Trustees consider that there are no material uncertainties alTrout the Trust's ability to continu¢ as a going con¢ern. Fund Accounti All of the Trusi's funds, oth¢T than a rrmellt endowm¢nl of £5, are available for the Tru5tee$ to use at their discretion. d) Donations I fies Donations and legacies are re¢ognised as incorne io the capitsl fund wh¢n received or earlier if. before receipt, Iher¢ is $uffJcient evidence to provid¢ th¢ n¢cessary certainty that ihe donaiion or l¢gacy will be received and the valu¢ of the inwming resourees can be measured with sufficient reliability. Transfers from the School are rttognised in th¢ year to which they relate. Dotlations for the purpose5 r¢stTiCt¢d hy ihe wishes of the donor are taken to Restricted Funds where these wishes are IEgally binding 011 the Trustees of the Charitsble Trust, except thai any amounts r¢qui)Ed to be retained as capital in accordan¢¢ with the donor's wishes are ac¢ount¢d for instead as Endowments- p¢m)aneni or ¢xpendable according to the nawre of the restriction. Inv&stJnertt Ineome Dividends arv ¢rediled to the statemeiit of finaJJ¢ial a¢iivities wh¢n they are reteivable. Interest Re£eived Interesi is credited to the statcrnent of financial activities on an a¢¢alS basis. 14

THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLF. TRUST OPERATING AS MHSG BURSARY FUND Notes on and formi rt of the Financial Statements for the 'ear ended 31st Au ust 2025 continued g) Alloc#tion of eo$t$ Whenever possible expenditure is allocaled to an activity com category. Wh¢re items of expenditure contributc directly io more than one activity C4)st, they are aprx>rtioned on a reasonable, justifiabl¢, and ¢onsi5t¢nt basis. Support Costs are also, wherev¢r possible, attributed to a Sinle activity bui where apponionm¢nt is r¢quired this is done on a reasorhable. justifiable, and Consisient basis. Governan¢¢ ¢osts comprise the costs of Tunning the Trust, in¢luding strdtegic planning for it% future developrnent. external audit, ally legal advice for the TTUStCC5. and 011 the cos¢s of ¢omplying with ConlLutIOnal and staiutory requirements, such &s th¢ 5t5 of Trustee meetings and of preparing statutory a¢counts and Satisfying publi¢ accountability. h) Cash ind eA$h c uivglents C&sh and e¥sh equivalenis ¢ompris¢ ¢&Eh on hand and call deposit& T*xAtion The charity is considered kn pass the t¢sts set out in Paragraph I Schedule 6 of ihe Finance Act 2010 8nd ih¢r¢for¢ il meets the definition of a charitsble Company for UK COrratIOn lax pUr)SeS. Accordingly, the ¢harily js Potentially exempt from tsxotion in respect of income or capitsl gains received wiihin categorie5 covered by Chapter 3 Part I I of the Corporation Tax Act 2010 or Section 256 of the Tation of Chargeable Gains Act 1992. to the extent that such in¢om¢ oi gains are applicd exclusively to chargeable purposes. i) Fix¢d Asset Investments Invesiments are a forni of basic financial illstrurntnt and are initially re¢ognised at their transaction value and sub5¢quently measured ot ih¢ir fair value a5 at the bala]]re 5h¢¢i dJtE using ihe closing quoted market price. The stateinent of finanGial artivities Itjcludes the net gains and losses arising OJJ revalllation and disposals throughout the year. The Trust does not acquire put options, derivatives or other Complex financial instrumenrs. The main fotTh of financial risk faccd by the ¢harity is ihat of Vo1111ty in equity markets and invesim¢nt markets due io wid nomic conditions. Ihe attitude vf investors to investmeni risk. and change5 in sentiment concerning equiti¢s at)d wiihin particular se¢tyrs QT sub sectors. k) Rt#li5ed ills and 1055es All gains and losses arc taken to the Statement of Financial Activiii¢s as they arisc. Realised gains And losses on investhients are cal¢ulaled as the differcnce between sales pmce¢ds and their opening carryin¥ value or their purchase value if acquired subsequent to the first day of the finan¢ia] y¢ar. Unrealised gains and losses are ealculaied ihe dilTeren¢¢ between the fair value at the y¢ai end and their rying value. Reali5ed and unrealised inve5ttnent gains and10sses ar¢ combined in the Stattment of Financial Activiiies. 15

THE MANCHESTER HIGH SCHOOL FOR GIRLS GENEI RAL CHAIUTABLE TRUST OPERATING AS MHSG BURSARY FUND No¢es n and forniiD rt of the Finaneial Statements ded 1st Au 2025 Assets In nts 31Au 2025 31Au St 2024 Mark¢l value at I st September 2024 3.665.899 3,416.146 Addition5 3.563,230 849.530 Proc¢¢ds fn)m sale of inYestm¢nts Unrealised (Iossygain on r¢valuatitsn (3.491,432) 21.270 {907,8311 308,054 Markei valu¢ at 3151 Augusi 2025 3.758,967 3,665,899 Cost at 3 1st Au ust 2025 3.297,184 3.225,386 During the y¢ar. the Sch)] transitioned its inveslment rnanagement from Redmayne Bentky to CCLA, con501idating its holdings into the CCLA Ethi¢al Investsneni Fund. At the prior year end, investments wcre allaTed across asset Classes mprising Fixed InLorne Bonds of £968.747, Equili¢s of £2,333.724. Piopeny of £118.023, attd AlternatiV¢5 of £245.405. Fixed asset5 lrtv¢stmellts are stated ai market value. The net movement in funds therefore includes an unr¢alised gainlllos51 on r¢v31uation of £21,270 (2024.- (£308,054). Thi5 represents gainsll1055e5} which have nol and may never be 8]iSed. No provision has been made for ony cosis Arising on disw)sal. Investments are held and mana8¢d by CCLA in ac¢ordanct wih th¢ inY¢stment asset allocglion a5 instructed by th¢ Tnjstees. This allocation is reviewed and agreed by the Trustees attheir biannual committe¢ meetings. All investments are caTried at th¢ir foir value. Investment in equtties and fixed interest securities are all traded in quoted publi¢ markets, primarily th¢ London Stock Exchange. Holdings in conimon invesiment funds, unit trusts and open-ended inYe5trnent companies are at the bid pric¢. The basis of fair value for quoied investments is equivalent to the [naTk value, usin8 the bid pri¢¢. Asset sales and purchases arc recognised at the date of trade ai cost (that is their iranswti(Trn value). 1.he significance tsf financial instrnments to th¢ ongging finanGi41 $uslainability of the Tnjst is con5idcred in the financial review and investment policy and performance 5e¢lions of the Trusl¢¢$' Annual Report. 3). Other Cogts IAU u$t 2025 31Au 2024 Audit 5.000 5,750 No Trusiees r¢ceived any Ttmun¢ration or expen.ses during the period. 16

THE MANCHESTER HICH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND Notes on and formin art of the Fin8ncial StAtemtnts for the 'ear ended 31st Au ust 2025 continued 41 Re14ted P•rt . Tr#ns#ttions During the period under review the following transaction5 took place beten The Manch¢sier High Sdiool for Girls G¢nerdl Charitabl¢ Tnjst and Manchester High School foi Girls (RCN 1164323), which is a connected charity- Th¢ Trust awarded £480,891 12024.. £443,727) by way of # bursary grdnt during the Titsd to Manchester High Schth)I for A transfer of £193,935 12024.. £214,183). w&5 received from the Manchescer High School for Girls. At the year end the Trust Martchesi¢r High S¢hool for Girls £89.96312024-. £284,756). 17

Registration No.. 506823 THE MANCHESTER HIGH SCHOOL FOR GIRLS GENERAL CHARITABLE TRUST OPERATING AS MHSG BURSARY FUND FINANCIAL STATEMFIYTS FOR THE YEAR ENDED 31ST AUGUST 2025

19[th] January 2025

The Trustees The Manchester High School for Girls General Charitable Trust Grangethorpe Road Fallowfield Manchester M14 6HS

Our Ref: MCM00397

Dear Sirs

Audit Findings for the period ended 31 August 2025

We are writing following our audit of the financial statements of The Manchester High School for Girls General Charitable Trust for the period ended 31 August 2025.

International Standards on Auditing (UK) require that we communicate formally with the trustees as “those charged with the governance” of The Manchester High School for Girls General Charitable Trust regarding various matters relating to our audit. The objectives of this are to promote an effective two-way communication between the auditor and the trustees, including to:

ensure that there is a clear understanding of the scope of our audit and the respective responsibilities of ourselves as auditor and the trustees;
obtain from the trustees information relevant to the audit; and
provide the trustees with timely observations arising from the audit that are significant and relevant to their responsibility to oversee the financial reporting process.

We have set out below information which we believe is relevant to you in relation to our audit.

Your financial statements

The financial statements on which we are to report are your responsibility; the audit of the financial statements does not relieve management or the trustees of their responsibilities and the trustees must be satisfied that the financial statements give a true and fair view before approving them. Further details of your and our respective responsibilities are set out in our engagement letter dated 13 March 2020.

Our audit scope

Our audit work has been undertaken for the purposes of forming our audit opinion on the financial statements of The Manchester High School for Girls General Charitable Trust as prepared by management with the oversight of the trustees /directors and has been carried out in accordance with International Standards on Auditing (UK) (‘ISAs’). Our work combined substantive procedures, involving on a test basis direct verification of transactions and balances (including obtaining confirmations from third parties where we considered this to be necessary), with a review of certain of your financial systems and controls where we considered that these were relevant to our audit.

Our audit fieldwork was carried out in the two weeks commencing 6[th] October 2025. In undertaking our audit work we considered compliance with the Charities Act 2011, the Charities SORP (FRS 102) and Financial Reporting Standard 102 (“FRS 102”), and this included reviewing the disclosures made in the statutory financial statements and reading the Trustees’ Report and any other information that will be included with the financial statements to ensure this is consistent with the financial statements.

No restrictions or limitations were placed on our work.

The Manchester High School for Girls General Charitable Trust 19[th] January 2025

Assessment of audit risks

ISA (UK) 315 (Revised) was applicable this period, and required us to consider a spectrum of inherent risk, considering both the likelihood and magnitude of a possible misstatement, with risks close to the upper end of the spectrum of inherent risk considered to be ‘significant risks’.

Risk is considered in the context of how, and the degree to which, inherent and control risk factors affect the likelihood and magnitude of a misstatement occurring. Such factors may be qualitative or quantitative, and include complexity, subjectivity, change, uncertainty or susceptibility to misstatement due to management bias or other fraud risk factors.

We identified a range of risks from our understanding of your entity, its people and environment, and your system of internal control and plan our audit work so as to reduce the risk of material misstatement to an acceptable level.

Based on our risk assessment we paid particular attention to management override of controls and income recognition with regards to completeness as having specific audit risk.

Materiality

We do not seek to certify that the financial statements are 100% correct; rather we use the concept of “materiality” to plan our sample sizes and also to decide whether any errors or misstatements discovered during the audit (by you or us) require adjustment.

The assessment of materiality is a matter of professional judgement but consideration has been given to the highest cumulative error which, in our professional judgement, would not threaten the validity of the financial statements. A matter is material if its omission or misstatement would reasonably influence the decisions of a user of the financial statements. Materiality has been considered having regard to the overall financial statement level, the individual asset balance, the type of transaction and the disclosures.

The audit materiality for the financial statements set as part of our audit planning took account of the level of activity of, and the assets held by The Manchester High School for Girls General Charitable Trust and was set at 2% of income for items included in the Statement of Financial Activities and 2% of total assets for all other items. We have reviewed this level of materiality based on the draft financial statements for the period ended 31 August 2025 and are satisfied that it continues to be appropriate being £13,000 and £105,000 respectively.

Key findings and adjustments from our audit

We have no significant issues we wish to bring to your attention as a result of our audit so far and we are pleased to report that no non-trivial adjustments to the financial statements were necessary following our audit. We have substantially completed our audit, subject to the matters below.

Receipt of the signed letter of representation – Now received
Receipt of direct confirmation of investments from CCLA. – Now received
Receipt of bank letter – Now received
Completion of journals testing – Now received
Completion of investments valuation testing – Now received
Confirmation of how donation income is tracked before hitting the cashbook. – Now received

We are required to confirm during our audit whether those charged with governance have knowledge of any actual, suspected or alleged fraud affecting the charity and the financial statements. We have not been made aware of any such issues from our initial discussions but will be requesting confirmation of this in the representation letter we will be requesting from the trustees.

Donations and legacies

There was a significant legacy received in the year for £250k in the Trust. There was no external restriction applied to these amounts but we understand the Trust intends to use these amounts to provide bursaries.

The Manchester High School for Girls General Charitable Trust 19[th] January 2025

We reviewed supporting documentation surrounding the nature of a sample of the legacy to confirm values within the financial statements, ensuring that relevant restrictions have been treated appropriately.

We did identify an adjustment that was made to the financial statements on the legacy income as it was initially recognised as deferred income.

Management override of controls

We reviewed and carried out sample testing on the Trust’s controls around the processing of journal adjustments (how journals are initiated, authorised and processed) and the preparation of the annual financial statements. We also considered the risk of potential manipulation by journal entry to mask fraud.

We have not currently identified any instances of management override of controls or other issues from our sample testing of the Trust’s journals. However, we note that journal processing can be an area of potential risk and it is good practice to include consideration of this within the overall risk assessment. Our work is still outstanding in this area so we are unable to conclude completely on this. – On completion of our work we did not identify any instances of management override of controls.

Systems and controls

Our evaluation of the systems of control at The Manchester High School for Girls General Charitable Trust was carried out for the purposes of our audit and accordingly it is not intended to be a comprehensive review of your business processes. It would not necessarily reveal all weaknesses in accounting practice or internal controls which a special investigation might highlight, nor irregularities or errors not material in relation to the financial statements. As mentioned we still have work to complete which may lead to more systems and controls issue which are to be raised. – We have now concluded our work and did not identify any other deficiencies in systems and controls.

AAF01/06 report

During our work in the previous years on investments we noted that the charity’s investment managers, Redmayne Bentley, do not commission an AAF01/06 controls report. This also remains the case for the period ended 31 August 2025.

We understand that Redmayne Bentley do not have an AAF/01/06 report available for distribution as the firm does not deem it necessary for this to be undertaken. They review all internal controls through their internal audit function which is administered by a third party. Additionally, the firm has an external auditor that, alongside the financial statements, reviews the level/nature of controls in place within the organisation as well as providing a view on the firm’s compliance with CASS regulation. CASS regulations (Client Asset Sourcebook) guide and regulate FCA registered firms who hold or control client money or custody assets.

As auditors we place reliance on the investment manager reports provided by Redmayne Bentley for the investment assets reflected in the financial statements. The AAF01/06 report, in particular, gives us comfort that the charity has ownership of the investments. We have seen that the investment manager was changed to CCLA in the year, we have an AAF01/06 report for these. We have included this point as the investments were held with Redmayne Bentley at a point in the year but expect this point to no longer be relevant going forward.

Accounting records

As noted in previous years, the accounting for MHSG General Charitable Trust is undertaken on an excel spreadsheet and no accounting software is used.

Whilst maintaining the accounting records on an excel spreadsheet is deemed reasonable for a charity of this size which does not have a lot of transactions we would recommend that a computerised accounting package is used.

The Manchester High School for Girls General Charitable Trust 19[th] January 2025

Management override of controls

Auditing standards require us to consider as a significant audit risk areas of potential or actual management override of controls. In completing our audit we have therefore considered the following matters.

a) Significant accounting estimates and judgements

We have reviewed the accounting estimates and judgements which management have necessarily made which impact on the financial statements and have concluded for the purposes of our audit that these are reasonable.

b) Controls around journal entries and the financial reporting process

We did not identify any instances of management override of controls or other issues from our sample testing on the charity’s processing of journal adjustments.

c) Significant transactions outside the normal course of business

We have not become aware of any such transactions relevant to the financial statements during our audit.

Trustee representations

We are required by the ISAs to obtain representations from the trustees on various matters relating to the financial statements and our audit. A draft of the required representation letter has been provided to you separately.

Independence and ethics

We are required by the Ethical Standard for auditors issued by the Financial Reporting Council (‘FRC’) to inform you of all significant facts and matters that may bear upon the integrity, objectivity and independence of our firm.

Crowe U.K. LLP has procedures in place to ensure that its partners and professional staff comply with both the relevant Ethical Standard for auditors and the Code of Ethics adopted by The Institute of Chartered Accountants in England and Wales.

In our professional judgement there are no relationships between Crowe U.K. LLP and The Manchester High School for Girls General Charitable Trust or other matters that would compromise the integrity, objectivity and independence of our firm or of the audit partner and audit staff.

We have considered the non-audit services we have provided in the period and have concluded that there are no facts or matters that bear upon the integrity, objectivity and independence of our firm or of the audit partner and audit staff related to the provision of such services which we should bring to your attention. Our fees for non-audit services in the period have been as follows.

Accounts Preparation £900

If any members of the board have any queries in relation to this letter or any other matters they would like to discuss with us please do not hesitate to contact either Katie Paul or Martyn Jones.

We view this report as part of our service to you for audit and governance purposes and it is to you alone that we owe a responsibility for its contents. We accept no duty, responsibility or liability to any other parties, since this report has not been prepared, and is not intended, for any other purpose. It should not be made available to any other parties without our prior written consent.

Yours faithfully

Crowe U.K. LLP

The Manchester High School for Girls General Charitable Trust 19[th] January 2025

Appendix 1 - External developments

Governance

Governance Code

The Charity Governance Code was updated in October 2025 and a more interactive website is being launched by them in 2026. The Code can be found at: https://www.charitygovernancecode.org/

T here are eight universal principles which describes expectations in a charity with 41 outcomes to show that governance is working well. All charities, regardless of size or complexity are expected to follow the principles to achieve the outcomes for each principles. For each principle and outcome there is now:

A list of behaviours that support the charity’s achievement.
Policies, processes and practices.
Evidence of good governance section.

The Governance Code encourages charities to publish a brief statement (a short narrative rather than a lengthy ‘audit’ of policies and procedures) in their annual report explaining their use of the Code and we therefore anticipate that you will be including an appropriate comment on this in your Trustees’ Report.

The Manchester High School for Girls General Charitable Trust 19[th] January 2025

Data (Use and Access) Act

The Data (Use and Access) Act https://www.gov.uk/guidance/data-use-and-access-act-2025-dataprotection-and-privacy-changes received Royal Assent on 19 June 2025. It is a wide-ranging Act which includes provisions to enable the growth of digital verification services, new Smart Data schemes like Open Banking and a new National Underground Asset Register. It also includes important changes to the UK’s data protection and privacy legislation.

The DUAA will not replace the UK General Data Protection Regulation (“UK GDPR”), Data Protection Act 2018 or the Privacy and Electronic Communications (EC Directive) Regulations 2003, but it makes some changes to them to make the rules simpler for organisations, encourage innovation, help law enforcement agencies to tackle crime and allow responsible data-sharing while maintaining high data protection standards.

Key changes are on:

Automated decision making
Subject access
Chilldren’s Protection Services
Scientific Research
Recognised legitimate interests
International Data Transfers
Responding to Complaints
Storage and Access Technologies
Changes to the law on the areas which regulate law enforcement processing and processing by intelligence services.

The changes will be commenced in stages and exact dates for each measure will be set out in the commencement regulations.

Or particular interest to charities is the changes to ‘soft opt-in’ which will happen in the coming months. These changes are expected to benefit charities by enabling more contact with supporters but will only apply to electronic mail marketing and rely on the ‘legitimate interest’ lawful basis. Thee are some nuances to this and whilst ‘soft opt-in’ has not yet started, the Fundraising Regulator recommends that charities should start to prepare.

https://www.fundraisingregulator.org.uk/news/fundraising-regulator-publishes-information-whatcharities-need-know-about-changes-soft-opt

CC 11 Charities paying a trustee or a connected person: Understand the rules

While the rules on trustee payments have not changed, the Charity Commission has refined its guidance on paying a trustee (‘CC11’) to make it clearer and better help trustees navigate the law.

CC11 is now split into sections covering paying a trustee or connected person for goods or services, payments for loss of earnings, employing a trustee or a connected person, paying a trustee to carry out trustee duties and other payment types.

Trustee payments

The underlying rules on trustee payments have not changed. The redesigned guidance continues to stress that it must be clearly in the charity’s best interests to pay a trustee (or person connected to them), with all other options having been carefully considered, and the resulting conflict of interest managed. Additionally, a charity must have legal authority to pay.

The guidance also covers payment for trustee expenses clarifying that these do not constitute trustee ‘payments’ and that trustees are entitled to have their reasonable expenses reimbursed by the charity which includes travel and accommodation costs but may also include costs for things like childcare or adjustments enabling those with disabilities to conduct their role.

You can view the news article here .

Trusteeship – a positive opportunity

The Manchester High School for Girls General Charitable Trust 19[th] January 2025

The Charity Commission with Probono Economics have carried out a national survey of charity trustees, which whilst does not have any recommendations does have findings and insights which are valuable to all those interested in charity governance.

Key takeaways from the research are:

80% would recommend it to others with many reporting experiencing multiple and profound benefits
94% believe their contributions to board meetings are heard and respected
93% feel valued and supported by fellow members of the board and that 91% that their contributions are welcomed and respected by staff and volunteers
95% have a strong understanding of their role and responsibilities and feel confident sharing their views in board meetings
Older people currently fill most of the trustee roles and there are still more male than female trustees, with smaller charities having more female trustees proportionally.
People from an Asian background, people of mixed ethnicity and other ethnicities are less likely to hold trustee roles, in comparison with the general population.
There are proportionally more trustees in those under 60 who are Black (7% compared to 5% in the population) and proportionally fewer who are Asian (5% compared to 11%).

The majority of trustees surveyed reported serving on boards of between four and 10 members (74%). Just over one in 10 (12%) trustees reported being on a board with three members or fewer.

The survey found the majority of the trustee population have served on their boards for four years or more (55%). 22% have been a member of their board for more than 10 years, with just 36% having been a member of their board for two years or less. 13% were new to their board, having been a member for less than a year.

There is a mixed picture of skills present at the board level with most trustees reporting significant skills and experience in service delivery. While many trustees reported their board had significant finance skills and experience (59%), there is an overall low prevalence of artificial intelligence (AI) skills for the trustee population (8%).

State of the Sector

The Charity Commission has released its latest annual report on public trust in charities. The findings indicate that trust levels have improved with over 6 in 10 people believing donations are reaching their intended cause and confidence increasing by 7% in 12 months.

However the percentage of people donating or raising funds for charity fell from 62% to 48% over the past year due to cost of living pressures resulting in nearly half of charity trustees stating their charity had been forced to make changes including 11% stopping some services and 17% using more of their reserves than expected.

The report, which includes interviews with a diverse range of the public, reveals that overall participants value transparency, accountability and clear communications about how funds are used whilst expressing concerns about mismanagement, high executive salaries and scepticism about some types of fundraising. For more details, see the full report here.

Smee & Ford legacy giving report 2025 reported record legacy income of £4.5 billion in 2024, marking a 9% increase. The biggest contributing factor to growth in 2024 was as a result of HMCTS reducing the backlog of estates. Residual gifts were worth an average of £65,000 whilst pecuniary gifts are worth £4,500. Health remained the largest recipient by sector (40%) followed by the animal sector at ~16%. In both sectors a small number of charities account for the majority of gifts. The report highlights that 21% of the bequests were made by baby boomers and legacy income is forecast to hit £5.1bn by 2030 growing by 2.8% annually. there is further growth anticipated from Baby Boomer bequests with an increase in annual deaths expected to rise to over 730k by 2035 translating to 47,000 charitable cases per annum in the years to come. The report also considers the potential impact of IHT changes on bequests with a positive impact if more people consider reducing their IHT bill by taking advantage of charity tax relief or it may be negative impact if more money is given to potential beneficiaries before death to reduce the tax bill.

The Manchester High School for Girls General Charitable Trust 19[th] January 2025

Additionally, the CAF UK Giving Report 2025 revealed that donations reached £15.4 billion in 2025, up from £13.9 billion in 2024. However, donations and sponsorship levels are at the lowest recorded by CAF and compared to 2019 there were four million few donors and six million less people providing sponsorships, with 16-24 year olds seeing the greatest decline of all age groups. There is also a decline of 1.5 million adults volunteering compared to 2023. The report also has some interesting statistics around donations contributing to core costs with only 25% being happy to pay for the salary of functions like Finance and HR.

Budget 2024: Key implications for charities

The 2024 budget, released 30 October, outlines new government’s tax, welfare, and spending priorities up to March 2026, with a framework extending beyond April 2026. It also previews the spring spending review, which will allocate funding for central government departments through to March 2029.

Key announcements for Charities:

Local government funding. A 3.2% rise in core local government spending, at least £600 million funding for social care.
Support for individuals and carers. Reduced Universal Credit deductions increased Carer’s Allowance earnings limit.
VAT and business rates relief for private schools. VAT relief is removed. Business rate relief is for those providing full time education to pupils with education, health, and care plans.
SEND Support. £1 billion to support children with special educational needs and disabilities (SEND).
Hardship support. £1 billion next year to extend the Household Support Fund and hardship payments.
Educational funding. An additional £30 million for free breakfast clubs, £300 million for further education and £40 million for the Growth and Skills Levy for training.
Holocaust education. An additional £2 million to support Holocaust education charities.
Research and development and inheritance tax reliefs maintained.

Further positive announcements include increased budget for the Charities Commission, additional support for central government departments and public services, and more funding for ‘trailblazer’ programmes and mental health crisis centres.

However, the 6.7% rise in the national living wage and the increase in employer National Insurance contributions (NICs) to 15%, both effective from April 2025, impose financial pressures for charities. Additionally, the NIC threshold has dropped from £9,100 to £5,000.

From April 2025, many charities that employ staff have seen their costs increase, with the average employer expected to incur an extra £26,000 in annual costs (approximately £800 per employee). However, the Employer’s Allowance has increased from £5,000 to £10,500 and the threshold for claiming this allowance will be removed, potentially allowing more charities to benefit.

Holistically, commentators believe that the budget signals a shift in government’s approach to funding local public services. It aims to simplify local government funding and commits to moving towards multi-year settlements, which will help local authorities and voluntary sector partners to plan more effectively.

At the time of writing we are waiting the outcome of the Spending Review which will be announced in the Autum Budget.

Finding and appointing new trustees (CC30)

In a recent report published by the Charity Commission and Probono Economics, it was revealed that only 6% of trustees applied for their roles through an advert, and that more than half the charities relied on personal contacts.

The Manchester High School for Girls General Charitable Trust 19[th] January 2025

Subsequently, the regulator has refreshed its guidance to focus on practical steps charities can take to connect with a broader range of candidates. They also recommend considering a skills audit to identify what the charity needs from its trustees. The guidance makes it clear that trustees can pay for a recruitment service but also signposts a range of free resources. There is also a section on induction to help with retaining good trustees and making them more effective.

The Future Charity Chair

Crowe are pleased to have been involved in a research project looking at the essential attributes that Charity Chairs of the future will need to embrace. This research explored the topic through roundtable discussions and in-depth interviews, with the final thought leadership report published in June 2024.

The research aimed to:

Contribute ideas that will help to shape the future development and recruitment of charity Chairs.
Enhance the future sustainability of the charity sector by highlighting longer term considerations for Board discussion.
Provide fresh thinking to positively influence regulation and best practice guidance for the sector.
Emphasise the value of good charity governance and the need for it to continually evolve to remain relevant.

The research highlighted a number of key findings, including challenges from a lack of diversity within charities (including trustees, staff and volunteers), and the need to recruit individuals who represent the charity’s beneficiaries.

Recommendations raised within the report include developing a leadership development programme for current Chairs, succession planning and a need to promote the role as one of ambition and aspiration.

The full report can be found here.

Building Resilience: Responsive strategies in uncertain times

It is now accepted thinking that the uncertainty of the past few years is here to stay due to global economic uncertainties, geopolitical instability and as a result of rapid technological change.

These continuing challenges signal a new normal which requires all organisations to adapt to survive and thrive. Whilst there have been uncertainties in the past, the level and number has increased as has the speed with which these will impact an organisation.

For non profit organisations, the ever-present challenge is how they can deliver their mission in times of growing demand amid a squeeze on income and rising costs. It becomes even more imperative for boards and the leadership teams to continue to focus on organisational purpose, impact and culture. Juggling competing priorities often results in a lack of focus on matters related to climate risks or EDI and ESG. It is key that organisations focus on strategy at different time horizons to avoid falling behind the curve.

Further information can be found on our Insights page here.

Charity Commission: Updated guidelines CC48 and CC27

CC48: Charity Meetings

The CC48 guidance from the Charity Commission, updated July 2024, provides essential rules for charity meetings that must be adhered to. The guidance emphasises the necessity for charities to adhere to their Governing Document rules on planning, running and recording meetings.

The Governing Document must be amended where rules are outdated to ensure decisions made in meetings are valid. For example. CC48 provides specific guidance on updating the Governing Document to allow for virtual and hybrid meetings. It also covers different types of meetings, such as

The Manchester High School for Girls General Charitable Trust 19[th] January 2025

trustee meetings and Annual General Meetings (AGMs), each with their own rules that must be followed.

CC48 can be found here.

CC27: Decision Making for Trustees

The CC27 guidance from the Charity Commission outlines seven principles and best practices for trustees on decision making.

The seven decision-making principles are:

Trustees must act within their powers
Trustees must act in good faith
Trustees must be sufficiently informed
Trustees must take account of all relevant factors
Trustees must identify and disregard irrelevant factors
Trustees must manage conflicts of interest
Trustees must ensure their decision is within the range of decisions that a reasonable trustee body could make

This guidance provides detail on each principle but particularly when making significant or strategic decisions and how to record the decisions made.

Whilst CC27 applies specifically to all trustees of all charities in England and Wales -whether registered, unregistered or exempt, including corporate charity trustees – the guidance can be useful for other members of the charity to be aware of in considering in their decision making.

CC27 can be found here.

10 -