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 th￿UghOut 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 tranSfon￿at1ve 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 inte￿iewIl￿g 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 Man8ge￿ettt De¢ision MoklThg
Th¢ Trustees deterniine the strategic dir¢¢titsn and general policy of th¢ Tn]st. A Full Trusiees meeting no￿nallY 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 In￿Me 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 Sch￿1 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 Sch￿1
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
Operatio￿1 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 refl￿ts 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 Su￿esS 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$¢ objective5
Th¢ perftimiance objeeiive for the fllnd 15 to outperfom), over the lon8-tenn. on the inveslment ¢omp051te benchmark which has b¢en
agreed wilh the Invc5tment Manag¢r. The pcrfoTmat]ce of the fund 15 monitottd quarterly against the benchmark. Athy major
variations are di￿U5$￿ 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￿)e￿IS 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$ory Fund ('the charity'l for thc year ended 31 August 2025 which cofflprist the Statement of Financial Aciiviti¢s, th¢ Balance
Sh¢rf, the Cash Flow Stat¢ment and noies to the fjnancial statements, including signtfic4nt accounting policies. The r￿n8￿ClaI reporting
framewo￿ that ha5 been applied in their preparnlion 15 applicable law and Ut)ited Kingdom Aewunting Standards, including Financial
Reporting Standard 102 lThe Financial Reporting Standards applicabl¢ in the UK and Republic of Ireland (United Kingdom Generally
Accepted Accounting Practice).
In our opinion the fit)ancial stateThents'.
give a trne and fair view of the state of the ¢hariiy's affairs as at 31 August 2025 and of its income and expenditure, for the period
then ended;
hav¢ been properly prepated in a￿ordIn¢t with Uniied Kin8dom Generally Accepted Accounting PracticE- and
have been prepared in accordance with lh¢ rtyuiremeDts of the Charities Act 2011.
Basis for opinio
We ctsndu¢t¢d our audit in accord8nce with International Standards on AuditllJ8 (UK) {ISAs IUKI} and applicable law. Our
r¢sponsibilitie5 under those standardg are further deseribed in th¢ Auditor's responsibiliti¢s for the audit of the financi￿ statements
section of our report. We are indep£ndent of the ¢hority in accordance with the ethical rrquiremcnts (hat are relevant to our audit of the
financial ststements in the UK, ineluding the FRC'S Ethical StaDdaTd, and we have fulfilled our otherethical re5ponsibiliti¢s in
accordance with these TequireTn¢nt$. 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¢ Th￿tee'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 ch￿ity'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 M￿trial 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 req￿IreS 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 prepAr￿lOn 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 irreg￿1#r￿t1eS. 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¢ f￿anCIal 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 m*erial 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 ovc￿lde of intemal wntrols. We are llot reS￿nSIble 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 t￿d0￿MentS 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
A￿Tual5 & 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 operall￿g aciivilies
(al
{133,8601
160,830
Cash flows from investing Activities:
Dividends, interest and rents from inve￿￿entS
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
. Rel￿ne511￿11O￿ 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 St￿ements) hav¢ been prepared und¢i thr histori￿1 w$t wnvenlion with items recognised at
cost or transaction value unless otherwis¢ ststed in the relevant note(s) to these accounts. The financial statements
have been pr¢pared in accordaDce with Ihe Slattmtnt of Recommended Practi¢e'. AcLX)uniing and Reporting by
Charities preparing their accounts in accordan¢t with the Finsncial Reporting Siandard appIl￿bI¢ in the UK and
R¢publi¢ of Ir¢land IFRS 102) (effective l January 2019) and the Financial Reporting S&ndard applicable in th¢
United Kin8dom and R¢publi¢ of Ir¢land IFRS 1021 and the Charities Act 2011.
The TrLE5I constituies 10 be a public benefit entity as defined by FRS 102.
Tjiese financial statements hav¢ be¢n prepared for a 12 mortth period ¢nding Jl Au8U5t 2025 with the comparative
p¢riod being prepared for a 12 Inonih pcriod ending 31 August 2024.
b)
Goin
Concern
The Trn8tees belicve that ihe Trust has adequate resource5 to continue operaiion for at least twelve months from the
date of approval of these finanLial stsiemenis and for the foreseeable futu￿. The a¢¢ounts are therefore prepared 011
a going wJic¢rn basis. The Tru5t¢¢s have also 8ssess¢d the CUTrent economic environment, tsking into account
investment income, ¢xp¢nditure and ￿tt￿tIal futll￿ financial uncertainty. They have concluded the Trnst is well
positioned, in the current ejjvironment. to continue as a going concern. Th£ Trustees consider that there are no
material uncertainties alTrout the Trust's ability to continu¢ as a going con¢ern.
Fund Accounti
All of the Trusi's funds, oth¢T than a r￿rm￿ellt endowm¢nl of £5, are available for the Tru5tee$ 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 Sin￿le 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 Con￿lLutIOnal 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 COr￿ratIOn 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 T￿ation 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 Vo1￿111ty 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 all￿aTed 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 be￿ten 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

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 th￿UghOut 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 tranSfon￿at1ve 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 inte￿iewIl￿g 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 Man8ge￿ettt De¢ision MoklThg
Th¢ Trustees deterniine the strategic dir¢¢titsn and general policy of th¢ Tn]st. A Full Trusiees meeting no￿nallY 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 In￿Me 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 Sch￿1 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 Sch￿1
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
Operatio￿1 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 refl￿ts 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 Su￿esS 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$¢ objective5
Th¢ perftimiance objeeiive for the fllnd 15 to outperfom), over the lon8-tenn. on the inveslment ¢omp051te benchmark which has b¢en
agreed wilh the Invc5tment Manag¢r. The pcrfoTmat]ce of the fund 15 monitottd quarterly against the benchmark. Athy major
variations are di￿U5$￿ 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￿)e￿IS 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$ory Fund ('the charity'l for thc year ended 31 August 2025 which cofflprist the Statement of Financial Aciiviti¢s, th¢ Balance
Sh¢rf, the Cash Flow Stat¢ment and noies to the fjnancial statements, including signtfic4nt accounting policies. The r￿n8￿ClaI reporting
framewo￿ that ha5 been applied in their preparnlion 15 applicable law and Ut)ited Kingdom Aewunting Standards, including Financial
Reporting Standard 102 lThe Financial Reporting Standards applicabl¢ in the UK and Republic of Ireland (United Kingdom Generally
Accepted Accounting Practice).
In our opinion the fit)ancial stateThents'.
give a trne and fair view of the state of the ¢hariiy's affairs as at 31 August 2025 and of its income and expenditure, for the period
then ended;
hav¢ been properly prepated in a￿ordIn¢t with Uniied Kin8dom Generally Accepted Accounting PracticE- and
have been prepared in accordance with lh¢ rtyuiremeDts of the Charities Act 2011.
Basis for opinio
We ctsndu¢t¢d our audit in accord8nce with International Standards on AuditllJ8 (UK) {ISAs IUKI} and applicable law. Our
r¢sponsibilitie5 under those standardg are further deseribed in th¢ Auditor's responsibiliti¢s for the audit of the financi￿ statements
section of our report. We are indep£ndent of the ¢hority in accordance with the ethical rrquiremcnts (hat are relevant to our audit of the
financial ststements in the UK, ineluding the FRC'S Ethical StaDdaTd, and we have fulfilled our otherethical re5ponsibiliti¢s in
accordance with these TequireTn¢nt$. 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¢ Th￿tee'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 ch￿ity'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 M￿trial 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 req￿IreS 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 prepAr￿lOn 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 irreg￿1#r￿t1eS. 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¢ f￿anCIal 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 m*erial 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 ovc￿lde of intemal wntrols. We are llot reS￿nSIble 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 t￿d0￿MentS 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
A￿Tual5 & 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 operall￿g aciivilies
(al
{133,8601
160,830
Cash flows from investing Activities:
Dividends, interest and rents from inve￿￿entS
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
. Rel￿ne511￿11O￿ 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 St￿ements) hav¢ been prepared und¢i thr histori￿1 w$t wnvenlion with items recognised at
cost or transaction value unless otherwis¢ ststed in the relevant note(s) to these accounts. The financial statements
have been pr¢pared in accordaDce with Ihe Slattmtnt of Recommended Practi¢e'. AcLX)uniing and Reporting by
Charities preparing their accounts in accordan¢t with the Finsncial Reporting Siandard appIl￿bI¢ in the UK and
R¢publi¢ of Ir¢land IFRS 102) (effective l January 2019) and the Financial Reporting S&ndard applicable in th¢
United Kin8dom and R¢publi¢ of Ir¢land IFRS 1021 and the Charities Act 2011.
The TrLE5I constituies 10 be a public benefit entity as defined by FRS 102.
Tjiese financial statements hav¢ be¢n prepared for a 12 mortth period ¢nding Jl Au8U5t 2025 with the comparative
p¢riod being prepared for a 12 Inonih pcriod ending 31 August 2024.
b)
Goin
Concern
The Trn8tees belicve that ihe Trust has adequate resource5 to continue operaiion for at least twelve months from the
date of approval of these finanLial stsiemenis and for the foreseeable futu￿. The a¢¢ounts are therefore prepared 011
a going wJic¢rn basis. The Tru5t¢¢s have also 8ssess¢d the CUTrent economic environment, tsking into account
investment income, ¢xp¢nditure and ￿tt￿tIal futll￿ financial uncertainty. They have concluded the Trnst is well
positioned, in the current ejjvironment. to continue as a going concern. Th£ Trustees consider that there are no
material uncertainties alTrout the Trust's ability to continu¢ as a going con¢ern.
Fund Accounti
All of the Trusi's funds, oth¢T than a r￿rm￿ellt endowm¢nl of £5, are available for the Tru5tee$ 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 Sin￿le 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 Con￿lLutIOnal 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 COr￿ratIOn 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 T￿ation 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 Vo1￿111ty 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 all￿aTed 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 be￿ten 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

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. 

- 2 - 



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. 

- 3 - 



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 

- 4 - 



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. 

- 5 - 



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** 

- 6 - 



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. 

- 7 - 



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. 

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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 

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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: 

1. Trustees must act within their powers 

2. Trustees must act in good faith 

3. Trustees must be sufficiently informed 

4. Trustees must take account of all relevant factors 

5. Trustees must identify and disregard irrelevant factors 

6. Trustees must manage conflicts of interest 

7. 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. 

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