Registered Charity No. 526564 The MGS Trust TRUSTEES, REPORT and FINANCIAL STATEMENTS for the year ended 31 December 2023
Tho MGS Trust Contents Pa Infomati¢)n Rewrt of the Trustees Audito8 R•pcft Statement of Finan081 AclNities Balance Sh••t 10 C88h 8latttMnt 11 Note¥ to the AoUnts 12
The MGS Trust Tru8t Infomiation Ch•rity Numb•r 526584 Mr N J Rithans MrJ HTulty Mr R F WFlower Mr l Thofpe MrAA Kallumpram S•¢rntary G L Griffrths Princip•l Offic• cjo The Man¢h•8t•f Granm¥ ScPwl Old Hall Lane Man¢he8tsr M13 OXT Bank•r4 Nalional Westhlnster Bank pk Splnningfidds Square Blanch 182 Deansgate Manthester M3 3LY Audltorn Clarke Nicklin LLP Brooks Driv• Ch1• Roy418u$iMu Park Chèadl• SK8 3r0 Invo•tment AdvlBern Sarasin & Pwthefs LLP Juxon House 100 Sl P4vl's Churth4rd London EC4M 88U merid[ Investrnent Management L¢d (wgvTh called Veritss Invgstment Partner8 (UKI Llmiled Riverside House 2a Southwark 8ndge Road London SE19HA Tax r•fvrgnGo XN18041
The MGS Tntst Tru8t•K' R•port for 2023 The Trustees pres1 thèir report arbj the audrted finanoal statements of the MGS Trust (a r•gistefeé charity No. 526564} for the year erbjed 31 DecEmber 2023. The financial Statements have been pared in a¢xordance with the accourting F¥Jliues set out on pages 12 to 14 and compty %vilh the deeds of Thè MGS Trust, the Charrties Ad 2011 aTrJ the Accounting and R6POrting by Chariti•$'. Statement of Recommerxled Practice applicabb to charities preparirvJ thèir actrjunts Ih th• Financial RepthrvJ Standard appcabI in the UK and Republic of Ireland effectbve on 1 January 2019. RefereTr2 and pljrnl8tr5.0n detaiL8 of Th MGS Trus( ib Trustees and Advise are $el out on 1. StNctur•, g¢)v•rnne• nd mngoment The MGS Trust wa8 consbluted by a Dedaration 0¢ Tru$l dated 5th A.1 1966 and is wvemed by Seve suppl•m•ntal trust doeth. The MGS Tru81 Is con811ted a8 an unlncorpomted AAowation, The power to appc4nt TW Trustees 18 vestod in the existwig Trusteè8. When r8quir8d, new Trustees aT• aPPC4ntad aftw deciwon by tha existing Trusté•s as to the skill I best suited lo thg needs of Th¥ MGS TnL8t Recwrtment 1$ Ihen initiatod ¢0 identify a Suilabl? candidate. The Truste are cona<xou$ d the nwj lor conbnws trainww. Durwwj 2023 there were no ch9•¥ in Trustees. Th Trustees usually meet fomaly on thre• C10n8 year to revivw progreJ8 and to di•cu$$ investment perform wth adviws. Thr•• meetings were held in 2023. Mr8 G. L. Griffiths FCCA 8thd 89 Se¢xetsry to the Trustees Day to day adminlstration ha8 bean rried oul by th• Se¢r&tsry ¥ho $ubnNts an appropn"e POrt to nwting of the TrusteeJ. There have been no relatsd pty transackn durry year. exc4pt for Sgcrètsry honoraUM aTra oxpenses as discltised. I)bCtIV and actl¥ltl•s Th8 Tntst wa8 e$tsbli$h•<l for ts advane¢ment cl 8duc4b.on by the apFffoprlat• managemenl of funds principally for the benefft ol The Manikngter Grammar SCI, rts pupils and f¢rmer pupS18. Funds h•ve been provldea by individu•l donors arrfl ttrmugh appeals organi3ed by tho D•v•lopment Offi¢• at The P4anth•ster Grammar S¢hod. Funds raised by Ihe Devdownent OffK8 and pa$sed io ts MGS Trust is iTrJep•nd•nt of The Manchester Grammar Scknooll indivKlual donatiorts are invested by the Tru$t••s with tho intentKn Ihal the retum on those investrnents. suWem6nted when appropriate by the application of capital, Bhoukl be used each year to pay a burnary orant to Tl Mwch•8tar Grammar Schc<l. Regular meeling8 are held represwth of Tr Mancthster Grwnmar School to d•t•rni the level of bursary fvndirrfa and the contribution to be mJe troxh the MGS Trust.
The MGS Trust Tru8to08' Report for 2023 Prfn¢ty•l rl¥ks and going ¢onc•m The principal risks of the Trust are candered to bè Ihe t•Y•l of investment rotum, the performance of investment markets and the abikty to raise funds in a mor• thall&nuing economic environment. The Trustees have cA>nsid8r8d these risks in relatn to going concarn and given the still onsiderae excess of the value of In¥estments ihe annual cost of bur8aries they continue to believe that thwe is a reasonable expecJatw)n that the Trust has adequate re80urces to continue In oporthnal #telo for tr ftyeseeat4e futwè. AchSfrv•m•nts •nd p•rfornian¢• The Trustee8 have agreed wlh the Scool thal 8 grant of £2.801.110 wll be made to the Sthol to nd burs$rie8 for the academic year stsItr in September 2023. As In wious year$ tho School wll b• r••wAible lor the •Ix0t10rt ofts tyant betrh•n trthe pupih d••m•d to qualify. Th• investment manager5 have lull (thscretion to rwate ltIn the lirnitj ¢f • stralegy agre8d wby gulafly by thè Tru8tses. Perlofmane is me#Su¢ quart•rty by rofarertè to nctrffiarka agreed bahw•n the Trustee8 and inve8lrnnt managars. The Trustfju confimi th81 Ihey h•v• CCWWKlered the risks to vA)th thè fix)ds cg)uld be expos•d on are satisfied that adequate systems and ¢trS are in pLKe lo Mit30t th0 ri8k8. Flnanclal Rl•W total Irlming¥ for the year 2023 arnted to £2.845.709 indudirvJ: DonalKn9 ar109a¢ Inv••lm•nt In(>Jm• Tax r8e0vwa4 Interejt receivable 2,004.279 064,363 87,159 89.038 A summary of Iho of lh¢ investment portfol"o is set al 2 to the accounts on page 15. Net gain$ on investments sold amountsd to £66.760 againat markat values 41 l JUary 2023. Other investments inr¥eased IA value by £2.313,579 resulting in total nel gains of £2,380,339 over tho r. In 2023 th•re was an In¥8• in tctsl of £2.420.591 to £30,187.739 Gr•nt m•king poIIcy Grants are recognised as the o)mmitment arises All grants payab are the benefrt of The manchtsr Grammar School. rtj ojrrent and fom)er pupl$, and ¥9roed on an nUal basi$ by th• Trustees.
The MGS Tru8t Trustees. Report for 2023 R•s•r¥•s polky TrLtstées have established a fveby an amount equvalent to the anticipated grant payable during the next tyRlve months is heid in r•addy available fom. Th8 policy in respect tsf tho General Bursary Fund and the Bursary Endo41 Furhy is 8Wainad fijrthw bel¢. Thè Trustee8 have determined ths M ¢hange to tre reserves rdicy 1$ required at this time. The reserves policy #long investment Frf0Mn¢8. uacy of resoLYces and the pdndpal rlsks are fevie¥bd on a reg¥ bam. tot fund8 hdd at 31 DOnber 2023 re £30.187.73912022- £27,787,148). All the funds of thè Trust arè Restrlcted Funds a$ doffin by th• Statènnl of Racommend•d The General Bursary FWKI represents grfts (lonaled by iThJrwdual$ aTrJ 9nISl10n8 to meet tho cost of provid9 bursaries to wpil$ of The ManGhe$ler Grammar Sthool, together with ac(JJmulaled income. The Tfustee$ and The M¥heSter Granr agree eath year th •m¢)unl ol bursary grant required and frJnd8 released to Th8 man(ter Grammar Sehool at appropriat• time8 of the ac•demt year. The bal of the General Fund 1$ r•t•nod ¢0 pr¢)vide bur8ario$ for lut)Jre aca¢emK Ye a$ and vknn agmd I)etren Iho Trustee6 gnd The Manchester Grammar School. The Trusleeg h8ve the to distribute both incomo ¢•pit•l from th• Oen•r¥l Burnary Furtd. bursary kvant fof academK yw 2024-202S ha8 1)een agreed at £2,674,411 1202>2024 £2,801,110). The Bursary Endovmènl Fund ill ma81 lh• rèquir4ménts of cèrtain donors who wish to mak& donatKJn8 on an éThJchvmnt bayis. Each yoar thg income wll bè used, 88 required, to meet th• cost of burjwes explained above. Incon can be appld in Ihis way rf the caprtal value of tho Bursary Endtywment Fund is hifftr than tot of inflats)n adNsted lu•ing the Consumer Prfcel lTrJe¥l ¢knn4ti0n8 and legK$ received. The Trustee8 #re nol 4utrortwd to $F•nd or apply any of the cawt•l of the 8ur84ry Endtrmnent Fund, prowded that they may spend or appty incom? that ha8 been prewously added to the Fund thoLW it Ino)me arising in the then trrent year. Publi¢ b•n•frt pl•n• for pwiod• The Manchg$ler Grammar S¢1 Devebpm$nt Offtt is Successfully continuing fvndr•i$ing. Stèps have been laken to encour4e ccffltinuing support from parents. cAd boys of the Schod and othèr btrnefactors. The Trustees continu8 to COnder the public beneffl requirement In the11ghl of the guidanc• issuèd by the Charity Commissn in th6 commitrnent of The Manche$ler Grammar School lo its provi8lon ofthe b•nefiL The Tnto0s ** in le9aT cl with The Manchestsr Grarnm School in relation to the public benefft requwement and the f¢x determining tr awaT(l of txx$wi.
The MGS Trust Trustees. Report lor 2023 statornent of Trustees. Re8ponBibllltieB The TN$lee$ a rwJponsible for prewiNJ the repjrt of the Trustees aTrJ the finanual $tatamenls in acCd¥nce wth applicable I and Vnrted Kingdom ActountrKJ Stsndards {Unrted ngdorn G8n$rallyAcc•pt•d Acivjnting Pracice). Charty law requires the TN3tee8 to prepare f¥wn(ial staternnts for eKh finla1 yoar that gov• a true and fair wew of the state of affoirs of th8 ¢hanty and ofthe Ir)ming resources and application of rtr50urces ol the charity for tho year. In prepatiry these financial 1tatsmts the TNstse$ ¥e required to.. {a) lect rtabl0 aCC¢ting and oppty them r¥Jn8iStwrtly. Ibl observe lh• m•thr>Js •KI priniiples of the Ch¥lti•s Ststem•nt of Récommende Practi¢•'. Icl mako judgments and estin•tss th•t are rea8c#)•blo prudent.. and Id) prepare the finla1 statwnents on th& goin9 basi unl it 18 inapproprfal• to pr•8ume that the ¢h8rity wll continue in Operan. The Trustees are responsible f¢f k•w"ng ¥xounting records that di8¢108e wilh reasonabltr accuracy the fin41 p)sOn of the tharity and enablè them lo ensure thot tho financial $tements compty wilh the ch8riti.es Acl 2011 and rogulab'ons mad• th•reurKler. Thoy ¥• al80 reSpOn&b for 54feguarding the a8sets of lh• charty and hen¢x for t*lThJ rea#bI& 8t•p$ the prevention and deteth.on olfraud other irre9uLqnlie8. Sign•d on b•half of th• Trustee8 Nigel J Richfrn$ Trusts
The MG8 Trust IndOTrdent Audltotrs R•port to the truste of Tho MGS Trust Opinlon We h8ve auditèy the finantsal sttem of The MGS Twst {the "chanw) for the year ended 31 December 2023 which comprise the statement of financial thilie5. the balance sheet, the statemènt of ¢88h flows and the related notes. The finanaal rwrting framhY) that ha$ Èeen applied in thèir preparation is applicable law and United Kin9(h)m AOUnti1vj Stsndards. Iuding FRS 102 'The Financixl Raporting Standard applicable in the UK and Repu of Irelanrf (Uniled lfjngdtyn G¢neraty Acwled AUnting Pra1. In our opinion, financ4al statements.. ' give a true and fair view of the stste of the charity'3 affairs 8$ at 31 Dnber 2023 and of h8 incomlng resources and application of resowces for tt)e year then ende(l.' . have been properfy wepar&a in accAxdwJ Urited KKthJdom Genernlty Accept•d A&))unting PtiCe. . ho been prepor•d in ac¢tydar)c• ith th8 reqwrements of thè Ch•r11108 Act 2011. B••h for oplnlon Wo our authl in accordance wilh Intsmalional Standards on Auditing (UK) IISA8 IUKII applKable law. Our re¥1.11.•S thder those stsndards aro further deycribed in the ALvJilorfs responsibdibe8 for the aLJit of th8 fin81 ststements sedh)n of our report. We are Independènt of the charity in accLJrdanc8 the ethi¢•l requir•m•nts that arg relgvant lo our audrt of the financial statèménts in tt)e UK, In¢luding th• FRC'S Ethul Standard and we have lulfilleil our clhar ethical rts8pon$ibilitye$ In accordanGe with Ihese requirements. We belve Ih•t the •udit evMlenc have obtaingd ij suffi¢iont •nd appropriJt• to provKl• a ba for our own. Con¢lu•ion• r•l•ting to golng ¢¢n¢•m In auditing tho financial $tatèm•nts. we have c)nduded that the trte¢s, of the going co1M b1 ¢f accoting in the Pfewalion ofthe financi¥l statenwnts 1$ appropriate. ea8•d on th• work we have wrfomied. we have not iderthfied any m¥t•ri•l unc8rtaintKi rèlating to •v•nts or Condrfons that. indiwdualty or collectively. may east sl9nrf4nt dwbt on tho Gharity's abilrty to Ly)ntinué as 8 going ¢M¢em for a prj ol al kna81 ve months from th thè fin•rwl statements are authori88(I for iysue. Our $rSibIlets and the r•4pon8ltriltss of th6 Irusteej wilh rospeL to 90in9 c¢ncem art dIrid in th• relovanl 8e¢tion8 of this report. Other infomi•tlon The other informafjc compri3 the infomabon induded ffi th• annual report. other than thè finandal gtatements and our audit9 rep¢xt theT8on. The trustee8 ¥• spSie for the other infomalion. Our opinion on lh6 finanaal 8tatements does not &)vw the other infrxmation arKI V• do not 8xpro9s any fom ¢)f assurance cCClusion ihereon. In connection with olr audit of the financial statements our respon&iÈilty is to read th6 other Inf¢rmatiDn and, in thing so. consider ¥thether the Olher information is malerialy ConSIStent the finanaal Slatsmgnls or our kn¢ythgdge obtained in the autht e* Othl8e appears to te materialw misstatad. If we idgnb.fy su¢h material incwsistenties or apparnnt material mlsstaterr. we are [8qred to detsmine whether thertr li materlal mi88tstement in the financial 5Litements or a material misstatement of the other mformoh'on. If. based on the work have perforrned, we condude Ihat Ihwe is a mater1 misgtatement of this olh•r infomiation, are reqL•red ts) rep1 fact. We have nothing to report in this r•gard.
The MGS Trust Indgpgndent Audltotrs Report to th• Inte08 of The MGS Tnt Matter¥ on whlch arn requlrod to roport by 0xpIlOn We have nothing to report in re8Frt ofthe folknmng matter8 in relation lo vthith tho Charities (Accounts and R8FQrtsl Rag[datn8 2008 requn us lo repxt to you rf. in our wnion.. . thè infomats.on given in the trustees. report is incon8Btsnt in any material rs¢t ¥th the finanaal 8talements', crf . pr¢per a¢countirvJ records have ncll ten kept.. or . the financAal slatements are not in agreement wrth tre accnn9 reGocd$', or * we have not received all the infomiation and explwwtion$ we require for our autht., • th& trustees were not entived to prepare the financial ststemenls in acdance the small ¢omp3nies' regime and tske advgO of thè sm811 companièB' 6x8mrAJ)6 in prepanNJ the trustees. r•port and from th requir•m•nt to prepare a Strateg r•porL R••pon•lblllti•g Oftnta•s As explainfjd more fvlty in the Trt$, Re8b'I'•S Slakngnt sat oul on page 5. the trustees are responsible for the preparation of Ihe fThnaal statsments and for being satisfied that thèy give a tr and fair view. and for euch intemal c&)trol as the tru8tses detem)ine 18 necessary to enablè thè prèparth'on of finanaal 8tatsmentg that are free from matwial misgtstemenl. vA)etker due to fraud tsr 8rror. In preparing the finanGial ststements. the tru8tV8 responsie for aMos8lng tho charity'• abilty to continue 38 a going ncern. di$closirvJ. as applicAo. matt•rs ielate(I to goig eone•m and using th8 going coneem baw$ of accwnting unlesg the trustees ether Intend to IKiuidat• the charty ry lo Gea•e operatio, or have no realistic 8lt•mthie bth to do 80. Audltorf• rn•pon•lbllltlM for th• audlt of th• fln•ncl•l •tst•m•nts We hg¥e been appointed a¥ auditor under seCtn 144 of the Charilles Act 2011 and r•pyt In accordance the Act and relevant regulations made or hawng effect th•reund•r Our objectives are to obtsin reanable assurance abcArt %thether the financaal ststements as • VI1• ar• free from material rnisststement, whether (Je trj fraud or ewor. and to issue ) auditor's rnport that includès our opinion. Reasonable assuranc 1$ a hh of as$uranGe. bul 1$ not a guarantee that an auLII nducted in acrIanCe wrth IW (UK) wll aways det8d 8 materi81 mi8Statem8nl when rt exists. Mi88tatements can 8ri8e from fraud or error arvj are consKlered mateiial if, individually or in th8 aggregate, tr•y could rèasonably t4 exp•¢l•d lo infflu•nc the onInIG deosim ol users taken LI) the ba818 of t8• ffn•na818tslwrents. IrfOgularth'•8, indudino fraud, am IngtarK8 ol noTrcompliqn(x wAih la% and regulat$. W8 deSn pr¢xodUr in line vrith olx rnSFOnM'l1f10S, oudined above. to dete maten"•l misstslgments in respect of irregularitieg, induding fraud. The specrfic proeedures for this eng•gwnt and the extent to which these are ¢op¥ble of detecting irregularitig¥. iTKluding Iraud 1$ d¢tsled belAl.. Th• •xl•nl to which th• •udit wa• ¢on•ld•r•(l ¢9bI9 of d•t•etlng Irr•gulrftl•g Incknllng fr•ud We identify assess the risks of mrial MIlatement of the financ4al stments, wh8ther due lo frnud or orror. and Ihen design and perfonn audit procedures respon$Nè tr) those ri8k8. uding r*stairing audit evidence that is sufficient and approFrfiate to provide a t1$ for our opinion. In iyentifying and addressing nsks of material mlsstslement in rnspect of irregur¢9. Iuding fraud ond nctrcompli8nce l•h8 aThJ 9VliC, proctr&S InckwJ¢d the foll¢Ming'.
The MGS Trust Indopondent Auditors R¢port to the tnot¢es of The MGS TnMt . We oWined an understanding of I. regulations arJ guidaw that Offt the tharity, focusing on th08e that had a direct effect cffl the financAal Statements ¢X that had a fundanntal effect on rts 0rations. Key laws, regulations and guidance that Itsnbd iraudJ tho Charrtles Act 2011, taxation legislation, data prolecb'on and employment legislatiw. • We enquired ofthg trustees revIed corresF4Mthnee aTrJ trustse nwting MuteS for evidence of non. Gompliance wilh relevant law? and regukli(Th. We also ¢ontrol$ the trustees have in place. wthere ne¢e$sary, to en$we compliance. * We gained 3n undarstaning ofthe ¢tr¢I5 that Iht tftLSt••s have in place to prevent arTrd dete¢t fraud. W8 anqured of the trust•es abjut any wIdenceS of fraud that had taken place during the aCLting pericJ. • The risk of fraud and nonthoynplonce laws and regulatKJns was digcu$sed within thè aucl team and tests were planned and performed to &ldres5 these risks. . We reviewed finanoal Statements th"sdosures supporbrmj dOCMentatiOn to a$$e88 c¢)mplianca with rel8v)I laws and regulati$ disujssed above. è Wè énquwed of the trustees abcrt actual and rolential Irb9alion and daims. * We perfomied anèlW"cal proc•dur•$ to id•ntify unusual or eXPeCted relationship$ that might indicate sks of material mi¥$tment due to fraud. In addre8wng the risk of fraud due lo management ovwymle of ffilemal o)ntrol$ te8tsd the appropriateness of journal entries and assessed whether judg8m8nts mJe in making 8co)untwig •stlmal8$ w8r• in(liotsve of a potential ts1. There are inherent limrtations in our audit procedures describ8d al)ovt. The more removed that laws and regulations are from financ1 transactions. the le$• lik•ly it is that we yuld cMe aware of non- compliance. Audth'ng standards also limrt fv au&t proc8dur88 requred to identify non-c4mplianca wth laws and r•gulation8 to of ts dirtOTS (ther mwm•nt an¢1 th• inspection of regulatory aThJ l¥gal eQTrespondenc•. it ny. Mal•rial mlsstatements that 8rise (Je to fraud be harder to dele¢l th•n those that 18e from arror a8 Ihèy MAY involv• dolibofate colmOnt c¢ co110n. A fiJrth8r dègcription of our responslbllthes fry lh• audit of the financaal statsments Is locatsd on the Fin&nc4al Reporting Councl's web8lt• at.. VhYW.frc.org.uklauditorsresponsits'lilies. This dgscripbon fom8 part of our auditor'$ ropo ol our r•port This rèport is made solety lo fv chanty's trustees, a¥ a W, in accordance ¥wth Part 4 of Charities {Acc¢unts ar ReF4)rtsI RegulatKJn$ 2008. Ow audit has been undertak•n so Ihat we might slate to the charity's Iru$lees ¢hose matters we arè required to stste to trem In an audrtor's and for no other purposo. To the fullest extrnt Fermitted by law. do not wl or &¥sum• MansIti11ty lo anyone other than th• d)arity and the ¢hariW$ trustee8 as a body for our audit Ork. for this report. or for the opinions we have lormed. Clarke Ni¢klin LLP. Statutory Audltor Clarke Nicklin LLP 1$ thigible to act as aurthtor of the tharity by of its eligitxlity for appDintm8nt a8 auditor of • company und•r s•ction 1212 of the Com anies Acl 20C6. Clarke Nlcalin LLP statutory Auditor CN House Brooks House Cheadle RO Busirnss Park Cheadle. Chgshire SK8 3TD
The MGS Trust ststomonl of Financial A¢tivilies for th• yèar frnded 31 December 2023 Burwy En(5Th¥n Bursary FUNI Fund 2023 2023 Total 2023 Totsl 2022 Donation$ Legacies Inc0rn8 lax recoverable Investment inrnme Interest recoivatde Nat rant receivable 94.017 529.140 1.381,122 85,487 518,999 86,876 870 623.157 1,381,122 87.159 864.363 89,038 870 1,114.017 822,644 142.528 683.756 56.WS 1.050 1,672 145, 2.362 Totsl Inco 243.415 2,802.294 2,645.709 2,820,0 Exp0ndlr* Investrnenl managers, fe88 Charilable expenditure Grants payable to Thè Manthestw Grammar S¢h¢)ol 23.125 165.785 188,910 182,134 2,801,110 2,801,110 2.37S,828 Managernenl and AdMinL8tratn Seuelary's honorarium aThJ exFwses Sundry 8Xn8?$ Professional le¢¥ 8.023 2.247 540 8,023 2,314 540 7,051 2,1 5,532 67 Governanca Audiiorf8 remunerallon 4,500 4,440 Total expenditur¢ 23.192 2,782,265 2,805.457 2,556,975 Nel inLX)mellexpendilurel and net mvem¢nl in fiJnd5 b8fore 9ans and losses on investments 220,223 (179.971) 40252 263,025 Na gain1$$89) ort InvestntS (nole 21 241.640 2.138.899 2.380,339 13,538,444) N•trnov•m•nt In fvnd• 461.863 1,958.728 2.420,591 {3.275,4191 Tolal fund• broughtft)rward 4.251.133 23.516,01S 27,767,148 31.042,567 Total fund• ¢anied foYw•(d 4,712, 25,474,743 30,187,739 27,767,148 All the tnJ3t funds are restri(#ed
The MGS Trust Balance Sheet as at 31 December 2023 2023 2022 Flxed assets Inve81ments 29,779,369 27,971.768 Currnnt assets DeOrS Short lem deposits Cash at bank 837.102 703.71 S 863.828 2.204,645 196,398 519,599 709,TT1 1.425,768 Curr•nt liabiliti Creditors.. Ount& lalling the wrthin orte y6 I1.7,275) {1,630,3881 Not current a88etsllliabilitie81 408.370 1204.6201 N•t aM•ts 30,187,739 27,767.148 Th• Funds of th• Charfty Restn'cled funds General Bursary Fun¢J Bursary Endowment Fund Total 25.474,743 4,712,998 30,187,739 23.516,015 4 251 133 27.767,148 ApFffjved and aultrorised for issue by the Trustees signed on thelr behalf by Nigel J Richen8 Trusta8 Dale 10
The MGS Trusl 8tstement of cash flow8 for the year ?nded 31 Doc•mb•r 1023 2023 2022 Net c¥$h lu$vdVgon•ratsd from op•r•ting •cll¥lt Inoto 1 b•lowl {1.187,9661 {620,9541 Cash flow from in¥••tirw ¢tlvlll•• Interest and similar InMe receiv8d Procaeds from the 801è of inveslments Prod$ from the sale of property Pur¢ha8e of investsnents 753,401 2.618.661 739.781 3,260.278 82.009 13,484.923) 12,045,923) 14•t ¢h•n90 In ca•h and u•h •qulv•l•nt# 138.173 123,8291 Ca•h aThd ¢••h •qu1•ts at b•glMlng of th• y•r 1229,370 1.253,199 C••h ¢a•h •qulv•lont• •t •nd oftho yo•r 1,387.543 1,229.370 Nots1 Net incomel{exp•ndituro) for t year 2.420,591 {3,275,4191 Adlusknen18 for non-ca¥h items.. 08cr8asellin¢xea8el in trd• arwj thr d•btor8 In¢r8ase in trade and other c¥edittyJ IGainglno$se$ an investment asset (Gainslllossos on property (legacy inLw¢l GAin on 8a1• of property l*gxy In0)r> 1640,704> 165.887 (2,380.339) 1142,395} 80,186 3,608.444 170,000) {82.0091 Adju¥lments fcf Invesn0 Nfin•ncirvJ acbvities: Investment Inrne Interest inojme 1664,383) {89,038) 1883,7561 156,0051 N•t ¥h generntod from oper•Ono acllvitl•• 1.187,966 1620,954 l ofthe ca¥h fio%Y8 are derive¢l from fAintinuiThJ operatim during the above periods. 11
Thè MGS Trust Notss to thg Accounts for th¢ year ended 31 December 2023 1 AGGountlng poliGio5 The Chanty is an unin¢orFQfated Ch&ity re9Stereii in Engld Wales. The regiskwd office is clo The Manchester Grammar sc1, Okl Hall Lane. PAandwter M13 OXT. BASIS olproparation The financial statements have been prep¥ed urbder the historlcal cost convention as mOde<l by the revaluation of inve81ments and in accordance Accounting and Reporting by Charrties.. Stslemenl of Recommended Practice applicable to charities prepamg xc(¥Jnts in accwdarKe wth the Finanial ReportiThJ StaThJard applicable i UK and Republ of Irdand IFRS102) effective on 1 January 2019 and the Charit$ Act 2011. The Trust i¥ irbcorporaled in the United KYb3dom and ct)ngtiknies a W1¢ benefit entdy as defined by FRS102. The accounts ore presented in £ sterfing. The Trustee8 conslder that there are no matwial untartainties about the Trusfs a.Ity to continue a8 a gokng concem. With respect lo nexi repcrfb'ng period. fv most 8Jnrfic8nl area of unGertainty 18 the level of Inv&slmonl relum the perlormarK• of inw8lm•rt markets. IVtents Inveslmenls 3re a fcThi ol basic finandal Instrwient and are inittalty reccgnised at their transadion v8lue and subsequently measured at their lair Val as at the bance sheet dale using the dosing quoted market pri¢&. statement of financial a1¥1$ Inch)Je8 the rt gal8 losses ariwng on revaluation gnd disposal8 thffjughtyjl the year. The Trust does not acquire put opt, derivthves, or otsr ¢C#noX financk?l instrurrnnl$. Th& main lom) ol finwKial risk faced by the chity $8 that of vOlatty in equty Mark and invegtment markets du• to wider economic condiiions, thè attrtude of investors lo investment n$k, and ch8nyes in sents'ment ConIng ¢quitie8 and wllhin particu( sect¢ or Su$eCt(n. Th? Trust ¢arrie8 bt8 investment wopert$ at fak value, th changts in laSr vae being r•¢ogni8ed wi th8 Statement of Flliancial Acti¥rtles. Investment Income Investment inGome 1$ accowrted ftywh•n r•c•bvat48. All investmenl galn8 8nd108ses are token lo the Statement of FinancAI ACtilIeS as they aris?. Reallsed gains and losses on nwtmerts arè calculated as the drfferenr between sales proceeds and their opèning carrying value or their purtha¥e value if acquired subsequent to the first day of the financial year. Unreallsed gains and IDsses are lated as the dfftrence between the fair value al the year end and their pening carrying vafvx. ReaSe aTrJ unrealised investmrrt gain5 and losses are ¢c¥nbined In the Statement of Finan¢i81 Activrties. Donations Donations. legaoes, eto e ¢yedited rernvae and can be measured with rea80nable accuraGy. Grts in kind of listed invesfftnts are Valued at mid-m¥kel on recert 12
The MGS Tru¥t
Notss to the A¢¢ounts
for the year ended 31 December 2023
1 Ac¢ountlng poll¢1 IntInU¢d)
Income tay recover•ble
Income tax reCA)verae frorn inve5trnent Inco (aft is accounted fty on acmials basis.
Grnnts
Grants arè reeognisèd as the conwnitmenl arises. Al grants paye are for the benefrt of The ManGhe¥ter
Grrnar Sthool, its current and former
exp•ndod
F
The MGS Trust Notes to the Accounts for the yoar 31 December 2023 1 Accounting policl6s {contlnu•d) Dgbtor¥ Trade and other debtors are recognised at the settlement amtymt after trade discount offered. Prepayments are valued at the amount prepaid net of any trade disccAJnts due. CdI1¢y3 aro re¢¢gni¥ed whére the dftty has a wegent obligatKffl SUIti from a p88t event that wil probably result in the transfer of f5 to a third party and the arrthjnt due can be measured or estimal8d roliably. Cr•driors are nomialy recognised at I"1 $ettlemenl arrthnt after lor any trade dis¢Dunt$ due. K•y judo•m•nts The key judgements are thos• p3lws relats'r¥J to Fixeil Asset In¥estmer)ts al Income All income Is recognlsed once the crtY ha8 enliuement to the inccffie. it is Probab that the IncLyne wll be rècth'ved, and the amount of incomè rec•vabSe can be nwwred reliabty. b) Charitablè Actlvitles Charitable expenditure compnses Ih08e costs incurred by the tharily in the delivery of its acllvitie8 and services for its beneficiariès. It indudes both costs that can be alted direcdy to such 8Ctivities and those cnsls of an indirect natur• necg8ary to yJprJt them, Ta¥•tlon Thè Charity 18 g regiglered Chadty and Is, theOre. exempt from any lia.ty to tax*'on m its kncome and Capltal gaing. The Charfty 18 not registe lor VAT arKI expen¢thlure is stated indu$w of VAT. 14
Tho MGS Trut Nots$ to the Accounts for the year ended 31 December 2023 2 Gains on R•valuatlon & Dlsposal of Inv•¥tIm Assets Fund 2023 Fund 2023 Totsl 2023 Totsl 2022 Realise(I gainslllosses) on In¥Im¥ assets sdd Unrealised gain311108ses) Total nel gaIn&1110s8I SS.759 241,639 2.071.940 241.640 2.138,699 6S.760 2.313,579 2.380.339 406,716 3,945.160 13.538.444) Flxèd A¥ts Inv•stm•nts Quoletl Investsnents . Gfmeral Bursary Fund Market value al 1 J)uary 2023 Additions Disposals Nel realised gainslllo88es} Vnreali8ed gainslllo8$esl Market value at 31 Decwnb8r 2023 23,565.511 1.775,743 12,618.5841 66,759 2.071,940 24,861.369 27.285,538 2,660,675 13,260,016> 406,716 3,527,400 23.56S,511 Qyol•d Investments- PAJrsary Er¢ent FuThJ Market value at 1 January 2023 A&Jition8 0i8posals Net reallsed galnsl{Ios8esl Unr11$•d @al(10s3) Market value al 31 December 2023 4,226,257 270, 180 (7n 3.890,031 824,248 (262} 241.639 4.738,000 487 760 4,226,257 Invegknent Propertleg 180,0 29.779,369 180,000 27,971,768 HIS11¢•1 cosl hislorlc81 cost d tha quotèd Investm15 at 31 December 2023 wa8 £26.934.45212022'. £27,437,251). Inv•strn•nt Propertles Investment Properties compn'se l•nd velued on an lyn market tsa8 by H&H Land & Egl•te$ Limlted as at 31 December 2023. H&H Land and Estatss Limite¢l xt •$ propety management agents. h•v• adwsod the Trustees. The land is sclely agricultural. 3 Debtorn 2023 2022 Legocles Accrued Investment interest Income tsx recoverable 787.225 31,685 18,192 837,102 138.701 28.56S 29.128 196.398 15
The MGS Trust Notes to the Accounts for the year ended 31 D¢¢ember 2023 4 Creditorn: amounts falllng du• wlthln on• 2023 2022 Accruals Grants payable Other creditors 4.91S 1.734.073 57,288 4,789 1.580,0 45,599 1,630.388 1,7.275 S M•t inc¢)mè for the yo•r Nel Irthme for the year is Stated after charg1J. 2023 2022 Au¢ilor'$ renumeration Increase in valu'on of property Proceeds frc¥n the gale of propety. 4,580 4,440 70,000 82,009 6 Movom•nt In f•Wf¥ Bursary General End(Y•vmonl Bursary Fund Fund 2023 2023 Totsl 2023 Tot•1 2022 N•t movèm•nt In fund8 461,863 1,958.728 2.420,591 13.275,4191 Total lunds brought forward 4.251.133 23.516,015 27.767,148 31,042,567 Totsl lurKis carried fomard 4.712.996 25,474.743 30.187,739 27.767.148 7 Anal18 of chanys In n•t d•bt Cash al bonk Short term deposits Total At 11112023 709.771 519,599 1229,370 Ca•hfiDws At 3111212023 145,9431 663,828 184,116 703,715 138, 173 1,367,543 8 Trust•e• remunorntlon •nd •XTh$ and r•lal•d n10• No trustees have received any remunernl'on or exF4naes n the year (2022.. Nil) and thére were no related party transxtions in the year wth Trustees (2022.. Nil) 9 Slaff ¢ts nd k•y mnag•ment p•rnonrl The Ghanty has no employees. 10 Taxatlon The charity is a registe¢ dwrty and is thereforn exp1 trom taxat*)n. 16
The MGS Trust Notss to thè Accounts for the year ended 311)¢¢ember 2023 11 Capital ¢ommltmonts Al balance sheet date there V&tre no Ca1 comrrltrnwts12022'. Nill. 12 Cot)Iltynt Il•bllltl Al bajance sheet dale there were no ¢c*ttingent liabiltes (2022.. Nil). 17