Regislered Charity No. 526564 The MGS Trust TRUSTEES. REPORT and FINANCIAL STATEMENTS for the year ended 31 De￿mber 2024 The MGS Trust Contents Infomation Report of the Trustees Auditorfs Report Statement of Financaal Aclivi 8alan¢* Sheet 10 Cash fiow statement Notes lo the Accounts 12 The iaGS Tru8t Trust Infomiation Charity Plumb8r 526564 Mr N J Richens Mr J H Tully Mr R F W Flower Mr l Thorpe Mr A A UILtmpr8m Mrs G L Griffiths Principal Office cjo The Manchester Grammar Sd)C4)1 Old Hall Lane Manchester M130XT Banker& Nab"onal Westminster Bank plc Spinnin9fields Square Bran¢h 182 Deansgate Manthester M3 3LY Auditors Clarke Nicklin LLP Brooks Drive Cheadle Royal Business Park Cheadle SK8 3TD Investment Advisers Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 88U Navera In￿trnenl Management knmited (weviousty oalled Meridiem Investrnenl Mana9emenl Ltd} Riverside House 2a Southwark Bridge Road London SEI 9HA Tax reference XN18041 The f•lGS Trust TTUStees' Report for 2024 The Trustees present their reKM)rt and the audited finanual statements of the MGS Trust {a registered charity No. 5265641 for the year ended 31 De￿mber 2024. The finanrial statements h8ve been prepared in aceordarKe wrih the a￿OUnting poliues set out on pages 12 to 14 and Jmply with the deeds of The MGS Trust, the Charibes Act 2011 and the Ac￿un￿.￿g and Reporbng by Charities.. Statement of Reo)mmended Practi￿ applicable to chanb.es preparing their accounts with the Financial Repo￿"ng Stsndard applicable in the UK and Republic of Ireland effective on 1 January 2019. RèfÈren¢é artd Administration detsils of The MGS Trust. rts Trustees and Advisers are set OLrt on paoe 1. Structur9, govemance and managemant The MGS Tnjst was constitistèd by a Dedarab"on of Trust dated 5th April 1966 and is govemed by several supplemental trust deeds. The MGS Trust is constituied as an unincorporated Assooation. The power to appoint new Trustees is veste(l in the e￿$ting Trust*s. When rewired. new Trustees are appointed after de(#si¢y) by the e￿$b"ng Trustees as to the skill set best suited to the needs of The MGS Trust RecruTiment is then initiated to identify a suitable candidate. The Trustees are ￿n$(jOu$ of the need lor continuous training. During 2024 there were no changes in Twstees. The Trustses u3ually meet fomplly on Ihree octssion5 ea0* year to rewew progress and to discuss investsnent performance their advisers. Three meetings held in 2024. Mrs G. L. Grtffiths FCCA acted as S• to Ihe TrnSt￿. Day to day administration has been carried out by the Secretary V*tho submits an appropriate report to each meeting of the Trustees. There have been no related paty tr￿￿tiOnS during the year. except for Secretary honorarium and expenses 8$ disdosed. Obie¢tives and activities The Trust was established for Ihe advancement of education by the 8ppropria*e management of funds principally for the benefft of The Man(*ester Grammar Sc*ool, its pupils and fomer pupils. Funds have been provided by indiwdual donors and through appeals or9anised by the Development Office al The Manrthesier Grammai SctrK¥)l. Funds raised by the Development offi￿ and passed to the MGS Trust IvA)i¢h is independent of The Manchester Grammar School) and individual donab'ons are invested by the Trustees wth the intention that the retum on those invesbnents. supplemented when appropriate by the application of capital, should be used each year to pay a bursary grant to The Manchester Grammar S¢hoJ. Regular meeb.ngs are held with represÈrttthes of The Manchester Grammar School to delemine the level of bursary fvnding and the contribubon to be made from the MGS Trust The MGS T￿￿1 Trustees. Rèport for 2024 Principal risks and going concern The principal risks of the Tnjst are ex)nsidered to be the level of investsnent retum. the perfomance of investment markets and the abilty to raisè funds in a more thallenging economic environment. The Trustees have constdered these llsks in relation to going concem and given the still considerabl8 excess of the value of investsnents ovw the annual cost of l)ursaries they continue to believe that there is a reasonabl¢ expectation that the Trust has adeqLbate resourcEs to continue in operational ￿stenCe for th¢ for¢se¢able fuknre. A¢hi•v¢mwts and perforniance The Tnjstees have agreed wth the School that a grant of £2,674,411 wll be made to the School to fvn¢J bursaries for the academic year starbng in Septemkr 2024. As in previous years Ihe School 11 be responsible for the allocation of the grant belween those pupils deened to qualfy. The investment managers have fiJll discretion to oper* ¥￿th1Th the limits of a strategy agfee2024 £2,601,110). The Bursary ErKlowment Fund will meet the Tequirements of (*rtain donors wsh lo make donations on an endowment basis. Each year the ino)me will be used. as required, lo meet the sl of bursaries as explained above. Income ￿ only be applied in this way rf the capital valuè of the 8ursary Endowment Fund is higher than the totsl of inltation adjusted (using the Consumer Priees Index) donations and legaoes re￿ed. The Tnjstees are not authorised to spend or apply any of thè ￿pital of the Bursary Endowment Fund, prowded that they may spend or apply income that has been prèwtsusty added to the Fund as though it were income aristng in the then cutrenl year. Public bènefft and plan$ for future perbcxIs The Manchester Grammar School Development OfficA is successfvlty continuing fvndraising. Steps have t)een tsken to encourage o)ntinuing SUPPOrt from parents. old boys of the School and other benefa¢tors. The Trustees continue to tx)nsider the public benefil requirement in the light of the guidance issued by the Gharity Commission and in the commrtment of The Maneh&ster Grammar School to its provision of the public benÈfft. The Trustees are in regular contsct with Thè Manchester Grammar School in relation to the public benefft requirement arKI the criteria for deteffiiining the awar(l of bursaries. The MGS TNst Trustee5' Report ft)r 2024 ststément of Trustees, Responsibiliti•s The Trustees are resF()nsible for prepariry the report of Ihe Trustees and the financial statements in ac￿rdanCe with applicable law and Unrted lfjwjom Accounling Standards (United lQngdom Generally A￿pted Accounb"ng Pr￿ti￿). Charity law requires the Trustees to p￿pare finanoal stslements for ea(* financial year th* give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resour￿ of the charity for thè year. In pyepariny these finanoal ststements the Trustees are required to." (a) select suitable a¢)xMJnting poli(xes and then appty them consistentty.. Ibl observe the methods and pnnciples of the char￿eS Statement of Recommèndéd Practice,. {¢) make judgments and e8b"mates that arè reasonable and prudent and Idl prepare the finanaal slalements on the 90ing ¢0￿M basis unles5 it is inappropriate to presume th8tthe charity will ￿"nue in operation. The Trustees are resFonsible for keepiThJ afxxNJnb"ng re￿￿$ that disdose with reasonable accuracy the finanaal p0S￿On of the tharity and enable them to ensure that the financial statements cL)mply ￿ the CharttÉes Act 2011 and regulations made thereunder. They are a150 respoftsible for safeguarding the assets of the d￿rIty and hence for taking reasonable steps for the prevention and deteebon of fraud and other irregulartbes. Signed on beha￿of the Trustees Nigel J Rithens Trustee Date The MGS Trust Independent Audltorfs Report to the trustees of The MGS Trust Opinlon We have audited the finanaal statements of The MGS Trust (the "thariw) for the year ended 31 December 2024 which rnmprise the ststement of financial a(*"vrb"es, the balan￿ sheet. t17e statement of cash flows and the related notes. The finan(ial rew)rting framework that has been applied in their preparation is applicable w and United ￿ngdoM AcoJuntin9 Sl3ndard5. induding FRS 102 -The Financaal Reporting Standard applicable in the UK and Republic of Iresanrf (Unrted lfjngdom Generally Accepted Accounting Practice}. In our opinion, the finan(#al statements.. give a true and fair view of the state of the ¢harty's affairs as at 31 D￿rnber 2024 and of its int>)ming resourees and application of restyjrces for the year then ended", . have been properfy prepared in accordan￿ Unrted ￿ngdoM Generalty Accepted Acxounting Praebee., and . have been prepared in ￿0VdarKe wilh the reqLsirements of the Charities Act 2011. Basis for opinion We conducted our audTt in accordan￿ International Stsndards on Auditing (UK) (ISAS IUIQI and applicable law. Our responsibil￿*S under Ihose standards a￿ fvrther described in the Auditorfs respon&bilities for the aL¥Jit of the ffin8nry￿ statements sedion of our report. We are independent gf the charity in aCrdar￿e the ethical rèquirements that are relewant to our audrf( of the )Inanaal statements in the UK including the FRC'S Ethical Standard and we have fvffilled our other ethical responsibilities in accordancé wrth these requirements. WÈ believe that the audit evidenc¥ we have obtained is SUffi￿ent and appropriate lo provide a basis for our opinion_ Conclusions relating to going concern In audtbng the financial st2tements. we have c(rtuded that the trustees. use of the going concEm basis of acr£*unting in the prepardtion of ￿ ffinanoal statements is approwiate. Based on the worf( we have performed, we have not idenffied any material unc*rtainties relating lo events or nditions that, individually or ¢ollecbvety. may cast Si9nffi￿nl doubt on the charity's abilty to continue as a going COn￿M for a period of at least tsvelve months from when the finanryal statements are authorised for issu8. Our responsibiltbes and the responsibilthes of the trlth respect to going con(*m #re deS￿bed in the relevant sections of this report. Other infomiation Thè other infrJm)ation eomprises the irrforn￿t1on ineluded in the snnusl roport, othÈr than finan¢i¥l statements and our audrtorfs report thereon. The trustees are responsible for the other information. Our opinion on the financ4al statements does not c4)ver the other information and we Ik) not expr&88 any k)mi of assurance condusion thereon. In connection our audit of the financxal statements our responsibilty is to ￿¥￿ the other infomation and. in doing 80. consider whether thè other inforrnab.on is malerialty inconsistent ￿th the finanoal stsleffients or our kno￿edge obtained in the audit or otheThMse 8ppèars to be materially misstated. ff we identify such material inconsistencies or apparent material misststements. WÈ 8rÈ wuired lo detemiine whether there is a mateiial misst*ment in the finanual statements or a matérial misst2temenl of the other information. If. based on the work we have perfomied. we condude that there is a matÈrial misststement of this other information, we are required to report that fact. We have nothing to report in this regard. The MGS Trust Independent Auditors Report to the trustees of The MGS Trust Matters on which we aY• rnquired to r¢pgrt by exception We have nothing to report in respe¢t of the followng matters in rèlation to ￿lch the Charibes IAcLounts and Reports) Regulations 2008 reqLl1￿ us lo report to you rf. in our opinion". the inlormation gNen in the trustees. rewt is incon$istent in any material resk)ect wth th8 finaneial statements., or ' proper accounting records have not been kep( or * the financial ststements are not in agreement the accounting records.. or we have not r8eeivèd all the information and exp￿na￿"0nS we require for ouraudi( . the trustees were not ènbued to prepare the finana31 statements in accordance wth the small wmpanies, regime and take advantage of thè small companies, exemptions in preparing the truslee3' report and from the requirement to p￿pare a strategic reporL Responsibilities of trust808 As explained more fully in the Trustees, Responsibilthes Statemènt $el out on page 5. the trustees are responsible for the preparation of the financtal statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees delemjine is necessary to enable the preparab.on of financial statements that are free from rTrater1￿ mtsststemen( vthethw due to fraud or error. In prepariftg the financial ststernents, the trustee5 are responsible for a3sessing the tharity's abilty to continue as a going o)ncem, disdosing, as applicable. matters related to going concern and using the going concern basis of acwunting unless the trustees either intend to liquidate charTty or to ￿ase operations, or have no realistic amemab.ve bLrt to do $0. Auditoe$ responsibilitiès for the audit of the financial slatements We have been appointed as auditor under seth.on 144 of the Charilies Ad 2011 and report in aCCK•rdar￿e with the Act and relevant regulatit)ns made or hw.ng effect thereunder. Our obje(#Éveg are to obtain reasonable assurance about vthether the finanoal sl*ments as a whole are freè from material misstatement, whether due to fvau¢J or error. and to issue an audrtorfs report that includes our opinion. Reasonable assurance is a high level of assuran￿, but is not a guarantee that an audit conducted in aeeordance vAth ISAS (UK) will a￿y$ detect a material misstatement when il exists. Misststements can arise from fraud or error and are considered material rf, individually or in the aggregate. they Could reasonably t* expected to Influen￿ the economic decistons ol users takÈn on the basis of these finanoal statements. Irregularities. in¢ludir4J fraud, are instances of ￿n-￿MpJiance with laws and wulations. We design procedurès in line with our responsibilittes. ouyined above. to detact material vnisstatements in respect of irregularities. induding fraud. The speufi¢ procedures for this engagement and the èxtent to whith these are capable of dete(Aing irregularilies. induding fraud is detailed below. Tho extentto which the audit Vias c¢n5idered Capab￿ of detecting irregularities including frnud We identrfy and assess the risks of Materi￿ misstatement of the finanryal statements, whether due lo fraud or error. and then design and perform audrt proc£dures responstve lo those risks, induding obtaining audit eVIden￿ Ihat is suffiaent and appropriate to provide a basis for wr 0￿"n￿￿. In idenbfying and addressing risks of material misstatement in res￿ of irreguLarities, induding fraud and nOn-Q)Mplian￿ with ta4¥S and wulations. ryjr prO￿￿reS induded Ihe followng.. The MGS Trusl Independent Auditots Report to the trustees of The MGS Trn￿t . We obtained an understanding of laws. regulalions and gUIdar￿ that affect the d)arity, focusing on those that had a direct effect on the finanaal st*ements or that had a fundamental effect on its operations. Key laws, regulations and guidan￿ that idenbfied I￿uded the Charibes Act 2011, taxab.on legislation. data protection and employment legislab"on. We enquired of the trustees and reviewed correspondencÉ and trustee meeting minutes for evidenee of non. CDmpliance relevant laws and regutab"ons. We also reviewed controls the trustees have in place. wherè necessary, lo ensure wnp1lan￿. . We gained an understsnding of the controls that the trustees have in plae* lo prevent and detect fraud. We enquired of the trustees about any inadences of fvaud Ihat had taken Pla￿ during the accounb.ng period. . The risk of fraud and non-compliance with laws and regulalions was dis￿$Sed within the audit team and tests were planned and perfomied to address these risks. . We reviewed finantial statements disdosures and suppotb.ng documentation to asse$$ compl¢ancE with relevant laws and regulaions di%ussed above. . We enquired ofthe trustees about aciual and pOl￿bal I￿"gallon and daims. . We perfomed analybcal pr(￿edureS to Mlentify any unusual or unexpected relationships that might indicate risks of material misststement due to fraud. In addressing the risk of fraud due to management override of intemal controls we tested the appropriatèness of joumal entries and assesse(1 ￿￿Ether the judgements made in making accounting esb'mates were indicative of a potential bias. There are inherent limilabons in audit procedu￿ d&￿bed above. The more rem¢)ved that laws and regulations are from finanoal transac*ons, the tess likety it is that we would become aware of non- compliance. Auditing standards ￿$0 lÈmf( the audit procedures required to idenbfy non-complian¢e with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal corresponden￿, rfany. Material misstatements that arise due to fraud can be harder lo deteca than those that arise from error as they may involve deliberate con￿lMent or Lxllusion. A further d&scripb"on of our responsibil￿e$ for the audrt of the financial slatements is I￿ted on the FinancAal Reporting Counal's websFte at. WW•W.frc.org.uklauditwnsibilths. This description fotms part of our audttor's rewrt. Use of our report This report is ma(Se S￿ety to the charl￿$ trustees. as a b￿. in accordance Part 4 of the Charities (Accounts and Reports) Regulth"ons 2008. Our audit work has been undertaken so that we might stsle lo the tharty's trustee5 those rnatters we are required to slate to them in an au(Jrtofs report and for no othèr purpose. To the fullest extsnt pemitted by law, we do not accepl or assume ￿sPOnsIbl11ty to anyone other Ihan the d78rity 8nd the charity's trustees as a for our audit for this reporL or for the opinK>ns we have formed. Clarke Nicklin LLP. StatUt￿Y Auditor Clatke Nicklin LLP is eligible to art as audrtor of the tharity by viriue of its eligibility fi¥ appointsnenl as auditor ol a company under section 1212 of the C(Mnpanie5 Act 2006. Clarke Ni¢*lin LLP Stattjtory Audito CN House Brooks Drive Cheadle Royal Business Park Cheadle, Cheshire SK8 3TD The MGS Trust Statement of Financial Activities for the year ended 31 December 2024 Bursary Endowment Fund 2024 General Buisary Fund 2024 Totsl 2024 Total 2023 Donations Legaues Income lax recoverab Investment incorne Interest receivable Net rent le￿1V3b1e 260.386 2.094,353 392.751 2(KJ.852 551.620 104.$96 870 2.354,739 392,751 202,150 712,888 1(￿,315 870 623.157 1,381,122 87,159 664,363 89,038 870 161.266 1,719 Total income 424.669 3.345.042 3,769,711 2.845,709 Expendi￿re Investment managers. fees Charitable expendtture Grants payable to The Manthster GTrmmar SchcM)I 23,285 171.081 194.366 188,910 2.674.411 2.674.411 2,601,110 Management and Administtalion SeCreta￿s honorarium and ewnses Sundry expenses Professional fees 8.042 2.193 216 8,042 2.262 216 8,023 2.314 540 Govemance (x)sts Auditorfs remunèratton 4.920 4,¥20 4,560 Tolaj expenditure 23,354 2.860,863 2,884217 2.805.457 Nel incomeJlÈxp&ndiknre) and net movement in funds before gains and losses on invesfrnents 401.315 484,179 885,494 40,252 Net gainslllossesl on investments (note 2) 404.879 2,276.397 2,681.276 2,380.339 Net movement in funds 8(E.194 2.760.576 3,566.770 2,420,591 Totsl fijnds brought for￿rd 4.712.￿ 25.474.743 30.187,739 27,767,148 Total funds carried forKard S.519.1￿ 28,235.319 33,754,509 30,187,739 All the trust fttnds are reslri¢*d The MGS Trust Balance Sheet as at 31 December 2024 Notes 2024 2023 Fixed assets Investmerrts 33.323.047 29,779,369 Current assets Debtors Short tem deposits Cash at bank 75.752 759.301 1.439.223 2,274,276 837,102 703,715 663.828 2.204.645 Currertt liabilities Creditors." amounts falling due wthin one year 4 (1.842,814) {1,796,2751 Net current assetsl{liabilrtiesl 431,462 408,370 Net assets 33.754.509 30,187,739 The Funds of the Charity Restn"eted funds General Bursary Fund Bursary Endowment Fund Total 28,235.319 S,519,1￿) 33,754,509 25.474.743 4,712,996 30,187,739 Approved arKI authorised for issue by the TnJstees and signed ￿ their behalf by Jfu_ Nigel J Richens Trustee Date 10 The MGS Trust Statement of cash flo% for thè year ended 31 December 2024 2024 2023 Not cash (usedygenerated from operating a¢tivrbes (nots 1 below) 874.182 {1.187,9661 Cash flow from investing activrties Interest and similar ineomÈ r￿1ved Proceeds from the sale of invÈstments Purchase of investments 819,201 2.210,526 13,072,928) 753,401 2,618,661 12,045,923) Nèt ¢hange in cash and cash equival•nts 830.981 138.173 Cash and cash 8quiv•lents at baginning of the year 1.367.543 1.229.370 Cash and cash eqUIva￿nts at end of the year 2.198,524 1.367.543 Note 1 Nel incomèllexpenditurel for the year 3.566,770 2,420.591 Adjustments for non-cash rtems.. De(xea5ellincreasel in trade and other debtors Increase in trade and other creditors {Gainslllosses on invesbnent asset 761.350 46.539 (2.681.276) {640.704) 165.887 12,380,339) Adjustsnents for investing orffinanong activrbes.. Investment income Interest in￿rne (712,8861 11C6,315) 1664.3631 189.0381 Net ea$h generated from operating acti¥itiÉs 874.182 1.187.966 Al of the cash fl¢￿¥$ a￿ dertved from o)ntinuin9 Wa￿nS during the atrthie t*Y) r*riods. 11 The MGS Trust Notes to the Accounts for the year ended 31 December 2024 1 AGcme Investment income is accounted for ￿en receivaiye. All investsnent gains and losses a￿ tsken lo the Stalement of Finanty#l Acb"vthes as they arise. Realised gains and losses on investments a￿ calculated as the dffjferen￿ ￿￿een sales proceeds and their opening carrying value or th￿r purchase value rf acquired subsequent lo the first day of the financial year. Unrealised gains and losses are calcJJlated as the drfference bew the fair value at the year end and their opening carying value. Realised and unrealised investment gain$ and losses are combined in the Statement of Financial Activities. Donations, lega¢ies, elc. are credited when reCe￿ab￿ and can ￿ mèasured wth reasonable accuraw. Grfts in kind of listed investments ale valueil at Fnid-market price on re￿ipt. 12 The MGS Trust Notes to the Accounts for the year ended 31 December 2024 1 Accounting policies Icontlnua(l) Income t•x recoverable Income tsx recoverabje from inveslment income and Gfft M"d is acojunted for on an accruals basis. Grdnts Grants are recognised as the Commitn￿nI arises. All grants payable are for the benefit of The Manchester Grammar School, its current and fomEr pupils. Resour¢es expended Resources expended are accounted for on an ￿val$ basis arKI where appfopriale include irrecoverable VAT. Costs of generating funds represent the alhwated costs of generating voluntary income and the costs of operating the investment portfolio. Investment managers, fees are charged quarterfy as a percentage of the value of the fvnd. Govemance costs indude expenditure related lo the govemance of the chathy and represent external audit sts. Fund5 I the funds of the Trust are deemed to be Resln"cted Funds as defined by the Ststement of Recommended Praetice. The General Bursary Fund represents 9rf￿ donated by indNiduats arKI organisations to meet the cost of providing bursaries lo pupils of The Manchester Grammar School, together with accumulated income. The Trustees and The Manchester Grammar School agree each year the amount of bijtsary grant required and fvnds are released lo The Manchester Grammar School al appropriate times of the academic year. The balance of the Generdl Bursary Fund is retsined to provide bursaries for future academic years as and when agreed be￿een the Trustees and The Manchester Grammar School. The Trustees have the power to distn.bute both in¢ome and capital from the General Bursary Fund. The Bursary E￿lOwment Fund will meet thè reqUireM￿ts of certain donors wish to make donations on an endowTnent basis. Each year the income wll be used, as required. to meet the cost of bursaries a5 explained above. Income can only be applied in this way rf the capital value of the Bursary Endowment Fund is higher than the total of infiation adjusted (using Consumer Pri￿S Index) donations and legacies received. The Trustees are not authorised lo spend or appty any of the capital of the Bursary Endowment Fund, provided that they may spend or apply income that has been previousty added to the Fund as though rt were irt¢ome artsing in the then current year. Financial Instruments Financial 2ssets measured at fair value include fixed asset Investments. Financial assets that are dèbt instnjments measured at amortised Cost incj￿￿e cash at bank, short temi deposits, legacies, accrued investment interest and other debtors. Financial liab11rt￿ at amorbsed cost indude 8(Liuals, grarts payable and olh8r creditors. Preparation of accounts on a ¢oncem basis The Trustees consider that there are no malerial uncertainth.es about the charity's ability lo continue as a going con¢em nor any signfficanl areas of u￿ertaInty that affect the carying value of assets held by the ¢harty. The principal risks of the Trust are considered to be the level of investsnent retum, the perfomiance of investment markets and the ability to raise fvnds in a more challenging econtsmi¢ environment. The Trustees have considered these risks in reL8tion lo going concem and given the still considerable èxGe5s of the value of investments over the annual cost of bursaries they continue to believe that there is reasonable expectation that the Trust has adequate resources lo conts.nue in operational e￿Stence for the foreseeable fvture. 13 The MGS Trust Notes to the Accounts for the year ended 31 December 2024 1 Accounting policias {¢ontinuod) Debtors Trade and other debtors are recognised al the setuement amount due after any trade discount offered. Prepayments are Valued al the amount prepaid net of any trade disc¢yJnls due. Credito Creditors are recognised Ithere the charity has a present obligation resulb'ng from a past event that wll probably iesufi in Ihe transfer of funds lo a third paty and the amount due Can be measured or estimated reliably. Creditors are normally recognised at tha"r settlemenl amount after allowng for any trade discounts due. Keyiudgements The key judgements are those px)l1r￿eS relatsThJ to Fixed Asset Investments. a} Income All income is recognised Or￿ the Charity h85 entitlement to the in¢c*ne, it is probable that the incffi)e wll be received, and the amoLEnt of income reeer￿bIe Can be measured ￿llabty. bl Charitable Activrties Charitable expendi£ure compyises those costs incurred by the chanty in the delivery of its activ￿"e$ and services for its beneficiaries. It includes both wsts that can be allocated dire¢Uy to such activities and those costs of an indirect nature necessary to support them. Taxation The Charity is a registered Charrty and is, the￿f0￿, exempt from any liabilty to taxation on its income and capital gains. The Charty is not registered for VAT and thereth experXlriU￿ is stated indusive of VAT. 14 The MGS Trust Notes to the Accounts for the year ended 31 December 2024 2 Gains on Revaluation & Disposal of Investment Assets Bursary General Endowment Bursary Fund Fund 2024 2024 Total 2024 Total 2023 Realised gain￿(lOSSeS} on investment assets sold Unrealised gainslllossesl Total nel gainslllosses) 12,457 338,621 392,422 1.937,776 404,879 2.276.397 351,078 2,330,198 2,681,276 66,760 2.313,579 2.380,339 Quoted Investments- General Bursary Fund Market value at 1 January 2024 Addrtions Disposals Net realised gainslllosses) Unrealised gainslllossesl Market value at 31 Deeember 2024 24,861,369 2,495,C60 12,1107,7661 338.621 1,937,776 27,625,(k80 23,565,511 1,775,743 {2,618,5841 66,759 2,071,940 24,861,369 Quoted Investments- Bursary Endowment Fund Market value at 1 January 2024 Additions Disposals Net realised gainslllosses) un￿alIsed gainslllosses} Market value at 31 December 2024 4,738,000 577.868 1202,7601 12.457 392,422 5,517,987 4,226,257 270,180 1771 241,639 4,738,000 Investmerrt Properties 180,000 33.323,047 180,000 29,779,369 Historical cost The historical cost of the quoted investrnenls at 31 December 2024 was £28,148,29312023: £26,934,452). Investment Propertses Investment Properties comprise land valued on an ¢¥en mart(et basis by H&H Land & Estates Limited as at 31 De¢ember 2024. H&H Land and Estate5 Limited act as property management agents, and have advised the TrnJstee5. The land is solely agri¢uliuRI. 3 Debtors 2024 2023 Legacies Accrued investment Inte￿$1 Income tax recoverable 11,835 35.292 28,625 75,752 787,225 31,685 18,192 837,102 15 The MGS Twst Notes to the Accounts for the year ended 31 December 2024 4 Creditor5: amounts falling due within one year 2024 2023 Accruals Grants payable Other creditors 5.163 1,782.670 54,981 1,842,814 4,916 1.734,073 57,286 1,796.275 5 N9t income for the year Net income for the year is stated after ehargir4J'. 2024 2023 Avditorfs renumeration Increase in valuation of propety Proceeds from the sale of property. 4,920 4,560 70,000 82.009 6 m0￿Ment in reserves Bursary General Endowment Bursary Fund Fund 2024 2024 Total 2024 Totsl 2023 Net movement in funds .194 2,760.576 3,566.770 2,420,591 Total fvnds iyought forward 4.712.9% 25.474.743 30,187,739 27,767.148 Total funds carried fO￿ard s,519,1￿* 28,235.319 33,754,509 30.187.739 7 Anatysl$ of ¢hanges in net debt Cash at bank Short lem depo&ts Tot21 At 11112024 663,828 703,715 1.367,543 Cashfiow5 775.395 55.586 830,981 At 3111212024 1,439,223 759.301 2.198,524 8 TrustÈes ￿MuneratiOn and expenses and TrIat￿ bxn5actions No trustees have received any remunerakn.on or expenses in the year {2023'. Nil) and there were no related paty transactions in the year v￿h Truslees12023'. Nil) 9 Staff Costs and key management peffsonn81 The Charity has no employees_ 10 Taxation The charity is a registered chartty and is theref￿e exempt from ta￿￿[on. 16 The MGS Trust Notes to the Accounts for the year ended 31 December 2024 11 Capital commitments At balance sheet date there were no (sprtal conmnrtments P023". Nil). 12 Contingent liabilittes At balance sheet date there were no conlingent liabilttes12023: Nill. 17