CHEADLE HULME SCHOOL BURSARY TRUST REPORT AND FINANCIAL STATEMENTS Year ended 31 August 2024 Charity Number 1115254 CHEADLE HULME SCHOOL BURSARY TRUST Re ort and Flnanclal Statements - Year Ended 31 Au ust 2024 CONTENTS Page Trustees, Annual Report Independent Audltor's Report Statement of Flnancial Aciivitles 10 Balance Sheet 11 Statement of Cash Flows 12 Not6S to th8 Flnancial Ststements 13-19 CHEADLE HULME SCHOOL BURSARY TRUST ort and Flnancial Statements - Year Ended 31 Au ust 2024 TRUSTEES. ANNUAL REPORT LEGAL AND ADMINISTRATIVE INFORMATION Charlty Name Cheadle Hulme School Bursary Trusl Address clo Cheadlo Hulme School Claremont Road Cheadlo Hulme Cheadle Cheshir8 SK8 6EF Charlty Number 1115254 Governlng Instrument Decl8rallon of Trusl Trusteos Dr D N Rlley Mr P DrSver (reslgned 12 June 20241 Mr N Smith (reslgned 12 June 2024) r S Abraham Mr J Wlnler (resigned 12 June 2024 Ms 8 Walmsley Mr l Jepson Mr$ C Boyd Mr C Brennan Mr S Walton Mr L Richardson (appalnled 12 June 2024) Honorary Patrons Mr S Jones Mr D Shiploy Independent Audltor Crowe U.K. LLP 3rd Iloor Sl George's Hotsse 56 P818f Street Manchesler M2 3NQ Investment Management Rathbone Investrnenl Management Port of Liverpool Building Pief Head Llverpool L3 1NW CCLA Invesimenl Managemenl SenAlor House 85 Queen Vlclor18 Slr8at London EC4V 4ET Bankers Barclays Bank PLC P.0. 8ox 357 51 Mosley Street Manchester M60 2AU CHEADLE HULME SCHOOL BURSARY TRUST Re ort and Flnanclal Statemenls - Year Ended 31 Au ust 2024 TRUSTEES. ANNUAL REPORT HISTORY, OBJECTIVES AND ACTNrriES OF THE TRUST The Cheadle Hulme School Bursary Trusl (formerly known as Ihe Cheadle Hvlme School 150th Anniversary Bursary Trust) was established by a Declaration of Trust dated 9° February 2006. The Declaration of Trust was reviewed and updated on 26th April 2010 and 30Lh November 2022. The objects of Cheadle Hulme School Bursary Trust are to pay all or any part of the fees payable in respect of deserving boys and girls who are being educated or wish to be educated at Cheadle Hulme School In particular bul not exclusively including school unlforms, school lunches. personal education equlpmenl, school lrips arKI transport lo enable the pupils to attend Cheadle Hulme School. In setting the Objects, the truslees have given careful considaratlon io ihe Charlty Commlssion's set of three publlc benefit guldes and to supplementary public benefft guldanc8 on advancing educatlon. In achievlng Its objectlves, the trustees are confld8nt the trust is meeting its publlc benefil requirernent. In 2009 the assets of Ihe Niel Pearson Bursarles Trust were transferred to the Trusl. The trust Is managed by a minlmum of two and a maxlmum of fourteen trustees who rneel at le8sI two times a year. The Trust Is operated in accordanc8 With the Declaration ol TrusL In Novémber 2023 the tnjstees Introduced the first two Patrons of th8 Trust, Mf Sam Jones. and Mr David Shipley. both of whom had been truslees of the Trust since Its loundallon. Patrons hav8 made a signillcant contrlbution to th8 development of the Trust. MANAGEMENT AND GOVERNANCE ARRANGEMENTS In sel8Ctlng Individuals for appolntment as trustees. the trustees must have regard to the skills, knowledge and experlence needed for the effectlve administration ol the char5ty and rnusl appolnt from the folk)wlng class of persons to a maximum from each dass as Indlcated in Ihe brackets: a) Headteacher (1) b) Member of staff from Cheadle Hulme School (1) c) Board of Governors of Cheadle Hulme School (5) d) Fomier Pupils and Fomer Staff of Cheadle Hulme School (3) e) P8rents of pupils (or lomier pupils) attending Cheadle Hulme School (2) fj Independent people (3) The trustees may s6rv8 for a lerm of three years and wlll be eligSble for re-electlon at the end of the three-year term. The chair of truslees is responsible for the Induction of new trustees, which involves awareness ol a trustee's responsibllities, lh8 goveming document. and the policies in place relaling to the Trust, administrative procedures, the history and philosophical appr08ch of the Trust. A new truslee receives copies of the two previous year's annual Report and Flnancial Statements. and a copy of the Charty Cofflrnission documents 'The Essential Trustee.. What You Need to Know., What You Need To Do,. and 'The Advancement of Education for the Public Benefil. CHEADLE HULME SCHOOL BURSARY TRUST Re ort and Flnanclal Statements - Year Ended 31 Au ust 2024 TRUSTEES, ANNUAL REPORT {¢ont) The investment management of the Trust funds was undertaken through tha year by an independent financial advlsor, Ralhbone Investment Management and by CCLA Investment Management. The trustees have a r8nge of policies and procedures which are reviewed at least annually. These Include Inveslment Policy, Reserves Pollcy, Complalnts and Grievance Policy and Risk Management Pollcy. The Trust does not have any employees. It relles on offlcers ol Cheadle Hulme School to provid8 ils administration, fundraising and accounting services without charg8. PROCEDURES FOR APPLYING THE TRUST FUNDS The trustees wlll normally meel Iwo times a year to review the investment funds and to consider how lo apply the funds. Flnanclal contributions totalllng £180,000 (2023: £180,000 were made lo the Cheadle Hulme School financial assistance programme In the financlal year ending 31 August 2024. This financial contribution included support for two Ukrainian puplls who had joined the school. A further £18,177 financlal contribution was glven from restricted funds (2023: £13.764). ACHIEVEMENTS AND PERFORMANCE OF THE TRUST The Twst has recognlsed gross Income totalling £316.683 <2023.. £S34.764) In the year none ol which was restricied income (2023.. £0). This is due to fundraising efforts and from legacy donations. Investmenl growrth has been posllive, reflecting the fact many countries, economies are retumlng lo growth, wlth Inflatlon also easing across the UK. US and Eurozone during th8 period under review. FUNDRAISING DISCLOSURE The school's External Relations Team plays a vltal role In raising funds to support the school's bursary provision. The 0￿rational costs of this office are fully funded by the school to ensure thai all donations dlrecuy b8n8fit bursary Students. Followlng the completlon of a comprehenslve fundralslng feasib51ity study. the school has launched a Gampaign to InC￿aSe the number of pupils on bursary support to 1 In 6 by 2030. This inlliative rellects the school's commitment lo ensvring a diverse and Inclusive community, enabling young people from a range of backgrounds to access a CHS education. The financial target for this campaign is £5 million. The school is currenlly in the quiel phase, alming to secure £2 million before transitioning to a public phase, at which point the wider school communily wlll be Invlted to support the initiative, All fundraising activities adhere to the highest standards of professlonal and ethical practlce. The school is a registered rnember ol the Fundraising Regulator, and all fundraisers employed by th8 school comply wlth Its regulations, ensuring Iransparency. integrrty, and best practice in all fundralsing efforts. In line with these standards, the school tskes proactive measures la protecl vulnerable individuals from intrusive fundraising practices. No formal complaints have been received regarding the school's fundraising activities. The school upholds a clear and transparent approach to dala protection. Information on how personal data Is used for lundraislng purposes is detalled in the Extemal Relation5 Privacy Pollcy, which Is accessible via the school's website. CHEADLE HULME SCHOOL BURSARY TRUST ort and Financlal Statoments - Year Ended 31 Au ust 2024 TRUSTEES. ANNUAL REPORT Icont) FINANCIAL REVIEW. AND RESERVES POLICY The net tolal Income (￿strICted and unr8Strlcted> before other recognised gains and losses for the year was £81.249 (2023: £314,035) 8ft8r operational expenses and bursaries of £235,434 {2023.' £220,730). The change in nel income is primarily due to lower donations, including legacy donations in the current year. The total unresirfcted funds at the year*nd were £5.295,578 (2023: £4,745,004). The reserves policy of the trustees is to both build up a substantial fund for the longer-term, whilst also continuing to make a significant donation to Cheadl8 Hulme School each year for the beneflt of school's Financial Assistance programme. Funds are built UP Ihrough donations made to the trusl and also from any gains on the inveslmenls held. The capital Is Invested so as to maxlmise the total return (capital growth plus Income) wlth a medium lev81 of risk. Cash reserves are also malnlained at a level intended to cover any agreed annual donalion to Cheadle Hulme Sch¢Jol. Student5 offered financial assistance at Cheadle Hulme School usually slay at the school for up to 7 years. from year 7 to upper sixth fonn. so Ihe trust airns to ensure that funds are available to support those puplls over that tlme period. The reserves policy is revlewed annually. GOING CONCERN The trustees belleve that the charity is able to continue as a golng concern for the foreseeable future, being at least Iwelve months frorn the date of approval of these financial siatements and have therefore prepared the financial statements on a golng concern basls. PRINCIPAL RISKS AND UNCERTAINTIES The main rlsks to the Trust are donor contributlon 18v8ls and Inve51ment volatlllty. The External Relations and Development Office of Ch8adle Hulme School work lo maintain and develop donations and legacie5 on behalf of Ihe Trust and invesimenl risk is mitigated. as far as possible. by uslng professional extemal advlsers to inform investment choices. The Trustees regularly review and challenge the performance of both these teams. The Trust is also dependent on Cheadle Hulme School for general administration. PLANS FOR FUTURE PERIODS The Trustees wlll continue to monltor general fund ralsing activities and inveslment perfomiance with the aim of Increaslng the total value of the fund year on year. CHEADLE HULME SCHOOL BURSARY TRUST Re ort and Flnanclal Statements . Year Ended 31 Au ust 2024 TRUSTEES. ANNUAL REPORT Icont) STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees must prepare financial statements for each financial year which show a true and fair view of the slate of affairs of Ihe charity and its financial activltias for thai perlod. In preparing those financial statements. the Trustees are required to: select suitable accountlng policies and then apply them consislently, make judgements and estimates that are reasonable and prudent; state whether 8ppllcable accountlng standards and statements of recommended practlce have been followed, subject lo any departures dlsclosed and explalned in the financial statements; and prepare the financial statement5 on Ihe going concem basls unles811 b Inapproprlate to presume that the charity wlll contlnue in operational existence. The Trustees are responslble for keeping proper accounllng records. whlch disclose wllh reasonable accuracy at any time the financial posilion ol Ihe charity and enable them to ensure that the financial statements comply with the Charilies Act 2011. They are also responsible for safeguardlng the assets of the charity and hence for laking reasonable steps for the prevention and detection of fraud and other Irregularitles. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the Trustees are aware • there Is no relevant audll Infomiatlon of whlch the charity's auditors are unaware, and • the Truste8s have taken all the steps Ihat oughl to have been taken as Trustees in order to be aware of any Information needed by ihe auditors In connection with preparlng thelr report and to establish that the charity's auditors are aware of that Information. The Trustees have also taken all reasonable steps to comply with their obllgaiions as set out by the Charity Commlssion to act in the best Interests of the charily and comply with their legal duties under charity law. including Iheir duty of prudence. Approval The Trustees Report. was approved by the Board on 22 behalf by: 2cz¥and signed on Ils Date: o'z r of the Board of Trustees CHEADLE HULME SCHOOL BURSARY TRUST Re ort and Flnanclal Statements - Year Ended 31 Au ust 2024 Independent Auditor's Report to the Trustees of Cheadle Hulme School Bursary Trust Oplnion We hav8 audited the financial statements of Cheadle Hulme School Bursary Trusl ('th8 charity ) for the year ended 31 August 2024 which comprise the Staiement of Flnancial Aclivities, the Balance Sheet, the Statement of Cash Flows and notes lo the financial statements. induding significant accounting policies. The financial reporting framework that has been applied In thelr preparation Is appllcable law and Unlted Kingdom Accountlng Standards, including Financial Reporting Standard 102 The Financial Reportlng Standard applicable in Ihe UK and Republic of Ireland (United Klngdom Generally Accepted Accountlng Practlce). In our opinlon the financlal Statements: glve a true and fair view of the state of the charity's affalrs as at 31 August 2023 and ol Ils Income and expenditure, for the year then ended", have been properly prepared in accordance with Unlted Kingdom Generally Accepted Accounllng Practlce; and h8ve been prepared In accordance wlth the requirements of the Charities Act 2011. Basls for opinlon We conducted our audit In accordance with Intematlonal Standards on Audltlng (UK) (ISAS {UK)l and applicable law. Our responsibilities under those standards ar8 further described In the Audilor's fesponsibllities for the audit of the financial statements section of our report. We are Independent of the charlty In accordance wSth the elhlcal requirements that are relevant lo our audll of the flnancial statemenls In the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan￿ wilh these requirements. We believe thal the audit evidence we h8V8 obtalned is sufficient and appropriat& lo provide a basis for our opinion. Concluslons relatlng to golng concern In audlting the fknanclal statements, we have concluded that the Trustees use of the going concem basis of accounting In the preparatlon of the flnancial statemenls Is appropriate. Based on the work we have performed. we have not identifled any malerial uncertaintles relating to events or conditions that. Indlvidually or collectively, may cast significanl doubt on the charIt￿S abillty to COn￿'n￿8 as a going concern for a period of at leasl Iwelve months from when the financial statements are authorised lor issue. Our responsibilities and the responsibllilies of the trustees with respect to going concem a described in the relevant sectlons of this report, Other Informatlon The trustees are responsible for the olher Informatlon contained within the annual report. The olher Infom)atlon comprlses the infomation included in the annual report, other than Ihe rinanclal slatements and our auditor's reporl thereon. Our opinion on Ihe financial slalements does not cover the other infomiation and, except to the extenl othepèiise explicitly stated in our report. we do not express any form of assurance concluslon thereon. CHEADLE HULME SCHOOL BURSARY TRUST ort and Flnanclal Statements - Year Ended 31 Au Ust 2024 Ind8pendent Auditor's Report to the Trustees of Cheadle Hulme School Bursary Trust continued Our responslbllity Is to read the other infonnation and, in doing so. consider whether the other Information is materially Inconslstent wlth the flnancial statements or our knowledga obtained in the audit or othep4vise Bppears to be materially misstated. If we identify such material inconsislencies or apparent material misstatements, we are required to datermine whether this gives rise lo a materlal misstatement In the financial statements themselves. If. b8sed on the work we have perfomied, we conclude Ihal there Is a material misstatement of thls other Infomiatlon, we are r8qulred to report Ihat fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exception We have nothing to report In respect of the followlng matters In relatlon to which the Charitles (Accounts and Reporls) Regulalions 2008 requires us to report to you if, In our oplnion: the informalion given in the financlal statements Is Inconsistent In any malerial r8SPeCt wlth the trustees. report. or sufficient and proper accounllng records have nol been kepl by Ihe charity; or the fsnanclal slalements are nol in agreemenl with the accounting records and returns; or we have not received all the information and explanatlons live require for our audit. Responslbillties of trustees As explained more fully in the trustees. responslbillties statement set out on page 4. the Iruslees are responsible for the preparation of Ihe financial slalemenls and for being satlsfied that Ihey glve a true and fair view, and lor such Internal control as the trustees determine is necessary lo enable th6 preparatlon ol financial stalements Ihal are free from rnaterial mlsstaternent, whether due to fraud or error. In prèparlng the financlal statements, the truste&s are responsible for assessing the charfty's abllity to continue as a going concem, dlsclosing, as applicable, matters related io golng concern and uslng the going concern basis of accounting unless ihe trustees either intend to liquidate the charlty or to cease operatlons, or have no Trallstic altematlve bul to do so. Auditor's responsibilities for the audlt of the financlal statements We have been appointed as audilor under s8Ctlon 151 of Ihe Charfties Act 2011 and report In accordance with the Acts and relevanl regulats'ons made or havlng effect thereunder. Our objeclives are to oblain rea8onabk8 assurance about whether the financial statements as a whole are free from maierlal misslatemenl, whether due to fraud or error, and to Issue an auditor's report thal includes our oplnlon. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) wlll always detect a material missiatement when It exists. Mlsslatements can arise from fraud or error and ar8 considered material11, indivldually or In the aggregate. they could reasonably be expected to influence the economic decisions of users laken on the basis of these financlal statements. CHEADLE HULME SCHOOL BURSARY TRUST Re ort and Financlal Statements - Year Ended 31 Au ust 2024 Independent Audltor's Report to the Trustees of Cheadle Hulme School Bursary Trust continued Details of the extenl to which the audit was consldered capable of dètecting irregularities. including fraud and non-compliance with laws and regulakn'ons are sel out below. A fvrther descrlptlon of our re5ponslbillties for Ihe audlt of thè financial statements is located on the Financial Reporting Council's website at., www.frc.org.ukJauditorsresponsibillties. This description forms part of our auditor's report. Extent to which the audit was consldered capable of detecting irregularlties, Includlng fraud Irregularities. including fraud, are inslances of non.compliance with laws and regulations, We identified and assessed Ihe risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and dlscussed these between our audit team rnembers. We then designed and performed audil procedures responsive to those risks, including obtainin9 audit evidence sufficienl and appropriate to provide a basls for our opinlon. We obtalned an understandlng of the legal and regvlatory frameworks wlthln which Ihe charily operates, focusing on those laws and regulations thai have a direct effecl on the determlnation of material amounts and disclosures In the financial Siat8ments. The laws and regulations we considered in thls context wer8 the Charitles Act 2011 together wlth the Charities SORP (FRS 102). We assessed th8 required compliance with Ihese laws and regulalions as part of our audit procedures on the related financial slatement ilems. In additlon, %ve considered provlslons of other laws and regulatlons that do not have a direct effect on the financial slatements but compliance with which might be fundamenlal to the charlly's abillty to operate or to avold a material penalty. We also considered the opportunitles and Incenlives that may exlsl within the charity for fraud, The laws and regulalions we considered in Ihls context for Ihe UK operations were the Charities Act 2011. Auditlng standards1Smll the requlred audil procedures lo Idenlify non 544,928 Total Assets less Current Uabllltlos 5.389,634 4.857.237 Restrlcted fund5 Unre3tr1cted fund3 10 94,056 112.233 11 5.295,578 4.745,004 Total funds 12 5,389,634 4,857,237 The financlal statements were approved by the trustees on their behalf by: and slgned on st Dr D Rlley CHEADLE HULME SCHOOL BURSARY TRUST Ro ort and Flnanclal Statem8nts - Year Ended 31 Au ust 2024 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash flows from operatlng actlvltles: Net movement in funds Adjusted for: (Gain)ILo85 on investments Interest receivable Dividend income Decreasel(Increase) In Trade and Olher Receivables Increase In Trade and Other Payables 532.397 212,910 (451,148) (43.018) {74,911) 175.360 101,125 (20.163) 185,967) (15.267) 289.537 Nèt cash Inflowl{oufflow) from operatlng actlvltles 428,217 192,638 Cash flows from Investlng a¢tlvltle$ Interest re¢elved Dividends recelved Purchase of invesimenis Sale of investments 43.018 74.911 (1,785,746) 1,017,659 20,163 85,967 (1,215,119) 1,011,933 Nel cash outllow from Inve8tlng actlvltles (650.158) (97,056) Not Increase In cash & cash oqulvalents (221,941) 95.582 Openlng cash & cash equlvalonts Closlng cash & cash equlvalents 419,681 197,740 324.098 419,680 Movement In cash (221,941) 95,582 Cash and cash fjqulvalents 2024 2023 Cash at bank Investment cash accounts 68,617 129.123 369,569 50.111 197,740 419,680 12 CHEADLE HULME SCHOOL BURSARY TRUST ort and Flnanclal Statements - Year Ended 31 Au Ust 2024 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng Pollcles General Informatlon Cheadle Hulme School Bursary Trust Is a nOn￿rofit maklng trust established In the United Kingdom. Basls of accountlng The Ilnanclal statemenls hava been pr8par6d in accordance wlth Ihe Charitles Statemenl of Recommended Practice (FRS 102) in accordance with th8 Flnanclal Reporting Standard appllcable in the UK and Republlc of Ireland (FRS 102) and Ihe Financial Reporting Standard applicable In the United Kingdom and R8publlc of Ireland (FRS 102) and the Charftles Act 2011 and UK Generally Accepted Practlce. The financlal statemenls have b88n prepared to glve a 'true and lalrf view and have departed Irom the Charlties (Accounts and Reports) Regulalions 2008 only to the extent requlred lo provlde 8 Irue and fair vlew. Thls departure has Involved followlng the Charilies Statemenl of Reconimended Practice {FRS 102) in accordance with the Flnanclal Reporting Standard applicable In the UK and Republlc of Ireland (FRS 102) rather than the "Accounting and Reporting by Charities: Statement of Recommended Practice Charities SORP 2005" which has since been withdrawn. Cheadle Hulme School Bursary Trusl meets the definllion of a publlc benefit entity under FRS 102. Golng concern This year has seen an uptum In stocks and shares, particularfy In the US, and the portfolio has performed robustly wllh an average 7Q/u retum. The Trustees continue to closely monitor Ihe investments and believe that the charity Is able to continue as a going concern for the foreseeable future, being at least twelve months from the data ol approval of Ihese financial stalements and have therefore prepared Ihe flnancial statements on a going concern basis. Unre8trlcted funds, Unrestricted funds are donations and other incoming resources received or generaled to salisty the oblecls of the charty. 13 CHEADLE HULME SCHOOL BURSARY TRUST ort and Flnanclal Statements . Year Ended 31 Au ust 2024 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng Pollcles {contlnued) Fixed asset Investments Fixed assel investments are stated at markel value. Gains and losses on dlsposal and revaluation of investments are charged or Gredited to the Statement of Flnancial Aciivlllos. Donatlon8 Donatlons recelvabl8 are credited to the Statemenl of Financial ActlvStles In the perlod to which they relate, generally the earlier of notiflcation or receipt. Investment Income Investment income relates to income received from fixed asset inveslments. Cash and cash equlvalents Cash is represented by cash at bank and In hand wlth financlal Instltutlons repayable wllhoul penalty on notice of nol more Ihan 24 hours. Cash equivalents are represented by the cash accounts wlthln fixed asset inv8strnents. Expondlture ExpendSture Is Included In the Statement of Flnanclal Actlvities on an accruals basls. Govemance cosls include those costs incurred In the govemance of the charlty and ils assets and are primarlly associated wlth consiilutional and statutory requirements. Crltlcal Accountlng Judgements and Key Sources of Estlmatlon Un¢ertalnty In applylng the charlty's accounting pollcies, the trustees are required to make judgements. estimates and assumptions In detemining the carylng amounls of asset8 and liabilities. The trustees. Judgements, estimates and assumption5 are based on tha best and most reliable evidence available at the time when the decisions are made, and are based on hlstorfcal experience and other factors Ihal are considered to be applicable. Due to the Inherenl subjeclivlty Involved In maklng such Judgemenls. estimates and assumptions, the aclual results and outcomes may differ. The estimate5 and underlying assurnptions are reviewed on an ongoing basis. Revisions to accountlng estimates are recognised in the period in whlch the estimate is r8vised, if the revision affects only that period, or In the pefiod of the revision and future perlods, If the revlsion affects both cUrr￿t and fuiure period8. There are no crlts'cal accounllng Judgements or key sources of estimatlon uncertainty. 14 CHEADLE HULME SCHOOL BURSARY TRUST ort and Flnanclal Statements - Year Ended 31 Au ust 2024 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Voluntsry Income Unrestrlcted Restrlcted Funds Funds 2024 2023 Donations and leg8w income Gift aid 197,531 197,531 1.223 198,754 428.635 198,754 428,635 Investment Income 2024 2023 Olvidends Inlerest recelvable 74,911 43,018 85.967 20.163 117,929 106.130 Investmonl management costs The investment management cosls represenl Ihe m8nagemenl fees charged by R8thbones Investment Management. Where managemeni fees are charged wlthin unlt funds, for both Rathbones and CCLA funds, these cosls are refiecled wlthin the unit price. Costs are netied off Income as they cannot be qu8nlifled by the investmenl manager. Charltablo actlvlti08 2024 2023 Bursarles Bank charges 197,592 108 193.764 197,700 193.841 None of the Trustees were paid or relmbuTsed for expenses durlng th8 year (2023: £nil). The trust had no ernployèes in the current or prior year. Costs In respect of the audit of the financial ststements were bome by Cheadle Hulme School, The School and the Trust have the same auditor. No other services were provided by the auditor. 15 CHEADLE HULME SCHOOL BURSARY TRUST ort and Flnanclal Statements - Year Ended 31 Au ust 2024 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Flxed Asset Investments 2024 2023 Investments Market value at 1 Sepiember Additions Disposals Net investment gainl(loss) 4,262.196 4,160,136 1,785.746 1,215,119 (1,017,659) (1,011,933) 451,148 (101,125) Market Value at 31 August 5,481,431 4,262,198 Deallng account, cash 129,123 50,112 Flxed Asset Investments 5.610,554 4.312.308 Historical cost ai 31 August 4,848,374 4.080.287 Investments comprise: 2024 2023 Rathbones - dlscretionary Investment lund CCLAICOIF investment fund units 4.112,478 3.735.725 1,368,953 526,471 5,481.431 4.262.198 CCLAICOIF unils held 186,417 2,265 Debtors 2024 2023 Amount owed by Ch8adle Hulme School 175,360 175.360 Cash at bank 2024 2023 Cash on deposlt 68,617 369.569 16 CHEADLE HULME SCHOOL BURSARYTRUST ort and Flnanclal Statemonts - Year Ended 31 Au ust 2024 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Llabllltles: Amounts falllng duo wlthln one year 2024 2023 Accruals and other creditors Amounl owed to Cheadle Hulme School 289,537 289.537 10 Restrlcted Funds Balance 1 September 2023 Balanca 31 August 2024 Income Expendlturo Transfers Old Waconians Education Fund Identlfiable donallons 31,787 80,446 112.233 (3,000) 15,177 18,177 28.787 65.269 Old Waconlans Educatlon Fund These re8trfcted funds relate to amounts recelved by the Trust to assist students of Cheadle Hulme School who are In recelpt of btsrsary Ilnanclal assistance wllh anclllary cos18 associated with attendlng school such as unlform, equipmeni and educational irips. Id•ntlflable Donatlons These are SPeC￿lC donatlons designated for Identified students. 11 Unrestrlcted Funds Balance Balance 31 August 2024 September Galns on 2023 Incom• Expendlture Investments Transferd General 4,745.004 316.683 1217,257) 4,745.004 316,683 217,257 451,148 451,148 5.295,578 5,295,578 17 CHEADLE HULME SCHOOL BURSARY TRUST Re ort and Flnanclal Statements - Year Ended 31 Au ust 2024 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 12 Analysls of net assets between funds 2024 Nel Current Assetsl Investments (Llablllties) 2024 Total Restrlcled Funds 94,056 94,056 Unrestrlcted Fund8 5,216.498 5,310.554 79.080 79.080 5.295.578 5.389,634 Net Currènt Assetsl Invgstsn•nts ILlabilltles} 2023 2023 Total Restrlcted Funds 112.233 112.233 Unrestrlcted Funds 4,200,075 4 312,308 544.928 4.745.003 4,857.236 13 Flnanclal Instruments The Trusl only has finanGial assets and financial liabilitles of a kind that quallfy as basic financial instruments. Basic financial instruments are initially recognlsed at transaction value and subsequently measured at their setllement value, The carrying amount ol the financial instruments at 31 August were: 31 August 2024 31 August 2023 Flnancl81 assets: Flnancial asset5 measured ai amortised cost (a) Financial assets measured at fair value (b) Total 68.617 5,610.554 5,679,171 544,928 4.312,308 4.857.236 31 August 2024 31 August 2023 Flnanclal Ilabilktles: Financial Ilabilities measured at amortised cost (c) Tot81 289,537 289,537 (a) Flnancial assets measured at amortised cost includ8 cash at bank and other debtors. (b) Flnancial assets held at fair value include assets held as investments. (c) Financial liabillties measured at amortlsed cost include accruals and other creditors. 18 CHEADLE HULME SCHOOL BURSARY TRUST Re ort and Flnancial Statements - Year Endod 31 Au U8t 2024 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 14 Related Party Transactlons Included wlthin creditors Is an amount of £289.537 owed to Cheadle Hulme School (2023: Included within debtors Is an amount of £175,360 owed by Cheadle Hulme School). Dr D N Riley, Mr5 C Boyd. Ms 8 Walmsley and Mr S Abraham are directors of Cheadle Hulme School. Mr L Richardson is Head of Cheadle Hulme School. Durlng the year, the Trust granted bursary money to Cheadle Hulme School amounllng to £197,592 (2023: £193,764). 19