CHEADLE HULME SCHOOL BURSARY TRUST REPORT AND FINANCIAL STATEMENTS Year ended 31 August 2025 Charlty Number 1115254 CHEADLE HULME SCHOOL BURSARY TRUST Re rt and Flnan¢6al Statoments - Year Ended 31 Au ust 2025 CONTENTS Pago Trustees. Annual Reptxt Independent Audltorfs Rewjrt Statement of Flnancial Activltss 10 Baknce Sheet 11 Statement of Cash Flows 12 Notes to the Financlal Statements 13-19 CHEADLE HULME SCHOOL BURSARY TRUST Re rt and Flnanclal Stalofflents - Year Ended 31 Au ust 2025 TRUSTEES. ANNUAL REPORT LEGAL AND ADMINISTRATIVE INFORMATION Charlty Name Cheadkn Hulme scho￿ Burswy Tw$1 Address Clafgmonl Road chead￿ Huln Chead Cheshire SK8 6EF Charlty Number 111S254 Governing Instrument Do¢l•rnlb)n of T￿￿1 Trnstoes DrDNRi Mr S Abraham Ms 8 Walmsley Mr l Jepson (Trs￿l 0￿12025) Mfs C Boyd Mr C Br8nnan Mr S Walton Mr L Richardson Ms G Cohen (Ap￿rbIed 0811012025) IAr C Mancler {apF4Jinted OPd10120251 Honorary Patrong Mr S Jones Mr D Shiploy Indep•ndent Audltor cro￿ U.K. LLP Sl George's Houso 56 Peler Slreol anchestor M2 3NQ Invè$lment Management Rathbores lrtvesknent Manag•rrn Port of Lfvwpool Buikl Pter Head LiverFooI L3 INW CCLA Invtsbn•nl Managem￿1 1 *￿9•1 Lang London EC4R 3AB Evelyn Pathe 103 Colmore Row Bim}ingh￿l 83 3AG Bankers 8arclay5 88nk PLC P.0. Box 357 51 Mosley Street MarKhester M60 2AU CHEADLE HULME SCHOOL BURSARY TRUST Re rt and Flnanclal Ststements - Year Ended 31 Au ust 202S TRUSTEES. ANNUAL REPORT HISTORY AND 0￿ECTIVEs OF THE TRUST Cheadle Hulme School Bursary Trust {fomierfy known as Ihe Cheadle Hulme School 150th Anniversary Tfusl) was established by a Declaration ol Trust dated 91h Febwary 2006. In 2009 the assets of the Niel Pearson Bursaries Trust were iransfe￿ed lo Ihe Trusl. The De￿a￿tion of Trust was reviewed and updaled on 26th April 2010 and 301h November 2022. In November 2023 the truslees introduced the first two Patrons of the Trust. Mr Sam Jon85. and Mr David Shipley, both of vthom had been trusteès since 11$ foundation. Patrons wlll have made a significant contribution to the development ol th8 Trust. The objects of Cheadle Hulm8 School Bursary Trust are to pay all Of any part of the fees payable in respecl of deserving boys arid gids wl)o are being educated or wish lo be educated at Chead18 Hulme School In particular but not exclusively induding school unrforms. school lunches. personal education equipment. school lrips and transport lo enable the pupils lo attend Cheadle Hulme School. The Trust achieves this I￿jeCt by making an annual financial contrsbution from its reserrfes to the Sth(M)I's finawal assistance programme. The truste8s have CAMS￿er8d the Charty c￿￿mIsSIon.6 set of three public benefft guid83 and lo supplementary public benefit guKdance advanang educatK)n. In achieving its objecuves, the trust88s ar8 conlSdent the Twst Is meeting its publio b￿effi1 requlrement. GOVERNANCE AND MANAGEMENT ARRANGEMEKrs The Trusl is managed by a minimum ol two and a maximum of fowte8n trusteès w meel at least three limes a yew. The Trust Is owated In aCcLvrjan￿ with its Declaration of Trust. In selecting individuals lor appointment as tNslees. Ihe trustees musl have regard lo the skills. knowledge and exper￿nCe nee(led for the effective administratwi of the Cha aniJ must app(int from the following dass of peT50nS to a Maximum from each class as Ind￿ted In the brackets: al Headteather (1) bl Member of slaff from Cheadle Hulme SchcK>l {1) cl Board of Govemor5 01 Cheadl8 Hulme Schcol15) dl Fomer pupils and former sLiff of Cheadle Hukne Sch(￿1 (3) e) Parents of pupiLs (or fonner pupils) atterKJing Cheadle HU1￿ School {2) Q Independent people13) Trustees may serva for a temi of It￿e years and wim be eFiglble for reoledion at the end of the th￿e•Year tem. rhe Chalr ol Irustees Is responsible for the Induclion of new trustees. whlth Involves awareness of a trustee's responsibilities. the goveming document. and the policies In place rélallng to the Trusl. administrative procedures. the history and philosophical approach of Ihe Trust. A new Injstee recerves cOp￿S of the preV￿u$ year's annual Report and Financial Stalements, and a copy of the Charity Commission d¢xumenls 'The Essential Trustee.. What You Need to Know.. What You Need to Do,. and 'The Attvancement of Education lor the Pubuc BenefiL As the Trust's funds have continuod lo grow, trustees have now expanded th8 Investrnent CHEADLE HULME SCHOOL 8URSARY TRUST ort and Financlal Statemonts - Yoar End•d 31 Au ust 2025 TRUSTEES, ANNUAL REPORT (Cont) managemenl of the Tn￿l'S lunds with Ihe appointrngnt of Evelyn Partn8rs. The investmènts of the TnBt's lunds ar8 now undertaken by three Independent financial atfvisots: RaIhb￿s Investment Managemonc Evelyn Partn6Ys and CCLA Investrnenl Managemenl. The tnjstees have a range of pollcies and pffjcedures whk* are revlewed at least annually. These include Investrnenl Policy. Reserves Poliw, Complaints Policy and Risk Management Politry. The Trust d08s not have employees and relies on Office￿ of Clwdle Hukne Schtsjl to provide Ils administration, fundraismg and acc(¥Jnting servic￿. wtthout charge. PROCEDURES FOR APPLYING THE TRUST FUNDS The truslees normally meèt three limes a year lo review the investment funds and to consider how lo apply Ihe Trust's funds. Financial o)ntributK)ns totalling £241.500 (2024.. £179,415) were made io the Cheadle Hulme School financial assislance Pn￿raMme in the financial year ending 31 August 2025. A fwther £18,177 fwcial contrbbulk)n was given from restricted fvnds {2024.' £18.1771. ACHIEVEMENTS AND PERFORMANCE OF THE TRUST The Trust has recognised gross income tolalling £619,883 (2024." £316.6831 in the year. This is du8 lo fundraising efforts. legacy donation5 and inveslmenl gro￿ which has generaly been positive during the period. FUNDRAISING DISCLOSURE The School's Extemal Relats'ons Team raises lunds to support Ihe School's bursary provision. The operational costs of the leam a￿ funded by the School. en6unng that 100¥o of all dOna￿On$ received are direcled towards supporting butsary students. The team's principal ￿￿￿ra￿lTr9 priwtty is the 1 in 6 campaign. which aims to increase financial assistance so that 1 in 6 pupils can benefft from bursary support by 2030. Thts inibative reflects th8 Schod's long-standing commitsment lo widening access and sustaining a diverse, indusive communty whth young people Irom a broad range of backgrounds can thrive. Fundraising activity is delivered through a balanc4d progranwne Ihat w￿lUdeS Mai￿ gift solicitations, community appeals. legacy giving. trusts and loundations. and events. Donors are ahvays provided with clear infornation about how their gifts will be used arKI may specify if Ihey wish their donation to support a particular a￿3 of bursary provision. All fundraising activty adheres lo the hlghest slandards ol professional and ethical Pfaclice. The School is registered with the Fundraising Regulator and complies fully bvith the Code of Fundraising Practice. All members of staff involved in fundra￿1ng are Irained In and operate in accordance wilh thes8 slandards. ensuring transparen￿. integrity and accountability in all interactfrons. The School Is committed lo protecting vulnèrable Indivlduals frcAn undue pr85sur8 or IntruSNe fundraising prath'ces. No formal complainls have been recejved in relation lo the School's fundrai8ing adivitw. CHEADLE HULME SCHOOL BURSARY TRUST Ro rt and FlnancDal Statemonts - Yoar Ended 31 Au ust 2025 TRUSTEES. ANNUAL REPORT (corrt) Thè School malntaing a clear arbd transparenl approath io data woteciim. Infonnation regarding how personal data is processed for fundraising purposes is Set In th Extemal Relations Privacy Pollcy. availabte on ￿ Sch(x)I's **bsite. FINANCIAL REVIEW. AND RESERVES POLICY The net total income Ireslricled and unre5tnctedl before other recognised gains and Ioss8S for the year was £331.125 (2024: £81.249) after C¥￿ratiOnal expenses and Ihe finanaal contribution of £288.75812024.' £235,434). The change In nel Income Is primarily due to higher donations. induding legaw donations in the current year. The tolal unrestricted funds al the year-end were £5.813.60712024'. £5.295.578). The reserves ￿licy of the Trustees Is to bulld up a sub51antial lund for th8 longer lem. whilst continuing lo make signrficant donatK)ns eath year to Cheadle Hulme School for the beneflt of its Financial Asstslance Program. Rewews are made al least annually of the amount held in reserves to ensure they are in line Nwlh strategy and maintained al a sustainable level lo protect against uncertainti8s. induding. but not limtied to. donor contributions. Investmenl performance, and dOna￿n requesls. Liquid funds are nomially mainiained at a level intended to cover the agreed annual contribulion to Cheadle Hulme sch￿1, tog8th8r vlth any reStrk￿ fu￿15. Funds are expanded through donations made to Ihe TTUSt and fr(xn any gains on tho investments held. The capFLql is Invested to maximisè the Total Retum (capital growth plus income) with a medium level ol risk and with a ts'me horizon in excess L)f ten years. Students offered financial assistance at Cheadle Hulme School usually slay al the school for up to 7 years. from year 7 to upper sixlh fomi. so Ihe Twst aims lo ensure that funds are availab￿ to support those pupils over that per￿. GOING CONCERN Th6 trnstees beliève that the charity is able lo contlnue as a gtiiThJ concem for thB foresèeable luture. belry at leasl twefve month5 from the date of approval of Ihese rinancial statements and have therefore prepared the financial statements on a going oncern basis. PRINCIPAL RISKS AND UNCERTAINTIES The main risks lo the Trust are donor contritjution leve15 and investment volallity. The Exlemal Relatk)ns department of chead￿ Hulme School works to maintain and devdop donations and legacies arKI inveslmgnt risk is mibgated. as far as possible. by using professional external advisers to inforn investrnenl choices. The trustees regularly review and challenge the perfiymance of the professional investment management tearns. The Trust is also dependent on Cheadle Hulffle School for general administration. PLANS FOR FUTURÉ PERIODS The trustees will continu8 lo rr￿lIOr general fundraising activits'es and Investrnenl perfomiance wilh the aim ol increasing both the totsl value of the fund year on year aThJ the annual financi31 contribution made lo the Sehtsjl 5 financial as5iStanc8 programma. CHEAOLE HULME SCHOOL BURSARY TRUST Re ort and Flnanclal Statements - Year Ended 31 Au usl 2025 TRUSTEES. ANNUAL REPORT (cont) STATEMENT OF TRUSTEES, RESPONSIBILMES The Truste8s must propar8 fNndal statements each financial year which show a Irue and fair view of the stale of affaits of the charFty and ils financial activilles for that period. In weparing those financial slalements. the Trustees are required lo: select sutlable aCCa￿nting policies and then apply Ihem (tsisistenty, make judgements arKI estimates It￿l are reasonablg and prudent; stale whether applicable accounting slandards and statemenls of recomrner￿d practlce have been fdlowed. subject to any depariures disck)sed and explained in the financial stalemenls: and prepare the financial statements on concem basis unless il is Inappropriate to presume that the charity wtll continue in operational existence. The Trustees are respmsible for keeping proper arrA)unling records. whtch disch)se vlth reasonabl8 accuracy al any Ilme the frnancial position ol th8 charity and enable them lo ensure that the financial slatements comply vrith the Charities Act 2011. They are also ressxjnsible for safeguarding Ihe assets ol the chartty and hence for takiro reasonable steps lor the preven￿On and detection of Iraud and other irregulariti8$. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the Trustees are aware • there Is no retevant audit infornwtion of which the tharity's audltors are unawaffj. and • the T￿￿teeS have taken all the steps ihat ought to have been taken as Tnjstees In order lo be aware of any informab'on needed by the auditots in connection woth preparing their report and to establish that the tharity's auditors are aware of that infomwtion. The Trustees have also taken am reasonable steps to compty with their obllgations as set out by the Chartty Commissh?n lo acl in the besl interests of the c*arrty and comply wlth their legal duties under chartty law, including their duty of prudence. Approval The Trustees Repot, was approved by the Board on £ ffj.J. 2v*nd signed on tts behalf by: of the 808rd of Trustee5 CHEADLE HULME SCHOOL 8URSARY TRUST ort and Financial Statements - Year Ended 31 A ust 2025 Independent Auditorfs Report to the Trustees of Cheadle Hulme School Bursary Trust Opinion We have audited Ihe financial slatwnents ol Cheadle Hulme Sch¢Jol Bursary Trust I'lhe charity'l for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance StteeL the Statement of Cash Flows and noles lo the financial slatements. including significant accounting policies. The financial repo￿ng framework that has been applied in their preparation is applicable law and United Kingdom Accounting Slandards, including Financial Reporting Standard 102 The Flnancial Reporting Standard applicab￿ in the UK arKI Republic ol Ireland (United Kingd￿ Generalty Accepted Accountsng Pradicel. In our CPFnion the financial stalemenls: give a true and fair view of the state of the charity's affairs as at 31 August 2025 and of its Hicom8 and expendrture, for the year then ended.. have been property prepared in accordance with United Kingd￿ Generalty Accepted A￿oUnting PractKa; and have been prepared in 8ccordan(X V•tyth the reqUi￿rn￿ts of Charities Act 2011. Basls for oplnlon We conducted our aud￿ Fn acCOrda￿e wtth Intemational Starbdards on Auditing (UK) IISAS IUKI) and applicable law. Our respon￿41111es under those Standards are further described in the Audilor's responsibilities for ihe audit of the financial st3tements Section of our report. We are irKlep8ndent of the Charity in accordanc8 ¥wth the ethical requirerrEnts Ihal are relevant lo our audrt of the financial statements in the UK. induding Ihe FRC'S Ethical Standard. and we have fu￿tEed our other ethical responsibilities in accordance wrlh these reqUI￿rnents. We believe that the audit evidence we hav8 obtained is sufficienl arKJ appropriate to proV￿e a basis for our opinion. Conclusions relating to going concern In auditin9 the financial statements. ￿ have conduded thal the Trustees use of the going concem basis of accounb'ng tn the weparalM)n of Ihe fyianc￿ statements is appropriate. Based on the work we have perfomied. we have not identified any material uncertainties lating to evenls or condtlK)n5 that. individualty or collects'vety. may casl signtfi¢anl doubt on Ihe charivs ability to GY)rti'nue as a COr￿ern for a period ol at least Iwelv8 months from vA￿n the financial statements are aultrKKised for Issue. Our responskbllrttes and the re5wns￿l&tles of the truslees wtth respect to going Concern are descrlbed in the relevant sections of thks rewL Other information The twstees are responsible for the Olf￿ inlomiation coniained within the annual report. The other Information comprises Ihe infom)ation included in the annual rewt. other than the financial statements and our audttor'5 report thereon. Our opinion on the financial statements does not covw the other infomation and. excepl to the extent otherwFse eXpl￿1￿Y stated in our report, we do nol express any fom of assurance condusion Ihereon. CHEADLE HULME SCHOOL 8URSARY TRUST ort and Flnanclal Statements - Year Ended 31 Au ust 2025 Independent Auditorfs Roport to the Trustees of Cheadle Hulme School Bursary Trust contlnued Our re8ponsibrflty Is to read the other rnf(ffi)alion 8nd, in dolng so. Jmpliance wth which might be fundamental to the charity s abllity lo operate or to avoid a materia penalty. We also considered the opportunitles and incentives that may exist wthin the charity for fraud. Audits'ng standards limit the required audit wocedures to idenlfy non-ComplN9r￿e with these laws and regulations to erbquiry of the Truslees and other managemenl and in5pectv)n of regulatory and legal correSpor￿. rf any. We identified the g￿les1 risk of material Impa￿ C￿ the financial statements from irregularitie5, including fraud, to be ￿thin the timing of recognitK)n of voluntary income and the ovwride of controls by management. Our audtt wocedures lo respond to these rfsks induded enqUIr￿S of management about their own identfficabon and assessment ol the risks of Irregularitles. sample lesting on the posting of joumals. reviewing accounting estimates for biases, ￿VIewIng regulatory correswJndence wrth Ihe Charity Commission. reading minutes of meetings of Ihose charged with 9ovem2nce and sample testing ￿ voluntary incorne. Owing io the Inherent knitatsons of an audrt. there Is an unavoldabSe risk that we may not have delected some material misstalem8nts in thé financial statements, even though we have property planned and perfonned our audii in accordance with al￿*tIng standards. For xample, the further removed non¥complian¢a with laws and reguialions (l￿egUlaritIesI is from the events and transactions reftected in the financial statements, the Sess likely the inherently limtted procedures required by audtbng slandards would Identify it. In addition. as Ih any audit, there remained a higher risk of non-detection of iTheguL3rities. as these may involve collusion. forgery. Interrtional omissions. misrepre5enlations. or the override of internal controls. We are not responsible for preventing nonvcomphance arKI cannot b8 expecled lo detecl non-compliancè with all laws and regulations. CHEADLE HULME SCHOOL BURSARY TRUST **Report and Financial Statements• Year Ended 31 August 2025** ## **Independent Auditor's Report to the Trustees of Cheadle Hulme School Bursary Trust continued** ## **Use of our report** This report is made solely to the charity's trustees. as a body, in accordance 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 trustees those matters we are required to st,;1te to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Crowe U.K. LLP Statutory Auditor 3rd floor St George's House 56 Peter Street Manchester M23NQ Date 11 March 2026 **9** CHEADLE HULME SCHOOL BURSARY TRUST ort and Financlal Statements - Year Ended 31 A ust 2025 STATEMEKf OF FINANCIAL ACTivrriES Not• Unrnstrl¢tsd Restrlcted Funds Funds Total Funds Total Funds 2025 202S 2025 2024 Income Income from generated lunds Donation and legacy income Investmenl income 511.745 511,745 108.138 198,754 117,929 108.138 Total Income 619.883 619.883 316,683 Expenditure Cost ol generatlng funds Investment management costs Charitable activit18S 29.071 241.510 29.071 259.687 37,734 197,700 18.177 Tolal Expenditure 270.581 18,177 288,758 235,434 Net Income before other recognised galns and IosMs Gainsl{losses} on inveslmenls Net Movement in Funds 349.302 (18,17n 331,125 81,249 168.727 168,727 451.148 518,029 {18.1771 499.852 $32,397 Balance brought forward at 1 September 2024 Balance carrled forward at 31 August 2025 5.295.578 94,056 5.389.634 4.857.237 10. 11 5.813.607 75,879 5,889,486 5,389,634 The charit￿$ Inc(xne aThJ expendllure all ￿lateS lo continuing operations. CHEADLÉ HULME SCHOOL BURSARY TRUST ort and Flnandal Statemènts - Yw Endod 31 Au ust 2025 BALANCE SHEEf AT 31 AUGUST 2025 2025 2024 Flxed A38•ts Investments 5.570,414 5.610.554 Current Assets Deblors Cash al bank and in hand 44.656 274.416 68.617 319.072 68.617 Llabllltles: amounts falllng due wllhin one year (289.537) Not Current Assetsl(Llabllttlos) 319.072 (220.920) Total Assèls less Current Liabilities 5,889,486 5,389.634 Restricted funds Unr•stri¢ted funds 10 75.879 94,056 11 5.813,607 5.295,578 Total funds 12 5,889.486 5.389,634 The financial ststemenls V￿re apFYoved by the trustees on their behalf by: 3)aand fAgned on r D Rjley CHEADLE HULME SCHOOL BURSARY TRUST ort and Financial SLit•ments - Yoar Ended 31 Au ust 2025 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Cash flows from operallng acuvltles: Net movement in lunds Adjusted fcr. IGainyLoss on Investrnents Inleresl receivable Dividend income Decreasel{Increase) in Trade and Olher Re¢eivatles Increaselldecre8s8) in Trade and Other Payables 499,852 532,397 1168.727) 133,374> IT4.764) 144.6561 <451.148) {43.018) (74.911) 175,360 (289.537} 289.537 Net cash Inflowl{outhowl from opfrratlng actlvltles (111.206) 428217 Cash flows from Invostlng actlvltles Inleresl received Dividends received Purchase of investments Sale of inveslmenls Redassificalion of cash balances from investrnenl p￿￿0110 33.374 74.764 (2.306.219) 1065.861 375,534 43.018 74.911 (1,785.746) 1.017.659 Net cash oufflow from invosting actIvIt￿5 243,314 (650,158) Net Increase In cash & cash equlvalents 132.108 (221,9411 Openlng cash & cash equlvalents Closlng cash & cash equlvalenls 197.740 329.848 419.681 197.740 Movement in cash 132.108 (221,941) Cash and cash equivalents 2025 2024 Cash at bank Investrnenl Cash accounts 274.416 55,432 68.617 129.123 329.848 197.740 12 CHEADLE HULME SCHOOL BURSARY TRUST rt and Flnanclal Stalements - Y¢aT Endod 31 Au U5t 2025 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting Policies General Inlomiatlon Cheadle Hulme School Bursary Trust is a nonyofit making trust estatAished In the Uniled Kingdom. Basls of accounllng The financid ststements have been prepared trj give a Inje and fairf view and have departed frThn the Charitses {Accounts and Reports) Regutations 2008 onty to the extent required lo provide a Irue and fail view. This departure has invotved followÈrkg the Charities SORP (FRS 1021 first pubEished on 16 July 2014. updated 1 October 2019. Our financial statements have been wepared on a going concern basis aThJ in accordance wth the Charities Statement of RecoMMer￿ed Practice (FRS 102) effective 1 October 2019. applicable io charitie5 preparing their accounls bn accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. the Chartltes Act 2011 and UK Genernlly Accepted Practice a5 il applies from 10ctober 2019. Cheadle Hulme S(*Kx>I Bursary Trusi meets ts definitKJn of a publlc benefit entity under FRS 102. Going conc•rn The Trustees conlinue lo dos&ly monitor the investrnents and believe that the charity Is able to wntinue as 8 90ing COn￿M for the foreseeable futu￿, being at least twelve months from the date of approval of thes8 financial stalemenls arbd have therefore prepared the financial statements on a going concem basi8. Unrestrlcled funds Unrestricted lunds are donations and ottw incorning resources recwed or generated to salisfy the objects of the charity. Donations and1•gacl•s Donations receivable a￿ credtled lo the Statemenl of Financial ActivFties rb Ihe perith to which they relale. generally the earlier of nalific8tion or receipL Investhiont Incomè Investment inc(ffi8 relates to In¢ome recelved from fixed 85set investments. 13 CHEADLE HULME SCHOOL BLIRSARY TRUST ort and Flnanclal Statements - Year Ended 31 Au u$1 2025 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 1 Ae¢ounting Policles (continued) Investments Fixed assel investments are a form of financial instrunwnt and are initially recognised at their transaction cost and subs8qu8nUy measured at fair value at Ihe balance sheet date, unless fair value cannot b8 measured reliably in vthich case tl Is measured at cost less impairment. Investment gains and losses. whether realised or unrealised, are combined and shown in the heading 'Ganslllossesl on investrnenls. in the statement of financial activities Incorp(Yating Fncorne and 8xpendiiure account. Cash and cash equlvalents Cash is repr8sonled by cash at bank and in hand with financial inslilullons repayablè without penalty on notice ol not more than 24 hours. Cash equivalents are represented by the cash accounts vrithin fixed asset investrnents. Expendituro Expendkture Is Included tn the Ststement of Flnanclal Acttvitses on an accruals basls. Govemance costs Include Ihose cost5 incurred in the govemance of the chanty and tts assets and are primarity associated with (wslttutional and slatutory requlremenls. Crltlcal Accounllng Judgements and Key Sources of Estimation Uncertalnty In applylng the ch8fTty's accounting polbcies. the trustees are required to make judgements. estimates and assumpttons In deteminsng the carrying amounts of assets and liabilities. The trustees. judgements, estimates and assumptions afe based on the best and most relsable evideF7Ge available at the time when Ihe dectsions a￿ made, arHI are based on historical experierbce and other factors thal are considered to be applicable. Due to the inherent suty'ectmty involved in making such judg8rn8nts. estimalas and assumptions. the actual results and outcomes may differ. The estirnales arKI underlying assumplions affj reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which Ihe esb'mate is rewsed. If the rewsion affects onty that period. or in the period of the revision and luture p￿￿5, rf the rnNi8ion affects b(th current and future per￿ds. There are no crillcal accounllng judgements or key sourc8s of estlmalion uncèrtainty. Voluntsry In¢offle Unrestrided Rgstrlcted Funds Funds 2025 2024 Donations Legacy incoffle Gfft aid 257.968 165,666 88.111 511.745 257.968 165,666 88.111 511,745 165,020 32,511 1,223 198,754 14 CHEADLE HULME SCHOOL BURSARY TRUST Re rt and Flnanclal Statsments - Year Ended 31 Au ust 2025 NOTES TO THE Accoupifs FOR THE YEAR ENDED 31 AUGUST 2025 Investment Income 2025 2024 Drvldends Interest receivable 74.764 33.374 74.911 43.018 108.138 117,929 Inve8lment management costs The investrngnt managemenl o)sts represent the management fees charged by Ralhbones Investmenl Management and Evelyn Partnets. VtheTe management fees are Charged wlthin unit fvnds by Ra1hb￿eS, Evelyn and CCLA funds. these costs are refiected wtthin the unll price. Cosls are netted off income as they ¢annol be quantified by the investrnent rnanager. Charltable actlvltles 2025 2024 Bursarfes 8ank charges 259.677 10 197,592 108 259.687 197,700 None of th8 TnJst8es vffie pakl or relmbutsed lor expenses durry the year (2024: £nil). The trust had no wnployoes in the current or wior year. Costs in respert of autht of the financial ststements were bom8 by Cheadle Hulme School. The SctKM)l and the Tnjsl have the same auditor. 15 CHEADLE HULME SCHOOL BURSARY TRUST Re rt and Flnandal Ststements - Year Ended 31 Au ust 2025 NOTES TO THE ACCOUNTS FOR ThE YEAR ENDED 31 AUGUST 2025 Flxed Asset Investments 2025 2024 Inveslments Market value at 1 Septèmber Addttion5 Disposals Nel investrnent gainllloss) Redasstfication of cash balances from Snvestmenl ￿￿0110 5.481.431 4,262,196 2.306,219 1,785,746 (2,065.861) 11.017,659) 168.727 451,148 {375,534) Market Value at 31 August 5.514.982 5.481.431 Dealiw account, cash 55.432 129.123 Fixed Ass8t Inv8strnents 5.570.414 5,610,554 Historicat cost al 31 August 5,088.732 4.848.374 Investments c(xnpris8: 2025 2024 Rathbones- disc￿110nary Investment fund CCLAJCOIF investmènt fund unit5 Evelyn 3,419.048 4,112,478 1,079,528 1.368,953 1,016,406 5.514.982 5.481.431 CCLAICOIF unils hekl 205,495 186,417 Dobtors 2025 2024 Other debtors Amount owed by Cheadle Hulme School 39,844 4,812 44.656 16 CHEADLE HULME SCHOOL BURSARY TRUST Re rt and Flnanclal Statements - Year Ended 31 Au ust 2025 NOTES TO THE AccouKfs FOR THE YEAR ENDED 31 AUGUST 2025 Cash at bank 2025 2024 Cash on deposit 274.416 68,617 Uabllltles: Amounts lalllng due wlthln one ye¥ 2025 2024 Afflounls owed to Cheadle Hulme School 289.537 10 Restrlcted Funds Balance 1 September 2024 Balance 31 Augilst 2025 I￿orne Expendlturo Transfers Old Waconians Education Fund Identifiable donations 28,787 65.269 94,056 (3,0Th)) 15.177 18.1 25,787 75,879 Old Waconlans Educatlon Fund These restricted funds ￿late lo aTMunts recer¥ed by the Trust to assist students of Cheadle Hulme School who a￿ in receipl of bursary financtal assistance with anCil￿ry costs associaled with attending school suth as unlfoTm. equ4)menl and educalional trips. Identlfiable Donallons These are speofiG donalN)ns designated for identif￿1 students. 11 unrestrict￿ Fund¥ Balan¢e Balance 31 August 2025 September Gains on 2024 Income Expendlture Investments Transfers General 5,295.578 619,883 5.295.578 619.883 270,581 270.581 168.727 168,727 5.813.607 5.813.607 17 CHEADLE HULME SCHOOL BURSARY TRUST Re ort and Flnanclal Statements - Year Ended 31 Au ust 2025 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 12 Anatygls of net assets between lurM18 2025 Net Current Assetsl Inve8lments (Uabllllles) 2025 Total Rostricted Funds 75.879 75.879 Unrestrlcted Funds 5.494,535 5.570,414 319.072 319.072 5,813.607 5,889,486 Net Current Assetsl Investments (Uabllltles) 2024 2024 Total Restrlcted Funds 94.056 94,056 Unr•stricted Funds 5.516,498 5,610,554 220.920 220.920 5,295,578 5,389,634 13 Flnanclal Instruments The Trusl only has finanoal assets arKI financial Ilabilities of a kind Ihal quallfy as basic financial instruments. Basic finanaal instruments are inilially recognised al transaclion value and sthequentty measured at thew settlewt value. The carrying amount of finane4al instnJm8nts al 31 August were: 31 August 2025 31 August 2024 Flnancial assets: Financial assets measured at amortised cost (a) Financtal assets measured at fair value {b) Total 319,072 5,570.414 5.889,486 68,617 5.610.554 5,679.171 31 AugU8t 2025 31 August 2024 Financial liabilities.. Financial liabilities measured at amortlsed ¢ost (¢) Total 289.537 289.537 (al Financial assets measured at amortised cost include rash al bank arKJ other debtors. {b) Financtal assets hekl at fair value include assets hekl as invéstments. {¢) Financial liablllts'es measured at arnortised cx)St inckKle accruals and othor creditors. 18 CHEADLE HULME SCHOOL BURSARY TRUST ort and Flnancial Statements - Year Endod 31 Au ust 2025 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 14 Related Party Transactions Included wlthin debtor5 is an amount of £4.812 owed by CheadFe Hulme School (2024: included within crediiors was an amounl 01 £289.537 owed lo Cheadle Hulme School). Dr D N Riley. Mrs C Boyd. Ms B walMs￿Y and Mr S Abraham are directors of Cheadle Hukne School. Mr L Rthardson Is Head of Cheadle HLtlme School. During the year. the Tru51 grdnted bursary money to Cheadle Hulme School aM￿nting to £259,677 <2024: £197.592). 19