The Hoover Foundation Annual Report and Financial Statements 30 September 2025
The Hoover Foundation Charity No.. 200274 Trustee Iloover Trust Fund Liinited Trustee Directors Mr L Edwards-smajda Mr M Given Secretary Mrs G GY Independent Auditors Cooper Pdrry Group Lirnited St James Building 79 Oxford Street Manchcstcr MI 6HT Bankers HSBC PIC 127-128 High Strcct Merthyr Tydfil CF47 8DN Investment Managers Henderson Group PLC Henderson Global Investors 201 Bishopgate. London EC2M 3AE Legal & Genernl Investment Management Limited One Coleman Slreel London EC2R SAA Reglstered Offlce Haier Smart Home UK&I Ltd 302 BTidbTewaler House BirLhw(iud Park Warrington WA3 6XG Charity No.. 200274
The Hoover Foundation Charity No.. 200274 Table of Contents Page Trustees'Annual Report............................................................................................ Independent Auditor's Report......... StatementofFinAncialActivities................................................................................... Bal#neeSheet..........................................................................................................I CashFlowStatement...................-.....-...................................................................... Notes to ¢heFinancial Statements.................................................................................12 Charity No.. 200274
The Hoover Foundation Statement of Trustee's Annual Report in respect of the financial statements Introduction The Hoover Foundation ("Foundation") has pleasure in presenting the Tn]5tees' Report and audited Financial Statements for the financial year eTJded 30 September 2025. Legal Status Thc Hoov¢r Foundation was foundcd undcr a Trust D¢cd datcd 20 January 1961. Thc govcrning instrwncnt undcr which Thc Hoovcr Foundation orKTatCs compriscs that Dccd and othcr w)li¢i¢s ag¢d froTn tirnc to tiTnc by its goi'crning body, th¢ Board of th¢ Trn8tc¢s. Objectives and activities for the public benefit The objcctiiwes of The Hoovcr Foundation are primarily to support educational, environmental and charitable work in and around the areas of Haier Smart Home UK&l locations throughout the United Kingdom. The Trust Carries L)Ut these objectives by providing grants to appropriate organisations. Th¢ trustc¢s confim] that thcy hav¢ rcf¢rrcd to tlic guidanc¢ containcd in thc Charity Commission'q g¢ncral guidancc on public tKn¢fit wh¢n rcvicwing thc Trust's aims and objcctivcs and in planning futur¢ activiti¢s and sctting th¢ grant making policy for th¢ y¢ar. The stability of the fund remains the basic objective, thereby ensuring continued opportunity for chariiable contributions to appropriate endeavours. All requests flir support from the Foundation are received by one of the Trustee Directors. The Trustee Director will then reach a conclusion, and make a recomrnendalion. This recominendation is then forn'arded to all other Inembers of the trusiee board. They either support, or seek further infonnation andlor discussion with other Board Inemr8. Fonnal agreement of all action takes place at such scheduled meetings as necessary. Trustee Directors The Trte£ Directors are aptx)inted following a proce&$ of dI.cU10n between the tru%tee8 and Haier Smart Home UK&I Ltd. Review of the periodl impact assessment The Foundalion continues io support small charilies wilh one-off ad hoc donations. li f(USe8 ils smaller grants towards local charilies in and around the local areas where Haier Europe (UK & Ireland) has its offices to support ihe local communilies for ihe Haier Europe (UK & Ireland) employees. In addition, the tn]5t lias previously Tnade larger donation5 for Strategic chaTities, which liave required up- front funding to guarantee aCti.1t7cs can be self-funded. In the Tnain, the tn]5tees have selected projects that are research and development in natUTe, with the aiTll of supporting identification of cures to illnes51 disease for fvture geneTation5. The ttee5 are CUTrently considering the basis foT the next strategic investments, which it 11 commence likely in financial 2025- 26. The requests for grants and the ei'aluations of such requests vary- yearon year. However. on balance across a numberof years the donations and grants will reflect the income generated froTn the investments recorded during the period. The Foundation is noTh' in a position where it has surplus resources and the trnstees agre£ it needs to be more active in investing funds in the tnedium tem] to support the local community charities and strategic charitable partnerships. Investment policy The trustees have considered the most appropriaie policy for investing funds and has found that unit trust investments meet their requirements to generate both income and capital growth.
The Hoover Foundation Statement of Trustee's Annual Report in respect of the financial statements Review of the Financial Statements for 2025 tiross income from iniiestrneni income increased during the reporting year to £102,634 from £99,450 in 2024. The has been increase in the value of investtnents of £84.348 compared io an increase of £253.362 in 2024. Grants paid in thc pcriod and payabl¢ at th¢ ycar-cnd totall¢d £24,562 (2024.. £8,400). Unr¢strictcd rcscrvcs at 30 Scpt¢mb¢r 2025 wcrc £4,159,230 {2024.. £4,008,884), an in¢r¢as¢ of £150,346 from thc prior ycar (2024.. incrcasc of £332,344). Reserves Policy Th¢ twst¢¢s aiTn to maintain frc¢ rcs¢rv¢s in unr¢stri¢t¢d ftinds. Th¢y considcrthat thcs¢ ass¢ts ar¢ adcquate to fulfil thc obligations of thc charity. Risk management The trustees have examined the jor risk5 which the Foundation faces and confim]s that systems have been established to lessen these risks. The tn]5tees are mo]]itorinbT llrket inveslment returns and 5igvJificant variances to discuss with investment houses. The main risk to the charity is in relation to fluctuations in market value of the investnients.
The Hoover Foundation Statement of Trustee's Annual Report in respect of the financial statements ststement of trustees, responsibilities The tTUStees are re5pDn5ible for prepaiiTib the TTU5tees' Annual Report and the finanLial statements in accoTdance with applicable la. and United Kingdoin Ac£ountingF Standard5 (United KingFdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees tl) prepare finaneial statements for each financial year which give a true and fair view of the srate of affairs of the charity and of the incoming resources and application of resources of the Lhariiy for thai year. In preparing these fii)anLial stateinents, the trustees are required to.. select suitable accounting policies and Ihen apply them consistently: Obse,£ the methods dnd principleb in the Charities SORP.. make jiidgments and estimates that are reasollable and pnident. stste whether applicable accounting standards comprising FRS 102, have been followed, subject to any material dcpartures disclosed and explained in the financial ststements,. and prepare tl)e finkmcial siatemenis on the going concern basis unless it is inappropriaie to presume that die charity will continue in business. Th¢ trustccs arc r¢sponsibl¢ for k¢¢ping propcr accounting rccords that disclosc with rcasonablc accuracy at any timc thc financial position of thc charity and ¢nabl¢ thcm to ¢nsurc that thc financial stat¢mcnts comply with thc Charitics Act 2011. th¢ Charity (Accounts and Rcports} Rcgulations 2(X)8 and thc provisions of thc trust d¢¢d. Thcy arc also r¢sponsibl¢ for safcguarding th¢ asscts of thc charity and h¢nc¢ for taking rcasonabl¢ stcps for thc pr¢v¢ntion and d¢tcction of fraud and oth¢r irr¢gulariti¢s. The trutee are responsible for the maintenat]ce and integrity of the cliarity and fiiiancial infom]ation included on the charity'8 website. Legilation in tl)e United Kingdoin governing the preparation and dIsel]ItlOn of financial statements Inay differ from legislation iii other jurIdI£t]on5. The following individuals have been tjustees during the financial year and up to date of signing L)f these accounts are as follows.. Mr L Edwards-smajda Mr M Given On behalf of the Board of Trustees Lawrcnc¢ Edwarits-smajda Trustcc Dircctor 30 July 2026 - DLLte
The Hoover Foundation Independent Auditor's Report to thg Tru$tg0s of Thg Hoovgr Foundation for thg ygar gndod 30 Sgptgmbgr 2025 Opinion Wc havc audit¢d th¢ financial statcm¢nts of Th¢ Hoovcr Foundation lthc"Charity"I for thc y¢ar ¢nd¢d 30 September 2025 which comprise the Statement of Financial Activitie& the Balance Sheet, the Statement of Cash Flows and noteb to the finanLial statements I to 8. inLluding a summary of significant accounting policies. The finCIal reportlllgT framewo]k that has been dpplied in their preparation is applicable law and Unitcd Kingdom Accounting Standards, including Financial R¢porting Standard 102.. Th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Praeticel. In ollr opinion, th¢ financial stat¢m¢nts'. give a true and fair i'iew of the stste of the Charity's affairs as at 30 Sepiember 2025 and of its iiicome and expenditure for the year then ended: havc bccn propcrly prcparcd in accordancc with Unit¢d Kingdom G¢n¢rally Acccptcd Accounting Practice,. have been prepared in accordance willi the requirenients of the Clianties Act 2011. BA5is for opinion We conducted our audit in accordance with Jnternational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities lor the audit ol. tl)e financial statements section of our report. We are independent of the Charity iii accordance witli the ethical requireinents that are relevant to OilT audit of the financial tateMentS in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with tl)ese requIrents. We believe that the audit evidence we have obtained is suificient and appropriate to provide a basis for our opinion. Conclu5ion5 relating to going concern In auditing the financial slaternents, we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Baqed on the work we have perforjned, we have not identified any material uncertainties relating to events or conditions thai. individually orcollectively, may cast significant doubt on the C.harity's ability to continue as a going concern for a period of ai leasl 12 months from when ihe financial staiements are auihorised for issue. Our responsibilities and the resplinsibilities of the directors with respect to going concern are described in the relevant sections of this reporL Other information The Trustees are responsible for the other infomiation. The other infom]ation comprises the infom)ation includ¢d in th¢ anniial rcpon othcr than thc financial stat¢m¢nts and our auditor's rcLX)rt thcrcon. Our opinion on the financial statements d(*s noi Coer the other infomution and. except to the extent otherwise explicitly stdted in our report, we do iiot express any fotm of asbu[nCe conclusion thereon. In co1CCtion witii out audit of the financial statetnents, out respOnlbilItY 15 to T&qd the other inlomiation and, in doing so, considcr whcthcT the otheT infotrynation is materially inconsistent with the financial statements or our know'lcdge obtained in the audit or othenwise appears to be materially misstated. If we identify such material inconsistencies or apparent iiiaterial Inisstatements, we are reqUId to detennine whcth¢r thcrc is a matcrial misstatwicnt in th¢ financial statcmcnts or a matcrial misstatcmcnt of th¢ othcr
The Hoover Foundation Independent Auditor's Report to thg Tru$tg0s of Thg Hoovgr Foundation for thg ygar gndod 30 Sgptgmbgr 2025 information. If, Lwsed on the work we have rfOrn1e(L we conclude that there is a material misststement of this other infom]ation, we ale required to rewrt that fact. W¢ hav¢ nothing to r¢port in this regard. Matt¢rs on which we are r¢quiTed to r¢port by exception Ln the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, M'e have iiot identified mateiial misstateinents iii the trustees. report. We have nothiiig to report in respect of the tollowllig inattets in relation to which the c.harities (Accounts. and Reports) Regulations 2(M)8 require us to report to you if, in our opinion.. die inforniation given in the trustees. report is inconsistent in kmy niaterial respect with the financial statements., or sutyicient accounting records Imve not been kept., or the financial Statements are not in a¥recent with the accountin¥ records. or we have not received all Ihe infornMtion and explanations we require for our audit. Responsibilities of the trustccs A% explained Inore fully in the trustee. Tesponsibilities tatement et out on page 5, tlie trll%tee8 are responsible for the preparation of the financial snteinents and for being satisfied that they give a true and fair view, and for such iniernal control as they detemiine is necessary 10 enable the preparation of financial statements that Ie free fioin n)aterial misstatement, whether due to fraud or em)i. In preparing the financial staten)ents, the Iiustees are responsible for assessing the Charity's ability to continue as a going concern. disclosing, as applicable: Matte related to going concern and UIng the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic altelnative but to do so. Auditor's re5ponsibilitie5 for the audit of the financial statements We have been appointed as auditor under Ihe c.harities Act 2011 and report in accordance '1[h the Act and relevanl regulaiions made or having effecl thereunder. Oui objectives are to obtain reasonable assurance about whether the financiai statements as a whole are free froin mateTial Tnisstatement, M,hether due to fTaud or eOr, and to Issue an auditor s report tliat includes our opinion. Rcasonabl¢ a8surancc is a high Icv¢l of assuranc¢, but is not a guarant¢c that an audit conductcd in accordance with ISAS IUKI will always detect a material misststement when li exists. Misstatements can aTise fiom fraud tsi error and ale Lonsidered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis ofthese financial statements. Irregularities, including fraud, are instances of noii-conipliance with laws and regulaiions. We design procedures in line Mqth our responsibilities, outlined above, to detect terIal misstatemei)ts in respect of in¢glllariti¢s, including fralld. Th¢ ¢xtcnt to which our prOc¢dU5 ar¢ capablc of dct¢cting irrcgulariti¢s, including fraud is detailed below.. We gained an understsnding of tile legal aiid Te¥uldtory frdmework dpplicable to tlie Charity, dnd considered tlie ri%k of act by the Charity that were contrary to applieable law8 and regulation%, including fraud. We designed audit procedures to respond to the risk, recognising thai Ihe risk of not detecting a material
The Hoover Foundation Independent Auditor's Report to thg Tru$tg0s of Thg Hoovgr Foundation for thg ygar gndod 30 Sgptgmbgr 2025 misstaternent due to fraud is higher than the risk of not detecttng one resulting from error, as fraud may involve deliberate concealment by, for example. forgery or intentional misrepresentations. or through collusion. We focused on laws and regulations which could give rise to a material misstatemeni in the financial statements, including, bui not limited to the Charities Act 2011, the Chariiies {Accounts and Reports} rebFuldtivns 2tK)8, the pivvisions of the trust deed dnd UK lebiisldtion. Our tests inLluded dsTeeinb the financial stat¢ment disclosures to underlying suppoiting documentation and ¢nquiri¢s wth mat]agement. Because of the inherent limitations of an audir. there is a risk that we will nL)t derect all irregularities. inLludin¥ those leading to a material misstateinent in the linancial statemeiits or non-Lompliance wTrth regulation. This risk increases the more that compliance with a law or regulation is rein0ed froin the events and transactions rcflcctcd in thc financial statcmcnts, as wc .111 bc lcss likcly to bccom¢ awarc of instanccs of non-compliance. The risk is also greaier regarding irregularities occurring due to fraud rather than emir, as frnud involves intentional LonLeahnent, forbTery, Lollusion, oniission or mibrepresentutio A fyrth¢r dcscription of our r¢sponsibiliti¢s for thc audit of thc financial statcm¢nts is Iwat¢d on th¢ Financial Repx)rting Council's website at W.fr¢.0rg.Uklaudlt0rsreSpOnSibijltle8. This description fomis part of our auditor's report. Use of our report This report Is made solely io the Charity's Trustees, as a b(Kly in accordance 1th Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we rnighi state to the Charity's Trugiees those n)aiters which we are required to state to thein in an auditor's report and lor i)0 other PUTP05e. To tl)e fullest extent petJnitted 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 rerK)rt, or for the opinions ive have formed. Zd Cooper PaY Group Limited Statutory Auditor Date." 30 July 2026 St James Buildin¥ 79 Oxlord Stre£t Man¢hcst¢r MI 6HT
The Hoover Foundation Statement of financial activities for the year ended 30 September 2025 2025 2024 Notes Income from.. Investment incotne 102,634 99,450 Total Income 102,634 99,450 Expenditure on.. Churiluble Uciivilies Grants payable Mandgement dnd Administrdtion Governance costs- audii fee Bat)k CharbFes 24.562 5,500 6.500 74 8,400 5,5tH) 6,500 68 Total expenditure 36,636 20,468 Net incom¢ 65,998 78,982 Oth•r rècognisèd gains and lossès Realiscd and unrcaliscd gain% and losses on invesimeni assets 84,348 253.362 Not movèmonf in fund 150,346 332,344 Raconciliation of Funds Total fvn(L brought fonvard 4,008,884 3,676,541 Total funds carrled forward 4,159.230 4,008,884 All in¢om¢ and ¢xp¢ndi¢ ar¢ d¢riv¢d from continuing a¢tiviti¢s and r¢lat¢ to unrcstri¢t¢d funds. The notes on pages 12 to 15 forni part of these financial statements. Charity No.. 200274
The Hoover Foundation Balance Sheet As at 30 September 2025 2025 2024 Noles F5xed assets Investment assets 3,589,937 3,505,589 Current assèts Investment income due Cash at bank and in hand 17,741 599.552 16,645 522.650 617,293 539,295 Creditors.. Amounts falling due within one year (48.000) {36.000) Net Current assets 569,293 503.295 Nat ass•ts 4,159.230 4.008,884 Total charlty funds Unrestricted fund 4,159,230 4,008,884 Approved by the Board and signed on its behalf by: LaMTence Edwards-smajda - TTUSte£ Director 30 July 2026 - Datc The notes on pages 12 to 15 fonn part of these financial statements 10 Charity No.. 200274
The Hoover Foundation Cash flow statement For the year ended at 30 September 2025 2025 2024 Nfjte.f Net cash oufflow from operatlng actlvldes 125.7321 (6,1291 Investing aGtivities I¢StM¢llt incom¢ 102,634 99,450 102,634 99,450 Increase in Gash 76.902 93,321 Cash at l October 2024 and l October 2023 522,651 429,330 Cash at 30 September 2025 and 30 September 2024 599,553 522.651 a) Reconciliation of net expenditure resources to net cash ouffiow from opernting activities Net income l (expenditure) (Decrease} I Increase in creditors Dectrdse / IlnLtEdsel In debtor5 Investment income 65,998 12,000 {1.096) (102,634) 78,982 12.000 (2,339) {99.450) Net cash oufflow from operating activities 125.7321 (6,1291 The notes on pages 12 to 15 form part of these financial staiements Charity No.. 200274
The Hoover Foundation Notes to the financial statements Accounting policies Stat8mont of complièneo ènd basis ofproparation. The Hoover Foundation is an unincorponted Charity registered in F.ngland. The Registered Office is 302 Bridgewater House, Birchw(K)d Park, Warrington, WA3 6XG. The fjnancial statements have been prepared on a going conccm basis undcr th¢ histori¢ cost convcntion, with th¢ ¢xc¢ption of thc pool¢d invcstmcnts vehicles which are quoted at market value. The fiiiancial statements have been prepared in compliance Mqth the Charities SORP (FRS 1021 Accountill¥F dnd Reportinb by Charities.. Ststernent of Recointnended Practice applicable to charitieb preparing their accounts in accordance with the FitnCIal Reportiiig Standards applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The principal accounting policie5 adopted in the prepatatioii of the financial statements are set out below. Going Concern The trustees haille reviewed its current balance sheet and funding position and considered its plans for the next 12 to 24 months post balance sheet date and have agreed it is appropriate to adopt the going concern accounting principlc for th¢ prcparation of its fjnancial stat¢mcntS. Incom Income from investrnent.% is accounted foT on an aCCrL1.S basis. Income arising from the underlying investments of the pooled investment vehicles that is reinvested within the pooled investment vehicles is reflected in the unit price. Choritable A¢tivitie Costs of charitable aciivities include grants made. Grants Grants payable are paynents made to third parties in the rth£rance of the charitable objectives of the Foundation. Grants are accounted for when they are coininitted by ihe Ilustees consideTlng the coinniitment date and the period for which the bTrant relates. Taxation As a regjstered charity there is no charge to United Kingdom taxation on the net revenue from its primary activity or on its investment income to the extent the income is applied to charitable purposes. The Charity is exempt from t&x on capital gains to the extent that the gains are applied for charitable purpo8e%. FlnanclalAssèts The financial as5et5 of the Foundation are ststed at their fair value. Debtors- The value is calculated directly from the fund ststements provided by the fund managers. These are not provisioned given the nature of the asset is a distribiition from the investments. Cash- Cash is stated as per the bank balance at the balance sheet date, deducting any items that have en issuedl received which have not yet ken recorded through the bank balance. Investments Lnvesttnent& are stated atTn&rket value. Aiiy ¥aiii or loss on revaluation istaken to the Statement of Fi]thncial Activities. Value added tax Lrrecoiwerable value added tax is aggated with the expenditure to which it relares. 12
The Hoover Foundation Notes to the financial statements Trustee funds The Huvvei Foundation is operdted as one fund. There ale no restrictions in place in relation to the use of these lunds. The funds ale to be in*ested in line with the stated aims ot the trustees, which are suminarised in the trusteeb, repurt. Critical Accounting estimates and areas ofjudgement The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will. by definition. seldom equal the related actual results. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recO)Ised in the period in which the esiiinate is revised where the revision aftects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. The Trllstees have not identified any estimate5 or judgetnents that would have a significant risk of causing aterial adju8tments to the carrying arnount of as8et8 and liabilitie. 13
The Hoover Foundation Notes to the financial statements Grants Malerial grants made during the year are as follows.. 2025 2024 Othep.Y.' Bolton Brass Band Hoov¢r 2500 3,000 2.500 3,0(M) UthergraFtt5 less thaN £2.0(10 22.062 5,400 24,562 8,400 3 Investment assets Markei value Mui-kei Purchases Disposals Chonge i Markei valiie ul Losi ul 30.119.25 30.IP9.24 Pooled Investment Vel)iLles 3.505,589 84.348 3,589,937 The above is reflected in the analysis of Pooled Invesimeni Vehicles following= 2025 2024 Henderson Caulious Managed Fund A Class income Henderson Mulii-manager Absoluie Return Fund A Class accumulalion IPIF IfomieTly Falcon Property Unit Trllstl 2.329,008 810,131 450,798 2.288.061 797.513 420,015 3,589,937 3,505,589 Each Investment individually exceeds 5 /0 of the portfolio value at 30 September 2025. All investment assets are held in the UK. Investment income 2025 2024 Henderson Cautious Managed Fund IPIF Ifom)erly Falcon Property Unit Trngtl 93,218 9.416 88,439 102,634 99,450 All income arises on UK investments. 14
The Hoover Foundation Notes to the financial statements Management and administration of the charity 2025 2024 Administrntion expenses 5,500 5,500 There are no employees of the charity. No trustee director received any remuneration in re5Ct of services provided to the charity. Lnvesttnent Manageinent charges are being collected directly from the investment holdingg and are reflected within the change in the market valiie of investments. Investment inGome due Debtoi- Rvc'eiplts/ Inc'uFfr7e ReEnve.gted Recngni.fed Debt(Jr 30.09.24 30.VY.25 Debtors position 16,645 1101.538) 102,634 17,741 IriLome is TECObFlli5ed on an aCLrual's basib by the HooverFoundation. Nvhere inyesttnent incoine is received that transcend5 a year end, the income i& alloLated to eaLli peri based on a str&igFlit-line apportioninent etliodolo¥y. 7 Creditors 2025 2024 Audit Fee Amounls due to Haier Smart Home UK&I Ltd (irants. payable 6,500 41,500 6,5(K) 29,500 48,000 36,OtH) 8 Related Party transaction Th¢ scrvic¢s provid¢d by HaicT Smart Homc UK&I Ltd includ¢ all adjninistration, control and financial Inanag¢mcnt of thc Hoov¢r Foundation and prcparation of its account. Thc rccharg¢ r¢pr¢scnts a proportion of salary costs of thc Haicr 8mart Hom¢ UK&I Ltd administration dcpartmcnt. Management and administration expenses include amounts charged io ihe Foundation by Haier Smart Home Uk&l Ltd in respect of expenses paid on its behalf by that company of £5,500 (Part-salary re-charge} for the financial year {2024-. £5,500). 15