2023-12-31-accounts

Page Charity Information Trustees, Report and Statement of Responsibility Independent Auditor's Report Statement of Financial Activities 10 Balance Sheet Notes to the Financial Statements 12- 17 Information for the Trustees Distribution of Surplus Income 18 Investment Properties 19

Tern] Commencement Len Trustees: ointin bod Term T A Hoyle - Chairn]an Hulme Trustees 23 March 2023 4 years l Rankin - Treasurer Manchester Grammar School 20 September 2022 4 years P Parker Brasenose College 3 November 2022 4 years N Wightman Brasenose College 22 March 2022 4 years S Newman Hulme Trustees 20 March 2020 4 years M Smith Hulme Trustees 14 September 2021 4 years S Gauge Bury Grammar School 24 March 2022 3 years Secretary & Legal Advlsor J Aldersley Corregpondence Address Butcher & Barlow 3 Royal Mews Gadbrook Park Northwich CW9 7UD Bankers Unity Trust Bank Pl Agricultural Property Managers The Brown Rural Partnership 29 Church Street Macclesfield Cheshire SKI16LB Investment Managers Cazenove Capital l London Wall Place London. EC2Y SAU Saltus Asset Management 22-23 Old Burlington Street London. Wl S 2JJ Auditors Reporting Accountants Harts Ltd Chartered Accountants Westm inster House l O Westminster Road Macclesfield Cheshire SKIO IBX DJH Audit Limited Bridge House Ashley Road Hale Altrincham Cheshire WA14 2UT Page I

Th¢ Trustees present their annual report and financial statements of the Charity for the year ended 31° D¢c¢mber 2023. The financiaE statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the Charity's trust deed, the Chariti¢s Act 201 l and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Charities SORP 2019. Objectives and activities Charitable objects and Public Benefit Statement The objects of the Charity are the promotion oleducation. The Charity does not actively fundraise, and is required to make distributions, after deducting expenses arising from the ChaTity's property. administration and management, to th¢ beneficiaries named and in the proportion laid out in the Charity Commission Scheme governing the Charity. These are shown on page 18. The trustees have had regard to th¢ Charity Commission's guidance on public benefit. All benefIciari¢s are educational establishments, all of which are re8lStered charities. Investment Policy and perform&nee Following approval by ihe Charity Commission, the Charity's investment strategy is a total return approach to the invcstmcnts of the tolal value of the endowment (the 'Total Endowment" or 'Fund'). In accordance with the Order, the Trustees confjmi that.. In identifying the value of the portion of the Tolal Endowment that represents distributable funds (the 'Expendable Endowmcnt,), the Trustees first identified the valu¢ of the Pemianent Endowmcnt at 24 DeLemb¢r 1980 (the earliest practical date), and The Expendable Endowment represents the difference between the Total Endowment and the Pemianent Endowment, with the latter adjusted for inflation. When det¢rniining the annual distribution to beneficiaries out of the Expendable Endowment the Trustees have considered the long tem] susiainability of such a level of distribution, and When reaching their decision as to the level of distribution, the Trustees have taken advice from their investment advisers regarding the market outlook, investment tr¢nds and yicld and the prospects for future capital growth. The Investment5 Advisors are instructed to invest to maxim ise the total return on the non-agricultural p¢rnianent endowment investments, within the constraints of a long term investfflentstrategy. Thc Trustccs agrcc target asset allocations and seeks a return of inflation + 2.5 /0. Pag¢ 2

Financial revieTrv The Charity is reliant on the Total Endowment which hold a diversified range of assets, mainly quotcd equitics but also agricultural properties and other assets. The return in 2023 before adjustfftng for distributions to beneficiaries was 2.78 % (2022 - 1 .33D/o). Interest rates began to rise rapidly in 2023 as a reaction to very sharply higher rate of inflation {a consequenc¢ in part of Russia's invasion of Ukraine) and remained high in 2023. Both equities and bonds were generally weak in 2023 but equity markets began to recover later in the year and this recovery has continued in early 2024. The Trustees have made an interim distribution of £180,000 (2022- £175,000), and proposed a second distribution of£190,000 (2022 - £190,000) to maintain their principle of distributing approximately 2.5 % of the average value of the Total endowment over the last 5 year5. At 3 ljl December 2023 this avera8e was £15,132.129 (2022 - £14,698.535). Reserves Policy The Trustees have established a policy for withdrawal of funds from Expendable Endowment which aims to tnaintain the real value of the Total Endowment in the medium terni (5 years) as measured against movements in the retail price index, and to maintain the l¢v¢l of distributions at approximately 2.5 % each year of the trailing average value of the Fund over the past 5 years, This may be increased up to 30/0 by the Trustees. As at 31, D¢ccmb¢r 2023 thc valuc of th¢ Fund was £15,523,452. The value of the Pemianent Endowment was £11,363,555 and the value of the Expendable F.ndowment was £4,159,897. Further explanations are given in the notes to the financial statements on pages 14 and E 7. Future PIAns In early 2024 global equity markets have been stron8, anticipating that the peak of the interest rate cycle has been reaLhed as inflation rat¢s fall sharply, The Trustees havc appointcd two n¢w Invcstment Managers to manage the non-property assets of the Charity, replacing the fomier Investment Manager. Since the Trust¢¢s adopt a long-t¢rni approach to investment strategy and base distributions to beneficiaries on a five-year average of the value of the total Endowment Fund, the Trustees do not intend to make any significant change to the investment strate8y pursued by th¢ Charity. Structure, Governance and Management The Charity is a registered charity, number 532297 and is govemed by a scheme approved by the Charity Commissioners dated 26 October 1979. On 6 May 2010, the Charity Commission approved th¢ Trustees'plan to adopt a policy of Total Return with effect from l January 2011. Page 3

Trustees There are seven Trustees, appointed as to three by the Trustees of the Estat¢ of William Hulme, two by the Principal and Fellows of Brasenose College, Oxford, onc by the Council of the University of Manchester and one by the beneficiary charities, in rotation. Trustees are appointed for their expertise in specific areas related to the Charity's activities, including investment and property management. All Trustees giv¢ of their time freely and no Trustee remuneration was paid in the year. Details of Trustee expenses and related paty transactions are given in note 2 to the accounls. Trustees are required to disclose all relevant interests and to register them with the Clerk to the Trustees, and in accordance with the Charity's policy withdraw from decisions where a conflict of interest arises. The Trustees meet twice a year to review the perforniance of and agree a strategy for the Fund, approve distiibutions and considcr risk managcment. Risk Management The Trustees have considered the major risks to which the Charity is exposed and conduct an annual review of risks, established systems and proccdures to manage those risks. A Risk Management ststem¢nt is maintained and is reviewed annually. The Trustees Consider variability of investment returns on the Fund to constitute the Charity's major financial risk and recent volatility in world stOLk markets has demonstrated this risk. The Trustees manage the Fund on a total return basis, having obtained an Order from the Charity Commission. allowing them to use a total return approach to the Fund. The Tru5t¢es considcr that the use of a total return approach will smooth the amount available for distribution to ben¢fi¢iaries. Page 4

STATEMENT OF TRUSTEES, RESPONSIBILITIES IN RESPECT OF THE ACCOUNTS The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Charity Law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Charity and of its incomlng resources and application of resources of the Charity for the year. In preparing these financial statements, the Trustees are required to., select suitable accounting policies and then apply them consistently: observe the methods and principles of the Charities SORP. make judgments and ¢stimat¢s that are reasonable and prudent: state whether applicable accounting standards and statements of recommended practice have been followed; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that th¢ Charity will continu¢ in operation. The Trustees are responsible for keeping accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial stat¢ments comply with the Charities Act 201 l and rcgulation's made there under. They arc also responsible for safeguarding the assets of the Charity and hence for tsking r¢asonable steps for the prevention and dctcction of fraud and other irregularities. So far as each of the Trustees 15 aware at ihe time, the report is approved there is no relevant audit inforniation of which the Charity's Auditor is unaware, and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit inforniation and to establish that the Auditor is aware of that inforniation T Hoyle - Chairnian Date- 19 September 2024 Page 5

Independent Auditor's Report to the trustees of Hulme Trust Estates (Educational) for the year ended 31" December 2023 Opinion We have audited the financial statements of Hulme Trust Estates (Educational) (the Charity) for the year ended 31 December 2023, which comprise the Statement of Financial Activities, the Balance Sheet and the related notes, The financial reporting framework that has been applied in their preparation is applicable law and United Kingdorn Accounting Standards, including FRS 102 'Yh¢ Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice)- We have been appoint¢d as auditor under section 144 of the Charities Act 201 l and report in accordance with the Act and rel¢vant regulations made or having effect thereund¢r. In our opinion. the financial statements.. give a tnje and fair view of the state of the Charity's affairs as at 31 December 2023 and of its incoming resources and application of resou￿¢5, including its income and expenditure for the year then ended. have been properly prepared in accordance with Unlted Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on auditin8 (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further d¢5cribed in the Auditor's responsibilities for the audit of the financial statements section ofour report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements inthe UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material unc¢rtainties relating to events or conditions that. individually or collectively, may cast Sl8nificant doubt on Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authori5ed for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 6

Indepeudent Auditor's Report to the trustees of Hulme Trust Estates (Educational) for the year ended 31. December 2023 Other Information The other inforniation comprises the inforniation included in the annual report, other than the financial statements and our auditor's report thereon. The Trustees are responsible for th¢ other inforniation. Our opinioTh on the financial statements does not cover the other infonnation and, we do not express any fonn of assurance conclusion thereon. In Connection with our audit of the financial statements, our responsibility is to read the other infomation and, in doing so. consider whether the other inforniation is materially inconsistent with the financial statements or our knowlcdgc obtaincd in the audit or otherwise appears to be mateTially misstatcd. If we identify such material inconsistencie% or apparent material misstatcmcnls, we are required lo detemiine whether therc is a material misslatement in the fjnancial statements or a material misstatement of the other inforniation. If. based on the work we have perfonned, we conclude that there is a material misstat¢m¢nt ofthis other inforn)ation, we are required to report that fact. We have nothing to report in this regard. Matters on which we are requlred to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulatioiis 2008 require us to report to you if, in our opinion: the infom]alion given in the Trustees, report is inconsistent in any material respect with the fJnan¢ial statements" or proper accounting records have not been kept. or the financial statements are not in agreement with th¢ accounting records. or we have not received all the inforniation and explanations we require for our audit, the Trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the Trust¢es' report and from the requirement to prepare a strategic report. Responsibilities of Trugtees As explained more fully in the Trustees, Responsibilities Statement set out on page 5, the Trustees are responsible for the preparation of th¢ financial ststements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or e￿Or. In preparing the financial statements, the Trust¢es are responsible for assessing the Charity's ability to continue as a 80ing concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realislic alternative but to do so. Page 7

Independent Auditor's Report to the trustees of Hulme Trust Estates (Educational) st for the year ended 31 December 2023 Auditor's rejpollsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 201 l and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whol¢ ar¢ free from material misstatemenL whether due to fraud or e￿0￿, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when il exists. Missiatements can arise from fraud or error and arc consid¢red material if, individually or in the aggregate, they could reasonably be expected io influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilitles, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of d¢t¢cting irregularities, including fraud is detailed below: The extent to whlch the audlt was consldered capable of delectlng Irregu14ri¢ies lThcludlng frAud Our approach to identifying and assessing the risks of material misstatement in re5P¢Ct of irregularities, including fraud and non-complianc¢ with laws and regulations, was as follows: the engagement director ensured that the en8a8ement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. we focused on specific laws and rcgulations which we considered may have a direct material effect on the financial statements or the operations of the company, in¢ludin8 legislation such as the Charities Act 2011, taxation legislation, data protection and employment. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of officers and managem¢nt and inspecting legal correspondence. identified laws and regulations were communicated within the audit team r¢gularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by". making enquiries of management as to where they considered ihere was susceptibility to fraud. their knowledge of actual, suspeLted and alleged fraud. considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulalions. Page S

Indepeudent Auditor's Report to the trustees of Hulme Trust Estates (Educational) for the year ended 3151 December 2023 To address the risk of fraud through officer and manag¢ment bias and ov¢rride of controls. we: perfortned analytical proccdurcs on specific balances for which robust. substantive analytical procedures have been undertaken to identify any unusual or unexpected relationships, tested joumal entries to identify unusual transactions assessed whether judgements and assumptions made in detennining the accounting estimates set out in Note I were indicative of potential bias. investigated the rationale behind significant or unusual transactions. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely Lt is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and ihe inspection of regulatory and legal Correspondence, if any. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's web-site at www.frc.or .uklauditorsre5 onsibilities. This description formspart of our auditor's report. Use ofour report This report is made solely to the Charity's Trustees, as a body, in accordance with Part 5 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Trustees thos¢ matters we are required to state to them in an audilor's report and for no other purpose. To the fullest extent pern)itted by law, we do not acccpt or assume responsibility to anyone other than the Charity and ihe Charity's Trustees as a body, for our audit work, for this report, or for the opinions we have fonned. Candice Beynon FCCA (Senior Statutory Auditor) For and behalf of DJH Audit Limited DJH Audit Limited is eligible lo act as auditor of the charity by virtue of its eligibility for appointment as audilor of a company under section 1212 of the Companies Act 2006. Page 9

Distribution Fund Total Fund 31.12.23 Total 31.12.22 Total Pa Incoming Resources Rents Received and Receivable nvestment Income Interest received Other Income Total Incoming Resources 19 15 40,467 197,266 18,558 40,467 197,266 18,558 50,294 180.899 633 256291 256291 233 226 Resources Expended Cost of Generating Funds Fund Management Property Insurance Property Management fees 27,412 4,407 27,412 4,407 16,606 (2,634) Charitable Purposes {2022 - Distribution Fund only) Interirn Distribution Proposed Final Distribution 18 18 180.000 190 000 370 000 180,000 190 000 370 000 175,000 190 000 365 000 GoverDance Costs Management Fees Accounting fees Audit Fee Land and Planning Fees Trustee and Meeting Expenses Bank Charges and Interest 21,600 6,480 7,260 2,936 848 107 21,600 6,480 7,260 2,936 848 I07 21,760 4,320 6,744 2,268 696 114 Otber Expenses Sinking Fund 16 170 170 170 Tot&1 Expenses 370,000 419016 Net Expendlture 370 000 173 088 185 790 Capital Transactions Realised gains- Investments Realised losses - Investments Unrealised losses - Investments Unrealised gains- Propety Net Capital transactions 1,900,402 1,900,402 149,032 (9,483) (1.233,654) (1,233.654) (1,946,802) 690 000 690 000 1,356,748 1,356,748 (1,807,253) Transfer between Funds Net Movement in Funds 370 000 370 000 1 159 836 159836 1993 043 Balances at 31 December 2022 14,363,616 14,363,616 16,356,659 Balances at 31 December 2023 15,523,452 15,523,452 14,363,616 Page 10

Total Fund 31.12.23 Total Total Fund 31.12.22 Total Pa Fixed Assets Investment Properties 19 3,620,101 3,620,101 2,930,101 2,930,101 Quoted Investments 15 11,874,920 11,874,920 11,528,628 11,528,628 15 495021 15495021 14 458 729 14 458 729 Current Assets Debtors Balance at Broker Cash at Bank 16 3,750 100,934 3,750 100,934 232,385 232,385 236 456 236 456 125795 125 795 Current Liabilities Creditors Proposed Final Distribution 16 18,025 190,000 208,025 18,025 190,000 208,025 30,908 190,000 220,908 30,908 190,000 220,908 Net Current Assets 28,431 28,431 (95,113) (95,113) Total Assets Less Current Liabilities 15,523,452 15,523,452 14,363,616 14,363,616 Fund Balances 15,523,452 15,523,452 14,363,616 14,363,616 Approved by the Board of Trustees. ..Chaim]an. .Treasurer. Date . 19 September 2024 Page 11

I. AcCOuNT￿G POLICtES The accounts have been prepared under the historical cost convention with items r￿OgnISed at cost or transaction value unless otherwise stated in the rclevant note(s) to these accounts. The financial stat¢m¢nts have been prepared in accordance with the Statement of RecoTnmended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). (Charities SORP (FRS102), the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011. The accounts are presented in £ Sterling. The Charity constitutes a public benefit entity as defined by FRS 102. Global equity and bond markets were generally weak in 2022 as a result of high inflation and rising inl¢rest rates. Since the Trustees adopt a long-lenn approach to investment strategy and base distributions to beneficiaries on a five-year average of the value of the Total Endowment, the Trustees do not intend to make any significant change to the investtnent strategy pursued by the Trust. The Trustees therefore consider it appropriate to prepare the financial statements on the going conc¢m basis. Exetnption has been taken from preparing a cash flow statement on the grounds that the Charity qualifies as a srnall Charity. Tlie key judgements are those policies relating to Inv¢stm¢nt Propety and Fixed Asset Investments. Incoming resources comprise mainly investment income, interest and rents and are accounted for on a receivable basis. l. Cost of generating funds This records direct expenditure on the management of investments, prop¢rti¢s and the collection of rental and other income. 2. Cost of Charitable Activitics Resources expended are included on the basis of the amounts authorized and expended. 3. Governance Costs Costs of Governance are set out in the Statement of Financial activities. The Trll.gtees consider that rcquircmcnts for the exemptions from taxation set out in the Income and Corporation '[ axes Act l988 and the Taxation of Chargcable Gains Act 1992 ar¢ m¢t, and therefore no provision is made for taxation. Value Added Tax is not recoverable by the Charity. and as such is included in the relevant costs in the staten)ent of financial activities. The Charity has a Total Fund comprising a P¢m]anent Endowment and an Expendable Endowment. The Charity Cornmission Scheme provides for the Trustees to invest the Fund in perpetuity and it is managed on a total return basis. The Trust¢¢s may at their discretion allocate any part of the Expendable Endowment to the purposes of the Charity. Page 12

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. A provision for bad and doubtful debts relating to rental arrears is made on an estimation of those specifLC debts at the statement of financial position date which are considered to be potentially irrecoverable. Currcnt asset investlnents include cash and cash equivalents invested on a short term basis with a maturity of twelve months OT less from the date of acquisition. They are recognised initially at cost and subsequently at market valu¢ at the reporting date. Any change in valuation between reporting dates is recognised in the statement of financial activities. Cash at bank and ca.sh in hand includes cash and short tcrtn deposits with a maturity of three months or less from the date of acquisition or opening of deposit or similar account. The Charity only has financial assets and financial liabiliti¢s of a kind that qualify as basic financial instruments. Basic financial instrumenls are initially recognised at transaction value and subsequently measured at their settlement value. Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be m¢asurcd or cslimated rcliably. Creditors and provisions are nornially recognised at their settlement amount after allowing for any trade discounts due. Property Propety Investments are held for investment purposes, and therefore no provision has been made for depreciation, These properties are measured at fair value at the reporting date. An annual assessment of the value of investment asset5 must be carried out. The Trustees have detern)ined thai ihe value of the Investment Properties is not materially different to the independent valuation made in March 2024. This has been determined by the usc ofroutine and rcputable indices published by RICSIRAU and Savills. Quoted Investments Investments are a fom] of basic financial instrument and are initially recognised as their transaction value and subsequently tneasured at their fair value as at the balance sheet date using the quoted market price, The statement of financial activities includes the net gains and losses arising on the revalualion and disposals throughout the year. The investment power of total return was granted by the Charity Commission on 6th May 20IO. The power penn its the Trustees to invest the Permanent Endowm¢nt to maximise total return and to apply part of the Expendable Endowment to distributions to beneficiaries each year. Until the power exercised to distribute part of the Expendable Endowment (as disclosed in the fund transfers, note 7) th¢ Expendable Endowment remains invested alongside the Pernianent Endowment in the Total Fund and is also invested to maximise total returns. The power allows the Trustees to decide in each year how much of the Expendable Endowment is distributed. The Trustees, having considered the fiv¢ year average value of the Total Fund and their desire to srnooth the annual distribution to beneficiaries, have decided to make a total distribution of £370,000. Page 13

ndable Endowment Permanent Endowment Total Funds Preserved value at 24 December 1980 AlloW￿Ce for inflation Balance at 31 December 2022 2,094,612 8711259 3,557,745 10,805,871 14,363,616 Investment Return Investment Gains Revaluation Gains Management Costs Governance Costs 256,291 666,748 690,000 (43,802) 1.529,836 1,529,836 Application to Expenditure Reserve Transfer to allow for inflation Prescrvcd valuc at 31 December 2023 (370,000) (370,000) 557 684 557 684 The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently m¢asured at th¢ir settlement value. The Charity has the following financial instruments.. 31.12.23 31.12.22 Financial assets measured at fair value through the Statement of Financial Activities: Investments stated at market value Financial assels that are debt instruments measured at amortised cost: Cash at bank and cash equivalents Balance at Broker Rent in arrears Financial liabilities at amortised eosl: Accruals Rent5 in advance 15,495,021 14,458,729 4,071 232,385 100,934 3,750 13.780 4,155 18,160 375 Page 14

1. RELATED PARTY, TRUSTEES EXPENSES AND OTHER TRANSACTIONS. The following beneficiaries had appointed Trustees to the Trust who served during the year and are therefore classed as related parties. Transactions and balances with related parties are detailed below. Related Party Distribution Distribution 2022 Creditor 2023 Creditor 2022 2023 Brasenose College Manchester University William Hulmes Grammar School Manchester Grammar School Bury Grammai Schuol 156,288 78,144 64,936 4,483 20,536 154,176 77,088 64,059 4.422 20.259 80,256 40,128 33,346 2,302 10,546 80,256 40.128 33,346 2,302 10,546 Trustees received no emoluments (2022: Nil). During the year Trustees were reimbursed expenses of £13 (2022: £340). Auditor's fee for the year was £7.260 includin8 VAT (2022 - £6,600 including VAT)

2. INVESTMENTS. Reconciliation of Quoted Investments arket Value Cost Opening Balance as at 01.01.23 Movernent in year Additions Disposals at Market Valuelcost Net unrealised gains (loss) for year Closing Balan¢¢ as at 31.12.23 11,528,628 9.763,552 11,428,336 (11,748,792) 666 748 11,428,336 (9,848,389) Cost Market Value Incom 1.12.23 1.12.22 Fixed Interest UK Equities and Equity Funds Equity Inveslment Instruments Global Equities and Equity Funds Propety Funds and other Assets Multi Asset Funds Castlefield Multi Asset Funds - Cazenove Mutli Asset Funds- Saltus 8.122 16,244 41,151 6,227 3,178 24,714 85,579 25,090 16,955 18,764 9,797 5,677,229 5 666 270 5,863,693 6011227 121,127 Page 15

3. DEBTORS 31.12.23 31.12,22 Rent in arrears Total

4. CREDITORS 31.12,23 31.12.22 Rent in advanc¢ Accrued Brok¢r's Fee Accrued Audit Fee Accrued Clerk Fees Accrued Accountancy Fee Sinking Fund Distribution Arrears Total 4,155 3,000 7,260 375 4.000 6,600 5,400 2.160 1,190 2,160 1,360 90
5. SINKING FUND By an order dated 16 September 1982 the sum of £170 p.a. is to be paid into a sinking fund for a period of 75 years, to prevent a loss arising on the sale of ihe freehold reversion ol BRASENOSE HOUSE and RIDGEFIELD HOUSE. Date of Order 16 September 1982 turin dat Fund Investrncnt 253.84 COIF Charities Inve%tment Fund Accumulation units. (Market value £38,938) 2057
6. FUNDS The Pennanent Endowment Fund This is a restricted fund under the ternis of the Trust Deed and must be held in perp¢tuity. Its purpose is to ensure a total retum to financ¢ the ongoing work of the Charity. It is represented by a portfolio of investments and land and buildings. ¢ndabl¢ Endowment Fund The Expendable Fund arises from the changeover to Total Return Investing, and is a restricted fund enabling surpluses arising frotn the Pern]anent Endowinent through investing activities to be used in accordance with the Charities objectives. It is assessed as the surplus arising on the Pemianent Endowment after providing for a preserved level ofthis fund, based on its value at 24 December 1980 and adjusted by the Retail Price Index to recognise inflation to date. The investments are managed by professional, independent investment managers who have been given discretionary power to acquire and dispose of quoted investments within thepolicy set out by the Trustccs, and in accordance with the Trust Deeds. Managing agents appointed by the Trustees manage the portfolio of agricultural land and buildings on a day-to-day basis, without discretionary powers on acquisition and disposal. Page 16

Fund Reconciliation Balance at 1st January 2022 Incoming Resources Inflation Transfer Resources Expended Investment Gains/ L055¢S Balance at 31 December 2022 Expendable Endowment 6,831,062 233,226 {1.280,274) (419,016) (1,807,253) 3,557,745 Pemianent Enduwment 9,525,597 1,280,274 10,805,871 Total 16,356,659 233,226 (419,016) (1,807253) 14,363,616 Balance at Ist January 2023 Incoming Resources Inflation Transfer Resources Expend¢d Investment Gain (Losses) Balance at 31 December 2023 Expendable Lndownent 3,557,743 256,291 (557,684) (453,203) 1,356,748 4,159,897 P¢rmanent Endowment 10,805,871 557,684 11.363,555 Total 14,363,616 256,291 (453203) lJ56,748 15,523,452 . VALUATIOIY OF INVESTMENTS Cazenove Capital and Saltus Asset Management, the fund rnanag¢rs, undertook the valuation of investments at 31 December 2023 at market value. Agricultural prop¢rti¢s were revalued in March 2024 by Brown Rural Partnership on an open market basis, and in accordance with RICS Valuation Standards. Based on discussions with the Brown Rural Partnership, the Trustees consider the valuation at the year end to represent a fair market value for the properties at the year end. Page 17

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Cost at 26.10.79 Valuation at 31.3.85* Valuation at March 2024 Valuation at March 2021 Income 31.12.23 Income 31.12.22 Bottorn Fen Fami, Aslackby. Lincolnshire 1,600,000 1,150,000 16,250 16,250 388.468 Mill Farm, Gosberton, Lincolnshire } 570,OQO 500,000 7,100 7,100 LlncolDshire Estates 388,468 2,170,000 1,650,000 23,350 23,350 Brookfold Farmhouse and Buildings, Harwood. l.ancashire Land adjacent to 22 Brookfold Lane Orange Mast at Ejrookfold Farm Hanvood Estate 88,000 1,420,000 15,000 1,235.000 30,000 15,405 625 15,000 1,750 1450 000 476 468 2 930 000 31013 18 ManLhester Road, Heaton Chapel 100 * 100 Sundry BT, United Utilities, E-on Oldham MBC, Anglian Water 87 109 101 ioi 87 109 3,620,101 2 930 101 Agricultural properties were revalued in March 2024 by Brown Rural Partnership on an open market basis, and in accordance with IUCS Valuation Standards. Based on discussions with the Brown Rural Partnership, the Trustees consider the valuation at the year-end to represent a fair market value for the properties. Note: Dunlop Heywood & Co undertook a partial revaluation of properties as at 31 March 1985. Those properties that were revalued are as indicated above by an asterisk ( ). Page 19