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

2. 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)
3. 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

4. DEBTORS
31.12.23
31.12,22
Rent in arrears
Total
5. 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
6. 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
7. 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

Il- I

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