Page Charity Infom]ation Trustees, Report and Statement of Responsibility Independent Auditor's Report Statement of Financial Activities io Balance Sheet Notes to the Financial Statements 12-18 Informatlon for the Trustees Distribution of Surplus Income 19 Investment Properties 20
ri Tern] Commencement Trustees: ointin bod of Tern] T A Hoyle - Chairn]an Hulme Trustees 23 March 2023 4 years l Rankin - Treasurcr manchter Grammar School 20 September 2022 4 years P Parker Brasenose College 3 November 2022 4 years N Wiglitman Brasenose College 22 March 2022 4 years S Newinan Hulme Trustecs 20 March 2024 4 years M Smith Hulme Trustees 14 September 2021 4 years S Gauge Bury Grammar School 24 March 2022 3 years A Marshall Hulme Grammer School 20 March 2025 3 years Secretgry & Legal Advlsor J Aldersley Correspondence Address Butcher & Barlow 3 Royal Mews Gadbrook Park Northwich CW9 7UD Bankers Unity Trust Bank PIC Agricultural Property Manager8 The Brown Rural Partnership 29 Church Sireet Macclesfield Cheshire SKII 6LB Investment Managers Cazenove Capital I IA)ndon Wall Place London. EC2Y SAU Saltus Asset Management 22-23 Old Burlington Street London. WIS 2JJ Audltors Reporting Account&nts Harts Ltd Chartered A¢¢ountants Westminster House 10 Westminster Road Macclesfield Cheshire SKIO IBX DJH Audit Limited Bridge House Ashley Road Hale Altrincham Cheshire WA14 2UT Page I
Tlie Trustees present their annual report and financial statements of Hulme Trust Estates (Educational) ('the Charity.) for the year ended 31" December 2024. The fmancial statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the Cljarity's trust deed, the Charities Act 201 l and tli¢ Statement of Recommended Practice applicable to charities prepai-ing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Cffective l January 2019). Objectlves and actlvlties Charitable objects and Public Benefit Statement The object of the Charity is the promotion of education. The Charity does not actively fundraise, and is required to make distributions, after deducting expenses arising from the Charity's property, adminisiration and management, to the beneficiaries named and in the proportion laid out in the Charity Commission Scheme governing the Charity. These arc shown on page 18, The tnLStees have liad regard to the Charity Commission's guidancc on public benefit. All beneficiaries are educational estsblishments, all of which are registered charities. A¢hlevements and performance Following appioval by the Charity Commission, the Chariiy's investment strategy is a total relui approach to the investments of the total value of the endowment (tl)e 'Total Endowment" or 'fund'). In accordance with the Order, the Trustees confim) that: In identifying the value of the portion of the Total Endowment that represents dislributable funds (the 'Expendable Endowment,), the Trustees first identified the value of the Pennanent Endowment at 24 Decenlber 1980 (the earliest practical date), and Tlie Expendable Endowment represents the difference between the Total Endowment and the Pern]anent Endowment, with the latter adjusted for inflation. When deterniining th¢ annual distribution to beneficiaries out of th¢ Expendable Endowmcnt the TnleeS have considered the long terni sustainability of such a level of distribution, and When reaching their decision as to the level of distribution. the Trustees have taken advice fi'om their investment advisers regarding the market outlook, investment trends and the prospects for growth in tlie value of the Fund.. The Investments Advisots are instructed to invcst to maximise the total return on the non-agricultural pernlanent endowment iThv¢stments. within the constraints of a long terni investment strategy. The Trustees agree target asset allocalions and secks a return of inflation + 2.5 %. Page 2
Financial review The Charity is reliant on the Total Endowment which hold a diversifjed range of assets. mainly quoted equities but also agrtcultural properties and other assets. The return in 2024 before adjusting for distributions to beneficiartes was 5.32 % (2023 - 2.78 % ). As inflation rates began to fall back in 2024, central banks were able to cut interest rates, which led io a strong rally in equity nwkets, led by the share prices of very large US technology companies The Trustees have made an interim distribulion of £190,000 (2023 - £180,000), and proposed a second distribution of £200,000 (2023 - £190,000) to mainlain their principle of distributing approximately 2.5 % of the average value of the Total Endowment over the last 5 years. At 31" December 2024 this average was £l5,4l5,213 (2023- £15.I32,129). Equity markets began 2025 strongly then fell back, particularly in the US, as fears about the economic and financial policies being pursued by the new Trump administration. but have since rallied again. Reserves and Distribution Pollcy Tlie Trustees pursue an investment strategy which aims at least to maintain the real value of the Total Endowment as measured against movements in the retail price index, while maintaining the level of distributions at approximately 2.5 % each year of the trailing average value of the Fund over the past 5 years. This nvdy be increased up to 30/0 by the Trustees. As at 31., December 2024 the value of the Fund was £16,204,4I9 (2023 - £15,523,452). The value of the Pemianent Endowment was £11,756,332 and the value of the Expendable Endowment was £4,448,087. Further explanations are given in the notes to the financial statements on pages l 5 and 18. Future Plans The Trustees are pleased to have been able in 2024 both to incre&8e the distribution paid to beneficiaries and grow the value of the Fund. The non-property assets of the Charity are managed by two Investment Managers. Since the Trustees adopt a long-temi approach to investment strategy dnd base distributions to beneficiaries on a five-year average of the value of ihe Total Endowment, the Trustees do not intend to make any significant change 10 the investment Strategy pursued by the Charity. Structure, Governance and Management The Charity is a registered charity, Thumber 532297 and is governed by a scheme approved by the Charity Commissioners dated 26 October 1979. On 6 May 201 O, the Charity Commission approved the Trustees'plan to adopt a policy of Total Return with effect from l January 201 l. The board of liustees has delegated the day to day responsibility to the Clerk to the Trustees who is a practising solicitor with the firnj of Butcher & Barlow LLP. Page 3
Recruitment and appointment of Trustees There are seven TNstees, three appointed by the Trustees of the Estate of William Hulme, two by the Principal and Fellows of Bras¢nose College, Oxford. one by the Council of the University of Manchester and Olle by the beneficiary Charities, in rotation. Trustees are appointed for thcir expertis¢ in specific areas related to the Charity's activities, including investment and property management. All Trustees give of their time freely and no Trustee remuneration was paid in the year. Details of TNstee expenses and related party transactions are given in note 2 to the accounts. Trustees are required io disclose all relevant interests and to register tliem with the Clerk to the Trustees, and in accordance with the Charity's policy withdraw fi'om decisions where a conflict of interest arises. The Trustees meet twice a year to review the perfonnance of and agree a strategy for the Fund, approve distributions and consider risk management. Rlsk Mxn2gement The Trustees have considered the major risks lo which the Charity is exposed and conduct an aniiual review of risks, establislied systems and procedures to manag¢ those risks. A Risk Management Statement is maintained and is reviewed annually, Thc Trustees consider variability of investment returns on the Fund to Constite the Charity's major financial risk and continuing volatility in world stock markets has demonstrated this risk. The Trustees manage tl)e Fund on a total return basis, having obtained an Order from the Charity Commission, allowing ihem to us¢ a total retuim approach to the Fund. Tlie Trustees consider thai the using both a totsl return approacli and taking a five-year average of the value of the Fund, when making distribution decisions will stsbalise the amount available for distribution to beneficiaries. Page 4
STATEMENT OF TRUSTEES, RESPONSIBILITIES IN RESPECT OF THE ACCOUNTS The Trustees aTC iesponsible for preparing the Trustees, Annual Report and the financial statements in accordance witli applicable law and Unld Kingdom Accouniing Standards (United Kingdom Generally Accepted Accounting Practice), Charity Law requires tlie Tiustees to prepare financial statements for each financial year, which give a tru¢ and fair view of the state of affairs of the Charity and of its incoming resources and appllcation of resources of tlie Charity for the year. In preparing these financial statements, the Trustees 'e required to: select suitable accounting p)licies and then apply them consistently; observe the methods and principles of the Charities SORP: make judgments and estimates that are reasonable and pwdent; state whether applicable accounting standards and statements of recommended practice havebeen followed, and prepare the financial statements on the going concern basis unless it is inappropriate to prcsume that the Charity will continue in operation. The Trustees are responsible for keeping accounting records that are sufficient to show and explain the Cliarity's tt2nsactions and disclose with reasonable accuracy at any tiine the financial position of the Charity and enable them to ensure that the financial statements comply wilh the Cliari¢ies Act 201 l and regulation's made there under. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps tor the prevention and detection of fraud and other irregularities. So far as each of the Trustees is aware at the time, the report is approved there is no relevant audit inforniation of which the Charity's Auditor is unawa, and the Tiustees have taken all steps that they ought to have taken to make tliemselves aware of any i'elevant audit infonnation and to establish that the Auditor is aware of that information. T Hoyle- Chairman Date - 18 September 2025 Pag¢ 5
Independent Auditor's Report to the trustees of HuRme Trust Estates (Educational) for the year endcd 31" December 2024 Oplnion We have audited the financial statements of Hulme Trust Estates (Educational) (the '¢harity') for the year ended 31 December 2024 which comprise the stat¢ment of financial a¢tiviti&s, the balance sheet and rAOtes to the financial statements, including significant accounting policies. The financial Teporting framework that bas been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporiing Siandard applicable in ihe UK and Republic oflreland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial st2temen¢s.' give a true and fair view of the state of the Charity's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended, have been propcrly prepared in accordance witb United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requiTem¢nts of the Chartties Act 2011. B2sls for opinion We ¢ondu¢t¢d our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are fvrther described in the Audilor s respoiisibililiesfor ihe audit of Éhefinancial stalÉnieiiis section of our report. We are independent of the charity An accordance witli the ethical i'equiitments that are relevant to our audit of the fmancial statements in thc UK, including the FRC'S Ethical Standard, and we have fulfilled our oth¢r ethical responsibilities in accordance with these requii'ements, We believe that the audit evidence we have obtained is sutyicient and appropriat¢ to provide a basis foi, our opinion, Conclu5ion$ re12tlng to golng concern In auditing the financial statements, we have concluded that the Tnjstees, use of the going concern basis of accounting in the preparation of the financial statemenls is appropriate. Based on the work we have perforn]ed, we h8ve not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significaiit doubt on Charity's ability to continue as a going con¢en] for a period of at least twelvc months from when the financial siatements are authorised for issue, Our responsibilities and the responsibilities of thc Trustees witli respect to going coiicern are described in the relevant sections of this report. Page 6
Independent Auditor?s Report to the trustees of Hulme Trust Estates (Educational) for the year ellded 31 December 2024 Other Informatlon The oth¢r infonnation comprises the inforniation included in the annual report other than the financial statements and our auditor's report thereon. The trustees are resp)nsible for the other infomation contsined within the annual report. Our opinion on the financial statements does not cover the other inforniation and we do not express any fomi of assurance conclusion thereon. Our r&sponsibility is to read th¢ other inforniation and, ITh doing so, consider whether the other infom]ation is materially inconsistent witb the financial ststements or our knowledge obtained in tlie course of the audit, or otherwise appears to be malerially misstated. If we identify such material inconsistencies or apparent material misstatements, we arc required to detern]ine whether this gives rise to a material misstatement in the financial siatements themselves. If, based on the work we have perfonned, we conclude that there is a maierial misstatement of this other infomiation, we a required to report that fact. We have notliing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the inforniation given in the Trustees, report is inconsistsnt in any material respect with the financial statements. or proper accounting records have not been kept; or the financial statements are not in agreement with thc accounting records., or we have not received all the information and cxplanations we require for our audit. Responslbllitie$ of Trustees As explained more fully in the Trustees. Responsibililies Statement set out on page 5. the Trustees -¢ responsible for the preparatton of thc financial slatements and for bcing satisfied that they give a true and fairview, and for such internal control as the Trustees detemiine is necessary to enablc the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In pi'eparing the financial statements, the Trustees are responsible for assessing the Charity's ability to Continue as a going concern, disclosing, as applicable, matt¢rs related to going concem and using the going concern basis of accounting unless the Tn¢¢¢5 either intend to liquidate the Charity or to cease operations, or have no realistic alternativ¢ but to do so. Page 7
Independent Auditor's Report to the trustees
of Hulme Trust Estates (Educational)
for the year ended 31" December 2024
Audltor's responsibilities for the audlt of the financial statements
We have been appointed as auditor under section 145 of the Charities Act 201 l and report in accordance with the
Act alld relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whetlier the financial statements as a whole are flee from
material misstatement, whether due to fraud or effor, and to issue an audiloi-'s reporc that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accoi'dance
with ISAS (UK) will always detect a matertal misstatcment wlien it exists. Misstatements can arise from fraud or
effor and are considcred material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of tli¢se financial statements.
Irregularities, including fraud, are instsnces of non-compliancc with laws and regulations. W¢ design procedures
in line with our responsibililies, outlined above, to detect mateiial misstatements in respect of irregularities,
including fraud. The specifIc procedures for this engagement and the extent to which these are capable of detecting
irregularities, including fraud is detailed below:
The e%tent to whleh the iudlt consldered eapable of detsetlng Irregularltles Including frAud
Our 2pproacli to identifying and assessing the risks of material misststement in respect of irregularities,
including fraud and non-compliance with laws and regulation% was as follows..
Tlie engagement partner ensured tliat the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non
Indep¢ndell4 Auditor?s Report to the Irllstees of Hulme Trust FJStates (Eduea¢ion&l) for the year ended Jill December 2024 In respons¢ to the risk of irregularities and non-cornpliance with laws and regulations, we designcd procedures whicli included, but w¢re not limited to: Enquiry of those cliarged with governance around actual and poteniial licigation and claims. Enquiry of trustees to identify any instances of non<ompliance wkth laws and regulations. Agre¢ing Finv4ncial Sfatement disclosuies io underlying supporting docum¢nts. Reviewing legal and prof&8sioi)al fees incurred during the year to idejtify any potcntial indications of non-compliance with laws and regulaiions. Review of board meeting minutes Despite appropriate planning and perforn)ing our work in accordance with International Auditing Standards, there kre always inherent limitations that non-compliance is not detected. Noll-complianee with laws and r¢gulalions is ofien further rcmoved from th¢ events and transactions reflected in the financial statements and material mi55tatements due to fiyud can b¢ deliberately cortceal¢d from auditors, for example through rnisrepresentation. forgery or collusion. Material rnisslaiemenis that arise due to fraud can be harder lo d¢tect than Ihose that arise from error 88 th¢y may involve deliberate concealment or collusion. A further description ofour responsibilities for the audit of the financial statements is located on the Financial Reporting Coun¢il's web-sit¢ at www.fi' ,uklaiiditorsres nsibiliiies. This descripiion fonns part of our auditor's report. Use of our report Tliis report AS made solely to the charity's truste¢s, as a body, in accordance ivlth Part 4 of the Charities (Accounts and Reports) RegulatlQn8 2008. Our audit work has been undertaken so that we rnight state to the charity's tNslc¢s tILose matters we are reqiiiT¢d to state lo tlieni in an auditor's report and for no other purpose, To the fullest extent pennilted by law, we do not accept or assume responsibility to anyone other than ihe cliarity aiid the chtsrity's trustees as a body) for our audit work, for this report, or for the opinions w¢ have foTmed. Jo4nTie Beamisli ACA FCCA (Stmlor Statutory Audltor) a for and behalf of DJH Audlt Llmlted Accountants St2tutory Audltor 30 September 2025 Bridg¢ House Ashley Road Hale Alirincham WA142UT DJH Audit Lin17ted is eligible lo ael as auditor of the charity by virtue of its eligibility for appointtnent as auditor of a company under s¢¢tion 12 l2 of tl)¢ Companies Act 2006. Page 9
Distrtbution Endowment e Fund Fund 31.12.24 Total 31.l2.23 Total DI Incomlng Resources Rents Received and Receivable Investment Income Intelest received Total Incoming Resources 20 16 41,314 187,412 4l,314 187,412 40,467 197,266 233 948 233 948 256 29 Resources Expended Cost of Generating Fund$ Fund Management Property Insurance Property Management fees 29,665 1.365 29,665 1,365 27,412 4,407 Charitable Purposes (2022 - Distribution Fund only) IntLrim Distribution Proposed Final Distribution 19 19 190,000 200 000 390 000 190,000 200 000 390 000 80,000 Governv4n¢e Costs Management Fees Accounting fees Audit Fee Land and Planning Fees Trustee and Meeting Expenses Bank Charges and Interest 21,600 2,880 7,260 8,940 1,235 107 21,600 2,880 7,260 8,940 ,235 107 21,600 6,480 7,260 2,936 848 107 Other Expenses Sinking Fund 17 170 170 Total Expenses 390,(M)O 77 82 467 582 453 203 Net Expendlture 390 000 156 366 233 634 Capital Transactions Realised gains - Investments Unrcalised gains (losses) - Investments Unrealised gains - Property Net Capital transactions 36,68 E 877.920 36,681 1,900,402 877,920 (1,233,654) 690 000 1,356,748 914,601 914.601 Transfer between Funds Net Movement In Funds 390 000 390 000 680 967 680 967 1159 836 Balances at 31 December 2023 15,523.452 15,523,452 14.363,616 Balances at 31 December 2024 16,204,419 16,204,419 15,523,452 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 12 to 20 forn] part of these financial statements. Page 10
Endowment Fund 31.12.24 Total Total Fund 31.12.23 Tota Fixed Assets Investment Properties 20 3.620,101 3.620,101 3,620,101 3,620,101 Quoted Invcstnients 16 12,643.706 11643,706 11,874,920 11,874,920 16 263 807 16263 807 15 495 021 15 495 021 Current Assets Debtors Balance at Broker Cash at Bank 17 3,750 129,758 3.750 129,758 232,385 232,385 156076 236 456 Cui'rent Llabllltles Creditors Proposed Final Distribution 17 15,464 200,000 215,464 15,464 200,000 215,464 18,025 190,000 208,025 18,025 190,000 208,025 Net Current Assets (Llabllities) 59.388 28,341 Total Assets Less Current LiAbllltles 16,204,419 16,204,419 15,523,452 15,523,452 Fund Balances 16,204,419 16,204,419 15,523,452 15,523,452 Approved by the Board of Trustees. ..Chairnian. ..TreasureT. Date '. 18 September 2025 Pagell
I. ACCOUNTING POLICIES Hulme Trust Estates {Educational) is a registered charity. Th¢ accounts have been prepared under the historical cost convention with items recognised at cosl or transaction value unless otherwise ststed in the relevant note(s) to these accounts, The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Repong 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) (Chai'ities SORP (FRS102), the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 201 l. The accounts are presented in £ Sterling. The Charity constitutes a public bcnefit entiiy as defined by FRS 102. Global equity were generally strong in 2024 as inflation and interest rates fell. The Trustees adopt a long-terni approach lo 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 investment strategy pursued by the Tnt. The Trustees Consider it appropriate to prepai'e tlie financial statements on the going Concern basis. Exemption has been tsken from preparing a cash flow statement on the grounds that the Charity qualifies as a small Charity. Tlie key judgements ar¢ those policies relating to Investment Property and Fixed Asset Investments. Incoming resources comprise mainly investment income, interest and r¢nts and are accounted for on a i'eceivable basis. Expenditure As recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probablc that a transfcr of economic benefits will be required in settlement. and the amount of the obligation can be measured reliably. l. Cost of generating funds This records direct expenditure on the management of investments, properties and the collection of rental and other income. 2. Cost of Charltable Aclivltic$ Resources expended are incRuded on the basis of the amounts authorized and expended. 3. Governance Costs Costs of Governance are sel out in the Statement of Financial activities. The Trustees consider that requirements for the exemptions from tsxatiort set out in the Income and Corporation Taxes Act 1988 and the Taxation of Chargeable Gains Act 1992 are met, and theT¢fore no provision is made for taxation. Value Added Tax is not rexoverable by the Charity, and &s such is included in the relevant costs in th¢ statement of financial activities. The Charity has a Total Endowment comprising a Pemianent Endowment and an Expaable Endowment. The Charity Commission Scheme provides for the TnteeS to invest the Total Page 12
Endowment in perpetuity and it is rrtanaged on a total return basis. The Trustees may at their discretion allocate any part of the Expendable Endowment to the purposes of the Charity. Trade and other debtors are recognised at the sctÈlem¢nt amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. A piovision for bad and doubtful debts relating to rental arrears ks made on an estimation of tliose specific debts at the statement ot financial position date which are considered to be potentially ittecoverable. Current asset investments include cash and cash equivalents invested on a short tern] basis with a Inatui'ity of twelve months or less from the date of acquisition. They are recognised initially at cost and subsequently at market value at tli¢ reporting date. Any change in valuation between reporting dates is i'ecognised in the statement of financial activities. Casli at bank and casli in hand includes cash and short t¢rni deposits with a maturity of tbree months or less from the date of acquisition or opening of deposit or similar account. The chariiy l)as elected to apply the provisions of Section I I 'Basi¢ Financial Instruments, and Section 12 '0tlier Financial Instruments Issues, of FRS 102 to all of its financial instivments, Financial instruments are recogniscd in the chartly's balance sheet when the charity becomes party to the contractual Provisions of the instrum¢nt. Financial assets and liabilities ar¢ offset, wtth th¢ net amounts presented in the financial statements, when there is a legally enforceable right to set off the Tecognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 8efIallCIal assels Basic financial assets, which include debtors and cash and bank balances, are initially measured at ti'ansaction price including transaction costs and are subsequently urried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measur¢d at thc present value of the future receipts discounted at a matket rate of interest. FinanLial assets classified as receivable within one year are not amortised. Basicfin4iicial liabililies Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement consiitutes a financing transaction, wliere the debt instnjment is measured at the presellt value of the future payments discounted ai a market rate of interest. Financial liabilities classificd as payable within one ycar are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary cowse of opcrations from suppliers. Amounts payable are classified as current liabilities if payment is due witl)in one year or less. If not. they are presented as non-¢urrent liabilities. Trade creditors are recognised initially at transactlon price and subsequently measured at amortised cost using the effective interest method. Derecognition offinancial liabililies Financial liabiEities are der¢cognised when the charity's contractual obligations expire or are discharged or cancelled. Page 13
Ci'editors 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 alld the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are norn]ally recognised at their settlement amount after allowing for any trade th'scounts due. Property Property Investments arc lield for investment puoses, 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 assets must be carried out. Tlie Trustces have determined that the value of the Investment Properties is not materially different to the independent valuation made in March 2024. This has been detennined by the use of routine and reputable indices published by RICSIRAU and Savills. Quoted Investments Investments are a foirn of basic financial instrument and are initially recogllised as tlieir transaction value and subsequently measured 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 revaluation and disposals throughout the year. In the application of tlie charity's accounting policies, the trustees are required to makc judgements, estimates and a&sumptions about the carying amount of a&sets and liabililies that arc not readily apparent from otlier sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Tlie estimaies and underlying assumptions are reviewed on an ongoing b&sis, Revisions to accounting estimates are recognised in the period in which the eslimate is revised whel'¢ the revision affects only that period, or in the period of the revision aiid future periods where the revision affects both urrent and future periods. The investment power of total return was granted by th¢ Charity Commission on 6 May 2010. The power pennits the TnteeS to invest the Total Endowment to maximise total return and to apply part of the Expendable Endowment io distributions to beneficiaries eacli year. Unti I th¢ power exercised to distribute part of the Expendable Endowment (as disclosed in tlie fund transfers, note 7) the Expendable Endowmcnt remains invested alongside the Pernianent Endowment in tlie Total Endowment and is also invested to maximise total returns. TE]e power allows the Trusk¢s to decide in each year how much of the Expendable Endowment Is distribUd. The Trustees. having considered tlie flve year average value of the Total Endowment and tlieir desire to smooth the annual distribution to bencficiaries, have decided to make a total distribution of £390,000, Page 14
LM Tl endable Endowment Pernianent Endowment Total Funds Preserved value at 24 December 1980 Allowance for inflation Balance at 31 December 2023 2,094,612 9 268 943 4,159,897 11,363,555 15,523,452 Investnient Return Investment Gains Management Costs Governance Costs 233,948 914,601 (35,390) 1,070,967 1,070,967 Application to Expenditure Reserve Transfer to allow for inflation Preserved value at 31 December 2024 (390,000) (390,000) 392 777 392 777 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 measui'ed at their settlement value. The Charity has the following finsncial insttwments: 31.12.24 3l.12.23 Financlal assets measured at fair value through the Statement of FinancRal Activities: Investments stated at market value Financlal assets that are debt instruments measured at amortised cost: Casli at bank and cash equivalents Balance at Broker Rent in arrears Flnancial Ilabilitles at amortlsed cost: Acciuals Rents in advance 16,263,807 [5,495,021 22,568 129,758 3,750 4,071 232,385 15,464 13,870 4,155 Page 15
TE ED 2. RELATED PARTY, TRUSTEES EXPENSES AND OTHER TRANSAcfioNS. The following beneficiaries had appointed Trustees to the Trust wbo served during the year and are therefore classed as related parties. Transactions and balances viith related parties are detailed below. Related Party Distribution Dl8trlbution 2024 2023 Creditor 2024 Creditor 2023 Brasenose College Manchester University William Hulmes Grammar School Manchester Grammar School Bury Grammar School 164,736 82.368 68,446 4,736 21,646 156,288 78,144 64,936 4,483 20,536 84,480 42,240 35,101 2,429 I I,ioi 80,256 40,128 33,346 2,302 10,546 Trustees received no emoluments (2023., Nil). During the year Trustees were reimbursed expenses of £449 (2023.. £13). Auditor's fec for the year was £7,260 including VAT (2023 - £7,260 including VAT) Thei'e were no employe¢s or employee remuneration during the year (2024: None). 3. INVESTMENTS. Reeonciliation of Quoted Investments Market Value Opening Balance as at 01.01.24 Movement in year Additions Di.qposals at Market Valuelcost Net unrealiscd gains (loss) for year Closing Balance as at 3L.12.24 11.874.920 11,343,499 263,640 (418,200) 923 346 263,640 (373,227) Cost Market Value Income 31.12.24 31.12.23 Multi Asset Funds - Castlefield Multi Asset Funds - Cazenove Multi Asset Funds - Saltus 74,922 121,127 5,677,229 5 537.506 6,200,726 6 442 980 154,877 Page 16
TE 4. DEBTORS 3k.l2.24 31.12.23 Rent in arrears Total 5. CREDITORS 31.12.24 31.12,23 Deferred Income Accivals Sinking fund Other creditors Total 4,155 12,420 1,360 90 13,844 1,530 90 6. SINI<IIYG FUND Included in other creditors is a balance payable to the sinking fund of £1,530 (2023: £1,360), By an ordei. dated 16 September 1982 the sum of £170 p.a. is to be paid into a sinking fund for a period of 75years, to prevent a loss ai'ising on the sale of the freehold reversion of Br&ganose House and Ridgefield House. Fund Investment 253.84 COIF Charities Investment Fund Accumulalion ui)its. (Market value £38,938) of Order 16 September 1982 Maturin 2057 7. FUNDS The Pern]aiient Endowment Fun This is a reslricted fund under the ternis of the TNst Deed and must be held in petyetsily. Its purpose is to ensure a totsl return to finance the ongoing work of the Charity. It is representcd by a portfolio of inv¢stments and land and buildings. The Ex endable Endowment Fund Tlie Expendable Fund ai.ises from the changeover to Toial Return Investing, and is a $trActed fund enabling surpluses arising from the Pemianent Endowment through investing activities to be used in accordance with tlie Charities objectives. It is 8ssessed as the SUTplus arising on the Perniancnt Endowment after providing for a preserved level of this fund, based on its value at 24 December 1980 and adjusted by the R¢tail Price Index to recognise inflation to dalc. Tlie investments are managed by professional, independent investment managers who have been given discretionary power to acquire and dispose of quoted investments witliin thepolicy set out by the Trustees, and in accordance with the Trust Deeds. Managing agents appointed by the Trustees manage the portfolio of agricultural land and buildings on a day-t(Hlay basis, without dis¢retiollary powers on acquisition and disposal. Page 17
Fund Reconciliat Balance at 1st January 2023 Incoming Resources Inflation Transfer Resources Expended Investment Gains/ Losses Balance at 31 December 2023 Expendable Endowment 3,557,745 256.291 (557.684) (453,203) 1,356,748 4.l59,897 Permanent Endowment 10,805,871 557,684 11,363,555 Total 14,363,616 256,291 (453,203) lJ56,748 15,523,452 Balance at 1st January 2024 Incoming Resources Inflation Transfer Resources Expended Investment Gain (Losses) Balance at 31 Deceinber 2024 Expciidable Endowment 4,159,897 233,948 (392.777) (467.582) 914,601 4,448,087 Pennanent Endowment E1,363,555 392,777 11.756,332 TotY41 15,523,452 233.948 (467,582) 914,601 16,204,419 . VALUATION OF INVESTMENTS Cazenove Capital and Saltus Asset Management, the fund managers, undertook the valuation of investments at 31 December 2024at market value. Agricultural properties werc 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 consid¢r the valuation at the year end to reprcsent a fair market value for the properties at the year end. 9. POST BALANCE SHEET EVENT The Charity Conunkssion has agreed to th¢ proposed transfer of funds held by The Hulme HaLI Trust Foundation to the Trustees of Hulme Trust EsÉates (Educaiional) dependent on certain ¢onditions. Tliese include the implen]entation of the Distribution Agreement and an amendment to the governing document of Hulme Trust Estates. Page 18
11- ¥ NO ¢> KO ¢>
Cost at 26.10.79 Valuation at 313.85 Valuation at March 2024 Valuation at March 2021 Income 31.12.24 Inconie 31.12.23 13ottom Fen Farni, Aslackby Lincolnshire 1,600,000 1,150,000 16,250 16,250 388,468 Mill Fatm, Gosberton, Lincolnshire } 570.1X)O 500.000 7,100 7,100 Llncolnshlre Estates 388,468 2,170,000 1,650,000 23,350 23,350 Brookfold FaiThhouse and Buildings. Harwood, Lancashire Land adjacent to 22 Brookfold tane Orange Mast at Brookfold Fami Harwood Estate 88,000 * 1,420,000 15,000 1,235,000 30,000 15,405 250 15,405 625 000 1450 000 1280 000 476 468 3 620 000 2 930 000 3101318 Manchester Road, Heacon Chape 100 * 100 Sundry BT, United Utilities, E-on Oldliam MBC, Anglian Water 309 87 ioi 309 476 569 3 620 101 2930 101 Agricultural propert1¢5 were revalued in March 2024 by Brown Rural Partnership on an op¢n market basis, and in accordance with RICS Valuation Standards. Bas¢d on discussiotts with tlie Brown Rural Parlnership, the Trustees consider the valuation at tlie year-end to repres¢nt a fair mark¢t value for the properties. Note: Dunlop Heywood & Co undertook a partial revaluation of properties as at 31 March 1985. Those properties tbat were revalued at¢ as indicated above by an asterisk ( ). Page 20