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 manch￿ter 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 Tn￿leeS 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 Consti￿te 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 Unl￿d 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 We assessed the extent of compliance wilh the laws and rcgulations identified through making enquiries of management and inspecting any available legal correspondence. and Wc focused on specific laws and regulation which we Consider may have a direct material effect on the Financial Statements, including legislation such as the Charity Act 2011 and the Statement of i'ecommended practice applicable 10 Charities preparing their accounts in aecoTdan¢e with Financial Reporting Standards applicable to the United Kingdom and Republic of Ireland (FRS 102). We assc&8ed the susceptibility of the Charity's financial statements to material misstatement, including obtaining an understanding of how fraud mkght occur, by: making enquiries of management as to where they considered there was susceptibility to fraud. their knowledge of actual, suspected and all¢ged fraud. considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud thi'ougli officer and management bias and override of controls, We: perfonned analytical procedures on specifjc balances for which robust. substantive analytical procedures have been undertaken to identify any unusual or unexpected relationslitps. tested journal entries to identify unusual transactions assessed whether judgements and assumptions made in deterniining the accounting estimates sct out in Not¢ I were indicative of potential bias. investigated the rationale behind significant or unusual transactions. Page 8 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 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