The Hulme Hall Trust Foundation Financial Statements and Governors, Report for the Year Ended 30 June 2024 The Hulme Hall Tn￿t Foundatlon Flnanclal Statements for the Year Ended 30 June 2024 CONTENTS Page Govemors and Advisors GovemoTS' Report and Statement of Responsibuity Report of the Independent Examiners Statement of Financial Activtbes 10 Balancè Sheet Notes to the Finanaal Statements 12-17 The Hulrne Hall Trust Foundatlon Financial Statements for the Year Ended 30 June 2024 Registered Charity Number $26647 Governors and Advisors Governors: AppointSng Body Tenn Commencement Length of tern) Richard Young Chalrman Co-optative member 21 Oetobèr 2024 S years Susan Jee Treasurer Hulme Trust Estates (Educationall 15 Octobèr 2022 3 years Rt Rev. Mark Davies Bishop of MSddleton Bishop of Manchester 21 March 2024 3 years Canon lan Gornetsall Bishop of Manchester 15 October 2022 2 years DrGar&th Hughes UnNersty of Manchester 21 October 2024 3 years Mike Mercer Hulme Trust Estates (Educational) 21 October 2024 3 years The Govemors arg appointed for a lemi ofthree years wth the exception of c￿Optative Govemors who are appointed for a fivfryear terni. Clerk to the Governots: Jonathan Aldetsley Administrative addre5S: Butcher & Badow, 3 Royal Mews, Gadbrook Park, Northwich, CW3 7UD Bankers: Untty Trust Bank plc, Nine Brindley Place, Birmingham B12HB Investment Managers: Rathbone Investment Management Ltd, Port of Llverpool Building, Pier Head, LNeTpooI L3 1 NW Repor￿ng Accountants: Harts, Westminster House.10 Westminster Road, Macclesfield SK10 1BX The Hulme Hall Tn￿t Foundatlon Flnanclal Ststements ft*r the Year Ended 30 June 2024 Report ofthe Governors forthe Year Ended 30 June 2024 The Govemors are pleased to present their annual report togetherwtih the financial statements of the chanty for the year ended 30 June 2024. The finanual slalemènts have beèn prepared in accordance with the accounting poliaes set out in note 1 to the accounts and comply with the Charity's lJusl deed, the Charities Act 2011 and the relevant version of thè Stalernenl of Recommended Practice applicable to eharities preparing their accounts in aecordanee with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021. Oblecthies and actSvftles for the publ1¢ benefft The Hulme Hall Trust Foundation I'the Foundation°} is govemed by a Scheme dated 13 July 1964. approved by the Chartty Commission and varied with their consent by the Scheme of 23 January 1976 as amended ty Resoluiion d*ed 9 April 2008. Hulme Hall is a hall of residence of the Universty of Manchester, locafrd in the Victoria Park campus. and houses som& 300 students. The hall has seven blocks, the olaest dating from 1907 and the latest added in 1967. The Foundation is managed by six Govemors of whom ￿ are appointed by the Twstees of the charity known as Hulme Trust Estates (Educationall, are appointed by the Lord Bishop of Manchester, one by the Unwersity of Manchester and one cc)-OPtative member appointed by the other Govemors. Thé obJ'ectNes of the Foundation a￿.. The provision of assistsnce for higher education by means of grants to be awarded to students at the University of Manchester, including post-graduate and research students, and with preference for residents of Hulme Hall. bl The provision of tr￿nefits in connection with Hulme Hall {which includes the chapel and aplaincyl. Hulme Hall Trust Foundation uses the investsnent income from a permanent endowment fund to furLher ts charitable purposes through giving grants both to individuals and institutions. These aw8rds take the fomi of supporh.ng accommodation costs for students who otherwse might not be able to experience lrfe in hall and atso broader awards to individuals and institutions including the hall itself to help supwt the life of the hall and encourage the personal development of its residents_ The Trust Deed of the Foundation restricts the benefits to the students of Manchester University and gives preference to the residents of Hulm? Hall_ Nevertheless, the Governors have considered the Charity Commission's guidance on public benefft and borne it in mind when shaping and planning our activf(ies. When considering a grant, no person or body is discriminated agains( or held in prejudice by reason of gender. age, disabilty, faith or belief, gender identity, sexual orientstion, status or ethniaty. Through the Warden, Senior Student, Tutor5 and JCR and publication of available grants we ensure that students understsnd that the support we provide is open to all based only on need. The Govemors meet as appropriate to decide on investment policy, to monitor the perft)rmance of the invèstment portfolio. to shape our sctivilies for the year and lo approve grants and awards. Govemors actively seek feedback from beneffuaries and input from student leadership lo ensure that the focus of 8W8rds stays relevant to changing neèds. New Govemors are selected to ensure that the Founllation has a broad range and balance of &xpertise and skills. Potential new Govemors are identEfied through consuttation wth advisers and other professional contacts. ￿ere Govemors are appointed by other parties, suggestions are made to the appointing body via the Clerkto Govemors. Govemors are encourage(I lo read the Charity Commission 9uidance'The Essential TfUStee' and where requested provided wth training. The Hulme Ha15 T￿￿t Foundatlon Financlal Statements for the Year Ended 30 June 2024 Post Balance Sheet Events The 30 June 2023 Financlal Statemènts reported that during 2022123 Govemor5 had considered the much- reduced level of supporl lo the Hall requirèd in re￿nt years and recognised that actwty was shrin￿ng te solety providing bursaries through the Manchester University Widening Participation process. Refiecting ¢)n this, Governors had concluded that the govemance cost and volunteer time in continuing as a Standalone Charity did not represent value for beneficiaries. After considering options Governors decidèd lo approach Hulme Trust Estates (Educational), who a150 SUPPOrt students Ihrtjugh Manchester Univèr5ty, to explore transferring the Foundation's asset$ with an agreement that Hulme Trust Estates {Educationall would continue to support students living in Hulme Hall. Ouring the 18tter part of the fir)ancial year discussions progressed posrf(ively and the drafting of the legal agreements to achieve thi5 took place. Following the June 2023 year*nd. the legal agreemen15 progressed to final form. These included both the important TransferAgreement (which, in addition to nomial legal requirements, sets very clearfy how the proportion of the post-merger income of the merged entsty froFn our transferred funds will be determined in order to pay to Manchester University) and an Ongoing Support Agreement which commits the Untversity to using those paywnents for bursaries on the same basis as we currently do. It is eXPe￿ed that Govemors will approvethem once Hulme Trust Estates (Educationall receive Charity Commission agreementto the change to their Trusl deed. Interaction with the Charth'es Commission has continued during the year. Once agreement is reachecl, we will. in an orderly frdshion, settle the limited final expenses, transfer investrnent assets and remaining bank balan￿S to Hulme Trusl Estates (Edueational) and then wind up the Foundation. Assets will transfer at the value they Sts￿ on the day of Transfer. No adjustments are made or required in these accounts in respect of this transaction as il is not yèl finally agreed and dates of transfers are in the fvture ar￿ Gould not in any way be forecast. Further background is included in the Chairs report on page 4. The Hulme Hall Trust Foundation Financial Statements for the Year Ended 30 June 2024 Chalmian's Report Ourwork in the Foundation has always been conducted in the belief that a universty ¢du￿b.0n is about much more than qualification and accommodation costs, it is about maturing as an adult and taking responsibilty for the environrnent we live in. That is why we have always pla¢ed emphasis on both parts of our objectnfes as set out Dn page 2 of this ￿pOrt. The provision of accommodation grants {bursariesl satisfies the first part equally important has. in Ihe past, been the fuAéing of travel awards, rewarding contribution lo hall lrfe and funding elements of the social irrfrastruclure of the hall. This year we have seen, yet again, no requests for support funding from the Hall. As in the last 6 years or so il seems that the more centralised management of halls ofresidence, changes in the ways students approach and experience university lrfe post ¢ovid and the more general Changes in social interaelion has impacted demand for our funding. Vvhilst the demand and need for bursaries continues, tt was dear to us that the other *alue adde¢, suppKIrt to Hulme Hall was no longer needed and Ihal we could not identify any valuable other non- bursary activty. Bursaries are a very importgnt part of meekn.ng our charitable objectives but the govemance cost of maintsining this sole activity through a standalone charity seemed to us not best value. In consid￿ing other options, w8 decided to apprO￿h Hulme Trust Estates (Educationall who also make grants through Manchester University and indee(l are part of the Charity family from which we were fomied. Discussions have progressed very well with Hulme Trust Estates {edu¢ationall. In March 2D23 the Charity Commission were coTrsult&d and said they had no objection to the mergèr as long as both Charities had similar 8ims and both Goveming bodies took legal advi￿. which confirmed that. At the time of writing, we have two legal agreements in final draft stsge tg enact the merger bLrt Charty Commission agreement has not yet be2n received. As Chair, l am very proud of the supportwe have provided over many years both lo SuppO￿ng the enrichment of the living in h211 experience for many students and providing bursaries to students who othÈrwse may not be able lo afford lo reside in hall at all. l am equally proud of the decision we have tsken to ty lo merge an ultimalety wind up the Foundation lo reduce the cost of administering the benefits whilst securing the continuation of the very important Secommodaton bursaries . Richard Young Chaimian Date: aolala5 The Hulme Hall Trust Foundation Financial Statsments for the Year Ended 30 June 2024 Report of the Governors for the Year Ended 30 June 2024 Activities, AGhlevements and Performance Grants lotalling £35,800 wer& made during the year12D23'. £26,200). See note 4 Accommodation grants amounting to £35,800 were made lo five students in the year, these were full bursaries made in Conjunction with the University of Manchesterfs Widening Parbcipation Scheme. These awards give students from Challenging soci0￿ConoMiC backgrounds an opportunity to benefit from residential universty life byfunding theirfirst year's hallfees. Feedbackfrcffl previous beneficiaries continues to emphasise the signtficance ofthese awards to both academic and personal development There werè no requests for fvnds to enhance the Hulme Hall social environment, travel, cantr￿utton or other awa)ts in 2￿23r24. Financial Revfew The Ghartty is 'permanently endowed, which means that Govemors can use the int¢rest or other investment income (the Income Fund) to make grants or awards bLrt Cannol spend the Permanent Endowment fund itself. The Foundakn"on's work is mainly bul not entirew reliant on the investment retums from the Permanenl Endriwment Fund. This income is added to the Income Fund from which grants are mad@ and govemance expenses paid. Income Fund Investment income was again atthe high end of our expected range ir¢ 202312024 at £44,602 which is slightly higher than tast year12023.' £43,3251- The details of both income and expenditure are sel out in the Statement of Finanual Aelivthes on page 10. Take-up of bursaries was less than we had budgetèd, ther& werè no travel awards or expenditure requests from the hall, and so our income exceeded expendf(ure by £1,523. Undistributed reservès are held within bank deposit balances and stand at £79,563. This reserve remains in excess of our minimum reserve. The Hulme Hall Trust Foundatlon Financial Ststements for the Year Ended 30 June 2Q24 F￿anent Endowment Fund The value of the Permanent Endowment Fund at 30 June 2024 stands at £1,462,78812023.. £1,352,930). The valuation of non-cash investments at 30 June 2024 represents 1370A of historical cost12023:126%). The mark-tO•market valuation of the portfolio of assets at 30 June 2024 created an unrealised gain of Z117,081 12023.. £27,*2 lossl- In the nomial course of Rathbones management of our portfolio, tradlng generated a gain of £351 {2023-. gain £10.209). Investmentpolicy andperfomwice The policy objectnie is to preserve and if possible increase the value of the investment assets in real temis whilst allowing an annual withdrawal of income to support the activities ofthe Foundation. The policy objective seeks to maintain the lon9er~term purchasing power of retums by crèating a more sustainable retum over the medium to long term. The policy includes a detsiled Statement of Investment Policy anQ a StrategicAsset Allocation for the investment portfolio. The policy as agreed by Trustees is implèmented by our investment managers (whose investrnent resuks are reported in Note 5 to the Accounts). In 2019r20 the strategy of the investment portfolio was adjusted followng discussion between the Trustees and our Investment Adwser, Rathbone Investment Management. and conside￿￿ the financial position ofthe charty. il's long temi investment horizon, endowed eapitsl status and risk toletance alongside the current economic and investment Circumstan￿ (notably the low interest environmenl) to review how best lo invest to fvrther the objeGttve5 of the charity. The condusion tu these disGussions vvas to marginally increase the risk profile and thus thè allowable range of equrty investments to enhance retums over the medium to long term. The benchmarks used were also amen(Jed to ensure a continued appropriateness of performance measurgmenL The Invesknent Policy Review was approved by Trustees in Ma￿h 2020. Total Return for 202314 was.. Hulme Hall Benchm8h(s'. MSCI PIMFA Growth ARC Charity Equity Risk CPI + 3Y¢ 12.2° 16.0% 12_10 5.0% Markets enjoyed a strong year lo 30th June. Infiationary pressures eased, allowng a less hawkish stsnce from central banks and this provided a supportive backdrop for markets, parbcularty in the second half of our financial year. This strength was mosl nolable in growth-oriented investment and con￿ntrated within a narrow cohort of USA Tethnology stocks, which performed particulady strongly. The portfolio increased by 12.2% from a Gombination of capital growth and income generation. Relative to the MSCI PIMFA benchmark. the allocation to equities loVe￿elg￿t UK and underweight Overseas) detracted as overs6as equitses outperfomied. This was primarily due the Technology sector in the USA. The °Magnificent 7" tech stocks accounted for 66QA of the total market rise of the first half of 2024, underlining the ¢on¢entrated nature of retums which is difficult to replicale in a sensibly rEsk managed portfolio. These stocks have been boosted by investor excitement overthe potential of arbficial Intelligen￿ IAII. and as a resutt sorne of these ¢ompanies' valuations are beginning to look stretched, wrth expectations set very high and productivity and profitability gains yet to be realise. Vve continue to maintain a valuation discipline in relation to our exposure in this area. Notwthstanding this, Ihe portfolio has performed strongly in absolute terms. is in line the peer group ¢omparator (ARC index) over the period, and signfficantjy ahead of the CPl+3Okn absolute measure of retum. Looking ahead, while the economic landscape has improved over the past year the chances of a wider global recession have reduced, there is still a degree of market uncertainty and heightened volatilty geopolitical tensions remaining Èlevated {particularly in the Middle East), a US election on the horizon, a degree of economic slowdown anticipatecl and a potentially non-linear reduction in infiation impacting interest rate policy. We therefore continue to proceed selectively, adopting a balanced, well diversified approach lo portfofio construction, aetwely monitoring these factors, and positioning accordingly to mitigate risks and take advantsge of opportunities as they arESe. Invesbment Management charges are alloc8tecl 25% to Income and 75% to the Endawment Fund. The Hulme Hall Tn￿t Foundation Financial Statements for the Year Ended 30 June 2024 Distribulion andReseryes Polky The income from the Permanent Endowment Fund is distribLrted to apprllpriate grant applicants throughout the year after proper serutiny of their applications. Vvhilst rt is not the policy Of the Covemors lo accumulate incomeforits own sake, we are mindful ofthe importance ofhaving funds available to (teal wth the unplanned situations in which students find themselves from time to lime. Via the warden, senior student, tutors. posters and Social networking Srtes we ensure that students are infomied of the availability of our 9r8nts and awards. Govemors rwiewed the Reseryes Policy in 2019r20 and agreed a revised policy in March 2020. The review confimied that the principles of ensuring that any unexpected cases of need can be accommodated and that the Foundation Gould maintain activtty inthe event ofanytemporary shcrt-term reduction in investment income remained appropriate. We also confimied the ReseNe should sel so that a nomial level of activty ￿vId be preserved for a year in a'stressed, scenatTO of a one year 50°h drop in income, albeit this is considered to be a cautious assumption. The University has indicated that rt will no longer support the pr￿10￿$ pattem of invoicing towards the end of the yèar arK* expects payments in stages tlwough the year. A more detailed cash tlow analysis was reviewed and as a re5uk, itwa5 agreed that the minimum reservewds Sel to be at or around £25,000. An internally earmarked intemal income reserve of £8,000 was previously held to ensure capability to ￿nd one off projects or exceptional hardship cases, given the lack of any such demands in recent years and the high level of available funds in excess of the Minimum Rèserve this internal eamiarking has baen released. Rlsks The Govemors revlew risks and have incorporated measures that they consider appropriate into the instructions given to their professional advisers. The primary risk is cleady investment risk, ￿lch is addressed by using professional investrnenl managers, adopting a balanced strategy giving equal weight to capital preservation and stable income generation, being cautw)us in the assessmenl of future income streams and never commttkn.ng expenditure in advance of income. First year a¢¢ommodalion awards are made mainty via the Universty of Manchester Wdening PartKipalion Scheme and are thus subjectto their structured application prO￿ss. Grants other than these accommodation bursaries are considered only after a detailed review by the Warden of Hulme Hall and the Treasurer and in accordance with an agreed framework approved by GovemoJE. Ststement of Governor5, Responsibilities in Resp8ct of th8 Accounts The Governors are responsible for preparing the Governors, Annual Report and the financi81 statements in accordance with applicabl8 law and Unrted lthngdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Pra¢ticel. Charity Law requires the Govemors to prepare separate financial statements for each financial year, which give a true and fairview of the stste of affairs of the Foundation and of its incoming resources and application of resources forthe year. In preparing these financial statèments, Govemors are ￿qUIred to.. select suitable accounting policies and then applythem consistenty,. observe the methods and prinrAples in the Charities SORP 2019., make judgements and estimates that are reasonable and pnJdent', state whether applicable accounting standards and stslements of reu)mmendeé practice have been followed, subject lo any material ¢Jepartures disclosed arKI explained in the financial slalemerts; and prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the Foundation wll continue in operation. The Hulme Hall Trust Foundation Financial Statsments for the Year Ended 30 June 2024 The Govemors are responsible for keeping proper accounting records that are sufficient to show and explain thè Foundation's transactions and Qisclose with teasonable aGcuracy at any lime the financial position of the Foundation and to enable them to ensure that the financial statements comply the Charities Act 2011 and provisions of the Ttust Deed. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the preventien and detection of fraud and other irregularities. So far as each of the Govemors Is aware al the time that the report is approved.. there is no relevant accL)unting information of which the Foundation's Reporting Accountants are unaware and the Governors have tsken all reasonable steps that they ought to have taken to make themselves aware of any rèlevant accounting infomiation and to astablish that the Reporting Accountants are aware ofthat information. Approved by Govemors on.................................. and signed on thoir behalf by Richard Young Chaim)an The Hulme Hall Tntst Foundation Flnancial Ststements for the Year Ended 30 June 2Q24 Independent Examiners Report to the Governors of The Hulme Hall Trust Foundallon IA Trust and a Registered Charity) Registsred CharEty Number 526647 I report to the charity trustees on my ￿aMinatIon of the accounts of the charity for the year ended 30 June 2024 which are set out on pages 9 to 17. Responsibilities and basis of report As the chatrtvs trustees you are responsible for the preparaUon of the acxxjunls in awrdance with the r￿UIr￿mentS of the Charities Act 20111.the Acri. I report in respect of my examination of the charity's aceounts carried out under section 145 of the Act and in earying out my examination I have followed all the applicable Directions gNen by the Gh8rity Commission under section 14515llb) of the ACL Independent examinerfs statement I have completed my examination. I confirm that no material matter5 have come to my attention in connection with the examination giving rne cause to believe that in any material respectr. accounting rècords were not k&pt in respect ofthe chartty as required by section 130 of the Act., or thè accounts do not accord with those ￿CordS ', or th6 accounts do not comply with the applicable requirements conceming the fomi and content ofaccounts sel Dut in the Charities (Accounts and Reports) Regu18tion$ 2(X)8 other than any requirement that the a¢coLEnts give a Yiue and fairviev/ which is not a matterconsidèrèd as part of an independent examination. I have no concerns and have come across no oth¢r matte[5 in connection with the ex8min81ion to which attention should be dr order to enabl¢ ¥ proper understanding ofthe accounts lo be re#¢htsd. Mr David Taylor FCA jlndependent Examiner) Harts Limiied We5tmin5ter House 10 Westminster Rd Macclesfield Cheshire SK10 18X Date.. The Hulme Hall Trust Foundation Financial Statements for the Year Ended 30 June 2024 Statement of Financial Activltles - for the Year Ended 30 June 2024 Unrestrlcted Accumulated Income Fund Restricted Pernianent Endowment Total Funds 2024 Totsl FuThts 2023 Note Income and endowments from: Donations and legacies= University of Manchester Investment In￿Me 1.400 1.400 1,400 Total 46,002 46,002 44.725 Expenditure on: Raising Funds Investment Management charges Chaiitable Acfvrfies.. Accommodation grants Contribution to hall & community Travel and Conference 41,954 41,954 33.176 Chaplaincy Amenthes, equipment and hall acttvities Cost of Grant making Total Expenditure Net Incomejexpenditure and net movementof funds before gains and losse5 on investments 1,523 17,574) {6,051) 1,799 Other recognised gains and losses: Realised gains on invesbnenls Unrealised gains on investment5 351 117081 351 10,209 27 Net movement in funds 109 858 111381 Reconciliation of Funds Total Funds brought forward Total Funds carried forward 1352 930 1430 970 io The Hulme Hall Trust FOUnda￿on Financial Ststements for the Year Ended 30 June 2024 Balance Sheet as at 30 June 2024 Notes Unrestricted Accumulated Income Fund Restricted Pemianent Endowment Total Funds 2024 Total Funds 2023 Investments 1455 152 1347 626 Current Assets Debtors Cash at Bank and in han Due from Inctsme to Pem)anent Fund 95,858 95,858 92,639 110,255) 85 603 10.255 Total ¢urr8nt assets Llabililles Creditors falling due within one year 295 Net Current Assets 79,563 7,636 87.199 83,344 Totsl Assets less Current Llabllltles Total net assets Thefunds of the Charlty Unrestricted Income Fund 79,563 79,$63 1,462.788 78,040 1.352,930 Pemianent Endowment Fund 1,462,788 Totsl Charity Funthdrawn. The CharFty is a public benefft entity as d8fined by FRS102. The Trustees of the Charity have remewed the level and nature of investments held by the Charity which is a P8rmanent Endowment Fund. The Charity is a grant making charty and the number and svze of grants approved in any particular year is detem)ined by the investment retum available in that year. No signifiGanl future grants are Gommrtted and Trustees a￿ able to reduce grants offered should there be a reduction on the retum eamed by investments. The Trustees therefore consider it approprtate to prepare the financial ststements on the going wn¢em basis. bl Income r8cognltlon All income is recognised once the Charity has entitlement lo the income, when it is probable that the inGome will be received and the amount of income recewable can be measured reliably. Interest on funds held on deposit Is ineluded when receivable arml the amount can be measured reliably by the CharFty- this is normally upon notffication of the interest paid or payable by the bank. Income from the investment portfolio is recognised when (( is tr￿rted lo our In￿me account with Rathbones whether or not it has been paid over to the Charity. ¢1 Expenditure recognition Cost of Raising Funds This records direct expenditure on the management of investrnents. Investment management expenses are charged across both funds to re¢ognise the cost to botr income and capitsl_ Cost of Charitable Activities Gr8nts P8yable Grants payable are payments made lo third parties in the fvrtherance of the Charl￿$ objectives. In the case of an unconditional grant offer, this is accrued once the recipient has been notified of the grant awarded. The notification gNes the recipient a reasonable expectation that they will ro¢giv& granL The Charity does not award mumi-yèar grants. Grant awards that are subject to the recipienl fulfilling perfomiance Conditions are only accwed when the recipient has been notiffed of the grant and any remaining unfvlfilled ￿ndItion attaching to that grant is Oltside of the control of the Charty. Provisions for grants are made 12 The Hulme Hall Trust Foundation Financial Statements for the Year Ended 30 June 2024 Notes to the Financial Statèments IconLI when the intention lo make a grant has been commvnic8ted to the recipient but there is uncertainty as to the timing of the grant orthe amount of grant payable. 2.2 Govemance and Support Costs Costs of govemanc& are set OLrt in the detailed notes trj the accounts and have been allocated against each of the Chartty's objects pro-rats lo value. The Charity does not incur any supp¢yt costs. dl VAT Transactions are shown gross of any irrecoverable VAT. èl TaxatÉon The Trustees consider that requirements for the exemption from taxation set out In the Income an Corporatlon Taxes Act 2007 are met and, therefore, no provision is made for taxation. Funds structure The CharEty has 8 single Permanent Endowment Fund. The income from this furKI, after payment of COSt5. charges and expenses, is paid into the Unrestricted In￿me Fund. The Unrestricted Income Fund comprises Ihose fvnds which are available for TNstees to usè for any purposè in furthérance of the ¢haritsble objects, subject to the Trustees, policy on maintaining reserves for the day to day running of the Charities. Further details of each frjnd is set out in note 7 to the accounts gl Debtors Tradè and other debtors are recognised at the settlement amount dLJe after any tsade ts1￿unt gffered. Prepayments are valued at the amount prepaid net of any trade discounts due. h) Fixed Asset investments The Charity has onty financial assets and finanGial liabilities of a kind that qualfy as basic financial instruments. Investmen15 are a form ol basic financial inslrumerrt and are initrally recognised at their transaction value and subsequendy measured at their fair value as at the balance sheet date using the closing qwted market price. The Statement of Financial Activities includes the net re81ised and unrealised gains and losses arising on revaluation an¢J disposals throughout the year. The main form of financial risk faced by the charity is that of volatilty in equty markets and investment markets due to wider economic conditions, the attrf(ude of investors to investment risk. and changes in sentiment concerning equitses and wthin particular sectors or sub sectors. i) Current Asset investments Current asset investments ir￿l￿de cash and cash equivalents invested on a short-temi basis wÉth a maturity of ￿e1ve months or less from the date of acquisition. They are recognised initially at cost and subsequenuy at fair value at the reporting dale. Any change In valuation be￿een repo￿n9 dates Is recogni$ed in the statement of financial activities. jl Cash at bank and in hand Cash at bank and cash in hand incudes cash and short-term deposits with a maturity of three months or less from the date of acquisition or opening of deposit or similar account. 13 The Hulme Hall Trust Foundation Financial Statements for the Year Ended 30 June 2024 Notes to the Financial Ststements {cont) k) CTeditors and provisions Cr&¥itors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settIe the obligation can be measured or estimated reliabty- Creditors and provisions are nomially recognised at their Settlement amount after allowtng for any trade discounts due. 2. Related party transactions and tn￿tee$, expenses and remuneration All Govemors give their ttme voluntsrity and receive no remuneration of any fom nor have any of their expenses been reimbursed other than the reimbursement of actual expend(ture they may have incurred for, and as an agent of. the Foundation. The Chanty is a small Challty and does not have debit or cre(fit cards or ary other abilty to pu￿has& items other than direct payment of invoices. Sometimes this is not l¢gislicalty practical or cost effective. In such circumstances, a Trustee may purchase pre agreed items on behalf of the charity upon production of invoices. receipts and other ey￿enCe be reimbursed forthis expenditurè. In the year ended June 2024 there were no reimbursements to any of the Trustees as they did not incur any expenditure on behalf of thè Trust. 3. Investment Income 30 June 2024 30June 2Q23 DNidetxls-equthes Interest-fixed interest securities Interest on cash deposits 37,061 4899 37,651 3,873 4. Analy$Ls of Grants and Allocatlon of Governance Costs Governance costs: 30 June 2024 30 June 2023 Independent Examinerfs fee Clerk's fee Legal fees re merger 982 2.400 2,400 14 The Hulme Hall Trust Foundation Financial Statements for the Year Ended 30 June 2024 Notes to the Financial Ststements {conL) The Chartty does not incur 5UPPOrt costs. Govemance cos15 are met entirely from the unrestricted income fvnd. The Charity U￿ertakeS its charitable activities through grant making and awarded grants lo a number of individuals and inslttubons in furtherance of its charitable activtty as set oirt below. AJI grants were paid from the Unreslrictecl Income Fund. Govemance costs arè allocated across acbvibes based on the funds granted as shown in the tsble below Anatysi¥ of Gharltable expendlture: Grant funded activity Governance Costs Bank Charges Total 2024 Total 2023 Grants to Indlvlduals -Accommodalion -Travel & Conference -contribution to hall community rotal to indwiduals 35,800 6,082 72 41.954 33,176 35,800 6,082 72 41,954 33,176 Grants to institutions -None Total 35,800 6,082 72 41.954 33,176 The lack of identified need or demand from Hulme Hall for anything other than the nomial bursaries has continued thus limiting the charitable expenditure incurred. As set out on pages 3 and d we continue lo pursue the mergerwith Hulme Trust Estates {Educationall as a more cost-effectwe way of providing bursaries thus providing MO￿ value for benèficiaries. 15 The Hulme Hall Trust Foundation Financial Ststsments for the Year Ended 30 June 2024 5. Fixed Asset Investments Pem)anent Endowment Fund 30 June 2024 30 June 2023 Market value at 1 July 2023 1320 706 1 354 310 Chan ès in ear Additions to investments at cost Disposals at ¢aryng value Add net unrealised gainnoss on revaluation 290,694 1293.3781 117 081 205,988 1211.6301 Net change 11 At 3fAlune 2024 Closing balance at cost Unrealised gainsllosses Market value as at 30 June 2024 1,047.757 1,050,438 270 268 Investments at fair value ¢omprised: UK Equities & Equity Funds Global (exc. Equities & Equity Funds Fixed Interest (gilts) & Fixed InleMt Funds Attemalives 411,734 765,861 86.822 170 686 1435 103 448,082 616,764 211 016 1 320 706 Cash held within the investment portfolio Total l investments are carried attheir fair value. Inveslm&nl in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Holdings in common investment fvnds, unit trusts and open-ended investhient companies are at the bid price. The difference in the portfolio valued at mid and bid prices is considered to be immaterial. Asset sales and purthases are recognised at the date of the trade at cost. The Charity manages investmènt risks by retaining a professional and reputable investment manager and operating a well-diversffied investment strategy. The Charity does not make use of derivatives and similar complex financial instruménts. The significance of financial instruments to the ongoing financial sustainability of the Charity is considered in the financial review and investment policy and pertomiance section of the Trnstees, Annual Report. 6. Anatysis of Current Assets & Liabilltles Current ass&ts 30 June 2024 30 June 2023 Cash at bank Cash in the income accountwith investment manager 94318 91,724 915 Total 16 The Hulmg Hall Trust Foundation Financial Ststements for the Year Ended 30 June 2024 Credito 30 June 2024 30 June 2023 Independent Examiners fee Investment Managers fee Legal Casts re Mergèr Clerk's fee Total 940 2.619 2.700 870 2,425 3,600 295 7. Funds The Pemanent Endowment Fund is a restricted fund as defined by theTrust Deed. Its purpose is to ensure that a suitable income stream is available to finance the on-going work of the Charity. It is represented by a portfolio of investments, which are managed by Rathbone Investment hlanagement Ltd who have been given discretionary powers lo acquire and dispose of investments wthin the policy set by the Govemois. That policy has been explained in the Govemors, report on page 5. The Income Fund Is an unrestrictèd fund, available to the Govemors for dislrtbution in accordan￿ with thè Trust Deed. This states that U)e Govemors shall award Exhibitions and make grants to students of the Universtty of Manchester in accordance with such rules as the Govemor5 shall decide. Income may also be applied in the provision of benefits in connection with Hulme Hall, and the provision and maintenance of a Chaplaincyforthe adVan￿ment of religion, provision of religiou8 inslrucb.on and the pastoral carè of stlvdents and staff of the University of Manchester. Reconciliation of Funds Balance at 1 July 2023 Incomin9 Resources Resources Expended Investment Gains (Losses) Balance at 30June 2024 Unrestricted In￿me Fund 78,040 46,002 (44,479) 79,563 Restricte Pemanent Endowment 1,352,930 (7,5741 117,432 1,462,788 Total Fund$ 1.430.970 46,002 {62.0531 117.432 1,542.351 8. Grant and Other Commltments The Charty sets a budget each year based on the expected income and th6 lev81 and type ofawards it would like to make. The Charity makes no binding commitments in advanee of cash availability and income re*ipt and only very rarely does the chaiity consider any bin(Jing commitment which relates lo a fLrture year. At 30 June 2024 there had been no offers made for 2024125 full or partial bursariès but the University of Manchester had been advised that 4 or 5 bursaries were provided for in the budget. 17