The Hulme Hall Trust Foundation Financial Statements and Governors, Report for the Year Ended 30 June 2025
The Hulme Hall Trust Foundation Financial Statements for the Year Ended 30 June 202S CONTENTS Page Governors and Advi80rs Govgrnors, Report and Statement of Responsibility Statement of Financial Activities Balance Sheet Notes to the Financial Statemen15 9-14
The Hulme Hall Trust Foundation Financlal Statements for the Year Ended 30 June 2025 Registerèd Charlty Number 526647 Governors and Advlsors Governors: Appolntlng Body Term Comm¢ncèm¢nt Length of term Rlchard Young Chairman Co-optalive member 21 O¢tober 2024 5 years Susan Jee Treasurer Hulme Trust Estates IEdu¢alionall 15 October 2025 3 years Rt, Rev, Mark Davies Bishop of Middleton Blshop of Manchester 21 March 2024 3 years Canon lan Gornersall 8ishop of Manchester 15 October 2025 3 years DrGareth Hughes iiniversily of Manchester 21 October 2024 3 yèars Mlke Mercer Hulme Trust Eslales (Educational) 21 October 2024 3 years The Govemors are appointed for a term of three years with the exception of Co.optalive Governors who are appointed for a live-year term. Clerk to the Governors: Jonathan Aldersley Admlnlytratlve address: Butcher & Barlow, 3 Royal Mews, Gadbrook Park, NorthwiGh, CVV9 7UD Bankers: Unity Trust Bank plc. Nine Brindley Plac6, Birmingham Bl 2HB Investment Managers: Ralhbone Investment Management Ltd, Port of Liverpool Building, Pier Head, Liverpool L3 1 NW
The Hulme Hall Trust Foundation Financial Statements for the Year Ended 30 June 2025 Report of the Governors for the Year Ended 30 June 2025 The Governors are pleased to present their final annual report together wilh the final Financial Statements of the charily for the yeaf ended 30 Jiine 2025. Governors first reported in the June 2023 finarTrcial statements that having seen the demand for ils support shrink to solely providing bursaries through Manchester University they had concluded that the governan cost and volunteer time needed no longer represented value for beneficiaries, Discussions with Hulme Trust Estates IEducalionall I'HTE'I who also support students through Manchester University led lo draft agreements to effect a merger ol the two charities. Since 2023 these have progressed along with discussions with the Charity Commission. On 20 March 2025 agreement to the merger was received from the Charities Commission subject lo small amendments lo the purpose of each charity lo ensure Iliey were consislenlly worded. On 23 June 2025 Governors passed Resolutions to amend the purpose a5 agreed with HTE and the Charity Commission, instruct our investment manager lo liquidate investment 2S8ets and transfer lo HTE, to sellle any remaining liabilities and Iransfer any remaining cash funds lo HTE. sign the agreements between HHTF, HTE 2nd Universily of Manchester lo effect the merger as at 30 June 2025 on completion ol the above to submit an application lo the Charity Commission for the winding up of HTE and removal from the Charity Regigler All bar one small1£38kl investment wa5 liquidated by 30 June 2025 and the funds transferred to HTE on 11 July 2025. the remaining investment was sold al the first available dealing dale and the funds transferred on 24 October 2025.Thè result of the merger is that assets held al 30 June 2025 with Rathbones wefe being held on behalf of HTE awailing transfer. The impact of the merger on these statements are set out below. Subject lo amended disclosures lo ensute transparency of both activity in the year and the merger on 30 June 2025,Ihe financial statements have been prepared in accordan with the aocounling policies sel out in note 110 the accounts and comply with the Charity's trust deed, the Charities Act 2011 and the relevant version of the Statement of Recommended Practice applicable lo charities preparing their accounts in ccordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021- Impact of the merger on these Flnanttlal Statements Inveslmgnfs On mergef at 30 June 2025 beneficial ownership of assets Invested with Rathbones transferred to HTE as per the Governors instruction of 23 June 2025 noted above. Accordingly, all investments are valued al £nil in these financial slalemenls. Rathbones subsequently transferred funds lo HTE'S investment managers as Set out in note 5 to these accounls. InGome Fund As the Foundation had no activity beyond 30 June 2025 other than seitling existing Ilabllities and progresslng lo wind up, the 51alement of Financial Activities Ip71 and the Balance Sheet Ip81 m3ke provision for all costs lo be inourred lo wind up. The balance on the Unrestricted Accumul8led Income Fund existing al 30 June 2025 after allowing for the liabilities noted above belonged lo HTE on 30 June 2025, albeit some amounts were only finalised after that date. Accordingly, in these fin8ncial slalemenls the Foundation's closing Unreslrieted Income Accumulated Income Fund 15 nil. On 2 June 2026 the £38.775 balance (page 8) was transferred lo HTE alon9 with interest received,This final transfer amounted to £39,700 and the bank accounts were then closed.
The Hulme Hall Trust Foundatlon Flnanclal Statements for the Year Ended 30 June 2025 Oblectlves and actlvilie5 for thB publlc b&nefit The Hulme Hall Trust Foundation I the Foundation'l is governed by a Scheme dated 13 July 1Q64, approved by the Charity Commission and varied with their consent by the Scheme 0123 January 1976 as amended by Resolution dated 9 ApTiI 2008. Hulme Hall is a hall of residence of the Unlverslty of Manchester, located in the Victoria Park campus, arkd houses some 300 students. The hall has seven blocks, the olclest dating from 1907 and Ihe18tesl added in 1967. The Foundation is managed by Six Governors of whom Iwo are appolnled by the TrL¢Stees of the charily known as Hulme Trust Eslales (Educalionall, Iwo are appointed by the Lord Bishop of Manchester, r)ne by Ihe University of Manchester and one co-oplalive member appointed by the other Govemors. The objectives of the FOlldatIOn were amended by Resolution on 23 March 2025are,' The provision of Grants lo those who are or 8bout to be engaged in a course of study at the University of Manchester, including posl-graduale and research students, and wl(h preference to be 8hown lo those residènt in Hulme Hall. The provision of other benefits in connection wilh Hulme Hall which May include the purchase of books for the library, the purchase of musical inslrumenls, the maintenance of facilities for games and for the pastor81 care of students, including post-gradL¢ate and research 8tudenls and members of staff of the University of Manchester. Hulme Hall Trust Foundation used the inve51menl income from a permanent endowment fund to further its charitable purposes through giving grants both to individuals and instilulions. These awards lake the form tsf supporting accommodation costs for students who otherwise might not be able lo experience life in hall 2nd also broader awards lo individua15 and inslitulions including the hall itself to help supwrt the life of the hall and encourage the personal development of ils residents. The Trust Deed of the Found81ion reslricls the benefits to the students of Manchester University and gives prefenCe lo the residents of Hulme Hall. Nevertheless, the Governors have considered the Charity Commls8ion's guidance on public benefit and borne it in mind when shaping and planning our aclivilies, When considering a grant, rKI person or body is di5criminaled against, or held in prejudice by reason of gender, age, disability, faith or belief, gender identity, sexual orienlalion, 51alus or ethnicity. Through the Warden, Senior Sludenl, Tutors and JCR and publication of available grants we ensure that students understand that the support we provide is open to all based only on need. The Governors meet as appropriate lo decide on investment policy. lo monitor the performance of the investment portfolio, to shape our aclivili&s for the year and to approve grants and awards. Governors aclively seek feedback from beneficiaries and input from sludenl leadership lo ensure that the focus of awards stays relevant lo changing needs. New Governors are selected to Onsure that the Foundation has a broad range and balance of expertise and skills. Potential new Governors are identified through consullalion with advisers and other piofessional contacts. Where GDvernors are appointed by other parties, suggesllons Are made to the appoinllng body via the Clerk to Governors. Governors are encouraged to read the Charity Commission guidance'The Es5enllal Trustee, and where reqijesled provided wllh training.
The Hulme Hall Trust Foundatlon Financlal Statements for the Year Ended 30 June 2025 Chairman's Report Over the last few yearg, whilst the deniand and need for bursaries continued, il was clear lo us that the other 'value added, SUPPDrt lo Hulmè H211 was no longer needed and Ihal we could not identify any valuable other non- bursary activity. As Chair, l am very proud oflhe support we have provided over many years both ID supporting the enrichment of the living in hall experience for many students and providing bursaries lo slLidents who olheiwise may nol be able lo affoid lo reside in hall al all. l am equally proud ol the decision we have taken lo merge with Hulme TrLisI Eslales leducalionall on 30 June 2025 and ultimately wind up the Foundation lo reduce the cost of administèring the benefits whilst securing the conlinualion of the very impoilanl accommod21ion bursaries. Rl¢hard Young Chairman Datè:
The Hulme Hall Trust Foundatlon Financial Statements for the Year Ended 30 June 2025 Report of the Governors forthe Year Ended 30 June 2025 Actlvlties, Achievements and Performance Grants lotalling £ 66,726 were made during the year12024.' £35,800). See note 4 These accommodation oranls were full bursaries made in conjunction with the University of Manchester's Widening Participation Scheme. These awards give students Irom challenging socio~ economic backgrounds an opportunlly lo benefit from residential university life by tiinding their first year's hall fees, Feedback from previous benefKiaries continues lo emphaslse the slgnificance of these awards lo both academic and personal dèvelopment. There were no requests for funds lo enhan the Hulme Hall social environment. trave1, contribution or other awards in 202412025 Flnanclal Revlow The charity is 'permanently endowed, whiGh means that Governors can use the interest or other investment income Ilhe Income Fund) lo make grants or awards bul cannot spend the Permanent Endowment fund itself. The Foundation's work was mainly but nol entirely reliant on the investment returns from Ihe Permanent Endowment Fund. This income is added lo the Income Fund from which grants are made and governance expenses paid .As noted earlier IFI this report the Foundation completed a merger with HTE on 30 June 2025. Income Fund Whilst Income and Expenditure is included on page 7, as the merger took place on 30 June 2025 the balance of undislributed resee9 held in bank deposits remaining for th& Foundation's benefit was nil. The accounts reflect 2 years of bursaries and additional costs lo effect the merger and proceed to wind up.As noted on page 2 the remaining balance was sent to HTE on 2 June 2026 and the bank accounl closed. Pempanent Endowment Fund As set out on page 7,8 and note 5, the merger on 30 June 2025 transferred benefla1 ownership to HTE, the value of the Permanent Endowment Fund al 30 June 2025 sland5 al £nil. Investment pollcy andperforman¢g The policy objective was to preserve and if possible, increase the value of the investment assets in real terms whilst allowing an annual withdrawal ol income to supporl the activities of the Foundation, The policy objective seeks to maintain the longer-lerm purchasing power of returns by Cretsling a more suslainab5e return over the medium lo long term. The policy includes a detailed Stalernenl of Investment Policy and a Strategic Asset Allocation for the investment portfolio. The poIY as agreed by Trustees is implemented by our investment man8gers (whose investment results are reported in Note 5 to the A¢counlsl. In 2019120 the slwalegy of the investment portfollo was adjusted following discussion between the Trustees and our Investment Adviser. Ralhbone Investment Management, and considered the financial position of the charity, it's long-lerm investment horizon, endowed capital slalus and risk tolerance alongside the current economic and investment ciroumslances Inol8bly the low iiiteresl environment) lo review how best lo invest lo further the objectives of the charity. The conclusion lo these disciission$ was lo marginally increase the risk prolile and thus the sllowable range of equity invoslments lo enhance returns over the medium lo long lerm. The benchmarks used were also amended lo ensure a continued appropriateness of performance measurement. The Investment Policy Review was approved by Tru51ees in March 2020. Investment Management charges are allocated 25Qh to Income and 75% to the Endowment Fund.
Tho Hulme Hall Trust Foundation Financial Statements for thè Year Endèd 30 June 2025 Distribution and R&serves Pollcy The income from Ilie Permanent Endowment Fund was distributed lo appropriate grant applicants throughout the year after proper scrutiny of their applications. The reserves policy applylng up lo the merger was that the minimum reserve w8S Sel lo be at or around £25,000. AI 30 June 2025 there is no n&d for a minimum reserve policy. Rlsks The Governors review risks and have incorporated measures that they consider appropriate inlo the Inslruclion8 given ID their professional advisers. The primary risk is clearly investment risk, which is addressed by using professional investment managers, adopting a balanced strategy giving equal weight lo capital preservation and stable income generation, being cautious in the assessment ol future income streams and never commilling expenditure in advance of income. First year accommodation awards are made mainly via the University of Manchester Widening Partscipalion Scheme and are thus subject to their sliuclured application process. Grants other than these accommodation bursaries are considered only after a detailed review by the Warden of Hulme Hall and the Treasurei and in accordance with an agreed framework approved by Governors. Statement of Governors, Re$ponBlbilltie$ In Respect of the Accounts The Governors arè responsible for preparlng the Governors, Annual Report and the financial slalemenl8 in accordance with applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generally Accepted Accounting PraGticel.Charily Law reqL(ires the Govertior5 to prepaie separate financial slalements for each financial year, which glve a true and fair view of the slate of affairs of the Foundation and of ils incoming resources and applicalionof iesources lor the year. In preparing these financial statements. Governors are required ID.. select suitable accounting policies and then apply them consislenlly,. observe the methods and principles in the Charilles SORP 2019.. make judgements and eslimales that are Teasonable and prudent., slate whether appltcable a¢counling standards and statements of recommended practice have been followed, subject lo any material depgrtures disclosed and explained in the financial stalemenls,. and prepare the financial slalemenls on the going conorn basis unless it Is inapproprlale lo presLJmelhal the Foundation will continue in operation .As a result of the merger on 30 June 2025 these accounts are not prepared on a going concern basis andinclude provision for all costs up lo windup and rèmoval fiom the register of Charilies.The Governors are responsible for keeping proper accounting records that are sufficient to show and explainlhe Foundation's transactions and disclose with reasonable accuracy at any lime the financial position of theFoundation and lo enable them to ensure that the financial statements comply with the Charities Acl 2011 and provisions of the Trust Deed. They are also responsible for safeguardin9 the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularllie5. Approved by Governors on...............................,.. and slgned on thelr behalf by Rlchard Young Chairman
The Hulme Hall Trust Foundation Financial Statements for the Year Ended 30 June 202S Statement of Flnanclal Activities - for tho Year Ended 30 June 202S Unrestrlcted R¢strlcted Accumulatod Permanent Income Fund Endowment Total Funds 202S Total Funds 2024 Noto Income aiid endowments from: Donations and legacies.. University of Manchester Investment inoome 1,400 1,400 1,400 Total 40.652 40,652 46,002 Expondlturo on: R8ising Funds Investment Management charges Charll&ble Activities.. Accommodation grants Contribution lo hall & community Travel and Conference 78,817 78,817 41,954 Chaplaincy Amenities. equipfflenl and hall aclivilitts Cost of Grant maklng Total Expenditurè Net InGomelexpenditurè and net movementof funds before galns #nd Ios8es on investments {40,7881 17,6361 {48,4241 16,0511 other recognSsed gains and losses: Realised105ses on investments transferred Realised income fund losses on merger 11,455,152} (1.455,1521 {38,7751 351 138,7751 Unrtsalised galn on investments 117081 Net movemènt In funds 1462 788 1542 351 111381 Reconciliatlon of Fund$ Total Funds brought fornard Total Funds carrled fotward 79,563 1,462.788 1,542,351 1430 970 1642 351
The Hulme Hall Trust Foundatlon Flnancial Statements for the Year Ended 30 June 2025 Balance Sheet as at 30 June 2025 Notes Unréstrl¢ted Accumulated Income Fund Restricted Permanent Endowment Total Fund$ 2025 Total Funds 2024 Investments 1455 152 Current Assets Debtors C&sh al Bank and in hand Due from Income to Perm8nenl Fund 88,239 88,239 95,858 Total current assels Llabllltlès Creditors falling due within one year 149,464) 149.464> Nel Currenl Assels 38,775 38,775 87,199 Total Assets less Current Liabllltie$ Total net assets pre merger 38,775 38,775 Transfer on merger {38,775} (38,775) Total net assets The funds of the Charlty Unreslricled Income Fund 79,563 1.462,788 Permanent Endowment Ftsnd Tot81 Charity Funds Approved by the Board of Governors Richard Young- Ch Irman Susan Jeg - Treasurer Dat¢: 41ioliL Date:
The Hulme Hall Trust Foundatlon Financial Statements for the Year Ended 30 June 2025 Notes to the Flnanclal Statement8 Icont.I Notes to the Financlal Statements 1. Accounting Pollcle8 a) Basis of preparatlon There are the final accounts of HHTF following the merger with HTE which look place on 30 June 2025. As HHTF has no chaiilablè activity on and subsoquent lo 30 June 2025. Ihls is a non.going ollcein basis and all iemaining costs and liabilitiès lo lake the Foundation to windup have been provided for in these accounts. The financial slalements have been prepared under the historical cost CDnvenllon with items recognised al cost or Iran5aGtion value unless olhetwise slated in the relevant notelsl to these accounts. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Pracli¢e ISORPI appllcable to Gharitias preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepubliG of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS102), the Charilles Act 2011, and UK Generally Accepted Accounting Practice. The Charity has taken advantsge of the Bvailable exemption as a small Gharity from preparing a cash flow slalemenl. In the interests of transparency, formats have been adapted to show movements pre merger as well as the impact of the merger. The financi21 statements have been prepafed to give a 'lrue and falr, view and have departed from the Charities (Accounts and Reportsl Regulations 2008 only to the exlenl required to provide a 'lrue and fair view,. Thig departure ha5 involved following the Accounting and Reporting L)y Charities." Statement of Recommended Practice applteable lo charities preparing their a¢¢tsunts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland i$8ued in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Pra¢lice effective from 1 April 2005 which has since been withdrawn. The Charity Is a publi¢ benefit entity as dellned by FRS102. b) Income recognltlon All income is recognised when the Charity has entitlement to the income. when il is probable that the income will b8 received and the amount of income receivable can be measured reliably. Inlerttsl on funds held on deposI1 is included when receivable and the amount oan be measured reliably by the Charity,. thi5 is normally upon notification ol the interest paid or payable by the bank. Income from the investment portfolio is reGognised when il is credited lo our In¢ome account with Ralhbones whether or not il has been paid over lo the Charity. At 30 June 2025 the benelil of the income in the year was transferred lo HTE. c} Expendltur• recognition Cost of Raislng Funds This records direct expenditure on the management of investments. Investment management expenses are charged across both funds lo recognise the cost lo both income and capital. Cost of Charitable Activities 2.1 Gr8nls Payable Grants payable were payments made to third parties in the furtherance of the Charity's objeclivos.
The Hulmo Hall Trust Foundation Financlal Statements for the Year Ended 30 June 2025 Notes to the Flnartcial Statempnts Icont.) 2.2 Governance and Support Costs Costs of governance are sel out in the detailed notes lo the ac¢ounls aiid have been allocated against each of the Charity's objects pro-rala lo value. The Charity does not incur any support costs. dl VAT T12nsaclions are shown gros5 of any ifrecoverable VAT. el Taxation The Trustees consider that requirements for the exemption from laxalion Set out in the Income and Corporation Taxes A¢1 2007 are mel and, thorelore. no provision is made for laxalion. f) Funds structure The Charily hag a single Permanent Endowment Fund. The income from thS fund, after payment of costs, charges and expenses, is paid into thè Unreslricled Income Fund. The Unre51fioled Income Fund comprises those funds which are available for Trustees lo use for any pkjrpose in furtherance of the charitable objects, subject to the Trustees, policy on malnlaining reserves for the day lo day running of the Charities, Further details of each funé is sel out in note 7 to the accounts g) Debtors Tiade and other debto¥s are recognised al the settlement amount due after any trade discount offered. Propaymenls are valued 81 the amount prepaid nel of any liade dlscounls due, h} Fixed Asset Investments The Charity has only financial assets and financial Ilabililies of a kind that qualify a8 basi¢ flnanc¢al inslrumÈnts. Investments are a form of basic financial instrument and are initially recognised al their transaction value and subsequently measured at their fair value as al the balan sheet date using the closing quoted market price. The Slalement of Flnancial Activities Includes the nel reallsed and unrealised gains and losses arising on revaluation and disposals throughout the year. The main form offinancial risk fad by the charity wa8 that ofvolalilily in equity markets and investment markels due lo wider economic conditions. the altitude of investors lo investment risk, and changes in sentiment concerning equllies and within particular sectors or sub sectors. l) Current Asset Inv8stments Current asset investments include cash and cash equivalents invested on a shorl-lerm basis with a maturity of e1ve months or less from the dale of acquisition. They are recognised initially al cost and subsequently al fair value al the reporting dale. Any change in valuation between reporting dales is recognised in the statement of financial activities. J> Cash at bank and in hand Cash at bank and cash in hand incudes cash and short-lerm deposits with a malurify ot three months o¥ less from the date of acquisition or opening ol deposit or similar account. 10
The Hulmo Hall Trust Foundatton Financial Statèments for the Year Endod 30 June 2025 Notes to the Flnanclal Statements l¢ont.I k) Credltors and provisions Creditors and provisions are recognised where the charlly has a present obligation resulting from a past event that will probably result in the transfer ol funds lo a third paty and the amount due lo seltle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised al their settlement amount after allowing for any trade discounts due. 2. Related party transactions and trustees, gxpenses and rpmuneration All Governors give their Ilme voluntarily and recefve no remunerellon of any form nor have any of thei¥ expenses been reimbursed other than Ihe reimbursement of actual pxpendilure they n3ay have incu¥red for, and as an agent of, the Foundation. The Charity is a Small Charity and does not have debil or credit cards or any other ability to purchase itèms other than (lirecl payment ol invoices. Sometimes this is not logistically practlcal or cost effective. In such CircumstanS, a Trustee may purchase pre agreed item5 on beh81f of the charity and upon production of invoic6s, r8¢eipls and Dlher evidence be reimbursed for this expenditure. In the year ended June 2025 Ihere were no reimbursements to any of the Trustees as they did not incur any expèndllure on behall of the Trust. 3. Investme#t Income 30 June 2025 30 June 2024 Dlvidends-equities Inlerest-fixed interest secuiilies Interest on cash deposits 29,513 6,962 37,061 4,899 Il¢iicficil oivtjeiship ITinsfcried on 30 Juli¢ 2025 4. Analysls of Grants and Allocatlon of Governance Costs Governance ¢08ts: 30 June 2025 30 June 2024 Independent Examiner's fee Clerk's lee Legal fees re merger 20 3,600 982 2,400
The Hulme Hall Trust Foundation Flnancial Statements for the Year Ended 30 June 2025 Notes to the Flnanclal Statements {cont.I The Charity doès not incur support costs. Governance Costs are mel entlrely from the unreslricled incoine fund. The Charity undertakes its charitable activities through grant making and awarded grants lo a number of individuals and inslilulions In furtherance of its charitable activity as sel out below. All grants weie paid from the Unresliicted Income Fund. Governance costs are allocated across activities based on the funds granted as shown in the table below Analysls of charltable expenditure: Grant funded a¢tlvlty Governance costs Bank Charges Total 2025 Total 2024 Grants to indlvlduals -Accommodalion Total 12,020 12,020 71 71 78,817 78,817 41,954 41.954 66, 726 Grants to Institutlons -None Totsl 66,726 12,020 71 41,964 The lack of identified need or demand from Hulme Hall lor anything other than the normal bursaries has continued thus limiting the charitable expenditure incurred. Durlng the year ended 3U JLJne 2025 4 bursaries wer8 paid for the academic year startlng October 2024 1£29,2621 and also 5 bursaries were commilled and subsequently paid for the academic year starting October 2025 {£37,4641. Total £66,726, 12
The Hulme Hall Trust Foundation Finanelal Statèments for the Year Ended 30 June 2025 S. Flx8d Asset Investments Permanent Endowment Fund 30 June 2025 30 June 2024 Market value at q Juty 2024 1435 103 1320 706 Chan esin Additions lo investments al cost Disposals at carrying value ear 188,720 11,623,823) 290,694 1293,3781 Net change 1435 823 114 397 AI 30June 2025 Closing balance at cost Unrealised gainsllosses Market valuo as at 30 June 2025 1.047,757 387 346 Inv85tments ai ialr value comprisèd: UK Equities & Equity Funds Global lexc. UK) Equities & Equity Funds Fixed Interest Igi11s) & Fixed Interest Funds Allernatives 411,734 765,861 86,822 170 686 1435 103 Cash held within the investment portfolio Total Following Charity Commission agreement lo the merger the assets were liquidated and the balance on the Investment Fund transferred In iwo tranches. 11 July 20251£1.45m} 10 October 20251£38,0161 At 30 June 2025 beneficial ownership was wlth HTE and assets resided with Ralhbones pending transfer to HTE a8 instructed byGovernors' Resolution on 23 June 2025. All investments were carried al their fair value. Investment in equities and fixed interest securities were all Irade(lin quoted public markets, primarily the London Stock Exchange. The basis of faiT value for quoted investments was equivalent lo the market value. using the bid price. Holdlngs in common investment fur>ds, nil trusts and open-ended investment companies were at the bid pr¢ce. The Charity managed inveslmenl risks by retaining a professional and reputable investment manager and operating a well-diversilied investment strategy. Tho Charity did not make use of derivatives and similar complex financial inslrumenls. 6. Analysls of Current Assgts & Llabilities Current assets 30 June 2025 30 June 2024 Cash at bank Cash in the income account with investment manager 88,239 94,318 Total 95 858
The Hulme Hall Trust Foundation Financial Statements for the Year Ended 30 June 2025 Credltors 30 June 2025 30 June 2024 Independent ExamineTS fee Investment Managers fe8 Legal Costs re Mèrger Clerk's fee Bursaries commilled Total As beneficial interest in assets and income net of expenditure for Ihe year transferred to HTE, il assumed that no Independent Examination is required. All costs of moving to wind up have been included as at 30 June 2025. Y. Funds 940 2,619 2,700 2,400 8,400 3,600 The Permanent Endowment Fund was a restricted fvnd as defined by the Trust Deed. Its purpose is lo ensure that a suitable income stream is available lo finance the on-going work of the Charity. 11 is represented by a portfolio of investments, which 3re managed by Ralhbone Investment Managemenl Ltd who have been given discretionary powers lo acquire and dispose of investments within the policy set by the Governors. The Income Fund was an unrestricted fund, available lo the Governors for distribution in accord2nce with the Tfijst Deed. This slate5 that the Governors shall aw2rd Exhibitions and make grants to students ol the University of Manchester in accordance with such rule5 as the Governo shall decide. Income may also be applied in the provision of benefits in connection with Hulme Hall. R8con¢illatlon of Funds Balance at l July 2024 Incoming Resources Resources Expended Investment Gains {Losse$} Income Fund loss on merger Balance at JO June 2025 Unreslricled Income Fund 79,563 40,652 181,4401 {38,7751 Re51riGled Permanent Endowmersl 1.462,788 17,6361 {1,455,152) Total Fund8 1,542,351 40,652 (89,0761 {1,455,1521 (38,775) 14