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 FOll￿datIOn 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
prefe￿nCe 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 rese￿e9 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 benef￿la1 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 poI￿Y 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 forn￿ard
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 th￿S 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 fa￿d 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
Circumstan￿S, 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¢iicfici*l oivtjeiship IT*insfcried 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