THE SHADWORTH HODGSON BEQUEST FINANCIAL STATEMENTS 31 DECEMBER 2023 Charity Number 1054512
THE SHADWORTH HODGSON BEQUEST FINANCIAL STATEMENTS 31 December 2023 INFORMATION Charity Number 1054512 Trustees: William S. Parker Robert J. Cowley Sally Smith Nina Deerfield Advisers: Investments: Rathbones Investment Management Ltd Edinburgh EH2 4AW and Evelyn Partners Group Limited London EC2V 7BG Examining Accountants: ATC Associates Tol Pedn Trescowe Road Newtown Germoe Penzance TR20 9AG
THE SHADWORTH HODGSON BEQUEST Charity Number 1054512 BALANCE SHEET at 31 DECEMBER 2023 2023 2022 Notes INVESTMENTS Marketable Securities Bank Deposits 2A&B 915,474 39,493 907,091 54,620 954,967 961,711 CURRENT ASSETS Cash at bank Debtors 8,663 280 8,943 7,554 429 7,983 CURRENT LIABILITIES Creditors 6,600 6,324 NET CURRENT ASSETS 2,343 1,659 TOTAL ASSETS LESS CURRENT LIABILITIES 957,310 963,370 NET ASSETS 957,310 963,370 UNRESTRICTED TRUST FUND Balance brought forward Excess Income Fund 515,230 442,080 515,230 448,140 13 TOTAL FUNDS 957,310 963,370 TRUSTEES W. S. Parker R.J.Co it NDe ielc Page 1
THE SHADWORTH HODGSON BEQUEST Charity Number 1054512 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes INCOME FROM INVESTMENTS Dividends & bond/note interest Rathbones evelyn Partners 6A 6B 22,049 4,949 25,599 4,292 Bank Interest 53 54 27,052 29,944 EXPENDITURE ON RAISING FUNDS Investment management costs 15,450 16,025 EXPENDITURE ON CHARITABLE ACTIVITIES Governance costs Donations 7,668 31,499 6,359 24,000 10 39,167 30,359 NET GAINS ON INVESTMENTS Investment movements Rathbones Gainlloss on disposals Revaluation adjustment 11A 11A 7,601 5,651 6,052 29,521 1,950 23,469 evelyn Partners Gain/loss on disposals Revaluation adjustment 11B 11B 3,129 20,326 14,008 37,286 23,456 23,278 NET INCOME CARRIED TO EXCESS INCOME FUND 12 6,059 63,186 Page 2
THE SHADWORTH HODGSON BEQUEST Charlty Number 1054512 31 December 2023 Notes to the Financial Statements 1 ACCOUNTING POLICIES The trusteès have adopted the provision of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitles preparing their accounts in accordance with the Charities SORP (FRS102) Basls of Accountlng The Financial Statements have been prepared under the historical cost convention. The fom of preparalion of the Financial Statements and the accounting procedures are adapted to meet the spla1 circumstances appertaining to the Bequest's activities and objectives. The Bequest became a Registered Charity on 13 April 1996 INVESTMENTS 2A Marketable Securltles - Rathbones 2023 Book Cost Valuation 31.12.23 2022 Book Cost Valuatlon 31.12.22 Holding Holding A2D Funding11 PIC Aviva PLC Astrazeneca Admiral Group PLC Blackrock Fund Mgrs Blackrock(Lux) Blackrock Asset Mgrs B&M European Value Retall SA Bluefield Solar Inc Fund Itd Citigroup Inc City of London Investment Trust plc Coca-cola Diageo plc Goldman Sachs GCP Infastructure Inv Ltd HICL Infrastrcture co Ltd Murray Intemational Trust National Grid PLC Permsimmon PLC Rothschild Finance 9010 Perpetual Subord Guaranteed Notes Rio Tinto plc Reckitt Benckiser plc Rathbone Unit Trust Mgmt Royal Dutch Shell plc 308 shares sold 4.5 % bonds 30.9.26 6.1250/0 £10000 Sub Ord Bds US$ .25 Ordinary shares 0.1p Ordinary Shares Contl European Income D Global Event Driven Europe Absolute Alpha D 1 Op Ordinary Shares NPV Ordinary shares 5.15% Emtn 21.5.26 22,000 10,000 130 240 24766.00 21700.00 22,000 24,766.00 22,670.00 10266.00 10404.00 10,000 10,266.00 10,101.00 10269.00 13780.00 ?30 10,269.00 ?4,583.00 8373.00 6442.00 240 8,373.00 5,129.00 8123.00 9260.00 5,000 8,123.00 8,621.00 14216.00 15128.00 Purchased 17.5.23 20695.00 21573.00 Purchased 16.5.23 8609.00 8123.00 1,450 8,609.00 5,964.00 11180.00 10045,00 8,470 11,180.00 11,519.00 16281,00 13497.00 13,000 16,281.00 13,384.00 120 12,000 1,450 8470 13,000 Ordinary 25p $0,25 Common stock Ordinary 28 1011108p 3.125% Snr MTN 25.7.29 1 p Ordinary shares 0.01p Ordinary Shares Ordinary 25p/ Ordinary 5p 12.431289p Ordinary shares 10p ordinary shares 4100 155 220 14,000 10,000 3,200 9,950 1150 250 11239.00 16790.00 7802.00 7165.00 1998,00 6283.00 16244.00 13152.00 10957.00 7200.00 5065,00 4435.00 12194,00 25,671.00 11000.00 12167.00 5794.00 3473.00 4,100 11,239.00 16,831.00 155 7,802.00 8,196.00 220 1,998.00 8,030.00 14,000 16,244.00 12,312.00 10,000 10,957.00 10,200.00 3,200 5,065,00 5,261,00 1,990 12,193.72 26,547.00 1,150 11,000,00 11,470,00 250 5,794.00 3,043.00 21,000 240 152 16,000 450 28140.00 23310.00 6839.00 14021.00 2873.00 8238.00 16146.00 14518.00 8276.00 11572.00 21,000 28,140.00 23,365.00 240 6,839.00 13,915.00 152 2,873.00 8,746,00 16,000 16,146.00 13,968,00 758 13,941.00 17,631.00 Ordlnary 10p Ordinary 10 10119p High Quality Bond S Dist B Ordinary Euro 0.07 Treasury 1140/0 Gilt 31.1.25 Treasury 4 114 1 Stock 7.6.32 Treasury 2 112% IA Stock 17.7.24 W8yStonelLink Fund Solutions Schroder Investment Mgmnt 31 Group PLC Fidelity Investrnent Services Aberdem Standard Fund Mgrs Rathbone Unit Trust Mgmt BHP Group PLC Bardays Bank 14,000 12,400 4,500 4080 Sold 2023 Sold 2023 Sold 2023 Sold 2023 Sold 2023 Sold 2023 Sold 2023 13109,00 13,414.00 Purchased 12.5.23 17007.00 13165.00 12,400 17,007.00 13,014.00 16240.00 17343.00 4,500 16,240.00 17,105.00 13660,00 14321.00 4,100 13,660.00 15,604.00 12,000 8,403.00 9,013.00 30,000 37,277.00 31,853.00 8,600 11,234.00 9,107.00 26,000 16,029.00 13,250.00 9,700 11,220.00 9,330.00 640 10,235.00 16,448.00 7,800 8,025.00 7,907.00 452 615.72 476,184.00 Ruffer Total Ret inc Asian Income L Inc 6.8750/0 bonds 9.3.23 Strategic Bond Net W Inc Gbl Index Lkd Bond S Strategic Bond Fund Ordinary $0.50 442512.00 471731.00 M(arktrtdbltr ¥)Vtiuritieo aic thE BalanGe Sheet at valuatfon. 28 Marketable Securitles - evelyn Partners 2023 Book Cost Valuation 31.12.23 2022 Book Cost Valuats'on 31.12.22 Holding Holding Fundsmith LLP Equity I Inv Lindsell Train Ltd Global Equity D Inc Nav Morgan Stanley IF Global Qualtty ZX UDS T Bailey Fund Mana Evenlode Income D GBP Findlay Park Fds American USD Dis First State Inv Stewart Inv Asia Pacffic M&G Securities Ltd UK Inflt Lkd Corp Bd I Inc Stewart Investors Asia Paciffc Additions Guiness Global Equity Income Addltions Ml Dunn WMA Instl Ucits D GPB Inst Pld 7Q sold Invesco Physical Markets Gold 9 sold Wisdomtree physical gold Sold Premier Mitoon InGome Fund Addltions Vontobel Ttfr Abs Ret Ret Crdt AQNG Part sale Liontrust Sustainable Monthly Inc Bonds Additions Vanguard FTSE all-world Additions Fidelity Index World P Inc Blackrock Worfd Mining Trust Blackrock Gold and Gnrt Wisdomtree Commodity Carbon SEI GMF Liquid Alt $ with P Acc 7055.65 12014.43 1032 16923.152 426 16,657.28 41,803.32 21,626.19 34,501.07 27,702.77 43,353.18 33,654.33 44,008.68 34,941.25 66,680.61 9,874.29 12,182.64 7,600.47 8,791.88 4,865.00 4,891.59 17,979.10 18,150.16 32,066.02 32,891,65 24,738.05 29,708.88 7055,65 16,657.28 37,277.82 12014.43 21,626.19 32,799.75 1032 27,702.77 38,683.91 16923.152 33,654.33 41,304.34 426 34,941.25 55,862.70 3964 9,874.29 11,943.19 7,983 7,600.47 8,324.86 7,983 485 728.84 250 190 320 41,209.00 44,460.21 199.00 25,910.05 29,087.35 67 6,260.00 9,518.69 5888 92 5188 148 9723.06 3747 580.00 400 1200 4.394.93 4,318.41 9,008.28 8,963.32 4,397.00 4,341.89 13,414.72 13,851.32 19,061.46 23,985.82 21,059.82 21,994.89 7,773.00 7,646.01 8,748.30 8,914.00 13,400.53 12,765.06 183.52 17,994.07 17,531.67 9723.06 19,061.46 3747 21,059.82 20,856.94 26116,59 Addltlons 106 sold 2905 sold 506 11,066.60 12404.59 4104 45,836.00 44734.17 Total Marketable seGUrities are shown on the Balance Sheet at valuation. 332,962.78 443,742.36 340,453.57 430,906.78 Page 3
3 Bank Deposits 2023 2022 Rathbones Capital Account Rathbone Income Accumulation Account evelyn PARTNERS Capital Account Tilney US $ Account 15,064,32 6,060.91 4,880.07 13.488.10 39 493.40 45,630.00 8,656.67 333.61 54,620.28 4 Debtors: Amounts recelvable withln one year 2023 2022 Rathbone Income not transferred at year end 279.30 279.30 428.92 428.92 S Credltors: Amounts falllng due wlthln one year 2023 2022 ATC Associates 6,600.00 6 600.00 6,324.00 6 324.00 6A Dlvldends & bondlnotes Interest - Rathbones 2023 Holding 2022 Holding Company Income Income Aberdeen Standard Fund Gbl Index Admiral Group PLC Purchased 14.9,21 A2D Funding11 PLC Astrazeneca Avtva bonds 6.125 % Purchased 31.8.22 Bardays Bank PLC B&M European Value Retail Blackrock Fund Mgrs Contl European Income D Bluefield Solar Inc Fund BHP Bllllton City of London Inv Trust Citigroup Inc Coca£ola $0,25 Common Stock Purchased 20.10.22 26,000 240 £22.000 130 £10,000 £7,800 1,450 5,000 8,470 640 4,100 £13,000 155 461.66 247.20 990.00 304,98 612.50 493.74 427.68 365.23 728.42 475.97 1st qtr only 826.15 669.50 193.40 26,000 240 £22,000 556,48 535.20 990.00 288.21 612.50 164.58 511.48 326.74 694.54 1,688.60 811.80 669.50 46.66 £10,000 £7,800 1,450 5,000 8,470 640 4,100 £13,000 155 Diageo Fidelity Investment Services, Global Ftdeltty Investment Service, Stratigic Bonds Nwet W 220 11,000 8,600 176.00 0.00 350.96 220 11,000 8,600 226.31 520.41 462.58 Goldman Sachs HICL Infrastructure Co Ltd £0.01 Ord shares Purchased 20.10,22 Interest on alc balance 31 Group PLC Ishare111 PLC GCP Infastructure Inv Ltd Legal & General Group Legg Mason Global Fund WA All sold 9.3.22 LinK Fund Solutions JP Morgan US Equity Income Jupiter Untt trust Japan Inc M&G Securities Global Macro Bond Murray Intemation81 Trust £14,000 3.200 437.50 264.00 0.00 732.59 2,062.50 299.37 700.00 844.52 £14,000 3.200 437.50 65,92 197.85 2,082.50 98.32 700.00 804.53 23.00 £30,000 175 10,000 4,300 £30,000 175 10,000 4,300 110 4,100 9,800 11,000 11,135 9,950 Share split from 25p to 5p 1,150 250 Various 152 240 £21,000 758 12,000 £4,500 £14,000 £12,400 199,86 371.42 324.16 401.76 1,114.40 4,100 9,800 11,000 11,135 1,990 380.89 301.84 302,23 293.66 1,094.50 National Grld PLC Persimmon PCC 1 Op Ord Purchased 8.3.22 Rathbone Unit Trust Mgmt Reckitt Benckiser Rio Tinto Rothschilds Royal Dutch Shell Schroder Invest Mgmt Asian Income Bond Treasury 2 1120/0 17.7.24 Treasury .25 % Gllt 31101125 Treasury 4 114% stock 7.6.32 Unilever PLC All sold 1.9.22 Waystone Fund Services(UK) Zurlch Finance (UK) All redeemed 24.10.22 637.56 200.00 1,020.28 284.09 775.25 1,890.00 673.40 398.64 400.49 17.50 527.00 1,150 250 Various 152 240 £21,000 758 12,000 £4,500 586.16 587.50 832.57 265.39 1,377.48 1,890.00 609.96 452,09 354.88 £12,400 240 527.00 259.80 4,081 149,80 £30,000 1,987.50 22,049.48 25,598.66 6B Dlvldends & bondlnotes Interest - evelyn Partners Investment 2023 Holdlng 2022 Holding Income Income Blad(rock World Mining Trust Evenlode Inv Mgmt Evenlode Income D First Slate Inv Stewart Inv Asia Pac LDRS B Fundsmith LLP Equity I Inv Fldelity Index World P Inc Liontrust Sustainable Monthly Inc Bonds Lindsell Train Ltd Global Equity D Nav M&G Securities Ltd UK Inflt Lkd Corp Bd I Inc Morgan Stanley IF Global Quallty ZX UDS Premier Mlton Income Fund Vontobel Asst mgmt Twentyfour Absr retum 3,747 1,498.82 1,186.61 97.11 118.86 386.87 183.75 400.10 116.48 366.29 171.75 422.52 3,747 21,378 3,964 7,056 9,723 1,629.96 1,434.37 85.49 30.65 353.03 7,056 9,723 5,188 12,015 7,983 1,032 5,886 92 12,015 7,983 1,032 388.08 24.99 269.54 75,47 4,949.16 4,291.58 Page 4
7 Bank Interest 2023 2022 Tilney 53.43 53.43 53.81 53.81 8 Investment management ¢osts 2023 2022 Rathbones Fees Tilney Fees 9,204.88 6,244.65 15,449.53 9,760.08 6,264.98 16,025.06 9 Govemance Costs 2023 2022 Trustees Expenses Legal- re new tNstee ATC Associates 168.38 900,00 6,600.00 7 668.38 34.98 6,324.00 6,358.98 10 Donatlon8 2023 2022 Ace of Clubs Centerpoint Robes Project Rosalyn Hilton re Camden Inspire Scene & Heard Taliha Arts University of St Andrews Wardlaw Scholarship Woking Strokeability 5,000.00 9,000.00 5,000.00 498.74 5,000.00 2,000.00 4,000.00 5,000.00 8,000.00 5,000.00 2,000.00 4,000.00 1,000.00 31498.74 24,000.00 11A Investment movements - Rathbones 2023 2022 Profiuloss on sale of investments Redemption £30,000 31 Group -all Sale BHP Group 640 shares -all Redemption £7,800 Barclays Bank - all Sale 8600 Fidelity Inv Serv Strategic Bonds -all Sale £26,000 Bonds Aberdeen OEIC V Global .all Sale £9,700 Rathbone Asset Strategic Bonds Sale 308 shares Shell PLC art Sale 12,000 Schroder Invest Mgmt Asian Inc -all Sale 150 Ishares PLC Physical Gold -part Sale Leggmason Global 110 @ £37,46.. Sale Diageo 28 1011108p Ord Sale 240 Unilever @ £39.66 Sale 115 Woodside Energy Redemption Zurich Finance £30000 Sale 11000 Fidelity Invest . £2.086 Sub total Gain/Loss on revaluing investments to Market Value -7,277.00 5,645.82 -225.00 -2,496.40 -3,720,60 -2,148.56 2,588.33 144.60 -112.34 403.70 5676.55 -1336.59 2476.02 4908.00 4547.57 6,051.85 -29,520.52 -23,468.67 7,601.15 5,650.72 -1950.43 11 B Investment movements - evelyn PARTNERS 2023 2022 Sale OT vvisaomiree pnysicai goia -ali Sale 9 Invesco Physlcal Mart<et8 -part Sale 106 Wisdomtree Commodlty Carbon -part Redemption 91 Vontobell Ttfr Abs Ret Crdt AQNG Sale 2905 SEI GMF Alt $ with P Acc -part Sale 70 Ml Dunn INMA Instl Ucits D GPB - part Loss on revlueing $ account sale 19.5 units Vontobel Twentrfour Abs Sale 13 units Wisdomtree Metal Securities Sale 109 units Wisdomtree Metal Securities Sale 47 Units Montlake Dunn WMA Redemption 8097 FDEQ Stewart inv Asia Redemption 935.944 FDEQ Junipter Asset Man UK Spe Redemption 19.6789 FDEQ Montlak Ucits Redemption 9199.46 FDEQ Fidelity Invest. Emerg Mkts Redemption 1584.2411 FDBO MLC GBL Multi Sanlam Redernpon 4454.937 FDEQ TB Evenload Invest Redemption 6378.372 FDEQ Stewart inv ASIA Sub total Gain on revaluing investments to Market Value 37T7.14 256.09 106.14 -59.54 216.26 624.53 -1,791.43 47.97 625.45 4,932.53 741.90 3,300.45 2,155.36 439.22 -2.483.86 -324.45 1,363.85 3,305.80 14,008.28 -37,286.44 3,129.19 20,326.37 23 455.56 -23 278.16 12 Excess Income Fund 2023 2022 511,327.32 -63,186.47 448 140.85 Balance at 1.1.23 Deficivsurplus for year Balance at 31.12.23 448,140.85 ,059.45 442,081.41 Page 5
THE SHADWORTH HODGSON BEQUEST Charity Number 1054512 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their report with the financial statements of the Shadworth Hodgson Bequest for the year ended 31 st December 2023. The trustees have adopted the provision of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Charities SORP (FRS102). STRUCTURE GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust Recruitment and appointment of new trustees New trustees are appointed by the existing trustees who follow agreed guidelines to prepare a short list of candidates from which the new trustee is selected by all the existing trustees Organisational Structure The charity is administered by the trustees with the help of professional advisers as appropriate Risk management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error OBJECTIVES AND ACTIVITIES Objectives and aims The charity does not undertake any fundraising activities. The trustees are responsible for administering the Shadworth Hodgson Bequest and making donations to suitable beneficiaries. It is the policy of the trustees to grow the assets of the bequest in line with inflation and to retain sufficient liquidity so that the immediate needs of the bequest can be satisfied. Donations can be made out of income or capital. Donations During the current year £31,499 was donated to charities (see Note 10) ACHIEVEMENT AND PERFORMANCE Investment Performance The trustees are satisfied with the investment performance during the year to 31 st December 2023 given stock market conditions. FINANCIAL REVIEW Reserves policy It is the policy of the trustees to retain sufficient liquidity to meet the annual overheads of the trust Investment policy It is the policy of the charity to increase the value of investments by the rate of inflation on a yearly basis Page 6
RESPONSIBILITIES The trustees are responsible for preparing accounts which give a true and fair view of the state of affairs ot the charity as at 31 st December 2023. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy, at any time, the financial position of the charity and enable it to ensure that the financial statements comply with charity legislation and the relevant governing instru nts The trustees are respon steps for prevent. Ible f r safeguarding the assets of the chariry, and for iaKing reasonable etection of fraud and other irregularities W.S. Parker . J. Cowley S. SmitF eerfield Page 7
THE SHADWORTH HODGSON BEQUEST Charity Number 1054512 REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF THE SHADWORTH HODGSON BEQUEST ON ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 We have examined the financial statements on pages 1 to 5 which have been prepared under the Accounting Policies set out on page 3. Respective responsibilities of Trustees and Examiner The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is our responsibility to: Examine the accounts under section 145 of the Charities Act, Follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act), and State whether particular matters have come to our attention Basis of Independent Examiners. statement Our examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fai view and the report is limited to those matters set out in the statement below. Independent Examiners. ststement In connection with our examination, no material matter has come to our attention: (1) which gives us reasonable cause to believe that, in any material respect, the requirements: - to keep accounting records in accordance with section 130 of the Charities Act; - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met- or (2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Alan Robinson FCA Institute of Chartered Accountants in England and Wales ATC Associates Tol Pedn Trescowe Road Newton,Germoe Penzance TR20 9AG 30 August 2024 Page 8