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 sp￿la1 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