# **JOSEPH & ELIZABETH HODGSON TRUST FUND Registered Charity Number: 1108192** **Accounts and Trustees’ Report for the Year to 5[th] April 2021** **Trustees:Mr M G Brabner Mr T A F Leary Mr R E S Gill** ## **JOSEPH & ELIZABETH HODGSON TRUST FUND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021** ## **INDEX** ## **Page** 1 Independent Examiner’s Report 2-7 Trustees’ Annual Report 8 Statement of Financial Activities 9 Balance Sheet 10-11 Notes to the Accounts (including Accounting Policies) 12 Capital Account 13-19 Schedule of Investments and Revaluation of Investments 20 Income Account 21-25 Investment Income 26 Sales of Investments 27 Trustees’ Policy Statement ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES** ## **OF THE JOSEPH & ELIZABETH HODGSON TRUST FUND** I report on the accounts of the Joseph & Elizabeth Hodgson Trust Fund (the Trust) for the year ended 5[th] April 2021. ## **Respective responsibilities of trustees and examiner** As the charity’s trustees you are responsible for the preparation of the accounts. The Charity’s Trustees consider that an audit is not required for this year under Section 144(2) of the Charities Act 2011 (“the 2011 Act”) and that an independent examination is needed. It is my responsibility to : - (i) examine the accounts under Section 145 of the 2011 Act; - (ii) to follow the procedures laid out in the general directions given by the Charity Commission under Section 145 (5)(b) of the 2011 Act; and - (iii) to state whether particular matters have come to my attention. ## **Basis of Independent Examiner’s Report** My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and 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 you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. ## **Independent Examiner’s Statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a “true and fair view” which is not a matter considered as part of an independent examination. 1 I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ……………………………………….. Dated 2022 G Mattocks FCA 2 ## **THE JOSEPH & ELIZABETH HODGSON TRUST FUND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021 TRUSTEES’ REPORT** The Trustees have pleasure in submitting their Annual Report and Financial Statements for the year ended 5[th] April 2021, which have been prepared in accordance with the Charities Act 2011 and regulations made thereunder, together with the Charity Commission Statement of Recommended Practice 2005 on Accounting for Charities (the SORP) ## **Statement of Trustees’ Responsibilities** The Trustees are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Under charity law, the Trustees shall prepare financial statements for each financial year which show a true and fair view of the structure, aims, objectives, activities and performance of the Charity. In preparing those financial statements, generally accepted accounting practice entails that the Trustees: - select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its activities. The Trustees are required to act in accordance with the trust deed and the rules of the charity within the framework of trust law. They are responsible for keeping proper accounting records, sufficient to disclose at any time with reasonable accuracy, the financial position of the charity at that time and enable the trustees to ensure that where any statements of accounts are prepared by them under Section 130 of the Charities Act 2011, those statements comply with the requirements of regulations under that provision. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities. ## **Legal and Administrative Matters** (A) Name of Charity The Joseph & Elizabeth Hodgson Trust Fund (B) Charity Number 1108192 3 (C) Governing Instrument Declaration of Trust dated 15[th] February 2005 establishing an unincorporated Charitable Trust 4 ## **THE JOSEPH & ELIZABETH HODGSON TRUST FUND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021 TRUSTEES’ REPORT (continued)** ## **Legal and Administrative Matters (continued)** (D) **Trustees:** Mr M G Brabner Mr L Holden (retired 14[th] January 2021) Mr T A F Leary Dr A R Harvey (retired 11[th] May 2020) Mr R E S Gill (appointed 14[th] January 2021) (E) **Principal Office of the** Horton House **Charity:** Exchange Flags Liverpool L2 3YL (F) **Bankers:** Barclays plc Liverpool City Business Centre 48b-50 Lord Street Liverpool L2 1TD (account closed September 2021) (G) **Investment Advisors:** Investec Wealth & Investment The Plaza 100 Old Hall Street Liverpool L3 9AB (H) **Solicitors:** Brabners LLP Horton House Exchange Flags Liverpool L2 3YL |(H)|**Solicitors:**
Brabners LLP
Horton House
Exchange Flags
Liverpool
L2 3YL| |---|---| |(I)|**Independent Examiner:**
G Mattocks FCA| ||Mattocks Grindley Ltd| ||18 Mulberry Avenue| ||Widnes WA8 0WN| ## **Structure, Governance and Management** The Declaration of Trust established a general charitable trust. The Trustees do not themselves engage in charitable activities other than the making of charitable donations and monitor and evaluate the outcomes and impact of those donations. 5 The Trust was established by deed in February 2005 and given charitable status shortly thereafter. Investments were transferred to the Trustees from the Executors of the late Mrs E Hodgson in the year to 5[th] April 2006. By her Will Mrs Hodgson had stated her residuary estate should be held upon trust “for such charitable object or objects or for such charitable purpose or purposes anywhere in the world as my Trustees in their absolute discretion select”. Mrs Hodgson went on to express the wish that her Trustees should exercise that discretion “to advance the education and training (provided that it shall fall within the meaning of charitable) of law students, trainee solicitors and solicitors or other persons connected with or involved with the solicitors profession or living within or working within or working for the benefit of or otherwise having a significant connection (to the satisfaction of my Trustees) with the County of Merseyside” The objects of the Trust are set out in Clause 2 of the Settlement Deed which provides that the Trustees are to apply the income with a power to apply capital for such charitable object or objects or such charitable purpose or purposes according to the laws of England and Wales as the Trustees shall in their absolute discretion select. The Trustees meet four times a year to review investment performance, the progress of the Scholars and any other matters arising. ## **Objectives and Activities of the Charity** The Trustees have set up a scheme of Hodgson Law Scholars to be selected through a Selection Committee composed of academic lawyers working within the Law School of the University of Liverpool. The Committee choose Hodgson Law Scholars each year from applicants from Colleges and Universities worldwide although the Trustees have decided that normally applications from students in EU/UK countries should be excluded. Scholars attend the Law School of the University of Liverpool and pursue a postgraduate degree in law. The Trustees wish Hodgson Law Scholars to benefit from education in Liverpool with a view to encouraging the intellectual growth of promising Law Students and nurturing close links with Liverpool City Region. During the years 2007 to 2011 a total of ten Scholars were funded, two Scholars each year and experience was gained in operating the Scholarships. During these years it became recognised that the benefits to both the Scholars and the City Region of having post-graduate students of high calibre were manifold. The availability of the scholarships enables students of a very high quality to study at university in Liverpool in preference to other universities, to the benefit of the Law School and of the Liverpool City Region. In 2012 the Trustees reviewed the operation of the scheme in the light of global competition for the highest calibre of students, the impact of the Scholarships and the need to enhance connections and relationships with 6 the practising profession and decided to extend the scheme on a trial basis to PhD students, normally at the rate of one per year. PhD students are not limited to non-EU/UK countries. The objective of the PhD scheme is to fund scholars who may achieve higher profile in law and have a more substantial connection with the City Region and enhance the profile of the University Law School. In the year to 5[th] April 2013, two PhD students were selected with a further PhD student selected in the year to 5[th] April 2014. In addition two LLM students were funded in each of those years. Sadly, neither of the 2013 PhD students managed to complete their PhDs. However the PhD student selected in the year to 5[th] April 2014 successfully completed her PhD in “Exceptional case funding under the Legal Aid Sentencing and Punishment of Offenders Act 2012 (“LASPO”): fit for purpose?” at Liverpool University Law School in the year to 5[th] April 2018. A second PhD scholar recruited in 2016 completed her PhD on climate change and International human rights Law in 2019. Two further PhD scholars were recruited in the year to 5[th] April 2019. The Trustees have agreed not to fund further PhD scholars until all the current PhD scholars have completed their degrees. The Trustees have paid due regard to the Charity Commission guidance on public benefit in making their grants for Scholarships. The Trust’s policy is to seek high calibre Scholars who may benefit from legal education in Liverpool with a view to encouraging their professional development and aspirations as well as intellectual growth and the nurturing of close links with the legal academic and professional community in the Liverpool City Region. It is a condition of Scholars’ applications that they demonstrate their aspirations for their future careers including the potential benefit of their continuing relationship with the Liverpool City Region after completion of their studies. Since 2011 the Trust has funded a further 29 LLM scholars as well as the 6 PhD scholars mentioned above. There have been scholars from India, China, Columbia, Panama, Vietnam, the Maldives, Thailand, Bolivia, Bosnia, Russia, Malaysia, the USA, Uganda, Bangladesh, Ukraine, Jordan, Zambia, Peru, Mexico, Indonesia, Brazil, Azerbaijan, Kenya, Mongolia, Zimbabwe, Macedonia, Pakistan and Nigeria. A further part of the Trust’s mission is to develop an active alumni programme to encourage Scholars to maintain their own network as part of a continuing benefit to the legal communities within the Liverpool City Region. The strong links established with the Law School of the University of Liverpool have created a useful dialogue. In addition, the PhD students are strengthening ties between the University of Liverpool School of Law and legal practitioners in Liverpool 7 and elsewhere. The awareness of the scholars’ research amongst the legal profession indicates that the scholarship is fulfilling its objective of promoting ties between the Law School and the legal profession and is having a positive impact on both the Law School and the legal community in the city. A website and social media are being used to enhance the benefits being gained from the Scholarships and to help interested applicants. The aim of enhancing the Scholars visibility is being achieved with prospective applicants using social media channels for information about the Hodgson Scholarships. The social media channels also facilitate an ongoing dialogue between current and past Scholars as a distinct group and encourage the Scholars to share their experiences and achievements. ## **Achievements and Performance** Review of the Activities of the Charity: The progress of the early Scholars has been encouraging and the Trustees are anxious to ensure that the beneficial impacts of their work are maximised. Accordingly they have engaged with the Law Schools with a view to identifying and evaluating the outcomes. Evidence of impact and outcomes in the following categories has been sought: - 1. The life of the individual Scholar – intellectual growth, development, ambition and prospects. 2. The activities of the Hodgson Scholars collectively. 3. The benefit to the Law School and its reputation. 4. Academic development in the specialist fields the Scholars are working. 5. The contacts with the practicing profession and any direct effects on public practice or policies. The early results of these enquiries have revealed a positive and diverse range of beneficial outcomes, namely: 1. Individual Scholars are given the opportunity of an experience of special quality, providing a framework for enhancing the potential of their contribution to society. 2. The Law Schools are given access to a level of global talent and the benefits that brings to their work and reputations. 3. Liverpool and its legal profession are given a link to the academic and international communities. The Trust celebrated its 10[th] Anniversary in 2018. Hodgson Scholars both past and present met to celebrate together with representatives of both Liverpool John Moores University and the University of Liverpool. The first Hodgson Scholar, Luz-Helena Hanauer and scholar Anwesha Chatterjee were among the Scholars to attend and both spoke of the 8 positive experiences of the Scholarships and the impact it has had on their lives and careers. The year under review was especially challenging due to the pandemic. 2 LLM scholars completed their degrees, one remotely. Both had excellent academic performances and engaged in activities in the Law Faculty so far as they were able. The Trust can look forward to the future of the Scholarships and its continuing work contributing to the transformative effect of legal education for individuals and their communities. In the year under review Lawrence Holden and Tony Harvey both retired as Trustees. The Trustees would like to record their thanks to Lawrence for his great contribution to the development of the Hodgson Scholarships and to the operation of the Scholarships since their inception. The Trustees are particularly grateful for his immense contribution in maintaining links with the Law School and with the Scholars. Although Tony was a Trustee for only a short period the Trustees would like to acknowledge and thank him for his key role in shaping the current form of the scholarships and for his huge contribution over many years to the selection of scholars and liaison between the scholars and the Trust. ## **Financial Review** Total incoming resources were £68,173 (£85,648 in the year to 5[th] April 2020) with £18,018 being used to generate such funds (£17,893 in the year to 5[th] April 2020). Donations totalling £113,034 have been made in the year (£184,318 in the year to 5[th] April 2020) and £7,428 has been paid in respect of governance costs in the year (£7,428 in the year to 5[th] April 2020) There were gains on the sale of investments totalling £66,551 (2020: losses (£1,894)) and unrealised gains on revaluation totalling £754,484 (unrealised losses of £425,893 in the year to 5[th] April 2020). ## Investments: The Trust’s capital is all invested in quoted investments. The value of the Trust’s portfolio at 5[th] April 2021 totalled £3,894,750 (£3,125,588 as at 5[th] April 2020). The Trustees have reviewed the portfolio regularly and are satisfied with its performance. 9 ## Reserves: The Trustees consider their investments as expendable endowments, providing a relatively secure and predictable stream of income from which to make grants. The Trustees aim to distribute a large percentage of the income, net of expenses, in each financial year and therefore do not maintain income reserves as such. However, income levels are continually reviewed by the Trustees at their meetings to ensure that they have sufficient funds to meet their objectives. ## Investment Policies: As there are no specific restrictions on investment powers under the governing deed, the Trustees have full discretion over the investments. The Trustees have delegated their powers to Investec to manage the investments on a discretionary basis. In accordance with the Trustee Act 2000, as this duty has been delegated, the Trustees have in place a Policy Statement (see page 27). Also in accordance with the Trustee Act 2000, the Trustees review the policy regularly. The Trustees have been kept informed of global market conditions and have held discussions with their Investment Advisors on the optimum strategy in order to maintain sustainability. Assets have been acquired and disposed of in accordance with the powers available to the Trustees. ## **Plans for the Future** The Trustees are satisfied that their current policies are sufficient to meet their objectives and do not feel that these will be amended in the foreseeable future. They will continue to review the position and in particular to enhance the Scholarship experience in the light of their intended examination of the impact and outcomes as mentioned above. Dated………………………………….2022 Signed ............................... Signed ............................. Signed ....................... Mr M G Brabner Mr R E S Gill Mr T A F Leary 10 ## **JOSEPH & ELIZABETH HODGSON TRUST FUND** ## **ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021** ## **STATEMENT OF FINANCIAL ACTIVITIES** |**Incoming Resources**
Incoming resources
from generated funds
Cash received from
companies
Investment income
3
Total incoming
resources
**Resources expended**
**Costs of generating**
**funds**
Investment management
costs
6
Charitable activities
4
Governance costs
5
Scholars Dinner and
bank transfer fee
Total resources
expended
Net income (outgoing)
resources for the year
**Other recognised**
**gains/(losses)**
Gain/(Loss) on
revaluation of
investments
Gain/(Loss) on sale of
investments|**Unrestricted Funds**
**2021**
**Capital**
**Income**
92
68,081
92
68,081
18,018
113,034
4,104
3,324
19
22,122
116,377
(22,030)
(48,296)
754,484
66,551|**Total Funds**
**2021**
**2020**
290
68,173
85,358
68,173
85,648
18,018
17,893
113,034
184,318
7,428
7,428
19
1,119
138,499
210,758
(70,326)
(125,110
)
754,484
(425,893
)
66,551
(1,894)| |---|---|---| 11 |Total funds brought
forward as at 5 April
2020
Total funds carried
forward as at 5 April
2021|3,211,03
7
4,010,04
2|5,083
(43,213)|3,216,120
3,966,829|3,769,01| |---|---|---|---|---| |||||7
3,216,12| |||||0| 12 ## **JOSEPH & ELIZABETH HODGSON TRUST FUND** ## **ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021** ## **BALANCE SHEET AS AT 5 APRIL 2021** |Capital Account per Schedule 1
Income Account per Schedule 3
Represented by:-
Trust Investments at Market value per Schedule
2/6
3,894,750.
00
Cash held by Investec Wealth & Investment
Limited
Capital
84,628.09
Income
16,710.43
101,338.52
Cash held by Brabners LLP
7,569.31
Barclays plc account
22,688.60
Less Creditors
Outstanding fnal payments for LLM Scholars &
PhD to 2021
55,857.
00
Bank transfer fees
12.00
Brabners LLP (half yearly invoice)
3,000.00
Independent Examiner’s fee
648.00
The accounts were approved by the Trustees|4,010,042.
88
(43,213.45
)
£3,966,829| |---|---| ||.43
4,026,346.
43
(59,517.00
)
___________
£3,966,829
.43
======
====| 13 Signed ………………………………………… Mr M G Brabner Trustee Signed ………………………………………… Mr R E S Gill Trustee Signed ………………………………………… Mr T A F Leary Trustee 14 ## **JOSEPH AND ELIZABETH HODGSON TRUST FUND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021 NOTES TO THE ACCOUNTS** ## **1 Accounting Policies – Basis of Preparation** The financial statements have been prepared on an accruals basis in accordance with part VI of the Charities Act 1993 and regulations made thereunder, together with the Charity Commission Statement of Recommended Practice 2005 on Accounting for Charities (SORP) issued in March 2005 and the Charities Act 2011. The accounting policies adopted are regularly reviewed to ensure that they remain the most appropriate for the circumstances of this Charitable Trust. The accounts have been prepared under the historical cost convention, except for investments that are included at valuation. ## **Assets** Assets are accounted for in the Fund under the historical cost convention, except for stock market investments which are valued at market value. ## **Valuation of Investments** Investments held in the fund are included at their market value as follows:- (a) Listed securities are valued at the midmarket value ruling at the accounting date. - (b) Listed securities held in foreign currencies have been valued at the mid-market value and translated into their sterling equivalent at the rates ruling at the accounting date. - (c) Gilts are valued at the mid-market value ruling at the Balance Sheet date and do not include interest which has accrued up to that date. ## **Incoming Resources** Income is recognised when it is due to the Charity as at the Balance Sheet date. Dividends are included within the accounts when they are due to the Trustees as at the accounting date. ## **Resources Expended** Expenditure is recognised on an accruals basis, being included when the liability has been incurred as at the Balance Sheet date. Grants are recognised on an accruals basis, being included when the Trustees have resolved to make such donations by the Balance Sheet date. 15 Amounts included within governance costs are those incurred in relation to the general running of the Charity and support it requires. They are not related to the direct management function. ## **Trustees Expenses** No amounts were paid to Trustees during the year. 16 ## **JOSEPH AND ELIZABETH HODGSON TRUST FUND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021 NOTES TO THE ACCOUNTS** ## **2 Voluntary Income** There was no voluntary income for the year ended 5 April 2021 |**3**
**Investment income**
Stock exchange investments
Interest received Brabners LLP|**2021**
68,169.60
3.43
£68,173.03|**2021**| |---|---|---| ## **4 Charitable activities** Donations £113,034.00 ## **5 Governance costs** Accountancy Legal & Independent Examiner’s fees £7,428.00 ## **6 Other resources expended** Investment Management Costs £18,017.63 |**7**
**Cash at Bank**
Brabners LLP
Barclays plc|7,569.31
22
,688.60
£30
,257.91|7,569.31
22
,688.60| |---|---|---| **8 Current liabilities: amounts falling due within one year** Accountancy legal & Independent Examiner’s fees 3,660.00 Outstanding final fee payments for Liverpool University 2020 LLM and PhD Scholars 55,857.00 17 £59,517.00 18 **Schedule 1** ## **JOSEPH & ELIZABETH HODGSON TRUST FUND** ## **ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021** ## **CAPITAL ACCOUNT** |Balance at 5 April 2020
Add:
Equalisation payment 11570 M&G Securities Gbl
F High Yield
Gain on sale of Investments per Schedule 5
Unrealised Gain on Revaluation to market value
5thApril 2021 Schedule 2
Less:-
Investec Wealth and Investment Limited fees
18,017.63
DSG Tax Return
420.00
Brabners LLP annual fees
3,000.00
Fees for the preparation of a deed of
appointment
360.00
Independent Examiner’s fees
324.00
To Balance Sheet
**Note**
Capital Account
Represented by:-
Investments at Market Value
3,894,750.00
Cash
115
,292.88
£4
,010,042.88|3,211,036.8
4
92.29
66,551.02
754,484.36
4,032,164.5
1
(22,121.63)| |---|---| ||£4,010,042.| ||88| 19 **Schedule 2/1** ## **JOSEPH & ELIZABETH HODGSON TRUST FUND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021 SCHEDULE OF INVESTMENTS AS AT 5 APRIL 2021** |**Holdin**
**g**
**Security**
486
Astrazeneca plc ord $0.25
12,560
BP plc ord $0.25
(12,56
0)
Shares sold 2.6.20

680
British American Tobacco plc
ord 25p
10,300
BT Group plc ord 5p
(10,30
0)
Shares sold 27.5.20

1.220
Diageo plc ord 28 101/108p
2,250
Glaxosmithkline plc ord 25p
4,700
HSBC Holdings plc ord $0.50
(UK Reg)
8,100
Legal & General Group plc
ord 0.25p
1,100
Rio Tinto plc ord 10p
2,260
Royal Dutch Shell plc ‘B’ ord
Euro 0.07 (UK Listing)
1,940
Shares purchased 3.6.20
4,200
(4,200)
Shares sold 22.10.20
|**Market**
**Value at**
**5.4.20 or**
**Subsequ**
**ent cost**
34,715.0
0
42,368.0
0
(42,368.0
0)
19,995.0
0
11.466.0
0
(11,466.0
0)
29,997.0
0
33,521.0
0
18,675.0
0
12,934.0
0
41,366.0
0
32,047.0
0
25,814.5
2
57,861.5
2
(57,861.5|**Market**
**Value at**
**5.4.21**
34,863.0
0
--
18,464.0
0
--
36,682.0
0
28,748.0
0
19,887.0
0
22,968.0
0
60,297.0
0
--|**Surplus/**
**(defcit)**
**on**
**revaluati**| |---|---|---|---| ||||**on**
148.00
--
(1,531.00
)
--
6,685.00
(4,773.00
)
1,212.00
10,034.0
0
18,931.0
0
--| 20 2) 19,570 Vodafone Group plc Ord USD0.2093238 21,721.0 0 (19,57 Shares Sold 27.5.20 (21,721.0 -- -- 0) 0) _________ _________ __________ Carried Forward 191,203. 221,909. 30,706.00 00 00 21 **Schedule 2/2** ## **JOSEPH & ELIZABETH HODGSON TRUST FUND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021 SCHEDULE OF INVESTMENTS AS AT 5 APRIL 2021** |**Holdin**
**g**
**Security**
Brought forward
11,570
Artemis Fund Managers
Ltd High Income Fund
1,600
Experian plc ord
USD0.10
1,100
Findlay Park Funds plc
FP American Smaller
Companies
1,140
Unilever plc ord
0.031111p
47,650
Manfd Mgmt. UK Ltd
Man GLG Japan Core
Alpha Prof Acc
6,250
Aviva plc ord 25p
1,460
Smith & Nephew Ord
US$0.20
1,530
Compass Group ord
0.1105
499
(499)
Ennismore Fd Mgmt
Europe Co Shares sold
20.11.20
12,910
First State Asia Pacifc
Leaders B Nov Now
First Sentier
34,166
Int Public Partners
0.0001p
10,204
Melrose Indust. plc Ord|**Market**
**Value at**
**5.4.20 or**
**Subsequent**
**cost**
**Market**
**Value at**
**5.4.21**
191,203.00
221,909.0
0
7,313.00
8,527.00
33,848.00
40,744.00
101,346.00
131,496.0
0
46,016.00
45,848.00
64,232.00
86,675.00
14,603.00
25,572.00
19,885.00
19,852.00
16,838.00
22,870.00
63,962.00
(63,962.00
)
--
86,146.00
124,281.0
0
49,165.00
57,536.00
7,679.00
17,719.00|**Surplus/**
**(defcit) on**
**revaluatio**
**n**
30,706.00
1,214.00
6,896.00
30,150.0
0
(168.00)
22,443.0
0
10,969.0
0
(33.00)
6,032.00
--
38,135.0
0
8,371.00
10,040.0| |---|---|---| 22 |0.6857143
16,000
(4,520)
Baillie Giford American
Brow Inc Sold 24.7.20
11,480
45,079
GCP Infrastructure Ord
0.01p Shares
Carried forward|121,104.00
(34,211.88)
86,892.12
198,374.0
0
50,804.00
46,116.00
775,970.12
1,047,519.
00|0
111,481.8
8
(4,688.0
0)
271,548.8
8| |---|---|---| 23 **Schedule 2/3** ## **JOSEPH & ELIZABETH HODGSON TRUST FUND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021 SCHEDULE OF INVESTMENTS AS AT 5 APRIL 2021** |**Holding**
**Security**
Brought forward
112,475.
55
Schroder Unit Tst. Asian
Alpha Plus Zacc
1,550
BHP Group PLC US $0.50
8,354.2
08
Blackrock AM UK Blk UK
Smaller Cos. Acc
66,876.
37
Franklin Templeton Inc
UK Mid Cap W
62,920
Primary Health Property
ord 0.125p
3,985
Standard Chartered
USD0.50
(3,985)
Shares sold 15.12.20
80,812.
1578
Royal London UTM
Sterling Credit Gross MC
42,000
Purchased 9.3.21
122,812.1
578
103,00
0
Charities Property Fund
Income
£105,0
00
UK (Govt 1.75% Bds
07/09/22)
(£105,0
00)
Sold 08.03.20
15,000
Barclays plc ord 0.25p|**Market Value**
**at 5.4.20 or**
**subsequent**
**Cost**
**Market**
**value at**
**5.4.21**
**Surplus/**
**(defcit) on**
**revaluation**
775,970.12
1,047,519
.00
271,548.88
96,178.00
154,654.0
0
58,476.0
0
19,240.00
32,050.00
12,810.0
0
72,356.00
116,625.0
0
44,269.00
67,786.00
99.967.00
32,181.00
96,456.00
92,964.00
(3,492.00)
16,191.00
(16,191.00
)
--
--
109,016.00
60,389.00
169,405.00
175,867.0
0
6,462.00
130,038.00
128,111.0
0
(1,927.00
)
109,317.00
--
--
(109,317.0
0)
12,041.00
--
--|**Surplus/**
**(defcit) on**
**revaluation**| |---|---|---| 24 |(15,00
0)
Shares sld 19.6.20
620
Intertek Group ord 0.01p
74,732.9
89
JP Morgan AM UK Ltd
US Equity Income C Inc
Nav
Carried forward|(12,041.00
)
27,615.00
35,470.00
7,855.00
72,416.00
96,854.00
24,438.00
_________
___________
_________
1,527,460.
12
1,980,081.
00
452,620.8
8| |---|---| 25 **Schedule 2/4** ## **JOSEPH & ELIZABETH HODGSON TRUST FUND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021 SCHEDULE OF INVESTMENTS AS AT 5 APRIL 2021** |**Holding**
**Security**
**Market Value**
**at 5.4.20 or**
**subsequent**
**Cost**
**Market value**
**at 5.4.21**
Brought forward
1,527,460.
12
1,980,081.00
5,180
Polar Capital Fund
North Amer.s. Dir Nav
82,776.00
--
(5,180)
Sold 28.7.20
(82,776.0
0)
37,000
Blackrock European
Dynamic Fund
56,185.00
92,223.00
48,700
Nextenergy Solar Frd
49,918.00
49,041.00
5,133
TR Europe Growth
Trust ord 0.125p
31,927.00
--
(5,133)
Shares sold 119.11.20
(31,927.0
0
17,357
River & Mercantile
Red ord NPV
18,312.00
(8,679)
Sold 27.5.20
(9,156.52)
8,678
9,155.48
(8,678)
Sold 28.5.29
(9,155.48)
£77,00
0
UK (Govt) 2% Gilt
07/09/25
85,051.00
83,008.00
715
Invesco Physical Ma
secured Gold Ltd Nts
US$ 91,402.00
86,564.00
4,410
Auto Trader Group
ord 0.01
16,427.00
24,692.00
48,328
Civitas Social Hon ord
0.01
46,637.00
52,098.00
35,000
Citi Group Gbl Lux 0%
2/12/22
31,955.00
59,255.00|**Surplus/**
**(defcit) on**
**revaluation**
452,620.88
--
36,038.00
(877.00)
--
(2,043.00)
(4,838.00)
8,265.00
5,461.00
27,300.00| |---|---| 26 |838
Associated
British
Foods ord 0.0568
14,554.00
20,535.00
£56,90
0
UK (Govt) 0.125%
index linked Snr
22.03.26
76,013.00
76,032.00
___________
___________
Carried forward
1,995,602.1
2
2,523,529.0
0|5,981.00
19.00
__________
527,926.8
8
**Schedule 2/5**| |---|---| **JOSEPH & ELIZABETH HODGSON TRUST FUND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021 SCHEDULE OF INVESTMENTS AS AT 5 APRIL 2021** |**Holdin**
**g**
**Security**
Brought Forward
72,90
0
Schroder Unit Trust
Recovery 2 Int Sett
(72,90
0)
Shares sold 20.4.20
£69,4
40
UK (Govt) 0.125% ldx
lkd 22/03/29
(69,44
0)
Sold 1.5.29
23,386
Polar Cap Gbl.Health
Ord 0.25
72,645.4
47
BNY Mellon Fd
Mngr Newton Glb
Dyn Bond
(72,645.44
7)
Units sold 9.4.20
81,570
M&G Securities Ltd
Gbl Fr High Yield now
77,050.4
58
M&G Securities Ltd
Gbl Floating Rate
High Yield (18.6.20)
79,400
Schroeder UnitTst
European C Inc Nav
Sett.|**Market Value**
**at 5.4.20 or**
**subsequent**
**Cost**
1,995,602.1
2
44,294.00
(44,294.00)
109,885.00
(109,885,00
)
45,953.0
0
69,246.00
(69,246.00)
62,377.00
48,236.00|**Market value**
**at 5.4.21**
**Surplus/**
**(defcit) on**
**revaluation**
2,523,529.0
0
527,926.8
8
--
--
--
--
56,828.00
10,875.00
--
--
74,731.00
12,354.00
67,506.00
19,270.00|**Surplus/**
**(defcit) on**| |---|---|---|---| ||||| ||||
**revaluation**| 27 |60,000
Valu-Trac
Invest.Protean Capital
Elder A Dis
70,400
RBC Toronto 1.5%
Nts Steepener
29.8.22
2,250
Halma plc Ord 0.10p
1,430
Smiths Group Ord
0.375p
(1,430
)
Shares sold 13.1.21
26,500
Link Fund Sol Ltd LF
Rufer Total Return
Carried forward|50,498.00
58,519.00
8,021.00
62,214.00
64,137.00
1,923.00
42,469.00
54,866.00
12,397.00
15,176.00
(15,176.00)
--
--
80,579.00
_________
97,687.00
_________
17,108.00
_________
2,387,928.
12
2,997,803.0
0
609,874.88| |---|---| 28 **Schedule 2/6** ## **JOSEPH & ELIZABETH HODGSON TRUST FUND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021 SCHEDULE OF INVESTMENTS AS AT 5 APRIL 2021** |**Holdin**
**g**
**Security**
Brought Forward
620
Carnival plc Ord
USD1.66
(620)
Shares sold 9.4.20
60,000
Linked fund Sol. Ltd
Milton US Smaller
Companies Now
Premier Portfolio
16,900
Sequoia Economic
INPV
**Purchases**
415
London Stock
Exchange Ord
0.06918604 shares
purchased 17.4.20
1,840
Bunzl Ord
0.32142857
Shares purchased
17.4.20
9,800
IShares PLC USD
Purchased 4.5.20
87,500
Linked Fund Sol Ltd
LF Tellworth UK Smt
Co Now Thesis
purchased 7.5.20
3,390
National Grid Ord
0.12431289p
Purchased 23.6.20
5,200
Phoenix Gp Hldg Ord
0.10p Purchased
23.6.20|**Market Value**
**at 5.4.20 or**
**subsequent**
**Cost**
**Market**
**value at**
**5.4.21**
**Surplus/**
**(defcit) on**
**revaluation**
2,387,928.
12
2,997,803.
00
609,874.8
8
3,811.00
--
--
(3,811.00)
63,276.00
129,276.00
66,000.00
16,021.00
17,627.00
1,606.00
31,117.28
29,996.00
(1,121.28)
30,053.17
43,433.00
13,379.83
51,190.02
52,151.00
960.98
87,263.75
129,929.00
42,665.25
32,912.05
29,276.00
(3,636.05)
34,005.41
37,060.00
3,054.59|**Surplus/**
**(defcit) on**| |---|---|---| |||
**revaluation**| 29 1,200 Greggs Ord 0.02p purchased 8.7.20 19,367.40 27,576.00 8,208.60 Carried forward 2,753,134. 3,494,127.0 740,992.80 20 0 30 **Schedule 2/7** ## **JOSEPH & ELIZABETH HODGSON TRUST FUND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021 SCHEDULE OF INVESTMENTS AS AT 5 APRIL 2021** |**Holdin**
**g**
**Security**
Brought Forward
575
Findley Park Fds
American Starting
purchased 3.8.20
114,11
0
Canadian Imperial
Bank 136% S&P
Accul 26 USD
purchased 21.8.20
319
Invesco Physical
Secured Gold Lkd Nts
31/12 purchased
3.11.20
1,450
Schroder Plc Non Vtg
Ord GBP1 purchased
7.1.21
152,00
0
FIL Inv Suc UK
Money Builder
Income purchased
9.3.21
Unrealised Gain on revaluation
to Market Value 5.4.2021 to
Schedule 1|**Market Value**
**at 5.4.20 or**
**subsequent**
**Cost**
2,753,134.
20
62,968.75
87,220.73
45,335.46
35,923.50
155,683.00
£3,140,265
.64|**Market**
**value at**
**5.4.21**
3,494,127.0
0
68,839.00
101,958.00
38,593.00
36,649.00
154,584.00
£3,894,750.
00|**Surplus/**
**(defcit) on**
**revaluation**
740,992.80
5,870.25
14,737.27
(6,742.46)
725,50
(1,099.00)
£754,484.3|**Surplus/**
**(defcit) on**
**revaluation**|**Surplus/**| |---|---|---|---|---|---| ||||6||| 31 |**JOSEPH & ELIZABETH HODGSON TRUST FUND**
**ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021**
**INCOME ACCOUNT**
Balance at 5 April 2020
Add:-
Dividends per Schedule 4/6
Brabners LLP gross interest
Less:-
Income payments:-
To fund PhD students
55,454.00
To fund LLM Students
57,580.00
113,034.00
Bank transfer fees
19.20
Independent Examiners fees
324.00
Brabners LLP annual fees
3,000.00
To Balance Sheet|**JOSEPH & ELIZABETH HODGSON TRUST FUND**
**ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021**
**INCOME ACCOUNT**
Balance at 5 April 2020
Add:-
Dividends per Schedule 4/6
Brabners LLP gross interest
Less:-
Income payments:-
To fund PhD students
55,454.00
To fund LLM Students
57,580.00
113,034.00
Bank transfer fees
19.20
Independent Examiners fees
324.00
Brabners LLP annual fees
3,000.00
To Balance Sheet|**Schedule 3**|**Schedule 3**| |---|---|---|---| ||||5,082.91
68,077.31
3.43
________
73,163.65
(116,377.2| |**INCOME ACCOUNT**
Balance at 5 April 2020
Add:-
Dividends per Schedule 4/6
Brabners LLP gross interest
Less:-
Income payments:-
To fund PhD students
To fund LLM Students
Bank transfer fees
Independent Examiners fees
Brabners LLP annual fees
To Balance Sheet|||| ||||0)
(£43,213.4| ||||5)| 32 **Schedule 4/1** ## **JOSEPH & ELIZABETH HODGSON TRUST FUND ACCOUNTS FOR THE YEAR TO 5 APRIL 2021 DIVIDENDS** |**Holding**
Astrazeneca plc ord $0.25
BP plc ord 0.25
British American Tobacco plc ord 25p
Diageo plc ord 28 101/108p
Glaxosmithkline plc ord 25p
Legal and General Group plc ord 2.5p
Rio Tinto plc ord 10p|**Number**
**Date**
486
14.09.
20
486
29.03.
21
12,560
19.06.
20
680
13.05.
20
680
19.08.
20
680
12.11.
20
680
03.02.
21
1,220
09.04.
20
1,220
08.10.
20
2,250
09.04.
20
2,250
09.07.
20
2,250
08.07.
20
2,250
14.01.
21
8,100
04.06.
20
8,100
24.09.
20
1,100
1,100
16.04.
20
17.09.
20|**Net**
**Dividend**| |---|---|---| |||338.26
667.76
1,047.77
357.68
357.68
357.68
357.68
334.40
518.13
517.50
427.50
427.50
427.50
1,023.84
399.33
1,952.17
1,317.14| 33 |Royal Dutch Shell plc ‘B’ ord Euro 0.07|2,260|22.06.|286.57| |---|---|---|---| |||20|| ||4,20|21.09.2|507.78| |||0|| |Unilever plc ord 0.031111p|1,140|04.06.2|412.00| |||0|| ||1,140|09.09.2|421.57| |||0|| ||1,140|20.11.2|427.04| |||0|| ||1,140|17.03.2|428.64| |||1|| |Artemis Fund Managers Ltd High Income|11,570|17.04.2|97.23| |Fund||0|| ||11,570|17.07.2|97.57| |||0|| ||11,570|28.10.2|104.22| |||0|| |Smith & Nephew ord US$.20|1,460|06.05.2|272.44| |||0|| ||1,460|28.10.2|161.62| |||0|| |Carried Forward|||14,046.20| 34 **Schedule 4/2** ## **JOSEPH & ELIZABETH HODGSON TRUST FUND ACCOUNTS FOR THE YEAR TO 5 APRIL 2021 DIVIDENDS** |**Holding**
**Number**
**Date**
Brought Forward
Experian ord ISD0.10
1,600
27.07.2
0
1,600
05.02.2
1
Aviva plc ord 25p
6,250
24.09.2
0
6,250
21.01.2
1
TR Europe Growth Trust ord 0.125
5,133
17.04.2
0
5,133
27.11.2
0
INT Public Partner ord 0.0001
34,166
19.06.2
0
34,166
13.11.2
0
Charities Property Fund Income
103,000
15.05.2
0
103,000
103,000
103,000
14.08.2
0
18.11.2
0
15.02.2
1
BHP Group plc US$0.50
1,550
22.09.2
0
1,550
23.03.2
1
GCP Infrastructure ord 0.01p
45,079
10.06.2
0
45,079
28.08.2
0
45,079
07.17.2|**Net**
**Dividend**| |---|---| ||14,046.20
417.02
170.80
375.00
437.50
400.37
728.89
1,226.56
1,257.31
1,339.21
1,056.37
1,151.80
1,433.58
652.68
1,131.31
856.50
856.50
856.50| 35 |Link Fund Sol Ltd LF Rufer Total Return
Primary Health Property Trust 0.125p
Carried forward|0
45,079
09.03.2
1
788.88
26,500
22.05.2
0
463.35
26,500
18.11.2
0
304.51
62,920
22.05.2
0
802.23
62,920
22.05.2
0
125.84
62,920
21.08.2
0
802.23
62,920
21.08.2
0
125.84
62,920
20.11.2
0
629.20
62,920
20.11.2
0
298.87
62,920
26.02.2
1
975.26
33,710.31|788.88
463.35
304.51
802.23
125.84
802.23
125.84
629.20
298.87
975.26| |---|---|---| 36 **Schedule 4/3** ## **JOSEPH & ELIZABETH HODGSON TRUST FUND ACCOUNTS FOR THE YEAR TO 5 APRIL 2021 DIVIDENDS** |**Holding**
**Number**
**Date**
Brought Forward
Royal London UTM Sterling Credit
80,812.15
78
30.06.2
0
80,812.15
78
30.09.2
0
80,812.15
78
31.12.2
0
80,812.15
78
31.03.2
1
Intertek Group ord 0.01p
620
11.06.2
0
620
08.10.2
0
UK Govt Stock 1.75% bds 7.9.22
£105,000
07.09.2
0
£105,000
08.03.2
1
JP Morgan AM UK Ltd US Equity
Income
25,900
30.04.2
0
74,732.98
9
31.07.2
0
74,737.98
9
30.10.2
0
74,732.98
9
02.02.2
1
Nextenergy Solar F Perf ord NPV
48,700
30.06.2
0
48,700
30.09.2
0
48,700
31.12.2
0
48,700
31.03.2
1
BNY Mellon Fd Mng & Newton Glbl
72645.447
17.06.2|**Net**
**Dividend**| |---|---| ||33,710.31
1,032.86
1,044.90
1,007.97
999.16
443.92
212.04
918.75
918.75
556.85
523.13
523.13
478.29
836.42
858.34
858.34
858.34
435.80| 37 |Dyn Bond Exempt||0|| |---|---|---|---| |Polar Cap Gbl Health ord 0.25|23,386|28.08.2|233.86| |||0|| ||23,386|26.02.2|233.86| |||1|| |M&G Securities Ltd Gbl Fr High Yield|81570|30.06.2|689.96| |||0|| ||77,050.45|30.09.2|801.79| ||8|0|| ||77,050.45|31.12.2|804.64| ||8|0|| ||77,050.45|31.03.2|694.53| ||8|1|| |UK (Govt of) 2% Gilt 07/09/25|£77,000|07.09.2|770.00| |||0|| ||£77,000|08.03.2|770.00| |||1|| |Carried forward|||51,215.94| 38 **Schedule 4/4** ## **JOSEPH & ELIZABETH HODGSON TRUST FUND ACCOUNTS FOR THE YEAR TO 5 APRIL 2020 DIVIDENDS** |**Holding**
**Number**
**Date**
Brought Forward
Blackrock FM Ltd European Dynamic
Fd Inc
37,000
01.05.2
0
Autotrader Group ord 0.01
4,410
27.09.1
9
4,410
24.01.2
0
UK (Govt of) 0.125% Index linked
22/3/26
£56,900
22.09.2
0
£56,900
22.03.2
1
Civitas Social Housing ord 0.01p
48,328
12.06.2
0
48,328
07/09.2
0
48,328
04.12.2
0
48,328
01.03.2
1
Schroder Unit Trust European L Inc
NW
79,400
16.03.2
1
Valu Truc Investment Protean Capital
Elder A Dist:
60,000
29.05.2
0
60,000
28.08.2
0
60,000
30.11.2
0
60,000
26.02.2
1
RBC Toronto Branch 30y-2y Steepener
2022 USD
70,400
01.06.2
0
70,400
01.09.2
0
70,400
30.11.2
0|**Net**
**Dividend**
51,215.94
458.30
40.45
40.61
640.35
652.43
652.43
652.43
917.15
600.00
615.81
615.81
615.81
250.04
858.96
980.17| |---|---| 39 ||70,400|05.03.2|1,243.67| |---|---|---|---| |||1|| |Halma Plc Ord 0.10p|2,250|01.10.2|224.10| |||0|| ||2,250|05.02.2|154.58| |||1|| |Smith Group plc Ord 0.375|1,430|01.10.2|| |||0|| ||1,430|20.11.2|500.50| |||0|| |Sequoia Economic NPV|16,900|22.5.20|264.06| ||16,900|28.8.20|264.06| ||16,900|27.11.2|264.06| |||0|| ||16,900|05.03.2|264.06| |||1|| |Carried forward|||62,985.78| 40 **Schedule 4/5** ## **JOSEPH & ELIZABETH HODGSON TRUST FUND ACCOUNTS FOR THE YEAR TO 5 APRIL 2020 DIVIDENDS** |**Holding**
**Number**
**Date**
Brought Forward
London Stock Exchange Ord €
0.06918604
415
27.05.2
0
415
22.09.2
0
iShares PLC USD Tips UCITS
9,8000
28.5.20
9,800
04.09.2
0
9,800
30.11.2
0
9,800
02.03.2
1
National Grid Ord GBP 0.12431289
3,390
19.08.2
0
3.390
13.01.2
1
Phoenix Group Holdings PLC Ord £0.10
5,200
04.09.2
0
Bunzl Ord £0.32142857
1,840
16.11.2
0
1,840
07.01.2
1
To Schedule 3|**Net**
**Dividend**
62,985.78
207.09
96.70
300.86
241.08
235.20
183.26
1,084.80
576.30
1,216.80
658.72
290.72
£68,077.31| |---|---| 41 **Schedule 5** ## **JOSEPH AND ELIZABETH HODGSON TRUST FUND ACCOUNTS FOR THE YEAR TO 5 APRIL 2021 SALES OF INVESTMENTS** |**Holding**
**Date**
**of sale**
**Market**
**value at**
**5.04.20 or**
**subsequen**
**t cost**
620 Carnival plc Ord USD1.66
9.4.20
3,811.00
72,645.447 BNY Mellon Fd Mngr
Newton Gbl Dymn Bond
9.4.20
69,246.00
72,900 Schroder Unit Trust
Recovery 2 Int Sett
20.4.2
0
44,294.00
£69,440 UK (Govt) 0.125% Ind Lkd
22.03.29
01.05.2
0
109,885.
00
8,679 River Mercantile Ord NPV
27.5.2
0
9,156.52
19,570 Vodafone Group Ord USD
0.2095238
27.5.2
0
21,721.00
8,678 River & Mercantile Red Ord
NPV
28.5.2
0
9,155.48
10,300 BT Group PLC Ord 0.05p
29.5.2
0
11,466.00
12,560 BP PLC Ord US$0.25
2.06.2
0
42,368.00
15,000 Barclays PLC Ord 25p
19.6.2
0
12,041.00
4,520 Baillie Giford American
Brow Inc
24.7.2
0
34,211.88
5,180 Polar Capital Fund North
Amer 5 GBP
28.7.2
0
82,776.00
4,200 Royal Dutch Shell B Ord
Euro 0.07
22.10.2
0
57,861.52
5,133 TR Europe Growth Trust
19.11.2
31,927.00|**Sale**
**Proceed**
**s**
**Proft/**
**(Loss)**
**on sale**
5,696.71
1,885.71
69,399.5
2
153.52
45,804.5
2
1,510.52
108,848.
12
(1,036.8
8)
10,292.0
1
1,135.49
25,390.9
6
3,669.96
10,325.8
2
1,170.34
12,242.3
5
776.35
40,629.9
4
(1,738.0
6)
17,666.5
2
5,625.52
59,900.2
0
25,688.3
2
102,580.
80
19,804.8
0
37,550.1
8
(20,311.3
4)
54,630.4
22,703.4|**Proft/**
**(Loss)**
**on sale**| |---|---|---| 43 |Or 0.125
0
499 Ennismore Sml Cos European
Smaller Cos A BP
20.11.2
0
3,985 StandardChartered PLC Ord
US$0.50
15.12.2
0
1,430 Smiths Group Ord 0.375
13.1.2
1
£105,000 UK (Govt) 1.75% Gilt
09/22
8.3.21
Schedule 1|63,962.0
0
16,191.0
0
15,176.00
109,317.0
0
£744,566.
40|5
62,148.7
8
18,595.4
0
21,720.6
5
107,694.
49
£811,117
.42|5
(1,813.2
2)
2,404.40
6,544.65
(1,622.5
1)
£66,551.| |---|---|---|---| ||||02| ## **JOSEPH AND ELIZABETH HODGSON TRUST FUND** ## **POLICY STATEMENT** This policy statement has been prepared by the Trustees to provide agreed investment policy to the investment managers exercising the asset management functions that have been delegated to them by the Trustees. ## **Investments** Objectives: To achieve a balanced return from income and capital appreciation. It is anticipated that the income yield from the investment portfolio will be broadly in line with that provided by the FTSE All Share index and the British Government All Stocks Index and that the income stream will maintain its value in real terms. Risk Profile: The Trustees recognise the risk associated with investment in mainstream financial markets and accept this risk in return for the prospect of additional returns over longer periods of time. As such, they wish to remain largely invested at all times, subject to cash reserves being held as part of the investment management process and to cover liabilities. They wish to moderate the risk of deviation of returns relative to the chosen benchmark. Restrictions: The investment manager is required to avoid exposure to investments which are deemed to be unsuitable in the context of the Trustees’ 44 objectives, when considering the portfolio as a whole. Benchmark: FTSE All Share index. ## **Communication and Review** Frequency of Investment Reports: The investment manager will provide half yearly reports which will include a statement confirming adherence to this policy statement or providing details of exceptions together with explanations. The report will also include a comparison of the portfolio return in relation to the benchmark. Major deviations will be examined and explained. Date of Next Review: 5 April 2022 45