## 



## 



## 

## 

## 



## 

## 

|Name of|Charity|Charity|The Joseph &Elizabeth|Hodgson|Trust Fund|Trust Fund|
|---|---|---|---|---|---|---|
|Charity Number|||1108192||||
|Governing||Instrument|Declaration ofTrust dated 15th||February|2005|
||||establishing<br>an unincorporated||Charitable|Trust|
|Trustees|||Mr M G Brabner||||
||||Mr TA F Leary||||
||||MR R ESGill||||
|Principal|Office of||Horton House||||
|the Charity|||Exchange<br>Flags||||
||||Liverpool<br>L2 3YL||||
|Investment||Advisers|Investec Wealth 5Investment||||
||||The Plaza||||
||||Old Hall Street||||
||||Liverpool<br>L39AB||||





|||JOSEPH ELIZABETH HODGSON TRUST FUND|
|---|---|---|
|||ACCOUNTS FOR THE YEAR ENDED 5APRIL 2022|
|Solicitors||Brabners<br>LLP|
|||Horton House|
|||Exchange Flags|
|||Liverpool<br>L2 3YL|
|independent|Examiner|Giles Mattocks<br>FCA|
|||Mattocks Grindley|
|||18Mulberry<br>Avenue|
|||Widnes WA8 OWN|



## 

## 



## 



## 

## 

## 



## 





## 

||||Unrestricted|funds 2021|Total Funds||
|---|---|---|---|---|---|---|
|Incomin<br>Resources|||~Ca<br>ital|Income|2022|2021|
||||E|E|E|E|
|Incoming resources|from generated|funds|||||
|investment<br>income|||1,544|90,071|91,615|68,173|
|Total incoming resources|||1,544|90,071|91,615|68,173|
|Resources ex ended|||||||
|Costs ofgenerating|funds||||||
|Investment<br>management|||19,676||19,676|18,018|
|Charitable<br>activities||||92,839|92,839|113,034|
|Governance|||6,059|7,480|13,539|7,428|
|Scholars Dinner||||422|422||
|Bank transfer fee||||19|19|19|
|Total resources expended|||25,735|100,760|126,494|138,499|
|Net outgoing resources|||||||
|for the year|||(24,191)|(10,689)|(34,879)|(70,326)|
|Gain on revaluation|of||||||
|Investments|||110,647||110,647|754,484|
|Gain on sale of|||||||
|Investments|||3,568||3,568|66,551|
|Total funds brought|forward||||||
|at 5th April 2021|||4,010,043|(43,213)|3,966,829|3,216,120|
|Total funds carried forward|||||||
|at 5th April 2022|||4,100,067|(53,902)|4,046,165|3,966,829|





## 

|Capital account per Schedule 1|Capital account per Schedule 1|Capital account per Schedule 1|||4,100,067|
|---|---|---|---|---|---|
|Income account per Schedule 3|||||(53,902)|
||||||4,046,165|
|Represented|by:-|||||
|Trust Investments||at Market Value per Schedule 2/6|||3,938,970|
|Cash held by|Investec Wealth &Investment||Limited|||
|||Capital||84,074||
|||Income||18,773||
|Cash held by|Brabners<br>LLP|||10,289|113,136|
|less: Creditors||||||
|Bank transfer|fees|||19||
|Brabners<br>LLP|(Half|yearly invoice)||3,582||
|Independent|Examiners Fee|||2,340|(5,941)|
||||||4,046,165|






## 

## 

## 

## 

## 



## 

## 

## 

|3.Investment|Income|||||||2022|2021|
|---|---|---|---|---|---|---|---|---|---|
|||||||||f|f|
|Stock exchange investments||||||||91,165|68,170|
|Interest received Brabners||LLP|||||||3|
|||||||||91,165|68,173|
|4.Charitable|Activities|||||||2022|2021|
|||||||||f|f|
|Donations||||||||~92839|113034|
|5.Governance|costs|||||||2022|2021|
|||||||||f|f|
|Accountancy,|Legal and Independent|||Examiner's||Fees||~13539|~7428|
|6.Other resources ex ended||||||||2022|2021|
|||||||||f|f|
|Investment<br>management||costs||||||~19676|~18018|
|7.Cash at bank||||||||2022|2021|
|||||||||f|f|
|Brabners<br>LLP||||||||10,289|7,569|
|Barclays PLC||||||||0|22,689|
|||||||||10,289|30,258|
|8.Current liabilities: amounts|||fallin|due within||one|ear|2022|2021|
|||||||||f|f|
|Accountancy,|legal and Independent|||Examiner's||fees||5,940|3,660|
|Outstanding<br>final fee payment|||for Liverpool||University|||||
|2020 LLM and|PhD Scholars||||||||55,857|
|||||||||5,940|59,517|





## 

## 

||||||2022|2021|
|---|---|---|---|---|---|---|
||||||E|E|
|Balance at|5th April 2021||||4,010,043|3,211,037|
|Add:|||||||
|Equalisation|payment||||1,544|92|
|Gain on sale ofinvestments|||per Schedule 6||3,568|66,551|
|Unrealised|gain on revaluation|||to market value at 5 April 2022|||
|at 5 April 2022 (Schedule 2)|||||110,647|754,484|
||||||4,125,802|4,032,165|
|less:|||||||
|Investec Wealth and||Investment||Ltd fees|19,676|18,018|
|DSG Tax Return||||||420|
|Brabners<br>LLP annual||fees|||4,889|3,000|
|Fees for preparation||ofa deed||ofappointment||360|
|Independent|Examiner's fees||||1,170|324|
||||||25,735|22,122|
|To Balance|Sheet||||4,100,067|4,010,043|
|Note:-|||||||
|Capital account|||||2022|2021|
||||||f|E|
|Represented|by:-||||||
|Investments|at market value||||3,938,970|3,894,750|
|Cash|||||161,097|115,293|
||||||4,100,067|4,010,043|





## 

## 

|Holding||Security|Market|Market|Surplus/|
|---|---|---|---|---|---|
||||Value at|Value|(deficit)|
||||5.4.2021|at|on|
||||or cost|5.4.2022|revaluation|
|486||Astrazeneca<br>pic ord $0.25|34,863|50,228|15,365|
|680||British American Tobacco|18,464|21,956|3,492|
|||pic-ord 25p||||
|1220.000||Diageo pic ord 28101/108p|36,682|48,541|11,859|
|2,250||Glaxosmithkline<br>pic|28,748|38,331|9,583|
|||ord 25p||||
|4,700||HSBC Holdings<br>pic|19,887|24,807|4,920|
|||ord $0.50 (UK reg)||||
|8,100||Legal &General Group pic|22,968|||
|(8,100)||ord 0.25p|(22,968)|||
||||0|||
|1,100||RioTinto pic ord 10p|60,297|67,315|7,018|
|11,570||Artemis<br>Fund Managers|8,527|8,043|(484)|
|||Ltd High Income Fund||||
|1,600||Experian pic ord USD0.10|40,744|||
|(420)|||(10,695)|||
||1,180||30,049|34,887|4,838|
|1,100||Findlay Park Funds pic|131,496|150,721|19,225|
|||FPAmerican<br>Smaller Cos||||
|1,140||Unilever pic ord 0.031111p|45,848|40,310|(5,538)|
|47,650||Manfd Mgmnt<br>UK Ltd Man|86,675|||
|||GLG Japan Core Alpha Prof||||
|||acc dividend<br>adjustment|1,552|||
||||88,227|93,346|5,119|
|6,250||Aviva pic ord 25p|25,572|27,503|1,931|





## 

|Holding|Security||Market|Market|Surplus/|
|---|---|---|---|---|---|
||||Value at|Value|(deficit)|
||||5.4.2021|at|on|
||||or cost|5.4.2022|revaluation|
|1,460|Smith R Nephew|ord|19,852|||
|(1,460)|US80.20||(19,852)|||
|1530|Compass Group ord 0.1105||22,870|25,180|2,310|
|34,166|Int Public Partners|0.0001p|57,536|58,526|990|
|10,204|Melrose Indst pic|ord .686|17,719|||
|(1,021)|9:10consolidation||(1,773)|||
|9,183|||15,946|11,288|(4,658)|
|11,480|Baillie Gifford American||198,374|||
|(2,340)|Brow lnc||(40,435)|||
|9,140|||157,939|124,852|(33,087)|
|45,079|GCP Infrastructure|Ord|46,116|50,308|4,192|
||0.01p|||||
|112,475.55|Schroder Unit Tst Asian||154,654|||
||acc dividend<br>adjustment||1,042|||
|(48,668)|Alpha Plus Zacc||(67,369)|||
|112,476|||88,326|80,461|(7,865)|
|1,550|BHP Group<br>PLC US$0.50||32,050|45,954|13,904|
|8,354.208|Blackrock AM UK Blk UK||116,625|||
||Smaller Cos Acc|||||
||accdividend<br>adjustment||1,001|||
||||117,626|121,569|3,943|
|66,876.37|Franklin Templeton|inc UK|99,967|||
||Mid Cap W|||||
||acc dividend<br>adjustment||1,907|||
||||101,874|96,302|(5,572)|





|Holding|Security||Market|Market|Surplus/|
|---|---|---|---|---|---|
||||Value at|Value|(deficit)|
||||5A.2021|at|on|
||||or cost|5.4.2022|revaluation|
|62,920|Primary<br>Health Property||92,964|||
|(35,384)|ord 0.125||(52,808)|||
|27,536|||40,156|41,566|1,410|
|122,812.1578|Royal London<br>UTM|Sting|175,867|165,428|(10,439)|
||Credit Gross MC|||||
|103,000|Charities Property|Fund|128,111|||
|(103,000)|income||(128,111)|||
|0||||||
|620|Intertek Group ord|0.01p|35,470|32,779|(2,691)|
|74,732.989|JP Morgan<br>AM UK|Ltd US|96,854|113,594|16,740|
||Equity Income Cinc Nav|||||
|37,000|Blackrock European||92,223|||
|(10,021)|Dynamic<br>Fund||(24,977)|||
|26,979|||67,246|69,570|2,324|
|48,700|Nextenergy<br>Solar Frd||49,041|50,307|1,266|
|f77,000|UK (Govt) 2%Gilt 7/09/25||83,008|78,434|(4,574)|
|715|invesco Physical<br>MA||86,564|101,443|14,879|
||Secured Gold Ltd Nts US$|||||
|4,410|Auto Trader Group|ord 0.01|24,692|29,106|4,414|
|48,328|Civitas Social Hon ord 0.01||52,098|42,577|(9,521)|
||2/12/22|||||
|35,000|Citi Group Gbl Lux|0%|59,255|58,625|(630)|
|838|Associated<br>British Foods||20,535|||
|(838)|ord 0.0568||(20,535)|||
|E56,900|UK (Govt) 0.125%index||76,032|80,648|4,616|
||linked Snr 22.03.26|||||
|23,386|Polar Cap Gbl Health||56,828|||
|(23,386)|ord 0.25||(56,828)|||





## 

|Holding|Security|Market|Market|Surplus/|
|---|---|---|---|---|
|||Value at|Value|(deficit)|
|||5.4.2021|at|on|
|||or cost|5.4.2022|revaluation|
|77,050.458|M&G Securities<br>Ltd Gbl|74,731|74,531|(200)|
||Floating Rate High Yield||||
||(18/06/20)||||
|79,400|Schroeder Unit Tst Europe|67,506|69,539|2,033|
||C lnc Nav Sett||||
|60,000|Valu-Trac Invest Protean|58,519|57,075|(1,444)|
||Capital Eledr A Dis||||
|70,400|RBCToronto 1.5/0 Nts|64,137|||
|(70,400)|Steepener 29/08/22|(64,137)|||
|2,250|Halma<br>PLC ord 0.10p|54,866|||
|(1,060)||(25,848)|||
|1,190||29,018|30,666|1,648|
|26,500|Link Fund Sol Ltd LF|97,687|102,014|4,327|
|60,000|Linked Fund Sol Ltd|129,276|||
|(15,300)|Miton US Smaller Cos|(32,965)|||
|44,700|Now premier Portfolio|96,311|79,030|(17,281)|
|16,900|Sequoia Economic INPV|17,627|17,356|(271)|
|415|London Stock Exchange|29,996|||
|144|ord 0.06918604|9,779|||
|559||39,775|46,727|6,952|
|1,840|Bunzl ord 0.32142857|43,433|56,681|13,248|
|9,800|Ishares<br>PLC USD|52,151|53,096|945|
|87,500|Thesis UT Mgmnt<br>Ltd|129,929|||
||Tellworth<br>UK Smt CO||||
||accdividend<br>adjustment|794|||
|||130,723|123,375|(7,348)|
|3,390|National<br>Grid|29,276|41,044|11,768|
||ord 0.12431289p||||
|5,200|Phoenix Gp Hldg ord 0.10p|37,060|32,427|(4,633)|





## 

||||Schedule 2/5||
|---|---|---|---|---|
||SCHEDULE OF INVESTMENTS AS AT5APRIL||2022||
|Holding|Security|Market|Market|Surplus/|
|||Value at|Value|(deficit)|
|||5.4.2021|at|on|
|||or cost|5.4.2022|revaluation|
|1,200|Greggs ord 0.02p|27,576|29,376|1,800|
|575|Findley Park Fds|68,839|78,867|10,028|
||American||||
|114,110|Canadian<br>Imperial<br>Bank|101,958|118,241|16,283|
||136%SRP Accul 26 USD||||
|319|Invesco Physical Secured|38,593|||
|178|Gold Lkd Nts 31/12|23,024|||
|497||61,617|70,606|&,989|
|1,450|Schroder<br>PLC Non Vtg Ord|36,649|28,667|(7,982)|
|152,000|FIL Inv Suc UK Money|154,584|143,154|(11,430)|
||Builder income||||
|12,910|Frst Sentier Invr Stewart|124,281|||
||Invrs Asia Pac Ldrs||||
||acccdividend<br>adjustment|297|||
|||124,578|130,193|5,615|
|PURCHASES IN YEAR|||||
|48,480|Aquila<br>Energy Effi ord 0.01|48,515|36,724|(11,791)|
|102,000|Barclays Bank PLC602%|101,035|101,031|(4)|
||FTSE/SRP Inc||||
|43,440|Empiric Student<br>GBP0.01|39,740|38,966|(774)|
|63,000|FIL Inv Svcs UK Global Div|136,871|136,899|28|
|23,600|GCP Student<br>Living Ord .01|40,156|||
|(23,600)||(40,156)|||
|||0|||
|1,710|Relx PLC GBP0.1444|36,627|41,801|5,174|





## 

## 

## 

|10,800<br>Secure|Income REIT|40,482|48,978|8,496|
|---|---|---|---|---|
|93,600<br>Schroder Unit Tst Global C||60,210|67,401|7,191|
|Unrealised<br>gain on revaluation|to market value||||
|at 5 April 2022 to Schedule 1|||3,938,970|110,647|





||||||Schedule 3||
|---|---|---|---|---|---|---|
|||||INCOME ACCOUNT|||
||||||2022|2021|
||||||E|E|
|Balance|at 5th April 2021||||(43,213)|5,083|
|Add:-|||||||
|Dividends<br>per Schedule 4/4|||||54,103|68,077|
|Other investment||income|per|Schedule 5/2|35,968||
|Brabners|LLp gross|interest|||||
||||||46,858|73,164|
|Less:-|||||||
|Income payments:|||||||
|Tofund|PhD students||||36,259|55,454|
|Tofund|LLM students||||56,580|57,580|
|Bank transfer fees|||||19|19|
|Independent<br>Examiner's|||Fees||1,170|324|
|Brabners|LLP annual fees||||4,889|3,000|
|Website|fees||||1,421||
|Scholars|Dinner||||422||
||||||(100,760)|(116,377)|
|To Balance Sheet|||||(53,902)|(43,214)|





## 

## 

|Holding||Date|Dividend|
|---|---|---|---|
|UK DIVIDENDS||||
|Associated|British Foods|09/07/2021|51.96|
|Astrazeneca||13/09/2021|314.93|
|||28/03/2022|706.16|
|Auto Trader|Group|24/09/2021|220.50|
|||28/01/2022|119.07|
|Aviva||14/05/2021|875.00|
|||07/10/2021|459.38|
|BHP Group|PLC|21/09/2021|2,237.86|
|British American Tobacco||12/05/2021|366.52|
|||19/08/2021|366.52|
|||11/11/2021|366.52|
|||09/02/2022|366.52|
|Bunzl||01/07/2021|704.72|
|||05/01/2022|298.08|
|Compass Group||28/02/2022|214.20|
|Diageo||08/04/2021|341.11|
|||07/10/2021|544.00|
|Experian||23/07/2021|377.23|
|||04/02/2022|137.98|
|Glaxosmithkline||08/04/2021|517.50|
|||08/07/2021|427.50|
|||07/10/2021|427.50|
|||13/01/2022|427.50|
|Greggs||08/10/2021|180.00|
|Halma||12/08/2021|242.55|
|||04/02/2022|87.47|





## 

|HSBC Holdings|HSBC Holdings|HSBC Holdings|PLC|29/04/2021|507.24|
|---|---|---|---|---|---|
|||||30/09/2021|240.65|
|Intertek|Group|||18/06/2021|443.92|
|||||07/10/2021|212.04|
|JP Morgan||Europe - Aremis||19/04/2021|92.06|
|||||28/07/2021|115.85|
|||||12/10/2021|97.86|
|||||12/01/2022|93.66|
|Legal 5General|||Gp|27/05/2021|1,023.84|
|||||20/09/2021|419.58|
|London Stock Exchange||||26/05/2021|214.56|
|||||21/09/2021|103.75|
|Melrose|Indust||PLC|19/05/2021|76.53|
|||||15/10/2021|68.87|
|National|Grid|||18/08/2021|1,090.22|
|||||19/01/2022|583.42|
|Polar Cap||Gbl Heal||31/08/2021|233.86|
|Phoenix|Gp Hdgs PL|||18/05/22021|1,253.20|
|||||03/09/2021|1,253.20|
|Primary|Hlth Prop|||25/02/2022|447.46|
|RioTinto||||15/04/2021|3,174.93|
|||||23/09/2021|4,445.10|
|Schroders||PLC||06/05/2021|1,145.50|
|||||23/09/2021|536.50|
|Smith 5|Nephew|||12/05/2021|242.65|
|||||27/10/2021|153.30|
|Unilever|PLC|||10/06/2021|422.94|
|||||08/09/2021|421.00|
|||||01/12/2021|410.17|
|||||22/03/2022|410.63|





## 

|UK UNIT TRUST DIVIDENDS|UK UNIT TRUST DIVIDENDS||||
|---|---|---|---|---|
|Blackrock|Am UK||30/04/2021|210.55|
||||29/10/2021|790.06|
|First Sentier Invr|||30/09/2021|297.09|
|Franklin|Tmpltn<br>Fd||28/05/2021|676.82|
||||30/11/2021|1,229.79|
|JP Morgan|Funds Ltd||30/04/2021|485.76|
|US Equity|lnc KGBP||30/07/2021|470.82|
||||29/10/2021|530.60|
||||31/01/2022|485.76|
|Link Fund|Sol Ltd||14/05/2021|300.99|
|LF Ruffer Total rtn|||15/11/2021|864.32|
|Man Fd Mfmnt<br>UK Ltd|||31/07/2021|1,552.48|
|Schroder Unit Trust|||31/08/2021|1,041.75|
||||19/11/2021|315.24|
||||15/03/2022|768.27|
|Thesis UT|Mgmt Ltd||31/05/2021|93.19|
||||30/11/2021|700.79|
|OVERSEAS DIVIDENDS|||||
|BHP Group<br>Ltd||Australia|28/03/2022|1,741.90|
|GCP Infrastructure||Jersey|08/06/2021|788.88|
||||09/09/2021|788.88|
||||09/12/2021|788.88|
||||08/03/2022|788.88|
|INT Public|Partner|Guernsey|04/06/2021|1,257.31|
||||17/11/2021|1,291.47|
|Nextenergy<br>Solar F||Guernsey|08/06/2021|858.34|
||||30/09/2021|871.73|
||||31/12/2021|871.73|
||||31/03/2022|871.73|





## 

## 



## 

## 

|Barciays|Barciays|Bank PLCf6.2%FTSE/S&P|Bank PLCf6.2%FTSE/S&P|12/01/2022|3,162.00|
|---|---|---|---|---|---|
|UK 2%SNR 7/09/2025||||07/09/2021|770.00|
|||||07/03/2022|770.00|
|UK 0.125%Idx/Lkd 22/03/26||||22/09/2021|42.01|
|||||22/03/2022|43.75|
|Deposit||account interest||05/04/2022|1.38|
|UNIT|TRUST INTEREST|||||
|Charities||Prop Fd||14/05/2021|1,435.56|
|FIL Inv Svcs UK||||26/04/2021|265.24|
|||||26/05/2021|431.98|
|||||25/06/2021|434.57|
|||||26/07/2021|431.07|
|||||26/08/2021|469.07|
|||||24/09/2021|435.94|
|||||26/10/2021|430.62|
|||||26/11/2021|423.47|
|||||26/12/2021|422.86|
|||||26/01/2022|511.63|
|||||25/02/2022|437.15|
|||||25/03/2022|396.42|
|M&G|Securities||Ltd|30/06/2021|681.43|
|||||30/09/2021|725.35|
|||||31/12/2021|725.89|
|||||31/03/2022|1,077.17|
|Roya|I Londom||Utm|30/06/2021|1,241.53|
|||||30/09/2021|1,501.26|
|||||31/12/2021|1,576.54|
|||||31/03/2022|1,536.87|





## 

|Valu-Trac Investment||28/05/2021|615.81|
|---|---|---|---|
|Protean Capital Elder||31/08/2021|602.94|
|||30/11/2021|625.20|
|||28/02/2022|625.20|
|REAL ESTATE INVESTMENT TRUST||||
|Total of UK REIT Distribution|||6,497.46|
|OVERSEAS INTEREST||||
|Ishares<br>li PLC|Eire|26/05/2021|165.62|
|USD Tips Ucits EtfGBP||25/08/2021|140.14|
|||24/11/2021|121.52|
|||24/02/2022|123.48|
|RBCToronto|Canada|29/05/2021|2,141.30|
|30Y-2YSteepner 2022 USD||29/08/2021|2,235.01|
|||29/11/2021|1,693.74|
|Other investment<br>income to Schedule 3|||35,968.18|





## 

## 

|Holding||Date of|Market|Sale|Profit/|
|---|---|---|---|---|---|
|||sale|Value|Proceeds|(loss) on|
||||@5/04/2021||sale|
||||or purchase|||
|Associated<br>British Foods Ord 0.0568||11/11/21|20,535|16,824|(3,711)|
|Baillie Gifford American||8/2/22|40,435|30,713|(9,722)|
|Blackrock Fm Ltd European|Dynamic|20/7/22|24,977|27,262|2,285|
|Charities Property<br>Fund||25/3/21|128,111|127,325|(786)|
|Experian<br>Ord USD0.10||13/10/21|10,695|13,036|2,341|
|GCP Student<br>Living ord .01||24/12/21|40,156|50,268|10,112|
|Halma Ord GBP0.10||13/10/21|25,848|29,297|3,449|
|Legal &General GBP0.025||1/12/21|22,968|23 133|165|
|Melrose Industries||31/8/21|1,773|1,531|(242)|
|Polar Cap GBL Heal GBPord|0.25|2/9/21|56,828|68,017|11,189|
|Premier Portfolio Pm USSmaller Cos||29/4/21|32,965|34,873|1,908|
|Primary<br>Hlth Pro ord 0.125||16/4/21|52,808|52,474|(334)|
|RBCToronto Branch 30Y-2YSteepner||12/1/22|64,137|53,683|(10,454)|
|Schroder Unit Tst Asian Alpha Plus||20/7/21|67,369|65,472|(1,897)|
|Smith &Nephew<br>ord USD 0.20||10/1/22|19,852|19,117|(735)|
|Loss on sale to Schedule 1|||609,457|613,025|3,568|