THE WILUAM DUDLEY TRusr TRUSTEES REPORT AND FINANCIAL sfATEMErfrs FOR THE YEAR ENDED 31 DECEMBER 2024 (Registered Charity Number 214752) THOMAS & YOUNG LIMrrED CHARTERED AccouwfANTS
THE WILLIAM DUDLEY TRusr CONTENrs Page ReFort of the Trustees Independent Examinerfs Rep)rt ststement of Finanaal Activities Balance Sheet Notes to the Accounts 9-17
THE LuAm DUDLEY TRusr TRusfEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page I The Twstees present their report with the a)Unts for the year ending 31 December 2024. The a(rounts have been prepared in accordan with the accounting policies set out on pages 9 to 11 and comply with the Charity's constitution and apICable taw. REFERENCE AND ADMINisfRATION DEfAILS Registered Charity Number: 214752 Principal Addre. PO Box 17077 Birmingham B2 2NF Mr A Bhalla Revd Dr Martin Dudley Mr S Talboys Dr C Smith Mr P Cliff Dr C Jones Miss R Nyambria (Chair) (VI Chair) (resigned 01 April 2024) (appointed 22 February 2024) Bankers: Lloyds Bank PIC 2-6 Market Street Wigan Lancashire WNI IJN stockbrokers and Investment Advisets: Quilter Cheviot 8th Floor, Two Snow Hill Birmingham Independent Examiner: Thomas & Young 'MIted Carfeton House 26&268 Stratford Road Shirley Solihull West Midlands B90 3AD
THE WILLIAM DUDLEY TRUST TRusfEES REPORT AND FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 2 STRUCTURE, GOVERNANCE AND MANAGEMENT Type of Governing Document Deed of Foundation dated 8 May 1875 a5 amended under a Stheme approved by the Charity Commission on 18 April 1997. In acCan with their powers under the Scheme the Trustee5 amended the trustee sel&tion methcd, as below, on 19 February 2008. How the Chaiity is Constituted A charitable trusL Trustee Selection, Induction and Traln5ng Under the amended Scheme referred to alx>ve, the Charity is govern1 by between five and nine Co-opted Trustees. New Trustee5 are c(Fopted by the existing Trustees. Persons considering becoming a Trustee are asked to complete a short application form and to provide t0 satisfactory refen. Suitable applicants may attend at least one meeting as an obseNer, without obligation, before deriding whether to present themsdves for coytion. The Charity maintsins a Trustee skills audit to identify gaps in its sknlls ba. A document setting out the roles and reswnsibilities of charity trust is made available to all applicants. This document includes details of links to governan and other websites useful to charity trustets. As part of the Indudion pnxess eadi new Twstee receives a copy of the tharitls Scheme, the ststement of investment policy, the most recent annual report and accounts, ground rules for meetings, pr(redures for managirKJ extemal grant fraud and copies of the guidantr for eath of the Charity's grant themes. Occasional papers regarding changes in charity law and other assoaated matters are arajlated as required. Organisatlonal Structure The TnJStS use the stockbrokers and investment advlsers to provMJe a discretionary service to manage the Investments. The general administration is dealt with on a sub<ontract basis. Both investments and administration are monitore(l and reviewed by the Trust5 who meet throughout the year when grants are considered. Risks There a no major risks identified by the TNstees. The Trustees a aware that the Charity's assets are subjert to variations in the stock market to which the Charity is exposed. The risks are pericKlically reviewed by the Trustees with the stockbrokers and Investment advisers, who constsntly monttor the investn*nts. The Trustees have prOdureS to minimise the risk of extemal grant fraud and these procedures are continualty monitored.
THE WILLIAM DUDLEY TRusr TRUSTEES REPORT AND FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 3 OBJEcfivES AND ACtIVITIES Objects Under the Constitution the Trustees are to invest all sums of ¢2sh not required for immediats worknng purposes and to apply the income in accordan wlth the undern)entioned objectives. The current primary objective is the provlsion of assistan (education, training or establishment in life) to young pPIe in financial need studyingi working or residing in Birmingham, by way of grants, k)ans or bursaries. The second objective is to assist aged persons or their dependants who are, or who have been, in business in Blmingham and are in tx>nditions of poverty. The thlrd objective is making grants towards the general alleviation of need, hardship and distress through charitable I1eS working in Bimiingham. The TJ$t have considered the Charity Commission's guidance on publlc benefit. The (arty furthers its objects for the public benefit, as described in Main Activrtie5 below. Main Activities The Trustees have made grants totslling £46,250 (2023: £45,IMJ) in furtheran of the above objects. Policy on Grant Making The Charity's primary objective, a5 aèiwe, is met by various bursaries to students at the Schc()l of Jewelleryi Birmingham University and by grants to the Prin.5 Trust to distribute as devek)pment awards to young peY)ple. The Charty's second objective is met by benefattions and by delegating the althtion of grants to Age Contrm, Bimiingham. The third objective is met by grants, whith are considered throughout the year by referen to rquests from charitsble bodies. There are guidelines for grant maknng and appli(2nts and the are reviewed regularfy by the Trustees. There are no thanges planned, for the future. Achievements and Performance The Charivs a(£ounts Set out on pages 7 - 17. The income for the year, COTnprising investment and grants reTrived, amounted to £47,166 (2023: £50,526). As stated above, the gTrnts payable amounted to £46,250 (2023: £45,000). At 31 December 2024 the net assets of the Chaiity totslled £1,440,998 (2023: £1,371,788). This figure represented a Pem)anent Endowment fund of £1,396,821 (2023.. £1,321,528) plus an Unrestricted Ino)me fund of £44,177 (2023: £50,260). The TNstees have induded the investments of the Charity at market value on the 31 December 2024 in accordan with the r8]uirements of Accounting and Rewrting by Charitles, Statement of Recommended PrBCti (SORP). The value of investments at 31 DecemLEr 2024 increased, compared with the value at 31 Drnber 2024, resulting in an Increase in the Pemianent Endowment Fund. There have been no changes in pollcies since last yearfs rerx)rt and there are no d)anges planned, for the future.
THE LLIAm DUDLEY TRUST TRusfEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 4 FINANCIAL REVIEW Pollcy on Reserve As stated aVe, the Unrestricted Income fund at 31 December 2024 amounted to £44,177 (2023: £50,260). The Tw5tees consider that one yearfs income should be maintsined in this fund to allow for some flexibility in grant making and as a buffer against reduced income. There is stlll, therefore, flexibility to inmse grants in 2025. Investment Pollcy The Trustees have delegated to the stockbrokers and investment advisers the investment of fijnds, in accordan wlth an investment FA)liq ststement (review&l and updated when considered necessary) pursuant to the Trustee Att 2000. A medium risk strategy 15 adopted, and the investments are selected for both long tem growth and income to fInar charitsble expenditure. Their perforrnan is summarised in °Ad)ievements and Perfornian, aLKsve. The Trustees consider that they have pErformed satisfadorily against this policy. Trustees. Responsibilities Charity law requires the Trustees to prepare accounts for each finanaal year, whlch give a true and fair view of the 51ate of the Charivs affairs and of its financial activities for that year. In preparing those accounts the Trustees are requlred to: _ a) sel* suitable accounting poliaes and apply thdn o)nsistently. b) make judgements and estimates that are reasonable and prudent. c) state whether applicable accountin9 Standards and ststements of recommended practi have teen followed subject to any departures disdosed and explainej in the accounts. and d) prepare the accounts on a going conrn basis unless it is inappropriate tri assume that the Charsty will continue in busines5. The Trustees are respN)nsible for keeping proper accounting records which disdose with reasonable accuracy at any time the finanaal FX)sition of the Charity and enable them to ensure that the accounts comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are satisfied that the Charivs assets are readily alisable and that they are suffiaent to fulfil the obligations of the Charity. The 2024 accounts have been prepared as above and independently examined by Mr J Carty of Thomas & Young Limited, whose rewrt is attached. Signed on behalf of the Trustees:. Dated:
THE LuAm DUDLEY TRusr INDEPENDENT EXAMINER'S REPORT TO THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2024 Page 5 I report on the accounts of the Charity for the year ended 31 December 2024, which are set out on pages 7- 17. RESPECTIVE RESPONSIBILITY OF TRUSTEES AND EXAMINER The Charity's Trustees are responsible for the preparation of the accounts. The Charitls Twstees consider that an audit is not required for thls year under kction 144 (2) of the Charities Act 2011 (the 2011 Act) and that an indeFendent examination is needed. It is my restK)nsibility to: examine the accounts under Section 145 of the 2011 Art; to follow the procedures laid down in the general Directions given by the Charity Commission under Section 145 (5) (b) of the 2011 Act; and to stste whether particular Matte have come to my attention. BASIS OF INDEPENDENT EXAMINER'S REPORT My examination was carried out in accordance with the general Dlrections given by the Charty Commission. An examination indudes a review of the accounting records kept by the Charty and a comparison of the accounts presented with th0 record5. It also indudes consideration of any unusual items or disdosures In the accounts and seeking explanations from you as Trust5 concerning any such matters. The procedures undertaken do not provide all the evKJence that would be required in an audit and consequently no opinion is given as to whether the accounts present a '*rue and fair view" and the report is limited to th)se matters set out in the statement INDEPENDENT EXAMINER'S sfATEMENT In a)nnection with my eJamination no matter has Cne to my attentlon: which gives me reasonable cause to believe that In any material res the requirements: to keep accounting records in aIxordar with tion 130 or the 2011 Act; and to prepare accounts which accord with the accounting recoftls and comply with the accounting requirements of the 2011 Art have not been met; or
THE LuAm DUDLEY TRUST INDEPENDENT EXAMINER'S REPORTTO THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2024 Page 6 INDEPENDENT EXAMINER'S sfATEMENT (Continued) 2) to which, in my opinion, attention should be drawn in order to enable a proper understandlng of the accounts to reached. J Carty FC4 FCCA Thomas and Young Limited Chartered Accountsnts & Registered Auditors Carleton House 266-268 Stratford Road Shirley Solihull West Midlands B90 3AD Dated: IS
THE LuAm DUDLEY TRusr BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024 Page 7 Unrestrlcted Peaent Income Endowment Total 2024 T¢)tal 2023 Notes Incomlng Resources Investment income 47,166 47,166 50,526 47,166 47,166 50,526 Resouros Expended Charitable expenditure: Grants payable Management expenses 46,250 6,999 46,250 15,004 45,OIXI 14,731 8,005 Total Resources Expended 53,249 8,005 61,254 59,731 Net exkEnditure before gainl (losses) on investments {6,083) (8,005) {14,088) (9,205) Increasel(decrease) in unrealised revaluation of investments 78,790 78,790 60,878 Realised net gainl(losses) on Investments 4,508 4,508 10,261 Net (expenditure)lincome (6,083) 75,293 69,210 61,934 Fund balanS brought forward at l January 2024 50,260 1,321,528 1,371,788 1,309,854 Fund balances carried forward 31 December 2024 H,177 1,396,821 1,440,998 1,371,788 The notes on page5 9 to 17 fonn part of these acrounts.
THE WILLIAM DUDLEY TRusr BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024 Page 8 Unrestrlcted Pumanent Income Endowmert Total 2024 Totsl 2023 Fixed Assets Inve<ments 1,396,821 1,396,821 1,321,528 Current Assets Income tax recoverable Uoyds Bank PIC Current Account Uoyds DeFK)Sit Account Uoyds 32 Days, Noti Account Quilter Cheviot inojme account Cash in hand 15,937 20,034 10,000 15,937 20,034 10,000 52,054 30 30 30 46,C(Il 46,001 52,084 Less Creditors.. Amounts falling due wlthin one year 8 (1,824) (1,824) (1,824) Net Current Assets 44,177 44, 177 50,260 Total Net Assets +,177 1,396,821 1,440,998 1,371,788 Funds (Page 7) 44,177 1,396,821 1,440,998 1,371,788 Note: The investments were held in a discretionary account at Quilter Cheviot. The notes on pages 9 to 17 form part of these accounts. Approved by the Board of Trustees at this meeting on behalf by: Signed: TNstee
THE WILUAM DUDLEY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 9 Summary of signifiont accounting policles (a) General inforniation and basis of preparation The William Dudley Trust is a registered Charity In ErKJland. The address of the registered office Is given in the Charity information on page l of these financial statements. The nature of the Charty's operdtlons and principal activities a detailed in the Trust Report on pages I to 4. The Charty constitutes a public tenefit entty as defined by FRS 102. The finanaal statements have been prepared in accordan with Accounting and Reporting by Charities: Statement of Recommended Practice applioible to Charities preparing their accounts in ac£Ordan with the Financial Rewrting Stsndard appIlble in the UK and Republic of Ireland (FRS 102), the Charitles Act 2011, and UK Generally Accepted practi as it applies from l January 2015. The Charity has applied Upjated Bulletin l as published on 2 February 2016 and does not indude a cash flow statement on the grounds that it is a small Charity. The financial ststements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and RekK)rts) Regulations 2008 only to the extent required to provide a 'true and frdir view,. This departure has invofv&l following the Accounting and Reporting by Charities: Ststement of Recommended practi applicable to Charities preparing their accounts in accordan with the Financial Reporting Stsndard applicab in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by CharitEs: Statement of Recommended Practi effective from l April 2005 whith has since bn withdrawn. The finanaal statements are prepared on a Ing contrm basis under the historical cost convention, modified to include rtain items at fair value. The financial statements are presented in Sterling which is the functional currency of the Chaiity and rounded to the nearest £. The slgnificant accounting Folioes applied In the preparation of these financial statements are set out IlOw. These kX)liaes have been cor6istently aFplied to all years presented unless otherwise stated. (b) Funds Unrestricted funds are available for use at the dis(rtion of the Trustees in furtherantr of the general objectives of the Charity and which have not been designated for other PLbft>)ses. Endowment funds represent tho* assets whith must be hdd pennanenty by the Charity, principal pemianent investrnents (see note 7). Income arising on the endowment funds can be used in accordan with the obj.ects of the Charty and is induded as unrestrlcted income. Any capital gains losses arising on the investments form part of the fund. Investment management charges and legal advi relating to the fijnd are charg1 against the fund.
THE LLIAm DUDLEY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 10 Summary of significant accounting policies (a)ntlnued) (c) Income recognition All incoming resour are included in the Statement of Flnancial Activities (&)FA) when the Charty is gallY entitled to the income after any PerfoMan condition5 have bn met, the amount can be rneasUr reliablyi and it is probable that the income wlll be receivgj. Investment Income is earned through holding assets for investment purwses such as •• shares. It includes dividends and interest. Where it is not practicable to identify inv&tment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured rdiably. Interest income is recognised using the effective interest methcxj and dividend and rent income is rerognised as the Charitys right to receive payment is established. Grdnts r1Ved are induded in the accounts when re1vable by the Charity. Other income includes the conversion of endowment funds Into income which arises when capital funds are released to an income fund from expendable end0)ents or when a Charity has authority to adopt a totsl retum approach to its permanent endowment fund. It also indudes other income such as galns on disposals of tangible fixed assets. (d) Expenditure recognition All expendtture Is accounted for on an accruals basis and has iEen classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive d)ligation to make payments to third parties, it is probable that the SettleMt will be required and the amount of the obluation can be measured reliably. It Is categorised under the following headings:_ Expenditure on charitable activities indudes grant making; other expenditure represents those item5 not falling into the thteg¢Jies atxwe. Grants payable to third parties are within the tharltable objettives. Where unconditional grants are offered, this is accru&l as S(X)n as the reapient 15 notified of the grant, as this gives rise to a reasonable expethtion that the recipient will receive the grants. Where grants are conditional relating to perfomiance then the grant is only accrued when any unfulfilled condrfcions are outside of the control of the Charity. (e) Support costs allocation SuptK)rt costs are tse that assist the work of the Charity but do not direct represent charitable activities and indude offitr costs, governa costs, administrative payroll costs. They are incurred directly in SUPFK)rt of exFenditure on the objects of the Charity and indude projett management 13rried out at Headquarters. Where support costs cannot be directly attributed to particular headings, they have teen allocated to cost of raising funds and expenditure on charitable aLtivities on a basis consistent with use of the resources. Other overheads have been allocated on a basls determined appropriate by the Trustees. The anatysis of the costs is induded in note 4.
THE LLIAm DUDLEY TRusr NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 11 Summary of signifi¢ant accounting policles (continued) (n Investments Investrnents are rnISed initially at fair value whith is nornially the transaction pri without trdnsaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gainsl(losses) on investments, in the SOFA rf the shares are publidy traded or their fair value can otheise be measured reliably. Other investments are rneasured at cost le55 impairment. (g) Impairnient Assets Th)t measured at fair value are reviewed for any indication that the asset may be impaired at eath balan Sheet date. If such indication exists, the recoverable amount of the asset, or the a55eYs cash generating unrt, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss Is recognIs in profit or loss unkn the asset is tsrried at a revalued amount where the impalmient loss is a revaluation decrease. (h) Prnvlslons Provisions are recognised when the Charity has an obligation at the balan sheet date as a result of a past event, it 15 probat4e that an ouffiow of economic benefits will required in settlement and the amount can be reliably estimated. (i) Gotng concern The financial statements have been prepared on a going conrn basis as the Tn5St believe that no material unTrrtainties exist. The Trustees have considered the level of funds held and the expetted level of income and expenditure for 12 months from authorising these finanaal statements. The budgeted income and expenditure is sufficient with the Ve1 of resetves for the Charlty to be alk to continue as a going conrn. Investment Income 2024 2023 Investment income from UK Ilsted investments Investment income from non-UK list investments Bank Interest 29,469 17,663 34 33,166 17,360 47,166 50,526 Income from Investments was £47,166 (2023: £50,526) of which all related to unrestrlcted funds.
THE WILLIAM DUDLEY TRusr NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 12 Grants Payable 2024 2023 a) Primary ObJ"ective (per page 2) The Prin'S Trust Sthod of Jewelleryi Birniingham City University Design for Industry Final Degree mule Awards Design for Industry New Designers Event Awards Aftist in Residence Bursary 20,tNJO 20,000 4,500 4,500 2,500 4,500 4,OlXI 4,500 31,500 33,000 b) Second Objective (per page 2) Age Concern, Bimiingham 7,000 7,000 c) Third ObJtIve (r page 2) General Grants to Instituti0Tr5 (towards penditU as itemised) BIRCH Network 1,000 Children's Hospital F¥iamas 1,000 Martlneau Gardens (rherapeutic H0cultUre Prcgramme) 1,000 Elayos (Purthase of Doula Kfcs for pregnant women) 1,000 Birmingham Community Hostlng Ntho 1,000 Boumeville Village Trust 1,000 Sudden PrcKJuctions 750 African Women Impact UK Special 0MpicS City of Birmingham Sandwell Youth in Action Maryvale Communty Projett 1,000 Sandwell Asian Development Asso(?ation Make Them Smile 1,000 Total number 13 (2023: 10) 7,750 5,000
THE WILLIAM DUDLEY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 13 Total Grants Payable 46,250 45,000 Grants payable were attributable to unrestricted funds. Grants Payable (continued) 2024 2023 Reconclliation of Grants Payable G)mmitments made in the year Commitments at l January 2024 Grants paid during the year 46,250 45,000 (46,250) (45,000) Commitments at 31 December 2024 Management Expenses 2024 2023 Unrestricted Income Fund Administration fees (see below) Independent examination fees and Accountancy charges PO box Website MislIaneouS expenses 4,620 4,620 1,800 330 189 60 1,800 300 361 53 6,999 7,135 Pernianent Endowment Fund stc(kbroking and investment advi management f 8,W5 7,596 In order to keep costs to a minimum, Th) full-time stsff are employed, and the general administration is dealt with on a sUCOntrart basis. This Cost amounted to £4,620 (2023: £4,620), as above. No Trustee or any person connected with a Trustee has re1Ved any remuneratlon or expen for 2024 and 2023. The stcrkbroking and investment adv1 management fees were charged In addition to commission on Investment purchases and sales.
THE WILLIAM DUDLEY TRusr NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 14 Investments Unrestricted Permanent Notes Income Endowment Totsl 2024 Totsl 2023 maet value at 31 Dember 2023 Add.. addOnS at cost 1,275,956 197,133 1,275,956 197,133 1,202,152 230,623 1,473,089 1,473,089 1,432,775 Less: disposal at openiThJ market value or later cost (181,496) (181,496) (217,698) 1,291,593 1,291,593 1,215,077 Gainl(loss) on revaluation 78,790 78,PJO 60,878 1,370,397 1,370,397 1,275,956 Quilter Cheviot dient capital acc 26,424 26,424 45,572 Market value at 31 December 2024 1,396,821 1,396,821 1,321,528
THE WILLIAM DUDLEY TRusr NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 15 Realisation of Investsnents GalnlLoss on Disposal From From cost opening market value &lor Later cost Proceeds Cost Opening market value &lor Later cost disposal (excl accrued interest) UK Listed Anglo American USDO.54945 255 Ordinary Blad(rock World Mining Trust 276 5,301 3,410 5,025 1,8 7,560 3,195 8,805 4,365 (1,245) 3000 Ordinary Darl(tra PIC 340 Ordlnary Fidelity Invesfftnt Funds 43416 Ordinary Findlay Path Funds ICAV Findlay Park American 250 Ordinary Gresham House Energy Storage Pd PIC 200000 Ordinary Intermediate Capital Group Hc Ord GBPO.2625 700 Ordinary Mercantlle Investments T5t PIC (The) Ord GBPO.2625 5000 Ordinary Prudential PIC GBPO.025 750 Ordinary Shell PIC Ord EURO.7 450 Ordinary Shell PIC ord EURO.7 3750 Ordinary 20,118 11,442 12,468 8,676 7,650 34,972 45,397 35,484 (10,425) (512) 41,471 4,472 39,273 37,000 2,198 10,167 23,082 21,800 (12,915) (11,633) 15,113 5,086 11,763 10,026 3,349 11,815 6,670 11,075 5,145 4,729 11,265 6,654 (6,536) (1,925) 11,654 6,381 11,572 5,273 82 17,091 15,932 11,524 1,158 5,567 31 Group ord GBPO.738636 6,013 2,472 6,053 3,542 (39) 250 Ordinary Grand Total 186,004 138,806 181,496 47,199 4,508
THE WILLIAM DUDLEY TRusr NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 16 Summary of Investments Market Value Cost UK Listed 235 Ashtead group ord GBPO.10 175 AstftTrnca ord USDO.25 2,(NJO Aviva ord GBPO.3289473680 65,1 AXA Fixed Interest Investment ICVC AXA US Short Dur High Yield Zl Gross DIS 11,250 Baillie Gifford Inv Funds Il IOIC Japanese Inc Gth W4 Dis 6,000 Bardays PIC ord GBPO.25 5,500 Blackrock World Mining Trust ord GBPO.05 3,000 BP ord USDO.25 Compass Group PIC GBPO.1105 3,730 Pn¥)ety Growth & Income Fd ICVC Q GBP Dis 60,078 Fidelity European R GBP Dis 15,000 HICL Infrastnjtture PIC Ord 2,000 HSBC Holdings PIC ord USt)0.50 800 Interniediate Capital Group PIC ord GBPO.2625 6,500 Legal & General Group ord GBPO.025 13,000 M&G Investment Funds (l) M&G Japan Sterling PP Dis 10,750 M&G PIC ord GBPO.05 15,000 Mercantile Investment Tst PIC cfhe) ord GBPO.025 19,550 Octopus Renewables Infra Tr PIC ord GBPO.01 80,000 Premier Milton Income Funds ICVC Premier Milton CO Bd Monthly Inc C Dis 390 Relx PIC ord GBPO.1444 315 Rio Tinto ord GBPO.10 45,000 Royal London Bond Funds ICVC Steding Credit Z Shell PIC ord EURO.07 175 Unilever PIC ord GBPO.031111 25,000 UK ((kniemment 00 4.5% Gilt Snr 0711212042 550 31 Group ord GBPO.738636 5,905 7,502 9,950 65,955 11,668 18,319 9,376 55,822 15,507 15,255 9,372 11,716 15,772 9,996 40,188 61,692 22,133 10,488 5,814 17,150 15,537 23,875 20,010 20,177 58,143 16,089 26,455 11,790 10,648 34,354 64,344 17,820 15,706 16,528 14,937 18,859 21,269 35,700 13,294 58,160 12,935 12,844 52,691 11,344 3,300 24,515 5,438 14,153 14,877 54,270 19,808 7,959 23,523 19,602 (2023: Cost £565,128; Market Value £6+1,857) 569,949 640,585
ThE LLIAm DUDLEY TRusr NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 17 Summary of Investments (connued) Market Value Cost Non-UK Llsted 3,708 Blackrod( Global Fund5 SICAV Global High Yield Bond D3 USD DIS 26,000 Fidelity uCs ICAV US Quality Income 2,800 HSBC EfFS PIC S&P 500 U5 EfF 15,000 International Public Partner ond GBPO.0001 4,01JO NB Private Equity Partners Limited aass'A'ord shs USDO.01 175 Novartis AG CHFD.49 (Regd) 9,322 1,500 Paofic Capital uCs Funds PIC Pac Nth of Sth EM All Cap 18,779 Eqt R2 GBP Dis Prusik Umbrella ucrrs Fund PIC Prusik Aslan Equlty 51,712 Income U 1,000 Sands Capital Funds PIC US Set Growth A Acc Nav 250 Schroder International Selertion Fd US Large Cap X GBP Dis 8,000 Sthroder Orientsl Income Fund ord GBPO.01 125 Taiwan Semiconductor Manufatturing Sw)n ADS Ead) Rep 5 ord 12,000 The Renewables Infrastructure Grp ord NPV 2,250 Wellington Mgmnt Fds (Ireland) Hc 15,242 140,230 51,316 22,316 26,063 22,374 224,250 134,061 18,180 63,21)0 13,676 20,322 303 30,320 57,977 48,560 64,411 20,681 12,379 21,840 19,730 16,981 21,940 10,296 22,268 (2023: Cost £441,752; Market Value £631,099) 495 258 729 812 Total UK and NonwvUK Listed (2023: Cost £1,006,880. Market Value £1,275,956) 1,065,207 1,370,397 Cash (UK) Qullter Cheviot capital aoUnt 26,424 26,426 Total (2023: Q)st £1,052,452, Market Valve £1,321,528) 1,091,631 1,396,821 Creditors Falling Due within One Year Unrestricted Pemianent Income Endowment Total 2024 Total 2023 Accruals: Indendent examination fees Accountancy d)arges 638 1,186 638 1,186 638 1,186 1,824 1,824 1,824 1,824 1,824 1,824