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2025-12-31-accounts

Docusign Envelope ID: 21319F6B-FC9A-4795-9B7B-0B5D839DBDCA

THE WILLIAM DUDLEY TRUST TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Registered Charity Number 214752)

THOMAS & YOUNG LIMITED CHARTERED ACCOUNTANTS

Docusign Envelope ID: 21319F6B-FC9A-4795-9B7B-0B5D839DBDCA

THE WILLIAM DUDLEY TRUST

CONTENTS
Page
Report of the Trustees 1 - 4
Independent Examiner’s Report 5 - 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Accounts 9 - 18

Docusign Envelope ID: 21319F6B-FC9A-4795-9B7B-0B5D839DBDCA

THE WILLIAM DUDLEY TRUST TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Page 1

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The Trustees present their report with the accounts for the year ending 31 December 2025. The accounts have been prepared in accordance with the accounting policies set out on pages 9 to 11 and comply with the Charity’s constitution and applicable law.

REFERENCE AND ADMINISTRATION DETAILS Registered Charity Number:

214752

Principal Address: PO Box 17077 Birmingham B2 2NF

Trustees:

Mr A Bhalla (Chair) Revd Dr Martin Dudley (Vice Chair) Mr S Talboys Dr C Smith Mr P Cliff Miss R Nyambira

Bankers:

Lloyds Bank Plc 2-6 Market Street Wigan Lancashire WN1 1JN

Stockbrokers and Investment Advisers:

Quilter Cheviot 8[th ] Floor, Two Snow Hill Birmingham B4 6GA

Independent Examiner:

Thomas & Young Limited Carleton House 266-268 Stratford Road Shirley Solihull West Midlands B90 3AD

Docusign Envelope ID: 21319F6B-FC9A-4795-9B7B-0B5D839DBDCA

THE WILLIAM DUDLEY TRUST TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

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STRUCTURE, GOVERNANCE AND MANAGEMENT

Type of Governing Document

Deed of Foundation dated 8 May 1875 as amended under a Scheme approved by the Charity Commission on 18 April 1997. In accordance with their powers under the Scheme the Trustees amended the trustee selection method, as below, on 19 February 2008.

How the Charity is Constituted

A charitable trust.

Trustee Selection, Induction and Training

Under the amended Scheme referred to above, the Charity is governed by between five and nine co-opted Trustees. New Trustees are co-opted by the existing Trustees.

Persons considering becoming a Trustee are asked to complete a short application form and to provide two satisfactory references. Suitable applicants may attend at least one meeting as an observer, without obligation, before deciding whether to present themselves for co-option.

The Charity maintains a Trustee skills audit to identify gaps in its skills base. A document setting out the roles and responsibilities of charity trustees is made available to all applicants. This document includes details of links to governance and other websites useful to charity trustees.

As part of the induction process each new Trustee receives a copy of the Charity’s Scheme, the statement of investment policy, the most recent annual report and accounts, ground rules for meetings, procedures for managing external grant fraud and copies of the guidance for each of the Charity’s grant themes.

Occasional papers regarding changes in charity law and other associated matters are circulated as required.

Organisational Structure

The Trustees use the stockbrokers and investment advisers to provide a discretionary service to manage the investments. The general administration is dealt with on a sub-contract basis. Both investments and administration are monitored and reviewed by the Trustees who meet throughout the year when grants are considered.

Risks

There are no major risks identified by the Trustees.

The Trustees are aware that the Charity’s assets are subject to variations in the stock market to which the Charity is exposed. These risks are periodically reviewed by the Trustees with the stockbrokers and investment advisers, who constantly monitor the investments.

The Trustees have procedures to minimise the risk of external grant fraud and these procedures are continually monitored.

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THE WILLIAM DUDLEY TRUST TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

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OBJECTIVES AND ACTIVITIES

Objects

Under the Constitution the Trustees are to invest all sums of cash not required for immediate working purposes and to apply the income in accordance with the undermentioned objectives.

The current primary objective is the provision of assistance (education, training or establishment in life) to young people in financial need studying, working or residing in Birmingham, by way of grants, loans or bursaries. The second objective is to assist aged persons or their dependants who are, or who have been, in business in Birmingham and are in conditions of poverty. The third objective is making grants towards the general alleviation of need, hardship and distress through charitable bodies working in Birmingham.

The Trustees have considered the Charity Commission’s guidance on public benefit. The Charity furthers its objects for the public benefit, as described in Main Activities below.

Main Activities

The Trustees have made grants totalling £49,000 (2024: £46,250) in furtherance of the above objects.

Policy on Grant Making

The Charity’s primary objective, as above, is met by various bursaries to students at the School of Jewellery, Birmingham City University and by grants to the Prince’s Trust to distribute as development awards to young people. The Charity’s second objective is met by benefactions and by delegating the allocation of grants to Age Concern, Birmingham. The third objective is met by grants, which are considered throughout the year by reference to requests from charitable bodies. There are guidelines for grant making and applicants and these are reviewed regularly by the Trustees. There are no changes planned, for the future.

Achievements and Performance

The Charity’s accounts are set out on pages 7 – 17.

The income for the year, comprising investment and grants received, amounted to £49,186 (2024: £47,166). As stated above, the grants payable amounted to £49,000 (2024: £46,250).

At 31 December 2025 the net assets of the Charity totalled £1,559,904 (2024: £1,440,998). This figure represented a Permanent Endowment fund of £1,523,046 (2024: £1,396,821) plus an Unrestricted Income fund of £36,858 (2024: £44,177). The Trustees have included the investments of the Charity at market value on the 31 December 2025 in accordance with the requirements of Accounting and Reporting by Charities, Statement of Recommended Practice (SORP). The value of investments at 31 December 2025 increased, compared with the value at 31 December 2024, resulting in an increase in the Permanent Endowment Fund.

There have been no changes in policies since last year’s report and there are no changes planned, for the future.

Docusign Envelope ID: 21319F6B-FC9A-4795-9B7B-0B5D839DBDCA

THE WILLIAM DUDLEY TRUST TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

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FINANCIAL REVIEW

Policy on Reserve

As stated above, the Unrestricted Income fund at 31 December 2025 amounted to £36,858 (2024: £44,177). The Trustees consider that one year’s income should be maintained in this fund to allow for some flexibility in grant making and as a buffer against reduced income. There is still, therefore, flexibility to increase grants in 2026.

Investment Policy

The Trustees have delegated to the stockbrokers and investment advisers the investment of funds, in accordance with an investment policy statement (reviewed and updated when considered necessary) pursuant to the Trustee Act 2000. A medium risk strategy is adopted, and the investments are selected for both long term growth and income to finance charitable expenditure. Their performance is summarised in “Achievements and Performance” above. The Trustees consider that they have performed satisfactorily against this policy.

Trustees’ Responsibilities

Charity law requires the Trustees to prepare accounts for each financial year, which give a true and fair view of the state of the Charity’s affairs and of its financial activities for that year. In preparing those accounts the Trustees are required to: -

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are satisfied that the Charity’s assets are readily realisable and that they are sufficient to fulfil the obligations of the Charity.

The 2025 accounts have been prepared as above and independently examined by Mr J Carty of Thomas & Young Limited, whose report is attached.

Signed on behalf of the Trustees:-

Trustee:

Dated:

22-04-2026

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THE WILLIAM DUDLEY TRUST INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

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I report on the accounts of the Charity for the year ended 31 December 2025, 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 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:

BASIS OF INDEPENDENT EXAMINER’S REPORT

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from 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 no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.

INDEPENDENT EXAMINER’S STATEMENT

In connection with my examination no matter has come to my attention:

have not been met; or

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THE WILLIAM DUDLEY TRUST INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

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INDEPENDENT EXAMINER’S STATEMENT (Continued)

J Carty FCA FCCA Thomas and Young Limited Chartered Accountants & Registered Auditors

Carleton House 266-268 Stratford Road Shirley Solihull West Midlands B90 3AD

Dated:

23-04-2026

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THE WILLIAM DUDLEY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025

Page 7

Unrestricted Permanent Total Total
Income Endowment 2025 2024
Notes £ £ £ £
Incoming Resources
Investment income 2 49,111 - 49,111 47,166
Grants received 75 - 75 -
49,186 - 49,186 47,166
Resources Expended
Charitable expenditure:
Grants payable 3 49,000 - 49,000 46,250
Management expenses 4 7,505 8,430 15,935 15,004
Total Resources Expended 56,505 8,430 64,935 61,254
Net expenditure before gain/
(losses) on investments (7,319) (8,430) (15,749) (14,088)
Increase/(decrease) in unrealised
revaluation of investments 5 -
 130,922 130,922 78,790
Realised net gain/(losses) on
Investments 6 - 3,733 3,733 4,508
Net (expenditure)/income (7,319) 126,225 118,906 69,210
Fund balances brought forward at
1 January 2025 44,177 1,396,821 1,440,998 1,371,788
Fund balances carried forward
31 December 2025 36,858 1,523,046 1,559,904 1,440,998

The notes on pages 9 to 17 form part of these accounts.

Docusign Envelope ID: 21319F6B-FC9A-4795-9B7B-0B5D839DBDCA

THE WILLIAM DUDLEY TRUST BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2025

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Note
Fixed Assets
Investments
5
Current Assets
Income tax recoverable
Lloyds Bank Plc Current Account
Lloyds Deposit Account
Lloyds 32 Days’ Notice Account
Quilter Cheviot income account
Cash in hand
Less Creditors:
Amounts falling due within one year 8
Net Current Assets
Total Net Assets
Funds(Page 7)		 Unrestricted
Income
£
-
-
25,321
3,107
10,224
-
30
38,682
(1,824)
36,858
36,858
36,858		 Permanent
Endowment
£
1,523,046
-
-
-
-
-
-
-
-
-
1,523,046
1,523,046
Total

2025
£
1,523,046
-
25,321
3,107
10,224
-
30
38,682
(1,824)
36,858
1,559,904
1,559,904		 Total
2024
£
1,396,821
-
15,937
20,034
10,000
-
30
46,001
(1,824)
44,177
1,440,998
1,440,998

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 2026 and signed on its 22-04-2026 behalf by:

Signed: Trustee

Docusign Envelope ID: 21319F6B-FC9A-4795-9B7B-0B5D839DBDCA

THE WILLIAM DUDLEY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025

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1. Summary of significant accounting policies

(a) General information and basis of preparation

The William Dudley Trust is a registered Charity in England. The address of the registered office is given in the Charity information on page 1 of these financial statements. The nature of the Charity’s operations and principal activities are detailed in the Trustees Report on pages 1 to 4.

The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Practice as it applies from 1 January 2015.

The Charity has applied Updated Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is a small Charity.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Endowment funds represent those assets which must be held permanently by the Charity, principally permanent investments (see note 7). Income arising on the endowment funds can be used in accordance with the objects of the Charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

Docusign Envelope ID: 21319F6B-FC9A-4795-9B7B-0B5D839DBDCA

THE WILLIAM DUDLEY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025

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1. Summary of significant accounting policies (continued)

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.

Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment 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 reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the Charity’s right to receive payment is established.

Grants received are included in the accounts when receivable 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 endowments or when a Charity has authority to adopt a total return approach to its permanent endowment fund. It also includes other income such as gains on disposals of tangible fixed assets.

(d) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:-

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the Charity.

(e) Support costs allocation

Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the Charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings, they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Other overheads have been allocated on a basis determined appropriate by the Trustees.

The analysis of these costs is included in note 4.

Docusign Envelope ID: 21319F6B-FC9A-4795-9B7B-0B5D839DBDCA

THE WILLIAM DUDLEY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025

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1. Summary of significant accounting policies (continued)

(f) Investments

Investments are recognised initially at fair value which is normally the transaction price without transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains/(losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

(g) Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

(h) Provisions

Provisions are recognised when the Charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

(i) Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.

2. Investment Income

Investment Income
2025
2024
£ £
Investment income from UK listed investments 31,737
29,469
Investment income from non-UK listed investments 17,077
17,663
Bank Interest 297
34
49,111
47,166

Income from investments was £49,111 (2024: £47,166) of which all related to unrestricted funds.

Docusign Envelope ID: 21319F6B-FC9A-4795-9B7B-0B5D839DBDCA

THE WILLIAM DUDLEY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025

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3. Grants Payable

a) Primary Objective (per page 2)
The Prince’s Trust
School of Jewellery, Birmingham City University
Design for Industry Final Degree Module Awards
Design for Industry New Designers Event Awards
Artist in Residence Bursary
b) Second Objective (per page 2)
Age Concern, Birmingham
c) Third Objective (per page 2)
General Grants to Institutions (towards expenditure as itemised)
Children’s Hospital Pyjamas
Martineau Gardens
(Therapeutic Horticulture Programme)
Elayos (Purchase of Doula Kits for pregnant women)
Heartlands Cystic Fibrosis Centre
BIRCH Network
Birmingham Community Hosting Network
Bourneville Village Trust
Sudden Productions
African Women Impact UK
Total number 9 (2024: 13)
Total Grants Payable
Grants payable were attributable to unrestricted funds.		 2025
£
25,000
500
12,000
2,500
40,000
5,000
1,000
1,000
1,000
1,000
-
-
-
-
-
4,000
49,000		 2024
£
20,000
4,500
4,500
2,500
31,500
7,000
1,000
1,000
1,000
-
1,000
1,000
1,000
750
1,000
7,750
46,250

Docusign Envelope ID: 21319F6B-FC9A-4795-9B7B-0B5D839DBDCA

THE WILLIAM DUDLEY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025

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3.
Grants Payable (continued)
Reconciliation of Grants Payable
Commitments made in the year
Commitments at 1 January 2025
Grants paid during the year
Commitments at 31 December 2025
4.
Management Expenses
Unrestricted Income Fund
Administration fees (see below)
Independent examination fees and
Accountancy charges
PO box
Website
Miscellaneous expenses
Permanent Endowment Fund
Stockbroking and investment advice management fee		 2025
£
49,000
-
(49,000)
-
2025
£
5,100
1,800
353
204
48
7,505
8,430		 2024
£
46,250
-
(46,250)
-
2024
£
4,620
1,800
330
189
60
6,999
8,005

In order to keep costs to a minimum, no full-time staff are employed, and the general administration is dealt with on a sub-contract basis. This cost amounted to £5,100 (2024: £4,620), as above.

No Trustee or any person connected with a Trustee has received any remuneration or expenses for 2025 and 2024.

The stockbroking and investment advice management fees were charged in addition to commission on investment purchases and sales.

Docusign Envelope ID: 21319F6B-FC9A-4795-9B7B-0B5D839DBDCA

THE WILLIAM DUDLEY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025

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5. Investments
Unrestricted Permanent Total Total
Notes Income Endowment 2025 2024
£ £ £ £
Market value at 31 December 2024 - 1,370,397 1,370,397 1,275,956
Add: additions at cost - 223,301 223,301 197,133
1,593,698 1,593,697 1,473,089
Less: disposal at opening
market value or later cost
6		 - (233,228) (233,228) (181,496)
- 1,360,470 1,360,470 1,291,593
Gain/(loss) on revaluation - 130,922 130,922 78,790
- 1,491,392 1,491,392 1,370,397
Quilter Cheviot client capital acc - 31,654 31,654 26,424
Market value at 31 December 2025 - 1,523,046 1,523,046 1,396,821

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THE WILLIAM DUDLEY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025

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6. Realisation of Investments

Gain/Loss on
Disposal		 Gain/Loss on
Disposal		 Gain/Loss on
Disposal
Proceeds
of
disposal
(excl
accrued
interest)		 Cost Opening
market
value &/
or Later
cost		 From
cost		 From
openin
g
market
value
&/ or
Later
cost
UK Listed £ £ £ £ £
Ashtead GroupGBP0.10 2,413 1,382 2,731 1,031 (318)
55 Ordinary
Axa Fixed Interest Investment 55,679 65,955 55,822 (10,276) (143)
65,000 Ordinary
Barclays Plc Ord GBP0.25 4,379 2,343 4,022 2,037 358
1,500 Ordinary
Blackrock World Mining Trust
ord GBP0.05
2,500 Ordinary		 13,386 5,325 12,025 8,061 1,361
FidelityEuropean R GBP Dis 17,431 15,483 16,149 1,948 1,282
15,078.46 Ordinary
HSBC Holdings Plc ord
USD0.50		 4,344 2,622 3,927 1,722 417
500 Ordinary
Intermediate Capital Group Plc
Ord GBPO.2625		 4,419 1,599 4,545 2,820 (126)
200 Ordinary
Mercantile Investments Tst Plc
(The) Ord GBPO.2625		 5,898 3,335 5,950 2,563 (52)
2,500 Ordinary
Shell Plc Ord EURO.7 8,222 4,396 7,676 3,826 546
310 Ordinary
3i Group ord GBPO.738636 10,731 2,719 9,801 8,012 930
275 Ordinary
Non UK Listed
HSBC ETFS Plc S&P 500 UCITS
ETF		 71,224 27,949 73,016 43,275 (1,792)
1525 Ordinary
Sands Capital Funds Plc US
Select Growth A Acc Nav		 16,865 9,551 15,296 7,314 1,569
315 Ordinary
Wellington Mgmnt Fds
(Ireland) Plc Wellington Gbl
Cred ESG Fd		 21,970 21,941 22,268 29 (298)
2,250 Ordinary
Grand Total 236,961 164,600 233,228 72,362 3,733

Docusign Envelope ID: 21319F6B-FC9A-4795-9B7B-0B5D839DBDCA

THE WILLIAM DUDLEY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025

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7. Summary of Investments

Cost Market
Value
UK Listed £ £
180 Ashtead group ord GBP0.10 4,523 9,155
175 Astrazenca ord USD0.25 7,502 24,133
2,000 Aviva ord GBP0.3289473680 9,951 13,688
11,250 Baillie Gifford Inv Funds II ICVC Japanese Inc Gth W4
Dis		 15,507 17,021
4,500 Barclays Plc ord GBP0.25 7,029 21,418
5,500 Blackrock World Mining Trust ord GBP0.05 6,390 24,120
3,000 BP ord USD0.25 15,772 12,984
400 Compass Group Plc ord GBP0.1105 9,996 9,456
3,730 CT Property Growth & Income Fd ICVC Q GBP Dis 40,188 35,966
45,000 Fidelity European R GBP Dis 46,209 53,640
15,000 HICL Infrastructure Plc Ord 22,133 17,460
1,500 HSBC Holdings Plc ord USD0.50 7,866 17,607
300 IMI ord GBP0.28571428 6,081 7,464
580 Intermediate Capital Group Plc ord GBP0.2625 4,215 11,913
6,500 Legal & General Group ord GBP0.025 17,150 17,024
18,000 M&G Investment Funds (1) M&G Japan Sterling PP Dis 22,682 31,295
10,750 M&G Plc ord GBP0.05 23,875 30,788
35 Magnum Ice Cream Co NV (The) ord EUR3.50 (DI) 169 412
1,350 Melrose Industries Plc ord GBP0.001 6,414 7,943
12,500 Mercantile Investment Tst Plc (The) ord GBP0.025 16,675 32,188
19,550 Octopus Renewables Infra Tr Plc ord GBP0.01 20,177 11,945
80,000 Premier Milton Income Funds ICVC
Premier Milton Corp Bd Monthly Inc C Dis		 58,251 59,335
390 Relx Plc ord GBP0.1444 12,936 11,778
315 Rio Tinto ord GBP0.10 12,844 18,881
55,000 Royal London Bond Funds ICVC Sterling Credit Z 64,644 68,640
490 Shell Plc ord EUR0.07 6,948 13,426
14,000 TM OEIC TM Lansdowne Eurp Special Stns S GBP Dis 25,144 26,572
155 Unilever Plc ord GBP0.035 3,105 7,532
40,000 UK (Government of) 4.5% Gilt Snr 07/12/2042 38,497 37,680
30,000 UK (Government of) 4.25% Bds 31/7/2034 29,249 29,647
30,000 UK (Government of) 4.25% Snr Bds 07/12/2027 30,309 30,344
25,000 UK (Government of) 4.625% Bds 31/01/2034 25,169 25,446
275 3i Group ord GBP0.738636 2,718 8,973
(2024: Cost £569,949; Market Value £640,585) 620,318 745,874

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7. Summary of Investments (continued)

Cost Market
Value
Non-UK Listed £ £
3,708 Blackrock Global Funds SICAV Global High Yield Bond D3
USD Dis		 15,242 21,221
26,000 Fidelity UCITS ICAV US Quality Income 140,230 239,168
1,275 HSBC ETFS Plc S&P 500 UCITS ETF 23,367 66,092
250 Ishares GBP Corp Bd 0-5 UCITS ETF 25,385 25,825
15,000 International Public Partner ord GBP0.0001 22,316 18,780
000 NB Private Equity Partners Limited Class'A'ord shs
USD0.01		 26,063 64,720
175 Novartis AG CHF0.49 (Regd) 9,322 17,965
1,500 Pacific Capital UCITS Funds Plc Pac Nth of Sth EM All Cap
Eqt R2 GBP Dis		 18,779 25,518
303 Prusik Umbrella UCITS Fund Plc Prusik Asian Equity
Income U		 51,712 52,772
685 Sands Capital Funds Plc US Select Growth A Acc Nav 20,769 35,709
400 Schroder International Selection Fd US Large Cap X GBP
Dis		 99,012 114,003
8,000 Schroder Oriental Income Fund ord GBP0.01 20,681 27,280
125 Taiwan Semiconductor Manufacturing Spon ADS Each
Rep 5 ord		 12,379 28,197
12,000 The Renewables Infrastructure Grp ord NPV 16,981 8,268
(2024: Cost £495,258; Market Value £729,812) 502,238 745,518
Total UK and Non–UK Listed
(2024: Cost £1,065,207; Market Value £1,370,397)
Cash (UK)
Quilter Cheviot capital account


Total
(2024: Cost £1,091,631, Market Value £1,396,821)		 1,122,556
31,654
1,154,210		 1,491,392
31,654
1,523,046

8. Creditors Falling Due within One Year

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THE WILLIAM DUDLEY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025

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Unrestricted Permanent Total
Total
Income Endowment 2025
2024
£ £ £
£
Accruals:
Independent examination fees 638 - 638 638
Accountancy charges 1,186 - 1,186 1,186

1,824		 - 1,824 1,824
1,824 - 1,824 1,824