HODGE
FOUNDATION
The Jane Hodge Foundatlon
Reglstered number 216053
Trustees, Report and
Financial Statements
30 September 2023

HODGE
RegiSt¢r￿ nwYJb¢r21fJJ53
Fillattcial statements
30 Septemlxr 2023
FOUNDATION
Contents
Trustees, Report
Statement of Trustees, Responslbllltles In Respert of the Trustees, Annual Report
and the Financial Statements
Independent Audltor's Report to the Trustees of The Jane Hodge Foundatlon
Statement of Financial Activities
12
Balance Sheet
13
Statement of Cash Flows
14
Notes to the financial statements
15

HODGE
FOUNDATION
R¢gister¢d llumbcr 21&I53
FIr￿L¢la1 Statem￿18
30 September 2023
Trustees. Report
The Trustees present thelr annual report together wlth the audited financial statements
of the Charity for the year ended 30 September 2023. The financial statements have
been prepared in accordance with the accounting policies set out In note l and comply
with the Foundation's trust deed, the Charities Act 2011 and Accounting and Reporting
by Charities (second edition October 2019): Statement of Recommended Practice
appllcable to charities in accordance wlth the Financial Reporting Standard applicable in
the UK (FRS102). The Jane Hodge Foundation is a public beneflt entlty.
Administrative information
Trustees
J Jonathan Hodge" (Family Trustee)
lan H Davles
Karen L Hodge
* Trustees who a￿ or have been directors of The Cartyle Trust Llmlted and/or o.ne or
more of its subsidiaries during the year.
Audltor
Azets Audit Services (appointed 27 July Ernst & Young LLP (Reslgned 20 July
2023)
2023)
Lime Tree Court
32 Counterslip Road
Cardiff Gate Business Park
Bristol
Cardiff
BSI 6BX
CF23 8AB
Sollcltors
Eversheds Sutherland
I Callaghan Square
Cardiff
CFIO 5BT
Bankers
Hodge Bank
One Central Square
Cardiff
CFIO IFS
Natwest
250 Bishopsgate
London
EC2M 4AA
Investment Advlsors
RBC Brewin Dolphin
2 Central Square
Cardiff
CFIO IFS
Deposits Cash Manager
Flagstone Group Ltd
1st Floor
Clarevllle House
26-27 Oxenden Street
London SWIY 4EL
Reglstratlon number
The Jane Hodge Foundation is a ￿gIStered charity, registration number 216053.
Reglstered office
One Central Square
Cardiff, CFIO IFS

HODGE
Re8iYterd nu]llbBr 21fA)53
FinaDcial statements
30 September2023
FOUNDATION
Structurer governance and management
Constitutlon
The Jane Hodge Foundatlon Is an unincorporated trust, govemed by a trust deed dated
15 October 1962. It does not fundraise and seeks to pursue Its obJectlves through
careful stewardshlp of Its resources.
Trustees
The Trustees who served during the year are set out above. The trust deed provides for
a maximum of nine trustees. The power of appointing or removing trustees is vested
In the Famlly Trustee who takes Into account the background and experlence of trustees
during the appointment process.
The Trustees meet regularlyt usually quarterly, to agree the broad strategy and areas
of activlty for the Foundatlon, Including conslderation of grant maklng, Investment, risk
management policies and performance. The Tru5tee5 also undertake the day to day
administration of grants and oversee the processing and handling of applications.
The Trustees keep their skill ￿quireMents under review and subscribe to charity law
and guidan￿ publications.
Risk management
The Trustees are responsible for the Foundatlon's system of Internal control and for
reviewing its effectiveness. This includes consideration of the major risks which the
Foundation faces and the implementation of systems to mitigate those risks. The
Trustees confirm they have examined during the year the major strategic, business and
operational risks and have established systems to enable regular report5 to be produced
so that the necessary steps can be taken to lessen these risks. The Trustees consider
the variability of investment returns on the Foundation's funds to constitute the most
significant risk, which is monitored on a regular basis. The Trustees currently have an
Investment strategy, which involves a managed investment portfolio in order to provide
a stable level of income and long-term capital growth, with a medium risk profile.

HODGE
Regi8￿￿1 nU￿b¢r21￿)S3
FiJw¢io1 stat¢mAts
30 September 2023
FOUNDATION
Objertives and artivltles
The objectives of the Foundation are to allocate income for general charitable purposes,
wlth speclal regard to the followlng areas..
l. The encouragement of medical and surgical studies and research, and in partlcular
the study of and research in connection with the causes, diagnosis, treatment and
cure of cancer* poliomyelitis and tuberculosis and diseases affecting children.
li. The general advancement of medical and surgical science.
iii.The advancement of education;
Iv.The advancement of religion.
Each application for a grant received in the year was considered agalnst these objectives
and appllcatlons were only consldered from exempt or registered charities.
The Trustees confirm that they have referred to the guidance contained in the Charity
Commlsslon's general gUIdan￿ on publlc benefit when reviewing the Foundation's aims
and objectives and In plannlng future actlvltles and settlng the grant making policy for
the year.
Policies
Reserves pollcy
The Trustees alm:
to distribute the net annual income to exempt charities and other charities
reglstered with the Charlty Commlssloners malnly under the headings of medical
care, medical research, educatyon and religion.
to ensure that adequate reserve5 are retained in order to maintain the level of core
stable revenue resources needed to support the ongoing programme of annual
donations, taking into account the inherent volatility in the various income sources,
and to provide funds for any future capital expenditure which may be required in
support of projects such as hospices, education facilities, medical centres and day-
care facilities.
The Trustees, current assessment of the target range of free reserves Is £3m-£4m,
based on resources expended during past years and that expected for future years. The
current free reserves are significantly in excess of this target as they are used to
generate future Investment Income.
Free reserves, being unrestricted reserves less charitable commitments, are
£23,280,471 (2022.. £18,538,296) which includes £1,883,499 {2022.' £1,371,203)
relatlng to unreallsed revaluatlons of Investments. The Trustees conslder that this level
of free reserves Is currently approprlate to generate the annual total incoming resources
to meet its strategic objettives. This view has been reinforced by the economlc effect
of the coronavlrus pandemlc, where many charltles suffered severe financlal stress.

HODGE
R¢¥i$terd ]Jumber 216053
FOUNDATION
30 W¢mtrKT 21)23
Investment policy
With the assistance of its investment advisors, the Trustees have adopted a Statement
of Investment Policyi which is reviewed annually. The objectlve of the pollcy Is to
achieve a balanced return from a diversified portfollo, adoptlng a medium risk approach.
The Trustees have adopted an ethical policyi which seeks to avold Investment in
companles that have any materlal activity connected with tobacco, alcohol, armaments,
slave labour or discrimination. They also review and monitor regularly the actions taken
by their investment advisors in the application of socially ￿sponsible Investment pollcles
and principles.
Grants policy
The Trustees have adopted a grants policy whlch sets out the general principles under
which applications for grants are considered and, where appropriate, approved. The
Trustees Invlte appllcatlons for grants from charitable institutions who submit a
summary of their proposals. Grants a￿ made only to registered and exempt charities.
Flnanclal revlew
As in previous years, this report is intended to provide some addltlonal Informatlon to
accompany the financial statements In order to explaln the progress of current and
futu￿ projects. Detalls of incomlng resources and resources expended are set out in
the Statement of Flnancial Activities on page 12.
The net unrestricted Incomlng ￿sOurceS before donations for the year to 30 September
2023 was £3,559,270 (2022.. £3,254,132), wlth grants payable for the year amounting
to £1,754,695 (2022.. £5,974,588).
From the appllcatlons for grants received in the year, applications in respect of
£1,754,695 (2022.. £5,974,588) met the criteria required and amounts were granted to
the charities concerned. The level of grants made each year can vary since there is a
process of assessment and approval before grants can be made and grants may cover
a period of more than one year. Consequentlyi the grants reported In the Statement
of Financial Activlties can dlffer from the amount of grants paid in the year. Actual
donations paid in the year, including amounts committed in prior years, totalled
£3,367,219 (2022.. £1,700,725).
Achievements and perfornlance
The objectives for the year We￿ to contlnue to support medical care and research, to
fund educational posts, mainly related to business and economlcs studies, and religious
and other charities.
The support of medical care and research has continued with £353,362 (2022."
£259,591) of new grants being made to various medical related charities. The main
focus has been on local hospices and research in the fields of cancer and mental health.
The Foundation has contlnued its sponsorship of education posts in business and
economics related studies through its liaison wlth higher education establishments and
has also supported other educational projerts. Grants made to educational charities
totalled £231,858 (2022.. £5,082,700). Amounts granted for specific care and welfare
projerts within the aims and objectives of the Foundation totalled £1,158,992 (2022..
£614,209).

HODGE
Rw'sle]td number216053
FiJwi¢iaJ *ts¢nts
30 Septemter2023
FOUNDATION
Oryanisation
The admlnlstration of the Foundation contlnues to be based at the offices of Hodge
Bank, One Central Square In Cardlfffs clty centre. The Foundatlon stlll benefits
slgnificantty from the skills and expertise of the Bank's senior management, for which
the Trustees are very grateful and this has allowed the Foundation to maintain its own
admlnlstratlon costs at thelr very low level for another year.
Future
The Trustees will continue to encourage applications for grants from charities whose
objectives are in accordance with the aims and objectives of the Foundation. Particular
emphasis will continue to be given to supporting medical research, especlally in the
field5 of cancer and mental health, and to funding educational initiatives, projects
relating to business and economics and religiou5 and other charities. There will also be
a focus on improving outcomes for those living in less affluent areas of Wales.
Disclosure of informatlon to audltor
The Trustees who held office at the date of approval of this Trustees, Report confirm
that, so far as they are each aware, there is no relevant audit information of which the
Charity's auditor is unaware; and each Trustee has taken all the steps that he or she
ought to have taken as a Trustee to make himself or herself aware of any ￿levant audit
Informatlon and to establish that the Trustee's auditor is aware of that information.
By order of the Board of Trustees
J Jonathan Hodge
Trustee
Date: 26 February 2024

HODGE
Regi5tcraJ 21fA153
Finonci8] st2temerJts
30 S¢p¢￿ber 2023
FOUNDATION
Statement of Trustees. Responsibilitles In Respert of the Trustees. Annual
Report and the Financial Statements
Under charity law, the Trustees are ￿sponsible for p￿parIng the Trustees, Annual
Report and Financial Statements for each financial year which show a true and fair view
of the state of affairs of the Charlty and of the excess of Income over expenditure, belng
net incoming resources, for that year.
In preparing these financial statements, generally accepted accountlng practlce entalls
that the Trustees..
select suitable accountlng pollcles and then apply them consistently;
make Judgements and estlmates that are reasonable and prudent;
state whether applicable UK Accounting Standards and the Statement of
Recommended Practice have been followed, subject to any materlal departures
dlsclosed and explalned In the flnanclal statements;
state whether the financial statements comply with the trust deed, subject to any
material departures disclosed and explained in the flnanclal statements;
prepare the flnancial statements on the golng concern basls unless it is inappropriate
to presume that the Charity will contlnue Its actlvities.
The Trustees are required to act in accordance with the trust deed of the Charlty and
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 to enable the Trustees to ensure that, where
any statements of accounts are prepared by them under section 132(1) of the Charities
Act 2011, those statements of accounts comply wlth the requirements of regulations
under that provision. They have general responsibility for taking such steps as are
reasonably open to them to safeguard the a55ets of the Charity and to prevent and
detect fraud and other irregularities.

HODGE
Rwst¢Ted tsumber21￿53
FiD8JLcia] Stat￿1$
30 September 2023
FOUNDATION
INDEPENDEKf AUDrroR'S REPORT TO THE TRusfEES OF THE JANE HODGE
FOUNDATION
Oplnlon
We have audited the financial statements of The Jane Hodge Foundation for the year
ended 30 September 2023 which comprise the Statement of Flnanclal Actlvltles, the
Balance Sheet, the Statement of Cash Flows and notes to the financlal statements,
Includlng slgnlflcant accountlng pollcles. The flnanclal reportlng framework that has
been applied In thelr preparatlon Is appllcable law and Unlted Kingdom Accounting
Standards, including Financial Reporting Standard 102 The Financlal Reportlng Standard
applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted
Accountlng Practlce).
In our oplnlon the financlal statements:
glve a true and falr vlew of the state of the charlty's affairs as at 30 September
2023, and of Its Incomlng resources and appllcatlon of resources, including its
income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally
Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charlties Att
2011
Basls for oplnlon
We condutted our audit in accordance with International Standards on Audlting (UK)
(ISAS (UK)) and applicable law. Our responsibilities under those standards are further
descrlbed In the Audltorfs responslbllltles forthe audlt of the flnanclal statements sectlon
of our report. We are independent of the charity in accordance wlth the ethlcal
reqU1￿ments that are relevant to our audit of the financial statements in the UK,
Includlng the FRC'S Ethlcal Standard, and we have fulfllled our other ethical
responsibilities in accordance with these requirements.
We belleve that the audlt evldence we have obtalned Is sufflclent and appropriate to
provide a basis for our oplnlon.
Conclusions relating to going concern
In auéltlng the financlal statements, we have concluded that the trustees, use of the
going concern basis of accounting in the preparation of the financial statements Is
appropriate.
Based on the work we have performed, we have not Identlfled any materlal uncertalntles
relatlng to events or condltlons that, Indlvldually or collectlvely, may cast significant
doubt on the charity's ability to continue as a going concern for a period of at least
twelve months from when the flnanclal statements are authorlsed for Issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern
are descrlbed In the relevant sectlons of thls report.

HODGE
FOUNDATION
Re8iStcrtd numbu 21(th3
Fingocial statttnent8
30 Septemb# 2023
INDEPENDENT AUDrroR'S REPORT TO THE TRusfEES OF THE JANE HODGE
FOUNDATION
Other Inforniatlon
The other information comprises the infomiation included in the trustees annual report,
other than the financlal statements and our audltor's report thereon. The trustees are
responsible for the other information contained within the annual report. Our opinion
on the financial statements does not cover the other infomlation and, except to the
extent otherwise explicitly stated in our report, we do not express any form of assurance
concluslon thereon.
Our responsibility 15 to ￿ad the other information and, in doing so, consider whether
the other information is materially inconsistent with the flnanclal statements or our
knowledge obtained in the course of the audit or otherwlse appears to be materlally
misstated. If we Identlfy such materlal Inconsistencies or apparent material
mlsstatements, we are required to determine whether this gives rise to a material
misstatement in the financial statements themselve5. If, based on the work we have
performed, we conclude that there is a material misstatement of thls other Infomatlon,
we a￿ ￿qUI￿d to report that fact.
We have nothlng to report in thi5 regard.
Matters on which we are required to report by exceptlon
We have nothing to report in ￿SpeCt of the followlng matters where the Charities
(Accounts and Reports) Regulations 2008 require us to report to you if, in our oplnlon,.
the information given in the trustees, annual report is inconsistent in any material
respect with the financial statements; or
sufficient accounting records have not been kept. or
the financial statements are not In agreement with the accounting records and
returns. or
we have not received all the inforniation and explanations we requlre for our
audlt.

HODGE
FOUNDATION
Registerw] numter 216A)53
Financial stat*n￿ts
30 September2023
INDEPENDENT AUDrroR'S REPORT TO THE TRusfEES OF THE JANE HODGE
FOUNDATION
Responsibilities of trustees
As explained more fully in the trustees, responsibilities statement, the trustees are
responsible for the preparation of the flnancial statements and for being satisfied that
they give a true and fair view, and for such internal control as the trustees determine
is necessary to enable the preparation of financial statements that are free from
material mi55tatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responslble for assesslng the
charity's ability to continue as a going concem, disclosing, as applicable, matters ￿lated
to going concern and using the going concern basis of accounting unless the trustees
either intend to liquidate the charity or to cease operations, or have no reallstlc
alternative but to do so.
Auditorfs r￿PonsIbl11t1¢$ for the audit of the flnanclal statements
We have been appointed auditor under section 144 of the Charities Act 2011 and rpport
in accordance with this Act and relevant regulations made or having effect thereunder.
Our objertives are to obtain reasonable assurance about whether the financial
statements as a whole are f￿e from material misstatement, whether due to fraud or
error, and to issue an auditorfs report that includes our opinion. Reasonable assurance
Is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with ISAS (UK) will always detect a material mi55tatement vihen it exists. Misstatements
can arise from fraud or error and are considered material if, individually or In the
aggregate, they could reasonably be expected to influence the economic declslons of
users taken on the basis of these financial statements.
A further description of our responsibilities is available on the Financlal Reportlng
Councll's website at: htt
www.frc.or
.uk
Our-work
Audi
Audit-and-assuiance
Stand3rds-ènd-
uidance
Standards-and-
uidance-for-audltors
Auditors-res
nslblllties-for-audi
Descri
tion-of-auditors-
nsibilities-for-audit.as
x.This descrlptlon foms part of our auditor's report.
res

HODGE
Registettyj number 216053
Fi]￿l¢la1 statemwts
30 SLVtembcr2023
FOUNDATION
INDEPENDENT AUDrroR'S REPORT TO THE TRusfEES OF THE JANE HODGE
FOUNDATION
Extent to which the audit wa$ considered capable of detectlng Irregularltles,
Including fraud
[r￿gularitIes, including fraud, are instances of non-compliance with laws and
regulations. We deslgn procedures In Ilne wlth our responslbllltles, outllned above, to
detect material misstatements in respect of ir￿gUIaritle$, Includlng fraud.
We obtain and update our understanding of the entity, its activities, Its control
environment, and likely future developments, including in relatlon to the legal and
regulatory framework applicable and how the entlty Is complying with that
framework. Based on thls understandlng, we Identify and assess the risks of material
mlsstatement of the financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. This includes consideration
of the risk of acts by the entity that were contrary to appllcable laws and regulatlons,
including fraud.
In response to the risk of irregularities and non-compliance with laws and ￿gUlatiOns,
including fraud, we designed procedures which included.,
Enquiry of management and those charged with governance around actual and
potential litigation and claims as well as actual, suspected and alleged fraud;
Revlewlng mlnutes of meetlngs of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to
have a direct material effect on the financial statements or the operatlons of the
entity through enqulry and Inspectlon;
Reviewing financial statement dlsclosures and testing to supporting
documentation to assess compliance wlth appllcable laws and regulations:
Performing audit work over the risk of management bias and override of control5,
including testing of joumal entries and other adjustments for appropriateness,
evaluating the business rationale of significant transactions outside the normal
course of business and revlewlng accountlng estimates for indicators of potential
blas.
Because of the inherent limitations of an audit, there is a risk that we will not detect all
irregularities, including those leading to a materlal mlsstatement in the financial
statements or non-compllance wlth regulation. This risk increases the more that
compllance with a law or regulation is removed from the events and transaction5
reflected in the financial statements, as we will be less likely to become aware of
instances of non-compliance. The risk of not detecting a material misstatement
sulting from fraud is hlgher than for one resultlng from error, as fraud may involve
collusion, forgeryt intentional omissions, misrepresentations, or the override of internal
control.
10

HODGE
FOUNDATION
Kcgistued numbu21(A153
FIna￿la7 statettl￿tS
30 Septfflb¢r2023
INDEPENDENT AUDrroR'S REPORT TO THE TRusfEES OF THE JANE HODGE
FOUNDATION
Use of our report
This report is made solely to the Trustees, a5 a bodyi in accordance with Part 4 of the
Charities (Accounts and Reports) Regulations 2008. Our audlt work has been
undertaken so that we might state to the charity's trustees those matters we a
required to state to them In an audltor's report and for no other purpose. To the fullest
extent permltted by law, we do not accept or assume responslblllty to anyone other
than the charitable company and the charitable company's members as a body, for our
audit work, for this report, or for the opinions we have formed.
Azets Audlt Servlces
Senlor Statutory Audltor
Chartered Accountants and Statutory Auditors
Ty Derw
Lime Tree Court
Cardiff Gate Business Park
Cardiff
CF23 8AB
Date .
2014
Azets Audit Services Is eligible to act as an auditor in terms of section 1212 of the
Companies Act 2006.
li

HODGE
FOUNDATION
Rcgi8¢¢rcd numbcl 21￿53
Financial statemejjts
30 Swemb¢r 2023
statement of Flnanclal Activities
ft)r the year ended 30 September 2023
Note
Unrestrtcted
funds
Expendable
Endowment
fvnds
Totsl
Total
2023
2023
2023
2022
Incoming resources
Incoming resour￿5 from
generated funds
Investment Income,.
Llstéd Snvestment Income
Unllsted Investment Income
Inte￿$t recetvable
936,822
2,607,873
123,454
936.822
2,607,873
123,454
775,831
2,607,873
Tot•1 In¢•mlng r••ourc•s
3.668,149
3,668.149
3,383,704
Resources expended
Charitable actlvltles
Cost of generating fvnds
Governantr costs
1,754,695
97,179
11,700
1.754.695
97,179
11,700
5,974,588
121,832
7,740
Total Te*ouree* expended
1.863,574
1.863.574
6.104,160
N•t incoming/{outgoing)
resources
1,804,575
1,804,575 (2,720,456)
Oth•r rtcogni**d gain# and
losses
Gain / (lossl on Investments
1,314,595
868,266
2,182,861 {4,027,914)
Net movement In lunds
3.119,170
868,266
3,987,436 {6,748,370)
Reconciliation of funds
Tot•1 fund$ brought lorwjrd
24,371,452
20,942,223
45,313,675
52,062,045
Tot•1 lunds orrl•d forward
27rt9Q,622
21,810,489
49,301,111
45,313,675
The financial activities set out above are all in respect of the continuing activities of the
Charity.
The notes on pages 15 to 23 form part of these flnanclal statements.
12

HODGE
Rewstered nutnber 216053
Fill3n¢ial ststoments
30 Septekn 2023
FOUNDATION
Balance Sheet
at 30 September 2023
Note un￿$t￿Cted
fvnds
Expen(Jable
Endowment
funds
2023
Tot•1
2022
Total
Non-current assets
Investments
Cash held by Investment manager
for investment purposes
io
27,696.663
21,810,489 49.507.352 41,746,931
648,836
648,836
2,349,549
28,345.699
21,810,489 50,156,188 44,096,480
CurreDt •••ets
Debtor5
Cash at bank and In hand
Cash held by cash inve51rnent
manager
li
206.419
1.276,385
206,419
1,276,385
143,628
1,954,943
1,885,848
1.885W8
4,998,490
3,368,652
3,368.652
7.097,061
Credltorn: amounts falllng due
wlthln one year
12
(1,783,781)
(1.783.781) (1,788,066)
Net curnnt assets
1,584,871
1,584,871
5,308,995
Cr•dltors: amounts falllng due
after more than one year
13 (2,439,948)
(2rt39,948) (4.091,800)
27.490,6Z2 21,810.489 49.301.111 45,313,675
The Funds off the Chanty
Expendable endowment funds
14
21,810,489 21,810,489 20,942,223
Unrestricted income fund•
15
27.490.622
27,490,622 24,371,452
Fundg
27.490,622 21.810.489 49.301.111 45.313,675
The notes on pages 15 to 23 form part of these flnanclal statements,
These financial statements were approved by the Trustees on 26th February 2024 and
were slgned on their behalf by:
J J Hodge
Trustee
Reglstered number: 216053
13

HODGE
Registetvj ttumber21(A)53
Fitttncial 8tatementg
FOUNDATION
30 2023
Statement of Cash Flows
for the year ended 30 September 2023
2023
2022
C•&h flo￿ from opernting •¢tivitiés:
Net cash used In operating attlvltle5 {Table l)
(3,582.502) (1.859.431)
Cash Ilows from Investlng actlvltle•:
Dividend5, interest, and ￿nts from Investsments
Proceeds from sale of investmerrts
Purchase of Investments
3,668,149
3,383,704
10,235.830
7,304.653
(15,813.390) (6,118.390)
Net u•h (u•ed by)Igenerat￿ from by Investlng actlvltle•
{1,909,411)
4,569,967
Ch)ng• in u$h and ¢4sh equSval¢nts In the ye•r
(5.491,913)
2,710,536
Cash and cuh •qulvpl•nts at the beglnnlThg of the year, belThg c••h
at b•nK In hand and held by thlrd partles
9,302,982
6,592,446
C•sh and cash equlvalents at the end of the year. belng cash at b•nk,
In hand and held by thlrd partle
3,811.069
9,302,9B2
Table I: Reconclllatlon of net Income to net cash flow from operatlng
actlvltles
2023
2022
Net incoming / (outgoin9) r•sourc•g (ag per Statement of
Flnanclal Activities)
Adjustments for..
Amortiation ¢harge5
Dlvldends. Interest and rents from Investments
(Increase) / Decrease In debtors
{DeC￿aSe) / In¢￿)$e In ¢￿dItOrS
1,804.575 {2,720.456)
(3.668,149) (3,383.704)
(62,791)
1,471
(1,656,137)
4,243,25B
Net ￿$h used in operating a¢tiVTties
(3.582.502) {1,859,431)
Analys1• of cash
2023
2022
Cash held by Investment manager for Investment purposes
Cash at bank and in hand
Cash held by cash Investment manager
648,836
1,276,385
1.885,848
2,349,549
1.954,943
4.998,490
Total ca*h at in hand and héld by third partles
3.811,069
9,302,982
14

HODGE
Registcred numl*r216053
FinaJh¢ial ststements
30 SepteaLber 21)23
FOUNDATION
Notes to the flnanclal statements
Accounting policies
The followlng accounting policies have been applied consistently in dealing wlth Items
whlch are considered material in relation to the Foundation's financial statements.
Basis of preparation
The flnancial statements have been p￿pared in accordance wlth the Foundation's trust
deed, the Charities Act 2011 and Accounting and Reporting by Charltles (second edition
October 2019): Statement of Recommended prattl￿ applicable to charities In
accordance with the Financlal Reportlng Standard applicable In the UK (FRS102).
Going Concern
The financial statements are prepared on a going concem basis. The Foundation has
net current assets of £5,580,468. The Trustees have considered the level of assets held
together wlth the future grant expenditure plan, and the plausible effects of the hlgh
Inflatlonary and higher interest rate environment on its financial sltuation and future
cashflows. The Trustees are satisfied that the Charity wlll be able to meet any liabilities
as and when they fall due for a period of at least 12 months from the date on whlch the
flnanclal statements were approved.
Zncoming resources
All incoming resources are recognlsed once the Foundatlon has entitlement to the
resources, it is trrtain that the resources will be received, and the monetary value of
Incoming resources can be rneasured wlth sufflclent reliability.
Investments and Investment Income
Listed investments are shown at their market value, with all gains or losses taken to
the Statement of Financial Activities. Unlisted investment5 are initially recorded at cost
and revalued annually to reflect their market value unless a rellable estimate of their
market value is not available.
Any gain or loss in relation to investments held in the expendable endowment fund is
retained in the expendable endowment fund, with the income generated by the fund
freely available to fund the activities of the Charity and consequently is allocated to the
unrestrlcted fund.
Dividend income is accounted for when received.
15

HODGE
R¢giste￿I nllrnb2r 21&)53
FiThan¢ial st8t¢rn￿ts
30 Stptcmbw 2023
FOUNDATION
Accountlng policies (continued)
Resources expended
All expenditure is accounted for on an accrua15 basis and has been classified under
headings that aggregate all costs related to the category. whe￿ costs cannot be d1￿CtlY
attributed to particular headings they have been allocated to activities on a basis
consistent wlth the use of the resources.
Overhead and support costs have been allocated between charitable activity and
governance and apportloned between charltable activities based on the number of
individual grant awards made. Governance costs relate to those costs involving the
public accountability of the Charity and its compliance with regulation and good practlce.
These costs include costs relating to the statutory audit and legal fees.
Gifted assets
Non-current assets gifted to the Foundation are included in the financial statements at
valuation when gifted.
Expendable endowment funds
Expendable endowment funds comprise funds relating to assets gifted to the Foundation
together with any gains or losses arising from the disposal of such assets and subject
to the conditions of the donor. The income generated by the fund is freely available to
fund the activities of the Charity and consequently is allocated to the unrestrlcted fund.
Unrestricted general funds
These are fund5, which can be used in accordance with the charitable objects at the
discretion of the Trustees.
Deslgnated ftinds
These are funds set aside by the Trustees Out of un￿$trItted general funds for speclflc
future purposes or projects.
Grants payable
Grants payable are made to third parties in the furtherance of the charitable objectives
of the Trust. Grants payable are charged in the year when the offer 15 conveyed to the
recipient except in those cases where the offer is conditional, such grants being
recognised as expenditure when the conditions attaching are fulfllled. Grants offered
subject to conditions which have not been met at the year end are noted as a
commltment, but not accrued as expenditure.
Taxation
The Jane Hodge Foundation is conSide￿d to pass the tests set out In Paragraph I
Schedule 6 Finance Act 2011 and therefore it meets the definition of a charitable trust
for UK Income tax purposes. Accordlngly, the Charity is exempt from taxation in respect
of income or capital gains received within categories covered by Part 10 Income Tax
Act 2007 or Section 256 of the Taxation and Chargeable Gains Act 1992, to the extent
that such income or gains are applied exclusively to charitable purposes.
16

HODGE
FOUNDATION
Regt%tEted nwnbtr216053
Fin8nciaJ s¢at¢ro¢Trts
3Q Septembe*2021
Net Incomlng resources for year
2023
2022
Net incoming resources for the year are stated after
charging..
Audltor's remuneratlon - audlt of flnancial statsments
9,750
5,610
Trustees. remuneratlon and expenses
The Trustees did not receive any remuneration from the Foundat5on durlng the year
(2022.. £nil). No amounts were paid to Trustees durlng the year in respect of
professional services independent of their role as Trustees, (2022.. £nil). No expenses
We￿ received by Trustees in either year.
As indicated in the Trustees, Report, one of the Trustees is a non-executive director of
The Carlyle Trust Llmlted and one or more of Its subsldlary companies.
Staff numbers and costs
The average number of persons employed by the Foundation (excluding those trustees
who ￿ceiVed no remuneration) during the year was 0.25 (2022: 1). The aggregate
payroll costs of those persons were as follows:
2023
2022
Wages and salaries
Soclal security costs
other pensions costs
4,328
267
444
13,733
1,097
1,544
5,039
16,374
17

HODGE
Resistered nu0th￿21[A)S3
Fiti8rt¢ial ststemthts
30 September 2023
FOUNDATION
Allocation of support costs
The breakdown of support costs and their allocation to charitable activities is as follows..
2023
2022
Administrative costs recharged
Offlce costs
7,644
2,840
16,374
114
10.484
16,488
The total support costs allocated to charltable actlvltles are then apportloned pro-rdta
to the number of grant5 awarded.
Charitable activltles
The Foundation undertakes it5 charitable activitie5 through grant making and awards
grants to a number of institutions in furtherance of its charitable activities.
Number Grant funded
activity
Support
costs
Total
Number
2023 of grant5
Total
2022
grants
Care & Welfare
Education
Medlcal Research
Other
21
li
io
1,158,992
231,858
353,362
5,241 1,164,233
2,746
234.604
2,496
355,858
38
622,242
20 5,086,928
17
263,185
2,233
42
1,744,212
10,483 1,754,695
78
5,974,588
Cost of generating funds
2023
2022
Investment management cost
97,179
121,832
18

HODGE
Registerwj llumber 21fQ53
WLmanciai Statements
30 September2023
FOUNDATION
Governance costs
2023
2022
Audltor's remuneratlon
Irrecoverable VAT on above
9,750
5,610
Unrestricted
fitnds
Expendable
Endowment
funds
Total
Comparatives for the
statement of flnanclal activitles
2022
2022
2022
Incomlng r•8ourc•8
Incomlng resoUr￿S fmm generated fvnds
Investment income-
Llsted investment Income
Unllsted Snvestment Income
775,B31
2.607.873
775,831
2,607,873
Tot•1 Incomlng resources
3.383,704
3.383.704
Resourcw exwnd
Charltable a¢tlvltles
Cost of generatlng fvnds
Governance costs
5,974,588
121,832
7,740
5.974.588
121,832
7,740
Tot•1 ￿pended
6,104,160
6,104,160
Net outgoln9 resources
(2,720,456)
(2,720,456)
Other recognised galn• and los•
Loss on Investments
(2.435.278) (1,592,636) (4,027.914)
Net movement In fundg
15,155.734) (1,592,636) (6,748,370)
Reconclllatlon of funds
Total ftinds brought forward
29.527,186
22,534,859
52,062,045
Total fynd• cjrried forward
24,371,452
20,942,223
45.313,675
19

HODGE
Regist¢rtyJ nuLnb¢r 21￿53
FiDattciai stateM￿ts
30 September 2023
FOUNDATION
io
Non current asset Investments
Llsted
Unlisted
investn)ents Invertments
Total
Cost
At beglnnlng of year
Purchase5
Dlsposals
33,917,830
15,813,390
(8.895,070)
5,555,422
39,473,252
15,813,390
(8,895,070)
At end of year
40,836,150
5.555,422 46,391,572
Revaluatlon reserve
At beglnnlng of year
Movement In year - reallsed on dlsposal
revaluatlon In year
2,273,679
(1,340,760)
2,182,861
2,273,679
(1,340,760)
2,182,861
At end of year
3,115,780
3,115,780
Market value
At 30 September 2023
43,951,930
5.555.422 49,507,352
At 30 September 2022
36,191,509
5,555,422
41,746,931
Listed investments held by the Foundatlon are shown at market value at the Balance
Sheet date.
The unlisted investment in The Carlyle Trust Limited was acquired as a series of gifts
and purchases. The latest was a transfer from The Sir Julian Hodge Charitable Trust,
now wound up. The carrying value is based on the aggregate of the valuatlons at the
date of each glft, the carrylng value of the shares transferred, and the consideration
for those shares purchased.
20

HODGE
R¢￿Stered number21K153
Finatt¢iAI statellxtrlts
30 swt￿b¢r2023
FOUNDATION
io
Non current asset investments (continued)
Investments In individual entities at 30 September 2023, which are 5% or more of the
portfolio by value, a￿.
Unlisted investments
The Cadyle Trust Limited
£5,555,422
Unllsted Investment
Country of Princlpal
Class and
registration
activity percentage
or incorporation
of shares
held
The Carlyle Trust Limited
UK
Finance
79%
ordSnary
The Carlyle Trust Llmlted Is not considered to be a subsidiary undertaking as the
Foundation only owns 39.5% of the voting shares.
The following summarlses the consolldated Balance Sheet of The Carlyle Trust Limited
at 30 September:
2023
2022
Share capital
Reserves
I,ioo,000
I,ioo,000
328,900.000 329,800,000
Total equity
330,000,000 330,900,000
Profit for the year
3.400,000
7,300,000
Income from the investment in The Carlyle Trust Limited amounted to £2,607,873 belng
dividend income received (2022." £2,607,873).
Investment dlsposals
The total realised revaluation gain for all investments sold during the year is shown on
the table below:
2023
2022
Sale proceeds on dlsposal
Cost of investments sold
10,235,830
7,304,653
(8,895,070) (6,058,701)
1,340.760
1,245,952
21

HODGE
RegJ'sier*J numlxr21éA)53
Finoticiai stAtemuts
30 Swernber 2023
FOUNDATION
Debtors
2023
2022
Prepayments and accrued income
206.419
143,628
12
Credltors: amounts falllng due within one year
2023
2022
Grants payable
other credltors
1,770,203 1,741,356
13,578
46,710
1,783.781 1,788,066
13
Creditors: amounts falling due after more than one year
2023
2022
Grants payable
2.439.948 4,091,800
14
Expendable endowment funds
The expendable endowment funds, establlshed In accordance wlth the wlshes of the
donor, include:
Fixed assets
Profit on
and
dlsposal of
investrnent$ investments
and
property
Unrealised
Investment
revaluation
reserve
Total
At beglnnlng of year
Unreallsed galns In the year
15,227,510
4,812,145
902,568 20,942,223
868,266
868,266
(538,461)
Realised gains in the year
538,461
At end of year
15.227.510
5,350.606
1,232.373 21.810.489
22

HODGE
Rexist￿t￿nuT￿b¢r2I6053
Fin￿Cla] statanents
30 September2023
FOUNDATION
15
Unrestricted income funds
These comprise those funds, which the Trustees are free to use in accordance wlth the
charitable objectives.
Net Incomlng
resour￿$
excluding
g4ln$/{lo$se$)
on
Investments
and property
Proflt on
l$posal of
investments
and property
Unrealised
Investment
revaluatlon
Trtal
At beglnnlng of year
Net incoming resources
for year
Unreallsed galns in year
12,229,669
1,804,575
10,770,580
1,371,203
24.371,452
1,804,575
1.314,595
1,314,595
Reallsed gains In year
802,299
(802,299)
At end of year
14,034.244
11,571879
1,883,499
27.490,622
Unrestricted funds comprise:
2023
2022
General funds
27,490,622 24,371,452
16
Related party transactions
Related party transactions in the year were as follows:
Dividend income recelved In the year from The Carlyle Trust Limited amounted to
£2,607,873 (2022.. £2,607,873).
Bank deposits held with Julian Hodge Bank, a subsidlary of The Carlyle Trust Limited,
at 30 September 2023 amounted to £2,107 (2022: £1,954,943).
Amounts owed to Jullan Hodge Bank, a Subsidiary of The Carlyle Trust Llmlted, at 30
September 2023 amounted to £1,421 (2022.. £10,588).
There were no other related party transactlons.
23