## **The Jane Hodge Foundation** 

**Charity number 216053** 

Trustees’ Report and Financial Statements 

30 September 2025 



Charity number 216053 Financial statements 30 September 2025 


## **Contents** 

|Trustees’ Report|1|
|---|---|
|Statement of Trustees’ Responsibilities in Respect of the Trustees’ Annual Report||
|and the Financial Statements|5|
|Independent Auditor’s Report to the Trustees of The Jane Hodge Foundation|6|
|Statement of Financial Activities|10|
|Balance Sheet|11|
|Statement of Cash Flows|12|
|Notes to the financial statements|13|





Charity number 216053 Financial statements 30 September 2025 


## **Trustees’ Report** 

The Trustees present their annual report together with the audited financial statements of the Charity for the year ended 30 September 2025.  The financial statements have been prepared in accordance with the accounting policies set out in note 1 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 applicable to charities in accordance with the Financial Reporting Standard applicable in the UK (FRS102). The Jane Hodge Foundation is a public benefit entity. 

## **Administrative information** 

## **Trustees** 

J Jonathan Hodge (Family Trustee) Ian H Davies Karen L Hodge Rupert J Thomas Jennifer N Hodge (appointed 11 December 2024) 

J Jonathan Hodge has been a director of The Carlyle Trust Limited and several of its subsidiaries during the year. 

## **Auditor** 

Azets Audit Services Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB 

## **Solicitors** 

Eversheds Sutherland 1 Callaghan Square Cardiff CF10 5BT 

**Bankers Deposits Cash Manager** NatWest Flagstone Group Ltd 250 Bishopsgate 1st Floor London Clareville House EC2M 4AA 26-27 Oxenden Street London SW1Y 4EL 

**Investment Advisors (Appointed June Investment Advisors (Resigned June 2025) 2025)** Cazenove Capital RBC Brewin Dolphin 1 London Wall Place 2 Central Square London Cardiff EC2Y 5AU CF10 1FS 

## _**Registration number**_ 

The Jane Hodge Foundation is a registered charity, registration number 216053. 

## _**Registered office**_ 

One Central Square Cardiff, CF10 1FS 

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Charity number 216053 Financial statements 30 September 2025 


## **Structure, governance and management** 

## _**Constitution**_ 

The Jane Hodge Foundation is an unincorporated trust, governed by a trust deed dated 15 October 1962.  It does not fundraise and seeks to pursue its objectives through careful stewardship 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 Family Trustee who takes into account the background and experience of trustees during the appointment process. 

The Trustees meet regularly, usually quarterly, to agree the broad strategy and areas of activity for the Foundation, including consideration of grant making, investment, risk management policies and performance.  The Trustees also undertake the day to day administration of grants and oversee the processing and handling of applications. 

The Trustees keep their skill requirements under review and subscribe to charity law and guidance publications. 

## _**Risk management**_ 

The Trustees are responsible for the Foundation’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 reports 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. 

## _**Objectives and activities**_ 

The objectives of the Foundation are to allocate income for general charitable purposes, with special regard to the following areas: 

- i. The encouragement of medical and surgical studies and research, and in particular the study of and research in connection with the causes, diagnosis, treatment and cure of cancer, poliomyelitis and tuberculosis and diseases affecting children; 

- ii. 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 against these objectives and applications were only considered from exempt or registered charities. 

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s aims and objectives and in planning future activities and setting the grant making policy for the year. 

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Charity number 216053 Financial statements 30 September 2025 


## _**Policies**_ 

## **Reserves policy** 

The Trustees aim: 

- to distribute the net annual income to exempt charities and other charities registered with the Charity Commission mainly under the headings of medical care, medical research, education and religion; 

- to ensure that adequate reserves 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 £29,275,250 ( _2024: £_ 27,584,058 _)_ which includes (£1,742,955) _(2024: £_ 4,722,389 _)_ relating to unrealised revaluations of investments. The Trustees consider that this level of free reserves is currently appropriate to generate the annual total incoming resources to meet its strategic objectives. 

## **Investment policy** 

With the assistance of its investment advisors, the Trustees have adopted a Statement of Investment Policy, which is reviewed annually. The objective of the policy is to achieve a balanced return from a diversified portfolio, adopting a medium risk approach. The Trustees have adopted an ethical policy, which seeks to avoid investment in companies that have any material 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 responsible investment policies and principles. 

## **Grants policy** 

The Trustees have adopted a grants policy which sets out the general principles under which applications for grants are considered and, where appropriate, approved. The Trustees invite applications for grants from charitable institutions who submit a summary of their proposals. Grants are made only to registered and exempt charities. 

## **Financial review** 

As in previous years, this report is intended to provide some additional information to accompany the financial statements in order to explain the progress of current and future projects.  Details of incoming resources and resources expended are set out in the Statement of Financial Activities on page 10. 

The net unrestricted incoming resources before donations for the year to 30 September 2025 was £3,368,895 _(2024: £_ 3,783,618 _)_ , with grants payable for the year amounting to £3,185,695 _(2024: £_ 3,590,302). 

From the applications for grants received in the year, applications in respect of £3,322,505 _(2024:_ £3,590,302 _)_ 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. Consequently, the grants reported in the Statement of Financial Activities can differ from the amount of grants paid in the year.  Actual donations paid in the year, including amounts committed in prior years, totalled £2,820,184 _(2024:_ £4,507,782 _)_ . 

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Charity number 216053 Financial statements 30 September 2025 


## _**Achievements and performance**_ 

The objectives for the year were to continue to support medical care and research, to fund educational posts, mainly related to business and economics studies, and religious and other charities. 

The support of medical care and research has continued with £2,419,784 _(2024: £_ 882,784) 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 continued its sponsorship of education posts in business and economics related studies through its liaison with higher education establishments and has also supported other educational projects.  Grants made to educational charities totalled £80,106 _(2024:_ £405,738 _)_ .  Amounts granted for specific care and welfare projects within the aims and objectives of the Foundation totalled £463,805 _(2024: £_ 2,056,780 _)_ . 

## _**Organisation**_ 

The administration of the Foundation continues to be based at the offices of Hodge Bank, One Central Square in Cardiff’s city centre. The Foundation still benefits significantly 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 administration costs at their 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, especially in the fields of cancer and mental health, and to funding educational initiatives, projects relating to business and economics, religious and other charities. There will also be a focus on improving outcomes for those living in less affluent areas of Wales. 

## _**Disclosure of information to auditor**_ 

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 relevant audit information and to establish that the Trustees’ auditor is aware of that information. 

By order of the Board of Trustees 

## **J Jonathan Hodge** _Trustee_ 

Date: 13 May 2026 

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Charity number 216053 Financial statements 30 September 2025 


## **Statement of Trustees’ Responsibilities in Respect of the Trustees’ Annual Report and the Financial Statements** 

Under charity law, the Trustees are responsible for preparing 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 Charity and of the excess of income over expenditure, being net incoming resources, for that year. 

In preparing these financial statements, generally accepted accounting practice entails that the Trustees: 

In preparing these financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The Trustees are responsible for the maintenance and integrity of the Charity and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

Approved by the Board of Trustees on and signed on behalf of the Board 13 May 2026 

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Charity number 216053 Financial statements 30 September 2025 


## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE JANE HODGE FOUNDATION** 

## **Opinion** 

We have audited the financial statements of The Jane Hodge Foundation (the 'charity') for the year ended 30 September 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

- give a true and fair view of the state of the charity's affairs as at 30 September 2025, and of its incoming resources and application 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 Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit In accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial 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 identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Trust's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 

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Charity number 216053 Financial statements 30 September 2025 


## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE JANE HODGE FOUNDATION** 

## **Other information** 

The other information comprises the information included in the Trustees' annual report, other than the financial statements and our auditor'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 information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: 

- the information given in the financial statements is inconsistent in any material respect with the Trustees' report; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of Trustees** 

As explained more fully in the statement of Trustees' responsibilities, the Trustees, are responsible for the preparation of the financial 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 misstatement, whether due to fraud or error. 

In preparing the financial statements, the Trustees are responsible for assessing the charities ability to continue as a going concern, disclosing, as applicable, matters related 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 realistic alternative but to do so. 

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Charity number 216053 Financial statements 30 September 2025 


## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE JANE HODGE FOUNDATION** 

## **Auditor's responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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 misstatement when 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 decisions of users taken on the basis of these financial statements. 

A further description of our responsibilities is available on the Financial Reporting Council's website at: https: // www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. 

## **Extent to which the audit was considered capable of detecting irregularities, including fraud** 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud. 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement 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 applicable laws and regulations, including fraud. 

In response to the risk of irregularities and non-compliance with laws and regulations, 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; 

- Reviewing minutes of meetings 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 operations of the entity through enquiry and inspection; 

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; 

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 

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Charity number 216053 Financial statements 30 September 2025 


## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE JANE HODGE FOUNDATION** 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions 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 resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 

## **Other matters** 

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with ‘Accounting and Reporting by Charities: Statement of Recommend Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic or Ireland (FRS102)” (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. 

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice. 

## **Use of our report** 

This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

Azets Audit Services 

Chartered Accountants Statutory Auditors 

Ty Derw Lime Tree Court Cardiff Gate Business Park Cardiff CF23 BAB 

Date: 13 May 2026 

Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 

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Charity number 216053 Financial statements 30 September 2025 


## **Statement of Financial Activities** _**for the year ended 30 September 2025**_ 

||_Note_|Unrestricted|Expendable|**Total**|Total|
|---|---|---|---|---|---|
|||funds|Endowment|||
||||funds|||
|||2025|2025|**2025**|2024|
|||£|£|**£**|£|
|**Incoming resources**||||||
|_Incoming resources from_||||||
|_generated funds_||||||
|Investment income:||||||
|Listed investment income||969,897|-|**969,897**|1,223,493|
|Unlisted investment income||2,607,873|-|**2,607,873**|2,607,873|
|Interest receivable||63,140|-|**63,140**|93,553|
|**Total incoming resources**||**3,640,910**|**-**|**3,640,910**|3,924,919|
|**Resources expended**||||||
|Charitable activities|_6_|3,206,455|-|**3,206,455**|3,609,517|
|Cost of generating funds|_7_|234,959|-|**234,959**|129,301|
|Governance costs|_8_|16,296|-|**16,296**|10,200|
|**Total resources expended**||**3,457,710**|**-**|**3,457,710**|3,749,018|
|**Net incoming resources**||**183,200**|**-**|**183,200**|175,901|
|**Other recognised gains and**||||||
|**losses**||||||
|Gain on investments||**1,871,703**|**1,210,161**|**3,081,864**|5,308,232|
|**Net movement in funds**||**2,054,903**|**1,210,161**|**3,265,064**|5,484,133|
|**_Reconciliation of funds_**||||||
|**Total funds brought forward**||**30,878,529**|**23,906,715**|**54,785,244**|49,301,111|
|**Total funds carried forward**||**32,933,432**|**25,116,876**|**58,050,308**|54,785,244|



The financial activities set out above are all in respect of the continuing activities of the Charity. The notes on pages 13 to 21 form part of these financial statements. 

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Charity number 216053 Financial statements 30 September 2025 


## **Balance Sheet** _**at 30 September 2025**_ 

|_Note_<br>**Non-current assets**<br>Investments<br>_10_<br>Cash held by investment<br>manager for investment<br>purposes<br>Intangible Assets<br>**Current assets**<br>Debtors<br>_11_<br>Cash at bank and in hand<br>Cash held by cash investment<br>manager<br>**Creditors:** amounts falling due<br>within one year<br>_12_<br>**Net current (liabilities)/ assets**<br>**Creditors:** amounts falling due<br>after more than one year<br>_13_<br>**Net assets**<br>**_The Funds of the Charity_**<br>**Expendable endowment funds**<br>_14_<br>**Unrestricted income funds**<br>_15_<br>**Funds**|Unrestricted<br>funds<br>Expendable<br>Endowment<br>funds<br>**2025**<br>**Total**<br>£<br>£<br>**£**<br>32,874,399<br>25,116,875<br>**57,991,274**<br>713,146<br>-<br>**713,146**<br>45,198<br>-<br>**45,198**<br> <br> <br>33,632,743<br>25,116,875<br>**58,749,618**<br>14,108<br>-<br>**14,108**<br>216,673<br>-<br>**216,673**<br>2,810,349<br>-<br>**2,810,349**<br>3,041,130<br>-<br>**3,041,130**<br>(3,138,756)<br>-<br>**(3,138,756)**<br>**(97,626)**<br>**-**<br>**(97,626)**<br>(601,685)<br>-<br>**(601,685)**<br>**32,933,432**<br>**25,116,875**<br>**58,050,307**<br>-<br>25,116,875<br>**25,116,875**<br>32,933,432<br>-<br>**32,933,432**<br>**32,933,432**<br>**25,116,875**<br>**58,050,307**|2024<br>Total<br>£<br>55,425,547<br>112,455<br>-<br> - <br>55,538,002<br>216,010<br>131,288<br>2,239,986<br>2,587,284<br>(1,861,096)<br>726,188<br>(1,478,946)<br>54,785,244<br>23,906,715<br>30,878,529<br>54,785,244|
|---|---|---|



The notes on pages 13 to 21 form part of these financial statements. 

These financial statements were approved by the Trustees on 13 May 2026 and were signed on their behalf by: 

## **J J Hodge** _Trustee_ 

Charity number: 216053 

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Charity number 216053 Financial statements 30 September 2025 


|**Statement of Cash Flows**<br>**_for the year ended 30 September 2025_**<br>**2025**<br>**£**<br>**Cash flows from operating activities:**<br>Net cash used in operating activities (Table 1)<br>**(2,857,210)**<br>**Cash flows from investing activities:**<br>Dividends and interest from investments<br>**3,640,910**<br>Proceeds from sale of investments<br>**55,927,541**<br>Purchase of investments<br>**(55,454,802)**<br>**Net cash generated by investing activities**<br>**4,113,649**<br>**Change in cash and cash equivalents in the year**<br>**1,256,439**<br>**Cash and cash equivalents at the beginning of the year, being cash**<br>**at bank, in hand and held by third parties**<br>**2,483,729**<br>**Cash and cash equivalents at the end of the year, being cash at bank,**<br>**in hand and held by third parties**<br>**3,740,168**<br>**Table 1: Reconciliation of net income to net cash flow from operating**<br>**activities**<br>**2025**<br>**£**<br>**Net incoming resources (as per Statement of Financial Activities)**<br>**183,200**<br>Adjustments for:<br>Dividends and interest from investments<br>**(3,640,910)**<br>Decrease/ (Increase) in debtors<br>**201,902**<br>Increase/ (Decrease) in creditors<br>**398,598**<br>**Net cash used in operating activities**<br>**(2,857,210)**<br>**Analysis of cash**<br>**2025**<br>**£**<br>Cash held by investment manager for investment purposes<br>**713,146**<br>Cash at bank and in hand<br>**216,673**<br>Cash held by cash investment manager<br>**2,810,349**<br>**Total cash at bank, in hand and held by third parties**<br>**3,740,168**|2024<br>£<br>(4,642,296)<br>3,924,919<br>7,987,098<br>(8,597,061)<br>3,314,956<br>(1,327,340)<br>3,811,069<br>2,483,729<br>2024<br>£<br>175,901<br>(3,924,919)<br>(9,591)<br>(883,685)<br>(4,642,296)<br>2024<br>£<br>112,455<br>131,288<br>2,239,986<br>2,483,729|
|---|---|



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Charity number 216053 Financial statements 30 September 2025 


## **Notes to the financial statements** 

## **1 Accounting policies** 

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Foundation’s financial statements. 

## _**Basis of preparation**_ 

The financial statements have been prepared in accordance with the Foundation’s trust deed dated 15 October 1962, the Charities Act 2011 and Accounting and Reporting by Charities (second edition October 2019): Statement of Recommended Practice applicable to charities in accordance with the Financial Reporting Standard applicable in the UK (FRS102). 

## _**Going concern**_ 

The financial statements are prepared on a going concern basis. The Foundation has net current liabilities of £97,626 at the reporting date _._ However, the Trustees note that the foundation holds significant non-current assets, including unrestricted funds and cash held within the investment portfolio, totalling £28,032,124 (excluding investment in The Carlyle Trust Limited), which could be realised at short notice if required. The Trustees have also considered the future grant expenditure plan and the impact on its financial situation and future cashflows. The Trustees are satisfied that the Charity will be able to meet any liabilities as and when they fall due for a period of at least 12 months from the date on which the financial statements were approved. 

## _**Incoming resources**_ 

All incoming resources are recognised once the Foundation has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient 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 investments are initially recorded at cost and revalued annually to reflect their market value unless a reliable estimate of their market value is not available without incurring undue expense. 

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 unrestricted fund. 

Dividend income is accounted for when received. 

## _**Resources expended**_ 

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of the resources. 

Overhead and support costs have been allocated between charitable activities and governance costs and apportioned between charitable 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 practice.  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. 

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Charity number 216053 Financial statements 30 September 2025 


## **1 Accounting policies** _(continued)_ 

## _**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 unrestricted fund. 

## _**Unrestricted general funds**_ 

These are funds, which can be used in accordance with the charitable objects at the discretion of the Trustees. 

## _**Designated funds**_ 

These are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects. 

## _**Grants payable**_ 

Grants payable are made to third parties in the furtherance of the charitable objectives of the Foundation.  Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure. 

## _**Taxation**_ 

The Jane Hodge Foundation is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2011 and therefore it meets the definition of a charitable trust for UK income tax purposes. Accordingly, 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. 

14 



Charity number 216053 Financial statements 30 September 2025 


## **2 Net incoming resources for year** 

|**2**<br>**Net incoming resources for year**|||
|---|---|---|
||**2025**|2024|
||**£**|£|
|**_Net incoming resources for the year are stated after_**|||
|**_charging:_**|||
|Auditor’s remuneration – audit of financial statements|**14,400**|10,000|



## **3 Trustees’ remuneration and expenses** 

The Trustees did not receive any remuneration from the Foundation during the year _(2024: £nil)._ No amounts were paid to Trustees during the year in respect of professional services independent of their role as Trustees, _(2024: £nil)._ No expenses were 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 Limited and one or more of its subsidiary companies. 

## **4 Staff numbers and costs** 

The average number of persons employed by the Foundation (excluding those trustees who received no remuneration) during the year was nil (2024: nil). 

## **5 Allocation of support costs** 

The breakdown of support costs and their allocation to charitable activities is as follows: 

|Grant Administration<br>Office costs|**2025**<br>**£**<br>**16,030**<br>**4,730**<br>**20,760**|2024<br>£<br>13,454<br>5,761<br> <br>19,215|
|---|---|---|



The total support costs allocated to charitable activities are then apportioned pro-rata to the number of grants awarded. 

15 



Charity number 216053 Financial statements 30 September 2025 


## **6 Charitable activities** 

The Foundation undertakes its charitable activities through grant making and awards grants to a number of institutions in furtherance of its charitable activities. 

||**Number**|**Grant funded**|**Support**|**Total**|Number|Total|
|---|---|---|---|---|---|---|
||**of**|**activity**|**costs**|**2025**|of grants|2024|
||**grants**||||||
|||**£**|**£**|**£**||£|
|Care & Welfare|33|463,805|3,022|**466,827**|21|**2,067,788**|
|Education|16|80,106|522|**80,628**|11|**407,909**|
|Medical Research|16|2,419,784|15,768|**2,435,552**|10|**887,509**|
|Other|2|222,000|1,448|**223,448**|2|**246,311**|
||67|3,185,695|20,760|**3,206,455**|44|**3,609,517**|



## **7 Cost of generating funds** 

|**Cost of generating funds**|||
|---|---|---|
||**2025**|2024|
||**£**|£|
|Investment management cost|**234,959**|129,301|



## **8 Governance costs** 

|Auditor’s remuneration<br>Irrecoverable VAT on above<br>Other|**2025**<br>**£**<br>12,000<br>2,400<br>1,896<br>**16,296**|2024<br>£<br>8,500<br>1,700<br> -<br>10,200|
|---|---|---|



16 



Charity number 216053 Financial statements 30 September 2025 


|**9**<br>**Comparatives for the statement of**<br>**financial activities**<br>**Incoming resources**<br>_Incoming resources from generated funds_<br>Investment income:<br>Listed investment income<br>Unlisted investment income<br>Interest receivable<br>**Total incoming resources**<br>**Resources expended**<br>Charitable activities<br>Cost of generating funds<br>Governance costs<br>**Total resources expended**<br>**Net incoming resources**<br>**Other recognised gains and losses**<br>Gain on investments<br>**Net movement in funds**<br>**_Reconciliation of funds_**<br>Total funds brought forward<br>**Total funds carried forward**|Unrestricted<br>funds<br>2024<br>£<br>1,223,493<br>2,607,873<br>93,553<br>3,924,919<br>3,609,517<br>129,301<br>10,200<br>3,749,018<br>175,901<br>3,212,006<br>3,387,907<br>27,490,622<br>30,878,529|Expendable<br>Endowment<br>funds<br>2024<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>2,096,226<br>2,096,226<br>21,810,489<br>23,906,715|Total<br>2024<br>£<br>1,223,493<br>2,607,873<br>93,553|
|---|---|---|---|
||||3,924,919|
||||3,609,517<br>129,301<br>10,200|
||||3,749,018|
||||175,901|
||||5,308,232|
||||5,484,133<br>49,301,111|
||||54,785,244|



17 



Charity number 216053 Financial statements 30 September 2025 


## **10 Non-current asset investments** 

|||**Listed**|**Unlisted**|**Total**|
|---|---|---|---|---|
|||**investments**|**Investments**||
|||**£**|**£**|**£**|
|**_Cost_**|||||
|At beginning of year||42,026,475|5,555,422|47,581,897|
|Purchases||55,411,407|-|55,411,407|
|Disposals||(47,590,495)|-|(47,590,495)|
|**At end of year**||**49,847,387**|**5,555,422**|**55,402,809**|
|**_Revaluation reserve_**|||||
|At beginning of year||7,843,650|-|7,843,650|
|Movement in year -|realised on disposal|(8,337,047)|-|(8,337,047)|
||- revaluation in year|3,081,862|-|3,081,862|
|**At end of year**||**2,588,465**|**-**|**2,588,465**|
|**_Market value_**|||||
|**At 30 September 2025**||**52,435,852**|**5,555,422**|**57,991,274**|
|At 30 September 2024||49,870,125|5,555,422|55,425,547|



Listed investments held by the Foundation 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 valuations at the date of each gift, the carrying value of the shares transferred, and the consideration for those shares purchased. 

18 



Charity number 216053 Financial statements 30 September 2025 


## **10 Non current asset investments** _(continued)_ 

Investments in individual entities at 30 September 2025, which are 5% or more of the portfolio by value, are: 

## _Unlisted investments_ 

The Carlyle Trust Limited - £5,555,422 

## _**Unlisted investment**_ 

|**_nlisted investment_**||||
|---|---|---|---|
||**Country of**|**Principal**|**Class and**|
||**registration**|**activity**|**percentage**|
||**or incorporation**||**of shares**|
||||**held**|
|The Carlyle Trust Limited|UK|Finance|79% ordinary|



The Carlyle Trust Limited is not considered to be a subsidiary undertaking as the Foundation only owns 39.5% of the voting shares. 

The following summarises the consolidated Balance Sheet of The Carlyle Trust Limited at 30 September: 

|**2025**<br>**£**<br>Share capital<br>**1,100,000**<br>Reserves<br>**336,300,000**<br>Total equity<br>**337,400,000**<br>Profit for the year<br>**6,000,000**|2024<br>£<br>1,100,000<br>333,100,000|
|---|---|
||334,200,000|
||6,200,000|



Income from the investment in The Carlyle Trust Limited amounted to £2,607,873 being dividend income received _(2024:_ £2,607,873 _)_ . 

## _**Investment disposals**_ 

The total realised revaluation gain for all investments sold during the year is shown on the table below: 

||**2025**|2024|
|---|---|---|
||**£**|£|
|Sale proceeds on disposal|**55,927,541**|7,987,098|
|Cost of investments sold|**(47,590,495)**|(7,406,736)|
||**8,337,047**|580,362|



19 



Charity number 216053 Financial statements 30 September 2025 


|**11**<br>**Debtors**<br>**2025**<br>2024<br>**£**<br>£<br>Prepayments and accrued income<br>**14,108**<br>216,010<br>**12**<br>**Creditors: amounts falling due within one year**<br>**2025**<br>2024<br>**£**<br>£<br>Grants payable<br>**3,056,497**<br>1,813,725<br>Other creditors<br>**82,259**<br>47,371<br>**_______**<br>_______<br>**3,138,756**<br>1,861,096<br>**13**<br>**Creditors: amounts falling due after more than one year**<br>**2025**<br>2024<br>**£**<br>£<br>Grants payable<br>**601,685**<br>1,478,946<br>**14**<br>**Expendable endowment funds**<br>The expendable endowment funds, established in accordance with the wishes of the donor,<br>include:<br>**Fixed assets**<br>**and**<br>**investments**<br>**Profit on**<br>**disposal of**<br>**investments**<br>**and**<br>**property**<br>**Unrealised**<br>**investment**<br>**revaluation**<br>**reserve**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>At beginning of year<br>15,227,510<br>5,557,851<br>3,121,354<br>**23,906,715**<br>Unrealised gains in the year<br>**-**<br>-<br>1,210,160<br>**1,210,160**<br>Realised gains in the year<br>**-**<br>3,337,891<br>(3,337,891)<br>**-**<br> <br>**At end of year**<br>**15,227,510**<br>**8,895,742**<br>**993,623**<br>**25,116,875**|**11**<br>**Debtors**<br>**2025**<br>2024<br>**£**<br>£<br>Prepayments and accrued income<br>**14,108**<br>216,010<br>**12**<br>**Creditors: amounts falling due within one year**<br>**2025**<br>2024<br>**£**<br>£<br>Grants payable<br>**3,056,497**<br>1,813,725<br>Other creditors<br>**82,259**<br>47,371<br>**_______**<br>_______<br>**3,138,756**<br>1,861,096<br>**13**<br>**Creditors: amounts falling due after more than one year**<br>**2025**<br>2024<br>**£**<br>£<br>Grants payable<br>**601,685**<br>1,478,946<br>**14**<br>**Expendable endowment funds**<br>The expendable endowment funds, established in accordance with the wishes of the donor,<br>include:<br>**Fixed assets**<br>**and**<br>**investments**<br>**Profit on**<br>**disposal of**<br>**investments**<br>**and**<br>**property**<br>**Unrealised**<br>**investment**<br>**revaluation**<br>**reserve**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>At beginning of year<br>15,227,510<br>5,557,851<br>3,121,354<br>**23,906,715**<br>Unrealised gains in the year<br>**-**<br>-<br>1,210,160<br>**1,210,160**<br>Realised gains in the year<br>**-**<br>3,337,891<br>(3,337,891)<br>**-**<br> <br>**At end of year**<br>**15,227,510**<br>**8,895,742**<br>**993,623**<br>**25,116,875**|**11**<br>**Debtors**<br>**2025**<br>2024<br>**£**<br>£<br>Prepayments and accrued income<br>**14,108**<br>216,010<br>**12**<br>**Creditors: amounts falling due within one year**<br>**2025**<br>2024<br>**£**<br>£<br>Grants payable<br>**3,056,497**<br>1,813,725<br>Other creditors<br>**82,259**<br>47,371<br>**_______**<br>_______<br>**3,138,756**<br>1,861,096<br>**13**<br>**Creditors: amounts falling due after more than one year**<br>**2025**<br>2024<br>**£**<br>£<br>Grants payable<br>**601,685**<br>1,478,946<br>**14**<br>**Expendable endowment funds**<br>The expendable endowment funds, established in accordance with the wishes of the donor,<br>include:<br>**Fixed assets**<br>**and**<br>**investments**<br>**Profit on**<br>**disposal of**<br>**investments**<br>**and**<br>**property**<br>**Unrealised**<br>**investment**<br>**revaluation**<br>**reserve**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>At beginning of year<br>15,227,510<br>5,557,851<br>3,121,354<br>**23,906,715**<br>Unrealised gains in the year<br>**-**<br>-<br>1,210,160<br>**1,210,160**<br>Realised gains in the year<br>**-**<br>3,337,891<br>(3,337,891)<br>**-**<br> <br>**At end of year**<br>**15,227,510**<br>**8,895,742**<br>**993,623**<br>**25,116,875**|**11**<br>**Debtors**<br>**2025**<br>2024<br>**£**<br>£<br>Prepayments and accrued income<br>**14,108**<br>216,010<br>**12**<br>**Creditors: amounts falling due within one year**<br>**2025**<br>2024<br>**£**<br>£<br>Grants payable<br>**3,056,497**<br>1,813,725<br>Other creditors<br>**82,259**<br>47,371<br>**_______**<br>_______<br>**3,138,756**<br>1,861,096<br>**13**<br>**Creditors: amounts falling due after more than one year**<br>**2025**<br>2024<br>**£**<br>£<br>Grants payable<br>**601,685**<br>1,478,946<br>**14**<br>**Expendable endowment funds**<br>The expendable endowment funds, established in accordance with the wishes of the donor,<br>include:<br>**Fixed assets**<br>**and**<br>**investments**<br>**Profit on**<br>**disposal of**<br>**investments**<br>**and**<br>**property**<br>**Unrealised**<br>**investment**<br>**revaluation**<br>**reserve**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>At beginning of year<br>15,227,510<br>5,557,851<br>3,121,354<br>**23,906,715**<br>Unrealised gains in the year<br>**-**<br>-<br>1,210,160<br>**1,210,160**<br>Realised gains in the year<br>**-**<br>3,337,891<br>(3,337,891)<br>**-**<br> <br>**At end of year**<br>**15,227,510**<br>**8,895,742**<br>**993,623**<br>**25,116,875**|**11**<br>**Debtors**<br>**2025**<br>2024<br>**£**<br>£<br>Prepayments and accrued income<br>**14,108**<br>216,010<br>**12**<br>**Creditors: amounts falling due within one year**<br>**2025**<br>2024<br>**£**<br>£<br>Grants payable<br>**3,056,497**<br>1,813,725<br>Other creditors<br>**82,259**<br>47,371<br>**_______**<br>_______<br>**3,138,756**<br>1,861,096<br>**13**<br>**Creditors: amounts falling due after more than one year**<br>**2025**<br>2024<br>**£**<br>£<br>Grants payable<br>**601,685**<br>1,478,946<br>**14**<br>**Expendable endowment funds**<br>The expendable endowment funds, established in accordance with the wishes of the donor,<br>include:<br>**Fixed assets**<br>**and**<br>**investments**<br>**Profit on**<br>**disposal of**<br>**investments**<br>**and**<br>**property**<br>**Unrealised**<br>**investment**<br>**revaluation**<br>**reserve**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>At beginning of year<br>15,227,510<br>5,557,851<br>3,121,354<br>**23,906,715**<br>Unrealised gains in the year<br>**-**<br>-<br>1,210,160<br>**1,210,160**<br>Realised gains in the year<br>**-**<br>3,337,891<br>(3,337,891)<br>**-**<br> <br>**At end of year**<br>**15,227,510**<br>**8,895,742**<br>**993,623**<br>**25,116,875**|
|---|---|---|---|---|
||<br>**-**|-<br>1,210,160||**1,210,160**|
||**-**|3,337,891<br>(3,337,891)||**-**|
|||**8,895,742**|**993,623**<br>**25,116,875**||



20 



Charity number 216053 Financial statements 30 September 2025 


## **15 Unrestricted income funds** 

These comprise those funds, which the Trustees are free to use in accordance with the charitable objectives. 

|**Fixed assets**<br>**and**<br>**investments**<br>**Profit on**<br>**disposal of**<br>**investments**<br>**and property**<br>**Unrealised**<br>**investment**<br>**revaluation**<br>**reserve**<br>**£**<br>**£**<br>**£**<br>At beginning of year<br>14,210,145<br>11,945,996<br>4,722,388<br>Net incoming resources<br>for year<br>183,200<br>-<br>-<br>Unrealised gains in year<br>-<br>-<br>1,871,703<br>Realised gains in year<br>-<br>8,337,047<br>(8,337,047)<br>**At end of year**<br>**14,393,345**<br>**20,283,043**<br>**(1,742,956)**<br>Unrestricted funds comprise:<br>**2025**<br>**£**<br>General funds<br>**32,933,432**|**Fixed assets**<br>**and**<br>**investments**<br>**Profit on**<br>**disposal of**<br>**investments**<br>**and property**<br>**Unrealised**<br>**investment**<br>**revaluation**<br>**reserve**<br>**£**<br>**£**<br>**£**<br>At beginning of year<br>14,210,145<br>11,945,996<br>4,722,388<br>Net incoming resources<br>for year<br>183,200<br>-<br>-<br>Unrealised gains in year<br>-<br>-<br>1,871,703<br>Realised gains in year<br>-<br>8,337,047<br>(8,337,047)<br>**At end of year**<br>**14,393,345**<br>**20,283,043**<br>**(1,742,956)**<br>Unrestricted funds comprise:<br>**2025**<br>**£**<br>General funds<br>**32,933,432**|**Fixed assets**<br>**and**<br>**investments**<br>**Profit on**<br>**disposal of**<br>**investments**<br>**and property**<br>**Unrealised**<br>**investment**<br>**revaluation**<br>**reserve**<br>**£**<br>**£**<br>**£**<br>At beginning of year<br>14,210,145<br>11,945,996<br>4,722,388<br>Net incoming resources<br>for year<br>183,200<br>-<br>-<br>Unrealised gains in year<br>-<br>-<br>1,871,703<br>Realised gains in year<br>-<br>8,337,047<br>(8,337,047)<br>**At end of year**<br>**14,393,345**<br>**20,283,043**<br>**(1,742,956)**<br>Unrestricted funds comprise:<br>**2025**<br>**£**<br>General funds<br>**32,933,432**|**Fixed assets**<br>**and**<br>**investments**<br>**Profit on**<br>**disposal of**<br>**investments**<br>**and property**<br>**Unrealised**<br>**investment**<br>**revaluation**<br>**reserve**<br>**£**<br>**£**<br>**£**<br>At beginning of year<br>14,210,145<br>11,945,996<br>4,722,388<br>Net incoming resources<br>for year<br>183,200<br>-<br>-<br>Unrealised gains in year<br>-<br>-<br>1,871,703<br>Realised gains in year<br>-<br>8,337,047<br>(8,337,047)<br>**At end of year**<br>**14,393,345**<br>**20,283,043**<br>**(1,742,956)**<br>Unrestricted funds comprise:<br>**2025**<br>**£**<br>General funds<br>**32,933,432**|**Unrealised**<br>**investment**<br>**revaluation**<br>**reserve**<br>**£**|**Unrealised**<br>**investment**<br>**revaluation**<br>**reserve**<br>**£**|**Total**<br>**£**|
|---|---|---|---|---|---|---|
||14,210,145|11,945,996||4,722,388||**30,878,529**|
||183,200|-||-||**183,200**|
||-|-||1,871,703||**1,871,703**|
||-|8,337,047||(8,337,047)||**-**|
||||||||
||**14,393,345**|**20,283,043**<br>**(1,742,956)**||||**32,933,432**|
||||||**2025**<br>**£**<br>**32,933,432**|2024<br>£<br>30,878,529|



## **16 Related party transactions** 

Related party transactions in the year were as follows: 

Dividend income received in the year from The Carlyle Trust Limited amounted to £2,607,873 _(2024:_ £2,607,873 _)._ 

No amounts were owed to Julian Hodge Bank Limited at the reporting date, a subsidiary of The Carlyle Trust Limited (2024: £3,017). 

There were no other related party transactions. 

21