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ESTATE CHARITY OF ALICE, DUCHESS DUDLEY
REPORT AND ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2025
REGISTERED CHARITY NUMBER 244804
CHARTERED ACCOUNTANTS STRATFORD-UPON-AVON
ESTATE CHARITY OF ALICE, DUCHESS DUDLEY REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025
|
INDEX
1 Trustees and advisers 2-4 Trustees’ annual report 5 Independent examiner's report 6 Statement offinancial activities 7 Balance sheet 8-13 Notes to the accounts 14-17 Schedule of investment transactions
ESTATE CHARITY OF ALICE, DUCHESS DUDLEY
TRUSTEES AND ADVISERS
TRUSTEES
APPOINTED
H L Gray-Cheape Esq JP DL 1986 Mrs J Bird 1997 C P Stratton Esq FRICS MRTPI 2002 D J Barnes Esq FCA 2009 J G Chambers Esq 2013 C E A Haselwood Esq FAAV 2015 R Treverton-Jones Esq (deceased) 2018 The Hon. C A Leigh 2019 M Throckmorton Esq 2022 B Green 2024
CLERK TO THE TRUSTEES
Nicholas Barlow BSc(Hons) FRICS FAAV Balsall Common
CHARITY NUMBER
244804
SOLICITORS
| SOLICITORS | |
|---|---|
| Lodders Solicitors LLP | |
| Stratford upon Avon | |
| INVESTMENT MANAGERS | |
| EFG Harris Allday | |
| Ombersley | |
| BANKERS | |
| Lloyds Bank plc. | |
| Stratford upon Avon | |
| ACCOUNTANTS | |
| H. L. Barnes | |
| Stratford upon Avon | |
| REGISTERED ADDRESS | Oaklands Farm |
| Balsall Street | |
| Balsall Common | |
| Nr Coventry | |
| West Midlands | |
| CV77AQ |
1
ESTATE CHARITY OF ALICE, DUCHESS DUDLEY TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2025
The trustees present their report along with the financial statements of the Charity for the year ended 30 June 2025. The financial statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the Charity’s Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).
Structure, governance and management
The Estate Charity of Alice, Duchess Dudley is regulated by a scheme of the Charity Commissioners of 13 June 1879, as varied by a scheme of the Charity Commissioners of 6 January 1885 and is now governed by a Charity Commission Scheme dated 11 January 1962. The Registered Charity number is 244804.
The Charity was established from a bequest by Alice, Duchess Dudley on her death in 1669 (356 years ago). The funds have been added to over the course of time with the purchase of property and investments. The Charity does not actively fundraise and seeks to continue its work through careful stewardship of its existing resources.
The Trust Deed states the body of trustees shall consist when complete of 10 competent persons who reside in or near the County of Warwick or the County of Northampton. A trustee shall be appointed for a term of 5 years by a resolution of the trustees passed at a special meeting. Thereafter a trustee may be reappointed. The induction process for any newly appointed trustee comprises a meeting with the Chairman and the Board at which the powers and responsibilities of the Board are outlined and a brief history of the Trust is given.
The trustees are required to hold at least two ordinary meetings in each year. Committees meet as required and report to the full board of trustees. The day to day administration of the Charity is handled by the Clerk to the Trustees.
Each year 15% of the rents are transferable to a Building Reserve Fund. Withdrawals from this can be made for the repair, extraordinary repair, improvement and re-building of the property owned by the Charity.
Risk management
The Charity trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.
Continued ...
2
ESTATE CHARITY OF ALICE, DUCHESS DUDLEY TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2025
Objectives and activities
The object of the Charity is to distribute excess income between 2 individuals and 8 other organisations in varying proportions for relief of poverty and religious activities, as set out in the Trust Deed. The beneficiaries are as follows :-
| beneficiaries are as follows :- | |
|---|---|
| No. of shares of | |
| distributions | |
| Vicar of Bidford-on-Avon | 9/102 |
| Vicar of Blakesley | 9/102 |
| Poor of Bidford-on-Avon | 12/102 |
| Poor of Blakesley | 8/102 |
| Poor of Kenilworth | 12/102 |
| Poor of Leek Wootton | 6/102 |
| Trustees of Leigh Almshouses | 24/102 |
| Litchborough Charities | 8/102 |
| Poor of Patishall | 8/102 |
| StoneleighUnitedCharities | 6/102 |
The trustees have referred to the guidance contained in The Charity Commission’s general guidance on public benefit when reviewing their aims and objectives and in planning for future activities. In particular the trustees consider how planned activities will contribute to the aims and objectives they have set. The Charity’s original Terms and subsequent Schemes and Trust Deed restrict any grant distribution to those specified above and in the stated proportions.
Financial Review
including Achievement and Performance
The Trust's income comes from its investments and rents. The total income for the year was £243,786 (2024, £231,051). Expenditure is on the upkeep of the properties and the governance of the Trust. The distributions to the beneficiaries are half-yearly with the total paid for the year being £134,850 (2024, £125,550). The remaining surplus is in line with expectations. It is hoped that the level of distributions can be maintained in the future.
Investment policy
The trustees have formulated a statement of investment principles in relation to the Charity’s funds. The investment managers, EFG Harris Allday, have full discretionary powers within agreed guidelines.
Reserves policy
In accordance with the terms of the trust deed, it is the policy of the charity to retain from income as an addition to unrestricted funds, which are the free reserves of the charity, such reasonable sums as the trustees think fit.
Continued ...
3
ESTATE CHARITY OF ALICE, DUCHESS DUDLEY
TRUSTEES’ ANNUAL REPORT
FOR THE YEAR ENDED 30 JUNE 2025
Trustees’ responsibilities in relation to the financial statements
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees should follow best practice and :
-
i) select suitable accounting policies and then apply them consistently;
-
ii) make judgements and estimates that are reasonable and prudent;
-
iii) state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
-
iv) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the Provisions of the Trust Deed. The trustees are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees and signed on their behalf by :
MehNoe MESS cee. MRS J BIRD (Chairman) 24 September 2025
4
INDEPENDENT EXAMINER’S REPORT
TO THE TRUSTEES OF ESTATE CHARITY OF ALICE, DUCHESS DUDLEY
| report to the charity's trustees on my examination of the accounts of the charity for the year ended 30 June 2025 which are set out on pages6 to 17.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act’).
| report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect :
-
1, accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be Ci
R W P Bowen FCA
Chartered Accountant
H. L. Barnes
Barclays Bank Chambers Stratford upon Avon
24 September 2025
5
ESTATE CHARITY OF ALICE, DUCHESS DUDLEY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025
| Notes | Endowment | Unrestricted | Designated | Total | Total | ||
|---|---|---|---|---|---|---|---|
| Fund | Funds | Fund | 2025 | 2024 | |||
| £ | £ | £ | £ | £ | |||
| Income | |||||||
| Investment income | 2 | - | 232,988 | 10,798 | 243,786 | 231,051 | |
| Total income | - | 232,988 | 10,798 | 243,786 | 231,051 | ||
| Expenditure | |||||||
| Charitable expenditure : |
|||||||
| Grants payable | 3 | - | 138,265 | - | 138,265 | 128,688 | |
| Costs of generating funds | : | ||||||
| Property and investment | |||||||
| costs | 4 | - | 57,102 | 1,521 | 58,623 | 53,725 | |
| Total expenditure | - | 195,367 | 1,521 | 196,888 | 182,413 | ||
| Net income before gains | on | ||||||
| investments | - | 37,621 | 9,277 | 46,898 | 48,638 | ||
| Gains on investment property | 6 | - | - | - | - | 2,639,575 | |
| Gains/(losses) on investments | 7 | (348) | 52,576 | 14,506 | 66,734 | 110,931 | |
| Net income/(expenditure) | (348) | 90,197 | 23,783 | 113,632 | 2,799,144 | ||
| Transfer between funds | 11 | 26,126 | (34,585) | 8,459 | - | - | |
| Net movement in funds | 25,778 | 55,612 | 32,242 | 113,632 | 2,799,144 | ||
| Reconciliation of funds | |||||||
| Total funds brought forward | 6,177,762 | 2,145,366 | 327,926 | 8,651,054 | 5,851,910 | ||
| Totalfundscarriedforward | 12 | £6,203,540 | £2,200,978 | £360,168 | £8,764,686 | £8,651,054 |
The notes on pages 8 to 13 form part of the accounts.
6
ESTATE CHARITY OF ALICE, DUCHESS DUDLEY
BALANCE SHEET AT 30 JUNE 2025
| Notes | 2025 | 2024 | ||
|---|---|---|---|---|
| £ | £ | |||
| Fixed assets | ||||
| Investment properties | 6 | 6,445,300 | 6,445,300 | |
| Investments | 7 | 2,216,115 | 2,011,047 | |
| Total fixed assets | 8,661,415 | 8,456,347 | ||
| Current assets | ||||
| Debtors and prepayments | 8 | 55,009 | 33,403 | |
| Short term deposits | i) | 8,333 | 150,997 | |
| Cash at bank | i) | 66,590 | 32,369 | |
| Total current assets | 129,932 | 216,769 | ||
| Liabilities : amounts falling due within one year |
10 | 26,661 | 22,062 | |
| Net current assets | 103,271 | 194,707 | ||
| Net assets | £8,764,686 | £8,651,054 | ||
| The funds of the charity | 11 | |||
| Endowment funds | ||||
| Permanent endowment | 6,203,540 | 6,177,762 | ||
| Unrestricted income funds | : | |||
| General fund | 2,200,978 | 2,145,366 | ||
| Designated fund | 360,168 | 327,926 | ||
| Totalcharityfunds | £8,764,686 | £8,651,054 |
Approved by the Trustees on 24 September 2025 and signed on their behalf by :-
MRS J BIRD cen ABocc Trustee
The notes on pages 8 to 13 form part of these accounts.
7
ESTATE CHARITY OF ALICE, DUCHESS DUDLEY
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2025
1. ACCOUNTING POLICIES
a) Basis of accounting
The accounts have been prepared under the historical cost convention and in accordance with applicable accounting standards and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) and the Charities Act 2011.
b) Investment income
All investment income, including deposit interest, is shown on the basis of amounts received or credited in the year. No credit is taken for accrued interest at the balance sheet date.
c) Resources expended
All expenditure is accounted for on an accruals basis.
d) Investment assets
In accordance with the provisions of the Statement of Recommended Practice, investments are held at fair value and any gains or losses are reflected in the accounts through the Statement of Financial Activities.
e) Designated fund
This is a Building Reserve Fund and is used to repay the General Fund for expenditure on the improvement and maintenance of the properties.
8
ESTATE CHARITY OF ALICE, DUCHESS DUDLEY NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
| 2. | INVESTMENT | INCOME | ||
|---|---|---|---|---|
| 2025 | 2024 | |||
| £ | £ | |||
| Dividends | 97,466 | 85,511 | ||
| Rents | 146,320 | 145,540 | ||
| £243,786 | £231,051 |
All investment income relates to unrestricted funds, expendable at the discretion of the trustees.
| 3. GRANTS PAYABLE |
||
|---|---|---|
| Distributions | 134,850 | 125,550 |
| Support and governance costs | 3,415 | 3,138 |
| £138,265 | £128,688 |
All grants payable relate to unrestricted funds.
| 4, PROPERTYAND INVESTMENT COSTS |
||
|---|---|---|
| Repairs and maintenance | 13,489 | 13,577 |
| Insurances | 8,812 | 8,086 |
| Management fees | 14,840 | 17,602 |
| Professional fees - Property | 7,196 | 1,576 |
| Professional fees - Investments | 10,314 | 9,745 |
| Support and governance costs | 3,415 | 3,139 |
| Empty property costs | 557 | - |
| £58,623 | £53,725 |
All property costs relate to unrestricted funds, except £1,521 of professional fees which relate to the designated fund.
| 5, SUPPORT AND GOVERNANCE COSTS |
||||
|---|---|---|---|---|
| Accountancy | 6,000 | 5,520 | ||
| CLA subscription | 330 | 307 | ||
| Trustees' meeting expenses | 500 | 450 | ||
| £ | 6,830 | £ | 6,277 |
Support and governance costs have been allocated to activities based on the Trustees’ time.
9
ESTATE CHARITY OF ALICE, DUCHESS DUDLEY NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
6. INVESTMENT PROPERTIES
| 6. INVESTMENT PROPERTIES |
|||
|---|---|---|---|
| Permanent | General | Total | |
| Endowment | Fund | ||
| Fund | |||
| £ | £ | £ | |
| Valuation | |||
| At1July2024and30June2025 | £5,825,300 | £620,000 | 6,445,300 |
The investment properties were revalued at 30 June 2025 by the trustees at open market value on that date.
Ti INVESTMENTS
| Permanent | Building | General | Total | Total | |
|---|---|---|---|---|---|
| Endowment | Reserve | Fund | 2025 | 2024 | |
| Fund | Fund | ||||
| £ | £ | £ | £ | £ | |
| Quoted investments | |||||
| Market value 1 July 2024 | 212,462 | 296,059 | 1,502,526 | 2,011,047 | 1,874,303 |
| Additions | 8,902 | 31,317 | 306,370 | 346,589 | 219,842 |
| Disposals | (8,902) | (20,543) | (178,810) | (208,255) | (194,029) |
| Net realised investment | |||||
| gains/(losses) | (3,502) | 855 | (3,140) | (5,787) | (4,534) |
| Net unrealised investment | |||||
| gains/(losses) | 3,154 | 13,651 | 55,716 | 72,521 | 115,465 |
| Transfers between funds | 166,126 | - | (166,126) | - | - |
| Market value at 30 June 2025 | + £ 378,240 | £ 321,339 | £1,516,536 | £2,216,115 | £2,011,047 |
| Historicalcost30June2025 | £331,295 | £297,484 | £1,233,832 | £1,862,611 | £1,738,891 |
A detailed analysis of quoted investments held is shown on pages 14 to 17.
10
ESTATE CHARITY OF ALICE, DUCHESS DUDLEY
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
| 8. | DEBTORS | 2025 | 2024 | |
|---|---|---|---|---|
| £ | £ | |||
| Prepayments | 2,664 | 2,459 | ||
| Other | debtors | 52,345 | 30,944 | |
| £55,009 | £ | 33,403 |
9, SHORT TERM DEPOSITS AND CASH AT BANK
| General Fund |
Building Reserve |
Total 2025 |
Total 2024 |
|
|---|---|---|---|---|
| Fund | ||||
| £ | £ | £ | £ | |
| Monies held by brokers | 5,518 | 2,815 | 8,333 | 150,997 |
| Bank balances | 66,590 | - | 66,590 | 32,369 |
| £72,108 | £2,815 | £74,923 | £183,366 |
| 10. | LIABILITIES : amounts falling due within one year | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Creditors and accruals | 26,661 | 22,062 | |
| £26,661 | £22,062 |
11
- ANALYSIS OF CHARITABLE FUNDS
ESTATE CHARITY OF ALICE, DUCHESS DUDLEY
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
==> picture [524 x 439] intentionally omitted <==
----- Start of picture text -----
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Current Year|Balances|at|Income|Expenditure|Transfers|Gains|Balances|
|30|June|and|at|30|June|
|2024|losses|2025|
|£|£|£|£|£|£|
|a)|Permanent|
|Endowment|Funds|6,177,762|-|-|26,126|(348)|6,203,540|
|Unrestricted|
|Income|funds|
|b)|||General|fund|2,145,366|232,988|(195,367)|(34,585)|52,576|2,200,978|
|c)|Designated|fund|327,926|10,798|(1,521)|8,459|14,506|360,168|
|TOTAL|CHARITY|FUNDS|£8,651 ,054|£243,786|£(196,888)|£|-|£|66,734|£8,764,686|
|Previous|Year|Balances|at|Income|Expenditure|Transfers|Gains|Balances|at|
|30|June|and|30|June|
|2023|losses|2024|
|£|£|£|£|£|£|
|a)|Permanent|
|Endowment|Funds|3,667,564|-|-|-|2,510,198|6,177,762|
|Unrestricted|
|Income|funds|
|b)|General|fund|1,894,418|220,437|(181,041)|(8,254)|219,806|2,145,366|
|c)|Designated|fund|289,928|10,614|(1,372)|8,254|20,502|327,926|
|TOTAL|CHARITY FUNDS|£5,851,910|£|231,051|£(182,413)|£|-|£2,750,506|£8,651,054|
----- End of picture text -----
Name of fund description, nature and purpose of the fund.
- a) The Permanent Endowment Funds arose originally from a bequest by Alice, Duchess Dudley in 1669. These funds have been added to over the course of time with the purchase of property and investments. The income from these is freely available to fund the activities of the Charity.
b) The General Fund income is available to be spent for any of the purposes of the Charity.
- Cc) Under the Charity Commission Scheme dated 11 January 1962, 15% of the rents are transferable annually to a Building Reserve Fund. Withdrawals from this fund can be made for the repair, extraordinary repair, improvement and re-building of property belonging to the Charity.
12
ESTATE CHARITY OF ALICE, DUCHESS DUDLEY
NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
12. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Unrestricted Funds |
Endowment Fund |
Total Funds |
Unrestricted Funds |
Endowment Fund |
Total Funds |
|
| £ | £ | £ | £ | £ | £ | |
| Fund balances at 30 June | ||||||
| are represented by: | ||||||
| Tangible fixed assets Investments |
620,000 1,837,875 |
5,825,300 378,240 |
6,445,300 2,216,115 |
620,000 1,798,585 |
5,825,300 212,462 |
6,445,300 2,011,047 |
| Current assets Current liabilities |
129,932 (26,661) |
- - |
129,932 (26,661) |
76,769 (22,062) |
140,000 - |
216,769 (22,062) |
| Totalnetassets | £2,561,146 | £6,203,540 | £8,764,686 | £2,473,292 | £6,177,762 | £8,651,054 |
13. TRANSACTIONS WITH CONNECTED PERSONS
Mr Nicholas Barlow, Clerk to the Trustees, of Barlow Associates Limited, was paid £18,520 (2024 £19,178) for management, other professional fees and expenses, including rent and insurance reviews, in relation to the Charity.
No remuneration has been paid to any of the trustees or any person connected with them.
13
ESTATE CHARITY OF ALICE, DUCHESS DUDLEY
SCHEDULE OF INVESTMENTS AT 30 JUNE 2025
| , | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| GENERAL FUND | Holding at | Marketvalue | Cost | Sales | Profit/(loss) | Transfer (to) | Holding at | Market value | Surplus/ | ||
| 30June 2024 |
at 30June 2024 |
in year | in year | on sale | Permanent Endowment |
30June 2025 |
at 30June 2025 |
(deficit) on revaluation |
|||
| Fund | |||||||||||
| . | |||||||||||
| £ | £ | £ | £ | £ | £ | £ | |||||
| National Grid plc | |||||||||||
| 0.12431289p Ordinary shares | 2,885 shares | 25,463 | - | - | - | - | 2,885 shares | 30,624 | 5,161 | ||
| Unilever plc | |||||||||||
| 3 1/9p Ordinary shares | 1,040 shares | 45,188 | - | - | - | - | 1,040 shares | 46,020 | 832 | ||
| Alliance Trust plc | |||||||||||
| 2.5p Ordinary shares | 5,355 shares | 64,903 | - | 20,052 | (249) | - | 3,680 shares | 44,970 | 368 | ||
| Astrazeneca plc | |||||||||||
| USD 00.25 Ordinary shares | 46 shares | 5,684 | - | - | - | - | 46 shares | 4,655 | (1,029) | ||
| Scottish Mortgage Investment Trust ple | |||||||||||
| 25p Ordinary shares | 7,200 shares | 63,662 | - | - | - | - | 7,200 shares | 74,448 | 10,786 | ||
| Diageo | |||||||||||
| 28.935p Ordinary shares | 1,170 shares | 29,127 | - | - | - | - | 1,170 shares | 21,388 | (7,739) | ||
| Blackrock North American Income Trust plc | |||||||||||
| 1p Ordinary shares | 29,155 shares | 57,435 | - | - | - | - | 28,155 shares | 56,561 | (874) | ||
| Bankers Investment Trust plc | |||||||||||
| 25p Ordinary shares | 52,000 shares | 59,176 | - | - | - | - | 52,000 shares | 62,712 | 3,536 | ||
| Reckitt Benckiser Group plc | |||||||||||
| 10p Ordinary shares | 670 shares | 28,689 | - | - | - | - | 670 shares | 33,199 | 4,510 | ||
| Law Debenture Corp plc | |||||||||||
| Shares | 5,100 shares | 43,095 | - | - | - | - | 5,1000 shares | 51,000 | 7,905 | ||
| Residential Secure Income plc | |||||||||||
| REIT | 50,000 shares | 24,150 | - | - | - | - | 50,000 shares | 29,500 | 5,350 | ||
| Rio Tinto | |||||||||||
| 10p New Ordinary shares | 686 shares | 35,679 | - | - | - | - | 686 shares | 29,121 | (6,558) | ||
| JPM Global Emerging Markets Income Trust | |||||||||||
| 0.01p Ordinary shares | 41,000 shares | 55,555 | - | - | - | - | 41,000 shares | 59,040 | 3,485 | ||
| Pennon Group plc | |||||||||||
| 40.7p Ordinary shares | 2,340 shares | 13,420 | - | 2,981 | 2,981 | - | 2,340 shares | 11,735 | (1,685) | ||
| Fidelity European Values | |||||||||||
| 25p Ordinary shares | 17,535 shares | 68,913 | - | 20,025 | (136) | - | 12,405 shares | 50,240 | 1,488 | ||
| British Empire Secs & Gen Trust plc (AVI Global Trust plc) | |||||||||||
| 10p Ordinary shares | 26,960 shares | 63,895 | - | - | - | - | 26,960 shares | 64,569 | 674 | ||
| Primary Health Properties plc | |||||||||||
| 12p Ordinary shares | 30,410 shares | 27,901 | - | - | ~ | (8,533) | 21,110 shares | 20,877 | 1,509 | ||
| HICL Infrastructure Co | |||||||||||
| 1p Ordinary shares | 13,315 shares | 16,564 | - | - | - | - | 13,315 shares | 15,605 | (959) | ||
| Carriedforward | £728,499 | £ | - | £43,058 | £ | 2,596 | £(8,533) | £706,264 | £26,760 |
14
ESTATE CHARITY OF ALICE, DUCHESS DUDLEY
| : | SCHEDULE | OF INVESTMENTS | OF INVESTMENTS | AT 30 JUNE | 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (CONTINUED) | ' | |||||||||||||
| GENERAL FUND | Holding at 30June |
Market value at 30June |
Cost in year |
Sales in year |
Profit/(loss) on sale |
Transfer (to) Permanent |
Holding at 30June |
Marketvalue at30June |
Surplus/ (deficit) on |
|||||
| 2024 | 2024 | Endowment Fund | - | 2025 | 2025 | revaluation | ||||||||
| £ | £ | £ | £ | £ | £ | £ | ||||||||
| Broughtforward | . | 728,499 | - | 43,058 | 2,596 | (8,533) | 706,264 | 26,760 | ||||||
| Ballie Gifford Corp Bond | Inc B | |||||||||||||
| 46,000 shares | 35,047 | - | - | - | - | 46,000 shares | 35,632 | 585 | ||||||
| Ishares Core GBP Corp | BD UCITS EFT | |||||||||||||
| 322 shares | 39,175 | - | 38,482 | (693) | - | - | - | - | ||||||
| Octopus Renewables Infra Trust plc | ||||||||||||||
| 58,946 shares | 42,441 | - | - | - | - | 58,946 shares | 43,266 | 825 | ||||||
| JP Morgan Asian Inv Trust | ||||||||||||||
| 25p Ordinary shares | 11,674 shares | 43,894 | - | - | - | (10,171) | 8,969 shares | 33,813 | 90 | |||||
| J P Morgan GLB Core Assets Ltd | ||||||||||||||
| 63,300 shares | 48,361 | - | 10,371 | 2,206 | - | 52,613 shares | 39,039 | (1,157) | ||||||
| Triple PT Energy EFF Infra | ||||||||||||||
| 25p Ordinary shares | 34,478 shares | 22,686 | - | 14,996 | (7,690) | - | - | - | - | |||||
| Dunedin Inc Grwth Inv Tst | ||||||||||||||
| 25p Ordinary shares | 13,045 shares | 36,526 | - | - | - | - | 13,045 shares | 39,265 | 2,739 | |||||
| JP Morgan China Grwth | and Inc | |||||||||||||
| 25p Ordinary shares | 6,250 shares | 13,656 | - | - | ~ | - | 6,250 shares | 14,563 | 907 | |||||
| Mercantile Inv Tst PLC | ||||||||||||||
| 25p Ordinary shares | 22,500 shares | 52,425 | - | - | - | - | 22,500 shares | 57,600 | 5,175 | |||||
| RM Infrastructure Inc Plc | ||||||||||||||
| 1p Ordinary shares | 50,750 shares | 39,585 | - | 9,447 | 267 | - | 40,086 shares | 28,261 | (2,144) | |||||
| Patria Private Equity Tst | ||||||||||||||
| 2p Ordinary shares | 10,842 shares | 58,113 | - | - | - | (18,974) | 7,302 shares | 40,745 | 1,606 | |||||
| North American Inc Tst | ||||||||||||||
| 5p Ordinary shares | 15,030 shares | 45,090 | - | - | - | (10,890) | 11,400 shares | 37,107 | 2,907 | |||||
| Londonmetric Property PLC | ||||||||||||||
| 1p Ordinary shares | 28,600 shares | 55,312 | - | - | - | (55,312) | - | - | - | |||||
| GCP Infrastructure Inv Ltd | ||||||||||||||
| 1p Ordinary shares | 54,000 shares | 43,308 | - | ~ | - | (43,308) | - | - | - | |||||
| Ishares sandp 500 UCITS ETF DIST | ||||||||||||||
| 1,145 shares | 49,621 | - | - | - | (18,938) | 708 shares | 31,825 | 1,142 | ||||||
| UK Treasury | ||||||||||||||
| 0.25% (Redeemed 31/1/25) | 42,425 shares | 41,438 | - | 42,425 | 987 | - | - | - | - | |||||
| UK Treasury | ||||||||||||||
| 0.25% (Redeemable 31/7/31) | - | - | 42,391 | - | - | - | 54,125 shares | 43,411 | 1,020 | |||||
| Legal and General Group PLC | ||||||||||||||
| 25p Ordinary shares | 18,060 shares | 40,996 | - | - | - | - | 18,060 shares | 45,981 | 4,985 | |||||
| JP Morgan Gbl Growth & Inc | ||||||||||||||
| 5p Ordinary shares | 11,460 shares | 66,353 | - | 20,031 | (813) | - | 7,860 shares | 42,994 | (2,515) | |||||
| Microsoft Corp | ||||||||||||||
| - | - | 39,122 | - | - | - | 125 shares | 45,366 | 6,244 | ||||||
| Taiwan Semiconductor Man Ads | ||||||||||||||
| - | - | 32,613 | - | - | - | 242 shares | 39,746 | 7,133 | ||||||
| ASML Holding NV | ||||||||||||||
| - | - | 20,395 | : | - | - | 30 shares | 17,423 | (2,972) | ||||||
| Schroder Strategic Credit L Inc | ||||||||||||||
| - | - | 40,520 | - | - | - | 45,085.17 shares | 41,370 | 850 | ||||||
| Blackrock ICS Ster Liq PremierAcc | ||||||||||||||
| Money market cash account | - | - | 131,329 | - | - | - | 1,106.64 shares | 132,865 | 1,536 | |||||
| £1,502,526 | £306,370 | £ | 178,810 | £(3,140) | £(166,126) | £1,516,536 | £55,716 |
15
ESTATE CHARITY OF ALICE, DUCHESS DUDLEY
| , | SCHEDULE OF INVESTMENTSAT 30 JUNE 2025 | SCHEDULE OF INVESTMENTSAT 30 JUNE 2025 | SCHEDULE OF INVESTMENTSAT 30 JUNE 2025 | SCHEDULE OF INVESTMENTSAT 30 JUNE 2025 | (CONTINUED) | (CONTINUED) | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BUILDING RESERVE FUND | Holding at | Market value at | Cost | Sales | Profit/(loss) | Holding at | Marketvalue at | Surplus/(deficit) | ||||
| 30 June 2024 | 30June 2024 | in year | in year | on sale | 30 June 2025 | 30 June 2025 | on revaluation | |||||
| £ | £ | £ | £ | £ | £ | |||||||
| Alliance Witan PLC (formerly Witan Investment | Trust) | |||||||||||
| 5p Ordinary shares | 5,800 shares | 15,544 | - | - | - | 1,302 shares | 15,911 | 367 | ||||
| HICL Infrastructure Co | . | |||||||||||
| 1p Ordinary shares | 8,400 shares | 10,450 | - | ~ | - | 8,400 shares | 9,845 | (605) | ||||
| Dunedin Income Growth Investment Trust | ||||||||||||
| 25p Ordinary shares | 4,600 shares | 12,880 | - | - | - | 4,600 shares | 13,846 | 966 | ||||
| Law Debenture Corp plc | ||||||||||||
| Shares | 1,320 shares | 11,154 | - | - | - | 1,320 shares | 13,200 | 2,046 | ||||
| Scottish American Inv. Co | ||||||||||||
| 25p Ordinary shares | 2,800 shares | 14,364 | - | - | - | 2,800 shares | 14,252 | (112) | ||||
| Residential Secure Income plc | ||||||||||||
| REIT shares | 12,850 shares | 6,207 | - | - | - | 12,850 shares | 7,582 | 1,375 | ||||
| Fidelity European Values | ||||||||||||
| 25p Ordinary shares | 4,000 shares | 15,720 | - | - | - | 4,000 shares | 16,200 | 480 | ||||
| Schroder Asia Pacific Fund | ||||||||||||
| 10p Ordinary shares | 2,740 shares | 14,686 | - | - | - | 2,740 shares | 15,289 | 603 | ||||
| JP Morgan GLB Emerg | Mkts Inc Tst | |||||||||||
| 8,200 shares | 11,111 | - | - | - | 8,200 shares | 11,808 | 697 | |||||
| Londonmetric Property | PLC | |||||||||||
| 1p Ordinary shares | 5,830 shares | 11,275 | - | - | - | 5,830 shares | 11,835 | 560 | ||||
| Sequoia Economic Infra inc | ||||||||||||
| 17,300 shares | 13,840 | - | - | - | 17,300 shares | 14,099 | 259 | |||||
| Baillie Giff Strat BD FD | B Inc | |||||||||||
| 8,102.852 shares | 6,174 | - | - | - | 8,102.852 shares | 6,276 | 102 | |||||
| Ishares Core GBP Corp BD UCITS ETF | ||||||||||||
| 62 shares | 7,543 | - | 7,604 | 61 | - | - | - | |||||
| City of London Inv Tst | ||||||||||||
| 25p Ordinary shares | 3,500 shares | 14,700 | - | - | - | 3,500 shares | 17,063 | 2,363 | ||||
| JP Morgan Asian Grow& Inc Tst | . | |||||||||||
| 25p Ordinary shares | 3,915 shares | 14,720 | - | ~ | - | 3,915 shares | 14,760 | 40 | ||||
| Avi Global Trust plc | ||||||||||||
| 7,500 shares | 17,775 | - | - | - | 7,500 shares | 17,963 | 188 | |||||
| Edinburgh Worldwide InvT | ||||||||||||
| 1p Ordinary shares | 4,000 shares | 5,888 | - | - | - | 4,000 shares | 6,920 | 1,032 | ||||
| JP Morgan GLB Core Assets Ltd | ||||||||||||
| 15,865 shares | 12,121 | - | 2,599 | 553 | 13,187 shares | 9,785 | (290) | |||||
| North American Inc Tst | ||||||||||||
| 5p Ordinary shares | 5,000 shares | 15,000 | - | - | - | 5,000 shares | 16,275 | 1,275 | ||||
| Bankers Investment Trust | ||||||||||||
| 25p Ordinary shares | 11,000 shares | 12,518 | - | - | - | 11,000 shares | 13,266 | 748 | ||||
| Mercantile Inv Tst PLC | ||||||||||||
| 25p Ordinary shares | 4,900 shares | 11,417 | - | - | - | 4,900 shares | 12,544 | 1,127 | ||||
| UK Treasury | ||||||||||||
| 0.25% (Redeemed 31/1/25) | 10,340 shares | 10,099 | - | 10,340 | 241 | - | - | - | ||||
| UK Treasury | ||||||||||||
| 0.25% (Redeemable 31/7/31) | - | - | 9,974 | - | - | 12,715 shares | 10,198 | 224 | ||||
| UK Treasury | ||||||||||||
| 0.125% | 21,120 shares | 18,367 | - | - | - | 21,120 shares | 19,330 | 963 | ||||
| JP Morgan Global Growth and Inc | ||||||||||||
| 5p Ordinary shares | 2,160 shares | 12,506 | - | - | - | 2,160 shares | 11,815 | (691) | ||||
| SSGASPDR MSCI World | - | - | 9,403 | - | 290 shares | 9,086 | (317) | |||||
| Schroder Strategic Credit L Inc | - | - | 11,940 | . | 13,286 shares | 12,191 | 251 | |||||
| £296,059 | £31,317 | £20,543 | £ | 855 | £321,339 | £13,651 |
16
ESTATE CHARITY OF ALICE, DUCHESS DUDLEY
| SCHEDULE | OF | INVESTMENTS | INVESTMENTS | AT 30 JUNE | 2025 | 2025 | , | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (CONTINUED) | ||||||||||||||||||
| PERMANENTENDOWMENT FUND | Holding at | Marketvalue | Cost | Sales | Profit/(loss) | Transferfrom | Holding at | Marketvalue | Surplus/ | |||||||||
| 30 June | at 30 June | in year | in year | on sale | General | Fund | 30 June | at 30 June | (deficit) on | |||||||||
| 2024 | 2024 | 2025 | 2025 | revaluation | ||||||||||||||
| £ | £ | £ | £ | E | £ | £ | ||||||||||||
| Primary Health Properties plc | ||||||||||||||||||
| 12.5p Ordinary shares | 18,890 shares | 17,332 | - | - | - | 8,533 | 28,190 shares | 27,880 | 2,015 | |||||||||
| Astrazeneca plc | ||||||||||||||||||
| USD 0.25 shares | 379 shares | 46,829 | - | - | - | - | 379 shares | 38,355 | (8,474) | |||||||||
| Monks Investment Trust | ||||||||||||||||||
| 5p Ordinary shares | 4,900 shares | 57,918 | - | - | - | - | 4,900 shares | 63,406 | 5,488 | |||||||||
| HICL Infrastructure Co. | ||||||||||||||||||
| 1p Ordinary shares | 21,520 shares | 26,771 | - | - | - | - | 21,520 shares | 25,221 | (1,550) | |||||||||
| JP Morgan Asia GRW & Inc PLC | ||||||||||||||||||
| 25p Ordinary shares | 4,031 shares | 15,157 | - | - | - | 10,171 | 4,031 shares | 25,395 | 67 | |||||||||
| Triple PT Energy EFF Infra | ||||||||||||||||||
| 1p Ordinary shares | 15,522 shares | 10,214 | - | 6,751 | (3,463) | - | - | - | - | |||||||||
| Dunedin Inc Grwth Inv Tst | ||||||||||||||||||
| 25p Ordinary shares | 6,955 shares | 19,474 | - | - | - | - | 6,955 shares | 20,935 | 1,461 | |||||||||
| Ishares Core GBP Corp BD UCITS EFT | ||||||||||||||||||
| 18 shares | 2,190 | - | 2,151 | (39) | - | - | - | - | ||||||||||
| North American Inc Tst | ||||||||||||||||||
| 5p Ordinary shares | 3,260 shares | 9,780 | - | - | - | 10,890 | 6,890 shares | 22,427 | 1,757 | |||||||||
| Patria Private Equity Tst | ||||||||||||||||||
| 2p Ordinary shares | 1,268 shares | 6,797 | - | - | - | 18,974 | 4,808 shares | 26,829 | 1,058 | |||||||||
| Taiwan Semiconductor Man Ads | ||||||||||||||||||
| - | - | 8,902 | - | - | - | 63 shares | 10,347 | 1,445 | ||||||||||
| Londonmetric Property PLC | ||||||||||||||||||
| 1p Ordinary shares | - | - | - | - | - | 55,312 | 28,600 shares | 58,058 | 2,746 | |||||||||
| GCP Infrastructure Inv Ltd | ||||||||||||||||||
| 1p Ordinary shares | - | - | - | - | - | 43,308 | 54,000 shares | 39,744 | (3,564) | |||||||||
| Ishares S&P 500 UCITS ETF DIST | ||||||||||||||||||
| - | - | - | - | - | 18,938 | 437 shares | 19,643 | 705 | ||||||||||
| £ | 212,462 | £ | 8,902 | £ | 8,902 | £ | (3,502) | £ | 166,126 | £ | 378,240 | £ | 3,154 | |||||
| TOTALS | £2,011,047 | £ | 346,589 | £ | 208,255 | £ | (5,787) | £ | - | £2,216,115 | £ | 72,521 |
17