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2020-12-31-accounts

CHARITY COMMISSION

Michael Robertson Scholarship Fund

Registration number: 1014388

Annual Report and Financial Statements

31 December 2020

Michael Robertson Scholarship Fund

Contents

Reference and Administrative Details 1
Trustees' report 2
Trustees' responsibilities 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8

Michael Robertson Scholarship Fund Reference and Administrative Details

Charity name Michael Robertson Scholarship Fund Michael Robertson Scholarship Fund
Charity registration number 1014388
Principal office The Rivelin
Lindale
GRANGE OVER SANDS
LA11 6LJ
Registered office The Rivelin
Lindale
GRANGE OVER SANDS
LA11 6LJ
Trustees Dr R Baxter
C Munday
A Fleck
J Light
S Ellis (Appointed 7 July 2020)
Bankers Barclays Bank Plc
9 Highgate
KENDAL
LA9 4DA
Accountant Dodd & Co Limited
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW
Investment Advisor JM Finn
4 Coleman Street
LONDON
EC2R 5TA

Page 1

Michael Robertson Scholarship Fund

Trustees' Report for the Year Ended 31 December 2020

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, 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.

Structure, Governance and Management

Governing Document

The Charity's governing document is its settlement deed, which is dated 14 September 1992, as amended by two deeds of variation dated 16 April 2003 and 1 July 2020. The charity is an unincorporated trust.

Appointment of Trustees, and Organisational and Decision-Making Policy

The Trustees, who meet formally on a minimum of two occasions each year, administer the affairs of the Charity. Applications are considered at these meetings. Newly appointed Trustees are given induction training when first appointed and all Trustees are offered ongoing training, as appropriate.

Risk Policy

The Trustees have assessed the major risks to which the Charity is exposed, in particular, those relating to the operations and finances of the trust and are satisfied that systems are in place to mitigate our exposure to the major risks.

Objectives and Activities

The Trustees are empowered to pay or apply the net income of the trust fund and any part of the capital at their absolute discretion in furtherance of the objects of the Charity. However, the Trustees strongly believe that it was not in the Settlor's intention that they should advance capital and such advances will only be made in exceptional circumstances.

The main objects of the Charity are:

The Charity met these objectives during the year by awarding scholarship grants to students attending Sedbergh School. The Trustees have been careful to encourage applications for scholarship grants from those new pupils from the maintained sector, in order to ensure that it continues to meet the requirement that its charitable activities pass the public benefit tests.

Achievements and Performance

During the year, the Trustees paid scholarships totalling £269,000 in respect of pupils of Sedbergh School, enabling them to further their education.

The Trustees' investment objective is to retain enough capital to generate the income required to meet the anticipated costs of the main objects of the Charity. The overall value of the Charity’s endowment funds has decreased by 3.27% from December 2019 to December 2020, with an increase of 12.88% experienced over the last two years.

Page 2

Michaol Robertson SChola￿h[P Fund Tnth. Rep￿tforth0 Year Ended 31 DeGwnb¢r 2020 The Ch•rily ho8 a f¥w)urablè F¥>sllion In hathrYJ 5.78% of tt8 inNwtrnents in ftted trrtw•sl& Thk lino t•Ath t pknned fwj interest Investrn￿t per(• for the yaar. Flmncl￿ R The TTU5tees are 3ati5fied wth thg ffinan¢ial F¥Jsttion of the Chanty ard confinn that they ha￿ qu8ts assèts availabt• to ftlfil th￿r 0￿rgat￿y￿. We appm the reco￿ of transa¢b￿S s•t eArt h8rnin. We have ryjntinued to make aw8rd$ alorvJ thè Ilnes Lqkl dthvn in wrguwjelines to ¥Fflicants. Thè amounts wdrded are sfvJm in these tstemer)ts. . To in￿t in such se(3Jrrhes or irThEst￿ or WOFeTty vththr In￿ng Ilabl￿ or rKJI ond Yknether produthTJ Intom& or not as the Trustees shall in t￿"1 8bsolutè disttotion thirth fiL The Trustees may aL80 hokl any 085ets in ncynirpe names pro¥idro Ihat onylorwj $ho11 ￿ a$8uredtrtr the TrLth ypJn trust fws. The Trustees Tetain S[ff+La￿ capiial to generate incoTh r•quir•J to rne•t th& anti￿Pated costs Df the main objeds of the Charlty. At the year end. thg Charity W freg reser￿ of £110.885. &Juival8nt lo arouThJ ts￿) to￿$ sthol¥r3hip8. This 18 an appropriate feNtl of reseTbW. as it the Tn￿ to t Ccfflfid￿t ol Ihe Chaitys )ilty to meet the forthccrtlThJ tem)'s schoLarship obfyti￿￿1thOut reajigng in￿S￿ments. Whi&t thè ROb￿tsOn FurKI saw some èffect from th• CovKk19 rnlattd 90￿ra1 dcmrtwaril movamthtt ift the money marf(ets, Rc)8rtson In¥Pstr￿ lavJety hdd their own and the Fun(fs income the )par Ternalned remarkabty stsb￿. Covbj 2020 ￿trictiO￿. did hoEw. s￿Iden dr￿)ati¢ effect on Sedbergh S￿cl financeE. Trustees sought to tsfrr wlwt help Ihey mb3ht from the staTrJpoint of a healthy ba￿{ ba1￿Ce, deciding, vthen making payament for the ffirsl lern. lo offer paymeni of awarts for ts Vfiolg academ￿ year 2020121, and thèmby Wp to èasè thè schoofs cash situthn. Thè ¥ccounts IlweforÈ shtw ts awds total of £269.OCQ a5 alreaty haMrrfJ been paid. c4JrrespoThlirs¥Ath ￿VanCe pByment forlgrms 2 & 3. Appro¥Yd by the TnMes on 16 2021 and signed on th•lr b•hallty. Dr R Baxter Trustè¢

Michael Robertson Scholarship Fund

Trustees' Responsibilities in relation to the Financial Statements

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards.

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 state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection fraud and other irregularities.

Page 4

Independent Examlnefs Report lo the Trustogs of Michael Robertson ScholarJhlp Fund l Tewt on the Dfthe chaiity for Ihe yEar eThded 31 Det￿ber202O, are sel out on 6 to 13. Your attèntion is to dravm to th& fact ttst th8 Chwity has yepar•a th8 financi41 s1ateff￿nts in ac￿[dan￿ with Accwn)n9 •nd Rèporting by Charits preparing thèir a¢￿Unts in acwdane• FIna￿la1 Reporb"ng Stsndatrl applicable in the UK and Repthlic of Ireland IFRS 102) in weference to the AcYountiThJ and ReporbThJ by Charnbes.. St8twn¢rtt of R¢wnmoThJod Pradi¢s i$$￿j on 1 ￿11 2C05 vthith * rgfgned to in the exiant ulaions tyjt has Bin￿ been ilhdrawn. We UTh￿r$￿TrI that this has dore in order for thè act￿nts to provhje a tnjg aTrJ fair view in acc4)rdanc8 Ih thE Generalty Aetptèd Actounuro Practts for rBporfirg peritsls bw'nnirwj on or after 1 January 2019. Th8 Chantys trustees are responsble for tr preparati￿ of a¢£￿rtts. The trLtstees consider that an audit ' r￿1 required for this swr sedion 144(2) ofthg Chwibes h£t 2011 (th? 2011 Artl and that an indgpendpnl li Is my resF4Jn51bltyto.' oxamino th? accounts ￿0￿ 145 ofth? 2011 Act fcllu4V the procedures lad d11￿ In th• General Dlr8cons by th• Charity C(¥nmMsion urdw ￿bOn 1451$) Ibl of the 2011 A( aThJ Basls of ind•p•nd•nt•xamln•rfs i•port Kty examination Wds carried out in act))rdan￿¥•1th the r￿e[al Direclions gi%en by Ihe Chwity Commission. An ex￿]natIon indLKlès 8 r8view of Ihè attthntiNJ recottls kept by the ¢harity •nd • compartson of thè aecwnb presented with those records. It also inchjdes consldera￿0n of any unji sual it￿nS or rf15ckJsures in the accounts. and se¢king explanatiorts frcth you as trLtstees c￿ming any such rnatlors. Th& proctduTes uThJertaken do not provKle all tho wdenrè that Nld be rgquired in 8n audit (¥Jnwuenty no tsFrfnlon is gtn •$ lo ￿elhel the 8counts PfEsent 8 Yrue fair viv arKI thè f•F4Nt i¥ limited to Ihose matter5 Sat out in the statemènt Independent•xamino¢¥ ststomont In conrtdion my •yxninaI￿i. rK> matter has com• to my altention.. 11) mg rwonth cu¥e to beltht that in any matwid respectthe ￿U￿￿TIents.. to keep acc4yJntiThJ records in accordant•wNh s•etien 130 ofth• Charltws Act2011', ar reqwr¢m¢nts ofthe Z111 A habp not begn met ¢x 12) to vthK. in my w"r￿n, aiknbon shrydd bè dr¥n in or(ler to enth a pwpgr uTrJpr8knJiTrJ of thg FJFfEEN Rosèhi Monlgornwy Way Rosehill Estate CARUSLE CA1 IWI Marbn S Ward FCA D￿Jd & Co Lknlted charter￿ Accountarts 16 March 21r21

Michael Robertson Scholarship Fund Statement of Financial Activities for the Year Ended 31 December 2020

Note
Income
Investments
2
Total income
Expenditure
Charitable activities
Total expenditure
Gains/(losses) on investment assets
Net income/(expenditure)
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
Endowment
Funds
Total Funds
2020
Total Funds
2019
£
£
£
£
210,789
-
210,789
243,970
210,789
-
210,789
243,970
272,892
22,667
295,559
249,367
272,892
22,667
295,559
249,367
-
(184,943)
(184,943)
890,119
(62,103)
(207,610)
(269,713)
884,722
172,988
6,389,190
6,562,178
5,677,456
110,885
6,181,580
6,292,465
6,562,178

The notes on pages 8 to 13 form an integral part of these financial statements. Page 6

IAichael Robertson Scholarshlp Fund Balance Sheet Js at 31 D¢￿Mb￿ 2020 2019 FIX￿ assets Investrnents 6,158,298 6,388,298 Cash atbath wxl In h•yJ 137 198.778 Cr•ditors: Amounts lalllng du• wlthlTr one y•gr 13.12n (18981 Not cunvnt w•ts 134.16 195,880 6.292.465 6,562,178 The funds ot th• ¢harftr. Endowin•nt fvnds 6.181.580 6.389,1 Unrestrtcted funds Un￿trthd income fijnds 110,885 172,988 Totsl charltyfunds The fin￿rial 5txt4mtnts been ac£oftl8rKe the vin￿(￿81 Reporting Stsrthrd appb¢Bb18 in Ihe UK and Reput4¢ of Ireland IFRS 1f21. 6.292.465 6,562.17B AFPro￿d byth? Bowd on 18 2Q21 aTrJ $hJngJ on its behairty. Dr R Bther Truste• notes on pages 8t0 13 foffl) an integral part 0ftr￿ finanaal statemw Pago 7

Notes to the Financial Statements for the Year Ended 31 December 2020

Michael Robertson Scholarship Fund

1 Accounting policies

Statement of compliance

The accounts (financial statements) have been prepared in accordance with 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) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

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

Basis of preparation

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

These financial statements have been prepared on a going concern basis.

Fund accounting policy

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.

Further details of each fund are disclosed in note 11.

Income and endowments

Investment income is recognised on a receivable basis. Income received from endowments is treated as unrestricted.

Expenditure

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.

Cash and Cash Equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 8

Michael Robertson Scholarship Fund

Notes to the Financial Statements for the Year Ended 31 December 2020

......... continued

Investments

Fixed asset investments are included at market value at the balance sheet date.

Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the statement of the financial activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the statement of financial activities based on the market value at the year end.

2 Investment income

Unrestricted Endowment Total Funds Total Funds Total Funds
Funds Funds 2020 2019
£ £ £ £
Dividend income 188,777 - 188,777 212,739
Gross bond interest 21,834 - 21,834 30,855
Gross bank interest 178 - 178 376
210,789 - 210,789 243,970

All of the income in 2019 related to unrestricted funds.

Page 9

Michael Robertson Scholarship Fund

Notes to the Financial Statements for the Year Ended 31 December 2020

......... continued

3 Total resources expended

Furtherance
of education		 Furtherance
of education		 Total
2020		 Total
2019
£ £ £
Direct costs
Scholarships 269,000 269,000 218,933
Administration of investments 22,669 22,669 26,522
291,669 291,669 245,455
Support costs
Insurance 470 470 -
Trustees' expenses 213 213 934
Accountancy fees 3,207 3,207 2,978
3,890 3,890 3,912
295,559 295,559 249,367

Of the expenditure in 2019, £26,522 related to endowment funds and £222,845 related to unrestricted funds.

4 Trustees' remuneration and expenses

During the year expenses were paid to one of the trustees for out of pocket expenses incurred in their service as a trustee. A total of £213 was paid to or on behalf of the trustees.

No trustee or any person connected to a Trustee received remuneration in respect of their services as trustee during the year.

5 Net outgoing resources

Net outgoing resources is stated after charging:

Independent examiner's remuneration

2020 2019
£ £
3,207 2,978

Page 10

Michael Robertson Scholarship Fund

Notes to the Financial Statements for the Year Ended 31 December 2020

......... continued

6 Taxation

The registered charity is exempt from taxation on income and gains.

7 Investments held as fixed assets

Listed
investments
£
Market value
As at 1 January 2020 6,366,298
Revaluation (184,943)
Additions 662,829
Disposals (685,888)
As at 31 December 2020 6,158,296
Net book value
As at 31 December 2020 6,158,296
As at 31 December 2019 6,366,298
Investment assets can be further analysed as follows:
UK Overseas
£ £
Listed investments 3,791,125 2,367,171
3,791,125 2,367,171

8 Creditors: Amounts falling due within one year

2020 2019
£ £
Accruals and deferred income 3,127 2,898

9 Other financial commitments

At the start of the year the Charity had pledged £503,800 to scholars.

During the year £269,000 was paid out for scholarships.

At the year end the Charity had pledged the following awards to be made to scholars after the year end:

2021/22 academic year - £111,200 2022/23 academic year - £97,600 2023/24 academic year - £42,000

Page 11

Michael Robertson Scholarship Fund

Notes to the Financial Statements for the Year Ended 31 December 2020

......... continued

10 Related parties

Controlling entity

The charity is controlled by the trustees.

11 Analysis of funds

Other
recognised At 31
At 1 January Incoming Resources gains / December
2020 resources expended losses 2020
£ £ £ £ £
General Funds
Unrestricted income fund 172,988 210,789 (272,892) - 110,885
Permanent Endowment
Permanent endowment 6,389,190 - (22,667) (184,943) 6,181,580
6,562,178 210,789 (295,559) (184,943) 6,292,465

General Funds - the general funds receive investment income and are used to pay out scholarships.

Permanent Endowment - the permanent endowments are used to generate the funds needed to perform the charity's objectives and are revalued annually.

Page 12

Michael Robertson Scholarship Fund

Notes to the Financial Statements for the Year Ended 31 December 2020

......... continued

Prior period

At 1
January
2019
Incoming
resources		 At 1
January
2019
Incoming
resources		 At 1
January
2019
Incoming
resources		 At 1
January
2019
Incoming
resources		 Resources
expanded		 Resources
expanded		 Resources
expanded		 Other
recognised
gains/ losses		 Other
recognised
gains/ losses		 Other
recognised
gains/ losses		 At 31
December
2019
£ £ £ £ £
General Funds
Unrestricted income fund 151,863 243,970 (222,845) - 172,988
Permanent Endowment
Permanent Endowment 5,525,593 - (26,522) 890,119 6,389,190
5,677,456 243,970 (249,367) 890,119 6,562,178
Net assets by fund
Unrestricted Endowment Total Funds Total Funds
Funds Funds 2020 2019
£ £ £ £
Investments - 6,158,296 6,158,296 6,366,298
Current assets 114,012 23,284 137,296 198,778
Creditors: Amounts falling due
within one year		 (3,127) - (3,127) (2,898)
Net assets 110,885 6,181,580 6,292,465 6,562,178
Prior period
Unrestricted Endowment Total Funds Total Funds
Funds Funds 2019 2018
£ £ £ £
Investments - 6,366,298 6,366,298 5,455,488
Current assets 175,886 22,892 198,778 224,648
Creditors: Amounts falling due
within one year		 (2,898) - (2,898) (2,680)
Net assets 172,988 6,389,190 6,562,178 5,677,456

12 Net assets by fund

Page 13

Michael Robertson Scholarship Fund Appendix 1 - Investment Schedule

Holding
01/01/2020
General Fund- 072780CHA
Assura Group Ltd
226,909
Ord GBP0.10
AstraZeneca Group Plc
1,200
Ordinary US$0.25 shares
Aviva
65,000
Cumulative Irredeemable shares - 3/4%
BB Healthcare Trust plc
80,000
Ord 1p shares
City Merchants High Yield Trust
30,000
ORD NPV
Croda International
1,750
ORD GBP0.10609756
Dechra Pharmaceuticals
7,000
ORD GBP0.01
Diageo Plc
8,000
Ordinary 28 101/108p shares
Diploma PLC
3,000
Ord GBP0.05
Diverse Income Trust plc
82,500
Ord GBP 0.001
Electrocomponents
10,000
Ord GBP0.10
Experian Plc
4,500
Ord USD 0.10
Foresight Solar Fund Ltd
100,000
NPV
GCP Infrastructure investments ltd
100,000
Ord GBP 0.01
C/f		 Book Value
Market Value
Additions
Disposals
01/01/20120
01/01/2020
Units
Units

112,485
176,535

7,603
91,284

86,385
98,800

93,765
113,600

58,361
59,100

87,595
89,600
750

29,324
203,000
1,500

132,479
256,040

46,018
60,720

82,448
78,705
17,500

62,301
67760

77,832
114840

104,674
126,000

116,699
131,800
1,097,969
1,667,784		 Additions
Disposals
£
£
47,150

46,585
15,491
62,641
46,585		 Gain
Holding
(Loss)
31/12/2020
(2,269)
226,909
(3,396)
1,200
4,550
65,000
28,400
80,000
(2,175)
30,000
28,150
2,500
33,335
5,500
(25,800)
8,000
5,040
3,000
4,804
100,000
19,290
10,000
10,125
4,500
(23,500)
100,000
(22,800)
100,000
53,754		 Book Cost
Market Value
31/12/2020
31/12/20120
Date

112,485
174,266
15/01/2020
15/04/2020
15/07/2020
14/10/2020

36,182
87,888
30/03/2020
14/09/2020

86,385
103,350
30/06/2020
31/12/2020

93,765
142,000
09/01/2020
28/08/2020

58,361
56,925
25/02/2020
22/05/2020
19/08/2020
09/11/2020

134,745
164,900
28/05/2020
01/10/2020

43,220
189,750
08/04/2020
27/11/2020

132,479
230,240
09/04/2020
08/10/2020

46,018
65,760
22/01/2020

97,938
99,000
28/02/2020
29/05/2020
28/08/2020
30/11/2020

62,301
87,050
08/01/2020
18/12/2020

77,832
124,965
31/01/2020
24/07/2020

104,674
102,500
28/02/2020
29/05/2020
28/08/2020
27/11/2020

116,699
109,000
10/06/2020
28/08/2020
07/12/2020
1,203,086
1,737,594		 Net
Income
Realised
Unrealised

1,582
(2,269)

1,582

1,611

1,611

1,757
(3,396)

835

2,844
4,550

2,844

1,940
28,400

2,000

750
(2,175)

750

750

750

884
28,150

691

720
3,085
30,250

1,320

2,193
(25,800)

3,398

615
5,040

701
4,804
743

743

1,050

590
19,290

950

500
10,125

1,173

1,690
(23,500)

1,690

1,720

1,730

1,900
(22,800)

1,900

1,900
50,404
3,085
50,669

Page 13

Michael Robertson Scholarship Fund Appendix 1 - Investment Schedule

Holding
01/01/2020
B/f
GCP Asset Backed Income Fund Ltd
54,452
ORD NPV
Givaudan SA
CHF10.00
Glaxo Smith Kline Plc
9,000
Ordinary 25p shares
Henderson Far East Income Ltd
39,000
Ord Shs NPV
Henderson Diversified Income Ltd
110,000
Ord NPV
Intermediate Capital Group Plc
46,000
5% NTS 24/03/23 GBP1000
Intermediate Capital Group Plc
85,000
6.25% GTD NTS 19/09/20 GBP100
International Biotechnology Trust
GBP0.25
JP Morgan Global Growth & Income plc
32,500
Ord 5p shares
JP Morgan Global Core Real Assets
100,000
Ord NPV
Legal & General Group
55,000
Ordinary 2.5p shares
Liontrust Fund Partners LLP Asia Income
90,000
Londonmetric Property plc
50,000
Ord GBP 0.10
Mapeley
2,500
Ord NPV
Meggitt
21,250
Ord 5p shares
Monks Investment Trust
13,000
Ord GBP 0.05
C/f		 Book Value
Market Value
Additions
Disposals
01/01/20120
01/01/2020
Units
Units
1,097,969
1,667,784

55,238
59,080
12
14

127,165
160,110

130,002
142,545

104,658
103,510

49,513
48,795

85,374
87,234
85,000
4,300

105,715
112,613

103,903
103,500

101,773
166,650

126,153
120,488
20,000

81,486
118,300

82,714

102,030
139,570
21,250

107,412
124,670
2,461,105
3,154,848		 Additions
Disposals
£
£
62,641
46,585
38,884
48,528

85,000
36,112
26,662
291

58,117
212,828
189,992		 Gain
Holding
(Loss)
31/12/2020
53,754
(9,366)
54,452
(7,235)
26
(39,330)
9,000
(15,210)
39,000
(2,200)
110,000
265
46,000
(2,234)
(981)
4,300
13,000
32,500
(4,700)
100,000
(20,240)
55,000
12,806
110,000
(3,800)
50,000
-
2,500
(81,453)
52,130
13,000
(54,795)		 Book Cost
Market Value
31/12/2020
31/12/20120
Date
1,203,086
1,737,594

55,238
49,715
28/02/2020
09/03/2020
09/06/2020
28/08/2020
27/11/2020
29/12/2020

87,412
80,177

127,165
120,780
09/01/2020
09/04/2020
09/07/2020
08/10/2020

130,002
127,335
28/02/2020
29/05/2020
28/08/2020
27/11/2020

104,658
101,310
31/03/2020
30/06/2020
30/09/2020
31/12/2020

49,513
49,059
24/03/2020
24/09/2020
01/03/2020
01/09/2020

36,112
35,131

105,715
125,613
03/01/2020
03/04/2020
03/07/2020
02/10/2020

103,903
98,800
27/02/2020
28/05/2020
28/08/2020
30/11/2020

101,773
146,410
04/06/2020
24/09/2020

152,524
159,665
28/02/2020
01/06/2020
01/09/2020
30/11/2020

81,486
114,500
10/01/2020
16/04/2020
22/07/2020
07/10/2020

82,714

107,412
176,800
04/09/2020
2,528,713
3,122,889		 Net
Income
Realised
Unrealised
50,404
3,085
50,669

844
(9,366)

1,900

844

844

844

136
(7,235)

1,710
(39,330)

2,070

1,710

1,710

2,223
(15,210)

2,223

2,262

2,262

1,210
(2,200)

1,210

1,210

1,210

1,150
265

1,150

2,656
(2,234)

2,656
(981)

1,060
13,000

1,060

1,060

1,069

750
(4,700)

750

750

750

6,952
(20,240)

2,712

931
12,806

513

1,673

2,226

1,000
(3,800)

1,000

1,150

1,050
-
(81,453)

325
52,130
111,218
(80,602)
25,808

Page 14

Michael Robertson Scholarship Fund Appendix 1 - Investment Schedule

Holding
01/01/2020
B/f
Murray International Trust
7,500
Ordinary 25p shares
M&G PLC
9,500
ORD GBP 0.05
National Grid
8,500
ORD GBP0.12431289
Novartis AG
1,150
CHF 0.50 (REGD)
Novo Nordisk A/S
DKK 2 SER B
Orsted A/S
DKK10
Paragon Banking Group Plc
100,000
6.125% 30/1/22 GBP 100 REGS
Polar Cap Gbl Healthcare
30,000
GBP 0.25
Polar Capital Funds
15,000
Global Convertible I GPS DIS
Polar Capital Technology Trust
ORD0.25
Primary Health Properties PLC
85,000
ORD GBP0.125
Prudential
9,500
Ord GBP 0.05
Reckitt Benckiser Group Plc
2,200
Ordinary 0.10
Rio Tinto Plc
2,900
Ordinary 10p shares
Robeco Luxembourg SA Sustainable Water Eqtys
G GBP
Roche Holdings AG Genusscheine
650
NPV
Royal Dutch Shell Plc
5,900
Class B Ordinary Euro 0.07 shares
Relx Plc
5,000
GBP 0.1444
Santander UK plc
48,000
10.375% Non Cum Prf SHS
C/f		 Book Value
Market Value
Additions
Disposals
01/01/20120
01/01/2020
Units
Units
2,461,105
3,154,848

51,805
94,500

24,288
22,534

81,674
80,266
4,750

46,486
82,377
900
500

104,449
104,570

29,267
71,400
15,000

107,931
121,800
5,550
1,500
500

112,799
136,000

151,969
137,655

74,454
134,838

91,573
130,587
225

127,782
159,088

110,916
132,131
5,900

75,905
95,275

80,676
81,048
3,733,081
4,738,916		 Additions
Disposals
£
£
212,828
189,992
49,344
48,590
49,295

36,155
48,764
517
26,181
10,666
49,327

64,986
494,994
291,650		 Gain
Holding
(Loss)
31/12/2020
(54,795)
(9,750)
7,500
(3,729)
9,500
(14,997)
13,250
(2,847)
1,150
(2,494)
900
25,344
500
(1,645)
100,000
1,205
15,000
27,849
20,550
9,253
2,000
(6,120)
85,000
(9,690)
9,500
9,086
2,200
28,043
2,900
4,761
225
6,963
650
(67,145)
(5,650)
5,000
(2,808)
48,000
(69,164)		 Book Cost
Market Value
31/12/2020
31/12/20120
Date
2,528,713
3,122,889

51,805
84,750
19/02/2020
15/05/2020
14/08/2020
19/11/2020

24,288
18,805
29/05/2020
30/09/2020

131,019
114,613
19/08/2020

53,583
79,530
05/03/2020

48,590
46,096
18/08/2020

49,295
74,639

104,449
102,925
30/01/2020
30/07/2020

14,634
36,450
28/02/2020
28/08/2020

156,178
197,897
31/01/2020
30/04/2020
31/07/2020
30/10/2020

36,847
46,100

112,799
129,880
21/02/2020
22/05/2020
21/08/2020
20/11/2020

151,969
127,965
15/05/2020
28/09/2020

74,454
143,924
28/05/2020
29/09/2020

91,573
158,630
16/04/2020
17/09/2020

49,327
54,088

127,782
166,051
23/03/2020
23/03/2020
22/06/2020
21/09/2020

75,905
89,625
28/05/2020
02/09/2020

80,676
78,240
06/04/2020
06/10/2020
3,963,886
4,873,096		 Net
Income
Realised
Unrealised
111,218
(80,602)
25,808

900
(9,750)

1,313

900

900

1,498
(3,729)

570

4,240
(14,997)

1,789
(2,847)

259
(2,494)
25,344

3,063
(1,645)

3,063

330
455
750

300

1,206
27,849

1,122

1,391

1,397
9,253

1,254
(6,120)

1,254

1,254

1,254

1,980
(9,690)

396

2,235
9,086

1,606

5,147
28,043

3,472
4,761

3,371
6,963

2,148
(67,145)

748

713

1,605
(5,650)

680

2,490
(2,808)

2,490
169,552
(147,292)
78,128

Page 15

Michael Robertson Scholarship Fund Appendix 1 - Investment Schedule

Holding
01/01/2020
B/f
Scottish Widows plc
115,000
5.5% NTS 16/06/23
Segro Plc
12,000
ORD GBP0.10
Sequoia Economic Infrast Inc FD Ltd
99,447
NPV
Smith (DS)
37,863
Ordinary GBP0.10
Spirax-Sarco Engineering
ORD GBP0.269230769
SSP Group Plc
4,607
Ord GBP 0.01
Standard Chartered Plc
10,000
Ord USD 0.50
Tate & Lyle
10,000
Ordinary 25p shares
Temple Bar Investment Trust
5,000
Ordinary 25p shares
Tesco
25,000
Ord GBP 0.05
T R Property Investment Trust
25,000
Ord 25p shares
Unilever Plc
4,500
Ordinary 3.11p shares
United Kingdom (Government of) Treasury
20,000
4.125% IDX-LINK 2030
Valu-Trac Investment Management Ltd Gravis Clean
60,000
GBP Net Inc
Victrex
5,000
Ordinary 1p shares		 Book Value
Market Value
Additions
Disposals
01/01/20120
01/01/2020
Units
Units
3,733,081
4,738,916

116,746
128,127

76,382
107,664

101,258
115,955
13,392

145,021
145,470
37,863
375
425

30,708
29,946
4,607

79,807
71,240
10,000

68,589
76,020

31,801
73,800
5,000

51,511
63,800

45,805
121,750

58,085
195,773

74,792
75,150

55,473
75,547

84,665
124,700
5000
4,753,724
6,143,857		 Additions
Disposals
£
£
494,994
291,650
14,999

113,052
40,340
45,384

10,795

40,312

67,390

99,429
595,716
622,628		 Gain
Holding
(Loss)
31/12/2020
(69,164)
(500)
115,000
6,048
12,000
(7,057)
112,839
(32,418)
4,636
800
(19,150)
(30,928)
(8,580)
10,000
(6,410)
(5,950)
25,000
(18,500)
25,000
1,868
4,500
886
20,000
17,157
60,000
(25,271)
(193,333)		 Book Cost
Market Value
31/12/2020
31/12/20120
Date
3,963,886
4,873,096

116,746
127,627
16/06/2020

76,382
113,712
01/05/2020
24/09/2020

116,257
123,897
21/02/2020
22/05/2020
28/08/2020
27/11/2020

85,724
90,360
06/11/2020
04/06/2020

68,589
67,440
03/01/2020
31/07/2020

51,511
57,850
03/07/2020
27/11/2020

45,805
103,250
07/01/2020
04/08/2020

58,085
197,640
18/03/2020
04/06/2020
09/09/2020
20/11/2020

74,792
76,036
22/01/2020
22/07/2020

55,473
92,704
31/01/2020
30/04/2020
31/07/2020
30/10/2020
21/02/2020
4,713,250
5,923,612		 Net
Income
Realised
Unrealised
169,552
(147,292)
78,128

6,325
(500)

1,728
6,048

828

1,554
(7,057)

1,763

1,763

1,763
(32,418)

268
4,636

276
(19,150)
(30,928)

880
(8,580)

2,080
(6,410)

1,625
(5,950)

800

1,300
(18,500)

2,200

1,562
1,868

1,626

1,664

1,686

883
886

889

729
17,157

558

752

709

2,307
(25,271)
208,072
(261,469)
68,136

Page 16

Michael Robertson Scholarship Fund Appendix 1 - Investment Schedule

Holding
01/01/2020
Growth Fund- 072781CHA
ABCAM
1,500
ORD GBP0.002
Baillie Gifford China Grwth Tst Plc
ORD GBP0.25
Euromoney Institutional Investor
2,000
Ord GBP 0.0025
Fevertree Drinks Plc
950
Ordinary 0.25p shares
Fisher (James) & Sons Plc
1,000
Ordinary 25p shares
Impax Asset Managemtn Group Plc
ORD GBP0.25
ITM Power
ORD GBP0.05
Learnings Technologies Group Plc
31,000
GBP 0.00375
M&G PLC
5,000
Ord GBP0.05
MacFarlane Group
17,000
Ordinary 25p shares
Restore
4,030
GBP 0.05
RWS Holdings plc
3,500
Ordinary 5p shares
Treatt
ORD GBP0.02
Trifast
10,000
Ord 5p shares		 Book Value
Market Value
Additions
Disposals
01/01/20120
01/01/2020
Units
Units

18,357
20,280
3,350

23,327
26,040

2,675
19,884

2,081
20,250
3,000
3,950

29,996
44,330
10,000

11,443
11,860

11,551
18,318
17,000

11,972
22,165
4,030

15,927
21,315
3,750

7,211
18,000
10,000
134,539
222,441
4,888,263
6,366,298		 Additions
Disposals
£
£
15,120
14,935
16,823

17,152

13,799

13,763
20,234

18,545
67,112
63,260
662,829
685,888		 Gain
Holding
(Loss)
31/12/2020
2,970
1,500
2,568
3,350
(4,720)
2,000
4,123
950
(10,780)
1,000
6,005
3,000
3,559
3,950
11,042
21,000
(1,963)
5,000
(4,518)
(8,402)
(2,555)
3,500
10,516
3,750
545
8,390
(184,943)		 Book Cost
Market Value
31/12/2020
31/12/20120
Date

18,357
23,250
17/04/2020

15,121
17,688

23,327
21,320
13/02/2020

2,032
24,007
12/06/2020
16/10/2020

2,081
9,470
06/11/2020

14,935
20,940

16,823
20,382

20,320
38,220
30/10/2020

11,443
9,898
29/05/2020
30/09/2020
08/10/2020

12,476
18,760
21/02/2020
17/07/2020

20,234
30,750
13/08/2020
157,148
234,684
4,870,399
6,158,296		 Net
Income
Realised
Unrealised
53
2,970
2,568
446
(4,720)
94
4,123
51
80
(10,780)
6,005
3,559
233
2,852
8,190
789
(1,963)
300
119
(4,518)
(8,402)
245
(2,555)
61
69
10,516
545
2,540
(9,523)
17,913
210,611
(270,992)
86,049
-

Page 17