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2022-10-31-accounts

Charity Registration No. 1094399

THE SCORPION CHARITABLE TRUST

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

THE SCORPION CHARITABLE TRUST

CONTENTS

Page
Legal and administrative information 1
Trustee's report 2 - 5
Independent auditor's report 6 - 8
Statement of financial activities 9
Statement of financial position 10
Statement of cash flows 11
Notes to the accounts 12 - 18
Schedule of investments and income 19 - 35

THE SCORPION CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustee Rathbones Trust Company Limited
Charity number 1094399
Registered office / address for appeals 8 Finsbury Circus
London
EC2M 7AZ
Auditor Perrys Audit Limited
Churchdown Chambers
Bordyke
Tonbridge
Kent
TN9 1NR
Legal advisors Currey & Co
33 Queen Anne Street
London
W1G 9HY
Bankers and investment managers Rathbones Investment Management Limited
8 Finsbury Circus
London
EC2M 7AZ

THE SCORPION CHARITABLE TRUST

TRUSTEE'S REPORT FOR THE YEAR ENDED 31 OCTOBER 2022

The Trustee presents their report and accounts for the year ended 31 October 2022.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's 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 2019)”.

Objectives and activities

The Scorpion Charitable Trust was created by a Declaration of Trust 23rd August 2002. The Trustee shall hold the capital and income of the Trust Fund upon trust to apply income and, as far as may be necessary, the capital for or towards such charitable purposes and to make donations to such charitable bodies or institutions at such times and in such manner as the Trustee may, in their absolute discretion think fit.

Under the terms of Clause 6 of the Declaration of Trust, the Trustee is permitted to accumulate income for a period of 21 years from 23rd August 2002, thus until 22nd August 2023.

We confirm that there have been no changes in the Charity's objectives during the year.

Public Benefit

The Trustee has complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charities Commission.

The Trustee supports a number of charitable organisations, as shown within note 20 to the financial statements. The Trustee believes all the donations made are for the benefit of the public.

Grant-Making Policies

The Trustee's current policy is to review all written appeals received on a quarterly basis and to consider each appeal on its individual merits. Only successful applicants are notified of the Trustee's decision. Donations are made without any commitment to future funding.

Achievements and performance

During the year under review, the Trustee resolved to make five donations totalling £77,500 (£103,000 in 2021), as detailed in note 20 of these accounts.

During the year the charity received one significant donation of a property valued at £560,000. There were no special conditions attaching to the donation so the property has been added to the charity's assets and the charity's unrestricted reserve fund.

Financial review

Total incoming resources were £679,151 (£1,576,241 in 2021), with £83,360 (£105,984 in 2021) being committed to charitable activities of which £5,860 (£2,984 in 2021) relates to support and governance costs. Costs of fundraising amounted to £14,476 (£13,272 in 2021), There was an unrealised (loss) of £427,785 (gain of £407,579 in 2021) on investments and in addition a realised (loss) of £22,668 (gain of £118,597 in 2021) resulting in net inflow of funds of £130,862 (inflow of £1,983,161 in 2021).

Reserves

The Trustee has a balanced investment policy and therefore only distributes income on an annual basis and retains capital for the maintenance and growth of the Fund.

THE SCORPION CHARITABLE TRUST

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

Investment policy

The investment objective for the Trust is for a balance between capital growth and income over the long-term, in line with a Risk Strategy Level 5, as defined by Rathbones Terms of Business.

Investment performance

The investment objective for the Trust is for a balance between capital growth and income over the long-term, in line with a Risk Strategy Level 5, as defined by Rathbones Terms of Business.

As at 31 October 2022, the portfolio was valued at £4,067,382. The projected gross annual income is £108,442 a yield of 2.7%.

The Trust decreased 9.7% in capital terms as compared to the FTSE 100 and the WMA Balanced Index which decreased 2% and 9.1% respectively.

While the second half of 2021, saw a small recovery in markets in anticipation of a stronger global economy as Covid cases declined, the first half of 2022 has been one of the worst periods for global equity and bond markets in many decades, in both an absolute and relative perspective. The correction has been led by sharp declines in global growth stocks as valuations have corrected to reflect the much higher levels of inflation that are now being experienced worldwide. While some inflation was anticipated as we emerged from Covid, the global outlook for inflation and growth has been severely impacted by the Russian invasion of the Ukraine. The US equity market and NASDAQ have both fallen sharply. We have also seen double digit declines in European and Asian markets. Globally, smaller company valuations have also seen marked declines. From a UK perspective, these returns have, in part, been offset by the weakness of Sterling, reflecting concerns for our domestic economy and that our interest rates are lower than in America. The one area of equity resilience has been in the Commodity and Healthcare sectors, which form a larger proportion of the UK equity indices. Consequently, the FTSE-All Share index has been relatively resilient. Reflecting the sharp rise in inflation, global bond markets have also seen sharp falls this year.

So far, the declines largely reflect a reset of valuations due to higher inflation. Looking forward, the outlook very much depends on whether the economic headwinds now lead to a global recession, with all that implies for corporate earnings. The risk of recession is rising particularly in the UK. Central banks are now more committed to increasing interest rates and consumers globally are seeing severe pressure on disposable income due to the increase in energy and food costs. Pressure for higher wage growth is also increasing, with implications for corporate profit margins. The second half of this year is thus likely to remain extremely difficult from both a market, economic and a geo-political perspective. On a slightly more positive note, investor sentiment is understandably very negative at present, which can be a contrarian indicator, valuations are now more attractive and if inflation does start to fall back then that would be welcomed by markets. Some resolution to the issues in both China and Russia/Ukraine will certainly be needed and there are some early signs that in China at least, there is a desire to see their economy reopen post Covid. Sadly, any resolution to the Ukraine crisis looks unlikely in the immediate future and energy security and the corresponding risks, especially to the European economy, will continue to be of significant concern.

The portfolio continues to have a strong bias to direct UK equity investments with higher income yields. The portfolio is well diversified with a core of blue-chip companies with strong balance sheets that derive a large proportion of their earnings from overseas, as well as some investments in mid cap stocks which offer greater capital growth potential over the long term.

At the end of the period there were two holdings that were valued at over 5% of the portfolio’s capital: Brown Advisory US Equity Growth and JP Morgan US Equity Income funds. No other direct holding represents more than 5% of the portfolio and no other fund has a value in excess of 10%.

The Accumulated Income on the account as at 31 October 2022 is £186,910.

Risks

The Trustee has not identified any major risks and will continue to monitor the adequacy of the systems in place.

THE SCORPION CHARITABLE TRUST

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

Plans for future periods

The Trustee, as detailed in note 16 of the accounts, has now sold the property (which was gifted to the Charity in the year) and intends to use the resulting funds to increase donations in the next year over those made in the current year. The Trustee does not envisage any further significant changes to their aims and objectives in later years.

Structure, governance and management

The Trustee who served during the year was:

Rathbones Trust Company Limited

Rathbones Trust Company Limited has the power of appointing new Trustees.

The Charity's other advisors are noted on page 1.

The individuals who were directors of Rathbones Trust Company Limited were:

Miss Linda Joyce Cousins Mr Trevor Harris Mr James Stephen Hurrell Mr Bruce Robert Newbigging Mr Alexander Richmond Mr Timothy Francis Smith Mr Robert Paul Stockton Mrs Kerry Robertson

The power of appointing new Trustees of the Charity is vested in the serving Trustee. The Declaration of Trust does not make any reference with regard to methods that should be adopted in recruitment or appointment of new Trustees nor does it make any reference to any constitutional provisions.

Decision making

Trustee meetings take place on an ad hoc basis. However, investment performance and income levels are kept under regular and informal review with the investment managers. In between meetings, applications are considered on a quarterly basis and donations are ratified when the Financial Statements are reviewed and approved.

THE SCORPION CHARITABLE TRUST

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

Statement of Trustee's responsibilities

The Trustee is responsible for preparing the Trustee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustee 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 year.

In preparing these financial statements, the Trustee is required to:

The Trustee is responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable it 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. It is also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustee's report was approved by the Trustee.

.....................................................

Rathbones Trust Company Limited

Trustee Dated: 16 August 2023

THE SCORPION CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEE OF THE SCORPION CHARITABLE TRUST

Opinion

We have audited the financial statements of The Scorpion Charitable Trust (the ‘Charity’) for the year ended 31 October 2022 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and 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:

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 Trustee's 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 Charity’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 Trustee with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustee are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and 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.

THE SCORPION CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEE OF THE SCORPION CHARITABLE TRUST

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustee's report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require us to report to you if, in our opinion:

Responsibilities of Trustee

As explained more fully in the statement of Trustee's responsibilities, the Trustee 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 Trustee 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 Trustee are responsible for assessing the Charity’s 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 Trustee either intend to cease operations, or have no realistic alternative but to do so.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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.

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 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)" (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.

THE SCORPION CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEE OF THE SCORPION CHARITABLE TRUST

This report is made solely to the charity’s trustee. Our audit work has been undertaken so that we might state to the charity’s trustee those matters we are required to state to them in an auditors' 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 trustee as a body, for our audit work, for this report, or for the opinions we have formed.

............................................................. Dated:.................................... Stephen Hale (Senior Statutory Auditor) for and on behalf of Perrys Audit Limited Chartered Accountants Churchdown Chambers Bordyke Tonbridge Kent TN9 1NR

THE SCORPION CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 OCTOBER 2022

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2022 2021
Notes £ £
Income
Donations and legacies 3 560,000 1,497,268
Investments 4 118,320 78,973
Other income 5 831 -
Total income 679,151 1,576,241
Expenditure
Raising funds 6 14,476 13,272
Charitable activities 7 83,360 105,984
Total resources expended 97,836 119,256
Net income before investment gains 581,315 1,456,985
Net (losses) / gains on investments 12 (450,453) 526,176
Net movement in funds 130,862 1,983,161
Fund balances at 1 November 2021 4,676,305 2,693,144
Fund balances at 31 October 2022 4,807,167 4,676,305

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE SCORPION CHARITABLE TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 31 OCTOBER 2022

Notes
Fixed assets
Investments
13
Current assets
Property
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 Unrestricted
funds
2022
£
£
4,065,494
560,570
189,827
750,397
(8,724)
741,673
4,807,167
4,807,167
4,807,167		 Unrestricted
funds
2021
£
£
4,522,320
-
173,527
173,527
(19,542)
153,985
4,676,305
4,676,305
4,676,305		 Unrestricted
funds
2021
£
£
4,522,320
-
173,527
173,527
(19,542)
153,985
4,676,305
4,676,305
4,676,305
4,676,305
4,676,305
4,676,305

The accounts were approved by the Trustee on 16 August 2023

.................................................

Rathbones Trust Company Limited

Trustee

THE SCORPION CHARITABLE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2022

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
17
Investing activities
Purchase of tangible fixed assets
Purchase of investments
Proceeds on disposal of investments
Interest and dividends received
Net cash generated from/(used in)
investing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
19		 2022
2021
£
£
£
£
(108,654)
1,365,916
560,000
-
(309,633)
(3,126,072)
330,588
1,615,566
119,151
78,973
700,106
(1,431,533)
591,452
(65,617)
273,430
339,047
864,882
273,430

THE SCORPION CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

1 Accounting policies

Charity information

The Scorpion Charitable Trust is an unicorporated charity.

These accounts have been prepared in accordance with ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition)’ 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.

1.1 Going concern

The Trustee considers that there are no material uncertainties about the Charity’s ability to continue as a going concern. The review of our financial position, reserves levels and future plans gives the Trustee confidence the charity remains a going concern for the foreseeable future.

1.2 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustee in furtherance of their charitable objectives.

1.3 Incoming resources

Investment income is accounted for on an accruals basis in the period to which it relates.

Donations received by the Charity include the related gift aid credit where applicable. Donations are accounted for when any conditions for receipt have been met and there is reasonable assurance of receipt.

Cash donations are recognised on receipt. Other donations made in specie are accounted for at market value once the Charity has been notified of the donation.

1.4 Financial instruments

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net income/(expenditure), except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

The Trustee does not invest in any complex financial instruments.

1.5 Debtors

Debtors are recognised at their expected settlement amount.

1.6 Cash and cash equivalents

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.7 Creditors

Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.

THE SCORPION CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

1 Accounting policies

(Continued)

1.8 Resources expended

Management and administration costs comprise those costs incurred in running the Charity. They have been apportioned on the basis of time spent between charitable activities, cost of raising funds and governance costs.

Governance costs consist of those costs associated with the overall running of the charity and meeting statutory and regulatory requirements.

Grants are included in the financial statements when approved by the Trustee and notified to recipients. The value of committed grants unpaid at the year end is accrued. Grants offered that are subject to conditions that have not been met at the year end are noted as a commitment but not accrued as expenditure.

1.9 Investments

Fixed assets investments represent listed investments which are stated at market valuation, where market value represents the mid market value on the last trading day before the year end. Any unrealised or realised gains arising from investments are accounted for in the Statement of Financial Activities.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustee are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

2022 2021
£ £
Donations and gifts 560,000 1,497,268

4 Investments

Income from listed investments
Foreign income
Unit trust interest
REIT income		 2022
£
70,922
44,277
2,193
928
118,320		 2021
£
59,791
16,408
1,751
1,023
78,973

THE SCORPION CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2022

5 Other income

2022 2021
£ £
Bank interest 831 -
6 Raising funds
**Unrestricted ** Unrestricted
funds funds
2022 2021
£ £
Investment management fees 14,476 13,272
14,476 13,272
7 Charitable activities
2022 2021
£ £
Grant funding of activities (see note 8) 77,500 103,000
Share of governance costs (see note 9) 5,860 2,984
83,360 105,984

8 Grants payable

Charitable
Charitable
Expenditure Expenditure
2022 2021
£ £
Grants to institutions:
Poverty 500 -
Research - 500
Heritage & Archeology 75,000 102,500
Other 2,000 -
77,500 103,000

THE SCORPION CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

9 Support costs

Bank charges
Audit fees		 Support
costs
Governance
costs
£
£
-
40
-
5,820
-
5,860		 2022
£
40
5,820
5,860		 2021 Basis of
allocation
£
80 Governance
2,904 Governance
2,984

10 Trustee

Rathbones Investment Management received management fees of £14,476 (£13,272 in 2021) during the year.

Rathbones Investment Management and Rathbones Trust Company are both wholly owned subsidiaries of Rathbones Group Plc. The investment management is undertaken by Rathbones Investment Management at their standard terms as offered to other charities. Rathbones Trust Company are not obliged to appoint or retain Rathbones Investment Management as investment managers but do so on the basis that the terms and performance have been satisfactory when compared to alternative providers of investment management. The matter is monitored and kept under review to ensure that the charity receives appropriate and cost effective investment management services.

11 Employees

There were no employees during the year, or the previous year.

12 Net (losses) / gains on investments

2022
£
Unrealised (loss) / gain
(427,785)
(Loss) / gain on sale of investments
(22,668)
(450,453)		 2021
£
407,579
118,597
526,176

THE SCORPION CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

13 Fixed asset investments

Listed
investments
£
Cost or valuation
At 31 October 2021
4,422,416
Additions
309,633
Realised (loss)
(427,785)
Unrealised (loss)
(22,668)
Cash invested
-
Disposals
(330,587)
At 31 October 2022
3,951,009		 Cash in
portfolio
£
99,904
-
-
-
14,582
-
114,486		 Total
£
4,522,320
309,633
(427,785)
(22,668)
14,582
(330,587)
4,065,495

Investments representing more than 5% of the portfolio's total market value (excluding cash):

Investment Units Market Value % of Total Market % of Total Market % of Total Market
£ Value
Brown Advisory 24,732 275,173 6.96%
JP Morgan Asset Mgrs US Equity Income K 180,000 292,680 7.40%
2022 2021
£ £
Listed investments 3,951,008 4,422,416
Cash in investment portfolio 114,486 99,904
4,065,494 4,522,320
Historic cost of investments 3,710,382 3,711,474
14 Current asset investments
2022 2021
£ £
Property - 24 Harbour Strand 560,570 -
The property was gifted to the Charity.

THE SCORPION CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

15 Creditors: amounts falling due within one year

Independent examiners fee
Audit fee
Other creditors		 2022
£
-
8,724
-
8,724		 2021
£
1,638
2,904
15,000
19,542

16 Events after the reporting date

The property at 24 Harbour Strand, Isle of Wight which was gifted to the charity in the year was sold by the charity on the 21 November 2022 for £560,000. The property was sold to an independent third party buyer.

17 Cash generated from operations

Surplus for the year
Adjustments for:
Investment income recognised in the statement of financial activities
Loss/(gain) on disposal of investments
Unrealised (gain)/ loss
Current asset gifted in the year
Movements in working capital:
(Decrease) in creditors
Cash (absorbed by)/generated from operations		 2022
£
130,862
(119,151)
22,668
427,785
(560,000)
(10,818)
(108,654)		 2021
£
1,983,161
(78,973)
(118,597)
(407,579)
-
(12,096)
1,365,916

18 Analysis of changes in net funds

The Charity had no debt during the year.

19 Cash and cash equivalents

Cash at bank and in hand
Cash invested		 2022
£
189,826
114,486
304,312		 2021
£
173,526
99,904
273,430

THE SCORPION CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

20 Donations made during the year

Donations made during the year
Akshar Trust
Bembridge Harbour Trust
Catholic Trust
Earl Mountbatten Hospice
Friends of Holy Trinity
Fulham Palace Trust
Home Start - Isle of Wight
Maritime Archaeology Trust
Scherzo Ensemble
St Mary's Abby Quarr Trust
The Mary Rose Trust Appeal		 2022
£
1,000
-
-
-
-
-
500
-
2,000
30,000
44,000
77,500		 2021
£
-
70,000
5,000
500
5,000
2,500
-
15,000
-
-
5,000
103,000

Gross Income £ 0.00
Market Value 31 October 2022 £ 541,139.52 541,139.52
Holding 31 October 2022 £ 556,119.58 556,119.58
Unrealised Profit/(loss) £ 1,357.2599
Realised Profit/(loss) £ (6,634.77) (40,947.07) (13,319.76) (32,131.45) (976.58) (3,807.21) (97,816.84)
Disposals Quantity
Proceeds		 £ 770.3028
92,491.05		 1,428.57000
142,942.71		 471.78000
47,409.17		 1,320.49000
137,845.95		 54.6271
21,406.16		 344.8812
137,503.37		 579,598.41
Cost £ 97,640.74 1,485.08 20,154.48 26,375.74 10,315.34 30,862.36 8,205.92 5,934.37 18,163.94 13,541.91 40,323.40 22,117.65 295,120.93
Additions Quantity 758.0726 12.2302 52.4747 70.3747 26.2150 78.7606 21.4416 15.0500 46.4207 35.3427 105.7469 56.5293
Market Value 1 November 2021 £ 414,596.11 523,817.79 938,413.90
Holding 1 November 2021 Andurand UCITS ICAV Fund A USD Blackrock (Luxembourg) S.A. UK Emg Cos Absolute Return I4 GBP Dis 3,220.84000 BlackRock European Hedge Fund Limited Class I GBP 1,248.4120 Carried Forward

Gross Income £ 0.00 21,842.47 11.74 1,951.21 23,805.42
Market Value 31 October 2022 £ 541,139.52 657,339.21 87,990.79 187,606.91 157,367.18 540,605.54 2,172,049.15
Holding 31 October 2022 £ 556,119.58 755,001.75 87,806.24 207,325.05 197,778.16 537,619.87 2,341,650.65
Unrealised Profit/(loss) £ 7,803.17200 916.451141 12,523.82610 1,901.02900 19,904.47500
Realised Profit/(loss) £ (97,816.84) (6,538.60) 43.20 (80,793.54) (185,105.78)
Disposals Quantity
Proceeds		 £ 579,598.41 522.07600
51,085.14		 19.553092
1,916.60		 32,519.69100
457,552.05		 1,090,152.20
Additions Quantity
Cost		 £ 295,120.93 527.12300
46,645.11		 982.72400
82,774.84		 455.55600
42,626.37		 2,224.51700
184,145.52		 936.004233
89,679.64		 11.74 19,904.47500
537,619.87		 1,278,624.02
Holding
Market Value		 1 November
1 November		 2021
2021		 £ Brought Forward
938,413.90		 Bluebay Funds Management Company Sa Financial Capital Bd C GBP Aidiv Dis 4,135.32800
456,433.65		 Bradesco Global Funds Brazilian Fix Inc Shares Capital International Fund Japan Equity Pd GBP Dis 45,043.51710
745,658.90		 Carmignac Portfolio Emerging Discovery Iw GBP Acc 1,901.02900
197,778.16		 Comgest Growth Growth Europe Ex UK Su GBP Dis Carried Forward
2,338,284.61

Gross Income £ 23,805.42 978.15 978.15 1,058.00 1,237.73 28,057.45
Market Value 31 October 2022 £ 2,172,049.15 675,655.81 2,847,704.96
Holding 31 October 2022 £ 2,341,650.65 688,313.45 3,029,964.10
Unrealised Profit/(loss) £ 24,269.24600
Realised Profit/(loss) £ (185,105.78) (24,481.22) (40,312.07) (249,899.07)
Disposals Quantity
Proceeds		 £ 1,090,152.20 7,836.94300
176,252.85		 21,513.26600
510,724.93		 3.0042
2,937.58		 0.9340
712.20		 0.6340
742.92		 0.5784
747.96		 1,782,270.64
Additions Quantity
Cost		 £ 1,278,624.02 4,306.95400
129,768.52		 3.0042
2,937.58		 0.9340
712.20		 0.6340
742.92		 0.5784
747.96		 1,413,533.20
Holding
Market Value		 1 November
1 November		 2021
2021		 £ Brought Forward
2,338,284.61		 Comgest Growth Plc Europe Ex UK I H GBP Acc 29,350.20900
751,771.07		 Dodge & Cox Worldwide U S Stock Inc Nav 19,962.29200
558,544.93		 EDL Glbl Opps GBP Ser 1 Serbank EDL Glbl Opps S1CNR GBP Series 1 Serbank EDL Glbl Opps S1CNR USD 2 Serbank EDL Glbl Opps S1CR USD In kind Serbank EDL Glbl S1CNR USD Serbank Carried Forward
3,648,600.61

Gross Income £ 28,057.45 28,057.45
Market Value 31 October 2022 £ 2,847,704.96 9,571.61 5,793.31 2,863,069.88
Holding 31 October 2022 £ 3,029,964.10 5,152.03 4,885.77 3,040,001.90
Unrealised Profit/(loss) £ 4,302.5608 4.9966
Realised Profit/(loss) £ (249,899.07) (8.21) 171.10 37,788.44 (0.45) 9,472.69 14,625.79 (187,849.71)
Disposals Quantity
Proceeds		 £ 1,782,270.64 0.0031
(5.91)		 0.9026
840.62		 177.0585
210,919.59		 0.29090
218.45		 56.34330
51,870.32		 34.9363
56,699.11		 2,102,812.82
Additions Quantity
Cost		 £ 1,413,533.20 2,502.3238
2,937.58		 777.9676
712.20		 528.0851
742.92		 481.7735
747.96		 12.4108
11.37		 0.4896
478.83		 1,419,164.06
Market Value 1 November 2021 £ 3,648,600.61 671.82 177,538.09 42,616.53 42,073.32 3,911,500.37
Holding 1 November 2021 Brought Forward EDL Global In Kind Serbank EDL Global Opportunities Fund Ltd A-R Series 51 (NMPI) 0.9057 EDL Global Opps Fund Ltd C-NR GBP Series Initial (NMPI) 181.5655 EDL Global Opps Fund Ltd C-NR Series 59 (NPMI) 56.63420 EDL Global Opps Fund Ltd C-NR USD Series 1 (NMPI) 34.9363 Carried Forward

Gross Income £ 28,057.45 28,057.45
Market Value 31 October 2022 £ 2,863,069.88 18,666.84 4,668.39 2,886,405.11
Holding 31 October 2022 £ 3,040,001.90 19,628.43 4,998.06 3,064,628.39
Unrealised Profit/(loss) £ 20.0736 3.8650
Realised Profit/(loss) £ (187,849.71) 14,670.62 (173,179.09)
Disposals Quantity
Proceeds		 £ 2,102,812.82 38.2935
57,597.61		 0.0362
25.35		 3.0042
2,937.58		 0.6058
592.36		 5.4791
5,357.57		 2.4687
1,686.36		 0.5784
747.96		 2,171,757.61
Additions Quantity
Cost		 £ 1,419,164.06 0.1162
113.63		 1,419,277.69
Market Value 1 November 2021 £ 3,911,500.37 42,926.99 25.35 22,452.38 5,949.93 1,686.36 5,746.02 3,990,287.40
Holding 1 November 2021 Brought Forward EDL Global Opps Fund Ltd C-R Series 1 (NMPI) 38.2935 EDL Global Opps Fund Ltd S1 A-R Series 51 (NMPI) In Kind Redemp 0.0362 EDL Global Opps Fund Ltd S1-C NR GBP Series 1 (NMPI) 22.9616 EDL Global Opps Fund Ltd S1-C NR GBP Series Initial (NMPI) Red 6.0849 EDL Global Opps Fund Ltd S1 C NR Series 59 (NMPI) In Kind Red 2.4687 EDL Global Opps Fund Ltd S1 C NR USD Series 1 (NMPI) 4.4434 Carried Forward

Gross Income £ 28,057.45 28,057.45
Market Value 31 October 2022 £ 2,886,405.11 4,260.74 4,741.24 68.79 2,895,475.88
Holding 31 October 2022 £ 3,064,628.39 4,752.14 4,964.10 76.24 3,074,420.87
Unrealised Profit/(loss) £ 6.2321 4.2364 0.0999
Realised Profit/(loss) £ (173,179.09) 0.02 (173,179.07)
Disposals Quantity
Proceeds		 £ 2,171,757.61 1.0428
1,344.92		 0.9340
712.20		 1.1430
1,335.80		 0.6340
742.92		 0.0149
11.37		 0.0255
28.06		 2,175,932.88
Additions Quantity
Cost		 £ 1,419,277.69 0.2909
221.74		 0.0285
21.73		 1,419,521.16
Market Value 1 November 2021 £ 3,990,287.40 1,344.92 5,242.60 1,335.80 5,707.00 65.88 28.06 4,004,011.66
Holding 1 November 2021 Brought Forward EDL Global Opps Fund Ltd S1 C-NR USD Series 1 (NMPI) Red 1.0428 EDL Global Opps Fund Ltd S1 C-NR USD Series 2 (NMPI) 6.8752 EDL Global Opps Fund Ltd S1 C-R Series 1 (NMPI) In kind Red 1.1430 EDL Global Opps Fund Ltd S1 C-R USD Series 1 (NMPI) 4.8704 EDL Global Opps Fund Ltd S1-R USD Series 8 (NMPI) 0.0863 EDL Global Opps Fund Ltd Series A USD 1 - SPV Liquidation 0.0255 Carried Forward

Gross Income £ 28,057.45 28,057.45
Market Value 31 October 2022 £ 2,895,475.88 3,537.92 6,174.05 106,477.00 3,011,664.85
Holding 31 October 2022 £ 3,074,420.87 3,915.59 5,834.42 106,000.00 3,190,170.88
Unrealised Profit/(loss) £ 5,182.6423 30,870,257.761 0 106.00000
Realised Profit/(loss) £ (173,179.07) (173,179.07)
Disposals Quantity
Proceeds		 £ 2,175,932.88 0.0149
11.37		 2,175,944.25 - 25 -
Additions Quantity
Cost		 £ 1,419,521.16 2,792.2098
2,151.60		 1,258.0768
677.24		 582.4854
536.45		 531.4224
540.12		 18.4479
10.18		 7,493,697.5491
1,009.12		 3,469,557.3778
799.35		 3,165,401.9541
804.80		 109,884.4944
15.17		 16,631,716.385 6
3,205.98		 106.00000
106,000.00		 0.0149
11.37		 1,535,282.54
Holding
Market Value		 1 November
1 November		 2021
2021		 £ Brought Forward
4,004,011.66		 EDL Global Opps Fund Ltd in kind inv Alrosa EDL Global Opps In Kind VTB EDL Global Opps Ltd NEW C-NR GBP Line EDL Global Opps S1RUSd S 8 In Kind Serba Carried Forward
4,004,011.66

Gross Income £ 28,057.45 7,146.31 4,350.33 4,350.33 6,799.01 6,032.79 6,483.12 6,391.73 3,091.17 72,702.24
Market Value 31 October 2022 £ 3,011,664.85 750,863.94 375,477.35 197,504.98 2,191,273.09 6,526,784.21
Holding 31 October 2022 £ 3,190,170.88 961,130.87 349,152.22 193,348.00 2,321,099.97 7,014,901.94
Realised
Unrealised		 Profit/(loss)
Profit/(loss)		 £
£		 (173,179.07) (11,384.37) (60,232.02) 545,487.79000 3,188.51
202,501.0000		 193,348.0000 (18,580.44) (24,383.09) 236,740.82600 (284,570.48)
Disposals Quantity
Proceeds		 £ 2,175,944.25 66,549.64000
105,873.82		 173,746.62000
245,903.59		 23,342.0000
43,434.79		 16,310.68300
160,921.20		 16,710.38700
159,517.35		 2,891,595.00
Additions Quantity
Cost		 £ 1,535,282.54 41,411.73000
60,212.66		 193,348.0000
193,348.00		 16,932.35300
147,937.97		 6,751.44000
62,072.74		 6,751.44000
61,829.69		 6,751.44000
62,099.75		 6,751.43900
62,356.29		 1,349.72100
12,391.79		 97,809.55900
881,850.98		 3,079,382.41
Holding
Market Value		 1 November
1 November		 2021
2021		 £ Brought Forward
4,004,011.66		 Fundrock Management Company Sa Artemis US Smaller Companies Fi GBP Dis 744,372.32000
1,324,312.01		 Goldman Sachs FTSE 100 Accelerator March 2020 225,843.0000
389,398.50		 Goldman Sacs 1 - Year GBP Reverse Conv Certificates Hsbc Global Funds Icav Global Corporate Bond Index S2qh Gbp Dis 126,664.50400
1,393,962.84		 Carried Forward
7,111,685.01

Gross Income £ 72,702.24 359.83 369.22 3,604.01 6,455.48 83,490.78
Market Value 31 October 2022 £ 6,526,784.21 932,395.45 485,753.10 973,911.13 8,918,843.89
Holding 31 October 2022 £ 7,014,901.94 927,398.60 491,688.86 933,370.28 9,367,359.68
Unrealised Profit/(loss) £ 198,805 20,470.0000 139,729
Realised Profit/(loss) £ (284,570.48) (7,768.75) 5,486.36 (3,232.04) (384.00) (290,468.91)
Disposals Quantity
Proceeds		 £ 2,891,595.00 1,130
283,573.50		 7,414.00000
57,673.51		 4,753.0000
110,887.49		 960.0000
22,665.60		 3,366,395.10
Additions Quantity
Cost		 £ 3,079,382.41 7,414.00000
52,187.15		 67,130
325,822.17		 66,848
304,118.29		 57,273
262,396.25		 7,554
35,061.89		 25,479.0000
611,750.79		 704.0000
17,107.20		 49,141
317,500.00		 27,137
178,995.65		 20,188
137,884.04		 43,263
298,990.59		 5,621,196.43
Holding
Market Value		 1 November
1 November		 2021
2021		 £ Brought Forward
7,111,685.01		 Invesco Markets Iii Plc Invesco Eqqq Nasdaq 100 Ucits Etf 1,130
291,342.25		 Ishares Ftse 100 Fund Nav iShares Global Govt Bond UCITS ETF GBP Hedged (D iShares Core MSCI EM IMI UCITS ETF GBP iShares Core S&P 500 UCITS ETF Share Carried Forward
7,403,027.26

Gross Income £ 83,490.78 2,089.66 1,236.81 1,799.87 894.33 89,511.45
Market Value 31 October 2022 £ 8,918,843.89 231,274.62 79,697.80 421,208.39 9,651,024.70
Holding 31 October 2022 £ 9,367,359.68 232,137.59 86,816.60 483,399.94 10,169,713.81
Unrealised Profit/(loss) £ 57,531 406.00 32,928.00000
Realised Profit/(loss) £ (290,468.91) (8,818.88) 137.42 169.77 (20,244.44) (4,535.40) (18,251.77) (342,012.21)
Disposals Quantity
Proceeds		 £ 3,366,395.10 9,045.00000
178,910.10		 1,596
201,526.92		 771
97,457.56		 8,876.00000
116,115.83		 3,573.00000
47,821.03		 22,948.00000
318,013.38		 4,326,239.92
Additions Quantity
Cost		 £ 5,621,196.43 9,045.00000
187,728.98		 2,367
298,677.29		 57,531
232,137.59		 406.00
86,816.60		 11,634.00000
124,646.68		 9,317.00000
100,959.01		 894.33 6,653,056.91
Market Value 1 November 2021 £ 7,403,027.26 781,881.77 8,184,909.03
Holding 1 November 2021 Brought Forward Ishares Ii Plc Ftse Epra/nareit Dev Markets Prop Yld Fd IShares III FTSE UK Gilts 0-5 iShares MSCI China A UCITS ETF Shares iShares MSCI UK Small Cap UCITS ETF Shares Kraneshares Icav Csi China Internet Ucits Etf GBP 47,374.00000 Carried Forward

Gross Income £ 89,511.45 538.77 3,405.42 5,422.05 3,727.41 7,152.04 109,757.14
Market Value 31 October 2022 £ 9,651,024.70 143,552.52 9,794,577.22
Holding 31 October 2022 £ 10,169,713.81 113,453.42 10,283,167.23
Unrealised Profit/(loss) £ 13,074.0000
Realised Profit/(loss) £ (342,012.21) (25,773.86) (7,099.13) 2,157.03 8,392.26 9,209.07 48,652.37 99,142.27 20,894.79 16,876.03 15,829.29 6,157.09 6,374.20 (141,200.80)
Disposals Quantity
Proceeds		 £ 4,326,239.92 3,435.79200
411,119.66		 1,529.81900
190,837.27		 19,879.095
36,987.04		 147,213.131
266,323.28		 100,199.255
184,767.43		 14,103.0000
161,414.93		 28,272.0000
344,480.72		 6,345.0000
75,955.36		 5,076.0000
60,924.49		 4,708.0000
56,684.32		 2,287.0000
26,003.19		 24,329
284,406.01		 6,426,143.62 - 29 -
Additions Quantity
Cost		 £ 6,653,056.91 3,405.42 8,377.0000
100,593.87		 7,152.04 24,329
278,031.81		 7,042,240.05
Holding
Market Value		 1 November
1 November		 2021
2021		 £ Brought Forward
8,184,909.03		 Lazard Fund Managers Ltd Rathmore Alternative S Dis GBP Hedged 4,965.61100
631,424.50		 Lazard Fund Mgrs (Ire) Gbl Listed Infrastructure Eqty 267,291.481
468,319.39		 Legal & General UC Multi Strategy Enhanced Commodities U 65,488.0000
523,618.68		 Lyxor Core MSCI World (DR) UCITS ETF GBP Units Carried Forward
9,808,271.60

Gross Income £ 109,757.14 68.68 137.78 109,963.60
Market Value 31 October 2022 £ 9,794,577.22 158,866.30 742,853.42 207,173.73 10,903,470.67
Holding 31 October 2022 £ 10,283,167.23 153,545.26 1,165,776.26 204,005.41 11,806,494.16
Unrealised Profit/(loss) £ 1,326.01850 9,700.72300 19,289.91900
Realised Profit/(loss) £ (141,200.80) (149.05) (359.60) 3,316.12 1,775.06 6,535.32 (104,756.53) 4,712.19 20,444.38 (209,682.91)
Disposals Quantity
Proceeds		 £ 6,426,143.62 928.64900
111,029.27		 798.22100
95,203.82		 740.28800
91,943.77		 316.02260
38,368.65		 1,220.48420
147,860.32		 2,746.06300
251,068.49		 5,787.17400
65,915.91		 30,778.25000
345,947.53		 4,052.03800
406,477.82		 7,979,959.20
Additions Quantity
Cost		 £ 7,042,240.05 68.68 1,851.90200
134,995.67		 551.93000
40,463.96		 1,606.19300
116,916.03		 137.78 7,334,822.17
Market Value 1 November 2021 £ 9,808,271.60 295,369.39 331,395.17 1,229,225.62 590,712.28 406,340.04 12,661,314.10
Holding 1 November 2021 Brought Forward Man Asset Management Ireland Ltd Glg Evtdrv Altern In H Eur Acc 2,467.15800 Ml Capital Asset Management Ltd Crabel Gemini Ucits A GBP Instl Pld Acc 2,862.52530 Morgan Stanley Investment Funds US Advantage Fund Z USD Nav 8,436.76100 Neuberger Berman Investment Fds Plc Uncorrelated Strategies I GBP Acc 55,855.34300 Nomura Funds Ireland Japan Strategic Value Rhg GBP 4,052.03800 Carried Forward

Gross Income £ 109,963.60 1,357.46 2,077.99 8,540.80 121,939.85
Market Value 31 October 2022 £ 10,903,470.67 862,197.42 560,484.20 589,050.81 12,915,203.10
Holding 31 October 2022 £ 11,806,494.16 828,735.29 646,439.09 698,686.90 13,980,355.44
Unrealised Profit/(loss) £ 8,360.08610 47,418.29100 5,042.18560
Realised Profit/(loss) £ (209,682.91) 1,131.90 (12,026.66) (12,751.80) (40,719.92) (274,049.39)
Disposals Quantity
Proceeds		 £ 7,979,959.20 396.88630
38,550.64		 1,214.41600
139,486.61		 1,206.15800
137,731.18		 10,112
472,091.77		 8,767,819.40
Additions Quantity
Cost		 £ 7,334,822.17 4,311.35520
406,477.82		 934.44000
89,944.34		 3,511.17720
369,731.87		 5,316.91700
59,974.82		 1,357.46 2,981.59400
35,540.60		 2,077.99 1,678.37170
204,309.36		 333.39920
39,678.74		 878
41,753.73		 8,585,668.90
Holding
Market Value		 1 November
1 November		 2021
2021		 £ Brought Forward
12,661,314.10		 Nomura Funds Ireland Nfi Japan Strategic Value R GBP Acc Ocean Arete Limited Kls Arete Macro Si GBP Acc 2,420.57400
301,996.25		 Polar Capital Funds Plc Asia Stars S GBP Acc 39,119.78000
549,566.21		 Redwheel Funds Redwheel Gbl Emerging Markets R GBP Dis 3,030.41470
452,620.81		 SPDR MSCI Europe Financials UCITS ETF Shares 9,234
471,057.96		 Carried Forward
14,436,555.33

Gross Income £ 121,939.85 31,130.19 3,622.47 7,583.08 3,657.57 167,933.16
Market Value 31 October 2022 £ 12,915,203.10 242,904.16 136,548.36 13,294,655.62
Holding 31 October 2022 £ 13,980,355.44 165,813.01 139,849.42 14,286,017.87
Unrealised Profit/(loss) £ 6,453 14,642.00000
Realised Profit/(loss) £ (274,049.39) 51,659.66 35,902.49 75,617.32 (1,686.82) 1,015.28 286.69 (5,437.20) (9,940.85) (126,632.82)
Disposals Quantity
Proceeds		 £ 8,767,819.40 4,566
153,137.36		 2,684
104,869.19		 6,003
229,867.35		 787.00000
5,422.43		 3,768.00000
35,052.95		 7,490
43,258.64		 15,262
82,124.61		 15,173
77,110.34		 9,498,662.27
Additions Quantity
Cost		 £ 8,585,668.90 31,130.19 1,156
47,110.22		 8,977.00000
84,708.77		 10,220.00000
88,704.49		 7,583.08 37,925
217,584.95		 9,062,490.60
Market Value 1 November 2021 £ 14,436,555.33 412,267.03 14,848,822.36
Holding 1 November 2021 Brought Forward SPDR Series Trust MSCI Wrld Enrgy UCITS ETF (USD 18,550 Tabula Icav Tabula Haitong Asia Ex-Jpn Hgh Yld USD Tabula ICAV Haitong Asia Ex-Japan USD Bond Carried Forward

Gross Income £ 167,933.16 4,370.86 5,315.77 3,333.94 2,304.73 7,033.35 542.21 771.66 1,485.68 6,299.67 10,454.15 6,233.37 6,617.94 222,696.49
Market Value 31 October 2022 £ 13,294,655.62 362,612.92 453,548.75 1,809,875.46 15,920,692.75
Holding 31 October 2022 £ 14,286,017.87 332,524.38 446,127.75 1,819,231.27 16,883,901.27
Unrealised Profit/(loss) £ 2,794.92000 14,502.00000 29,010.00000
Realised Profit/(loss) £ (126,632.82) 49,003.49 888.11 596.59 628.62 652.33 406.34 (8,964.48) (89.02) 3,025.18 2,854.87 2,428.77 2,480.08 (72,721.94)
Disposals Quantity
Proceeds		 £ 9,498,662.27 3,089.84400
416,616.32		 56.51200
7,611.60		 57.61100
7,450.83		 60.76300
7,857.87		 60.59400
7,861.47		 59.44500
7,478.78		 2,688.00000
73,973.76		 839.00000
52,101.90		 4,452.00000
282,212.28		 4,762.00000
301,482.22		 1,528.00000
98,250.40		 4,965.00000
313,837.65		 11,075,397.35
Additions Quantity
Cost		 £ 9,062,490.60 5,789.00000
177,288.13		 11,241.00000
702,450.09		 4,024.00000
269,680.83		 10,211,909.65
Market Value 1 November 2021 £ 14,848,822.36 735,225.77 351,777.86 1,884,284.92 17,820,110.91
Holding 1 November 2021 Brought Forward Ubs Fund Management(Luxembourg)sa Real Estate Selec Gbl I 82 GBP Dis 6,179.68900 Vanguard Funds Plc Ftse Developed Eurp Ex UK Ucits Etf Acc 11,401.00000 Vanguard Investment Series S&p 500 Etf USD Inc Nav 30,291.00000 Carried Forward

Gross Income £ 222,696.49 13,068.49 235,764.98
Market Value 31 October 2022 £ 15,920,692.75 177,118.66 1,073,159.62 140,542.19 244,457.72 17,555,970.94
Holding 31 October 2022 £ 16,883,901.27 175,042.65 1,399,544.06 145,775.56 241,078.50 18,845,342.04
Unrealised Profit/(loss) £ 1,752.0888 5,198.08200 3,659 8,242
Realised Profit/(loss) £ (72,721.94) (410.77) (100.37) 170.47 214.56 233.43 239.74 52.96 1,945.88 (8,879.60) (127.54) (79,383.18)
Disposals Quantity
Proceeds		 £ 11,075,397.35 859.1045
85,455.13		 1,449.4407
144,378.79		 629.6380
62,932.32		 629.6380
62,976.40		 629.6380
62,995.28		 629.6380
63,001.58		 125.8747
12,600.06		 1,955.9025
197,350.56		 191.72200
43,450.15		 243
9,553.65		 11,820,091.27
Additions Quantity
Cost		 £ 10,211,909.65 3,237.2542
321,718.32		 961.8514
96,714.16		 365.33200
73,026.58		 300.98200
63,330.83		 272.64400
55,165.42		 3,902
155,456.75		 8,242
241,078.50		 11,218,400.21
Market Value 1 November 2021 £ 17,820,110.91 445,954.39 1,260,350.98 19,526,416.28
Holding 1 November 2021 Brought Forward Variety CKC Credit Opportunity Fund S GBP Hdg 4,461.8576 Vulcan Global Value Fund Plc Value Equity Ii Inc Nav 4,450.84600 Wisdomtree Brent Crude Oil ETP GBP Shares Xtrackers MSCI World Value Factor GBP Carried Forward

Gross Income £ 235,764.98 7,688.95 243,453.93
Market Value 31 October 2022 £ 17,555,970.94 521,139.92 18,077,110.86
Holding 31 October 2022 £ 18,845,342.04 461,834.71 19,307,176.75
Unrealised Profit/(loss) £ 1,950.15500
Realised Profit/(loss) £ (79,383.18) (3,377.40) (82,760.58)
Disposals Quantity
Proceeds		 £ 11,820,091.27 490.48700
105,866.71		 11,925,957.98
Additions Quantity
Cost		 £ 11,218,400.21 7,688.95 262.09000
61,038.14		 559.79200
141,812.11		 11,428,939.41
Market Value 1 November 2021 £ 19,526,416.28 360,539.62 19,886,955.90
Holding 1 November 2021 Brought Forward Zadig Gestion (Luxembourg) S.A. Memnon European I GBP Acc 1,618.76000 TOTAL: