REGISTERED COMPANY NUMBER: 05494606 (England and Wales) REGISTERED CHARITY NUMBER: 1110824
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
FOR
THE MARGERY MAPLETHORPE TRUST
Cook & Partners Limited Manufactory House Bell Lane Hertford Hertfordshire SG14 1BP
THE MARGERY MAPLETHORPE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 to 6 |
| Notes to the Financial Statements | 7 to 12 |
| Detailed Statement of Financial Activities | 13 |
THE MARGERY MAPLETHORPE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2025. The trustees have adopted the provisions of 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
Objectives and aims
The principal activity of the trust during the year was that of a charity, the object of which was to provide for the relief of aged poor persons in the areas of the Urban district of Ware, the Borough of Hertford, and the Rural districts of both Ware and Hertford , through the provision of good value rented accommodation.
Significant activities
The Trust's properties were fully let during the year resulting in an overall surplus in Property Income for the year of £44,622.
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
During the year under review the trust produced net incoming resources of £55,820, as well as unrealized investment gain of £47,524. The trust trust had investment loss on disposal during the year of £6,816.32. This resulted in a net increase in funds of £96,528.
After all such movements, the total fund balance at the Balance sheet date was £6,486,595.
Investment performance
The Investment Fund is managed on a continual basis by J.M.Finn & Co Stockbrokers, who work closely with the trustees in trying to achieve the investment aims of the trust.
FINANCIAL REVIEW
Investment policy and objectives
The investment policy was changed from purely targeting income to targeting a return from income and capital growth over the long term with a medium risk profile. The trustees believe this change better reflects reality in a low interest environment and gives increased flexibility in investment decisions consistent with the aims of the charity.
Reserves policy
The Trust seeks to maintain general working capital levels at a position which covers routine annual expenditure, with a sufficient surplus to meet unforeseen property maintenance expenditure.
From April 2015, the property measurement has changed from the cost model to the revaluation model. As a result, additional reserves are shown representing the revaluation reserve.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The organisation is a Charitable company limited by guarantee , and was incorporated on 29th June 2005, and registered as a charity on 30th June 2005.
In October 2012, all the Charity's procedures and policies were incorporated in to a comprehensive manual which sets out all the policies , procedures and standards by which the Charity is run . This is made available to all current and prospective trustees.
Recruitment and appointment of new trustees
New trustees are recruited, trained and inducted on to the Board as and when required.
Page 1
THE MARGERY MAPLETHORPE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure
The trust has five Trustees and a Secretary who meet three times a year and they are responsible for the strategic direction and policy of the Charity.
The Trustees come from a variety of professional backgrounds relevant to the work of the Charity.
The Secretary undertakes the day to day provision of administrative services, including Bookkeeping, maintenance of the records, and liaison with the Trustees regarding decisions on expenditure. All expenditure is authorised by the Board of Trustees.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
05494606 (England and Wales)
Registered Charity number 1110824
Registered office
24 Castle Street Hertford Hertfordshire SG14 1HP
Trustees J A Monk A J Monk R M Horwood G P Monk P K C Wisbey
Company Secretary Mrs G Perkins
Independent Examiner
Cook and Partners Limited, Chartered Accountants Cook & Partners Limited Manufactory House Bell Lane Hertford Hertfordshire SG14 1BP
Approved by order of the board of trustees on 13 March 2026 and signed on its behalf by:
R M Horwood - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MARGERY MAPLETHORPE TRUST
Independent examiner's report to the trustees of The Margery Maplethorpe Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2025.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I 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 reached.
Cook and Partners Limited, Chartered Accountants
Cook & Partners Limited Manufactory House Bell Lane Hertford Hertfordshire SG14 1BP
13 March 2026
Page 3
THE MARGERY MAPLETHORPE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025
| Notes INCOME AND ENDOWMENTS FROM Charitable activities Rents Received Investment income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities General Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2025 Unrestricted fund £ 136,849 17,582 154,431 95,391 3,221 98,612 40,708 96,527 6,390,068 6,486,595 |
2024 Total funds £ 124,774 17,877 |
|---|---|---|
| 142,651 | ||
| 88,690 2,059 |
||
| 90,749 | ||
| 16,528 | ||
| 68,430 6,321,638 |
||
| 6,390,068 |
The notes form part of these financial statements
Page 4
THE MARGERY MAPLETHORPE TRUST
BALANCE SHEET 31 DECEMBER 2025
| Notes FIXED ASSETS Tangible assets 7 Investments 8 CURRENT ASSETS Debtors 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS |
2025 Unrestricted fund £ 5,684,275 677,814 6,362,089 6,152 120,898 127,050 (2,544) 124,506 6,486,595 6,486,595 6,486,595 6,486,595 |
2024 Total funds £ 5,661,284 643,836 6,305,120 9,002 78,490 87,492 (2,544) 84,948 6,390,068 6,390,068 6,390,068 6,390,068 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 5
THE MARGERY MAPLETHORPE TRUST
BALANCE SHEET - continued 31 DECEMBER 2025
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 13 March 2026 and were signed on its behalf by:
R M Horwood - Trustee
The notes form part of these financial statements
Page 6
THE MARGERY MAPLETHORPE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
- Fixtures and fittings - 25% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Freehold and long leasehold properties
This consists of Maplethorpe Court , together with the associated land, 10 flats within the Mitre Court development, and 3 flats within the Fusion Development, Broadmeads, Ware.
Land is not depreciated.
In accordance to the revaluation model no depreciation is charged to the buildings. The properties will be revalued on a yearly basis by the trustees with gains or losses shown on the Statement of Financial Activities based on market values.
The policy is in accordance with FRS102, and is considered to show a true and fair view of the properties held by the Company.
The company has a policy of regular maintenance and repair which is charged in the Statement of Financial Activities and the asset is unlikely to suffer from economic obsolescence.
Investments
Investments are shown at Market Value.
Realised Gains and Losses are included in the accounts on the date on which a contractual obligation is entered into.
continued...
Page 7
THE MARGERY MAPLETHORPE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025
1. ACCOUNTING POLICIES - continued
Freehold and long leasehold properties
Unrealised Gains and Losses are computed by reference to the market value of the investments at the balance sheet date compared to the brought forward cost or valuation.
2. INVESTMENT INCOME
3.
| Dividends and Interest RAISING FUNDS Investment management costs Portfolio management £ Direct housing costs |
2025 £ 17,582 2025 £ 3,163 2025 92,228 |
2024 £ 17,877 2024 £ 3,072 2024 £ 85,618 |
|
|---|---|---|---|
Investment management costs
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2025 nor for the year ended 31 December 2024.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 2025 | 2024 | |
|---|---|---|
| Secretarial Staff | 1 | 1 |
No employees received emoluments in excess of £60,000.
continued...
Page 8
THE MARGERY MAPLETHORPE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2025
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Charitable activities Rents Received Investment income Total EXPENDITURE ON Raising funds Charitable activities General Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 124,774 17,877 142,651 88,690 2,059 90,749 16,528 68,430 6,321,638 6,390,068 |
|---|---|
7. TANGIBLE FIXED ASSETS
| COST OR VALUATION At 1 January 2025 Additions At 31 December 2025 DEPRECIATION At 1 January 2025 and 31 December 2025 NET BOOK VALUE At 31 December 2025 At 31 December 2024 |
Long leasehold £ 5,535,000 - 5,535,000 - 5,535,000 5,535,000 |
Improvements to property £ 126,284 22,991 149,275 - 149,275 126,284 |
Fixtures and fittings £ 804 - 804 804 - - |
Totals £ 5,662,088 22,991 |
|---|---|---|---|---|
| 5,685,079 | ||||
| 804 | ||||
| 5,684,275 | ||||
| 5,661,284 |
continued...
Page 9
THE MARGERY MAPLETHORPE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2025
7. TANGIBLE FIXED ASSETS - continued
Cost or valuation at 31 December 2025 is represented by:
| Valuation in 2025 Valuation in 2021 Valuation in 2015 Cost |
Long leasehold £ - 1,098,448 2,557,118 1,879,434 5,535,000 |
Improvements to property £ 22,991 - - 126,284 149,275 |
Fixtures and fittings £ - - - 804 804 |
Totals £ 22,991 1,098,448 2,557,118 2,006,522 5,685,079 |
|---|---|---|---|---|
8. FIXED ASSET INVESTMENTS
The investment portfolio includes investment assets held in the UK and the United States of America.
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Rent Arrears Prepayments 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses 11. MOVEMENT IN FUNDS At 1.1.25 £ Unrestricted funds General fund 6,390,068 TOTAL FUNDS 6,390,068 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 154,431 (98,612) TOTAL FUNDS 154,431 (98,612) |
2025 £ 5,252 900 6,152 2025 £ 2,544 Net movement in funds £ 96,527 96,527 Gains and losses £ 40,708 40,708 |
2024 £ 5,252 3,750 9,002 2024 £ 2,544 At 31.12.25 £ 6,486,595 |
2024 £ 5,252 3,750 9,002 2024 £ 2,544 At 31.12.25 £ 6,486,595 |
2024 £ 5,252 3,750 |
|
|---|---|---|---|---|---|
| 9,002 | |||||
| 2024 £ 2,544 |
|||||
| 6,486,595 | |||||
| Movement in funds £ 96,527 96,527 |
|||||
| 96,527 |
continued...
Page 10
THE MARGERY MAPLETHORPE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.1.24 £ 6,321,638 6,321,638 |
Net movement in funds £ 68,430 68,430 |
At 31.12.24 £ 6,390,068 6,390,068 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 142,651 142,651 |
Resources expended £ (90,749) (90,749) |
Gains and Movement losses in funds £ £ 16,528 68,430 16,528 68,430 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.1.24 £ 6,321,638 6,321,638 |
Net movement in funds £ 164,957 164,957 |
At 31.12.25 £ 6,486,595 6,486,595 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 297,082 297,082 |
Resources expended £ (189,361) (189,361) |
Gains and Movement losses in funds £ £ 57,236 164,957 57,236 164,957 |
|---|---|---|---|
continued...
Page 11
THE MARGERY MAPLETHORPE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2025.
Page 12
THE MARGERY MAPLETHORPE TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025
| INCOME AND ENDOWMENTS Investment income Dividends and Interest Charitable activities Rents Received Total incoming resources EXPENDITURE Raising donations and legacies Direct Housing Costs Investment management costs Portfolio management Charitable activities Secretarial Costs Insurance Sundries Support costs Governance costs Auditors Remuneration Total resources expended Net income before gains and losses Realised recognised gains and losses Realised (losses)/gains on fixed asset investments Unrealised (losses/gains on fixed asset investments Net income |
2025 £ 17,582 136,849 154,431 92,228 3,163 1,150 274 1,197 2,621 600 98,612 55,819 (6,816) 47,524 96,527 |
2024 £ 17,877 124,774 |
|---|---|---|
| 142,651 85,618 3,072 1,150 274 35 |
||
| 1,459 600 |
||
| 90,749 | ||
| 51,902 - 16,528 |
||
| 68,430 |
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Page 13
THE MARGERY MAPLETHORPE TRUST
GENERAL INCOME AND EXPENDITURE ACCOUNT
- (Non housing activities)
FOR THE YEAR ENDED 31[ST] DECEMBER 2025
| 2025 INCOME £ Investment Income (net) Other Investment Income EXPENDITURE Donation - Insurance 274 Audit Fee 600 Brokers Fees 3,163 Secretary’s salary and expenses 1,150 Legal and Professional - Sundry Expenses 1,197 GENERAL SURPLUSfor the year (63.7%) Property Revenue Accounts: Mitre Court Surplus Maplethorpe Court Surplus Fusion Surplus Total Surplus for the year |
2024 £ £ £ 17,333 17,171 249 704 17,582 17,875 - 274 600 3,072 1,150 - 35 6,384 5,131 11,198 (71.3%) 12,744 22,624 15,633 8,011 12,234 13,987 £55,820 11,290 £51,901 |
£ 17,171 704 |
|---|---|---|
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Page 13
THE MARGERY MAPLETHORPE TRUST
PROPERTY REVENUE ACCOUNT – MITRE COURT
FOR THE YEAR ENDED 31[ST] DECEMBER 2025
| 2025 £ INCOME Rents Receivable EXPENDITURE Management: Agents’ Fees and Commission Administration:- Secretary’s Salary and Expenses Audit Fee Membership Fee Legal Fees Insurance Insurance Payout 5,258 600 321 - 514 (2,210) Service Charge General Maintenance GENERAL SURPLUSfor the year (42.8%) |
2024 £ £ £ 52,920 49,464 (3,175) (2,968) 5,207 600 314 - 475 - (4,483) (6,596) (18,615) (17,192) (4,023) (7,075) £22,624 (31.6%) £15,633 |
|---|---|
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Page 13
THE MARGERY MAPLETHORPE TRUST
PROPERTY REVENUE ACCOUNT – MAPLETHORPE COURT
FOR THE YEAR ENDED 31[ST] DECEMBER 2025
| 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | ||||
| INCOME | |||||||
| Rents Receivable | 57,161 | 52,141 | |||||
| EXPENDITURE | |||||||
| Management:- | |||||||
| Agents’ Fees and Commission | (3,404) | (3,128) | |||||
| Administration:- | |||||||
| Insurance | 3,983 | 4,075 | |||||
| Secretary’s Salary and Expenses | 5,258 | 5,207 | |||||
| Audit Fee | 600 | 600 | |||||
| Membership Fee | 321 | 314 | |||||
| Legal Fees | - | - | |||||
| (10,162) | (10,196) | ||||||
| General Maintenance and Insurance | (35,584) | (26,583) | |||||
| GENERAL SURPLUS for the year | £12,234 | ||||||
| (14.0%) | £8,011 | (23.5%) |
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Page 13
THE MARGERY MAPLETHORPE TRUST
PROPERTY REVENUE ACCOUNT – FUSION
FOR THE YEAR ENDED 31[ST] DECEMBER 2025
| INCOME Rents Receivable EXPENDITURE Management:- Agents’ Fees and Commission Administration:- Secretary’s Salary and Expenses Audit Fee Membership Fees Legal Fees Insurance Ground Rent Service Charge General Maintenance GENERAL SURPLUSfor the year |
2025 £ 1,577 600 96 - 154 (56.9%) |
£ 24,561 (1,474) (2,427) (900) (5,545) (228) ______ £13,987 |
2024 £ £ 23,170 (1,390) 1,562 600 94 - 142 (2,398) (900) (5,562) (1,630) ______ (48.7%) £11,290 |
|---|---|---|---|
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Page 13
THE MARGERY MAPLETHORPE TRUST
SCHEDULE OF INVESTMENTS 31[ST] DECEMBER 2025
| Capital | Market | Net | |
|---|---|---|---|
| Investments | Cost | Value | Income |
| £ | 31.12.25 | £ | |
| Accenture PLC CLA ‘A’ USD | 12,617 | 7,965 | 103 |
| 40 Shares | |||
| Alphabet INC Capital Stock USD | 7,416 | 12,777 | 15 |
| 55 Shares | |||
| ASML Holdings NV Euro | 10,341 | 24,097 | 143 |
| 30 shares | |||
| AstraZeneca order | 9,341 | 16,548 | 294 |
| 120 shares | |||
| BB Healthcare Trust | 13,192 | - | 470 |
| 0 Redeemable Ord USD0.001 | |||
| BHP Billiton PLC | 14,268 | 22,138 | 818 |
| 980 Ord USD 0.50 | |||
| CG Portfolio Fund | 12,679 | - | - |
| 0 shares | |||
| Cooper Cos Inc.com | 11,852 | - | - |
| 0 Shares | |||
| Croda International | 13,031 | - | 300 |
| 0 Ord £0.10609 | |||
| Diageo PLC | 3,898 | - | 220 |
| 0 Ord 28 101/108p shares | |||
| Digital 9 Infrastructure PLC | 13,177 | - | - |
| 0 Shares | |||
| Dolwais Group PLC | 2,979 | - | - |
| 0 shares | |||
| Experian PLC | 12,926 | 16,815 | 237 |
| 500 Ord USD 0.10 | |||
| First Sentier Investors | 12,408 | - | - |
| 0 shares | |||
| Genus PLC | 13,138 | 14,273 | 176 |
| 550 Ord £ 0.10 | |||
| Givaudan | 9,256 | 8,837 | 120 |
| 3 shares | |||
| GlaxoSmithKline PLC | 22,482 | 24,813 | 857 |
| 1,360 Ord 25p share |
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Page 13
THE MARGERY MAPLETHORPE TRUST
SCHEDULE OF INVESTMENTS 31[ST] DECEMBER 2025
| Capital | Cost | Market | Net |
|---|---|---|---|
| Investments | £ | Value | Income |
| 31.12.25 | £ | ||
| Halma order | 9,437 | 14,152 | 92 |
| 400 shares | |||
| Howden Joinery Group | 11,745 | - | 320 |
| 0 Ord Share | |||
| Henderson Investment Funds Ltd | 25,058 | - | 728 |
| 0 Shares | |||
| Hitachi JPY 50 | 12,449 | 12,182 | - |
| 525 Shares | |||
| International Paper Co Com USD1 | 15,826 | 13,360 | 757 |
| 457 Shares | |||
| Intertek Group | 11,786 | 10,117 | 352 |
| 220 Ord £0.01 | |||
| Invesco Fund Manager | 10,804 | 10,294 | 611 |
| 5624 IP Monthly Inc. | |||
| Japan Income & Growth Trust | 17,810 | 20,700 | 410 |
| 9200 shares | |||
| Johnson & Johnson | 6,998 | 26,112 | 557 |
| 170 COM STK USD1 | |||
| JP Morgan American Investment Trust | 14,925 | 34,782 | 406 |
| 3100 shares | |||
| JP Morgan Chase & Co COM USD | 7,582 | 8,370 | - |
| 35 Shares | |||
| Legal & General | 9,245 | 10,214 | 838 |
| 3900 Ord GBP 0.025 | |||
| Lloyds Bank | 18,496 | 24,069 | 816 |
| 24500 Ord GBP 0.10 | |||
| M&G Securities Ltd Global Division | 15,958 | 21,216 | 611 |
| 5500 Shares | |||
| Maitland International Services Limited | 12,833 | - | 51 |
| 0 Ord shares | |||
| Melrose Industries Plc | 9,069 | - | - |
| 0 Shares | |||
| Microsoft Corp | 6,455 | 19,742 | 238 |
| 55 US$0.001 | |||
| MI Twentyfour | 16,648 | 15,070 | 800 |
| 150 Gross Bond |
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Page 13
THE MARGERY MAPLETHORPE TRUST
SCHEDULE OF INVESTMENTS 31[ST] DECEMBER 2025
| Capital | Cost | Market | Net |
|---|---|---|---|
| Investments | £ | Value | Income |
| 31.12.25 | £ | ||
| Pacific Horizon Investment Trust Ord GBP | 12,198 | 12,480 | - |
| 0.10 | |||
| 1600 Shares | |||
| Polar Capital Technology Trust PLC | 12,241 | 12,064 | - |
| 2600 Shares | |||
| Prudential |
11,652 | - | 80 |
| 0 Ord £0.05 | |||
| RELX PLC |
12,011 |
21,140 | 450 |
| 700 Ord £0.1444 | |||
| Rathbone Unit Trust |
24,297 |
24,629 | 1,215 |
| 28,000 | |||
| Rio Tinto |
9,498 | 21,578 | 1,024 |
| 360 Ord 10p Shares | |||
| Schneider Electric SE | 15,365 | 23,549 | 316 |
| 115 shares | |||
| Schroder Investment Fund Company | 19,867 | 20,341 | - |
| 22000 Shares | |||
| Spirax Sarco Engineering | 14,849 | 11,935 | 291 |
| 175 Shares | |||
| Stewart Investors Asia Pacific Leaders B | 17,037 | 17,659 | - |
| Acc | |||
| 1600 Shares | |||
| SVS Church House Investment management | 11,021 | 10,735 | 493 |
| 9,478 | |||
| Syncona Limited Ord NVP |
15,080 |
- | - |
| 0 shares | |||
| The Magnum Ice Cream Co NPV | - | 1,072 | - |
| 91 Shares | |||
| The Renewables Infrastructure GRP | 15,635 | 7,579 | 835 |
| 11000 Shares | |||
| Thermo Fisher Scientific INC COM STK | 10,824 | 10,752 | 14 |
| USD | |||
| 25 Shares |
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THE MARGERY MAPLETHORPE TRUST
SCHEDULE OF INVESTMENTS 31[ST] DECEMBER 2025
| Capital Investments Unilever Plc 455 Ord 1.4p Shares United Kingdom Treasury 0.875% 22/10/2029 16000 Shares United Kingdom Treasury 4.125% 22/07/2029 14500 Shares Vinci EUR2.50 65 shares Visa Inc STK Class A shares 100 shares ______ Total Investments |
Cost £ 4,666 14,422 15,112 7,112 £686,561 |
Market Value 31.12.25 Net Income £ 19,632 14,392 14,898 6,803 705 70 299 44 15,549 ______ £658,322 |
Market Value 31.12.25 Net Income £ 19,632 14,392 14,898 6,803 705 70 299 44 15,549 ______ £658,322 |
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This page does not form part of the statutory financial statements
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