## **The Dorfman Foundation**
Financial Statements Year Ended 5 April 2022 Charity Number: 1120714
## **The Dorfman Foundation**
## **Report and Financial Statements for the year ended 5 April 2022**
## **Contents**
## **Page:**
1 Reference and Administration details 2-3 Report of the Trustees 4 Independent Examiners Report 5 Statement of Financial Activities 6 Balance Sheet 7-11 Notes forming part of the Financial Statements 12 Appendix
## **Trustees**
Sir Lloyd Dorfman CVO OBE
Sarah Dorfman OBE Amy Lux Sophie Dorfman Charles Dorfman Anthony Wagerman Peter Leach
## **Principal Office**
22 Manchester Square, London, W1U 3PT
## **Accountants**
BDO LLP, 55 Baker Street, London, W1U 7EU
## **Independent Examiner / Auditor**
Perrys Audit Limited, Churchdown Chambers, Bordyke, Tonbridge, Kent, TN9 1NR
## **Bankers**
Lloyds Bank Private Banking, 21-23 Hill Street, London, W1J 5JW Barclays Bank, PO Box 9042, Bowater House, 68 Knightsbridge, SW17BW
1
## **The Dorfman Foundation**
## **Report of the Trustees for the year ended 5 April 2022**
The Trustees present their report along with the financial statements of the charity for the year ended 5 April 2022. The Financial Statements have been prepared in accordance with the accounting policies set out on page 7 and comply with the charity’s trust deed and applicable law.
## **Structure, Governance and Management**
The Dorfman Foundation is constituted under a Declaration of Trust dated 26 February 2007 created by the Settlor, Sir Lloyd Dorfman. It is a registered charity number 1120714.
The Trustees who have served during the year and since the year end are set out on page 1. The power of appointing new or additional Trustees is vested in the Settlor during his lifetime.
At the regular Trustees' meetings, the Trustees agree the board strategy and areas of activity for the Foundation, including consideration of grant making, investment, reserves and risk management policies and performance.
## **Risk management**
The Trustees have examined the major strategic, business and operational risks which the Charity faces and confirm that systems have been established to enable regular reports to be produced so that such risks are continuously monitored and that appropriate steps can be taken to lessen these risks.
## **Objectives and Activities**
The Trustees shall hold the Trust Capital and the income thereof upon Trust to pay or apply the whole thereof for the benefit of such charity or charities as the Trustees may from time to time in their absolute discretion determine.
## **Grant making policy**
All applications received are considered by the Trustees on their own merit for suitability of funding.
## **Public benefit**
In meeting the objectives the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and judge that all donations made meet this guidance. All donations are listed in note 4 on page 8.
## **Achievements and Performance**
The Trustees apply the Foundation's funds in accordance with the objectives of the Trust and their grant making policy. Donations totalling £1,060,622 have been made in the year (2021: £1,302,000).
## **Plans for the future**
The Trustees intend to continue providing grants in a similar way to the recent past but retaining flexibility as to the timing, and scale of grant making.
2
## **The Dorfman Foundation**
## **Report of the Trustees for the year ended 5 April 2022 (continued)**
## **Financial Review**
As at 5 April 2022 the market value of investments held was £5,473,501 (2021: £6,289,174) and cash holdings amounted to £154,102 (2021: £198,098).
## **Reserves policy**
The Trustees’ policy is to maintain their continuing level of support under the grant making policy that they have agreed. If income resources are insufficient to cover the grants then recourse is made to the other funds of the Trust. The Trustees do not consider that any minimum level of resources is required.
## **Trustees’ responsibilities in relation to the financial statements**
Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy 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 trust deed. They are 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.
Approved by the Trustees and signed on their behalf by:
These accounts were approved by the Trustees on 3 February 2023.
## **Sir Lloyd Dorfman CVO OBE**
Trustee
Date:
3
## **The Dorfman Foundation**
## **Independent Examiner’s Report to the Trustees of the Dorfman Foundation**
We report to the trustees on my examination of the accounts of the Dorfman Foundation for the year ended 5 April 2022.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). We report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out our examination we have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
We have completed our examination. We confirm that no material matters have come to our attention in connection with the examination giving us cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
We 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.
Steve Hale FCA FCCA on behalf of
## **Perrys Audit Limited**
Churchdown Chambers Bordyke Tonbridge Kent TN9 1NR
Date:
4
## **The Dorfman Foundation**
## **Statement of Financial Activities for the year ended 5 April 2022**
|**Notes**
**Income and endowments from**
Investment income
**2**
**Total**
**Expenditure on**
Costs of Raising Funds:
Investment management costs
Charitable activities
**3**
**Total**
**Net income/(expenditure) before investment gains/(losses)**
Net gains/(losses) on investments
**6**
Net gains/(losses) on currency
**Net income/(expenditure)**
Total funds at 6 April 2021
**Total funds at 5 April 2022**|**2022**
**£**
**142,592**
**142,592**
**44,665**
**1,139,769**
**1,184,434**
**(1,041,842)**
**642,444**
**2**
**(399,396)**
**5,049,584**
**4,650,188**|**2021**
**£**
166,513|
|---|---|---|
|||166,513|
|||45,304
1,380,415|
|||1,425,719|
|||(1,259,206)
717,267
(1)|
|||(541,940)
5,591,524|
|||5,049,584|
All funds are unrestricted and relate to continuing activities.
The notes on pages 7 to 11 form part of these financial statements
5
## **The Dorfman Foundation**
## **Balance Sheet as at 5 April 2022**
|**Notes**
**£**
**£**
**Fixed Assets**
Quoted investments:
Charities Properties Fund
6
**2,100,676**
Veritas Investment Management
6
**3,372,825**
**5,473,501**
**Current Assets**
Cash at bank and in hand
7
**154,102**
**Current Liabilities**
Creditors:amounts falling due within one year 8
**(591,702)**
Net current assets
**(437,600)**
Creditors:amounts falling due after one year
9
**(385,713)**
**Total net assets**
**4,650,188**
**Funds**
Unrestricted Funds
**4,650,188**
**2022**|**£**
**£**
3,105,289
3,183,885
6,289,174
198,098
(543,764)
(345,666)
(893,924)
5,049,584
5,049,584
**2021**|**£**
**£**
3,105,289
3,183,885
6,289,174
198,098
(543,764)
(345,666)
(893,924)
5,049,584
5,049,584
**2021**|
|---|---|---|
||||
|||5,049,584|
|||5,049,584|
Approved by the Trustees and signed on their behalf by:
These accounts were approved by the Trustees on 3 February 2023.
|**Sir Lloyd Dorfman CVO OBE**|**Charles Dorfman**|
|---|---|
|Trustee|Trustee|
The notes on pages 7 to 11 form part of these financial statements
6
## **The Dorfman Foundation**
## **Notes to the financial statements for the year ended 5 April 2022**
## **1 Principal Accounting Policies**
## **(a) Accounting Convention**
The Financial Statements are prepared under the historical cost convention and in preparing the Financial Statements the charity follows best practice as laid down in the Statement of Recommended Practice “Accounting and Reporting by Charities” (Charities SORP (FRS 102)) and comply with the Charities (Accounts and Reports) Regulations 2008 issued under the Charities Act 2011.
## **(b) Donations, legacies and similar income**
Donations, legacies and similar income are shown in the accounts when receivable and the value of the incoming resources can be measured with sufficient reliability.
## **(c) Investment income**
Investment income is accounted for in the period in which the charity is entitled to receipt.
## **(d) Resources expended**
Liabilities are recognised as resources expended 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.
## **(e) Charitable activities**
Costs of charitable activities include grants made and an apportionment of overhead and support costs where applicable.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Trust.
## **(f) Governance costs**
Governance costs comprise costs relating to the general running of the charity as opposed to those associated with generating funds or charitable activity.
## **(g) Fixed asset investments**
Investments are stated at closing market value at the balance sheet date. Any gains or losses on revaluation and disposal are shown in the Statement of Financial Activities.
## **(h) Realised gains and losses**
Gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and purchase cost. Unrealised gains and losses are calculated as the difference between the market value at year end and opening market value (or purchase date if later). Realised and unrealised gains and losses are not separated in the Statement of Financial Assets.
## **(i)[Taxation]**
The charity is exempt from tax on its charitable activities.
## **(j) Going concern**
The trustees consider that there are no material uncertainties about the ability to continue as a going concern.
7
## **The Dorfman Foundation**
## **Notes to the financial statements for the year ended 5 April 2022**
|**2**
**Investment income**
Interest on cash deposits
Income from Veritas portfolio
Distributions from Charities Property Fund
**3**
**Charitable Activities**
General charitable purpose donations (see note 4)
Support costs (see note 5)
**4**
**Donations payable**
Charity Number
AJEX Charitable Foundation
1082148
British Council Benevolent Fund
1161805
Community Security Trust
1042391
Cygnet Training Theatre & Cygnet Research Library
1081824
Dalaid
1064655
Friends of St Pauls
261905
Holocaust Educational Trust
1092892
Jewish Care
802559
Migration Museum Project
1153774
Nightingale Hammerson
207316
Norwood Ravenswood
1059050
Royal Academy Trust
1067270
Royal Marsden Cancer Charity
1095197
Royal Opera House
211775
World Jewish Relief
290767
Donations of £5,000 or less
Write back overprovision - BAFTA|**2022**
**£**
**19**
**35,639**
**106,934**
**142,592**
**2022**
**£**
**1,060,622**
**79,147**
**1,139,769**
**2022**
**£**
**10,000**
**-**
**100,000**
**-**
**15,000**
**-**
**12,500**
**-**
**-**
**666,667**
**35,000**
**20,000**
**250,000**
**-**
**10,000**
**23,000**
**1,142,167**
**(81,545)**
**1,060,622**|**2021**
£
1,208
44,358
120,947|
|---|---|---|
|||166,513|
|||**2021**
**£**
1,302,000
78,415|
|||1,380,415|
|||**2021**
**£**
-
50,000
100,000
180,000
15,000
283,000
12,500
100,000
15,000
-
35,000
25,000
250,000
200,000
-
36,500|
|||1,302,000|
|||-|
|||1,302,000|
8
## **The Dorfman Foundation**
## **Notes to the financial statements for the year ended 5 April 2022**
|**5**
**Support Costs**
Accountancy fees
Consultancy Fees
Independent Examiners Fees
**6**
**Investments**
**Charities Properties Fund**
**£**
**£**
Market value at 6 April 2021
**3,105,289**
Acquisition cost in the year
**-**
Proceeds from disposals in the year
**(1,350,000)**
**(1,350,000)**
Realised gains on disposals
**97,652**
Movement in unrealised valuation
**247,735**
Total gains/(losses)
**345,387**
**Market value at 5 April 2022**
**2,100,676**
Historic Cost at 5 April 2022
**1,747,652**
**Veritas Investment Management**
**£**
**£**
Market value at 6 April 2021
**3,075,093**
Acquisition cost in the year
**648,015**
Proceeds from disposals in the year
**(851,299)**
**(203,284)**
Realised gains on disposals
**170,377**
Movement in unrealised valuation
**126,680**
Total gains/(losses)
**297,057**
Market value of Investments at 5 April 2022
**3,168,866**
Portfolio cash
**203,959**
**Portfolio value at 5 April 2022**
**3,372,825**
Historic Cost at 5 April 2022
**2,472,890**
**2022**
**2022**|**2022**
**2021**
**£**
**£**
**10,320**
9,600
**67,795**
67,795
**1,032**
1,020
**79,147**
78,415
**£**
**£**
3,157,560
-
-
-
-
(52,271)
(52,271)
3,105,289
3,000,000
**£**
**£**
2,801,684
831,143
(1,327,272)
(496,129)
233,712
535,826
769,538
3,075,093
108,792
3,183,885
2,505,796
**2021**
**2021**|**2021**
**£**
9,600
67,795
1,020|
|---|---|---|
|||78,415|
|||3,075,093
108,792|
|||3,183,885|
|||2,505,796|
9
## **The Dorfman Foundation**
## **Notes to the financial statements for the year ended 5 April 2022**
|**7**
**Cash at bank and in hand**
Barclays Wealth Charity Saver
Lloyds Bank account
**8**
**Creditors: Amounts falling due within one year**
Accountancy Fees
Investment Manager Fees
Independent Examiners Fees
Consultancy Fees
Donations payable
**9**
**Creditors: Amounts falling due after one year**
Donations payable|**2022**
**£**
**153,561**
**541**
**154,102**
**2022**
**£**
**3,520**
**11,260**
**1,032**
**67,795**
**508,095**
**591,702**
**2022**
**£**
**385,713**|**2021**
**£**
197,557
541|
|---|---|---|
|||198,098|
|||**2021**
**£**
400
10,350
1,020
33,897
498,097|
|||543,764|
|||**2021**
**£**
893,924|
## **10 Charitable Commitments**
The Trustees have committed to pay the following:
|£900,000|to British Academy of Film Television & Arts (BAFTA)|- £500,000 donated at 5 April 2022|
|---|---|---|
|£180,000|to Cygnet School|- £60,000 donated at 5 April 2022|
|£150,000|to Highgate School|- £42,858 donated at 5 April 2022|
|£500,000|to Maggies|- £333,334 donated at 5 April 2022|
|£300,000|to Prince's Trust International|- £200,000 donated at 5 April 2022|
|£150,000|to Sadlers Wells Trust|- £150,000 donated at 5 April 2022|
## **11 Trustees' remuneration and benefits**
None of the Trustees have been paid any remuneration or received any other benefits from the Charity. No trustees' expenses were incurred in the year ended 5 April 2022 (2021: £Nil).
10
## **The Dorfman Foundation**
## **Notes to the financial statements for the year ended 5 April 2022**
## **12 Related party transactions**
There have been no transactions with persons or entities that are closely connected to the charity or it’s trustees, with the exception of the following charities, which have the following Trustees in common:
|**•**|JW3 Development|- Amy Lux|
|---|---|---|
|**•**|BAFTA|- Sir Lloyd Dorfman|
|•|Community Security Trust|- Sir Lloyd Dorfman|
|•|Royal Opera House|- Sir Lloyd Dorfman|
|•|Royal Academy Trust|- Sir Lloyd Dorfman|
Sir Lloyd Dorfman resigned as a Trustee of JW3 Development in January 2020. He holds the position of Honorary Vice President.
Sir Lloyd Dorfman resigned as Trustee of the Prince's Trust International in December 2021. He was subsequently appointed as Honorary Vice President.
Consultancy fees of £67,795 (2021: £67,795) were invoiced by Esselco Group Limited during the year for the provision of administration services and operational facilities. Sir Lloyd Dorfman and Charles Dorfman are both Directors of Esselco Group Limited. £67,795 (2021 - £33,898) of fees were outstanding at 5 April 2022.
11
**The Dorfman Foundation**
## **Appendix**
Accrued Grants Liability Schedule of Investments
5 April 2022
12
## **The Dorfman Foundation**
## **Accrued Grants Liability for the year ended 5 April 2022**
|BAFTA
Cygnet School
Highgate School
Maggies
Prince's Trust International
Sadler's Wells Trust
JW3 Development
BAFTA
Cygnet School
Highgate School
Maggies
Prince's Trust International
Payments falling due within one year
Payments falling due after one year|**Balance at**
**6 April 2021**
581,545.00
120,000.00
107,142.43
333,333.00
200,000.00
50,000.00
1,392,020.43
**2023**
100,000.00
120,000.00
21,429.00
166,666.34
100,000.00
508,095.34
508,095.34|**New Liability**
**in year**
-
-
-
-
-
-
-
**2024**
100,000.00
-
21,429.00
-
-
121,429.00
385,713.43|**Adjustments**
**in year**
(81,545.00)
-
-
-
-
-
(81,545.00)
**2025**
100,000.00
-
21,429.00
-
-
121,429.00
**Year Ended 5 April**||**Payments**
**in the year**
(100,000.00)
-
-
(166,666.66)
(100,000.00)
(50,000.00)
(416,666.66)
**Later Years**
100,000.00
-
42,855.43
-
-
142,855.43|**Balance at**
**5 April 2022**
400,000.00
120,000.00
107,142.43
166,666.34
100,000.00
-|**Balance at**
**5 April 2022**
400,000.00
120,000.00
107,142.43
166,666.34
100,000.00
-|
|---|---|---|---|---|---|---|---|
||||||||893,808.77|
||||||||**Total**
400,000.00
120,000.00
107,142.43
166,666.34
100,000.00|
||||||||893,808.77|
|||||||||
|||||||||
1
## **The Dorfman Foundation**
## **Schedule of Investments for Charities Properties Fund for the year ended 5 April 2022**
|**Units**
**Cost**
**Value**
**Units**
**Cost**
**Units**
**£**
**£**
**£**
The Charities Property Fund Income Units
06-Apr-21
b/fwd
2,501,038
3,000,000
3,105,289
30-Jun-21
Sale
793,210
31-Dec-21
Sale
44,404
31-Dec-21
Sale
102,334
31-Mar-22
Sale
104,109
05-Apr-22
c/fwd
**3,000,000**
**3,105,289**
**-**
**Opening Balances**
**Acquisitions**|**Proceeds**
**Cost**
**Profit/Loss**
**Units**
**£**
**£**
**£**
1,000,000
951,457
48,543
59,977
53,263
6,714
140,023
122,750
17,274
150,000
124,879
25,121
1,456,981
**1,350,000**
**1,252,348**
**97,652**
**Disposals**|**Cost**
**Value**
**Income**
**£**
**£**
**£**
1,747,652
2,100,675
106,934
**Closing**|
|---|---|---|
|||**1,747,652**
**2,100,675**
**106,934**|
1
## **The Dorfman Foundation**
## **Schedule of Investments for Veritas Investment Management for the year ended 5 April 2022**
||||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**||**Disposals**||||**Closing**|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||**Units**||**Cost**|**Value**|**Units**|**Cost**|**Units**|**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**|
|||||**£**|**£**||**£**||**£**|**£**|**£**||**£**|**£**|**£**|
|**Fixed Interest**||||||||||||||||
|Asian Development Bank .75% 07/12/2027||||||||||||||||
|06-Apr-21|b/fwd||-|-|-|||||||||||
|13-Aug-21|Purchase|||||100,000|101,012|||||||||
|13-Aug-21|Accrued income|||||-|(236)|||||||||
|05-Apr-22|c/fwd|||||||||||100,000|100,775|93,741|238|
|CG Portfolio Fund plc - Dollar Fund||||||||||||||||
|06-Apr-21|b/fwd||490|52,485|51,112|||||||||||
|05-Apr-22|c/fwd|||||||||||490|52,485|51,739|780|
|European Investment Bank Floating||.96413%|21/05/2021|||||||||||||
|06-Apr-21|b/fwd|90,000||90,675|90,052|||||||||||
|24-May-21|Sale|||||||90,000|90,000|90,675|(675)|||||
|05-Apr-22|c/fwd|||||||||||-|-|-|56|
|European Investment Bank Floating||2.6989%|18/01/2027|||||||||||||
|06-Apr-21|b/fwd||-|-|-|||||||||||
|09-Dec-21|Purchase|||||85,000|88,974|||||||||
|09-Dec-21|Accrued income|||||-|(127)|||||||||
|05-Apr-22|c/fwd|||||||||||85,000|88,848|88,484|107|
|Experian Finance PLC 3.5% 15/10/2021||||||||||||||||
|06-Apr-21|b/fwd|100,000||105,353|102,481|||||||||||
|05-Aug-21|Sale|||||||100,000|100,000|105,353|(5,353)|||||
|05-Apr-22|c/fwd|||||||||||-|-|-|2,810|
1
## **The Dorfman Foundation**
## **Schedule of Investments for Veritas Investment Management for the year ended 5 April 2022**
|||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**||**Disposals**||||**Closing**|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||**Units**|**Cost**|**Value**|**Units**|**Cost**|**Units**|**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**|
||||**£**|**£**||**£**||**£**|**£**|**£**||**£**|**£**|**£**|
|Experian Finance PLC .739% 29/10/2025|||||||||||||||
|06-Apr-21|b/fwd|100,000|100,610|98,996|||||||||||
|29-Oct-21|Accrued income||||-|(269)|||||||||
|05-Apr-22|c/fwd||||||||||100,000|100,341|94,450|518|
|International Bank for Reconstruction||& Development|1% 21/12/2029||||||||||||
|06-Apr-21|b/fwd|69,000|71,796|69,387|||||||||||
|23-Jul-21|Purchase||||33,000|34,008|||||||||
|23-Jul-21|Accrued income||||-|(193)|||||||||
|05-Apr-22|c/fwd||||||||||102,000|105,610|95,444|827|
|London Stock Exchange Group PLC 4.75% 02/11/2021|||||||||||||||
|06-Apr-21|b/fwd|83,000|89,643|86,682|||||||||||
|02-Nov-21|Sale||||||83,000|83,000|89,643|(6,643)|||||
|05-Apr-22|c/fwd||||||||||-|-|-|3,943|
|Nestle Holdings Inc .625% 18/12/2025|||||||||||||||
|06-Apr-21|b/fwd|-|-|-|||||||||||
|23-Jul-21|Purchase||||100,000|100,006|||||||||
|23-Jul-21|Accrued income||||-|(51)|||||||||
|05-Apr-22|c/fwd||||||||||100,000|99,955|94,907|254|
|Siemens Financieringsmaatschappij NV 1% 20/02/2025|||||||||||||||
|06-Apr-21|b/fwd|100,000|102,291|100,856|||||||||||
|05-Apr-22|c/fwd||||||||||100,000|102,291|96,434|1,000|
|United Kingdom Gilt .5% 22/07/2022|||||||||||||||
|06-Apr-21|b/fwd|70,000|70,082|70,527|||||||||||
|14-Feb-22|Sale||||||70,000|69,891|70,082|(191)|||||
|05-Apr-22|c/fwd||||||||||-|-|-|350|
2
## **The Dorfman Foundation**
## **Schedule of Investments for Veritas Investment Management for the year ended 5 April 2022**
|||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**|||**Disposals**||||**Closing**|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||**Units**|**Cost**|**Value**|**Units**|**Cost**|**Units**||**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**|
||||**£**|**£**||**£**|||**£**|**£**|**£**||**£**|**£**|**£**|
|United Kingdom|Gilt .75% 22/07/2023|||||||||||||||
|06-Apr-21|b/fwd|70,000|70,665|71,190||||||||||||
|05-Apr-22|c/fwd|||||||||||70,000|70,665|69,440|525|
|United States Treasury Inflation Indexed .125% 15/04/2025||||||||||||||||
|06-Apr-21|b/fwd|62,000|50,507|48,999||||||||||||
|09-Dec-21|Purchase||||20,000|17,311||||||||||
|09-Dec-21|Accrued income||||-|(4)||||||||||
|05-Apr-22|c/fwd|||||||||||82,000|67,814|70,327|54|
|Wells Fargo & Co 2.125% 22/04/2022||||||||||||||||
|06-Apr-21|b/fwd|100,000|100,780|103,589||||||||||||
|05-Apr-22|c/fwd|||||||||||100,000|100,780|100,025|2,125|
|**Equity**||||||||||||||||
|Accenture PLC||||||||||||||||
|06-Apr-21|b/fwd|385|47,241|77,914||||||||||||
|14-Feb-22|Sale|||||||57|14,485|6,994|7,491|||||
|05-Apr-22|c/fwd|||||||||||328|40,247|85,718|778|
|Align Technology Inc||||||||||||||||
|06-Apr-21|b/fwd|113|18,369|44,544||||||||||||
|19-Jan-22|Purchase||||50|19,087||||||||||
|07-Feb-22|Purchase||||13|4,794||||||||||
|05-Apr-22|c/fwd|||||||||||176|42,250|58,537|-|
|Alphabet Inc||||||||||||||||
|06-Apr-21|b/fwd|48|42,837|76,906||||||||||||
|08-Oct-21|Sale|||||||23|45,902|20,526|25,376|||||
|05-Apr-22|c/fwd|||||||||||25|22,311|53,728|-|
3
## **The Dorfman Foundation**
## **Schedule of Investments for Veritas Investment Management for the year ended 5 April 2022**
|||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**|||**Disposals**||||**Closing**|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||**Units**|**Cost**|**Value**|**Units**|**Cost**|**Units**||**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**|
||||**£**|**£**||**£**|||**£**|**£**|**£**||**£**|**£**|**£**|
|Amazon.com Inc||||||||||||||||
|06-Apr-21|b/fwd|-|-|-||||||||||||
|08-Oct-21|Purchase||||22|52,197||||||||||
|05-Apr-22|c/fwd|||||||||||22|52,197|54,985|-|
|Amphenol Corp||||||||||||||||
|06-Apr-21|b/fwd|1,320|40,592|65,509||||||||||||
|29-Nov-21|Sale|||||||340|21,428|10,455|10,973|||||
|05-Apr-22|c/fwd|||||||||||980|30,136|55,532|477|
|Automatic Data Processing Inc||||||||||||||||
|06-Apr-21|b/fwd|510|59,818|70,866||||||||||||
|22-Jul-21|Sale|||||||55|8,261|6,451|1,810|||||
|05-Apr-22|c/fwd|||||||||||455|53,367|82,493|1,163|
|Avery Dennison Corp||||||||||||||||
|06-Apr-21|b/fwd|350|27,770|48,131||||||||||||
|05-Apr-22|c/fwd|||||||||||350|27,770|46,762|597|
|Broadridge Financial Solutions Inc||||||||||||||||
|06-Apr-21|b/fwd|540|57,002|61,630||||||||||||
|05-Apr-22|c/fwd|||||||||||540|57,002|65,614|848|
|Bunzl PLC||||||||||||||||
|06-Apr-21|b/fwd|2,470|56,044|58,292||||||||||||
|05-Apr-22|c/fwd|||||||||||2,470|56,044|76,076|1,346|
4
## **The Dorfman Foundation**
## **Schedule of Investments for Veritas Investment Management for the year ended 5 April 2022**
|||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**|||**Disposals**||||**Closing**|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||**Units**|**Cost**|**Value**|**Units**|**Cost**|**Units**||**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**|
||||**£**|**£**||**£**|||**£**|**£**|**£**||**£**|**£**|**£**|
|Cerner Corp||||||||||||||||
|06-Apr-21|b/fwd|1,720|81,910|90,986||||||||||||
|18-Feb-22|Sale|||||||430|28,998|20,478|8,520|||||
|21-Feb-22|Purchase||||426|28,663||||||||||
|21-Feb-22|Sale|||||||426|28,663|22,366|6,296|||||
|22-Feb-22|Sale|||||||426|28,663|19,262|9,401|||||
|23-Feb-22|Sale|||||||432|29,026|24,234|4,792|||||
|24-Feb-22|Sale|||||||432|29,086|24,234|4,852|||||
|05-Apr-22|c/fwd|||||||||||-|-|-|988|
|Experian PLC||||||||||||||||
|06-Apr-21|b/fwd|1,810|31,102|46,083||||||||||||
|10-Mar-22|Sale|||||||380|10,348|6,530|3,818|||||
|05-Apr-22|c/fwd|||||||||||1,430|24,572|42,285|638|
|Fiserv Inc||||||||||||||||
|06-Apr-21|b/fwd|850|51,640|75,168||||||||||||
|13-Jul-21|Purchase||||300|23,586||||||||||
|05-Apr-22|c/fwd|||||||||||1,150|75,226|90,512|-|
|Franco-Nevada|Corp|||||||||||||||
|06-Apr-21|b/fwd|630|33,561|59,383||||||||||||
|13-Oct-21|Purchase||||235|23,432||||||||||
|09-Mar-22|Purchase||||135|16,787||||||||||
|05-Apr-22|c/fwd|||||||||||1,000|73,780|122,958|534|
|Fresenius Medical Care AG & Co KGaA||||||||||||||||
|06-Apr-21|b/fwd|1,420|97,442|75,680||||||||||||
|05-Apr-22|c/fwd|||||||||||1,420|97,442|71,910|1,212|
5
## **The Dorfman Foundation**
## **Schedule of Investments for Veritas Investment Management for the year ended 5 April 2022**
|||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**|||**Disposals**||||**Closing**|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||**Units**|**Cost**|**Value**|**Units**|**Cost**|**Units**||**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**|
||||**£**|**£**||**£**|||**£**|**£**|**£**||**£**|**£**|**£**|
|Hasbro Inc||||||||||||||||
|06-Apr-21|b/fwd|1,105|66,188|75,959||||||||||||
|05-Apr-22|c/fwd|||||||||||1,105|66,188|71,582|1,860|
|Infineon Technologies AG||||||||||||||||
|06-Apr-21|b/fwd|2,795|54,138|86,592||||||||||||
|21-Mar-22|Purchase||||432|10,963||||||||||
|05-Apr-22|c/fwd|||||||||||3,227|65,101|78,611|465|
|Intuit Inc||||||||||||||||
|06-Apr-21|b/fwd|140|38,884|40,528||||||||||||
|10-Mar-22|Purchase||||25|8,452||||||||||
|05-Apr-22|c/fwd|||||||||||165|47,336|62,339|220|
|Intuitive Surgical Inc||||||||||||||||
|06-Apr-21|b/fwd|-|-|-||||||||||||
|24-Jan-22|Purchase||||160|35,744||||||||||
|28-Jan-22|Purchase||||46|9,434||||||||||
|05-Apr-22|c/fwd|||||||||||206|45,178|46,427|-|
|Kerry Group PLC||||||||||||||||
|06-Apr-21|b/fwd|590|54,494|53,986||||||||||||
|05-Apr-22|c/fwd|||||||||||590|54,494|50,698|338|
|Kuehne + Nagel International AG||||||||||||||||
|06-Apr-21|b/fwd|235|28,064|49,437||||||||||||
|26-May-21|Sale|||||||27|6,279|3,224|3,055|||||
|27-May-21|Sale|||||||15|3,502|1,791|1,711|||||
|05-Apr-22|c/fwd|||||||||||193|23,048|40,212|542|
6
## **The Dorfman Foundation**
## **Schedule of Investments for Veritas Investment Management for the year ended 5 April 2022**
||||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**|||**Disposals**|||||**Closing**|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||**Units**||**Cost**|**Value**|**Units**|**Cost**|**Units**||**Proceeds**|**Cost**|**Profit/Loss**|**Units**||**Cost**|**Value**|**Income**|
|||||**£**|**£**||**£**|||**£**|**£**|**£**|||**£**|**£**|**£**|
|Laboratory Corp|of America Holdings|||||||||||||||||
|06-Apr-21|b/fwd||560|73,618|101,819|||||||||||||
|22-Jul-21|Sale||||||||60|12,186|7,888|4,298||||||
|05-Apr-22|c/fwd|||||||||||||500|65,731|100,621|-|
|Marsh & McLennan Cos Inc||||||||||||||||||
|06-Apr-21|b/fwd||720|63,478|64,716|||||||||||||
|05-Apr-22|c/fwd|||||||||||||720|63,478|93,171|925|
|Mastercard Inc||||||||||||||||||
|06-Apr-21|b/fwd||393|59,778|104,184|||||||||||||
|14-Feb-22|Sale||||||||25|6,823|3,803|3,021||||||
|05-Apr-22|c/fwd|||||||||||||368|55,976|101,831|440|
|Microsoft Corp||||||||||||||||||
|06-Apr-21|b/fwd||595|48,885|106,638|||||||||||||
|09-Jul-21|Sale||||||||130|26,308|10,681|15,628||||||
|08-Oct-21|Sale||||||||69|14,567|5,669|8,898||||||
|26-Nov-21|Sale||||||||40|10,032|3,286|6,745||||||
|05-Apr-22|c/fwd|||||||||||||356|29,249|84,299|662|
|Next PLC||||||||||||||||||
|06-Apr-21|b/fwd||525|41,752|42,599|||||||||||||
|08-Jul-21|Purchase|||||70|5,560|||||||||||
|09-Jul-21|Purchase|||||91|7,283|||||||||||
|12-Jul-21|Purchase|||||119|9,300|||||||||||
|08-Feb-22|Purchase|||||32|2,345|||||||||||
|09-Feb-22|Purchase|||||50|3,655|||||||||||
|05-Apr-22|c/fwd|||||||||||||887|69,895|54,586|2,174|
7
## **The Dorfman Foundation**
## **Schedule of Investments for Veritas Investment Management for the year ended 5 April 2022**
|||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**||**Disposals**|||||**Closing**|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||**Units**|**Cost**|**Value**|**Units**|**Cost**|**Units**|**Proceeds**|**Cost**|**Profit/Loss**|**Units**||**Cost**|**Value**|**Income**|
||||**£**|**£**||**£**||**£**|**£**|**£**|||**£**|**£**|**£**|
|Roche Holding|AG|||||||||||||||
|06-Apr-21|b/fwd|385|73,127|90,346||||||||||||
|05-Apr-22|c/fwd|||||||||||385|73,127|121,666|1,900|
|Synopsys Inc||||||||||||||||
|06-Apr-21|b/fwd|-|-|-||||||||||||
|02-Jul-21|Purchase||||90|18,068||||||||||
|06-Jul-21|Purchase||||140|28,234||||||||||
|05-Apr-22|c/fwd|||||||||||230|46,303|57,415|-|
|Taiwan Semiconductor Manufacturing||Co||||||||||||||
|06-Apr-21|b/fwd|890|27,791|80,024||||||||||||
|02-Jul-21|Sale||||||300|26,003|9,368|16,635||||||
|05-Apr-22|c/fwd|||||||||||590|18,423|46,061|787|
|Thermo Fisher|Scientific Inc|||||||||||||||
|06-Apr-21|b/fwd|300|52,751|100,576||||||||||||
|03-Dec-21|Sale||||||35|16,609|6,154|10,455||||||
|05-Apr-22|c/fwd|||||||||||265|46,597|117,921|187|
|Tractor Supply|Co|||||||||||||||
|06-Apr-21|b/fwd|560|43,090|72,699||||||||||||
|03-Dec-21|Sale||||||100|17,059|7,695|9,365||||||
|05-Apr-22|c/fwd|||||||||||460|35,396|78,665|816|
|Unilever Plc||||||||||||||||
|06-Apr-21|b/fwd|1,715|74,288|68,901||||||||||||
|28-Jul-21|Sale||||||1,715|69,297|74,288|(4,991)||||||
|05-Apr-22|c/fwd|||||||||||-|-|-|630|
8
## **The Dorfman Foundation**
## **Schedule of Investments for Veritas Investment Management for the year ended 5 April 2022**
||||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**|||**Disposals**|||||**Closing**|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||**Units**||**Cost**|**Value**|**Units**|**Cost**|**Units**||**Proceeds**|**Cost**|**Profit/Loss**|**Units**||**Cost**|**Value**|**Income**|
|||||**£**|**£**||**£**|||**£**|**£**|**£**|||**£**|**£**|**£**|
|UnitedHealth|Group Inc|||||||||||||||||
|06-Apr-21|b/fwd||460|87,849|122,442|||||||||||||
|22-Jul-21|Sale||||||||45|13,637|8,594|5,043||||||
|14-Feb-22|Sale||||||||59|21,281|11,268|10,013||||||
|21-Mar-22|Sale||||||||52|19,966|9,931|10,036||||||
|05-Apr-22|c/fwd|||||||||||||304|58,057|119,978|1,504|
|**Gold**||||||||||||||||||
|WisdomTree Core Physical Gold||||||||||||||||||
|06-Apr-21|b/fwd||550|67,406|68,684|||||||||||||
|05-Apr-22|c/fwd|||||||||||||550|67,406|80,682|-|
|||||**2,505,796**|**3,075,093**||**648,015**|||**851,299**|**680,922**|**170,377**|||**2,472,890**|**3,168,866**|**35,618**|
9