## **The Dorfman Foundation**
Financial Statements Year Ended 5 April 2024 Charity No: 1120714
## **The Dorfman Foundation**
## **Report and Financial Statements for the year ended 5 April 2024**
**----- Start of picture text -----**
|||
|---|---|
|Contents|
|Page:|
|1|Reference and administrative information|
|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|
**----- End of picture text -----**
## **Principal Office**
22 Manchester Square, London, W1U 3PT
## **Accountants**
BDO LLP, 55 Baker Street, London, W1U 7EU
## **Independent Examiner**
Steve Hale FCA FCCA on behalf of 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, SW1 7BW
## **Investment Managers**
Meridiem, Riverside House, 2a Southwark Bridge Road, London, United Kingdom, SE1 9HA Charities Property Fund, 33 Margaret Street, London, W1G 0JD
1
## **The Dorfman Foundation**
## **Report of the Trustees for the year ended 5 April 2024**
The Trustees present their report along with the financial statements of the charity for the year ended 5 April 2024. 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 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.
## **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 have continued to apply their funds in accordance with the objectives of the Trust and their grant making policy. Donations totalling £1,256,584 have been made in the year (2023: £396,000).
## **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 2024 (continued)**
## **Financial Review**
As at 5 April 2024 the market value of investments held was £3,620,484 (2023: £3,908,573) and cash holdings amounted to £36,139 (2023: £756,996).
## **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:
**Sir Lloyd Dorfman CVO OBE** Trustee
Date:
3
## **Independent Examiner’s Report to the Trustees of the**
## **The Dorfman Foundation**
We report to the trustees on my examination of the accounts of The Dorfman Foundation for the year ended 5 April 2024.
## **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 2024**
**----- Start of picture text -----**
Notes 2024 2023
£ £
Income and endowments from
Investment income 2 76,503 108,623
Total 76,503 108,623
Expenditure on
Costs of Raising Funds:
Investment management costs 38,189 41,972
Charitable activities 3 1,268,223 475,399
Total 1,306,412 517,371
Net income/(expenditure) before investment gains/(losses) (1,229,909) (408,748)
Net gains/(losses) on investments 6 384,560 (307,211)
Net gains/(losses) on currency (1) (1)
Net income/(expenditure) (845,350) (715,960)
Total funds at 6 April 2023 3,934,228 4,650,188
Total funds at 5 April 2024 3,088,878 3,934,228
**----- End of picture text -----**
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 2024**
|**Notes**
**Fixed Assets**
Quoted investments:
Charities Properties Fund
6
Meridiem Investment Management
6
**Current Assets**
Cash at bank and in hand
7
**Liabilities**
Creditors:amounts falling due within one year
8
Net current assets
Creditors:amounts falling due after one year
9
**Total net assets**
**Funds**
Unrestricted Funds|**£**
**£**
**48,065**
**3,572,419**
**3,620,484**
**36,139**
**(303,461)**
**(267,322)**
**(264,284)**
**3,088,878**
**3,088,878**
**2024**|**£**
**£**
630,908
3,277,665
3,908,573
756,996
(467,057)
289,939
(264,284)
3,934,228
3,934,228
**2023**|
|---|---|---|
Approved by the Trustees and signed on their behalf by:
|**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 2024**
## **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 2024**
|**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**
AJEX Charitable Foundation
**1082148**
**216726**
Community Security Trust
**1042391**
Donmar Warehouse Projects Limited
**284262**
English National Ballet
**214005**
Holocaust Educational Trust
**1092892**
Jewish Care
**802559**
JW3 Development
**1156248**
Northern Ballet
**259140**
Norwood Ravenswood
**1059050**
Royal Academy of Dance
**312826**
Sadler's Wells Trust
**279884**
St Martin-in-the-fields
**1110406**
The Bike Project
**1152354**
The Normandy Memorial Trust
**1168973**
UK Friends of Yad Yisroel
**1109649**
Donations of £5,000 or less
**Registered**
**Charity No.**
British Academy of Film Television &
Arts (BAFTA)|**2024**
**£**
**17,370**
**30,951**
**28,182**
**76,503**
**2024**
**£**
**1,256,584**
**11,639**
**1,268,223**
**2024**
**£**
**-**
**100,000**
**101,500**
**-**
**-**
**12,500**
**50,500**
**446,584**
**50,000**
**35,000**
**-**
**400,000**
**10,000**
**-**
**25,000**
**15,000**
**10,500**
**1,256,584**|**2023**
**£**
2,545
32,715
73,363
108,623
**2023**
**£**
396,000
79,399
475,399
**2023**
**£**
5,000
-
101,000
6,000
10,000
12,500
-
-
-
35,000
200,000
-
-
10,000
-
-
16,500
396,000|
|---|---|---|
8
## **The Dorfman Foundation**
## **Notes to the financial statements for the year ended 5 April 2024**
|**5**
**Support Costs**
Accountancy fees
Consultancy fees
Independent examiner fees
**6**
**Investments**
**Charities Properties Fund**
Market value at 6 April 2023
Acquisition cost in the year
Proceeds from disposals in the year
Realised gains on disposals
Movement in unrealised valuation
Total gains/(losses)
**Market value at 5 April 2024**
Historical cost at 5 April 2024
**Meridiem Investment Management**
Market value at 6 April 2023
Acquisition cost in the year
Proceeds from disposals in the year
Realised gains on disposals
Movement in unrealised valuation
Total gains/(losses)
Market value of Investments at 5 April
Portfolio cash
**Market value at 5 April 2024**
Historical cost at 5 April 2024|**2024**
**£**
**10,560**
**-**
**1,079**
**11,639**
**£**
**£**
**630,908**
**-**
**(571,250)**
**(571,250)**
**14,065**
**(25,658)**
**(11,593)**
**48,065**
**48,914**
**£**
**£**
**3,120,725**
**779,598**
**(826,872)**
**(47,274)**
**105,454**
**290,699**
**396,153**
2024
**3,469,604**
**102,815**
**3,572,419**
**2,622,792**
**2024**
**2024**|**2023**
**£**
10,560
67,795
1,044
79,399
**£**
**£**
2,100,676
-
(1,250,000)
(1,250,000)
108,447
(328,215)
(219,768)
630,908
606,099
**£**
**£**
3,168,866
717,771
(678,469)
39,302
52,420
(139,863)
(87,443)
3,120,725
156,940
3,277,665
2,564,612
**2023**
**2023**|
|---|---|---|
9
## **The Dorfman Foundation**
## **Notes to the financial statements for the year ended 5 April 2024**
|**7**|**Cash at bank and in hand**|**2024**|**2023**|
|---|---|---|---|
|||**£**|**£**|
||Barclays Wealth Charity Saver|**-**|756,442|
||Barclays Private Deposit|**35,574**|-|
||Lloyds Bank account|**565**|554|
|||**36,139**|756,996|
|**8**|**Creditors: Amounts falling due within one year**|**2024**|**2023**|
||Accountancy Fees|**£**
**2,640**|**£**
5,280|
||Investment Manager Fees|**9,473**|10,477|
||Independent Examiner Fees|**2,124**|2,076|
||Consultancy Fees|**67,795**|67,795|
||Donations Payable|**221,429**|381,429|
|||**303,461**|467,057|
|**9**|**Creditors: Amounts falling due after one year**|**2024**|**2023**|
||Donations Payable|**£**
**264,284**|**£**
264,284|
|**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 2024|
||£150,000 to Highgate School||- £64,286 donated at 5 April 2024|
## **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 2024 (2023 - none).
10
## **The Dorfman Foundation**
## **Notes to the financial statements for the year ended 5 April 2024**
## **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
Sir Lloyd Dorfman resigned as a Trustee of JW3 Development in January 2020. He holds the position of Honorary Vice President.
Consultancy fees of £Nil (2023: £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 of fees were outstanding at 5 April 2024 (2023: £67,795).
Sir Lloyd Dorfman is deputy chairman of the Community Security Trust.
11
**The Dorfman Foundation**
## **Appendix**
Accrued Grants Liability Schedule of Investments
5 April 2024
12
## **The Dorfman Foundation**
## **Accrued Grants Liability for the year ended 5 April 2024**
**----- Start of picture text -----**
Balance at New Liability Adjustments Payments Balance at
6 April 2023 in year in year in the year 5 April 2024
BAFTA 400,000.00 - 100,000.00 (100,000.00) 400,000.00
- - -
Cygnet School 60,000.00 (60,000.00)
- - -
Highgate School 85,713.86 85,713.86
- - -
Royal Academy of Dance 100,000.00 (100,000.00)
-
645,713.86 100,000.00 (260,000.00) 485,713.86
Year Ended 5 April
2025 2026 2027 Later Years Total
BAFTA 200,000.00 100,000.00 100,000.00 - 400,000.00
Highgate School 21,429.00 21,429.00 21,429.00 21,426.86 85,713.86
221,429.00 121,429.00 121,429.00 21,426.86 485,713.86
Payments falling due within one year 221,429.00
Payments falling due after one year 264,284.86
**----- End of picture text -----**
1
## **The Dorfman Foundation**
## **Schedule of Investments Charities Properties Fund for the year ended 5 April 2024**
**----- Start of picture text -----**
Opening Balances Acquisitions Disposals Closing
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
The Charities Property Fund Income Units
06-Apr-23 b/fwd 505,292 606,098 630,908
06-Jul-23 Sale 403,615 500,000 484,137 15,863
05-Jan-24 Sale 40,514 47,500 48,596 (1,096)
05-Apr-24 Sale 20,385 23,750 24,452 (702)
05-Apr-24 c/fwd 40,778 48,914 48,065 28,182
606,098 630,908 - 571,250 557,185 14,065 48,914 48,065 28,182
**----- End of picture text -----**
1
## **The Dorfman Foundation**
## **Schedule of Investments for the year ended 5 April 2024**
|||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**||**Disposals**||||**Closing**|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||**Units**|**Cost**|**Value**|**Units**|**Cost**|**Units**|**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**|
||||**£**|**£**||**£**||**£**|**£**|**£**||**£**|**£**|**£**|
|Royal London Short Term Money||Market Fund|||||||||||||
|06-Apr-23|b/fwd|-|-|-|||||||||||
|27-Dec-23|Purchase||||109,118|106,757|||||||||
|17-Jan-24|Sale||||||109,118|107,140|106,757|383|||||
|03-Apr-24|Purchase||||61,168|60,700|||||||||
|05-Apr-24|c/fwd||||||||||61,168|60,700|60,767|-|
|Asian Development Bank .75% 07/12/2027|||||||||||||||
|06-Apr-23|b/fwd|100,000|100,775|86,912|||||||||||
|05-Apr-24|c/fwd||||||||||100,000|100,775|88,323|750|
|European Investment Bank Floating 5.9615% 18/01/2027|||||||||||||||
|06-Apr-23|b/fwd|85,000|88,848|87,417|||||||||||
|03-Aug-23|Sale||||||85,000|87,384|89,069|(1,685)|||||
|18-Oct-23|Accrued interest||||-|221|||||||||
|05-Apr-24|c/fwd||||||||||-|-|-|2,416|
|Experian Finance PLC .739% 29/10/2025|||||||||||||||
|06-Apr-23|b/fwd|100,000|100,341|90,978|||||||||||
|05-Apr-24|c/fwd||||||||||100,000|100,341|93,586|739|
|International Bank for Reconstruction & Development 1% 21/12/2029|||||||||||||||
|06-Apr-23|b/fwd|102,000|105,610|85,647|||||||||||
|05-Apr-24|c/fwd||||||||||102,000|105,610|86,205|1,020|
|Nestle Holdings Inc .625% 18/12/2025|||||||||||||||
|06-Apr-23|b/fwd|100,000|99,955|91,229|||||||||||
|05-Apr-24|c/fwd||||||||||100,000|99,955|93,360|625|
1
## **The Dorfman Foundation**
## **Schedule of Investments for the year ended 5 April 2024**
||||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**||**Disposals**||||**Closing**|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||**Units**||**Cost**|**Value**|**Units**|**Cost**|**Units**|**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**|
|||||**£**|**£**||**£**||**£**|**£**|**£**||**£**|**£**|**£**|
|Siemens Financieringsmaatschappij NV .875% 05/06/2023||||||||||||||||
|06-Apr-23|b/fwd|100,000||98,948|99,375|||||||||||
|05-Jun-23|Sale|||||||100,000|100,000|98,805|1,195|||||
|05-Jun-23|Accrued interest|||||-|(144)|||||||||
|05-Apr-24|c/fwd|||||||||||-|-|-|731|
|Siemens Financieringsmaatschappij NV 1%|||20/02/2025|||||||||||||
|06-Apr-23|b/fwd|100,000||102,291|93,895|||||||||||
|05-Apr-24|c/fwd|||||||||||100,000|102,291|96,556|1,000|
|Unilever PLC 1.5% 22/07/2026||||||||||||||||
|06-Apr-23|b/fwd|100,000||92,108|92,208|||||||||||
|22-Jul-23|Accrued interest|||||-|(916)|||||||||
|05-Apr-24|c/fwd|||||||||||100,000|91,192|93,633|584|
|United Kingdom Inflation-Linked Gilt .125% 22/03/2024||||||||||||||||
|06-Apr-23|b/fwd|44,600||66,116|66,557|||||||||||
|22-Mar-24|Sale|||||||44,600|69,603|66,116|3,488|||||
|05-Apr-24|c/fwd|||||||||||-|-|-|87|
|United Kingdom Inflation-Linked Gilt .125% 22/03/2026||||||||||||||||
|06-Apr-23|b/fwd|57,000||75,136|80,614|||||||||||
|05-Apr-24|c/fwd|||||||||||57,000|75,136|83,196|104|
|United Kingdom Inflation-Linked Gilt .125% 22/03/2029||||||||||||||||
|06-Apr-23|b/fwd||-|-|-|||||||||||
|05-Jul-23|Purchase|||||44,500|66,989|||||||||
|22-Sep-23|Accrued interest|||||-|(25)|||||||||
|05-Apr-24|c/fwd|||||||||||44,500|66,964|70,832|63|
2
## **The Dorfman Foundation**
## **Schedule of Investments for the year ended 5 April 2024**
|||**Opening Balances**|**Opening Balances**||**Acquisitions**|**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-23|b/fwd|70,000|70,665|69,328||||||||||||
|24-Jul-23|Sale|||||||70,000|70,000|70,665|(665)|||||
|05-Apr-24|c/fwd|||||||||||-|-|-|263|
|United Kingdom Inflation-Linked||Gilt 1.25% 22/11/2032||||||||||||||
|06-Apr-23|b/fwd|-|-|-||||||||||||
|28-Mar-24|Purchase||||65,000||124,094|||||||||
|05-Apr-24|c/fwd|||||||||||65,000|124,094|123,177|-|
|United Kingdom Inflation-Linked||Gilt 4.125% 22/07/2030||||||||||||||
|06-Apr-23|b/fwd|-|-|-||||||||||||
|02-Aug-23|Purchase||||20,000||67,242|||||||||
|22-Jan-24|Accrued interest||||-||(69)|||||||||
|05-Apr-24|c/fwd|||||||||||20,000|67,173|68,784|1,077|
|Verizon Communications Inc 1.125% 03/11/2028||||||||||||||||
|06-Apr-23|b/fwd|-|-|-||||||||||||
|09-Jun-23|Purchase||||100,000||80,265|||||||||
|03-Nov-23|Accrued interest||||-||(672)|||||||||
|05-Apr-24|c/fwd|||||||||||100,000|79,593|85,892|453|
|Accenture|PLC|||||||||||||||
|06-Apr-23|b/fwd|328|40,247|74,112||||||||||||
|01-Apr-24|Purchase|||||34|9,108|||||||||
|05-Apr-24|c/fwd|||||||||||362|49,355|95,548|942|
|Adobe Inc||||||||||||||||
|06-Apr-23|b/fwd|169|52,813|51,850||||||||||||
|07-Aug-23|Sale|||||||34|14,071|10,625|3,446|||||
|10-Nov-23|Sale|||||||25|12,060|7,813|4,248|||||
|22-Feb-24|Sale|||||||20|8,455|6,250|2,205|||||
|05-Apr-24|c/fwd|||||||||||90|28,126|34,594|-|
|||||||||3||||||||
## **The Dorfman Foundation**
## **Schedule of Investments for the year ended 5 April 2024**
||||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**|||**Disposals**||||**Closing**|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||**Units**||**Cost**|**Value**|**Units**|**Cost**|**Units**||**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**|
|||||**£**|**£**||**£**|||**£**|**£**|**£**||**£**|**£**|**£**|
|Align Technology Inc|||||||||||||||||
|06-Apr-23|b/fwd||220|49,390|56,005||||||||||||
|05-Apr-24|c/fwd||||||||||||220|49,390|55,391|-|
|Alphabet Inc|||||||||||||||||
|06-Apr-23|b/fwd||688|37,845|57,992||||||||||||
|30-Oct-23|Sale||||||||211|21,335|11,607|9,728|||||
|05-Apr-24|c/fwd||||||||||||477|26,239|58,190|-|
|Amazon.com Inc|||||||||||||||||
|06-Apr-23|b/fwd||440|52,197|35,724||||||||||||
|12-May-23|Purchase|||||142|12,304||||||||||
|05-Apr-24|c/fwd||||||||||||582|64,500|85,354|-|
|Amphenol Corp|||||||||||||||||
|06-Apr-23|b/fwd||980|30,136|61,433||||||||||||
|30-May-23|Purchase|||||272|16,281||||||||||
|26-Feb-24|Sale||||||||211|17,649|7,823|9,827|||||
|05-Apr-24|c/fwd||||||||||||1,041|38,594|96,870|680|
|Automatic|Data Processing Inc||||||||||||||||
|06-Apr-23|b/fwd||293|34,366|50,166||||||||||||
|05-Apr-24|c/fwd||||||||||||293|34,366|56,873|1,051|
|Avery Dennison Corp|||||||||||||||||
|06-Apr-23|b/fwd||350|27,770|49,687||||||||||||
|05-Apr-24|c/fwd||||||||||||350|27,770|60,503|764|
|Broadridge Financial Solutions Inc|||||||||||||||||
|06-Apr-23|b/fwd||540|57,002|61,091||||||||||||
|05-Apr-24|c/fwd||||||||||||540|57,002|86,761|1,145|
4
## **The Dorfman Foundation**
## **Schedule of Investments for the year ended 5 April 2024**
|||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**|||**Disposals**||||**Closing**|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||**Units**|**Cost**|**Value**|**Units**|**Cost**|**Units**||**Proceeds**|**Cost**|**Profit/Loss**|**Units**|**Cost**|**Value**|**Income**|
||||**£**|**£**||**£**|||**£**|**£**|**£**||**£**|**£**|**£**|
|Bunzl PLC||||||||||||||||
|06-Apr-23|b/fwd|1,717|38,959|52,781||||||||||||
|22-Sep-23|Purchase||||538|15,708||||||||||
|05-Apr-24|c/fwd|||||||||||2,255|54,666|66,297|1,190|
|DSM-Firmenich AG||||||||||||||||
|06-Apr-23|b/fwd|-|-|-||||||||||||
|17-Apr-23|Exchange||||494|57,937||||||||||
|06-Jul-23|Return of Capital||||-|(674)||||||||||
|28-Aug-23|Purchase||||132|9,658||||||||||
|05-Apr-24|c/fwd|||||||||||626|66,920|55,461|-|
|Experian PLC||||||||||||||||
|06-Apr-23|b/fwd|1,702|31,827|45,631||||||||||||
|19-Sep-23|Purchase||||343|9,580||||||||||
|05-Apr-24|c/fwd|||||||||||2,045|41,407|69,346|794|
|Fiserv Inc||||||||||||||||
|06-Apr-23|b/fwd|1,150|75,226|103,778||||||||||||
|27-Jul-23|Sale|||||||169|16,920|11,055|5,865|||||
|05-Apr-24|c/fwd|||||||||||981|64,171|122,393|-|
|Franco-Nevada Corp||||||||||||||||
|06-Apr-23|b/fwd|895|66,033|110,508||||||||||||
|27-Jul-23|Sale|||||||94|10,705|6,935|3,770|||||
|21-Dec-23|Sale|||||||801|70,382|59,098|11,284|||||
|05-Apr-24|c/fwd|||||||||||-|-|-|514|
5
## **The Dorfman Foundation**
## **Schedule of Investments for the year ended 5 April 2024**
|||**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-23|b/fwd|717|42,947|29,900||||||||||||
|12-Oct-23|Sale||||||119|5,769|7,128|(1,359)||||||
|13-Oct-23|Sale||||||262|12,449|15,693|(3,244)||||||
|16-Oct-23|Sale||||||336|15,404|20,126|(4,722)||||||
|05-Apr-24|c/fwd|||||||||||-|-|-|677|
|Infineon Technologies AG||||||||||||||||
|06-Apr-23|b/fwd|2,853|57,556|88,728||||||||||||
|18-Dec-23|Sale||||||361|11,806|7,283|4,523||||||
|01-Mar-24|Sale||||||1,963|56,182|39,601|16,581||||||
|04-Mar-24|Sale||||||529|14,945|10,672|4,273||||||
|05-Apr-24|c/fwd|||||||||||-|-|-|550|
|Intuit Inc||||||||||||||||
|06-Apr-23|b/fwd|196|57,222|69,129||||||||||||
|05-Apr-24|c/fwd|||||||||||196|57,222|98,755|445|
|Intuitive Surgical Inc||||||||||||||||
|06-Apr-23|b/fwd|350|72,570|72,516||||||||||||
|19-Jan-24|Sale||||||40|11,278|8,294|2,984||||||
|05-Apr-24|c/fwd|||||||||||310|64,276|95,447|-|
|Kerry Group PLC||||||||||||||||
|06-Apr-23|b/fwd|590|54,494|47,457||||||||||||
|05-Apr-24|c/fwd|||||||||||590|54,494|39,343|416|
|Koninklijke|DSM NV|||||||||||||||
|06-Apr-23|b/fwd|494|57,937|46,785||||||||||||
|17-Apr-23|Exchange||||(494)|(57,937)||||||||||
|05-Apr-24|c/fwd|||||||||||-|-|-|-|
6
## **The Dorfman Foundation**
## **Schedule of Investments for the year ended 5 April 2024**
|||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**|||**Disposals**|||||**Closing**|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||**Units**||**Cost**|**Value**|**Units**|**Cost**|**Units**||**Proceeds**|**Cost**|**Profit/Loss**|**Units**||**Cost**|**Value**|**Income**|
||||**£**|**£**||**£**|||**£**|**£**|**£**|||**£**|**£**|**£**|
|Kuehne + Nagel International AG|||||||||||||||||
|06-Apr-23|b/fwd|193|23,048|44,826|||||||||||||
|05-Apr-24|c/fwd||||||||||||193|23,048|43,436|1,569|
|Laboratory|Corp of America Holdings||||||||||||||||
|06-Apr-23|b/fwd|500|65,731|93,981|||||||||||||
|03-Jul-23|Spin-off||||-|(9,847)|||||||||||
|30-Nov-23|Purchase||||21|3,543|||||||||||
|05-Apr-24|c/fwd||||||||||||521|59,426|87,259|984|
|Fortrea Holdings Inc - W/I|||||||||||||||||
|06-Apr-23|b/fwd|-|-|-|||||||||||||
|03-Jul-23|Spin-off||||500|9,847|||||||||||
|13-Jul-23|Sale|||||||500|11,769|9,847|1,922||||||
|05-Apr-24|c/fwd||||||||||||-|-|-|-|
|London Stock Exchange Group PLC|||||||||||||||||
|06-Apr-23|b/fwd|-|-|-|||||||||||||
|20-Jul-23|Purchase||||222|18,554|||||||||||
|24-Jul-23|Purchase||||222|18,806|||||||||||
|14-Dec-23|Purchase||||201|18,681|||||||||||
|15-Dec-23|Purchase||||66|6,175|||||||||||
|26-Feb-24|Purchase||||126|11,186|||||||||||
|05-Apr-24|c/fwd||||||||||||837|73,401|78,494|159|
|Marsh & McLennan Cos Inc|||||||||||||||||
|06-Apr-23|b/fwd|720|63,478|97,252|||||||||||||
|15-Feb-24|Sale|||||||104|16,258|9,169|7,089||||||
|05-Apr-24|c/fwd||||||||||||616|54,309|100,406|1,326|
|Mastercard|Inc||||||||||||||||
|06-Apr-23|b/fwd|319|48,522|93,200|||||||||||||
|05-Apr-24|c/fwd||||||||||||319|48,522|120,578|511|
||||||||7||||||||||
## **The Dorfman Foundation**
## **Schedule of Investments for the year ended 5 April 2024**
||||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**|||**Disposals**|||||**Closing**|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||**Units**||**Cost**|**Value**|**Units**|**Cost**|**Units**||**Proceeds**|**Cost**|**Profit/Loss**|**Units**||**Cost**|**Value**|**Income**|
|||||**£**|**£**||**£**|||**£**|**£**|**£**|||**£**|**£**|**£**|
|Microsoft Corp||||||||||||||||||
|06-Apr-23|b/fwd||356|29,249|81,300|||||||||||||
|12-May-23|Sale||||||||60|14,835|4,930|9,905||||||
|05-Apr-24|c/fwd|||||||||||||296|24,319|99,838|572|
|Next PLC||||||||||||||||||
|06-Apr-23|b/fwd||887|69,895|56,325|||||||||||||
|13-Oct-23|Sale||||||||146|10,236|11,505|(1,268)||||||
|05-Apr-24|c/fwd|||||||||||||741|58,390|65,371|1,731|
|NIKE Inc||||||||||||||||||
|06-Apr-23|b/fwd||356|32,461|34,565|||||||||||||
|16-Jun-23|Purchase|||||135|11,674|||||||||||
|16-Oct-23|Purchase|||||154|12,591|||||||||||
|05-Apr-24|c/fwd|||||||||||||645|56,726|45,432|519|
|Roche Holding AG||||||||||||||||||
|06-Apr-23|b/fwd||340|64,580|80,680|||||||||||||
|05-Apr-24|c/fwd|||||||||||||340|64,580|65,612|1,884|
|Sonova Holding AG||||||||||||||||||
|06-Apr-23|b/fwd||-|-|-|||||||||||||
|25-Sep-23|Purchase|||||14|2,777|||||||||||
|26-Sep-23|Purchase|||||14|2,744|||||||||||
|27-Sep-23|Purchase|||||32|6,280|||||||||||
|28-Sep-23|Purchase|||||35|6,896|||||||||||
|29-Sep-23|Purchase|||||31|6,032|||||||||||
|02-Oct-23|Purchase|||||55|10,610|||||||||||
|05-Apr-24|c/fwd|||||||||||||181|35,338|40,147|-|
8
## **The Dorfman Foundation**
## **Schedule of Investments for the year ended 5 April 2024**
|**Units**
**Cost**
**Value**
**Units**
**Cost**
**Units**
**£**
**£**
**£**
**Opening Balances**
**Acquisitions**
Synopsys Inc
06-Apr-23
b/fwd
325
71,895
98,744
22-Jun-23
Sale
27
14-Sep-23
Sale
71
27-Oct-23
Sale
13
05-Apr-24
c/fwd
Thermo Fisher Scientific INC
06-Apr-23
b/fwd
210
36,926
97,743
19-Oct-23
Purchase
46
18,407
05-Apr-24
c/fwd
Tractor Supply Co
06-Apr-23
b/fwd
460
35,396
86,636
05-Apr-24
c/fwd
UnitedHealth Group Inc
06-Apr-23
b/fwd
207
39,532
84,686
19-Jan-24
Purchase
48
20,033
05-Apr-24
c/fwd
WisdomTree Core Physical Gold
06-Apr-23
b/fwd
380
46,572
61,359
12-Jan-24
Purchase
177
28,205
05-Apr-24
c/fwd
**2,564,612**
**3,120,725**
**779,598**|**Proceeds**
**Cost**
**Profit/Loss**
**Units**
**£**
**£**
**£**
**Disposals**
9,263
5,973
3,290
26,023
15,706
10,317
4,951
2,876
2,075
214
256
460
255
557
**826,872**
**721,418**
**105,454**|**Cost**
**Value**
**Income**
**£**
**£**
**£**
**Closing**
47,340
97,570
-
55,333
117,623
209
35,396
92,086
1,300
59,565
92,170
1,112
74,777
102,145
-
**2,622,792**
**3,469,604**
**30,951**|
|---|---|---|
9