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2021-04-05-accounts

The Marcus Margulies Charitable Trust

Financial Statements Year ended 5 April 2021 Charity No.: 1156856

The Marcus Margulies Charitable Trust

Report and Financial Statements for the year ended 5 April 2021

Contents

Page: 1 Reference and administrative information 2-4 Report of the Trustees 5 Accountants Report 6 Independent Examiner's Report 7 Statement of Financial Activities 8 Balance Sheet 9-12 Notes forming part of the Financial Statements

Trustees

Marcus Margulies Martin Paisner CBE MA LLM Leslie Michaels Mr Michael Sorkin

Principal Office

27 Berkeley Square, London, W1J 6EL

Accountants

BDO LLP, 55 Baker Street, London, W1U 7EU

Independent Examiner's

Gilbert Allen & Co. Churchdown Chambers, Bordyke, Tonbridge, Kent, TN9 1NR

1

The Marcus Margulies Charitable Trust

Report of the Trustees for the year ended 5 April 2021

The Trustees present their report along with the financial statements of the charity for the year ended 5 April 2021. The Financial Statements have been prepared in accordance with the accounting policies set out on page 9 and comply with the charity’s trust deed and applicable law.

Structure, Governance and Management

The Marcus Margulies Charitable Trust is constituted under a Trust deed dated 27 February 2014. It is a registered charity no. 1156856.

The Trustees who have served during the year and since the year end are set out on page 1.

Where there is a requirement for new Trustees, this would be identified by the remaining Trustees.

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

This trust was set up by Marcus Margulies in 2014. Although the objects of the charity are to apply the income and capital of the Trust for charitable purposes as the trustees in their absolute discretion determine, the general policy is to make the bulk of grants to charities in Israel. These in the main support major capital projects, payable over a number of years, to organisations in the fields of medicine, wellbeing, education, and the arts, that benefit the whole population of Israel, irrespective of religion. In Britain donations have been largely to support nursing staff in National Health hospitals, and culture, especially with young people.

Grant making policy

All applications received are considered by the Trustees on their own merit for suitability of funding.

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.

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.

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 £6,174,505 have been made in the period (2020: £19,440) and are detailed in note 4 of these Financial Statements.

2

The Marcus Margulies Charitable Trust

Report of the Trustees for the year ended 5 April 2021 (continued)

Achievements and Performance (continued)

During 2020 the outbreak of the Coronavirus (COVID-19) epidemic resulted in an unforeseen impact on charities that the Trustees support. The Trustees followed official UK Government advice and were able to continue to operate effectively with a greater use of online meetings and telephone contact. The day to day operation of the charity was not unduly affected. The Trustees did however monitor the needs of front line charities since 6 April 2020 and have made a number of special COVID related grants to assist in the tremendous work they were doing ( see plans for the future below)

The full effects of the disruption is not fully known and the Trustees are carefully monitoring values of the investments under management. It appears that the immediate impact will be a reduction in dividends which will affect the amount that will be available from which grants are made. As a result the Trustees will be carefully considering how to manage this situation and are assessing the longer term impact of the changes on the commitments that they make.

In accordance with the Charities SORP (FRS 102), note 5 shows a schedule of grants paid or payable in this financial year. Under SORP, there is a requirement to include in the charitable activities of the Charity the full commitment to make a donation or grant in the financial year that they were committed, irrespective of when they are contracted to be paid.

During the year the Trust donated in total £108,000 to three National Health Trusts to provide facilities to Hospital staff to help them cope with the exceptional problems surrounding COVID19.

Commitments have been made to the following charities for future donations, which have been included in these accounts:

Financial Review

The Trust’s investments are managed by Veritas Asset Management Limited and Fundsmith LLP under a discretionary mandate and a conservative investment policy which aims at maintaining the capital of the charity through diversification whilst maintaining sufficient liquidity for the Trust’s foreseeable needs and donations.

The market value of the investment portfolios at 5 April 2021 were £11,054,556 (2020: £8,695,781).

The balance of cash held at 5 April 2021 was £5,270,860 (2020: £6,629,788).

The Trustees report an income deficit of £4,239,048 for the year ended 5 April 2021 (period ended 5 April 2020: deficit of £388,413) before brought forward balances.

3

The Marcus Margulies Charitable Trust

Report of the Trustees for the year ended 5 April 2021 (continued)

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:

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:

Marcus Margulies Trustee

Date: 26/01/2022

4

The Marcus Margulies Charitable Trust

Accountants’ Report

Chartered accountants’ report to the Trustees on the unaudited financial information of The Marcus Margulies Charitable Trust

In accordance with the letter of engagement dated 28 May 2020, we have prepared for your approval the financial information of The Marcus Margulies Charitable Trust for the year ended 5 April 2021 which comprise the Balance Sheet, the Income and Expenditure Account, the Capital Account and the related notes from the entity’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/ regulation/a-z.

You have approved the financial information for the year/period and have acknowledged your responsibility for it, for the appropriateness of the financial reporting framework adopted and for providing all information and explanations necessary for its compilation.

We have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial information.

Use of our report

This report is made solely to you, in accordance with the terms of our engagement letter dated 28 May 2020. Our work has been undertaken solely to prepare for your approval the financial information of The Marcus Margulies Charitable Trust and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release TECH08/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Trustees for our work or for this report.

BDO LLP

Chartered Accountants

55 Baker Street

London W1U 7EU

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

Date: 27 January 2022

5

Independent Examiner’s Report to the Trustees of

The Marcus Margulies Charitable Trust

We report to the trustees on my examination of the accounts of The Marcus Margulies Charitable Trust for the year ended 5 April 2021.

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.

Gilbert Allen & Co.

Churchdown Chambers Bordyke Tonbridge Kent TN9 1NR

Date:

6

The Marcus Margulies Charitable Trust

Statement of Financial Activities for the year ended 5 April 2021

Notes
Income and endowments from
Investments
2
Expenditure on
Raising funds
3
Charitable activities
4
Net income before investment gains/(losses)
Currency gains/(losses)
Net gains/(losses) on investments
7
Net income/(expenditure)
Total funds at 6 April 2020
Total funds at 5 April 2021		 Year ended 5
April 2021
£
66,867
(30,585)
(6,192,508)
(6,156,226)
(449,778)
2,366,956
(4,239,048)
15,315,205
11,076,157		 Period ended 5
April 2020
£
182,293
-
(36,433)
145,860
(224,388)
(309,884)
(388,413)
15,703,618
15,315,205

All funds are unrestricted and relate to continuing activities.

The notes on pages 9 to 12 form part of these financial statements

7

The Marcus Margulies Charitable Trust

Balance Sheet as at 5 April 2021

Notes
Fixed Assets
Investment portfolios
7
Current Assets
Cash at bank and in hand
8
Debtors
9
Liabilities
10
Net current assets
11
Total net assets
Funds
Unrestricted Funds
Creditors: amounts falling due
within one year
Creditors: amounts falling due after
one year		 5,270,860
100		 2021
£
11,054,556
4,256,406
15,310,962
(4,234,805)
11,076,157
11,076,157		 2020
£
8,695,781
6,629,788
100
6,629,888
(10,464)
6,619,424
15,315,205
-
15,315,205
15,315,205		 2020
£
8,695,781
6,629,788
100
6,629,888
(10,464)
6,619,424
15,315,205
-
15,315,205
15,315,205
5,270,960
(1,014,554)
15,315,205
-
15,315,205
15,315,205

Approved by the Trustees and signed on their behalf by:

Marcus Margulies Trustee

The notes on pages 9 to 12 form part of these financial statements

8

Notes to the financial statements for the year ended 5 April 2021

The Marcus Margulies Charitable Trust

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) Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling the balance sheet date. Transactions in foreign currency are translated at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

9

The Marcus Margulies Charitable Trust

Notes to the financial statements for the year ended 5 April 2021

2
Investment income
Income from listed securities
Interest received
3
Raising Funds
Investment managers fees
4
Charitable Activities
Grant making
5
Grants paid or payable
Alma College
Imperial Health Charity
Leicester Hospitals Charity
London School of Jewish Studies
National Library of Israel
Royal Free Charity
Shaare Zedek UK
The Israel Philharmonic Orchestra
The Jerusalem Foundation
Western Marble Arch
Youth Aliyah Child Rescue		 Activities
Undertaken
Directly
(see note 4)
£
6,174,505
Foundation		 Year ended 5
April 2021
£
63,136
3,731
66,867
Year ended 5
April 2021
£
30,585
Support Costs
(see note 5)
£
18,003
Year ended 5
April 2021
£
72,000
36,000
36,000
1,800
1,200,000
36,000
2,517,725
14,337
2,259,283
1,360
-
6,174,505		 Year ended 5
April 2021
£
6,192,508		 Period ended 5
April 2020
£
43,590
138,703
182,293
Period ended 5
April 2020
£
-
Period ended 5
April 2020
£
36,433
Period ended 5
April 2020
£
18,000
-
-
-
-
-
-
-
-
-
1,440
19,440

10

The Marcus Margulies Charitable Trust

Notes to the financial statements for the year ended 5 April 2021

6
Support Costs
Year ended 5
April 2021
£
Accountancy fees
4,800
Independent Examiner's fees
1,476
Legal fees
5,814
Prism administration fees
5,400
Bank fees
513
18,003
7
Investments
£
£
Market value at 6 April
7,520,928
Acquisition cost in the year
1,417,941
Proceeds from disposals
(825,553)
592,388
Realised gains/(losses)
45,617
Movement in valuation
2,321,339
2,366,956
Market value at 5 April
10,480,272
Cash held within the investment portfolio
574,284
Total value of portfolio at 5 April
11,054,556
Year ended 5 April 2021		 Period ended 5
April 2020
£
9,600
864
6,400
-
129
16,993
£
£
-
7,887,819
(57,007)
7,830,812
(20,001)
(289,883)
(309,884)
7,520,928
1,174,853
8,695,781
Period ended 5 April 2020		 Period ended 5
April 2020
£
9,600
864
6,400
-
129
16,993
1,174,853
8,695,781

A holding of Fundsmith Equity Fund I Class Income units represents 62% of the value of investments held at 5 April 2021.

Year ended 5 Period ended 5
8 Cash at bank and in hand April 2021 April 2020
£ £
Barclays 5,270,860 6,629,788

11

The Marcus Margulies Charitable Trust

Notes to the financial statements for the year ended 5 April 2021

9
Debtors
Marcus Margulies
10 Creditors: Amounts falling due within one year
Accountancy fees
Independent Examiner's fees
Grants payable less than 1 year
11 Creditors: Amounts falling due within one year
Grants payable more than 1 year		 Year ended 5
April 2021
£
100
100
Year ended 5
April 2021
£
4,800
876
1,008,878
1,014,554
Year ended 5
April 2021
£
4,234,805		 Period ended 5
April 2020
£
100
100
Period ended 5
April 2020
£
9,600
864
-
10,464
Period ended 5
April 2020
£
-

12 Related parties

None of the trustees received any remuneration or benefits or reimbursement of expenses during the year. However the firm Bryan Cave Leighton Paisner in which M D Paisner formerly had an interest, raised charges for professional services to the amount of £5,814 (2020 - £6,400).

13 Related party transactions

There have been no transactions with persons or entities that are closely connected to the charity or its trustees (2020 - none).

12

The Marcus Margulies Charitable Trust Appendix Schedule of Investments 5 April 2021

The Marcus Margulies Charitable Trust

Veritas Schedule of Investments for the year ended 5 April 2021

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Unrealised
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Gain/(Loss)
£ £ £ £ £ £ £ £ £
Royal London Cash Plus
06-Apr-20 b/fwd 198,222 199,010 197,767
05-Apr-21 c/fwd 198,222 199,010 199,329 1,562
CG Portfolio Fund plc - Dollar Fund
06-Apr-20 b/fwd - - -
30-Sep-20 Purchase 524 56,086
05-Apr-21 c/fwd 524 56,086 54,620 (1,466)
European Investment Bank Floating .465% 21/05/2021
06-Apr-20 b/fwd 120,000 120,540 120,344
05-Apr-21 c/fwd 120,000 120,540 120,069 (275)
Experian Finance PLC 3.5% 15/10/2021
06-Apr-20 b/fwd - - -
28-Oct-20 Purchase 100,000 102,446
05-Apr-21 c/fwd 100,000 102,446 102,481 35
Henkel AG & Co KGaA 1.25% 30/09/2026
06-Apr-20 b/fwd - - -
22-Jul-20 Purchase 100,000 104,213
30-Sep-20 Accrued interest - (1,011)
05-Apr-21 c/fwd 100,000 103,202 101,931 (1,271)
Henkel AG & Co KGaA 1% 30/09/2022
06-Apr-20 b/fwd - - -
28-May-20 Purchase 100,000 101,249
30-Sep-20 Accrued interest - (658)
05-Apr-21 c/fwd 100,000 100,590 101,389 799

1

The Marcus Margulies Charitable Trust

Veritas Schedule of Investments for the year ended 5 April 2021

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Unrealised
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Gain/(Loss)
£ £ £ £ £ £ £ £ £
International Bank for Reconstruction & Development 1% 21/12/2029
06-Apr-20 b/fwd - - -
14-Aug-20 Purchase 57,000 59,645
12-Nov-20 Purchase 28,000 29,257
21-Dec-20 Accrued interest - (273)
21-Dec-20 Accrued interest - (203)
05-Apr-21 c/fwd 85,000 88,426 85,478 (2,948)
LVMH Moet Hennessy Louis Vuitton SE 1% 11/02/2023NL
06-Apr-20 b/fwd 100,000 100,280 97,851
05-Apr-21 c/fwd 100,000 100,280 100,976 3,125
Swedish Export Credit Corp Pub 0.625% Snr Nts 07/12/20
06-Apr-20 b/fwd 80,000 79,800 80,293
07-Dec-20 Sale 80,000 80,000 79,800 200
05-Apr-21 c/fwd - - - (493)
Unilever PLC 1.5% 22/07/2026
06-Apr-20 b/fwd - - -
22-Jul-20 Purchase 100,000 106,323
05-Apr-21 c/fwd 100,000 106,323 104,524 (1,799)
Total Capital International SA 2.25% 17/12/2020
06-Apr-20 b/fwd 100,000 101,801 101,074
17-Dec-20 Sale 100,000 100,000 101,801 (1,801)
05-Apr-21 c/fwd - - - 727
United Kingdom Gilt 2% 22/07/2020
06-Apr-20 b/fwd 101,000 101,869 101,987
22-Jul-20 Sale 101,000 101,000 101,869 (869)
05-Apr-21 c/fwd - - - (118)

2

The Marcus Margulies Charitable Trust

Veritas Schedule of Investments for the year ended 5 April 2021

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Unrealised
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Gain/(Loss)
£ £ £ £ £ £ £ £ £
Walgreens Boots Alliance Inc 2.875% 20/11/2020
06-Apr-20 b/fwd 140,000 142,521 141,959
20-Oct-20 Sale 140,000 140,000 142,521 (2,521)
05-Apr-21 c/fwd - - - 562
Accenture PLC
06-Apr-20 b/fwd 1,020 139,429 126,562
29-Jun-20 Sale 220 37,931 30,073 7,858
05-Apr-21 c/fwd 800 109,356 161,900 65,411
Align Technology Inc
06-Apr-20 b/fwd 200 41,785 25,162
21-Apr-20 Purchase 100 15,003
24-Sep-20 Sale 40 9,982 7,572 2,410
05-Nov-20 Sale 60 21,168 11,358 9,811
05-Mar-21 Sale 20 7,781 3,786 3,995
05-Apr-21 c/fwd 180 34,073 70,955 53,505
Alphabet Inc
06-Apr-20 b/fwd 60 62,226 53,701
21-Apr-20 Purchase 40 41,148
18-Dec-20 Sale 20 25,914 20,675 5,239
05-Apr-21 c/fwd 80 82,699 128,177 54,003
Automatic Data Processing Inc
06-Apr-20 b/fwd 580 62,926 60,839
09-Apr-20 Purchase 110 13,069
05-Apr-21 c/fwd 690 75,995 95,878 21,970
Avery Dennison Corp
06-Apr-20 b/fwd - - -
29-Jan-21 Purchase 500 55,365
05-Apr-21 c/fwd 500 55,365 68,759 13,394

3

The Marcus Margulies Charitable Trust

Veritas Schedule of Investments for the year ended 5 April 2021

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Unrealised
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Gain/(Loss)
£ £ £ £ £ £ £ £ £
Berkshire Hathaway Inc
06-Apr-20 b/fwd 600 100,689 87,262
21-Apr-20 Purchase 300 46,193
21-Apr-20 Purchase 250 38,494
06-Jul-20 Sale 350 50,053 56,419 (6,366)
08-Sep-20 Sale 250 41,746 40,299 1,447
28-Sep-20 Sale 250 40,875 40,299 576
23-Dec-20 Sale 60 9,987 9,672 315
05-Apr-21 c/fwd 240 38,687 45,365 20,105
Broadridge Financial Solutions Inc
06-Apr-20 b/fwd - - -
12-Feb-21 Purchase 135 14,069
16-Feb-21 Purchase 87 9,165
17-Feb-21 Purchase 180 19,080
18-Feb-21 Purchase 150 15,866
19-Feb-21 Purchase 125 13,253
22-Feb-21 Purchase 68 7,196
05-Apr-21 c/fwd 745 78,630 85,026 6,396
Bunzl PLC
06-Apr-20 b/fwd 4,000 79,373 62,000
05-Apr-21 c/fwd 4,000 79,373 94,400 32,400
Cerner Corp
06-Apr-20 b/fwd 1,650 88,171 84,048
28-Apr-20 Purchase 165 9,639
18-Jun-20 Purchase 570 31,844
05-Apr-21 c/fwd 2,385 129,655 126,164 632
First State Investments ICVC- Stewart Investors Asia Pacific Leaders Fund
06-Apr-20 b/fwd 10,260 80,000 68,464
30-Sep-20 Accumulated dividend - 535
31-Mar-21 Accumulated dividend - 50
05-Apr-21 c/fwd 10,260 80,584 98,772 29,724
4

The Marcus Margulies Charitable Trust

Veritas Schedule of Investments for the year ended 5 April 2021

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Unrealised
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Gain/(Loss)
£ £ £ £ £ £ £ £ £
Fiserv Inc
06-Apr-20 b/fwd 800 59,697 56,262
05-Apr-21 c/fwd 800 59,697 70,747 14,485
Franco-Nevada Corp
06-Apr-20 b/fwd 1,300 98,922 114,480
13-Aug-20 Sale 200 22,346 15,219 7,127
05-Apr-21 c/fwd 1,100 83,703 103,532 4,271
Fresenius Medical Care AG & Co KGaA
06-Apr-20 b/fwd 1,560 83,267 82,269
21-Apr-20 Purchase 200 11,376
05-Apr-21 c/fwd 1,760 94,643 93,801 156
Hasbro Inc
06-Apr-20 b/fwd 1,375 86,828 75,143
05-Apr-21 c/fwd 1,375 86,828 94,519 19,376
Infineon Technologies AG
06-Apr-20 b/fwd 5,000 71,979 58,814
05-Apr-21 c/fwd 5,000 71,979 154,905 96,091
Intuit Inc
06-Apr-20 b/fwd - - -
11-Mar-21 Purchase 180 49,994
05-Apr-21 c/fwd 180 49,994 52,108 2,114
Kerry Group PLC
06-Apr-20 b/fwd 550 52,223 44,837
18-Mar-21 Purchase 220 19,284
05-Apr-21 c/fwd 770 71,507 70,456 6,335

5

The Marcus Margulies Charitable Trust

Veritas Schedule of Investments for the year ended 5 April 2021

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Unrealised
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Gain/(Loss)
£ £ £ £ £ £ £ £ £
Kuehne + Nagel International AG
06-Apr-20 b/fwd 350 44,453 39,141
05-Apr-21 c/fwd 350 44,453 73,630 34,489
Laboratory Corp of America Holdings
06-Apr-20 b/fwd 700 92,288 64,704
09-Apr-20 Purchase 290 32,502
05-Apr-21 c/fwd 990 124,790 180,001 82,795
Marsh & McLennan Cos Inc
06-Apr-20 b/fwd - - -
08-Sep-20 Purchase 810 72,210
09-Sep-20 Purchase 40 3,554
06-Nov-20 Purchase 200 17,020
05-Apr-21 c/fwd 1,050 92,783 94,378 1,595
Mastercard Inc
06-Apr-20 b/fwd 775 162,099 149,946
28-Apr-20 Sale 175 36,644 36,603 41
10-Sep-20 Sale 75 18,911 15,687 3,224
05-Apr-21 c/fwd 525 109,809 139,177 41,521
Microsoft Corp
06-Apr-20 b/fwd 500 59,145 62,754
05-Apr-21 c/fwd 500 59,145 89,612 26,858
Next PLC
06-Apr-20 b/fwd - - -
15-Jan-21 Purchase 201 15,857
18-Jan-21 Purchase 293 23,350
19-Jan-21 Purchase 246 19,643
05-Apr-21 c/fwd 740 58,850 60,044 1,194

6

The Marcus Margulies Charitable Trust

Veritas Schedule of Investments for the year ended 5 April 2021

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Unrealised
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Gain/(Loss)
£ £ £ £ £ £ £ £ £
Roche Holding AG
06-Apr-20 b/fwd 500 117,416 134,643
05-Apr-21 c/fwd 500 117,416 117,332 (17,311)
Taiwan Semiconductor Manufacturing Co Ltd
06-Apr-20 b/fwd - - -
01-Dec-20 Purchase 500 36,959
02-Feb-21 Purchase 600 53,784
05-Apr-21 c/fwd 1,100 90,743 98,906 8,163
Thermo Fisher Scientific Inc
06-Apr-20 b/fwd 200 47,323 46,044
02-Mar-21 Purchase 200 65,054
05-Apr-21 c/fwd 400 112,377 134,102 23,004
Tractor Supply Co
06-Apr-20 b/fwd 740 54,046 47,992
10-Feb-21 Purchase 190 21,519
05-Apr-21 c/fwd 930 75,565 120,732 51,221
Unilever PLC
06-Apr-20 b/fwd 2,250 102,059 90,833
05-Apr-21 c/fwd 2,250 102,059 90,495 (338)
UnitedHealth Group Inc
06-Apr-20 b/fwd 615 125,398 115,146
05-Apr-21 c/fwd 615 125,398 163,700 48,554
WisdomTree Physical Gold
06-Apr-20 b/fwd - - -
13-Aug-20 Purchase 520 74,914
05-Apr-21 c/fwd 520 74,914 61,568 (13,346)

7

The Marcus Margulies Charitable Trust

Veritas Schedule of Investments for the year ended 5 April 2021

Units
Cost
Value
Units
Cost
Units
£
£
£
Acquisitions
Opening Balances
Xylem Inc/NY
06-Apr-20
b/fwd
900
52,405
44,420
28-Apr-20
Purchase
250
13,879
14-Jan-21
Sale
249
15-Jan-21
Sale
51
22-Feb-21
Sale
850
05-Apr-21
c/fwd
2,809,968
2,636,742
1,417,941		 Proceeds
Cost
Profit/Loss
Units
£
£
£
Disposals
19,241
14,352
4,889
3,912
2,940
972
58,063
48,992
9,071
-
825,553
779,935
45,617		 Unrealised
Cost
Value
Gain/(Loss)
£
£
£
Closing
-
-
7,985
3,447,973
4,009,938
735,191

8

The Marcus Margulies Charitable Trust

Fundsmith LLP Schedule of Investments for the year ended 5 April 2021

Units
Cost
Value
Units
Cost
Units
£
£
£
Fundsmith Equity Fund I Class Inc
06-Apr-20
b/fwd
1,272,686
4,986,130
4,884,186
05-Apr-21
c/fwd
4,986,130
4,884,186
-
Opening Balances
Acquisitions		 Proceeds
Cost
Profit/Loss
Units
£
£
£
1,272,686
-
-
-
Disposals		 Unrealised
Cost
Value
Gain/(Loss)
£
£
£
4,986,130
6,470,334
1,586,148
Closing
4,986,130
6,470,334
1,586,148

1