## 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:
- a. Alma College in Israel for four more payments of £18,000
- b. National Library of Israel for three more payments of £300,000 pa.
- c. Shaare Zedek Hospital, Jerusalem, Israel for six more payments of US$500,000
- d. Jerusalem Botanical Gardens, Israel for six payments of US$500,000
## 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:
- 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:
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