The Marcus Margulies Charitable Trust
Financial Statements Year ended 5 April 2022 Charity No.: 1156856
The Marcus Margulies Charitable Trust
Report and Financial Statements for the year ended 5 April 2022
| Contents | |
|---|---|
| Page: | |
| 1 | Reference and administrative information |
| 2-3 | Report of the Trustees |
| 4 | Accountants Report |
| 5 | Independent Examiner's Report |
| 6 | Statement of Financial Activities |
| 7 | Balance Sheet |
| 8-11 | Notes forming part of the Financial Statements |
Settlors Marcus Jonathan Margulies Trustees Marcus Jonathan Margulies Leslie David Michaels Martin David Paisner CBE Alexander Michael Sorkin Principal Office 27 Berkeley Square, London, W1J 6EL Accountants BDO LLP, 55 Baker Street, London, W1U 7EU Independent Examiner's Perrys Accountants Limited, Churchdown Chambers, Bordyke, Tonbridge, Kent, TN9 1NR Investment Managers Veritas Investment Management LLP, 90 Long Acre, London, WC2E 9RA Fundsmith, 33 Cavendish Square, London, W1G 0PW Bankers Coutts & Co, 440 Strand, London, WC2R 0QS Solicitors Payne Hicks Beach, 10 New Square, Holborn, London, WC2A 3QG
1
The Marcus Margulies Charitable Trust
Report of the Trustees for the year ended 5 April 2022
The Trustees present their report along with the financial statements of the charity for the year ended 5 April 2022. The Financial Statements have been prepared in accordance with the accounting policies set out on page 8 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 £7,040 have been made in the period (2021: £6,174,505) and are detailed in note 5 of these Financial Statements.
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.
2
The Marcus Margulies Charitable Trust
Report of the Trustees for the year ended 5 April 2022 (continued)
Achievements and Performance (continued)
Commitments have been made to the following charities for future donations, which have been included in these accounts:
-
a. Alma College in Israel for three more payments of £18,000
-
b. National Library of Israel for two more payments of £300,000 pa.
-
c. Shaare Zedek Hospital, Jerusalem, Israel for five more payments of US$500,000
-
d. Jerusalem Botanical Gardens, Israel for five 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 2022 were £12,100,642 (2021: £11,054,556).
The balance of cash held at 5 April 2022 was £4,447,396 (2021: £5,270,860).
The Trustees report an income surplus of £1,005,440 for the year ended 5 April 2022 (period ended 5 April 2021: deficit of £4,239,048) before brought forward balances.
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 Jonathan Margulies Trustee
Date:
3
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 2022 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: 02/12/2022
4
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 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). We report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out our examination we have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
We have completed our examination. We confirm that no material matters have come to our attention in connection with the examination giving us cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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 for and on behalf of
Perrys Accounts Limited
Churchdown Chambers Bordyke Tonbridge Kent TN9 1NR
Date:
5
The Marcus Margulies Charitable Trust
Statement of Financial Activities for the year ended 5 April 2022
| 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 2021 Total funds at 5 April 2022 |
2022 £ 56,438 (34,720) (21,543) 175 (44,292) 1,049,557 1,005,440 11,076,157 12,081,597 |
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 |
All funds are unrestricted and relate to continuing activities.
The notes on pages 8 to 11 form part of these financial statements
6
The Marcus Margulies Charitable Trust
Balance Sheet as at 5 April 2022
| 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 |
4,447,396 8,500 |
2022 £ 12,100,642 3,367,247 15,467,889 (3,386,292) 12,081,597 12,081,597 |
2021 £ 11,054,556 5,270,860 100 5,270,960 (1,014,554) 4,256,406 15,310,962 (4,234,805) 11,076,157 11,076,157 |
2021 £ 11,054,556 5,270,860 100 5,270,960 (1,014,554) 4,256,406 15,310,962 (4,234,805) 11,076,157 11,076,157 |
|---|---|---|---|---|
| 4,455,896 (1,088,649) |
||||
| 15,310,962 (4,234,805) |
||||
| 11,076,157 | ||||
| 11,076,157 |
Approved by the Trustees and signed on their behalf by:
Marcus Margulies Trustee
The notes on pages 8 to 11 form part of these financial statements
7
The Marcus Margulies Charitable Trust
Notes to the financial statements for the year ended 5 April 2021
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.
8
The Marcus Margulies Charitable Trust
Notes to the financial statements for the year ended 5 April 2022
| 2 Investment income Income from listed securities Interest received 3 Raising Funds Investment managers fees 4 Charitable Activities Activities Undertaken Directly (see note 5) £ Grant making 7,040 5 Grants paid or payable Alma College Greenway Foundation Imperial Health Charity Kisharon Leicester Hospitals Charity London School of Jewish Studies National Library of Israel Rabbi Rosenfeld Testimonial Fund Royal Free Charity Shaare Zedek UK The Israel Philharmonic Orchestra Foundation The Jerusalem Foundation The Royal Marsden Cancer Charity Western Marble Arch |
2022 £ 56,371 67 56,438 2022 £ 34,720 Support Costs (see note 6) £ 14,503 2022 £ - 3,600 - 1,080 - - - 1,000 - - - - 100 1,260 7,040 |
2022 £ 21,543 |
2021 £ 63,136 3,731 |
|---|---|---|---|
| 66,867 | |||
| 2021 £ 30,585 |
|||
| 2021 £ 6,192,508 |
|||
| 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 |
9
The Marcus Margulies Charitable Trust
Notes to the financial statements for the year ended 5 April 2022
| 6 Support Costs 2022 £ Accountancy fees 4,800 Independent Examiner's fees 876 Legal fees 1,170 Prism administration fees 7,200 Bank fees 457 14,503 7 Investments £ £ Market value at 6 April 10,480,272 Acquisition cost in the year 980,573 Proceeds from disposals (906,997) 73,575 Realised gains/(losses) 152,404 Movement in valuation 897,152 1,049,557 Market value at 5 April 11,603,404 Cash held within the investment portfolio 497,238 Total value of portfolio at 5 April 12,100,642 2022 |
2021 £ 4,800 1,476 5,814 5,400 513 18,003 £ £ 7,520,928 1,417,941 (825,553) 592,388 45,617 2,321,339 2,366,956 10,480,272 574,284 11,054,556 2021 |
2021 £ 4,800 1,476 5,814 5,400 513 |
|---|---|---|
| 18,003 | ||
| 574,284 | ||
| 11,054,556 |
A holding of Fundsmith Equity Fund I Class Income units represents 61% of the value of investments held at 5 April 2022.
| 8 Cash at bank and in hand Barclays Coutts |
2022 £ 4,337,261 110,135 4,447,396 |
2021 £ 5,270,860 - |
|---|---|---|
| 5,270,860 |
10
The Marcus Margulies Charitable Trust
Notes to the financial statements for the year ended 5 April 2022
| 9 Debtors Marcus Margulies Sundry debtor 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 |
2022 £ 100 8,400 8,500 2022 £ 7,200 876 1,080,573 1,088,649 2022 £ 3,386,292 |
2021 £ 100 - |
|---|---|---|
| 100 | ||
| 2021 £ 4,800 876 1,008,878 |
||
| 1,014,554 | ||
| 2021 £ 4,234,805 |
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 £1,170 (2021 - £5,814).
13 Related party transactions
There have been no transactions with persons or entities that are closely connected to the charity or its trustees (2021 - none).
£8,400 in debtors relates to a balance with a related trust, The Marcus Margulies Children’s Fund. This amount has been received since the year end.
11
The Marcus Margulies Charitable Trust Appendlx Schedule of Investments 5 April 2022
The Marcus Margulies Charitable Trust
Veritas Schedule of Investments for the year ended 5 April 2022
| Opening Balances | Opening Balances | Acquisitions | Acquisitions | Disposals | Closing | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units | Cost | Value | Units | Cost | Units | Proceeds | Cost | Profit/Loss | Units | Cost | Value | Income | ||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | ||||||
| Royal London Cash Plus | ||||||||||||||
| 06-Apr-21 | b/fwd | 198,222 | 199,010 | 199,329 | ||||||||||
| 05-Apr-22 | c/fwd | 198,222 | 199,010 | 198,505 | 339 | |||||||||
| Basf Se 1.75% 11/03/2025 | ||||||||||||||
| 06-Apr-21 | b/fwd | - | - | - | ||||||||||
| 19-Apr-21 | Purchase | 90,000 | 94,008 | |||||||||||
| 05-Apr-22 | c/fwd | 90,000 | 94,008 | 88,307 | 1,575 | |||||||||
| CG Portfolio Fund plc - Dollar Fund | ||||||||||||||
| 06-Apr-21 | b/fwd | 524 | 56,086 | 54,620 | ||||||||||
| 05-Apr-22 | c/fwd | 524 | 56,086 | 56,165 | 834 | |||||||||
| European Investment Bank 0.125% 14/12/2026 | ||||||||||||||
| 06-Apr-21 | b/fwd | - | - | - | ||||||||||
| 28-Jun-21 | Purchase | 100,000 | 97,361 | |||||||||||
| 05-Apr-22 | c/fwd | 100,000 | 97,361 | 92,322 | 114 | |||||||||
| Henkel AG & | Co KGaA 1% 30/09/2022 | |||||||||||||
| 06-Apr-21 | b/fwd | 100,000 | 100,590 | 101,389 | ||||||||||
| 05-Apr-22 | c/fwd | 100,000 | 100,590 | 99,836 | 1,000 | |||||||||
| Henkel AG & | Co KGaA 1.25% 30/09/2026 | |||||||||||||
| 06-Apr-21 | b/fwd | 100,000 | 103,202 | 101,931 | ||||||||||
| 05-Apr-22 | c/fwd | 100,000 | 103,202 | 96,443 | 1,250 | |||||||||
| International | Bank for Reconstruction & Development 0.25% 22/07/2026 | |||||||||||||
| 06-Apr-21 | b/fwd | - | - | - | ||||||||||
| 17-Jun-21 | Purchase | 94,000 | 92,675 | |||||||||||
| 05-Apr-22 | c/fwd | 94,000 | 92,675 | 88,006 | 155 | |||||||||
| International | Bank for Reconstruction & Development 1% 21/12/2029 | |||||||||||||
| 06-Apr-21 | b/fwd | 85,000 | 88,426 | 85,478 | ||||||||||
| 05-Apr-22 | c/fwd | 85,000 | 88,426 | 79,924 | 850 |
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The Marcus Margulies Charitable Trust
Veritas Schedule of Investments for the year ended 5 April 2022
| Opening Balances | Opening Balances | Acquisitions | Acquisitions | Disposals | Closing | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units | Cost | Value | Units | Cost | Units | Proceeds | Cost | Profit/Loss | Units | Cost | Value | Income | ||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | ||||||
| LVMH Moet Hennessy Louis Vuitton SE 1% | 11/02/2023NL | |||||||||||||
| 06-Apr-21 | b/fwd | 100,000 | 100,280 | 100,976 | ||||||||||
| 05-Apr-22 | c/fwd | 100,000 | 100,280 | 99,312 | 1,000 | |||||||||
| Nestle Holdings Inc 0.625% 18/12/2025 | ||||||||||||||
| 06-Apr-21 | b/fwd | - | - | - | ||||||||||
| 23-Jun-21 | Purchase | 100,000 | 100,015 | |||||||||||
| 05-Apr-22 | c/fwd | 100,000 | 100,015 | 95,161 | 305 | |||||||||
| Unilever PLC 1.375% 15/09/2024 | ||||||||||||||
| 06-Apr-21 | b/fwd | - | - | - | ||||||||||
| 09-Jun-21 | Purchase | 100,000 | 103,722 | |||||||||||
| 05-Apr-22 | c/fwd | 100,000 | 103,722 | 98,425 | 1,375 | |||||||||
| Unilever PLC 1.5% 22/07/2026 | ||||||||||||||
| 06-Apr-21 | b/fwd | 100,000 | 106,323 | 104,524 | ||||||||||
| 05-Apr-22 | c/fwd | 100,000 | 106,323 | 97,498 | 1,500 | |||||||||
| European Investment Bank Floating .465% 21/05/2021 | ||||||||||||||
| 06-Apr-21 | b/fwd | 120,000 | 120,540 | 120,069 | ||||||||||
| 24-May-21 | Final Maturity | 120,000 | 120,000 | 120,540 | (540) | |||||||||
| 05-Apr-22 | c/fwd | - | - | - | 75 | |||||||||
| Experian Finance PLC 3.5% 15/10/2021 | ||||||||||||||
| 06-Apr-21 | b/fwd | 100,000 | 102,446 | 102,481 | ||||||||||
| 05-Aug-21 | Full Call | 100,000 | 100,000 | 102,446 | (2,446) | |||||||||
| 05-Apr-22 | c/fwd | - | - | - | 2,810 | |||||||||
| Accenture PLC | ||||||||||||||
| 06-Apr-21 | b/fwd | 800 | 109,356 | 161,900 | ||||||||||
| 18-Oct-21 | Sale | 100 | 24,344 | 13,670 | 10,675 | |||||||||
| 20-Dec-21 | Sale | 130 | 39,678 | 17,770 | 21,908 | |||||||||
| 05-Apr-22 | c/fwd | 570 | 77,916 | 146,012 | 1,492 |
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The Marcus Margulies Charitable Trust
Veritas Schedule of Investments for the year ended 5 April 2022
| Opening Balances | Opening Balances | Acquisitions | Acquisitions | Disposals | Closing | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units | Cost | Value | Units | Cost | Units | Proceeds | Cost | Profit/Loss | Units | Cost | Value | Income | ||||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | ||||||||
| Align Technology | Inc | |||||||||||||||
| 06-Apr-21 | b/fwd | 180 | 34,073 | 70,955 | ||||||||||||
| 05-Apr-22 | c/fwd | 180 | 34,073 | 59,611 | - | |||||||||||
| Alphabet Inc | ||||||||||||||||
| 06-Apr-21 | b/fwd | 80 | 82,699 | 128,177 | ||||||||||||
| 08-Oct-21 | Sale | 25 | 49,893 | 25,843 | 24,050 | |||||||||||
| 05-Apr-22 | c/fwd | 55 | 56,856 | 116,649 | - | |||||||||||
| Amazon.com Inc | ||||||||||||||||
| 06-Apr-21 | b/fwd | - | - | - | ||||||||||||
| 08-Oct-21 | Purchase | 25 | 59,314 | |||||||||||||
| 23-Mar-22 | Purchases | 5 | 12,215 | |||||||||||||
| 05-Apr-22 | c/fwd | 30 | 71,530 | 74,275 | - | |||||||||||
| Amphenol Corp | ||||||||||||||||
| 06-Apr-21 | b/fwd | - | - | - | ||||||||||||
| 17-May-21 | Purchase | 1,500 | 69,794 | |||||||||||||
| 05-Apr-22 | c/fwd | 1,500 | 69,794 | 85,866 | 456 | |||||||||||
| Automatic Data Processing Inc | ||||||||||||||||
| 06-Apr-21 | b/fwd | 690 | 75,995 | 95,878 | ||||||||||||
| 18-Aug-21 | Sale | 20 | 3,089 | 2,203 | 886 | |||||||||||
| 05-Apr-22 | c/fwd | 670 | 73,792 | 115,808 | 1,678 | |||||||||||
| Avery Dennison Corp | ||||||||||||||||
| 06-Apr-21 | b/fwd | 500 | 55,365 | 68,759 | ||||||||||||
| 05-Apr-22 | c/fwd | 500 | 55,365 | 66,098 | 853 | |||||||||||
| Berkshire Hathaway Inc | ||||||||||||||||
| 06-Apr-21 | b/fwd | 240 | 38,687 | 45,365 | ||||||||||||
| 26-Jan-22 | Sale | 240 | 53,277 | 38,687 | 14,590 | |||||||||||
| 05-Apr-22 | c/fwd | - | - | - | - |
3
The Marcus Margulies Charitable Trust
Veritas Schedule of Investments for the year ended 5 April 2022
| Opening Balances | Opening Balances | Acquisitions | Acquisitions | Disposals | Closing | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units | Cost | Value | Units | Cost | Units | Proceeds | Cost | Profit/Loss | Units | Cost | Value | Income | ||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | ||||||
| Broadridge Financial Solutions Inc | ||||||||||||||
| 06-Apr-21 | b/fwd | 745 | 78,630 | 85,026 | ||||||||||
| 05-Apr-22 | c/fwd | 745 | 78,630 | 88,108 | 1,170 | |||||||||
| Bunzl PLC | ||||||||||||||
| 06-Apr-21 | b/fwd | 4,000 | 79,373 | 94,400 | ||||||||||
| 04-Mar-22 | Sales | 600 | 17,756 | 11,906 | 5,850 | |||||||||
| 05-Apr-22 | c/fwd | 3,400 | 67,467 | 100,912 | 2,180 | |||||||||
| Cerner Corp | ||||||||||||||
| 06-Apr-21 | b/fwd | 2,385 | 129,655 | 126,164 | ||||||||||
| 22-Feb-22 | Sales | 590 | 39,697 | 32,074 | 7,623 | |||||||||
| 18-Feb-22 | Sales | 596 | 40,192 | 32,400 | 7,792 | |||||||||
| 24-Feb-22 | Sales | 599 | 40,329 | 32,563 | 7,766 | |||||||||
| 23-Feb-22 | Sales | 600 | 40,314 | 32,617 | 7,696 | |||||||||
| 05-Apr-22 | c/fwd | - | - | - | 1,371 | |||||||||
| First Sentier Investments ICVC- Stewart | Investors Asia | Pacific Leaders Fund | ||||||||||||
| 06-Apr-21 | b/fwd | 10,260 | 80,584 | 98,772 | ||||||||||
| 08-Oct-21 | Sale | 2,253 | 23,589 | 17,697 | 5,892 | |||||||||
| 05-Apr-22 | c/fwd | 8,007 | 62,887 | 79,436 | - | |||||||||
| Fiserv Inc | ||||||||||||||
| 06-Apr-21 | b/fwd | 800 | 59,697 | 70,747 | ||||||||||
| 13-Jul-21 | Purchase | 750 | 58,966 | |||||||||||
| 05-Apr-22 | c/fwd | 1,550 | 118,663 | 119,365 | - | |||||||||
| Franco-Nevada Corp | ||||||||||||||
| 06-Apr-21 | b/fwd | 1,100 | 83,703 | 103,532 | ||||||||||
| 09-Mar-22 | Purchases | 150 | 18,754 | |||||||||||
| 05-Apr-22 | c/fwd | 1,250 | 102,457 | 151,478 | 775 |
4
The Marcus Margulies Charitable Trust
Veritas Schedule of Investments for the year ended 5 April 2022
| Opening Balances | Opening Balances | Acquisitions | Acquisitions | Disposals | Closing | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units | Cost | Value | Units | Cost | Units | Proceeds | Cost | Profit/Loss | Units | Cost | Value | Income | |||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | |||||||
| Fresenius Medical | Care AG & Co KGaA | ||||||||||||||
| 06-Apr-21 | b/fwd | 1,760 | 94,643 | 93,801 | |||||||||||
| 05-Apr-22 | c/fwd | 1,760 | 94,643 | 90,472 | 1,503 | ||||||||||
| Hasbro Inc | |||||||||||||||
| 06-Apr-21 | b/fwd | 1,375 | 86,828 | 94,519 | |||||||||||
| 05-Apr-22 | c/fwd | 1,375 | 86,828 | 85,535 | 2,315 | ||||||||||
| Infineon Technologies AG | |||||||||||||||
| 06-Apr-21 | b/fwd | 5,000 | 71,979 | 154,905 | |||||||||||
| 26-Nov-21 | Sale | 300 | 10,221 | 4,319 | 5,903 | ||||||||||
| 21-Mar-22 | Purchases | 400 | 10,141 | ||||||||||||
| 05-Apr-22 | c/fwd | 5,100 | 77,801 | 133,495 | 781 | ||||||||||
| Intuit Inc | |||||||||||||||
| 06-Apr-21 | b/fwd | 180 | 49,994 | 52,108 | |||||||||||
| 10-Mar-22 | Purchases | 50 | 16,904 | ||||||||||||
| 05-Apr-22 | c/fwd | 230 | 66,898 | 83,964 | 283 | ||||||||||
| Intuitive Surgical | Inc | ||||||||||||||
| 06-Apr-21 | b/fwd | - | - | - | |||||||||||
| 24-Jan-22 | Purchase | 230 | 51,382 | ||||||||||||
| 28-Jan-22 | Purchase | 80 | 16,407 | ||||||||||||
| 05-Apr-22 | c/fwd | 310 | 67,790 | 71,072 | - | ||||||||||
| Kerry Group PLC | |||||||||||||||
| 06-Apr-21 | b/fwd | 770 | 71,507 | 70,456 | |||||||||||
| 05-Apr-22 | c/fwd | 770 | 71,507 | 65,817 | 441 | ||||||||||
| Kuehne + Nagel International AG | |||||||||||||||
| 06-Apr-21 | b/fwd | 350 | 44,453 | 73,630 | |||||||||||
| 26-May-21 | Sale | 26 | 6,047 | 3,302 | 2,744 | ||||||||||
| 27-May-21 | Sale | 14 | 3,269 | 1,778 | 1,490 | ||||||||||
| 05-Apr-22 | c/fwd | 310 | 39,373 | 67,352 | 807 |
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The Marcus Margulies Charitable Trust
Veritas Schedule of Investments for the year ended 5 April 2022
| Opening Balances | Opening Balances | Acquisitions | Acquisitions | Disposals | Closing | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units | Cost | Value | Units | Cost | Units | Proceeds | Cost | Profit/Loss | Units | Cost | Value | Income | |||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | |||||||
| Laboratory Corp of America Holdings | |||||||||||||||
| 06-Apr-21 | b/fwd | 990 | 124,790 | 180,001 | |||||||||||
| 12-May-21 | Sale | 140 | 27,675 | 17,647 | 10,028 | ||||||||||
| 11-Aug-21 | Sale | 100 | 21,638 | 12,605 | 9,033 | ||||||||||
| 15-Nov-21 | Sale | 45 | 9,230 | 5,672 | 3,558 | ||||||||||
| 05-Apr-22 | c/fwd | 705 | 88,866 | 141,174 | - | ||||||||||
| Marsh & McLennan Cos Inc | |||||||||||||||
| 06-Apr-21 | b/fwd | 1,050 | 92,783 | 94,378 | |||||||||||
| 05-Apr-22 | c/fwd | 1,050 | 92,783 | 135,910 | 1,349 | ||||||||||
| Mastercard Inc | |||||||||||||||
| 06-Apr-21 | b/fwd | 525 | 109,809 | 139,177 | |||||||||||
| 05-Apr-22 | c/fwd | 525 | 109,809 | 142,563 | 588 | ||||||||||
| Microsoft Corp | |||||||||||||||
| 06-Apr-21 | b/fwd | 500 | 59,145 | 89,612 | |||||||||||
| 05-Apr-22 | c/fwd | 500 | 59,145 | 117,000 | 741 | ||||||||||
| Next PLC | |||||||||||||||
| 06-Apr-21 | b/fwd | 740 | 58,850 | 60,044 | |||||||||||
| 08-Jul-21 | Purchase | 104 | 8,261 | ||||||||||||
| 09-Jul-21 | Purchase | 134 | 10,724 | ||||||||||||
| 12-Jul-21 | Purchase | 177 | 13,833 | ||||||||||||
| 05-Apr-22 | c/fwd | 1,155 | 91,668 | 69,670 | 3,119 | ||||||||||
| Roche Holding AG | |||||||||||||||
| 06-Apr-21 | b/fwd | 500 | 117,416 | 117,332 | |||||||||||
| 03-Feb-22 | Purchases | 20 | 5,771 | ||||||||||||
| 05-Apr-22 | c/fwd | 520 | 123,187 | 157,290 | 2,566 |
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The Marcus Margulies Charitable Trust
Veritas Schedule of Investments for the year ended 5 April 2022
| Opening Balances | Opening Balances | Acquisitions | Acquisitions | Disposals | Closing | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units | Cost | Value | Units | Cost | Units | Proceeds | Cost | Profit/Loss | Units | Cost | Value | Income | |||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | |||||||
| Synopsys Inc | |||||||||||||||
| 06-Apr-21 | b/fwd | - | - | - | |||||||||||
| 02-Jul-21 | Purchase | 122 | 24,493 | ||||||||||||
| 06-Jul-21 | Purchase | 188 | 37,884 | ||||||||||||
| 05-Apr-22 | c/fwd | 310 | 62,377 | 78,505 | - | ||||||||||
| Taiwan Semiconductor Manufacturing Co Ltd | |||||||||||||||
| 06-Apr-21 | b/fwd | 1,100 | 90,743 | 98,906 | |||||||||||
| 02-Jul-21 | Sale | 130 | 11,268 | 10,724 | 544 | ||||||||||
| 05-Apr-22 | c/fwd | 970 | 80,019 | 76,803 | 1,110 | ||||||||||
| Thermo Fisher Scientific Inc | |||||||||||||||
| 06-Apr-21 | b/fwd | 400 | 112,377 | 134,102 | |||||||||||
| 14-Jun-21 | Purchase | 40 | 12,931 | ||||||||||||
| 12-Jul-21 | Sale | 20 | 7,448 | 5,696 | 1,752 | ||||||||||
| 05-Apr-22 | c/fwd | 420 | 119,612 | 188,596 | 270 | ||||||||||
| Tractor Supply Co | |||||||||||||||
| 06-Apr-21 | b/fwd | 930 | 75,565 | 120,732 | |||||||||||
| 18-Oct-21 | Sale | 60 | 8,628 | 4,875 | 3,753 | ||||||||||
| 05-Apr-22 | c/fwd | 870 | 70,690 | 154,200 | 1,398 | ||||||||||
| Unilever PLC | |||||||||||||||
| 06-Apr-21 | b/fwd | 2,250 | 102,059 | 90,495 | |||||||||||
| 03-Sep-21 | Sale | 2,250 | 91,122 | 102,059 | (10,937) | ||||||||||
| 05-Apr-22 | c/fwd | - | - | - | 1,666 | ||||||||||
| UnitedHealth Group Inc | |||||||||||||||
| 06-Apr-21 | b/fwd | 615 | 125,398 | 163,700 | |||||||||||
| 26-May-21 | Sale | 25 | 7,275 | 5,097 | 2,177 | ||||||||||
| 21-Dec-21 | Sale | 90 | 33,314 | 18,351 | 14,963 | ||||||||||
| 15-Mar-22 | Sales | 35 | 13,059 | 7,136 | 5,922 | ||||||||||
| 05-Apr-22 | c/fwd | 465 | 94,813 | 180,153 | 2,073 |
7
The Marcus Margulies Charitable Trust
Veritas Schedule of Investments for the year ended 5 April 2022
| Units Cost Value Units Cost Units £ £ £ Acquisitions Opening Balances WisdomTree Physical Gold 06-Apr-21 b/fwd 520 74,914 61,568 11-May-21 Sale 520 11-May-21 Purchase 495 65,017 05-Apr-22 c/fwd 3,447,973 4,009,938 980,573 |
Proceeds Cost Profit/Loss Units £ £ £ Disposals 64,645 74,914 (10,268) 495 906,997 754,593 152,404 |
Cost Value Income £ £ £ Closing 65,017 73,052 - |
|---|---|---|
| 3,673,953 4,506,145 44,165 |
8
The Marcus Margulies Charitable Trust
Fundsmith LLP Schedule of Investments for the year ended 5 April 2022
| Units Cost Value Units Cost Units £ £ £ Fundsmith Equity Fund I Class Inc 06-Apr-21 b/fwd 1,272,686 4,986,130 6,470,334 05-Apr-22 c/fwd 4,986,130 6,470,334 - Opening Balances Acquisitions |
Proceeds Cost Profit/Loss Units £ £ £ 1,272,686 - - - Disposals |
Cost Value Income £ £ £ 4,986,130 7,097,259 12,206 Closing |
|---|---|---|
| 4,986,130 7,097,259 12,206 |
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