The Marcus Margulies Charitable Trust
Financial Statements Year ended 5 April 2023 Charity No.: 1156856
The Marcus Margulies Charitable Trust
Report and Financial Statements for the year ended 5 April 2023
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|---|---|
|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|
|Perrys Audit 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|
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1
The Marcus Margulies Charitable Trust
Report of the Trustees for the year ended 5 April 2023
The Trustees present their report along with the financial statements of the charity for the year ended 5 April 2023. The Financial Statements have been prepared in accordance with the accounting policies set out on page 8 and 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 £42,325 have been made in the year (2022 - £7,040) 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 2023 (continued)
Achievements and Performance (continued)
Commitments have been made to the following charities for future donations:
-
a. Alma College in Israel for two more payments of £18,000
-
b. National Library of Israel for one more payment of £300,000 pa.
-
c. Shaare Zedek Hospital, Jerusalem, Israel for four more payments of US$500,000
-
d. Jerusalem Botanical Gardens, Israel for four 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 2023 were £12,125,363 (2022 - £12,100,642).
The balance of cash held at 5 April 2023 was £3,435,597 (2022 - £4,447,396).
The Trustees report an income deficit of £74,689 for the year ended 5 April 2023 (2022 - surplus of £1,005,440) 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 22 September 2020, we have prepared for your approval the financial information of The Marcus Margulies Charitable Trust for the year ended 5 April 2023 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 22 September 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:
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 2023.
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
-
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 Audit 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 2023
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Notes 2023 2022
£ £
Income and endowments from
Investments 2 72,587 56,438
72,587 56,438
Expenditure on
Raising funds 3 35,370 34,720
Charitable activities 4 58,802 21,543
94,172 56,263
Net (expenditure)/income before investment gains/(losses) (21,585) 175
Currency losses (61,390) (44,292)
Net (losses)/gains on investments 7 8,286 1,049,557
Net (expenditure)/income (74,689) 1,005,440
Total funds at 6 April 2022 12,081,597 11,076,157
Total funds at 5 April 2023 12,006,908 12,081,597
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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 2023
| Fixed Assets Investment portfolios 7 Current Assets Cash at bank and in hand 8 Debtors 9 Liabilities 10 Net current assets Total assets less current liabilities 11 Total net assets Funds Unrestricted Funds Creditors: amounts falling due within one year Creditors: amounts falling due after one year Notes |
£ £ 12,125,363 3,435,597 100 3,435,697 (1,126,804) 2,308,893 14,434,256 (2,427,348) 12,006,908 12,006,908 2023 |
£ £ 12,100,642 4,447,396 8,500 4,455,896 (1,088,649) 3,367,247 15,467,889 (3,386,292) 12,081,597 12,081,597 2022 |
|---|---|---|
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 2023
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 2023
1 Principal Accounting Policies (continued)
(k) Going concern
The trustees consider that there are no material uncertainties about the ability to continue as a going concern.
| 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 42,325 5 Grants paid or payable Greenway Foundation Kisharon Limmud Rabbi Rosenfeld Testimonial Fund Royal Free Charity Shaare Zedek UK The Israel Philharmonic Orchestra Foundation The Royal Marsden Cancer Charity Western Marble Arch |
2023 £ 69,730 2,857 72,587 2023 £ 35,370 Support Costs (see note 6) £ 16,477 2023 £ 3,600 - 1,630 - 17,655 1,440 18,000 - - 42,325 |
2023 £ 58,802 |
2022 £ 56,371 67 56,438 2022 £ 34,720 2022 £ 21,543 2022 £ 3,600 1,080 - 1,000 - - - 100 1,260 7,040 |
|---|---|---|---|
9
The Marcus Margulies Charitable Trust
Notes to the financial statements for the year ended 5 April 2023
5 Grants paid or payable (continued)
These were in addition to the following grants paid as part of multi-year commitments, already accounted for in previous year's Financial Statements:
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Alma College 18,000
Jerusalem Foundation (USD 500,000) 381,196
Shaare Zedek UK (USD 500,000) 413,367
National Library of Israel 300,000
1,112,563
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| 6 Support Costs 2023 £ Accountancy fees 4,800 Independent Examiner's fees 888 Legal fees 3,240 Prism administration fees 7,200 Bank fees 349 16,477 7 Investments £ £ Market value at 6 April 11,603,404 Acquisition cost in the year 1,128,911 Proceeds from disposals (693,512) 435,399 Realised gains/(losses) 33,379 Movement in valuation (25,093) 8,286 Market value at 5 April 12,047,089 Cash held within the investment portfolio 78,274 Total value of portfolio at 5 April 12,125,363 2023 |
2022 £ 4,800 876 1,170 7,200 457 14,503 £ £ 10,480,272 980,573 (906,998) 73,575 152,404 897,153 1,049,557 11,603,404 497,238 12,100,642 2022 |
|---|---|
A holding of Fundsmith Equity Fund I Class Income units represents 60% of the value of investments held at 5 April 2023.
10
The Marcus Margulies Charitable Trust
Notes to the financial statements for the year ended 5 April 2023
| 8 Cash at bank and in hand Barclays Coutts 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 |
2023 £ 3,393,976 41,621 3,435,597 2023 £ 100 - 100 2023 £ 4,800 888 1,121,116 1,126,804 2023 £ 2,427,348 |
2022 £ 4,337,261 110,135 4,447,396 2022 £ 100 8,400 8,500 2022 £ 7,200 876 1,080,573 1,088,649 2022 £ 3,386,292 |
|---|---|---|
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 £3,240 (2022 - £1,170).
13 Related party transactions
There have been no transactions with persons or entities that are closely connected to the charity or its trustees (2022 - none).
11
The Marcus Margulies Charitable Trust Appendix Schedule of Investments 5 April 2023 12
The Marcus Margulies Charitable Trust
Veritas Schedule of Investments for the year ended 5 April 2023
| Opening Balances | Opening Balances | Acquisitions | Acquisitions | Disposals | Closing Balances | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units | Cost | Value | Units | Cost | Units | Proceeds | Cost | Profit/Loss | Units | Cost | Value | Income | ||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | ||||||
| Royal London Short Term Money Market | Fund | |||||||||||||
| 06-Apr-22 | b/fwd | - | - | - | ||||||||||
| 15-Nov-22 | Purchase | 150,000 | 154,560 | |||||||||||
| 05-Apr-23 | c/fwd | 150,000 | 154,560 | 156,671 | - | |||||||||
| Basf Se 1.75% 11/03/2025 | ||||||||||||||
| 06-Apr-22 | b/fwd | 90,000 | 94,008 | 88,307 | ||||||||||
| 05-Apr-23 | c/fwd | 90,000 | 94,008 | 84,714 | 1,575 | |||||||||
| CG Portfolio Fund plc - Dollar Fund | ||||||||||||||
| 06-Apr-22 | b/fwd | 524 | 56,086 | 56,165 | ||||||||||
| 09-Feb-23 | Sale | 524 | 49,960 | 56,086 | (6,126) | |||||||||
| 05-Apr-23 | c/fwd | - | - | - | 607 | |||||||||
| European Bank for Reconstruction & Development Floating | 4.4161% 28/02/2024 | |||||||||||||
| 06-Apr-22 | b/fwd | - | - | - | ||||||||||
| 06-Sep-22 | Purchase | 75,000 | 75,350 | |||||||||||
| 05-Apr-23 | c/fwd | 75,000 | 75,350 | 75,117 | 1,160 | |||||||||
| European Investment Bank .125% 14/12/2026 | ||||||||||||||
| 06-Apr-22 | b/fwd | 100,000 | 97,361 | 92,322 | ||||||||||
| 05-Apr-23 | c/fwd | 100,000 | 97,361 | 86,573 | 125 | |||||||||
| Experian Finance PLC 2.125% 27/09/2024 | ||||||||||||||
| 06-Apr-22 | b/fwd | - | - | - | ||||||||||
| 13-Jun-22 | Purchase | 100,000 | 100,042 | |||||||||||
| 05-Apr-23 | c/fwd | 100,000 | 100,042 | 95,949 | 2,125 | |||||||||
| Henkel AG | & Co KGaA 1% 30/09/2022 | |||||||||||||
| 06-Apr-22 | b/fwd | 100,000 | 100,590 | 99,836 | ||||||||||
| 30-Sep-22 | Sale | 100,000 | 100,000 | 100,590 | (590) | |||||||||
| 05-Apr-23 | c/fwd | - | - | - | 1,000 |
1
The Marcus Margulies Charitable Trust
Veritas Schedule of Investments for the year ended 5 April 2023
| Opening Balances | Opening Balances | Acquisitions | Acquisitions | Disposals | Closing Balances | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units | Cost | Value | Units | Cost | Units | Proceeds | Cost | Profit/Loss | Units | Cost | Value | Income | ||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | ||||||
| Henkel AG & Co KGaA 1.25% 30/09/2026 | ||||||||||||||
| 06-Apr-22 | b/fwd | 100,000 | 103,202 | 96,443 | ||||||||||
| 05-Apr-23 | c/fwd | 100,000 | 103,202 | 90,458 | 1,250 | |||||||||
| International Bank for Reconstruction & Development .25% 22/07/2026 | ||||||||||||||
| 06-Apr-22 | b/fwd | 94,000 | 92,675 | 88,006 | ||||||||||
| 05-Apr-23 | c/fwd | 94,000 | 92,675 | 83,012 | 235 | |||||||||
| International Bank for Reconstruction & Development 1% 21/12/2029 | ||||||||||||||
| 06-Apr-22 | b/fwd | 85,000 | 88,426 | 79,924 | ||||||||||
| 05-Apr-23 | c/fwd | 85,000 | 88,426 | 70,797 | 850 | |||||||||
| LVMH Moet Hennessy Louis Vuitton SE 1% | 11/02/2023 | |||||||||||||
| 06-Apr-22 | b/fwd | 100,000 | 100,280 | 99,312 | ||||||||||
| 13-Feb-23 | Sale | 100,000 | 100,000 | 100,280 | (280) | |||||||||
| 05-Apr-23 | c/fwd | - | - | - | 1,000 | |||||||||
| Nestle Finance International Ltd 2.25% 30/11/2023 | ||||||||||||||
| 06-Apr-22 | b/fwd | - | - | - | ||||||||||
| 17-Oct-22 | Purchase | 80,000 | 79,810 | |||||||||||
| 05-Apr-23 | c/fwd | 80,000 | 79,810 | 79,100 | 1,800 | |||||||||
| Nestle Holdings Inc .625% 18/12/2025 | ||||||||||||||
| 06-Apr-22 | b/fwd | 100,000 | 100,015 | 95,161 | ||||||||||
| 05-Apr-23 | c/fwd | 100,000 | 100,015 | 90,818 | 625 | |||||||||
| Royal London Short Term Fixed Inc Y Dis | ||||||||||||||
| 06-Apr-22 | b/fwd | 198,222 | 199,010 | 198,505 | ||||||||||
| 05-Apr-23 | c/fwd | 198,222 | 199,010 | 199,538 | 3,158 | |||||||||
| Unilever PLC 1.375% 15/09/2024 | ||||||||||||||
| 06-Apr-22 | b/fwd | 100,000 | 103,722 | 98,425 | ||||||||||
| 05-Apr-23 | c/fwd | 100,000 | 103,722 | 95,889 | 1,375 |
2
The Marcus Margulies Charitable Trust
Veritas Schedule of Investments for the year ended 5 April 2023
| Opening Balances | Opening Balances | Acquisitions | Acquisitions | Disposals | Closing Balances | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units | Cost | Value | Units | Cost | Units | Proceeds | Cost | Profit/Loss | Units | Cost | Value | Income | ||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | ||||||
| Unilever PLC 1.5% 22/07/2026 | ||||||||||||||
| 06-Apr-22 | b/fwd | 100,000 | 106,323 | 97,498 | ||||||||||
| 05-Apr-23 | c/fwd | 100,000 | 106,323 | 91,726 | 1,500 | |||||||||
| United Kingdom | Gilt .125% 31/01/2024 | |||||||||||||
| 06-Apr-22 | b/fwd | - | - | - | ||||||||||
| 12-Oct-22 | Purchase | 100,000 | 95,058 | |||||||||||
| 05-Apr-23 | c/fwd | 100,000 | 95,058 | 97,020 | 63 | |||||||||
| United Kingdom | Inflation-Linked Gilt .125% 22/03/2024 | |||||||||||||
| 06-Apr-22 | b/fwd | - | - | - | ||||||||||
| 10-Feb-23 | Purchase | 50,000 | 74,124 | |||||||||||
| 05-Apr-23 | c/fwd | 50,000 | 74,124 | 74,381 | 46 | |||||||||
| United Kingdom | Inflation-Linked Gilt .125% 22/03/2026 | |||||||||||||
| 06-Apr-22 | b/fwd | - | - | - | ||||||||||
| 23-Feb-23 | Purchase | 50,000 | 69,670 | |||||||||||
| 05-Apr-23 | c/fwd | 50,000 | 69,670 | 70,326 | 44 | |||||||||
| United Kingdom | Inflation-Linked Gilt .125% 22/03/2029 | |||||||||||||
| 06-Apr-22 | b/fwd | - | - | - | ||||||||||
| 12-Jan-23 | Purchase | 48,000 | 71,956 | |||||||||||
| 05-Apr-23 | c/fwd | 48,000 | 71,956 | 74,483 | 46 | |||||||||
| Accenture PLC | ||||||||||||||
| 06-Apr-22 | b/fwd | 570 | 77,916 | 146,012 | ||||||||||
| 05-Apr-23 | c/fwd | 570 | 77,916 | 131,705 | 1,487 | |||||||||
| Adobe Inc | ||||||||||||||
| 06-Apr-22 | b/fwd | - | - | - | ||||||||||
| 08-Sep-22 | Purchase | 195 | 62,659 | |||||||||||
| 21-Dec-22 | Purchase | 25 | 6,971 | |||||||||||
| 05-Apr-23 | c/fwd | 220 | 69,630 | 68,553 | - |
3
The Marcus Margulies Charitable Trust
Veritas Schedule of Investments for the year ended 5 April 2023
| Opening Balances | Opening Balances | Acquisitions | Acquisitions | Disposals | Closing Balances | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units | Cost | Value | Units | Cost | Units | Proceeds | Cost | Profit/Loss | Units | Cost | Value | Income | ||||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | ||||||||
| Align Technology | Inc | |||||||||||||||
| 06-Apr-22 | b/fwd | 180 | 34,073 | 59,611 | ||||||||||||
| 05-Apr-23 | c/fwd | 180 | 34,073 | 48,614 | - | |||||||||||
| Alphabet Inc | ||||||||||||||||
| 06-Apr-22 | b/fwd | 55 | 56,856 | 116,649 | ||||||||||||
| 15-Jul-22 | Stock split | 1,045 | - | |||||||||||||
| 05-Apr-23 | c/fwd | 1,100 | 56,856 | 92,483 | - | |||||||||||
| Amazon.com Inc | ||||||||||||||||
| 06-Apr-22 | b/fwd | 30 | 71,530 | 74,275 | ||||||||||||
| 06-Jun-22 | Stock split | 570 | - | |||||||||||||
| 05-Apr-23 | c/fwd | 600 | 71,530 | 50,120 | - | |||||||||||
| Amphenol Corp | ||||||||||||||||
| 06-Apr-22 | b/fwd | 1,500 | 69,794 | 85,866 | ||||||||||||
| 14-Mar-23 | Purchase | 90 | 5,748 | |||||||||||||
| 05-Apr-23 | c/fwd | 1,590 | 75,542 | 105,016 | 863 | |||||||||||
| Automatic Data Processing Inc | ||||||||||||||||
| 06-Apr-22 | b/fwd | 670 | 73,792 | 115,808 | ||||||||||||
| 12-May-22 | Sale | 150 | 25,820 | 16,521 | 9,300 | |||||||||||
| 08-Aug-22 | Sale | 70 | 14,096 | 7,710 | 6,386 | |||||||||||
| 05-Apr-23 | c/fwd | 450 | 49,562 | 81,001 | 1,523 | |||||||||||
| Avery Dennison Corp | ||||||||||||||||
| 06-Apr-22 | b/fwd | 500 | 55,365 | 66,098 | ||||||||||||
| 05-Apr-23 | c/fwd | 500 | 55,365 | 72,326 | 1,071 | |||||||||||
| Berkshire Hathaway Inc | ||||||||||||||||
| 06-Apr-22 | b/fwd | - | - | - | ||||||||||||
| 05-Apr-23 | c/fwd | - | - | - | - |
4
The Marcus Margulies Charitable Trust
Veritas Schedule of Investments for the year ended 5 April 2023
| Opening Balances | Opening Balances | Acquisitions | Acquisitions | Disposals | Closing Balances | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units | Cost | Value | Units | Cost | Units | Proceeds | Cost | Profit/Loss | Units | Cost | Value | Income | ||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | ||||||
| Broadridge Financial Solutions Inc | ||||||||||||||
| 06-Apr-22 | b/fwd | 745 | 78,630 | 88,108 | ||||||||||
| 02-Sep-22 | Sale | 60 | 8,871 | 6,333 | 2,539 | |||||||||
| 05-Apr-23 | c/fwd | 685 | 72,297 | 81,153 | 1,398 | |||||||||
| Bunzl PLC | ||||||||||||||
| 06-Apr-22 | b/fwd | 3,400 | 67,467 | 100,912 | ||||||||||
| 13-May-22 | Sale | 1,000 | 29,417 | 19,843 | 9,574 | |||||||||
| 05-Apr-23 | c/fwd | 2,400 | 47,624 | 73,368 | 1,394 | |||||||||
| Cerner Corp | ||||||||||||||
| 06-Apr-22 | b/fwd | - | - | - | ||||||||||
| 05-Apr-23 | c/fwd | - | - | - | - | |||||||||
| Experian PLC | ||||||||||||||
| 06-Apr-22 | b/fwd | - | - | - | ||||||||||
| 23-Jun-22 | Purchase | 2,250 | 52,226 | |||||||||||
| 27-Mar-23 | Purchase | 230 | 6,070 | |||||||||||
| 05-Apr-23 | c/fwd | 2,480 | 58,297 | 65,968 | 982 | |||||||||
| First Sentier Investments ICVC- Stewart | Investors Asia | Pacific Leaders Fund | ||||||||||||
| 06-Apr-22 | b/fwd | 8,007 | 62,887 | 79,436 | ||||||||||
| 19-Aug-22 | Sale | 2,007 | 20,430 | 15,763 | 4,667 | |||||||||
| 08-Sep-22 | Sale | 6,000 | 61,909 | 47,124 | 14,785 | |||||||||
| 05-Apr-23 | c/fwd | - | - | - | - | |||||||||
| Fiserv Inc | ||||||||||||||
| 06-Apr-22 | b/fwd | 1,550 | 118,663 | 119,365 | ||||||||||
| 05-Apr-23 | c/fwd | 1,550 | 118,663 | 141,699 | - | |||||||||
| Franco-Nevada | Corp | |||||||||||||
| 06-Apr-22 | b/fwd | 1,250 | 102,457 | 151,478 | ||||||||||
| 05-Apr-23 | c/fwd | 1,250 | 102,457 | 147,393 | 1,021 |
5
The Marcus Margulies Charitable Trust
Veritas Schedule of Investments for the year ended 5 April 2023
| Opening Balances | Opening Balances | Acquisitions | Acquisitions | Disposals | Closing Balances | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units | Cost | Value | Units | Cost | Units | Proceeds | Cost | Profit/Loss | Units | Cost | Value | Income | |||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | |||||||
| Fresenius Medical | Care AG & Co KGaA | ||||||||||||||
| 06-Apr-22 | b/fwd | 1,760 | 94,643 | 90,472 | |||||||||||
| 24-Jun-22 | Sale | 440 | 16,957 | 23,661 | (6,704) | ||||||||||
| 27-Jun-22 | Sale | 330 | 12,784 | 17,746 | (4,962) | ||||||||||
| 28-Jun-22 | Sale | 277 | 11,117 | 14,896 | (3,778) | ||||||||||
| 29-Jun-22 | Sale | 713 | 29,459 | 38,341 | (8,882) | ||||||||||
| 05-Apr-23 | c/fwd | - | - | - | 1,473 | ||||||||||
| Generac Holdings | Inc | ||||||||||||||
| 06-Apr-22 | b/fwd | - | - | - | |||||||||||
| 10-Jun-22 | Purchase | 85 | 20,009 | ||||||||||||
| 24-Jun-22 | Purchase | 170 | 29,204 | ||||||||||||
| 19-Dec-22 | Sale | 255 | 19,540 | 49,213 | (29,672) | ||||||||||
| 05-Apr-23 | c/fwd | - | - | - | - | ||||||||||
| Hasbro Inc | |||||||||||||||
| 06-Apr-22 | b/fwd | 1,375 | 86,828 | 85,535 | |||||||||||
| 05-Apr-23 | c/fwd | 1,375 | 86,828 | 59,690 | 2,713 | ||||||||||
| Infineon Technologies AG | |||||||||||||||
| 06-Apr-22 | b/fwd | 5,100 | 77,801 | 133,495 | |||||||||||
| 25-Nov-22 | Sale | 200 | 5,385 | 3,051 | 2,334 | ||||||||||
| 05-Apr-23 | c/fwd | 4,900 | 74,750 | 162,311 | 1,017 | ||||||||||
| Intuit Inc | |||||||||||||||
| 06-Apr-22 | b/fwd | 230 | 66,898 | 83,964 | |||||||||||
| 31-May-22 | Purchase | 25 | 7,972 | ||||||||||||
| 05-Apr-23 | c/fwd | 255 | 74,870 | 91,919 | 512 |
6
The Marcus Margulies Charitable Trust
Veritas Schedule of Investments for the year ended 5 April 2023
| Opening Balances | Opening Balances | Acquisitions | Acquisitions | Disposals | Closing Balances | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units | Cost | Value | Units | Cost | Units | Proceeds | Cost | Profit/Loss | Units | Cost | Value | Income | ||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | ||||||
| Intuitive Surgical Inc | ||||||||||||||
| 06-Apr-22 | b/fwd | 310 | 67,790 | 71,072 | ||||||||||
| 31-May-22 | Purchase | 40 | 7,090 | |||||||||||
| 26-Jan-23 | Purchase | 70 | 14,521 | |||||||||||
| 27-Jan-23 | Purchase | 80 | 15,840 | |||||||||||
| 05-Apr-23 | c/fwd | 500 | 105,240 | 103,284 | - | |||||||||
| Kerry Group PLC | ||||||||||||||
| 06-Apr-22 | b/fwd | 770 | 71,507 | 65,817 | ||||||||||
| 30-Nov-22 | Purchase | 50 | 4,099 | |||||||||||
| 05-Apr-23 | c/fwd | 820 | 75,606 | 66,231 | 487 | |||||||||
| Koninklijke DSM | NV | |||||||||||||
| 06-Apr-22 | b/fwd | - | - | - | ||||||||||
| 08-Aug-22 | Purchase | 125 | 15,646 | |||||||||||
| 11-Aug-22 | Purchase | 435 | 53,162 | |||||||||||
| 22-Dec-22 | Purchase | 120 | 12,287 | |||||||||||
| 05-Apr-23 | c/fwd | 680 | 81,095 | 64,935 | - | |||||||||
| Kuehne + Nagel International AG | ||||||||||||||
| 06-Apr-22 | b/fwd | 310 | 39,373 | 67,352 | ||||||||||
| 05-Aug-22 | Purchase | 55 | 11,698 | |||||||||||
| 05-Apr-23 | c/fwd | 365 | 51,070 | 87,877 | 1,658 | |||||||||
| Laboratory Corp | of America Holdings | |||||||||||||
| 06-Apr-22 | b/fwd | 705 | 88,866 | 141,174 | ||||||||||
| 05-Apr-23 | c/fwd | 705 | 88,866 | 130,788 | 1,425 | |||||||||
| Marsh & McLennan Cos Inc | ||||||||||||||
| 06-Apr-22 | b/fwd | 1,050 | 92,783 | 135,910 | ||||||||||
| 05-Apr-23 | c/fwd | 1,050 | 92,783 | 141,363 | 1,708 |
7
The Marcus Margulies Charitable Trust
Veritas Schedule of Investments for the year ended 5 April 2023
| Opening Balances | Opening Balances | Acquisitions | Acquisitions | Disposals | Closing Balances | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units | Cost | Value | Units | Cost | Units | Proceeds | Cost | Profit/Loss | Units | Cost | Value | Income | |||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | |||||||
| Mastercard Inc | |||||||||||||||
| 06-Apr-22 | b/fwd | 525 | 109,809 | 142,563 | |||||||||||
| 26-Jan-23 | Sale | 45 | 13,069 | 9,412 | 3,657 | ||||||||||
| 05-Apr-23 | c/fwd | 480 | 100,397 | 141,046 | 759 | ||||||||||
| Microsoft Corp | |||||||||||||||
| 06-Apr-22 | b/fwd | 500 | 59,145 | 117,000 | |||||||||||
| 05-Apr-23 | c/fwd | 500 | 59,145 | 116,560 | 921 | ||||||||||
| Next PLC | |||||||||||||||
| 06-Apr-22 | b/fwd | 1,155 | 91,668 | 69,670 | |||||||||||
| 05-Apr-23 | c/fwd | 1,155 | 91,668 | 75,907 | 2,229 | ||||||||||
| NIKE Inc | |||||||||||||||
| 06-Apr-22 | b/fwd | - | - | - | |||||||||||
| 30-Jun-22 | Purchase | 425 | 38,753 | ||||||||||||
| 05-Apr-23 | c/fwd | 425 | 38,753 | 42,136 | 300 | ||||||||||
| Roche Holding | AG | ||||||||||||||
| 06-Apr-22 | b/fwd | 520 | 123,187 | 157,290 | |||||||||||
| 05-Apr-23 | c/fwd | 520 | 123,187 | 120,120 | 2,830 | ||||||||||
| Synopsys Inc | |||||||||||||||
| 06-Apr-22 | b/fwd | 310 | 62,377 | 78,505 | |||||||||||
| 08-Sep-22 | Purchase | 75 | 21,486 | ||||||||||||
| 12-Jan-23 | Purchase | 85 | 22,899 | ||||||||||||
| 05-Apr-23 | c/fwd | 470 | 106,761 | 146,766 | - | ||||||||||
| Taiwan Semiconductor Manufacturing Co Ltd | |||||||||||||||
| 06-Apr-22 | b/fwd | 970 | 80,019 | 76,803 | |||||||||||
| 08-Sep-22 | Sale | 970 | 67,196 | 80,019 | (12,823) | ||||||||||
| 05-Apr-23 | c/fwd | - | - | - | 576 |
8
The Marcus Margulies Charitable Trust
Veritas Schedule of Investments for the year ended 5 April 2023
| Units Cost Value Units Cost Units £ £ £ Acquisitions Opening Balances Thermo Fisher Scientific Inc 06-Apr-22 b/fwd 420 119,612 188,596 04-Aug-22 Sale 55 05-Apr-23 c/fwd Tractor Supply Co 06-Apr-22 b/fwd 870 70,690 154,200 02-Sep-22 Sale 45 10-Nov-22 Sale 45 24-Feb-23 Sale 50 05-Apr-23 c/fwd UnitedHealth Group Inc 06-Apr-22 b/fwd 465 94,813 180,153 11-May-22 Sale 45 01-Jul-22 Sale 20 03-Nov-22 Sale 50 26-Jan-23 Sale 15 05-Apr-23 c/fwd WisdomTree Core Physical Gold 06-Apr-22 b/fwd 495 65,017 73,052 05-Apr-23 c/fwd 3,673,953 4,506,145 1,128,911 |
Proceeds Cost Profit/Loss Units £ £ £ Disposals 26,483 15,664 10,819 365 7,211 3,656 3,555 8,078 3,656 4,422 9,731 4,063 5,669 730 17,916 9,175 8,740 8,388 4,078 4,310 23,754 10,195 13,560 5,939 3,058 2,881 335 495 693,512 660,134 33,379 |
Cost Value Income £ £ £ Closing Balances 103,949 170,102 330 59,314 138,765 2,158 68,306 127,987 1,753 65,017 78,910 - 4,142,730 4,842,668 51,174 |
|---|---|---|
9
The Marcus Margulies Charitable Trust
Fundsmith LLP Schedule of Investments for the year ended 5 April 2023
----- Start of picture text -----
Opening Balances Acquisitions Disposals Closing Balances
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Fundsmith Equity Fund I Class Inc
06-Apr-22 b/fwd 1,272,686 4,986,130 7,097,259
05-Apr-23 c/fwd 1,272,686 4,986,130 7,204,420 18,556
4,986,130 7,097,259 - - - - 4,986,130 7,204,420 18,556
----- End of picture text -----
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