The Marcus Margulies Charitable Trust
Financial Statements Year ended 5 April 2024 Charity No.: 1156856
The Marcus Margulies Charitable Trust
Report and Financial Statements for the year ended 5 April 2024
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 Elliott Goldstein Anthony David Landes
Principal Office
Accountants
27 Berkeley Square, London, W1J 6EL BDO LLP, 55 Baker Street, London, W1U 7EU
Independent Examiner
Perrys Audit Limited, Churchdown Chambers, Bordyke, Tonbridge, Kent, TN9 1NR
Investment Managers
Meridiem Investment Management Limited, Riverside House, 2a Southwark Bridge Road, London, SE1 9HA Fundsmith, 33 Cavendish Square, London, W1G 0PW
Bankers Coutts & Co, 440 Strand, London, WC2R 0QS Barclays Bank UK PLC, 1 Churchill Place, London, E14 5HP
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 2024
The Trustees present their report along with the financial statements of the charity for the year ended 5 April 2024. The Financial Statements have been prepared in accordance with the accounting policies set out on page 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 £805,777 have been made in the year (2023 - £42,325) 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 2024 (continued)
Achievements and Performance (continued)
Commitments have been made to the following charities for future donations:
-
a. Alma College in Israel for one more payments of £18,000
-
b. Shaare Zedek Hospital, Jerusalem, Israel for three more payments of US$500,000
-
c. Jerusalem Botanical Gardens, Israel for two payments of US$500,000
Financial Review
The Trust’s investments are managed by Meridiem 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 2024 were £13,563,086 (2023 - £12,125,363).
The balance of cash held at 5 April 2024 was £1,113,252 (2023 - £3,435,597).
The Trustees report an income surplus of £685,630 for the year ended 5 April 2024 (2023 - deficit of £74,689) 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: Approved the Trustees and signed on their behalf by:
Marcus Jonathan Margulies Marcus Jonatha Margutjes Trustee 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 21 January 2024, we have prepared for your approval the financial information of The Marcus Margulies Charitable Trust for the year ended 5 April 2024 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 21 January 2024. 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: 04/12/2024
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 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). We report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out our examination we have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
We have completed our examination. We confirm that no material matters have come to our attention in connection with the examination giving us cause to believe that in any material respect:
-
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.
S Hale
Steve Hale FCA FCCA for and on behalf of
Perrys Audit Limited
Churchdown Chambers Bordyke Tonbridge Kent TN9 1NR
Date: 4.12.24
5
The Marcus Margulies Charitable Trust
Statement of Financial Activities for the year ended 5 April 2024
----- Start of picture text -----
Notes 2024 2023
£ £
Income and endowments from
Investments 2 112,338 72,587
112,338 72,587
Expenditure on
Raising funds 3 36,257 35,370
Charitable activities
Activities undertaken 5 805,777 42,325
Support costs 6 23,414 16,477
865,448 94,172
Net expenditure before investment gains/(losses) (753,110) (21,585)
Currency gains/(losses) 16,762 (61,390)
Net gains on investments 7 1,421,978 8,286
Net income/(expenditure) 685,630 (74,689)
Total funds at 6 April 2023 12,006,908 12,081,597
Total funds at 5 April 2024 12,692,538 12,006,908
----- End of picture text -----
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 2024
| Fixed Assets Investment portfolios 7 Current Assets Cash at bank and in hand 8 Debtors 9 Notes |
£ £ 13,563,086 1,113,252 19,960 2024 |
£ £ 13,563,086 1,113,252 19,960 2024 |
£ 3,435,597 100 2023 |
£ 12,125,363 |
|---|---|---|---|---|
| Liabilities 10 Creditors: amounts falling due within one year |
1,133,212 (420,542) |
3,435,697 (1,126,804) |
||
| Net current assets | 712,670 | 2,308,893 | ||
| Total assets less current liabilities 11 Creditors: amounts falling due after one year |
14,275,756 (1,583,218) |
14,434,256 (2,427,348) |
||
| Total net assets | 12,692,538 | 12,006,908 | ||
| Funds Unrestricted Funds |
12,692,538 | 12,006,908 |
Approved by the Trustees and signed on their behalf by:
Marcus Marcus Margulies Margulies Trustee 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 2024
1 Principal Accounting Policies
(a) Accounting Convention
The financial statements are prepared under the historical cost convention and in preparing the financial statements the charity follows best practice as laid down in the Statement of Recommended Practice “Accounting and Reporting by Charities” (Charities SORP (FRS 102)) and comply with the Charities (Accounts and Reports) Regulations 2008 issued under the Charities Act 2011.
(b) Donations, legacies and similar income
Donations, legacies and similar income are shown in the accounts when receivable and the value of the incoming resources can be measured with sufficient reliability.
(c) Investment income
Investment income is accounted for in the period in which the charity is entitled to receipt.
(d) Resources expended
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis.
(e) Charitable activities
Costs of charitable activities include grants made and an apportionment of overhead and support costs where applicable.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Trust.
(f) Governance costs
Governance costs comprise costs relating to the general running of the charity as opposed to those associated with generating funds or charitable activity.
(g) Fixed asset investments
Investments are stated at closing market value at the balance sheet date. Any gains or losses on revaluation and disposal are shown in the Statement of Financial Activities.
(h) Realised gains and losses
Gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and purchase cost. Unrealised gains and losses are calculated as the difference between the market value at year end and opening market value (or purchase date if later). Realised and unrealised gains and losses are not separated in the Statement of Financial Assets.
(i) Taxation
The charity is exempt from tax on its charitable activities
(j) 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 2024
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 Grant making 5 Grants paid or payable Alma College (USD 50,000) Greenway Foundation Jerusalem Foundation (USD 900,000) Jerusalem Foundation Limmud Royal Free Charity Shaare Zedek UK (USD 18,000) The Israel Philharmonic Orchestra Foundation |
Activities Undertaken Directly (see note 5) £ 805,777 IL 1187817 258306 258306 1083414 1165672 1143272 1168735 Registered Charity No. |
2024 £ 83,887 28,451 112,338 2024 £ 36,257 Support Costs (see note 6) £ 23,414 2024 £ 39,582 - 714,740 50,000 - - 1,455 - 805,777 |
2024 £ 829,191 |
2023 £ 69,730 2,857 72,587 2023 £ 35,370 2023 £ 58,802 2023 £ - 3,600 - - 1,630 17,655 1,440 18,000 42,325 |
|---|---|---|---|---|
9
The Marcus Margulies Charitable Trust
Notes to the financial statements for the year ended 5 April 2024
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:
| Alma College IL 18,000 Jerusalem Foundation (USD 1,000,000) 258306 798,355 Shaare Zedek UK (USD 500,000) 1143272 392,249 National Library of Israel IL 300,000 1,508,604 6 Support Costs 2024 £ Accountancy fees 4,800 Independent Examiner's fees 1,050 Legal fees 9,907 Prism administration fees 7,200 Bank fees 457 23,414 7 Investments £ £ Market value at 6 April 12,047,089 Acquisition cost in the year 960,317 Proceeds from disposals (1,197,225) (236,908) Realised gains/(losses) 160,254 Movement in valuation 1,261,724 1,421,978 Market value at 5 April 13,232,159 Cash held within the investment portfolio 330,927 Total value of portfolio at 5 April 13,563,086 2024 |
2023 £ 4,800 888 3,240 7,200 349 16,477 £ £ 11,603,404 1,128,911 (693,512) 435,399 33,379 (25,093) 8,286 12,047,089 78,274 12,125,363 2023 |
|---|---|
A holding of Fundsmith Equity Fund I Class Income units represents 61% of the value of investments held at 5 April 2024.
10
The Marcus Margulies Charitable Trust
Notes to the financial statements for the year ended 5 April 2024
| 8 Cash at bank and in hand Barclays Coutts 9 Debtors Marcus Margulies Dividends receivable 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 |
2024 £ 901,706 211,546 1,113,252 2024 £ 100 19,860 19,960 2024 £ 4,800 1,938 413,804 420,542 2024 £ 1,583,218 |
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 |
|---|---|---|
12 Related parties
None of the trustees received any remuneration or benefits or reimbursement of expenses during the year. However the firm Payne Hick Beech in which M D Paisner formerly had an interest, raised charges for professional services to the amount of £9,907 (2023 - £3,240).
13 Related party transactions
There have been no transactions with persons or entities that are closely connected to the charity or its trustees (2023 - none).
11
The Marcus Margulies Charitable Trust
Appendix
Schedule of Investments
5 April 2024
12
The Marcus Margulies Charitable Trust
Accrued Grants Liability for the year ended 5 April 2024
----- Start of picture text -----
Balance at New Liability Payments Currency Loss / Balance at
6 April 2023 in year in the year (Gain) 5 April 2024
- -
Alma College 36,000.00 (18,000.00) 18,000.00
- - -
National Library of Israel 300,000.00 (300,000.00)
Jerusalem Foundation re Botancial
-
Gardens (Pavilion) USD 2,000,000 1,606,232.19 (798,354.81) (16,268.43) 791,608.95
-
Shaare Zedek (outpatient clinic) USD 2,000,000 1,606,232.19 (392,249.16) (26,569.61) 1,187,413.42
-
3,548,464.38 (1,508,603.97) (42,838.04) 1,997,022.37
Year Ended 5 April
2025 2026 2027 Later Years Total
-
Alma College 18,000.00 18,000.00
- - -
National Library of Israel
Jerusalem Foundation re Botancial
- -
Gardens (Pavilion) USD 1,000,000 395,804.47 395,804.48 791,608.95
-
Shaare Zedek (outpatient clinic) USD 1,000,000 395,804.47 395,804.47 395,804.48 1,187,413.42
-
413,804.47 791,608.94 791,608.96 1,997,022.37
Payments falling due within one year 413,804.47
Payments falling due after one year 1,583,217.90
----- End of picture text -----
1
The Marcus Margulies Charitable Trust
Meridiem Schedule of Investments for the year ended 5 April 2024
| Opening Balances | Opening Balances | Opening Balances | Acquisitions | Acquisitions | Disposals | Closing | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units | Cost | Value | Units | Cost | Units | Proceeds | Cost | Profit/Loss | Units | Cost | Value | Income | |||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | |||||||
| Apple Inc | 3.05% 31/07/2029 | ||||||||||||||
| 06-Apr-23 | b/fwd | - | - | - | |||||||||||
| 16-Feb-24 | Purchases | 100,000 | 94,517 | ||||||||||||
| 05-Apr-24 | c/fwd | 100,000 | 94,517 | 94,224 | - | ||||||||||
| Royal London Short Term Money Market Fund | |||||||||||||||
| 06-Apr-23 | b/fwd | 150,000 | 154,560 | 156,671 | |||||||||||
| 30-Jun-23 | Accumulated Interest | - | 1,486 | ||||||||||||
| 13-Sep-23 | Sales | 100,000 | 106,720 | 104,031 | 2,689 | ||||||||||
| 25-Sep-23 | Sales | 50,000 | 53,439 | 52,015 | 1,424 | ||||||||||
| 05-Apr-24 | c/fwd | - | - | - | 1,486 | ||||||||||
| BASF SE 1.75% 11/03/2025 | |||||||||||||||
| 06-Apr-23 | b/fwd | 90,000 | 94,008 | 84,714 | |||||||||||
| 05-Apr-24 | c/fwd | 90,000 | 94,008 | 87,299 | 1,575 | ||||||||||
| Diageo Finance PLC 2.375% 08/06/2028 | |||||||||||||||
| 06-Apr-23 | b/fwd | - | - | - | |||||||||||
| 18-Dec-23 | Purchases | 100,000 | 93,855 | ||||||||||||
| 05-Apr-24 | c/fwd | 100,000 | 93,855 | 91,858 | - | ||||||||||
| European | Bank for Reconstruction | & Development | Floating | 4.4161% | 28/02/2024 | ||||||||||
| 06-Apr-23 | b/fwd | 75,000 | 75,350 | 75,117 | |||||||||||
| 28-Feb-24 | Final Maturity | 75,000 | 75,000 | 75,350 | (350) | ||||||||||
| 05-Apr-24 | c/fwd | - | - | - | 3,870 | ||||||||||
| European | Investment Bank .125% 14/12/2026 | ||||||||||||||
| 06-Apr-23 | b/fwd | 100,000 | 97,361 | 86,573 | |||||||||||
| 05-Apr-24 | c/fwd | 100,000 | 97,361 | 89,479 | 125 | ||||||||||
| Experian Finance PLC 2.125% 27/09/2024 | |||||||||||||||
| 06-Apr-23 | b/fwd | 100,000 | 100,042 | 95,949 | |||||||||||
| 05-Apr-24 | c/fwd | 100,000 | 100,042 | 98,567 | 2,125 |
1
The Marcus Margulies Charitable Trust
Meridiem Schedule of Investments for the year ended 5 April 2024
| Opening Balances | Opening Balances | Opening Balances | Opening Balances | Acquisitions | Acquisitions | Disposals | Closing | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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-23 | b/fwd | 100,000 | 103,202 | 90,458 | |||||||||||||
| 05-Apr-24 | c/fwd | 100,000 | 103,202 | 92,632 | 1,250 | ||||||||||||
| International Bank for Reconstruction & Development .25% | 22/07/2026 | ||||||||||||||||
| 06-Apr-23 | b/fwd | 94,000 | 92,675 | 83,012 | |||||||||||||
| 05-Apr-24 | c/fwd | 94,000 | 92,675 | 85,536 | 235 | ||||||||||||
| International Bank for Reconstruction & Development 1% | 21/12/2029 | ||||||||||||||||
| 06-Apr-23 | b/fwd | 85,000 | 88,426 | 70,797 | |||||||||||||
| 05-Apr-24 | c/fwd | 85,000 | 88,426 | 71,837 | 850 | ||||||||||||
| London Stock Exchange Group PLC 1.625% | 06/04/2030 | ||||||||||||||||
| 06-Apr-23 | b/fwd | - | - | - | |||||||||||||
| 01-Sep-23 | Purchases | 100,000 | 80,545 | ||||||||||||||
| 05-Apr-24 | c/fwd | 100,000 | 80,545 | 84,783 | - | ||||||||||||
| Nestle Finance International Ltd | 2.25% 30/11/2024 | ||||||||||||||||
| 06-Apr-23 | b/fwd | 80,000 | 79,810 | 79,100 | |||||||||||||
| 30-Nov-23 | Final Maturity | 80,000 | 80,000 | 79,810 | 190 | ||||||||||||
| 05-Apr-24 | c/fwd | - | - | - | 1,800 | ||||||||||||
| Nestle Holdings Inc .625% 18/12/2025 | |||||||||||||||||
| 06-Apr-23 | b/fwd | 100,000 | 100,015 | 90,818 | |||||||||||||
| 05-Apr-24 | c/fwd | 100,000 | 100,015 | 93,360 | 625 | ||||||||||||
| PepsiCo Inc 3.2% 22/07/2029 | |||||||||||||||||
| 06-Apr-23 | b/fwd | - | - | - | |||||||||||||
| 13-Sep-23 | Purchases | 100,000 | 90,402 | ||||||||||||||
| 22-Jan-24 | Accrued Interest | - | (461) | ||||||||||||||
| 05-Apr-24 | c/fwd | 100,000 | 89,941 | 95,043 | 1,139 |
2
The Marcus Margulies Charitable Trust
Meridiem Schedule of Investments for the year ended 5 April 2024
| Opening Balances | Opening Balances | Acquisitions | Acquisitions | Disposals | Closing | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units | Cost | Value | Units | Cost | Units | Proceeds | Cost | Profit/Loss | Units | Cost | Value | Income | |||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | |||||||
| Royal London Short Term Fixed Inc Y Dis | |||||||||||||||
| 06-Apr-23 | b/fwd | 198,222 | 199,010 | 199,538 | |||||||||||
| 17-Jul-23 | Sales | 48,222 | 48,698 | 48,414 | 284 | ||||||||||
| 14-Sep-23 | Sales | 80,000 | 80,734 | 80,318 | 416 | ||||||||||
| 05-Apr-24 | c/fwd | 70,000 | 70,278 | 70,887 | 5,526 | ||||||||||
| Unilever PLC 1.375% 15/09/2024 | |||||||||||||||
| 06-Apr-23 | b/fwd | 100,000 | 103,722 | 95,889 | |||||||||||
| 05-Apr-24 | c/fwd | 100,000 | 103,722 | 98,473 | 1,375 | ||||||||||
| Unilever PLC 1.5% 22/07/2026 | |||||||||||||||
| 06-Apr-23 | b/fwd | 100,000 | 106,323 | 91,726 | |||||||||||
| 05-Apr-24 | c/fwd | 100,000 | 106,323 | 93,633 | 1,500 | ||||||||||
| United Kingdom Gilt .125% 31/01/2024 | |||||||||||||||
| 06-Apr-23 | b/fwd | 100,000 | 95,058 | 97,020 | |||||||||||
| 18-Sep-23 | Sales | 40,000 | 39,279 | 38,023 | 1,255 | ||||||||||
| 31-Jan-24 | Final Maturity | 60,000 | 60,000 | 57,041 | 2,959 | ||||||||||
| 31-Jan-24 | Accrued Interest | - | 7 | ||||||||||||
| 05-Apr-24 | c/fwd | - | - | - | 107 | ||||||||||
| United Kingdom Inflation-Linked Gilt .125% | 22/03/2024 | ||||||||||||||
| 06-Apr-23 | b/fwd | 50,000 | 74,124 | 74,381 | |||||||||||
| 22-Mar-24 | Final Maturity | 50,000 | 78,031 | 74,124 | 3,906 | ||||||||||
| 05-Apr-24 | c/fwd | - | - | - | 97 | ||||||||||
| United Kingdom Inflation-Linked Gilt .125% | 10/08/2031 | ||||||||||||||
| 06-Apr-23 | b/fwd | - | - | - | |||||||||||
| 18-Oct-23 | Purchases | 50,000 | 61,657 | ||||||||||||
| 26-Oct-23 | Purchases | 30,000 | 36,856 | ||||||||||||
| 10-Feb-24 | Accrued Interest | - | (15) | ||||||||||||
| 10-Feb-24 | Accrued Interest | - | (10) | ||||||||||||
| 28-Mar-24 | Purchases | 26,500 | 34,310 | ||||||||||||
| 05-Apr-24 | c/fwd | 106,500 | 132,798 | 137,492 | 39 |
3
The Marcus Margulies Charitable Trust
Meridiem Schedule of Investments for the year ended 5 April 2024
| Opening Balances | Opening Balances | Acquisitions | Acquisitions | Disposals | Closing | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units | Cost | Value | Units | Cost | Units | Proceeds | Cost | Profit/Loss | Units | Cost | Value | Income | ||||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | ||||||||
| United Kingdom Inflation-Linked | Gilt .125% | 22/03/2026 | ||||||||||||||
| 06-Apr-23 | b/fwd | 50,000 | 69,670 | 70,326 | ||||||||||||
| 21-Dec-23 | Purchases | 16,000 | 23,300 | |||||||||||||
| 29-Jan-24 | Purchases | 12,000 | 17,339 | |||||||||||||
| 22-Mar-24 | Accrued Interest | - | (7) | |||||||||||||
| 22-Mar-24 | Accrued Interest | - | (8) | |||||||||||||
| 05-Apr-24 | c/fwd | 78,000 | 110,295 | 113,847 | 102 | |||||||||||
| United Kingdom Inflation-Linked | Gilt .125% | 22/03/2029 | ||||||||||||||
| 06-Apr-23 | b/fwd | 48,000 | 71,956 | 74,483 | ||||||||||||
| 02-Feb-24 | Purchases | 18,000 | 28,612 | |||||||||||||
| 22-Mar-24 | Accrued Interest | - | (13) | |||||||||||||
| 28-Mar-24 | Purchases | 20,500 | 32,646 | |||||||||||||
| 05-Apr-24 | c/fwd | 86,500 | 133,201 | 137,684 | 100 | |||||||||||
| Accenture | PLC | |||||||||||||||
| 06-Apr-23 | b/fwd | 570 | 77,916 | 131,705 | ||||||||||||
| 28-Sep-23 | Sales | 40 | 10,273 | 5,468 | 4,805 | |||||||||||
| 05-Apr-24 | c/fwd | 530 | 72,448 | 139,890 | 1,576 | |||||||||||
| Adobe Inc | ||||||||||||||||
| 06-Apr-23 | b/fwd | 220 | 69,630 | 68,553 | ||||||||||||
| 04-Aug-23 | Sales | 20 | 8,454 | 6,330 | 2,124 | |||||||||||
| 10-Nov-23 | Sales | 30 | 14,473 | 9,495 | 4,978 | |||||||||||
| 22-Feb-24 | Sales | 45 | 19,024 | 14,242 | 4,781 | |||||||||||
| 05-Apr-24 | c/fwd | 125 | 39,562 | 48,047 | - | |||||||||||
| Align Technology Inc | ||||||||||||||||
| 06-Apr-23 | b/fwd | 180 | 34,073 | 48,614 | ||||||||||||
| 05-Apr-24 | c/fwd | 180 | 34,073 | 45,320 | - |
4
The Marcus Margulies Charitable Trust
Meridiem Schedule of Investments for the year ended 5 April 2024
| Opening Balances | Opening Balances | Acquisitions | Acquisitions | Disposals | Closing | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units | Cost | Value | Units | Cost | Units | Proceeds | Cost | Profit/Loss | Units | Cost | Value | Income | |||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | |||||||
| Alphabet Inc | |||||||||||||||
| 06-Apr-23 | b/fwd | 1,100 | 56,856 | 92,483 | |||||||||||
| 16-Oct-23 | Sales | 100 | 11,605 | 5,169 | 6,437 | ||||||||||
| 30-Oct-23 | Sales | 350 | 35,390 | 18,090 | 17,299 | ||||||||||
| 05-Apr-24 | c/fwd | 650 | 33,596 | 79,295 | - | ||||||||||
| Amazon.com Inc | |||||||||||||||
| 06-Apr-23 | b/fwd | 600 | 71,530 | 50,120 | |||||||||||
| 12-May-23 | Purchases | 240 | 20,795 | ||||||||||||
| 05-Apr-24 | c/fwd | 840 | 92,325 | 123,191 | - | ||||||||||
| Amphenol Corp | |||||||||||||||
| 06-Apr-23 | b/fwd | 1,590 | 75,542 | 105,016 | |||||||||||
| 30-May-23 | Purchases | 200 | 11,971 | ||||||||||||
| 19-Oct-23 | Sales | 90 | 6,118 | 4,400 | 1,718 | ||||||||||
| 05-Apr-24 | c/fwd | 1,700 | 83,113 | 158,194 | 986 | ||||||||||
| Automatic | Data Processing Inc | ||||||||||||||
| 06-Apr-23 | b/fwd | 450 | 49,562 | 81,001 | |||||||||||
| 05-Apr-24 | c/fwd | 450 | 49,562 | 87,347 | 1,614 | ||||||||||
| Avery Dennison Corp | |||||||||||||||
| 06-Apr-23 | b/fwd | 500 | 55,365 | 72,326 | |||||||||||
| 05-Apr-24 | c/fwd | 500 | 55,365 | 86,433 | 1,092 | ||||||||||
| Broadridge | Financial Solutions Inc | ||||||||||||||
| 06-Apr-23 | b/fwd | 685 | 72,297 | 81,153 | |||||||||||
| 05-Apr-24 | c/fwd | 685 | 72,297 | 110,058 | 1,452 | ||||||||||
| Bunzl PLC | |||||||||||||||
| 06-Apr-23 | b/fwd | 2,400 | 47,624 | 73,368 | |||||||||||
| 22-Sep-23 | Purchases | 600 | 17,518 | ||||||||||||
| 05-Apr-24 | c/fwd | 3,000 | 65,142 | 88,200 | 1,636 |
5
The Marcus Margulies Charitable Trust
Meridiem Schedule of Investments for the year ended 5 April 2024
| Opening Balances | Opening Balances | Acquisitions | Acquisitions | Disposals | Closing | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units | Cost | Value | Units | Cost | Units | Proceeds | Cost | Profit/Loss | Units | Cost | Value | Income | ||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | ||||||
| DSM-Firmenich AG | ||||||||||||||
| 06-Apr-23 | b/fwd | - | - | - | ||||||||||
| 09-May-23 | Merger | 1,360 | 81,095 | |||||||||||
| 06-Jul-23 | Return of Capital | (680) | (928) | |||||||||||
| 28-Aug-23 | Purchases | 140 | 10,243 | |||||||||||
| 05-Apr-24 | c/fwd | 820 | 90,410 | 72,648 | - | |||||||||
| Experian PLC | ||||||||||||||
| 06-Apr-23 | b/fwd | 2,480 | 58,297 | 65,968 | ||||||||||
| 19-Sep-23 | Purchases | 420 | 11,731 | |||||||||||
| 05-Apr-24 | c/fwd | 2,900 | 70,028 | 98,339 | 1,145 | |||||||||
| Fiserv Inc | ||||||||||||||
| 06-Apr-23 | b/fwd | 1,550 | 118,663 | 141,699 | ||||||||||
| 14-Jul-23 | Sales | 190 | 18,637 | 14,546 | 4,092 | |||||||||
| 04-Aug-23 | Sales | 80 | 7,952 | 6,125 | 1,828 | |||||||||
| 20-Nov-23 | Purchases | 100 | 10,074 | |||||||||||
| 05-Apr-24 | c/fwd | 1,380 | 108,067 | 172,173 | - | |||||||||
| Franco-Nevada Corp | ||||||||||||||
| 06-Apr-23 | b/fwd | 1,250 | 102,457 | 147,393 | ||||||||||
| 18-Jul-23 | Sales | 50 | 5,593 | 4,098 | 1,495 | |||||||||
| 27-Jul-23 | Sales | 100 | 11,394 | 8,197 | 3,197 | |||||||||
| 20-Dec-23 | Sales | 1,100 | 96,513 | 90,162 | 6,351 | |||||||||
| 05-Apr-24 | c/fwd | - | - | - | 700 | |||||||||
| Hasbro Inc | ||||||||||||||
| 06-Apr-23 | b/fwd | 1,375 | 86,828 | 59,690 | ||||||||||
| 12-Oct-23 | Sales | 227 | 11,108 | 14,335 | (3,226) | |||||||||
| 13-Oct-23 | Sales | 502 | 24,071 | 31,700 | (7,629) | |||||||||
| 16-Oct-23 | Sales | 646 | 29,616 | 40,793 | (11,178) | |||||||||
| 05-Apr-24 | c/fwd | - | - | - | 1,298 |
6
The Marcus Margulies Charitable Trust
Meridiem Schedule of Investments for the year ended 5 April 2024
| Opening Balances | Opening Balances | Acquisitions | Acquisitions | Disposals | Closing | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units | Cost | Value | Units | Cost | Units | Proceeds | Cost | Profit/Loss | Units | Cost | Value | Income | |||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | |||||||
| Infineon Technologies AG | |||||||||||||||
| 06-Apr-23 | b/fwd | 4,900 | 74,750 | 162,311 | |||||||||||
| 18-Dec-23 | Sales | 1,100 | 35,973 | 16,781 | 19,192 | ||||||||||
| 01-Mar-24 | Sales | 2,993 | 85,661 | 45,658 | 40,002 | ||||||||||
| 04-Mar-24 | Sales | 807 | 22,799 | 12,311 | 10,488 | ||||||||||
| 05-Apr-24 | c/fwd | - | - | - | 837 | ||||||||||
| Intuit Inc | |||||||||||||||
| 06-Apr-23 | b/fwd | 255 | 74,870 | 91,919 | |||||||||||
| 10-Aug-23 | Purchases | 20 | 7,744 | ||||||||||||
| 05-Apr-24 | c/fwd | 275 | 82,615 | 138,560 | 604 | ||||||||||
| Intuitive Surgical Inc | |||||||||||||||
| 06-Apr-23 | b/fwd | 500 | 105,240 | 103,284 | |||||||||||
| 19-Jan-24 | Sales | 25 | 7,049 | 5,262 | 1,787 | ||||||||||
| 05-Apr-24 | c/fwd | 475 | 99,978 | 146,249 | - | ||||||||||
| Kerry Group PLC | |||||||||||||||
| 06-Apr-23 | b/fwd | 820 | 75,606 | 66,231 | |||||||||||
| 05-Apr-24 | c/fwd | 820 | 75,606 | 54,679 | 578 | ||||||||||
| Koninklijke DSM NV | |||||||||||||||
| 06-Apr-23 | b/fwd | 680 | 81,095 | 64,935 | |||||||||||
| 09-May-23 | De-Merger | (680) | (81,095) | ||||||||||||
| 05-Apr-24 | c/fwd | - | - | - | - | ||||||||||
| Kuehne + Nagel International AG | |||||||||||||||
| 06-Apr-23 | b/fwd | 365 | 51,070 | 87,877 | |||||||||||
| 05-Apr-24 | c/fwd | 365 | 51,070 | 82,147 | 2,967 |
7
The Marcus Margulies Charitable Trust
Meridiem Schedule of Investments for the year ended 5 April 2024
| Opening Balances | Opening Balances | Acquisitions | Acquisitions | Disposals | Closing | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units | Cost | Value | Units | Cost | Units | Proceeds | Cost | Profit/Loss | Units | Cost | Value | Income | |||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | |||||||
| Laboratory | Corp of America Holdings | ||||||||||||||
| 06-Apr-23 | b/fwd | 705 | 88,866 | 130,788 | |||||||||||
| 30-Jun-23 | Spin off | - | (13,296) | ||||||||||||
| 30-Nov-23 | Purchases | 45 | 7,591 | ||||||||||||
| 05-Apr-24 | c/fwd | 750 | 83,161 | 125,612 | 1,394 | ||||||||||
| Fortrea Holdings Inc | |||||||||||||||
| 06-Apr-23 | b/fwd | - | - | - | |||||||||||
| 30-Jun-23 | Spin off | 705 | 13,296 | ||||||||||||
| 13-Jul-23 | Sales | 705 | 16,595 | 13,296 | 3,299 | ||||||||||
| 05-Apr-24 | c/fwd | - | - | - | - | ||||||||||
| London Stock Exchange Group PLC | |||||||||||||||
| 06-Apr-23 | b/fwd | - | - | - | |||||||||||
| 20-Jul-23 | Purchases | 302 | 25,240 | ||||||||||||
| 24-Jul-23 | Purchases | 302 | 25,583 | ||||||||||||
| 14-Dec-23 | Purchases | 261 | 24,258 | ||||||||||||
| 15-Dec-23 | Purchases | 85 | 7,952 | ||||||||||||
| 26-Feb-24 | Purchases | 305 | 27,076 | ||||||||||||
| 05-Apr-24 | c/fwd | 1,255 | 110,109 | 117,694 | 216 | ||||||||||
| Marsh & McLennan Cos Inc | |||||||||||||||
| 06-Apr-23 | b/fwd | 1,050 | 92,783 | 141,363 | |||||||||||
| 14-Jul-23 | Sales | 90 | 12,959 | 7,953 | 5,006 | ||||||||||
| 15-Feb-24 | Sales | 84 | 13,131 | 7,423 | 5,709 | ||||||||||
| 05-Apr-24 | c/fwd | 876 | 77,408 | 142,784 | 1,804 | ||||||||||
| Mastercard | Inc | ||||||||||||||
| 06-Apr-23 | b/fwd | 480 | 100,397 | 141,046 | |||||||||||
| 04-Aug-23 | Sales | 40 | 12,377 | 8,366 | 4,010 | ||||||||||
| 05-Apr-24 | c/fwd | 440 | 92,030 | 166,315 | 736 |
8
The Marcus Margulies Charitable Trust
Meridiem Schedule of Investments for the year ended 5 April 2024
| Opening Balances | Opening Balances | Acquisitions | Acquisitions | Disposals | Closing | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Units | Cost | Value | Units | Cost | Units | Proceeds | Cost | Profit/Loss | Units | Cost | Value | Income | |||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | |||||||
| Microsoft Corp | |||||||||||||||
| 06-Apr-23 | b/fwd | 500 | 59,145 | 116,560 | |||||||||||
| 05-Apr-24 | c/fwd | 500 | 59,145 | 168,645 | 966 | ||||||||||
| Next PLC | |||||||||||||||
| 06-Apr-23 | b/fwd | 1,155 | 91,668 | 75,907 | |||||||||||
| 13-Oct-23 | Sales | 45 | 3,155 | 3,571 | (416) | ||||||||||
| 05-Apr-24 | c/fwd | 1,110 | 88,096 | 97,924 | 2,350 | ||||||||||
| NIKE Inc | |||||||||||||||
| 06-Apr-23 | b/fwd | 425 | 38,753 | 42,136 | |||||||||||
| 16-Jun-23 | Purchases | 255 | 22,051 | ||||||||||||
| 16-Oct-23 | Purchases | 280 | 22,883 | ||||||||||||
| 05-Apr-24 | c/fwd | 960 | 83,687 | 67,619 | 736 | ||||||||||
| Roche Holding AG | |||||||||||||||
| 06-Apr-23 | b/fwd | 520 | 123,187 | 120,120 | |||||||||||
| 05-Apr-24 | c/fwd | 520 | 123,187 | 100,348 | 2,881 | ||||||||||
| Sonova Holding AG | |||||||||||||||
| 06-Apr-23 | b/fwd | - | - | - | |||||||||||
| 25-Sep-23 | Purchases | 26 | 5,157 | ||||||||||||
| 26-Sep-23 | Purchases | 26 | 5,095 | ||||||||||||
| 27-Sep-23 | Purchases | 60 | 11,774 | ||||||||||||
| 28-Sep-23 | Purchases | 66 | 13,003 | ||||||||||||
| 29-Sep-23 | Purchases | 58 | 11,285 | ||||||||||||
| 05-Apr-24 | c/fwd | 236 | 46,315 | 52,346 | - | ||||||||||
| Synopsys Inc | |||||||||||||||
| 06-Apr-23 | b/fwd | 470 | 106,761 | 146,766 | |||||||||||
| 14-Sep-23 | Sales | 120 | 43,983 | 27,258 | 16,725 | ||||||||||
| 27-Oct-23 | Sales | 30 | 11,424 | 6,815 | 4,610 | ||||||||||
| 05-Apr-24 | c/fwd | 320 | 72,689 | 145,900 | - |
9
The Marcus Margulies Charitable Trust
Meridiem Schedule of Investments for the year ended 5 April 2024
| Units Cost Value Units Cost Units £ £ £ Acquisitions Opening Balances Thermo Fisher Scientific Inc 06-Apr-23 b/fwd 365 103,949 170,102 19-Oct-23 Purchases 15 6,002 05-Apr-24 c/fwd Tractor Supply Co 06-Apr-23 b/fwd 730 59,314 138,765 05-Apr-24 c/fwd UnitedHealth Group Inc 06-Apr-23 b/fwd 335 68,306 127,987 19-Jan-24 Purchases 55 22,955 05-Apr-24 c/fwd WisdomTree Core Physical Gold 06-Apr-23 b/fwd 495 65,017 78,910 12-Jan-24 Purchases 240 38,244 05-Apr-24 c/fwd 4,142,730 4,842,668 960,317 |
Proceeds Cost Profit/Loss Units £ £ £ Disposals 380 730 390 735 1,197,225 1,036,971 160,254 |
Cost Value Income £ £ £ Closing 109,951 174,596 348 59,314 146,136 2,062 91,261 140,966 1,771 103,262 134,788 - 4,066,076 5,149,077 55,674 |
|---|---|---|
10
The Marcus Margulies Charitable Trust
Fundsmith LLP Schedule of Investments for the year ended 5 April 2024
----- Start of picture text -----
Opening Balances Acquisitions Disposals Closing
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Fundsmith Equity Fund I Class Inc
06-Apr-23 b/fwd 1,272,686 4,986,130 7,204,420
05-Apr-24 c/fwd 1,272,686 4,986,130 8,083,081 8,353
4,986,130 7,204,420 - - - - 4,986,130 8,083,081 8,353
----- End of picture text -----
1