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2021-04-05-accounts

Settfor: PenelopeDorothyRosenberg(deceased)
GoverningInstrument: Willdated17September2002whichwasprovedon16June
2014
Registration: RegistrationwiththeCharityCommissionwasapprovedon
21May2015
Trustees: MrDavidAnthonyFurst
MrMatthewDerekPintus
CharityAddress: MacfarlanesLLP
20CursitorStreet
London
EC4A1LT
CharityRegistration
Number: 1161777
Solicitors: MacfarlanesLLP
20CursitorStreet
London
EC4A1LT
IndependentExaminer: CPPotterFCA
Humphrey&Co
CharteredAccountantsandStatutoryAuditors
7-9TheAvenue
Eastbourne
EastSussexBN213YA
InvestmentManagers: Rothschild(CI)Limited
StJulian'sCourt
StJulian'sAvenue
StPeterPort
GuernseyGY13BP

Note 2021 2020
IncomeandExpenditure
Incomefrom:
ResidueoftheEstateofPenelopeRosenberg (deceased) 55.90
Investments 2 55,224.97 60,391.57
FinalliquidationpaymentreRubicon 23.98
WellsFargolitigationproceeds($1,415.73) 1,034.05
56,259.02 60,471.45
Expenditureon:
Raisingfunds
InvestmentManagementFees 51,500.63 50,618.52
LEIRegistrationFee 65.00 72.00
Charitableactivities
RevisedFundingcommitment 11 7,337.74 73,268.27
Donations 12 100,000.00 150,000.00
OtherExpenditure
MacfarlanesFees 13,262.40 13,264.80
Humphrey&CoFees 3,840.00 3,120.00
Totalresourcesexpended 176,005.77 290,343.59
Netgains(losses)oninvestments 6 1,690,169.96 (376,261.21)
Currencyadjustment 6 (10.73)
Netmovementinfunds 1,570,412.48 (606,133.35)
Fundbalancesat5April2020 4,860,761.79 5,466,895.14
Fundbalancesat5April2021 £6,431,174.27 £4,860,761.79
Allfundsareunrestricted

2 IncomefromInvestments 2021 2020
IncomefromOverseasSecurities 42,468.35 37,539.59
Incomereceived-UKEquities 11,470.28 21,608.42
InterestonCashDeposits 131.52 762.45
ExcessReportableIncome 1,154.82 481.11
£55,224.97 £22,851.98

Theanalysisofindependentexaminer'sremunerationisasfollows:
FeespayabletotheCharity'sindependentexaminerandassociates:
2021 2020
£ £
IndependentExaminationoftheCharity'saccounts 3,840.00 3,120.00
3,840.00 3,120.00

6 NetGains/(Losses)onInvestments
2021 2020
£ £
RevaluationofInvestments 1,594,848.59 (429,049.05)
Gain/LossonSaleofInvestments 123,340.11 68,938.87
Gain/LossonExchangeRateMovements (28,029.47) (16,151.03)
Currencyadjustment 10.73
1,690,169.96 (376,261.21)
7 Chattels
2021 2020
£ £
FairValue
At5April2021(seealso1.7onpage9) 60,000.00 60,000.00

8 FixedAssetInvestments
2021 2020
£ £
ListedInvestments 6,010,717.67 4,466,832.65

Shares Shares
2021 2020
r , £
CostorValuation
At5April2020 4,466,832.65 4,947,556.08
Additions 4,724,111.41 2,957,027.85
ValuationChanges 1,690,169.96 (376,261.21)
Disposals (4,870,396.35) (3,061,490.07)
At5April2021 6,010,717.67 4,466,832.65
CarryingAmount
At5April2021 6,010,717.67 4,466,832.65

9 FinancialInstruments 2021 2020
£ £
CarryingAmountofFinancialAssets
Debtinstrumentsmeasuredatamortisedcost
Equityinstrumentsmeasuredatmarketvalue 6,010,717.67 4,466,832,65
CarryingAmountofFinancialLiabilities
Measuredatamortisedcost 5,343.25 105,032.69
FinancialLiabilities:breakdown
Dividendincomeafter5.4.21 1,743.25 1,912.69
Donations 100,000.00
Humphrey&CoFees 3,600.00 3,120.00
Fundingcommitmentsduewithinoneyear 65,532.89 62,412.27
70,876.14 167,444.96
Fundingcommitmentsdueafteroneyear 18,809.52 84,342.40
89,685.66 251,787.36
10 Cashatbankandinhand
2021 2020
£ £
MacfarlanesLLP 303,162.56 333,597.44
Rothschild(CI)Limited 146,979.70 252,119.06
450,142.26 585,716.50

12 Donations 2021 2020
£ £
RIBA-StudentSupportFund 25,000.00 25,000.00
Guys-AirSealUnit 25,000.00
Guys-NursesLeagueFund 50,000.00
Guys-Covid-19Appeal 50,000.00
Guys-ICUSurvivorshipProject 75,000.00
100,000.00 150,000.00

Overseas
Tax&
Holding Date Gross Tax Expenses Net
£ £ £ £
OverseasDividends
AmericanExpress
CoRegShares 2,095 08/05/2020 727.94 109.20 618.74
2,622 10/08/2020 861.97 129.30 732.67
2,419 10/11/2020 787.88 118.19 669.69
10/02/2021 751.59 112.75 638.84
CableOneInc 91 12/06/2020 162.32 24.35 137.97
04/09/2020 171.36 25.71 145.65
79 11/12/2020 149.60 22.45 127.15
05/03/2021 141.89 21.29 120.60
CFMInstitutional
SystematicTrends
FundLtd 107 24/06/2020 1,847.32 1,847.32
Comcast
CorporatrionClassA 4,556 22/04/2020 850.67 127.60 723.07
22/07/2020 822.60 123.39 699.21
28/10/2020 803.51 120.53 682.98
27/01/2021 761.45 114.22 647.23
Constellation
SoftwareIncReg
Shares 64 11/01/2021 46.95 11.74 35.21
Deere&CoReg
Shares 1,094 08/05/2020 671.63 100.75 570.88
1,261 10/08/2020 732.33 109.85 622.48
1,158 09/11/2020 664.71 99.71 565.00
994 08/02/2021 549.58 82.44 467.14
FoxCorp-A-Reg
Shares 6,477 07/10/2020 1,154.63 173.20 981.43

Appendix
Overseas
Tax&
Holding Date Gross Tax Expenses Net
£ £ £ £
Lansdowne
DevelopedMarkets
LongOnlyFund
LimitedBGBP
Shares 999 01/06/2020 2,087.66 2,087.66
LindePlcReg
Shares 1,019 17/06/2020 782.30 782.30
18/09/2020 762.54 762.54
972 17/12/2020 691.76 691.76
853 22/03/2021 654.50 654.50
MastercardIncome
ClassAShares 596 08/05/2020 192.44 28.87 163.57
07/08/2020 181.37 27.21 154.16
09/11/2020 180.68 27.11 153.57
09/02/2021 190.13 28.53 161.60
MoodysCorporation
CommonUS$0.01
Shares 1,041 10/06/2020 455.95 68.39 387.56
936 10/09/2020 402.55 60.38 342.17
878 14/12/2020 368.24 55.24 313.00
18/03/2021 389.54 58.43 331.11
PentarisQAIFPlc
PhoenixUKFundsS
Shares 618 09/09/2020 1,905.95 1,905.95
PentarisQIAIFPlc-
RPhoenixUKFund
FShares 1,223 09/09/2020 3,040.63 3,040.63
PentarisQIAIFPlcR
AllardGrowthFund
PartingVandaFund
FUSDShares 1,118 09/09/2020 877.71 877.71
PentarisUCITSPlc-
RCFMTrendsFund
SharesWDhedged
GBPShares3 443 04/03/2021 403.53 403.53

Appendix
Overseas
Tax&
Holding Date Gross Tax Expenses Net
£ £ £ £
PentarisUCITSPlc
RIntrinsicValue
EuropeFundParting
ClassFUnhedged
GBPShares 1,040 09/09/2020 1,171.04 1,171.04
659 25/02/2021 401.93 401.93
RWealth
ManagementSICAV
SIFSelectFunds
Opportunities
Income1
DistributionShares 20,830 07/07/2020 187.47 187.47
S&PGlobalInc
RegShares 853 10/06/2020 447.18 67.08 380.10
785 10/09/2020 403.74 60.56 343.18
717 10/12/2020 357.54 53.64 303.90
10/03/2021 396.72 59.51 337.21
WellsFargo&Co
RegShares 5,372 01/06/2020 2,207.47 331.13 1,876.34
01/09/2020 400.11 60.02 340.09
01/12/2020 401.55 60.24 341.31
01/03/2021 383.75 57.57 326.18
32,985.91 2,730.58 30,255.33
OverseasSecurityInterestGross
MULyxorCoreUS
TipsETF-D-M-h
GBPDistribution
Shares 3,007 10/07/2020 1,683.92 1,683.92
RWealth
ManagementSICAV-
SIFInvestment
GradeBondIncome
1DistributionShares 64,994 29/06/2020 10,529.10 10,529.10
12,213.02 12,213.02

AdmiralGroupPlc
Ord1pShares 6,50901/06/2020 3,664.57 3,664.57
02/10/2020 5,936.21 5,936.21
AshteadGroupPlc
OrdlopShares 4,59911/09/2020 1,540.67 1,540.67
03/02/2021 328.83 328.83
11,470.28 11,470.28
ExcessReportableIncome
ACLAlternative
FundSACLtd-A-
AbbeyFocusFund
SeriesBShares 850.664530/06/2020 681.55 681.55
PentarisUCITSPlc-
RCFMTrendsFund
SharesWDHedged
GBPShares3 442.698030/06/2020 473.27 473.27
1,154.82 1,154.82
InterestonCashDeposits
Macfarlanes 131.52 131.52
£131.52 £131.52

2) Investmentsheld Investmentsheld at Investmentsheldat Investmentsheldat
5thApril2020 5thApril2021
Costor
2020 Unrealised
Holding Book MarketValue Holding Book Adjusted MarketValue gain/(loss)
Value Value Value
36SouthFundsPlc•
OkuraFundPtgC
Shares
215.4808 143,677.98
194,271.02
136.0702 90,945.01 122,885.57 91,082.66 (31,802.91)
36SouthFundsPlc
EF-OkuraFundC
Shares 314.02 322.02
314.02
ACLAlternative
FundSACLtd-A-
AbbeyFocusFund
SeriesAShares 1,230 94,957.16
97,739.57
ACLAlternative
FundSACLtd-A-
AbbeyFocusFund
SeriesBShares
1,690.4572 138,256.18 141,038.59 144,315.37 3,276.78
AdmiralGroupPlc
Ord1pShares 8,001 127,591.17
176,022.00
5,735 91,455.48 126,170.00 175,318.95 49,148.95
AmericanExpress
CoRegShares 2,095 99,722.58
126,216.18
2,419 124,796.81 149,239.23 255,454.52 106,215.29
AshteadGroupPlc
Ord10pShares 4,599 98,290.33
73,836.95
4,599 98,290.33 73,836.95 205,713.27 131,876.32
BerkshireHathaway
IncomeRegistered
BShares 1,343 120,824.43
196,055.02
1,124 101,121.86 164,084.77 213,455.17 49,370.40
BNPParibasIss
18.06.21S&P500
USD2700put 62 7,889.52 7,889.52 178.41 (7,711.11)
BookingHoldings
IncCornUSD0.008 41 54,400.20 54,400.20 71,416.66 17,016.46
CableOneInc 91 48,176.88
114,444.06
79 41,823.88 99,352.54 106,662.28 7,309.74
CFMInstitutional
SystematicTrends
EquityCapped
FundRedPig
Shares 91.5639 91,994.02 91,994.02 90,379.98 (1,614.04)
CFMInstitutional
SystematicTrends
FundLtd 107.4996 117,000.00
120,290.98
74.184 80,740.10 83,010.71 90,326.44 7,315.73
Charter
Communications
IncClass'A'
CommonUS$1.00
Stock 227 54,080.34
80,606.23
198 47,171.40 70,308.52 86,681.37 16,372.85
CitigroupWarrants
17.12.2021S&P
500USD3000put 85 8,650.81 8,650.81 2,816.54 (5,834.27)
CitigroupWarrants
18.03.2022
ESTX50EurPEUR
3300put 68 6,123.94 6,123.94 6,031.36 (92.58)

2) Investmentsheld Investmentsheld at Investmentsheldat Investmentsheldat
5thApril2020 5thApril2021
Costor
2020 Unrealised
Holding Book MarketValue Holding Book Adjusted MarketValue gain/(loss)
Value Value Value
CitigroupWarrants
18.12.2020
ESTX50EurP
3100 58 5,333.97
28,658.39
CitigroupWarrants
18.12.2020S&P
500USD2800put 57 5,267.58
21,377.39
CitigroupWarrants
19.03.2021
ESTX50EURP
EUR3250put 92 8,377.78
57,782.25
CitigroupWarrants
19.06.2020S&P
500USD2500put 93 5,213.49
12,381.22
Comcast
CorporationClassA 4,556 129,496.32
126,612.53
4,556 129,496.32 126,612.53 180,513.92 53,901.39
Constellation
SoftwareIncReg
Shares 64 55,527.07 55,527.07 65,799.05 10,271.98
Deere&CoReg
Shares 1,194 75,334.06
132,452.73
790 51,808.62 87,592.70 214,084.23 126,491.53
EFofACL
AlternativeFund
SACLtd-Abbey
FocusFundSeries
BShares 589.90 438.09 438.09 426.51 (11.58)
EurofinsScientific
SEEur0.01Shares 890 53,982.20 53,982.20 63,153.40 9,171.20
FoxCorp-A-Reg
Shares 6,477 176,495.41
118,231.16
4,588 125,020.99 83,749.35 120,745.57 36,996.22
JPMorganSP
18.09.20S&P500
2450put 75 5,165.18
14,532.99
Lansdowne
DevelopedMarkets
LongOnlyFund
LimitedBGBP
Shares 999.497166 104,000.00
88,892.60
999.497166 104,000.00 88,892.60 154,842.10 65,949.50
LibertyBroadband
CorpSeriesCReg
Shares 399 25,953.11
35,404.25
399 25,953.11 35,404.25 42,980.99 7,576.74
LindePlcReg
Shares 957 80,279.95
127,007.25
853 74,514.01 113,629.21 176,014.89 62,385.68
LloydsBanking
GroupPlcOrd10
Shares 343,802 227,108.80
95,319.10
343,802 227,108.80 95,319.10 147,044.12 51,725.02
MastercardIncome
ClassAShares 596 96,564.36
115,638.59
596 96,564.36 115,638.59 158,715.00 43,076.41
MiddlebyCorpReg
Shares 972 86,126.02
38,755.88

Appendix
2) Investmentsheld at Investmentsheldat
5thApril2020 5thApril2021
Costor
2020 Unrealised
Holding Book MarketValue Holding Book Adjusted MarketValue gain/(loss)
Value Value Value
MoodysCorporation
CommonUS$0.01
Shares 1,041 114,172.83
177,915.43
878 96,295.63 150,057.40 197,354.80 47,297.40
PentarisQAIFPlc-
BaresUSEquity
FundSharesF 2,057.212 165,123.80
184,273.79
1,278.550 102,623.86 114,525.51 245,114.13 130,588.62
PentarisQAIFPlc-
PhoenixUKFunds
SShares 617.611 61,761.10
40,286.59
617.611 61,761.10 40,286.59 72,187.28 31,900.69
PentarisQAIFPlc-
RPhoenixUKFund
FShares 1,222.611 120,677.46
85,134.93
1,222.611 120,677.46 85,134.93 152,903.42 67,768.49
PentarisQAIFPlc
ArtemisVolatility
TradingFundF
USDShares 599.214 44,957.99
53,679.49
599.214 44,957.99 53,679.49 40,923.27 (12,756.22)
PentarisQAIFPlc
RAllardGrowth
FundPartingVanda
FUSDShares 1,461.434 103,672.36
159,054.44
1,117.964 79,307.45 121,673.71 175,001.66 53,327.95
PentarisUCITSPlc•
RCFMTrends
FundSharesWD
HedgedGBP
Shares3 442.698 44,269.80
45,881.22
PentarisUCITSPlc
RIntrinsicValue
EuropeFund
PartingClassF
UnhedgedGBP
Shares 1,040 112,608.49
132,751.24
PetersThematic
SPCFundLtdOne
RiverDynamic
ConvesitySegPort
Shares 61 61,000.00 61,000.00 61,000.00
RWealthMan
SICAV-SIF-
InflationFocus
FundIncXDist
Shares 7,011.949 515,781.40 515,781.40 505,756.37 (10,025.03)
RWealth
Management
SICAVSIFSelect
FundsOpportunities
Income1
DistributionShares 20,830 231,416.76
272,664.70
20,830 231,416.76 272,664.70 378,064.50 105,399.80
RWealth
Management
SICAV-SIF
InvestmentGrade
BondIncome1
DistributionShares 78,011.587 781,552.62
782,456.21
63,718.413 637,400.42 638,127.70 633,361.03 (4,766.67)
Appendix
2) Investmentsheldat Investmentsheldat
5thApril2020 5thApril2021
Costor
2020 Unrealised
Holding Book MarketValue Holding Book Adjusted MarketValue gain/(loss)
Value Value Value
RyanairHoldings
PlcOrdEur0.00635
Shares 18,632
175,681.44
141,288.02
15,204

143,358.77

115,293.21
218,437.51 103,144.30
S&PGlobalInc
RegShares 853
116,167.37
166,738.75 717
97,645.96

140,157.37
190,341.18 50,183.81
Topicus.Com Inc
SubordVtgReg
Shares 576
19,850.53

19,850.53
27,662.06 7,811.53
WellsFargo&Co
RegShares 5,372
186,954.60
115,342.00 5,372
186,954.60

115,342.00
153,341.45 37,999.45
£4,194,375.54 £4,550,309.17 £4,327,105.04 £4,499,345.60 £5,915,601.42 £1,416,255.82
Unrealisedgain/lossarisingfromunsettledForward CurrencyTransactions
Contract ForeignCurrency Contract ForeignCurrency
UnitHolding UnitHolding
30/04/20-05/05/20 FWD:EURVS
GBP (343,000) (5,446.70)
22/04/20-24/04/20 FWD:USDVS
GBP (1,199,000) (64,158.18)
22/04/20-24/04/20 FWD:USDVS
GBP (291,000) (13,871.64)
(83,476.52)
MarketValue £4,466,832.65
28/04/21 -30/04/21FWD:EUR
VSGBP (329,000) 18,488.72 18,488.72
28/04/21 -30/04/21FWD:EUR
VSGBP (77,000) 4,548.44 4,548.44
28/04/21 -30/04/21FWD:EUR
VSGBP 77,000 (1,005.00) (1,005.00)
Unrealisedgain/lossarisingfromunsettledForward CurrencyTransactions
Contract ForeignCurrency Contract ForeignCurrency
UnitHolding UnitHolding
21/04/21 -23/04/21FWD:USD
VSGBP (1,623,000) 70,780.11 70,780.11
21/04/21 -23/04/21FWD:USD
VSGBP 103,000 (2,862.66) (2,862.66)
21/04/21 -23/04/21FWD:USD
VSGBP (297,000) 4,156.01 4,156.01
21/04/21 -23/04/21FWD:USD
VSGBP (170,000) 681.78 681.78
21/04/21 -23/04/21FWD:USD
VSGBP (277,000) 328.85 328.85
£95,116.25 £95,116.25
MarketValue £6,010,717.67 £1,511,372.07

Acquisitions Holding Date Cost Event
36SouthFunds
Plc-OkuraFund
PtgCShares 22/05/20 322.02 FromTransfer
ACLAlternative
FundSAC
LimitedAGBP
HedgedShares 30/06/20 681.55 Accumulation
187.317 04/11/20 14,518.53 Purchase
331.675 24/03/21 28,098.94 Purchase
1168.13 01/04/21 94,957.16 FromConversion
3.336 01/04/21 BonusIssue
American
ExpressCoReg
Shares 176 06/04/20 11,852.61 Purchase
351 15/04/20 23,694.44 Purchase
BNPParabasIss
18.06.21S&P
500USD2700
put 62 06/07/20 7,889.52 Purchase
BookingHoldings
IncCom
USD0.008 9 15/06/20 11,713.10 Purchase
27 16/06/20 36,141.01 Purchase
5 17/06/20 6,546.09 Purchase
CFMInstitutional
Systematic
TrendsEquity
CappedFund
RedPtgShares 60.528 12/03/21 60,528.08 Purchase
31.036 22/03/21 31,465.94 Purchase
Citigroup
Warrants
17.12.2021S&P
500USD3000
put 85 08/12/20 8,650.81 Purchase

Appendix
Acquisitions Holding Date Cost Event
Citigroup
Warrants
18.03.22ESTX50
EurP3300put 68 31/03/21 6,123.94 Purchase
Citigroup
Warrants
18.12.20ESTX50
EurP2250put 108 24/04/20 10,890.31 Purchase
Citigroup
Warrants
18.12.20ESTX50
EURPEUR2600
put 111 24/04/20 23,040.04 Purchase
Constellation
SoftwareIncReg
Shares 3 18/11/20 2,676.06 Purchase
6 19/11/20 5,383.31 Purchase
2 20/11/20 1,802.35 Purchase
15 23/11/20 14,014.61 Purchase
33 24/11/20 30,961.92 Purchase
5 25/11/20 4,668.82 Purchase
Deere&CoReg
Shares 67 18/05/20 7,362.98 Purchase
EFofACL
AlternativeFund
SACLtd-Abbey
FocusFundSeries
BShares 197.450 04/11/20 152.46 Purchase
392.450 24/03/21 285.63 Purchase
EurofinsScientific
SEEur0.01
Shares 270 19/11/20 16,405.18 Purchase
126 23/11/20 7,760.72 Purchase
278 24/11/20 16,834.06 Purchase
108 25/11/20 6,488.44 Purchase
64 26/11/20 3,834.19 Purchase
44 27/11/20 2,659.61 Purchase

Appendix
Acquisitions Holding Date Cost Event
EurofinsScientific
SEEur0.10
Shares 26 10/11/20 15,780.40 Purchase
1 16/11/20 624.78 Purchase
LindePlcReg
Shares 62 06/04/20 8,735.03 Purchase
muLyxor
CoreUSTip[s
ETF-D-M-h-GBP
Distribution
Shares 3,007 11/06/20 326,211.69 Purchase
PentarisUCITSPlc-
RCFMTrends
FundSharesWD
HedgedGBP
Shares3 30/06/20 473.27 Accumulation
PetersThematic
SPCFundLtdOne
RiverDynamic
ConvesitySegPort
Shares 61 26/02/21 61,000.00 Purchase
RWealthMan
SICAV-SIF-
InflationFocus
FundIncXDist
Shares 2,380.40 14/01/21 175,906.97 Purchase
2,390 19/01/21 175,090.30 Purchase
2,241.549 05/02/21 164,784.13 Purchase
RWealth
Management
SICAV-SIF
InvestmentGrade
BondIncome1
Distribution
Shares 18,286.63 21/09/20 181,951.98 Purchase

Topicus.Com Inc
SubordVtgReg
Shares 119 23/12/20 3,980.00
57 03/02/21 1,915.23
113 04/02/21 3,856.16
63 05/02/21 2,287.84
59 08/02/21 2,071.13
90 09/02/21 3,147.97
63 10/02/21 2,148.70
12 11/02/21 444.54
£1,628,814.55
MarketValue
Holding Date atAcquisition Event
FWD:USDV'S
GBP 1,490,000 22/04/20 1,193,539.19 Purchase
143,000 21/10/20 112,273.98 Purchase
1,541,000 21/10/20 1,185,110.22 Purchase
FWD:EURV'S
GBP 343,000 29/04/20 300,013.11 Purchase
62,000 28/10/20 56,740.35 Purchase
273,000 28/10/20 247,620.01 Purchase
£3,095,296.86
Total £4,724,111.41
Holding Date MarketValue/ Proceeds Profit/ Event
Conversion (Loss)
Cost
Disposals
36SouthFundsPlc•
OkuraFundPtgC
Shares 11.9570 22/05/20 10,798.45 9,632.62 (1,165.83) Sale
33.0130 22/05/20 29,814.27 26,594.88 (3,219.39) Sale
11.6610 22/05/20 10,531.13 9,394.07 (1,137.06) Sale
4.1320 22/05/20 3,731.64 3,281.16 (450.48) Sale
18.6290 22/05/20 16,823.98 15,007.32 (1,816.66) Sale
0.0190 01/01/21 Adjustment

Holding Date MarketValue! Proceeds Profit/ Event
Conversion (Loss)
Cost
Disposals
36SouthFundsPlc
EF-OkuraFundC
Shares 314.0200 22/05/20 322.02 322.02 Transfer
ACLAlternative
FundSACLtd-A-
AbbeyFocusFund
SeriesAShares 1,230.00 01/04/21 94,957.16 94,957.16 Conversion
AdmiralGroup
PlcOrd1p
Shares 155 06/04/20 3,410.00 3,411.72 1.72 Sale
283 07/04/20 6,226.00 6,228.30 2.30 Sale
33 08/04/20 726.00 726.94 0.94 Sale
123 08/04/20 2,706.00 2,709.56 3.56 Sale
64 09/04/20 1,408.00 1,413.99 5.99 Sale
213 14/04/20 4,686.00 4,697.29 11.29 Sale
61 15/04/20 1,342.00 1,347.32 5.32 Sale
410 17/04/20 9,020.00 9,019.94 (0.06) Sale
150 20/04/20 3,300.00 3,301.97 1.97 Sale
124 07/12/20 2,728.00 3,479.98 751.98 Sale
416 08/12/20 9,152.00 11,737.37 2,585.37 Sale
234 09/12/20 5,148.00 6,551.81 1,403.81 Sale
AmericanExpress
CoRegShares 99 15/09/20 6,107.76 8,149.72 2,041.96 Sale
104 16/09/20 6,416.24 8,519.49 2,103.25 Sale
BerkshireHathaway
IncomeRegistered
BShares 83 23/10/20 12,116.58 13,505.52 1,388.94 Sale
69 30/11/20 10,072.82 11,809.24 1,736.42 Sale
67 30/11/20 9,780.85 11,526.59 1,745.74 Sale
CableOneInc 12 23/10/20 15,091.52 17,592.63 2,501.11 Sale
CFMInstitutional
SystematicTrends
FundLtd 33.316 22/03/21 37,280.27 40,985.52 3,705.25 Sale
Charter
Communications
IncClass'A'
CommonUS$1.00
Stock 29 23/10/20 10,297.71 13,092.90 2,795.19 Sale

Holding Date MarketValue/ Proceeds Profit/ Event
Conversion (Loss)
Cost
Disposals
CitigroupWarrants
18.12.2020
ESTX50EurP2250
put 108 04/01/21 10,890.31 0.00 (10,890.31) WarrantsExpired
CitigroupWarrants
18.12.2020
ESTX50EurP3100 29 24/04/20 14,329.20 10,947.06 (3,382.14) Sale
29 29/10/20 14,329.19 5,240.94 (9,088.25) Sale
CitigroupWarrants
18.12.2020S&P
500USD2800put 57 04/01/21 21,377.39 0.00 (21,377.39) WarrantsExpired
CitigroupWarrants
18.12.2020
ESTX50EurPEur
2600put 111 19/03/21 23,040.04 0.00 (23,040.04) WarrantsExpired
CitigroupWarrants
19.03.2021
ESTX50EURP
EUR3250put 46 24/04/20 28,891.13 23,000.00 (5,891.13) Sale
46 29/10/20 28,891.12 14,678.04 (14,213.08) Sale
CitigroupWarrants
19.06.2020S&P
500USD2500put 93 09/07/20 12,381.22 0.00 (12,381.22) WarrantsExpired
Constellation
SoftwareIncReg
Shares 23/12/20 3,980.00 3,980.00 Spinoff
Deere&CoReg
Shares 52 15/09/20 5,765.60 8,625.90 2,860.30 Sale
51 16/09/20 5,654.72 8,512.89 2,858.17 Sale
46 23/10/20 5,100.34 8,407.37 3,307.03 Sale
118 23/11/20 13,083.47 23,107.47 10,024.00 Sale
141 23/03/21 15,633.64 37,217.87 21,584.23 Sale
63 24/03/21 6,985.24 16,730.68 9,745.44 Sale
EurofinsScientific
SEEur0.10Shares 27 19/11/20 16,405.18 16,405.18 StockSplit

Holding Date MarketValue/ Proceeds Profit/ Event
Conversion (Loss)
Cost
Disposals
FoxCorp-A-Reg
Shares 417 19/01/21 7,611.92 9,268.27 1,656.35 Sale
1472 20/01/21 26,869.89 32,777.50 5,907.61 Sale
JPMorganSP
18.09.20S&P500
2450put 75 02/10/20 14,532.99 0.00 (14,532.99) WarrantsExpired
LindePlcReg
Shares 47 23/10/20 6,260.93 8,473.43 2,212.50 Sale
119 02/12/20 15,852.14 22,419.18 6,567.04 Sale
MiddlebyCorpReg
Shares 84 07/04/20 3,349.27 3,785.44 436.17 Sale
111 08/04/20 4,425.83 5,013.14 587.31 Sale
173 09/04/20 6,897.91 8,041.27 1,143.36 Sale
2 13/04/20 79.74 88.74 9.00 Sale
5 14/04/20 199.36 219.66 20.30 Sale
55 28/04/20 2,192.98 2,448.39 255.41 Sale
542 29/04/20 21,610.79 25,405.57 3,794.78 Sale
MoodysCorporation
CommonUS$0.01
Shares 72 09/06/20 12,305.39 15,529.05 3,223.66 Sale
33 10/06/20 5,639.97 7,170.93 1,530.96 Sale
12 15/09/20 2,050.90 2,671.49 620.59 Sale
26 16/09/20 4,443.61 5,773.01 1,329.40 Sale
20 17/09/20 3,418.16 4,349.12 930.96 Sale
MULyxorCoreUS
TipsETF-D-M-h-
GBPDistribution
Shares 122 23/10/20 13,235.06 13,523.04 287.98 Sale
1,328 14/01/21 144,066.89 149,029.89 4,963.00 Sale
1,557 19/01/21 168,909.74 175,123.11 6,213.37 Sale
PentarisQAIFPlc-
BaresUSEquity
FundSharesF 527.684 23/06/20 47,267.04 75,828.79 28,561.75 Sale
169.179 10/11/20 15,154.13 29,859.65 14,705.52 Sale
81.799 08/12/20 7,327.11 14,813.96 7,486.85 Sale

Holding Date MarketValue/ Proceeds Profit! Event
Conversion (Loss)
Cost
Disposals
PentarisQAIFPlcR
AllardGrowthFund
PartingVandaF
USDShares 0.008 06/04/20 0.00 0.00 Adjustment
110.142 02/07/20 11,987.32 14,055.82 2,068.50 Sale
120.990 04/08/20 13,167.96 16,243.46 3,075.50 Sale
112.330 01/09/20 12,225.45 17,136.52 4,911.07 Sale
PentarisUCITSPlc-
RCFMTrends
FundSharesWD
HedgedGBP
Shares3 442.698 11/03/21 46,354.49 47,612.16 1,257.67 Sale
PentarisUCITSPlc
RIntrinsicValue
EuropeFund
PartingClassF
UnhedgedGBP
Shares 381.102 21/09/20 48,645.93 61,243.73 12,597.80 Sale
658.898 04/03/21 84,105.31 112,183.91 28,078.60 Sale
RWealth
Management
SICAV-SIF
InvestmentGrade
BondIncome1
DistributionShares 13,017.159 11/06/20 130,364.35 131,212.96 848.61 Sale
3,176.393 26/10/20 31,810.97 31,605.11 (205.86) Sale
16,386.252 05/02/21 164,105.17 163,043.21 (1,061.96) Sale
RyanairHoldings
PlcOrdEur0.00635
Shares 1,243 23/10/20 9,425.77 14,713.64 5,287.87 Sale
818 16/11/20 6,202.96 11,338.48 5,135.52 Sale
88 20/11/20 667.31 1,218.84 551.53 Sale
1,166 23/11/20 8,841.88 16,225.63 7,383.75 Sale
113 24/11/20 856.89 1,575.94 719.05 Sale
S&PGlobalInc
RegShares 56 09/06/20 10,946.51 14,383.16 3,436.65 Sale
12 10/06/20 2,345.68 3,100.47 754.79 Sale
30 15/09/20 5,861.20 8,261.80 2,400.60 Sale
38 16/09/20 7,427.99 10,499.29 3,071.30 Sale

Holding Date MarketValue/ Proceeds Profit/ Event
Conversion (Loss)
Cost
Disposals
Topicus.Com Inc
SubordVtgReg
Shares 23/12/20 1.04 1.04 CashFraction
£1,679,778.12 £1,803,118.23 £123,340.11
Foreign MarketValueat
Currency Dateof Purchaseof MarketValueat RealisedProfit/
Contract UnitHolding Settlement Forward SaleofForward Loss Event
FWD:USDV'S
GBP 1,199,000
22/04/20

960,438.58

916,935.16

(43,503.42)
Settlement
291,000
22/04/20

233,100.61

224,242.20
(8,858.41) Settlement
1,485,000
21/10/20

1,144,070.98

1,185,643.89
41,572.91 Settlement
199,000
21/10/20

153,313.22

149,552.54
(3,760.68) Settlement
FWD:EURV'S
GBP 343,000
29/04/20

300,013.11

297,625.56
(2,387.55) Settlement
335,000
28/10/20

304,360.36

293,278.77
(11,081.59) Settlement
3,095,296.86
3,067,278.12
(28,018.74)
Totals £4,775,074.98 £4,870,396.35 £95,321.37