Charity Registration No. 1161777 THE ROSENBERG MEMORIAL FUND ANNUAL REPORT AND FINANCIAL STATEMENTS For the year to 5 April 2023
THE ROSENBERG MEMORIAL FUND LEGAL AND ADMINISTRATIVE INFORMATION Settlor: Penelope Dorothy Rosenberg Ideceased} Governing Instrument: Will dated 17 September 2002 which was proved on 16 June 2014 Registration: Registration with the Charity Commission was approved on 21 May2015 Trustees: Mr David Anthony Fursl Mr Matthew Derek Pintus Charity Address: Ma¢farlanes LLP 20 Cursrtor Street London EC4A 1LT Charlty R&glstratlon Number.. 1161777 Administrators: The Hedley Foundation Victoria House 1-3 College Hill London EC2R 2RA Independent Examiner: Emily Smith ACA Humphrey & Co Chartered Accountants and Statutory Auditors 7- 9 TheAvenue Easlbourne East Sussex 8N21 3YA Investment Managers.. Rothschild ICII Limited Sl Julian's Court Sl Julian's Avenue Sl Peter Port Guernsey GY13BP
THE ROSENBERG MEMORIAL FUND TRUSTEES. REPORT FOR THE YEAR ENDED S APRIL 2023 The Trustees present their Report and Accounts for the year to 5 April 2023. The Accounts have been prepared in a¢¢ordan¢e with the accounting policies set out in Note 110 the Accounts and Comply with the Charills governing instrument, the Charities Act 2011 and ' Accounting and Reporting by Charities '. Slalemenl of Recommended Pra¢li¢e applicable lo charities preparing their Accounts in a¢cordan¢e wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effe¢live 1 January 20191. Objectives and Activities for the Public Benefit The objects of the Charity allow the Trustees discretion to apply the income and capital of the Charty for such charitable purposes as they from time lo lime decide. The Trustees confimi that they have referred lo the guidance contained in the Charity Commission general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities and setting the donations policy for the peri(MJ. The Charity carries out these objects by makirig donations to various registered charities for the benefit of students sludwng in the fields of medicine, architecture and the applied arts and general charitable purpK)ses for the advancement of health or saving lives. education and training. Achievements and Performance It is the aim of the Trustees lo distribute annualty the total income of the Charty. No donations were made dijring the year. As per Note 1110 the Accounts there are ongoing funding commilmenls. Financial Revlew At the year end the total Fund was valued al £5,763,391.94 The Trust's income Consists of investment income which is distributed to various charitable organisations al the Trustees, discretion. 11 is the aim of the Trustees to maintain a balance between investments for capital growth and income generation and lo maintain readily a¢¢essible cash funds sufficient lo fund anlicipaled chari(able donations over the coming year. The Charity's reserves are primarily investments which are held lo generalo income and capital growih, which provide funds to make grants in accordan with the Charity's objectives. Free cash reserves total £836,254 81 the year end and the trustees consider that the level of reserves is appropriate lo meet current activities. Further reserves can be met with the liquidation of a proportion of investments rf required. The Trustees have assessed the major risks lo which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. Investment petformance is monitored regularly by the Iruslees including wa presentations by the investment managers. The Trustees consider that the spread of risk within the investment portfolio is well placed lo weather the current financial uncertainties. The Trustees aim, year on year, to distribute all available income after expenses to charitable organisations.
THE ROSENBERG MEMORIAL FUND TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2023 Structure. Governance and Management The Rosenberg Memorial Fund was established under the terms of the Will dated 17 September 2002 of Penelope Dorothy Rosenberg who died 2 March 2014 and is a regISted Charity number 1161777. The Trustees who served during the period were.. Mr David Anthony Fursl Mr Matthew Derek Pinlus The power of appointing new Trustees is vested in the surviving or continuing Trustees in accordance with S36 Trustee Act 1925. Trustees are selecleLI having regaid to both their general experience. and their knowledge and experience of the objects of the trust, and any personal knowledge of the existing trustee5. Professional advice is available lo new trLJslees from the Iruslees, solicitors for training purposes regarding the duties of a Iruslee. All Trustees give of their lime freely and no Iruslee remuneration was paid in the year. Trustees are required to disclose all relevant interests and to wlthdraw from decisions where a conflict of interest arises. Rothschild are the Trust's investment adviser whose brief is lo advise and manage an investment portfolio on 8 discretionary basis. Investments held al 5 April 2023 were acquired in accoidan¢e with the powers of the Trustees. The investment strategy is set by the Trustees and in doing so the Trustees have regard lo the income requirements, the risk profile and their investment manager's view of market prospects in the medium term.
THE ROSENBERG MEMORIAL FUND TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2023 Statement of Tru$t•es' Responsibilitias The Trustees ate responsible for preparing the Trustees, Report and the Accounts in accordance with 8pplicable law and Unvced Kingdom AccoLJnling Standards (United Kingdom Generally Accepted Accountancy Practi1. The Law applicable to charities in England and Wales requires the Trustees to prepare Accounts for each financial period which give a true and fair view Of the slate of affairs of the Charity and of the incoming resources and application of resources of the Charty for that period. In preparing these Accounts, the Trustees are required to'.- select suitable accounting policies and apply them consislènlly", observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject lo any materia1 departures disclosed and explained in the Accounts.. prepare the Accounts on the going concern basis Ljnless it is inappropriate lo piesume that the Charity will continue in operation. The Trustees are responsible for keeping sufficient accounting records which discbse with reasonable accuracy 81 any lime the financial position of the Charity and lo enable them lo ensure that the Accounts comply with the Charities Act 2011, the Charity (Accounts and Reportsl Regulations 2008 and the provision5 of the Trust Deed. They are also responsible for safeguarding the assets of the Charty and hence for taking reasonable steps for the pievention and deteclK)n of fraud and other irregularities. The Trustees, Report was approved by the Board of Trustees. Approved by the Trustees and signed on their behalf by: Mr Furs Mr Mallhe Pinlus Dated .2023
THE ROSENBERG MEMORIAL FUND Independent Examinerfs Report to the Trustees of The Rosenberg Memorial Fund I report lo the Iruslees on my examination of the aOunt$ of The Rosenberg Memorial Fund for the year ended 5 April 2023, which are set out on pages 6 to 15. Responsibilities and basis of report As the charity Iruslees you are responsible for the preparation of the accounts in accordan with the requirements of the Charfcies Act 2011 Ilhe Charities Acl}. I report in respect of my examination of the Trustees, accounts carried out under Section 145 of the 2011 Act and in Carrying out my examination I have followed all the applicable Directions given by the Charity Commission under Section 14515}Ibl of the 2011 Act. Independent Examlnerfs Statement I have completed my examination. I confirm that no material matters have come to my attention in eonnection with the examination giving me cause to believe that in, any material respect". 11 accounting records were not kept in accordance with section 130 of the Charities Act., or 21 the accounts do not accord with those rewrds., or 31 the accounts do not comply with the applicable requirements concerning the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair, view which is not a matter conSided as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. 14 December 2023 Date................................... Name Emily Smith ACA Humphrey & Co Chartered Accountants 7-9TheAvenue Easlbourne East Sussex BN21 3YA
THE ROSENBERG IJIEMORIAL FUND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT For the year ended 5 April 2023 Note 2023 2022 Income and Expenditure Incorne from- Investments Wells Fargo lilFgalion proceeds1$198.511 45,416 52 39,058.95 132.65 39,191.60 45,416.52 Expenditure on: Raisin funds Investment Management Fees Bank Charges LEI Registration Fees 49,444.21 60.529.65 15.00 150.00 Charitable activities Grants via funding commitments.. Previous Funding Commitment New Funding Commrtment 11 940 48 408,181.45 4,217.11 Other Ex enditure Macfarlanes Fees Humphrey & Co Fees 12,658.80 2,580.00 13,606.20 3,780.00 Total resources gxpended 473,954.94 82,147.96 Extraordinary Items Adjustment lo Book Value of Chattels 159,500.001 Net gains {lossesl on investments Curren¢y adjustment (236,015.901 157.201 96,795.87 2,489.68 Net movement in funds Fund balances at 5 April 2022 (664,611.521 6,428.003.46 {3,170.81) 6,431,174.27 Fund balances at 5 April 2023 £5,763,391.94 £6,428,003.46 All funds are unrostricted
THE ROSENBERG MEMORIAL FUND BALANCE SHEET at 5 April 2023 Note 2023 2022 Fixed Assets Investments 4,950,947.03 5,601,516.38 Current Assets Chattels Cash at bank and in hand 500.00 934,946 36 935,446.36 500.00 849,736 23 850,236.23 10 Current Liabilities Creditors.. Amounts falling due wi(hin one year 199,191.931 123,749.151 Net Current assets 836,254.43 826,487.08 Long Tenn Liabilities Creditors.. Amounts falling due after one year 123,809.521 Total assets less Currant liabiltties £5,763,391.94 £6,428,003.46 Unrestrictgd Funds £5,763,391.94 £6,428,003.46 The Accounts wer Mr David Fursl Trustee MIMa Truste hew Pintu
THE ROSENBERG MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS for the year to S Aprll 2023 1 Accounting Policies Chaty Information The Rosenberg Memorial Fund was established under the terms of the Will dated 17 September 2002 of Penelope Dorothy R05enberg who died 2 March 2014 and is a registered Charity number 1161777. 1.1 Accounting Convention These Accounts have been prepared in accordance wvch FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" IFRS 102.1, 'Accounling and Reporting by Charities the Statement of Recommended Practice for chari(ies applying FRS 102 the Charities Act 2011 and UK Generally Accepted Accounting Practice . The Charity is a Public Benefit Enlty as defined by FRS 102. To ensure that the accounts show a true and fair view, the trustees have not complied fully with the Charities (Accounts and Reports) Regulations 2008 8s these refer specifically to the previous 2005 SORP and have not been updated lo reflect the changes in legislation to the FRS102 SORP. The Accounts are prepared in sterling, which is the functional currency of the charity. The Accounts have been prepared under the histOriC81 cost convention. The principal accounting policies adopted are set out below. 1.2 Going Concern Al the lime of approving the Accounts, the trustees have a reasonable expectstion that the Charty has adequate resources lo continue in operational exislen¢e for the foreseeable future. Thus the trustees, continue to adopt the going concern basis of accounting in preparing the Accounts. 1.3 Charitable Funds Unreslricled funds S available for use al the discretion of the trustees in furtherance of their charrtable objectives unless the funds have been designated for other purposes. 1.4 Incomlng Resources Income is recognised when the charity is legalty entitled to il after any performance conditions have been mel, the amounts can be measured reliably, and it is probable that income will be received. The Charity is a registered Charity and therefore is not liable for income lax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. 1.5 Resources Expended Expenditure ts recognised on an accrual basis as a liability is incurred. Costs of generating funds comprise the Investment Managers. costs associated with the management of the investment portfolio in accordance wi(h the strategy sel by the Trustees. These also include Solicitors, management fees in connection with the management of the Charity.
THE ROSENBERG MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS forth8 year to 5 April 2023 Charitable expendf(ure in the form of donations payable is accounted for as and when approved by the Trustees and when due for payment. Other costs include those costs associated with meeting the conslilulional and statutory requirements of the Charity and include the Independent Examination fees and legal costs linked lo strategic management of the Charity 1.6 Fixed Asset Investment Policy and Derivatives Investments are ini(ially recognised al their transaction value and subsequently measured by their market value as at the Balance Sheet dale. Listed investments are slated at the mid price on the London Stock Exchange and the bid prices provided by the Fund Managers for unil trust holdings. Gains and losses on investment assets are credited, or debrted, lo the Statement of Financial Activities in the year in which they arise. Derivatives are initially recognised al their fair value on the day they are entered into and are subsequently measured at the fair value prevailing al the time. The fair value of derivatives corresponds lo the present value of eslimaled future cash flows. The fair value of currency forwards is based on the forward exchange as al the balance sheet dale. 1.7 Forward Currency Transactlons Forward currency contracts are agreements lo buy or sell Cuffency 81 a predetemiined price on a specified future dale Gains or losses on forward currency transactions within the trading portfolio, where such transactions are opened and Closed off in the accounting period, are recognised wrthin realised gains or losses in the Statement of Financial Activities calculated via the drfference in the market value of the currency from trade dale lo selllemenl date. Where forward currency transactions remain open al the end of the financial period the fair value of the transaction is measured al the loss or gain had the transaction cbsed off on the last day of the period, as provided by fund managers. Any gains or losses arising from the changes in fair value on derivatives are taken to the statement of Financial Activities as unrealSed gains or losses al the year end. 1.8 Current Asset Investments Financial assets classified as current asset investments 8re slated al fair value wbth any gains or losses arising on remeasurement cOgnised in profrt or loss. Fair value is derived from the professional valuation obtained al the period end. Short-lerm investments due held for sale within 12 months of the periodond are treated as current asset investments. 1.9 Cash and Cash Equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original malurilies of Ihiee months or less and bank overdrafts. Bank overdrafts are shown within borrowing5 in Current liabilities.
THE ROSENBERG MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS for the year to 5 Aprll 2023 1.10 Financial Instruments The Charty has eleded lo apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the Charity's balance sheet when the Charty becomes party to the conlraclu81 provisions of the instrument. Financial assets and liabilities a offset. with tho nel amounts presented in the financial stalemenls, when there is a legally enforceable right to sel off the recognised amounts and there is an intention lo settle on a net basis or lo realise the asset and settle the liability simultaneously. Baslc Flnanclal Assets Basic financial assets, which include debtors alld cash and bank balances, are inff(ially measured al transaction price ineluding Imnsaclion costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction Is measured al the present value of the future receipts discounted 8t a market rate of inleiesl. Financial assets classified as receivable within one year are not amorti5ed. Basic Financial Liabilities Basic financial liabilities. including creditors and bank loans are initially recognised al transaction price unless the arrangement constilules a financing transaction, where the debt instrument is measured al the present value of the future receipts discounted al a market rale of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried 81 amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for gcKids or seNices that have been acquired in the ordinary course of operaty'ons from supplier. Amounts payable are classified as current liabilrties payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially al transaction price and subsequently measured al amortised cost using the effective interest method. Dorecognition of Financial Liabilities Financial liabilrties are derecognised when the Charity's conlraclual obligations expire or are discharged or cancelled. 1.11 Critical Accountlng Estimales and Judgements In application of the Charitys accounting policies, the Trustees are required lo make judgements. estimates and assumptions about the carrwng amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may diffei from these estimates. 10
THE ROSENBERG MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS for thè year to 5 Aprll 2023 The estimates and underlying assumptlons aTe reviewed on an ongoing basis. Revisions to accounting estirnales are recognised in the period in which the estimate is revised where the rewsion affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. During the year to 5 April 2022 the Trustees made a judgement concerning the value of the chattel, as detailed within note 7, once it was confirmed the painting was not authentic. The adjusted value of £500 is an estimation of a sale price that the painting could possibly reach if il was to be sold as a copy rather than as an original. The value was estimated based on discussions with Sotheby's expert bul not subject to a formal valuation. This material judgement based on an estimation is considered lo be fi'nal and there is no intention lo revalue the painting again in the future. It is possible that the painting is worth less than the eslimaled £500 bul the Trustees do not consider the accounts would be materially Incorrect should the any future value fall below £500. The trustees do not consider that any judgements, other than those including eslimalion uncertainty, have arisen during the year which requires disclosure.
THE ROSEN8ERG MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE yearto 5 April 2023 2 Income from Investments 2023 2022 Income from Overseas Securities Income received - U K Equities Excess Reportable Income Interest on Cash Deposits 22,465.05 18,919 90 2,399.20 1,632.37 19,128.15 19,900.97 29.83 45,416.52 39,058.95 3 Independent Examinerfs Remuneration Fees payable to the Charty's independent examiner and associates.. 2023 2022 Independent Examination of the Charity's accounts 2,580.00 3,780.00 3,780.00 2,580.00 4 Trustges remuneration and expenses None of the trustees lor any persons conneded wf(h them) receive£l any remuneration, benefits or payment of expenses12022.'£Nill. 5 Employees There were no employees during the period. 6 Net GainsllLosses} on Investments 2023 2022 Revaluation of Investments GainlLoss on Sale of Investments GainlLoss on Exchange Rale Movements {69,241.781 105,144.34 271.918.461 (238,015.901 184,937.751 100,576.79 81,15683 98,795.87 7 Chattels (see also 1.11 on page 111 2023 2022 Fair Value Al 5 April 2022 {see also 1.8 on page 91 500.00 500.00 Included under Current Asset Investments is a painting originally thought lo be by the artist Jean Metzinger. This was valued for probate purposes at the dale of the Setllorfs death al £60,000. However, Sotheby's have recently confimed th8t the painting is not authentic, therefore rts value can be eslirnaled lo be in the region of £500 rather than £60,000 creating a £59,500 loss on chartel value shown as an extraordinary item Dn the face of the SOFA in the year ended 5 April 2022. This value is based on the Trustees, valuation of the painting as detsiled wthin note 1.11. 12
THE ROSENBERG MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE year to S April 2023 8 Fix•d Asset Investments 2023 2022 Listed Investments 4.950.947.03 5,601,516.38 Fixgd Assèt Invastments Revalued Investments are included on the Balance Sheet at their market value al the end of the financial period. Listed investments are slated al the mid price on the London Stock Exchange and th& bid prices provided by the Fund Managers for unit trust holdings. The histori¢al eost of the fixed asset investments is £5,127,193.6212022". £4,22S,439.90} Movements in Fixed Asset Investmènts Shares 2023 Shares 2022 Cost or Valuation At 5 April 2022 Additions Valuatv)n Changes Disposals 5,601,516.38 6.010.717.67 12,317.637.83 5,335,729.13 (236,015.901 96,795.87 {12,732,191.281 15,841,726.291 At 5 April 2023 4,950,947.03 5,601,516.38 Carrying Amount At 5 April 2023 4.950,947.03 5.601,516.38 13
THE ROSENBERG MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE y&ar to 5 April 2023 9 Financial Instruments 2023 2022 Carrying Amount of Financial Assets Financial assets measured al fair value through income and expenditure 500.00 500 00 Equty instruments measured at market value 4.950,947.03 5.601,516.38 Carying Arnount of Financial Liabilitles Measured at amortised cost 123,001.45 23,749.15 Financial Llabllltles: breakdown Dimdend income after 5.4.22 1,159.63 Humphrey & Co Fees Funding commrf(ments due within one year 3,000.00 96,191_93 99,191.93 3,780.DO 18,809.52 23,749.15 Funding commitments due after one year 23,809 52 123,001.45 23,749 15 10 Cash at bank and in hand 2023 2022 Macfarlanes LLP Rothschild ICII Limited 73,885.12 861.061.24 655,397.96 194,338.27 934.946.36 849,736.23 14
THE ROSENBERG MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE year to 5 April 2023 11 Funding Commltment Grants provided lo inslrftutions via funding commitments are detailed as follows.. RIBA Scholarshi At 6 April 2020 the charity had reviewed rts funding commitment to provide donations lo the Royal Inslilule of British Architects. £19.750 per annum was agreed and backdated lo October 2018 and lasting for five years. There are no performance related conditions attached to the commilmenls. The commitment lo RIBA Scholarship, London has now been fuffilled. NEW RIBA Scholarshi At 22 June 2022 the charity had entered into lunding commitments lo prowde donations lo the Royal Institute of British Archilecls of £149,500. There are no perfomiance related conditions attached lo the commitments. Year Paid 2022-2023 2023-2024 2024-2025 Amount 137.310 82,676 23.810 Financa costs Repaid 6,865.51 4,133.79 1,190.48 C'fvid 82,676 23,810 161,500} (63,0001 (25,0001 12,189.78 1149,5001 Year 61.500 63,000 25,000 105.OOOA 58,571.43 110 25.kn 57.142.86 115.76DA 21,595.94 5.000 5.00% 5.000 137,310.23 The commitments have been calculated by the amortised cost method using an average return of investment rate calculated al 50kn per annum. Gu & St Thomas, Charf At 22 June 2022 the charity had entered into funding commitments to provide donations lo the Guys & Sl Thomas, Charity of £265,872. There are no performance related condf(ions attached to the commitments. Year Amount 251,434 37,326 Finance costs Repaid 12,571.70 1226,6801 1,866 29 {39,1921 C'fwd 37,326 2022-2023 2023-2024 14.437.99 1265,872) Year 226,680 39,192 105.OOOk 215,885.71 110.250h 35,548.30 5.OOQ 5.OOYo 251,434.01 The commitments have been calculated by the amortised cost method using an average turn of investment rale calculated a150/0 per annum. 15
THE ROSENBERG MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE year to S April 2023 12 Related Party Transactions There have been no related party transactions in the year.12022". None} 16
THE ROSENBERG MEMORIAL FUND Appendix 11 Income from Investments Overseas Tax& Expenses Holding Date Gross Tax Net Fixed Interest Treasury Stock 0.1250/0 3010112026 77,000 3010112023 48.13 Treasury Slo¢k Q.125 /0 3010112024 73,000 3010112023 45.63 45.63 Treasury Stock 0.250k 3110112025 76.000 3110112023 95.00 95.00 Treasury Stock 0.6250A 3110712035 80,000 3110112023 250.00 250.00 438.76 438.76 Ovetseas Divldends American Express Co Reg Shares 1,454 1010512022 1,454 1010812022 1.454 1011112022 1,454 1010212023 617.72 625.12 92.66 93.77 525 06 531.35 564.07 530.33 663.61 623.92 99.54 93.59 Cable One Inc 73 1710612022 97 1610912022 97 1611212022 162.87 24.43 138.44 204.81 192.22 240.96 226.15 33.93 CFM Inslrtutional Systematic Trends Fund Ltd 74 3010612022 1,089.45 1,089.45 Comcasl Corporatrion Class A 4,027 2710412022 4,027 2710712022 4,027 2611012022 4,027 2510112023 864 40 902.54 936.71 880 61 12966 135.38 140.51 132.09 734.74 767.16 798.20 748.52
THE ROSENBERG MEMORIAL FUND Appendix Overseas Tax& Expenses Holding Dat Gross Tax Net Conslellalion Software Inc Reg Shares 84 1210412022 64.81 70.22 73.44 70.36 16.21 17.56 18.37 48.60 52.66 55.07 84 1110712022 84 1111012022 84 1110112023 17.60 Deere & Co Reg Shares 515 0910512022 515 0810812022 515 0811112022 419 0810212023 442.70 479.99 505.86 416.71 66.41 376.29 407.99 72.00 75.88 62.51 429 98 354.20 Direxion Nasdaq- 100 Equal Weighted Index ETF Shares 2,310 2910612022 2.310 27109r2022 264.44 276.26 39.67 41.44 224.77 234.82 Eurofins Seientrfic SE EurO.01Shares 1.451 0710712022 1,233.30 185.00 1.048.30 Lansdowne Developed Markets Long Only Fund C Restricted Shares 2,226 0110612022 40.27 40.27 Linde PIC Reg Shares 772 1710612022 772 1610912022 617 16112r2022 735.70 788_39 591.97 735.70 788.39 591.97 Masleicard Income Class A Shares 533 0910512022 533 0910812022 533 0911112022 533 0910212023 213.34 215.83 227.57 250.78 32.01 32.38 34.14 37.62 181.33 183.45 193.43 213.16
THE ROSENBERG MEMORIAL FUND Appendlx Overseas Tax& Expenses Holding Date Gross Tax Net Microsoft Corporation USDO.00000625 188 0910612022 08109r2022 0811212022 92.92 101.08 104.49 78.98 15.16 15.68 85.92 88.81 Moodys Corporation Common US$O.01 Shares 701 10106r2022 701 0910912022 701 1411212022 392.04 423 08 396.39 58.81 63.47 59.47 333.23 359.61 336.92 Penlaris QAIF PIC Phoenix UK Funds S Shares 510 0910912022 715.11 715.11 Pentaris QIAIF PIC- R Phoenix UK Fund F Shares 955 0910912022 706.65 706.65 Penlaris QIAIF PIC R Allard Growth Fund Parting Vanda Fund F USD Shares 1,440 0910912022 1,053.04 1,053.04 R Weah Management SICAV SIF Select Funds Opportunities Income 1 Distribution Shares 20,223 2210612022 262.89 262.89 S & P Global Inc Reg Shares 581 1010612022 581 1210912022 581 1211212022 395.80 422.78 402.17 59.38 63.42 60.33 336.42 359.36 341.84 Wells Fargo & Co Reg Shares 2,979 0110612022 591.49 88.73 502.76 20,855.93 2,258.90 18,597.03
THE ROSENBERG MEMORIAL FUND Appendix Overseas Interest Gross R Wealth Man SICAV-SIF-Inflation Focus Fund Inc X Disl Shares 6,156 1411212022 620 12 620.12 R Wealth Management SlCAV- SIF Investment Grade Bond Income 1 Distribution Shares 67,650 2210612022 2,908.96 21.183 19112r2022 338.94 2,908.96 338.94 3,868 02 3,868.02 UK Dividends Admiral Group PIC Ord 1 p Shares 5,222 0610612022 6,161.96 6,279 3010912022 6,592.95 6,161.96 6.592.95 Ashtead Group PIC Ord 10p Shares 3,788 0910912022 2,169 77 3,788 0910212023 459.86 2,169.77 459.86 Lloyds Banking Group Pl¢ Ord 10 Shares 232.827 1910512022 3,096.60 3,096.60 18,481.14 18,481.14 Excess Rgportabla Income Lansdowna Dèveloped Mad(ets Long Only Fund C Restricied Shares 2,225.861 3010612022 0.18 O_18 Saba Capital Carry Neutral Tail Hedge O Series 1 Sha$ 85 3010612022 2,399.02 2,399.02 2,399.20 2,399.20 Interest on Cash Deposits Rothschild Macfarfanes 588.49 1.043.88 588.49 1,043.88 1,632.37 1,632.37
THE ROSENBERG MEMORIAL FU14D Appendlx Investments held at h Apdl 2022 In¥•sbhents held •t 5th A rf12023 Cost or 2022 Adlustod Value iFnrwli¥td galnllloBsl HoldlTrg Book Value Market Value Holdlng Book Valve ma01 Valuè 36 South Fund5 PIC - Okura Fund Plg C Share5 162.0164 105,945.01 105.174.57 ACLAtemative Fund SAC Ltd A- Abbey Focu5 Funrj Series B Shares 1.1.4052 135,P3840 191.672.63 Admyal Group P Ord 1pShares 5.222 83.274 72 133.839 86 Ameri¢8n Expres5 Co Reg Shares 1.454 75.012.23 20S,74844 Ashtead Group PIC Ord 10p Sha$ 3,089 Q6.018.46 144,935 88 Be8re Halhaw Inr Regi%iered B Shares 76,381.19 223.427.87 8NP Paribps Iss 17. 32 W$rr¥nLq S&PSOOUSD 3500 pul 78 8,3.04 575.09 Inc Com US.006 37 49.092 86 e4.895 44 cab One Ino 73 38.647.38 83.575.03 CFM Institutn SyslemalicTrend5 Equty Capped Fund Red Ptg 1D4.1841 103.994.02 118,239.58 SystemalicTren( Fund Ltd 74 184 80.740.10 119,502.26 Charter Commvni¢8borts Ir Class A. Cornmon US$1.00 stock 43.836. 78,193.68
THE ROSENBERG MEMORIAL FUND +I)ndIX Investrnents held •t 5th Aprfl 202Z Inve8tments held at Jth April 2023 ¢o¥tor 2022 Adlusted Value Unreallsed galnll10s51 Holdltsy BoDk M•rk•tV4luo Holdln9 Book Mathetvalue V•lu8 VAlue Corwast COD[l0 ¢SsA 4.027 114.480.42 147,132.11 C¢n$1811aion Softw8 Irc Reg Shares 84 80,292.31 115,327.10 Dee & Co Reg Shares $16 33,773.97 162616.89 DI¢xh?n Nasdaq- Weighted Index ETF ShaF8S 1.$50 83,725 74 $1.(e2.96 EF ofACL Attemative Fund SAC Ltd- Abiy Focvs FufMI Serios B Shares 818.55 458.Q2 47Z.10 EurofiTh5 Saentifi¢ SE EurO.01Share$ 88.792.03 112,500 63 D&v¥opeO m$818 Lony Only Fund C Rosirided Share5 2,22S.860952 158,C(N].00 185,881.65 b¥ty Bwadb8nd Ctyp Se$ ¢ Reg Shsres 318 20,W. 33.647.03 Reg Share5 7T2 67,438.24 189.594.29 Utyd$ Banki79 Group Pkord 10 Shares 232.827 1$3,800.90 107.810 $4 Mastercard Incow CL7ss A Shares 86.357.05 147.801 $3 MoEKtys Corw3tion Comrnon USSO 01 Sh$$ 76.882.96 183,227.34 Pentaris (141F P- Bares US Equty Fund Shares F I.278.0 102.623.88 165,878.74
THE ROSENBERG mEMOAL FUND App8ndlx Investrnents hekl at 5th Aprfl 2022 In¥estmBnts held at 5th 12023 Cost or 2022 Adlustsd Value Unrealis Holdlng Book V&lu8 Markotvaluo Holdlng Market Valu• Value Pentaris QAIF PI¢- Pmenix UK Funds s shar&8 509.700 50,970.00 63,762.34 Ptaris QMF P- R PeniX UK FurKJ F Shares Y54 Wd8 4,256.88 127,421.34 Perrtaris QAIF Pt Artemi$Volatsiity Trading Fund F USD Shares $99.214 44.057 g9 33.783.42 Pentsri$ QAIF P R l¥rd Giob*th Fund Paibng Vanda F USD Shares 1,440.421 119.493.fj2 1{.091 32 1.44D.421 11Q.493 62 105,091.32 .683.44 18.407.881 per$ Thematic SPC Fund Lid One River DynanNc Convexity Seg Port Share5 61.OM.00 57.409.89 PelersThemati SPC Fund N Series One River Dyn8Ni¢ Convesity Pr Shar8s 4 4850 4,484. 4,340.04 R Wealth Man SICAV-SIF- InflaH)n Fou Fund Incx DL%I Shares a,2.01 615.400.04 642.373.33 Rweth Managerrenl SICAVSIF Sdect Funds Opthunthe5 Incom2 1 t18tributn Shares 20,222.665 224.688.40 329.224.99 R Weallh Management SICAV- SIF Inv&¥itrwi G18ae nd Ineome 1 Distribution Shares 67,850.200 674.701.07 670.413 4B R Weamh SICAV New Court Fund Acc F Shares 1.820.557 S,W7.7W.00 5.LK17,70QW 4.889.639.31 1118.080 681 Ryanair cord EurfI.8 Shares 130,261 87 153,700.07 S&PGwall Reg Shares 581 79,124.55 192,645.fj1
THE ROSENBERG MEMORIAL FUND pendix Irwe$knents It frth A dl 2022 Inve9trnents held at 5th 45rf12023 Costor 2022 Unwlis¢d HokJlTrg Book Value Market Value H(Adlng Book V4lue V•ltyo S8ba Capital Carry Neutral Tail Hedge D Serie5 1 Share5 86 61.070.81 6S,5H.33 Ttyicus Com Inc Subord Vtg Reg Share8 $7$ 10,650.53 36.185.11 Wells Fargo & Co R4 Shares 2.97 103,874.1? tog.410 38 £4.228,439 90 £5,694.118.89 £5,127.193.62 £5.112,791 32 E4,9B6.322.75 1£128.468.571 Unreallsgd g110$8 arf$ln9 frtsm n58ttl Fon¥ard Currency Transactlons Contra Forèlgn Crr&neY UTrlt Holdlng 27104121 - 29104122 FVVD EURVS GBP 1339.OODI 4.$45.04 20104Q2-22104122 FWD USDVS GBP 12.739.000) 1102.370.52) 201Q4122-221O FWD USDVS GBP 446.000 4.506.84 20104122. 22104122 FWD USDVS GBP I.0 2.508e6 20104r22. 22104122 FVVD USD VS GBP 1203.0001 1.850 53 192.602 51 Mar•tV&luo £5,601,518.38 Contr•ct Ford9n CrrenCY Unlt Hokllng 2610412023- 2810412023 FWD EUR VS GBP 1365.QODI 3,113 61 2&t0412023. 2810412023 FWD EUR VS GBP 171.0(K)I 1.443.35 1,443.35 2fjm412D23.2B10412023 FWD EUR VS GBP 456.0 15,205.791 15,205.791 1910412D23- 2110412023 FWD USD VS GBP 11,868.OWI 13.400.82 13,4th).62 1910412023. 2110412023 FWD USDVS GBP 1136.OWI 2.759.93 2,759.93 1910412023- 21104128 FWD USD VS GBP 2,005.OCM) 160.887 441 150,887.441 135.375.721 36,375.721 Marketvalue £4.950,7.03 1£161.844.291
THE ROSENBERG MEMORIAL FUND Appondlx The aUl$It1()$ and dlsposals of investments 18 set out below.'- Acquisitions Holding Date Cost Event ACL Altemalive Fund SAC Limited-A- Abbey Focus Fund Serie$ 8 Share8 13102123 458.62 From Con$glidalion Admiral Group PIC 1p Sha$ 68 05107122 84 06107122 228 07107122 30 08107122 102 11107122 71 12107122 182 13107122 292 14107122 1.506.82 1,920.15 5,252.13 697.81 2,357.38 1,668.68 4,277.20 6.633.00 Purchase Pur¢hase Purchase Purchase Purchase Purchase Purchase Purchase Amundi US Th 100 Equal Weight UCITS 15,722 01112122 132.223.15 Purchas8 Ashtead Group PIC Old 10p Shares 50 05107122 90 06107122 69 07107122 89 08107122 52 11107122 36 12107122 164 13107122 69 14107122 45 15107122 35 18107122 1.741.29 3.6 65 2.552.91 3,383.21 1.967 43 1.362.96 6,127.82 2,567.36 1.710.56 1,363.19 Purcha8e Purchase Purch88e Purchase Purchase Purchase Purcha88 Purchase Purchase Purchase Booking Holdings Inc Com USDO.008 18.W 05107122 28,611.40 Purchase Cable One Inc 05107122 107122 07107122 18 08107122 2,197.16 Purchase Purchase Purchase Purchase 3,305.53 20,908.53 Direxion Nasdaq- 1W Equal Weighted IrKlex ETF Shares 760 11m5122 40,273.93 Purchase Eurofins S¢ientifi¢ SE EurO.01Shar8S 135 01108122 266 02108122 8,473.46 16,900.41 Purchase Purchase
THE ROSENBERG MEMORIAL FUND ApperKIix A¢oul$ltlons Holdlng C05t Event Lansdowne Developed Markets Long Only Fund C Restrictsd Shai8s 301C6122 973.119 01111122 0.18 65.OCMI.00 AcCumulatn Purchase Microsoft Corporation USDO.OOON625 188 11105122 2n 02102123 40.287 82 58,643.50 Purchase Purchas& Pentaris QAIF PIC Bares US Equity Fund Shar8s F 387.523 17105122 36,215.75 Purchase Peters Thematic SPC FunLI Ltd One Rwer Dynamic Convexity Seg Port Shares 24.000 01108122 24.000.00 Purchase R Wealth SICAV New Court Fund Acc F Shares 153.714.397 09102123 5,612.648 21102123 28.481.757 07103123 4.038.772 27103123 3,972.983 03104123 3,939,700.00 142.000.00 726.wo 00 100,000.00 loo.0.00 Purchase Purchase PLJr¢ha$e Purchase Purchase Saba Caprtal Carry Neutral Tail Hedge D Ser$ 1 Shares 301(12 2,399.02 Accumulation Saba Capitsl Carry Neutral Tail He&Je Off5hoie Fund D 14-1 Unslrict8d Shares 23.000 01106r22 18,360.55 Purchase Treasury Stock 0.125W. 3010112026 n,000.00 26110r22 68.975.51 Purchas8 Treasury Stock 0.125% 3110112024 73,000.00 26110122 70.249 54 Purchase
THE ROSENBERG MEMORIAL FUND Appgndix Acqulsltlons Holding Cost Event Treasury Stock 0 25% 31.01.25 76.000 26110122 70,625.66 Purchas8 Treasury Stod( 31107r2035 80,000 11110122 49.648.30 Purchase Treasury St¢¢k 0.625% 3110712(5 71,000 11110122 48,563.20 Purchase £5,863,449.28 Acouisillons Forward Currency Tran$a¢tlons Market Value at Acquisltion Holding Event FVVD.'USD VS GBP 446,000 20104122 190,000 20104122 2.308,000 20104122 95,000 19110122 2,363,000 19110122 1.822,000 25101r23 335,874.23 142.524.09 1,759,746.52 82.155.55 2.097.958 60 1,476.140.32 Purchase Purchase Purchase Purchase Purchase Pur¢ha$e FWO.'EUR VS GBP 339,000 27104122 312,000 26110122 286.228.89 273.560.35 £6.454.f88 55 Purchase Purchase Tot81 £12,317.637.83
THE ROSÉNBERG MEMORIAL FUND APE¥ Holdfing Dat8 Market Valuel Proceeds Proflu Evènt Converslon (Lossl Cost Disposals 36 South Funds PIC - Okura Fund Ptg C Shares 46.92 01101123 26.33 01104123 10.09 01104123 10.09 01104123 42.64 01104123 25.946 03104123 30.458.66 17.092.43 6.550 04 6.550.04 27.680.25 16.843 15 37.921.72 19,932.70 7.640.45 7,640 24 32,274.98 19,641.40 7,463.W Sale 2,840.27 Sale 1,090.41 Sale 1,090.20 Sale 4,594.73 Sale 2,798.25 Sale ACL Alternative Fund SAC Lld-A- Abt*y Focus Fund Series B Shares 251.980 05110122 631.49 13102123 187.320 13102123 335.01 13102123 145.605 13102123 40.953.87 73,475.30 21,795.11 38,979.18 16,941.47 52.858.11 82.663.87 24.807.64 44.OOD.60 19.125.23 11.904.44 Sale 9.188.57 Sale 2.812 53 Sale 5.021.42 Sale 2,183.76 Sa Admiral Group Pl¢ Ord 1p Shares 8,279 09102123 158.153.03 141,806.52 116.346.511 Sale American EKpres5 Co Reg Shares 168 02102123 1.286 09102123 23.7T2.86 181,975.58 23,689.35 188.604.28 183.511 Sale 6,628.70 Sale Amundi US Te¢h 100 Equal Weight UCITS 15,722 09102tt3 132.223.15 137.4g6.29 5,273.14 Sale Ashtead Croup PIC Ord 10p Shares 144 03102r23 63 06102r23 27 07102r23 54 08102123 3.500 09102123 6.498.22 2,842.97 1.218.42 2.436.83 157,942.82 8.181.32 3.579.53 1,526.57 3.038.72 198.349.77 1.683.10 Sale 736.56 S818 308.15 Sale 601.89 Sale 40.406.95 Sale Berkshire Hathaway In¢off Registered B Shares 849 09102123 223,427.87 215.670.25 17,757.621 Sa BNP Paribas Iss 17.06.22 Warrants S & P 500 USD 3500 pul 78 24106122 575.09 0.00 1575.091 Warrant8 Expired
THE ROSENBERG MEMORIAL FUND Appendlx Holding Date Market Valuel Proceeds Pronu Event Conversion ILo$$l Cost Disposals Bookiry Holdings Inc Com USDO.008 55 09102123 91,5[.84 110.871.87 19,365.03 Sale Cable One Ir 97 09102123 111,097.76 65,439.53 I45,658.) Sale CFM In51th1ion SyslerTratic Trends Equity Capped Fund Red Pt9 Shares 29.57 11110122 74.614 21102123 33,559.32 84,680.26 41,741.24 94,176.44 8,181.92 Sale 9.496.18 Sale CFM Insirtulional SyslemalicTrenO$ Fund Lld 21.58 11110122 52.604 21102123 34,763.01 84.739.25 42,705.43 .408.82 7.942 42 Sale 10,689.37 Sale Charter Communications Inc CL3ss'A' Common US$1.00 Stock 184 09102123 78.193.68 61,630.22 116,563.461 Sale ComcAsl corporati Ck35S 4,027 09102123 147,132 11 129,658.11 117,474.001 Sale Constdlation sofiWa Inc Reg Shares 84 09102123 115,327.10 122.867.48 7.540.38 Sale Deere & Co Reg Share5 96 01111122 419 09102123 30,313.05 132,303.84 32.481.54 141.134.61 2.168 49 Sale 8,830.77 Sale DIrean Nasda(tr 100 Equal Welghtsd Index ETF Shares 2,310 01112122 131.386.89 129,016.16 12.350.731 Salts EF ofACL Alternallve Fund SAC Ltd- Abbey F(ru$ Fund Series B Share5 618.55 13102123 458.62 458.62 Consolidation EurofiDS Sciwlific SE EWO 0IShare5 1,852 09102123 137.874.50 112,679.72 125,194.781 Sale
THE ROSENBERG MEMORIAL FLIND Appendix Holdlng Market Valu81 Pro¢4fjds Proflu Event Converslon IL05sI Cost Disposals Lansdowr Developed Maikels Lo Only Fund Limited C Restricted Share5 3,198.98 03104123 250,881.83 283,618.11 12,736.28 Sale Lib8rty Broadband Corp Series C Reg Shares 318 09102123 33,647.03 24,162.63 19.484.401 Sale Linde Pl¢ Reg Shares 01111122 85 02111122 617 09102123 22,102.98 15,963.25 151,528.08 23.332.04 16,978.83 170,107.97 1.229.08 Sale 1,015.58 Sale 18,579.89 Sale LYd$ Banki Group PIC Ord 10 Shares 32.496 05107122 26,413 06107122 113,400 07107122 80,428 08107122 15,047.27 12.230.54 52.551.54 27,981.19 13.500.16 10.975.15 47.906 93 25.457.71 11.547.111 Sal8 11,255.391 Sale 14,644.611 Sale 12.523.481 Sale Mastercard Income Class A Share5 533 09102123 147.801 53 162,659.46 14,857.93 Sa MKros0ft Corporation UsDO.00002S 460 09102123 98,931.32 103,114.44 4.183.12 Sa Moodys Corporation Common US$O.01 Shares 701 09102123 183.227.34 180,602.49 12.624.851 Sale Pentaris QAIF PIC- Bares US Equity Fund Shares F 1.666.073 28102r23 202,094.49 167,938.72 134,157.77) Sale Pentaris QAIF PI¢ Phoenix UK Funds S Share5 509.700 29103r23 63,762.34 61,110.72 12,651.621 Sale Ptrs QAIF PIC- R Phoenix UK FUNJ F Shares 954.938 29103r23 127,421.34 122.191.22 15,230.121 Sale Pentsris aAIF PIC ArtemisVola1ity Trading Fulld F USD Sharès 599.214 02108r22 33,783.42 34.330.85 547.43 Sale
THE ROSENBERG MEMORIAL FUND Apnd[X Holdlng Dat8 Market Valuel Proceeds Profitl Event Converslon ILossl Cost Dlsposals Peters ThemHti SPC Fund Ltd One River Ctynatn Convety Seg Port Shares 61 28102123 57,409.89 55,913.30 11.496.591 Sale Petets Themat SPC Fund N Serias One River Dynamic Convesity Seg Port Shares 4.49 28102123 23,999.995 28102123 4,340.04 24,000.00 4,228.9D 23,558.92 1113.141 Sale 1441.081 Sale R Wealth Man SICAV-SIF- Infiation F(Kus Fund Inc X Oist Shares 2,079 47 18110122 6,155.735 09102123 162,205.58 480,167.77 178,140.30 509.445.82 15,934 74 Sale 29,278.05 Sale R WeaNh Manauem8nl SICAV SIF Select Funds Opportunities Income 1 OisthbulDn Shares 20,222.665 28102123 329,224.99 320,731.47 18.493.521 Sal8 R Weahh M8n8gement SICAV- SIF Inveslmenl Grade Income 1 t)Ltbutn Shares 9,867.95 26107122 14.904.208 11110r22 21.694 084 26110122 21.183.958 09102123 97,791.39 147.700.70 214.988.27 209.933.02 97.396.67 144,272.73 213,252.85 211.839.58 1394.721 Sa 13.427.971 Sale 11,735.521 Sale 1,906.56 Sale Ryanair HoldiThJs PIC Ord Euro 00635 Share5 13.815 09102123 153,700.07 188,033.07 34,3.00 Sale S & P Clobal Inc Reg Shares 581 09102r23 182,645.61 176,532.29 18,113.321 Sale
THE ROSENBERG MEMORIAL FUND AppÈndlx Holding Dat8 Mark&t Valuel Procfjeds Pror Event Conversion IL05s1 ost DIsp05als Saba Captal Carry Neutral Tail Hedge D SÉries 1 Shar8S 85 31103123 67.993 35 73,411.86 5,418.51 Sate Sab8 Capital Cary Neutral Tall Hedg8 Offshore Fund D 14. 1 Unreslricled Sha$ 23 31103123 18,360.55 18.625.77 285.22 Sale Topicus.Corn Inc Subord Vtg Reg Slwres 576 09102123 36.185.11 26,801.67 19,383.441 Sale Treasury Stodt 0.125% 3010112026 77.000 00 0123 68.975.51 70,648.11 1,672.60 Sale Treasury Str 0.125% 3110112024 73,000.00 09102123 70,249.54 70.690.61 441.07 Sa Treasury Sled 0.25% 31.01.2025 76.0(K).IK> 09102123 70,625.66 71,447.53 821.87 Sale Tre85ury Sto 0 6250kn 3110712035 80,OW.00 09102123 49.648.30 56,818.61 7,170.31 Sale Treasury Stock 1.75% 0710gr2037 71,OLh).00 09102123 46.563.20 56,414.57 7,851.37 Sale Wells Faryo & Co Reg Shares 1,150 11105122 1.364 12105r22 465 13105r22 42.236.30 50.095 92 17.078.16 40,482.00 46.472.00 16.260.00 11.754.301 Sale 13,823.921 Sale 1818.161 Sale £6,4144,776.85 £6,549,921.19 £105,144.34
THE ROSENBERG MEMORIAL FLIND Appendlx Di$po$als Fotward Currency Transaction5 Forel9n Market V•luo at Currency Dète of Purchase of Holding Settlernent Forward Market Value at Reallsed Profitl Sale ol Forward Los8 Contract Event FWD..USD VS GBP 2.739,000 20104122 203,000 20104122 2.251,000 19110122 207,000 19110122 1,719,000 25101123 103.om 25101123 2,083,711.32 1.988,338.56 195.372.761 S81118rn8nt 154.433.52 153,103.67 11.329.851 Selllement 1,996,516.25 1,723,512.06 1273.004.191 Selllement 183,597.90 158,492.67 125.105 231 Selllement 1,392,692 21 1,519.159.17 126.466 96 Selllement 83,448.11 86,972.68 3,524.57 Solllement FVVD.EURVS GBP 339.000 27104122 312.000 28110r22 286.228.89 273,560.35 287.404 54 265,286.74 1.175.85 Settlement 18,273.611 Settlement 6,454.188.55 6,182.270.09 271,918.46 Totals £12,898,*5.40 £12,732,191.28 £166,774.12