2021-04-05-accounts

The Stella and Alexander Margulies Charitable Trust

Report and Unaudited Financial Statements Year Ended 5 April 2021 Charity No: 220441

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Report and Financial Statements for the year ended 5 April 2021

Contents

Page:

1 Reference and Administration details 2-4 Report of the Trustees 5 Report of the Independent Examiner 6 Accountants Report 7 Statement of Financial Activities 8 Balance Sheet 9-12 Notes forming part of the Financial Statements 13 Appendix

Settlors

The late Stella and Alexander Margulies

Trustees

Marcus Jonathan Margulies Sir Stuart Lipton Leslie David Michaels Martin David Paisner CBE Alexander Michael Sorkin

Principal Office

27 Berkeley Square, London, W1J 6EL

Accountants

BDO LLP, 55 Baker Street, London, W1U 7EU

Independent Examiner

Gilbert Allen & Co, Churchdown Chambers, Bordyke, Tonbridge, Kent, TN9 1NR

Investment Managers

Veritas Investment Management LLP, 90 Long Acre, London, WC2E 9RA Cazenove Capital Management, 12 Moorgate, London, EC2R 6DA Rothschild Bank (CI) Ltd, St Julian’s Court, St Peter Port, Guernsey, GY1 3BP Fundsmith, 33 Vaendish Square, London, W1G 0PW

Bankers

Coutts & Co, 440 Strand, London, WC2R 0QS

Solicitors

Payne Hicks Beach, 10 New Square, Holborn, London, WC2A 3QG

1

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Report of the Trustees for the year ended 5 April 2021

The Trustees present their report along with the financial statements of the charity for the year ended 5 April 2021. The Financial Statements have been prepared in accordance with the accounting policies set out on page 9 and comply with the charity’s Trust deed and applicable law.

Structure, Governance and Management

The Stella and Alexander Margulies Charitable Trust is constituted under a Trust deed dated 30 November 1962. It is a registered charity no. 220441.

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 Stella and Alexander Margulies in 1962. 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 trustees have tried to make donations largely in line with the type of charities that Stella and Alexander would have supported. About 75% of donations are to charities in Israel and the balance in Great Britain.

Donations in Israel are generally to medical, scientific and cultural organisations which cater for the broad spectrum of Israeli society irrespective of religion. Donations in the main in Britain have been to major London cultural icons, with an emphasis on educating young people in the arts; and to National Health Hospitals to provide support for nursing staff. The charity has also supported the Wiener Holocaust Library which is devoted to preserving the records of the Holocaust and genocide, and Limmud, a volunteer organisation supporting Jewish education in its widest sense.

Grant making policy

All applications received are considered by the Trustees on their own merit for suitability of funding.

Public benefit

In meeting the objectives the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and judge that all donations made meet this guidance. All donations are listed in note 5 on page 10.

2

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Report of the Trustees for the year ended 5 April 2021 (continued)

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 £610,227 have been made in the year (2020: £240,238) and are detailed in note 5 of these Financial Statements.

During 2020 the outbreak of the Coronavirus (COVID-19) epidemic resulted in an unforeseen impact on charities that the Trustees support. The Trustees followed official UK Government advice and were able to continue to operate effectively with a greater use of online meetings and telephone contact. The day to day operation of the charity was not unduly affected. The Trustees did however monitor the needs of front line charities since 6 April 2020 and have made a number of special COVID related grants to assist in the tremendous work they were doing (see plans for the future below).

The full effects of the disruption are not fully known and the Trustees are carefully monitoring values of the investments under management. It appears that the immediate impact will be a reduction in dividends which will affect the amount that will be available from which grants are made. As a result the Trustees will be carefully considering how to manage this situation and are assessing the longer term impact of the changes on the commitments that they make.

In line 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.

During the year the Trust donated in total £36,000 to two National Health Trusts to provide facilities to Hospital staff to help them cope with the exceptional problems surrounding COVID19.

Commitments have been made to the Israel Philharmonic Orchestra for future donations, which have been included in these accounts amounting to £24,000 to be made in three equal annual payments. One further payment of £180,000 is payable to Shaare Zedek UK in respect of the Linear Accelerator

Financial Review

The Trust’s investments are managed by Veritas Asset Management Limited, Cazenove Capital Management and Rothschild Bank (CI) Ltd 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 2021 were £10,710,276 (2020: £9,136,032).

The balance of cash held at 5 April 2021 was £45,182 (2020: £18,258).

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.

3

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Report of the Trustees for the year ended 5 April 2021 (continued)

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.

Trustees’ responsibilities in relation to the financial statements

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees and signed on their behalf by:

Marcus Margulies Trustee

Date: 26/01/2022

4

Independent Examiner’s Report to the Trustees of the

The Stella and Alexander Margulies Charitable Trust

We report on the Financial Statements of the Charity for the year ended 5 April 2021, which are set out on pages 6 to 12.

Respective responsibilities of Trustees and examiner

The Charity's Trustees are responsible for the preparation of the Financial Statements. The Charity’s Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 ('the Act') and that an independent examination is needed.

It is our responsibility to:

• examine the Financial Statements under section 145 of the Act;

• to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Act; and

• to state whether particular matters have come to our attention.

Basis of Independent Examiner's report

Our examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the Financial Statements presented with those records. It also includes consideration of any unusual items or disclosures in the Financial Statements, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given whether the Financial Statements present a “true and fair view” and the report is limited to those matters set out in the statement below.

Independent Examiner's statement

In connection with our examination, no matter has come to our attention:

• (1) which gives us reasonable cause to believe that in any material respect, the requirements:-

• to keep proper accounting records in accordance with section 130 of the Act; and

• to prepare Financial Statements which accord with the accounting records and comply with the accounting requirements of the Act

have not been met; or

• (2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the Financial Statements to be reached.

Gilbert Allen & Co

Chartered Accountants Churchdown Chambers

Bordyke Tonbridge

Kent TN9 1NR

Date:

5

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Accountants’ Report

Chartered accountants’ report to the Trustees on the unaudited financial information of The Stella and Alexander Margulies Charitable Trust

In accordance with the letter of engagement dated 26 October 2015, we have prepared for your approval the financial information of The Stella and Alexander Margulies Charitable Trust for the year ended 5 April 2021 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 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 26 October 2015. Our work has been undertaken solely to prepare for your approval the financial information of The Stella and Alexander 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: 27 January 2022

6

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Statement of Financial Activities for the year ended 5 April 2021

Notes Income and endowments from Investments 2 Other income Total Expenditure on Raising funds 3 Charitable activities 4 Total Net income/(expenditure) before investment gains/(losses) Net gains/(losses) on investments 7 Net income/(expenditure) Other recognised gains/(losses) Realised gains/(losses) on currency exchange Net movement in funds Total funds at 6 April 2020 Total funds at 5 April 2021	2021 £ 106,548 219 106,767 55,788 624,189 679,977 (573,210) 2,248,648 1,675,438 (24,720) 1,650,718 9,142,674 10,793,392	2020 £ 132,942 -
		132,942
		71,553 254,700
		326,253
		(193,311) (487,930)
		(681,241) (16,388)
		(697,629) 9,840,303
		9,142,674

All funds are unrestricted and relate to continuing activities.

The notes on pages 9 to 12 form part of these financial statements

7

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Balance Sheet as at 5 April 2021

Notes £ £ Fixed Assets Investments 7 10,961,198 10,961,198 Current Assets Cash at bank and in hand 8 45,182 Liabilities Creditors: amounts falling due within one year 9 (196,988) Net current assets/(liabilities) (151,806) Total assets less current liabilities 10,809,392 Creditors: amounts falling due after one year 10 (16,000) Total net assets 10,793,392 Funds Unrestricted Funds 10,793,392 2021	£ £ 9,136,032 9,136,032 18,258 (11,616) 6,642 9,142,674 - 9,142,674 9,142,674 2020	£ £ 9,136,032 9,136,032 18,258 (11,616) 6,642 9,142,674 - 9,142,674 9,142,674 2020
		9,142,674 -
		9,142,674
		9,142,674

Approved by the Trustees and signed on their behalf by:

----- Start of picture text -----
Marcus Margulies
Trustee
----- End of picture text -----

The notes on pages 9 to 12 form part of these financial statements

8

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Notes to the financial statements for the year ended 5 April 2021

1 Principal Accounting Policies

(a) Accounting Convention

The financial statements are prepared under the historical cost convention and in preparing the financial statements the charity follows best practice as laid down in the Statement of Recommended Practice “Accounting and Reporting by Charities” (Charities SORP (FRS 102)) and comply with the Charities (Accounts and Reports) Regulations 2008 issued under the Charities Act 2011.

(b) Donations, legacies and similar income

Donations, legacies and similar income are shown in the accounts when receivable and the value of the incoming resources can be measured with sufficient reliability.

(c) Investment income

Investment income is accounted for in the period in which the charity is entitled to receipt.

(d) Resources expended

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis.

(e) Charitable activities

Costs of charitable activities include grants made and an apportionment of overhead and support costs where applicable.

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Trust.

(f) Governance costs

Governance costs comprise costs relating to the general running of the charity as opposed to those associated with generating funds or charitable activity.

(g) Fixed asset investments

Investments are stated at closing market value at the balance sheet date. Any gains or losses on revaluation and disposal are shown in the Statement of Financial Activities.

(h) Realised gains and losses

Gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and purchase cost. Unrealised gains and losses are calculated as the difference between the market value at year end and opening market value (or purchase date if later). Realised and unrealised gains and losses are not separated in the Statement of Financial Assets.

(i)[Taxation]

The charity is exempt from tax on its charitable activities.

(j) Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling the balance sheet date. Transactions in foreign currency are translated at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

9

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Notes to the financial statements for the year ended 5 April 2021

2 Investment income 2021 £ Income from listed investments 106,476 Interest receivable 72 106,548 3 Raising Funds 2021 £ Investment managers fees 55,788 4 Charitable Activities Grant funding of activities (see note 5) Support Costs (see note 6) Arts and Culture 169,500 3,878 Education 10,000 229 Medical Research 376,427 8,613 Relief for Individuals of Faith 50,000 1,144 Religious Activities 2,500 57 Religious Sites and Monuments 1,800 41 610,227 13,962 5 Grants Paid and Payable Total 2021 £ Barbican Centre Arts and C 22,500 Camp Simcha Religious - Israel Philharmonic Orchestra Foundation Relief for 32,000 Leicester Hospital Medical R 18,000 Limmud Religious 2,500 National Deaf Children's Society Relief for - Royal Free Charity Arts and C 18,000 Royal National Theatre Arts and C 17,000 Royal Opera House Foundation Arts and C 100,000 Shaare Zedek UK Medical R 358,427 Tate Foundation Arts and C 12,000 Torah Temimah Trust Relief for - Weizmann Institute Relief for 18,000 Western Marble Arch Synagogue Religious 1,800 Wiener Library Education 10,000 610,227	2020 £ 132,098 844
	132,942
	2020 £ 71,553
	Total 2021 173,378 10,229 385,040 51,144 2,557 1,841
	624,189
	Total 2020 £ - 500 22,698 - - 500 - - - 180,000 6,000 180 18,000 2,360 10,000
	240,238

10

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Notes to the financial statements for the year ended 5 April 2021

6 7	Support Costs 2021 £ Independent examiner fee 1,008 Accounts preparation fee 4,800 Administrative fees payable to Prism the Gift Fund 6,000 Legal fees 1,638 Other 516 13,962 Investments 2021 £ Equities 8,543,944 Bonds 1,258,596 Mutual Funds 589,641 Cash held within the investment portfolio 318,095 10,710,276 Market value of investments by geographical area : United Kingdom 5,979,259 Overseas 4,731,017 10,710,276 Investments at historical cost 8,964,057 The movement in investments during the year was as follows : Market value brought forward 8,582,429 Purchases 5,113,703 Proceeds (5,301,677) Unrealised Investment (Losses)/Gains 1,176,053 Realised Investment (Losses)/Gains 1,072,595 10,643,103 Cash held within the investment portfolio 318,095 Market value carried forward 10,961,198	2020 £ 996 4,080 6,000 3,000 386
		14,462
		2020 £ 5,779,209 1,896,291 906,929 553,603
		9,136,032
		2,861,630 6,274,402
		9,136,032
		7,841,182
		9,481,933 4,274,030 (4,685,604) (1,137,759) 649,829
	Market value brought forward Purchases Proceeds Unrealised Investment (Losses)/Gains Realised Investment (Losses)/Gains Cash held within the investment portfolio Market value carried forward
		8,582,429 553,603
		9,136,032

The Trustees' Rothschild Portfolio was liquidated in August 2020, with the proceeds invested with Fundsmith LLP

11

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Notes to the financial statements for the year ended 5 April 2021

8 Cash at bank and in hand Coutts 9 Creditors: Amounts falling due within one year Accruals Grants payable 10 Creditors: Amounts falling due after one year Grants payable	2021 £ 45,182 2021 £ 8,988 188,000 196,988 2021 £ 16,000	2020 £ 18,258
		2020 £ 11,616 -
		11,616
		2020 £ -

11 Related parties

None of the trustees received any remuneration or benefits during the year. However the firm Bryan Cave Leighton Paisner in which M D Paisner formerly had an interest, raised charges for professional services to the amount of £1,638 (2020 - £3,000).

Two of the Trustees are also Trustees of Shaare Zedek UK a charity to which the Trust has granted money to in the year.

12

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST Appendix Schedule of Investments 5 April 2021

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2021

		Opening Balances	Opening Balances		Acquisitions	Acquisitions			Disposals				Closing		Unrealised
		Units	Cost	Value	Units	Cost	Units		Proceeds	Cost	Profit/Loss	Units	Cost	Value	gains
			£	£		£			£	£	£		£	£	£
Equities
UK
Johnson Matthey PLC
06-Apr-20	b/fwd	-	-	-
12-Oct-20	Purchase				911	22,433
05-Apr-21	c/fwd											911	22,433	27,458	5,025
Experian PLC
06-Apr-20	b/fwd	1,556	42,666	32,894
12-May-20	Sale							39	972	1,069	(98)
05-Apr-21	c/fwd											1,517	41,596	38,623	6,798
Reckitt Benckiser Group Plc
06-Apr-20	b/fwd	1,133	73,304	70,835
12-May-20	Sale							28	1,934	1,812	122
05-Apr-21	c/fwd											1,105	71,493	71,792	2,769
Astrazeneca Plc
06-Apr-20	b/fwd	782	59,835	55,866
12-May-20	Sale							20	1,734	1,530	204
05-Apr-21	c/fwd											762	58,305	54,651	315
Prudential Plc
06-Apr-20	b/fwd	2,739	39,095	25,204
12-May-20	Sale							69	783	985	(202)
05-Apr-21	c/fwd											2,670	38,110	41,632	17,413

1

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2021

		Opening Balances	Opening Balances		Acquisitions	Acquisitions			Disposals				Closing		Unrealised
		Units	Cost	Value	Units	Cost	Units		Proceeds	Cost	Profit/Loss	Units	Cost	Value	gains
			£	£		£			£	£	£		£	£	£
RELX Plc
06-Apr-20	b/fwd	2,084	43,401	35,147
12-May-20	Sale							52	967	1,083	(116)
05-Apr-21	c/fwd											2,032	42,318	37,287	3,223
Europe
Schneider Electric SE
06-Apr-20	b/fwd	-	-	-
29-Mar-21	Purchase				432	47,109
05-Apr-21	c/fwd											432	47,109	48,338	1,229
Vestas Wind Systems AS
06-Apr-20	b/fwd	-	-	-
12-Oct-20	Purchase				170	23,023
19-Nov-20	Purchase				152	21,824
05-Apr-21	c/fwd											322	44,846	47,997	3,151
Royal Philips NV
06-Apr-20	b/fwd	-	-	-
18-Feb-21	Purchase				987	40,401
05-Apr-21	c/fwd											987	40,401	41,318	917
Mowi ASA
06-Apr-20	b/fwd	3,530	65,570	43,844
12-May-20	Sale							85	1,204	1,579	(375)
05-Apr-21	c/fwd											3,445	63,991	61,963	19,698
Roche Holding AG, Basel
06-Apr-20	b/fwd	245	65,274	66,149
12-May-20	Sale							7	2,027	1,865	162
05-Apr-21	c/fwd											238	63,409	55,877	(8,407)

2

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2021

		Opening Balances	Opening Balances		Acquisitions	Acquisitions		Disposals				Closing		Unrealised
		Units	Cost	Value	Units	Cost	Units	Proceeds	Cost	Profit/Loss	Units	Cost	Value	gains
			£	£		£		£	£	£		£	£	£
Novo-Nordisk AS
06-Apr-20	b/fwd	1,593	76,603	78,640
12-May-20	Sale						47	2,373	2,260	113
05-Apr-21	c/fwd										1,546	74,343	76,063	(317)
Telenor ASA
06-Apr-20	b/fwd	3,662	49,698	43,359
12-May-20	Sale						88	1,016	1,194	(178)
12-Oct-20	Sale						3,574	45,011	48,504	(3,492)
05-Apr-21	c/fwd										-	-	-	6,339
North America
Ball Corp
06-Apr-20	b/fwd	1,218	70,985	61,946
12-May-20	Sale						33	1,697	1,923	(226)
05-Apr-21	c/fwd										1,185	69,061	73,940	13,917
Sensata Technologies Holding Plc
06-Apr-20	b/fwd	977	36,987	22,291
12-May-20	Sale						26	757	984	(227)
20-Nov-20	Purchase				342	12,414.08
19-Feb-21	Purchase				328	13,771.09
05-Apr-21	c/fwd										1,621	62,188	68,669	21,177
3M Co
06-Apr-20	b/fwd	299	36,653	32,725
12-May-20	Sale						9	1,073	1,103	(30)
19-Nov-20	Purchase				154	19,920.14
05-Apr-21	c/fwd										444	55,470	61,883	10,341

3

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2021

			Opening Balances	Opening Balances		Acquisitions	Acquisitions			Disposals					Closing		Unrealised
		Units		Cost	Value	Units	Cost	Units		Proceeds	Cost	Profit/Loss	Units		Cost	Value	gains
				£	£		£			£	£	£			£	£	£
Illinois Tool Works Inc
06-Apr-20	b/fwd		293	41,674	33,873
12-May-20	Sale								8	1,049	1,138	(88)
05-Apr-21	c/fwd													285	40,536	45,834	13,099
Amazon.Com	Inc
06-Apr-20	b/fwd		-	-	-
16-Apr-20	Purchase					18	33,819.59
04-Jun-20	Purchase					18	35,604.10
05-Apr-21	c/fwd													36	69,424	82,306	12,882
Home Depot
06-Apr-20	b/fwd		300	54,761	43,856
12-May-20	Sale								8	1,536	1,460	75
05-Apr-21	c/fwd													292	53,301	64,996	22,600
Estee Lauder	Companies Inc
06-Apr-20	b/fwd		446	70,229	56,217
12-May-20	Sale								12	1,676	1,890	(214)
05-Apr-21	c/fwd													434	68,340	91,763	37,436
Unitedhealth	Group Inc
06-Apr-20	b/fwd		269	59,292	50,501
12-May-20	Sale								7	1,642	1,543	99
05-Apr-21	c/fwd													262	57,749	69,559	20,601
Eli Lilly Co
06-Apr-20	b/fwd		601	67,082	68,664
12-May-20	Sale								16	2,056	1,786	270
18-Feb-21	Sale								160	23,464	17,859	5,605
05-Apr-21	c/fwd													425	47,437	56,941	7,922

4

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2021

		Opening Balances	Opening Balances		Acquisitions	Acquisitions		Disposals					Closing		Unrealised
		Units	Cost	Value	Units	Cost	Units	Proceeds	Cost	Profit/Loss	Units		Cost	Value	gains
			£	£		£		£	£	£			£	£	£
Thermo Fisher	Scientific Inc
06-Apr-20	b/fwd	217	48,867	50,097
12-May-20	Sale						6	1,640	1,351	289
05-Apr-21	c/fwd											211	47,516	69,670	20,924
Chubb Limited
06-Apr-20	b/fwd	339	41,818	28,514
16-Apr-20	Sale						339	31,113	41,818	(10,705)
05-Apr-21	c/fwd											-	-	-	13,304
Visa Inc
06-Apr-20	b/fwd	419	66,410	52,049
12-May-20	Sale						12	1,776	1,902	(126)
05-Apr-21	c/fwd											407	64,508	63,838	13,691
Alphabet Inc
06-Apr-20	b/fwd	59	66,395	52,990
12-May-20	Sale						2	2,267	2,251	17
05-Apr-21	c/fwd											57	64,145	88,132	37,393
Microsoft Corp
06-Apr-20	b/fwd	502	71,103	63,172
12-May-20	Sale						13	1,959	1,841	117
05-Apr-21	c/fwd											489	69,261	85,715	24,384
Oracle Corp
06-Apr-20	b/fwd	1,243	52,501	50,232
12-May-20	Sale						34	1,470	1,436	34
20-Nov-20	Sale						1,209	50,841	51,065	(225)
05-Apr-21	c/fwd											-	-	-	2,269

5

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2021

		Opening Balances	Opening Balances		Acquisitions	Acquisitions			Disposals				Closing		Unrealised
		Units	Cost	Value	Units	Cost	Units		Proceeds	Cost	Profit/Loss	Units	Cost	Value	gains
			£	£		£			£	£	£		£	£	£
Cisco Systems Inc
06-Apr-20	b/fwd	1,372	51,096	44,527
12-May-20	Sale							37	1,313	1,378	(65)
05-Apr-21	c/fwd											1,335	49,718	50,190	7,041
Cognex Corp
06-Apr-20	b/fwd	-	-	-
22-Dec-20	Purchase				392	23,553.32
05-Apr-21	c/fwd											392	23,553	23,904	351
Intel Corp
06-Apr-20	b/fwd	1,100	56,581	48,710
12-May-20	Sale							30	1,467	1,543	(76)
05-Apr-21	c/fwd											1,070	55,038	49,956	2,789
Walt Disney Company
06-Apr-20	b/fwd	455	51,378	34,944
12-May-20	Sale							13	1,147	1,468	(321)
05-Apr-21	c/fwd											442	49,910	60,411	26,935
Electronic Arts
06-Apr-20	b/fwd	488	40,905	41,051
12-May-20	Sale							13	1,233	1,090	144
04-Jun-20	Sale							475	44,647	39,815	4,832
05-Apr-21	c/fwd											-	-	-	(146)
Facebook Inc
06-Apr-20	b/fwd	257	42,039	32,415
12-May-20	Sale							7	1,206	1,145	61
05-Apr-21	c/fwd											250	40,894	54,003	22,733

6

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2021

		Opening Balances	Opening Balances		Acquisitions	Acquisitions			Disposals				Closing		Unrealised
		Units	Cost	Value	Units	Cost	Units		Proceeds	Cost	Profit/Loss	Units	Cost	Value	gains
			£	£		£			£	£	£		£	£	£
Japan
Unicharm Corporation
06-Apr-20	b/fwd	2,300	60,000	70,099
24-Feb-21	Sale							400	12,975	10,435	2,540
05-Apr-21	c/fwd											1,900	49,566	58,246	(1,418)
JPMorgan Fund	ICVC - JPM Japan	Fund
06-Apr-20	b/fwd	-	-	181
29-Apr-20	Equalisation				-	(68)
29-Apr-20	Sale							-	-	(68)	68
05-Apr-21	c/fwd											-	-	-	(181)
Asia ex. Japan
DBS Group Holdings Ltd
06-Apr-20	b/fwd	3,400	48,797	34,603
13-May-20	Sale							100	1,104	1,435	(331)
05-Apr-21	c/fwd											3,300	47,362	51,488	18,320
AIA Group Ltd
06-Apr-20	b/fwd	6,200	49,908	45,938
05-Apr-21	c/fwd											6,200	49,908	54,723	8,785
Emerging Markets
New Oriental Education & Technology
06-Apr-20	b/fwd	544	56,495	47,399
12-May-20	Sale							15	1,523	1,558	(34)
16-Mar-21	Stock split				(529)	(54,937)
05-Apr-21	c/fwd											-	-	-	9,096

7

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2021

		Opening Balances	Opening Balances		Acquisitions	Acquisitions			Disposals				Closing		Unrealised
		Units	Cost	Value	Units	Cost	Units		Proceeds	Cost	Profit/Loss	Units	Cost	Value	gains
			£	£		£			£	£	£		£	£	£
New Oriental Education & Technology
06-Apr-20	b/fwd	-	-	-
16-Mar-21	Stock split				5,290	54,937
05-Apr-21	c/fwd											5,290	54,937	55,479	542
Trip Com Group Ltd
06-Apr-20	b/fwd	1,569	42,272	28,251
12-May-20	Sale							43	860	1,159	(299)
05-Apr-21	c/fwd											1,526	41,114	44,303	17,211
Alibaba Group Holding Ltd
06-Apr-20	b/fwd	372	64,817	56,941
12-May-20	Sale							10	1,672	1,742	(70)
29-Mar-21	Sale							362	59,106	63,074	(3,969)
05-Apr-21	c/fwd											-	-	-	7,876
HDFC Bank Ltd
06-Apr-20	b/fwd	831	38,317	23,514
12-May-20	Sale							23	723	1,061	(337)
29-Mar-21	Purchase				293	16,677.39
05-Apr-21	c/fwd											1,101	53,934	61,906	22,775
Banco Bradesco SA BRAD
06-Apr-20	b/fwd	5,882	36,223	17,115
21-Apr-20	Stock dividend				588	-
12-May-20	Sale							748	1,854	4,606	(2,753)
18-Feb-21	Purchase				3,393	11,456.77
05-Apr-21	c/fwd											9,115	43,073	29,621	5,656

8

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2021

		Opening Balances	Opening Balances		Acquisitions	Acquisitions		Disposals					Closing		Unrealised
		Units	Cost	Value	Units	Cost	Units	Proceeds	Cost	Profit/Loss	Units		Cost	Value	gains
			£	£		£		£	£	£			£	£	£
Taiwan Semiconductor Manufacturing
06-Apr-20	b/fwd	1,134	50,726	44,043
12-May-20	Sale						31	1,312	1,387	(75)
18-Feb-21	Sale						174	16,773	7,783	8,990
05-Apr-21	c/fwd										929		41,556	84,157	49,284
Samsung Electronics Co Ltd
06-Apr-20	b/fwd	56	54,899	43,406
12-May-20	Sale						2	1,582	1,961	(379)
05-Apr-21	c/fwd											54	52,938	72,490	31,045
Tencent Holdings Ltd
06-Apr-20	b/fwd	1,100	43,724	43,701
05-Jun-20	Purchase				300	13,378
05-Apr-21	c/fwd										1,400		57,102	85,156	28,078
Bonds
UK
0.125% United	Kingdom of Great	2012-22.3.24 Treasury Stock
06-Apr-20	b/fwd	36,001	47,975	47,921
09-Apr-20	Accrued Interest				-	3
08-Apr-20	Sale						36,001	47,846	47,978	(131)
05-Apr-21	c/fwd										-		-	-	54
0.125% United	Kingdom of Great	2015-22.3.26 Treasury Stock
06-Apr-20	b/fwd	24,170	31,994	32,082
05-Apr-21	c/fwd										24,170		31,994	32,228	146

9

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2021

		Opening Balances	Opening Balances	Opening Balances		Acquisitions	Acquisitions			Disposals				Closing		Unrealised
		Units	Cost		Value	Units	Cost	Units		Proceeds	Cost	Profit/Loss	Units	Cost	Value	gains
			£		£		£			£	£	£		£	£	£
1.25% United	Kingdom of Great Britain and Northern		Ireland	2020-22.10.41 Treasury Stock
06-Apr-20	b/fwd	-		-		-
08-Apr-20	Purchase					43,678	47,843
09-Apr-20	Accrued Interest					-	(116)
05-Apr-21	c/fwd												43,678	47,727	43,439	(4,288)
North America
MU Lyxor Core US TIPS (DR)UCITS ETF
06-Apr-20	b/fwd	1,493	155,660		160,274
19-Jun-20	Sale								243	26,237	25,335	902
05-Apr-21	c/fwd												1,250	130,325	138,719	3,780
iShares USD Treasury Bond 20+yr UCITS ETF
06-Apr-20	b/fwd	-		-		-
22-Jun-20	Purchase					5,307	30,579
05-Apr-21	c/fwd												5,307	30,579	25,886	(4,693)
Emerging Markets
iShares China	CNY Bond UCITS ETF
06-Apr-20	b/fwd	-		-		-
22-Sep-20	Purchase					12,075	48,511.32
05-Apr-21	c/fwd												12,075	48,511	46,733	(1,778)
Ashmore Emerging Markets Total Return Fund Z2
06-Apr-20	b/fwd	1,323	126,587		93,613
28-Apr-20	Transfer					(1,323)	(126,587)
05-Apr-21	c/fwd												-	-	-	32,974

10

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2021

		Opening Balances	Opening Balances		Acquisitions	Acquisitions		Disposals				Closing		Unrealised
		Units	Cost	Value	Units	Cost	Units	Proceeds	Cost	Profit/Loss	Units	Cost	Value	gains
			£	£		£		£	£	£		£	£	£
Ashmore Emerging Markets Total Return Fund Z3
06-Apr-20	b/fwd	-	-	-
28-Apr-20	Transfer				949	126,587
30-Jun-20	Excess Reportable Income				-	46
23-Jul-20	Sale						410	48,511	54,735	(6,224)
05-Apr-21	c/fwd										539	71,897	62,952	(8,945)
Alternatives
Hedge Funds
Egerton Sterling	Investment Fund
06-Apr-20	b/fwd	383	128,132	134,607
14-Apr-20	Transfer				(383)	(128,132)
05-Apr-21	c/fwd										-	-	-	(6,475)
Egerton Capital Investment Fund
06-Apr-20	b/fwd	-	-	-
14-Apr-20	Transfer				383	128,132
05-Apr-21	c/fwd										383	128,132	155,396	27,264
Lumyna - Sandbar Global Equity
06-Apr-20	b/fwd	513	51,552	55,202
05-Apr-21	c/fwd										513	51,552	53,174	(2,028)
Commodities
iShares Physical	Metals PLC
06-Apr-20	b/fwd	9,780	202,098	252,520
27-Oct-20	Sale						4,426	126,191	91,461	34,730
04-Dec-20	Sale						1,166	30,916	24,095	6,821
05-Apr-21	c/fwd										4,188	86,543	102,250	(34,714)

11

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2021

		Opening Balances	Opening Balances		Acquisitions	Acquisitions			Disposals				Closing		Unrealised
		Units	Cost	Value	Units	Cost	Units		Proceeds	Cost	Profit/Loss	Units	Cost	Value	gains
			£	£		£			£	£	£		£	£	£
WisdomTree	Hedged Metal Sec Ltd 2013
06-Apr-20	b/fwd	-	-	-
27-Oct-20	Purchase				12,238	127,685
05-Apr-21	c/fwd											12,238	127,685	115,328	(12,357)
Other
International Public Partnerships
06-Apr-20	b/fwd	10,600	15,900	15,264
05-Apr-21	c/fwd											10,600	15,900	17,829	2,565
Greencoat UK Wind PtC
06-Apr-20	b/fwd	21,846	28,790	28,880
05-Apr-21	c/fwd											21,846	28,790	28,269	(611)
Schroders Diversified Alternative
06-Apr-20	b/fwd	300	31,539	26,748
05-Apr-21	c/fwd											300	31,539	31,137	4,389
3I Infrastructure PLC
06-Apr-20	b/fwd	5,591	11,685	13,446
05-Apr-21	c/fwd											5,591	11,685	16,577	3,131
KKV Secured	Loan Fund Limited
06-Apr-20	b/fwd	-	-	-
17-Mar-21	Transfer				17,294	15,304
05-Apr-21	c/fwd											17,294	15,304	6,148	(9,156)
SQN Asset Finance Income Fund Ltd
06-Apr-20	b/fwd	17,294	17,380	8,924
17-Mar-21	Capital Distribution							-	2,075	2,075	-
17-Mar-21	Transfer				(17,294)	(15,304)
05-Apr-21	c/fwd						12					-	-	-	8,456

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2021

Units Cost Value Units Cost Units £ £ £ Acquisitions Opening Balances Sequoia Economic Infrastructure 06-Apr-20 b/fwd 7,005 7,829 6,655 05-Apr-21 c/fwd Man GLG Japan CoreAlpha Equity Shs Ptg. Class -I- GBP Accumulation Man Funds PLC 06-Apr-20 b/fwd - - - 30-Jun-20 Excess reportable income - 994 - 05-Apr-21 c/fwd Spyglass US Growth Fund (UCITS) Shs -FP- GBP Aravis Funds (Ireland) ICAV 06-Apr-20 b/fwd - - - 30-Jun-20 Excess reportable income - 463 - 05-Apr-21 c/fwd 2,945,500 2,652,039 591,324	Proceeds Cost Profit/Loss Units £ £ £ Disposals 7,005 - 994 (994) - - 463 (463) - 616,311 582,939 33,372	Cost Value £ £ £ Closing Unrealised gains 7,829 7,285 630 - - - - - -
		2,953,884 3,245,628 585,205

13

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Veritas Schedule of Investments for the year ended 5 April 2021

			Opening Balances	Opening Balances	Opening Balances		Acquisitions	Acquisitions		Disposals				Closing		Unrealised
		Units		Cost		Value	Units	Cost	Units	Proceeds	Cost	Profit/Loss	Units	Cost	Value	gains
				£		£		£		£	£	£		£	£	£
Fixed Interest
British Telecommunications IDX/LKD SNR EMTN 25/04/2025					GBP1000	'01
06-Apr-20	b/fwd		-		-	-
18-Jan-21	Purchase						15,000	31,733
05-Apr-21	c/fwd												15,000	31,733	31,991	258
CG Portfolio	Fund plc - Dollar Fund
06-Apr-20	b/fwd		-		-	-
30-Sep-20	Purchase						459	49,152
05-Apr-21	c/fwd												459	49,152	47,624	(1,528)
European Investment Bank Floating .82281%			21/05/2021
06-Apr-20	b/fwd	110,000		110,853		110,316
05-Apr-21	c/fwd												110,000	110,853	110,060	(256)
International Bank for Reconstruction & Development				1% 21/12/2029
06-Apr-20	b/fwd		-		-	-
14-Aug-20	Purchase						49,000	51,274
12-Nov-20	Purchase						21,000	21,942
21-Dec-20	Accrued Interest						-	(152)
21-Dec-20	Accrued Interest						-	(234)
05-Apr-21	c/fwd												70,000	72,830	70,189	(2,641)
London Stock Exchange Group PLC 4.75% 02/11/2021
06-Apr-20	b/fwd	110,000		118,085		112,789
18-Jan-21	Purchase						30,000	31,369
05-Apr-21	c/fwd												140,000	149,454	145,801	1,643
LVMH Moet Hennessy Louis Vuitton		SE 1% 11/02/2023
06-Apr-20	b/fwd	100,000		100,280		97,851
05-Apr-21	c/fwd												100,000	100,280	100,941	3,090
									1

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Veritas Schedule of Investments for the year ended 5 April 2021

			Opening Balances	Opening Balances		Acquisitions	Acquisitions		Disposals				Closing		Unrealised
		Units		Cost	Value	Units	Cost	Units	Proceeds	Cost	Profit/Loss	Units	Cost	Value	gains
				£	£		£		£	£	£		£	£	£
LVMH Moet Hennessy Louis Vuitton SE 1% 14/06/2022
06-Apr-20	b/fwd	-		-	-
18-Jan-21	Purchase					40,000	40,659
05-Apr-21	c/fwd											40,000	40,659	40,542	(117)
National Grid PLC 1.25% 06/10/2021
06-Apr-20	b/fwd	120,000		122,276	142,050
05-Apr-21	c/fwd											120,000	122,276	152,889	10,839
Nestle Holdings	Inc 1.75% 09/12/2020
06-Apr-20	b/fwd	130,000		131,438	130,851
09-Dec-20	Final maturity of Bond							130,000	130,000	131,438	(1,438)
18-Jan-21	Purchase					30,000	31,907
05-Apr-21	c/fwd											30,000	31,907	31,539	219
PepsiCo Inc 2.5% 01/11/2022
06-Apr-20	b/fwd	130,000		134,850	134,126
05-Apr-21	c/fwd											130,000	134,850	135,796	1,670
Swedish Export	Credit Corp Pub 0.625% Snr Nts 07/12/20
06-Apr-20	b/fwd	71,000		70,929	71,260
07-Dec-20	Final maturity of Bond							71,000	71,000	70,929	71
05-Apr-21	c/fwd											-	-	-	(331)
Tesco IDX/LKD SNR BDS 05/11/2025		GBP1000	'29'
06-Apr-20	b/fwd	-		-	-
18-Jan-21	Purchase					20,000	41,253
05-Apr-21	c/fwd											20,000	41,253	41,270	17

2

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Veritas Schedule of Investments for the year ended 5 April 2021

		Opening Balances	Opening Balances		Acquisitions	Acquisitions		Disposals					Closing		Unrealised
		Units	Cost	Value	Units	Cost	Units	Proceeds	Cost	Profit/Loss	Units		Cost	Value	gains
			£	£		£		£	£	£			£	£	£
Total Capital International SA 2.25% 19/12/2020
06-Apr-20	b/fwd	130,000	135,268	131,397
17-Dec-20	Final maturity	of Bond					130,000	130,000	135,268	(5,268)
05-Apr-21	c/fwd											-	-	-	3,871
Walgreens Boots Alliance Inc 2.875% 20/11/2020
06-Apr-20	b/fwd	125,000	130,740	126,749
20-Oct-20	Final maturity	of Bond					125,000	125,000	130,740	(5,740)
05-Apr-21	c/fwd											-	-	-	3,991
Equity
Accenture PLC
06-Apr-20	b/fwd	625	62,630	77,550
05-Apr-21	c/fwd											625	62,630	125,172	47,622
Align Technology Inc
06-Apr-20	b/fwd	275	44,704	34,598
05-Nov-20	Sale						50	17,640	8,128	9,512
05-Mar-21	Sale						30	11,671	4,877	6,794
24-Sep-20	Sale						45	11,230	5,283	5,947
05-Apr-21	c/fwd											150	26,416	58,901	42,591
Alphabet Inc Cap Stk Cl C
06-Apr-20	b/fwd	75	24,400	67,127
18-Dec-20	Sale						7	9,070	2,277	6,793
05-Apr-21	c/fwd											68	22,123	101,955	37,105

3

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Veritas Schedule of Investments for the year ended 5 April 2021

			Opening Balances	Opening Balances		Acquisitions	Acquisitions			Disposals				Closing		Unrealised
		Units		Cost	Value	Units	Cost	Units		Proceeds	Cost	Profit/Loss	Units	Cost	Value	gains
				£	£		£			£	£	£		£	£	£
Amphenol Corp
06-Apr-20	b/fwd		700	44,315	39,168
05-May-21	Stock Split					(700)	-
05-May-21	Stock Split					1,400	-
05-Apr-21	c/fwd												1,400	44,315	67,154	27,986
Automatic Data	Processing Inc
06-Apr-20	b/fwd		510	55,295	53,496
09-Apr-20	Purchase					95	11,287
05-Apr-21	c/fwd												605	66,581	83,057	18,274
Avery Dennison	Corp
06-Apr-20	b/fwd		640	50,942	48,891
15-Mar-21	Sale								215	27,542	17,113	10,428
05-Apr-21	c/fwd												425	33,829	56,648	24,870
Berkshire Hathaway B Shares
06-Apr-20	b/fwd		700	20,004	101,805
21-Apr-20	Purchase					70	10,780
08-Sep-20	Sale								70	11,689	2,799	8,890
28-Sep-20	Sale								220	35,970	8,795	27,175
09-Nov-20	Sale								230	36,676	8,983	27,693
06-Jul-20	Sale								250	35,752	10,207	25,545
05-Apr-21	c/fwd												-	-	-	(81,801)

4

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Veritas Schedule of Investments for the year ended 5 April 2021

		Opening Balances	Opening Balances		Acquisitions	Acquisitions		Disposals				Closing		Unrealised
		Units	Cost	Value	Units	Cost	Units	Proceeds	Cost	Profit/Loss	Units	Cost	Value	gains
			£	£		£		£	£	£		£	£	£
Broadridge Financial Solutions Inc
06-Apr-20	b/fwd	-	-	-
12-Feb-21	Purchase				115	11,985
16-Feb-21	Purchase				74	7,796
17-Feb-21	Purchase				154	16,324
18-Feb-21	Purchase				128	13,539
19-Feb-21	Purchase				107	11,345
22-Feb-21	Purchase				57	6,032
05-Apr-21	c/fwd										635	67,020	70,777	3,757
Bunzl PLC
06-Apr-20	b/fwd	3,400	76,196	52,700
05-Apr-21	c/fwd										3,400	76,196	78,982	26,282
Cerner Corp
06-Apr-20	b/fwd	1,600	75,427	81,501
18-Jun-20	Purchase				460	25,699
05-Apr-21	c/fwd										2,060	101,126	107,322	122
Experian PLC
06-Apr-20	b/fwd	3,400	24,207	71,876
17-Jun-20	Sale						400	10,843	2,848	7,995
25-Nov-20	Sale						600	17,197	4,272	12,925
05-Apr-21	c/fwd										2,400	17,087	59,928	(4,828)
First Sentier Investors ICVC- Stewart		Investors Asia	Pacific Leaders Fund
06-Apr-20	b/fwd	10,290	66,061	68,660
30-Sep-20	Accumulated Dividend				-	536
12-Nov-20	Sale						2,290	20,543	14,818	5,725
31-Mar-21	Accumulated Dividend				-	39
05-Apr-21	c/fwd										8,000	51,817	76,326	21,909

5

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Veritas Schedule of Investments for the year ended 5 April 2021

		Opening Balances	Opening Balances		Acquisitions	Acquisitions			Disposals				Closing		Unrealised
		Units	Cost	Value	Units	Cost	Units		Proceeds	Cost	Profit/Loss	Units	Cost	Value	gains
			£	£		£			£	£	£		£	£	£
Fiserv Inc
06-Apr-20	b/fwd	870	45,017	61,185
05-Apr-21	c/fwd											870	45,017	75,066	13,881
Franco-Nevada Corp
06-Apr-20	b/fwd	1,450	74,811	128,012
28-Apr-20	Sale							150	16,512	7,739	8,773
13-Aug-20	Sale							350	39,172	18,058	21,115
05-Apr-21	c/fwd											950	49,014	86,303	(15,912)
Fresenius Medical Care AG & Co KGaA
06-Apr-20	b/fwd	1,420	91,129	74,886
05-Apr-21	c/fwd											1,420	91,129	76,037	1,151
Hasbro Inc
06-Apr-20	b/fwd	1,165	75,847	63,667
05-Apr-21	c/fwd											1,165	75,847	81,175	17,508
Infineon Technologies AG
06-Apr-20	b/fwd	4,600	77,151	54,109
05-Apr-21	c/fwd											4,600	77,151	142,203	88,094
Intuit Inc
06-Apr-20	b/fwd	-	-	-
11-Mar-21	Purchase				150	41,662
05-Apr-21	c/fwd											150	41,662	41,650	(12)
Kerry Group PLC
06-Apr-20	b/fwd	470	43,118	38,316
18-Mar-21	Purchase				180	15,778
05-Apr-21	c/fwd											650	58,896	59,163	5,069

6

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Veritas Schedule of Investments for the year ended 5 April 2021

			Opening Balances	Opening Balances		Acquisitions	Acquisitions			Disposals					Closing		Unrealised
		Units		Cost	Value	Units	Cost	Units		Proceeds	Cost	Profit/Loss	Units		Cost	Value	gains
				£	£		£			£	£	£			£	£	£
Kuehne + Nagel	International AG
06-Apr-20	b/fwd		320	38,214	35,786
05-Apr-21	c/fwd													320	38,214	66,489	30,703
Laboratory Corp	of America Holdings
06-Apr-20	b/fwd		660	76,155	61,007
09-Apr-20	Purchase					225	25,217
05-Apr-21	c/fwd													885	101,372	163,642	77,418
Marsh & McLennan Cos Inc
06-Apr-20	b/fwd		-	-	-
18-Sep-20	Purchase					650	60,323
06-Nov-20	Purchase					280	23,828
05-Apr-21	c/fwd													930	84,151	82,117	(2,034)
Mastercard Inc
06-Apr-20	b/fwd		530	31,472	102,543
10-Sep-20	Sale								70	17,650	4,157	13,493
05-Apr-21	c/fwd													460	27,315	118,828	20,442
Microsoft Corp
06-Apr-20	b/fwd		930	22,142	116,722
10-Sep-20	Sale								180	28,343	4,286	24,057
05-Apr-21	c/fwd													750	17,857	128,177	15,741
Next PLC
06-Apr-20	b/fwd		-	-	-
15-Jan-21	Purchase					171	13,490
18-Jan-21	Purchase					249	19,844
19-Jan-21	Purchase					210	16,768
05-Apr-21	c/fwd													630	50,102	49,556	(546)

7

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Veritas Schedule of Investments for the year ended 5 April 2021

		Opening Balances	Opening Balances		Acquisitions	Acquisitions			Disposals				Closing		Unrealised
		Units	Cost	Value	Units	Cost	Units		Proceeds	Cost	Profit/Loss	Units	Cost	Value	gains
			£	£		£			£	£	£		£	£	£
Roche Holding AG
06-Apr-20	b/fwd	500	38,101	134,643
28-Apr-20	Sale							60	17,440	4,572	12,868
05-Apr-21	c/fwd											440	33,529	103,511	(26,560)
Taiwan Semiconductor Manufacturing Co LTD
06-Apr-20	b/fwd	2,350	33,821	91,030
30-Jul-20	Sale							640	37,811	9,211	28,600
14-Jan-21	Sale							250	22,257	3,598	18,659
19-Jan-21	Sale							130	12,646	3,325	9,321
05-Apr-21	c/fwd											1,330	17,687	114,427	39,530
Thermo Fisher Scientific Inc
06-Apr-20	b/fwd	460	53,884	105,901
09-Nov-20	Sale							40	16,011	4,686	11,326
21-Sep-20	Sale							60	20,253	7,028	13,225
05-Apr-21	c/fwd											360	42,170	119,250	25,063
Tractor Supply Co
06-Apr-20	b/fwd	680	49,664	44,101
10-Feb-21	Purchase				110	12,458
05-Apr-21	c/fwd											790	62,122	101,477	44,918
Unilever NV
06-Apr-20	b/fwd	1,200	50,026	46,784
05-Apr-21	c/fwd											1,200	50,026	48,660	1,876
UnitedHealth Group Inc
06-Apr-20	b/fwd	560	26,014	104,849
09-Nov-20	Sale							50	13,651	2,323	11,328
05-Apr-21	c/fwd											510	23,691	137,713	35,187

8

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Veritas Schedule of Investments for the year ended 5 April 2021

		Opening Balances	Opening Balances		Acquisitions	Acquisitions			Disposals					Closing		Unrealised
		Units	Cost	Value	Units	Cost	Units		Proceeds	Cost	Profit/Loss	Units		Cost	Value	gains
			£	£		£			£	£	£			£	£	£
WisdomTree Physical Gold
06-Apr-20	b/fwd	-	-	-
13-Aug-20	Purchase				480	68,833
05-Apr-21	c/fwd												480	68,833	56,246	(12,587)
Xylem Inc/NY
06-Apr-20	b/fwd	1,000	53,734	49,356
14-Jan-21	Sale							249	19,241	13,380	5,861
15-Jan-21	Sale							51	3,912	2,740	1,171
22-Feb-21	Sale							700	47,817	37,614	10,203
05-Apr-21	c/fwd												-	-	-	4,378
			2,479,200	3,067,658		712,464			1,014,538	681,491	333,047			2,510,173	3,646,554	547,923

9

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Rothschild Schedule of Investments for the year ended 5 April 2021

		Opening Balances	Opening Balances		Acquisitions	Acquisitions		Disposals					Closing			Unrealised
		Units	Cost	Value	Units	Cost	Units	Proceeds	Cost	Profit/Loss	Units		Cost	Value		gains
			£	£		£		£	£	£			£	£		£
Fixed Income
R Wealth Mgmt SICAV-SIF- Investment Grade Bonds			Shs
06-Apr-20	b/fwd	50,350	504,803	505,014
11-Jun-20	Redemption						8,441	85,081	84,624	457
13-Aug-20	Redemption						41,910	416,583	420,179	(3,597)
05-Apr-21	c/fwd											-	-		-	(210)
Equities
Equities-UK
Admiral Group PLC
06-Apr-20	b/fwd	5,121	89,701	112,662
06-Apr-20	Sell						95	2,091	1,664	427
07-Apr-20	Sell						174	3,829	3,048	782
08-Apr-20	Sell						96	2,115	1,682	433
09-Apr-20	Sell						39	862	683	179
14-Apr-20	Sell						131	2,889	2,295	594
15-Apr-20	Sell						38	839	666	174
17-Apr-20	Sell						251	5,522	4,397	1,125
20-Apr-20	Sell						92	2,025	1,612	414
13-Aug-20	Sell						4,205	112,839	73,656	39,183
24-Apr-19	c/fwd											-	-		-	(22,961)
Ashtead Group PLC Reg Shs
06-Apr-20	b/fwd	3,082	65,834	49,482
13-Aug-20	Sell						3,082	84,821	65,834	18,987
05-Apr-21	c/fwd											-	-		-	16,353

1

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Rothschild Schedule of Investments for the year ended 5 April 2021

		Opening Balances	Opening Balances		Acquisitions	Acquisitions		Disposals	Disposals				Closing			Unrealised
		Units	Cost	Value	Units	Cost	Units	Proceeds	Cost	Profit/Loss	Units		Cost	Value		gains
			£	£		£		£	£	£			£	£		£
Lloyds Banking	Group PLC
06-Apr-20	b/fwd	218,576	129,904	60,600
13-Aug-20	Sell						218,576	64,392	129,904	(65,512)
05-Apr-21	c/fwd											-	-		-	69,304
Pentaris (Formerly InRIS) QIAIF PLC R Phoenix UK			Fund
06-Apr-20	b/fwd	778	74,955	54,167
30-Sep-20	Redemption						778	65,086	74,955	(9,869)
05-Apr-21	c/fwd											-	-		-	20,787
Pentaris QIAIF	PLC - Phoenix UK Fund Shs -S- GBP
06-Apr-20	b/fwd	410	40,994	26,740
29-Sep-20	Redemption						410	31,951	40,994	(9,043)
05-Apr-21	c/fwd											-	-		-	14,254
RyanAir Holdings PLC
06-Apr-20	b/fwd	11,721	120,669	88,881
13-Aug-20	Sale						11,721	128,376	120,669	7,707
05-Apr-21	c/fwd											-	-		-	31,788
Booking Holdings Inc Reg Shs 40656108
06-Apr-20	b/fwd
15-Jun-20	Purchase of Investment				6	7,872
16-Jun-20	Purchase of Investment				17	22,746
17-Jun-20	Purchase of Investment				3	3,915
13-Aug-20	Sale of Investment						26	35,752	34,532.90	1,219
05-Apr-21	c/fwd											-	-		-	-

2

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Rothschild Schedule of Investments for the year ended 5 April 2021

		Opening Balances	Opening Balances		Acquisitions	Acquisitions		Disposals					Closing			Unrealised
		Units	Cost	Value	Units	Cost	Units	Proceeds	Cost	Profit/Loss	Units		Cost	Value		gains
			£	£		£		£	£	£			£	£		£
Lyxor Core US TIPS DR UCITS ETF Shs		-Dist- Dist Shs 33302471
06-Apr-20	b/fwd
11-Jun-20	Purchase				1,939	210,351
13-Aug-20	Sell						1,939	215,262	210,351	4,912
05-Apr-21	c/fwd											-	-		-	-
Equities	-North America
American	Express Co Reg Shs
06-Apr-20	b/fwd	1,318	54,163	79,405
06-Apr-20	Purchase of Investment				125	8,480
15-Apr-20	Purchase of Investment				250	16,666
14-Aug-20	American Express Co						1,693	128,795	79,309	49,487
05-Apr-21	c/fwd											-	-		-	(25,242)
Berkshire Hathaway Inc - B - Reg Shs
06-Apr-20	b/fwd	850	56,446	124,085
13-Aug-20	Berkshire Hathaway						850	138,337	56,446	81,891
05-Apr-21	c/fwd											-	-		-	(67,640)
Cable One Inc Reg Shs
06-Apr-20	b/fwd	53	28,033	66,654
13-Aug-20	Sale of Investment						53	75,429	28,033	47,395
05-Apr-21	c/fwd											-	-		-	(38,621)
Charter Communication Inc - A - Reg		Shs
06-Apr-20	b/fwd	145	34,241	51,489
13-Aug-20	Sale of Investment						145	65,994	34,241	31,752
05-Apr-21	c/fwd											-	-		-	(17,247)

3

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Rothschild Schedule of Investments for the year ended 5 April 2021

		Opening Balances	Opening Balances		Acquisitions	Acquisitions		Disposals					Closing			Unrealised
		Units	Cost	Value	Units	Cost	Units	Proceeds	Cost	Profit/Loss	Units		Cost	Value		gains
			£	£		£		£	£	£			£	£		£
Comcast Corp -A- Reg Shs
06-Apr-20	b/fwd	2,804	78,345	77,924
13-Aug-20	Sale of Investment						2,804	92,371	78,345	14,026
05-Apr-21	c/fwd											-	-		-	421
Deere & Co Reg Shs
06-Apr-20	b/fwd	771	42,458	85,529
18-May-20	Purchase of Investment				42	4,656
13-Aug-20	Deere & Co						813	117,290	47,114	70,175
05-Apr-21	c/fwd											-	-		-	(43,070)
Fox Corp -A- Reg Shs
06-Apr-20	b/fwd	4,116	113,278	75,133
13-Aug-20	Sale of Investment						4,116	78,147	113,278	(35,131)
05-Apr-21	c/fwd											-	-		-	38,144
Liberty Broadband Corp Series -C-
06-Apr-20	b/fwd	253	16,228	22,449
13-Aug-20	Sale of Investment						253	27,096	16,228	10,867
05-Apr-21	c/fwd											-	-		-	(6,221)
Linde PLC Reg	Shs
06-Apr-20	b/fwd	596	49,226	79,098
06-Apr-20	Purchase of Investment				47	6,687
13-Aug-20	Sale of Investment						643	121,496	55,913	65,583
05-Apr-21	c/fwd											-	-		-	(29,871)
Mastercard Inc -A- Reg Shs
06-Apr-20	b/fwd	399	65,035	77,416
13-Aug-20	Sale of Investment						399	99,398	65,035	34,364
05-Apr-21	c/fwd											-	-		-	(12,381)

4

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Rothschild Schedule of Investments for the year ended 5 April 2021

		Opening Balances	Opening Balances		Acquisitions	Acquisitions			Disposals					Closing			Unrealised
		Units	Cost	Value	Units	Cost	Units		Proceeds	Cost	Profit/Loss	Units		Cost	Value		gains
			£	£		£			£	£	£			£	£		£
Middleby Corp Reg Shs
06-Apr-20	b/fwd	670	59,036	26,714
07-Apr-20	Sale of Investment							58	2,624	5,111	(2,487)
08-Apr-20	Sale of Investment							76	3,430	6,697	(3,267)
09-Apr-20	Sale of Investment							119	5,589	10,486	(4,897)
13-Apr-20	Sale of Investment							1	44	88	(44)
14-Apr-20	Sale of Investment							3	130	264	(134)
28-Apr-20	Sale of Investment							38	1,698	3,348	(1,650)
29-Apr-20	Sale of Investment							375	17,678	33,043	(15,365)
05-Apr-21	c/fwd												-	-		-	32,322
Moody's Corp	Reg Shs
06-Apr-20	b/fwd	656	71,477	112,116
09-Jun-20	Sale of Investment							36	7,802	3,923	3,879
10-Jun-20	Sale of Investment							16	3,457	1,743	1,714
13-Aug-20	Sale of Investment							604	128,715	65,811	62,903
05-Apr-21	c/fwd												-	-		-	(40,638)
Pentaris (Formerly InRIS) QIAIF PLC - Bares US Equity			Fund Shs -F-
06-Apr-20	b/fwd	1,307	104,759	117,044
23-Jun-20	Redemption							320	45,705	25,681	20,024
28-Aug-20	Redemption							986	165,902	79,078	86,825
05-Apr-21	c/fwd												-	-		-	(12,285)
S&P Global Inc Reg Shs
06-Apr-20	b/fwd	550	74,549	107,510
10-Jun-20	Sale of Investment							8	2,055	1,084	971
13-Aug-20	Sale of Investment							506	134,354	68,585	65,769
09-Jun-20	Sale of Investment							36	9,291	4,880	4,411
05-Apr-21	c/fwd												-	-		-	(32,961)

5

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Rothschild Schedule of Investments for the year ended 5 April 2021

		Opening Balances	Opening Balances		Acquisitions	Acquisitions		Disposals					Closing			Unrealised
		Units	Cost	Value	Units	Cost	Units	Proceeds	Cost	Profit/Loss	Units		Cost	Value		gains
			£	£		£		£	£	£			£	£		£
Wells Fargo & Co Reg Shs
06-Apr-20	b/fwd	3,416	114,130	73,345
13-Aug-20	Sale of Investment						3,416	65,091	114,130	(49,039)
05-Apr-21	c/fwd											-	-		-	40,785
Equities-Asia, Far East
Pentaris QIAIF PLC-Cederberg Fund Shs-F-USD(Formerly InRIS QIAIF				PLC)
06-Apr-20	b/fwd	975	70,489	106,062
02-Jul-20	Redemption						93	12,167	6,760	5,407
04-Aug-20	Redemption						84	11,405	6,054	5,351
01-Sep-20	Redemption						797	117,930	57,675	60,255
05-Apr-21	c/fwd											-	-		-	(35,573)
Equities-Global
Lansdowne	Developed Markets Long only Fund Ltd
06-Apr-20	b/fwd	673	70,000	59,832
01-Oct-20	Redemption Lansdowne Developed Markets Long Only Fund Limited						673	69,607	70,000	(393)
05-Apr-21	c/fwd											-	-		-	10,169
Equities-Other
Pentaris QIAIF PLC - Intrinsic Value Europe Fund (formerly InRIS UCITS PLC)
06-Apr-20	b/fwd	682	75,274	87,092
20-Aug-20	Redemption						682	110,608	75,274	35,334
05-Apr-21	c/fwd											-	-		-	(11,818)
R Wealth Mgmt SICAV-SIF - Selected Opportunities Fund
06-Apr-20	b/fwd	13,110	147,123	171,610
28-Aug-20	Redemption						13,110	211,858	147,123	64,735
05-Apr-21	c/fwd											-	-		-	(24,487)

6

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Rothschild Schedule of Investments for the year ended 5 April 2021

		Opening Balances	Opening Balances		Acquisitions	Acquisitions			Disposals					Closing			Unrealised
		Units	Cost	Value	Units	Cost	Units		Proceeds	Cost	Profit/Loss	Units		Cost	Value		gains
			£	£		£			£	£	£			£	£		£
Hedge Funds
Hedge Funds-Diversifiers
36 South Funds	ICAV - Okura Fund	Accum Shs -C-
06-Apr-20	b/fwd	14	13,000	12,506
06-Apr-20	Exchange				129	77,992
01-May-20	Redemption							6	4,512	3,580	932
01-May-20	Redemption							36	29,064	(563,023)	592,087
22-May-20	Exchange					5
22-May-20	Redemption							12	9,638	76,762	(67,124)
01-Oct-20	Exchange					3
01-Oct-20	Redemption							14	10,984	92,920	(81,936)
01-Oct-20	Redemption							11	8,328	70,451	(62,123)
01-Oct-20	Redemption							35	26,839	227,045	(200,206)
01-Oct-20	Redemption							20	15,377	130,083	(114,706)
01-Oct-20	Redemption							8	6,286	53,181	(46,894)
05-Apr-21	c/fwd												-	-		-	494

36 South Funds ICAV - Okura Fund Accum Shs -C06-Apr-20 b/fwd 12 11,995 10,786 06-Apr-20 Exchange (12) (11,995) 05-Apr-21 c/fwd 36 South Funds ICAV - Okura Fund Accum Shs -C06-Apr-20 b/fwd 11 10,997 9,899 06-Apr-20 Exchange (11) (10,997) 05-Apr-21 c/fwd 36 South Funds ICAV - Okura Fund Accum Shs -C06-Apr-20 b/fwd 14 11,000 13,057 06-Apr-20 Exchange (14) (11,000) 05-Apr-21 c/fwd

• • • 1,208
• • • • 1,098 - - - (2,057)

7

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Rothschild Schedule of Investments for the year ended 5 April 2021

		Opening Balances	Opening Balances		Acquisitions	Acquisitions			Disposals					Closing			Unrealised
		Units	Cost	Value	Units	Cost	Units		Proceeds	Cost	Profit/Loss	Units		Cost	Value		gains
			£	£		£			£	£	£			£	£		£
36 South Funds ICAV - Okura Fund Accum Shs -C-
06-Apr-20	b/fwd	20	12,000	18,279
06-Apr-20	Exchange				(20)	(12,000)
05-Apr-21	c/fwd												-	-		-	(6,279)
36 South Funds ICAV - Okura Fund Accum Shs -C-
06-Apr-20	b/fwd	35	18,000	31,904
06-Apr-20	Exchange				(35)	(18,000)
05-Apr-21	c/fwd												-	-		-	(13,904)
36 South Funds ICAV - Okura Fund Accum Shs -C-
06-Apr-20	b/fwd	36	14,000	32,807
06-Apr-20	Exchange				(36)	(14,000)
05-Apr-21	c/fwd												-	-		-	(18,807)
CFM Institutional Systematic Trends Fund Limited
06-Apr-20	b/fwd	63	69,078	70,777
24-Aug-20	Redemption							63	65,933	69,078	(3,145)
05-Apr-21	c/fwd												-	-		-	(1,699)
EF of 36 South Fund ICAV - Okura Fund Accum Shs -C-
06-Apr-20	b/fwd	5	5	5
22-May-20	Exchange				(5)	(5)
05-Apr-21	c/fwd												-	-		-	-
EF of 36 South Fund ICAV - Okura Fund Accum Shs -C-
06-Apr-20	b/fwd	3	3	3
01-Oct-20	Exchange				(3)	(3)
05-Apr-21	c/fwd												-	-		-	-

8

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Rothschild Schedule of Investments for the year ended 5 April 2021

		Opening Balances	Opening Balances		Acquisitions	Acquisitions			Disposals					Closing			Unrealised
		Units	Cost	Value	Units	Cost		Units	Proceeds	Cost	Profit/Loss	Units		Cost	Value		gains
			£	£		£			£	£	£			£	£		£
InRIS UCITS PLC - R CFM Trends Funds Shs
06-Apr-20	b/fwd	295	29,498	30,572
30-Jun-20	Excess Reportable Income					-	315
18-Aug-20	Redemption							295	31,026	29,813	1,213
05-Apr-21	c/fwd												-	-		-	(1,074)
Pentaris (Formerly InRIS) QIAIF PLC		- Artemis Volatility Trading Fund		Shs -F- USD Shs
06-Apr-20	b/fwd	381	28,775	34,164
26-Aug-20	Redemption							381	30,635	28,775	1,860
05-Apr-21	c/fwd												-	-		-	(5,389)
ACL Alternative Fund SAC Ltd Shs
06-Apr-20	b/fwd	830	64,222	65,954
30-Jun-20	Excess Reportable Income					-	354
17-Aug-20	Redemption							830	61,492	64,576	(3,084)
05-Apr-21	c/fwd												-	-		-	(1,732)
DD of ACL Alternative Fund SAC Ltd Red Shs -A-
06-Apr-20	b/fwd	1,264	1,265	-
05-Apr-21	Expiration							1,264	-	1,265	(1,265)
05-Apr-21	c/fwd												-	-		-	1,265
Hedge Funds-Others
Others
Wts Citigroup 18.12.2020 ESTX50 EUR P 3100 resettable put
06-Apr-20	b/fwd	38	3,451	18,776
24-Apr-20	Sale							19	7,173	1,725	5,448
13-Aug-20	Sale							19	1,695	1,725	(30)
05-Apr-21	c/fwd												-	-		-	(15,325)

9

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Rothschild Schedule of Investments for the year ended 5 April 2021

				Opening Balances	Opening Balances		Acquisitions	Acquisitions			Disposals					Closing			Unrealised
		Units			Cost	Value	Units	Cost	Units		Proceeds	Cost	Profit/Loss	Units		Cost	Value		gains
					£	£		£			£	£	£			£	£		£
Wts Citigroup 19.03.2020 ESTX50 EUR P EUR 3250 resettable put
06-Apr-20	b/fwd		61		5,746	38,312
24-Apr-20	Sale									31	15,517	2,920	12,597
13-Aug-20	Sale									30	5,146	2,826	2,320
05-Apr-21	c/fwd														-	-		-	(32,566)
Wts Citigroup 19.06.2020 S&P 500 USD 2500
06-Apr-20	b/fwd		62		3,464	8,254
09-Jul-20	Expiration									62	-	3,464	(3,464)
05-Apr-21	c/fwd														-	-		-	(4,790)
Wts JP Morgan	SP 18.09.2020 S&P 500 2450
06-Apr-20	b/fwd		50		3,504	9,689
13-Aug-20	Sale of Investment									50	38	3,504	(3,466)
05-Apr-21	c/fwd														-	-		-	(6,185)
Wts Citigroup 18.12.2020 S&P 500 USD 2800			put
06-Apr-20	b/fwd		38		3,583	14,252
13-Aug-20	Sale of Investment									38	1,644	3,583	(1,939)
05-Apr-21	c/fwd														-	-		-	(10,669)
Wts BNP Paribas Iss 18.06.2021 S&P		500 USD		2700 put 55938751
06-Apr-20	b/fwd		-		-	-
06-Jul-20	Purchase of Investment						40	5,146
13-Aug-20	Sale of Investment									40	3,187	5,146	(1,959)
05-Apr-21	c/fwd														-	-		-	-
Wts Citigroup 18.12.2020 ESTX50 EUR P EUR 2250 put 53947713
06-Apr-20	b/fwd		-		-	-
24-Apr-20	Purchase						71	7,160
13-Aug-20	Sale									71	742	7,160	(6,418)
05-Apr-21	c/fwd														-	-		-	-
									10

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Rothschild Schedule of Investments for the year ended 5 April 2021

Units Cost Value Units Cost Units £ £ £ Acquisitions Opening Balances Wts Citigroup 19.03.2021 ESTX50 EUR P EUR 2600 put 53947758 06-Apr-20 b/fwd - - - 24-Apr-20 Purchase 75 15,568 13-Aug-20 Sale 75 05-Apr-21 c/fwd FX Trade FX Trade USD/GBP 14/11/18 to 18/04/19 06-Apr-20 b/fwd 227,000 - (3,605) 05-Apr-21 Expiration 227,000 05-Apr-21 c/fwd FX Trade USD/GBP 14/11/18 to 18/04/19 06-Apr-20 b/fwd 798,000 - (42,701) 05-Apr-21 Expiration 798,000 05-Apr-21 c/fwd FX Trade USD/GBP 14/11/18 to 18/04/19 06-Apr-20 b/fwd 189,000 - (9,009) 05-Apr-21 Expiration 189,000 05-Apr-21 c/fwd 2,654,737 2,862,734 309,916	Proceeds Cost Profit/Loss Units £ £ £ Disposals 3,764 15,568 (11,804) - - - - - - - - - - - - - 3,670,828 2,964,653 706,176	Cost Value £ £ £ Closing Unrealised gains - - - - - 3,605 - - 42,701 - - 9,009
		- - (207,997)

11

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Fundsmith LLP Schedule of Investments for the year ended 5 April 2021

Units Cost Value Units Cost Units £ £ £ Fundsmith Equity Fund I Class Inc 06-Apr-20 b/fwd - - - 06-Nov-20 Purchase 737,780 3,500,000 05-Apr-21 c/fwd - - 3,500,000 Opening Balances Acquisitions	Proceeds Cost Profit/Loss Units £ £ £ 737,780 - - - Disposals	Cost Value £ £ £ 3,500,000 3,750,922 250,922 Closing Unrealised gains
		3,500,000 3,750,922 250,922

1