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2023-04-05-accounts

The Stella and Alexander Margulies Charitable Trust

Report and Unaudited Financial Statements Year Ended 5 April 2023 Charity No: 220441

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Report and Financial Statements for the year ended 5 April 2023

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 9-13 Notes forming part of the Financial Statements 14 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

Perrys Audit Limited, 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 Fundsmith, 33 Cavendish Square, London, W1G 0PW

Bankers

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

Solicitors

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

1

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Report of the Trustees for the year ended 5 April 2023

The Trustees present their report along with the financial statements of the charity for the year ended 5 April 2023. The Financial Statements have been prepared in accordance with the accounting policies set out on page 9 and 10 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 2023 (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 £143,199 have been made in the year (2022 - £289,800) and are detailed in note 5 of these Financial Statements.

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.

Commitments have been made to the following charities for future donations, which have been included in these accounts:

a. Israel Philharmonic Orchestra for one more payment of £8,000

Financial Review

The Trust’s investments are managed by Veritas Asset Management Limited, Cazenove Capital Management and Fundsmith under a discretionary mandate and a conservative investment policy which aims at maintaining the capital of the charity through diversification whilst maintaining sufficient liquidity for the Trust’s foreseeable needs and donations.

The market value of the investment portfolios at 5 April 2023 were £11,342,666 (2022 - £11,369,914).

The balance of cash held at 5 April 2023 was £24,394 (2022 - £166,924).

Reserves policy

The Trustees’ policy is to maintain their continuing level of support under the grant making policy that they have agreed. If income resources are insufficient to cover the grants then recourse is made to the other funds of the Trust. The Trustees do not consider that any minimum level of resources is required.

Plans for the future

The Trustees intend to continue providing grants in a similar way to the recent past but retaining flexibility as to the timing, and scale of grant making.

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:

3

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Report of the Trustees for the year ended 5 April 2023 (continued)

Trustees’ responsibilities in relation to the financial statements (continued)

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

Approved by the Trustees and signed on their behalf by:

Marcus Jonathan Margulies Trustee

Date:

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 2023, which are set out on pages 7 to 13.

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:

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:

have not been met; or

Perrys Audit Limited

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 23 September 2020, we have prepared for your approval the financial information of The Stella and Alexander Margulies Charitable Trust for the year ended 5 April 2023 which comprise the Balance Sheet, the Income and Expenditure Account, the Capital Account and the related notes from the entity’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/ regulation/a-z.

You have approved the financial information for the year 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 23 September 2020. 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:

6

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Statement of Financial Activities for the year ended 5 April 2023

Notes
Income and endowments from
Investments
2
Total
Expenditure on
Raising funds
3
Charitable activities
4
Total
Net (expenditure) before investment (losses)/gains
Net (losses)/gains on investments
7
Net (expenditure)/income
Other recognised gains
Realised gains on currency exchange
Net movement in funds
Total funds at 6 April 2022
Total funds at 5 April 2023		 2023
£
102,400
102,400
47,128
160,695
207,823
(105,423)
(67,462)
(172,885)
13,495
(159,390)
11,510,830
11,351,440		 2022
£
88,482
88,482
48,731
304,111
352,842
(264,360)
980,181
715,821
1,617
717,438
10,793,392
11,510,830

All funds are unrestricted and relate to continuing activities.

The notes on pages 9 to 13 form part of these financial statements

7

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Balance Sheet as at 5 April 2023

Fixed Assets
Investments
7
Current Assets
Cash at bank and in hand
8
Liabilities
Creditors: amounts falling due within one year
9
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after one year
10
Total net assets
Funds
Unrestricted funds
Notes		 £
£
11,342,666
11,342,666
24,394
(15,620)
8,774
11,351,440
-
11,351,440
11,351,440
2023		 £
£
11,369,914
11,369,914
166,924
(18,008)
148,916
11,518,830
(8,000)
11,510,830
11,510,830
2022		 £
£
11,369,914
11,369,914
166,924
(18,008)
148,916
11,518,830
(8,000)
11,510,830
11,510,830
2022
11,518,830
(8,000)
11,510,830
11,510,830

Approved by the Trustees and signed on their behalf by:

Marcus Jonathan Margulies Trustee

The notes on pages 9 to 13 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 2023

1 Principal Accounting Policies

(a) Accounting Convention

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

(b) Donations, legacies and similar income

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

(c) Investment income

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

(d) Resources expended

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

(e) Charitable activities

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

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

(f) Governance costs

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

(g) Fixed asset investments

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

(h) Realised gains and losses

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

(i)[Taxation]

The charity is exempt from tax on its charitable activities.

(j) Foreign currencies

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

9

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Notes to the financial statements for the year ended 5 April 2023

1 Principal Accounting Policies (continued)

(k) Going concern

There have been no transactions with persons or entities that are closely connected to the charity or its trustees (2022 – none).

2
Investment income
Income from listed investments
Interest receivable
3
Raising Funds
Investment managers fees
4
Charitable Activities
Arts and Culture
Education
General Charitable Purposes
Medical Research
Relief for Individuals of Faith
Religious Activities
Religious Sites and Monuments		 Grant funding
of activities
(see note 5)
124,000
11,000
-
1,000
2,500
2,500
2,199
143,199		 2023
£
93,203
9,197
102,400
2023
£
47,128
Support Costs
(see note 6)
15,151
1,344
-
122
305
305
269
17,496		 Total
2023
139,151
12,344
-
1,122
2,805
2,805
2,468
160,695		 2022
£
88,416
66
88,482
2022
£
48,731
Total
2022
289,630
10,494
1,049
-
1,889
1,049
-
304,111

10

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Notes to the financial statements for the year ended 5 April 2023

5 Grants Paid and Payable 2023 2022
£ £
Barbican Centre 50,000 65,000
Community Security Trust 2,500 1,800
Food Bank Aid - 1,000
Limmud 2,500 -
King Edward VII Hospital 1,000 -
Royal National Theatre 12,000 24,000
Royal Opera House Foundation 50,000 175,000
Tate Foundation 12,000 12,000
Western Marble Arch Synagogue 2,199 -
Wiener Library 10,000 10,000
Women Wage Peace Mozrahi Tefahot - 1,000
XLP 1,000 -
143,199 289,800
These were in addition to the following grant paid as part of a multi-year commitment, already accounted for
in previous years' Financial Statements:
Israel Philharmonic Orchestra Foundation UK 8,000
6 Support Costs 2023 2022
£ £
Independent examiner fee 1,020 1,008
Accounts preparation fee 4,800 4,800
Administrative fees payable to Prism the Gift Fund 7,200 7,200
Legal fees 4,200 858
Other 276 446
17,496 14,312

11

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Notes to the financial statements for the year ended 5 April 2023

7
8
9		 Investments
2023
£
Equities
8,809,466
Bonds
1,336,473
Mutual Funds
725,631
Cash held within the investment portfolio
471,096
11,342,666
Market value of investments by geographical area
:
United Kingdom
6,644,085
Overseas
4,698,581
11,342,666
Investments at historical cost
8,832,502
The movement in investments during the year was as follows:
Market value brought forward
10,769,873
Purchases
1,786,475
Proceeds
(1,617,316)
Unrealised Investment (Losses)/Gains
(246,972)
Realised Investment Gains
179,510
10,871,570
Cash held within the investment portfolio
471,096
Market value carried forward
11,342,666
Cash at bank and in hand
2023
£
Coutts
24,394
Creditors: Amounts falling due within one year
2023
£
Accruals
7,620
Grants payable
8,000
15,620		 2022
£
9,016,548
958,672
794,653
600,041
11,369,914
7,041,936
4,327,978
11,369,914
8,483,834
10,643,103
1,206,005
(2,059,416)
606,993
373,188

Market value brought forward
Purchases
Proceeds
Unrealised Investment (Losses)/Gains
Realised Investment Gains
Cash held within the investment portfolio
Market value carried forward
Cash at bank and in hand
Coutts
Creditors: Amounts falling due within one year
Accruals
Grants payable
10,769,873
600,041
11,369,914
2022
£
166,924
2022
£
10,008
8,000
18,008

12

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Notes to the financial statements for the year ended 5 April 2023

**10 ** Creditors: Amounts falling due after one year 2023 2022
£ £
Grants payable - 8,000

11 Related parties

None of the trustees received any remuneration or benefits during the year. However the firm Payne Hicks Beach in which M D Paisner formerly had an interest, raised charges for professional services to the amount of £4,200 (2022 - £858).

12 Related party transactions

There have been no transactions with persons or entities that are closely connected to the charity or its trustees (2022 – none).

13

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST Appendlx Schedule of Investments 5 April 2023 14

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Veritas Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Balances Closing Balances
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Fixed Interest
British Telecommunications IDX/LKD SNR EMTN 25/04/2025 GBP1000 '01
06-Apr-22 b/fwd 15,000 31,516 33,019
05-Apr-23 c/fwd 15,000 31,516 32,644 995
CG Portfolio Fund plc - Dollar Fund
06-Apr-22 b/fwd 459 49,152 49,221
09-Feb-23 Sale 459 43,783 49,152 (5,369)
05-Apr-23 c/fwd - - - 532
Diageo Finance PLC 1.75% 12/10/2026
06-Apr-22 b/fwd - - -
29-Sep-22 Purchase 100,000 87,948
12-Oct-22 Accrued interest - (1,688)
05-Apr-23 c/fwd 100,000 86,260 91,201 62
European Bank for Reconstruction & Development Floating 4.4161% 28/02/2024
06-Apr-22 b/fwd - - -
06-Sep-22 Purchase 55,000 55,257
28-Nov-22 Accrued interest - (21)
05-Apr-23 c/fwd 55,000 55,236 55,086 830
European Investment Bank .125% 14/12/2026
06-Apr-22 b/fwd 75,000 73,020 69,241
05-Apr-23 c/fwd 75,000 73,020 64,930 94

1

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Veritas Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Balances Closing Balances
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Experian Finance PLC 2.125% 27/09/2024
06-Apr-22 b/fwd - - -
13-Jun-22 Purchase 100,000 100,042
27-Sep-22 Accrued interest - (1,508)
05-Apr-23 c/fwd 100,000 98,534 95,949 617
Henkel AG & Co KGaA 1.25% 30/09/2026
06-Apr-22 b/fwd 100,000 100,364 96,443
30-Sep-22 Accrued interest - (89)
05-Apr-23 c/fwd 100,000 100,275 90,458 1,161
International Bank for Reconstruction & Development .25% 22/07/2026
06-Apr-22 b/fwd 28,000 26,904 26,214
22-Jul-22 Accrued interest - (43)
05-Apr-23 c/fwd 28,000 26,861 24,727 27
International Bank for Reconstruction & Development 1% 21/12/2029
06-Apr-22 b/fwd 70,000 72,830 65,820
05-Apr-23 c/fwd 70,000 72,830 58,304 700
LVMH Moet Hennessy Louis Vuitton SE 1% 11/02/2023
06-Apr-22 b/fwd 100,000 100,280 99,312
13-Feb-23 Sale 100,000 100,000 100,280 (280)
05-Apr-23 c/fwd - - - 1,000
LVMH Moet Hennessy Louis Vuitton SE 1% 14/06/2022
06-Apr-22 b/fwd 40,000 40,420 39,992
07-Apr-22 Sale 40,000 40,000 40,420 (420)
05-Apr-23 c/fwd - - - 326

2

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Veritas Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Balances Closing Balances
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Nestle Finance International Ltd 2.25% 30/11/2023
06-Apr-22 b/fwd 30,000 31,816 30,158
05-Apr-23 c/fwd 30,000 31,816 29,662 675
PepsiCo Inc 2.5% 01/11/2022
06-Apr-22 b/fwd 130,000 134,850 130,884
01-Nov-22 Sale 130,000 130,000 134,850 (4,850)
05-Apr-23 c/fwd - - - 3,250
Tesco IDX/LKD SNR BDS 05/11/2025 GBP1000 '29'
06-Apr-22 b/fwd 20,000 41,021 43,775
05-Apr-23 c/fwd 20,000 41,021 41,800 1,202
United Kingdom Gilt .125% 31/01/2024
06-Apr-22 b/fwd - - -
12-Oct-22 Purchase 73,000 69,392
31-Jan-23 Accrued interest - (18)
05-Apr-23 c/fwd 73,000 69,374 70,825 28
United Kingdom Inflation-Linked Gilt .125% 22/03/2024
06-Apr-22 b/fwd - - -
22-Mar-23 Accrued interest - (27)
10-Feb-23 Purchase 37,000 54,852
05-Apr-23 c/fwd 37,000 54,825 55,042 8
United Kingdom Inflation-Linked Gilt .125% 22/03/2026
06-Apr-22 b/fwd - - -
23-Feb-23 Purchase 35,000 48,769
22-Mar-23 Accrued interest - (26)
05-Apr-23 c/fwd 35,000 48,743 49,228 5

3

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Veritas Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Balances Closing Balances
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
United Kingdom Inflation-Linked Gilt .125% 22/03/2029
06-Apr-22 b/fwd - - -
12-Jan-23 Purchase 35,000 52,468
22-Mar-23 Accrued interest - (20)
05-Apr-23 c/fwd 35,000 52,447 54,310 13
Equity
Accenture PLC
06-Apr-22 b/fwd 440 44,091 112,711
05-Apr-23 c/fwd 440 44,091 101,667 1,148
Adobe Inc
06-Apr-22 b/fwd - - -
08-Sep-22 Purchase 140 44,986
21-Dec-22 Purchase 20 5,577
05-Apr-23 c/fwd 160 50,563 49,857 -
Align Technology Inc
06-Apr-22 b/fwd 150 26,416 49,676
05-Apr-23 c/fwd 150 26,416 40,512 -
Alphabet Inc
06-Apr-22 b/fwd 42 13,664 89,077
15-Jul-22 Stock split 798 -
05-Apr-23 c/fwd 840 13,664 70,623 -
Amazon.com Inc
06-Apr-22 b/fwd 25 59,667 61,896
06-Jun-22 Stock split 475 -
05-Apr-23 c/fwd 500 59,667 41,767 -

4

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Veritas Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Balances Closing Balances
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Amphenol Corp
06-Apr-22 b/fwd 1,400 44,315 80,141
05-Apr-23 c/fwd 1,400 44,315 92,467 806
Automatic Data Processing Inc
06-Apr-22 b/fwd 515 56,677 89,017
12-May-22 Sale 135 23,238 14,857 8,381
08-Aug-22 Sale 50 10,068 5,503 4,566
05-Apr-23 c/fwd 330 36,317 59,401 1,116
Avery Dennison Corp
06-Apr-22 b/fwd 425 33,829 56,183
05-Apr-23 c/fwd 425 33,829 61,477 911
Broadridge Financial Solutions Inc
06-Apr-22 b/fwd 635 67,020 75,099
02-Sep-22 Sale 135 19,960 14,248 5,712
05-Apr-23 c/fwd 500 52,772 59,236 1,062
Bunzl PLC
06-Apr-22 b/fwd 2,400 53,786 71,232
13-May-22 Sale 600 17,650 13,446 4,204
05-Apr-23 c/fwd 1,800 40,339 55,026 1,046
Experian PLC
06-Apr-22 b/fwd 1,800 12,816 53,118
05-Apr-23 c/fwd 1,800 12,816 47,880 786

5

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Veritas Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Balances Closing Balances
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
First Sentier Investors ICVC - Stewart Investors Asia Pac Leaders Sustainability
06-Apr-22 b/fwd 5,000 32,501 49,604
19-Aug-22 Sale 500 5,090 3,250 1,840
08-Sep-22 Sale 4,500 46,432 29,388 17,044
30-Sep-22 Accrued interest - 138
05-Apr-23 c/fwd - - - 138
Fiserv Inc
06-Apr-22 b/fwd 1,200 70,962 92,412
09-Aug-22 Sale 50 4,362 2,957 1,405
05-Apr-23 c/fwd 1,150 68,006 105,132 -
Franco-Nevada Corp
06-Apr-22 b/fwd 950 49,014 115,293
05-Apr-23 c/fwd 950 49,014 111,867 778
Fresenius Medical Care AG & Co KGaA
06-Apr-22 b/fwd 1,420 91,129 72,994
24-Jun-22 Sale 355 13,681 22,782 (9,101)
27-Jun-22 Sale 267 10,343 17,135 (6,791)
28-Jun-22 Sale 223 8,950 14,311 (5,361)
29-Jun-22 Sale 575 23,758 36,901 (13,143)
05-Apr-23 c/fwd - - - 1,188
Generac Holdings Inc
06-Apr-22 b/fwd - - -
10-Jun-22 Purchase 60 14,124
24-Jun-22 Purchase 120 20,614
19-Dec-22 Sale 180 13,793 34,738 (20,945)
05-Apr-23 c/fwd - - - -

6

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Veritas Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Balances Closing Balances
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Hasbro Inc
06-Apr-22 b/fwd 1,165 75,847 72,471
08-Sep-22 Sale 105 7,088 6,836 252
05-Apr-23 c/fwd 1,060 69,011 46,015 2,194
Infineon Technologies AG
06-Apr-22 b/fwd 3,950 69,252 103,393
25-Nov-22 Sale 350 9,424 6,136 3,288
05-Apr-23 c/fwd 3,600 63,116 119,249 747
Intuit Inc
06-Apr-22 b/fwd 180 51,804 65,711
31-May-22 Purchase 10 3,189
05-Apr-23 c/fwd 190 54,993 68,489 385
Intuitive Surgical Inc
06-Apr-22 b/fwd 240 52,335 55,023
31-May-22 Purchase 15 2,659
26-Jan-23 Purchase 50 10,372
27-Jan-23 Purchase 60 11,880
05-Apr-23 c/fwd 365 77,245 75,397 -
Kerry Group PLC
06-Apr-22 b/fwd 650 58,896 55,560
05-Apr-23 c/fwd 650 58,896 52,501 411

7

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Veritas Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Balances Closing Balances
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Koninklijke DSM NV
06-Apr-22 b/fwd - - -
08-Aug-22 Purchase 90 11,265
11-Aug-22 Purchase 325 39,719
22-Dec-22 Purchase 85 8,703
05-Apr-23 c/fwd 500 59,687 47,746 -
Kuehne + Nagel International AG
06-Apr-22 b/fwd 250 29,855 54,316
05-Aug-22 Purchase 20 4,254
05-Apr-23 c/fwd 270 34,109 65,005 1,337
Laboratory Corp of America Holdings
06-Apr-22 b/fwd 560 64,145 112,138
05-Apr-23 c/fwd 560 64,145 103,888 1,132
Marsh & McLennan Cos Inc
06-Apr-22 b/fwd 800 72,388 103,551
05-Apr-23 c/fwd 800 72,388 107,705 1,301
Mastercard Inc
06-Apr-22 b/fwd 420 24,940 114,051
09-Aug-22 Sale 40 11,612 2,375 9,237
26-Jan-23 Sale 30 8,713 1,781 6,931
05-Apr-23 c/fwd 350 20,783 102,846 577
Microsoft Corp
06-Apr-22 b/fwd 500 11,904 117,000
05-Apr-23 c/fwd 500 11,904 116,560 921

8

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Veritas Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Balances Closing Balances
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Next PLC
06-Apr-22 b/fwd 800 62,561 48,256
05-Apr-23 c/fwd 800 62,561 52,576 1,544
NIKE Inc
06-Apr-22 b/fwd - - -
30-Jun-22 Purchase 300 27,355
05-Apr-23 c/fwd 300 27,355 29,743 212
Roche Holding AG
06-Apr-22 b/fwd 400 30,481 120,992
05-Apr-23 c/fwd 400 30,481 92,400 2,177
Synopsys Inc
06-Apr-22 b/fwd 250 50,807 63,310
08-Sep-22 Purchase 30 8,594
12-Jan-23 Purchase 65 17,511
05-Apr-23 c/fwd 345 76,912 107,733 -
Taiwan Semiconductor Manufacturing Co Ltd
06-Apr-22 b/fwd 750 9,974 59,384
08-Sep-22 Sale 750 51,956 9,974 41,982
05-Apr-23 c/fwd - - - 445
Thermo Fisher Scientific Inc
06-Apr-22 b/fwd 290 33,971 130,221
04-Aug-22 Sale 25 12,038 2,929 9,109
05-Apr-23 c/fwd 265 31,042 123,498 234

9

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Veritas Schedule of Investments for the year ended 5 April 2023

Units
Cost
Value
Units
Cost
Units
£
£
£
Acquisitions
Opening Balances
Tractor Supply Co
06-Apr-22
b/fwd
600
47,181
106,345
10-Nov-22
Sale
30
24-Feb-23
Sale
35
05-Apr-23
c/fwd
UnitedHealth Group Inc
06-Apr-22
b/fwd
360
16,723
139,474
11-May-22
Sale
50
01-Jul-22
Sale
20
03-Nov-22
Sale
30
26-Jan-23
Sale
15
05-Apr-23
c/fwd
Equity
WisdomTree Core Physical Gold
06-Apr-22
b/fwd
455
59,763
67,149
05-Apr-23
c/fwd
2,180,886
3,340,877
696,228		 Proceeds
Cost
Profit/Loss
Units
Cost
Value
Income
£
£
£
£
£
£
Disposals
Closing Balances
5,385
2,359
3,026
6,812
2,752
4,060
535
42,070
101,697
1,532
19,907
2,323
17,584
8,388
929
7,459
14,253
1,394
12,859
5,939
697
5,243
245
11,381
93,602
1,287
455
59,763
72,534
-
672,623
574,704
97,919
2,302,411
3,290,262
36,938		 Proceeds
Cost
Profit/Loss
Units
Cost
Value
Income
£
£
£
£
£
£
Disposals
Closing Balances
5,385
2,359
3,026
6,812
2,752
4,060
535
42,070
101,697
1,532
19,907
2,323
17,584
8,388
929
7,459
14,253
1,394
12,859
5,939
697
5,243
245
11,381
93,602
1,287
455
59,763
72,534
-
672,623
574,704
97,919
2,302,411
3,290,262
36,938
2,302,411
3,290,262
36,938

10

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Balances Closing Balances
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Equities
UK
Johnson Matthey PLC
06-Apr-22 b/fwd 1,798 37,946 33,775
08-Sep-22 Sale 113 2,201 2,385 (183)
20-Dec-22 Purchase 977 21,130
05-Apr-23 c/fwd 2,662 56,692 50,658 1,360
Spirax-Sarco Engineering PLC
06-Apr-22 b/fwd - - -
27-Oct-22 Purchase 211 23,458
05-Apr-23 c/fwd 211 23,458 24,054 -
Experian PLC
06-Apr-22 b/fwd 1,392 38,169 41,078
17-May-22 Purchase 1,039 27,673
08-Sep-22 Sale 325 8,534 8,802 (268)
05-Apr-23 c/fwd 2,106 57,039 56,462 1,016
Reckitt Benckiser Group Plc
06-Apr-22 b/fwd 1,014 65,605 59,136
08-Sep-22 Sale 64 4,181 4,141 40
05-Apr-23 c/fwd 950 61,464 60,192 1,770
Astrazeneca Plc
06-Apr-22 b/fwd 699 53,485 70,823
08-Sep-22 Sale 44 4,576 3,367 1,209
05-Apr-23 c/fwd 655 50,118 75,941 1,600

1

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Balances Closing Balances
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
RELX Plc
06-Apr-22 b/fwd 2,945 62,434 70,179
08-Sep-22 Sale 186 4,204 3,943 261
05-Apr-23 c/fwd 2,759 58,490 72,424 1,508
Europe
Schneider Electric SE
06-Apr-22 b/fwd 396 43,183 50,841
08-Sep-22 Sale 31 3,253 3,381 (128)
05-Apr-23 c/fwd 365 39,803 45,652 729
Vestas Wind Systems
06-Apr-22 b/fwd 2,236 59,048 50,649
17-May-22 Purchase 1,528 26,966
08-Sep-22 Sale 537 11,009 12,271 (1,262)
05-Apr-23 c/fwd 3,227 73,743 74,905 68
Royal Philips NV
06-Apr-22 b/fwd 907 37,126 21,221
17-May-22 Sale 907 18,082 37,126 (19,044)
05-Apr-23 c/fwd - - - 558
Mowi ASA
06-Apr-22 b/fwd 3,185 59,161 65,807
08-Sep-22 Sale 228 3,830 4,235 (405)
05-Apr-23 c/fwd 2,957 54,926 42,969 1,485
Roche Holding AG, Basel
06-Apr-22 b/fwd 219 58,347 66,248
08-Sep-22 Sale 16 4,626 4,263 363
05-Apr-23 c/fwd 203 54,084 48,172 1,104

2

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Balances Closing Balances
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Novo-Nordisk AS
06-Apr-22 b/fwd 1,428 68,668 121,274
16-Mar-23 Sale 125 14,344 6,011 8,334
17-May-22 Sale 222 18,855 10,675 8,180
08-Sep-22 Sale 172 15,485 8,271 7,214
20-Dec-22 Sale 149 16,067 7,165 8,902
05-Apr-23 c/fwd 760 36,546 96,075 957
North America
Ball Corp
06-Apr-22 b/fwd 1,092 63,641 74,743
08-Sep-22 Sale 81 4,053 4,721 (668)
21-Dec-22 Purchase 567 23,939
05-Apr-23 c/fwd 1,578 82,860 67,301 680
Sensata Technologies Holding Plc
06-Apr-22 b/fwd 1,486 57,009 57,467
08-Sep-22 Sale 111 3,881 4,258 (377)
05-Apr-23 c/fwd 1,375 52,750 51,178 519
Illinois Tool Works Inc
06-Apr-22 b/fwd 263 37,407 42,090
08-Sep-22 Sale 20 3,508 2,845 664
05-Apr-23 c/fwd 243 34,562 44,925 903
Nike Inc
06-Apr-22 b/fwd 260 30,242 26,658
08-Sep-22 Sale 7 651 814 (163)
26-Oct-22 Purchase 304 24,158
05-Apr-23 c/fwd 557 53,586 54,007 379

3

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Balances Closing Balances
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Amazon.Com Inc
06-Apr-22 b/fwd 32 61,710 79,336
08-Jun-22 Stock split 608 -
08-Sep-22 Sale 31 3,431 2,989 442
05-Apr-23 c/fwd 609 58,721 49,378 -
Home Depot
06-Apr-22 b/fwd 214 39,063 48,716
08-Sep-22 Sale 16 4,115 2,921 1,195
05-Apr-23 c/fwd 198 36,142 45,839 1,129
Estee Lauder Companies Inc
06-Apr-22 b/fwd 400 62,986 82,841
08-Sep-22 Sale 30 6,394 4,724 1,671
05-Apr-23 c/fwd 370 58,262 71,047 690
Unitedhealth Group Inc
06-Apr-22 b/fwd 242 53,341 93,857
08-Sep-22 Sale 19 8,601 4,188 4,413
26-Oct-22 Sale 30 14,059 6,613 7,447
05-Apr-23 c/fwd 193 42,541 78,821 995
Eli Lilly Co
06-Apr-22 b/fwd 389 43,419 84,720
08-Sep-22 Sale 29 7,862 3,237 4,626
26-Oct-22 Sale 42 12,793 4,688 8,105
05-Apr-23 c/fwd 318 35,494 92,383 1,011

4

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Balances Closing Balances
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Thermo Fisher Scientific Inc
06-Apr-22 b/fwd 195 43,913 87,635
08-Sep-22 Sale 15 7,168 3,378 3,790
05-Apr-23 c/fwd 180 40,535 83,750 162
Visa Inc
06-Apr-22 b/fwd 375 59,436 63,247
08-Sep-22 Sale 28 4,803 4,438 365
05-Apr-23 c/fwd 347 54,998 63,497 418
Adobe Inc
06-Apr-22 b/fwd 102 48,196 35,344
08-Sep-22 Sale 8 2,622 3,780 (1,158)
05-Apr-23 c/fwd 94 44,416 28,799 -
Microsoft Corp
06-Apr-22 b/fwd 459 65,012 107,626
08-Sep-22 Sale 42 9,383 5,949 3,434
05-Apr-23 c/fwd 417 59,063 95,092 803
Fortinet Inc
06-Apr-22 b/fwd 165 30,933 42,883
28-Jun-22 Stock split 660 -
08-Sep-22 Sale 24 1,047 900 147
05-Apr-23 c/fwd 801 30,033 41,852 -
Palo Alto Networks Inc
06-Apr-22 b/fwd 113 31,642 53,497
08-Sep-22 Sale 7 3,281 1,960 1,321
19-Sep-22 Stock split 212 -
16-Mar-23 Purchase 78 11,969
05-Apr-23 c/fwd 396 41,651 61,669 -
5

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Balances Closing Balances
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Cognex Corp
06-Apr-22 b/fwd 735 44,589 43,125
08-Sep-22 Sale 55 2,066 3,337 (1,271)
05-Apr-23 c/fwd 680 41,253 26,068 134
NVIDIA Corp 2379504
06-Apr-22 b/fwd 400 39,927 83,006
08-Sep-22 Sale 9 1,051 898 153
05-Apr-23 c/fwd 391 39,029 84,293 45
Walt Disney Company
06-Apr-22 b/fwd 407 45,958 42,455
08-Sep-22 Sale 30 2,894 3,388 (494)
05-Apr-23 c/fwd 377 42,570 30,208 -
Alphabet Inc
06-Apr-22 b/fwd 46 51,766 97,709
21-Jul-22 Stock split 874 -
22-Jul-22 Sale 140 13,323 7,877 5,446
08-Sep-22 Sale 118 11,178 6,640 4,538
05-Apr-23 c/fwd 662 37,249 55,720 -
Japan
Unicharm Corporation
06-Apr-22 b/fwd 1,800 46,957 49,146
09-Sep-22 Sale 200 5,710 5,217 493
21-Dec-22 Purchase 500 16,367
05-Apr-23 c/fwd 2,100 58,106 68,518 385

6

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Balances Closing Balances
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Asia ex. Japan
DBS Group Holdings Ltd
06-Apr-22 b/fwd 3,100 44,492 62,383
08-Sep-22 Sale 200 4,053 2,870 1,183
05-Apr-23 c/fwd 2,900 41,621 58,372 2,587
AIA Group Ltd
06-Apr-22 b/fwd 7,400 59,890 59,235
20-Jul-22 Purchase 2,800 25,421
08-Sep-22 Sale 1,400 11,071 11,709 (639)
05-Apr-23 c/fwd 8,800 73,601 75,084 1,235
Emerging Markets
TRIP.COM GROUP LIMITED
06-Apr-22 b/fwd 1,381 37,207 25,287
08-Sep-22 Sale 86 1,843 2,317 (474)
05-Apr-23 c/fwd 1,295 34,890 38,904 -
JD.com Inc
06-Apr-22 b/fwd 67 1,639 1,522
14-Apr-22 Sale 67 1,464 1,639 (175)
05-Apr-23 c/fwd - - - -
HDFC Bank Ltd
06-Apr-22 b/fwd 1,007 49,329 46,969
19-Jul-22 Purchase 410 19,822
08-Sep-22 Sale 203 11,156 9,907 1,249
05-Apr-23 c/fwd 1,214 59,244 66,157 425

7

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Balances Closing Balances
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Taiwan Semiconductor Manufacturing Co Ltd
06-Apr-22 b/fwd 852 38,111 67,902
08-Sep-22 Sale 64 4,394 2,863 1,531
05-Apr-23 c/fwd 788 35,249 57,287 1,000
Samsung Electronics Co Ltd
06-Apr-22 b/fwd 50 49,017 54,884
08-Sep-22 Sale 4 3,483 3,921 (438)
05-Apr-23 c/fwd 46 45,096 44,565 894
Tencent Holdings Ltd
06-Apr-22 b/fwd 1,300 51,384 47,228
08-Sep-22 Sale 100 3,304 3,953 (649)
05-Apr-23 c/fwd 1,200 47,431 47,208 211
Meituan Reg-S
06-Apr-22 b/fwd - - -
28-Mar-22 Spinoff 120 -
04-Apr-23 Sale 120 1,665 - 1,665
05-Apr-23 c/fwd - - - -
Bonds
UK
Var% United Kingdom of Great Britain and Northern Ireland 2006-22.11.27 Treasury Stock
06-Apr-22 b/fwd - - -
18-Jul-22 Purchase 27,051 55,114
20-Jul-22 Accrued Interest - (94)
05-Apr-23 c/fwd 27,051 55,020 54,391 208

8

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Balances Closing Balances
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
1.25% United Kingdom of Great Britain and Northern Ireland 2017-22.07.27 Treasury Gilt
06-Apr-22 b/fwd - - -
10-May-22 Purchase 61,198 60,762
16-May-22 Accrued Interest - (241)
30-Jan-23 Sale 61,198 56,190 60,540 (4,350)
31-Jan-23 Accrued Interest - 19
05-Apr-23 c/fwd - - - 543
0.125% United Kingdom of Great Britain and Northern Ireland 2020-31.01.28 Treasury Gilt
06-Apr-22 b/fwd - - -
30-Jan-23 Purchase 148,524 127,241
05-Apr-23 c/fwd 148,524 127,241 127,615 -
North America
Invesco US Treasury Bond UCITS ETF
06-Apr-22 b/fwd - - -
18-Jul-22 Purchase 2,713 99,744
06-Oct-22 Purchase 2,380 82,895
05-Apr-23 c/fwd 5,093 182,640 181,540 3,186
MU Lyxor Core US TIPS (DR)UCITS ETF
06-Apr-22 b/fwd 508 56,524 58,595
18-Jul-22 Sale 508 54,508 56,524 (2,016)
05-Apr-23 c/fwd - - - 345
iShares USD Treasury Bond 20+yr UCITS ETF
06-Apr-22 b/fwd 5,307 30,579 24,822
30-Nov-22 Excess reportable income - 20
05-Apr-23 c/fwd 5,307 30,600 19,953 583

9

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Balances Closing Balances
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Global
Ashmore Emerging Markets Total Return Fund Z3
06-Apr-22 b/fwd 539 71,897 51,303
11-May-22 Sale 539 46,429 71,954 (25,526)
30-Jun-22 Excess reportable income - 57
05-Apr-23 c/fwd - - - 469
BlackRock iShares China CNY Bond
06-Apr-22 b/fwd 13,551 103,395 106,705
16-May-22 Sale 5,448 43,816 41,568 2,247
20-Jul-22 Sale 8,103 66,585 61,826 4,759
05-Apr-23 c/fwd - - - -
Federated Hermes Unconstrained
06-Apr-22 b/fwd 35,069 35,627 33,168
05-Apr-23 c/fwd 35,069 35,627 29,771 1,191
Vanguard Global Corporate Bond
06-Apr-22 b/fwd - - -
01-Dec-22 Purchase 1,298 106,485
16-Dec-22 Stock split (240) -
05-Apr-23 c/fwd 1,058 106,485 109,037 99
Alternatives
Hedge Funds
Egerton Capital Investment Fund
06-Apr-22 b/fwd 383 128,132 164,476
06-Mar-23 Sale 183 79,097 61,168 17,929
05-Apr-23 c/fwd 200 66,964 85,280 -

10

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Balances Closing Balances
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
AQR Alternative Trends UCITS Fund
06-Apr-22 b/fwd - - -
14-Feb-23 Purchase 543 54,300
05-Apr-23 c/fwd 543 54,300 50,222 -
Lumyna - Sandbar Global Equity
06-Apr-22 b/fwd 513 51,552 54,678
01-Dec-22 Sale 513 47,850 51,552 (3,701)
05-Apr-23 c/fwd - - - -
LandseerAM European Equity Focus
06-Apr-22 b/fwd 326 35,442 35,742
05-Apr-23 c/fwd 326 35,442 36,428 -
TM Tellworth UK Select
06-Apr-22 b/fwd - - -
02-Dec-22 Purchase 52,011 52,144
05-Apr-23 c/fwd 52,011 52,144 52,271 -
Brevan Howard Absolute Return BNT8MK9
06-Apr-22 b/fwd 513 50,726 54,931
30-Jun-22 Excess reportable income - 518
05-Apr-23 c/fwd 513 51,244 53,899 946
Schroder GAIA Helix S-GBP h-Dis
06-Apr-22 b/fwd 452 53,110 49,264
02-Dec-22 Sale 452 47,127 53,110 (5,983)
05-Apr-23 c/fwd - - - 1,894

11

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Balances Closing Balances
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Commodities
iShares Physical Metals PLC
06-Apr-22 b/fwd 2,832 58,522 81,647
01-Dec-22 Sale 2,832 81,242 58,522 22,720
05-Apr-23 c/fwd - - - -
WisdomTree Hedged Metal Sec Ltd
06-Apr-22 b/fwd 7,935 82,790 83,397
05-Apr-23 c/fwd 7,935 82,790 84,706 -
WisdomTree Enhanced Commodity
06-Apr-22 b/fwd 7,200 69,826 88,236
15-Feb-23 Sale 7,200 84,731 69,826 14,905
05-Apr-23 c/fwd - - - 476
L&G Multi-Strategy Enhanced
06-Apr-22 b/fwd - - -
16-Feb-23 Purchase 11,530 130,854
05-Apr-23 c/fwd 11,530 130,854 126,588 -
Other
International Public Partnerships
06-Apr-22 b/fwd 10,600 15,900 18,338
05-Oct-22 Purchase 12,000 19,001
05-Apr-23 c/fwd 22,600 34,901 33,538 810
Greencoat UK Wind Plc
06-Apr-22 b/fwd 21,846 28,790 33,293
05-Apr-23 c/fwd 21,846 28,790 34,888 1,687

12

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Cazenove Schedule of Investments for the year ended 5 April 2023

Units
Cost
Value
Units
Cost
Units
£
£
£
Opening Balances
Acquisitions
Foresight Solar Fund Limited
06-Apr-22
b/fwd
-
-
-
05-Oct-22
Purchase
27,000
32,131
05-Apr-23
c/fwd
Schroders Diversified Alternative
06-Apr-22
b/fwd
300
31,539
35,092
06-Oct-22
Sale
300
05-Apr-23
c/fwd
3I Infrastructure PLC
06-Apr-22
b/fwd
5,591
11,685
19,429
05-Oct-22
Purchase
6,000
19,271
05-Apr-23
c/fwd
SLF Realisation Fund Limited (formerly KKV Secured Loan Fund Limited)
06-Apr-22
b/fwd
17,294
7,695
1,781
19-May-22
Capital Distribution
-
(692)
03-Aug-22
Capital Distribution
-
(865)
15-Dec-22
Capital Distribution
-
(259)
05-Apr-23
c/fwd
Digital 9 Infrastructure PLC
06-Apr-22
b/fwd
-
-
-
05-Oct-22
Purchase
32,000
33,618
05-Apr-23
c/fwd
Sequoia Economic Infrastructure
06-Apr-22
b/fwd
7,005
7,829
7,201
05-Apr-23
c/fwd
2,802,947
3,314,640
1,092,925
13		 Proceeds
Cost
Profit/Loss
Units
Cost
Value
Income
£
£
£
£
£
£
Disposals
Closing Balances
27,000
32,131
29,808
961
31,560
31,539
21
-
-
-
638
11,591
30,956
36,512
938
17,294
5,879
1,558
-
32,000
33,618
21,696
960
7,005
7,829
5,702
449
944,693
863,103
81,591
3,032,770
3,404,829
43,141		 Proceeds
Cost
Profit/Loss
Units
Cost
Value
Income
£
£
£
£
£
£
Disposals
Closing Balances
27,000
32,131
29,808
961
31,560
31,539
21
-
-
-
638
11,591
30,956
36,512
938
17,294
5,879
1,558
-
32,000
33,618
21,696
960
7,005
7,829
5,702
449
944,693
863,103
81,591
3,032,770
3,404,829
43,141
3,032,770
3,404,829
43,141

THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST

Fundsmith LLP Schedule of Investments for the year ended 5 April 2023

Opening Balances Acquisitions Disposals Closing Balances Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income £ £ £ £ £ £ £ £ £ Fundsmith Equity Fund I Class Inc 06-Apr-22 b/fwd 737,780 3,500,000 4,114,357 14-Oct-22 Equalisation - (2,678) 05-Apr-23 c/fwd 737,780 3,497,322 4,176,479 10,757 3,500,000 4,114,357 (2,678) - - - 3,497,322 4,176,479 10,757

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