**The Stella And Alexander Margulies Charitable Trust** Report and Financial Statements Year Ended 5 April 2024 Charity No: 220441 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Report and Financial Statements for the year ended 5 April 2024** **Contents Page:** 1 Reference and administrative information 2-4 Report of the Trustees 5 Accountants' Report 6 Report of the Independent Examiner 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 Elliott Goldstein Anthony David Landes ## **Principal Office** ## **Accountants** 27 Berkeley Square, London, W1J 6EL BDO LLP, 55 Baker Street, London, W1U 7EU ## **Independent Examiner** Perrys Audit Limited, 4th Floor, 399-401 Strand, London, WC2R 0LT ## **Investment Managers** Meridiem Investment Management Limited, Riverside House, 2a Southwark Bridge Road, London, SE1 9HA 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 2024** The Trustees present their report along with the financial statements of the charity for the year ended 5 April 2024. The Financial Statements have been prepared in accordance with the accounting policies set out on pages 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 and 11. 2 ## **The Stella and Alexander Margulies Charitable Trust** ## **Report of the Trustees for the year ended 5 April 2024 (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 £901,732 have been made in the year (2023: £143,199) 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. ## **Financial Review** The Trust’s investments are managed by Meridiem Investment 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 portfolio at 5 April 2024 was £11,703,163 (2023: £11,342,666). The balance of cash held at 5 April 2024 was £67,741 (2023: £24,394). ## **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: - 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. 3 ## **The Stella and Alexander Margulies Charitable Trust** ## **Report of the Trustees for the year ended 5 April 2024 (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 ## **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 22 January 2024, we have prepared for your approval the financial information of The Stella and Alexander Margulies Charitable Trust for the year ended 5 April 2024 which comprise the Balance Sheet, the Statement of Financial Activities 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 22 January 2024. 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: 04/12/2024 5 ## **Independent Examiner’s Report to the Trustees of the** ## **The Stella and Alexander Margulies Charitable Trust** We report to the trustees on my examination of the accounts of The Stella and Alexander Margulies Charitable Trust for the year ended 5 April 2024. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). We report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out our examination we have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent Examiner’s statement** We have completed our examination. We confirm that no material matters have come to our attention in connection with the examination giving us cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination. We have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ## S Hale Steve Hale FCA,FCCA, on behalf of ## **Perrys Audit Limited** 4th Floor 399-401 Strand London WC2R 0LT > Date: 4.12.24 6 ## **The Stella and Alexander Margulies Charitable Trust** ## **Statement of Financial Activities for the year ended 5 April 2024** **----- Start of picture text -----**
Notes 2024 2023
£ £
Income and endowments from
Investments 2 128,479 102,400
Total 128,479 102,400
Expenditure on
Raising funds 3 47,233 47,128
Charitable activities
Activities undertaken 5 901,732 143,199
Support costs 6 22,265 17,496
Total 971,230 207,823
Net income/(expenditure) before investment gains/(losses) (842,751) (105,423)
Net gains/(losses) on investments 7 1,260,806 (67,462)
Net income/(expenditure) 418,055 (172,885)
Other recognised gains
Realised gains on currency exchange (7,247) 13,495
Net movement in funds 410,808 (159,390)
Total funds at 6 April 2023 11,351,440 11,510,830
Total funds at 5 April 2024 11,762,248 11,351,440
**----- End of picture text -----**
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 2024** |**Notes**
**Fixed Assets**
Investments
7
**Current Assets**
Cash at bank and in hand
8
Debtors
9
**Liabilities**
Creditors: amounts falling due within one year 10
Net current assets
**Total net assets**
**Funds**
Unrestricted Funds|**£**
**£**
**11,703,163**
**11,703,163**
**67,741**
**14**
**67,755**
**(8,670)**
**59,085**
**11,762,248**
**11,762,248**
**2024**|**£**
**£**
11,342,666
11,342,666
24,394
-
24,394
(15,620)
8,774
11,351,440
11,351,440
**2023**| |---|---|---| Approved by the Trustees and signed on their behalf by: **Marcus Jonathan Margulies** Trustee 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 2024** ## **1 Principal Accounting Policies** ## **(a) Accounting Convention** The financial statements are prepared under the historical cost convention and in preparing the financial statements the charity follows best practice as laid down in the Statement of Recommended Practice “Accounting and Reporting by Charities” (Charities SORP (FRS 102)) and comply with the Charities (Accounts and Reports) Regulations 2008 issued under the Charities Act 2011. ## **(b) Donations, legacies and similar income** Donations, legacies and similar income are shown in the accounts when receivable and the value of the incoming resources can be measured with sufficient reliability. ## **(c) Investment income** Investment income is accounted for in the period in which the charity is entitled to receipt. ## **(d) Resources expended** Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis. ## **(e) Charitable activities** Costs of charitable activities include grants made and an apportionment of overhead and support costs where applicable. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Trust. ## **(f) Governance costs** Governance costs comprise costs relating to the general running of the charity as opposed to those associated with generating funds or charitable activity. ## **(g) Fixed asset investments** Investments are stated at closing market value at the balance sheet date. Any gains or losses on revaluation and disposal are shown in the Statement of Financial Activies. ## **(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 seperated 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 2024** ## **1 Principal Accounting Policies** ## **(k) Going concern** The trustees consider that there are no material uncertainties about the ability to continue as a going concern. |**2**
**Investment income**
**2024**
**£**
Income from listed investments
**111,325**
Interest receivable
**17,154**
**128,479**
**3**
**Raising Funds**
**2024**
**£**
Investment managers fees
**47,233**
**4**
**Charitable Activities**
**Grant funding**
**of activities**
**(see note 5)**
**Support Costs**
**(see note 6)**
**£**
**£**
Grant making
**901,732**
**22,265**
**5**
**Grants Paid and Payable**
**2024**
**£**
Barbican Centre
**Arts a**
**294282**
**70,000**
Community Security Trust
**Relief**
**1042391**
**28,000**
JW3 Development
**Religi**
**1156248**
**18,000**
Limmud
**Religi**
**1083414**
**-**
King Edward VII Hospital
**Medic**
**208944**
**-**
Royal National Theatre
**Arts a**
**224223**
**12,000**
Royal Opera House Foundation
**Arts a**
**211775**
**30,000**
Shaare Zedek Uk
**Relief**
**1143272**
**3,600**
Tate Foundation
**Arts a**
**1085314**
**12,000**
The Jerusalem Foundation
**Religi**
**258306**
**708,132**
The Wiener Holocaust Library
**Educa**
**313015**
**20,000**
Western Marble Arch Synagogue
**Religi**
**1154188**
**-**
XLP
**Educ**
**1101095**
**-**
**901,732**
**Registered**
**Charity No.**|**Total**
**2024**
**£**
**923,997**|**2023**
**£**
93,203
9,197
102,400
**2023**
**£**
47,128
**Total**
**2023**
**£**
160,695
**2023**
**£**
50,000
2,500
-
2,500
1,000
12,000
50,000
-
12,000
-
10,000
2,199
1,000
143,199| |---|---|---| 10 ## **The Stella and Alexander Margulies Charitable Trust** ## **Notes to the financial statements for the year ended 5 April 2024** ## **5 Grants Paid and Payable (continued)** These were in addition to the following grant paid as part of a multi-year commitment, already accounted for in previous years' Financial Statements: |**6**
**7**|**1168735**
**8,000**
**Support Costs**
**2024**
**£**
Independent examiner fee
**1,050**
Accounts preparation fee
**4,800**
Administrative fees payable to Prism the Gift Fund
**7,200**
Legal fees
**8,700**
Other
**515**
**22,265**
**Investments**
**2024**
**£**
Equities
**9,306,023**
Bonds
**1,442,792**
Mutual Funds
**494,943**
Cash held within the investment portfolio
**459,405**
**11,703,163**
**Market value of investments by geographical area:**
United Kingdom
**7,572,322**
Overseas
**4,130,841**
**11,703,163**
**Investments at historical cost**
**8,429,167**
**The movement in investments during the year was as follows:**
Market value brought forward
**10,871,570**
Purchases
**1,273,460**
Proceeds
**(2,162,078)**
Unrealised Investment (Losses)/Gains
**775,522**
Realised Investment Gains
**485,284**
**11,243,758**
Cash held within the investment portfolio
**459,405**
**Market value carried forward**
**11,703,163**
Israel Philharmonic Orchestra
Foundation UK|**2023**
**£**
1,020
4,800
7,200
4,200
276
17,496
**2023**
**£**
8,809,466
1,336,473
725,631
471,096
11,342,666
6,644,085
4,698,581
11,342,666
8,832,502
10,769,873
1,786,475
(1,617,316)
(246,972)
179,510
10,871,570
471,096
11,342,666| |---|---|---| ||
Market value brought forward
Purchases
Proceeds
Unrealised Investment (Losses)/Gains
Realised Investment Gains
Cash held within the investment portfolio
**Market value carried forward**|| 11 ## **The Stella and Alexander Margulies Charitable Trust** ## **Notes to the financial statements for the year ended 5 April 2024** |**8**
**Cash at bank and in hand**
Coutts
**9**
**Debtors**
Due from Cazenove
**10 Creditors: Amounts falling due within one year**
Accruals
Grants payable|**2024**
**£**
**67,741**
**2024**
**£**
**14**
**2024**
**£**
**8,670**
**-**
**8,670**|**2023**
**£**
24,394
**2023**
**£**
-
**2023**
**£**
7,620
8,000
15,620| |---|---|---| ## **11 Related parties** None of the trustees received any remuneration or benefits or reimbursement of expenses 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 £8,700. (2023 - £4,200) ## **12 Related party transactions** There have been no transactions with persons or entities that are closely connected to the charity or its trustees (2023 - none), with the exception of the following charities, which have the following Trustees in common: - Shaare Zedek UK - The Wiener Holocaust Library Martin David Paisner CBE Anthony David Landes 12 **The Stella and Alexander Margulies Charitable Trust** ## **Appendix** 1. Accrued Grants Liability 2. Schedules of Investments 5 April 2024 13 ## **The Stella and Alexander Margulies Charitable Trust** ## **Accrued Grants Liability for the year ended 5 April 2024** **----- Start of picture text -----**
Balance at New Liability Payments Currency Loss / Balance at
6 April 2023 in year in the year (Gain) 5 April 2024
Israel Philharmonic Orchestra Foundation UK 8,000.00 - (8,000.00) - -
- - -
8,000.00 (8,000.00)
Year Ended 5 April
2025 2026 2027 Later Years Total
Israel Philharmonic Orchestra Foundation UK - - - - -
- - - - -
-
Payments falling due within one year
-
Payments falling due after one year
**----- End of picture text -----**
1 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Meridiem Schedule of Investments for the year ended 5 April 2024** |||**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||||||||||||||||| |BASF SE 1.75% 11/03/2025||||||||||||||||| |06-Apr-23|b/fwd|-||-|-|||||||||||| |05-Jan-24|Purchase|||||60,000|58,811|||||||||| |11-Mar-24|Accrued Interest|||||-|(861)|||||||||| |05-Apr-24|c/fwd|||||||||||60,000|57,950|58,275|189|| |British Telecommunications IDX/LKD SNR EMTN 25/04/2025||||GBP1000 '01||||||||||||| |06-Apr-23|b/fwd|15,000|31,516||32,644|||||||||||| |05-Apr-24|c/fwd|||||||||||15,000|31,516|34,617|1,126|| |Diageo Finance PLC 1.75% 12/10/2026||||||||||||||||| |06-Apr-23|b/fwd|100,000|86,260||91,201|||||||||||| |05-Apr-24|c/fwd|||||||||||100,000|86,260|94,354|1,750|| |European Bank|for Reconstruction & Development Floating 4.4161% 28/02/2024|||||||||||||||| |06-Apr-23|b/fwd|55,000|55,236||55,086|||||||||||| |07-Dec-23|Sale|||||||55,000|55,082|55,311|(228)|||||| |28-Feb-24|Accrued Interest|||||-|74|||||||||| |05-Apr-24|c/fwd|||||||||||-|-|-|2,147|| |European Investment Bank .125% 14/12/2026||||||||||||||||| |06-Apr-23|b/fwd|75,000|73,020||64,930|||||||||||| |05-Apr-24|c/fwd|||||||||||75,000|73,020|67,138||94| |European Investment Bank 3.875% 12/04/2028||||||||||||||||| |06-Apr-23|b/fwd|-||-|-|||||||||||| |14-Sep-23|Purchase|||||55,000|53,896|||||||||| |05-Apr-24|c/fwd|||||||||||55,000|53,896|56,439|-|| 1 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Meridiem Schedule of Investments for the year ended 5 April 2024** ||||**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**| |||||**£**||**£**||**£**||**£**|**£**|**£**||**£**|**£**|**£**| |Experian Finance PLC 2.125% 27/09/2024||||||||||||||||| |06-Apr-23|b/fwd|100,000||98,534||95,949||||||||||| |05-Apr-24|c/fwd||||||||||||100,000|98,534|99,682|2,125| |Henkel AG & Co KGaA 1.25% 30/09/2026||||||||||||||||| |06-Apr-23|b/fwd|100,000||100,275||90,458||||||||||| |05-Apr-24|c/fwd||||||||||||100,000|100,275|93,277|1,250| |International|Bank for Reconstruction & Development|||.25%|22/07/2026|||||||||||| |06-Apr-23|b/fwd|28,000||26,861||24,727||||||||||| |05-Apr-24|c/fwd||||||||||||28,000|26,861|25,529|70| |International|Bank for Reconstruction & Development|||1% 21/12/2029||||||||||||| |06-Apr-23|b/fwd|70,000||72,830||58,304||||||||||| |05-Apr-24|c/fwd||||||||||||70,000|72,830|59,365|700| |Nestle Finance International Ltd 2.25% 30/11/2023||||||||||||||||| |06-Apr-23|b/fwd|30,000||31,816||29,662||||||||||| |30-Nov-23|Final maturity||||||||30,000|30,000|31,816|(1,816)||||| |05-Apr-24|c/fwd||||||||||||-|-|-|675| |Tesco IDX/LKD SNR BDS 05/11/2025 GBP1000|||'29'|||||||||||||| |06-Apr-23|b/fwd|20,000||41,021||41,800||||||||||| |05-Apr-24|c/fwd||||||||||||20,000|41,021|38,907|1,262| |Unilever PLC|1.375% 15/09/2024|||||||||||||||| |06-Apr-23|b/fwd|-|||-|-||||||||||| |14-Jun-23|Purchase||||||100,000|96,698||||||||| |15-Sep-23|Accrued Interest||||||-|(1,025)||||||||| |05-Apr-24|c/fwd||||||||||||100,000|95,673|99,239|350| 2 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Meridiem Schedule of Investments for the year ended 5 April 2024** ||||**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|Gilt .125% 31/01/2024|||||||||||||||| |06-Apr-23|b/fwd|73,000||69,374|70,825|||||||||||| |18-Sep-23|Sale|||||||33,000|32,405|31,371|1,033|||||| |06-Dec-23|Sale|||||||40,000|39,698|38,026|1,672|||||| |31-Jan-24|Accrued Interest|||||-|17|||||||||| |31-Jan-24|Accrued Interest|||||-|5|||||||||| |05-Apr-24|c/fwd|||||||||||-|-|-||69| |United Kingdom|Inflation-Linked Gilt .125%||22/03/2024|||||||||||||| |06-Apr-23|b/fwd|37,000||54,825|55,042|||||||||||| |22-Mar-24|Final maturity|||||||37,000|57,743|54,825|2,917|||||| |05-Apr-24|c/fwd|||||||||||-|-|-||72| |United Kingdom|Inflation-Linked Gilt .125%||10/08/2031|||||||||||||| |06-Apr-23|b/fwd||-|-|-|||||||||||| |28-Mar-24|Purchase|||||11,000|14,242|||||||||| |26-Oct-23|Purchase|||||20,000|24,571|||||||||| |18-Oct-23|Purchase|||||35,000|43,160|||||||||| |10-Feb-24|Accrued Interest|||||-|(7)|||||||||| |10-Feb-24|Accrued Interest|||||-|(10)|||||||||| |05-Apr-24|c/fwd|||||||||||66,000|81,955|85,222||27| |United Kingdom|Inflation-Linked Gilt .125%||22/03/2026|||||||||||||| |06-Apr-23|b/fwd|35,000||48,743|49,228|||||||||||| |21-Dec-23|Purchase|||||6,000|8,738|||||||||| |29-Jan-24|Purchase|||||7,000|10,115|||||||||| |22-Mar-24|Accrued Interest|||||-|(3)|||||||||| |22-Mar-24|Accrued Interest|||||-|(5)|||||||||| |05-Apr-24|c/fwd|||||||||||48,000|67,588|70,063||69| 3 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Meridiem Schedule of Investments for the year ended 5 April 2024** ||||**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-23|b/fwd|35,000||52,447|54,310|||||||||||| |02-Feb-24|Purchase|||||7,000|11,127|||||||||| |22-Mar-24|Accrued Interest|||||-|(5)|||||||||| |28-Mar-24|Purchase|||||11,500|18,314|||||||||| |05-Apr-24|c/fwd||||||||||||53,500|81,883|85,160|71| |Equity||||||||||||||||| |Accenture PLC||||||||||||||||| |06-Apr-23|b/fwd||440|44,091|101,667|||||||||||| |28-Sep-23|Sale||||||||70|17,977|7,015|10,962||||| |06-Dec-23|Sale||||||||40|10,646|4,008|6,638||||| |05-Apr-24|c/fwd||||||||||||330|33,069|87,101|1,125| |Adobe Inc||||||||||||||||| |06-Apr-23|b/fwd||160|50,563|49,857|||||||||||| |04-Aug-23|Sale||||||||15|6,340|4,740|1,600||||| |10-Nov-23|Sale||||||||25|12,060|7,900|4,160||||| |07-Dec-23|Sale||||||||20|9,473|6,320|3,153||||| |22-Feb-24|Sale||||||||20|8,455|6,320|2,135||||| |05-Apr-24|c/fwd||||||||||||80|25,281|30,750|-| |Align Technology Inc||||||||||||||||| |06-Apr-23|b/fwd||150|26,416|40,512|||||||||||| |05-Apr-24|c/fwd||||||||||||150|26,416|37,767|-| |Alphabet Inc||||||||||||||||| |06-Apr-23|b/fwd||840|13,664|70,623|||||||||||| |16-Oct-23|Sale||||||||100|11,605|1,627|9,979||||| |30-Oct-23|Sale||||||||300|30,334|4,880|25,454||||| |07-Dec-23|Sale||||||||40|4,137|651|3,486||||| |05-Apr-24|c/fwd||||||||||||400|6,507|48,797|-| 4 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Meridiem Schedule of Investments for the year ended 5 April 2024** |||**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-23|b/fwd|500|59,667|41,767|||||||||||| |12-May-23|Purchase||||115|9,964|||||||||| |07-Dec-23|Sale|||||||65|7,404|7,359|45||||| |05-Apr-24|c/fwd|||||||||||550|62,272|80,661|-| |Amphenol Corp|||||||||||||||| |06-Apr-23|b/fwd|1,400|44,315|92,467|||||||||||| |19-Oct-23|Sale|||||||200|13,596|6,331|7,265||||| |07-Dec-23|Sale|||||||150|10,894|4,748|6,146||||| |05-Apr-24|c/fwd|||||||||||1,050|33,236|97,891|752| |Automatic Data|Processing Inc||||||||||||||| |06-Apr-23|b/fwd|330|36,317|59,401|||||||||||| |07-Dec-23|Sale|||||||30|5,537|3,302|2,235||||| |05-Apr-24|c/fwd|||||||||||300|33,016|58,232|1,127| |Avery Dennison|Corp||||||||||||||| |06-Apr-23|b/fwd|425|33,829|61,477|||||||||||| |07-Dec-23|Sale|||||||45|6,915|3,582|3,333||||| |05-Apr-24|c/fwd|||||||||||380|30,247|65,689|904| |Broadridge Financial Solutions Inc|||||||||||||||| |06-Apr-23|b/fwd|500|52,772|59,236|||||||||||| |07-Dec-23|Sale|||||||50|7,749|5,277|2,471||||| |05-Apr-24|c/fwd|||||||||||450|47,495|72,301|1,006| 5 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Meridiem Schedule of Investments for the year ended 5 April 2024** |||**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**| ||||**£**|**£**||**£**|||**£**|**£**|**£**||**£**|**£**|**£**| |Bunzl PLC|||||||||||||||| |06-Apr-23|b/fwd|1,800|40,339|55,026|||||||||||| |22-Sep-23|Purchase||||200|5,839|||||||||| |07-Dec-23|Sale|||||||200|6,002|4,618|1,384||||| |05-Apr-24|c/fwd|||||||||||1,800|41,561|52,920|1,181| |DSM-Firmenich|AG||||||||||||||| |06-Apr-23|b/fwd|-|-|-|||||||||||| |17-Apr-23|Exchange||||500|59,687|||||||||| |06-Jul-23|Return of Capital||||-|(682)|||||||||| |28-Aug-23|Purchase||||80|5,853|||||||||| |05-Apr-24|c/fwd|||||||||||580|64,858|51,385|-| |Experian PLC|||||||||||||||| |06-Apr-23|b/fwd|1,800|12,816|47,880|||||||||||| |19-Sep-23|Purchase||||200|5,586|||||||||| |07-Dec-23|Sale|||||||200|5,907|1,840|4,066||||| |05-Apr-24|c/fwd|||||||||||1,800|16,562|61,038|788| |Fiserv Inc|||||||||||||||| |06-Apr-23|b/fwd|1,150|68,006|105,132|||||||||||| |12-Jun-23|Sale|||||||150|13,774|8,870|4,904||||| |14-Jul-23|Sale|||||||60|5,885|3,548|2,337||||| |04-Aug-23|Sale|||||||50|4,970|2,957|2,013||||| |20-Nov-23|Purchase||||65|6,548|||||||||| |07-Dec-23|Sale|||||||95|9,860|5,887|3,973||||| |05-Apr-24|c/fwd|||||||||||860|53,292|107,296|-| 6 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Meridiem Schedule of Investments for the year ended 5 April 2024** |||**Opening Balances**|**Opening Balances**||**Acquisitions**|**Acquisitions**||**Disposals**|||||**Closing Balances**|||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||**Units**|**Cost**|**Value**|**Units**|**Cost**|**Units**|**Proceeds**|**Cost**|**Profit/Loss**|**Units**||**Cost**|**Value**||**Income**| ||||**£**|**£**||**£**||**£**|**£**|**£**|||**£**|**£**||**£**| |Fortrea Holdings Inc - W/I||||||||||||||||| |06-Apr-23|b/fwd|-|-|-||||||||||||| |03-Jul-23|Spin-off||||560|9,308||||||||||| |13-Jul-23|Sale||||||560|13,182|9,308|3,874||||||| |05-Apr-24|c/fwd|||||||||||-|-||-|-| |Franco-Nevada|Corp|||||||||||||||| |06-Apr-23|b/fwd|950|49,014|111,867||||||||||||| |18-Jul-23|Sale||||||120|13,346|6,191|7,155||||||| |27-Jul-23|Sale||||||60|6,859|3,096|3,763||||||| |07-Dec-23|Sale||||||70|6,066|3,612|2,454||||||| |21-Dec-23|Sale||||||700|61,507|36,116|25,391||||||| |05-Apr-24|c/fwd|||||||||||-|-||-|497| |Hasbro Inc||||||||||||||||| |06-Apr-23|b/fwd|1,060|69,011|46,015||||||||||||| |12-Oct-23|Sale||||||175|8,564|11,393|(2,830)||||||| |13-Oct-23|Sale||||||387|18,557|25,195|(6,639)||||||| |16-Oct-23|Sale||||||498|22,831|32,422|(9,591)||||||| |05-Apr-24|c/fwd|||||||||||-|-||-|1,001| |Infineon Technologies AG||||||||||||||||| |06-Apr-23|b/fwd|3,600|63,116|119,249||||||||||||| |12-Jun-23|Sale||||||200|6,292|3,506|2,785||||||| |07-Dec-23|Sale||||||400|12,277|7,013|5,264||||||| |18-Dec-23|Sale||||||685|22,401|12,010|10,392||||||| |01-Mar-24|Sale||||||1,824|52,204|31,979|20,225||||||| |04-Mar-24|Sale||||||491|13,871|8,608|5,263||||||| |05-Apr-24|c/fwd|||||||||||-|-||-|510| 7 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Meridiem Schedule of Investments for the year ended 5 April 2024** ||||**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**| |||||**£**|**£**||**£**|||**£**|**£**|**£**|||**£**|**£**|**£**| |Intuit Inc|||||||||||||||||| |06-Apr-23|b/fwd||190|54,993|68,489||||||||||||| |07-Dec-23|Sale||||||||30|13,462|8,683|4,778|||||| |05-Apr-24|c/fwd|||||||||||||160|46,310|80,616|414| |Intuitive Surgical Inc|||||||||||||||||| |06-Apr-23|b/fwd||365|77,245|75,397||||||||||||| |07-Dec-23|Sale||||||||45|11,144|9,523|1,620|||||| |19-Jan-24|Sale||||||||25|7,049|5,291|1,758|||||| |05-Apr-24|c/fwd|||||||||||||295|62,431|90,828|-| |Kerry Group PLC|||||||||||||||||| |06-Apr-23|b/fwd||650|58,896|52,501||||||||||||| |05-Apr-24|c/fwd|||||||||||||650|58,896|43,343|458| |Koninklijke DSM|NV||||||||||||||||| |06-Apr-23|b/fwd||500|59,687|47,746||||||||||||| |17-Apr-23|Exchange|||||(500)|(59,687)||||||||||| |05-Apr-24|c/fwd|||||||||||||-|-|-|-| |Kuehne + Nagel|International AG||||||||||||||||| |06-Apr-23|b/fwd||270|34,109|65,005||||||||||||| |05-Apr-24|c/fwd|||||||||||||270|34,109|60,766|2,195| |Laboratory Corp of America Holdings|||||||||||||||||| |06-Apr-23|b/fwd||560|64,145|103,888||||||||||||| |03-Jul-23|Spin-off|||||-|(9,308)||||||||||| |07-Dec-23|Sale||||||||70|12,343|6,855|5,488|||||| |05-Apr-24|c/fwd|||||||||||||490|47,983|82,067|1,057| 8 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Meridiem Schedule of Investments for the year ended 5 April 2024** ||||**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**| |||||**£**|**£**||**£**|||**£**|**£**|**£**|||**£**|**£**|**£**| |London Stock Exchange Group PLC|||||||||||||||||| |06-Apr-23|b/fwd||-|-|-||||||||||||| |20-Jul-23|Purchase|||||209|17,467||||||||||| |24-Jul-23|Purchase|||||209|17,705||||||||||| |14-Dec-23|Purchase|||||130|12,082||||||||||| |15-Dec-23|Purchase|||||42|3,929||||||||||| |26-Feb-24|Purchase|||||180|15,979||||||||||| |05-Apr-24|c/fwd|||||||||||||770|67,163|72,211|149| |Marsh & McLennan Cos Inc|||||||||||||||||| |06-Apr-23|b/fwd||800|72,388|107,705||||||||||||| |12-Jun-23|Sale||||||||100|14,011|9,049|4,962|||||| |14-Jul-23|Sale||||||||40|5,760|3,619|2,140|||||| |07-Dec-23|Sale||||||||80|12,513|7,239|5,274|||||| |05-Apr-24|c/fwd|||||||||||||580|52,481|94,864|1,233| |Mastercard Inc|||||||||||||||||| |06-Apr-23|b/fwd||350|20,783|102,846||||||||||||| |04-Aug-23|Sale||||||||40|12,377|2,375|10,002|||||| |07-Dec-23|Sale||||||||40|12,925|2,375|10,549|||||| |05-Apr-24|c/fwd|||||||||||||270|16,033|102,057|510| |Microsoft Corp|||||||||||||||||| |06-Apr-23|b/fwd||500|11,904|116,560||||||||||||| |12-May-23|Sale||||||||80|19,780|1,905|17,875|||||| |08-Jun-23|Sale||||||||30|8,041|714|7,327|||||| |02-Nov-23|Sale||||||||40|11,159|952|10,207|||||| |07-Dec-23|Sale||||||||50|14,539|1,190|13,348|||||| |05-Apr-24|c/fwd|||||||||||||300|7,143|101,187|702| 9 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Meridiem Schedule of Investments for the year ended 5 April 2024** ||||**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-23|b/fwd||800|62,561|52,576||||||||||||| |13-Oct-23|Sale||||||||35|2,454|2,737|(283)|||||| |05-Apr-24|c/fwd|||||||||||||765|59,824|67,488|1,625| |NIKE Inc|||||||||||||||||| |06-Apr-23|b/fwd||300|27,355|29,743||||||||||||| |16-Jun-23|Purchase|||||175|15,133||||||||||| |16-Oct-23|Purchase|||||175|14,302||||||||||| |07-Dec-23|Sale||||||||60|5,458|5,242|215|||||| |05-Apr-24|c/fwd|||||||||||||590|51,548|41,558|489| |Roche Holding AG|||||||||||||||||| |06-Apr-23|b/fwd||400|30,481|92,400||||||||||||| |07-Dec-23|Sale||||||||50|11,335|3,810|7,525|||||| |05-Apr-24|c/fwd|||||||||||||350|26,671|67,542|1,939| |Sonova Holding AG|||||||||||||||||| |06-Apr-23|b/fwd||-|-|-||||||||||||| |25-Sep-23|Purchase|||||18|3,570||||||||||| |26-Sep-23|Purchase|||||18|3,527||||||||||| |27-Sep-23|Purchase|||||42|8,242||||||||||| |28-Sep-23|Purchase|||||45|8,866||||||||||| |29-Sep-23|Purchase|||||40|7,783||||||||||| |05-Apr-24|c/fwd|||||||||||||163|31,988|36,155|-| 10 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Meridiem Schedule of Investments for the year ended 5 April 2024** ||||**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**| |||||**£**|**£**||**£**|||**£**|**£**|**£**|||**£**|**£**|**£**| |Synopsys Inc|||||||||||||||||| |06-Apr-23|b/fwd||345|76,912|107,733||||||||||||| |12-Jun-23|Sale||||||||45|15,684|10,032|5,652|||||| |14-Sep-23|Sale||||||||60|21,992|13,376|8,616|||||| |27-Oct-23|Sale||||||||20|7,616|4,459|3,158|||||| |06-Dec-23|Sale||||||||20|8,381|4,459|3,922|||||| |05-Apr-24|c/fwd|||||||||||||200|44,586|91,187|-| |Thermo Fisher Scientific Inc|||||||||||||||||| |06-Apr-23|b/fwd||265|31,042|123,498||||||||||||| |12-Jun-23|Sale||||||||15|6,233|1,757|4,476|||||| |19-Oct-23|Purchase|||||15|6,002||||||||||| |07-Dec-23|Sale||||||||35|13,695|4,661|9,034|||||| |05-Apr-24|c/fwd|||||||||||||230|30,627|105,748|235| |Tractor Supply Co|||||||||||||||||| |06-Apr-23|b/fwd||535|42,070|101,697||||||||||||| |07-Dec-23|Sale||||||||55|9,056|4,325|4,731|||||| |05-Apr-24|c/fwd|||||||||||||480|37,745|96,089|1,471| |UnitedHealth Group Inc|||||||||||||||||| |06-Apr-23|b/fwd||245|11,381|93,602||||||||||||| |06-Dec-23|Sale||||||||25|10,842|1,161|9,681|||||| |07-Dec-23|Sale||||||||30|13,075|1,394|11,681|||||| |19-Jan-24|Purchase|||||50|20,868||||||||||| |05-Apr-24|c/fwd|||||||||||||240|29,694|86,748|1,238| 11 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Meridiem Schedule of Investments for the year ended 5 April 2024** **Opening Balances Acquisitions Disposals Closing Balances Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income £ £ £ £ £ £ £ £ £** Equity WisdomTree Core Physical Gold 06-Apr-23 b/fwd 455 59,763 72,534 07-Dec-23 Sale 55 8,785 7,224 1,561 12-Jan-24 Purchase 55 8,764 05-Apr-24 c/fwd 455 61,304 83,440 - **2,302,411 3,290,262 535,183 972,110 627,985 344,125 2,209,609 3,222,989 34,652** 12 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2024** |||**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-23|b/fwd|2,662|56,692|50,658|||||||||||| |14-Dec-23|Sale|||||||255|4,342|5,431|(1,088)||||| |27-Feb-24|Purchase||||754|11,997|||||||||| |05-Apr-24|c/fwd|||||||||||3,161|63,258|56,234|2,051| |Spirax Group PLC|||||||||||||||| |06-Apr-23|b/fwd|211|23,458|24,054|||||||||||| |14-Dec-23|Sale|||||||16|1,582|1,684|(102)||||| |21-Dec-23|Purchase||||193|20,314|||||||||| |27-Feb-24|Purchase||||236|24,848|||||||||| |05-Apr-24|c/fwd|||||||||||624|66,936|60,466|328| |Experian PLC|||||||||||||||| |06-Apr-23|b/fwd|2,106|57,039|56,462|||||||||||| |14-Dec-23|Sale|||||||201|6,466|5,444|1,022||||| |05-Apr-24|c/fwd|||||||||||1,905|51,595|64,599|895| |Reckitt Benckiser Group Plc|||||||||||||||| |06-Apr-23|b/fwd|950|61,464|60,192|||||||||||| |03-May-23|Sale|||||||239|15,542|15,463|78||||| |14-Dec-23|Sale|||||||66|3,598|4,270|(672)||||| |05-Apr-24|c/fwd|||||||||||645|41,731|27,574|1,594| |Astrazeneca Plc|||||||||||||||| |06-Apr-23|b/fwd|655|50,118|75,941|||||||||||| |14-Dec-23|Sale|||||||75|7,965|5,739|2,226||||| |05-Apr-24|c/fwd|||||||||||580|44,379|61,596|1,374| 1 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2024** |||**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-23|b/fwd|2,759|58,490|72,424|||||||||||| |14-Dec-23|Sale|||||||280|8,790|5,936|2,854||||| |05-Apr-24|c/fwd|||||||||||2,479|52,554|82,253|1,541| |Europe|||||||||||||||| |Schneider Electric SE|||||||||||||||| |06-Apr-23|b/fwd|365|39,803|45,652|||||||||||| |14-Dec-23|Sale|||||||34|5,240|3,708|1,532||||| |05-Apr-24|c/fwd|||||||||||331|36,095|58,994|752| |Vestas Wind|Systems||||||||||||||| |06-Apr-23|b/fwd|3,227|73,743|74,905|||||||||||| |14-Dec-23|Sale|||||||257|5,641|5,873|(231)||||| |05-Apr-24|c/fwd|||||||||||2,970|67,870|61,667|-| |Mowi ASA|||||||||||||||| |06-Apr-23|b/fwd|2,957|54,926|42,969|||||||||||| |14-Dec-23|Sale|||||||291|4,034|5,405|(1,372)||||| |05-Apr-24|c/fwd|||||||||||2,666|49,521|38,142|1,184| |Roche Holding AG, Basel|||||||||||||||| |06-Apr-23|b/fwd|203|54,084|48,172|||||||||||| |19-Sep-23|Sale|||||||203|46,921|54,084|(7,164)||||| |05-Apr-24|c/fwd|||||||||||-|-|-|-| 2 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2024** ||||**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**| |||||**£**|**£**||**£**|||**£**|**£**|**£**||**£**|**£**|**£**| |Novartis AG||||||||||||||||| |06-Apr-23|b/fwd||-|-|-|||||||||||| |19-Sep-23|Purchase|||||624|51,701|||||||||| |06-Oct-23|Spin off|||||-|(2,714)|||||||||| |13-Oct-23|Purchase|||||36|2,851|||||||||| |14-Dec-23|Sale||||||||66|5,195|5,184|11||||| |05-Apr-24|c/fwd||||||||||||594|46,654|44,941|1,133| |Sandoz Group|Ord Shs|||||||||||||||| |06-Apr-23|b/fwd||-|-|-|||||||||||| |06-Oct-23|Spin off|||||125|2,714|||||||||| |13-Oct-23|Sale||||||||125|3,118|2,714|404||||| |05-Apr-24|c/fwd||||||||||||-|-|-|-| |Novo Nordisk Ord Shs Class B||||||||||||||||| |06-Apr-23|b/fwd||760|36,546|96,075|||||||||||| |15-Sep-23|Stock Split|||||(760)|(36,546)|||||||||| |05-Apr-24|c/fwd||||||||||||-|-|-|971| |NOVO NORDISK A S||||||||||||||||| |06-Apr-23|b/fwd||-|-|-|||||||||||| |15-Sep-23|Stock Split|||||1,520|36,546|||||||||| |14-Dec-23|Sale||||||||148|11,501|3,558|7,943||||| |20-Dec-23|Sale||||||||272|21,568|6,540|15,028||||| |05-Apr-24|c/fwd||||||||||||1,100|26,448|109,800|-| 3 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2024** |||**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**| ||||**£**|**£**||**£**|||**£**|**£**|**£**||**£**|**£**|**£**| |North America|||||||||||||||| |Ball Corp|||||||||||||||| |06-Apr-23|b/fwd|1,578|82,860|67,301|||||||||||| |14-Dec-23|Sale|||||||161|7,555|8,454|(899)||||| |05-Apr-24|c/fwd|||||||||||1,417|74,406|74,573|828| |Sensata Technologies Holding Plc|||||||||||||||| |06-Apr-23|b/fwd|1,375|52,750|51,178|||||||||||| |28-Jun-23|Purchase||||249|8,705|||||||||| |29-Jun-23|Purchase||||159|5,605|||||||||| |14-Dec-23|Sale|||||||199|5,570|7,485|(1,915)||||| |27-Feb-24|Sale|||||||939|25,439|35,317|(9,877)||||| |28-Feb-24|Sale|||||||645|17,476|24,259|(6,783)||||| |05-Apr-24|c/fwd|||||||||||-|-|-|621| |Illinois Tool Works Inc|||||||||||||||| |06-Apr-23|b/fwd|243|34,562|44,925|||||||||||| |14-Dec-23|Sale|||||||25|5,006|5,137|(130)||||| |21-Dec-23|Purchase||||142|29,177|||||||||| |05-Apr-24|c/fwd|||||||||||360|58,602|75,285|998| |Lululemon Athletica Inc|||||||||||||||| |06-Apr-23|b/fwd|-|-|-|||||||||||| |16-Aug-23|Purchase||||161|48,585|||||||||| |14-Dec-23|Sale|||||||14|5,553|4,225|1,328||||| |05-Apr-24|c/fwd|||||||||||147|44,360|41,535|-| 4 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2024** ||||**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**| |||||**£**|**£**||**£**|||**£**|**£**|**£**|||**£**|**£**|**£**| |Nike Inc|||||||||||||||||| |06-Apr-23|b/fwd||557|53,586|54,007||||||||||||| |27-Jun-23|Purchase|||||73|6,438||||||||||| |14-Dec-23|Sale||||||||63|6,004|6,002|2|||||| |05-Apr-24|c/fwd|||||||||||||567|54,021|39,882|573| |Amazon.Com|Inc||||||||||||||||| |06-Apr-23|b/fwd||609|58,721|49,378||||||||||||| |14-Dec-23|Sale||||||||63|7,421|6,075|1,347|||||| |05-Apr-24|c/fwd|||||||||||||546|52,646|80,005|-| |Home Depot|||||||||||||||||| |06-Apr-23|b/fwd||198|36,142|45,839||||||||||||| |14-Dec-23|Sale||||||||24|6,559|4,381|2,178|||||| |05-Apr-24|c/fwd|||||||||||||174|31,761|49,302|1,101| |Estee Lauder|Companies Inc||||||||||||||||| |06-Apr-23|b/fwd||370|58,262|71,047||||||||||||| |28-Jun-23|Purchase|||||78|11,923||||||||||| |14-Dec-23|Sale||||||||59|6,741|9,243|(2,502)|||||| |05-Apr-24|c/fwd|||||||||||||389|60,942|44,483|734| |Unitedhealth|Group Inc||||||||||||||||| |06-Apr-23|b/fwd||193|42,541|78,821||||||||||||| |14-Dec-23|Sale||||||||19|8,118|4,188|3,930|||||| |26-Feb-24|Purchase|||||59|24,661||||||||||| |05-Apr-24|c/fwd|||||||||||||233|63,014|84,074|1,029| 5 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2024** ||||**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**| |||||**£**|**£**||**£**|||**£**|**£**|**£**|||**£**|**£**|**£**| |Eli Lilly Co|||||||||||||||||| |06-Apr-23|b/fwd||318|35,494|92,383||||||||||||| |15-Aug-23|Sale||||||||52|21,941|5,804|16,137|||||| |14-Dec-23|Sale||||||||27|12,604|3,014|9,590|||||| |20-Dec-23|Sale||||||||55|24,955|6,139|18,816|||||| |05-Apr-24|c/fwd|||||||||||||184|20,538|114,245|846| |Thermo Fisher|Scientific Inc||||||||||||||||| |06-Apr-23|b/fwd||180|40,535|83,750||||||||||||| |14-Dec-23|Sale||||||||23|9,565|9,598|(33)|||||| |20-Dec-23|Purchase|||||41|17,109||||||||||| |05-Apr-24|c/fwd|||||||||||||198|48,046|90,892|170| |Visa Inc|||||||||||||||||| |06-Apr-23|b/fwd||347|54,998|63,497||||||||||||| |14-Dec-23|Sale||||||||36|7,433|5,706|1,727|||||| |05-Apr-24|c/fwd|||||||||||||311|49,292|68,241|440| |Adobe Inc|||||||||||||||||| |06-Apr-23|b/fwd||94|44,416|28,799||||||||||||| |14-Dec-23|Sale||||||||9|4,191|4,253|(61)|||||| |26-Feb-24|Purchase|||||77|34,113||||||||||| |05-Apr-24|c/fwd|||||||||||||162|74,276|62,223|-| |Microsoft Corp|||||||||||||||||| |06-Apr-23|b/fwd||417|59,063|95,092||||||||||||| |27-Jun-23|Sale||||||||26|6,776|3,683|3,094|||||| |14-Dec-23|Sale||||||||36|10,554|5,099|5,455|||||| |05-Apr-24|c/fwd|||||||||||||355|50,282|119,601|748| 6 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2024** ||||**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**|| |||||**£**|**£**||**£**|||**£**|**£**|**£**|||**£**|**£**|**£**|| |Fortinet Inc||||||||||||||||||| |06-Apr-23|b/fwd||801|30,033|41,852|||||||||||||| |14-Dec-23|Sale||||||||94|4,119|3,524|595||||||| |05-Apr-24|c/fwd|||||||||||||707|26,508|39,693|-|| |Palo Alto Networks Inc||||||||||||||||||| |06-Apr-23|b/fwd||396|41,651|61,669|||||||||||||| |14-Dec-23|Sale||||||||48|11,874|5,049|6,826||||||| |05-Apr-24|c/fwd|||||||||||||348|36,602|74,120|-|| |Cognex Corp||||||||||||||||||| |06-Apr-23|b/fwd||680|41,253|26,068|||||||||||||| |14-Dec-23|Sale||||||||69|2,152|4,186|(2,034)||||||| |27-Feb-24|Sale||||||||227|6,946|13,771|(6,825)||||||| |28-Feb-24|Sale||||||||213|6,521|12,922|(6,400)||||||| |29-Feb-24|Sale||||||||171|5,130|10,374|(5,244)||||||| |05-Apr-24|c/fwd|||||||||||||-|-|-|107|| |NVIDIA Corp||||||||||||||||||| |06-Apr-23|b/fwd||391|39,029|84,293|||||||||||||| |03-May-23|Sale||||||||63|14,025|6,289|7,737||||||| |27-Jun-23|Sale||||||||37|11,852|3,693|8,159||||||| |15-Aug-23|Sale||||||||39|13,659|3,893|9,767||||||| |14-Dec-23|Sale||||||||27|10,254|2,695|7,559||||||| |26-Feb-24|Sale||||||||35|21,990|3,494|18,497||||||| |05-Apr-24|c/fwd|||||||||||||190|18,965|132,393||28| |Broadcom Inc||||||||||||||||||| |06-Apr-23|b/fwd||-|-|-|||||||||||||| |03-May-23|Purchase|||||93|45,919|||||||||||| |14-Dec-23|Sale||||||||11|9,435|5,431|4,004||||||| |05-Apr-24|c/fwd|||||||||||||82|40,488|86,960|1,163|| 7 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2024** |||**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**| ||||**£**|**£**||**£**|||**£**|**£**|**£**||**£**|**£**|**£**| |Walt Disney Company|||||||||||||||| |06-Apr-23|b/fwd|377|42,570|30,208|||||||||||| |27-Nov-23|Sale|||||||377|28,412|42,570|(14,158)||||| |05-Apr-24|c/fwd|||||||||||-|-|-|-| |Alphabet Inc|||||||||||||||| |06-Apr-23|b/fwd|662|37,249|55,720|||||||||||| |27-Nov-23|Sale|||||||662|72,627|37,249|35,379||||| |27-Nov-23|Purchase||||818|89,439|||||||||| |14-Dec-23|Sale|||||||64|6,706|6,998|(292)||||| |05-Apr-24|c/fwd|||||||||||754|82,441|91,039|-| |Japan|||||||||||||||| |Unicharm Corporation|||||||||||||||| |06-Apr-23|b/fwd|2,100|58,106|68,518|||||||||||| |15-Dec-23|Sale|||||||200|5,341|5,534|(193)||||| |05-Apr-24|c/fwd|||||||||||1,900|52,572|45,161|362| |Asia ex. Japan|||||||||||||||| |DBS Group Holdings Ltd|||||||||||||||| |06-Apr-23|b/fwd|2,900|41,621|58,372|||||||||||| |15-Dec-23|Sale|||||||300|5,514|4,306|1,208||||| |05-Apr-24|c/fwd|||||||||||2,600|37,316|54,202|3,981| |AIA Group Ltd|||||||||||||||| |06-Apr-23|b/fwd|8,800|73,601|75,084|||||||||||| |28-Nov-23|Purchase||||1,800|12,849|||||||||| |15-Dec-23|Sale|||||||800|5,341|6,525|(1,183)||||| |05-Apr-24|c/fwd|||||||||||9,800|79,926|53,175|1,401| 8 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2024** |||**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**| ||||**£**|**£**||**£**|||**£**|**£**|**£**||**£**|**£**|**£**| |Emerging Markets|||||||||||||||| |TRIP.COM GROUP LIMITED|||||||||||||||| |06-Apr-23|b/fwd|1,295|34,890|38,904|||||||||||| |15-Dec-23|Sale|||||||138|3,636|3,718|(82)||||| |05-Apr-24|c/fwd|||||||||||1,157|31,172|43,834|-| |HDFC Bank Ltd|||||||||||||||| |06-Apr-23|b/fwd|1,214|59,244|66,157|||||||||||| |14-Dec-23|Sale|||||||115|6,020|5,612|408||||| |05-Apr-24|c/fwd|||||||||||1,099|53,632|51,320|579| |Taiwan Semiconductor Manufacturing|||||||||||||||| |06-Apr-23|b/fwd|788|35,249|57,287|||||||||||| |14-Dec-23|Sale|||||||74|6,000|3,310|2,690||||| |05-Apr-24|c/fwd|||||||||||714|31,938|80,225|907| |Samsung Electronics Co Ltd|||||||||||||||| |06-Apr-23|b/fwd|46|45,096|44,565|||||||||||| |14-Dec-23|Sale|||||||5|5,521|4,902|620||||| |05-Apr-24|c/fwd|||||||||||41|40,194|50,738|784| |Tencent Holdings Ltd|||||||||||||||| |06-Apr-23|b/fwd|1,200|47,431|47,208|||||||||||| |15-Dec-23|Sale|||||||100|3,115|3,953|(837)||||| |05-Apr-24|c/fwd|||||||||||1,100|43,479|34,488|295| 9 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2024** |||**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**| ||||**£**||**£**||**£**||**£**|**£**|**£**||**£**|**£**|**£**| |**Bonds**|||||||||||||||| |UK|||||||||||||||| |Var% United Kingdom of Great Britain and Northern Ireland||||2006-22.11.27 Treasury Stock|||||||||||| |06-Apr-23|b/fwd|27,051|55,020||54,391||||||||||| |14-Dec-23|Sale|||||||2,591|5,283|5,271|13||||| |15-Dec-23|Accrued interest|||||-|4||||||||| |05-Apr-24|c/fwd|||||||||||24,460|49,753|50,057|652| |0.125% United Kingdom of Great Britain and Northern Ireland 2020-31.01.28||||||Treasury Gilt|||||||||| |06-Apr-23|b/fwd|148,524|127,241||127,615||||||||||| |14-Dec-23|Sale|||||||14,629|12,702|12,533|169||||| |15-Dec-23|Accrued interest|||||-|7||||||||| |05-Apr-24|c/fwd|||||||||||133,895|114,715|115,864|183| |1.125% United Kingdom of Great Britain and Northern Ireland 2021 - 31.01.2039 Treasury Gilt|||||||||||||||| |06-Apr-23|b/fwd|-||-||-|||||||||| |02-May-23|Purchase|||||283,054|188,547||||||||| |09-May-23|Accrued interest|||||-|(862)||||||||| |04-Dec-23|Sale|||||||34,406|21,735|22,830|(1,095)||||| |05-Dec-23|Accrued interest|||||-|134||||||||| |14-Dec-23|Sale|||||||29,902|20,186|19,856|330||||| |15-Dec-23|Accrued interest|||||-|125||||||||| |05-Apr-24|c/fwd|||||||||||218,746|145,257|142,214|2,219| |Emerging Markets|||||||||||||||| |M+G Emerging Markets Bond Fund|||||||||||||||| |06-Apr-23|b/fwd|-||-||-|||||||||| |03-May-23|Purchase|||||68,000|53,462||||||||| |30-Aug-23|Equalisation|||||-|(1,010)||||||||| |14-Dec-23|Sale|||||||6,136|5,016|4,733|283||||| |05-Apr-24|c/fwd|||||||||||61,864|47,718|50,407|2,495| 10 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2024** |||**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||||||||||||||| |HSBC Global Government Bond Index||||||||||||||| |06-Apr-23|b/fwd|-|-|-||||||||||| |06-Dec-23|Purchase||||4,502|41,393||||||||| |19-Dec-23|Sale||||||416|3,885|3,826|59||||| |05-Apr-24|c/fwd||||||||||4,086|37,567|37,670|224| |Hermes Unconstrained Credit Fund||||||||||||||| |06-Apr-23|b/fwd|35,069|35,627|29,771||||||||||| |15-Dec-23|Sale||||||2,953|2,551|3,000|(449)||||| |05-Apr-24|c/fwd||||||||||32,116|32,627|27,928|1,339| |Invesco US Treasury Bond UCITS ETF||||||||||||||| |06-Apr-23|b/fwd|5,093|182,640|181,540||||||||||| |30-Jun-23|Excess reportable income||||-|319||||||||| |03-May-23|Sale||||||5,093|180,001|182,959|(2,958)||||| |05-Apr-24|c/fwd||||||||||-|-|-|319| |iShares USD Treasury Bond 20+yr UCITS ETF||||||||||||||| |06-Apr-23|b/fwd|5,307|30,600|19,953||||||||||| |04-Dec-23|Sale||||||5,307|17,073|30,600|(13,527)||||| |05-Apr-24|c/fwd||||||||||-|-|-|324| |Vanguard Global Corporate Bond||||||||||||||| |06-Apr-23|b/fwd|1,058|106,485|109,037||||||||||| |03-May-23|Sale||||||500|50,943|50,339|603||||| |15-Dec-23|Sale||||||57|5,892|5,717|176||||| |29-Jan-24|Excess reportable income||||-|71||||||||| |05-Apr-24|c/fwd||||||||||501|50,500|51,385|2,546| 11 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2024** |||**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**| ||||**£**|**£**||**£**|||**£**|**£**|**£**|||**£**|**£**|**£**| |Egerton Capital|Investment Fund|||||||||||||||| |06-Apr-23|b/fwd|200|66,964|85,280||||||||||||| |05-Dec-23|Redemption|||||||200|95,169|66,964|28,205|||||| |05-Apr-24|c/fwd||||||||||||-|-|-|-| |**Alternatives**||||||||||||||||| |Hedge Funds||||||||||||||||| |AQR Alternative Trends Fund||||||||||||||||| |06-Apr-23|b/fwd|543|54,300|50,222||||||||||||| |22-Dec-23|Sale|||||||55|5,964|5,455|509|||||| |05-Apr-24|c/fwd||||||||||||488|48,845|58,766|71| |LandseerAM European Equity Focus||||||||||||||||| |06-Apr-23|b/fwd|326|35,442|36,428||||||||||||| |05-Dec-23|Sale|||||||326|37,161|35,442|1,718|||||| |05-Apr-24|c/fwd||||||||||||-|-|-|-| |TM Tellworth UK Select||||||||||||||||| |06-Apr-23|b/fwd|52,011|52,144|52,271||||||||||||| |08-May-23|Equalisation|||||-|(34)|||||||||| |01-Aug-23|Sale|||||||26,006|25,538|26,056|(518)|||||| |08-Aug-23|Sale|||||||26,005|25,711|26,055|(343)|||||| |05-Apr-24|c/fwd||||||||||||-|-|-|874| |Brevan Howard Absolute Return||||||||||||||||| |06-Apr-23|b/fwd|513|51,244|53,899||||||||||||| |05-Apr-24|c/fwd||||||||||||513|51,244|57,041|467| 12 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2024** |||**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||||||||||||||| |WisdomTree Gold ETC||||||||||||||| |06-Apr-23|b/fwd|7,935|82,790|84,706||||||||||| |30-Jun-23|Excess reportable|income|||-|400||||||||| |04-Dec-23|Sale||||||3,007|32,449|31,525|924||||| |14-Dec-23|Sale||||||422|4,492|4,424|67||||| |05-Apr-24|c/fwd||||||||||4,506|47,241|54,675|400| |L+G Enhanced Commodities ETF||||||||||||||| |06-Apr-23|b/fwd|11,530|130,854|126,588||||||||||| |14-Dec-23|Sale||||||995|10,408|11,292|(885)||||| |31-Dec-23|Excess reportable|income|||-|10,525||||||||| |05-Apr-24|c/fwd||||||||||10,535|130,087|119,151|10,525| |Other||||||||||||||| |International|Public Partnerships|||||||||||||| |06-Apr-23|b/fwd|22,600|34,901|33,538||||||||||| |14-Dec-23|Sale||||||1,686|2,251|2,604|(352)||||| |05-Apr-24|c/fwd||||||||||20,914|32,297|26,143|1,792| |Greencoat UK Wind PLC||||||||||||||| |06-Apr-23|b/fwd|21,846|28,790|34,888||||||||||| |14-Dec-23|Sale||||||2,001|2,913|2,637|276||||| |05-Apr-24|c/fwd||||||||||19,845|26,153|27,287|2,116| |Foresight Solar Fund Limited||||||||||||||| |06-Apr-23|b/fwd|27,000|32,131|29,808||||||||||| |14-Dec-23|Sale||||||2,717|2,627|3,233|(606)||||| |05-Apr-24|c/fwd||||||||||24,283|28,897|20,082|1,956| 13 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Cazenove Schedule of Investments for the year ended 5 April 2024** |**Units**
**Cost**
**Value**
**Units**
**Cost**
**Units**
**£**
**£**
**£**
**Opening Balances**
**Acquisitions**
3I Infrastructure PLC
06-Apr-23
b/fwd
11,591
30,956
36,512
14-Dec-23
Sale
888
05-Apr-24
c/fwd
SLF Realisation Fund Limited
06-Apr-23
b/fwd
17,294
5,879
1,558
28-Apr-23
Capital Distribution
-
(605)
21-Aug-23
Capital Distribution
-
(432)
05-Apr-24
c/fwd
Digital 9 Infrastructure PLC
06-Apr-23
b/fwd
32,000
33,618
21,696
05-Apr-24
c/fwd
Sequoia Economic Infrastructure
06-Apr-23
b/fwd
7,005
7,829
5,702
05-Apr-24
c/fwd
**3,032,770**
**3,404,829**
**738,277**|**Proceeds**
**Cost**
**Profit/Loss**
**Units**
**Cost**
**Value**
**Income**
**£**
**£**
**£**
**£**
**£**
**£**
**Disposals**
**Closing Balances**
2,860
2,372
489
10,703
28,584
34,838
1,336
17,294
4,841
586
-
32,000
33,618
7,232
480
7,005
7,829
5,702
482
**1,189,968**
**1,048,810**
**141,159**
**2,722,237**
**3,334,983**
**60,318**| |---|---| 14 ## **THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST** ## **Fundsmith LLP Schedule of Investments for the year ended 5 April 2024** **----- Start of picture text -----**
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-23 b/fwd 737,780 3,497,322 4,176,479
05-Apr-24 c/fwd 737,780 3,497,322 4,685,786 16,355
3,497,322 4,176,479 - - - - 3,497,322 4,685,786 16,355
**----- End of picture text -----**
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