The Stella And Alexander Margulies Charitable Trust Report and Financial Statements Year Ended 5 April 2025 Charity No: 220441
THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST Rèport and Flnanclal Statèments *or the year ended 5 April 2025 Contènts Page: Reference and adtninistrative information Rewrt of the Trustees Accountants, Reporl Report of the Independent Examiner Statement of Financial Activities Balance Sheet 9-12 Notes forming part of the Financial Statement5 Settlors The late Stella and Alexander Margulies Trustees Marcus Jonathan MargulTres Sir Stuart Lipton Leslie David Michae15 Martir) David PaisnÈr CBE Alexander Michaet Sorkin Elliott Goldstein Anthony David Landes Prlncipal Offlce 27 Berkeley Square, London. W1J 6EL Accountants Bt)0 LLP, 55 Baker Street, London, W1 U 7EU Independent Examiner Perrys Audit Lirnited, 4th Floor, 399-401 Strand, Landi)n, WC2R OLT Investment Managers Navera Investtnent Management Limited, Riverside House, 23 Southwark Bridge Road. London, SEI 9HA Cazenove Capital Management, 12 Moorgate, London, EC2R 6DA Fundsmith. 33 Cavendish Square, London, W1 G OPW Bankers Coutts & Co. 440 Strand, London, WC2R OQS So17cltors Payne Hlcks Beach, l O New Square, Holborn, London, WC2A 3
The Stella and Alexander Margulies Charitable Trust Report of the Trustees for the year ended 5 April 2025 The Trustees present their report alonE wlth the flnanclal statements of the charity for the year ended 5 April 2025. The Financial Statements have been prepared in accordance with the accounting policie5 set out on pages 9 and l O and comply with the charity's trust deed and applicable law. Structure, Governan and Management The Stella and Alexander Margulies Charltable Trust TS Constituted under a Trust deed dated 30 November 1962. It Is a registered charity no. 220441, The Trustees who have setved during the year and since the year end are set out on page 1. Where there is a requirement for new TnJstee5, thi5 would be itIf1ed by the remaining Trustees. Rlsk management The Trustee5 have examined the major strateglc, buslness and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced 50 that such risks are contlnuously monitored and that appropriate stet)s can be taken to lessen these risks. Objectives and Activities This Irusl was set up by Stella and Alexander Margulies 1962. Although the objects of the charity are to apply the income and capital of ehe Trust for charitable purposes as the trustees in their absolute discretion deterlnine, the trustees have tried to make donations largely in line wth the type of charities that Stelta and Alexander would have supported. About 75% of donations are to charities in Israel and the balance in Great BritaTrn. Donations in Israel are generally to medical, scientific and cultural oryanisations which cater for the broad Spectrum of Israeli society irrespective of religion. Donations in the maln In Britain have been to major London cuItLJral icons, with an emphasis on educating young people in the arts. and to National Health H05Pltals 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 genoclde, and Limmud, a volunteer organisatTon supporting Jewish education in its widest sense. Grant making policy All applicatlolls receiveé are considered by the Trustees on their own merit for sultability of funding. PublTC benefTt 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 donation5 are listed in note 5 on page 10.
The Stella and Alexander Margulles Charitable Trust Report of the Trustees for the year endèd 5 April 2025 Icontlnuèdl Achievements and Performance The Trustees have continued to apply their funds in accordance with the objectives of the Trust and their grant making policy. Donat1ons totalling £212,000 have been made Tn the year12024: £901,732) and are detailed in note 5 of these FlnancTal Statements. In line with the Charities SORP IFRS 1021, note 5 shows a schedule of grants paid or payable in this financlal 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 flnancial year that they were commilted, irrespecllve tsf when they are contracted to be paid. Financlal Review The Trust's investments are managed by Meridiem Investment Management Limited, Cazenove Capital Management and Fundstnith under a discretionary mandate and a conservative investment policy which aims at maintaining the capital of the charity through diversification whllst maintaining SLFfficient liquidity for the trust's foreseeable needs and donations. The marffel value of the investment portfolio at 5 April 2025 was £10,970,54912024.' £11,703,163). The balance of cash held at 5 April 2025 was £197,206 {2024: £67,741). Reserves policy The Trustee5' policy is to maintain thelr contlnuing level of support under the grant making policy that they have agreed. If income resources are insLJfficient 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 Trtee5 Tntend to continue providing grants in a similar way to the recent past bul retaining flexibility as to the timing, and scale of grant making. Trustees, responslbilities in relatlon to the financlal statement5 Law applicable to charltles In England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fail- view of the charity's financial actlvities during the year and of Its financlal posltlon at the end of the year. In preparing those financial statements. the Tnjstees ale required to: select suitable accounting policies and then apply them consistently* make judgement5 and estimates that are reasonable and prudent. state whether applicable accounting standards and statements ot recommended practice have been followed subject to any departures disclosed and explained in the financial statements,. ané prepare the financial statements on the going concern basis unless It is inappropiiate to presume that the charity wlll continue in operation.
The Stella and Alexander Margulies Charftable Trust Report of the Trustees for the year ended 5 April 2025 (continued) Trustees. responslblllties In relation to the financial statement5 {contir)uedl The Trustees are responsible for keeping accounting records which disclose wlth reasonable accuracy at any time the financial position of the charity ané enable them to ensure that the financlal statements comply wlth the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the trust deed. They are also responsible for safeguardlng the assets of the charity and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. Approved by the Tnjstees arkd signed on their behalf by.. athaT) argulies Trust Date..
THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST Accountants, Report Chartered accountants, report to the Trustee5 on the unaudited financlal Informatlon of The Stella and Alexander Margulles Charitable Trust In accordance with the letter of engagement dated 22 January 2024. we have prepared for your approval the financial infomiation of The 5telLa and Alexander Maryulies Charitable Trust for the year ended 5 April 2025 which comprise the Balance Sheet, the Statement of Finanaal Activities and the related note5 from the entity'5 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 IICAEWI, we are subject to its ethical and other professional requiretllents which are detailed at https:Ilwww.icaew.coml regulationla-z. You have approved the financial information for ihe year and have acknowledged your responsibility for it, for the appropriateness of the fTnancial reporting f ramework adopted and for providing all information and explanatTolls nece55ary for its compilation. We have not verified the accuracy or completene55 of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial infomiation. Use of our report This report 15 made 501ely to you, in accordance with the terms of OLtr 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 matter5 that we have agreed to state to you in this report in accordancè with ICAEW Technical Release TECH08116AAF. 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 WIU7EU BDO LLP 15 a limited liability partnership registered in England and Wales (with registered number OC3051271. Date: 0310212026
Independent Examlner'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 Margulles Charltable Tnjst for the year ended 5 April 2025, Responslbllltles and basls of report As the charity truslees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2Q11 I'the Act, l. We report in respect of my examination of the Trust's accounts carrled oul under sectlon 145 of the 2011 Act and In carrylng out our examinatlon WÈ have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent Examlner'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.. accounting records were not kept in respect of the TnJ5t as required by seclion 130 of the Acl; or 2. the accounts do not accord with those records: or 3. the accounts do not comply wth the applicable requirements concerning the form and content of accounts set out in the Charlties IAccounts 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 rko concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report older to enable a proper understanding of the accounts to be reached. S Hale steve Hale FCA,FCCA, on behalf of Perrys Audlt LiFFblted 4th Floor 399401 Strand London WC2R OLT Date.. 2.2.26
The Stella and Alexander Margulies Charitable Trust Statement of Financ?al Activities for the year ended 5 Aprll 2025 Notes 2025 2024 Income and endowments from Investment5 131,039 128,479 Total 131,039 128,479 Expendlturè on RaisTng funds Charitable activltles Activities undertaken Support costs 45,362 47,233 212,000 19.165 901,732 22,265 Total 276,527 971,230 Net incomel(expendlture) before Investment galn5111055esl 1145,488) 1842,7511 Net gainslllos5esl on investments 1582,6441 1,260,806 Net incomel(expendlture) 1728. 132) 418,055 Other recognlsed gains Realised gains currency exchange 15611 (7,2471 Net movement in funds 1728,6931 410.808 Total funds at 6 April 2024 11,762,248 11,351,440 Total funds at 5 Aprll 2025 11,033,555 11,762,248 All fltnds are unrestricted and relate to continuing activities. The note5 on pages 9 to 12 form part of these financial statements
The Stella and Alexander Margulies Charitable Trust Balance Shèet as at 5 April 2025 Notes 2025 2024 Fixed Assets Investments 10,970,549 10,970,549 11,703,163 11.703,163 Current Assets Cash at bank and in hand Debtors 197,206 67,741 14 197.206 67,755 Llabllltles Creditor5: amounts falling due within one year 10 1134.2001 18,6701 Net cutTent assets 63,006 59,085 Total net assets 11,033.555 11,762,248 Funds Unrestricted Funds 11,033,555 11,762,248 Approved by the Trustees and signed on their behalf by: 11 Marcus J Trustee Margu les 30.1.26 The notes on pages 9 to 12 form part C>f these financial statetnents
The Stella and Alexander Margulies Charitable Trust Notes to thè flnancial statements for the year ended 5 April 2025 1 Princlpal Accountlng Policies (al Accounting Conventlon The financial statements are prepared under the hi5torfcal cost convention an($ in preparing the financial statements the charity follows best practice as laid down in the Statement of Recommended Practice 'Accounting and Reporting by Chaiities" (Charities SORP IFRS 10211 and comply wth the Charitie5 {Accounts and Reports) RulationS 2008 issued under the Charities Act 2011. Ib) Donations, legacies and slmiiar Income Donations, legacies and similar income are shown in the accounts when receivable and the value of the incoming resources can be measured wlth SLrffiuent reliability. (cl Investment income Investment income is accounted for in the period in which the charlly Is entitled to receipt. (dl Resource5 expended Liabilities are recognTsed as resources expended as soon as there is a legal or constructlve obligation committing the charity to the expditure. All expendlture is accounted for on an accruals basis, le) Charltable activities Costs of charitable activitie5 include grants made and an apportlonment of overhead and support costs where applicable. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Tmst. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the ttustee5 have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will rece?ve a grant and any condition attaching to the grnnt is outside of the control of the Trust. If) Governance costs Governance costs comprise costs relating to the general running of the charity as opposed to those associated with getTrerating funds or charitable activity. (g} Fixed asset Tnvestments Investments are stated at closing market value at the balance sheet date. Any galns or losses on revaluation and disposal are shown in the Statement of Financial Aciivities. (h) Realised gains and 105se5 Gains and losse5 are taken to the Statement of Financial Actlvities as they arise. Realised gains and 1055e5 on investments are calculated as the difference between sales proceeds and purchase cost. Unrealised sains and losses are calculated as the difference between the market value al year end and openTng market value lor purchase date if later). Realised and unreallsed galns and losses are not separated in the Statement of Flnancial Assets. (11 Taxatlon The charily is exempt from tax on its charitable activities (11 ForeTsn currencles 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 transactlon. Exchange dlfferences are taken into account in arriving at the operating result.
The Stella and Alexander Margulies Charitable Trust Notes to thè flnantTal statement5 for the year ended 5 Aprll 2025 1 Prlnclpal Accounting Policies (kl Golng concern The trustees consider that there are no material uncertaSntie5 about the ability to continue as a going concern. 2 Investmènt Income 2025 2024 Income from listed Investments Interest receivable 110.755 20,284 111,325 17,154 131,039 128.479 3 Ralslng Funds 2025 2024 Invesbnent managers fees 45, 362 47,233 4 Charttable Activities Grant funding of activities {5ee note 5) Support Costs {see note 61 Total 2025 Total 2024 Grant making 212,000 19,165 231,165 923,997 5 Grants Pald and Payable Reglstered Charity No. 2025 2024 BaTtican Centre Community Security Trust Israel Philharmonic Orchestra Foundation UK 294282 1042391 80,000 25.000 70,000 28,000 1168735 1156248 224223 211775 1143272 1085314 258306 313015 10,000 18,000 12,000 30,000 JW3 Development Royal National Theatre Royal Opera House Foundation Shaare Zedek Uk Tate Foundation The Jerusalem Foundat70n The Wiener Holocaust Library 18,OQO 12,000 30,000 3,600 12,000 708,132 20,000 12,000 25,000 212,000 901,732 10
The Stella and Alexander Margulies Charitable Trust Notes to the fTnancial statements for the year ènded 5 Aprll 2025 6 Support Costs 2025 2024 Independent examiner fee Accounts preparation fee Administrative fees payable to Prism the Gift Fund Legal fees Other 1,092 7,200 7,200 3,308 365 1,050 4,800 7,200 8,700 515 19,165 22,265 7 Investments 2025 2024 Market value at 6 April f 1.243,758 10,871.570 Acqui51tion cost in the year Proceeds from disposals 1,113,751 11,391,963) 1,273,460 12,162,078) {278,2121 1888,6181 Realised gainslllossesl Movement in valuation 275,319 {857.963) 485,284 775.522 1582.6441 1,260,806 Market value at 5 April 10,382.902 f 1,243,758 Cash held within the investment portfolio 587,647 459,405 Total value of portfolio at 5 April 10.970.549 11,703,163 A holding of Fundsmith Equity Fund I Class Income units represents 42% of the value of inve5tment5 held al 5 April 2025. 8 Cash at bank and in hand 2025 2024 Coutts 197,206 67.741
The Stella and Alexander Margulies Charitable Trust Notes to the financ7al statements for the year ended 5 Aprll 2025 9 Debtors 2025 2024 Due from Cazenove 14 10 Credltors: Amounts talling due withln one year 2025 2024 Donations payable Accounlancy fees Independent examiner5 fees Prism fees Legal fee5 122,000 6,000 1,092 1,800 3,308 4,800 2,070 1,800 134,200 8,670 11 Related PartTe5 None of the trustees received any remuneration or benefits or reitnbursement of expenses during the year. However the flrm Payne Hlck5 Beach in which M D Paisner has an interest, raised charges for profes51onal services to the amount of £3,308. 12024 £8,7001 12 Related Party Transactlons Anthony Landes is a Trustee of the Weiner Holocaust Library. During the year a qrant Df £25,000 was made to the Weiner Holocaust Library12024: 20,0001 by the Charity. 12
The Stella and Alexander Margulies Charitable Trust Appendlx 1. Summary of Investments 2. Schedule of Investments 5 April 2025
The Stella and Alexander Margulles Charltable Trust Sumrnaryof InV•stsn8nts forthe yèarenrfed 5 Aprfl 2025 Marketvalu 6 Aprll 2024 &AarkotV& prtsfltl{LOSS) Pr¢fÉtl1Lo551 5 Aprfl 2&15 BoDk Valu 5 Aprll 2025 lThcoJ Transfers Addltltsns 2015 Navera (formerly liertdlernl Cazenov 1.221,9Bg 3,334.981 4,085.786 5J3.077 580,675 795.797 596.167 188.735 86,584 2,958,961 3,099,830 2,1Jl,401 2,793,328 3,497,322 35,055 EO.527 15,173 1306,24S1 Fundsmllh 11,243,758 275.319 1857.9631 10,362,902 8,424.051 ThÈfollthll8 Inve51mÉrts 5%or8reater of the overall IDvesiMent wtfollo.. MatketVaiu@ Market Valuo 2025 2025 Ilatkot Valuè Marketvalue 2024 2024 Portloilo Futslsmiih Eiufty I cla Inc 4,J24,111 4f.6% 4,<45,7 41.7% JThdsmith
THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST Have IformerlylAeddiem}SchedLlpof Invé5tm&nts for IhèyendQd 5 A1015 Acqul>lon5 cl05hihADce5 Its COSL ¥aÈ u1 Pr颢e It& Val InMe BASF5E 1.75%11I0312015 (.hw.14 11-thlw.25 bl ,775 57.4 Èifwd PthTdoc0rnuTrl[ThEIDlLKDsrtyH2lImj1D2sfjPll 15, 15, 35.315 Dl&gÈbFMFlcf.ySl7l1l1OTr irwd g1.]51 ¢5-knw.25 <lfw 1010 46.160 bl 7197• FS.C ?30JX I4.4 06.ApY.24 550 5).ty 56.4 A({ldItre VA ExPtinEonG*pL¢?.1l51?Fgl1oI wd 41.53 1,& clf 3.125
THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST NaVfa (furrrIy?rtd18) khedulo of lnv5tnt5forth•Yvarn 5 Aprfl 1025 erlng cost A¢qul¥itloM Isw4ts Prowts Its ProfifALu55 Inomne blAo IfA4 91.IFT Ilwj WX175 •5.412 PA.hPr-14 .ApTr2S bl 25.529 ¢ihJd WFF .ApTr14 .hpTrR5 btho4 59.MS n.130 T[1uXlL%DSHR bD%lI15fj1(w blf 33.W 95,Z3> J14Wrrty 10X IT U1K1r1TrfL7tknodi1t.l?Sttffo8/1Jl 1S,122 CL5-Aw.E5 <ir i( blh¥d 6Y.5t8 30.143 OFlw.25 Fl.9
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W-?5 IF Apr.?4 4&N7 550 ssl 4.121 15.396 io, 742
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THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST Navera IformeAyknrfdleml Schethle ofinvpstments forthÈyearÈndÈd 5 2025 open581r0 cost DI5pnsa Pl•d% V3lu Ufft5 Unlii Prd5tlLoss ew¢wJpFLc bllw ,143 .24 5.Ay' b1fv4 r¥rthèt PMr<hi ¢MY )6MI -Apr-24 14.W24 iwd ,1 l£J01 5a 2.gY5 54 2.75$ 5* Sa 1.210 .A.24 490 41.3 42091
THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST Nayera 1formerkndIern} Sthedulpof InYe5tmpnt5 Irxtheyearended 5 Apdl 2025 Ils Cost y&È UN Vilue .ApD? bl 02..24 (..25 TI714 94, Si -Aw-25 Ird 4ll1tord1UC &.Jw-24 bjlwd 70 05.Aw> 27¢ IOU59 knwltcorp Iwj lèr-25 9.1 1.245 270 75 bll 1¢) 97.031
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THE STELLA AND ALEXANDER MARGULIES CHARifABLE TRUST cao¥e 5chedulevf knYe5tment5for Iheyearen&d 5Aprfl 1025 OpqnlnBB4Lin&TÈ LySp1 Val Co Vnlts CD5t ProlttlLo DP5GroLwHdth5Ll 54,ID2 tl 3.1 -24 5.*-25 ¢1 Jl.16t O&-W-24 43.174 tifv&l HLYCLtd QbJy.24 $1,110 clfwd bl?X5 114JK.14 15] 05.4Y. cl 15PM &), gr -4x.14 19
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THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST C4z•ntsvé SChodU of Invostment% for WarÈdJ 5 Iwll 1025 (4$1thS OF05a15 C05t Valu ll5 Un Cast Pr¢fiLtsJs Lknll% Co V4lu Irq )7 IS.1.1 61, 5.Aw75 1.7fA blA iy. 3?,& 3P.fjÈl Q6.W24 blfw ¢1 J41 6.24 JIw2 Tr5 birv XV,JoO I47 15,2bF 356 24 bm 1.1
THE STELLA AND ALEXANDER MARGULIES CHARITABLE TRUST Cazenovo Schèdule of InvéstmÈn the y¢ar 5 WII IOZ5 Dtspll5ats pr1•d% Value Unrts Unrts AltriiutlwcTrcrA5FL 06W24 145 51J44 57th1 63.188 7Q.5%3 L+fj blw 01-t-24 5è1¢ .Aw15 bIf¥j 114 2ty*14 17J&7 5.Aty.15 ¢1
THE ¥fELLA AND ALEXANDER MARGULIES CHARITABLE TRUST CBz•noY• Sch•dulv af Inwstmvnt% fortho y4ir•nded S Aprfl 2025 V&ue Unk5 -oceeds Cost Piof5iJL055 ks Cost Ihy 2&7 PL¢ IQ.703 34.1 10.703 Aw.2 17,14 5* 1]69> cIA¥d 42 l44ln1Tr5tfE¢Il( 7,152 Iw 6.A] 05.Iw25 509.513 .517
THE STELLA AND ALEXANDER MARfjULIES CHARITABLE TRUST ¥undynlth LLP schedu1prf1n*nt5fOrthe yEarended 5Aprll IOZ5 Cosl ¥•IuE Urfts ProreEO¥ Pl1jlV55 C05t IihEvKyFff1[51r£ 06-Ao.p 73F. JA97.J22