2023-04-05-accounts - The Duke Of Marlborough's Charitable Settlement

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Registered	charity	charity	255966
Trustees			Blenheim Tntstee Company			No	I Limited
			Blenheim Trustee Company			No	2 Limited
			The Trustees act in an	executive			capacity
Accountant			Stephen J Spare FCCA
			The Estate Oftice, Blenheim			Estate,		Woodstock.
			Oxon OX20 IPP
Independent		Examiner	KBDR Limited
			The Old Tannety, Hensington			Road, Woodstock
			Oxon OX20 IJL
Bankers			Barclays Bank PLC
			14 Park Street, Woodstock,		Oxford			OX20 ISW
Investment	Managers		Waverton Investment	Management				Limited
			21 StJames's Square
			London
			SWIY4HB
Solicitors			Withers LLP
			16Old Bailey, London	EC4M 7EG
Administration		Office	Blenheitn Palace
			Woodstock, Oxford OX20		IPX

						2023		2022
					Unrestricted	Expendable	Total	Total
					Income	Endotvment	Funds	Funds
Incoming	Resources
Dividends	and interest	received
from investments - page			15		29,198		29,198	10,487
Interest on	bank deposit		accounts
Gross					1,075		1,075
Total incoming resources					30,273		30,273	10,496
Resources	Expended
Charitable	activities
Charitable	distributions		- page	12	21,250		21,250	30,750
Cost ofgenerating funds
Investment	management		fees			14,318	14,318	6772
Governance	costs
Trustees' expenses:
Independent	Examiner	fees				1,560	1,560	1,560
Legal fees						600	600
Total resources expended					21,250	16,478	37,728	39,082
					9,023	(16,478)	(7,455)	(28,596)
Realised profits, less losses, on investments					- page 15	80,877	80,877	611,918
Decrease in	unrealised	profits,		less losses,
on investments —page 11						(72,396)	(72,396)	(449,903)
					9,023	(7,997)	1,026	133,429
Transfer fronv'(to) Trust			Fund	—page 8		7,997	7,997	(133,429)
Transfer to	Unrestricted
Income account —page		8			(9,023)		(9,023)

		2023	2022
		f.
Balance at 6 April 2022		1,920,750	1,787,321
Transfer fiom Statement ofFinancial
Activities - page 7 and 11		(7,997)	133,429
Balance at 5 April 2023 - page 9		f1,912,753	f1,920,750
The Trust Fund is the same as the Expendable	Endovvment

		2023
Balance	at 6 April 2022
Transfer	from Statement ofFinancial Activities —page 7	9,023
Balance	at 5 April 2023 —page 9	J9,023

			B	ALAN	CE SHEET AS	AT 5APRIL	2023
							2023		2022
FIXED ASSETS
INVESTMENTS	at Middle market			value	- page 15			1,868,035	1,736,394
CURRENT ASSETS
BALANCES AT	BANKERS
Barclays Bank PLC, Woodstock
Business Premium	account					21,332			17,630
Cun'ent account						100			100
Waverton Invesnnent		Management		Limited
Capital account						30,425			166,602
Incolne account						7,754			2,434
DEBTOR
Blenheim Agency	Limited								950
Total current assets						59,611			187,716
CREDITORS
KBDR Limited						1,560			1,560
Waverton Investment		Management		Limited		3,100			1,800
Withers LLP						600
Blenheim Agency	Ltd					610
Total current liabilities						5,870			3,360
Net current assets								53,741	184,356
Total assets less current			liabilities				f.1,921,776		f1,920,750
Represented by:
Trust Fund - page	8							1,912,753	1,920,750
Income account - page		8						9,023
Total funds							E1,921,776		k1,920,750

These comprise	the following:—	2023	2022
			g
Unrealised net	gains at year end —page 15	133,391	205,787
Vnrealised net	gains at start ofyear —page 15	(205,787)	(655,690)
Net(decrease)/increase - page 7		f(72,396)	f(449,903)

This coinpr	is	es the fo	llo	wing	:-
						2023 g	2022f
Realised profits, less			losses,		on investments	80,877	611,918
Change in	unrealised		net profits at year end			(72,396)	(449,903)
						8,481	162,015
Less
Trustees' expenses
Accountancy		charges
Independent		Examiner fees				1,560	1,560
Investment		management		fees		14,318	6,772
Legal fees						600
						16,478	8,332
						(7,997)	153,683
Charitable	donations		funded		from capital		(20,254)
Net transfer		- page 8				f(7,997)	8133,429

Age UK Oxfordshire			1,500.00
Agnes Smith Advice Centre			1,000.00
Andrews Hedgehog Hospital			1,500.00
Blue Cross Burford			1,000.00
Bumble Bee Conservation	Trust		500.00
Helen & Douglas House			1,000.00
Homeless Oxfordshire			2,000.00
Mactnillan Cancer Support			1,000.00
Marie Curie			1,500.00
OSARCC R/C			1,500.00
Oxford Community Foundation			250.00
Psoriasis Association			1,000.00
RSPB			500.00
Sobel House Hospice Charity		Ltd	1,000.00
Spencer Court			1,500.00
Thames ValIey Air Ambulance			1,000.00
The Brooke Hospital for Animals			1,000.00
Woodstock Exhibition Foundation			1,000.00
Woodstock Relief in Need	Charity		1,000.00
Wootton Youth Club			500.00
Total payments —page 7			f21,250.00

			SCHEDULE OF INVESTMENTS	SCHEDULE OF INVESTMENTS	AND THE INCOME RECEIVED	AND THE INCOME RECEIVED	THEREON	THEREON	FOR THE YEAR	ENDED 5APRIL 2023	ENDED 5APRIL 2023
													Dividends		and Interest Received
		At 6 A	ril 2022	Purchases				Sales			At 5 A ril 2023		Durin	the Year Ended 5 A		ril 2023
		Nominal	Book Value	Nominal	Cost	Nominal	P	d	~Pf/L	Nominal	Book Value	Market value		Gross	Tax	Net
OVERSEAS SECURITIES
Abrdn Physical Gold
Shares (ETF)		4,000 shares	56,730.73			1,500 shares	22,460.38		1,186.36	2,500 shares	35,456.71	38,851
Alleima AB
Shares ofNPV				640 shares	2,572.99	640 shares	2,072.58		(500.41)
Advanced Micro Devices
Shares				760 shares	53,047.56					760 shares	53,047.56	56,496
Alphabet Inc
A Shares ofUS$0.001		23 shares	46,184.67	437 shares	stock split					460 shares	46,184.67	38,595
Amadeus ITGroup SA
Shares of60,01		750 shares	36,404.27							750 shares	36,404.27	40,290
Amazon Com Inc
Common shares ofUS$0.01		18 shares	40.443.07	342 shares	stock split					360 shares	40,443.07	29,230
American Express Co Common shares ofUS$0.20		400 shares	56,907.82							400 shares	56,907.82	51,746		693.91	104.09	589.82
Anglo American Shares ofUS$0.54945	(London quote)			1,670 shares	46,426.50	270 shares	8,662.67		1,156.59	1,400 shares	38,920.42	36,544
Asahi Group Holdings Shares		1,800 shares	59,736.51							1,800 shares	59,736.51	54,478	I	258 37	192 71	1 065 66
Autoliv Inc
SDRs ofUS$1		650 shares	42,891.69							650 shm es	42,891.69	46,034	1,393.04		417.90	975.14
Berkshire Hathaway
BCommon shares		390 shares	38,372.89			170shares	41,363.97		24,637.33	220 shares	21,646.25	54,841
Canadian Pacific Railway Common shares	Ltd			750 sfiares	50,586.45					750 shares	50,586.45	45,623		176.96	44.24	132.72
CME Group Inc A Shmes ofUS$0.01		230 shares	41,044.88							230 shares	41,044.88	36,055	1,643.00		246.45	1,396.55
Costco Wholesale Coi)&oration Common stock ofUS$0.005		110shares	28,786.65			25 shares	9,973.34		3,430.92	85 shares	22,244.23	33,937		292.54	43.88	248.66
Carried foixvard			447,503.18		152,633.50		84,532.94		29,910.79		545,514.53	562,720	5,457.82		1,049.27	4,408.55

															Dividends	Dividends	and Interest	Received	Received
		At 6 A ril 2022			Purchases					Sales			At 5 A ril 2023		Durin	the Year Ended 5		A	ril 2023
		Nominal	Book Value		Nominal		Cost	Nominal	P	f	~Pfi / L	Nominal	Book Value	Market value		Gross	Tax		Net
														8
OVERSEAS SECURITIES
Brought fortvard			447,503.18			152,633.50			84,532.94		29,910.79		545,514.53	662,720	5,457.82		1,049.27		4,408.55
Deutsche Telecom AG
Shares (Regd)		2,800 shares	37,061.94				Capital	distribution	1,496.37			2,800 shares	35,565.57	56,547
DuPont de Nemours, Shares ofUS$0.01	Inc	660 shares	38,515.03		220 shares	12,109.24						880 shares	50,624.27	49,726		987.56	148.15		839.41
Hitachi
Shares ofNPV		1,500 shares	56,012.54					400 shares	17,177.15		2,240.47	1,100shares	41,075.86	48,439	1,230.91		188.52		1,042.39
IBM Com
Shares ofUS$0.20					385 shares	46,645.73						385 shares	46,645.73	40,858		532.33	79.85		452.48
Inditex Shares of60.03		2,300 shares	41,349.07									2,300 shares	41,349.07	62,020	1,817.40		345.31		1,472.09
Linde PLC
Shares of60.001		180shares	44,191.81					40 shares	10,687.75		867.35					528.54			528.54
Shares ofEURO.OO I												140 shares	34,371.41	39,983		144.53			144.53
Marsh & McLennan Cos Inc Common shares ofUS$1.00		600 shares	11,495.53					230 shares	27,684.94		23,278.32	370 shares	7,088.91	49,981		807.13	121.08		686.05
Microsoft Corporation Common shares ofUS$0.00000625		240 shares	19,738.63					70 shares	15,542.83		9,785.73	170 shares	13,981.53	38,821		520.19	78.04		442.15
Novo Nordisk AS
Series Bshares ofDKK0.02		640 shares	46,482.37					640 shares	58,929.91		12,447.54					307.28	82.97		224.31
Qualcomm Inc Com shares ofUS$0.0001		450 shares	56,255.62									450 shares	56,255.62	44,467	1,113.38		167.03		946.35
Sandvik AB Shares		2,200 shares	38,388.25	Apportion to Alleima 1,000 shares		AB (2,572.99) 16,170.85		200 shares	3,054.12		(195.01)	3,000 shares	48,736.98	49,362	1,093.04		327.91		765.13
Siemens AG
Shares (Regd)		400 shares	41,756.34									400 shares	41,756.34	50,457	1,496. 13		394.61		1,101.52
TE Connectivity Ltd Common shares ofCHF1.37		460 shares	47,63940									460 shares	47,639.40	45,991		852.15			852.15
			926,389.71			224,986.33			219,106.01		78,335.19		1,010,605.22	1,139,372	16,888.39		2,982.74		13,905.65

		SCHEDULE OF	INVESTMENTS	AND THE INC	OME RECEIVE	D TH	EREON	FOR THE YEA	R ENDED 5A	PRIL 2023
												Dividends	and Interest Received
	At 6	A ril 2022	Purchases				Sales			At 5 A ril 2023		Durin the Year Ended 5 A		ril 2023
	Nominal	Book Value	Nominal	Cost	Noni ina I	P	K	~PI IL	Nominal	Book Value	Market value	Gross	Tax	Net
OVERSEAS SECURITIES
Brought fotxvard		926,389.71		224,986.33		219,106.01		78,335.19		1,010,605.22	1,139,372	16,888.39	2,982.74	13,906.65
Union Pacific Corporation Common shares ofUS$2.50	300 shares	55,452.47			300 shares	58,806.72		3,354.25				267.13	40.07	227.06
United Overseas Bank Ltd Shares	3,200 shares	55,836.18			700 shares	13,131.67		917.51	2,500 shares	43,622.02	45,280	2,290.86		2,290.86
United Health Group Common shares ofUS$0.01			120shares	49,474.83					120 shares	49,474.83	49,077	161.37	24.21	137.16
UPM-Kymmene Corporation Shares			1,670 shares	47,278.36					1,670 shares	47,278.36	45,251
Visa Inc Coininoij stock ofUS$0.0001	350 shares	56,724.48			90 shares	16,312.39		1,726.10	260 shares	42,138.19	47,644	460.38	69.05	391.33
Waverton Asia Pacific Fund A f. Shares	1,850 shares	44,556.28							1,850 shares	44,556.28	61,512	568.23		568.23
Waverton Global Strategic Bond Fund A US$ shares			12,000 shares	75,992.14					12,000 shares	75,992.14	75,759	788.82		788.82
Waverton Real Assets Fund A f.income shares	7,200 shares	74,304.00			3,200 shares	29,568.00		(3,456.00)	4,000 shares	41,280.00	35,520	2,648.13		2,648.13
Waverton Sterling Bond Fund Af shares	12,500 shares	122,200.00	7,500 shares	62,352.50					20,000 shares	184,552.50	168,700	4,474.54		4,474.54
Waverton UK Fund AIshmes	14,000 shares	195,144.00							14,000 shares	195,144.00	199,920	3,765.89		3,765.89
		1,530,607. 12		$460,084.16		$336,924.79		f80,877.05		1,734,643.54	$1,868,035	f32,313.74	f3,116.07	f29,197.67
								(page 7)			(Page 9)			(Page 7)
Unrealised net gains —page 11		205,786.88								133,391.46
Market value		$1,736,394.00								g1,868,035.00