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2025-04-05-accounts

The Sybil Shine Memorial Trust (Registered Charity No. 270025)

Accounts

for the year ended 5 April 2025

The Sybil Shine Memorial Trust

Trustees Annual Report

for the year ended 5 April 2025

The trustees present their annual report and financial statements of the charity for the year ended 5 April 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

Reference and Administrative Details

Name of the Charity: The Sybil Shine Memorial Trust Charity Registration No: 270025 Trustees: Martin David Paisner Kate Goldberg Anna Jacqueline Josse If new or additional trustees are appointed, they will be encouraged to receive appropriate training depending on their qualifications and experience. Principal Office address: Payne Hicks Beach 10 New Square Lincoln’s Inn London WC2A 3QD Accountants: Mercer & Hole Trustees Limited 21 Lombard Street London EC3V 9AH Independent Examiner: Steve Robinson FCA Mercer & Hole LLP 21 Lombard Street London, EC3V 9AH Investment Managers: Navera Investment Management Limited Riverside House 2a Southwark Bridge Road London SE1 9HA LGT Bank (Switzerland) Ltd Glarnischstrasse 36 PO Box CH-8027 Zurich SSI Wealth Management AG Lindenhofweg 4 PO Box CH-8806 Zurich

The Sybil Shine Memorial Trust

Trustees Annual Report

for the year ended 5 April 2025 (continued)

Structure, Governance and Management

Governing document: The principal governing document is a Charitable Trust Deed dated 30 June 1975 . Settlor : Sylvia Shine (died 17 November 1978) Assets settled: Following the death of Sylvia Shine the Trust Fund of the Sylvia Shine Charitable Trust was divided into two equal shares, one such equal share being transferred to a new charity established for the purpose by Mrs Barbara Grahame and known as the Barnett and Sylvia Shine Charitable Trust No 2 and the other such equal share remaining within the then existing Sylvia Shine Charitable Trust as originally renamed the Barnett and Sylvia Shine Charitable Trust No 1 and now known as the Sybil Shine Memorial trust. The late Sybil Shine and Martin David Paisner remained as trustees of the Sylvia Shine Charitable Trust No1, and by a Deed of Variation dated 1 July 1981 Sybil varied her interest in the estate of the late Sylvia Shine by directing that certain paintings and cash to which she would otherwise have been entitled be added to the Trust.

On 29 August 1990 the trustees of the Barnett Shine Charitable Settlement transferred a holding of Charinco units valued at £250,000 to the trust.

Sybil Sara Shine died on 22 December 2016 and the charity is the residuary beneficiary of her estate. Subsequently further assets have been transferred amounting to £5,630,645, including £741,732 in the year to 5 April 2021 (plus £8,268 income, total £750,000). Furthermore, another addition happened on 1 September 2023 of the amount of £300,000 (£7,845 income, £292,155 capital).

Appointment of Trustees: The trustees may appoint any company or Trust Corporation to be an additional or the sole trustee. The trustees (other than the settlor and any husband of the settlor) shall be entitled to charge all usual professional charges for work done by him or his firm in connection with the execution of the trusts hereof. Investment powers: The trustees have very wide powers of investment and have appointed Veritas as their investment managers. Veritas manage the investments on a discretionary basis. The major part of the income of the charity is derived from its investments. The investment managers’ objective is to maximise total return with due regard to risk. The trustees regularly review with the investment managers the income requirement and capital base. Management and control: The trustees have control and overall responsibility for the day-to-day management of the charity.

The Sybil Shine Memorial Trust

Trustees Annual Report

for the year ended 5 April 2025 (continued)

Objectives and Activities

Risk management: The trustees do not consider that the charity is exposed to any major risk, other than fluctuation in the value of its share portfolio. They have delegated management of the portfolio to professional managers and review their performance. The Trustees have a Safeguarding Policy in place and adhere to its rules and processes. Objectives and policies: The trust was established to make grants for charitable purposes in any part of the world as the trustees shall think fit at their discretion. The trustees have power to pay or apply the whole or any part of the income or capital of the trust fund to any purpose body organisation(s) or object(s) which under the law of England shall be recognised as exclusively charitable.

Grant making policy: The trustees receive applications for grants and consider each one of the applications at their formal/informal meetings. The trustees’ general policy is to aim to distribute each year the income as it arises but from time to time they may also distribute capital. Public benefit: In applying such income and capital, the trustees are supportive of such charitable causes that are for public benefit. Each year the trustees review their objectives to ensure their aims are met. In carrying out this review, the trustees have considered the Charity Commissioners’ general guidance on public benefit. Achievements and Performance Review of activities: It is the practice of the trustees to make grants to other charitable bodies. During the year under review the trustees made donations amounting to £571,966.00 (2024: £491,666). Financial Review Financial review: Total income was £140,908.32 (2024: £434,237) of which £nil (2024: £287,931) was received into the endowment fund, after losses on forward exchange contracts. Total expenditure amounted to £692,701.89 (2024: £612,428). Net assets at the end of the year were £9,476,605.17 (2024: £10,168,523). No endowments were received in the year (2024: £292,155). Reserves: The policy of the trustees is to aim to distribute all the income as it arises and not to accumulate reserves. They use their discretion to distribute from capital from time to time. Future plans: The trustees’ short-term objective is to continue to make grants, as set out above, for the benefit of charitable bodies.

The Sybil Shine Memorial Trust

Trustees Annual Report

for the year ended 5 April 2025 (continued)

Respective responsibilities of trustees

Accounting guidelines:

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping accounting records that 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 (Accounts and Reports) Regulation 2008, the Charities Act 2011 and the provisions of 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.

Signed: .......................................................... on behalf of the Trustees

Dated: ..........................................................

The Sybil Shine Memorial Trust

Independent Examiner’s Report to the Trustees of The Sybil Shine Memorial Trust

I report to the charity trustees on my examination of the accounts of the Sybil Shine Memorial Trust for the year ended 5 April 2025 set out on pages 1 to 13.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘The Act’).

I report in respect of my examination of the charity’s accounts carried out in section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Since the charity’s gross income exceeded £25,000 your examiner must be a member of a body listed in section 145 of the Act. I can confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me 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 account 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 matter considered as part of an independent examination.

I 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.

Signed:

Steve Robinson FCA Mercer & Hole LLP 21 Lombard Street London EC3V 9AH

Date:

The Sybil Shine Memorial Trust

Statement of financial activities

for the year ended 5 April 2025

Note
Income and endowments
Income from investments
3
Endowment received from Estate of Sybil Shine
11
Income received from Estate of Sybil Shine
Profit/(loss) from forex forwards
Bank deposit interest (gross)
Total income and endowments
Expenditure on:
Costs of raising funds
4
Charitable activities
5
Total expenditure
Net gains/(losses) on investments
6
Net gains/(losses) on foreign exchange
Net movement between Funds
Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward
10
Total funds carried forward		 Expendable
Endowment
Funds
£
-
-
-
-
-
-
79,538.93
41,196.96
120,735.89
(105,396.24)
11,851.88
(550,000.00)
(764,280.25)
(764,280.25)
7,267,666.08
6,503,385.83		 Unrestricted
Funds
£
139,387.36
-
-
-
1,520.96
140,908.32
-
571,966.00
571,966.00
(46,579.58)
-
550,000.00
72,362.74
72,362.74
2,900,856.60
2,973,219.34
2025		 Total
£
139,387.36
-
-
-
1,520.96
140,908.32
79,538.93
613,162.96
692,701.89
(151,975.82)
11,851.88
-
(691,917.51)
(691,917.51)
10,168,522.68
9,476,605.17		 2024
Total
£
119,115
292,155
7,845
( 4,224)
19,346
434,237
76,601
535,827
612,428
1,098,819
20,064
940,692
940,692
9,227,831
10,168,523

The Sybil Shine Memorial Trust

Balance sheet

as at 5 April 2025

Note
Fixed assets
Investments at market value
6
Current assets
Cash
7
Current liabilities
Creditors falling due within one year
8
Net current assets
Total net assets
The funds of the charity:
10
Endowment Fund
Unrestricted Fund		 Expendable
Endowment
Fund
£
5,991,876.50
5,991,876.50
522,384.99
522,384.99
10,875.66
511,509.33
6,503,385.83
6,503,385.83
-
6,503,385.83		 Unrestricted
Fund
£
2,954,137.50
2,954,137.50
51,683.39
51,683.39
32,601.55
19,081.84
2,973,219.34
-
2,973,219.34
2,973,219.34
2025		 Total
£
8,946,014.00
8,946,014.00
574,068.38
574,068.38
43,477.21
530,591.17
9,476,605.17
6,503,385.83
2,973,219.34
9,476,605.17		 2024
Total
£
9,015,031
9,015,031
1,188,084
1,188,084
34,592
1,153,492
10,168,523
7,267,666
2,900,857
10,168,523

Approved by the trustees on .................…... and signed on their behalf by .................................................. (Trustee).

The Sybil Shine Memorial Trust

Notes to the accounts

for the year ended 5 April 2025

1. Accounting policies

a) Basis of preparation

The Charity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.

b) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. There are no material uncertainties affecting the current year’s accounts.

c) Funds structure

The expendable endowment funds represent the additions from the estate of Sybil Shine less amounts which have been transferred to the unrestricted funds for distribution or expended. The trustees are entitled to use the endowment in furtherance of the general objectives of the charity at their discretion.

d) Income recognition

All income is recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.

Dividend income and interest from investment managers is received gross and shown gross.

e) Expenditure recognition

Liabilities are recognised as expenditure 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.

The trustees do not employ fundraisers and therefore the only costs of raising funds are the fees payable to the fund managers for the management and holding of the investments which produce the bulk of the charity's income.

No remuneration has been paid to the trustees and they have not incurred any expenses during the year. No staff are employed by the Charity.

The costs of raising funds consist of investment management costs.

f) Charitable activities Costs of charitable activities include grants made, governance costs and administration cost in the pursuit of the charitable objects of the charity.

g) Grants payable

Grants payable are charged in the statement for financial activities in the year in which the grant is authorised by the trustees.

h) Cash at bank

Cash at bank is held to meet the day to day running costs of the charity as they fall due.

i) Creditors

Creditors are amounts owed by the charity. They are measured at the amount that the charity expects to have to pay to settle the debt.

The Sybil Shine Memorial Trust

Notes to the accounts

for the year ended 5 April 2025

j) Fixed asset investments

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised gains represent the profit by comparing the net proceeds of sale of investment with the market value of that investment as at 5 April 2024 or subsequent cost.

Unrealised gains represent the difference in market value at 5 April 2025 as compared with the market value at 5 April 2024 or subsequent cost.

2. Related party transactions and trustees’ expenses and remuneration

The charity’s trustees give their time freely and receive no remuneration for the work that they undertake as trustees. However, they can claim expenses to reimburse them for costs that they incur in fulfilling their duties. During the year the trustees' remuneration and re-imbursed costs were £nil (2024: £nil).

During the year the trust incurred legal fees of £4,392.60 (2024: £5,881) for legal services payable to Payne Hicks Beach. Martin Paisner was a partner in this firm during the year.

During the year the trust incurred administration fees of £19,200.00 (2024: £19,200) for services provided by Prism Administration. Anna Josse was a Director of this firm during the year.

During the year, the Trust made donations to the following Charities, of which M Paisner is also a Trustee. Anna Josse is also a Trustee of The American Jewish Joint Distribution Committee (UK) Trust.

New Israel Fund
The Weizmann Institute Foundation
The American Jewish Joint Distribution Committee (UK) Trust
3. Investment income
Dividends - Navera
Dividends - LGT Bank
Interest receivable (gross) - LGT Bank
Interest receivable (gross) - Navera
4. Cost of raising funds
Investment management charges - Navera
Investment management charges - LGT Bank
Custody fees - Navera
Bank charges - Navera
Bank charges - LGT Bank		 2025
£
35,000.00
75,000.00
30,000.00
140,000.00
2025
£
61,531.47
59,860.50
4,032.00
13,963.39
139,387.36
2025
£
46,658.88
24,782.90
7,985.46
-
111.69
79,538.93		 2024
£
60,000
-
30,000
90,000
2024
£
50,718
37,240
23,500
7,657
119,115
2024
£
43,795
24,792
7,508
383
123
76,601

The Sybil Shine Memorial Trust

Notes to the accounts

for the year ended 5 April 2025

5.
Charitable activities
Grants to institutions
Antisemitism Policy Trust
Alliance for Middle East Peace (ALLMEP)
British Friends of Jerusalem Academy of Music and Dance
CCJO Rene Cassin
Food Bank Aid
Gateways
JW3 Trust Limited
JW3 Development
Limmud
Maggie Keswick Jencks Cancer Caring Centres Trust England
New Israel Fund
Nisa Nashim
Ort UK Foundation
Project Rozana UK
Solutions Not Sides
Tel Aviv University Trust
The American Jewish Joint Distribution Committee (UK) Trust
The British Institute of International and Comparative Law (BIICL)
The Bike Project
The Camden Psychotherapy Unit
The Finchley Progressive Synagogue
The Jewish Community Secondary School Trust
The Jewish Council for Racial Equality (JCORE)
The Tel Aviv Foundation
The Weizmann Institute Foundation
United Jewish Israel Appeal
UKLFI Charitable Trust
Yachad
Donations by category (23)
Arts, Culture, Humanities (3)
Community Development (1)
Education (1)
Health (2)
International (16)
Total
Governance costs
Accountant's charges (excluding independent examination fee)
Independent examination fees
Legal fees
Prism the Gift Fund (administration fees)		 2025
£
10,000.00
10,000.00
15,000.00
7,500.00
-
20,000.00
15,000.00
-
15,000.00
76,666.00
35,000.00
-
30,000.00
15,000.00
15,000.00
-
30,000.00
75,000.00
-
10,000.00
10,000.00
15,000.00
10,000.00
49,800.00
75,000.00
5,000.00
20,000.00
8,000.00
571,966.00
97,500.00
15,000.00
15,000.00
86,666.00
357,800.00
571,966.00
14,940.00
2,280.00
4,392.60
19,200.00
40,812.60		 2024
£
-
15,000
21,500
-
20,000
-
-
5,000
15,000
76,666
60,000
7,500
30,000
15,000
-
8,000
30,000
75,000
5,000
35,000
-
-
-
-
-
50,000
15,000
8,000
491,666
-
7,500
-
-
484,166
491,666
16,920
2,160
5,881
19,200
44,161

The charity undertakes its charitable activities through grant making and awarded grants to a number of institutions in furtherance of its charitable activities.

The Sybil Shine Memorial Trust

Notes to the accounts

for the year ended 5 April 2025

Note 5 continued…

Administration costs

Bank charges - Prism the Gift Fund
Total charitable activities
6. Investments
Movement in fixed asset listed investments - Navera
Market value at 6 April 2024
Additions
Disposal proceeds
Net realised and unrealised investment gains/(losses) - Endowment
Net realised and unrealised investment gains/(losses) - Unrestricted
Market value at 5 April 2025
Historical cost as at 5 April 2025
Investments
Movement in fixed asset listed investments - LGT Bank
Market value at 6 April 2024
Additions
Disposal proceeds
Net realised and unrealised investment gains/(losses) - Endowment
Market value at 5 April 2025
Historical cost as at 5 April 2025
7. Cash summary
Endowment
Fund
£
Navera
218,163.09
LGT Bank
( 238,468.54)
LGT Bank - Fiduciary Call Money Liquidity
100,000.00
442,690.44
522,384.99
Prior year comparative
Endowment
Fund
£
Meridiem Asset Management
( 118,431)
LGT Bank
( 90,784)
LGT Bank - Fiduciary Call Money Liquidity
79,277
1,033,887
903,949
Prism the Gift Fund RE The Sybil Shine
Memorial Trust
Prism the Gift Fund RE The Sybil Shine
Memorial Trust		 384.36
384.36
613,162.96
2025
£
5,753,950.00
895,261.68
( 924,531.52)
( 42,283.58)
( 46,579.58)
5,635,817.00
3,800,285.73
2025
£
3,261,081.00
997,112.62
( 884,883.96)
( 63,112.66)
3,310,197.00
3,125,812.60
Unrestricted
Fund
£
92,446.19
293,011.80
-
( 333,774.60)
51,683.39
Unrestricted
Fund
£
678,245
229,120
-
( 623,230)
284,135		 -
-
535,827
2024
£
5,730,283
826,875
( 1,658,785)
426,672
428,905
5,753,950
3,506,971
2024
£
2,917,629
645,189
( 544,979)
243,242
3,261,081
2,956,720
Total
£
310,609.28
54,543.26
100,000.00
108,915.84
574,068.38
Total
£
559,814
138,336
79,277
410,657
1,188,084

The Sybil Shine Memorial Trust

Notes to the accounts

for the year ended 5 April 2025

8. Creditors falling due within one year

Creditors falling due within one year
Accountants' fees
Independent Examination fees
Investment management - LGT Bank
Investment management - Meridiem Bank		 2025
£
21,900.00
4,440.00
5,191.61
11,945.60
43,477.21		 2024
£
14,280
2,160
6,869
11,283
34,592

9. Control

The trust is controlled by the trustees.

10. Analysis of net assets between funds

Unrestricted
Endowment
Prior year comparative
Unrestricted
Endowment		 Fixed Assets
£
2,954,137.50
5,991,876.50
8,946,014.00
Fixed Assets
£
2,644,445
6,370,586
9,015,031		 Net Current
Assets/
(Liabilities)
£
19,081.84
511,509.33
530,591.17
Net Current
Assets/
(Liabilities)
£
256,412
897,080
1,153,492		 Total
£
2,973,219.34
6,503,385.83
9,476,605.17
Total
£
2,900,857
7,267,666
10,168,523

Unrestricted Fund

Funds may be applied at the discretion of the trustees for achieving the objects of the charity as set out in the deed.

The endowment funds represent the additions from the Estate of Sybil Shine less amounts which have been transferred to the unrestricted funds for distribution. The trustees are entitled to use the endowment in furtherance of the general objectives of the charity at their discretion, and they transfer funds from the endowment to the unrestricted funds as required.

Allowable expenditure against the expendable endowment fund includes related legal and investment management fees.

11. Endowment from the Estate of Sybil Shine

On 15 May 2018 the trust received an expendable endowment from the Estate of Sybil Shine which comprised cash of £581,186 and investments worth £1,299,459. This is shown in the expendable endowment fund. Since May 2018, the following expendable endowments have been received and used in the furtherance of the charity's aims:

23 April 2019 £ 3,000,000.00 (placed with LGT Bank) 14 September 2020 £ 741,732.20 01 September 2023 £ 292,155.20

The Sybil Shine Memorial Trust

Notes to the accounts

for the year ended 5 April 2025

12. Prior year SOFA comparative

Income and endowments
Income from investments
Endowment from Estate of Sybil Shine
Income received from Estate of Sybil Shine
Profit/(loss) from forex forwards
Bank deposit interest (gross)
Total income and endowments
Expenditure on:
Costs of raising funds
Charitable activities
Total expenditure
Net gains/(losses) on investments
Net gains/(losses) on foreign exchange
Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Expendable
Endowment
Funds
£
-
292,155
-
( 4,224)
-
287,931
50,882
-
50,882
669,914
19,816
926,779
926,779
6,340,888
7,267,667		 Unrestricted
Funds
£
119,115
-
7,845
-
19,346
146,306
25,719
535,827
561,546
428,905
248
13,913
13,913
2,886,943
2,900,856
2024		 Total
£
119,115
292,155
7,845
( 4,224)
19,346
434,237
76,601
535,827
612,428
1,098,819
20,064
940,692
940,692
9,227,831
10,168,523

The Sybil Shine Memorial Trust

Schedule of investments and income

Year ended 5th April 2025

Holding Book Value Additions Disposals Profit Holding Book Value Market Value Net Income
06/04/2024 06/04/2024 Date Quantity Cost Date Quantity Proceeds (Loss) 05/04/2025 05/04/2025 05/04/2025
£ £ £ £ £ £ £
Navera Investment Management Limited
Accenture Plc
Cls'a'usd0.0000225 820 87,147.70
Dividend - paid gross 626.59
Dividend - paid gross 612.08
Dividend - paid gross 718.33
Dividend - paid gross 721.53
820 87,147.70 181,510
Adobe Inc
Reg shares 215 67,412.81 215 67,412.81 58,278
Align Technology Inc
Common Stk USD0.0001
390 89,710.15
Purchase 10/05/2024 50 10,761.37
Purchase 27/11/2024 250 45,363.29
Purchase 29/11/2024 22 4,018.98
712 149,853.79 84,459
Alphabet Inc
Common Cl a 1,100 39,694.41
Dividend - paid gross 147.55
Dividend - paid gross 141.73
Dividend - paid gross 147.34
Dividend - paid gross 144.45
1,100 39,694.41 123,713
Amazon Common Inc
Common Stk USD0.01 1,325 145,684.06
Sale 06/02/2025 338 64,340.38 27,177.20
987 108,520.88 130,435
Ametek Inc
USD0.01
Purchase 07/08/2024 137 17,016.08
Purchase 08/08/2024 263 32,753.96
Purchase 13/08/2024 350 44,161.59
Dividend - paid gross 133.10
Dividend - paid gross 142.00
Dividend - paid gross 152.45
750 93,931.63 88,406
Amphenol Corp
US$0.01 class "A" common stock
2,550 82,317.27
Dividend - paid gross 375.50
Sale 12/04/2024 110 9,972.93 6,421.99
- 14 -

The Sybil Shine Memorial Trust

Schedule of investments and income

Year ended 5th April 2025

Holding Book Value Additions Disposals Profit Holding Book Value Market Value Net Income
06/04/2024 06/04/2024 Date Quantity Cost Date Quantity Proceeds (Loss) 05/04/2025 05/04/2025 05/04/2025
£ £ £ £ £ £ £
Amphenol Corp
US$0.01 class "A" common stock
Sale 30/05/2024 240 24,802.19 17,054.68
Bonus Issue 12/06/2024 2,200
Dividend - paid gross 324.10
Sale 29/08/2024 600 30,250.96 20,566.58
Dividend - paid gross 407.23
Sale 13/11/2024 507 28,693.82 20,510.51
Dividend - paid gross 371.06
Sale 22/01/2025 863 49,511.39 35,582.02
2,430 39,221.76 110,978
Automatic Data Processing Inc
US$0.10 common stock 750 80,834.46
Dividend - paid gross 704.51
Dividend - paid gross 668.88
Dividend - paid gross 787.93
Dividend - paid gross 758.69
750 80,834.46 165,798
Avery Dennison Corp
USD1 850 67,576.53
Dividend - paid gross 500.55
Dividend - paid gross 481.55
Dividend - paid gross 500.95
Dividend - paid gross 490.21
850 67,576.53 111,867
Broadridge Financial Solution Inc
Common Stk USD0.01 1,175 124,013.82
Dividend - paid gross 625.00
Dividend - paid gross 667.98
Dividend - paid gross 708.11
Dividend - paid gross 668.84
1,175 124,013.82 204,483
Bunzl plc
32 1/7p ordinary shares 5,000 120,544.69
Purchase 07/05/2024 1,500 46,298.60
Dividend - paid gross 3,256.50
Dividend - paid gross 1,306.50
6,500 166,843.29 195,650
Cadence Design Systems Inc
Purchase 07/08/2024 220 45,479.76
Purchase 09/08/2024 120 24,620.15
Purchase 12/08/2024 110 23,173.88
Purchase 16/10/2024 159 33,674.42
Purchase 18/10/2024 170 34,809.01

The Sybil Shine Memorial Trust

Schedule of investments and income

Year ended 5th April 2025

Holding Book Value Additions Disposals Profit Holding Book Value Market Value Net Income
06/04/2024 06/04/2024 Date Quantity Cost Date Quantity Proceeds (Loss) 05/04/2025 05/04/2025 05/04/2025
£ £ £ £ £ £ £
Cadence Design Systems Inc
779 161,757.22 140,235
Dsm Nv
EUR1.5 1,400 153,352.05
Dividend - paid gross 727.82
Dividend - paid gross 1,879.04
Purchase 04/02/2025 253 20,991.23
1,653 174,343.28 125,340
Experian Plc
Ordinary USD0.10 5,100 83,857.35
Dividend - paid gross 1,633.76
Purchase 21/11/2024 203 7,446.93
Purchase 22/11/2024 149 5,469.35
Purchase 29/11/2024 363 13,799.11
Purchase 02/12/2024 506 19,192.20
Dividend - paid gross 997.50
6,321 129,764.94 205,180
Fiserv Inc
Common Stk USD0.01 2,050 125,667.76
Sale 06/11/2024 218 33,899.47 20,535.78
Sale 27/02/2025 177 32,505.60 21,655.26
1,655 101,453.73 254,202
Intuit Inc
USD0.01 440 130,670.55
Dividend - paid gross 269.80
Purchase 20/06/2024 20 9,533.04
Dividend - paid gross 270.80
Dividend - paid gross 312.16
Sale 21/11/2024 69 35,026.44 13,995.90
Dividend - paid gross 280.53
391 119,173.05 169,795
Intuitive Surgical Inc
USD 0.01 735 152,326.81
Sale 03/07/2024 70 23,974.04 9,466.72
Sale 13/11/2024 101 42,248.33 21,316.35
Sale 23/01/2025 54 26,597.76 15,406.40
510 105,696.15 178,837
Kerry Group
'a'ord EUR0.125 1,400 125,243.88
Purchase 26/04/2024 240 16,882.97
Dividend - paid gross 729.28
Dividend - paid gross 389.20
1,640 142,126.85 134,761

The Sybil Shine Memorial Trust

Schedule of investments and income

Year ended 5th April 2025

Holding Book Value Additions Disposals Profit Holding Book Value Market Value Net Income
06/04/2024 06/04/2024 Date Quantity Cost Date Quantity Proceeds (Loss) 05/04/2025 05/04/2025 05/04/2025
£ £ £ £ £ £ £
Keyence Corp
No Par Value
Purchase 21/01/2025 150 51,500.11
Purchase 22/01/2025 50 17,700.41
Purchase 03/03/2025 80 25,879.75
280 95,080.27 77,534
Kuehne & Nagel International Ag
CHF1(REGD)(POST-SUBD)
600 78,181.52
Capital repayment 14/05/2024 920.49
Dividend - paid gross 2,821.63
Sale 11/10/2024 160 31,779.94 11,177.00
Sale 14/10/2024 55 10,850.05 3,767.79
Sale 15/10/2024 30 5,905.35 2,042.30
Sale 16/10/2024 73 14,449.15 5,049.06
Sale 17/10/2024 152 30,166.46 10,593.66
Sale 18/10/2024 130 25,770.56 9,030.67
Laboratory Corp Amer Hldgs
Common USD0.1 1,200 123,925.38
Dividend - paid gross 571.74
Dividend - paid gross 558.43
Dividend - paid gross 580.60
Dividend - paid gross 567.63
1,200 123,925.38 208,725
London Stock Exchange
Ordinary 6 79/86p shares
1,900 165,015.05
Purchase 21/05/2024 400 37,493.35
Dividend - paid gross 1,506.70
Dividend - paid gross 943.00
2,300 202,508.40 256,335
Marsh & McLennan Companies Inc
US$1 common stock 1,375 121,596.31
Dividend - paid gross 658.61
Dividend - paid gross 741.02
Dividend - paid gross 752.41
Dividend - paid gross 756.65
1,375 121,596.31 244,530
Mastercard Incorporated
Common Usdd0.0001 Class 'a'
690 66,081.43
Dividend - paid gross 310.34
Dividend - paid gross 303.17
Dividend - paid gross 299.06

The Sybil Shine Memorial Trust

Schedule of investments and income

Year ended 5th April 2025

Holding Book Value Additions Disposals Profit Holding Book Value Market Value Net Income
06/04/2024 06/04/2024 Date Quantity Cost Date Quantity Proceeds (Loss) 05/04/2025 05/04/2025 05/04/2025
£ £ £ £ £ £ £
Mastercard Incorporated
Common Usdd0.0001 Class 'a'
Dividend - paid gross 357.47
690 66,081.43 261,328
Microsoft Corp
US$0.00000625 common stock
770 30,881.59
Dividend - paid gross 383.97
Dividend - paid gross 376.32
Dividend - paid gross 425.51
Dividend - paid gross 419.35
770 30,881.59 214,083
Next plc (New Co)
10p ordinary shares 1,775 140,585.59
Dividend - paid gross 2,502.75
Sale 12/12/2024 100 9,727.18 1,806.87
Sale 13/12/2024 141 13,699.81 2,532.17
Sale 16/12/2024 306 29,805.29 5,569.12
Dividend - paid gross 1,331.25
1,228 97,261.47 137,904
Nike Inc
common stock class"B" 1,450 127,085.99
Dividend - paid gross 359.68
Sale 07/08/2024 1,227 70,116.95 (37,424.09)
Sale 08/08/2024 223 12,935.60 (6,609.35)
Phonak Holding
CHF0.05 (Regd) 436 85,049.36
Dividend - paid gross 1,078.00
Sale 27/09/2024 60 15,710.21 4,006.17
376 73,345.32 80,273
Roche Holdings AG
Genusscheine npv 780 148,364.76
Dividend - paid gross 4,313.00
780 148,364.76 184,316
Royal London Unit Trust Managers
Short Term Money Market A Acc
136,541.12
125,000.00000
Interest -
accumulation unit 3,587.63
Cost write up - acc
unit 28/06/2024 3,587.63
Sale 20/08/2024 25,000.00000 28,030.28 4.53
- 18 -

The Sybil Shine Memorial Trust

Schedule of investments and income

Year ended 5th April 2025

Holding Book Value Additions Disposals Profit Holding Book Value Market Value Net Income
06/04/2024 06/04/2024 Date Quantity Cost Date Quantity Proceeds (Loss) 05/04/2025 05/04/2025 05/04/2025
£ £ £ £ £ £ £
Royal London Unit Trust Managers
Short Term Money Market A Acc
Interest -
accumulation unit 448.20
Cost write up - acc
unit 31/12/2024 448.20
Interest -
accumulation unit 468.40
Cost write up - acc
unit 31/01/2025 468.40
Interest -
accumulation unit 459.90
Cost write up - acc
unit 28/02/2025 459.90
Interest -
accumulation unit 407.50
Cost write up - acc
unit 31/03/2025 407.50
100,000.00000 113,887.00 115,580
Synopsys Inc
US$0.01 490 107,591.27
Purchase 18/10/2024 54 21,077.81
544 128,669.08 163,102
Tesco
3.322 Ind Lnk Nts 05/11/25 Gbp(Var) '29'
20,000.00 37,971.47
Interest - paid gross 662.07
Interest - paid gross 658.96
20,000.00 37,971.47 38,825
Thermo Fisher Scientific Inc
Bdr Each Repr 1/4 Common USD1
600 117,543.57
Dividend - paid gross 159.47
Sale 16/05/2024 65 30,394.52 17,660.63
Dividend - paid gross 136.55
Dividend - paid gross 136.12
Purchase 04/12/2024 83 34,877.32
Dividend - paid gross 168.01
618 139,687.00 208,931
Tractor Supply Co
Stock 1,050 80,892.65
Sale 28/05/2024 20 4,443.86 2,903.05
Dividend - paid gross 755.51
Dividend - paid gross 735.37
Dividend - paid gross 762.27
- 19 -

The Sybil Shine Memorial Trust

Schedule of investments and income

Year ended 5th April 2025

Holding
Book Value
Additions
06/04/2024
06/04/2024
Date
Quantity
£
Tractor Supply Co
Stock
Bonus Issue
20/12/2024
4,120
Dividend - paid gross
United Healthcare Corp
US$0.001 common stock
605
78,382.90
Purchase
12/04/2024
90
Dividend - paid gross
Dividend - paid gross
Sale
Dividend - paid gross
Dividend - paid gross
United Kingdom(Government Of)
0.125% Idx/lkd Bds 22/03/2026 GBP0.01
80,000.00
111,925.51
Interest - paid gross
Interest - paid gross
Wisdom Tree Metal Securities Ltd
Physical Gold (Gbp)
460
73,301.69
Conversion out of
SEDOL
Wisdomtree Metal S Core Physical Gold
USD ETC (WGLD)
Conversion in
06/04/2024
460
Purchase
12/07/2024
260
Purchase
31/10/2024
211
Purchase
15/11/2024
231
Sale
TOTAL: Navera Investment Management Limited
3,506,971.46
LGT Bank (Switzerland) Ltd.
Ashoka WhiteOak ICAV
Ashoka India Opportunities D USD Acc
Purchase
23/01/2025
215.00000
Purchase
21/03/2025
175.00000		 Disposals
Cost
Date
Quantity
£
32,716.96
27/11/2024
172
06/04/2024
460
73,301.69
48,010.57
44,741.78
47,144.38
04/03/2025
144
895,261.68
44,221.46
33,513.97		 Proceeds
£
82,336.73
73,301.69
32,364.09
924,531.52		 Profit
Holding
(Loss)
05/04/2025
£
5,150
54,841.51
523
80,000.00
5,943.63
1,018
322,584.11
390.00000		 Book Value
Market Value
Net Income
05/04/2025
05/04/2025
£
£
£
777.41
79,351.84
209,551
977.29
926.96
735.55
718.00
83,604.64
212,467
75.02
75.86
111,925.51
121,436
186,777.96
236,970
3,800,285.73
5,635,817
61,531.47
77,735.43
73,715		 Book Value
Market Value
Net Income
05/04/2025
05/04/2025
£
£
£
777.41
79,351.84
209,551
977.29
926.96
735.55
718.00
83,604.64
212,467
75.02
75.86
111,925.51
121,436
186,777.96
236,970
3,800,285.73
5,635,817
61,531.47
77,735.43
73,715
61,531.47

The Sybil Shine Memorial Trust

Schedule of investments and income

Year ended 5th April 2025

Holding Holding Book Value Additions Disposals Profit Holding Book Value Market Value Net Income
06/04/2024 06/04/2024 Date Quantity Cost Date Quantity Proceeds (Loss) 05/04/2025 05/04/2025 05/04/2025
£ £ £ £ £ £ £
Augmenta European Quality Fund
Bearer-Units Class EUR
Purchase 23/01/2025 950 82,508.15
Purchase 21/03/2025 600 55,096.81
1,550 137,604.96 127,366
Bonafide Global Fish Fund
Acc units CHF 780.00 90,245.33
Redemption of stock 03/06/2024 780.00 93,516.76 3,271.43
Credit Suisse Funds Ag
Precious Capital Gbl Mining & Metals Usd
640.00000 65,177.04
Dividend - paid gross 548.20
640.00000 65,177.04 89,251
Daimler International Finance Bv
1.625% Gtd Snr Emtn 11/11/2024 Gbp100000
100,000.00 104,194.03
Redemption of stock 11/11/2024 100,000.00 100,000.00 (4,194.03)
Interest - paid gross 1,625.00
Dnb Bank Asa
4%-Frn Snr Npf Emtn 17/08/27 Gbp1000'724
100,000.00 98,572.07
Interest - paid gross 4,000.00
100,000.00 98,572.07 98,665
Findlay Park Funds Icav
Findlay Park American I USD Acc
1,200.00000 117,424.07
Purchase 08/04/2024 650.00000 67,514.73
1,850.00000 184,938.80 171,599
First Trust Global Funds Plc
Smid Rising Dividend Achievers Ucits Etf
Purchase 21/11/2024 2,000.00000 36,086.80
Purchase 24/01/2025 2,850.00000 51,122.11
4,850.00000 87,208.91 67,684
Fullgoal Asset Management
China Small-Mid Cap Growth Fund A1
31.00 48,412.22
Redemption of stock 05/02/2025 31.00 43,507.88 (4,904.34)
Guardcap Ucits Funds Plc
Global Equity I USD 7,300.00000 147,192.28
Excess Reportable
Dividend 784.93
- 21 -

The Sybil Shine Memorial Trust

Schedule of investments and income

Year ended 5th April 2025

Holding Book Value Additions Disposals Profit Holding Book Value Market Value Net Income
06/04/2024 06/04/2024 Date Quantity Cost Date Quantity Proceeds (Loss) 05/04/2025 05/04/2025 05/04/2025
£ £ £ £ £ £ £
Guardcap Ucits Funds Plc
Global Equity I USD
Cost write up - acc
unit 30/06/2024 784.93
7,300.00000 147,977.21 155,018
Helvetia 1291 Fund
Bearer-units-T 1,185 106,514.17
Purchase 31/05/2024 655 66,514.49
Purchase 12/09/2024 210 21,929.25
2,050 194,957.91 209,013
Invesco Management Sa
Bond A GBP Qd Dis 93,850.89000 251,246.81
Interest - paid gross 2,440.12
Interest - paid gross 2,383.81
Interest - paid gross 2,411.97
Interest - paid gross 2,374.43
93,850.89000 251,246.81 232,440
Ishares
Iboxx GBP Corporate Bond Fund
Purchase 30/05/2024 900.00000 110,120.69
Interest - paid gross 1,286.19
Interest - paid gross 1,290.24
Interest - paid gross 1,300.05
Interest - paid gross 1,317.42
900.00000 110,120.69 108,467
Ishares
Ftse UK Dividend Plus 11,100.00000 86,050.07
Dividend - paid gross 1,795.98
Dividend - paid gross 1,419.69
Dividend - paid gross 989.01
Dividend - paid gross 457.32
11,100.00000 86,050.07 82,123
Ishares II PLC CORE UK GILTS ETF
Ftse 100 Fund Nav 18,800 141,526.63
Dividend - paid gross 2,124.40
Dividend - paid gross 1,573.56
Dividend - paid gross 938.12
Dividend - paid gross 893.00
18,800 141,526.63 147,881
Ishares Vii Plc
Ishares S&p 500-B Ucits Etf (Acc)
400.00000 92,603.33

The Sybil Shine Memorial Trust

Schedule of investments and income

Year ended 5th April 2025

Holding Holding Book Value Additions Disposals Profit Holding Book Value Market Value Net Income
06/04/2024 06/04/2024 Date Quantity Cost Date Quantity Proceeds (Loss) 05/04/2025 05/04/2025 05/04/2025
£ £ £ £ £ £ £
Ishares Vii Plc
Ishares S&p 500-B Ucits Etf (Acc)
Excess Reportable
Dividend 1,993.53
Cost write up - acc
unit 31/01/2025 1,993.53
400.00000 94,596.86 168,981
Kreditanstalt Fur Wiederaufbau
4.125% Gtd Snr Nts 18/02/26 Gbp1000'regs
100,000.00 97,517.44
Interest - paid gross 4,125.00
100,000.00 97,517.44 99,805
Lloyds Banking Group
1.875%-Frn Snr Emtn 15/01/2026 Gbp100000
100,000.00 95,641.24
Redemption of stock 15/01/2025 100,000.00 100,000.00 4,358.76
Interest - paid gross 1,875.00
Multiflex SICAV
Carnot Efficient Energy Fund
37.00 71,562.64 37.00 71,562.64 68,673
Muzinich Funds
Short Duration High Yield Hedged Inc Nav
1,670.00000
 132,431.00
Interest - paid gross 3,495.93
Interest - paid gross 3,549.58
1,670.00000 132,431.00 116,032
Muzinich Funds
Gbl Sht Dur Inv Grade H GBP Acc Hdg
1,906.00000
 200,215.70
Redemption of stock 31/05/2024 1,006.00000 108,949.84 3,274.61
Purchase 07/10/2024 900.00000 100,722.09
1,800.00000 195,262.56 205,452
Rbs (Luxembourg) Sa
Arcus Japan Relative Instl Jpy
380.00000 67,388.22
Excess Reportable
Dividend 773.20
Cost write up - acc
unit 30/09/2024 773.20
380.00000 68,161.42 77,756
Schroder International Selection
Emerging Asia USD Acc
 810.00000 29,048.78
- 23 -

The Sybil Shine Memorial Trust

Schedule of investments and income

Year ended 5th April 2025

Holding Book Value Additions Disposals Profit Holding Book Value Market Value Net Income
06/04/2024 06/04/2024 Date Quantity Cost Date Quantity Proceeds (Loss) 05/04/2025 05/04/2025 05/04/2025
£ £ £ £ £ £ £
Schroder International Selection
Emerging Asia USD Acc
Excess Reportable
Dividend 239.24
Cost write up - acc
unit 30/06/2024 239.24
810.00000 29,288.02 35,982
Seilern Investment Mngnt(Ireland)
Seilern World Growth H C GBP
980.00000
 145,539.75 980.00000 145,539.75 163,493
Solitaire Fund AAM Short Term Bond Fund
Bearer Units IH Class GBP
1,002.9080
 100,399.96 1,002.9080 100,399.96 106,348
Southern Water Services Finance
2.375% Gtd Snr Sec Nts 28/05/28 GBP1000
100,000.00 89,602.06
Interest - paid gross 2,375.00
Sale 02/10/2024 100,000.00 81,834.38 (7,767.68)
SSI American Strategic Leaders Fund
Acc units SICAV USD 145.00
 116,324.42
Redemption of stock 23/01/2025 39.00 55,992.84 24,705.58
106.00 85,037.16 119,426
SSI European Strategic Leaders Fund
Acc units SICAV EUR 120.00
 114,282.03
Redemption of stock 20/11/2024 80.00 101,017.26 24,829.24
40.00 38,094.01 49,293
Unilever Plc
1.375% Gtd Snr Mtn 15/09/2024 GBP100000
100,000.00
 101,086.14
Interest - paid gross 1,375.00
Redemption of stock 16/09/2024 100,000.00 100,000.00 (1,086.14)
Unilever Plc
2.125% Gtd Snr Nts 28/02/28 Gbp100000'63
Purchase 13/09/2024 100,000.00 95,728.89
Interest - paid gross 2,125.00
100,000.00 95,728.89 94,210
Ut Seilern Europa H C
ordinary shares GBP 500 85,688.38
Redemption of stock 23/01/2025 500 100,065.00 14,376.62

The Sybil Shine Memorial Trust

Schedule of investments and income

Year ended 5th April 2025

Holding Book Value Additions Disposals Profit Holding Book Value Market Value Net Income
06/04/2024 06/04/2024 Date Quantity Cost Date Quantity Proceeds (Loss) 05/04/2025 05/04/2025 05/04/2025
£ £ £ £ £ £ £
Vanguard Investment Series Plc
Vanguard Gbl Cred Bd Instl GBP Hgd Dis
Purchase 13/11/2024 950.00000 99,710.93
Purchase 20/11/2024 380.00000 39,933.20
Interest - paid gross 1,595.17
1,330.00000 139,644.13 138,544
Volkswagen Financial Services Nv
4.25% Gtd Snr Emtn 09/10/2025 GBP100000
100,000.00 100,659.99
Interest - paid gross 4,250.00
100,000.00 100,659.99 99,270
Xtrackers (Ie) Plc
Xtrackers S&p500 Eql Wght Ucits Etf 1c U
Purchase 21/11/2024 680.00000 53,668.51
680.00000 53,668.51 48,110
Zcapital Swiss Sm.
/mid Cap Fund
Purchase 31/05/2024 10.00000 34,929.64
Dividend - paid gross 135.41
10.00000 34,929.64 34,490
Zkb Exchange Traded Funds
Gold Etf (Gbp) 55.00000 60,174.09 55.00000 60,174.09 121,110
TOTAL: LGT Bank (Switzerland) Ltd.
 2,956,719.89 997,112.62 884,883.96 56,864.05 3,125,812.60 3,310,197 59,860.50
TOTAL: 6,463,691.35 1,892,374.30 1,809,415.48 379,448.16 6,926,098.33 8,946,014 121,391.97