**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
- 1 -
## **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.
- 2 -
## **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.
- 3 -
## **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:
- a) select suitable accounting policies and then apply them consistently;
- b) observe the methods and principles in the Charities SORP 2019 (FRS102);
- c) make judgements and estimates that are reasonable and prudent;
- d) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- e) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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: ..........................................................
- 4 -
## **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:
- 5 -
**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|
|---|---|---|---|---|
- 6 -
**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).
- 7 -
**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.
- 8 -
**The Sybil Shine Memorial Trust**
## **Notes to the accounts**
**for the year ended 5 April 2025**
## _j)_ _**Fixed asset investments**_
- Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
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.
- _k)_ _**Realised gains and losses**_
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|
|---|---|---|
- 9 -
## **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.
- 10 -
**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|
|---|---|---|
- 11 -
## **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
- 12 -
**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|
|---|---|---|---|
- 13 -
**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|||||||||
- 15 -
**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||
- 16 -
**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|
- 17 -
**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**|
|||||||
- 20 -
**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||||||||||||
- 22 -
**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|||||
- 24 -
**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**|
- 25 -