## **THE SEARLE CHARITABLE TRUST** ## **REPORT AND STATUTORY ACCOUNTS** ## **YEAR ENDED 5 APRIL 2023** **Registered Charity Number 288541** ## **THE SEARLE CHARITABLE TRUST** I N D E X ## **Year ended 5 April 2023** ||**Page**| |---|---| |Report of the Trustees|2| |Independent Examiner’s report|4| |Statement of Financial Activities|5| |Balance Sheet|6| |Notes to the Financial Statements|7| |Appendix: Investment portfolio (not filed with Charity Commission)|12| 1 ## **THE SEARLE CHARITABLE TRUST** ## R E P O R T O F T H E T R U S T E E S ## **Year ended 5 April 2023** The Trustees present their annual report and accounts of the Charity for the year ended 5 April 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 of the financial statements. The statements comply with the Charity’s Trust Deed, the Charities Act 2011 and the 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 (SORP FRS 102) (effective 1 January 2019). ## **Structure, governance and management** The Trust was constituted on 14 January 1982, and is governed by the Trust Deed. The Trustees who served during the year are shown in the ‘Reference and administrative details’ section below. New Trustees may be appointed by the existing Trustees by virtue of a power contained within the Trust Deed. All Trustees give of their time freely and no Trustee remuneration was paid in the year. The Trustees consider that the principal risk facing the Trust continues to be the variability of investment returns from the Trust’s investments. The Trustees have examined the major strategic, business and operational risks which the Trust faces and confirm that appropriate measures have been taken to protect it from them as far as possible. ## **Objectives and activities for the public benefit** The object of the Charity, under the terms of the Trust Deed, is to make donations to any charitable body, association or organisation at the discretion of the Trustees. The Trust Deed provides that the income and (at the Trustees’ discretion) the whole or part of the Trust fund be applied for charitable purposes. The Trustees having regard to the public benefit guidance published by the Charity Commission in accordance with section 17 of the Charities Act 2011 consider that the purpose and activities of the Charity satisfy the requirements of the public benefit test set out in section 4 of the same act. ## **Organisation** The Charity is governed by its Trustees who may exercise all the powers contained within the Trust Deed. In accordance with the Trust Deed, the Trustees have power to invest in such stocks, shares, investments and property in any part of the world as they see fit. The Trustees appointed Aberdeen Standard Capital as investment managers on a discretionary basis to invest for a balanced return of income and capital growth in the long term. ## **Financial review** In total, funds decreased by £608,214 in the year to £7,428,107 (2022 - increased by £328,474 to £8,036,321). The Trustees make donations and grants on a discretionary basis. The Trustees have continued with their policy of supporting the Rona Trust. During the year the Trustees made grants of £62,500 to the Rona Trust (2022 - £60,800). Further grants were made of £1,000 to Great Ormond Street Hospital (2022 - £nil). ## **Reserves policy** At 5 April 2023 there was £994,269 of undistributed income (2022 - £891,380). The Trustees consider the aggregate level of capital and undistributed income sufficient to meet their objectives, which include a proposed significant donation to the Rona Trust to enable them to purchase a new sail training boat. The Trustees have the power to invest as they think fit any funds not immediately required. ## **Investment policy** The Trustees’ principal resources arise from investment income. In this regard the Trustees have noted the statutory duty of care required by the Trustee Act 2000 in relation to their holding suitable investments and the need for diversification of investments so far as is appropriate to the circumstances of the Trust. Given the Trustees’ distribution policy their view is that the retention of the excess assets of the Trust in cash pending their distribution reflects suitable investment of the Charity’s funds. 2 THE SEARLE CHARITABLE TRUST REPOR T OF THE TRUSTEES Yearended 5 Aprll 2023 Refvrence and adminl8lra*ivg detsi18 Sèttlor Andrew Donald Searle Date of settlemènt 14 January 1982 Charity rngistrntloo numbgr 288541 Tru$t•es Andrew Donald Searle Victoria Caroline Sea Register￿ address ejo Dixon Wilson 22 Chancery Lane London WC2A 1LS Indgpendent Examiner S M Rose ACA CTA Dixon Wlson 22 Chancery Lane London C2A 1LS Inves¢m?nt Ad¥isorJ Aberdeen Standard Capital Liffliled 1 George Street Edinburgh EH2 2LL Banker Coutts & Co Campbell's Office 440 Strand London WC2R CQS Approved by the Trustees on 13 January 2025 and si9￿d on Iheii behalf by: A D SEARLE Chaimian ## **THE SEARLE CHARITABLE TRUST** I N D E P E N D E N T E X A M I N E R ’ S R E P O R T **Year ended 5 April 2023** ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE SEARLE CHARITABLE TRUST** I report to the Trustees on my examination of the accounts of the Trust for the year ended 5 April 2023. ## **Responsibilities and basis of report** As the charity Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). You are satisfied that an audit is not required for this year under charity law and that an independent examination is needed. I report in respect of my examination of the Trust’s accounts carried out under 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. Dixon Wilson, a firm of Chartered Accountants of which I am a partner has provided bookkeeping services to the Trust and I have applied the FRC’s Revised Ethical Standard in carrying out my examination. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the Independent Examiner’s statement. ## **Independent Examiner’s statement** I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales. 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 accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination. 4. The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no 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. SUZANNE ROSE ACA CTA Dixon Wilson 22 Chancery Lane London WC2A 1LS 20242025 4 ## **THE SEARLE CHARITABLE TRUST** ## S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S ## **Year ended 5 April 2023** |||**Unrestricted**|**Expendable**||| |---|---|---|---|---|---| |||**Income**|**Endowment**||| ||**Note**|
**Fund**|**Fund**|**2023**|**2022**| |**Income and endowments from:**||**£**|**£**|**£**|**£**| |_Investments:_|||||| |Investment income|2|
170,708|-|170,708|_147,670_| |**Total income and endowments**||170,708|-|170,708|_147,670_| |**Expenditure on:**|||||| |_Raising funds:_|3||||| |Investment management fees||-|37,594|37,594|_43,054_| |_Charitable activities:_|4||||| |Grants made||63,500|-|63,500|_60,800_| |Governance costs||4,319|-|4,319|_3,408_| |**Total expenditure**||67,819|37,594|105,413|_107,262_| |Net (losses)/gain on investments|5|
-|(673,509)|
(673,509)|
_288,066_| |**Net income**||102,889|(711,103)|(608,214)|
_328,474_| |**Net movement in funds**||102,889|(711,103)|(608,214)|
_328,474_| |**Reconciliation of funds:**|||||| |Total funds brought forward||891,380|7,144,941|8,036,321|_7,707,847_| |**Total funds carried forward**(page 6)||994,269|6,433,838|7,428,107|_8,036,321_| The notes on pages 7 to 11 form part of these financial statements. All amounts relate to continuing operations. The charity has no recognised gains and losses other than as stated above. 5 THE SEARLE CHARITABLE TRUST BALANCE SHEET At 5 Apfll 2023 Notè 2023 2022 Flxfjd as￿$ Investments at market value 6,354,191 T,053,056 Curr•nt as8ets Cash at bank Debtors 1,092.391 531 999,231 Current liabiliti Creditors.. amounts falling due wrthin one year Net currnnt assets (19,0061 1,073,916 (15,966) 983,265 Total net a880ts 7,428.107 8,036,321 The funds of th• eharity Unrestricted Income Fund Ipage 5) Expendable Endowment Fund Ipage 5} Total chaiity funds 994,269 6,433,838 891.380 T, 144,941 7,428. 107 8,036,321 The financial slalements on pages 5 to 11 were appmved by the Trustee5 on 13 January 2025 A D SEARLE Trustee VC SEARLE Tnjstee ## **THE SEARLE CHARITABLE TRUST** N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ## **Year ended 5 April 2023** ## **1. Accounting Policies** ## **(a) Basis of preparation** The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The Trust constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared under the historical cost convention modified to include the revaluation of investments. The financial statements are presented in sterling which is the financial currency of the Trust and rounded to the nearest £. The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. ## **(b) Fund accounting policy** The Charity comprises an Unrestricted Income Fund and an Expendable Endowment Fund. Unrestricted funds are general funds that are available for use at the Trustees’ discretion in furtherance of the objectives of the Charity. Expendable Endowment Funds are capital funds that may be freely converted into spendable income as the Trustees see fit. ## **(c) Income** Investment gains and losses includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. Dividends and similar income are recognised on the date the Trust becomes entitled to the income. Interest is recognised on an accruals basis. ## **(d) Expenditure and liabilities** Donations are recognised when the Charity is committed to making the donations. All other expenditure is based on an accruals basis. The Charity has creditors which are measured at settlement amounts. ## **(e) Assets** Fixed asset investments in quoted shares, traded bond and similar investments are initially recognised at transaction price and subsequently measured at fair value. All realised and unrealised gains are taken to the statement of financial activities. ## **(f) Taxation** The Charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its Charitable Objectives. ## **(g) Trustees’ remuneration and expenses** The Trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind. 7 ## **THE SEARLE CHARITABLE TRUST** N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ## **Year ended 5 April 2023** ## **2. Investment income** ||**Unrestricted**|**Expendable**||**Unrestricted**|**Expendable**|| |---|---|---|---|---|---|---| ||**Income**|**Endowment**|**Total**|
**Income**|**Endowment**|**Total**| ||**Fund**|**Fund**|**2023**|
**Fund**|**Fund**|**2022**| ||**£**|**£**|**£**|
**£**|**£**|**£**| |UK equities|86,034|-|86,034|
_92,288_|_-_|_92,288_| |Overseas|83,623|-|83,623|
_54,881_|_-_|_54,881_| |Fixed interest|137|-|137|
_501_|_-_|_501_| |Deposit interest|914|-|914|
-|-|_-_| ||170,708|-|170,708|
_147,670_|_-_|_147,670_| ## **3. Raising funds** |**3.**
**Raising funds**|**3.**
**Raising funds**|||||| |---|---|---|---|---|---|---| |**Unrestricted**||**Expendable**||**Unrestricted**|**Expendable**|| ||**Income**|**Endowment**|**Total**|
**Income**|**Endowment**|**Total**| ||**Fund**|**Fund**|**2023**|
**Fund**|**Fund**|**2022**| ||**£**|**£**|**£**|
**£**|**£**|**£**| |Investment management fees|
-|37,594|37,594|
_-_|_43,054_|_43,054_| ## **4. Charitable activities** The Charity undertakes its charitable activities through grant making and awards grants to institutions in furtherance of its charitable objectives. Charitable activities relate to the Unrestricted Income Fund only. |**Grant-funded Governance**
**activity**
**costs**
**£**
**£**
Funded from Unrestricted Income Fund:
Grant making
63,500 4,319
Total
63,500 4,319
**Governance costs**
**2023**
**£**
Bank charges
357
Accountancy fees
2,942
Book-keeping fees
1,020
4,319
**Accountancy fees payable to the Independent Examiner’s firm as follows:**
**2023**
**£**
- Examination
1,000
- Accountancy
1,942
2,942|**Total**
**2023**
**£**
67,819
67,819
**2022**
**£**
_488_
_2,760_
_160_
_3,408_
**2022**
**£**
_1,000_
_1,760_
_2,760_| |---|---| (Continued) 8 ## **THE SEARLE CHARITABLE TRUST** ## N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ## **Year ended 5 April 2023** |**4.**
**Charitable activities (continued)**
**2022**
**Recipients of institutional grants:**
Rona Trust – London Sailing Project
Great Ormond Street Hospital|**£**
62,500
1,000
63,500|**2023**
**£**
_60,800_
-
_60,800_| |---|---|---| The Trustees did not receive remuneration or reimbursed expenses in the year (2022 - £nil). |**5.**
**Fixed asset investments**|**5.**
**Fixed asset investments**||||||| |---|---|---|---|---|---|---|---| |**Unrestricted Expendable**|||||**Unrestricted**|
**Expendable**|| ||**Income Endowment**|||**Total**|**Income**|
**Endowment**|**Total**| ||**Fund**||**Fund**|**2023**|**Fund**|
**Fund**|**2022**| ||**£**||**£**|**£**|**£**|
**£**|**£**| |**Market value**|||||||| |At 6 April 2022|-|7,053,056||7,053,056|_-_|
_6,805,707_|_6,805,707_| |Additions at cost|-||954,180|954,180|_-_|
_524,829_|_524,829_| |Disposals at carrying value|-||(550,982)|(550,982)|
_-_|
_(302,923_)|_(302,923_)| |Unrealised gains|||||||| |on investments|-|(1,048,496)||(1,048,496)|
_-_|
_109,094_|_109,094_| |Movement in cash balance|-||(53,567)|(53,567)|
_-_|
_(83,651)_|_(83,651)_| |At 5 April 2023|-|6,354,191||6,354,191|_-_|
_7,053,056_|_7,053,056_| |**Historical cost**|-|3,168,635||3,168,635|_-_|
_2,765,437_|_2,765,437_| |||||||**2023**|**2022**| |||||||**£**|**£**| |**Investments at market value consists of**|||||||| |UK listed investments||||||6,148,279|_6,793,577_| |Cash held for investment||||||205,912|_259,479_| |||||||6,354,191|_7,053,056_| |**Reconciliation of realised and unrealised**|||**gains/(losses) on investments**||||| |Unrealised gains||||||(1,048,496)|_109,094_| |Realised gains||||||374,987|_178,972_| |||||||(673,509)|_288,066_| |The following investment holding is in the opinion of the||||Trustees material:|||| |||||||**Market value**|**Portfolio**| |||||||**£**|**%**| |Findlay Park Funds PLC||||||343,635|5.59| |Aberdeen (Offshore) Sterling|Fixed Interest|||||372,027|6.05| 9 ## **THE SEARLE CHARITABLE TRUST** ## N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ## **Year ended 5 April 2023** |**6.**
**Cash at bank**
**2023**
**£**
Coutts & Co current account
1,090,010
Aberdeen Standard income account
2,381
1,092,391|**6.**
**Cash at bank**
**2023**
**£**
Coutts & Co current account
1,090,010
Aberdeen Standard income account
2,381
1,092,391|**2022**
**£**
_997,419_
_1,812_| |---|---|---| |||_999,231_| |||| |**7.**
**Debtors**
Accrued interest income
Tax repayable|**2023**
**£**
431
100
531|**2022**
**£**
_-_
_-_| |||_-_| |||| |**8.**
**Creditors: amounts falling due within one year**
Investment manager’s fees
Accountancy and independent examination fees|**2023**
**£**
9,524
9,482
19,006|**2022**
**£**
_10,446_
_5,520_| |||_15,966_| ## **9. Related party disclosures** A D Searle is also a Trustee of the Rona Trust – London Sailing Project. Unconditional grants totalling £62,500 (2022 - £60,800) were made to the Rona Trust – London Sailing Project during the year. |**10.**
**Unrestricted Funds**
**Funds brought**
**Incoming**
**Outgoing**
**forward**
**resources**
**resources**
**£**
**£**
**£**
Unrestricted Income Fund
891,380
170,708
(67,819)
Expendable Endowment Fund
7,144,941
-
(37,594)
8,036,321
170,708
(105,413)|**Net**
**funds carried**
**Gains**
**forward**
**£**
**£**
-
994,269
(673,509)
6,433,838
(673,509)
7,428,107|**Net**
**funds carried**
**Gains**
**forward**
**£**
**£**
-
994,269
(673,509)
6,433,838
(673,509)
7,428,107| |---|---|---| |||7,428,107| 10 ## **THE SEARLE CHARITABLE TRUST** ## N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ## **Year ended 5 April 2023** ## **11. Analysis of total net assets between funds** |||**Unrestricted**|**Expendable**||**Unrestricted**|**Expendable**|| |---|---|---|---|---|---|---|---| |||**Income**|**Endowment**|**Total**|**Income**|**Endowment**|**Total**| |||**Fund**|**Fund**|**2023**|**Fund**|**Fund**|**2022**| |||**£**|**£**|**£**|**£**|**£**|**£**| |Investments||-|6,354,191|6,354,191|-|_7,053,056_|_7,053,056_| |Current|assets|1,003,751|89,171|1,092,922|_896,900_|_102,331_|_999,231_| |Current|liabilities|(9,482)|(9,524)|(19,006)|
_(5,520)_|
_(10,446)_|_(15,966)_| |||994,269|6,433,838|7,428,107|_891,380_|_7,144,941_|_8,036,321_| ||||||||| |**12.**|**Financial**|**instruments**||||**2023**|**2022**| |||||||**£**|**£**| |Financial assets measured at fair value|||through income|and expenditure||6,354,191|_7,053,056_| Financial assets measured at fair value through income and expenditure comprise fixed asset investments. 11 |||Unrealised|gains/(losses)|since purchase|£|6,722|-|-|-|132,075|38,740|(7,964)|129,930|92,556|43,075|7,081|9,150|76,805|(9,850)|(2,224)|5,365|67,381|18,526|-|97,734|(2,616)|17,893|(5,677)|66,041|-|1,327|122,686|-|-|-|(1,116)|(2,465)|-|86,791|-|(3,800)|-|149,600|47,048|-|179,139|41,284|7,058|53,188|2,502| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||At 5 April 2023||Market value||£|52,653|-|-|-|180,595|67,528|56,155|167,624|146,009|89,508|70,819|36,832|129,240|45,479|45,530|52,332|104,990|117,382|-|114,320|48,650|64,047|70,434|84,376|-|39,632|149,129|-|-|-|71,943|28,590|-|108,990|-|55,089|-|165,600|99,827|-|228,159|79,001|51,731|84,857|31,427| ||||Cost||£|45,931|-|-|-|48,520|28,788|64,119|37,694|53,453|46,433|63,738|27,682|52,435|55,329|47,754|46,967|37,609|98,856|-|16,586|51,266|46,154|76,111|18,335|-|38,305|26,443|-|-|-|73,059|31,055|-|22,199|-|58,889|-|16,000|52,779|-|49,020|37,717|44,673|31,669|28,925| ||||No|||16,702|-|-|-|800|986|45|2,000|1,800|545|539|23,223|1,115|287|1,055|37,867|4,351|21,996|-|40,000|100,000|1,685|3,500|2,300|-|8,000|55,645|-|-|-|74,607|18,187|-|14,000|-|37,147|-|160|342|-|1,000|5,900|4,583|850|500| ||Sales|Gains/ (losses)|over opening|MV|£|-|1,733|(3,296)|(2,406)|-|-|-|-|-|-|-|-|-|-|-|-|-|-|(897)|-|-|-|-|-|(17,674)|-|-|(20,793)|108|(15,145)|-|-|8,483|-|(1,456)|-|(594)|-|-|(10,901)|-|-|-|-|-| |||Gains/|(losses)|over cost|£|-|(1,945)|17,752|27,735|-|-|-|-|-|-|-|-|-|-|-|-|-|-|78,571|-|-|-|-|-|(15,536)|-|-|8,460|2,838|19,009|-|-|5,404|-|399|-|(13,650)|-|-|179,714|-|-|-|-|-| ||||Proceeds||£|-|54,055|41,655|49,024|-|-|-|-|-|-|-|-|-|-|-|-|-|-|97,663|-|-|-|-|-|54,448|-|-|88,608|40,585|35,969|-|-|8,483|-|14,443|-|42,986|-|-|209,099|-|-|-|-|-| ||||No|||-|56,000|60,134|3,700|-|-|-|-|-|-|-|-|-|-|-|-|-|-|3,200|-|-|-|-|-|64,800|-|-|895|36,400|3,000|-|-|3,000|-|8,833|-|2,236|-|-|100,000|-|-|-|-|-| |Purchases & Capital|reorganisations||No
Cost||£|-
-|-
-|-
-|-
-|-
-|-
-|-
-|1,900
-|1,710
-|-
-|539
63,738|-
-|284
31,117|-
-|-
-|5,586
7,262|-
-|12,996
61,550|-
-|-
-|-
-|-
-|3,500
76,111|-
-|-
-|-
-|-
-|-
-|-
-|-
-|-
-|18,187
31,055|3,000
3,079|-
-|-
-|2,857
4,557|-
-|-
-|-
-|-
-|-
-|-
-|-
-|-
-|-
-| ||At 5 April 2022||Cost
Market value||£
£|45,931
59,042|56,000
52,322|23,903
44,951|21,289
51,430|48,520
209,939|28,788
60,615|64,119
69,270|37,694
215,083|53,453
225,876|46,433
109,606|-
-|27,682
47,956|21,318
85,876|55,329
46,440|47,754
58,823|39,705
128,985|37,609
42,772|37,306
34,461|19,092
98,560|16,586
119,360|51,266
53,700|46,154
50,213|-
-|18,335
91,529|69,984
72,122|38,305
41,498|26,443
163,596|80,148
109,401|37,747
40,477|16,960
51,114|73,059
72,354|-
-|-
-|22,199
140,560|14,044
15,899|54,332
58,773|56,636
43,580|16,000
180,000|52,779
95,031|29,385
220,000|49,020
237,783|37,717
75,402|44,673
55,500|31,669
86,441|28,925
33,009| ||||No|||16,702|56,000|60,134|3,700|800|986|45|100|90|545|-|23,223|831|287|1,055|32,281|4,351|9,000|3,200|40,000|100,000|1,685|-|2,300|64,800|8,000|55,645|895|36,400|3,000|74,607|-|-|14,000|8,833|34,290|2,236|160|342|100,000|1,000|5,900|4,583|850|500| |YEAR ENDED 5 APRIL 2023||||||3i Infrastructure Plc|Aberdeen Standard Active Overlay Fund Inst|Aberdeen Standard Capital Balanced Bridge Fund|Aberforth Smaller Cos Tst Plc|Accenture plc|Activision Blizzard|Adyen NV|Alphabet Inc (Google Inc)|Amazon|American Tower Corp|Apple Inc|Apax Global Alpha Ltd|AstraZeneca plc|Autodesk inc|BB Biotech|Bluefield Solar income|BHP Group plc|BP Plc|Bunzl Plc|Carvetian Cap Mgmt Elec & Gen|CQS New City High Yield Trust Plc GBP 0.25|CRH|DBS Group Holdings|Diageo plc|Digital 9 Infrastructure|Enel SpA|Fidelity Special Values|First Republic Bank San Francisco|Foresight Solar Fund Ltd|GlaxoSmithKline plc|Greencoat Renewables|Gresham House Energy Storage|Haleon plc|Henderson Smaller Co's Inv Tst|HICL Infrastructure plc|International Public Partnership|Johnson Matthey Plc|Lindsell Train Inv Trust plc|Mastercard Inc|Mercantile Inv Trust|Microsoft Corp|Murray International Trust Plc|National Grid|Nestle SA|Nextera energy inc| 12 |||Unrealised|gains/(losses)|since purchase|£|7,736|-|87,687|41,685|69,551|33,517|47,301|48,115|80,025|(16,603)|6,921|106,450|(11,556)|(13,554)|157,428|(1,609)|1,554|13,456|46,815|1,264|1,341|(9,911)|-|-|2,161,598||(14,187)|(15,229)|181,647|327,531|44,437|176,466|89,171|28,210|-|818,046||2,979,644|-|2,979,644| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||At 5 April 2023||Market value||£|65,254|-|106,140|69,685|97,144|79,253|98,845|105,255|101,811|13,339|82,773|128,620|58,164|31,440|179,755|30,197|49,708|40,154|54,900|44,221|186,964|38,615|-|-|4,600,715||160,327|372,027|250,875|343,635|64,635|188,300|104,925|62,840|-|1,547,564||6,148,279|205,912|6,354,191| ||||Cost||£|57,518|-|18,453|28,000|27,593|45,736|51,544|57,140|21,786|29,942|75,852|22,170|69,720|44,994|22,327|31,806|48,154|26,698|8,085|42,957|185,623|48,526|-|-|2,439,117||174,514|387,256|69,228|16,104|20,198|11,834|15,754|34,630|-|729,518||3,168,635|205,912|3,374,547| ||||No|||956|-|9,625|1,100|3,700|1,500|5,300|445|4,309|41,560|662|20,000|18,909|37,185|2,483|269|38,834|803|20,000|31,000|188,489|1,200|-|-|||417,953|887,470|75,000|2,600|3,465|140,000|15,000|10,000|-|||||| ||Sales|Gains/ (losses)|over opening|MV|£|-|(1,532)|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|434|(4,556)|(68,492)||-|-|-|-|-|-|-|-|4,749|4,749||(63,743)|-|(63,743)| |||Gains/|(losses)|over cost|£|-|11,721|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|434|8,693|329,599||-|-|-|-|-|-|-|-|45,388|45,388||374,987|-|374,987| ||||Proceeds||£|-|23,718|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|13,952|25,374|800,062||-|-|-|-|-|-|-|-|125,907|125,907||925,969|-|925,969| ||||No|||-|5,000|-|-|-|-|-|-|-|-|-|-|-|-|-||-|-|-|-|-|-|786|2,999|||-|-|-|-|-|-|-|-|6,105|||||| |Purchases & Capital|reorganisations||No
Cost||£|-
-|4,950
-|-
-|-
-|-
-|-
-|-
-|-
-|-
-|-
-|-
-|-
-|-
-|37,185
44,994|-
-|269
31,806|-
-|-
-|-
-|-
-|188,489
185,623|-
-|786
13,518|-
-|554,410||183,615
70,013|782,359
329,685|-
-|-
-|-
72|-
-|-
-|-
-|-
-|399,770||954,180|-|954,180| ||At 5 April 2022||Cost
Market value||£
£|57,518
92,593|11,997
25,250|18,453
109,099|28,000
65,538|27,593
90,465|45,736
91,800|51,544
134,355|57,140
141,061|21,786
91,394|29,942
40,524|75,852
83,917|22,170
206,400|69,720
60,433|-
-|22,327
194,656|-
-|48,154
53,125|26,698
31,014|8,085
93,500|42,957
65,440|-
-|48,526
48,432|-
-|16,681
29,930|2,355,170
5,498,275||104,501
102,476|57,571
51,935|69,228
230,625|16,104
357,729|20,126
62,889|11,834
179,900|15,754
115,800|34,630
72,790|80,519
121,158|410,267
1,295,302||2,765,437
6,793,577|259,479
259,479|3,024,916
7,053,056| ||||No|||956|50|9,625|1,100|3,700|1,500|5,300|445|4,309|41,560|662|20,000|18,909|-|2,483|-|38,834|803|20,000|31,000|-|1,200|-|2,999|||234,338|105,111|75,000|2,600|3,465|140,000|15,000|10,000|6,105|||||| |YEAR ENDED 5 APRIL 2023||||||Orsted A/S|Personal Assets Trust Plc|Prudential plc|Reckitt Benckiser Group Plc|RELX plc|Rio Tinto|RIT Capital Partners Plc|Roche Hldgs AG|Royal Dutch Shell|Schiehallion fund Ltd|Schneider Electric|Scottish Mortgage Investment Trust Plc|Smith (DS)|Supermarket Income Reit|Taiwan Semiconductor Manufacturers|Tetra Tech Inc|The renewables infrastructure|Total Energies|TR Property Inv Trust plc|United Kingdom (Govt of) 0.12|United Kingdom 0.75% SNR BDS|Verizon Communications|Woodside Energy GR ORD|WPP Group plc||UK UNIT TRUSTS INVESTING OVERSEAS|ABRDN (Offshore) Global Fixed Interest|ABRDN (Offshore) Sterling Fixed Interest|Fidelity European Values|Findlay Park Fds Plc American Fund|First State Investments (UK) Asia Pacific @'B' Shs|Henderson EuroTrust plc|J P Morgan American IT|Montanaro AM Ltd European Smaller Cos Instl|Pinebridge Global Funds India Equity|||TOTAL|Cash|TOTAL PORTFOLIO| 13