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2023-04-05-accounts

The Michael Bishop Foundation

Financial Statements Year Ended 5 April 2023 Charity No.: 297627

THE MICHAEL BISHOP FOUNDATION

Report and Financial Statements for the year ended 5 April 2023

Contents

Page:

1 Reference and Administration details 2-5 Report of the Trustees 6-7 Report of the Independent Auditor 8 Statement of Financial Activities 9 Balance Sheet 10 Statement of Cash Flow 11-17 Notes forming part of the Financial Statements 18 Appendix

Trustees

Baron Glendonbrook of Bowdon CBE ("Lord Glendonbrook") (previously Sir Michael Bishop CBE) Grahame N Elliott CBE, FCA Martin P Ritchie Timothy J Bye

Principal Office

Staunton House, Staunton Harold, Ashby-de-la-Zouch, Leicestershire, LE65 1RW

Accountants

BDO LLP, 55 Baker Street, London, W1U 7EU

Independent Auditor

Perrys Accountants Limited, Churchdown Chambers, Bordyke, Tonbridge, Kent, TN9 1NR

Investment Managers

Evelyn Partners – 45 Gresham Street, London, EC2V 7BG Veritas – Riverside House, 2a Southwark Bridge Road, London, SE1 9HA Canaccord Genuity Wealth Management, 88 Wood Street, London, EC2V 7QR

Bankers

HSBC Bank plc, 62 Market Street, Ashby-de-la-Zouch, Leicestershire, LE65 1BE

Solicitors

Maurice Turnor Gardner LLP, 15th Floor, Milton House, Milton Street, London, EC2Y 9BH

1

THE MICHAEL BISHOP FOUNDATION

Report of the Trustees for the year ended 5 April 2023

The Trustees present their report and the independently Audited Financial Statements of the Michael Bishop Foundation ( “the Foundation” or “the charity”, ) for the year ended 5th April 2023. These have been prepared in accordance with the accounting policies set out on page 11 and comply with the charity’s trust deed and applicable law.

The Trustees who served throughout the year were:

Baron Glendonbrook of Bowdon CBE Grahame N Elliott CBE, FCA Martin P Ritchie Timothy J Bye

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Michael Bishop Foundation was established in 1987 by the settlor, Michael Bishop (now Lord Glendonbrook). It is a registered charity, number 297627. Since its establishment in 1987 it has distributed more than £31 million to more than one hundred different charitable organisations in the United Kingdom and through The Glendonbrook Foundation in Australia.

The entire resources of the Foundation are unrestricted and the Trustees have complete discretion over their use. The management of the Foundation is conducted solely by the Trustees. They do not generally accept unsolicited applications for funds and use their own research and experience to decide which charitable organisations should benefit from funding. In order to keep the costs of the Foundation low, it has only one employee and is unable to respond to unsolicited applications.

The Foundation did not have any volunteers working for them during the period.

The power to appoint additional Trustees rests with Lord Glendonbrook in his lifetime.

The Trustees support a broad range of charitable organisations within five main areas of focus:

These areas of focus are not exclusive, and other areas may be considered from time to time.

INDUCTION AND TRAINING

Should new Trustees be appointed, a formal induction process would be carried out. Other training is undertaken as and when appropriate. All Trustees are kept informed at the meetings of their duties and obligations under the law in addition to their proper conduct.

RESERVES POLICY

The investment objectives of the charity are to preserve capital in real terms and provide sufficient income to meet the Trustees requirements.

2

THE MICHAEL BISHOP FOUNDATION

Report of the Trustees for the year ended 5 April 2023 (continued)

RISK MANAGEMENT

A risk assessment has been undertaken which comprises of:

This continuing process will identify risk areas to which the Foundation is vulnerable and highlight any necessary safeguards that will need to be put in place.

The Trustees continually seek the advice of the investment managers who manage the Foundation’s investment portfolios and the advice of their legal advisors to ensure the proper due diligence on any potential recipient of a donation from the Foundation.

Investment returns have been negative during what was a difficult financial year for the global economy. The Trustees have maintained liquidity through the sale of investments and do not anticipate any threat to the continued operation of the charity.

The risk of Lord Glendonbrook passing away in the short to medium term has been identified by the Trustees as a potential risk to the Foundation. The position is kept under regular review.

INVESTMENTS

The assets of the Charity consist principally of investments and cash and these are collectively recorded on the Balance Sheet and supporting notes at their market value on that date. Any increase or decrease over costs on the restatement of these values is recorded in the Statement of Financial Activities.

The Trustees investment powers are unrestricted. They engage professional investment managers to manage the investments and set the objectives of the managers, which are broadly to maximise total return having due regard to risk and preservation of capital. The Managers are also set specific performance benchmarks which are monitored against the actual performance by the Trustees on a six-monthly basis. The current investment managers are Evelyn Partners who at the year end managed approximately £11.1m, Veritas who managed approximately £27.5m and Canaccord who managed £5.3m. During the year ended 31 March 2023, excluding capital additions and withdrawals, the Evelyn portfolio investment return was -5.9% , the Veritas portfolio was - 8.3% and the Canaccord portfolio was -14.5%. In the event of underperformance against benchmarks for a number of periods the Trustees would review the mandate of the manager and after taking appropriate professional advice would seek an alternative manager or managers.

3

THE MICHAEL BISHOP FOUNDATION

Report of the Trustees for the year ended 5 April 2023 (continued)

OBJECTIVES ACTIVITIES AND PUBLIC BENEFIT

The Foundation’s objectives and principal activities are to extend donations to any qualifying charities, bodies or organisations of any purpose in any part of the world which under the laws of England and Wales shall be recognised as purely charitable. As indicated above the Trustees support a wide range of activities which in their discretion they feel appropriate.

The Trustees confirm that they have referred to the guidance in the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s aims and objectives and in planning future activities and setting the grant making policy.

During the past year single charitable grant payments and new multi-year commitments of £2,182,963 were made (2022: £3,006,003). The multi-year commitments made by the Foundation are accounted for in line with the guidance set out in FRSSE SORP 2015 so that the total commitment over the period of the grant is reflected in the accounts only in the year that the commitment is made. Grant payments of £1,566,606 were made during the year in respect of prior multi-year commitments which have already been accounted for in previous years' Financial Statements.

Amongst the total grants paid this year were the following grants of £50,000 or more:

Baker Dearing Trust £75,000 as part of a 5 year commitment of £500,000 to assist with the creation of University Technical Colleges throughout England and Wales for high quality technical schooling for 14 to 18 year old

Mill Hill School Foundation £142,265 supporting a Scholarship scheme for students who otherwise would not have the opportunity of education at the school. A further £25,000 was donated to Mill Hill School as a second instalment of a £50,000 donation supporting the McClure Tribute Concert.

The Royal Birmingham Conservatoire of Music £50,000 as the second instalment of a £150,000 commitment for the general purpose of the Conservatoire.

Exeter Northcott Theatre £75,000 for the general purposes of the Theatre situated on the campus of Exeter University.

Margaret Thatcher Scholarship Trust £112,925 to assist promising students to benefit from education at Somerville College, Oxford regardless of their circumstances. £75,311 formed part of a five year commitment totalling approximately £341,000. The remaining £37,614 was part of a new 3 year commitment for £104,222 made in October 2022 to support a new intake of students.

The Royal Collection Trust £200,000 of which £125,000 was an instalment of a £1m commitment over a 7 year period to support the restoration of a significant property at Holyrood House to display items of the collection and serve as a Visitor Centre and £75,000 being the second instalment of a 2 year commitment of up to £150,000 for the Cassiano dal Pozzo Catalogue Project.

Governor Phillip International Scholarship Trust £93,681 towards postgraduate scholarships promoting relations between between Australia and the United Kingdom.

Birmingham Royal Ballet £165,000 for the general purposes of the organisation.

Broughton House £62,500 as the final instalment of a £250,000 commitment towards the restoration and improvement of the property.

The Art Fund £50,000 as the final instalment for the Prospect Cottage project.

Alzheimers Research UK £140,000 being the second instalment of a new 3-year commitment for £500,000 for their general funds .

Alford House £50,000 being the second instalment of a 2 year commitment towards the 7020 project to refurbish their building in Lambeth.

4

THE MICHAEL BISHOP FOUNDATION

Report of the Trustees for the year ended 5 April 2023 (continued)

The Glendonbrook Foundation £692,746 for the general purposes of the Australian Foundation.

NSPCC £50,000 being the second instalment of a £250,000 commitment for the InCtrl service North West which is designed to keep children safe online and prevent technology assisted child abuse.

English Heritage £250,000 being the second instalment of a 4 year £1m commitment to support the renovation work of four projects: Dover Castle, Hardwick Old Hall, North Leigh Roman Villa and Brodsworth Hall.

British Red Cross £50,000 towards mobility aids for people in rural areas of Lincolnshire

Oxford Philharmonic Orchestra £50,000 for the general purposes of the organisation

Pimlico Opera £50,000 towards the HMP Bronzefield performance of Betty Blue Eyes

International Bomber Command Centre £50,000 for the Lincolnshire Bomber Command Memorial

Australian World Orchestra £50,000 for performances at the Edinburgh Festival and the BBC Promenade concerts

The Foundation also makes many smaller donations to organisations both local and national. This year 15 charities benefited from payments of less than £50,000.

A full list of all grants actually paid during the financial year (as opposed to commitments made) is shown in Note 5 to the accounts on page 12 to 14.

FINANCIAL REVIEW

The Charity’s investments are managed by Evelyn Partners, Veritas Asset Management (UK) Ltd and Canaccord Genuity Wealth Management, under a discretionary mandate and a conservative investment policy which aims at maintaining the capital of the charity through diversification whilst maintaining sufficient liquidity for the Charity’s foreseeable needs and donations.

The market value of the investment portfolio at 5 April 2023 was £46,589,375 (2022: £48,083,360).

The balance of cash held at 5 April 2023 was £1,261,917 (2022: £909,873).

TRUSTEES' RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping accounting records which 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 Act 2011, the Charity (Accounts and Reports) Regulations and 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.

Approved by the Trustees and signed on their behalf by:

These accounts were approved by the Trustees on 27 October 2023.

Date:

Lord Glendonbrook

Trustee

5

Independent Auditor's Report to the Trustees of The Michael Bishop Foundation

THE MICHAEL BISHOP FOUNDATION

Opinion

We have audited the financial statements of The Michael Bishop Foundation for the year ended 5 April 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards.

In our opinion the financial statements:

give a true and fair view of the state of the Charity’s affairs as at 5 April 2023 and of its income and expenditure for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

the information given in the trustees’ report is inconsistent in any material respect with the financial statements;

6

Independent Auditor's Report to the Trustees of The Michael Bishop Foundation

THE MICHAEL BISHOP FOUNDATION

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to the charity. The charity is complying with the legal and regulatory framework by engaging professional advisers.

The laws and regulations we have identified as being of significance in the context of the charity are the Charities Act 2011.

Our assessment of the susceptibility of the charity’s financial statements to material misstatement is that the susceptibility is low.

The engagement partner considers that the engagement team collectively have the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations due to their experience and training.

No matters of non-compliance with laws and regulations or fraud were communicated to the engagement team.

A further description of our responsibilities is available on the Financial Reporting Council’s website at www.frc.org.uk / auditors / audit-assurance / auditors responsibilities for the audit / description of the auditors responsibilities for the audit of the financial statements.

Stephen Hale FCA FCCA

Senior statutory auditor

For and on behalf of Perrys Accountants Limited, Statutory auditor

Churchdown Chambers

Bordyke Tonbridge Kent TN9 1NR

Date

7

THE MICHAEL BISHOP FOUNDATION

Statement of Financial Activities for the year ended 5 April 2023

----- Start of picture text -----
Notes 2023 2022
£ £
Income and endowments from
Donations 2 2,627,684 1,551,899
Investments 3 584,102 577,477
Total 3,211,786 2,129,376
Resources expended
Cost of generating funds:
Investment management fees 339,358 356,376
Charitable activities 4 2,234,331 3,055,818
Total 2,573,689 3,412,194
Net income before investment gains/(losses) 638,097 (1,282,818)
Gains/(losses) on investments
- realised 926,594 4,661,406
- unrealised (1,881,111) (588,501)
Currency gains/(losses) (1) (7,028)
Net movement in funds (316,421) 2,783,059
Total funds at 6 April 2022 45,399,536 42,616,477
Total funds at 5 April 2023 45,083,115 45,399,536
----- End of picture text -----

All funds are unrestricted and relate to continuing activities.

The notes on pages 11 to 17 form part of these Financial Statements.

8

THE MICHAEL BISHOP FOUNDATION

Balance Sheet as at 5 April 2023

Notes
£
£
Fixed Assets
Investments
7
46,589,375
Current Assets
Debtors
8
236,695
Cash at bank
9
1,261,917
1,498,612
Liabilities
Creditors: amounts falling due within one year
10
(1,636,882)
Net current assets
(138,270)
Total assets less current liabilities
46,451,105
Creditors: amounts falling due after one year
11
(1,367,990)
Total net assets
45,083,115
Funds
Unrestricted Funds
12
45,083,115
2023		 £
£
48,083,360
92,231
909,873
1,002,104
(1,534,640)
(532,536)
47,550,824
(2,151,288)
45,399,536
45,399,536
2022

Approved by the Trustees and signed on their behalf by:

These accounts were approved by the Trustees on 27 October 2023

Lord Glendonbrook

Trustee

Date:

The notes on pages 11 to 17 form part of these Financial Statements.

9

THE MICHAEL BISHOP FOUNDATION

Statement of Cash Flow for the year ended 5 April 2023

----- Start of picture text -----
Notes 2023 2022
£ £
Net cash used in operating activities 13 (771,526) (1,819,649)
Cash flow from investing activities:
Dividends and interest from investments 584,102 577,477
Proceeds from sales of investments (818,435) 3,743,481
Net cash provided by investing activities: (234,333) 4,320,958
Change in cash in the year (1,005,859) 2,501,309
Cash brought forward 4,939,845 2,438,536
Cash carried forward 3,933,986 4,939,845
Represented by:
Cash at bank 9 1,261,917 909,873
Cash at broker 7 2,672,069 4,029,972
3,933,986 4,939,845
----- End of picture text -----

The notes on pages 11 to 17 form part of these Financial Statements.

10

THE MICHAEL BISHOP FOUNDATION

Notes to the financial statements for the year ended 5 April 2023

1 Principal Accounting Policies

(a) Accounting Convention

The financial statements are prepared under the historical cost convention and in preparing the financial statements the charity follows best practice as laid down in the Statement of Recommended Practice “Accounting and Reporting by Charities” (Charities SORP (FRS 102)) and comply with the Charities (Accounts and Reports) Regulations 2008 issued under the Charities Act 2011.

(b) Donations, legacies and similar income

Donations, legacies and similar income are shown in the accounts when receivable and the value of the incoming resources can be measured with sufficient reliability.

(c) Investment income

Investment income is accounted for in the period in which the charity is entitled to receipt.

(d) Resources expended

Liabilities are recognised as resources expended 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.

(e) Charitable activities

Costs of charitable activities include grants made and an apportionment of overhead and support costs where applicable.

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Charity.

(f) Governance costs

Governance costs comprise costs relating to the general running of the charity as opposed to those associated with generating funds or charitable activity.

(g) Fixed asset investments

Investments are stated at closing market value at the balance sheet date. Any gains or losses on revaluation and disposal are shown in the Statement of Financial Activities.

(h) Realised gains and losses

Gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and purchase cost. Unrealised gains and losses are calculated as the difference between the market value at year end and opening market value (or purchase date if later). Realised and unrealised gains and losses are not separated in the Statement of Financial Assets.

(i)[Taxation]

The charity is exempt from tax on its charitable activities.

(j) Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling the balance sheet date. Transactions in foreign currency are translated at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

11

THE MICHAEL BISHOP FOUNDATION

Notes to the financial statements for the year ended 5 April 2023

----- Start of picture text -----
2 Donations 2023 2022
£ £
Donation of shares 1,877,684 1,226,274
Cash Donations 600,000 260,500
Gift Aid recoverable thereon 150,000 65,125
2,627,684 1,551,899
3 Investment income 2023 2022
£ £
Dividends and fixed interest 555,814 577,096
Bank interest 28,288 381
584,102 577,477
4 Charitable Activities Support
Grants Costs Total Total
(see note 5) (see note 6) 2023 2022
£ £ £ £
Advancement of Health and Medicine 120,000 2,824 122,824 101,810
Arts and Culture 605,000 14,236 619,236 655,689
Education and Training 615,217 14,477 629,694 791,251
General Charitable Purposes 717,746 16,890 734,636 236,353
Heritage 125,000 2,941 127,941 1,016,572
- - -
Human Rights and Social Justice 254,143
2,182,963 51,368 2,234,331 3,055,818
5 Grants paid or payable 2023 2023 2022 2022
Number £ Number £
Payable to institutions 21 2,182,963 26 3,006,003
2023 2022
£ £
-
ABF The Soldiers' Charity 50,000
Alford House 75,000 -
Australian World Orchestra - 50,000
-
Bart's Heritage 100,000
-
Birmingham Royal Ballet 500,000
British Red Cross - 100,000
Creative Folkstone 20,000 -
-
D’Oyly Carte Opera Trust Ltd. 70,000
Exeter Northcott Theatre - 225,000
Carried Forward 695,000 495,000
----- End of picture text -----

12

THE MICHAEL BISHOP FOUNDATION

Notes to the financial statements for the year ended 5 April 2023

5
Grants paid or payable (continued)
Brought forward
Focus Charity
Glendonbrook Foundation
Governor Phillip Scholarship
International Bomber Command Centre
Iris Prize Outreach Ltd.
Just Like Us
Leicestershire County Scouts
Lord Lyon Society
Margaret Thatcher Scholarship Trust
Mill Hill (McClure Tribute)
Mill Hill School
Murray Parrish Trust
National Garden Scheme
NSPCC
Oxford Philharmonic Orchestra
Pimlico Opera
Postal Museum
Queen Elizabeth Scholarship Trust
RNLI Brighton
Royal Birmingham Conservatoire Trust
Royal Collection
Royal Flying Doctor Service of Australia Friends in the UK
Royal Horticultural Society
Royal Northern College of Music
Royal Society of Musicians
Suicide Charity
The Branch
The British Council Table
The English Heritage Trust
The English National Opera Trust		 2023
£
695,000
40,000
692,746
123,728
-
35,000
90,000
15,000
-
104,224
-
142,265
20,000
25,000
-
50,000
-
-
-
-
-
-
100,000
25,000
25,000
-
-
-
-
-
-
2,182,963		 2022
£
495,000
-
-
61,764
250,000
50,000
-
-
25,000
-
50,000
135,839
-
-
250,000
-
50,000
45,000
50,000
5,000
150,000
150,000
150
-
25,000
750
2,500
150,000
10,000
1,000,000
50,000
3,006,003

13

THE MICHAEL BISHOP FOUNDATION

Notes to the financial statements for the year ended 5 April 2023

5 Grants paid or payable (continued)

These were in addition to the following grants paid as part of multi-year commitments, already accounted for in previous years' Financial Statements:

ABF The Soldiers Charity
Alford House
Alzheimers Research UK
Australian World Orchestra
Baker Dearing Educational Trust
British Red Cross
Broughton House
Buxton International Festival
D'Oyly Carte
English Heritage
Exeter Northcott
Governor Phillip Scholarship
International Bomber Command Centre
Margaret Thatcher Scholarship Trust
Mill Hill School McClure Tribute Concert
NSPCC
Pimlico Opera
Prospect Cottage
Queen Elizabeth Scholarship Trust
Royal Birmingham Conservatoire
Royal Collections Trust
The Branch		 25,000
50,000
140,000
50,000
75,000
50,000
62,500
10,000
35,000
250,000
75,000
93,681
50,000
112,925
25,000
50,000
50,000
50,000
25,000
50,000
200,000
37,500
1,566,606
6
Support costs
Audit fees
Legal fees
Accountancy and tax fees
Other admin costs
Bank charges
Staff Costs
Staff expenses		 2023
£
4,200
6,046
7,786
598
544
31,990
204
51,368		 2022
£
1,836
6,250
11,491
562
900
28,775
-
49,814

14

THE MICHAEL BISHOP FOUNDATION

Notes to the financial statements for the year ended 5 April 2023

7
Investments
Marketable investments
i) Net movement in market value of marketable investments
Market value at 6 April 2022
Cost of investment additions
Less: Disposals proceeds
Net gain on investments (realised and unrealised)
Cash held in investment portfolios
Market value at 5 April 2023
ii) Marketable investments
2023
2023
Cost
Valuation
£
£
Fixed interest
8,937,520
8,787,470
UK equities
4,829,114
5,684,397
European Equities
2,458,841
3,006,304
North American Equities
11,690,264
17,654,248
Far East and Emerging Markets Equities
1,832,903
2,134,589
UK unit trusts
1,178,755
1,432,997
European unit trusts
389,314
729,524
North American unit trusts and ETFs
1,404,726
1,830,289
Hedge Funds
585,903
767,324
Property
583,093
622,724
Commodity
914,984
1,123,792
Alternative
144,621
143,648
Cash held in investment portfolios
2,672,069
2,672,069
37,622,107
46,589,375		 2023
£
46,589,375
£
44,053,388
13,134,599
(12,316,164)
(954,517)
2,672,069
46,589,375
2022
Cost
£
8,211,199
4,680,602
2,335,751
10,732,484
1,570,309
1,010,738
525,114
1,402,949
1,089,953
583,093
1,012,118
119,701
4,029,972
37,303,983		 2022
£
48,083,360
£
43,723,964
14,827,511
(18,570,992)
4,072,905
4,029,972
48,083,360
2022
Valuation
£
8,291,021
5,625,804
2,694,073
17,988,307
1,905,342
1,133,970
993,578
1,987,184
1,462,635
693,164
1,151,818
126,492
4,029,972
48,083,360

15

THE MICHAEL BISHOP FOUNDATION

Notes to the financial statements for the year ended 5 April 2023

8
Debtors
2023
£
Gift Aid receivable
215,125
Interest receivable
-
Donations recoverable
21,570
236,695
9
Cash at bank and in hand
2023
£
Current accounts
1,261,917
10 Creditors: Amounts falling due within one year
2023
£
Accruals
67,520
Grants payable
1,569,362
1,636,882
11 Creditors: Amounts falling due after one year
2023
£
Accrued grants liability
1,367,990
12 Unrestricted funds
At 6 April 2022
Donations and investment income
Grants and expenditure
Realised and unrealised gains on investments and currency
At 5 April 2023		 2022
£
65,125
5,536
21,570
92,231
2022
£
909,873
2022
£
66,921
1,467,719
1,534,640
2022
£
2,151,288
Total
£
45,399,536
3,211,786
(2,573,689)
(954,518)
45,083,115

16

THE MICHAEL BISHOP FOUNDATION

Notes to the financial statements for the year ended 5 April 2023

13 Reconciliation of net movements in funds to net cash flow from operating activities
2023
£
Net income/(expenditure) for the year
638,097
Deduct investment income
(584,102)
Currency exchange gain/(loss)
(1)
(Increase)/decrease in debtors
(144,464)
Increase/(decrease) in creditors
(681,056)
(771,526)		 2022
£
(1,282,818)
(577,477)
(7,028)
(69,153)
116,827
(1,819,649)

14 Related parties

Lord Glendonbrook made gifts to the Charity during the year totalling £2,477,684 (2022: £1,476,774) (see note 2).

Lord Glendonbrook and Martin Ritchie are directors of The Glendonbrook Foundation. During the year, grants of £692,746 were made to The Glendonbrook Foundation (2022: £Nil) by the Charity.

15 Trustees' remuneration and benefits

None of the Trustees have been paid any remuneration or received any other benefits from the Charity.

16 Trustees' expenses

No Trustees' expenses were incurred in the year ended 5 April 2023 (2022: £Nil).

17 Commitments

Included within creditors and creditors due after one year are charitable commitments of £2,937,352 (2022: £3,619,007) in relation to Alford House, Alzheimer's Research UK, Baker Dearing Educational Trust, Bart's Heritage, Birmingham Royal Ballet, Creative Folkstone, English Heritage, Exeter Northcott Theatre, International Bomber Command Centre - LBCM, Just Like Us, Margaret Thatcher Scholarship Trust, National Garden Scheme, NSPCC, Queen Elizabeth Scholarship Trust QEST, RFDS Friends in the UK, Royal Birmingham Conservatoire, Royal Collection Trust, The Branch, The British Red Cross, and The Governor Phillip Scholarship.

17

THE MICHAEL BISHOP FOUNDATION

Appendix

Schedule of Investments

5 April 2023

18

The Michael Bishop Foundation

Evelyn Partners Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
United Kingdom(Government of) 5% Snr Bds 07/03/2025 GBP1000
06-Apr-22 b/fwd - - -
19-Oct-22 Purchase 350,000 363,054
27-Oct-22 Accrued income - (2,417)
05-Apr-23 c/fwd 350,000 360,637 358,750 6,333
Treasury 2% I/L Stock 26/01/35
06-Apr-22 b/fwd 86,000 200,309 258,258
05-Apr-23 c/fwd 86,000 200,309 219,687 3,227
Ishares II Plc Usd Tips 0-5 Ucits Etf(Gbp)
06-Apr-22 b/fwd 62,500 241,523 247,859
19-Oct-22 Sale 62,500 280,265 241,523 38,742
05-Apr-23 c/fwd - - - 108
Liontrust Sustainable Future Monthly Income Bond Fund B Gross Inc
06-Apr-22 b/fwd 250,000 244,728 232,000
05-Apr-23 c/fwd 250,000 244,728 202,075 11,096
M&G UK Inflation Linked Corp Bond PP GBP DIS
06-Apr-22 b/fwd 177,825 175,333 185,632
05-Apr-23 c/fwd 177,825 175,333 188,193 557
Royal London Corporate Bond Z Inc
06-Apr-22 b/fwd 283,000 279,537 290,641
05-Apr-23 c/fwd 283,000 279,537 253,540 11,710
BP Plc
06-Apr-22 b/fwd 15,000 82,081 57,435
19-Oct-22 Purchase 10,000 45,376
05-Apr-23 c/fwd 25,000 127,457 133,425 4,051

1

The Michael Bishop Foundation

Evelyn Partners Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Shell Plc
06-Apr-22 b/fwd 7,500 121,059 159,075
05-Apr-23 c/fwd 7,500 121,059 177,225 6,473
Croda International
06-Apr-22 b/fwd 2,355 59,935 189,059
05-Apr-23 c/fwd 2,355 59,935 149,684 2,437
Rio Tinto
06-Apr-22 b/fwd 3,300 72,709 201,960
05-Apr-23 c/fwd 3,300 72,709 174,339 18,940
Smiths Group
06-Apr-22 b/fwd 4,000 55,801 55,560
05-Apr-23 c/fwd 4,000 55,801 66,660 1,584
Experian
06-Apr-22 b/fwd 7,500 143,675 221,775
07-Dec-22 Sale 1,000 29,269 19,157 10,112
05-Apr-23 c/fwd 6,500 124,519 174,265 3,135
Intertek Group
06-Apr-22 b/fwd 1,000 52,579 52,860
29-Mar-23 Purchase 750 29,810
05-Apr-23 c/fwd 1,750 82,389 69,475 1,058
Relx Plc
06-Apr-22 b/fwd - - -
29-Mar-23 Purchase 3,500 90,686
05-Apr-23 c/fwd 3,500 90,686 91,875 -
Barratt Development
06-Apr-22 b/fwd 8,500 32,783 44,166
05-Apr-23 c/fwd 8,500 32,783 38,412 3,137

2

The Michael Bishop Foundation

Evelyn Partners Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Diageo
06-Apr-22 b/fwd 4,000 75,841 159,180
05-Apr-23 c/fwd 4,000 75,841 146,760 3,047
British American Tobacco
06-Apr-22 b/fwd 1,680 18,445 54,239
05-Apr-23 c/fwd 1,680 18,445 47,124 3,659
Reckitt Benckiser Group
06-Apr-22 b/fwd 1,440 44,409 85,795
05-Apr-23 c/fwd 1,440 44,409 91,238 2,514
Haleon Plc Ord GBP0.01
06-Apr-22 b/fwd - - -
18-Jul-22 Spin-off 5,945 14,339
19-Oct-22 Purchase 14,055 37,689
05-Apr-23 c/fwd 20,000 52,028 68,130 -
Unilever
06-Apr-22 b/fwd 3,000 78,644 106,095
05-Apr-23 c/fwd 3,000 78,644 128,655 4,427
Smith & Nephew
06-Apr-22 b/fwd 10,000 105,027 123,300
05-Apr-23 c/fwd 10,000 105,027 112,800 3,131
Astrazeneca
06-Apr-22 b/fwd 4,500 317,556 465,030
07-Dec-22 Sale 500 56,443 35,284 21,159
05-Apr-23 c/fwd 4,000 282,272 463,760 9,950

3

The Michael Bishop Foundation

Evelyn Partners Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Glaxosmithkline
06-Apr-22 b/fwd 5,945 76,085 101,291
19-Jul-22 Consolidation (5,945) (76,085)
05-Apr-23 c/fwd - - - 2,200
GSK Plc Ord GBP0.3125
06-Apr-22 b/fwd - - -
19-Jul-22 From consolidation 4,756 61,746
05-Apr-23 c/fwd 4,756 61,746 70,731 1,427
HSBC
06-Apr-22 b/fwd 12,568 78,849 66,321
29-Mar-23 Sale 12,568 69,538 78,849 (9,311)
05-Apr-23 c/fwd - - - 2,727
Lloyds Banking Group
06-Apr-22 b/fwd 163,000 138,116 75,477
05-Apr-23 c/fwd 163,000 138,116 78,941 3,472
M&G Plc
06-Apr-22 b/fwd 40,000 58,784 86,800
05-Apr-23 c/fwd 40,000 58,784 75,940 7,360
Schroders
06-Apr-22 b/fwd 2,500 74,801 81,650
20-Sep-22 Share re-structure 12,206 -
05-Apr-23 c/fwd 14,705 74,801 65,658 3,050
Legal & General Group
06-Apr-22 b/fwd 32,850 59,335 89,582
05-Apr-23 c/fwd 32,850 59,335 77,132 6,146

4

The Michael Bishop Foundation

Evelyn Partners Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Prudential Plc
06-Apr-22 b/fwd 6,100 32,080 69,144
05-Apr-23 c/fwd 6,100 32,080 67,283 880
Sage Group
06-Apr-22 b/fwd 15,000 89,252 109,830
05-Apr-23 c/fwd 15,000 89,252 115,470 2,760
BT Group
06-Apr-22 b/fwd 60,000 125,193 110,790
05-Apr-23 c/fwd 60,000 125,193 87,480 4,620
Henderson Smaller Companies IT
06-Apr-22 b/fwd 19,250 178,064 193,270
05-Apr-23 c/fwd 19,250 178,064 149,958 4,620
Invesco EQQQ NASDAQ-100 UCITS ETF Inc
06-Apr-22 b/fwd 1,750 62,045 487,760
31-Mar-23 Excess reportable income - 6
05-Apr-23 c/fwd 1,750 62,052 443,940 2,263
JPM US Equity Income C Inc
06-Apr-22 b/fwd 80,000 262,871 349,920
05-Apr-23 c/fwd 80,000 262,871 340,400 7,848
Morgan Stanley US Advantage I GBP Acc
06-Apr-22 b/fwd 10,000 247,717 213,883
05-Apr-23 c/fwd 10,000 247,717 153,726 -
SPDR S&P US Dividend Aristocrats ETF GBP
06-Apr-22 b/fwd 7,000 301,781 381,115
30-Sep-22 Excess reportable income - 8
05-Apr-23 c/fwd 7,000 301,790 380,800 8,881

5

The Michael Bishop Foundation

Evelyn Partners Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Baring Fd Mngrs Barings Eurp Select
06-Apr-22 b/fwd 6,000 135,800 279,900
20-Oct-22 Sale 6,000 236,400 135,800 100,600
05-Apr-23 c/fwd - - - 5,172
Blackrock FM Ltd Blackrock Eurpn Dynamic D A
06-Apr-22 b/fwd 75,000 389,314 713,678
05-Apr-23 c/fwd 75,000 389,314 729,524 -
Baillie Gifford Japanese W6 Dis
06-Apr-22 b/fwd 20,000 301,207 333,800
05-Apr-23 c/fwd 20,000 301,207 307,400 5,144
Newton Asian Income Institutional W
06-Apr-22 b/fwd 160,000 158,283 226,912
05-Apr-23 c/fwd 160,000 158,283 210,928 8,277
Schroder Oriental Income Fund
06-Apr-22 b/fwd 50,000 134,751 136,250
05-Apr-23 c/fwd 50,000 134,751 128,000 5,750
Stewart Investors Asia Pacific and Japan SUS B (Inc) GBP
06-Apr-22 b/fwd 128,500 105,781 359,517
05-Apr-23 c/fwd 128,500 105,781 368,988 455
Fidelity Emerging Markets R GBP ACC
06-Apr-22 b/fwd 209,719 209,331 259,004
31-Aug-22 Accumulation - 2,954
05-Apr-23 c/fwd 209,719 212,285 224,819 2,954
Impax Environmental Markets
06-Apr-22 b/fwd 50,000 189,239 233,000
05-Apr-23 c/fwd 50,000 189,239 207,750 2,000

6

The Michael Bishop Foundation

Evelyn Partners Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Loomis Sayles Global Growth Equity Fund S2/A GBP
06-Apr-22 b/fwd 3,785 433,165 506,426
30-Jun-22 Excess reportable income - 1,763
05-Apr-23 c/fwd 3,785 434,928 502,073 1,763
NB Private Equity Partners
06-Apr-22 b/fwd 10,000 169,001 165,000
05-Apr-23 c/fwd 10,000 169,001 142,000 7,912
Greencoat UK Wind IT
06-Apr-22 b/fwd 176,100 201,086 273,836
05-Apr-23 c/fwd 176,100 201,086 281,231 13,595
Mayfair Capital Property Inc TR Char GBP
06-Apr-22 b/fwd 429,551 382,007 419,328
05-Apr-23 c/fwd 429,551 382,007 341,493 18,280
Invesco Physical Gold P ETC GBX
06-Apr-22 b/fwd 3,500 465,292 497,035
05-Apr-23 c/fwd 3,500 465,292 547,523 -
AHFM Defined Returns B GBP Acc
06-Apr-22 b/fwd 400,000 504,050 691,240
08-Dec-22 Sale 75,000 130,035 94,509 35,526
05-Apr-23 c/fwd 325,000 409,540 587,958 -
JPM Global Macro Opportunities C Inc
06-Apr-22 b/fwd 150,000 226,807 245,550
05-Apr-23 c/fwd 150,000 226,807 251,100 -

7

The Michael Bishop Foundation

Evelyn Partners Schedule of Investments for the year ended 5 April 2023

Units
Cost
Value
Units
Cost
Units
£
£
£
Opening Balances
Acquisitions
Link Fund Sol Ltd Capita Trojan X Inc
06-Apr-22
b/fwd
191,490
193,203
246,945
05-Apr-23
c/fwd
Ruffer Investment Company
06-Apr-22
b/fwd
170,000
392,700
524,450
05-Apr-23
c/fwd
8,777,965
11,718,623
568,929		 Proceeds
Cost
Profit/Loss
Units
£
£
£
Disposals
191,490
170,000
801,949
605,122
196,828		 Cost
Value
Income
£
£
£
Closing
193,203
242,024
971
392,700
525,300
4,420
8,741,773
11,061,638
235,521

8

The Michael Bishop Foundation

Canaccord Portfolio - LONBISMIC001 Schedule of Investments for the year ended 5 April 2023

The Michael Bishop Foundatio The Michael Bishop Foundatio The Michael Bishop Foundatio Acquisitions Acquisitions Disposals Closing
Units Cost Market Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Fixed Interest
ISHARES II PLC USD FLTG RATE BOND UCITS ETF GBP DIS HDG
06-Apr-22 b/fwd - - -
15-Dec-22 Purchase 24,254 114,476
05-Apr-23 c/fwd 24,254 114,476 115,789 -
ISHARES II PLC USD HIGH YIELD CORP BD GBP UCITS HDG DIS
06-Apr-22 b/fwd - - -
15-Dec-22 Purchase 17,259 71,970
05-Apr-23 c/fwd 17,259 71,970 72,367 -
ISHARES VI PLC GBL HIGH YLD CORP BOND GBP HGD DIST
06-Apr-22 b/fwd - - -
15-Dec-22 Purchase 675 57,228
05-Apr-23 c/fwd 675 57,228 57,885 -
NEUBERGER BERMAN INVESTMENT FDS PLC SHORT DURATION EMG MKT GBP I5 INC
06-Apr-22 b/fwd - - -
15-Dec-22 Purchase 16,790 128,783
05-Apr-23 c/fwd 16,790 128,783 128,112 2,348
ISHARES II PLC USD TIPS 0-5 UCITS GBP DIS HDG
06-Apr-22 b/fwd 43,166 220,488 220,751
12-Oct-22 Sale 13,735 67,495 70,157 (2,663)
15-Dec-22 Sale 15,869 78,135 81,058 (2,922)
05-Apr-23 c/fwd 13,562 69,274 68,298 467
ISHARES II PLC USD TREAS BD 7-10YR UCIT ETF GBP DIS HGD
06-Apr-22 b/fwd - - -
15-Dec-22 Purchase 26,405 120,973
05-Apr-23 c/fwd 26,405 120,973 123,523 -

1

The Michael Bishop Foundation

Canaccord Portfolio - LONBISMIC001 Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Market Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
ISHARES GBP CORP BD 0-5 UCITS ETF GBP DIST
06-Apr-22 b/fwd 1,925 204,378 196,081
12-Oct-22 Sale 489 44,984 51,917 (6,933)
15-Dec-22 Sale 1,436 139,677 152,461 (12,783)
05-Apr-23 c/fwd - - - 1,832
ISHARES VII PLC USD TREAS BD 3-7YR UCITS ETF GBP DIS HGD
06-Apr-22 b/fwd - - -
27-May-22 Purchase 19,636 95,386
12-Oct-22 Sale 548 2,481 2,662 (182)
15-Dec-22 Sale 19,088 88,735 92,724 (3,989)
05-Apr-23 c/fwd - - - 817
ISHARES III PLC Core GBL AGGRG BD UCITS ETF GBP HDG DIS
06-Apr-22 b/fwd 73,759 381,952 358,174
20-Apr-22 Sale 373 1,770 1,932 (162)
12-Oct-22 Sale 21,415 93,186 110,895 (17,709)
15-Dec-22 Sale 51,971 235,221 269,126 (33,905)
05-Apr-23 c/fwd - - - 2,679
iShares Core GBP Corp Bond UCITS ETF
06-Apr-22 b/fwd - - -
12-Oct-22 Purchase 970 105,063
15-Dec-22 Purchase 1,028 126,494
05-Apr-23 c/fwd 1,998 231,557 244,256 3,188
Far East and Emerging Markets Equities
VANGUARD FUNDS PLC FTSE EMERGING MARKETS UCITS ETF USD ACC
06-Apr-22 b/fwd - - -
15-Dec-22 Purchase 1,057 45,010
05-Apr-23 c/fwd 1,057 45,010 45,240 -

2

The Michael Bishop Foundation

Canaccord Portfolio - LONBISMIC001 Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Market Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Amundi Index Solutions MSCI AC Far East Ex JAP IG GBP DIS UNHDG
06-Apr-22 b/fwd 139 143,819 121,156
14-Oct-22 Purchase 6 4,716
16-Dec-22 Sale 145 114,594 148,535 (33,942)
05-Apr-23 c/fwd - - - 3,205
ISHARES VII PLC ISHARES MSCI EM ASIA UCITS ETF USD (ACC)
06-Apr-22 b/fwd 327 47,058 42,657
12-Oct-22 Purchase 134 15,754
15-Dec-22 Purchase 630 76,722
05-Apr-23 c/fwd 1,091 139,533 135,262 -
Multi Units Luxembourg Lyxor Core MSCI Japan - D Hedged GBP
06-Apr-22 b/fwd 9,379 120,585 115,437
12-Oct-22 Sale 275 3,230 3,536 (306)
15-Dec-22 Sale 1,996 24,636 25,662 (1,026)
23-Jan-23 Sale 2,403 29,579 30,895 (1,316)
23-Feb-23 Sale 4,705 58,860 60,492 (1,632)
05-Apr-23 c/fwd - - - -
VANGUARD FUNDS PLC FTSE JAPAN UCITS ETF USD ACC
06-Apr-22 b/fwd - - -
15-Mar-23 Purchase 2,720 57,922
05-Apr-23 c/fwd 2,720 57,922 58,997 -
North American equities
ISHARES III Plc ISHARES S&P Smallcap 600 UCITS ETF USD
06-Apr-22 b/fwd 950 62,655 64,040
27-May-22 Sale 424 27,347 27,964 (617)
12-Oct-22 Sale 526 34,439 34,691 (252)
05-Apr-23 c/fwd - - - 158

3

The Michael Bishop Foundation

Canaccord Portfolio - LONBISMIC001 Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Market Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
ISHARES V PLC S&P 500 GBP HEDGED UCITS ETF ACC
06-Apr-22 b/fwd 1,814 188,176 191,259
06-Sep-22 Sale 533 47,974 55,291 (7,316)
15-Dec-22 Sale 1,281 113,266 132,885 (19,619)
05-Apr-23 c/fwd - - - -
ISHARES V PLC S&P US Banks UCITS ETF ACC
06-Apr-22 b/fwd 12,420 61,499 58,929
06-Sep-22 Sale 12,420 57,285 61,499 (4,214)
05-Apr-23 c/fwd - - - -
ISHARES VII PLC ISHARES CORE S&P 500 UCITS ETF USD ACC
06-Apr-22 b/fwd 404 136,789 144,398
12-Oct-22 Purchase 176 59,006
15-Dec-22 Purchase 13 4,278
23-Jan-23 Sale 173 57,313 57,926 (613)
05-Apr-23 c/fwd 420 142,146 142,720 -
VANGUARD FUNDS PLC S&P 500 UCITS ETF USD ACC
06-Apr-22 b/fwd - - -
15-Dec-22 Purchase 2,472 146,722
20-Jan-23 Sale 979 57,720 58,107 (387)
05-Apr-23 c/fwd 1,493 88,615 90,983 -
Hanetf ICAV ICLIMA GBL Decarbon Enablers ETF USD Acc
06-Apr-22 b/fwd 11,101 79,236 70,436
12-Oct-22 Purchase 9,698 55,023
15-Dec-22 Purchase 8,707 50,435
05-Apr-23 c/fwd 29,506 184,694 164,880 -
ISHARES IV PLC Healthcare Innovation UCITS ETF Acc
06-Apr-22 b/fwd 9,084 67,327 57,638
15-Dec-22 Sale 9,084 55,412 67,327 (11,914)
05-Apr-23 c/fwd - - - -

4

The Michael Bishop Foundation

Canaccord Portfolio - LONBISMIC001 Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Market Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
LEGAL & GENERAL GBL INFSTR INDEX FD LEGAL & GEN GBL INFRSTR IDX C GBP ACC
06-Apr-22 b/fwd - - -
13-Oct-22 Purchase 101,168 77,485
05-Apr-23 c/fwd 101,168 77,485 79,356 -
Legal & General UCITS ETF PLC L&G Battery Value-Chain GO UCITS ETF USD
06-Apr-22 b/fwd 7,091 90,856 94,282
12-Oct-22 Sale 3,948 52,283 50,585 1,698
15-Dec-22 Sale 3,143 42,556 40,271 2,286
05-Apr-23 c/fwd - - - -
Legal & General UCITS ETF PLC L&G Battery ISE Cyber Security GO UCITS ETF USD
06-Apr-22 b/fwd 4,241 76,487 79,404
12-Oct-22 Sale 815 12,798 14,699 (1,900)
15-Dec-22 Sale 3,426 50,874 61,789 (10,915)
05-Apr-23 c/fwd - - - -
Legal & General UCITS ETF PLCROBO Global Rob&Auto GO UCITS ETF USD
06-Apr-22 b/fwd 3,243 63,449 57,904
12-Oct-22 Sale 3,243 47,969 63,449 (15,481)
05-Apr-23 c/fwd - - - -
Rize UCITS ICAV Sustainable Future of Food ETF GBP Acc
06-Apr-22 b/fwd 15,985 61,738 63,413
12-Oct-22 Sale 15,985 54,362 61,738 (7,376)
05-Apr-23 c/fwd - - - -
SSGA SPDR ETFS EUROPE I PLC SPDR S&P 400 US Mid Cap UCITS ETF USD
06-Apr-22 b/fwd 2,007 118,308 122,692
27-May-22 Sale 982 57,198 57,887 (689)
12-Oct-22 Purchase 56 3,453
15-Dec-22 Sale 1,081 64,390 63,875 515
05-Apr-23 c/fwd - - - -

5

The Michael Bishop Foundation

Canaccord Portfolio - LONBISMIC001 Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Market Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
SSGA SPDR ETFS EUROPE II PLC MSCI WRLD HEALTH CARE UCITS ETF USD
06-Apr-22 b/fwd - - -
12-Oct-22 Purchase 1,873 85,932
05-Apr-23 c/fwd 1,873 85,932 85,231 -
UK Equity
Amundi Index Solutions Prime UK Mid Small CAP UC ETF Dr GBP DIS
06-Apr-22 b/fwd 8,258 213,803 197,160
27-May-22 Sale 2,735 62,725 70,810 (8,085)
15-Dec-22 Sale 5,523 112,283 142,993 (30,710)
05-Apr-23 c/fwd - - - 3,921
ISHARES VII PLC Core FTSE 100 UCITS ETF GBP (Acc)
06-Apr-22 b/fwd 461 61,100 61,175
15-Dec-22 Purchase 539 72,348
26-Jan-23 Purchase 202 28,355
05-Apr-23 c/fwd 1,202 161,804 168,472 -
Legal & General UK Index Trust
06-Apr-22 b/fwd 57,653 87,280 97,607
06-Jun-22 Equalisation - (2)
15-Dec-22 Purchase 116,190 188,461
05-Apr-23 c/fwd 173,844 275,739 290,841 3,397
Vanguard Funds Plc FTSE 250 UCITS ETF GBP Dis
06-Apr-22 b/fwd 5,951 203,321 195,095
15-Dec-22 Sale 839 24,490 28,665 (4,175)
05-Apr-23 c/fwd 5,112 174,656 146,542 5,774
VANGUARD INVESTMENT SERIES PLC U S GOVT BOND IDX GBP ACC HGD
06-Apr-22 b/fwd - - -
13-Oct-22 Purchase 551 54,445
16-Dec-22 Sale 551 56,280 54,445 1,835
05-Apr-23 c/fwd - - - -

6

The Michael Bishop Foundation

Canaccord Portfolio - LONBISMIC001 Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Market Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
International
ISHARES IV PLC EDGE MSCI WRL VAL FCT UCITS ETF USD Acc
06-Apr-22 b/fwd 4,157 107,494 118,682
15-Dec-22 Purchase 137 3,825
05-Apr-23 c/fwd 4,294 111,319 123,710 -
ISHARES VI PLC EDGE MSCI WLD MIN VOL UCITS ETF USD ACC
06-Apr-22 b/fwd - - -
27-May-22 Purchase 1,306 58,188
15-Dec-22 Purchase 51 2,319
23-Jan-23 Sale 616 27,784 27,467 318
05-Apr-23 c/fwd 741 33,040 34,004 -
ISHARES V Plc Gold Producers UCITS ETF USD Acc
06-Apr-22 b/fwd 6,008 63,586 74,374
12-Oct-22 Sale 1,767 16,207 18,701 (2,494)
15-Dec-22 Purchase 1,334 13,500
05-Apr-23 c/fwd 5,575 58,385 66,950 -
Alternative Investments
Goldman Sachs - SICAV I - GS Absolute
06-Apr-22 b/fwd 4,870 56,796 61,120
15-Dec-22 Purchase 1,078 12,974
05-Apr-23 c/fwd 5,949 69,771 73,584 -
SEI INVESTMENT GLOBAL LTD LIQUID ALTERNATIVE GBX DIS
06-Apr-22 b/fwd - - -
13-Oct-22 Purchase 5,440 74,851
05-Apr-23 c/fwd 5,440 74,851 70,064 335

7

The Michael Bishop Foundation

Canaccord Portfolio - LONBISMIC001 Schedule of Investments for the year ended 5 April 2023

Units
Cost
Market Value
Units
Cost
Units
£
£
£
Opening Balances
Acquisitions
VALU-TRAC Investments Management Ltd VT Gravis UK Infrstr Inc I GBP Net Inc
06-Apr-22
b/fwd
56,162
62,905
65,372
30-May-22
Purchase
23,857
28,036
12-Aug-22
Equalisation
-
(180)
18-Aug-22
Equalisation
-
(2)
13-Oct-22
Sale
80,019
05-Apr-23
c/fwd
2,981,085
2,929,236
2,039,949		 Proceeds
Cost
Profit/Loss
Units
£
£
£
Disposals
78,118
90,759
(12,641)
-
2,193,655
2,445,872
(252,217)		 Cost
Value
Income
£
£
£
Closing
-
-
2,461
2,575,162
2,587,066
30,582

8

The Michael Bishop Foundation

Canaccord Portfolio - LONBISMIC002 Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Market Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Fixed Interest
ISHARES II PLC USD FLTG RATE BOND UCITS ETF GBP DIS HDG
06-Apr-22 b/fwd - - -
15-Dec-22 Purchase 18,774 88,611
05-Apr-23 c/fwd 18,774 88,611 89,627 -
ISHARES VI PLC GBL HIGH YLD CORP BOND GBP HGD DIST
06-Apr-22 b/fwd - - -
15-Dec-22 Purchase 699 59,263
05-Apr-23 c/fwd 699 59,263 59,943 -
ISHARES II PLC USD TREAS BD 7-10YR UCIT ETF GBP DIS HGD
06-Apr-22 b/fwd - - -
15-Dec-22 Purchase 27,252 124,854
05-Apr-23 c/fwd 27,252 124,854 127,485 -
iShares III Plc Core Gbl Aggrg BD UCITS ETF GBP HDG DIS
06-Apr-22 b/fwd 26,937 137,273 130,806
12-Oct-22 Purchase 2,813 12,296
15-Dec-22 Sale 29,750 134,649 149,568 (14,920)
05-Apr-23 c/fwd - - - 983
ISHARES II PLC USD TIPS 0-5 UCITS GBP DIS HDG
06-Apr-22 b/fwd 19,132 97,725 97,841
12-Oct-22 Sale 4,560 22,408 23,292 (884)
15-Dec-22 Sale 14,572 71,749 74,433 (2,683)
05-Apr-23 c/fwd - - - 230
iShares Core GBP Corp Bond UCITS ETF
06-Apr-22 b/fwd 9 1,330 1,264
12-Oct-22 Sale 9 967 1,330 (363)
15-Dec-22 Purchase 880 108,283
05-Apr-23 c/fwd 880 108,283 107,580 1,013

1

The Michael Bishop Foundation

Canaccord Portfolio - LONBISMIC002 Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Market Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
ISHARES GBP CORP BD 0-5 UCITS ETF GBP DIST
06-Apr-22 b/fwd 15 1,607 1,528
12-Oct-22 Purchase 458 42,155
15-Dec-22 Sale 154 14,979 14,248 732
05-Apr-23 c/fwd 319 29,513 31,077 430
Far East and Emerging Markets Equities
VANGUARD FUNDS PLC FTSE EMERGING MARKETS UCITS ETF USD ACC
06-Apr-22 b/fwd - - -
12-Oct-22 Purchase 1,540 65,650
20-Jan-23 Sale 82 3,739 3,496 243
05-Apr-23 c/fwd 1,458 62,155 62,402 -
Amundi Index Solutions MSCI AC FAR EAST EX JAP IG GBP Dis UNHDG
06-Apr-22 b/fwd 205 212,749 179,246
14-Oct-22 Purchase 15 11,677
16-Dec-22 Sale 221 174,457 224,426 (49,969)
05-Apr-23 c/fwd - - - 4,879
ISHARES VII PLC ISHARES MSCI EMU UCITS ETF EUR
06-Apr-22 b/fwd - - -
12-Oct-22 Purchase 704 82,767
15-Dec-22 Purchase 795 96,815
05-Apr-23 c/fwd 1,499 179,582 185,846 -
Multi Units Luxembourg Lyxor Core MSCI Japan - D Hedged GBP
06-Apr-22 b/fwd 10,673 136,745 131,363
12-Oct-22 Sale 432 5,074 5,535 (461)
15-Dec-22 Sale 839 10,356 10,749 (394)
23-Jan-23 Sale 4,467 54,985 57,232 (2,248)
23-Feb-23 Sale 4,935 61,737 63,228 (1,492)
05-Apr-23 c/fwd - - - -

2

The Michael Bishop Foundation

Canaccord Portfolio - LONBISMIC002 Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Market Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
VANGUARD FUNDS PLC FTSE JAPAN UCITS ETF USD ACC
06-Apr-22 b/fwd - - -
15-Mar-23 Purchase 3,082 65,630
05-Apr-23 c/fwd 3,082 65,630 66,849 -
European Equities
GEMCAP INVESTMENT FUNDS IRELAND PLC ATLANTIC HOUSE DEFINED RETURNS B GBP ACC
06-Apr-22 b/fwd - - -
30-May-22 Purchase 43,449 74,962
13-Oct-22 Sale 43,449 69,045 74,962 (5,918)
05-Apr-23 c/fwd - - - -
North American equities
iShares Core S&P 500 UCITS ETF USD (DIST)
06-Apr-22 b/fwd 11,408 377,715 396,770
27-May-22 Sale 2,470 79,268 81,781 (2,512)
12-Oct-22 Sale 3,298 106,614 109,196 (2,582)
15-Dec-22 Purchase 2,878 91,292
20-Jan-23 Sale 2,521 79,698 82,286 (2,588)
05-Apr-23 c/fwd 5,997 195,744 195,562 3,512
iShares III PLC iShares S&P SmallCap 600 UCITS ETF USD
06-Apr-22 b/fwd 2,392 155,468 161,245
27-May-22 Sale 1,418 91,456 92,163 (707)
12-Oct-22 Sale 974 63,771 63,305 466
05-Apr-23 c/fwd - - - 292
iShares V Plc S&P 500 GBP Hedged UCITS ETF Acc
06-Apr-22 b/fwd 1,977 204,547 208,445
06-Sep-22 Sale 558 50,225 57,732 (7,508)
12-Oct-22 Sale 47 3,835 4,863 (1,028)
15-Dec-22 Sale 1,372 121,312 141,951 (20,639)
05-Apr-23 c/fwd - - - -

3

The Michael Bishop Foundation

Canaccord Portfolio - LONBISMIC002 Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Market Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
iShares V Plc S&P US Banks UCITS ETF USD Acc
06-Apr-22 b/fwd 12,724 63,004 60,371
06-Sep-22 Sale 12,724 58,687 63,004 (4,317)
05-Apr-23 c/fwd - - - -
VANGUARD FUNDS PLC S&P 500 UCITS ETF USD ACC
06-Apr-22 b/fwd - - -
15-Dec-22 Purchase 3,888 230,766
23-Jan-23 Sale 539 32,033 31,992 41
05-Apr-23 c/fwd 3,349 198,775 204,088 -
Hanetf ICAV Iclima GBL Decarbon Enablers ETF USD Acc
06-Apr-22 b/fwd 11,686 83,011 74,148
27-May-22 Purchase 2,709 16,116
12-Oct-22 Purchase 7,195 40,822
15-Dec-22 Sale 4,740 27,280 30,725 (3,445)
05-Apr-23 c/fwd 16,850 109,223 94,158 -
iShares IV Plc Healthcare Innocation iCITS Etf Acc
06-Apr-22 b/fwd 11,966 88,668 75,924
15-Dec-22 Sale 4,790 29,219 35,494 (6,275)
05-Apr-23 c/fwd 7,176 53,174 42,249 -
Legal & General UCITS ETF Plc L&G Battery Value-Chain GO UCITS ETF USD
06-Apr-22 b/fwd 7,710 98,651 102,512
12-Oct-22 Sale 4,165 55,157 53,292 1,865
05-Apr-23 c/fwd 3,545 45,359 49,290 -
Legal & General UCITS ETF Plc L&G ISE Cyber Security GO UCITS ETF USD
06-Apr-22 b/fwd 5,563 100,342 104,155
12-Oct-22 Sale 1,680 26,382 30,303 (3,921)
15-Dec-22 Sale 874 12,978 15,765 (2,786)
05-Apr-23 c/fwd 3,009 54,275 46,142 -

4

The Michael Bishop Foundation

Canaccord Portfolio - LONBISMIC002 Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Market Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Legal & General UCITS ETF Plc L&G ETF Plc ROBO Global Rob&Auto GO UCITS ETF USD
06-Apr-22 b/fwd 4,194 82,056 74,884
15-Dec-22 Sale 927 14,424 18,137 (3,713)
05-Apr-23 c/fwd 3,267 63,919 55,245 -
LEGAL & GENERAL GBL INFSTR INDEX FD LEGAL & GEN GBL INFRSTR IDX C GBP ACC
06-Apr-22 b/fwd - - -
13-Oct-22 Purchase 124,865 95,634
05-Apr-23 c/fwd 124,865 95,634 97,944 -
SSGA SPDR ETFS Europe I Plc SPDR S&P 400 US Mid Cap UCITS ETF USD
06-Apr-22 b/fwd 2,007 113,379 122,692
27-May-22 Sale 540 31,453 30,506 947
12-Oct-22 Sale 684 41,314 38,640 2,674
15-Dec-22 Sale 783 46,640 44,233 2,407
05-Apr-23 c/fwd - - - -
SSGA SPDR ETFS EUROPE II PLC MSCI WRLD HEALTH CARE UCITS ETF USD
06-Apr-22 b/fwd - - -
12-Oct-22 Purchase 1,300 59,643
15-Dec-22 Purchase 525 24,426
20-Jan-23 Sale 1,300 58,189 59,101 (912)
26-Jan-23 Purchase 1,282 58,271
05-Apr-23 c/fwd 1,807 83,240 81,929 -
Rize UCITS ICAV Sustainable Future of Food ETF GBP Acc
06-Apr-22 b/fwd 18,844 72,780 74,754
12-Oct-22 Sale 18,844 64,085 72,780 (8,696)
05-Apr-23 c/fwd - - - -

5

The Michael Bishop Foundation

Canaccord Portfolio - LONBISMIC002 Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Market Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
UK Equity
Amundi Index Solutions Prime UK Mid Small CAP UC ETF Dr GBP DIS
06-Apr-22 b/fwd 12,069 312,451 288,147
20-Apr-22 Sale 72 1,712 1,864 (152)
27-May-22 Sale 3,126 71,757 80,928 (9,171)
15-Dec-22 Sale 8,871 180,347 229,659 (49,311)
05-Apr-23 c/fwd - - - 6,298
iShares VII Plc Core FTSE 100 UCITS ETF GBP (Acc)
06-Apr-22 b/fwd 472 62,558 62,634
15-Dec-22 Purchase 1,317 176,776
26-Jan-23 Purchase 528 74,117
05-Apr-23 c/fwd 2,317 313,451 324,751 -
LEGAL & GENERAL UK INDEX TRUST LEGAL & GENERAL UK INDEX TRUST C DIS
06-Apr-22 b/fwd 79,305 121,073 134,263
06-Jun-22 Equalisation - (3)
13-Oct-22 Purchase 13,337 19,645
15-Dec-22 Purchase 116,090 188,297
05-Apr-23 c/fwd 208,731 329,012 349,207 4,672
Vanguard Funds Plc FTSE 250 UCITS ETF GBP DIS
06-Apr-22 b/fwd 8,449 288,667 276,989
20-Apr-22 Sale 51 1,667 1,742 (76)
12-Oct-22 Purchase 2,132 54,916
15-Dec-22 Sale 4,283 125,018 139,041 (14,023)
05-Apr-23 c/fwd 6,247 202,800 179,078 8,467
VANGUARD FUNDS PLC FTSE DEVELOPED EU EX UK UCTS ETF EUR ACC
06-Apr-22 b/fwd - - -
09-Jun-22 Purchase 1,926 59,033
12-Oct-22 Sale 1,926 54,258 59,033 (4,775)
05-Apr-23 c/fwd - - - -

6

The Michael Bishop Foundation

Canaccord Portfolio - LONBISMIC002 Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Market Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
ISHARES VII PLC USD TREAS BD 3-7YR UCITS ETF GBP DIS HGD
06-Apr-22 b/fwd - - -
12-Oct-22 Purchase 21,903 99,241
15-Dec-22 Sale 21,903 101,822 99,241 2,580
05-Apr-23 c/fwd - - - -
VANGUARD INVESTMENT SERIES PLC U S GOVT BOND IDX GBP ACC HGD
06-Apr-22 b/fwd - - -
13-Oct-22 Purchase 572 56,523
16-Dec-22 Sale 572 58,428 56,523 1,905
05-Apr-23 c/fwd - - - -
VT GRAVIS FUNDS ICVC VT GRAVIS UK INFRSTR INC I GBP DIS
06-Apr-22 b/fwd - - -
30-May-22 Purchase 49,705 58,412
12-Aug-22 Equalisation - (375)
13-Oct-22 Sale 49,705 48,524 58,037 (9,513)
05-Apr-23 c/fwd - - - 830
International
iShares IV Plc Edge MSCI WRL VAL FCT UCITS ETF USD Acc
06-Apr-22 b/fwd 5,163 133,306 147,404
12-Oct-22 Purchase 1,189 31,665
15-Dec-22 Sale 730 20,404 19,441 963
05-Apr-23 c/fwd 5,622 145,530 161,970 -
ISHARES VI PLC EDGE MSCI WLD MIN VOL UCITS ETF USD ACC
06-Apr-22 b/fwd - - -
27-May-22 Purchase 1,682 74,940
15-Dec-22 Purchase 397 18,049
23-Jan-23 Sale 1,109 50,021 49,604 417
05-Apr-23 c/fwd 970 43,386 44,513 -

7

The Michael Bishop Foundation

Canaccord Portfolio - LONBISMIC002 Schedule of Investments for the year ended 5 April 2023

Units
Cost
Market Value
Units
Cost
Units
£
£
£
Opening Balances
Acquisitions
Commodity
iShares V Plc Gold Producers UCITS ETF USD
06-Apr-22
b/fwd
7,711
82,335
95,455
12-Oct-22
Sale
5,019
15-Dec-22
Purchase
3,121
31,585
05-Apr-23
c/fwd
3,027,440
3,002,840
2,392,755		 Proceeds
Cost
Profit/Loss
Units
£
£
£
Disposals
46,035
53,591
(7,556)
5,813
2,478,155
2,708,453
(230,298)		 Cost
Value
Income
£
£
£
Closing
60,329
69,808
-
2,711,743
2,726,743
31,605

8

The Michael Bishop Foundation

Veritas Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Market Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Fixed Interest
BASF SE .875% 06/10/2023
06-Apr-22 b/fwd 500,000 500,750 492,314
05-Apr-23 c/fwd 500,000 500,750 490,632 4,375
CG Portfolio Fund plc - Dollar Fund
06-Apr-22 b/fwd 5,730 613,912 614,600
09-Feb-23 Sale 5,730 546,699 613,912 (67,213)
05-Apr-23 c/fwd - - - 6,644
Diageo Finance PLC 1.75% 12/10/2026
06-Apr-22 b/fwd - - -
29-Sep-22 Purchase 640,000 562,866
12-Oct-22 Accrued income - (10,801)
05-Apr-23 c/fwd 640,000 552,065 583,687 399
European Bank for Reconstruction & Developing Floating 5.1012% 20/11/2025
06-Apr-22 b/fwd 501,000 520,463 516,166
05-Apr-23 c/fwd 501,000 520,463 511,173 14,209
European Investment Bank .125% 14/12/2026
06-Apr-22 b/fwd 500,000 487,334 461,609
05-Apr-23 c/fwd 500,000 487,334 432,866 625
Experian Finance PLC 2.125% 27/09/2024
06-Apr-22 b/fwd - - -
14-Jun-22 Purchase 300,000 299,664
27-Sep-22 Accrued income - (4,541)
05-Apr-23 c/fwd 300,000 295,123 287,847 1,834

1

The Michael Bishop Foundation

Veritas Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Market Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
International Bank for Reconstruction & Developing .25% 23/09/2027
06-Apr-22 b/fwd 425,000 403,968 390,624
23-Sep-22 Accrued income - (119)
05-Apr-23 c/fwd 425,000 403,849 360,762 943
International Bank for Reconstruction & Developing .625% 14/07/2028
06-Apr-22 b/fwd 500,000 499,414 464,464
14-Jul-22 Accrued income - (240)
05-Apr-23 c/fwd 500,000 499,175 421,370 2,877
LVMH Moet Hennessy Louis Vuitton SE 1%
06-Apr-22 b/fwd 500,000 501,000 496,560
13-Feb-23 Sale 500,000 500,000 501,000 (1,000)
05-Apr-23 c/fwd - - - 5,000
Siemens Financieringsmattschappij NV .875% 05/06/2023
06-Apr-22 b/fwd - - -
01-Jul-22 Purchase 400,000 394,187
05-Apr-23 c/fwd 400,000 394,187 397,101 -
Tesco 5% MTN 24/03/2023
06-Apr-22 b/fwd 400,000 429,371 409,800
24-Mar-23 Sale 400,000 400,000 429,371 (29,371)
05-Apr-23 c/fwd - - - 20,000
Tesco Personal Finance Group PLC 3.5% 25/07/2025
06-Apr-22 b/fwd - - -
25-Nov-22 Purchase 200,000 190,415
25-Jan-23 Accrued income - (2,340)
05-Apr-23 c/fwd 200,000 188,076 187,499 1,160
Unilever PLC 1.375% 15/09/2024
06-Apr-22 b/fwd 300,000 307,774 295,275
05-Apr-23 c/fwd 300,000 307,774 287,668 4,125

2

The Michael Bishop Foundation

Veritas Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Market Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
United Kingdom Gilt 0.5%
06-Apr-22 b/fwd 800,000 798,296 799,840
22-Jul-22 Sale 800,000 800,000 798,296 1,704
05-Apr-23 c/fwd - - - 2,000
United Kingdom Gilt 0.125% 31/01/2024
06-Apr-22 b/fwd - - -
12-Oct-22 Purchase 574,500 546,396
31-Jan-23 Accrued income - (142)
05-Apr-23 c/fwd 574,500 546,253 557,380 217
United Kingdom Gilt .625% 07/06/2025
06-Apr-22 b/fwd 700,000 705,006 683,970
05-Apr-23 c/fwd 700,000 705,006 658,840 4,375
United Kingdom Gilt 1.875% 22/11/2022
06-Apr-22 b/fwd 250,000 321,603 415,474
22-Nov-22 Sale 250,000 421,670 321,603 100,067
05-Apr-23 c/fwd - - - 7,628
United Kingdom Inflation-Linked Gilt .125% 22/03/2024
06-Apr-22 b/fwd - - -
02-Feb-23 Purchase 370,000 546,150
22-Mar-23 Accrued income - (251)
05-Apr-23 c/fwd 370,000 545,899 550,419 93
United Kingdom Inflation-Linked Gilt 1.25% 22/11/2027
06-Apr-22 b/fwd - - -
13-Oct-22 Accrued income - (2,567)
14-Oct-22 Purchase 294,000 535,003
12-Jan-23 Purchase 140,500 273,339
05-Apr-23 c/fwd 434,500 805,775 865,581 717

3

The Michael Bishop Foundation

Veritas Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Market Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
US Treasury Inflation Indexed Bond 0.125% 15/01/2023
06-Apr-22 b/fwd 300,000 192,650 287,155
16-Jan-23 Sale 300,000 312,967 192,650 120,316
05-Apr-23 c/fwd - - - 397
US Treasury Inflation Indexed Bond 0.125% 15/04/2025
06-Apr-22 b/fwd 325,000 264,534 280,835
12-Oct-22 Sale 325,000 321,571 264,740 56,830
15-Oct-22 Accrued income - 207
05-Apr-23 c/fwd - - - 377
Equities
Accenture PLC
06-Apr-22 b/fwd 3,340 358,052 855,579
01-Sep-22 Sale 440 109,694 47,169 62,526
05-Apr-23 c/fwd 2,900 310,883 670,076 8,091
Adobe Inc
06-Apr-22 b/fwd - - -
08-Sep-22 Purchase 1,170 375,953
22-Dec-22 Purchase 295 79,496
05-Apr-23 c/fwd 1,465 455,449 456,502 -
Align Technology Inc
06-Apr-22 b/fwd 1,620 373,709 536,502
22-Dec-22 Purchase 478 77,326
05-Apr-23 c/fwd 2,098 451,035 566,627 -
Alphabet Inc (BYY88Y7)
06-Apr-22 b/fwd - - -
24-Mar-23 Donation 7,000 603,392
05-Apr-23 c/fwd 7,000 603,392 588,528 -

4

The Michael Bishop Foundation

Veritas Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Market Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Alphabet Inc (BYVY8G0)
06-Apr-22 b/fwd 170 30,148 359,077
18-Jul-22 Stock split 3,230 -
05-Apr-23 c/fwd 3,400 30,148 285,086 -
Amazon.com Inc
06-Apr-22 b/fwd 175 417,669 433,269
06-Jun-22 Stock split 3,325 -
05-Apr-23 c/fwd 3,500 417,669 292,367 -
Amphenol Corp
06-Apr-22 b/fwd 8,100 247,821 463,674
05-Apr-23 c/fwd 8,100 247,821 534,988 4,661
Apple Inc
06-Apr-22 b/fwd - - -
30-Mar-23 Donation 1,600 208,973
05-Apr-23 c/fwd 1,600 208,973 213,295 -
Automatic Data Processing Inc
06-Apr-22 b/fwd 4,230 464,808 731,146
12-May-22 Sale 1,955 336,522 214,823 121,700
05-Apr-23 c/fwd 2,275 249,985 409,507 7,443
Avery Dennison Corp
06-Apr-22 b/fwd 3,180 252,673 420,381
05-Apr-23 c/fwd 3,180 252,673 459,993 6,814
Broadridge Financial Solutions Inc
06-Apr-22 b/fwd 4,730 499,223 559,398
01-Sep-22 Sale 930 136,975 98,156 38,819
05-Apr-23 c/fwd 3,800 401,067 450,195 8,029

5

The Michael Bishop Foundation

Veritas Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Market Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Bunzl PLC
06-Apr-22 b/fwd 19,900 443,234 590,632
13-May-22 Sale 8,380 246,519 186,648 59,870
05-Apr-23 c/fwd 11,520 256,586 352,166 6,693
Experian PLC
06-Apr-22 b/fwd 10,250 121,168 302,478
28-Jun-22 Purchase 6,660 157,683
05-Apr-23 c/fwd 16,910 278,851 449,806 5,402
Fiserv Inc
06-Apr-22 b/fwd 9,260 586,389 713,111
05-Apr-23 c/fwd 9,260 586,389 846,540 -
Franco-Nevada Corp
06-Apr-22 b/fwd 8,600 465,916 1,043,703
24-Mar-23 Donation 2,000 233,850
05-Apr-23 c/fwd 10,600 699,766 1,248,201 7,039
Fresenius Medical Care AG & Co KGaA
06-Apr-22 b/fwd 10,000 636,645 514,044
24-Jun-22 Sale 2,503 96,461 159,352 (62,892)
27-Jun-22 Sale 1,876 72,675 119,435 (46,760)
28-Jun-22 Sale 1,571 63,050 100,017 (36,967)
29-Jun-22 Sale 4,050 167,336 257,841 (90,505)
05-Apr-23 c/fwd - - - 8,367
Generac Holdings Inc
06-Apr-22 b/fwd - - -
27-May-22 Purchase 810 146,166
24-Jun-22 Purchase 720 123,686
19-Dec-22 Sale 1,530 117,241 269,852 (152,611)
05-Apr-23 c/fwd - - - -

6

The Michael Bishop Foundation

Veritas Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Market Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Hasbro Inc
06-Apr-22 b/fwd 10,170 566,024 632,646
01-Sep-22 Sale 2,170 147,334 120,774 26,560
09-Sep-22 Sale 2,135 145,669 118,826 26,843
05-Apr-23 c/fwd 5,865 326,424 254,603 15,789
Infineon Technologies AG
06-Apr-22 b/fwd 34,655 673,100 907,109
05-Apr-23 c/fwd 34,655 673,100 1,147,940 7,195
Intuit inc
06-Apr-22 b/fwd 1,380 393,545 503,781
31-May-22 Purchase 430 137,126
01-Sep-22 Sale 210 77,834 61,570 16,264
10-Nov-22 Purchase 410 132,600
05-Apr-23 c/fwd 2,010 601,701 724,540 3,506
Intuitive Surgical Inc
06-Apr-22 b/fwd 1,770 387,547 405,797
31-May-22 Purchase 750 132,940
29-Jun-22 Purchase 470 79,796
05-Apr-23 c/fwd 2,990 600,283 617,636 -
Kerry Group PLC
06-Apr-22 b/fwd 3,300 302,746 282,073
05-Apr-23 c/fwd 3,300 302,746 266,541 2,089
Koninklijke DSM NV
06-Apr-22 b/fwd - - -
08-Aug-22 Purchase 710 88,871
11-Aug-22 Purchase 3,440 420,407
05-Apr-23 c/fwd 4,150 509,278 396,295 -

7

The Michael Bishop Foundation

Veritas Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Market Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Kuehne + Nagel International AG
06-Apr-22 b/fwd 1,080 133,767 234,647
05-Aug-22 Purchase 920 195,672
10-Feb-23 Purchase 567 123,781
05-Apr-23 c/fwd 2,567 453,220 618,030 5,777
Laboratory Corp of America Holdings
06-Apr-22 b/fwd 4,300 386,616 861,061
30-Sep-22 Sale 300 57,765 26,973 30,792
21-Feb-23 Sale 588 117,897 52,867 65,030
30-Mar-23 Donation 1,000 180,265
05-Apr-23 c/fwd 4,412 487,040 818,492 8,094
Marsh & McLennan Cos Inc
06-Apr-22 b/fwd 4,640 413,577 600,594
05-Apr-23 c/fwd 4,640 413,577 624,690 7,546
Mastercard Inc
06-Apr-22 b/fwd 3,310 191,711 898,827
09-Aug-22 Sale 310 89,992 17,955 72,038
01-Sep-22 Sale 500 140,431 28,959 111,471
05-Apr-23 c/fwd 2,500 144,797 734,613 4,168
Microsoft Corp
06-Apr-22 b/fwd 2,935 56,922 686,788
05-Apr-23 c/fwd 2,935 56,922 684,204 5,407

8

The Michael Bishop Foundation

Veritas Schedule of Investments for the year ended 5 April 2023

Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing
Units Cost Market Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Next PLC
06-Apr-22 b/fwd 7,625 594,840 459,940
05-Apr-23 c/fwd 7,625 594,840 501,115 14,716
NIKE Inc
06-Apr-22 b/fwd - - -
30-Jun-22 Purchase 3,130 285,404
05-Apr-23 c/fwd 3,130 285,404 310,317 2,207
Northern Trust Corp
06-Apr-22 b/fwd 1,600 143,931 141,535
11-Aug-22 Sale 1,600 131,180 143,931 (12,751)
05-Apr-23 c/fwd - - - 786
Roche Holdings AG
06-Apr-22 b/fwd 2,500 278,031 756,200
05-Apr-23 c/fwd 2,500 278,031 577,498 13,606
Synopsys Inc
06-Apr-22 b/fwd 1,400 281,703 354,538
09-Sep-22 Purchase 985 280,110
13-Jan-23 Purchase 335 91,040
05-Apr-23 c/fwd 2,720 652,853 849,372 -
Taiwan Semiconductor Manufacturing
06-Apr-22 b/fwd 5,120 70,438 405,392
08-Sep-22 Sale 5,120 354,685 70,438 284,248
05-Apr-23 c/fwd - - - 3,040
Thermo Fisher Scientific Inc
06-Apr-22 b/fwd 2,000 241,170 898,075
24-Mar-23 Donation 600 270,086
05-Apr-23 c/fwd 2,600 511,256 1,211,683 1,687

9

The Michael Bishop Foundation

Veritas Schedule of Investments for the year ended 5 April 2023

Units
Cost
Market Value
Units
Cost
Units
£
£
£
Opening Balances
Acquisitions
Tractor Supply Co
06-Apr-22
b/fwd
4,000
308,509
708,966
05-Apr-23
c/fwd
UnitedHealth Group Inc
06-Apr-22
b/fwd
3,500
226,393
1,355,992
11-May-22
Sale
580
09-Aug-22
Sale
420
01-Sep-22
Sale
300
26-Jan-23
Sale
109
24-Mar-23
Donation
1,000
381,118
05-Apr-23
c/fwd
Veritas Fund PLC - Asian Fund
06-Apr-22
b/fwd
666
617,464
617,720
11-Aug-22
Sale
266
05-Apr-23
c/fwd
Gold
WisdomTree Core Physical Gold
06-Apr-22
b/fwd
3,790
464,491
559,328
13-Feb-23
Sale
613
05-Apr-23
c/fwd
18,176,055
26,402,689
8,132,966		 Proceeds
Cost
Profit/Loss
Units
£
£
£
Disposals
4,000
229,909
37,517
192,393
184,419
27,167
157,252
135,251
19,405
115,846
42,913
7,051
35,862
3,091
243,232
246,700
(3,468)
400
94,513
75,127
19,386
3,177
6,842,405
5,630,125
1,212,281		 Cost
Value
Income
£
£
£
Closing
308,509
760,354
10,652
516,372
1,180,915
10,937
370,764
339,858
370
389,363
506,461
-
20,678,897
27,541,859
258,106

10