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2021-04-05-accounts

Reg

Cheltonian Endowment Trust

Annual Report

for the year ended 5 April 2021

Cheltonian Endowment Tru

Trustees

Mrs H E Allen Mr A P A Arengo-Jones (resigned o Mr P F D Badham (resigned on 6th. Mr R A R Davidson Mr P J Mourton Mr T P C Orr Ms S R Pickard (appointed on 1st. Mr T W J Robinson Mr E L Rowland (resigned on 6th. M Mr C B Stevens (resigned on 6th. M Mr D Stewart Mrs A C Thompson

Mr A D Holt appointed after the yea

Registered office

Cheltenham College Bath Road CHELTENHAM Gloucs., GL53 7LD

Investment JM Finn & Co. Managers

Bankers

National Westminster Bank PLC.

Independent Accountant

Laurence Myears, FCA.

Cheltonian Endowment Trust

Annual report for the year ended 5 April 2021

Report of the trustees

Independent examiner's report

Statement of financial activities

Balance sheet

Notes to the financial statements

Cheltonian Endowment Trust

Report of the trustees for the year ended 5 April 2021

The trustees present their report and the financial statements for the year ended 5th. Ap

Constitution and objectives

Cheltonian Endowment Trust (formerly Cheltonian Trust Endowment Fund) was formed the purposes of acquiring donations, subscriptions or legacies and applying the income f On 6th April 2005 the Trust merged with both the Cheltonian Society Fund and the Sir Jo more effective charitable fund.

The principal activity of the Trust is to offer, by way of bursaries, financial assistance tow pupils at Cheltenham College and in circumstances where financial hardship might othe leave school and to prospective pupils enabling them to enter Cheltenham College in the

Achievements

The Trust was able to provide financial assistance to Cheltenham College and selected pupils in year:

(a) Continuing bursary grants totalling £29,000 in respect of 5 pupils to enable their continued ed (b) Travel and educational grants to pupils totalling £300, lower due to the COVID-19 pandemic

(c) Awarding of book prizes not made due to the COVID-19 pandemic

Trustees' responsibilities

Charity law requires the trustees to prepare financial statements for each financial year w the state of affairs of the Trust as at the end of the year and of its surplus or deficit for the the financial statements the trustees are required to select suitable accounting policies a make judgements and estimates that are reasonable and prudent, state whether applica been followed and prepare the financial statements on a going concern basis unless it is the Trust will continue to operate.

The trustees are responsible for keeping proper accounting records which disclose with the financial position of the Trust and to enable them to ensure that the financial stateme Act 2011. They are also responsible for safeguarding the assets of the Trust and hence f prevention and detection of fraud and other irregularities.

Statement of Recommended Practice

The financial statements have been prepared in accordance with the Statement of Reco Reporting by Charities preparing their accounts in accordance with the Financial Reporti and Republic of Ireland (Charities SORP (FRS 102)) (second edition effective 1 January Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the C

Cheltonian Endowment Trust

Trustees

The trustees who served during the year are shown below:

Mrs H E Allen Mr A P A Arengo-Jones (resigned on 6th. May 2021) Mr P F D Badham (resigned on 6th. May 2021) Mr R A R Davidson Mr P J Mourton Mr T P C Orr Ms S R Pickard (appointed on 1st. December 2020) Mr T W J Robinson Mr E L Rowland (resigned on 6th. May 2021) Mr C B Stevens (resigned on 6th. May 2021) Mr D Stewart Mr M G P Swiney (resigned on 20th. November 2020) Mrs A C Thompson

Mr A D Holt was appointed after the year end on 6th. May 2021.

Investment powers

The trustees have delegated day to day discretionary investment powers to JM Finn & C determine investment policy and ultimate investment control.

Reserves Policy

The trustees' policy is to build up reserves primarily through capital growth rather than ac principally required to meet the trustees' stated policy on giving grants for charitable purp

Risk Policy

The trustees have taken appropriate steps to guard against exposure to normal risks wit

The trustees are aware of a potential risk that would arise with an insolvency of entities t assets of the Trust as nominees where the Trust is the beneficial owner. The risk, which risks arising from an investment decision or strategy made or adopted by the trustees or and arises from existing insolvency laws in the UK. It is possible that a loss might be in e under the Financial Services Compensation Scheme (FSCS). In so far as it is possible to ensure that they operate only through fund managers that are authorised by the Financia

Financial activities

Total income from investment services and legacies was £75,132 (2020: £73,025). After resource (2020 : £47,307) net inflow of resources for the year amounted to £24,648 (2020 : £25,718). Tota from disposals and movement in investment values were £383,003 (2020 : losses £166,684). Th for the year was £407,651 (2020 : decrease £140,966).

Taxation status

The Trust is a registered charity and is not liable to corporation tax.

For and on behalf of the trustees

18th. November 2021

2

Independent examiner's report to the trustees of Cheltonian Endowment Trust

I report on the financial statements of the Trust for the year ended 5 April 2021, which ar

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the financial statements. The an audit is not required for this year (under section 144 of the Charities Act 2011 ( the 20 independent examination is needed.

It is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the General Directions given by the An examination includes a review of the accounting records kept by the charity and a co statements presented with those records. It also includes consideration of any unusual it financial statements and seeking explanations from you as trustees concerning any such undertaken do not provide all the evidence that would be required in an audit and conse audit opinion on the view given by the financial statements.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

Laurence Myears Chartered Accountant

6 Beechcroft Road Gloucester

18th. November 2021

Cheltonian Endowment Trust

Statement of financial activities for the year ended 5 April 2021

Note
Income and endowments
Donations and legacies:
Legacies
Donations under Gift Aid
Other donations
Subscriptions
Investment income:
Bank deposit account interest
Dividends - UK equities
Interest - Unit Trusts and fixed interest
Property rental income
Total income
Expenditure
Costs of raising funds:
Brokers' management fee
Property rental expenses
Expenditure on charitable activities :
Bursaries and grants payable:
Bursaries - payable
3
Grants and awards
3
Governance costs:
4
Independent examiner's fee
Fees and charges
Expenses of Trustees, Treasurer
and others
2
Total expenditure
Net income before gains and
losses on investments		 Unrestricted
funds
£
-
309
2,567
418

3,294
-
35,323
8,144
28,371

71,838

75,132

15,173
1,988

17,161
29,000
1,398
2,850
-
75

33,323

50,484

24,648		 Endowment
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

Net gains/(losses) on investments:

Gains/(losses) on sale of investments
6
Unrealised gains/(losses) on investments
6
Unrealised (loss) on investment property
7
Net movement in funds
Total funds brought forward
Total funds carried forward
11		 15,082
191,536
-

206,618

231,266
1,091,833

1,323,099
------------------		 5,121
189,096
17,832)
(
176,385
176,385
1,135,401
1,311,786
---------------------

4

Cheltonian Endowment Trust

Balance sheet as at 5 April 2021

Note
Fixed assets:
Investments in listed securities
6
Investment freehold property
7
Total investments
Current assets:
Debtors
8
Cash at bank
9
Liabilities:
Creditors falling due within one year
10
Net current assets
Total net assets
The funds of the Trust:
Endowment funds
Unrestricted funds
Total Trust's funds
11		 Unrestricted
funds
£
918,684
360,000

1,278,684
563
65,932

66,495
22,080)
(

44,415

1,323,099
------------------
-
1,323,099

1,323,099
------------------		 Endowment
funds
£
851,464
450,000
1,301,464
-
10,322
10,322
-
10,322
1,311,786
---------------------
1,311,786
-
1,311,786
---------------------

The financial statements on pages 4 to 11 were approved by the trustees on 18th. November 202

Trustee Trustee

Cheltonian Endowment Trust

Notes to the financial statements for the year ended 5 April 2021

1 Statement of accounting policies

Basis of preparation and going concern

The financial statements have been prepared under the historical cost convention with items reco unless otherwise stated in the relevant notes to these financial statements. The financial stateme with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP ( 1 January 2019) and the Financial Reporting Standard applicable in the United Kingdom and Re Charities Act 2011. The Trust has taken the opportunity to take the exemption from producing a c

The Trust constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the Trust's ability to continue

Income recognition

All income is recognised once the Trust has entitlement to the resources, it is probable that the in and that the monetary value of incoming resources can be measured reliably.

Donations are recognised when the Trust has been notified of both the amount and the settlemen donation is subject to conditions that require a level of performance before the Trust is entitled to deferred and not recognised until those conditions are fully met, or the fulfilment of those conditio of the Trust and it is probable that those conditions will be fulfilled in the reporting period.

Legacies are recognised on a case by case basis following the granting of probate when the adm has communicated in writing both the amount and settlement date. Since the merger of the chari determined that all legacies will be treated as income within the Endowment Fund.

Interest on funds held on deposit is included when receivable and the amount can be measured normally upon notification of the interest paid or payable by the bank. Dividends and interest from the right to receive payment is established upon notification by our investment managers and the reliably.

Expenditure recognition

Expenditure is included on an accruals basis as soon as there is a legal or contractual obligation it is probable that settlement will be required and the amount of the obligation can be measured r

Costs of generating funds comprise those costs directly attributable to managing the investment property rental income.

Grants payable are included as expenditure in the year for which the award is given.

Governance costs comprise all costs involving the public accountability of the Trust and its comp

Fixed asset investments

Investments in listed securities are a form of basic financial instrument and are initially recognise

subsequently measured at their fair value as at the balance sheet date using the closing quoted financial activities includes the net gains and losses arising on revaluation and disposals through acquire put options, derivatives or other complex financial instruments. The main forms of financi volatility in equity markets and investment markets due to wider economic conditions, the attitude changes in sentiment concerning equities and within particular sectors or sub-sectors.

Investment freehold properties are initially recognised at the transaction value and are subseque sheet date at open market value. The statement of financial activities includes the gain or loss ar not provided.

6

Cheltonian Endowment Trust

1 Statement of accounting policies - continued

Realised and unrealised gains and losses

All gains and losses on fixed asset investments are taken to the statement of financial activities a losses are calculated as the difference between sale proceeds and their opening carrying value o the reporting period. Unrealised gains and losses are calculated as the difference between the fa carrying value or their purchase value if acquired during the reporting period.

Fund accounting

Details of the nature and purpose of each fund is set out in note 11.

Taxation

No provision is made for taxation on the basis that the Trust is a registered charity and is therefo tax, corporation tax and capital gains tax.

2 Related party transactions and trustees' expenses remuneration

The trustees received no remuneration or other benefit in cash or property (2020 £Nil). Expense during the year to 1 trustee (2020 £1,463 to 6 trustees). The expenses were for travel, postage a

3 Bursaries and grants payable

The amount charged in the year out of unrestricted funds comprises:

Bursaries committed during the year : Bursaries to 5 individuals (2020: 3 individuals) (see note 10)

The Cheltonian Endowment Trust made the following grants during the year out of unrestricted fu

Students: Travel grants (Number - 2021 1 ; 2020 13) Prizes Cheltenham College: Bench in memory of Peter Jackson (see note 10)

4 Allocation of governance costs

All governance costs are allocated to the charitable activities.

5 Taxation status

Cheltonian Endowment Trust has been approved by HM Revenue & Customs as exempt from U

7

Cheltonian Endowment Trust

6 Investments in listed securities

Market value at 6 April 2020
Additions at cost
Disposals at sale proceeds
Interest included in additions and disposals
Gains/(losses) in the year on disposals
Unrealised gains/(losses) on revaluation in the year
Net gains/(losses)		 £
20,203
380,632

Market value at 5 April 2021

Historic cost at 5 April 2021

All investments are carried at their fair value. Investment in equities and fixed interest securities a Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment The basis of fair value for quoted investments is equivalent to the market value, using the bid pric are recognised at the date of trade at their transaction value.

As at the year end, investments in listed securities represent 67.2% (2020 56.2%) of the Trust's f

The Trust manages investment risks by retaining expert advisors and operating an investment po of diversification of holdings with investment classes that are quoted on recognised stock exchan of derivatives and similar complex financial instruments as it takes the view that investments are total return.

7 Investment freehold properties

Opening balance at 6 April 2020
Addition at cost
Unrealised (loss) on revaluation in the year
Closing balance at 5 April 2021
Historic cost at 5 April 2021		 Unrestricted
funds
£
360,000
-
-
360,000
247,232		 Endowment
funds
£
467,832
-
17,832)
(
450,000
467,832

The Trust acquired the freehold of a residential property in Cheltenham in June 2011 as part of u on a 5 year full repairing lease, which commenced 1st. September 2011, and renewed on 1st. Se who use it to accommodate College academic staff. The rent, which is set at full market price, inc the commencement of the lease.

The Trust acquired the freehold of a second residential property in Cheltenham in September 20

Structural work and redecoration was subsequently undertaken before being let. The property is which commenced 1st. March 2020 to Cheltenham College who use it to accommodate College conditions as the first property.

The properties were revalued on 1st. March 2021 by an independent professionally qualified valu value would not have changed at 5th. April 2021.

As at the year end, the freehold properties represent 30.7% ( 2020 : 37.2%) of the Trust's funds.

8

Cheltonian Endowment Trust

8 Debtors

Amounts falling due within one year

Other debtors

All debtors related to unrestricted funds.

9 Cash at bank

Cash at bank balances arise as follows: unrestricted funds £65,932 (2020 : £112,071) and endow

10 Creditors

Amounts due within one year :

Accruals Bursaries payable Grant payable

All creditors related to unrestricted funds.

Movement in recognised bursaries commitments during the year: SORP liability at 5 April 2020

New bursaries commitments charged to the SOFA in year (see note 3) Bursaries paid during the year

SORP liability at 5 April 2021

Movement in recognised grants commitments during the year: SORP liability at 5 April 2020

New grants commitments charged to the SOFA in year (see note 3) Grants paid during the year

SORP liability at 5 April 2021

11 Funds

11 Funds
Unrestricted
funds
£
Balance brought forward 1,091,833
Income 75,132
Expenditure ( 50,484)
Gains and losses 206,618

1,323,099

The Endowment Fund represents those assets which must be held permanently by the Trust, pri Endowment funds can be used in accordance with the objects of the Trust and is included as unr loss arising on the investments form part of the fund. Investment management fees are charged Unrestricted funds income.

The Unrestricted Fund comprises those funds which the trustees are free to use in accordance w

9

Cheltonian Endowment Trust

12 Schedule of investments in listed securities

Endowment Funds

BBGI SICAV S.A. 11,000 Ordinary shares NPV Civitas Social Housing plc. 15,750 Ordinary shares 1.p Digital 9 Infrastructure plc. 16,000 Ordinary shares NPV Diploma plc. 1,440 Ordinary shares 5 p Findlay Park Funds plc. American USD inc. 380 units First Sentier Investors (UK) Funds Stewart Inv Asia Pac Ldrs B Inc 8,386.6092 units Foresight Solar Fund Ltd. 15,150 ordinary shares NPV Fundsmith llp 7,330 Equity I Income Ordinary shares NPV GAM Fund Management 605 Disruptive Growth Institutional Acc units GlaxoSmithKline plc. 1,280 Ordinary shares 25 p Greencoat UK Wind plc. 10,650 Ordinary shares 1 p Halma plc. 1,300 Ordinary shares 10 p Henderson Investment Fund Ltd. 23,450 Fixed Interest Monthly I Inc units Home Reit plc. 10,000 Ordinary shares 1 p Ishares II plc. GBP Index-linked Gilts UCITS EFT GBP Inc 1,340 units JP Morgan American Investment Trust. 8,250 Ordinary shares 5 p Jupiter Fund Managers Ltd. UK Mid Capital I Income 9,250 units MI Twentyfour. Dynamic Bond Gross I Inc NAV 245 units National Grid plc. 2,204 Ordinary shares 12.431289 p Picton Property Income Limited. 10,900 Ordinary shares NPV Prudential Corporation plc. 1,713 Ordinary shares 5 p Relx plc. 1,180 Ordinary shares 14.44 p Rio Tinto plc. 512 Ordinary shares 10 p Schroder plc. Oriental Income Fund. 8,150 Ordinary shares 1 p Scottish Mortgage Investment Trust. 5,950 Ordinary shares 5 p Segro plc. 3,250 Ordinary shares 10 p. The Renewables Infrastructure Group Ltd. 11,750 Ordinary shares NPV THG plc. 2,680 Ordinary shares 0.5 p Triple Point Energy Efficiency Infrastructure Co. plc. 16,000 Ordinary shares 1 p Tritax Big Box Reit plc. 6,470 Ordinary shares 1 p Unilever plc. 505 Ordinary shares 3.1111 p Vodafone Group plc. 4,636 Ordinary shares US $ 0.2095238 3i Infrastructure. Ordinary NPV 5,705 units

Fixed income :

Ecclesiastical Insurance Office.£11,220 8.625% Non cum irred pref shares £1. Lloyds Banking Group plc. £13,800 9.25% Non-cum irred pref shares

Cheltonian Endowment Trust

12 Schedule of investments in listed securities - continued

Unrestricted Funds

Aberdeen Standard Eur Logic Inc plc. 15,000 Ordinary shares 1 p BBGI SICAV S.A. 10,200 Ordinary shares NPV Civitas Social Housing plc. 18,600 Ordinary shares 1 p Croda International plc. 325 Ordinary shares 10.609756 p Derwent London plc. 330 Ordinary shares 5 p Diageo plc. 950 Ordinary shares 28 101/108 p Digital 9 Infrastructure plc. 16,500 Ordinary shares NPV Diploma plc. 890 Ordinary shares 5 p Findley Park Funds plc. American USD Inc. 320 units Foresight Solar Fund Ltd. 17,700 ordinary shares NPV GAM Fund Management 485 Disruptive Growth Institutional Acc units GlaxoSmithKline plc. 910 Ordinary shares 25 p Greencoat UK Wind plc. 11,756 Ordinary shares 1 p Henderson Investment Fund Ltd. 24,350 Fixed Interest Monthly I Inc units Home Reit plc. 17,000 Ordinary shares 1 p International Consolidated Airlines Group SA 8,600 Ordinary shares Ä 0.50 Ishares II plc. GBP Index-linked Gilts UCITS EFT GBP Inc 1,395 units Ishares S & P 500 1,150 units JP Morgan Gbl Emerg Mkts Inc Trust plc. 8,500 Ordinary shares 1 p Johnson Matthey plc. 547 Ordinary shares £1.101698 Jupiter Fund Managers Ltd. UK Mid Capital I Income 12,150 units London Stock Exchange Group plc. 360 Ordinary shares 69.18604 p MI Twentyfour. Dynamic Bond Gross I Inc NAV 225 units Msim Fund Management (Ireland) Ltd. 450 Asia Opportunity Z acc units Prudential plc. 1,650 Ordinary shares 5 p Relx plc. 810 Ordinary shares 14.44 p Rio Tinto plc. 440 Ordinary shares 10 p Schroder Oriental Income Fund. 12,300 Ordinary shares 1p Scottish Mortgage Investment Trust. 8,475 Ordinary shares 5 p Spirax-Sarco Engineering plc. 380 Ordinary shares 26.9230769 p The Renewables Infrastructure Group Ltd. 12,950 Ordinary shares NPV Triple Point Energy Efficiency Infrastructure Co. plc. 18,000 Ordinary shares 1 p Tritax Big Box Reit plc. 9,700 Ordinary shares 1 p Vanguard Funds plc.. 210 FTSE All World ETF Inc NAV Vodafone Group plc. 7,218 Ordinary shares US $ 0.2095238 3i Infrastructure. Ordinary NPV 5,684 units

Fixed income :

Ecclesiastical Insurance Office. £11,220 8.625% Non cum irred pref shares £1. Intermediate Capital Group plc. £9,000 5% NTS 24/03/2023 Lloyds Banking Group plc. 11,850 9.25% Non cum irred pref shares

Total investments

gistered Charity Number: 1029588

rust

Chair on 6th. May 2021) . May 2021)

December 2020)

May 2021) May 2021)

ar end on 6th. May 2021

Pages 1&2 6-11

pril 2021.

d under a Trust Deed in 1917 for for the benefit of Cheltenham College. ohn Dill Memorial Fund to create a

wards the education of selected erwise mean that the pupil has to e 6th. Form.

the following ways throughout the

ducation at Cheltenham College

which give a true and fair view of e financial year. In preparing and apply them consistently, able accounting standards have s inappropriate to presume

reasonable accuracy, at any time, ents comply with the Charities for taking reasonable steps for the

ommended Practice Accounting and ting Standard applicable in the UK y 2019) and the Financial Reporting Charities Act 2011.

Co. Ltd. but retain the power to

ccumulation of income, which is poses.

thin their control.

that hold, directly or indirectly, is different and separate from r its advisers, is hard to mitigate excess of the cover available to reduce the risk, the trustees al Conduct Authority.

es expended of £50,484 al investment gains arising he resulting net increase of funds

re set out on pages 4 to 11.

e charity's trustees consider that 011 Act)) and that an

mmissioners (under section

Charity Commissioners. omparison of the financial tems or disclosures in the h matters. The procedures equently, I do not express an

s have not met the section 130 of the Act); comply with the

standing of the financial

Total
2021
£
-
309
2,567
418
3,294
-
35,323
8,144
28,371
71,838
75,132
15,173
1,988
17,161
29,000
1,398
2,850
-
75
33,323
50,484
24,648		 Total
2020
£
-
328
-
298
626
481
50,494
8,353
13,071
72,399
73,025
16,122
2,093
18,215
16,500
8,239
2,850
40
1,463
29,092
47,307
25,718
20,203
380,632
17,832)
(
383,003
407,651
2,227,234
2,634,885
-------------------------		 7,053)
(
159,631)
(
-
166,684)
(
140,966)
(
2,368,200
2,227,234
------------------------
Total
2021
£
1,770,148
810,000
2,580,148
563
76,254
76,817
22,080)
(
54,737
2,634,885
-------------------------
1,311,786
1,323,099
2,634,885
-------------------------		 Total
2020
£
1,252,092
827,832
2,079,924
4,050
156,438
160,488
13,178)
(
147,310
2,227,234
------------------------
1,135,401
1,091,833
2,227,234
------------------------

21 on their behalf by

cognised at cost or transaction value ents have been prepared in accordance their accounts in accordance with (FRS 102)) (second edition effective epublic of Ireland (FRS 102) and the cash flow statement.

e as a going concern.

ncome will be received

nt date. In the event that a o the funds, the income is ons is wholly within the control

ministrator/executor for the estate ities in 2005, the trustees have

reliably by the Trust; this is m investments are included when e transaction value can be measured

n committing the Trust to the expenditure, reliably.

portfolio, raising investment income and

pliance with regulation and good practice.

ed at their transaction value and

market price. The statement of hout the year. The Trust does not cial risk faced by the Trust are that of e of investors in investment risk, and

ently measured at fair value at the balance rising on revaluation. Depreciation is

as they arise. Realised gains and or their purchase value if acquired during air value at the year end and their opening

ore entitled to claim exemption from income

es amounting to £75 were reimbursed and stationery.

2021
£
29,000
-------------------------
unds:
300
-
1,098
1,398
-------------------------		 2020
£
16,500
------------------------
7,900
339
-
8,239
------------------------

unds:

Iniled Kingdom taxation.

2021
£
1,252,092
356,227
239,006)
(
-
400,835
1,770,148
-------------------------
1,089,194
-------------------------		 2020
£
1,940,902
149,365
671,491)
(
-
7,053)
(
159,631)
(
166,684)
(
1,252,092
------------------------
908,238
------------------------

are all traded on the London companies are at the bid price. ce. Asset sales and purchases

funds.

olicy that provides for a high degree nges. The Trust does not make use held for their longer term yield

Total
2021
£
827,832
-
17,832)
(
810,000
715,064		 2020
£
360,000
467,832
-
827,832
715,064

unrestricted funds. The property is let eptember 2016, to Cheltenham College creases annually on the anniversary of

019 as part of endowment funds.

let on a 5 year full repairing lease, academic staff, and is on the same

uer. The trustees consider that their

Total 2020 £ £ 563 4,050 ------------------------------------------------

wment funds £10,322 (2020 : £44,367).

Total
£
8,482
12,500
1,098
22,080
-------------------------
5,500
29,000
22,000)
(
12,500
-------------------------
-
1,098
-
1,098
-------------------------
Endowment
funds
£
1,135,401
-
-
176,385		 2020
£
7,678
5,500
-
13,178
------------------------
13,750
16,500
24,750)
(
5,500
------------------------
-
-
-
-
------------------------
Total
£
2,227,234
75,132
50,484)
(
383,003

1,311,786 2,634,885

incipally investments. Income arising on the restricted income. Any capital gain or against the combined Endowed and

with charitable objectives.

Cost
£
13,375
15,770
16,020
19,974
14,439
6,838
16,089
17,250
25,911
10,567
10,650
10,184
25,875
10,020
25,053
15,009
20,272
26,945
10,176
5,971
5,283
17,490
6,047
16,248
7,448
9,234
13,882
19,836
16,020
6,672
2,407
13,895
7,997
11,444
13,343
483,634		 Market
value
£
18,964
16,947
16,120
37,382
45,132
24,933
15,453
37,266
38,482
16,353
13,781
31,694
26,381
11,400
25,950
50,077
27,103
28,000
19,032
9,461
26,577
21,653
28,058
22,739
69,258
30,830
14,405
17,447
16,480
11,711
20,311
6,196
16,915
17,335
21,638
851,464
Cost
£
15,020
15,423
20,039
20,098
10,711
274
16,520
11,879
12,159
17,522
25,439
12,497
12,754
26,868
17,020
14,778
22,541
9,970
9,962
16,972
24,961
29,396
24,849
29,949
8,692
12,012
2,401
21,741
7,543
16,954
16,020
18,020
10,011
14,924
16,161
8,225
11,444
9,020
14,791
605,560
1,089,194
-------------------------		 Market
4
£
16,350
17,585
20,014
20,858
10,804
28,566
16,624
23,104
38,006
18,054
30,849
11,626
15,212
27,394
19,380
18,021
27,016
33,165
12,325
16,487
35,599
26,042
25,714
27,270
25,600
14,863
24,112
34,317
98,649
44,042
15,877
18,540
17,557
17,023
9,648
16,853
17,335
9,622
18,581
918,684
1,770,148
------------------------