| Contents | Page | |||
|---|---|---|---|---|
| Reference and administrative | information | |||
| Report ofthe | trustee | |||
| Independent | Auditors | Report | 5-6 | |
| Statement of |
financial | activities | ||
| Balance sheet | ||||
| Notes forming | part of | the financial statements | 9-15 |
| Notes | Unrestricted | Restricted | Endowment | Total | Total | ||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | 2021 | 2020 | |||
| 6 | 6 | 6 | 6 | 6 | |||
| Income and endowments | from | ||||||
| Donations and grants |
500 | 350,000 | 350,500 | 100 | |||
| Charitable activities: |
|||||||
| Residents' contributions |
0 | 54,513 | 54,513 | 49,693 | |||
| Investment income |
3,202 | 13,334 | 16,536 | 38,594 | |||
| Other income | 4,150 | 0 | 4,150 | 0 | |||
| Total incoming resources |
7,852 | 0 | 417,847 | 425,699 | 88,387 | ||
| Expenditure | |||||||
| Cost ofraising funds | |||||||
| Investment management |
costs | 1,244 | 3,984 | 5,228 | 6,604 | ||
| Charitable activities: |
|||||||
| Poland House expenses | 0 | 72,685 | 72,685 | 69,507 | |||
| ERF expenditure | 0 | 9,579 | 9,579 | 11,734 | |||
| Amenity land expenses |
0 | 3,895 | 3,895 | 4,833 | |||
| Poland Fund grants | 9,480 | 0 | 9,480 | 5,950 | |||
| Total expenditure | 10,724 | 0 | 90,143 | 100,867 | 98,628 | ||
| Net income (expenditure) | before | ||||||
| investment gains (losses) |
(2,872) | 327,704 | 324,832 | (10,241) | |||
| Net gains (losses) on investments | 34,604 | 106,779 | 141,383 | (10,364) | |||
| Net income (expenditure) | 31,732 | 434,484 | 466,215 | (20,605) | |||
| Transfers between funds |
(373,753) | 373,753 | 0 | 0 | |||
| Net movement in funds |
(342,021) | 0 | 808,237 | 466,215 | (20,605) | ||
| Reconciliation offunds |
|||||||
| Total funds brought forward |
442,025 | 106,775 | 1,416,276 | 1,965,076 | 1,985,681 | ||
| Total funds carded forward | 100,004 | 106,775 | 2,224,513 | 2,431,292 | 1,965,076 |
| Notes | Unrestricted | Reslrlohm | Endowment | Total | Total | |||
|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | 2021 | 2020 | ||||
| Fixed assets | ||||||||
| Tangible assets Irwestments |
10 11 |
307,M4 145,258 |
toe,7re 0 |
1,248,957 394,857 |
1,$63,536 540,115 |
760,357 1,269,673 |
||
| Total Ibad assets | 453,082 | 106,775 | 1,643,814 | 2,203,651 | 2.030.030 | |||
| Cuwent assets | ||||||||
| Cash atbank SCCdeposg held Amount due to Endowment |
Fund | 506,214 0 0 |
0 0 0 |
0 48,500 898,502 |
806,214 4$,500 $98,502 |
3,231 0 285,858 |
||
| Total current annals Cred$om: amounts |
faolng due wlthln | 606,214 | 0 | 947,002 | 1,553,216 | 268,869 | ||
| ons )mar Amount due by Rasewe Fund |
12 | eo,reg 898,502 |
6,304 0 |
67,073 898,502 |
6$,185 285,65$ |
|||
| Net euwent asatds | (gabglges) | (353.057) | 0 | 940,898 | 587,841 | (64,954) | ||
| Deferred Babgmss | ||||||||
| Roland Meadow wants | ||||||||
| Total net assets | 100,005 | 108,775 | 2,224.512 | 2.431,291 | 1,985.078 | |||
| Funds | 13 | |||||||
| Endowment Fund |
0 | 0 | 2,224,513 | 2,224,513 | 1,418,276 | |||
| Restrioted funds: | ||||||||
| Peddeg Fund Male Vsgey Counog |
0 0 |
108,775 0 |
0 0 |
105,775 0 |
10$,775 0 |
|||
| Unreslrloted funds: |
||||||||
| Conengenoy Fund |
30,000 | 0 | 30,000 | 30,000 | ||||
| Erd aon$nsry Repas Fund | 50,000 | 0 | 50.000 | 50,000 | ||||
| Housing Fund |
||||||||
| Reseve Fund | 20,004 | 0 | 20,004 | 12,025 | ||||
| 100,004 | 10$,775 | 2224,513 | 2.43'l,292 | 1,965.076 |
| The accounts ofthe | The accounts ofthe | The accounts ofthe | The accounts ofthe | charity, which | charity, which | charity, which | charity, which | is a public benefit entity under FRS 102,have been |
is a public benefit entity under FRS 102,have been |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| prepared | in accordance | with the | Charities SORP (FRS102)'Accounting and Reporting by |
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| Charities: | Statement | of | Recommended Practice applicable to charities preparing their |
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| accounts | in accordance | with the | Financial Reporting Standard applicable in the UK and |
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| Republic | of Ireland | (FRS102)(effective 1January 2019)', Financial Reporting Standard 102 |
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| 'The Financial Reporting |
Standard | applicable in the UK and Repubhc of Ireland' and with |
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| the Charities Act 2011.The accounts | have been prepared under the historical cost |
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| convention | with items recognised | at cost or transaction value unless otherwise stated |
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| in the relevant notes | to | these accounts. | |||||||||||
| The trustee considers | that there are | no material uncertainties about the charity's |
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| ability to | continue | as | a going concern and its functioning has been unaffected by Covid. |
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| Financial | Reporting | Standard 102- | reduced disclosure exemptions | ||||||||||
| The charity has taken | advantage | ofthe following disclosure exemption in prepanng these |
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| financial | statements, | as | permitted | by FRS 102 '1he Financial Reporting Standard applicable |
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| to the UK | and Republic | of Ireland': | |||||||||||
| -the requirements ofSection 7Statement ofCash Flows. |
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| 2.Accounting | policies | ||||||||||||
| (a) | Income | ||||||||||||
| Recognition ofincome | Income is included in the Statement of Financial Activities when |
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| the charity becomes entitled to the resources; it is more likely |
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| than not the trustee will receive the resources; and the |
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| monetary value can be measured with reliability. |
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| Grants and donations | Revenue Grants are included and shown separately in the SOFA as |
income | |||||||||||
| ofrestricted funds where appropriate. Donations are accounted |
for when | ||||||||||||
| the Charity is legally entitled to the income and it can be reasonably |
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| quantified. Donations to the charity other than in cash are valued, |
using | ||||||||||||
| reasonable estimates ifnecessary, and treated as two transactions |
-a | ||||||||||||
| receipt offunds and a purchase using or expenditure from such funds. The |
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| other accounting policies (capital expenditure, allocation to |
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| restricted/unrestricted funds) are then applied to each ofthese notional |
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| transactions. Any such donations which are significant in value in |
the | ||||||||||||
| context ofthe accounts are detailed seperately in notes to the accounts. |
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| Investment | income | Investment income is accounted for when received. |
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| Investment | gains and | losses | All 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 |
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| proceeds and their opening carrying value or their purchase |
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| value if acquired subsequent to the first day ofthe financial |
year | ||||||||||||
| Linrealised gains and losses are calculated as the difference |
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| between the fair value at the year end and their carrying value. | |||||||||||||
| Realised and unrealised investment gains and losses are |
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| combined in the Statement of Financial Activities. |
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| Allocation | Investment income and investment gains and losses are split |
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| between the endowment and reserve funds on the basis ofthe |
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| value ofthe respective funds at the beginning ofthe finanual |
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| year, excluding the Peddell Fund which was specific to the |
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| building ofthe Peddell Wvm. |
| Notes | to the accounts for the year to 30th June 2021 | ||||
|---|---|---|---|---|---|
| Expenditure | and liabilities | ||||
| Liability recognition | Liabilities are recognised where it is more likely than not there |
is | |||
| a legal or constructive obligation committing the charity to pay |
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| out resources and the amount ofthe obligation can be |
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| measured with reasonable certainty. |
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| Allocation of | Governance costs comprise all costs involving the public |
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| governance | costs | accountability ofthe charity and its compliance with regulation |
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| and good practice. Governance costs have been allocated fully |
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| to the main charitable activity. |
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| Cost of raising funds | The cost ofgenerating funds consist of investment management |
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| costs. | |||||
| Charitable | activities | Costs ofcharitable activities include governance costs and |
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| direct support costs. | |||||
| Grants payable without | These are only recognised in the accounts when a commitment |
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| performance | conditions | has been made and there are no conditions to be met relating | to | ||
| the grant which remain in the control ofthe charity |
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| Grants are issued in line with the trusts governing document, |
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| at the discretion ofthe trustees for individuals and insititutions |
in | ||||
| hardship &need. |
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| Assets | |||||
| Tangible fixed assets | These are capitalised ifthey can be used for more than one |
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| for use by the charity | year, and cost at least ES00.They are valued at cost less | ||||
| depreciation. | |||||
| The charity's policy is to maintain property to a high standard |
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| and the Extraordinary Repair Fund is intended to provide |
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| sufficient funds to maintain and refurbish the buildings at |
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| appropriate times. In accordance with this practice |
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| depreciation is not provided on freehold buildings where, in |
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| the opinion ofthe trustee, the residual values are such that | |||||
| any depreciation charge would be immaterial to the year and |
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| on a cumulative basis. The asset has been tested for |
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| impairment, | |||||
| Furniture and equipment is written offat 2S/ ofthe |
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| reducing balance each year over the estimated useful life. |
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| Investments | Investments are a form of basic financial instrument and are |
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| initially recognised attheir transaction value and subsequently |
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| measured at their fair value as at the balance sheet date using |
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| the closing quoted market price. The Statement of Financial |
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| Activities includes the net gains and losses arising on | |||||
| revaluation and disposals throughout the year. |
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| The charity does not acquire put options, derivatives or other |
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| complex financial instruments. | |||||
| The main form offinancial risk faced by the charity is that of |
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| volatility in equity markets and investment markets due to wider |
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| economic conditions, the attitude ofinvestors to investment | risk, | ||||
| and changes in sentiment concerning equities and within |
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| particular sectors or sub-sectors. | |||||
| Debtors | Have been accounted for at cost as they fall due, |
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| 11 |
| Not | es | to | th | e accounts for the | year to 30th June 2 | 021 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | ||||||||||
| 3.Analysis ofincome | |||||||||||
| Investment | income | Dividends - | UK equities | 12,979 | 22,567 | ||||||
| Dividends —Overseas equities |
3,440 | 2,842 | |||||||||
| Interest —UK |
fixed interest | 11,657 | |||||||||
| Interest on | cash deposits | 117 | 1,528 | ||||||||
| 16,536 | 38,594 | ||||||||||
| Charitable | activities | Residents' contributions |
54,513 | 49,693 | |||||||
| Donations | 8 Grants | Land Valued | donated | 350,000 | 0 | ||||||
| 4.Cost ofraising funds | 2021 | 2020 | |||||||||
| Investment | management | fees | 5,228 | 6,604 | |||||||
| 5.Analysis ofcharitable | activities | 2021 | 2020 | ||||||||
| Charitable | activities funded | by | endowment | ||||||||
| Poland House | Wardens' salary |
18,947 | 18,477 | ||||||||
| Wardens' expenses |
650 | 1,050 | |||||||||
| Community | alarm | 3,573 | 3,269 | ||||||||
| Water rates | 3,940 | 2,045 | |||||||||
| Electricity and gas | 12,858 | 9,420 | |||||||||
| Insurance | 1,354 | 1,336 | |||||||||
| Repairs and | renewals | 14,898 | 16,714 | ||||||||
| Garden maintenance | 9,141 | 9,422 | |||||||||
| Sundry expenses | 1,408 | 3,341 | |||||||||
| Depreciation | 395 | 527 | |||||||||
| Governance | costs | 5,520 | 3,906 | ||||||||
| 72,685 | 69,507 | ||||||||||
| Other | Amenity land |
3,895 | 4,833 | ||||||||
| Charitable | activities funded | by | unrestricted funds |
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| Other | ERF expenditure | 9,579 | 11,734 | ||||||||
| Poland fund |
grants | 9,480 | 5,950 | ||||||||
| 19,059 | 17,684 | ||||||||||
| Poland fund Grant | Individuals | 7,980 | 5,950 | ||||||||
| Institutions | 1,500 | ||||||||||
| 9,480 | 5,950 | ||||||||||
| 6.Allocation ofgovernance | costs | 2021 | 2020 | ||||||||
| E | |||||||||||
| Stationery | and | telephone | 1,220 | 1,406 | |||||||
| Independent | Auditor's | fees | 4,300 | 2,500 | |||||||
| 5,520 | 3,906 |
| 2021 | 2020 | ||||||
|---|---|---|---|---|---|---|---|
| and numbers | |||||||
| Salaries and wages | 18,947 | 18,477 | |||||
| Social security | costs | ||||||
| The average number ofemployees | during the year was 2(2020: 2) with | all employee | |||||
| time involved | in providing | support | services to charitable | activities. | |||
| No employee | received emoluments | or employee | benefits | in excess of660,000(2020:0) |
| 8.Grantmaking | 2021 | 2020 | ||
| Grants made in accordance | with the objectives ofthe charity | 9,480 | 5,950 | |
| 9.Comparatives for the Statement of Financial Activities |
Endowment IE |
|||
| Unrestricted | Restricted | Total | ||
| funds | funds | funds | ||
| Income and endowments | from: | |||
| Donations | 100 | 100 | ||
| Charitable activities. |
||||
| Residents' contributions |
49,693 | 49,693 | ||
| Investment income |
7,652 | 30,942 | 38,594 | |
| Total incoming resources | 7,752 | 80,635 | 88,387 | |
| Expenditure | ||||
| Cost ofraising funds | ||||
| Investment management |
costs | 1,592 | 5,012 | 6,604 |
| Charitable activities: |
||||
| Poland House expenses | 69,507 | 69,507 | ||
| ERFexpenditure | 11,734 | 11,734 | ||
| Amenity land expenses |
0 | 4,833 | 4,833 | |
| Poland Fund grants |
5,950 | 0 | 5,950 | |
| Total expenditure | 7,542 | 91,086 | 98,628 | |
| Net income (expenditure) | before | |||
| investment gains (losses) |
210 | (10,451) | (10,241) | |
| Net gains (losses) on investments | (2,456) | (7,908) | (10,364) | |
| Net Income (expenditure) | (2,246) | (18,359) | (20,605) | |
| Transfers between funds |
(10,451) | 10,451 | ||
| Net movement in funds |
(12,697) | (7,908) | (20,605) | |
| Reconciliation offunds |
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| Total funds brought forward |
454,722 | 1,530,959 | 1,985,681 | |
| Total funds carried forward | 442,025 | 1,523,051 | 1,965,076 |
| 10.Tangible fixed assets | ||||
|---|---|---|---|---|
| Land & | Furniture & |
Total | ||
| buildings | equipment | |||
| Cost | E | E | ||
| At 1stJuly 2020 | 758,775 | 13,696 | 772,471 | |
| Additions | 903,574 | 0 | 903,574 | |
| At 30th June 2021 | 1,662,349 | 13,696 | 1,676,045 | |
| Depreciation | ||||
| At 1stJuly 2020 | 12,114 | 12,114 | ||
| Charge forthe year | 395 | 395 | ||
| At 30th June 2021 | 0 | 12,509 | 12,509 | |
| Net book value | ||||
| At 30th June 2021 | 1,662,349 | 1,187 | 1,663,536 | |
| At 30th June 2020 | 758,775 | 1,582 | 760,357 | |
| 11.Investments | 2021 | 2020 | ||
| E | E | |||
| Market value at 1stJuly 2020 | 1,269,673 | 1,404,502 | ||
| Acquisitions at cost |
0 | 53,794 | ||
| Transfers | (273,438) | 89,189 | ||
| Retained income | (5,788) | 5,535 | ||
| Sales proceeds from disposals | (591,715) | (272,983) | ||
| Gain (loss) in the year | 141,385 | (10,364) | ||
| Market value at 30th June 2021 | 540,117 | 1,269,673 | ||
| Investments at market value comprised: |
||||
| UK equities | 315,193 | 517,496 | ||
| Overseas equities | 78,983 | 138,573 | ||
| COIF Charities Investment Fund |
1,125 | 952 | ||
| COIF Charities Fixed Interest |
Fund | 0 | 188,610 | |
| Cash deposits | 683 | 105,032 | ||
| COIF Charities Deposit Fund | 144,133 | 319,010 | ||
| 540,117 | 1,269,673 | |||
| 12.Creditors: amounts falling due within |
one year | 2021 | 2020 | |
| E | E | |||
| Accruals | 6,304 | 7,423 | ||
| Held in custody for Sidney Michael Poland Charity no. 200254 | 60,769 | 60,762 | ||
| 67,073 | 68,185 |
| Analysis of | Balance | Income | Expenditure | Transfers | Gains and | Funds | |
|---|---|---|---|---|---|---|---|
| fund | b/fwd | losses | c/fwd | ||||
| movements | 6 | 6 | E | E | |||
| Permanent | |||||||
| endowment | 1,416,276 | 417,847 | (90,143) | 373,753 | 1D6,780 | 2,224,513 | |
| Restricted | |||||||
| fund | 106,775 | 0 | 106,775 | ||||
| Unrestricted | |||||||
| fund | 442,025 | 7,852 | (10,724) | (373,753) | 34,604 | 100,004 | |
| Total | 1,965,076 | 425,699 | (1D0,867) | 0 | 141,384 | 2,431,292 | |
| Analysis ofcharitable | funds | —previous year | |||||
| Analysis of | Balance | Income | Expenditure | Transfers | Gains and | Funds | |
| fund | b/fwd | losses | c/fwd | ||||
| movements | E | E | |||||
| Permanent | |||||||
| endowment | 1,424,184 | 80,635 | (91,086) | 10,451 | (7,908) | 1,416,276 | |
| Restricted | |||||||
| fund | 106,775 | 0 | 0 | 106,775 | |||
| Unrestricted | |||||||
| fund | 454,722 | 7,752 | (7,542) | (10,451) | (2,456) | 442,025 | |
| Total | 1,985,681 | SS,3S7 | (98,628) | 0 | (10,364) | 1,965,076 |