THE SAMUEL SMITH'S AND SPENCER'S CHARITIES For Ihe year ended 31 December 2021 ACCOUNTS Registered Charity No. 240936 ## **THE SAMUEL SMITH'S AND SPENCER'S CHARITIES** ## **OFFICERS AND ADVISERS** ## **For the year ended 31 December 2021** ## **TRUSTEES** J S F Grindlay R G W Caldicott R M B Kenyon **Acting Trustee** A C E Gillitt Dr R J Ballantine G T W Foottit R H P Spencer I W Simpson ## **STOCKBROKERS** ## **ACCOUNTANTS** Quilter Cheviot Two Snowhill Birmingham B4 6GA Harrison Beale & Owen Limited Seven Stars House, 1 Wheler Road Coventry CV3 4LB ## **SOLICITORS** ## **BANKERS** Mander Hadley 1 The Quadrant Coventry CV1 2DW HSBC PLC 5-6 High Street Coventry CV1 5RE ## **CLERK** ## **ALMONER** Mrs E A Martin Miss M D Gibbs ## **THE SAMUEL SMITH'S AND SPENCER'S CHARITIES** ## **ACCOUNTS** ## **For the year ended 31 December 2021** ||**Page**| |---|---| |Annual Report of the Trustees|1-2| |Independent Examiner's Report|3| |Statement of Financial Activities|4| |Balance Sheet|5| |Notes on Accounts|6-10| ## **THE SAMUEL SMITH'S AND SPENCER'S CHARITIES** ## **ANNUAL REPORT OF THE TRUSTEES** ## **For the year ended 31 December 2021** The financial statements have been prepared in accordance with the accounting policies set out on page 6 and comply with the charity’s Trust Deed, the Charities Act 2011 and the Statements of Recommended Practice; Accounting & Reporting by Charities 2005. ## **Structure, Governance and Management** Samuel Smith's Charity and Spencer's Charity merged on 7 August 2014. The charity is unincorporated and constituted by the Will of the late Samuel Smith which was proved on 20 October 1730. It is a registered charity, number 240936 and the principal scheme was sealed on 12 March 1979, with variations sealed on 25 September 1997 and 7 August 2014. When there is a requirement for new trustees, these are identified and appointed by the existing trustees. The trustees meet three times a year to consider grant making, investments and reserves. The day to day administration of grants and the process of handling applications is dealt with by the Acting Trustee and the management team consisting of the Almoner and Clerk. ## **Trustees** The trustees of the charity during the year were: J S F Grindlay R M B Kenyon Dr R J Ballantine R H P Spencer R G W Caldicott G T W Foottit I W Simpson A C E Gillitt ## **Objects and Activities** The principal objects of the charity are: - To pay pensions to needy persons who are resident in the City of Coventry and the Parish of Bedworth. − To make payments to persons resident in the said city for relief in need. ## **Grant making policy** The charity invites applications from any person in need of financial support and who is resident in the City of Coventry. Suitable applicants are added to the pensions list and receive a pension when a vacancy arises or funds become available. ## **Achievements and performance** During the year the charity paid £22,245 to 48 pensioners (2020 - £26,290 to 58 pensioners) and made other charitable gifts and payments totalling £6,780 (2020 - £9,300) as shown in the Statement of Financial Activities. 1 ## **THE SAMUEL SMITH'S AND SPENCER'S CHARITIES** ## **ANNUAL REPORT OF THE TRUSTEES** ## **For the year ended 31 December 2021** ## **Public Benefit** The trustees confirm that they have referred to the guidance contained in the Charity Commission’s General Guidance on public benefit when reviewing the Charity’s aims and objectives and setting the grant making policy for the year. ## **Financial Review** The charity is reliant on the income from its investments, which was £53,533 (2020 - £43,636). ## **Investment Policy** The trustees’ investment policy is to obtain a reasonable long term overall return at a moderate level of risk with no restrictions on investments. Investments are made by the charity's investment manager under a discretionary mandate using the guidelines of the investment sub committee. ## **Reserves Policy** It is the trustees’ policy to maintain a level of reserves so as to continue to receive sufficient income from investments to support planned future activities. On behalf of the board of trustees ## **Mr R M B Kenyon Acting Trustee for 2021** ……………………… 2 ## **THE SAMUEL SMITH'S AND SPENCER'S CHARITIES** ## **INDEPENDENT EXAMINERS’S REPORT** ## **For the year ended 31 December 2021** We report on the accounts of The Samuel Smith's and Spencer's Charities for the year ended 31 December 2021 which are set out on pages 4 to 10. ## **Respective responsibilities of trustees and examiner** The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is our responsibility to: - examine the accounts under section 145 of the 2011 Act; - follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and - state whether particular matters have come to my attention ## **Basis of independent examiner’s report** Our examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statements below limited to those matters set out in the statement below. ## **Independent examiner’s statement** In connection with our examination no matter has come to our attention which: - 1) Gives us reasonable cause to believe that in any material respect of the requirements: - to keep accounting records in accordance with Section 130 of the 2011 Act; and - to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act. Have not been met; or - 2) to which in our opinion attention should be drawn in order to enable a proper understanding of the accounts to be reached. ## **Harrison Beale & Owen Limited** **Chartered Accountants & Business Advisers Seven Stars House 1 Wheler Road Coventry CV3 4LB** ## **18 May 2022** 3 ## **THE SAMUEL SMITH'S AND SPENCER'S CHARITIES** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **For the year ended 31 December 2021** |**Notes**
**Income and endowments**
Income from Investments
Rental income
Interest receivable
Other income
1
Total incoming resources
**Other expenditure**
Fundraising costs
Cost of generating funds
Stockbrokers fees
Charitable expenditure
Pensions
Other charitable gifts
2
Support costs
3
Charitable activities
4
Total resources expended
**Net income/(expenditure)**
**before other recognised gains and losses**
**Profit/(loss) on investment assets**
Realised
Unrealised
**Net movement in funds**
**Balance at 1 January 2021**
**Balance at 31 December 2021**|**Accumulated**
**income**
**fund**
**£**
53,533
1,297
477
-
55,307
-
-
22,245
6,780
15,287
2,148
46,460
8,847
-
-
8,847
152,188
161,035|**Designated**
**fund**
**£**
-
-
-
-
-
-
2,364
-
-
-
-
2,364
(2,364)
2,819
38,090
38,545
290,165
328,710|**Endow-**
**ment**
**fund**
**£**
-
-
-
-
-
-
12,299
-
-
-
-
12,299
(12,299)
39,809
138,924
166,434
1,614,399
1,780,833|**Total**
**2021**
**£**
53,533
1,297
477
-
55,307
-
14,663
22,245
6,780
15,287
2,148
61,123
(5,816)
42,628
177,014
213,826
2,056,752
2,270,578|**Total**
**2020**
**£**
43,636
1,456
468
5,000| |---|---|---|---|---|---| ||||||50,560| ||||||-
12,818
26,290
9,300
14,366
2,613| ||||||65,387| ||||||(14,827)
(52)
19,784| ||||||4,905| ||||||2,051,847| ||||||2,056,752| 4 ## **THE SAMUEL SMITH'S AND SPENCER'S CHARITIES** ## **BALANCE SHEET** ## **For the year ended 31 December 2021** |**Notes**
**Fixed assets**
Tangible fixed assets
5
Investments
6
**Current assets**
Debtors
Cash at bank and in hand
**Creditors:**amounts falling
due within one year
**Net current assets**
**Total assets less current**
**liabilities being total net assets**
**Endowment fund**
7
**Unrestricted funds**
Accumulated income fund
7
Designated fund
7|**2021**
**£**
-
35,938
35,938
(5,140)|**£**
80,158
2,159,622
2,239,780
30,798
2,270,578
1,780,833
161,035
328,710
2,270,578|**2020**
**£**
-
27,363
27,363
(4,662)|**£**
80,158
1,953,893| |---|---|---|---|---| |||||2,034,051
22,701| |||||2,056,752| |||||1,614,399
152,188
290,165| |||||2,056,752| Approved by the Trustees and authorised for issue on 4th March 2022 and signed on their behalf by Mr R M B Kenyon Acting Trustee for 2021 5 ## **THE SAMUEL SMITH'S AND SPENCER'S CHARITIES** ## **NOTES ON ACCOUNTS** ## **For the year ended 31 December 2021** ## **Principal Accounting policies** ## **Accounting convention** The accounts are prepared under the historical cost convention (as modified by the inclusion of investments at market value). In preparing the financial statements the charity follows best practice as laid down in the Statement of Recommended Practice “Accounting and Reporting by Charities” (SORP FRS 102) and the Charities Act 2011. ## **Incoming resources** Donations, legacies and grants receivable are accounted for as soon as their amount and receipt are reasonably certain. For unsolicited donations this is when received. ## **Resources expended** Liabilities are recognised as resources as soon as there is a legal or constructive obligation committing the charity to expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Governance comprises the costs of running the charity itself as an organisation. ## **Tangible fixed assets** Tangible fixed assets are stated in the balance sheet at cost. ## **Investment assets** Investments are stated at mid market value at the balance sheet date. Any gain or loss on revaluation is taken to Statement of Financial Activities. Income arising on investments is accounted for when due. ## **Endowment fund** The endowment fund incorporates the historical permanent endowment fund and the freehold property fund with effect from 1 January 1997. The Freehold Property fund was created from the proceeds of the sale of 17-18 High Street, Coventry and 1,2 & 3 Hay Lane, Coventry which was sold on 6 May 1994 for £495,522. Income is available for general purposes. ## **Designated fund** The Designated fund was established for the purposes of purchasing additional land and improving, rebuilding or converting any buildings on such land with the approval of the Charity Commissioners. 6 ## **THE SAMUEL SMITH'S AND SPENCER'S CHARITIES** ## **NOTES ON ACCOUNTS** **For the year ended 31 December 2021 (continued)** |**1**
**Other income**
Legacy from the Estate of Trustee Ian Smith
**2**
**Other charitable gifts**
Christmas gifts to pensioners
Cash payments in lieu of coal
May gifts
Bibles
Centenary birthday gift
Relief in Need
Vision Support
**3**
**Support costs**
Clerk
Almoner
IT capital costs & support
Insurance
Postage and poundage
Stationery and sundries
Repairs
**4**
**Charitable activities**
Independent examiners' fee
Trustees' meetings and pension distribution
No trustee received any remuneration during the year|**2021**
**£**
-
1,720
2,640
1,800
180
-
440
-
6,780
8,250
3,650
1,320
654
503
46
864
15,287
2,148
-
2,148|**2020**
**£**
5,000| |---|---|---| |||2,000
2,880
1,800
170
200
1,750
500| |||9,300| |||8,080
3,560
1,440
656
589
41| |||14,366| |||2,244
660| |||2,904| |||| 7 ## **THE SAMUEL SMITH'S AND SPENCER'S CHARITIES** ## **NOTES ON ACCOUNTS** ## **For the year ended 31 December 2021 (continued)** ## **5 Tangible fixed assets** |Freehold land at Duggins Lane, Tile Hill, Coventry
Cost
80,158
arity purchased the freehold land on 29 June 1995 and in the opinion of the trustees its current
value is not materially different from the amount reflected in the accounts.
**Fixed asset invesments**
**Quoted investments**
Market value at 1 January 2021
Purchases at cost
Disposals at market value b/fwd
(Decrease)/Increase in cash awaiting investment
Unrealised gain/ (loss) in the year
Market value at 31 December 2021
Historical cost at 31 December 2021
**2021**
**Market**
**Endowment fund**
**value**
**Cost**
**£**
**£**
1,185 3I Group ord 0.738636
17,171
11,241
903 COIF Income shares
18,565
1,786
35 Aberforth Unit Trust Managers UK Small Co.
9,735
7,950
263 (393) Ashtead Group
15,627
6,298
nil (316) Associated British Foods Ltd
-
-
68,650 (52,100) Assura ord 0.10
47,918
42,147
320 AstraZeneca
27,770
11,355
304 (444) Aveva Group ord 0.03556
10,348
10,740
28,462 (25,357) Baille Gifford & Co Japanese Income W4
42,778
40,790
5,703 (4,470) Barclays PLC
10,665
11,018
20,625 BBGI SICAV S.A. ord NPV
36,218
28,003
1,147 (537) BHP
25,228
22,175
5,825 B P ord USD 0.25
19,252
30,991
41,270 (36,660) Blackrock Continental European Income D
79,424
61,089
155 British American Tobacco
4,237
4,258
nil (318) CRH
-
-
519 Diageo ord 0.28
20,947
10,064
27,910 Doric Nimrod Air One Ltd ord Pref
8,233
27,840
25,897 European Fund - Alliance Bernstein
31,413
26,621
435 Experian
15,799
4,997
34,860 (16,125) Fidelity UCITS Icav US Quality Income E
239,445
198,652
12,121 (5,712) FIL Investment Services
18,047
11,395
nil (928) Findlay Park Funds PLC American Sterling
-
-
nil (7,285) First State Invs (UK) Steward Asia Pac Ldr B
-
-
4,987 Franklin Templeton Fund Mgt - Emrging Mkts
9,514
6,858
995 GlaxoSmithKline
15,986
13,361
548 Halma
17,536
7,732
20,120 (nil) Henderson Investment Funds Ltd European Se
26,236
25,230
692 Henderson Investment Funds
9,467
5,529
Balance c/fwd to page 9
777,559
628,120|Freehold land at Duggins Lane, Tile Hill, Coventry
Cost
80,158
arity purchased the freehold land on 29 June 1995 and in the opinion of the trustees its current
value is not materially different from the amount reflected in the accounts.
**Fixed asset invesments**
**Quoted investments**
Market value at 1 January 2021
Purchases at cost
Disposals at market value b/fwd
(Decrease)/Increase in cash awaiting investment
Unrealised gain/ (loss) in the year
Market value at 31 December 2021
Historical cost at 31 December 2021
**2021**
**Market**
**Endowment fund**
**value**
**Cost**
**£**
**£**
1,185 3I Group ord 0.738636
17,171
11,241
903 COIF Income shares
18,565
1,786
35 Aberforth Unit Trust Managers UK Small Co.
9,735
7,950
263 (393) Ashtead Group
15,627
6,298
nil (316) Associated British Foods Ltd
-
-
68,650 (52,100) Assura ord 0.10
47,918
42,147
320 AstraZeneca
27,770
11,355
304 (444) Aveva Group ord 0.03556
10,348
10,740
28,462 (25,357) Baille Gifford & Co Japanese Income W4
42,778
40,790
5,703 (4,470) Barclays PLC
10,665
11,018
20,625 BBGI SICAV S.A. ord NPV
36,218
28,003
1,147 (537) BHP
25,228
22,175
5,825 B P ord USD 0.25
19,252
30,991
41,270 (36,660) Blackrock Continental European Income D
79,424
61,089
155 British American Tobacco
4,237
4,258
nil (318) CRH
-
-
519 Diageo ord 0.28
20,947
10,064
27,910 Doric Nimrod Air One Ltd ord Pref
8,233
27,840
25,897 European Fund - Alliance Bernstein
31,413
26,621
435 Experian
15,799
4,997
34,860 (16,125) Fidelity UCITS Icav US Quality Income E
239,445
198,652
12,121 (5,712) FIL Investment Services
18,047
11,395
nil (928) Findlay Park Funds PLC American Sterling
-
-
nil (7,285) First State Invs (UK) Steward Asia Pac Ldr B
-
-
4,987 Franklin Templeton Fund Mgt - Emrging Mkts
9,514
6,858
995 GlaxoSmithKline
15,986
13,361
548 Halma
17,536
7,732
20,120 (nil) Henderson Investment Funds Ltd European Se
26,236
25,230
692 Henderson Investment Funds
9,467
5,529
Balance c/fwd to page 9
777,559
628,120|80,158
**2021**
**£**
1,953,893
271,147
(224,948)
(17,484)
177,014
2,159,622
1,699,657
**2020**
**Market**
**value**
**£**
13,722
16,258
7,679
13,511
7,154
40,013
23,437
14,217
38,441
6,557
35,888
10,337
14,842
64,540
4,197
9,724
14,937
10,606
28,616
12,080
88,889
15,938
107,602
21,477
7,593
13,353
13,421
-
7,709|**2020**
**£**
1,946,299
445,706
(503,767)
45,871
19,784| |---|---|---|---| ||||1,953,893| ||||1,668,043| ||||**Cost**
**£**
11,241
1,786
7,950
9,412
8,299
29,878
11,355
15,686
36,094
8,909
28,003
9,296
30,991
52,183
4,258
9,821
10,064
27,840
26,621
4,997
84,530
11,395
78,946
15,252
6,858
13,361
7,732
-
5,486| ||777,559
628,120|662,738|568,244| The charity purchased the freehold land on 29 June 1995 and in the opinion of the trustees its current market value is not materially different from the amount reflected in the accounts. ## **6 Fixed asset invesments** 8 ## **THE SAMUEL SMITH'S AND SPENCER'S CHARITIES** ## **NOTES ON ACCOUNTS** ## **For the year ended 31 December 2021 (continued)** ## **Fixed asset investments (continued)** |**Endowment fund (continued)**
Balance b/fwd from page 8
26,231
Hermes Investment Fund
25,352 (19,107)
International Public Partner ord 0.0001
18,677
JP Morgan American Investment Trust 0.05
26,400
JP Morgan Asset Mngmnt Emerging Mkts C
3,930
Legal and General Group ord 0.025
21,110 (14,492)
Lloyds Banking Group ord 0.1
103
London Stock Exchange Group ord
2,810
Matthews Asia SICAV Asia ex Japan Div S
3,754
M&G Plc ord 0.05
1,025
National Grid
240
Ocado Group
3,887
Pimco Gbl Invrs Gbl Inv Grad Cred Hgd Instl
3,800
Polar Capital Funds A&A Intel S
975 (1,130)
Prudential 0.05
nil (205)
Reckitt Benckiser
575
Reed Elsiver
2,315
Royal Dutch Shell "B"
38,015
Royal London Unit Trust Managers Inc Z
972 (1,115)
Sands Capital Funds
344
Schroder Inv Mgmt
1,449
Segro ord 0.10
2,217 (3,193)
Smith (DS) ord 0.10
149 (185)
Sparx Funds plc
nil (6,511)
Tesco
451 (369)
Unilever ord 0.031111
25784
UK Govt 4.5% Snr Bnds 07/12/2042
16411
UK Govt 1.5% Gilt Bds 22/07/2047
22,772
UK Govt 0.125% Gilt Bds 07/09/2036
426
Vanguard Funds FTSE 250 UCITS ETF
nil (5,132)
Vodafone Group
282 (177)
Vontobel Asset Management
415 (212)
Vulcan Global Value Fund
350 (nil)
Whitbread ord GBP0.76797385
Cash awaiting investment
**Total**|**Market**
**Value**
**Cost**
**£**
**£**
777,559
628,120
27,692
27,285
43,098
38,593
143,253
78,444
51,348
42,659
11,692
5,890
10,091
11,597
7,138
4,860
41,953
28,044
7,489
7,578
10,863
9,505
4,027
5,366
52,980
52,925
59,242
35,492
12,426
10,094
-
-
13,812
8,018
37,559
23,266
54,666
53,824
46,014
34,224
62,357
43,293
20,815
3,733
8,509
6,841
19,569
17,900
-
-
17,794
11,905
41,716
40,152
17,599
20,289
41,657
35,820
15,477
12,871
-
-
31,138
30,954
58,187
40,653
10,483
11,670
6,376
6,376
1,764,579
1,388,241
**2021**|**Market**
**Value**
**Cost**
**£**
**£**
662,738
568,244
27,729
27,333
32,520
28,059
107,766
78,444
56,760
42,659
10,462
5,890
5,281
8,503
9,278
4,860
40,492
28,044
7,431
7,578
8,866
9,505
5,489
5,366
55,312
52,925
50,046
35,492
15,221
11,699
13,411
14,354
10,307
8,018
29,155
23,266
56,224
53,824
49,328
39,259
47,716
43,293
13,731
3,733
11,961
9,853
23,576
22,224
15,066
16,104
16,206
8,375
45,973
40,152
19,545
20,289
40,257
35,820
13,696
12,860
6,208
11,222
21,068
18,374
49,470
42,356
-
-
7,284
7,284
1,585,573
1,345,261
**2020**|**Market**
**Value**
**Cost**
**£**
**£**
662,738
568,244
27,729
27,333
32,520
28,059
107,766
78,444
56,760
42,659
10,462
5,890
5,281
8,503
9,278
4,860
40,492
28,044
7,431
7,578
8,866
9,505
5,489
5,366
55,312
52,925
50,046
35,492
15,221
11,699
13,411
14,354
10,307
8,018
29,155
23,266
56,224
53,824
49,328
39,259
47,716
43,293
13,731
3,733
11,961
9,853
23,576
22,224
15,066
16,104
16,206
8,375
45,973
40,152
19,545
20,289
40,257
35,820
13,696
12,860
6,208
11,222
21,068
18,374
49,470
42,356
-
-
7,284
7,284
1,585,573
1,345,261
**2020**| |---|---|---|---| ||||1,345,261| 9 ## **THE SAMUEL SMITH'S AND SPENCER'S CHARITIES** ## **NOTES ON ACCOUNTS** ## **For the year ended 31 December 2021 (continued)** ## **Fixed asset investments (continued)** |**Market**
**Designated fund - Reserve fund**
**Value**
**Cost**
**£**
**£**
82
Astrazeneca ord USD0.25
7,116
5,867
nil (2,090)
BAE Systems ord 0.025
-
-
nil (10,783)
Baillie Gifford & Co. Jpnese W4
-
-
670
British American Tobacco o 0.25
18,314
8,593
23,068 (36,993)
Charities Property Fund Inc
31,642
29,991
533
Compass Group ord 0.1105
8,800
4,339
nil (355)
GlaxoSmithKline ord 0.25
-
-
770
Intermediate Capital Group ord
16,894
9,112
23
London Stock Exchange Group o
1,594
1,085
1,490
M&G ord 0.05
2,973
3,275
30,742
Mayfair Capital Investment Prop
28,546
28,000
4,495
NB Private Equity Ptnrs class A
83,158
46,682
538
Persimmon ord 0.10
15,365
8,139
190 (nil)
Renishaw ord GBP0.20
9,082
10,711
440
Rio Tinto
21,525
19,873
1,150
Sands Capital F Emrging Mkts A
27,244
18,768
705
Smith Group ord 0.375
11,135
7,802
240
Vanguard Inv Grd Bond ldx ETF
26,892
27,064
41,456 (nil)
VH Gbl Sustainable Energy Opps P
44,358
41,710
Cash awaiting investment
40,405
40,405
**Total**
395,043
311,416
**Total fixed asset investments**
2,159,622
1,699,657
**2021**|**Market**
**Value**
**Cost**
**£**
**£**
6,006
5,867
10,216
8,133
16,347
14,915
18,144
8,593
45,061
48,096
7,265
4,339
4,764
6,060
13,290
9,112
2,072
1,085
2,949
3,275
25,073
28,000
52,367
46,682
14,886
8,139
-
-
24,068
19,873
29,774
18,768
10,607
7,802
28,450
27,062
-
-
56,981
56,981
368,320
322,782
1,953,893
1,668,043
**2020**|**Market**
**Value**
**Cost**
**£**
**£**
6,006
5,867
10,216
8,133
16,347
14,915
18,144
8,593
45,061
48,096
7,265
4,339
4,764
6,060
13,290
9,112
2,072
1,085
2,949
3,275
25,073
28,000
52,367
46,682
14,886
8,139
-
-
24,068
19,873
29,774
18,768
10,607
7,802
28,450
27,062
-
-
56,981
56,981
368,320
322,782
1,953,893
1,668,043
**2020**| |---|---|---| |||322,782| |||1,668,043| |**Fund balances at 31 December 2021**
**are represented by:**
Tangible fixed assets
Investments
Net current assets/(liabilities)
**Total net assets**|**Accumulated**
**income**
**fund**
**£**
-
-
161,035
161,035|**Designated**
**fund**
**£**
-
395,043
(66,333)
328,710|**Endowment**
**fund**
**£**
80,158
1,764,579
(63,904)
1,780,833|**Total**
**funds**
**£**
80,158
2,159,622
30,798| |---|---|---|---|---| |||||2,270,578| **7 Analysis of assets between funds** 10