THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST (CHARITABLE INCORPORATED ORGANISATION) STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 Charity Number 1164687 BEGBIES 9 Bonhill Street London EC2A 4DJ Page | I
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST (CHARITABLE INCORPORATED ORGANISATION) LEGAL AND ADMINISTRATION INFORMATION HONORARY PRESIDENT Master D A Pugsley TRUSTEES Past Master (Emeritus) R N T Coles (Chairnian retired 1510212024) Past Master S R Britt (Chairman from 1510212024) Past Master A Turner Master D A Pugsley Past Senior Warden l Golder Assistant P Sainthouse (Appointed 1910312023) Past A5SiStant S R Rinsler Liveryman J C Godbold HONORARY SECRETARY Liveryman J C Godbold REGISTERED OFFICE 186c Fleet Street London EC4A 2HR INDEPENDENT EXAMINERS Begbies Chartered Accountants 9 Bonhill Street London EC2A 4DJ BANKERS National Westminster Bank PIC 116 Fenchurch Street London EC3M SAN INVESTMENT ADVISERS Seven Investment Management (7iM) l Angel Court London EC2R 7HJ Page 12
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST (CHARITABLE INCORPORATED ORGANISATION) INDEX TO THE ACCOUNTS Report of the Trurtees Audit Report Statement of Financial Activitie5 Balance Sheet Notes to the Accounts Page | 3
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST (CHARITABLE INCORPORATED ORGANISATION) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 The Trustees present their report and financial statements of the Chariry for the period ended 30 June 2024. The financial sratements have been prepared in accordance with the accounting policies described in Note l (a) to the Accounts. Structure The Charity wa5 registered on 3 December 2015 as a Charitable Incorporatrd Organi5ation (CIO) and began to function on l June 2016. It merged with and has succeeded the unincorporated Worshipful Company of Carnien Benevolent Trust charity number 1050893. AII the assets of the unincorporated entity were trarL5ferred to the CIO on l June 2016. Governance The Charity Governance Code for Smaller Charioe& which offers advice on governance issues but is not a regulatory requiremenL has been considered by the Trustees. They are of the opinion that the charity is governed in accordance with the majority of the recommendations but are unable to formally adopt it because the Court of the Ltvery Company is responsible for the nomination of Trustees on the advice of the Trust and the approval of alterations to the Constitution. meaning that the Trust cannot be considered to be completely independent. The Worshipful Company of Camien Court agreed to make the criteria for the Trustees more Ilexible and current rules are". up to be seven Trustees (no change) of which two shall be members of the Court (down from four members) and ar least three shall be Liveryman of the Company. During the year: Past Master R N T Coles Chairman of the Trustees retired on 1510212024 and was replaced by Past Master and Trustee S R Britt Past Master A Turner stepped down from Hon. President of the Benevolent Trusc 1811012023 Court Assistant P Sainthouse vrfas appointed a Trustee 1910312024 Master D A Pugsley vos appointed 35 Hon. President Benevolent Trust and a Trustee on 1811012023. Risk Management The Trustees have considered the major risks to which the Charity is exposed. have reviewed those risks and established 5YStems and procedures to manage them. The principal financial risks relate to the investment porrfolio on which the Chariry relies significantly to fund its grant programme and donation levels. The Trustees are mindful of economic and other conditions which might adversely affect the value of the investments due to volxtility in the stock mark¢ts. Page14
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST (CHARITABLE INCORPORATED ORGANISATION) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 (Continued) During the period, the Truscees reviewed and approved the level of risk to which the portfolio is to be exposed. The Trustees receive regular performance reports from the investment managers and meet with them periodically. In the year, the Trust experienced a slightly lower level (-3%) of regular donation5 from the Carmen, and yet maintained its level of grant giving. This is not a viable long-term situation and is considered a risk to the ability of the Trust to mainrain its level of giving. Whilst the Trust has 20 years of reserves at the current rate of grdnts, donations and fund growth, the fall in income has been discussed with the Court of the Carmen. A plan of increasing awareness amongst Carmen of the Trust's objectives and grant giving is being rolled out using the web-site plarform and direct mailing to encourage higher donations. Objectives Public Benefit Aims and Policies of the Charity The objects of the Trust are: The relief of necessitous persons who are or who have been Liverymen and Freemen of the Worshipful Company of Carnien (the "Company'} or the necessitous widows. widowers, civil partners, children. or dependanrs (together "Dependantsl of Liverymen or Freemen of the Company." b) The relief of necessitous persons who a or have been in the employment or service of the Company or their Dependants. The relief of necessitous persons who are or have been engaged in or connected with any sectors of the transport industry or transport log'stics in the United Kingdom and their Dependants. The relief of ne¢essitous persons who are or have been United Kingdom armed force5 personnel engaged in transport or transport logistics and their Dependants. The advancement of education and trdining of the public concerning the occupation of Carmen and of those working within the transport logistic5 industry generally. Such charitable purpose5 for the public benefit in the City of London or elsewhere in the United Kingdom as the charity Trustees shall determine." In pursuit of the charitable objectives of the Charrty via its grants. the Trustees confirm they have both consulted and have regard to the Charity Commission guidance on achieving Public BenefiL The Charity achieves its objectives via its annual programme of making individual grancs, particularly where these grants are expected to make a noticeable difference to the welfare and the lon8-term qualiry of Ibfe of the beneficiaries. Page15
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST {CHARITABLE INCORPORATED ORGANISATION) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 (Continued) The Trustees receive no remuneration nor reimbursement of expenses other than office administration costs they incur eg. sending a physical mailing. Review of Development. Artivities and Achievements During the Period The Trustees have altered the emphasis of their grants strategy so as to focus not only on a small number of disadvantsged students at City of London schools. but also on 2 range of educational establishments in the state sector (predominandy in London), with the eventual aim of 5UPPOrting those training to enter the transport and logistics industries. Carmen are also encouraged to put forward propos$ to support worthy causes within those industrie5, while help is available to Carmen themselves and their immediate dependants where there is short- term need. Other requests for funding are considered. but within the context of priorities which the Trustee5 have set Care is taken to ensur& wherever possible. that the conditions under vthich a grnnt is awarded are respected by the beneficiary. Where awards are made to charities covering a wide geographical area but for a particular programme for the disadvantaged which the Trustee5 wish to suppor¢ the Trustees often express the condition that the beneficiaries should live in, or close to. London. In the period the Trustees have made awards totalling £68,782 as derailed in Note 4 to the accounts. Thi5 figure does not include £21.522 grants that were accrued in 2022123 for payment in 2023124 and accounted for in previous year5. The total cash paid to our grantees was £81.804. The Trust continues to support the Livery schools. King Edwards, Ciry of London Freemans. Christs Hospiral and St Pauls. giving £30.798 in the year. including the relevant released accruals. This was lower than in 2022123 as the payment timings were changed to match their academic year.- I" September to 31- AugusL meaning some later payments to Schools fell into the next academic year and the Trust's accounting will be accounted for in that year. Projects related to education and youth development mainly in the Ciry of London 2nd close London Boroughs continue to be a focus with grants going to the JCT SPEAR projecL Heritage Skills Academy. Leadership training for Women in Transport and a programme to bring 180 children from the John Flamsceed Academy School near Derby to a day in London including 2 talk on Logistics, and visits to St Pau15. The Old Bailey and the London Trnnsport Museum. Exceptionally the Trustees set had aside £20,(M)O in 2021122 for the work of the Ukrainian communities in London with grants being made to two Saturday Schools where the Ukrainian culture and history can be taught and additional help with their English provided. {£ l O.O¢)O of the money set aside has been granted and it is hoped that the balance will be paid in the next financial year). Page16
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST (CHARITABLE INCORPORATED ORGANISATION) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 (Continued) Financial Revlew Financial Background The Trustees rely on income from investments and donation5 from Liverymen and Freemen of the Company. Without this combination, the work of the Trust would be severely limited. The Livery Company (2cilitates the rnising of funds from Liverymen and Freemen, ensuring that as rnany of those admitted to the Livery as possible contribute- it also facilitates lifetime gifts and legacies. No third-party commercial fundraiser5 are used to solicit funds. and no pressure is applied to anyone to contribute if they do not feel able to do so. By the terms of 2 General Vesting Declaration dated l June 2016 the investment portfolio previously held within the Worshipfijl Company of Carmen Benevolent Trust - registered charity 1050893 was transferred to the CIO. The shareholding in Wanstead Sports Grounds Ltd. which is a private company not listed on the UK Stock Exchange, was gifted to the Trust by 3 former Carn)an. Mr Woodrow Benton. Following a pOrt by the Charity's Honorary Treasurer in 2012, the Trustees decided to continue to hold these shares. A dividend is received most years. worth this year £1562. Investment Strategy and Charges Review At the beginning of the financial year the Trustees reviewed the Investment Strategy and as a result the Investment Company were asked to move to investments that provided capital growth rather than income through dividends and interesL The investment manager has confirmed this change in investment policy has not had any significant impact on the investment returns. The Investment Company at our request then reported during the year on ways to reduce the fees they charge through different investment strategies. They reported that rather than hold our investments in a bespoke series of funds. equitie5 and bond5, the Trust should actively think about moving to accumulation funds where the dividends, interest and charges are held internally. 7iM manage a Select Balanced Portfolio Fund with lower management fees and the Trust will hold units in the fund. The Trustees agreed this approach and the Trusts funds were moved to the new Portfolio Fund over the period March 2f to April 4 2024. The portfolio is very similar to the bespoke portfolio and there is no change in risk profile. On-going reported fees will be substantially less. Income for the year under review The portfolio value at the 30°. June 2023 vras Q194.827 compared to £2.055.319 at the I", July 2023 (A gain of £139.508). With no dividend income now coming directly into the Trust and with donations continuing to fall. £60,000 vfts dra down to support the Charity'5 grants. The Page17
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST (CHARITABLE INCORPORATED ORGANISATION) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 (Continued) gain in portfolio value refiects the gains in the generxl equity markets. However. the uncertainty caused by the Ukrainian conflict in the capital markets and the sharp rise in interest rates to combat inflation has dxmpened the g2ins. Following the change of investment policy from income to capital grovrth all the fund received in dividends were accumulated and reinvested in the fund. The investment m2nager has confirmed thi5 change in investment policy has not had any significant impart on the overall investment returns. With the change of investment policy, investment income for the year. at £12.724 wa5 significantly down on the previou5 year {-30%)- Donation income at 134,325, including Gift Aid, was up by £260 on last year but regular donations from Liverymen are still parc of a downwards trend. The number of Liverymen making donations has been in a steady decline over recent year5 and this is refleCd in a substantial fall in a major source of income for the CIO. Total regular Camien Liverymen donations are typically £125 p.2. made up to £156.25 with Gift Aid. We believe we should we have a greater number of Carmen donors this would yield for the Charity at least £65,000 a year in comparison to the current level of £34,325. This donations. gap is being addressed with more frequent flyers on the work of the Trust and the request for greater donations. Operating Loss for the year under review The Trust spent £26.151 more then tt received in income. The Trust reaffirmed its decision not to curtail grants at 2 time when disadvantaged children 2nd adults were under the pressure5 of fast rising inflation; it would be unfair to the people we were already supporting. With investment income declining in line with the Trust's strategy and 35 It was likely that Livery donations would take time to turn round. the Tru51 drew down, £60.OCKJ of capital this year to cover the overspend. The funds available at the close of 2023124 increased by £162.538 ovèr the position at the end of June 2023. The Trustee5 had budgeted to &ve £ l (M).IXIO in grants for the year but in fact donated £81,804 in grants, £68.782 allowing for accruals accounted for in 2022123. Support costs for the year at £2,618 were £2.860 lower than the previous year principally as the Trustee5 implemented the decision to withdraw from the Livery office support for basic administration and accounting. Support Costs next financial year will be minimal and are likely only to include the cost of any donation collection and the cost of writing out to members to further explain the work the Benevolent Trust doe5 and the need for greater fijnding. During the last year. the Trust met the Common Reporting Standards Test a5 the change in investment policy has reduced the investment income and replaced it with capital growth. The test is that over a three-year period donation income must exceed investment income. This is a further reason to bolster the donation income. Page 18
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST (CHARITABLE INCORPORATED ORGANISATION) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 (Continued) Reserves Policy The Trustees intend that all investsnent income will be held in the Investment Fund, until required. However, to retsin sufficient funds to cover running costs and to respond in reasonable time to all application5 for financial assistance. they aim to maintain a level of free cash reserves from unrestricted fund5 held on deposit at a Bank It was decided to set the minimum free fijnds should remain at £lO.000. The Endowment Funds ofthe Trust By the ternis of a General Vesting Declardtion dated l June 2016 the investment porrfolio previously held within the Worshipful Company of Camien Benevolent Trust - registered chirity 1050893 was tr2nsferred to the CIO. The Carmen Hericage Fund (not to be confused with the St Dunstan'5 Heritage Trust) was the title of the fund which historically contained Trust assers designated a5 permanent endowment. Some decades ago, The London Cartage Fund was transferred to the Trust and records show that 1¢ too, was permanent endowmenL In the latter par¢ of the 20th cenwryj bequests were made to the Trust by the Collins family with the inntiOn that they be treated as permanent endowment Thi5 bequest funds £500 to each of Thvo charities: Save the Children and Sussex Cancer Fund With effect from 6 April 2¢xi6. the Charity Commission authorised the Trustees to amalgamate the London Cartage Fund and the G.E.M. Collins Memorial fund with the permanent endowed a55ets of the Carmen Heritage Fund. It was further agreed to provide a note in perpetuity w the annual accounts of the Trust showing that as of 5 April 2006 the G.&M. Collins Memorial Fund represented 15.7% of the total funds and The London Cartage Fund 7.5%. It ha5 long been the practice for members of the Comp2ny when donating to the Trus( to authorise its allocation to expendable endowment and for the income derived to be used for the general charitable purp05es of the trust Additionalty, in more recent times. two bequests were recetved which contsined no direction as to the way in which these funds were to be spent. Therefore, the Trustees decided they. and any further bequestslsingle donations where the donor does not specify otherwise will be treated as expendable endowmenL In 2016, the Trustees reviewed the history of the Trust's endowed funds. This included advice from the Trust'5 auditors concerning an appropriate method for applying current valuations to both type5 of endowment The Trustees accepted the advice that with effect from 31 May 2016 the Trust investments would be revalued so that (pending receipt of additional funds constituting permanent endowment or expendable endowment) 65% of the toral would be regarded as Permanent Endowment and 35% as Expendable Endowment These proportion5, with appropriate valuations, are shown in Note 6 to the Accounts. Page 19
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST (CHARITABLE INCORPORATED ORGANISATION) REPORT OF THE TRUStEES FOR THE YEAR ENDED 30 JUNE 2024 {Continued) In the light of this, the Trustees also amended their investrnent Policy Statement and instructed their invesonent advisers to create in the agreed proportions one portfolio for each of the two elements of Trust and subsequently CIO endowment funds. In practice the funds mirror each other. This is still the investment policy of the TrusL Law applicable to charities in England and Wales requires the Trustee5 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 positson at the end of the year. In preparing those financial statements. the Trustees are required to: Trustees. Respon5ibilitie$ in Relation to the Financial Statements Select 5Uitable accounting policies and then apply them consistently. Make judgements and exFmates that are reasonable and prudenL State whether applicable accounting 5randards and statements of recommended practice have been followed subject to any depamires disclosed and explained in the financial statements. and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 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 Charitie5 Act 2011. 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 irregularitie5. Approved by the Trustees and signed on their behalf by: lain Golder Chairman Date: Page | 10
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST CHARITABLE INCORPORATED ORGANISATION ("CIO") I report to the charity Trustees on my examination of the accounts of The Worshipful Company of Carmen Benevolent Trusi CIO for the period ended 30 June 2024. Responsibilities and basis of report As the charity Trustees of the Trust you are responsible for the preparntion of the accounts in accordance with the reqU1ments of the Chariiies Act 2011 {"the Act.). I report in respect of my examination of the Tru5t'5 accounts carried out under section 145 of the 2011 Act and in carrying ouc my exarnination I hive followed all the ¥plicable Direcuons given by the Chariry Cornmi5sion under secuon 145{5)(b) of the ACL Independent examinerfs statement I have completed my examination. I confim that no matrrial matters have come to my attention in connettion with the examination giving me cause to believe that in any material respecL accounting records were not kept in respett of the Trust as required by section 130 of the ACL or l the accounts do not accord with those records: or 3. the a¢counts do not COMP with the applicable requirements concerning the forni 2nd content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that in the accounts &Tve a 'true and fair eW which 15 not a mat¢er considered as part of an independent examination. I have no concerns and have come across no other rnatlers in connection v*ith the examIn10n to which actention should be dravm in this report in order to erRble a proper understanding of the accounts to be reached. Signed-. Christopher Pexton FCA Begbies Chartered Accountants 9, Bonhill Stree< London EC2A 4DJ Date: Page 111
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST (CHARITABLE INCORPORATED ORGANISATION) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024 Unrestricted Capital Year to 30 June 2024 Total Year to 30 June 2023 Total Opernting Funds Endowment Funds Notes Incoming Resources Donations and Legacies Investment Income 34.325 11724 34.325 lin4 34,066 18,904 Total Income 47.049 47.049 55.OS8 Expenditure Charitable Activities= Grants Payable Supporc Costs Legal Fees Costs of Raising Funds-. Investment Management Costs 68.7K2 1618 1.8fy) 68.782 2,618 1,8C 78,633 5.478 1,300 13,703 5 3,703 16,087 Total Expenditure 73,200 13.703 86,903 101,498 Net In¢omel(Expenditure) before (LossyGain on Investments P&151) {13,703) {39.854) (48.528) Gross Transfer5 between Funds 49.182 {49,182) Net {L0s5}IGain on Investments Net Movement In Funds 201393 202,393 62.742 23.031 139.508 162,539 14.214 Reconciliation of Funds Totsl Fund5 Brought Forvrnrd Total Funds Carried Forward (7.552) 15,479 1055.319 1047.767 1033,554 2,194,827 2.210.306 2,047,768 Page | 12
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST (CHARITABLE INCORPORATED ORGANISATION) BALANCE SHEEf AS AT 30 JUNE 2024 Year to 30 June 2024 Total Year to 30 June 2023 Total Unrestricted Operating Funds Capitsl Endowment Funds Notes Fixed Assets Investments 1194.827 1194,827 1055.319 Current Assets Debtors Cash at Bank 2.370 33,509 35,879 2,370 33.509 35,879 21.289 25.869 Creditor&' Amounts Falling Due Wtthin One Year Grants Payable Accrued Expenses (18,51XI) (1.900) {18,500) (1,9001 (31.522) (1,9) Net Current Assets Total Assets Less Currerrt Liabilities 15.479 15,479 (7,552) 15.479 1194.827 2,210,306 1047,767 Amounts Due Over One Year Grnnts Payable Net Assets 15.479 2 194.827 2 210.306 2,047.767 Funds Operating Carn)en Heritage Fund 15.479 15.479 2.194.827 (7.552) 2,055,319 2.194.827 2.194.827 2.210 306 2.047 767 Note.. At the 6 April 2006, The Carnien Heritage Fund comprised The Heritage Fund (76.8%). the Mrs GEM Collins Fund115.7%) and the London Carrage Fund (7.5%) Page | 13
Approved by the Board of Trustees on and signed on its behaif by.. lain Golder- Chairman Page | 14
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS AS AT 30 JUNE 2024 Accounting Policies In preparing the accounts the following accounung policies have been complied with". The financial statements have been prepared in accordance with Accounting and Reponing by Charities.. Statement of Recommended Prnctice (FRS 102) the Charities Act 2011 and applicable regulations. The accounts have been prepared under the historical cost convention with items recognised ac cost or transaction Value unles5 otherwise stated in the releyani note(5> to these accounts. b. Investment income 15 recorded when receivable. Gift aid rec12imable on dorouons to the charity is included within volunrary income. d. Expenditure on grnnts is recorded once the trust has made an unconditional commitment to pay the grant and this 1$ communicated to the beneficiary or the grant has been paid. whichever is the earlier. Other expenditure is included in the accounts on an accrual basis. Irrecoverable VAT is charged to the SOFA as incurred. f. The cost of managing investmenrs is charged against investment C2Pital. reflecting the total recurn approach to invesDneni managemenL Any costs associated with the sale or purchase of investments are accounted for as part of the s21e or purchase price of the investments. g. Quoted investments have been •Alued at rnarket value at the balance sheet date. h. Unrealised and realised invesDment gwns and losses are shown net in the statement of financial activities. Donations and Legacies 2023124 2022123 Carn)en Donation5 and Legacies Gift Aid Recovered 2&512 5,812 29.485 4.580 34.325 34.065 Page | IS
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS AS AT 30 JUNE 2024 (Continued) Year to Year to 30 June 2024 30 June 2023 3. Investment Income Dividends - UK Equities Diyidends _ Overseas Equtues Interest- other 3,573 8.818 333 2.677 15,957 271 Total 12,724 18,138 4. Grnnts Payable 2023124 2022123 King Edwards School Freemans School + prize fund Necessitous Carnien Aldgate School John Flamtteed Sch¢)ol Ukrainian Refugees appeal Collins memorial Fund (Save the Children & Sussex Cancer Fun Universify Educatio[7 Brit15h Heart Foundation St Paul's Cathedral Fund Guildhall Sch¢)ol of Music and Drdma Women in Trdnsport {Leader5hip Courses) Voices Treloars (hoist) ICT SPEAR Christs Hospi London Taxi Driver5 Magic Tour Paris Carmen Livery Schools PacklBadges Mayoral Chariiie5 British Red Cr0$5 (Mayorni) Heritage Skills Academy Total 6.500 8.776 14.335 8.776 (250) 4.158 i 0,000 1.000 s.5) 5.500 1000 6,000 5.000 7.796 13.552 1.500 1.5(Ki 2.552 3.000 250 68.781 78.633 Movement in Recognlsed Grant Commitments Grant commitments recognised at start of period Paid in period Write back of provision New Provisions in year 2023124 Grant commitments recognised on 30 lune 2023 31,522 39,500 (21.522) (19,500) { i o.o(x)) 21.522 31,522 &5LM) 18,500 New provisions in year 2023n4 represent paymenrs to be made to: Save the Children Ukrnine Schools Spear 10.000 Page | 16
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS AS AT 30 JUNE 2024 (Continued) Year to 30 June 2024 Year to 30 June 2023 5. Support Costs Worshipful Company of Carmen: Administration Award5 and Medais Bank Charges Office Costs and Printing. Postage & Ststionery Audtt and Accountancy Fees 1,703 6,OC (14) 929 (1,144) 623 1.300 4.418 9.333 The Trustees received no rernuneration and were not reimbursed for any of their expenses in the period. The charicy had no employees during the period. Year to 30 June 2024 Year to 30 June 2023 6. Investments Market Value on l July 2024 Acquisitions at Cost Sale Proceeds from Disposals Net {Loss)IGwn on Revaluauon (inc Dividendsllnceres¢ 7iM costs and transfers to Trust Bank Account) Market Value on 30 June 2024 Note: Cash Held in interest beartng accounts for reinvesrment 1.977,963 3,026.641 (3.012.550) 2.013,546 1.118,240 (1.216,565) 64.499 62.742 1056,553 1,977,963 138.274 77,357 Total Investsnents and Cash on 30 June 2024 2 194,827 2,055,319 Apportioned:. Permanent Endowment- 65% Expendable Endowment- 35% 1.426.638 768,189 1.335,957 719.362 2.194,827 2,055,319 Page | 17
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS AS AT 30 JUNE 2024 {CONTINUED) Year to 30 June 2024 Year to 30 June 2023 Investments (Continued) Comprising. UK Equities Overseas Equitie5 Fixed Interesi and other Asset classes Cash deposits awaiting Investment 495.069 854.459 557,411 990.829 570.655 566.092 138.274 77.357 2.194.827 2.055.319 All investments are listed securities excepi for 3,125 Ordinary Shares in Wanstead Sports Ground knmited. an unquoted Company, led at £nil as no fair value can be attributed. Funds The unrestricted op¢rdting fund comprise5 funds vthich the Trustees are free to use in accordance the objects ofthe charity. Related Party Transactions During the period. The Charity paid £1.703 to the Worshipful Company of Carnien in reimbursement of adminisrrnNe staff cosrs. This amount is included within Support Costs in note 5. Page | 18