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 refleC￿d 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 in￿ntiOn 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 reqU1￿ments 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 examIn￿10n 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, ￿l￿ed 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.
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