THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST (CHARrrABLE INCORPORATED ORGANISATION) STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025 Registered Charity Number. 1164687 BEGBIES 9 Bonhill Street EC2A 4DJ Pagell
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST (CHARITABLE INCORPORATED ORGANISATION) LEGAL AND ADMINISTRATION INFORMATION HONORARY PRESIDENT M&8ter L A Daniels, OBE (Assumed role 1811 or2024) TRusfEES Past Senior Warden l Golder (appointal CFAirman i eJ1012024) Past Mastsr S R Britt (Rerired as Chatrman 1811 or2024} Past Mthr A Turner Past Master D A Pugsley (srepped doym a5 Hon President1811012024) Assistant P Sainthouse Past Assistant S R Rinsler Liveryman J C Godbold L1Verym Ms S Kindleyside (appointyj 1811012024) HONORARY SECRETARY Liv¢ryman J C Godbold HONORARY TREASURER Past A55iStart S R Rinsler REGISTERED OFFICE 186c Fleet Street Lorbdon EC4A IHR INDEPENDEKf EXAMINERS Begbies 9 Bonhilffi Street London EC2A 4DJ National Westminster Bank PIC 116 Fenchurch Street London EC3M SAN INVESTMENT ADVISERS Seven Investment Management (7iM) l Angel Court London EC2R 7HJ Pa8e12
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST (CHARITABLE INCORPORATED ORGANISATION) INDEX TO THE ACCOUNTS Report of the Trustee5 Independent Examinerfs Report Statement of Financial Activities 12 Balance Sheet 13 Notes to the Accounts Page13
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLEKf TRUST (CHARITABLE INCORPORATED ORGANISATION) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025 The Trustees present their report and financial ststements of the Charty for the period ended 30 June 2025. The firrancd stxterngx have been wred in accordan with the accounting policies described in Notr l (a) to the Accounts. The Charrty was registered on 3 December 2015 as a Charir3ble Incorporated Organ15ation (CIO) and functioned l June 2016. It merpj with and has succeeded the unincorporated Worshipfvl Company of carrn Benevolent Trust dwy numbw 1050893. All the a$5ets of the unincorporated enttry were tran5fwred to the CIO on l J)e 2016. Governance The Charity Govern2nce Code for Smaller Charitie4 vA)ich offers advice on governance issues bLtt is not a regulatory requiremenL has been considered by the Trust They are of the opinion that the charity is governed in accordance vrith the majority of the r0mmendatons bLrt are unable to fomally adopt it because the Court ofthe Livery Company is responsible for the nomination of Trust on the adwce of the Trust and the approval of alteratyons to the Constitutiorn meaning that the Trust carmt be considered to be completely independenL There are seven Trustw. all of whom must be LlvWyffn of the Company vth at least two trustees betng Member5 of the Cou During the year. Past Master and Trustee S R Britt Chaimian of the Trustee5 retired on 1811012024 2nd vffis replaced by Past Senior Warden l Golder Past Master D A Pugsley stepped down from Hon. President of the Benevolent Trust 1811012024 Master L A Daniels wa5 appoirrted as Hork President BenevOltt TnJ5t on 1811012024. In his absence Junior Warden A Kgnp will deputise for the Mas Liveryman Ms S Kindleyside was appoited a Trustee 1811012024 Risk Management The TnJ5tees have considered the mjor risks to the Charity 15 exposed. have reviewed those risks and established systWll5 and prOvreS to manage them. The principal financÉai risks relate to the investment portfolio on whith the Charity rel signtfieantty to fund its grnnt programme aThl donation levd& The Trustees are mindful of econcmnic and othw corKliticxis vthith might adver5ety affect the value ofthe Irbvestynw due to vo&tility in the stodt markets. Pa8e14
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST (CHARITABLE INCORPORATED ORGANISATION) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025 (Continued) During the wiod, the Trustees reviewd approved the level of iisk to which the portfollo is to be exposed. The Trustees reCe reguhr pwfrnnce reports from the investment rnanage and meet with ptriodicalty. In the year, the Trust experlenced a slighdy higher level {+116%) of donauons from the Carrrten which allowejj an increase in grants. HoNYever, the cwrent le¥eJ of regular donat5ons is n¢X a VTable long-term SiUAation and is CQDsidered a risk w the abilw of the Trust to maintain its level of 8iving. Whilst the Trust ha5 20 years of reseThe5 at the cumt rate ofgrant& donatlons ar nd grovrth, the rdatNety low regular donation income ha5 been discussd with the Court of the Carmen. This year saw a of tsying to increase avArene$5 amongst Cam)en of the Tru5¢'5 oblectlves and grant gfving using the w&site platlorni and direct mailing to encourage higher donations. The Trust also experinented with using a Crowdfunding programme to target a par¢icular project for Treloars ScFhJol with mtxed success. unle regular donation5 increase the Trustees have discussed redIng grants to a limit of donations (including gift aid) plus an equal level of money from the Endowment Funds so lo a5 market grovth of the fvnds continues by at least +15% after all charye> Oblecdw Publit Bwwfft Alms And Policlos of the Charlty The objects ofthe Trust art The relief of rCe551 perwns who are or have been UVeren and Freemen of the Worshipful Company of Carmen (the 'CompanyJ or the necessitDU5 widows, widowers. civll partners, Childre or depg)dants (together 'DependthtsJ of Liverymen or Freemen of the Company. The rellef of necessitous pers(5 who are ¢x PAYe been in the employment or servlce of the Company or their DePendan or vtho are or have been engaged in or connecd wth any sectors of the transport industsy or tran5POrt loy'stlcs In the Unlted Kid0M and thetr Dependants, Induding the Defence For The advancemert of education 2nd trninirE of the public concerning the occupation of Cam)en and ofthose working With the trarwrt logistsc5 induwy gerlly. The 5UPPOrt for disadvantsgd children and adults to hjrthw thr education. encourage them to work in teams or support those cwisaiions who can deliver such assistan. Such tharitable purpose5 ft)r the public benèfit in the Crry of London or elsewhere in the United Kingdom as the tharrLy Trt5 shall dttenxlne. In pursuit ofthe charltable objeLtives ofthe Charity through Fts the Trustees confinn they have both consulted aThJ have regard to the Clkriry Commi55ion guidance on achievi Public BenefiL Page15
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST (CHARITABLE INCORPORATED ORGANISATION) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025 (Continued) The CPrdrity achieves ILS objectives via its annual prOgraMrr of maknng iAdN1dU grants, paCUlarty where these grants are expected to Noke a 3teable diffCe to the welfare and the long.term qualtty of life ofthe beneficgrfe& The Trustees reNe no remth)eration nor reimbumnerrt of Expenses tly Incur, othw than office administration c05t5 eg. sending a physical mailin& The Truxees Imve alreTd the emphasis of their grants strategy $0 35 to focus not onty on a Small number of disa¢J¥arWed 5tsJdents at City of Lorvjon schJol& bu¢ a150 on a range of edlat)nal estsbll51NTts in the ttate settor Ipredominandy in London), the eventll aim of supporting those training to enter the transpcrt and S.1¢$ industrie5. Carnien are al encourdged to put forvth prow)5a15 to support vrthY Caus within tF¥)se industries, while help is alable to Cannen themsefves arKI their immediatr dePants where there is short- terni need. Given the ch2nge in financial status of the Private 5chool& the Trustees are seeking the advice of the schools as to how bast the Trt r2n support them. Other requests for fundir¥ are consKler&l blrt wrthin the context of prioiities vA7ich the Trl have sec Care is taken to en5ur& wherevw possib[¢ that the conditions under wlich a grant is awarded are reected by the effiary. )mre awards are made to durities covwing a wide geographi1 but for a FArticular progrdmme for the disadwanr2ged which the Trust Wish to 5uppor¢ the Trustees often express the conditson that the bendKraries should Irve bn, or c105e to, London. In the pertod the Trustees have made aNYdrds totalling £89.808 a5 detailed in Notr 4 to the accounts. This fEure does not £1 &500 grants that were accrugj in 2023n4 for payment in 2024125 and accounted for in the previou5 year. The totsl osh paid to our grnntees was £100,308. The Tntst continu&% ro 5UPPOrt the Liyery sthool& King Edw¥ds Wruw. City of London Freunans Christs Hospi(at arKI St Pauls Clx)n"ster SthooL ging £38.898 in the year. including the relevant released accruals. Projects relatsj to education 74nd yOLrth development mainly in the City of London and dose London Borh$ Continue to be a wh grants going to the SPEAFiJcf. Treloar& London Y¢Mh Choir and Tewn Up. Exceptional the Trustees had set aside £20.0(N) in 2021 r22 for the work of the Ukrainian communities in London with grants bng made to two Sattrday schools where the Uhintan culture and history can be 12ught and addition help wh their Enli5h provhled. The £10,0 paid to the Ukraine schools this year depleted the acLYual: however. 1¢ been a8rd to ex*rKI the grants inrtially into 2025126 as the Trusg$ 5UPPOrt is so imp¢)tsrt to th&5e two i)rsanisations during the continuing hostillties. Pa8e16
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST (CHARtrABLE INCORPORATED ORGANISATION) REPORT OF THE TRUSTEES FOR THE YEAR ENDED JO JUNE 2025 (Continued) Financial Review Financial Background The rety on income from investments and dcxMtion5 from LIVmen and Freemen of the Company which is greatly apprecFated. The Trustees are also very grateful to the donors who are not members of the Compary. Wtthout this combination. the vmrk of the Trust would be severely limitd. The LIvY Company facilitate5 the raising of funds from Liverymen and Freemen. erL%uring that as many of those admitted to the very as possible contributy it also facilitste5 lifetime gifts and legacies. No thirdarty commercial fvndrnisets are usejj to solic fund4 and no pressure is applied to anyone to contribute rf they do not feel able to do so. The Endovfflient fvnd5 (see also page 9} are held ift a gerErnl fund adminlstered 2nd by 7iM investmet company. The risk levd has been agrJ for the fijnd arKt transfe to the operating bank account of the Trust as and when n. Kezular meeting5 are held with the lnvesunt Company no less tton once a year. The shareholding in wanSd Sports GrourM15 Ltd. which is a Prifdte company not listed on the UK Stock Exchang4 vft5 gifted to the Trust by a f0rn7er Camwi. Mr Wdrow Benton. Followng a report by the Charity's Honorary Treasurer in 201 l the Trustee5 decided to continue to hold these shares. A div#Jend 15 recer¥d most years, worth this year £1563. Endovmient Fund Portfolio Review. The tnvestsnent por6olio Ydlue at the 3. June 2025 was Q184,232 COEnpared to Q194,827 at the I". July 21r24: a dKline of £10,595. Total fimds i11ng net current assets declined by onty £4.968. Wrth Th) dividend irtome now coming direcdy into the Trust from the endowment fund5 and wth regular dorotions continuing to fall short of the grants the Trustees wish to mak< £57,500 was drdwn down to support the Charl5 grants. The gwn in portfolio value was £50,490 reAtIng the gains in the gerwal giobai equity market& Howev. the uncertaiity caused by the ukrw.nian confiict in the capital markets 2nd the Sharp rise in Eterest rates to combat 5nflatton has dampened the gains. Foll0vrg of inve5Thent policy frotn incne to capt1 growth all the interert the fund recoved in dNidends were accumulated and reinvested in the fijnd. Investment Stratezy and Charges Towards the of the P1(5 fjnancial year IQ3 2023f24). the Trustees reviewed the Investment Strategy ar as a result the InvesThient Company wwe asked to move to investsnents that provided (apfol rather than income through divideThJs and intere5L This move was completej by 7iM by mid-Awil 2024. The investmert maw ha5 confirn)ed this ctr4nge in investment policy not Imd any si8nifK3nt impatt on the irwestment retUrnS. The On short.term adjustsnent to the mtegy was to move the funds rquired to be transferred for the operating fijnd were moved into short4xted Treasury Bonds to r0Ve them from the market volatility r2usd by the change of Fir121 Strategy in the US. Page17
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST (CHARITABLE INCORPORATED ORGANISATION) REPORT OF THE TRusfEES FOR THE YEAR ENDED 30 JUNE 202S (CorrtInu) The Trustees a pleased to note that the Investsment MarAgement fees Ve decreased as expetted (202415: £5.263. 202314: £13.703) This the result of the Twst moving tn accumulation funds where the divtdend& interest lower charg08 are held IrMallY. The portfolio is very similar to the beswke portfolio the TnL5t already hdd aNI there is no change in risk profil& Wrth the dHnge of inve8ts1)ent liCy. repor investment inccmne for the year. at £3.597 was Significandy dovm on the Pr10$ year (-28%) reffle£ting the thange of investment strategy to accumulation lund& During the last year. the Tr the Commcm RqK)rting Standards Test a5 the change in investment policy has reduced the 1mlestn irKome and replaced it wirh capital growth. The st is that over a three-year wod donation Iorne must excwj investment incom& This is a further rea50n to boIr the donation incom& The Investment manager has confimed this change in Investment policy Iw Th)t had any SI1fint impact on the 0¥1 iThe5tmwt rewrn& Income for tho year under review Donation income at £3&66Z incl¢Jding Gtft Aid. vos up by £4.337 on Fast year but regular donations from LNerymen are still part of a doNardS trend. The number of LIvYMen making donations has been in a strady dline ovtr recent years and thi5 is reflected in a substantial fall Fn a major source of income for the CIO. Total regular carr11 LNwymen dorotions are tyPiC211y £125 p.& made LP to £156.25 wÉth Gift Aid. We believe should we have a greater number of Carniwt donor& and thi5 would yield for the Charity at least £65.(M)O a year in compari50n to the current level of £38,662. Thi5 donations, gap is being addressts4 with more frequent fy5 the work of the Trust and the request for greater donation& The Trust spent £55.458 more trAn it in in¢om& The Trust affirMed its deci510n rtot to crtil grants at a time Wh disadvantsged duldren and adults were under the pressures of last rising inflati it would be unfair to the pwple we were atready supporring. With investsnent income declining in line with the TrusV5 Strateu and as it vra5 likety that Livery donations would take time to around. the Trust drew down £57,500 of capid this year to cover the overspend. The total fijnds alIable at the close of 2023114 dreaSed by £4,968 over the year to 30 June 2015. The Trustees had bwlgewj to gve £li)O.(th) in gr2nts for the year in fact d)nated £89.808 in gran (£1 W.308 accounting for aCcS in 2023124 ar 2024125). Support costs for the year at £802 were £1,816 lower than the previous year principally due the TnJ5tees implempJJting the decisi) to wtthjraw from the Livery office support hr basic admintSts7tion and accountin& P3Ee18
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLEKf TRUST (CHARITABLE INCORPORATED ORGANISATION) REPORT OF THE TRusfEES FOR THE YEAR ENDED 30 JUNE 2025 (Contlnued) Supporc costs finaTla1 year will a150 be low. bu¢ we wll incur (low) donation collKtion costs as part ofthe Crowdfunding experimenL There will be continuing cost of writing out to members to further explain the wod( the BeO[t Trust does and the n1 for greater funding. Reserves Policy The Trustees irrtend that all investsment income will be held in the InvestmwK Fund, until required. However. to reiwn sufficiwtt fijnds to cover running costs and to respond in reasonable time to all applications for financial 2ssi5tarry they aim to maintain a level of free cash reserves from Unrestr1tt fijnds hdd on depos¢t at a Bank k was drded tr) keep the minimum free funds in the Bank Accounts at £iiiiY)O. The Endowment Fund$ of the Trust By the trn of a Gene Ve5tyDg Dedarntton dat&1 l Je 2016 the Invesrment portlolio prlOUS hdd wtrhin Worshipful Company of cany Benevolent Trust- regÉstered charity 1050893 was trary5fed to the CIO. The Carnien Heritsge {not to be confused wrth the St Dunstan'5 Hertttge Trust) was the tide of the thjnd vthich historically contained Trust ass&s designated as pwman¥rt endowment Some decades ago. The London Cartage hjnd vrns transferred to the Trutt and records show that [( too, was pemHnent endoNvYnenL In the lattw part of the 20th Cry. two bequests were made to the Trutt by the Collins famity the intarti¢)n that they be treatsd as pern)anent endowmeL This b4uesr £5(Kl to each of two tsitie& Save the Children and Sussex Cancer Fund Wrth effett from 6 April 2(. the CommisSK authotised the Trusteffj to amalgamate the London Cartage Fund 2nd the G.E.M. Collins Memorial fund with the permanent endowed assets of the Camien H[trge FuTh4. It was further aeed to provide a note in perpetyity to the annual accounts of the Trust showir% that as of5 April 2¢w6 the G.E.M. Collin5 Memortal FLmd represerted 15.7% of the total funds and The LoNkJn Cartsge Fund 7S It has long been the practice for members ofthe Company vhen donAtirg to the Tru5( to airthorise tts loCatiOn to expendabte endo)v7nent and for the income derNed to be used for the genernl charioble purpose5 ofthe trusL the Trustees reaffirmed that any fijrther bequestsIsie donations whwe the dorN)r does not specify odww55e will be treated as expendable etvjowment In 2016, the Trustees reviewd the of the Tntst'5 endowwl Thls included advke from the TrLLs¥s audito corKerning an appropriate method for aPp"ng current fdluations to both types of endowment The Trustees accepted the advice that %Mth effect from 31 May 2016 the imiestments would be reydlued w that (ling re£eipt of additional funds constitijting Permanrt endovfflient or expendable d0wMent) 65% of the total would be regarded a5 Pa8e19
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST (CHARITABLE INCORPORATED ORGANISATION) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025 (Contlnued) Permanent owment and 35% a5 Exp&)dable Endowment These proporrions. with appropriate yaltiOns are shown in Note 6 to the Accounts. In the light ofthi& the Trustees atso arnd dir investmwrt Policy Sratement and insrnjtt their investrnent advisers to create in the agreed proporrions one rK•rtfolio for each of the two elements of Trust ar subsequentty CIO endowment fund& In pr2cwe the two funds mlrror each other. Th1515 sull the investment policy of the TruSL Law applicable to charlties in England and Wales require5 the Twstees to prepare financial statements each financial year which wve a true and fatr view of the thar1$ financial actNitieg during the year arKI of its finarKial position at the emd of the year. In preparing those financial stttement& the Trustees are required to". Trustees. A•¥bIlItIeS In Rolatlon to th• Flnancial Statl•nts Selett suitable aCCotIn¥ policie5 then apply them consist, Make judgemw and e5¢imats5 tha¢ are wonable pnXI¢ State whether applicable aCcorIng standards aThl Statem5 of r0mmded practice have been followed subiect to any dyrthres 10s and eyplained in the financl xatements,. and PreF4re the financial ststements on the going concern basis unless It is inapproprfate to presume that the charity will continue in busine. The Trustees are responslbte for keeping accounting records vknich disd05e with reasonable accuracy at any time the financial posttion of the charity and enable theJn to ensure that the financial statements comply vrith the Clarities Ac¢ 2011. They a also responsible for safeguardins the assets of the charity and hence for taldro reasonable steps for the prevention and detectton of frdud and other irregularities. Approved by the Trustees and %gned on thelr behall br. l Golder Chalrnian Page 110
INDEPENDENT EXAMINER'S REPORT TOTHE TRUSTEES OF THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST CHARITABLE INCORPORATED ORGANISATION ("CIO' I report to the chariry Trustees on my ex2mination of the accounts ofThe Wor5hipfiJl Company of Carmen BenevL4ent Trust CIO for the F>eriod ended 30 lune 2025. Responslbllltl¢s WMI basls of report As the Charity Trustees ofthts TrusL you are reSrGible for the prepnyon of the ¥¢ounts In accordance Yth the requirem¢nrs of the Charitie5 Att 2011 C'the Ad). I report In rnspea of my examlnath)ft cl the Trurfs accounts carri•d out under 40 145 of the 2011 kn and in carying out my examirration I have followd all the aPFIle DirOrts 8lvtn by the Chthty Commlssion under secrion 145{51(b) of the ACL Indopendent examlnérfs statn•t I have eompthd my examinatlon. I confirm that M trAteriaJ matters have come to my attewion In connection wth thè èy3miwon &ry¥ing me rause to believe thit in any materil res accounyn¥ records were not kep¢ In respttt of the Trurt as ro4uirwl by Tion 130 of the kn. or 2. th• accounts do not accord with those records or 3. thé accounts do n¢X comply with the aP1¢able reqUireMts conterningthe form and content of ac¢¢)unts set out in the chari (Accounts Reports) Regvlarion5 other than any reqrernent that in the aceounts give a'¢rue and f&r vivw whlch ts not a mat¢or conswjtred as part of an independ¢rt examiJ)ation. I have no corern$ and Ivve come acre$ no other n4tt•rs In Cfynwion vAth the è>amlnatlon to whl¢h attentlon should be drawn In thls rwr¢ in order to tnable a proper derstandIng of the accounts to be reached. Sb)ed: Chrfstoph¢r Pexton FCA B•gbles, Ch•rtered Accountaots 9, Bonhlll Strrt London EC2A 4DJ /6 Z) Pa8e l li
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST (CHARITABLE INCORPORATED ORGANISATION) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025 Unrestricted Capital Year to 30 Junè 2025 Total Year to 30 June 2024 Total Opernting Funds Endowment Funds Notes Incoming Resources Donations and Legacies Investrnent Income 38,662 1.921 38.662 3.599 34,325 12,724 1.678 Totrdl Income 40,583 Exptnditure Charitable Artiviues: Grants Pardble Supporc Costs Legal Fees Costs of Raising Fund5- Investment Management Costs 89,808 802 89.808 802 68,782 2.618 1,800 5.263 5,263 13,703 Total Expendlture Net Incomel(Expenditure) before (Loss)IGain on Investments (51.873) (3,585) {55,4581 {39,8541 Gross Transfers between Funds 57,500 (57500) Net ILoss)IGain on Investments Net Movement In Funds 50.490 50.490 202,393 5,627 (10,595) (4,968) 102,539 Reconciliation of Funds Total Funds Brought Forward 15,479 Z194.827 1210,306 2,047,767 Total Funds Carried Forward 2,205 338 2,210 306 Page | 12
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST {CHARrrABLE INCORPORATED ORGANISATION) BAIANCE SHEEf AS AT 30 JUNE 2025 Year to 30 June 2025 Total Yev to 30 June 2024 Total Unrestrfcted Operatln8 Fund5 Capital Endowment Funth Flxed Ass•ts Investments 1184,232 1184,232 2.194.827 Curr Ass•ts Debtors Cash at Bank Amount due from Worshlpfijl Company of Carmen 1897 059 1897 28,059 1370 33,509 30,956 Cr•dltorn: Amounrs Falliry Due Wfthln One Year Grants Payable Accrued Expenses 30,956 35.879 )01 (1,850) (&OC¥)) (1.8501 {1&5> 11,900) N•t Currw Ass•ts 21,106 21.106 15.479 Curnent Uabllltl•• Total Asets Iwi Curr•rt Ll*bllitie• 21,106 184,232 205,338 1210,306 Amounts Du• oV On• Y••r Grants Payabl• Nèt Assets 2 184232 Fundj Operating Camien Herittge Fund 21,106 21,106 1184.232 15,4 Zl 94,827 1184.232 2 IU.232 2 205 338 2 210306 Note.. At the 6 Aprfl 2(X)& The Cornien Hwita82 Fund comprised The Heritage Fund176M%I. the Mrs GEM Cdlins Fund {15.7%) and the London Cartsge Fund (75%) Page | 13
Approved by the Board of Trustee5 on 14/ 15 and $ied on betrAlf by. Golder- Chairnwi PaÈe | 14
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLEKf TRUST {CHARrrABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS AS AT 30 JUNE 202S Accountlng PolidÈ5 In preparing the accounts the folloN¥ing accountlng lIat$ have been compli&l wrtlL' The financial statements have been preFored in accordance with Accounting and Reporring by Charitie5: Srter of Recommended Prnctice (FRS 1021 the Charityes Att 2011 and applicable regulations. The accounts have been prepared uTh4er the histori c05t convention with items recogni5ed at cort or tran Te unless otherwise strrÈd in the relvant notrl5) to these accounts. Gift aid redairrAble on donations to tk ckArity is indLwJed wthin Yduntary incom& y the grant and this is eomrnunicthj ro the bery or the grant hL% been pwd. whichever is the earlier. Other expenditsjre is induded Kn the aec¢yJnts on an accru b2si> Ie£0¥ble VAT is charged to the SOFA a5 itKurre(L f. The cost of rwoging investments is charged against investment witaL refiecting the to rÈtyrn approach to investment nn¢ Any costs a$sLed vrith the $e or purchase of irNesrmem are aCcotte for as dthe sale or pwdmse price ofthe investsnent& h. Unreati5ed and rdised Énves¢mwttgatns and1055e5 are shown net in the statement of financi31 2024ns 2023n4 33303 5.359 2&512 5.812 Gift Recovered 38.662 34.325 Page115
(CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS AS AT 30 JUNE 2025 (Continued) Year to Year to 30 June 2025 30 June 2024 Investment Income Divtdend8- UK Equilles DNidends_ Chferseas Equitie¥ Interest. oth 1.563 1,678 358 39$ 1677 15.957 271 18,13 4. Grants Payable 2024Q5 2023124 Lord Mayorfs Chary AFY) ChaTity Lunth: 8HF Aldgate School Chritt's Hoswul School Cty ol Ld0Th'S Freemans SdKx>l ITK Prize Guildhall School of MlC and Drama Herrtage Skn115 Acarkny john FlaMsd School King5 Ed%wds Schoc4 London Youth Choir 3.0(K) 10,rKM) n2 8,776 lic( 776 4.158 3.4 3.910 NeCts$itJs Carmen St Paul'$ Cathedral Fund Saye the Children SPEAR Claphamlunction Su55ex C3Cer T1 Drivers Magit Tw Tour Paris Team Up Treloars Ihotst) Ukrritte Sthool.. Barnet Ukrwne 5chth)k Croydtsn Unwersfy Worner in Tr8n5Wt WCC LNery Schools PacWB*25 Total 5Tr) 500 7.5Crf) 7.796 1552 68,782 19.808 Movemert in Reco8nised Grwt Commitments Grant c0mmltsnts OgnISed at start of period Paid in period Write back of p$10n New Prowsions in year 2024n5 Grant comMitma rwised on 30June ia5(M) 31.522 {1&5) Pl322) 500 I800 New provisrons in ytar 2024n5 represent tAwnents to be made to". Save the Childre Ukrtiine SchLX)15 Spear Page | 16
THE WORSHIPFUL COMPANY OF CARMEN BENEVOLENT TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE Accouiifs AS AT 30 JUNE 2025 (Continued) Year to 30 lune 2025 Year to 30 June 2024 5. Support Costs Wor5hipfvl ComFrdTry of CarmerL Administration Awards and Med$ Bank Charges Office Costs and Prrntirv& Postage & Statiorwy Audit and AtcountaKy F% 93 1.703 {14) 929 705 1,846 L648 The Trustee5 rece4¥ no remutwauon and wwe not relmbued for any ofthe4r cw5es in the period. The charrty had no wnployees thjring the peri Year to 30 June 2025 YÈar to 30 June 2024 & Investmtnts Mark Value on l 2024 AcquIsitio at Cost Sale Proceed5 from Diwsals Net {Lo$s)JGain on RtIOn (Inc Dav¥dendsllnteresE 7iM costs and transfers to Trust Bank krount) Market Vajtse on 30 June 2025 Not&. Cash Held in inrewt bearing accounts for reitwestyTnt 1194,827 60.159 (113.097) 1.977,963 3.024641 {3.0115501 41343 64,499 1184,232 1054553 138274 T¢)tsl Investments and Cash on 30June 2025 2.184 232 194.827 PerkYon*Jrt Endowment- 65% Eypendable Endowment- 35% 1.419.751 764.481 1.426,638 768,189 2.194.827 Page | 17
THE WORSHIPFVL COMPANY OF CARMEN BENEVOLENT TRUST (CHARABLE INCORPQRATED ORGANISATION) NOTES TO THE ACCOUNTS AS AT JO JUNE 2025 (Continued) Year to 30 lune 2025 Year to 30 June 2024 In¥¢strnents (Continued) Comprisinf. UK Equities erseas Equitios Ped Itrtere5t and o Asset classes Cash dePots ltyng Inve5trnent 62&644 92&765 495.069 990029 62&823 570.655 138,274 2 194827 Al Investmts are listed settlUeS except for 3.125 Ordlnary Shares in Wan5tead Sports Ground L¥mitr4 an unquoted comp2try. valuetl at £nll as ue be attrilxrted. Funds The reStrIC[ed OF*rating fund comprises fuNJ5 which the TrLtstees are free to Use in Related Party Tranxartions During the twod. The Charity paid £93 trj the Worshipftjl Company ofcaM in rambursemwrt of ad¢ThnistrttNe costs eg posr2g& This OUnt is included thin Support Costs in note 5. Page118