Investment income and investment performance
Investment income was 20 % higher at £ 276,432. The investment portfolios comprise a mix of the UK and overseas listed companies and collective investment funds. A significant proportion of the revenues of the FTSE 100 companies are generated overseas. This exposure to overseas economies provides important geographic diversity but also means that investment income is sensitive to foreign exchange rates, which are favourable when sterling is weak. The Benevolent Fund has enjoyed a period of strong investment performance, while markets continue benefit from good underlying earnings and dividend growth. The Benevolent Fund assets are valued at around £ 7.9 million and, although we have seen an increase in market volatility since January of this year, the valuations have been relatively stable due to the diversity of the assets under management. The Trustees monitor market volatility and have raised the level of cash held to mitigate the risk having to sell stocks to meet our obligations to our beneficiaries.
Charitable activities
Grants, relief, assistance and support paid by the Welfare Fund( to former tobacco industry and associated trade employees and dependants who are in need) rose slightly to £ 191,939.
The grants made by the General Fund to various charitable organisations reached a record £ 136,200. Last summer, the Trustees contributed to an appeal organised by the Worshipful Company of Bakers in the days immediately following the Grenfell Tower disaster. At the last Trustees meeting, it was agreed to increase grants to several organisations that have benefited from our support for several years.
The budget for the current year will set a new record of charitable giving by the Benevolent Fund.
Budgeted grants 2018 / 19
• Arundel Castle Cricket Foundation 10,000
• Guildhall School of Music & Dance 20,000
• The Barrow lunch was Farm deliciously RDA catered by Mark Grove 10,000
• and
Sheriffs his team
’ & at Recorders Cook &
’ Butler Fund and we cracked 10,000 along at a goodly pace. Our guests were admirably
• Pembroke House( Music project) 15,000 introduced by Liveryman Fran Morrison and our
• Principal
Pembroke Guest
House
, Tim( Dance Wonnacott project gave) a generous 15,000
and
• very London humorous Regiment reply to Welfare which Fund I responded initially 2,500
• by drenching St Lawrence poor Jewry Tim in a glass of water- he 1,000 was
• very Bobath kind about Centre it( sorry Tim!). I was very pleased 10,000
• to show Mark off Evison the newly Foundation found Livery Grant of Arms 10,000 and Letters Patent which have been missing for many
• Katherine Low Settlement 5,000 years- our Clerk tenaciously sought them out, and
• Spitalfields Crypt Trust 11,000
the new Immediate Past Master, Chris Allen, and his
• IPM Physics, Mark Partners Gower-Smith have funded a beautiful 10,000 representation Sevenoaks and School they music are now prize resplendent in 500 frames
•
• carved Other with regular tobacco grants leaves( or close to); Sandra 4,400 also
• located Master a huge’ s grants banner not seen since 1985 and 5,500 Angus
• Menzies
Total, charitable Clerk to the activities Master Mariners and never
139,900
shy of a challenge saw to it that it was displayed on the The Quarterdeck Trustees. continue to allocate at least one of their number to each of the key charities that are in receipt of Whilst our support all this. was This going arrangement on, apparently enables biblicalstyle monitor downpours the effectiveness were being of had our all grants over and London build
the Trustees to
long- oblivious term relationships to all that drama. we ended our lunch and trooped back to the quarterdeck where Coffee,
Governance Cigars, and and Cognac support awaited costs us( I did mention that our Livery enjoyed dining on the High C’ s..) and The 20 % increase in governance and support costs which seemed to hit the mark – Liveryman Jemma
is mainly due a technical change in the way the investment
Freeman had manager
kindly’ s
provided fees are charged
the torpedo. The cigars underlying fee and is had based had on them the value placed of in the souvenir Benevolent tubes Fund with’ s our
investment Crest emblazoned portfolio on and it. Several is now fully of us disclosed also sported in the accounts a limited. edition Approximately Livery Smoking two thirds hat of- the originally governance and conceived support as costs a sort relate of shooting to the administration hat, it serves its of the Welfare purpose Fund so well and as the a“ team provision” hat, of that field of staff the twenty to liaise
with ordered beneficiaries, but one. remained by the close of the day! Thank you to the Master Mariners for allowing us the Thank use of the you venue to all, who to Tim have for supported being a perfect the Benevolent Principal Fund Guest during, and for the everyone last year attending and continue and to giving do so my. I can assure year such you a that special the work start. we do makes a real difference to so many lives.
The Master Ralph Edmondson
Secretary
benevolentfund @ tobaccolivery. org
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