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
39