2023-03-31-accounts

THE WORSHIPFUL COMPANY OF LAUNDERERS BENEVOLENT TRUST FUND TRUSTEES, ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2023 Registered Cbarity Do 262750

THE WORSHIPFUL COMPANY OF LAUNDERERS BENEVOLENT TRUST FUND TRUSTEES, ANNUAL REPORT AND Accouiyrs YEAR ENDED 31 MARCH 2023 Contents Trustees, Annual Report Report of Independent Examiner Statement of Financial Activities Balance Sheet Notes to the Annu¥dl Accounts Page I

THE WORSHIPFUL COMPANY OF LAUNDERERS BENEVOLENT TRUST FUND TRUSTEES, ANNUAL REPORT YEAR ENDED 31 MARCH 2023 REFERENCE INFORMATION Th¢ Worshiphjl Company of taunderers Benevolent Tn& Fund {the-ch￿lry"j is registetyj with the Charity Commission under no 262750 and is constit￿ed by a Declaration of T￿st dated 14 February 1963. The sole otTice of the Charity is at Launderers. Ha]1. 9 Monlague Close. London Brid% IA)ndort SEI 9DD. TRUSTEES The Trustees of the Charity a￿ the M￿eT. Lkputy M&sr 8nd the two Wardens of the The Worshipfijl Company of Lawjderers {"the Company") at any one time. The Company elects and insta115 its n¢w Master and Warden5 in JunelJuly each year. In nonnai circumstsnces a person will be a memtr of Master •)d Wardens ( and thus a Trustee) for a p¢riod of four The CJJTrent Tnjstees are ￿ follows.. Simon Fordh8m Sarah Lanc&%ter CharlesBetteridg¢ (firs¢ elected 2nd July 2023) Andrew Doyle ma￿¢T tkputy Masler TTeasurer and Senior Wardell Re0￿ Warden GOVERNANCE Th¢ ObJ￿ts of the Benevolent Trust Fund are set in the orditiatices of the Wor5hipfu] Company of Launderers and are :. To provide relief to existing and retired memttrs of the La￿thy Induw wffertn8 har&thip &nd to th¢ wives, widows, Children. orphans or otheT5 d¢p¢nding upon them; Educaiion in Tnatters rel*ing to the Crdft of LAund¢ring and kindred (￿UpationS (the 'Crnfi") &ttd scholarships. pri725 and r¢se4rth in contmethion therewith, including the establishment OF mainienance of schwls or colleges. Sponsorship for character developrnent schemes for young persons. Support for WTiting Technical Textbooks for the Crnft. Donations to charithble cause5 in the City of London atrj eTrsewbere; and for any other Charithble objects &s ￿￿e¢d by the Court of the Wor5hipfvl C<￿￿panY of Laundern. In Jw)u8ry 1998 th¢ Launthy and Cleaning Fducati(￿ Trust Fund betaTDe a rtstrict¢d fvnd of th¢ Clwity" this fund h&8 well defined objects. The fi￿d is to be applied in or towards the promotio￿ encourdgemenr and improvement of genern] scientific and technical knowledge and ¢ducation of persons eng￿ed in or about io en8ag¢ in the Laundry and Cleaning tndustri4 or in any ernplo)rynent manual or otherwis¢ connected therewith. The tragic death of Murray Slmpson led to The Murray sirnp5￿ Memorial Fund" betng fomed. Agreernent Iw been made with the Textile Servitts Association that the admini5trdtion of the Fund b¢ ￿led oui as a sep8Ne part of th¢ Education Fund. Further d¢tsils Can be seen iti Note 1.5 in the notes w the accounts. A generous gift h&$ etmbled the Oliver Famity Education Fund to be establishol within the Education Fund. The aims of the Fiu)d shall be to offer financial supp)rt to provide industy training even￿ directed towards le&Jership and m8Dag¢m¢nt in the first instance. Further detsils can be seen iti n(Ae 1.6 in the notes to the accounts. Jn March 2(K)2, * the Instig￿lon of M&sl¢r Ri¢hud OrfoTd. the ChaTity CfEated a Capital F￿dOWmenl Fund with the purpw of inC￿￿En8 the Charity's capital b￿. There is no separnte governing documeni.. the intention is for the capital to be retained and the investsnent income is credited io the Get￿Tal Fund where it is available for distribution as gr￿ts. Page 2

THE WORSHIPFUL COMPANY OF LAUNDERERS BENEVOLENT TRUST FUIYD TRUSTEES, ANNUAL REPORT (CODtiDued) The Charity is administrered by Committees of the company.the Benevolent Committee and Education Committee. During the year to 3 1st March 2023 the Benevolent Committee was chaired by Pasi Master Paul Hiw and the Education Committee by P&st M&8ter John Shofeld. Th¢ Clerk, Margarei Campbell attended most of the meetings of the Committees and carri¢d out the day to day adminisiration. Accounts are prepared by the Treasurer. Past Master Forbes MacDougall who is also reponsible for the Annual Report and Accounts. The Trustees employ th¢ services of an independent finn of stockbrokers Mes5rs Ravenscroft (formerly Vartan Ravenscroft) Ltd . to advtse them on the managemeni of the Charitys inve51ments. The Charity's investhients are held in Collective funds in order to ensure adequate spr¢ad of risk. MANAGEMENT OF fNVESTMENTS The inv¢stments are managed as a single portfolio having regard ￿ the objectives and p)licies deterniined by th¢ Trustees. In previous accounts the total portfolio h&s been attributed io the funds &s if they were separate portfolios. The Trus*es have reviewed this approach and consider that it does not refled the manner in which the tothl p)rtfolio is managed. Accordingly> in these the year end value of investments attribu¢abl¢ to individua] funds has been detern)ined by reference to the attributabl¢ p¢￿entage as ￿ the year end. Income is distributed to each fund according to per¢enta8es at the time. The percentsges only ¢h8ng¢ with Capital Contributions io or w)ithi withdrawls fn)m the pooled investment fund . Details of the portfolio and ihe eiTeaive ￿lOcatIon percentsges are shown in twi¢ 4 on Pa8e 10. PUBLIC BENEFIT Throughout the y¢ar. when wnsidering applications for supwrt wived by the Charity, the Tn￿et$ kepi in mind the Charity Commission's guidanc¢ on publi¢ benefit. Requ¢sts for support from individua]s were ¢on5iderered b￿d ll￿n their ￿5￿latIOn with Craft and their need, withoth regard to their geographical Iocaiion or other restri¢lion. Other charities receiving grants are nornially based in or have sFcific activilies within the City of London or within the area of Southwark.. in these cases. the Tr￿%1¢¢$ ensure that the charities concerned have clearly defined benefits and that there are no obvious restrictions on the availability of s￿h benefits. The Statement of Financial Activities on page 6 show5 the lothl In￿Me of th¢ Charity for the year amounted io £43,051 (2022: £31.62]) . iotal graftts mwJe15hown in dethil in note 2) amouni¢d to £31.180 {2022 .. £20,180). During the year the Genera] Fund provided monthly 8rants ¢0 I fomer mern￿r of the industry or their dependenis. The market va]uation of the Charity's invslments Showed a loss for the yeor of £59.756 (2022 .. Gain £43,213). The funds showed a rtei105s of £52.349 (2022 '. net gain £50.235) when compared to the valuations at the stsrt of the year, after adjusting for investment movements during the year. RESERVE POLICY The Trustees have adopted the policy of. wherever possible. spervJin8 the annual income of each of the funds during the year. Any undistribuied tncome for the ye•r is 8vailftble for distribution in subsequent yeaTS. In addition, the intention is to protect the existing ¢apitai b&se of the Charity against inflation over the medium teTrn. The TnLStees consider that the present ￿ServeS of the funds are the minimum required io provide sufficieni in¢ome from which to meet ihe many requests for help made to them. Page 3

THE WORSHIPFUL COMPANY OF LAUNDERERS BENEVOLENT TRUST FUND TRUSTEES, ANNUAL REPORT (eomtlmwed) STA TEMENT OF TRUSTEES. RESPONSIBILIIIES pplicable law and United Kingdom Accounting St8TrJar&8 (Uniied Ktn8dom Genernily Accepted Accountin8 Practice). The Law 4)plicable kn Charities in EnglaThJ & Wales requires the TrU￿ee$ to prepare ?￿ounts for each financiai y¢ar which give a fair vi¢w of the stste of affairs of the Chariry and of the incoming resoU￿e$ and 4pplicaiion of resource5 of the Charity for thai peritsj. In prer4rin8 these e£count& the TnLStees are requiTed to: - sele¢1 suithble ccounling Frf)licies and then apply them cortsistently. - observe the methods aThJ principles in the Charities SORP. . m8ke jtyjgements and ¢￿3MateS that are resonable and pn¥knL . state whether applicable a¢cow)tiJw sthndarth ten followe41 sthjea ￿ •ny Ma￿1￿ &F disclosed and explained in the accounts: will corfinue in busin¢s& COURT OF ASSISTANfs RESPONSIBILITES The Trusttts are responsible for keeping proper a¢¢ounting re¢ords that dis¢los¢ with reasonable accuracy at any time the financiai position of the Charity and enable tkn to erLsure that the firArKial ststem¢nts ¢omply with Charities Ath 2011. the Charity (Accounts and ReFM)rts ) Regul￿10n5 2￿8 and the provisions of the TnLSt Deed. They are also resp)nsible for safe8uaTding the assets of Charity and ￿¢t fiff tsking Teas(KAble sps for the pevefflion aThl de￿i(ffi of frawj aThl irregularities. The T￿tst￿ confinn that the Clwity's as￿ts are available and &kquate to fulfil the obligatio￿$ of ch￿lty. 17 October 2023 and si8rJ for on their behalf on................................. Appmv Sim(n Fordham M&8ter aThJ Trus￿¢ Page 4

THE WORSHIPFUL COMPANY OF LAUNDERERS BENEVOLENT TRUST FUND TRUSTEES' ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2023

INDEPENDENT EXAMINTER'S REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF LAUNDERERS BENEVOLENT TRUST FUND

I report to the trustees on my examination of the accounts of The Worshipful Company of Launderers Benevolent Trust Fund for the year ended 31 March 2023.

Respective responsibilities of trustees and examiner

As the Charity's trustees you responsible for the perparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act").

I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying oout my examination, I have followed all the applicable Directions given by the Charities Commission under section 145(5)(b) of the Act.

Independent Examiners Statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

• the accounting records were not kept in accordance with section 130 of the Charities Act; or

• the accounts did not accord with the accounting records; or

• the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come accros no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

….................................................

Sara Brown ACA Kings CAP Ltd 4 Grovelands Boundary Way Hemel Hempstead Hertfordshire HP2 7TE

Date:…7 November 2023.............

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C C*

THE WORSHIPFUL COMPANY OF LAUNDERERS BENEVOLENT TRUST FUND NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2023 l ACcou￿rING POLICIES 1.1 A££oun¢ing Convention ThE princiFd accountin8 t￿1Cl¢S wli¢d in the rntion of these ¥&)￿S w¢ s¢tou¢ ￿10￿. p)Iicic5hllve trKcn consi5tentJy applied to ￿1 Fitw)cia] sta¢crDcnts have trrten pretred in a¢¢OTd•￿ with Arwuniin8 and R¢wiin8 by CharttieS.'Sta￿ntht of ReCoM￿ded PActi¢¢ appllcable lo charities prepfi￿ theiT ar￿unts in ￿CO￿lIne¢ with tr FinatKi41 Re[￿rtIng Siwthds aFplic&blc w the UK and Republic of Ireland {FRS1021- {effe¢tiv¢ 20151- ChBrities SORP IFRS10211. 1.2 Itga¢ies IMKrGil Legacies and otrr 8itts aTe Irwi￿d OD recei 1.3 Grnnts Grnnts are •c￿unted foron a cth F48iS 1.4 Capltsl Enth)wment Fund Tr Capital Etthwt)ttt Fund is tw)1 subj¢Ltto a s¢pwate go¥ernin8 th)cuttxni.' the inni1￿ is fortF ¢4pitsl to bt tttsitd and that the investment in¢om¢ 1$ di5btrihJtd vi4 tk Genernl A¢¢o￿l￿g[Y th¢ i￿1)Me is ¢wJi4J to thr G¢rtw￿ Furwl 1.5 Murray Simpwn Mtmoriaj FWMI The unti￿￿]Y tra8ic death of Mwr4y Simpx) 8￿￿nds￿lI of SUFPXt kn cre a l&qin8 le8xy for Murray. Discu5siofLS with the Textile S¢ryi¢¢s A$￿ClaI10n the Worshipbjl Compffiy of I￿red thc Lkn Bcncvoknt Fund best placed for the thini5tra¢ion the Fund. Th¢ 08ttement wlth the TSA irKlud¢s the folknvitil mu.' The Fund would oThly for 9jpF￿IllS the Textile Rentsl Cows¢ ih )me w4y. • h)l¥thip 8¢wI wbsidy or gom¢ oth¢r rnea￿ so that li i5 within the Be￿Volen1 Edu¢4tiort Fund. A sepm c&e80ry would tr¢ estsblisld ths a Subsid1￿ ufory of the Ed￿tIOn Tn￿1 Surplus fun&8 would be in¥esd in liThe with sme Fffincipk5 •&)Med by tk Tr￿4 with RavcnscrDft{fornkrly c￿1¢4 Vlttsnsi Disp)$itlons would be admini51ered by the EdwioD Committee t•kiTh8 f•Jvic¢ of Committee. Thc furmi Comrnittcc will comprise. TSA Ch&l￿aT4 TSA TMsw¢r. Tr M￿. the TNsurnofth¢ Worshtpfvl Comwy ofiAunderers and representstiv¢ of thr fthily PN# Mtyrb ixwi& 1.6 Oliver Family Education TnLt A genero￿ donatioTh en&bkd the following fi￿￿j with Ik Fjlwation CoTnmi¢¢ to %t up. Tr 4im of fithd is to pmvid¢ fIn&n¢i￿ suprx)rt to provi¢k Indu5tty training even¢s directed tOWBTds leathTship and mar4￿1 in the first 1Thsr All moThi¢s will be kld on behlf of thc Fur¥J by the thc WoT5hipful ComrAny of La￿nth￿ Benevoknt TnL￿ Fund ( thc"BcKvolcn¢ TTu#'I tn a s¢rAr&tC su1￿¢8(egOry of the Educ￿10￿ TrusL The OriBinal 8ift will be itiv¢d in wmnwjn with the •*d by the Benevoknt Tn￿ and Imy income getmtcd will bc crrditcd ￿ thr Fund'5 LksiBnatcd Accounl. Pr0FxJ￿1 dIst￿lti0TL% from tk will Px by the Commillet tothc Edwalion C(rfrunittc¢ of thr IAun¢krers{ "Educ￿lOn Commiii¢e"l and such recomm￿datIo￿ will be xtM)ttd by the Cmittee ￿ toth would brexh the tern￿ ofthe Ethication Tr￿$1 Whilst it 15 thr intcntion to makc dispJsitb)JLsonty out ofincome there SWI rexricion OTh the amowrtof any single di5P)51ion noron the a8greg8te of diwsitions in 4ny of tiwK. Asthe aims of the Fund fajl within the Chuitsble purtN)ses ofthe Ed￿￿tion T￿￿ any individud contri1￿tiO￿ may bc givcn urbdcr Gift Aid and thc rel&ed w will ￿ claimed by Edu¢atioD Tw5t CTr¢Jitrd ty thr FurwJ'5 tk5iwth The TrtA8wer ofthe wll rrfovith ￿ to the Commityffs atthr svjnc tirnr &5 Frfovid¢dto the Education Committee for its reBuiAr m¢ding5whi¢h currently Mnnalty hcld in January, MarclL JurK bDd Ocwi%r. The Committee will compri5t: The M￿r ofthe lAUnde￿@ Tr T￿￿Orth¢ Lwkn Rogrr Olivcrand inilialty Sbjart Boyd htmj John Shonfeld Page 8

1. GRANTS 2.1. General Fund 2023 2022 Individuals related to the Laundry Indus 1,380 1,380 City related ealls￿ . Terloar's TnLSt Christ's Hospital School i.O(K) 2.000 Other causes Care Veterans Spitalfields Astlmna Relief Southwark Oasis Bede Ho￿¢ A&sociation Dementia UK Alzheimers Society m￿tiple System AtP Mercers No Going Back Red CtOSS Disneyland Children's T&xi Tour Southwark Cathedral Lis*ning Books Southwark London Air Ambulance Prostate Cancer Nara Nara Lord Mayors Appeal Outward Bound Aphasia Re-connect Blind in Business ROBES Fashion and Textiles Grove DEC re Ukraine 2,000 1,000 1.000 250 1,4(X) 5(X) 1,000 5(K) 500 250 5(Ki Total Grants from General Fund 25,780 14J80 Page 9

THE WORSHIPFUL COMPANY OF LAUNDERERS BENEVoLE￿T TRUST FUND YEAR ENDED 31 MARCH 2023 2.2 L4underer8 & Cleaners Education Trust L4undtrers & Cleaners Edu¢atioD Trust Attendees - TSA Management Course Travelling Scholarship Christ's Hospita] Northumbria University 2023 2022 2,400 1,800 5,400 5,800 3. FIXED ASSET INVESTMENTS: GLAZIEIiS HALL LIMITED ("GHL") I Voting Ordinary Share of £25,(KM) 2 Non-voting 'A'Ordinary Shares of £7,500 2,000 £1 Preference Shares Both claryses of Ordinary Share were bequeathed to the from the Eswe of LiveryThan Stanley Newbury. The Pref¢rert¢¢ Sha￿$ were donated io th¢ Tn￿1 by Past Mamer Michael BennetL No cost Was inCUTred in the wui5ilii)n of any of the shtre5 no value has been Attributed th¢r¢to. The Ordinary shares give rise lo cenain entiilemenL8 for the us¢ of Glazier5 Hall, the ttnefil of which, tO8ether with any a850Ciated liabilities for nmning expenses, have been asign¢d to the Wtsr5hipfvl Company of Launderer5. 4. TRUSTEES REMUNERATION The Trustees received no remuneration or reimbursement of expenses in this or the previous year. 5. CURRENT BAIYK BALANCES The Current Bank Balances shown in tola] as £39,229 is kept in accounts with HSBC and the Bank of Scotland. 6. TAX RECOVERABLE FROM HMRC IN RESPECT OF GIFT AID RECEIPTS During the year a tax reclaim covering a number of years was received. The income t&Y recoverable for the current year is not included in the financial statements as a claim has yet to be made. Page 10

THE WORSHIPFUL COMPANY OF LAUNDERERS BENEVOLEiYf TRUST FUND YEAR ENDED 31 MARCH 2023 7. FIXED ASSET INVESTMENTS: MARKETABLE SECURITIES 2023 2023 2022 2022 M8rket Value Market Value Cost Awe UK Reit Cqs New City High Digitsl 9 Infr&str Fidelity Invst Fd5 FiTSt Entier Gor¢ Stree Energy Greencoat UK Wind Guardcap Herald Inv Trnst IFSL Global Invest Fd Global Managed Morgan Stanl¢y Emerging Murray Intl Nb Private Equity New City High- UK Bond Ninety One Fd- UK Income Ninety On¢ Global Equity Pictet Polar Capital Polar Capital - UK Growth Rathbone Ethical Bond R¢gion&l Reit Royal tA)nd Bond Royal Lond UK Equity Tid¢w&y UCITS Twenty Four Global Bond Vpc Spxtalty L￿d 15,790 20.334 31,728 36.308 23,013 26,587 27.960 27.195 22.799 41.714 14,736 16.779 19,247 41.775 21,330 24.827 32.928 30.342 21.925 45,880 22.205 26.955 31.728 36.308 23.013 26,587 27,960 34.839 41,044 21.410 27,832 32.004 52,143 28.809 37.995 20.037 20.334 46.156 21.387 21.199 60.150 22.035 43,263 41.375 18,428 46,793 29.601 18,766 28,809 37.995 20.037 17.575 46.161 35,125 46.156 21.387 21,199 22.454 45.353 44,323 19.882 20,258 43,316 23.036 19,663 19.196 48.282 28.964 18,695 22.294 41.850 36,313 10.840 17,536 42.788 22.102 15,698 14.440 45.353 44,323 19,882 20.258 43.316 34.653 19,663 19.196 47,738 42.161 17,500 18,523 43.649 48.838 18,219 17.062 Total 718,1 Per¢¢nlag¢ shares of Investment Portfolio Genernl Fund Capital Endowment Fund Launderers & Clean¢TS Edu¢atiorA Trust Murrdy Simpson Fund Oliver Family Trnst 56.7% 390.022 52,788 183.918 13.073 48.628 54.V/. 393,875 57,370 199.882 14,208 52,849 26.P/ts 27.8YrfJ 7.1% 7.40/0 Pagell