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&s*r 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 memt*r 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 t*en 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 s*ps 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 si8r*J 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............. 

Page  5 



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￿1*Cl¢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 pret*red 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 in*ni1￿ is fortF* ¢4pitsl to bt tttsit*d and that the investment
in¢om¢ 1$ di5btrihJtd vi4 tk Genernl A¢¢o￿l￿g[Y th¢ i￿1)Me is ¢wJi*4J to thr G¢rtw￿ Furwl
1.5 Murray Simpwn Mtmoriaj FWMI
The unti￿￿]Y tra8ic death of Mwr4y Simp*x) 8￿￿nds￿lI of SUFPXt kn cre* a l&qin8 le8xy for Murray. Discu5siofLS with the Textile
S¢ryi¢¢s A$￿ClaI10n the Worshipbjl Compffiy of I￿red thc Lkn Bcncvoknt Fund best placed for the thini5tra¢ion
the Fund.
Th¢ 08ttement wlth the TSA irKlud¢s the folknvitil *mu.'
The Fund would oThly for 9jpF￿IllS the Textile Rentsl Cows¢ ih *)me w4y. • *h)l¥thip 8¢wI wbsidy or gom¢ oth¢r
rnea￿ so that li i5 within the Be￿Volen1 Edu¢4tiort Fund.
A sepm c&e80ry would tr¢ estsblisl*d ths a Subsid1￿ u*fory of the Ed￿tIOn Tn￿1
Surplus fun&8 would be in¥es*d in liThe with s*me Fffincipk5 •&)Med by tk Tr￿4 with RavcnscrDft{fornkrly c￿1¢4 Vlttsnsi
Disp)$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 TnL*t
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

2. 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