2024-03-31-accounts

THE WORSHIPFUL COMPANY OF LAUNDERERS BENEVOLENT TRUST FUND TRUSTEES, ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2024 Registered Charity no 262750

THE WORSHIPFUL COMPANY OF LAUNDERERS BENEVOLENT TRUST FUND TRUSTEES, ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2024 Contents Trustees, Annual Report Report of Independent Examiner Statement of Financial Activities Balance Sheet Notes to the Annual Accounts 8-11 Page I

THE WORSHIPFUL COMPANY OF LAUNDERERS BF,NEVOLENT TRUST FUND TRUSTEES, ANNUAL REI)ORT YEAR ENDED 31 MARCH 2024 RF,FERENCE tNFORMATION The Worshipful Compan>, ol. Launderers Benevoleni Trust Fund (the "Charity") is reui5tered with the Charity Commission under no ?62750 and is constituted by a Declaration of Trust dated 14 February 1963. The sole office of the Charity, is at Launderers, 14all. 9 Montague Close. London Bi"idg7e. London SE19DD. TRUSTEES The Trustees of tlie Charity are the Master. Deputy Masier and the two Wardens of the The Worsliipful Coinpanj of Launderers I'the Conipany'l at anv one time. Tlie Coinpan! elect5 and installs its ne￿. Masier and Wardens in Juneljuly each year. In nornial circumsrances a person will be a member of Master and Wardens l and thu5 a Trusteel for a period of four years The current Trustees are as follow5.. Charle5 Betteridge Simon Fordham Andreiv Doyle Graham Oakley Master Depu1} Ma51er Senior Warden Renier Warden GOVERNANCE The Objects of the Benevolent Trust Fund are Set out in the ordinances of the Worshipful Company of Launderers and are To provide relief10 existing and retired members of the Laundry Industry suffering hardship and io the wives. widows. children. orphans or oihers depending upon them., Education in matters relating to the Craft of l.aundering and kindred oc¢upations (the 'Craft"l and scholarships. prize5 and research in connnection therewiih, includingF the establishmeni or maintenance of ￿ko0]S or colle(Tes', Sponsorship for character development schemes for voung person5; SLJPPOrt for writing Technical Textbooks for the Craft.. Donations to charitable cause5 111 the Citi, ol. London and elsewhere,. and for any other charitable objeets a5 agreed by rhe Court of the Worshipful Company of Launderer5. In January 1998 the Laundry and Cleaning Education Trust Fund became a restricted fund of the Charity: this fund has w¢ll defined objects. The fund is to be applied in or towards the promotion. encourageinent and improvement of general scientilic and technical knoM,ledgTre and education of persons engaged in or about to engage in the Laundry and Cleaning Industries, or in any employment manual or otherwise connected therem'ith. The traglic death of Murraw Siinpson led to 'The Siinp.%on Memorial Fund being) fomied. Agreement has been made wilh the Textile Services Association that the administration of the Fund be ca￿led oui as a separate part c>f the Educaiion Fund. Further details can be seen in Note 1.5 in the notes to the accounts. A generous glift has enabled tlie Oliver Family Education Fund to be established within the F.ducation Fund. The aiins of the Fund Shall be lo ofter financial 5upporr to provide industy training events. directed towards leadership and mana&Jement in Ehe firsi instance. Further details can be seen in note 1.6 in the notes to the accounts. In March 2002, at the insiigaiion of Past Master Richard OrfoTd, the Charity created a Capital Endomqnent Fund wEth the PUTP05e of increasinu the Chariti s capital base. There is no separdte g7overning document.. the intentioll is for the capital to be Tetained and the investment income is credited to the General Fund where it is available for distribution as granrs. Page 2

THE WORSHIPFUL COMPANY OF LAUTr4DERERS BENEVOLENT TRUST FUND TRUSTEE%' ANNUAL REPORT (continued) The Chariti, is admini5trered by two Committees of the Company'.the Benevolent Comtnittee and Ediic3tion Committee. Durin¥T the year 10 .31 st March 2024 the Benevolellt Conimittee was ehaired bi Past Master Paul Fli(4J 15 and the Fducaiion Committee by Past Master John Shonfeld. The Clerk, Margaret Campbell attended mosi of the meetings of the Committees and carried oui the day to day administration. Accounts are prepared by the Treasurer. t7Enttio Carolyn Denise Shacklady who is also reponsible for the Annual Report and Accounts. rhe Trustees employ the services of an independeni Iirm of stockbrokers Mtssrs Ravenscroft Investments IUKI Ltd to advise them on ihe Manage1￿ent of the Charity's investments. The Charity's inve5tinents are held in colleciive funds in order ro ensure adequate spread of risk. MANAGEMENT OF INVESTMENTS The investments are managed as a sinbFle portfolio having regard to the obje¢tive5 and policies determined by the Trnstees. In previous accounts the total portfolio has been attributed to the fund5 as if they were separate portfolios. The Trustees have Teviewed this approach and Consider that it does not reflect the manner in which the total portfolio 15 managed. Accordingly. in these a¢count5. the year end value of investments attributable to individual funds has been detem)ined by reference to the attributable perceniage as ai the year end. Income is distributed to each fund according to percentages ai the Eime. The percentages onl), change ￿1th capital coniribuiions to OT capital withdraThls from the pooled investment fund Details of the portfolio and the elTective allocation percentag)es are shown in noie 4 on Pa¥e l O. PUBLIC BENEFIT Throughout the )'ear. when considering applicaiions for support received by the Chariry. the Trustees kept in mind the Charity Conimission's giiidgnce on public benefit. ReqLiest5 for sllpport from individuals were consideTered based upon their ￿50¢latIOn with Craft and their need. wiihout regard lo tlieir gTeographical location or other restriction. Other chariiies reLeivin¥ gFrants are normallN' based in or have specilic activities within the City of London or within the area of Southwark.. in these cases. the TTU5tees ensure thai the charities concerned have clearly defined benefits and that ihere are no obvioug restrTrtions on the availability of such benefils. The Statement of Financial Acliviries on page 6 show5 that the total income of the Chaiitj. foT the jear atnouiited to £71,828 (202.3.. £47.0$1), total granis made Ishown in detail in note 21 amouni¢d 10 £36,113 {202R £I1,1801. Diiring the yeaT the General Fund provided monthly STant5 to I former member of the industry or their dependents. The market waluation of the Charity'5 invstmenis showed a gain foT the year of £16,381 {2023 Loss £59,756). RESERVE POLICY The Trustees have adopted the policy of, wherever possible, spending Ihe annual income of each of ihe funds during the year. Any uiidi5tributed income for the year is available foT distribution in subsequent years. In addition. the intention i5 to protect the exisiing Lapital base of the Chariry against inflatTron over the inedium term. The Trustees consider that the prc5ellt reserves of the ￿ndS are the minimutn required to provide sufticieni income from which to Ineet the manj requests for help made io them.

THE WORSHIPFUL COMPANY OF LAUNDERERS BENEVOLENT TRUST FUND TRUSTEES, ANNUAL REPORT (continued) STATEMENT OF TRUSTEES, RESPONSIBII.ITIES The Trustees are responsible for preparing the Trustees, Report and accoiints in accordance M'ith applicable law and United Kingdoin Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Tlie Law applicablc to Cliarities in England & Wale5 requires the Trustees to prepare accounts for each financial }iear whicli give a true and fair vieNw of the state of affairs of the Charity and of the incoming resources and applicaiion of resources ol-the C11arit) for tliat period. In preparinLT tliese accounts, the Trustees are requtred to.. select suitable accollniing policies and then applv thein consistently,. observe tlie methods and principles in tlie Charities SORP; make judgements and estimate5 tl)at are resonable and prudent- state wliether applicable accounting standards have been followed. subjeci to any material departures disclosed and explained in the accounts- and prcparc tlie accouiits on the going concern b￿15 unless it is inappropriate to presume that the Charity will ¢ontiniie in bLisiness. COURT OF ASSISTANTS RESPONSIBILITES The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charit! and enable tliem to ensure tliat the financial statements comply ￿'It]i the Cliarities Act •OI I, the Charity, (Accounts and Reports } Regulations 2008 and tlie provisions of the I'rust Deed. The}, are also responsible for safegiuardingi the assets of ihe Cliarity and hence for taking reasonable step5 for the prevenEion and deteclion of fraud and other irregularities. The Truste¢s confirtn that the Charity's assels are available and adequate to fulfil the obligations of the Charit),. Approved bj the Trustees and signed for on their behalf on...................-.-........... Simon Fordham Deputy Master Carolyn Denise Sliackl Treasurer Page 4

THF. WORSHIPFI'L CO￿lP￿t*y OF L,II'%DFRERS BEIEI'OLENT TR(IST Fl'f4D TRI',S'l'b'F-S' ANNI:.AL REPORT AID ACCOLITS YF.AR ENDEDJI MARCH 2024 INDEPENDENT EXAMINTER'S REPORT TO THE TRLISTEES OF THE WORSHIPFIIL COMPANY OF LAIINDERERS BEP4EN'OI.FNT TRIIST FVND I re￿)rt ￿ the trU￿eeS on mi ei&min#iii?n ()f thc accounts ol'ThL Wi)r%hiplul C'i)mpany ()I' l.aundercr5 IlcnD"olent Trusi Fund for ihL ￿Lur LndLd 31 Mdrch 2(124. Respeetive re5ponslb&lltits of trustees and ti8miner A5 Ihc Chariti'% Iru51Ll￿ lou rcsr&>n%ihlL fi)r ihL pLrpa￿i￿ ofthe aLcounts in OCCOTd&nce ivith ihc r¢4uireTn¢n15 01-Ihe Chari¢i¢s ALL 2011 1.the Aa"). I report in respe¢1 of mi, c¥amination ofihe Trust's accounts carried out under section 145 of thc 2011 and in ¢arr¥'ing ooui m). cxaminuii()n. I huiL' li)11(ii%'ed all the applicablc Dire¢tion5 8iNen b% th¢ Chariires Commi%sinn undcr %tLlion 1451511bl ol'ihc Act. Indtptndent Examiners Sifttement I Li)mpletLyJ ni! examinuliiiii. l LX)nlimi that no material matter8 huvL L(ImL lu MJ atieniivn in connecti iih the ewllination ilhich gii'c5 ML cause LO belieie that in. ttn) maicriiil r¥%pLCI'. the accouniin¥ ￿￿()Td$ ii'ere noi k¢p¢ in accordance i4ith section 130 of the Charilir5 Act: or thc accounts did nvt ucLwd 14.iih the accounlino records- or lh¢ accounis did noi compli M'iih ihe dpplicable requiremenis con¢eming the torni and conlcnt 018ccollnL8 sei i)ut in Ihe Qhariiie5 IAccounts and Re5xI]tsl Regulaiions 2￿)8 (Iihcr Ihan any rryuiremcni thai Ihe accounts 8ll"¢ o'iruc and faitr iihicb is Mt a mailer ¢vnsid￿£d &s part ot'an indepEndenl exuminuiion. I haNe no concern% Jnd hui'e com¢ aicr05 no oihcr rnatiers in ¢onncction Ii'iih th¢ eiamination io hiLh atl¢ntion should be d1￿%￿n in thi5 rL'port in vrder to enable a proper undLr51andinB Of the accouD chcd. Ssrd FITOiin l.'CA Kings CAP l.td 4 tiroi"elands Boundar%" Wai Hemrl Fletnp51ead Hcrtli)rdshirr 14P2 7TE Dute.. 16 January 2025 Pdgc 5

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THE WORSEIIPFUL COMPANY OF LAUNDF.RERS BENEVOLENT TRUST FUND NOTES TO THE ACCOUNTS YEAR EINDED 31 MARCH 2024 I ACCOUN'I'INCJ POLICIES 1.1 Accnunting Convention Tk priniipal ilccounling pulicies applied iii the preparation nt'lhe5¢ accounis gsc sei oui bLlow. TIK'SL. F¥)licie5 haN'e l)ccn con￿l￿entIN. &pplicd to all the Year￿ pr¢senied. unltss oih¢¥4'ise siaied. 'I'hL' FinanLial statement5 have ￿en pr¢par¢d in accordancc ￿1th Accounting and Reporting b) Charili&s'.%iatenient ot'RtcomTnendtd Prauicc applicable 10 chariiiLs prLparing IhLif aLL¥)iinis in dLLurdance with ihe l.'inancig1 Reporting %landards. applitablL 10 the UK and Republic uf Ireland IFKS1021- ILlleLlive 20151- Lliarltla￿ %()RP IfRS10211. 1.2 L£gaciL% and Other Gifts L¢8a¢ie% and i)th¥r yifts e re£ognised on r&eipt 1.3 Grants Ornnis are accolin1￿ foron a L5h b&sis .4 Lapiral r.ndO￿'lD¢nr Fiind ThL Capiial Endvwinenl Fund is nut suhjecl lo a separwe goi'eming documLnl.' Ihc iniL'niion is lor the capilal ia he relEun¢d and thai ink¢4tnKnt inLume 1% di%btrihut¢d ￿ grants &ia the O¢neral Fund. Aucordingls the iniesimeni inLY)me is credited dir£a io the GCn￿al Fund. 1.5 MU￿! Stmpson Memvrial Fiind The uiillrntl￿ tragic deaih of NlurraN Simpson shomed a groundsilell uf ￿uPport lo cregt¢ a I￿lIng Icgaci. for Murra). Discussions ii'ith thc'lLTrlilc Ser¥iLes AssuciaEian and the Il'or￿h1PIul Compank of Launderers WLL,d Ihdi the LaLinderers BeneNolent Trund iigs b¢si placed lor Ihc adminisirniion of Ihl Fund. The agrctJrLni wilh the TSA inLliide% the falloi¥ing terms.. ThL fund would onl) be used lor £upporriiig the T￿[11¢ RLiiial ManagemLnt Cvurse in 50tne ivak. b¢ that a scholarqhip genwal subsidN or somt other In¢ans. so Ihai it is ￿'ithin Ihe BL￿L￿Olen1 EduLaiiun bund. A Sep￿&￿1¢ c&t¢gork ikould ￿ tsiabli%lied as a subsidiary LalLgor¥ ul'ihe EduLaliun I ru.41 Siirplu% funds i%'ould be iThi¢sied iii liiie 141111 the S￿￿e principlLb ddopiL'd bN- Ihe Tru5L e.g. ￿tth RaTr¢nsmft. DiSEK)siliuns WLiuld be ddmini%terd h>- lh¢ F.ducaiion Cominiiice taking the adNiLY vf the Fund Lnmiiiiti¢¢. The F'und Coinmitttt will compri£¢. I"%A Lhairman. TSA TrLasur¢r. The Masier. and the.fre&￿Urer of the Worsliipl'ul Conip8mK' of Laundettrs and a repr¢5¢n￿lI￿e ofilK" familN'. Pas1 Mastcr Marh'n l.ewis. .6 OliNer Farnil}' Education j.rusi A glneruus diinalion h85 ¢nabled the follo￿Ing lund with Ihe Education Comrnittec to b¢ sel up. The aim af (he fund is to proi'tde linancial suppori io pro￿ld¢ indus1rn training CVLMIS. dirL'Lted le￿er£hIP And manag¢minr in ihc tirst insianee All monies i%'ill be held on kliall'of Ihc Fund b) Ihe Ihe W0￿h1P￿1 LottTrp8nN ot L.aundcrcr5 Bmc¥'oleni Trust Fund I Ihe"fSLnevolenl TTU51"1 in a SLparaiL sU￿L￿tl￿1￿)ry of thc Ediication"Frusi. The original Ein Hill be inNesled in CilTnmon ￿1th the praciic¢5 adopiLd b) Ihe Benevulenl'I"￿t and ￿n￿ incom¢ g¢n¢rai¢d will bt credired 10 Ihe Fund's De8ionattd Account. PropD4¢d diqpofiilions trom ihc Fund ￿111 be reeotniiiended bk the Lommitre£ to ihe EdLJcation CommiiiLL vfihL' l.£undLYers I lhe"EduL￿i1On ConimiiiL'L"l and %uLh rcc0mn￿datI￿I1fi ￿,111 be aciioned b) rhc F.ducation Committee unles% iu do so i¥"ould brcach the ierms oflhL Education Trust Whilsi li is Ihe inieniiun lu tnak"¢ disposition5 onli. out of income there shall k. no resiriLiott on the ot single dispo￿lOn nor on the aggrLyie of di4po4ition5 in an¥ period ofiime. As the aiins ot'rhe Fund tall ￿'ithIn the Chariiable purpo.se4 otr the F.ducation Trust ind1K'idu￿ Loniribulions mal" be uiid¢r Cjift Aid 3nd the rclaled t&x will claimed b). Ihc Education Trnsi and credited ta the Fund's De51gnated Accouni. The Tre&8urer of th¢ l.aunder¢￿ i￿111 provide reports io IhL CummillLYS al the sarne linie ELS reports art prO￿lded ro ihe EdLILalion Comrnittee for its regular tneilings ii,hich are eurrenilN' nurmall%' held in Januarv. March. June and Ociober. Tht ComminiE ¥%ill comprise". Thi ￿￿￿￿￿[￿1.the LdundereT&"I he"[r¢￿urcy of thc Laundcrers. RogL* Oli%'cT and iniliallv ￿d￿lE0r￿. stuart 13oNd and John Shonfcld Page 8

1. GRANTS 2.1. General Fund 2024 2023 Individuals related to the Laundry Industry 1,689 1.380 Cil)- rclated causes . "rerloar's -Frust Chrisi's Hospital School 1,000 4,000 4.000 Oth¢r cause5 Action for Refugee's Alzheimers Society Aphasia Re-connect Asthma Relief Southwark Bede House Association Blind in Business Blind Velerans Children Ahead Cracker Jack DEC re Syria Dementia UK Disneyland ChildreD'5 Taxi Tour Fashion and Textiles Listening Books Southwark Liverpool Community London Air Ambulance Loug,hborough Junci Magical Taxi Mercers No Going Back Multiple Sjstem AtP Oasis Outward Bound Pecan Red Cross 500 1,000 500 1,000 1,000 1,000 1.000 1,000 1.500 950 1,000 6,000 2.000 1.400 250 500 250 1.000 I,000 1.500 1.000 1.000 500 1,000 1,000 500 500 500 500 1,000 1,000 250 1,000 Southside YoLmg Southwark Cathedral The Clink Chariti, Total Grants from General Fund 20J89 2),780 Page 9

THE WORSHIPFUL COMPANY OF LAUNDF.RF.RS BENEVOLENT TRUST FUND YEAR ENDED 31 MARCH 2024 2.2 Launderers & Cleaners Education Trust 2024 2023 Launderers & Cleaners Education Trust Attendees - TSA ManagJement Course Travell ing Scholarship Christ's l-lospital Northumbria University 2,400 2.400 3.000 5,400 3,000 5,400 3. FIXED ASSET INVESTMENTS: GLAZIERS HALL LIMITED ("GHL") I Voting Ordinary Share of £25.000 2 Non-voiing 'A'OrdinÉiry Shares of £7,500 2,000 £1 Preference Shares Both classes of Ordinary Share ￿￿ere bequeaihed to ihe Trusi from the Estate of Liveryman Stanley Newbury. The PrefeFence Shares were donated to the Trust bj Pa51 Master Nlichael Bennett. INO cost was InCur￿d In the acquisition of any of the shares and no value has been attributed th¢￿t0. The Ordinary shares give rise to certain entitlements for the use of Glazier5 Hall. the benefjt of which, together with any a550ciat¢d liabilitie5 for running expenses, have been assigned to the WoT5hipful Cornpanv of LaulldereTS. 4. TRUSTEES REMUNEIL4TION The Trustees received no remuneration or reimbursement of expenses in this or the previous year. 5. CURRENT BANK BALANCES The Curreni Bank Balai)ces shown in toial as £)5:070 is kept in accounis w'ith HSBC and the Bank Df Scotland. Included within Ravenscrofi Invesiments UK Ltd are cash balances amounting to £17,6J4. 6. TAX RECOVEIL4BLE FROM HMRC IN RESPECT OF GIFT AID RECEIPTS The income tax recoverable for ihe Cur￿nt vear is noi included in the tinancial statements as a claiin lias yet to be made. Page 10

1. FIXF.D ASSET INVF.STMF.NTS: MARKETABLE SECURITIES 2024 2024 2023 Market Value Market Value Cost Cost Allianz UK & Eiirope Aw¢ UK R¢it Browii Advisory Cqs New City, High Digital 9 Infrastr FideliTh' Ini'st Fds First Seiitier Gore Str¢¢ En¢rgy Greeii¢oal UK Wind GLiardcap Guiiiess Global Eqiiity Hcrald Inv Trust IFSL Global Morgan Stanley Emerging Murra￿. Iiitl Nb PrI￿ate Eqiiity Niiiety One Fd- UK Income Niiiety One Global Equity Pershing Pictet Polar Capital Polar Capital - UK Gro￿th Prusik Asiaii Ratlibone Ethical Bond Regioiial Reit Royal Loiidoii Bond Royal Loiid UK Equity Sanlain Global Schroder Strat TId¢￿'aY UCITS Tweiity. Foiir Global Bond UK Goi't Vpc Specialty Lend 15.958 15.790 2(1.813 2(1,333 15.146 13.728 17,246 17.612 15,790 14,736 20,334 31.728 16.779 19,247 41,775 21,330 24,827 39.928 36.308 23.013 26,587 27,959 27.195 21.124 22,800 45,543 20.394 15,886 29,211 32.746 26.587 27,960 27,195 26.437 43,145 22,799 41.714 28.809 37,995 20,037 46.156 21,387 21,925 45,880 17,575 46.161 35,125 48.282 28.964 22.026 20,036 24,850 40,250 21,683 21,199 22,454 29,565 21,854 27.108 45,712 18.093 21,199 2*,454 45,353 18.695 41,850 19.361 44,323 19.882 20,?58 43,316 36,313 10,840 17,536 42,788 ?0,257 43,315 18.310 19.456 23,036 17.999 45,502 23.830 14,737 24,279 23,036 19.663 15,698 22,167 19,196 22.515 10,070 19,196 14,440 Total General Fund Capital Endowment Fuiid Launderers & Cleai)¢rs Edllcation Trust Murra}, Siinpson Fund Oliver Famil)" Trust 678.710 704. 706.491 .7/0 7.70/0 688.430 J90.0?2 52.788 183.918 13,073 48,628 7.70/, 26.70/0 1.90/0 7.10/0 54,059 188.325 13,391 49.760 7.1% Page 11