Docusign Envelope ID: 07C0824E-DBD0-41EB-8E57-6BDCF80DCDA6
THE WORSHIPFUL COMPANY OF LAUNDERERS BENEVOLENT TRUST FUND
TRUSTEES' ANNUAL REPORT AND ACCOUNTS
PERIOD ENDED 31 MAY 2025
Registered Charity no 262750
Docusign Envelope ID: 07C0824E-DBD0-41EB-8E57-6BDCF80DCDA6
THE WORSHIPFUL COMPANY OF LAUNDERERS BENEVOLENT TRUST FUND
TRUSTEES' ANNUAL REPORT AND ACCOUNTS PERIOD ENDED 31 MAY 2025
| Contents | |
|---|---|
| Trustees' Annual Report | 2 - 4 |
| Report of Independent Examiner | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Annual Accounts | 8 - 11 |
Page 1
Docusign Envelope ID: 07C0824E-DBD0-41EB-8E57-6BDCF80DCDA6
THE WORSHIPFUL COMPANY OF LAUNDERERS BENEVOLENT TRUST FUND TRUSTEES' ANNUAL REPORT PERIOD ENDED 31 MAY 2025
REFERENCE INFORMATION
The Worshipful Company of Launderers Benevolent Trust Fund (the "Charity") is registered with the Charity Commission under no 262750 and is constituted by a Declaration of Trust dated 14 February 1963.
The sole office of the Charity is at Launderers' Hall, 9 Montague Close, London Bridge, London SE1 9DD.
TRUSTEES
The Trustees of the Charity are the Master, Deputy Master and the two Wardens of the The Worshipful Company of Launderers ("the Company") at any one time. The Company elects and installs its new Master and Wardens in June/July each year. In normal circumstances a person will be a member of Master and Wardens ( and thus a Trustee) for a period of four years
The current Trustees are as follows: John Shonfeld Master Charles Betteridge Deputy Master Graham Oakley Senior Warden Alistair James Mackinder Renter 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 relief to existing and retired members of the Laundry Industry suffering hardship and to the wives, widows, children, orphans or others depending upon them;
Education in matters relating to the Craft of Laundering and kindred occupations (the "Craft") and scholarships, prizes and research in connnection therewith, including the establishment or maintenance of schools or colleges; Sponsorship for character development schemes for young persons; Support for writing Technical Textbooks for the Craft; Donations to charitable causes in the City of London and elsewhere; and
for any other charitable objects as agreed by the Court of the Worshipful Company of Launderers.
In January 1998 the Laundry and Cleaning Education Trust Fund became a restricted fund of the Charity; this fund has well defined objects. The fund is to be applied in or towards the promotion, encouragement and improvement of general scientific and technological knowledge and education of persons engaged in or about to engage in the Laundry and Cleaning Industries, or in any employment manual or otherwise connected therewith.
The tragic death of Murray Simpson led to "The Murray Simpson Memorial Fund" being formed. Agreement has been made with the Textile Services Association that the administration of the Fund be carried out as a separate part of the Education Fund. Further details can be seen in Note 1.6 in the notes to the accounts.
A generous gift has enabled the Oliver Family Education Fund to be established within the Education Fund. The aims of the Fund shall be to offer financial support to provide industry training events, directed towards leadership and management in the first instance. Further details can be seen in note 1.7 in the notes to the accounts.
In March 2002, at the instigation of Past Master Richard Orford, the Charity created a Capital Endowment Fund with the purpose of increasing the Charity's capital base. There is no separate governing document: the intention is for the capital to be retained and the investment income is credited to the General Fund where it is available for distribution as grants.
Long term member and past master, the late Arthur Kennedy, set up a fund to provide long term financial support for our industry's education. The principal amount of the fund of £150,000 was designated to be invested, and not spent while the investment income can be used for the specific purpose as defined by the donor for education and spent at the discretion of the Education Committee of the Livery, and supported by the court.
Page 2
Docusign Envelope ID: 07C0824E-DBD0-41EB-8E57-6BDCF80DCDA6
THE WORSHIPFUL COMPANY OF LAUNDERERS BENEVOLENT TRUST FUND TRUSTEES' ANNUAL REPORT (continued)
The Charity is administrered by two Committees of the Company:the Benevolent Committee and Education Committee. During the period to 31st May 2025 the Benevolent Committee was chaired by Past Master Paul Higgs and the Education Committee by Current Master John Shonfeld.
The Clerk, Margaret Campbell, since retired, attended most of the meetings of the Committees and carried out the day to day administration. Accounts are prepared by the Treasurer, Carolyn Denise Shacklady who is also reponsible for the Annual Report and Accounts.
The Trustees employ the services of an independent firm of stockbrokers Messrs Ravenscroft Investments (UK) Ltd , to advise them on the management of the Charity's investments. The Charity's investments are held in collective funds in order to ensure adequate spread of risk.
MANAGEMENT OF INVESTMENTS
The investments are managed as a single portfolio having regard to the objectives and policies determined by the Trustees.
In previous accounts the total portfolio has been attributed to the funds as if they were separate portfolios. The Trustees have reviewed this approach and consider that it does not reflect the manner in which the total portfolio is managed.
Accordingly, in these accounts, the year end value of investments attributable to individual funds has been determined by reference to the attributable percentage as at the year end. Income is distributed to each fund according to percentages at the time. The percentages only change with capital contributions to or capital withdrawls from the pooled investment fund. Details of the portfolio and the effective allocation percentages are shown in note 7 on Page 12.
PUBLIC BENEFIT
Throughout the year, when considering applications for support received by the Charity, the Trustees kept in mind the Charity Commission's guidance on public benefit. Requests for support from individuals were considerered based upon their association with Craft and their need, without regard to their geographical location or other restriction. Other charities receiving grants are normally based in or have specific activities within the City of London or within the area of Southwark: in these cases, the Trustees ensure that the charities concerned have clearly defined benefits and that there are no obvious restrictions on the availability of such benefits.
The Statement of Financial Activities on page 6 shows that the total income of the Charity for the period amounted to £36,142 (2024: £33,828) , total grants made (shown in detail in note 2) amounted to £31,461 (2024 : £36,113). During the year the General Fund provided monthly grants to 1 former member of the industry or their dependents.
The market valuation of the Charity's investments showed a gain for the period of £3,796 (2024 : £16,381).
RESERVE POLICY
The Trustees have adopted the policy of, wherever possible, spending the annual income of each of the funds during the year. Any undistributed income for the year is available for distribution in subsequent years. In addition, the intention is to protect the existing capital base of the Charity against inflation over the medium term. The Trustees consider that the present reserves of the funds are the minimum required to provide sufficient income from which to meet the many requests for help made to them.
Page 3
Docusign Envelope ID: 07C0824E-DBD0-41EB-8E57-6BDCF80DCDA6
THE WORSHIPFUL COMPANY OF LAUNDERERS BENEVOLENT TRUST FUND
TRUSTEES' ANNUAL REPORT (continued)
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees' Report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The Law applicable to Charities in England & Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these accounts, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are resonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
-
prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
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 Charity and enable them to ensure that the financial statements comply with the Charities Act 2011 as amended in 2022, the Charity (Accounts and Reports ) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees confirm that the Charity's assets are available and adequate to fulfil the obligations of the Charity.
24/03/2026
Approved by the Trustees and signed for on their behalf on…..............................
…...................................... …...................................... John Shonfeld Carolyn Denise Shacklady Master Treasurer
Page 4
Docu81gn En¥elopo10.. 07Ca824E-D8DI)41EB-8E57-6BDCF80DCDA6 TBE WORsillpifuL COPIANy OF IAUNDC4 REI RS Ilb NbVOLENTTRUST FUND TRUSTfC4 S, ANNUAL REPORT AND ACCOUNI'S rri]UOD ENDED 31 MAY 1025 INDbP£NDkNr riAmIrER'S RE,PORT TO THE TRUSTIIS OF i'Hr. WORSHIPI,'UL COMPAIYY OF LAUNDERERS TIENEVOLENf TRUST FUND I r¢port ID the ¢rus15 on my examinaiiort of da¢¢WlS ofThe Worshipful Companyof LaUerer8D¢neVO1eDt Tnilt Fund for the lOd ettded 31 May 2025. Respettlve resp81b[llt[o5 of tryste¢J exttmluet As Ihc Charity's trustees you rpon1b1e for Ihc peorAtion0fthC aocounts in aceord&nc#with th¥ requlrcrn¢ntsof the Chariiids ALE2011 a$afft¢TrJd In 20221.ihe Acl'l. I report inrespe¢i ofmy examinationof the'l'ru5V$ o¢¢ountS ¢eTri out understion 145 of thr2011 Acland in C181 my cxArninalion.I have follow all the appINble Direelionsgiven by thechariiies Cornmissii)n wjd iiun 14515llblof the Aa. Indepea¢neIliMne Ststtmtttt I have comploted my ex8ming1ion. l ¢onfinn Ihtstno materi m4uer. have th)m¢to my attention in wnnxlion with the examinli0n leh giY¢s mr caus¢ts> beIve Ihal in, any materi41 respe¢i". th¢a¢¢ounEill8 records werc not kept in OrdsreI section 130 ofthecknttts A¢1, or th¢aur$ did Th]IOrd with thc uccounting reco8.. or th¢a¢¢ounts did Mt¢omply withthe8ppli¢ablerequimnen15 oonccrning tkn fomi ond¢ont¢ttt of accounts sei out th¢chItIeS{A¢¢ouls and ReportslR¥Bulation5 2008 othcrlhlln any requirement that theaccounts 8iveg'tru¥ irKI fai¢ vi¢w which Is ta m&llcr¢oMsithr partofBn indepondellt¢xaminaiion. I coneem5and havo ¢ome aerow no otherMth re¢ll0 with the eNnittHtion t¢k whichgtt¢nlimshwld be in this rBPOrt in ottlerto ¢nablE a properunde]stgndinBofd wunts to bE reAched. SAra Brown FCA Kings CAPLld 4 Grovdartds Boundary Wsy HIe1 HempSd FlcrtfDrdshiro Date..3...<Ith.xfjg P28e 5
Docusign Envelope ID: 07C0824E-DBD0-41EB-8E57-6BDCF80DCDA6
THE WORSHIPFUL COMPANY OF LAUNDERERS BENEVOLENT TRUST FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31st MAY 2025
| Income & Expenditure Income Donations and legacies Investment Income Other income Total Income Expenditure Charitable Activities Other Expenditure Management & Administration Total Expenditure Net Gains/(Losses) on Investments Net Movement in Funds Balance brought forward 1.4.2024 Balance carried forward 31.5.2025 |
UNRESTRICTED RESTRICTED 2025 FUNDS FUNDS General Capital Education Murray Oliver Total Fund End Fund Fund Simpson Family Fund Trust £ £ £ £ £ £ 7,146 - - - - 7,146 18,531 - 7,698 547 2,034 28,810 186 - - - - 186 25,863 - 7,698 547 2,034 36,142 25,675 - 5,160 - 626 31,461 - - - - - - 3,767 - 1,291 177 658 5,893 29,442 - 6,451 177 1,284 37,354 2,375 251 876 62 232 3,796 (1,204) 251 2,123 432 982 2,584 416,127 63,428 193,865 14,748 48,112 736,280 414,923 63,679 195,988 15,180 49,094 738,864 |
UNRESTRICTED RESTRICTED 2024 |
|---|---|---|
| FUNDS FUNDS |
||
| General Capital Education Murray Oliver Total |
||
| Fund End Fund Fund Simpson Family |
||
| Fund Trust |
||
| £ £ £ £ £ £ |
||
| 7,599 - - - 300 7,899 17,559 - 5,554 488 1,566 25,167 62 - 700 - - 762 |
||
| 25,220 - 6,254 488 1,866 33,828 |
||
| 20,389 - 5,400 2,665 7,659 36,113 - - - - 410 410 6,706 - 1,121 80 296 8,203 |
||
| 27,095 - 6,521 2,745 8,365 44,726 |
||
| 9,253 1,271 4,407 318 1,132 16,381 |
||
| 7,378 1,271 4,140 (1,939) (5,367) 5,483 |
||
| 408,749 62,157 189,725 16,687 53,479 730,797 |
||
| 416,127 63,428 193,865 14,748 48,112 736,280 |
Page 6
Docusign Envelope ID: 07C0824E-DBD0-41EB-8E57-6BDCF80DCDA6
THE WORSHIPFUL COMPANY OF LAUNDERERS BENEVOLENT TRUST FUND BALANCE SHEET 31st MAY 2025
| FIXED ASSET INVESTMENTS Marketable Securities CURRENT ASSETS Sundry Debtors Bank Account - Current Bank Account - Deposit Sundry Creditors NET CURRENT ASSETS TOTAL ASSETS REPRESENTED BY FUND ACCOUNTS |
UNRESTRICTED RESTRICTED 2025 FUNDS FUNDS General Capital Education Murray Oliver Total Fund End Fund Fund Simpson Family Fund Trust £ £ £ £ £ £ 402,453 54,489 189,824 13,498 50,156 710,420 - - - - - - 1,765 7,717 1,034 1,318 (2,417) 9,417 10,875 1,473 5,130 364 1,355 19,197 12,640 9,190 6,164 1,682 (1,062) 28,614 (1,600) - - - - (1,600) 11,040 9,190 6,164 1,682 (1,062) 27,014 413,493 63,679 195,988 15,180 49,094 737,434 413,493 63,679 195,988 15,180 49,094 737,434 |
UNRESTRICTED RESTRICTED 2024 FUNDS FUNDS General Capital Education Murray Oliver Total Fund End Fund Fund Simpson Family Fund Trust £ £ £ £ £ £ |
|---|---|---|
| 399,275 54,059 188,325 13,391 49,760 704,810 - - - - - - 4,823 7,415 (66) 873 (3,446) 9,599 14,429 1,954 6,806 484 1,798 25,471 |
||
| 19,252 9,369 6,740 1,357 (1,648) 35,070 |
||
| (2,400) - (1,200) - - (3,600) |
||
| 16,852 9,369 5,540 1,357 (1,648) 31,470 |
||
| 416,127 63,428 193,865 14,748 48,112 736,280 |
||
| 416,127 63,428 193,865 14,748 48,112 736,280 |
Page 7
Docusign Envelope ID: 07C0824E-DBD0-41EB-8E57-6BDCF80DCDA6
THE WORSHIPFUL COMPANY OF LAUNDERERS BENEVOLENT TRUST FUND NOTES TO THE ACCOUNTS PERIOD ENDED 31 MAY 2025
1 ACCOUNTING POLICIES
1.1 Accounting Convention
The principal accounting policies applied in the preparation of these accounts are set out below. These policies have been consistently applied to all the years presented, unless othewise stated.
The Financial statements have been prepared in accordance with Accounting and Reporting by Charities:Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards, applicable to the UK and Republic of Ireland (FRS102) - (effective January 2015) - Charities SORP (FRS102)).
1.2 Legacies and Other Gifts
Legacies and other gifts are recognised on receipt
1.3 Grants
Grants are accounted for on a cash basis
1.4 Extended accounting period
The current period's financial statements represent a 14 month period to 31 May 2025, the prior period represents a 12 month period to 31 March 2024.
1.5 Capital Endowment Fund
The Capital Endowment Fund is not subject to a separate governing document: the intention is for the capital to be retained and that the investment income is disbtributed as grants via the General Fund. Accordingly the investment income is credited direct to the General Fund.
1.6 Murray Simpson Memorial Fund
The untimely tragic death of Murray Simpson showed a groundswell of support to create a lasting legacy for Murray. Discussions with the Textile Services Association and the Worshipful Company of Launderers agreed that the Launderers Benevolent Fund was best placed for the administration of the Fund.
The agreement with the TSA includes the following terms:
The Fund would only be used for supporting the Textile Rental Management Course in some way, be that a scholarship general subsidy or some other means, so that it is within the Benevolent Education Fund.
A separate category would be established as a subsidiary category of the Education Trust
Surplus funds would be invested in line with the same principles adopted by the Trust, e.g. with Ravenscroft.
Dispositions would be administered by the Education Committee taking the advice of the Fund Committee.
The Fund Committee will comprise, TSA Chairman, TSA Treasurer, The Master, and the Treasurer of the Worshipful Company of Launderers and a representative of the family.
1.7 Oliver Family Education Trust
A generous donation has enabled the following fund with the Education Committee to be set up. The aim of the fund is to provide financial support to provide industry training events, directed towards leadership and management in the first instance
All monies will be held on behalf of the Fund by the the Worshipful Company of Launderers Benevolent Trust Fund ( the "Benevolent Trust") in a separate sub-category of the Education Trust.
The original gift will be invested in common with the practices adopted by the Benevolent Trust and any income generated will be credited to the Fund's Designated Account.
Proposed dispositions from the Fund will be recommended by the Committee to the Education Committee of the Launderers ( the "Education Committee") and such recommendations will be actioned by the Education Committee unless to do so would breach the terms ofthe Education Trust Deed.
Whilst it is the intention to make dispositions only out of income there shall be no restricion on the amount of any single dispostion nor on the aggregate of dispositions in any period of time.
As the aims of the Fund fall within the Charitable purposes of the Education Trust any individual contributions may be given under Gift Aid and the related tax will be claimed by the Education Trust and credited to the Fund's Designated Account.
The Treasurer of the Launderers will provide reports to the Committees at the same time as reports are provided to the Education Committee for its regular meetings which are currently normally held in January, March, June and October.
The Committee will comprise:
The Master of the Launderers, The Treasurer of the Launderers, Roger Oliver and initially as advisors, Stuart Boyd and John Shonfeld.
Page 8
Docusign Envelope ID: 07C0824E-DBD0-41EB-8E57-6BDCF80DCDA6
| 2. GRANTS 2.1. General Fund Individuals related to the Laundry Industry City related causes : Terloar's Trust Christ's Hospital School Other causes Action for Refugee's Ahoy Centre Asthma Relief Southwark Bede House Association Blind Veterans Children Ahead Cracker Jack DEC re Syria Demelza House Deptford Mission Listening Books Liverpool Community London Air Ambulance London Youth Rowing Loughborough Junction Magical Taxi Malcolm the Weaver No Going Back Pecan Pinpoint Cambridgeshire Red Cross Robes Project South East London Mind Southside Young Southwark Cathedral Team up for Social The Clink Charity Winstons Wish Total Grants from General Fund |
2025 £ 690 910 6,000 - 1,000 1,000 1,000 - - 950 - 1,000 1,000 1,500 - 1,000 500 500 3,000 500 1,000 - 1,625 - - 500 - - 1,000 - 1,000 25,675 |
2024 £ 1,689 - 4,000 500 - 1,000 1,000 1,000 1,500 950 1,000 - - - 250 1,000 - 1,000 1,500 - - 500 - 500 500 - 500 1,000 - 1,000 - |
|---|---|---|
| 20,389 |
Page 9
Docusign Envelope ID: 07C0824E-DBD0-41EB-8E57-6BDCF80DCDA6
THE WORSHIPFUL COMPANY OF LAUNDERERS BENEVOLENT TRUST FUND
PERIOD ENDED 31 MAY 2025
2.2 Launderers & Cleaners Education Trust
| 2.2 Launderers & Cleaners Education Trust Student Bursary Travelling Scholarship Laundry & Dry Cleaning Awards Northumbria University |
2025 2024 £ £ 3,000 - - 2,400 2,160 - - 3,000 |
|---|---|
| 5,160 5,400 |
2.3 Oliver Family Trust
| 2.3 Oliver Family Trust Online Lecture AI in the Industry |
2025 2024 £ £ 626 - |
|---|---|
| 626 - |
3. FIXED ASSET INVESTMENTS: GLAZIERS HALL LIMITED ("GHL")
1 Voting Ordinary Share of £25,000
2 Non-Voting 'A'Ordinary Shares of £7,500
2,000 £1 Preference Shares
Both classes of Ordinary Share were bequeathed to the Trust from the Estate of Liveryman Stanley Newbury. The Preference Shares were donated to the Trust by Past Master Michael Bennett. No cost was incurred in the acquisition of any of the shares and no value has been attributed thereto.
The Ordinary shares give rise to certain entitlements for the use of Glaziers Hall, the benefit of which, together with any associated liabilities for running expenses, have been assigned to the Worshipful Company of Launderers.
4. TRUSTEES REMUNERATION
The Trustees received no remuneration or reimbursement of expenses in this or the previous year.
5. CURRENT BANK BALANCES
The Current Bank Balances shown in total as £9,417 is kept in accounts with HSBC and the Bank of Scotland. Included within Ravenscroft Investments UK Ltd are cash balances amounting to £19,197.
6. TAX RECOVERABLE FROM HMRC IN RESPECT OF GIFT AID RECEIPTS
The income tax recoverable for the current year is not included in the financial statements as a claim has yet to be made.
Page 10
Docusign Envelope ID: 07C0824E-DBD0-41EB-8E57-6BDCF80DCDA6
7. FIXED ASSET INVESTMENTS: MARKETABLE SECURITIES
| Allianz UK & Europe Aubrey Capital Management Awe UK Reit Brown Advisory Cqs New City High Fidelity Invst Fds First Sentier Gore Stree Energy Greencoat UK Wind Guardcap Guiness Global Equity Herald Inv Trust IFSL Global IFSL Titan OEIC IFSL Titan UCITS Landseer Global Art Murray Intl Nb Private Equity Pershing Pictet Polar Capital Polar Capital - UK Growth Prusik Asian Rathbone Ethical Bond Royal London Bond Royal Lond UK Equity Sanlam Global Schroder Strat Tideway UCITS UK Govt Vonotobel Fund Vpc Specialty Lend Total General Fund Capital Endowment Fund Launderers & Cleaners Education Trust Murray Simpson Fund Oliver Family Trust |
2025 2025 Market Cost Value £ £ - - 21,822 21,789 - - 30,567 28,951 20,334 17,272 36,308 51,225 - - 26,587 15,911 27,960 23,772 - - 30,589 34,117 22,799 27,000 20,845 20,006 32,277 32,228 21,027 20,072 18,310 24,954 22,026 27,700 20,037 35,500 21,683 28,377 21,199 20,459 22,454 23,374 45,353 53,700 19,361 18,353 44,323 37,563 20,258 18,565 43,316 49,072 - - 19,233 15,094 23,036 25,181 22,168 22,517 14,841 14,761 18,386 2,907 687,098 710,420 56.7% 402,453 7.7% 54,489 26.7% 189,824 1.9% 13,498 7.1% 50,156 |
2024 2024 Market Cost Value £ £ 15,958 15,146 - - 15,790 13,728 20,813 17,246 20,333 17,612 36,308 45,543 23,013 20,394 26,587 15,886 27,959 29,211 27,195 32,746 21,124 23,129 22,800 26,437 38,659 43,145 - - - - - - 22,026 24,850 20,036 40,250 21,683 29,565 21,199 21,854 22,454 27,108 45,352 45,712 19,361 18,093 44,323 38,223 20,257 17,999 43,315 45,502 18,310 23,830 19,456 14,737 23,036 24,279 22,167 22,515 - - 19,196 10,070 |
|---|---|---|
| 678,710 704,810 |
||
| 56.7% 399,275 7.7% 54,059 26.7% 188,325 1.9% 13,391 7.1% 49,760 |
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