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2024-12-31-accounts

Registered number: 02728847 Charity number: 1012890

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED (A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED (A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 9
Trustees' responsibilities statement 10
Independent auditor's report on the financial statements 11 - 13
Consolidated statement of financial activities 14
Consolidated balance sheet 15
Charity balance sheet 16
Consolidated statement of cash flows 17
Notes to the financial statements 18 - 36

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees D Wilson, Chairman
D M Antrobus
R Leslie (resigned 4 July 2024)
B Warrender
M Purnell
D Sharp (appointed 4 July 2024)
Company registered
number
02728847
Charity registered
number
1012890
Registered office
1-2 Mallard Way
Pride Park
Derby
Derbyshire
DE24 8GX
Chief executive officer
N Collishaw
Independent auditor
Bates Weston Audit Limited
Statutory Auditor
Chartered Accountants
Canal Street
Derby
DE1 2RJ
Bankers
Bank of Scotland plc
The Mound
Edinburgh
EH1 1YZ
Solicitors
Nelsons Solicitors Limited
Pennine House
8 Stanford Street
Nottingham
Nottinghamshire
NG1 7BQ
Investment advisors
Investec Wealth & Management Limited
The Colmore Building
Colmore Circus
Birmingham
B4 6AT

Page 1

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED (A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of British Plumbing Employers Council (Training) Limited (the "company") for the year ended 31 December 2024. The Trustees confirm that the annual report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP) FRS 102, effective 1 January 2019.

Objectives and Activities

The purpose and objectives of the Charity are to:

Summary of the main activities

The overall objective of the BPEC Charity is to improve the skills of those who work in the UK plumbing and heating industry as well as providing opportunities for personal growth and development and, from time to time, some limited qualifying activity outwith the UK.

To achieve this objective the following work strands have been established:

  1. Invest in product development, such as, innovative learning materials, courses and qualifications that can be offered via the two trading companies – BPEC Certification Ltd and BPEC Services Ltd.

  2. Supporting skills development activity across the UK through the Plumbing and Heating Skills Partnership (PHSP).

  3. Deliver the SkillPLUMB skills competitions across the UK.

  4. Providing BPEC Awards (to projects which use plumbing knowledge and skills to improve the lives of others in the UK) and Grants (to raise the plumbing skills levels of disadvantaged groups) and such other Awards, including projects outwith the UK, as the trustees consider appropriate and reasonable and to review these annually.

  5. Maintain the ‘BPEC Brief’ to inform centres of education and training policy developments.

  6. Collaborate with other industry organisations to exert pressure on regulatory bodies to ensure industry standards of training are adhered to.

  7. Develop plans to create new careers information and guidance for new entrants into the plumbing and heating industry.

Public Benefit

The trustees are fully aware of the Charity Commission’s general guidance on public benefit and are committed to ensuring that the company’s charitable objectives and activities fully deliver services to ensure that they are of benefit to the public. The trustees remain focused on channeling the efforts and resources of the charity to ensure the charity fulfils its principal objectives and its public benefit obligations.

Grant making policies

The trustees’ policy is to focus principally on providing financial grants through the charity’s grants and awards and to award such other grants as the trustees consider appropriate. The trustees have allocated funds to support the activities of the PHSP which works closely with BSE Skills Ltd and other industry bodies that are involved in the development of apprenticeships, qualifications and occupational standards for the plumbing, mechanical services, and other related industries.

Volunteers

In respect to our Skills Competitions activity, we occasionally receive support from some volunteers (past competitors and college tutors) in helping facilitate or deliver one or more of the SkillPLUMB events. All

Page 2

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

SkillPLUMB judges are required to complete a Disclosure and Barring Service (DBS) check. Over and above this, the charity does not engage volunteers.

Achievements and Performance

During the period January to December 2024 the charity has been involved in the following activities:

Plumbing and Heating Skills Partnership (PHSP)

This partnership is continuing to be led by the charity’s Chairman and brings together industry stakeholders providing strategic UK-wide oversight on the development of standards, apprenticeships and qualifications for the plumbing and heating industry and wider building engineering sector. The PHSP has undertaken the following activity:

Plumbing skills competitions

The trustees remain fully committed to supporting the regional, national, and international Plumbing skills competitions as a means of showcasing the best in apprenticeship training.

The competitions remain open to every apprentice/trainee throughout the UK and invitations go out to over 200 further education colleges seeking their participation. The UK final takes place at the ‘WorldSkills UK Live event’, which was held at Oldham College in November. There were eight finalists competing at the event in 2024: the overall winner being David Bateman-Smith from Northern Ireland. In a first for this year, demonstrate low carbon knowledge in a new heat pump task developed was implemented in collaboration with Ideal Heating. Mark Antrobus, Duncan Sharp and Mike Purnell (BPEC Trustees) were able to meet all the UK finalists and industry VIPs that attended the event.

BPEC continues to support SNIPEF’s plumbing competition in Scotland and was the headline supporter for all the skills competitions that were held under their Scottish Plumber of the Year event.

BPEC also continues to support the recruitment, selection, and training of candidates to compete in the plumbing competition at the WorldSkills International events. Ruben Duggan (former SkillPLUMB Champion) won a silver medal at the WorldSkills 2024 competition held in France in September.

To assist WorldSkills International, the BPEC Charity reviewed the Description of Role and WorldSkills Occupational Standards for Plumbing and Heating for WorldSkills Lyon 2024. BPEC was the only UK based organisation that contributed to this consultation. BPEC’s feedback was considered along with others as part of the updating process of these two important pieces of their Technical Descriptions. BPEC’s company name was added to the Technical Description for this skill competition to acknowledge our contribution in ensuring WorldSkills is truly reflecting global industry.

Page 3

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Awards and Grants

BPEC has made provision to continue its contingency fund that supports learners that have been let down by their training provider, e.g. their provider ceases to trade, leaving them without provider support. This fund continues to enable advice, guidance, and support to be provided to learners and to access other appropriate training providers to enable them to continue and complete their studies.

The BPEC Trustees selected two charities to support during 2024. The first is Aquabox, who manufacture, assemble and send water filters internationally to countries where clean running water is unavailable. The BPEC CEO and the trustees visited their warehouse which is based in the Peak District and met their trustees and some of their volunteers. To date, over 125,000 water filters have been produced and dispatched to disaster areas and conflict zones. So far over 50 countries have received aid from Aquabox and an estimated 2 billion litres of contaminated water has been converted into safe, clean water. BPEC has donated £3,500 to support their efforts in producing these important filtration systems.

BPEC has become a corporate supporter of the , an organisation that provides emotional, physical and financial wellbeing support to construction workers and their families. Established for nearly 70 years, the Lighthouse Charity is renowned across the construction industry for its comprehensive package of assistance for those in need. Its 24/7 confidential helpline and self-support app is available to workers including subcontractors, agency workers and allied trades. In the last year the charity has supported over 4400 families via the helpline and provided financial assistance to nearly 3000 families. BPEC donated £1,500 to this worthwhile cause.

The trustees are planning to continue their support to these two charities moving forward and select one other charity to support during 2025.

Training

The charity continues to offer a range of resources for apprentices and their employers as well as delivery materials in support of tutors in colleges and private training centres. These resources include:

The charity is continuing to invest in new e-learning materials for tutors and learners. In September the charity supported a series of short video training modules produced by Ideal Heating’s Expert Academy. These training videos are free and are designed to expand knowledge of heat pumps, making it accessible to a broader audience.

The courses offer a thorough overview, covering key topics such as the benefits of heat pumps, their operational principles, installation locations, and control mechanisms. It’s tailored to a wide range of industry professionals, including current heating engineers, newly certified engineers, apprentices, and industry partners such as merchants and specifiers.

The charity has also supported the research and development of new learning materials, qualifications and assessments for the fire and security industry. Part of this investment has led to developing additional training & assessment areas at the BPEC offices in Derby. This will enable more fire and security apprentices and experienced technicians to access training and assessment opportunities in the East Midlands.

Apprenticeship Ambassador Network

Mark Antrobus (BPEC trustee) continues to be a member of the Yorkshire and Humberside Apprenticeship Ambassador Network. He provides regular progress updates to meetings of the Board of Trustees.

Page 4

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The BPEC Brief

The 18[th] issue of the BPEC brief was developed and published in June. This e-newsletter continues to provide the latest news and policy updates affecting the training sector. Copies can be accessed via https://bpec.org.uk/the-bpec-charity/the-bpec-brief/.

Collaboration with other industry organisations

The charity continues to be an active UK based member of the World Plumbing Council (WPC). BPEC regularly generates articles to the WPC’s newsletter and the Chairman attended several virtual meetings and attended the conference throughout the year.

The charity has been working closely with the WCoP, APHC, CIPHE, WRAS, JIB-PMES and other key industry bodies to collectively promote the benefits of apprenticeships to employers and contractors that attended the Installer show that was held at the NEC in Birmingham in June.

The charity works closely with other like-minded organisations, such as NET within the Electrotechnical sector. Quarterly meetings are held sharing good practice with a common objective to raise the knowledge and skills across both industries.

The charity is also working closely with government departments and industry bodies providing advice and guidance regarding renewable energy and the development of low carbon technologies. The charity is an active member on the Heat Pump Associations Training Group and continues to provide extensive advice to policy staff at the Government Department for Energy Security and Net Zero (DESNZ) to positively influence their training grants (for Heat Pumps) available for installers.

BPEC Certification Limited

Offering gas ACS assessments remains a key business activity. This is operated by the Certification Body (CB) under the quality standard ISO/IEC 17024:2012 (Conformity Assessment – General requirements for bodies operating certification of persons). This remains a highly competitive marketplace and our key objective is to maintain and develop our extensive range of UK-wide approved centres.

BPEC Certification’s Awarding Organisation continues to offer regulated and non-regulated qualifications for the plumbing and heating industry. Their End-point Assessment Organisation also continues to offer End-point Assessments for the following apprenticeship standards:

Key financial performance indicators

The charity does not currently use KPIs as a management tool, however the trustees closely monitor the financial performance of the charity and its wholly owned subsidiary via progress against agreed budgets. The Trustees have reviewed and updated its investment policy, strengthening the procedures to monitor the performance of its investment portfolio. The Investment Sub-Group (established in 2022) continues to meet with its investment manager three times per annum to monitor and review the charity’s investment portfolio.

Fundraising activities / income generation

The Charity does not actively fundraise; it seeks to continue the charitable work agreed by the trustees through the careful management of its existing resources. This includes the return on its investment portfolio, rents, service charges to the associated companies and sundry income from various initiatives, including the skills competitions. From time to time, as and when available, surplus funds from its wholly owned subsidiary (BPEC Certification – gift aided £163,505 in 2024) and its closely associated trading company (BPEC Services – gift aided £5,000 in 2024) are gifted to the Charity.

Page 5

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Financial Review

Policy on reserves

The company has a policy of regularly reviewing (at least annually) the reserves its holds to ensure that sufficient working capital is available to cover its ongoing work in the succeeding 12 months and beyond and that sufficient funds are held. The trustees work to ensure that:

Investment powers

The trustees have overall responsibility for the investment of the charity’s funds and a key role in how to use the charity’s assets to achieve its charitable objectives. The investment portfolio is currently managed on behalf of the charity by Rathbones (incorporating Investec Wealth and Investment Ltd). However, the trustees retain overall control of investment decision making and require their investment manager to comply with the terms of the Charity’s investment policy.

Monitoring of investment performance

The trustees require and will agree annually with their investment manager an appropriate benchmark(s) and target(s) against which investment performance will be judged over an agreed time-period. This will also include an effective and fair assessment of both the manager’s overall performance as well as the portfolio’s performance against the agreed benchmark(s) and target(s). In the matter of reviewing the performance of the investment manager the trustees reserve the right to seek independent professional advice and support in conducting such a review. The investment manager attends meetings of the charity’s investment Sub-Group three times per annum to monitor and review the performance of the investment portfolio.

Page 6

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Amount available for investment

The principal funds available for investment are those held in the charity’s investment portfolio which are held in a ‘medium’ risk ‘diversified’ portfolio which in December 2024 amounted to £3.574m and comprised:

Asset Class As at Dec 2024 Equities 59.80% Fixed interest 25.01% Alternatives 10.74% Property 2.55% Cash 1.90% Total 100%

Additional investment funds may become available from time-to-time gift aided, depending on the profitability and financial requirements of the charity’s trading subsidiary. In such event the trustees in normal circumstances will allocate 60% of additional gifted funds to charitable projects/objectives and 40% added to the investment portfolio to increase future annual income.

Future spending

As part of the annual budget process the trustees will determine:

Future income requirements, including cash are regularly communicated to the charity’s investment manager to ensure that these requirements are factored into the investment manager’s investment decisions and where possible have minimal impact on the asset value of the charity’s portfolio.

Cash deposits

As indicated above the trustees identify the cash required to be held from time to time and advise the investment manager of the amount of cash required to be held. Such cash held by the charity will be deposited with reputable financial institutions authorised and approved by the Financial Services Authority (FSA) and held in appropriate deposit or fixed term accounts in accordance with the charity’s governance requirements.

Ethical Investment

The charity has an ethical approach to investment whereby it does not wish to invest in companies or sectors which run contrary to its values and ethos or conflicts with the objectives of the charity or where the standard of governance of such entities/sectors falls below widely accepted industry standards provided there is no significant financial detriment to the charity’s ongoing ability to meet its charitable objectives. In so doing the trustees have adopted a policy of “negative screening” whereby they wish to avoid investing in companies or sectors where activity, or the way in which companies or sectors operate, may be harmful to the charity’s interests or reputation.

Rathbones (Incorporating Investec Wealth & Investment Ltd) - (the Charity's Investment Managers)

Investec embed environmental, social and governance (ESG) considerations into their investment processes and has active engagement with the businesses which they include in their client portfolios. The investment manager is required to regularly advise the trustees on such screening and support the charity in achieving its ethical investment objective.

Investment Objective

The historical investment objective of the charity has been to maximise investment income while aiming for an element of capital growth. The trustees have an investment objective for the five-year period 2022-2027 to primarily maximise income whilst continuing to review this investment objective annually. BPEC’s investment

Page 7

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

objective includes, and these must be agreed with our investment manager:

Suitable investments

The trustees with their investment manager as a matter of course will always consider:

Risk

The trustees are aware that risk is part of the investment process however they aim to manage and reduce risk to as low a level as is possible, and to a level which is appropriate for the charity. The trustees consider all manner of risks e.g., capital, liquidity, market, volatility, valuation, counterparty, environmental, social and governance etc. in making their investment decisions guided by their investment manager and as necessary by appropriate additional independent professional advice.

Reporting Requirements

The investment manager must report on performance of the portfolio three times per annum to the Investment Sub-Group providing evidence of performance against the agreed benchmark(s) target(s) and at other times at the request of the trustees depending on performance, economic or financial circumstances.

Investment Sub-Group – Investment Performance

The trustees established in 2022 an Investment Sub-Group for the purpose of receiving and reviewing regular and ongoing feedback from their investment manager. The Sub-Group reports to the Board of trustees at each board meeting.

Structure, Governance and Management

Governing Document

BPEC is a charitable company limited by guarantee, incorporated on 3 July 1992. The company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association. The charity and the group are constituted under a Memorandum of Association dated 3 July 1992, which was amended in May 2009 and is a registered charity.

Method of appointment of Trustees

The trustees of the charity are also directors for the purposes of company law. As set out in the Articles of Association, the Chairman is appointed by the trustees. Duncan Wilson was appointed as a new independent Chairman in December 2019 and is listed as a Director with Companies House.

Although the charity has the ability to appoint up to six trustees, three of which are nominated by the Association of Plumbing and Heating Contractors Ltd (APHC) and three by the Scottish and Northern Ireland Plumbing Employers Federation (SNIPEF) the trustee Board has agreed to reduce the number of trustees to two each nominated by the APHC and SNIPEF. All new nominees to become a trustee are interviewed by the Chairman and CEO prior to their appointment to ensure they bring the mix of skills and attributes necessary for good governance and strategic planning.

The trustees will always act in the best interests of the charity and that the commercial interests of its subsidiary are not compromised.

Page 8

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Method of appointment or election of Trustees

All trustees are familiar with the work of the charity. An induction programme is used to assist new directors/trustees in meeting their responsibilities as well as BPEC’s requirements. Part of the induction programme provides the opportunity for a new director/ trustee to discuss the work of the charity with the Chairman and CEO. The induction pack for all trustees is regularly updated.

Following induction, all new trustees will undertake a formal training session that is provided by the Charities Commission. Charity Commission newsletters are circulated as appropriate to trustees to keep them up to date with relevant changes that may impact on the BPEC charity / group.

Organisational structure and decision making

The Chairman along with the other trustees direct and oversee the work of the charity. The Board meets three times per year to review progress of the strategic priorities, finances, new developments and any changes to legislation or good practice. The CEO is responsible for implementing the activities contained in the strategic plan and as appropriate will delegate authority to other staff for managing the day-to-day operations of the charity and the non-charity subsidiary.

Related Parties

The group maintains a close relationship with the APHC and SNIPEF. Both organisations nominate individuals to act as trustees, all of which have significant experience in the UK Plumbing and Heating Industry. The employer link ensures there is strong leadership by the industry in directing the work of the charity and its subsidiary to help increase and develop the skills of those who operate in the Plumbing and Heating industry and that essential and appropriate training and qualifications are available.

Providing support for people seeking to enter the industry is a key part of the work of the Charity as well as implementing a range of activities to help increase the knowledge and skills of those already employed in the Plumbing and Heating industry. Developing and increasing competence is also beneficial to the public through having access to a highly skilled and competent workforce.

The Charity and its subsidiary have a related party, BPEC Services Limited, which is wholly owned by SNIPEF, and which has common directors appointed by SNIPEF. BPEC Services Ltd shares the objectives of the BPEC Group and seeks to complement and support the work of the Group. BPEC Services gift-aided in 2024 £5,000 to the BPEC Charity from its surplus profit. An example where profits from one of the BPEC trading companies are gifted to support and strengthen the ongoing charitable objectives and activities of the BPEC charity.

Risk Management

An assessment of the potential risks faced by the charity is undertaken on an annual basis and a formal ‘risk register’ was developed and implemented in 2021 and reviewed and updated in 2024. The trustees/directors review the register at Board meetings as part of their regular monitoring of the performance of the charity and its subsidiary.

Approved by order of the members of the board of Trustees and signed on their behalf by:

D Wilson

Chairman Date: 24 June 2025

Page 9

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED (A company limited by guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 10

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED (A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED

Opinion

We have audited the financial statements of British Plumbing Employers Council (Training) Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 11

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry in which it operates, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Charities Act 2011. Audit procedures performed by the engagement team included:

Page 12

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Wayne Thomas FCA (Senior Statutory Auditor)

for and on behalf of

Bates Weston Audit Limited

Statutory Auditor Chartered Accountants Canal Street Derby DE1 2RJ

15 July 2025

Page 13

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income from:
Donations and legacies
2
Other trading activities
3
Income from local listed investments
Other income
4
Total income
Expenditure on:
Raising funds
5,6
Charitable activities
Total expenditure
Net gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
5,000
1,923,460
112,092
123,848
2,164,400
1,464,421
296,205
1,760,626
159,919
563,693
5,323,872
563,693
5,887,565		 Total
funds
2024
£
5,000
1,923,460
112,092
123,848
2,164,400
1,464,421
296,205
1,760,626
159,919
563,693
5,323,872
563,693
5,887,565		 Total
funds
2023
£
28,125
1,813,608
105,018
120,984
2,067,735
1,616,455
322,710
1,939,165
102,602
231,172
5,092,700
231,172
5,323,872

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 18 to 36 form part of these financial statements.

Page 14

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED (A company limited by guarantee) REGISTERED NUMBER: 02728847

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024

Note
Fixed assets
Intangible assets
12
Tangible assets
13
Investments
14
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
Net current assets
Total assets less current liabilities
Provisions for liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Unrestricted funds
19
Total funds		 256,699
1,451,880
1,708,579
(158,340)		 2024
£
-
763,038
3,574,288
4,337,326
1,550,239
5,887,565
-
5,887,565
5,887,565
5,887,565
5,887,565		 249,208
1,221,047
1,470,255
(320,348)		 2023
£
3,869
803,762
3,432,808
4,240,439
1,149,907
5,390,346
(66,474)
5,323,872
5,323,872
5,323,872
5,323,872

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

D Wilson

Chairman Date: 24 June 2025

The notes on pages 18 to 36 form part of these financial statements.

Page 15

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED (A company limited by guarantee) REGISTERED NUMBER: 02728847

CHARITY BALANCE SHEET AS AT 31 DECEMBER 2024

Note
Fixed assets
Intangible assets
12
Tangible assets
13
Investments
14
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Unrestricted funds
19
Total funds		 30,179
763,207
793,386
(40,191)		 2024
£
-
761,462
3,574,388
4,335,850
753,195
5,089,045
5,089,045
5,089,045
5,089,045		 123,771
409,794
533,565
(42,040)		 2023
£
3,869
801,137
3,432,908
4,237,914
491,525
4,729,439
4,729,439
4,729,439
4,729,439

The Charity's net movement in funds for the year was £ 359,606 (2023 - £144,002) .

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

D Wilson Chairman

Date: 24 June 2025

The notes on pages 18 to 36 form part of these financial statements.

Page 16

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Cash flows from operating activities
Net cash used in operating activities
22
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
23		 2024
£
102,808
103,842
-
24,183
128,025
230,833
1,221,047
1,451,880		 2023
£
408,546
100,284
(11,600)
23,317
112,001
520,547
700,500
1,221,047

The notes on pages 18 to 36 form part of these financial statements

Page 17

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

British Plumbing Employers Council (Training) Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

1.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

1.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

Page 18

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies (continued)

1.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

1.5 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.6 Intangible assets and amortisation

Intangible assets costing £5,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Amortisation is provided on the following basis:

Computer Software - 20 % straight line

1.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £5,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property - 3% straight line
Office equipment - 33% straight line
Computer equipment - 50% straight line

Page 19

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies (continued)

1.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

1.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

1.12 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.13 Operating leases

Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight line basis over the lease term.

Page 20

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies (continued)

1.14 Pensions

The company makes contributions to a defined contribution pension scheme on behalf of staff. Contributions are charged in the statement of financial activities as they fall due.

1.15 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2. Income from donations and legacies

Unrestricted
funds
2024
£
Donations
5,000
Total 2023
28,125		 Total
funds
2024
£
5,000
28,125		 Total
funds
2023
£
28,125

3. Income from other trading activities

Income from non charitable trading activities

Unrestricted
funds
2024
£
Sales
1,923,460
Total 2023
1,813,608		 Total
funds
2024
£
1,923,460
1,813,608		 Total
funds
2023
£
1,813,608

Page 21

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

4. Other incoming resources

Rental income
Service charges
Other income
Skills competition
Total 2023		 Unrestricted
funds
2024
£
38,100
50,433
4,308
31,007
123,848
120,984		 Total
funds
2024
£
38,100
50,433
4,308
31,007
123,848
120,984		 Total
funds
2023
£
31,876
54,629
4,850
29,629
120,984

5. Expenditure on raising funds

Other trading expenses
Unrestricted
funds
2024
£
Cost of sales
483,559
Administration expenses
226,625
Interest payable
8,250
Staff costs
724,784
Depreciation
1,050
1,444,268
Total 2023
1,597,024		 Total
funds
2024
£
483,559
226,625
8,250
724,784
1,050
1,444,268
1,597,024		 Total
funds
2023
£
701,484
193,647
4,734
696,634
525
1,597,024

Page 22

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6. Investment management costs

Unrestricted
funds
2024
£
Investment management fees
20,153
Total 2023
19,431		 Total
funds
2024
£
20,153
19,431		 Total
funds
2023
£
19,431

7. Analysis of expenditure by activities

Support and funding of plumbing, heating and
gas industries
Total 2023		 Grant
funding of
activities
2024
£
36,864
29,811		 Support
costs
2024
£
259,341
292,899		 Total
funds
2024
£
296,205
322,710		 Total
funds
2023
£
322,710

Page 23

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation
Other personnel costs
IT and office costs
Governance costs
Utilities
Travel costs
Other admin costs
Insurance
Professional fees
Irrecoverable VAT		 Total
funds
2024
£
65,887
43,546
11,506
28,799
7,449
24,713
12,768
20,423
2,833
21,754
19,663
259,341		 Total
funds
2023
£
75,376
46,528
11,368
56,000
7,590
21,450
16,399
19,928
8,322
13,968
15,970
292,899
8.
Analysis of grants
The group has made the following grants in the year:
Plumbing and heating skills partnership
SkillPLUMB
9.
Auditor's remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts		 2024
£
3,066
15,757
18,823
2024
£
5,750		 2023
£
4,510
16,692
21,202
2023
£
5,450

Page 24

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2024
£
651,104
65,656
73,911
790,671		 Group
2023
£
645,033
61,852
65,125
772,010		 Charity
2024
£
22,122
19,473
24,292
65,887		 Charity
2023
£
25,106
23,598
26,672
75,376

The average number of persons employed by the Charity during the year was as follows:

Certification
Awarding Organisation
Training		 Group
2024
No.
13
5
5
23		 Group
2023
No.
12
5
7
24

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2024 2023
No. No.
In the band £60,001 - £70,000 - 1

The total amount of employee benefits (including employer pension contributions) received by key management personnel for their services to the Charity was £140,457 (2023 - £140,959).

Key management personnel is made up of the following members of staff:

Chief Executive Officer Head of Operations and Development

Page 25

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

11. Trustees' remuneration and expenses

During the year, one Trustee has received benefits from the Charity. As permitted by the Articles of Association adopted by special resolution on 21 May 2009, the Board have approved the contracted services of D Wilson as independent director and Chairman. The value of payments was as follows:

2024 2023
£ £
D Wilson Fees 11,058 10,736

During the year ended 31 December 2024, expenses totalling £ 2,144 were reimbursed or paid directly to 5 Trustees (2023 - £615 to 1 Trustee) .

12. Intangible assets

Group and Charity
Cost
At 1 January 2024
At 31 December 2024
Amortisation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Computer
Software
£
41,309
41,309
37,440
3,869
41,309
-
3,869

Page 26

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. Tangible fixed assets

Group

Cost
At 1 January 2024
Disposals
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
On disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023
Charity
Cost
At 1 January 2024
Disposals
At 31 December 2024		 Freehold
property
£
1,273,020
-
1,273,020
479,372
34,832
-
514,204
758,816
793,648
Freehold
property
£
1,273,020
-
1,273,020		 Office
equipment
£
114,247
-
114,247
106,758
4,843
-
111,601
2,646
7,489
Office
equipment
£
98,795
-
98,795		 Computer
equipment
£
39,148
(21,275)
17,873
36,523
1,049
(21,275)
16,297
1,576
2,625
Computer
equipment
£
28,848
(14,690)
14,158		 Total
£
1,426,415
(21,275)
1,405,140
622,653
40,724
(21,275)
642,102
763,038
803,762
Total
£
1,400,663
(14,690)
1,385,973

Page 27

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. Tangible fixed assets (continued)

Charity (continued)

Depreciation
At 1 January 2024
Charge for the year
On disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023
Fixed asset investments
Charity
Cost or valuation
At 1 January 2024
Disposals
Revaluations
At 31 December 2024		 Freehold
property
£
479,372
34,832
-
514,204
758,816
793,648		 Office
equipment
£
91,306
4,843
-
96,149
2,646
7,489
Investments
in
subsidiary
companies
£
100
-
-
100		 Computer
equipment
£
28,848
-
(14,690)
14,158
-
-
Listed
investments
£
3,432,808
(24,183)
165,663
3,574,288		 Total
£
599,526
39,675
(14,690)
624,511
761,462
801,137
Total
£
3,432,908
(24,183)
165,663
3,574,388

14. Fixed asset investments

Listed investments are recognised at their market value as reported by the investment advisors at the balance sheet date. Investments in the subsidiary company are held at cost.

Page 28

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

15. Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Name Company Class of Holding
Included in		 Holding
Included in		 Holding
Included in
number shares consolidation
BPEC Certification Limited 03323774 Ordinary 100% Yes
The financial results of the subsidiary for the year were:
Name Income
Expenditure		 Profit for Net assets
£ £ the year £
£
BPEC Certification Limited 1,923,460
(1,547,618)		 367,592 798,620
16. Debtors
Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
Due within one year
Trade debtors 142,309 140,607 5,510 2,941
Amounts owed by group undertakings - - - 100,566
Other debtors 55,108 50,100 17,365 11,434
Prepayments and accrued income 59,282 58,501 7,304 8,830
256,699 249,208 30,179 123,771

Page 29

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

17. Creditors: Amounts falling due within one year

Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2024
£
107,959
-
20,005
-
30,376
158,340		 Group
2023
£
35,725
-
237,625
6,404
40,594
320,348		 Charity
2024
£
15,547
3,669
8,080
-
12,895
40,191		 Charity
2023
£
15,642
-
12,985
-
13,413
42,040

18. Provisions

Group and Charity

At 1 January 2024
Amounts reversed		 Other
Provisions
£
66,474
(66,474)
-

Provisions brought forward related to estimated additional charges following a review of taxable income streams in the trading subsidiary BPEC Certification Limited, as instigated by the trustees. In the year ended 31 December 2024, the additional charges have been paid and settled. The directors are satisfied that no further charges will arise in this respect.

Page 30

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

19. Statement of funds

Statement of funds - current year

Balance at
Balance at 1 31
January Gains/ December
2024 Income Expenditure (Losses) 2024
£ £ £ £ £
Unrestricted funds
Designated funds
Freehold Property Fund 793,646 - (34,832) - 758,814
General funds
General Funds 4,530,226 2,164,400 (1,725,794) 159,919 5,128,751
Total Unrestricted funds 5,323,872 2,164,400 (1,760,626) 159,919 5,887,565
Statement of funds - prior year
Balance at
Balance at 31
1 January Gains/ December
2023 Income Expenditure (Losses) 2023
£ £ £ £ £
Unrestricted funds
Designated funds
Freehold Property Fund 828,478 - (34,832) - 793,646
General funds
General Funds - all funds 4,264,222 2,067,735 (1,904,333) 102,602 4,530,226
Total Unrestricted funds 5,092,700 2,067,735 (1,939,165) 102,602 5,323,872

Page 31

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

20. Summary of funds

Summary of funds - current year

Designated funds
General funds		 Balance at 1
January
2024
£
793,646
4,530,226
5,323,872
Balance at
1 January
2023
£
828,478
4,264,222
5,092,700		 Income
£
-
2,164,400
2,164,400
Income
£
-
2,067,735
2,067,735		 Expenditure
£
(34,832)
(1,725,794)
(1,760,626)
Expenditure
£
(34,832)
(1,904,333)
(1,939,165)		 Gains/
(Losses)
£
-
159,919
159,919
Gains/
(Losses)
£
-
102,602
102,602		 Balance at
31
December
2024
£
758,814
5,128,751
5,887,565
Balance at
31
December
2023
£
793,646
4,530,226
Summary of funds - prior year
Designated funds
General funds
5,323,872

21. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
763,038
Fixed asset investments
3,574,288
Current assets
1,708,579
Creditors due within one year
(158,340)
Total
5,887,565		 Total
funds
2024
£
763,038
3,574,288
1,708,579
(158,340)
5,887,565

Page 32

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

21. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Provisions for liabilities and charges
Total		 Unrestricted
funds
2023
£
803,762
3,869
3,432,808
1,470,255
(320,348)
(66,474)
5,323,872		 Total
funds
2023
£
803,762
3,869
3,432,808
1,470,255
(320,348)
(66,474)
5,323,872

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Amortisation charges
(Gains) / losses on investments
Dividends, interests and rents from investments
Movement in debtors
Movement in creditors
Movement in provision
Net cash provided by operating activities		 Group
2024
£
563,693
40,724
3,869
(165,663)
(103,842)
(7,491)
(162,008)
(66,474)
102,808		 Group
2023
£
231,172
38,791
8,262
(103,029)
(100,284)
85,101
182,059
66,474
408,546

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BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

23. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
2024
£
1,451,880
1,451,880		 Group
2023
£
1,221,047
1,221,047

24. Analysis of changes in net debt

Cash at bank and in hand At 1
January
2024
£
1,221,047
1,221,047		 Cash flows
£
230,833
230,833		 At 31
December
2024
£
1,451,880
1,451,880

25. Pension commitments

From 1 July 2019 all employees were transferred in to a defined contributions scheme administered by Royal London. Contributions are currently between 3.75% and 8.3% for an employee and 7.25% and 16.6% for the employer.

Up to 30 June 2019 contributions were paid into a defined benefits scheme with the assets of the pension scheme held separately from those of the charitable Company in an independently administered fund operated by Plumbing Pensions (UK) Limited. This is a multi-employer defined benefit scheme, of which the charitable company is unable to identify its share of assets and liabilities in the scheme on a consistent and reasonable basis.

The charitable company may be required to make further contributions should a deficit arise. The pension scheme reported a deficit position as per the last actuarial valuation as at 5 April 2020. As the scheme's assets were enough to cover 99% of the scheme's liabilities, the trustee agreed a recovery plan to make good the shortfall by a change to the investment out-performance rather than require employers to pay Deficit Reduction Contributions. Accordingly, there is no liability for British Plumbing Employers Council (Training) Limited in respect of the pension deficit.

In accordance with FRS 102 the pension cost represents contributions payable by the Group to the respective funds and amounted to £73,911 (2023 - £65,125). At the balance sheet date, £Nil (2023 - £Nil) was owing to the fund.

Page 34

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

26. Operating lease commitments

At 31 December 2024 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Amounts payable:
Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2024
£
15,286
28,794
44,080		 Group
2023
£
24,941
46,388
71,329		 Charity
2024
£
734
79
813		 Charity
2023
£
10,161
5,305
15,466

The following operating lease income is committed to be received:

Not later than 1 year Group
2024
£
-
-		 Group
2023
£
27,000
27,000		 Charity
2024
£
-
-		 Charity
2023
£
27,000
27,000

Relates to the lease of freehold property. Income is received quarterly.

Page 35

BRITISH PLUMBING EMPLOYERS COUNCIL (TRAINING) LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

27. Related party transactions

The charitable company is limited by guarantee. The guarantors are the Scottish and Northern Ireland Plumbing Employers' Federation (SNIPEF Management Limited) and the Association of Plumbing and Heating Contractors Limited (APHCL).

BPEC Services Limited is operated in conjunction with the group and is controlled by Scottish and Northern Ireland Plumbing Employer' Federation (SNIPEF Management Limited).

During the year the Group provided goods and services to the following related parties:

BPEC Services Limited £203,912 (2023 - £173,901) APHCL £2,083 (2023 - £2,500) SNIPEF Management Ltd £300 (2023 - £Nil) During the year goods and services were provided by related parties to the Group:

BPEC Services Limited £1,767 (2023 - £1,374) APHCL £Nil (2023 - £Nil) SNIPEF Management Ltd £2,500 (2023 - £1,900)

Included in the Group's balance sheet are the following amounts in debtors from related parties:

BPEC Services Limited £15,408 (2023 - £11,436)

28. Controlling party

The group is controlled by its members, the Scottish and Northern Ireland Plumbing Employers' Federation (SNIPEF) and the Association of Plumbing and Heating Contractors Limited (APHCL). The Directors are of the opinion that there is no ultimate controlling party.

Page 36