Charity Registration No: 800043
THE PLUMBERS CHARITY
TRUSTEES’ REPORT AND ACCOUNTS FOR THE YEAR ENDED 29 SEPTEMBER 2023
C O N T E N T S
| Page | |
|---|---|
| Report of the Trustees | 1 - 3 |
| Independent examiner’s report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the accounts | 7 - 10 |
THE PLUMBERS CHARITY
Report of the Trustees For the year ended 29 September 2023
The trustees present their annual report and financial statements of the charity for the year ended 29 September 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and 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 published on 1 January 2019.
Objects and activities
The objects of the charity are to apply the income of the Trust to such charitable institutions, objects or purposes as the trustees, in their absolute discretion and at such time and in such proportion, think fit. These decisions are made entirely independently of the Worshipful Company of Plumbers. To apply all or any of the capital of the Trust the consent of the Court must be obtained.
The ethos of the Livery Companies of London has always required that they foster, protect and enhance the trade to which they are connected. As such they have always been staunch supporters and sponsors of charitable giving especially with emphasis on education and training.
The charity's vision is 'Better plumbers, better plumbing, better health, better lives' with objectives to support and influence plumbing education, training and development, promotion of the craft, sanitation projects, clean water, public health and welfare, and to support other City charities and educational activities.
The trustees meet four times per annum to consider all applications for grants. The amount disbursed annually is currently within the range £50,000 - £60,000 depending on the number of applications and the level of income. On the recommendation of the Education and Technical Committee bursaries are awarded to apprentices to assist them to purchase tools. The Company’s Gold and Silver Medals are awarded in alternate years.
Public benefit
When applying charitable funds, the trustees pay due regard to the Charity Commission guidance on public benefit.
Achievements and performance
During the year the trustees awarded a total of:
£52,753 (2022: £46,605) in grants and donations to 25 (2022: 23) organisations; and £1,112 (2022: £3,895) in bursaries to 2 (2022: 12) individuals; and
The decision was taken during the year for all of the arrangements for the Company's Annual Lecture to be transferred from The Plumbers Charity to the Company. For that reason, no income or expenditure is shown in these accounts relating to the 2023 Annual Lecture.
Financial Review
The charity generated a net loss of £9,893 (2022: £84,006). The decrease in net income for the year to 29 September 2023 reflects a trustee policy aimed at increasing the level of grants paid, offset by an increase in donations received and an increase in the capital value of the portfolio.
At 29 September 2023 the charity had total unrestricted funds of £714,221 (2022: £724,114), of which £707,821 (2022: £715,148) has been invested to provide income for future beneficiaries.
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THE PLUMBERS CHARITY
Report of the Trustees For the year ended 29 September 2023
Financial Review (continued)
The Trust's investments are managed by Cazenove Investments on a discretionary basis. The trustees require environmental, social and governance (ESG) issues to be considered during investment analysis and decisionmaking. The managers are targeted with producing income coupled with some capital growth. The trustees have avoided investing in hedge funds and derivatives although it is accepted that some in house funds used by Cazenove could have some elements within their structure. At each meeting the trustees receive a report on the management of the investments by Cazenove.
At 29 September 2023, the charity held £6,400 (2022: £8,964) of free reserves. The trustees aim to commit income to further its charitable objectives, including the disbursement of around £50,000 to £60,000 annually as grants, awards and bursaries.
Structure, governance and management
The Worshipful Company of Plumbers Charitable and Educational Trust was established under a Trust Deed dated the 15th July 1988 and registered as a charity on 13 September 1988. Supplemental Deeds were added 12 October 1994, 10 October 2017 and 23 October 2019. The Trust Deed is supplemented by a Governing Document which was reviewed by Trustees during the year to 29 September 2022 and is due to be reviewed again in the next financial year.
The Trustees follow the Charity Commission’s guidance and the charity complies with the seven principles set out in The Charity Governance Code, a cross-sector collaboration developed with the help of over 200 charities. The principles cover organisational purpose; leadership; integrity; decision making, risk and control; board effectiveness; equality, diversity and inclusion; and openness and accountability.
The trustees who served throughout the year and up to the date of this report were:
C M Brooks R D Burgon M V Cooper J Dalton J Fisher S L Hodkinson J Rivers J L Mager
The board shall normally comprise up to eight trustees, all of whom shall be liverymen of the Company and they are appointed by the Court. At least four of the trustees shall be members of the Court. The Chairman shall be a member of the Court.
The trustees meet four times a year to manage the trust affairs.
Reference and administrative details
Charity registration number 800043 Secretary C Sofaer Operating address Carpenters’ Hall 1 Throgmorton Avenue London EC2N 2JJ
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THE PLUMBERS CHARITY
Report of the Trustees For the year ended 29 September 2023
Reference and administrative details (continued)
Independent Examiner Paul Windmill FCA Myers Clark Egale 1 80 St Albans Road Watford Herts WD17 1DL Bankers Royal Bank of Scotland 62-63 Threadneedle Street London EC2R 8LA Investment advisors Cazenove & Co. 3 Copthall Avenue London EC2R 7BH
Statement of trustees’ responsibilities
The trustees are responsible for preparing the Trustees’ Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and 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 at the year end and of its incoming resources and application of resources for the year then ending.
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 reasonable 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 operation.
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 accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the charity’s assets and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
On behalf of the board of trustees
R D Burgon Chairman 21 February 2024
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THE PLUMBERS CHARITY
Independent Examiner’s Report
I report to the trustees on my examination of the accounts of The Plumbers Charity, formerly known as The Worshipful Company of Plumbers’ Charitable and Educational Trust (the Trust) (Charity Registration no. 800043) for the year ended 29 September 2023 which are set out on pages 5 to 10.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Paul Windmill FCA Dated: 9 April 2024 Myers Clark Statutory Auditor and Chartered Accountants Egale 1, 80 St Albans Road Watford Hertfordshire WD17 1DL
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THE PLUMBERS CHARITY
Statement of Financial Activities For the year ended 29 September 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Income from: | |||
| Donations | 2 | 32,771 | 28,985 |
| Annual Lecture | - | 23,934 | |
| Investment income | 3 | 14,947 | 13,261 |
| Raise the roof fundraiser income | - | 48,300 | |
| Total income | 47,718 | 114,480 | |
| Expenditure on: | |||
| Investment managers’ fees | (6,688) | (7,228) | |
| Grants and donations | (52,753) | (46,605) | |
| Raise the roof fundraiser donation | - | (48,300) | |
| Bursaries | (1,112) | (3,895) | |
| Management fee / Bookkeeping | 4, 8 | (3,217) | (3,060) |
| Independent Examiner fees | (2,880) | (2,580) | |
| Bank charges | (545) | (507) | |
| Annual lecture | - | (23,954) | |
| Sundry expenses | - | (309) | |
| Total expenditure | (67,195) | (136,438) | |
| Gains/(losses) on investment assets | 5 | 9,584 | (62,048) |
| NET EXCESS OF EXPENDITURE OVER INCOME FOR THE YEAR | (9,893) | (84,006) | |
| RECONCILIATION OF FUNDS | |||
| Fund balances at 30 September 2022 | 724,114 | 808,120 | |
| Fund balances at 29 September 2023 | 714,221 | 724,114 |
All funds are unrestricted
The notes on pages 7 to 10 form part of these accounts.
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THE PLUMBERS CHARITY
Balance Sheet As at 29 September 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | |||
| Fixed assets | |||||
| Investments | 5 | 707,821 | 715,148 | ||
| Current assets | |||||
| Stock | 595 | 595 | |||
| Debtors | 6 | 7,500 | 4,942 | ||
| Cash at bank and in hand | 1,185 | 6,007 | |||
| 9,280 | 11,544 | ||||
| Creditors: amounts falling due within one | |||||
| year | 7 | (2,880) | (2,580) | ||
| Net current assets | 6,400 | 8,964 | |||
| Total assets less current liabilities | 714,221 | 724,114 | |||
| Funds | |||||
| General Fund | 714,221 | 724,114 |
The accounts were approved by the Trustees on 21 February 2024 and signed on their behalf by:
R D Burgon Chairman
The notes on pages 7 to 10 form part of these accounts
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THE PLUMBERS CHARITY
Notes to the Accounts For the year ended 29 September 2022
1 Accounting policies
1.1 Basis of preparation and assessment of going concern
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 1 January 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
1.2
Income recognition
Income is recognised as incoming resources when the trust has entitlement to the income, it is financially measurable and certain of receipt. Income received for events running in future years is deferred.
Investment income is recognised when credited to the income account held by the investment managers.
Donations are recognised when the charity has been advised of the award or upon receipt, whichever is earlier.
Income received for events in future years is deferred.
1.3 Expenditure recognition
Resources are recognised in the period in which they are incurred with liabilities being recognised where there is a current or constructive obligation to pay. Expenditure includes irrecoverable VAT.
1.4 Investments
Listed investments are a form of basic financial instrument. Investments are initially recognised at transaction cost and subsequently at fair value. Fair value is taken to be the mid-market value at close of trade. Realised and unrealised gains and losses are amalgamated and taken to the Statement of Financial Activities.
1.5 Stock
Stocks are initially recognised at transaction value and subsequently valued at the lower of transaction value or net realisable value.
1.6 Funds structure
Unrestricted funds represent fund available to be spent on the charitable objects at the trustees’ discretion.
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THE PLUMBERS CHARITY
Notes to the Accounts (continued) For the year ended 29 September 2023
| 2 | Donations | |||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Note | £ | £ | ||
| Individuals | 9 | 32,771 | 28,985 | |
| 32,771 | 28,985 | |||
| 3 | Investment income | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Income from listed investments | 14,778 | 13,254 | ||
| Interest receivable | 169 | 7 | ||
| 14,947 | 13,261 | |||
| 4 | Analysis of trustee remuneration and expenses | |||
| The trustees are considered to be the key management of the charity. There are no employees. None | ||||
| of the trustees (or any persons connected to them) received any remuneration or reimbursed | ||||
| expenses in the year. | ||||
| 5 | Fixed asset investments | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Market value at 29 September 2022 | 715,148 | 801,170 | ||
| Capital invested/(withdrawn) | (25,000) | (30,000) | ||
| Income received | 14,778 | 13,254 | ||
| Investment managers’ fees | (6,688) | (7,228) | ||
| Increase/(Decrease) in market value | 9,584 | (62,048) | ||
| Market value at 29 September 2023 | 707,821 | 715,148 | ||
| Cash | 34,067 | 63,996 | ||
| Listed Investments | 673,754 | 651,152 | ||
| 707,821 | 715,148 | |||
| Historical cost of listed investments | 617,600 | 595,950 |
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THE PLUMBERS CHARITY
Notes to the Accounts (continued) For the year ended 29 September 2023
| 5 | Fixed asset investments (continued) | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Assets comprising more than 5% in value are: | |||
| 70,000 Equity Income Trust (110,000 units in 2022) | 35,504 | 51,062 | |
| 280 Findlay Park American Fund | 41,054 | 37,041 | |
| 600 Vanguard S&P 500 ICITS | 40,170 | 37,371 | |
| 406 Robecco BP Global Premium Equities | 44,593 | 39,761 | |
| 17,617 HSBC FTSE All-World Index Fund (less than 5% in 2022) |
37,485 | - |
|
| 6 | Debtors | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Trade Debtors | (500) | (75) | |
| Debtors (Gift Aid) | 5,592 | 5,017 | |
| Amounts due from The Worshipful Company of Plumbers | 2,408 | - | |
| 7,500 | 4,942 | ||
| 7 | Creditors: amounts falling due within one year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Other Creditors and Accruals | 2,880 | 2,580 | |
| 2,880 | 2,580 |
8 Related Party Transactions
The Worshipful Company of Plumbers appoints the trustees of the charity.
As at 29 September 2023, The Worshipful Company of Plumbers owed the charity £2,408 (2022: nil) for costs paid on behalf of The Worshipful Company of Plumbers, during the year.
During the year, there was a charge of £3,214 (2022: £3,060) for bookkeeping, relieving a cost that would otherwise have been charged to The Worshipful Company of Plumbers.
Furthermore, during the year the charity made a donation of £5,000 (2022: £5,000) to The Worshipful Company of Plumbers’ Plumbing Museum and Workshop Trust. S L Hodkinson, a trustee of The Plumbers Charity, is also a trustee of The Worshipful Company of Plumbers’ Plumbing Museum and Workshop Trust.
The Plumbers Charity also made donations totalling £1,500 (2022: £48,300) to The Parochial Church Council of the Ecclesiastical Parish of St Magnus the Martyr with St Margaret New Fish Street and St Michael Crooked Lane, London. M V Cooper, a trustee of The Plumbers Charity, is also a trustee of The Parochial Church Council of the Ecclesiastical Parish of St Magnus the Martyr with St Margaret New Fish Street and St Michael Crooked Lane, London.
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THE PLUMBERS CHARITY
Notes to the Accounts (continued) For the year ended 29 September 2023
9 Trustees’ Donations
The aggregate amount of donations made to the charity by trustees was £2,060 (2022: £2,110).
10 Grant Commitments
Grants and bursaries totalling £15,388 (2022: £2,750) have been approved for future years. They have not been accrued in the financial statements but will form part of grants and bursaries in future years.
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