Charity Registration No: 800043 THE PLUMBERS CHARITY TRUSTEES. REPORT AND ACCOUNTS FOR THE YEAR ENDED 29 SEPTEMBER 2024
CONTENTS Page Report of the Trustees Independent examiner's report Statement of Financial Activities Balance Sheet Notes to the accounts 7-10
THE PLUMBERS CHARITY Report of the Trustees For the ear ended 29 Se tember 2024 The trustees present their annual report and financial statements of the charity for the year ended 29 September 2024. 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 Treland 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 arKJ 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. Wlth objectives to SUPPOrt and influence plumbing education, training and development, prornotion of the craft, sanitation projects. clean water, public health and welfare. and to SUPPOrt other City charities and educational activities. The twstees meet four times per annum to considei all applications for grants. The amount disbursed annually is currently wthin the range £65.000 - £75,000 depending on the number of application5 and the level of income. On the recommendation of the Education and Techntcal Committee bursaries are awarded to apprentices to asslst them to purchase tools. The Companls Gold ar Silver Medals are awarded in alternate years. Public benefft 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.. £62,057 (2023: £52.753) in grants and donations to 33 (2023- 25) organisations,. and £12.457 (2023: £1,112) in bursaries to 6 (2023- 2) individuals. Other achievements include better communication through the improvement of our web pages and social media. As a result. we have seen an improvement in the quality of our applications. Financial Review The charity generated a net surplus of £35.779 {2023- deficit of £9,893). The increase in net income is as a result of gains on investment assets. The Trustee policy aimed at increasing the level of grants paid will continue. At 29 September 2024 the charity had total unrestricted funds of £750.000 (2023: £714,221), of which £746,893 {2023- £707,821) has been invested to provide income for future beneficiaries.
THE PLUMBERS CHARITY Report of the Trustees For the ear ended 29 September 2024 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 decision- making. 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 2024. the charity held £3.107 (2023: £6.400) of free reserves. The trustees aim to commit income to further its charitable objectives. including the disbursement of around £65,000 to £75.000 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 2024 and is due to be reviewed again over the next two years. 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 collaknration 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 seNed throughoirt the year and up to the date of this report were- C M Brooks (Resigned: 14 May 2024) R D Burgon (Resigned: 11 September 2024) M V Cooper J Dalton J Fisher S L Hodkinson J Rivers J L Mager C Joseph (Appointed: 14 May 2024) D Reynolds {Appointed: 11 September 2024) The board shall normally comprise up to eight twstees. 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 twst affairs. Reference and administrative details C17arity registration ntimber 800043 Secretary C Sofaer Operating address Carpenter5, Hall 1 Throgmorton Avenue London EC2N 2JJ
THE PLUMBERS CHARtrY Report of the Trustees For the ear ended 29 September 2024 Reference and administrative details (continued) Independent Examiner Paul Windmill FCA Myers Clark Egale I 80 St Albans Road Watford Herts WD17 1DL 8ankers Royal Bank of Scotland 62-63 Threadneedle Street London EC2R 8LA Investment advisors Cazenove & Co. 3 Copthall Avenue London EC2R 7BH Ststement 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 al 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 p)licies and then apply them consistently. -observe the methods and principles in the Charities SORP; -make judgements and estimates that are reasonable and prudenL -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 anytime 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 charitls assets and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. On behalf of the board of trustees S L Hodkinson Chairman QI 4p/LI 2025 cl U L
THE PLUMBERS CHARITY Independent Examiner's Re ort 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 2024 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 E 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 confinn that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by section 130 of the ACL or 2. the accounts do not accord with those records; or 3. 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 concems and have come across no other matters in connection with the examination to which attention should be drawn in this rew)rt in order to enable a proper urKJerstanding of the accounts to be reached. Paul Windmill FCA Myers Clark Statutory Auditor a1 Chartered Accountants Egale 1. 80 St Albans Road Watford Hertfordshire WD17 1DL Dated.. la F*nl 203S
THE PLUMBERS CHARITY Statement of Financial Activities For the ear ended 29 Se tember 2024 2024 2023 Notes Income from: Donations Investment income 33,854 14.028 32,771 14.947 Total income 47.882 47.718 Expenditure on: Investment managers, fees Grants and donations Bursaries Management fee / Bookkeeping Independent Examiner fees Bank charges Postage a1 CarTiage (6,613) (62.057) (12,457) (3,377) {3.570) (502) (290) {6,688) {52,753) {1.112) (3.217) (2.880) (545) Total expenditure (88.866J (67. 195) Gains/(losses) on investment assets 76. 763 9.584 NET EXCESS OF INCOME OVER EXPENDtruRE FOR THE YEAR 35.779 (9.893) RECONCIUATION OF FUNDS Fund balances at 30 September 2023 714.221 724,114 Fund balan¢e5 at 29 September 2024 750.000 714.221 All funds are unrestricted The notes on pages 7 to 10 form part of these accounts.
THE PLUMBERS CHARITY Balance Sheet As at 29 September 2024 2024 2023 Notes Fixed assets Investments 746,893 707,821 Current assets Stock Debtors Cash at bank and in hand 595 5,783 299 595 7,500 1,185 6,677 9,280 Creditors: amounts falling due within one year (3,570) (2,880) Net current assets 3.107 6,400 Totsl assets less current liabilities 750.000 714.221 Funds General Fund 750,000 714.221 The accounts We approved by the Trustees on o* A p r J 2025 and signed on their behalf by. S L Hodkinson Chairman The notes on pages 7 to 10 form part of these accounts
THE PLUMBERS CHARITY Notes to the Accounts For the ear ended 29 Se tember 2024 Accounting policies Basis ofpreparation anda5sessment ofgoing concem The accounts (financial statements) have been prepared under the historical cost convention with ttems 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 l January 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ereland (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 abwt the chariVs ability to continue as a going concern. 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 tunning 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. Expenditure recognition Resources are recognised in the peri(Kl in which they are irUrTed with liabilities Ing recognised where there is a current or constructive obligation to pay. Expenditure includes irrecoverable VAT. Investments Listed investments are a fomi 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. Stock Stocks are initially recognised at transaction value and subsequently valued at the lower of transaction value or net realisable value. Funds structure Unrestricted funds represent fund available to be spent on the charitable objects at the trustees, discretion.
THE PLUMBERS CHAIUTY Notes to the Accounts (continued) For the ear ended 29 Se tember 2024 Donations 2024 2023 Note Individuals 33,854 32,771 33.854 32.771 Investment income 2024 2023 Income from listed investments Interest receivable 13,922 106 14,778 169 14.028 14.947 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 expense5 in the year. Yixed asset investments 2024 2023 Market value at 29 September 2023 Capital invested/(withdrawn) Income received Investment managers. fees Increase/(Decrease) in market value 707,821 (45,000) 13.922 (6,613) 76,763 715,148 (25,000) 14,778 (6,688) 9,584 Market value at 29 September 2024 746.893 707,821 Cash Listed Investments 5,607 741,287 34,067 673,754 746.893 707.821 Historical cost of listed investments 607,418 617,600
THE PLUMBERS CHARITY Notes to the Accounts (continued) For the ear ended 29 Se tember 2024 Fixed asset investments {continued} 2024 2023 Assets comprising more than 5% in value are: 70,000 Equity Income Trust (less than 5% in 2024) 280 Findlay Pafk American Fund 1.045 Vanguard S&P 500 ICtTS (600 units in 2023) 406 Robecco BP Global Premium Equities (less than 5% in 2024) 17,617 HSBC FTSE All-world Index Fund 783 JPMorgan America Equity Fund (less than S% in 2023) 27.889 M+ G Japan Fund (less than 5% in 2023) 35.504 41,054 40,170 44.593 37,485 47,636 84,721 44.416 77,588 39.770 Debtors 2024 2023 Trade Debtors Debtors (Gift Aid) Amounts due from The Worshipful Company of Plumbers (75) 5,858 {500) 5,592 2.408 5.783 7.500 credito amunts falling due within one year 2024 2023 Other Creditors and Accruals 3,570 2,880 3.570 2.880 Related Party Transacttons The Worshipful Company of Plumbers appoints the trustees of the charity. As at 29 September 2024, The Worshipful Company of Plumbers owed the charity £nil (2023.. £2,408) for costs paid on behalf of The Worshipful Company of Plumbers. during the year. During the year, there was a charge of £3.377 (2023: £3,214) for bookkeeping, relievinq a cost that would otherwise have been charged to The Worshipful Company of Plumbers. Furthermore, duiing the year the charity made a donation of £5,000 (2023.. £5,000) to The Worshipful Company of Plumbers. Plumbing Museum and Workshop Trust. S L Hodkinson. a trustee of The Plumbers Charity, 15 also a trustee of The Worshipful Company of Plumbers Plumbing Museum and Workshop Trust. The Plumbers Charity also made donations totalling £nil (2023.. £1,500) 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.
THE PLUMBERS CHARITY Notes to the Accounts {continued) For the ear ended 29 September 2024 Trustees. Donations The aggregate amount of donations made to the charity by trustees was £2,440 (2023,. £2,060). 10 Grant Commitments Grants and bursaries totalling £16,000 (2023: £15,388) 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.