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Charity registration number: 800043
THE PLUMBERS CHARITY TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 SEPTEMBER 2025
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Emmaus Chartered Accountants 377-399 London Road Camberley Surrey GU15 3HL
The Plumbers Charity
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Contents
Page Trustees' Report 1-2 Independent Examiner's Report 3 Statement of Financial Activities 4 Statement of Financial Position 5 Notes to the Financial Statements 6—10
Trustees' Report
. The Plumbers Charity Trustees’ Report For The Year Ended 29 September 2025 eee The trustees present their annual report and the financial statements for the year ended 29 September 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and camply 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 - SORP FRS 102 (effective 1 January 2019).
Objectives and Activities The objectives of the charity are to apply the income of the charity 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 al! or any of the capital of the charity, 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 weifare, 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 £70,000 - £80,000 depending on the number of applications and the level of income. On the recommendation of the Educational and Technical Committee, bursaries are awarded to apprentices to assist them to purchase tools. The Campany’s gold and silver medals are awarded in alternate years.
Public Benefit The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to The Charity Commission's guidance on public benefit.
Achievements and Performance
During the year the Trustees awarded a total of: £70,325 (2024: £62,057) in grants and donations to 28 (2024: 33) organisations; and £8,838 (2024: £12,457) in bursaries to 4 (2024: 6) individuals.
Other achievements include better communication through the improvement of our web pages and social rnedia. As a resull, we have seen an improvement in the quality of the applications.
Financial Review The charity generated a net surplus of £14,119 (2024: £35,779). The increase in net income is as a result cf gains on investments. The Trustees policy aimed at increasing the level of grants paic will continue.
At 29 Septernber 2025, the charity had total unrestricted funds of £764,120 (2024: £750,000) of which £758,884 (2024: £746,893) has been invested to provide income for future beneficiaries.
The ciarity’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 2025, the charity held £5,236 (2024: £3,107) of free reserves. The trustees aim to commit income to further its charitable objectives, including the disbursement of around £70,000 to £80,000 annually as grants, awards and bursaries.
Structure, governance and management
The Piumbers Charity (formerly known as The Worshipful Company of Plumbers Charitable and Educational Trust) was established under a Trust Deed dated 15 July 1988 and registered as a charity on 13 September 1988. Supplementa! Deeds were added on 12 October 1994, 10 October 2017 and 23 October 2019. The Trust Deed is supplemented by a Governing Document which was reviewed by the Trustees during the year to 29 September 2624 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 Gavernance Code, a cross-sector collaboration developed with the nelp 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: , SL Hedkinson - Chairman D Adams (appointed 13 May 2025) MV Cooper OBE ; J Dalton J Fisher C Joseph J Rivers (resigned 13 May 2025) . , JL Mager . D Reynolds The Board should normally comprise up to eight trustees, all of wharn shall be Liverymen of the Company. 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. ‘ Page L ' :
The Plumbers Charity » Trustees’ Report (continued) For The Year Ended 29 September 2025 ‘
The Trustees meet four times a year to manage the charity’s affairs.
Reference and Administrative Details
Secretary C Sofaer
Charity Number 800043
Principal Address Painters’ Hall 9 Little Trinity Lane London EC4V 2AD
Independent Examiner
Sarah Shearer FCA Emmaus Chartered Accountants 377-399 London Road
Camberley Surrey GU15 3HL
Bankers
Royal Bank of Scotland 62-63 Threadneedle Street London
Investment Managers
Cazenove & Co 3 Copthall Avenue London EC2R 7BH
Statement of trustees' responsibilities
The trustees are respansible 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).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements the trustees are required to:
- ® select suitable accounting policies and then apply them consistently; e observe the methods and principles in the Charity SORP; e make judgments and accounting estimates that are reasonable and prudent; and ® prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at anytime the financial position of the charity and to enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report and the financial statements have been prepared in accordance with: e the provisions of the Charities Acts; and e Statement of Recommended Practice: Accounting and Reporting by Charities issued on 1 January 2019.
The Trustees' report was approved by the board of trustees and signed on its behalf by:
S L Hodkinson Trustee
Date \¢ /o2 /2>2¢
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The Plumbers Charity Independent Examiner's Report to the Trustees of The Plumbers Charity For The Year Ended 29 September 2025
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I report to the trustees on my examination of the accounts of The Plumbers Charity for the year ended 29 September 2025.
Responsibilities and Basis of Report
As the charity trustees 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 charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed 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 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and contents 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.
T 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.
Sarah Shearer FCA Date 377-399 London Road Camberley Surrey . . GU15 3HL
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The Plumbers Charity Statement of Financial Activities For The Year Ended 29 September 2025
| 2025 | 2024 | |||
|---|---|---|---|---|
| Unrestricted | Unrestricted | |||
| ; | funds | funds |
||
| Notes | £ | E | ||
| INCOME AND ENDOWMENTS FROM: | ||||
| Donations and legacies | 3 | 35,614 | 33,854 | |
| Investments | 4 | 10,501 | 14,028 | |
| 46,115 | 47882 | |||
| EXPENDITURE ON: | ||||
| Charitable activities | 5 | (92,226) | (88,866) | |
| NET EXPENDITURE BEFORE | INVESTMENT GAINS | (46,111) | (40,984) | |
| Net gains on investments | 60,230 | 76,763 | ||
| NET INCOME | 14,119 | 35,779 | ||
| NET MOVEMENT IN FUNDS | 14,119 | 35,779 | ||
| RECONCILIATION OF FUNDS: | ||||
| Total funds brought forward | 750,000 | 714,221 | ||
| TOTAL FUNDS CARRIED FORWARD | i5 | 764,120 | 750,000 | |
| Thenotesonpages6to10formpartofthesefinancialstatements. |
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The Plumbers Charity Statement of Financial Position As At 29 September 2025
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| 2025 | 2024 | ||
|---|---|---|---|
| Unrestricted funds |
Total funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Investments | 10 | 758,884 | 746,893 |
| 758,884 | 746,893 | ||
| CURRENT ASSETS | |||
| Stocks | 11 | 595 | 595 |
| Debtors | 12 | 6,168 | 5,783 |
| Cash at bank and in hand | 917 | 299 | |
| 7,680 | 6,677 | ||
| Creditors: Amounts Falling DueWithin OneYear | 13 | (2,444) | (3,570 ) |
| NETCURRENT ASSETS {LIABILITIES) | 5,236 | 3,107 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 764,120 | 750,000 | |
| NET ASSETS | 764,120 | 750,000 | |
| ———SSSSSS=WLHIONO | |||
| FUNDS OF THE CHARITY | |||
| Unrestricted Funds | 764,120 | 750,000 | |
| TOTALFUNDS | 15 | 764,120 | 750,000 |
| Onbehalfoftheboard |
Sern S L Hodkinson Trustee
Date 14-102/2026. The notes on pagés 6 to 10 form part of these financial statements.
Page 5
The Plumbers Charity Notes to the Financial Statements For The Year Ended 29 September 2025
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1. General Information
The Plumbers Charity is an unincorporated charity registered with the Charity Commission, registered charity number 800043. The principal address is Painters’ Hall, 9 Little Trinity Lane, London, EC4V 2AD.
2. Accounting Policies
2.1. 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)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities Act 2011.
The charity is a Public Benefit Entity as defined by FRS 102.
2.2. Financial Reporting Standard 102 - Reduced Disclosure Exemptions
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- @ the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d).
2.3. Going Concern Disclosure
The trustees have not identified any material uncertainties related to events or conditions that may cast significant doubt about the charity's ability to continue as a going concern.
2.4. Significant judgements and estimations
The Trustees feel there. were no judgements made in the process of applying the accounting policies that had a significant effect on the amounts recognised in the financial statement.
2.5. Fund Accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
2.6. Incoming Resources
Donation income is recagnised upon entitlement. Recoverable gift aid is recognised when the related donation is received, Gift aid that has not been recovered by the balance sheet date is included as a debtor. Investment income relates to dividends on listed shares and bank interest and is recognised upon entitlement. Income received for.events in future years is deferred.
2.7. Resources Expended
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
2.8. Investments
Investments are initially recognised at transaction costs and subsequently at fair value. Fair value is taken to be the midmarket value at close of trade. Realised and unrealised gains and losses are amalgamated together and taken to the Statement of Financial Activities. Investments are included at fair value at the Statement of Financial Position date.
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, The Plumbers Charity Notes to the Financial Statements (continued) For The Year Ended 29 September 2025 eee
2.9. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses,
At the end of each reporting period stocks are assessed for impairment. If an itern of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the statement of financial activities. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment toss, and is recognised as a credit in the statement of financial activities.
2.10. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.11. Financial Instruments
The charity only ‘has financial assets and liabilities of a kind that quality as basic financial instruments. The listed investments which are shares held in an investment portfolio are recognized at their fair value. All other basic financial instruments are‘initially recognised at transaction value and subsequently measured at their settlement value.
2.12. Taxation The charity is not registered for VAT and accordingly expenditure includes VAT where appropriate. The charity is exempt from tax on its charitable activities.
2.13. Debtors
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All debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts dus,
2.14, Creditors
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Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probabiy result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount after allowing for any trade discounts due.
3. Income from Donations and Legacies
| 3. Income from Donations and Legacies | ||
|---|---|---|
| 2025 | 2024 | |
| Unrestricted | Unrestricted | |
| funds | funds | |
| £ | £ | |
| Donations and gifts | 35,614 | 33,854 |
| 4. Investment Income | ||
| 2025 | 2024 | |
| Unrestricted | Unrestricted | |
| funds | funds | |
| £ | 3 | |
| Interest on short-term deposits | 232 | 106 |
| Dividends from investments | 10,269 | 13,922 |
| 16,501 | 14,028 |
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Pege 7
The Plumbers Charity Notes to the Financial Statements (continued) For The Year Ended 29 September 2025
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| 5. Analysis of Expenditure | . | ||
|---|---|---|---|
| 2625 | |||
| Grant | Support | ||
| funding of | costs | ||
| activities | (see note 6 ) | Total | |
| £ | £ | £ | |
| Charitable activities | 79,163 | 13,063 | 92,226 |
| 2024 | |||
| Grant | Support | ||
| funding of | costs | ||
| activities | (see note 6 ) | Total | |
| £ | £ | £ | |
| Charitable activities | 74,514 | 14,352 | 88,866 |
| en | |||
| 6. Support Costs | |||
| 2025 | |||
| Raising | |||
| funds | |||
| £ | |||
| General administration: | |||
| Administration charge | 3,000 | ||
| Printing, postage and stationery | 87 | ||
| Bookkeeping fees | 575 | ||
| Bank charges | - 611 |
||
| Governance costs: | |||
| Independent examiner's fees | 2,280 | ||
| Investment managers’ fees | 6,510 | ||
| 13,063 | |||
| 2024 | |||
| Raising | |||
| funds | |||
| £ | |||
| General administration: | |||
| Printing, postage and stationery | 290 | ||
| Bookkeeping fees | 3,377 | ||
| Bank charges | 502 | ||
| Governance costs: | |||
| Independent examiner's fees | 3,570 | ||
| Investment managers' fees | 6,613 | ||
| 14,352 |
6. Support Costs
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The Plumbers Charity Notes to the Financial Statements (continued) For The Year Ended 29 September 2025
Sanne
7. Grants payable
| 7. Grants payable | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Grants to individuals | 8,838 | 13,757 |
| Grants to institutions | 70,325 | 60,757 |
| Total | 79,163 | 74,514 |
| The total grants paid to institutions during the year was as follows: | ||
| 2025 | 2024 | |
| £ | £ | |
| Village by Viilage | 8,500 | 7,500 |
| Just A Drop | 7,606 | 5,915 |
| Aquabox | 7,500 | 7,500 |
| Dolma | 5,700 | 4,980 |
| Crash | 5,000 | 5,000 |
| Plumbing Museum | 5,000 | 5,000 |
| Village Water | 5,000 | ~ |
| Wateraid | 5,000 | - |
| Pravidence Row | 3,019 | 1,362 |
| City Harvest | 3,000 | 3,000 |
| Rainy Day Trust | 2,000 | 2,000 |
| Treloars | 1,000 | - |
| St Magnus the Martyr | 1,000 | - |
| St Pauls Cathedral | 1,000 | 1,000 |
| Medical Detection Dogs | 1,000 | 2,500 |
| Pollinating London | 1,000 | 1,000 |
| Lord Mayor’s Appeal | 1,000 | 1,000 |
| GSMD | 1,000 | 1,000 |
| Islington Army Cadets | 1,000 | 1,000 |
| RAF Barking Cadets | 1,000 | 1,000 |
| Richmond Sea Cadets | 1,000 | 1,000 |
| Mary Hare School | 1,000 | - |
| Save the Children | - | 3,000 |
| Royal School of Military Engineering | - | 2,000 |
| Grants of less than £1,000 | 2,000 | 4,000 |
| Total | 70,325 | 60,757 |
8. Staff Costs
Key management personnel comprises only the trustees, none of whom were remunerated.
9. Average Number of Employees
Average number of employees during the year was: 0 (2024: Q).
Page 9
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The Plumbers Charity Notes to the Financial Statements (continued) For The Year Ended 29 September 2025
10, Fixed Asset Investments
| 10, Fixed Asset Investments | |||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | E | ||
| Market value as at 30 September 2024 | 746,893 | 707,821 | |
| Capital invested/(withdrawn) | (52,000) | (45,000) | |
| Income received | 10,269 | 13,922 | |
| Investment managers’ fees | (6,510) | (6,613) | |
| Increase/(decrease) in market value | 60,230 | 76,763 | |
| Market value as at 29 September 2025 | 758,884 | 746,893 | |
| Cash | 16,490 | 5,607 | |
| Listed investments | 742,394 | 741,287 | |
| As at 29 September 2025 | 758,884 | 746,893 | |
| Movement in market value offunds as at 29 September 2025 | |||
| Opening | Closing | ||
| balance at 30 | balance at 29 | ||
| September | September | ||
| 2024 | Movement | 2024 | |
| £ | £ | £ | |
| Cash | 5,607 | 10,883 | 16,490 |
| Listed investments | 741,287 | 1,107 | 742,394 |
| Historical cost of listed investments | 587,740 | 607,418 | |
| 2025 | 2024 | ||
| Assets comprising more than 5% of value: | £ | £ | |
| 975 Vanguard S&P 500 ETF (less than 5% in 2024} | 53,261 | - | |
| 733 JP Morgan America Equity Fund (783 units in 2024) | 52,108 | 77,588 | |
| 280 Findlay ParkAmerica Fund (less than 5% in 2025) | - | 47 ,636 | |
| 1,045 Vanguard S&P ICITS (less than 5% in 2025) | - | 84,721 | |
| 17,617 HSBC FTSE All-World Index Fund (less than 5% in 2025) | - | 44,416 | |
| 27,889 M+G Japan Fund (less than 5% in 2025) | - | 39,770 | |
| 11. Stocks | |||
| 2025 | 2024 | ||
| E | £ | ||
| Stock | 595 | 595 | |
| 12. Debtors | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Due within one year | |||
| Trade debtors | - | (75) | |
| Other debtors | 6,168 | 5,858 | |
| 6,168 | 5,783 |
7 The Plumbers Charity Notes to the Financial Statements (continued) For The Year Ended 29 September 2025 ———————————————ee
13. Creditors: Amounts Falling Due Within One Year
| 13. Creditors: Amounts Falling Due Within One Year | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Trade creditors | 164 | - |
| Other creditors | 2,280 | 3,570 |
| 2,444 | 3,570 | |
| 14. Financial Instruments | ||
| The charity has the following financial instruments: | ||
| 2025 | 2024 | |
| £ | £ | |
| Financial assets | ||
| Financia!assetsmeasuredatfairvaluethroughincomeandexpenditure | 758,884 | 746,893 |
The Fair Value of the listed investments is derived from the market price of the relevant shares as at the year end. For further inforrnation, see Note ¢ of the accounts.
15. Movement in Funds
| As at 30 | As at 29 | |||||
|---|---|---|---|---|---|---|
| September | September | |||||
| 2024 | Income | Expenditure | 2025 | |||
| £ | £ | £ | £ | |||
| Unrestricted funds | ||||||
| General: | ||||||
| General unrestricted fund | 750,000 | 46,115 | (31,996) | 764,120 | ||
| Total funds | ___* 750,000 | 46,115 | (31,996) | 764,120 | ||
| As at:30 | As at 29 | |||||
| September | September | |||||
| 2023 | Income | Expenditure | 2024 | |||
| £ | £ | £ | £ | |||
| Unrestricted funds | ||||||
| General: | ||||||
| General unrestricted fund | 714,221 | ' | 47,882 | (12,103) | 750,000 | |
| Total funds | 714,221 | 47,882 | (12,103) | 750,000 | ||
| 16. Transactions with Trustees | ||||||
| Theaggregateamountofdonationsmadebythe | Trusteeswas£2,360(2024:£2,440). | . |
16. Transactions with Trustees
The aggregate amount of donations made by the Trustees was £2,360 (2024: £2,440).
No trustee expenses have been incurred (2024: £0).
- Related Party Disclosures
The Worshipful Company of Plumbers appoints the trustees of The Plumbers Charity.
During the year, £3,000 (2024: Enil) for administration and £575 (2024: £3,377) for bookkeeping was recharged by The Worshipful Company of Plumbers to The Plumbers Charity.
During the year, The Plumbers Charity made a donation of £5,000 (2024: £5,000) to The Worshipful Company of Plumbers' Plumbing Museum and Workshop Trust. S L Hodkinson, the Chairman and trustee of The Plumbers Charity and M V Cooper a trustee of The Plumbers Charity, are also trustees of The Worshipful Company of Plumbers' Plumbing Museum and Workshop Trust.
The Plumbers Charity also made a donation of £1,000 (2024: nil) ta 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. MV 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.
18. Grant Commitments
Grants and bursaries totalling £37,500 (2024: £16,000) have been approved for future years. They have not been accrued in tha financial statements but will form part of grants and bursaries in future years,
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