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2024-12-31-accounts

Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

REGISTERED COMPANY NUMBER: 02783340 (England and Wales) REGISTERED CHARITY NUMBER: 1023376

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

THE DRINKS TRUST

Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 December 2024

Page
Reference and Administrative Details 1
Chairman's Report 2 to 3
Report of the Trustees 4 to 10
Report of the Independent Auditors 11 to 14
Statement of Financial Activities 15
Balance Sheet 16
Cash Flow Statement 17
Notes to the Cash Flow Statement 18
Notes to the Financial Statements 19 to 30
Detailed Statement of Financial Activities 31 to 32

Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

REFERENCE AND ADMINISTRATIVE DETAILS for the year ended 31 December 2024

TRUSTEES Mr N P Barker Mr S N Difford Mr G E Lawrence Mr A J Smith Ms J Maclean (resigned 26.2.24) Ms L Willoughby Ms K D A Keating (resigned 17.12.24) Mrs N Forrest Mr I A Burrell Mr P M Haslam (appointed 18.7.24) Mr T J Clay (appointed 16.7.24) Ms J Baernreuther (appointed 16.7.24) Mr I D Bray (appointed 16.7.24) Mr A D Watson (appointed 16.7.24) Ms H Easton (appointed 17.12.24) MS G Haughton (appointed 17.12.24) COMPANY SECRETARY Mr J R Carter (resigned 17.12.24) Ms N J Burston (appointed 28.11.2024) REGISTERED OFFICE Unit 4 Baden Place London SE1 1YW REGISTERED COMPANY 02783340 (England and Wales) NUMBER REGISTERED CHARITY 1023376 NUMBER AUDITORS UHY Hacker Young Chartered Accountants & Statutory Auditors Thames House Roman Square Sittingbourne ME10 4BJ SOLICITORS Lee Bolton Monier-Williams 1 The Sanctuary Westminster London SW1P 3JT INVESTMENT ADVISORS Julius Baer London 20-23 Greville St London EC1N 8SS

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Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

CHAIRMAN'S REPORT for the year ended 31 December 2024

In 2024 The Drinks Trust continued to execute its primary goal of delivering services to our industry colleagues in hardship. At year end, the Drinks Trust had undertaken 7,543 beneficiary acts, which represented a new record high of welfare provision provided by the charity.

The charity continued to diversify its donor and fundraising activities, with funds being raised in more varied ways and across a broader section of the industry.

Demand for services in 2024 remained high, with more applications for support being received than in any year previously. As a result of the COVID-19 Pandemic, followed by the Cost of Living Crisis, financial resilience for the drinks industry workforce was significantly eroded, poverty was at a 22-year high in 2024 and challenges being faced by the industry workforce were profound and The Drinks Trust has attempted to face these challenges with equity and empathy to support those applicants who were amongst the most vulnerable.

Charitable Revenues and Expenditure

The year to 31 December 2024 delivered a surplus of £211,512 after gains on investments (2023: deficit £36,074).

Fundraising in 2024 totalled £894,733 (2023: £953,218). Within the total funds raised, restricted revenues were £225,495 (2023: restricted revenue of £297,769), having been raised to deliver work across Restore, Equal Measures and Develop services.

In 2024, total unrestricted income totalled £785,631 of which £478,898 was derived from donations and legacies. A further £116,393 related to unrestricted Investment Income with the remaining £190,340 of income being derived from external fundraising events, Business Advisory Programme Services and Equal Measures consultancy services.

Assist - Hardship Relief Services

In 2024 The Drinks Trust provided a total of 1,964 financial assistance acts, with total expenditure of £294,696. As in 2023, the charity continued to prioritise One-Off Grant applicants and to reduce the number of Periodic Grants. The level of support and impact that can be achieved through One Off Grant support is more immediate.

Restore - Wellbeing Services

Calls to the Support Line and the number of beneficiary acts in the Restore services achieved a total of 1,526 and whilst the number of individual supported through our counselling services was 79 (similar to 2023) the number of counselling sessions required to support each individual was much higher. As a consequence, spend on our talking therapy services more than doubled from £9,432 in 2023 to £20,172 in 2024.

Expenditure on Restore services in 2024 totalled £49,492.

Develop - Vocational Hardship Services

Develop completed its third year of service delivery in 2024. Since its introduction, this training and skills service to individuals experiencing financial hardship, has continued to deliver vital support to our industry workforce, and attract new people to join.

Through a variety of training workshops and industry qualifications, Develop was able to undertake 739 beneficiary acts in 2024, which was reduced from 850 in 2023, and introduced new training courses. Develop continues to administer educational bursaries for the second year running on behalf of The Wine & Spirit Education Trust and The Worshipful Company of Distillers.

Expenditure on Develop services in 2024 totalled £62,959.

Equal Measures - Delivering Greater Equity in the Drinks Industry

The Drinks Trust were delighted that during the course of 2024 the team were able to support the Equal Measures team towards independence as a new CIC and whilst the charity will continue to work closely with them in 2025 their financials will no longer feature in The Drinks Trust accounts.

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Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

CHAIRMAN'S REPORT for the year ended 31 December 2024

I would like to thank our outgoing trustees in 2024, Jillian MacLean MBE, Katherine Keating, and our outgoing Chair who remains a trustee, Guy Lawrence. Their support of the charity is greatly appreciated. Neil Barker Chair of Trustees [nal20E00B1E6C714EE...Ba by: 04 August 2025

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Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

REPORT OF THE TRUSTEES for the year ended 31 December 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

ORIGIN, OBJECTIVES AND PRINCIPAL AIMS OF CHARITY

The objectives of the Charity, which was formed in 1886, as defined in the Memorandum of Association, are to assist members of the Alcohol Drinks Trades and all ancillary trades, organisations and institutions in the United Kingdom, who are in need in particular:

Practical, emotional and financial assistance is given to anyone in the drinks trade who is currently employed, or has been employed, and have derived their income principally from the alcoholic drinks business and who meet the criteria for eligibility.

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the Charity.

OBJECTIVES & ACTIVITIES

The Drinks Trust, continues to meet its objectives by way of support in the form of regular charitable donations and one-off grants and providing additional emotional and practical support to beneficiaries.

The objectives of The Drinks Trust are as follows:

Financial

The Charity aims to have a balanced budget at the same time as increasing its welfare grants in line with budget. All areas of cost will be examined and kept within budget, providing the standards of care and support are not jeopardised. Quarterly management reports will be subject to close consideration by the Chief Executive and the Trustees.

Welfare

The objective of The Drinks Trust is to increase the number of beneficiaries by actively seeking to find those in need who are eligible for support. This is achieved by a sustained awareness-raising campaign conducted within the UK drinks industry. The level of the regular monthly grant is typically £78 per month. The planned budget for welfare grants should be considered as the minimum amount to be given by The Drinks Trust and the budget will not be considered a restraint on welfare, providing The Drinks Trust is able to afford to increase the level of welfare from its reserves, if not from current income.

In pursuing its objectives the charity's activities fall into three main areas:

  1. Direct Charitable activities: these consist of the following:

  2. a) Regular charitable donations to beneficiaries living in their own homes.

  3. b) One-off grants for the purchase of goods & services or the provision of support

  4. c) The provision of practical and emotional support to those in need

  5. d) Financial and well-being support to long-standing residents of the Vintry Estate in Eastbourne and Woodend in Chorley, properties formerly owned by The Drinks Trust until sale of both sites in 2013

  6. e) Provision of Television licences to some regular grant beneficiaries

  7. Fundraising

  8. Governance Activities

Progress in these areas for 2024 is reported below with relevant financial information in the Financial Statement pages.

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Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

REPORT OF THE TRUSTEES for the year ended 31 December 2024

ACHIEVEMENT AND PERFORMANCE DIRECT CHARITABLE ACTIVITIES

The Assist programme (financial grants) provided 1,964 acts of financial support to beneficiaries in 2024, these grants were made through one-off and periodic grants, vouchers to buy goods and food, lifeline support, and television licenses. The Restore (wellbeing service) delivered emotional support, practical help, counselling services, sleep and insomnia treatment, mindful drinking courses, and in-the-moment counselling through the helpline, to a total of 1,526 individuals. The Develop vocational hardship resources were delivered to 739 beneficiaries in 2024, and through the newly created Business Advisory Programme, a further 3,314 individuals. As a result, in 2024 a total of 7,543 beneficiary acts were delivered (an increase from 4,619 in 2023)

Regular charitable welfare grants to beneficiaries living in their own homes

The total number of monthly (periodic) grants given during the year was 1,469 to 122 individuals assuming a regular grant paid on a monthly basis as one grant. The average level of grant was £80 per month but in some special circumstances a higher grant was given.

All periodic beneficiaries who are still in receiving grants at the end of the previous year are required to undergo an annual financial review; this ensures that the support goes to those most in need.

One-off welfare grants for the purchase of goods or the provision of support

During the year 290 one-off grants were approved and representing a total expenditure of £133,847. In addition to this, the charity also provides support in the form of speciality vouchers which may be used to purchase food, clothing or essential goods. The Drinks Trust supported with 140 beneficiary acts for a total cost for goods supplied of £28,051.

Enquiries for the above come via trade referrals, word of mouth, The Drinks Trust website and others come through organisations such as Turn2Us and the Citizens Advice Bureau, and many other local agencies and charities. In some cases where larger amounts of help have been required this charity has worked with other charities, in particular, the Wine Trade Sports Club Foundation, the LTC (Licensed Trade Charity) and Hospitality Action, to provide what is required. The Drinks Trust is able to respond quickly and to take account of the specific type of help, which is considered most appropriate using The Drinks Trust's Welfare Guidelines.

The provision of practical and emotional support to those in need

In 2024 The Drinks Trust provided services to support current and past employees of the drinks and hospitality industry who are in need of practical and emotional support. These services included the delivery of a helpline service from an accredited supplier, which provides 24 hour a day in the moment emotional and practical support, an online counselling service from the online provider Dr Julian, offering therapy sessions, a mindful drinking course from Club Soda and a sleep and insomnia treatment program from Sleepstation. In addition, the charity supports the training of Wellbeing Champions to support their industry colleagues.

Financial and well-being support to residents

The Drinks Trust continues to support the provision of life-line arrangements to qualifying residents in a number of the bungalows the charity once owned in Eastbourne, as well as continuing with welfare grants and other on-going support to all our ex-residents and bi-annual energy grant and TV licenses to elderly beneficiaries.

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Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

REPORT OF THE TRUSTEES for the year ended 31 December 2024

ACHIEVEMENT AND PERFORMANCE Fundraising activities

Fundraising refers to all revenue generating activities. No income is received from Government or State funds. Almost all fundraising and voluntary income is generated through the drinks industry.

The charity undertakes fundraising activity, in line with the Fundraising Code of Practice set by the Fundraising Regulator, to its supporters via direct mail, telephone, fundraising events, sponsored events, gala dinners and is in line with our Email Marketing, Fundraising Donations and Legacy Pledges, which appears on our website to reassure supporters of our approach. We have robust policies in place regarding vulnerable people and treating donors fairly. We have received no complaints during the year regarding our fundraising activity.

As well as the business income mentioned above, The Drinks Trust receives a valuable income from generous individual donors. The total income received from individual donations in 2024 was £27,868, some of which came from legacy donations.

Reserves Policy

The Charity's principal activity is the provision of financial and welfare support for people connected with the drinks and ancillary trades in need. The income generated from investments is a vital continuing source of income, and also provides some longer-term security in the most extreme case that fundraising may cease or be dramatically reduced. The Investment Portfolio is held in a balanced risk fund for long-term growth. Over the long-term the fund is expected to grow at the rate of 6-7% per annum and as a general rule in our budgeting we estimate a 4% drawdown each year (to cover any gap between income and charitable giving) so as to maintain the value of the fund which stands at £5.198m at the end of the year. The Charity’s total reserves at the year ended 31[st] December 2024 were £5,323,295 (2023: £5,111,783). Of these £5,257,683 were unrestricted general funds (2023: 5,083,653), and £65,612 were restricted funds (2023: £28,130). Taking into account restrictions over funds and those funds held as tangible fixed assets of £813 (2023: £2,642), at 31[st] December 2024 the Charity’s free reserves were calculated as £5,256,870 (2023: 5,081,011). The Trustees consider the level of free reserves held at 31[st] December 2024 to be appropriate as they reflect unspent funds held for investment purposes to cover shortfalls of income versus charitable giving. The investment portfolio is treated as part of the general fund, and in an extreme situation of no fundraising being possible, these reserves would be used to allow the charity to continue its obligations to its beneficiaries until such fundraising is resumed.

Given the positive momentum of awareness and help to the charity, existing and new drinks companies in the UK agreeing to support the charity with annual donations and the high regard in which the charity is held, the risks of the charity experiencing significantly reduced income from fundraising in the near future, as stated above, is regarded as low.

In 2024 the investment fund performed strongly, delivering 9% growth.

Going Concern

The Trustees have assessed the principal risks and formulated a suitable reserves policy as stated above. They are satisfied that the Drinks Trust has adequate resources to continue as a going concern.

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Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

REPORT OF THE TRUSTEES for the year ended 31 December 2024

FINANCIAL REVIEW

INVESTMENT POWERS, POLICY AND PERFORMANCE

Per the Memorandum and Articles of Association, the Trustees have the power to invest the money of The Drinks Trust as they see fit subject to the conditions required by law. The Trustees Investment Act 2000 therefore applies.

The Drinks Trust continued to use Julius Baer as its investment advisers, and has agreed, in writing, an investment policy with this adviser, which states the scope, limits and restrictions and investment objectives. This policy is reviewed on a regular basis by the Investments Committee. Assets may be invested in stocks, shares, units in collective investment schemes, Government securities, debentures, loan stocks, bonds but not options, futures or contracts for differences. No investment is permitted on an exchange, which has not been recognised or designated by the Securities and Investment Boards, without the written instructions of The Drinks Trust .

In agreeing the investment objectives The Drinks Trust has set a target to be achieved, as well as the balance between capital growth and income. The mix between UK and international equity exposure has also been agreed. Valuations of the investment portfolio will be carefully monitored and will be sent to The Drinks Trust every 3 months. The performance of the investments is measured against the relevant benchmarks and has been broadly in line with these.

GRANT POLICY

A new welfare policy was created in November 2021 which covers all aspects of eligibility and scope of support. This is reviewed regularly, and published to the organization's website. Latest review and update was June 2024.

In all cases, the eligibility of prospective beneficiaries is established in line with the Articles of Association. In some cases beneficiaries are of pensionable age and are in retirement, however The Drinks Trust is largely helping those within the current workplace that need financial help as well as practical and emotional support.

Potential beneficiaries are contacted before a regular charitable donation is offered to assess their needs and eligibility using the latest technology to avoid potential fraud. In addition, beneficiaries are contacted at least every 6 months by the Welfare Officers to check on their circumstances and ensure that they are accessing the support that they need.

FUTURE PLANS

Strategy and Business Plan

In 2025 the charity will begin a new 3-year strategy planning cycle. In this year the charity also plans to look at more holistic and long term ways to support the beneficiary beyond the financial and wellbeing support that we currently offer.

Services

The charity will also endeavor to expand the reach and income from the Business Advisory Programme and present a new, beneficiary-centric approach to all activity.

Fundraising

The charity will seek to expand its business donor base and look for additional sources of income from grants.

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Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

REPORT OF THE TRUSTEES for the year ended 31 December 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, the articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The principal structure and reporting lines for the charity are shown below:

Trustees are or have been senior executives employed in the Drinks Industry or have been appointed for their expertise. Any new appointees are fully briefed on the aims and objectives of The Drinks Trust and receive information and training if required as to their responsibilities as a Trustee. The Board determines the general policy of The Drinks Trust. The day to day management of the charity is delegated to the Chief Executive. The Board currently comprises 14 members including the Chair and meets four times per year.

The key management of the charity comprise the Chief Executive, the Welfare Manager and the Marketing and the Communications Manager. Remuneration for all staff is set by the Trustees when considering and agreeing the annual budget. Consideration is taken of published benchmarking salary surveys such for the sector.

Internal Control

The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include:

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

Having assessed the major risks to which the Drinks Trust is exposed, the trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the Drinks Trust, they have established effective systems to mitigate those risks.

The trustees recognise their responsibility for the management of risks faced by the Drinks Trust, the employees and the beneficiaries.

In line with the requirement for trustees to undertake a risk assessment exercise and report on the same in their annual report, the trustees have looked at the risks the Drinks Trust currently faces and have reviewed the measures already in place, or needing to be put in place, to deal with them.

The key risks for the Drinks Trust, as identified by the trustees, are described below together with the principal ways in which they are mitigated:

The Drinks Trust provides financial assistance to those who work or have worked in the drinks industry. The trustees always ensure that they are fully briefed about the potential recipient of funds, that funds are transferred via bank transfer, that proof of receipt is obtained.

The Drinks Trust's principal asset comprises listed investments, the value of which is dependent on movements in UK and world stock markets. The investments are managed by reputable investment managers who adhere to a policy agreed by the trustees. The trustees meet regularly with the investment managers and the managers' performance and that of the portfolio are monitored. The investment strategy is assessed regularly to ensure it remains appropriate to the Drinks Trust's needs - both now and in the future

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Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

REPORT OF THE TRUSTEES for the year ended 31 December 2024

The other risks for the Drinks Trust, as identified by the trustees, are described below: Governance and management - this includes the risks involved in change in the Leadership Team or the Board which might lack direction; lack of skills and training among members of staff and the poor use of its resources. Operational - these are risks inherent in the charity's activities including shortcomings in the services provided; difficulties with staff; poor health and safety; lack of disaster recovery plan etc.

Financial - these risks include those arising as a result of poor budgetary control; inappropriate spending; poor accounting; inappropriate investment policy etc.

Reputational - these are risks that might result from damage to the charity's reputation.

Regulatory - these include those risks outside the charity's control such as changes in government policies and non-compliance with laws and regulations.

Having assessed the major risks to which the Drinks Trust is exposed, the trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the Drinks Trust, they have established effective systems to mitigate those risks.

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Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

REPORT OF THE TRUSTEES

for the year ended 31 December 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 Drinks Trust and of the result for that year.

In preparing these financial statements, the Trustees are required to:

  1. select suitable accounting policies and then apply them consistently;

  2. observe the methods and principles in the Charities SORP;

  3. make judgments and accounting estimates that are reasonable and prudent;

  4. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Drinks Trust will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Drinks Trust and subsidiary's transactions and disclose with reasonable accuracy at any time the financial position of the Drinks Trust and subsidiary 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each of the Trustees are aware at the time the report is approved:

SMALL COMPANY EXEMPTIONS

In preparing this report the directors have taken advantage of small company exemptions.

AUDITORS

A resolution reappointing UHY Hacker Young will be proposed at the AGM in accordance with S485 of the Companies Act 2006.

04 August 2025

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ (A5C8185B921FD475... by:

Mr A J Smith - Trustee

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Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THE DRINKS TRUST

Opinion

We have audited the financial statements of The Drinks Trust (the 'charitable company') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 (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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE DRINKS TRUST

Matters on which we are required to report by exception

In the light of the 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 Report of the Trustees. In the light of the 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 the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.

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Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE DRINKS TRUST

Our 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 a Report of the Independent Auditors 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:

Non-compliance with laws and regulations

Based on:

We considered the significant laws and regulations to be the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities SORP (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK tax legislation.

The charitable company is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be the Health and Safety at Work etc Act 1974, the Data Protection Act 2018, Employment Rights Act 1996 and the Bribery Act 2010.

Our procedures in respect of the above included:

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

Based on our risk assessment, we considered the areas most susceptible to fraud to be journals and key estimates and judgements.

Our procedures in respect of the above included:

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE DRINKS TRUST

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of no detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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 Report of the Independent Auditors.

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. 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 auditors' 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 the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Tracey Moore, BFP ACA (Senior Statutory Auditor) for and on behalf of UHY Hacker Young Chartered Accountants & Statutory Auditors Thames House Roman Square Sittingbourne ME10 4BJ 04 August 2025 Date: .............................................

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Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the year ended 31 December 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
4
Other trading activities
5
Investment income
6
Total
EXPENDITURE ON
Raising funds
7
Charitable activities
8
Provision of financial assistance to those who
worked in the drinks industry
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
21
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
478,898
190,340
116,393
785,631
112,168
874,614
986,782
423,087
221,936
(47,906)
174,030
5,083,653
5,257,683		 Restricted
funds
£
225,495
-
-
225,495
28,296
207,623
235,919
-
(10,424)
47,906
37,482
28,130
65,612		 2024
Total
funds
£
704,393
190,340
116,393
1,011,126
140,464
1,082,237
1,222,701
423,087
211,512
-
211,512
5,111,783
5,323,295		 2023
Total
funds
£
741,906
211,312
70,201
1,023,419
221,967
1,220,519
1,442,486
382,993
(36,074)
-
(36,074)
5,147,857
5,111,783

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes form part of these financial statements

Page 15

Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

BALANCE SHEET 31 December 2024

2024 2023
Unrestricted Restricted Total Total
funds funds funds funds funds
Notes £ £ £ £
FIXED ASSETS
Tangible assets 15 813 - 813 2,642
Investments 16 5,198,200 - 5,198,200 5,095,348
5,199,013 - 5,199,013 5,097,990
CURRENT ASSETS
Debtors 17 35,162 49,960 85,122 73,261
Cash at bank and in hand 108,260 15,652 123,912 18,626
143,422 65,612 209,034 91,887
CREDITORS
Amounts falling due within one year 18 (84,752) - (84,752) (78,094)
NET CURRENT ASSETS 58,670 65,612 124,282 13,793
TOTAL ASSETS LESS CURRENT
LIABILITIES 5,257,683 65,612 5,323,295 5,111,783
NET ASSETS 5,257,683 65,612 5,323,295 5,111,783
FUNDS 21
Unrestricted funds 5,257,683 5,083,653
Restricted funds 65,612 28,130
TOTAL FUNDS 5,323,295 5,111,783

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

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 04 August 2025

----- Start of picture text -----
(A ............................................. 5C8185B921FD475... by:
Mr A J Smith - Trustee
----- End of picture text -----

The notes form part of these financial statements

Page 16

Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

CASH FLOW STATEMENT
for the year ended 31 December 2024
2024
Notes
£
Cash flows from operating activities
Cash generated from operations
1
(215,661)
Net cash used in operating activities
(215,661)
Cash flows from investing activities
Purchase of tangible fixed assets
-
Purchase of investments
(1,251,467)
Proceeds from sale of investments
1,571,702
Interest received
451
Net cash provided by/(used in) investing activities
320,686
Change in cash and cash equivalents in
the reporting period
105,025
Cash and cash equivalents at the
beginning of the reporting period
2
17,361
Cash and cash equivalents at the end of
the reporting period
2
122,386		 2023
£
(383,892)
(383,892)
(1,047)
(5,991,682)
3,814,664
7,649
(2,170,416)
(2,554,308)
2,571,669
17,361

The notes form part of these financial statements

Page 17

Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

NOTES TO THE CASH FLOW STATEMENT for the year ended 31 December 2024

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

OPERATING ACTIVITIES
2024 2023
£ £
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities) 211,512 (36,074)
Adjustments for:
Depreciation charges 1,829 1,828
Gain on investments (423,087) (382,993)
Interest received (451) (7,649)
(Increase)/decrease in debtors (11,861) 3,250
Increase in creditors 6,397 37,746
Net cash used in operations (215,661) (383,892)
2. ANALYSIS OF CASH AND CASH EQUIVALENTS
2024 2023
£ £
Cash in hand - (571)
Notice deposits (less than 3 months) 123,912 19,197
Overdrafts included in bank loans and overdrafts falling due within one year (1,526) (1,265)
Total cash and cash equivalents 122,386 17,361
3. ANALYSIS OF CHANGES IN NET FUNDS
At 1.1.24 Cash flow At 31.12.24
£ £ £
Net cash
Cash at bank and in hand 18,626 105,286 123,912
Bank overdraft (1,265) (261) (1,526)
17,361 105,025 122,386
Total 17,361 105,025 122,386

The notes form part of these financial statements

Page 18

Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024

1. GENERAL INFORMATION

The Drinks Trust is a charitable company limited by guarantee, incorporated in England and Wales. The charity's registered number is 02783340. The address of the charity's registered office and principal place of business is : Unit 4, Baden Place, London, SE1 1YW.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the Drinks Trust, which is a public benefit entity under FRS 102, 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 Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, with the exception of investments which are included at market value.

Going concern

The trustees' consider that there are no material uncertainties over the Trust's ability to continue as a going concern for the forseeable future being a period of at least 12 months from the date of signing the financial statements.

The considerations made in this review include the review of current and future activities of the Trust, together with a review of its cash and reserves position up to 30 April 2026.

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.

Donations and gifts are included in full in the period in which they are received. Donations in kind are valued at the estimated market value of the transaction.

Grant income is included in the period in which the grant is receivable unless it relates to a specific future period in which case it is deferred.

Expenditure

Charitable expenditure represents the costs of fundraising, housing, welfare, and support costs. It includes staff costs which are directly attributable to these activities. Redundancy and termination costs are accrued in the period in which the decision is made and communicated to the affected employee(s).

Support costs comprise all services supplied centrally, identifiable as wholly or mainly in support of direct charitable purposes and include an appropriate proportion of general overheads.

Where costs cannot be directly attributed, they have been allocated to activities on the basis of the estimate of the time spent on the relevant functions.

Central overheads are allocated to direct costs, supports costs and grants in two key areas: fundraising and charitable activities. The basis of the allocation is to ensure that the costs within administration related to the management of the Charity’s assets, operational administration and compliance with constitutional and statutory requirements are appropriately apportioned within these areas.

Governance costs are the costs associated with the governance arrangements relating to the general running of the charity, including costs of strategic planning for the longer term development of the charity.

Grants payable

Grants are recognised in the accounts when awarded by the Trustees and notified to the recipients.

continued...

Page 19

Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Expenditure

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.

Debtors

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

Cash at bank and in hand

Cash and cash equivalents consist of cash in hand and balances with banks, and investments in money market instruments which are readily convertible, being those with original maturities of three months or less.

Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably 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 normally recognised at their settlement amount after allowing for any discounts due.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using their closing quoted market price. Realised and unrealised gains and losses are shown in the statement of financial activities together as net gains/ (losses) on investments.

The Trust does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the Trust is that of volatility in the investment market due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors of sub- sectors.

Taxation

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

continued...

Page 20

Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Fund accounting

Unrestricted funds

These funds comprise accumulated surpluses and deficits on the General Fund. They are available for use at the discretion of the Trustees in furtherance of The Drinks Trust’s general charitable objectives.

Restricted funds

These funds are subject to specific restricted conditions imposed by the donors.

Investment income

Investment income is accounted for as it accrues.

Operating leases

Operating lease rentals are charged to the Statement of Financial Activities on a straight-line basis over the term of the lease.

Pension costs and other post-retirement benefits

The Drinks Trust has arranged a defined contribution pension scheme for its employees. Contributions are charged to the Statement of Financial Activities in the year they became payable.

Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

No judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies.

The key assumptions concerning the future and key sources of estimation of uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

continued...

Page 21

Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2024

4. DONATIONS AND LEGACIES

Unrestricted
2024
£
Donations
478,897
Unrestricted
2023
£
Donations
444,137
5.
OTHER TRADING ACTIVITIES
Fundraising events
Other income
In 2023, all other trading activities income represented unrestricted funds.
6.
INVESTMENT INCOME
Income from investments
Deposit account interest
In 2023, £70,201 of investment income represented unrestricted funds.
7.
RAISING FUNDS
Raising donations and legacies
Support costs
Other trading activities
Bad debts		 Restricted
2024
£
225,495
Restricted
2023
£
297,769
2024
£
139,110
51,230
190,340
2024
£
115,942
451
116,393
2024
£
97,321
2024
£
-		 Total
2024
£
704,392
Total
2023
£
741,906
2023
£
176,645
34,667
211,312
2023
£
62,552
7,649
70,201
2023
£
176,693
2023
£
1,375

continued...

Page 22

Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2024

7. RAISING FUNDS - continued

Investment management costs

Portfolio management
Aggregate amounts
8.
CHARITABLE ACTIVITIES COSTS
Provision of financial assistance to
those who worked in the drinks
industry
2023
9.
GRANTS PAYABLE
Provision of financial assistance to those who
The total grants paid to individuals during the
Grants to individuals		 Direct
costs
£
477,206
461,543		 Grant
funding of
activities
(see note 9)
£
435,528
623,108		 2024
£
43,143
140,464
Support
costs (see
note 10)
£
169,503
135,868		 2024
£
43,143
140,464
Support
costs (see
note 10)
£
169,503
135,868		 2023
£
43,899
221,967
Totals
£
1,082,237		 2023
£
43,899
221,967
1,220,519
worked in the drinks industry
year was as follows:		 2024
£
435,528
2024
£
435,528		 2023
£
623,108
2023
£
623,108

continued...

Page 23

Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2024

10. SUPPORT COSTS

2024
Provision of financial
assistance to those who
worked in the drinks
industry
2023
Provision of financial
assistance to those who
worked in the drinks
industry		 Management
£
89,208
75,729		 Information
technology
£
355
(1,282)		 Finance
£
1,081
556		 Governance
costs
£
78,859
60,865		 Totals
£
169,503
135,868

11. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Auditor's remuneration- statutory audit
Depreciation - owned assets
Amounts payable under operating leases		 2024
£
10,350
1,829
28,296		 2023
£
10,350
1,828
29,568

12. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

13. STAFF COSTS

Wages and salaries
Social security costs
Pension contributions		 2024
£
394,160
41,907
41,139
477,206		 2023
£
387,112
36,213
38,218
461,543

continued...

Page 24

Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2024

13. STAFF COSTS - continued

The average monthly number of employees during the year was as follows:

Welfare Activities
Support, management and administration		 2024
3
6
9		 2023
3
6
9

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

£60,001 - £70,000
£90,001 - £100,000
£100,001 - £110,000		 2024
1
1
-
2		 2023
-
-
1
1

The key management personnel of the charity are the trustees, the Chief Executive Officer and the Executive team of 3 (3 in 2023). Aggregate remuneration and benefits for the key management personnel in 2024 was £294,355 (2023: £255,688).

14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Other trading activities
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Provision of financial assistance to those who
worked in the drinks industry
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
444,137
211,312
70,201
725,650
83,017
909,554
992,571
382,993
116,072
(64,409)
51,663
5,031,990
5,083,653		 Restricted
funds
£
297,769
-
-
297,769
138,950
310,965
449,915
-
(152,146)
64,409
(87,737)
115,867
28,130		 Total
funds
£
741,906
211,312
70,201
1,023,419
221,967
1,220,519
1,442,486
382,993
(36,074)
-
(36,074)
5,147,857
5,111,783

continued...

Page 25

Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2024

15. TANGIBLE FIXED ASSETS

COST
At 1 January 2024 and 31 December 2024
DEPRECIATION
At 1 January 2024
Charge for year
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023
16.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2024
Additions at cost
Disposal proceeds
Net gains/(losses) on disposal and
revaluations
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023
Historic cost carried forward
Investments comprise the following
Equities and Unit Trusts listed on UK Stock Exchange
Listed on overseas stock exchange
Cash balance
Total		 Fixtures
and
fittings
£
56,842
55,434
1,342
56,776
66
1,408		 Computer
equipment
£
1,944
710
487
1,197
747
1,234
2024
£
5,086,547
2024
£
1,736,135
3,001,051
461,014
5,198,200		 Computer
equipment
£
1,944
710
487
1,197
747
1,234
2024
£
5,086,547
2024
£
1,736,135
3,001,051
461,014
5,198,200		 Totals
£
58,786
56,144
1,829
57,973
813
2,642
Listed
investments
£
5,095,348
1,251,467
(1,571,702)
423,087
5,198,200
5,198,200
5,095,348
2023
£
4,760,453
2023
£
1,963,095
2,830,895
301,358
5,095,348

continued...

Page 26

Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2024

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Other debtors
Prepayments
18.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 19)
Trade creditors
Social security and other taxes
Pensions
Other creditors
Accrued expenses
Bank overdraft facility is repayable on demand.
19. FINANCIAL INSTRUMENTS
Financial assets		 2024
£
82,239
502
2,381
85,122
2024
£
1,526
45,337
7,620
2,796
7,123
20,350
84,752
2024
£
5,322,112		 2023
£
58,949
385
13,927
73,261
2023
£
1,265
44,852
9,791
2,765
3,700
15,721
78,094
2023
£
5,113,974

19. FINANCIAL INSTRUMENTS

Financial assets measured at fair value through income and expenditure comprise fixed asset investments and cash at bank.

20. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years		 2024
£
28,296
11,790
40,086		 2023
£
29,520
40,086
69,606

continued...

Page 27

Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2024

21. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Vintry fund
Case Related fund
Equal Measures fund
Restore fund
Develop fund
Community fund
TOTAL FUNDS
Net movement in funds, included in the above a
Unrestricted funds
General fund
Restricted funds
Vintry fund
Rent fund
Case Related fund
Equal Measures fund
Restore fund
Develop fund
Community fund
TOTAL FUNDS		 At 1.1.24
£
5,083,653
-
990
13,195
-
13,945
-
28,130
5,111,783
re as follows:
Income
£
785,631
1,412
28,296
10,000
75,573
9,500
100,714
-
225,495
1,011,126		 Net
movement
in funds
£
221,936
200
500
36,765
(47,192)
17
(714)
(10,424)
211,512
Expenditure
£
(986,782)
(1,212)
(28,296)
(9,500)
(38,808)
(56,692)
(100,697)
(714)
(235,919)
(1,222,701)		 Transfers
between
funds
£
(47,906)
-
-
-
47,192
-
714
47,906
-
Gains and
losses
£
423,087
-
-
-
-
-
-
-
-
423,087		 At
31.12.24
£
5,257,683
200
1,490
49,960
-
13,962
-
65,612
5,323,295
Movement
in funds
£
221,936
200
-
500
36,765
(47,192)
17
(714)
(10,424)
211,512

continued...

Page 28

Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2024

21. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Case Related fund
Energy Poverty fund
Diageo fund
Equal Measures fund
Restore fund
Develop fund
TOTAL FUNDS		 At 1.1.23
£
5,031,990
1,000
104,854
1,041
1,714
2,995
4,263
115,867
5,147,857		 Net
movement
in funds
£
116,072
(10)
(106,669)
(1,041)
(26,618)
(27,490)
9,682
(152,146)
(36,074)		 Transfers
between
funds
£
(64,409)
-
1,815
-
38,099
24,495
-
64,409
-		 At
31.12.23
£
5,083,653
990
-
-
13,195
-
13,945
28,130
5,111,783

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Rent fund
Case Related fund
Energy Poverty fund
Diageo fund
Equal Measures fund
Restore fund
Champions
Develop fund
Community fund
TOTAL FUNDS		 Income
£
725,650
28,296
9,790
-
-
67,923
9,500
13,000
139,180
30,080
297,769
1,023,419		 Expenditure
£
(992,571)
(28,296)
(9,800)
(106,669)
(1,041)
(94,541)
(36,990)
(13,000)
(129,498)
(30,080)
(449,915)
(1,442,486)		 Gains and
losses
£
382,993
-
-
-
-
-
-
-
-
-
-
382,993		 Movement
in funds
£
116,072
-
(10)
(106,669)
(1,041)
(26,618)
(27,490)
-
9,682
-
(152,146)
(36,074)

Vintry fund

These funds represent monies received towards the support of the residents at the Vintry home in Eastbourne. This facility was once owned by The Benevolent (previous name of The Drinks Trust) and subsequent to its sale The Drinks Trust continues to support residents who worked in the drinks and hospitality sectors who are resident there. Support is supplied by way of Lifeline emergency call system grants, gas utility grants, Christmas hampers, and the vehicle tax on the minibus for the home.

Rent Fund

The rent fund is held to manage donations made on behalf of the WSET, and in order to cover rent charges for the Drinks Trust office space.

continued...

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Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2024

21. MOVEMENT IN FUNDS - continued

Case-related fund

The case related fund represents donations specifically to assist individual cases being handled by The Drinks Trust. These are most often high-cost cases, where individuals require expert services or equipment, and are often facing significant hardship, mental health concerns or critical illness.

Energy Poverty Fund

The Energy Poverty Fund was launched in September 2022 to receive donations towards grant giving for individuals in the drinks and on-premise industry struggling to pay energy bills. This was in response to the significant increase in wholesale energy prices and the impact on the financial wellbeing of beneficiaries.

Diageo Fund

The Diageo fund was created to manage the one-off donation made by Diageo towards financial support of Drinks Trust beneficiaries. The donation was made with additional requirements regarding work history, and the Diageo restricted fund was used to manage grant giving and on the basis on the requirements set by the donor.

Equal Measure Fund - Previously Diversity and inclusion Fund

The D&I Fund was also set up in 2020 to manage grants and donations made with the specific intention of developing greater diversity in the drinks and hospitality sectors. A transfer of £38,099 was made from the unrestricted funds to cover the fund overspend in the year.

Restore Fund - Previously Wellbeing fund

The Wellbeing Fund was set up in 2020 to manage monies donated to cover the cost of three of The Drinks Trust's wellbeing services. They are; Counselling services provided by the Dr Julian digital counselling platform, Mindful Drinking tuition supplied by Club Soda and Sleep & Insomnia treatment from Sleepstation. A transfer of £24,495 was made from the unrestricted funds to cover the fund overspend in the year.

Develop Fund

The Develop Fund is used to manage funds donated toward the Drinks Trust's Develop initiative, a programme dedicated to delivering skills and education across drinks and drinks service, and specifically to beneficiaries struggling due to financial hardship.

Community Fund

The community Fund is funding to deliver the Drinks Trust online community platform, which has the purpose of creating opportunity for those in the industry to learn through peer-to-peer support.

Champions Fund

The Champions Fund is funding received to delivering Wellbeing Champions training.

22. EMPLOYEE BENEFIT OBLIGATIONS

The Drinks Trust operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Drinks Trust in an independently administered fund. The pension costs charge represents contributions payable by the charity to the fund amounting to £39,416 (2023 - £38,218).

23. RELATED PARTY DISCLOSURES

Cesium Executive Group is a related party of The Drinks Trust by virtue of a Trustee (Paul Haslam) being a director of the business. In the year ended 31[st] December 2024 The Drinks Trust paid £21,600 (2023: £0) in relation to recruitment services. There was no balance outstanding at the year end.

Trustees

Total of donations given by trustees in the year is £29,200 (2023: £28,250)

continued...

Page 30

Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 December 2024
2024
£
INCOME AND ENDOWMENTS
Donations and legacies
Donations
704,393
Other trading activities
Fundraising events
139,110
Other income
51,230
190,340
Investment income
Income from investments
115,942
Deposit account interest
451
116,393
Total incoming resources
1,011,126
EXPENDITURE
Raising donations and legacies
Support costs
97,321
Other trading activities
Bad debts
-
Investment management costs
Portfolio management
43,143
Charitable activities
Wages
477,206
Grants to individuals
435,528
912,734
Support costs
Management
Sundries
89,208
Finance
Bank charges
1,081
Information technology
Repairs and renewals
355
Governance costs
Auditor's remuneration- statutory audit
10,350
Accountancy and legal fees
68,509
78,859
Total resources expended
1,222,701		 2023
£
741,906
176,645
34,667
211,312
62,552
7,649
70,201
1,023,419
176,693
1,375
43,899
461,543
623,108
1,084,651
75,729
556
(1,282)
10,350
50,515
60,865
1,442,486

Page 31

Docusign Envelope ID: 86180EAE-29AE-41A4-B2FD-7D1FCE5A327C

THE DRINKS TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2024

Net expenditure before gains and losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments
Net income/(expenditure)		 2024
£
(211,575)
423,087
211,512		 2023
£
(419,067)
382,993
(36,074)

This page does not form part of the statutory financial statements

Page 32