**Charity registration number 1059811 (England and Wales)**
**THE BREWERS' COMPANY GENERAL CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **THE BREWERS' COMPANY GENERAL CHARITABLE TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustee's report|1 - 3|
|Independent examiner's report|4|
|Statement of financial activities|5 - 6|
|Balance sheet|7|
|Notes to the financial statements|8 - 12|
## **THE BREWERS' COMPANY GENERAL CHARITABLE TRUST**
## **TRUSTEE'S REPORT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
The Trustee presents their report and financial statements for the year ended 31 December 2024. The financial statements comply with current statutory requirements and the requirements of the Charity's Declaration of Trust.
## **Objectives and activities**
The Trustee delivers public benefit through grant making and has paid due regard to the public benefit guidance issued by the Charity Commission in deciding what activities the Charity should support.
The objects of the charitable trust, as laid out in the Declaration of Trust Deed, state that the unrestricted income should be used for general charitable purposes as determined by the Court of the Brewers’ Company.
## **Achievements and performance**
During the year the Charity awarded grants of £206,098 (2023: £122,862) as detailed in note 2 to the accounts and other educational awards and prizes of £6,950 (2023: £4,690).
## **Financial review**
## _Expendable Endowment:_
On 9 October 2014 the Charity took over the assets and liabilities of the IBD Grant Fund and, in accordance with the deed of transfer, established an expendable endowment fund and a restricted fund named ‘Brewers’ Research and Education Fund’ (‘BREF’).
The purpose of the fund is the advancement of education of benefit to the public or a section of the public, especially in the science of brewing, fermentation and distillation. In particular it is agreed that the BREF will be used to support the following areas of activity:
- To promote brewing education, training and research;
- To research and educate the public about beer consumption;
- To research the composition and nutritional value of beer in relation to diet and wellbeing;
- To promote research relating to the environmental and economic sustainability of the brewing sector.
An Advisory Committee has been established to:
- Report to the Trustee;
- Recommend and review the grant making policy;
- Recommend grants to be supported;
- Monitor grant funded projects.
The Charity received £4,656,543 on 9 October 2014. The fund is represented by a portfolio of investments. No accumulated unspent income (2023: £nil) was transferred from the restricted fund in the year, and in addition, the value of the fund increased by £473,351 in the period to 31 December 2024 (2023: £405,242). At 31 December 2024, the fund stood at £7,197,776 (2023: £6,734,973). The income generated by the fund is restricted to BREF.
In 2021, a Quinquennial investment review was commissioned by the Investment Committee of the Brewers’ Company. It was noted that the Newton Global Growth & Income Fund, in which the BREF assets are invested, has lagged CCLA’s COIF Investment Fund in total return terms, but has generally performed in line with the other major multi-asset funds for charities. The total returns achieved have been good, as compared to the composite benchmarks and most comparable multi-asset funds for charities, as well as the peer group measurement of the ARC Steady Growth Index.
The listed investments are managed by Newton Investment Management. In 2021, the Trustee reviewed the investment policy in line with the recommendations from the Quinquennial investment review. The investment objective was redefined as “Principally the maintenance of Capital in real terms as measured by CPI over a rolling 5-year period, and then an average annual growth in income in the longer term. The total return target is CPI+3% over a rolling 5-year period on a net of fees basis”. Additionally, the Trustee agreed to charge investment management fees to capital from 1 January 2022. Performance is monitored by the Investment Committee of the Brewers’ Company.
- 1 -
## **THE BREWERS' COMPANY GENERAL CHARITABLE TRUST**
## **TRUSTEE'S REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## _Restricted Fund – BREF:_
The Charity received a total income of £153,792 (2023: £146,804) from investments and interest of £5,597 (2023: £1,915). Grants of £179,948 (2023: £93,492) were awarded and administration and management fees of £36,852 (2023: £34,264) were paid, resulting in a deficit for the year of £57,411 before transfers (2023: surplus of £20,963). After transfers, at 31 December 2024, the fund stood at £152,442 (2023: £209,355).
## _Unrestricted Funds:_
The charity received donations totalling £40,050 (2023: £40,683).
Grants and awards totalling £33,100 (2023: £34,060) were made in the year. After taking account of other costs of £2,281 (2023: £2,334), this resulted in a surplus of £4,669 (2023: £4,289) for the year. At 31 December 2024, the charity had unrestricted reserves of £22,629 (2023: £17,960) to apply to future beneficiaries.
## _Reserves:_
It is the policy of the Trustee to:
- Distribute the unrestricted funds in accordance with the beneficiary list approved by the Court of the Brewers' Company and for general charitable purposes;
- Distribute the net income on restricted funds in the following year. The net income of the BREF for 2024 will thus be distributed in 2025;
- Maintain the expendable endowment fund in real terms to protect the interests of future beneficiaries.
## **Structure, governance and management**
The sole Trustee is the body corporate called The Master and Keepers or Wardens and Commonalty of the Mystery or Art of Brewers in the City of London, commonly known as the Brewers’ Company.
The Charity’s activities are overseen by the Master, Wardens and Court Assistants of the Brewers’ Company who
comprise the Court.
The Court meets five times a year to monitor investment performance and make decisions on charitable expenditure. The Court is advised by an Investment Committee who meet regularly with the investment advisors to monitor their performance against targets.
The day to day administration of the Charity is undertaken by staff of the Trustee.
## **Reference and adminstrative details of the Charity, its Trustee and advisors**
The Brewers' Company General Charitable Trust is a Charity registered in England and Wales no: 1059811.
The principal address of the Charity is Brewers’ Hall, Aldermanbury Square, London EC2V 7HR.
The Trustee is the Brewers’ Company of the City of London.
The principal advisors to the Charity are:
_Independent Examiner Bankers_ Paul Windmill FCA Lloyds Bank plc _Solicitors Investment Managers_ Farrer & Co LLP Newton Investment Management Limited
## **Plans for future periods**
The aim of the Trustee is to maximise the amount available for distribution to beneficiaries.
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## **THE BREWERS' COMPANY GENERAL CHARITABLE TRUST**
## **TRUSTEE'S REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **Statement of trustee's responsibilities**
Charity law requires the Trustee 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 net incoming/(outgoing) resources for the year. In preparing the financial statements the Trustee is required to:
- Select suitable accounting policies and apply them consistently;
- Make judgements and estimates that are reasonable and prudent; and
- Prepare the financial statements on a going concern basis unless it is inappropriate to do so.
The Trustee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable it to ensure that the financial statements comply with the Charities Act 2011. The Trustee is also responsible for safeguarding the assets of the Charity and hence for taking steps for the prevention and detection of fraud and other irregularities.
## **By order of the Trustee**
## **NHC Tindal**
Clerk 1 May 2025
- 3 -
## **THE BREWERS' COMPANY GENERAL CHARITABLE TRUST**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF THE BREWERS' COMPANY GENERAL CHARITABLE TRUST**
I report to the trustee on my examination of the financial statements of The Brewers' Company General Charitable Trust (charity no. 1059811) for the year ended 31 December 2024 as set out on pages 5 to 12.
## **Responsibilities and basis of report**
As the trustee of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
## **Paul Windmill FCA**
Myers Clark Statutory Auditor and Chartered Accountants Egale 1, 80 St Albans Road Watford Hertfordshire WD17 1DL
Dated: .........................
- 4 -
## **THE BREWERS' COMPANY GENERAL CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
|**Unrestricted**
**Restricted Endowment**
**funds**
**funds**
**funds**
**Notes**
**£**
**£**
**£**
**Income from:**
Donations from the Brewers'
Company
32,700
-
-
Other donations received
7,350
-
-
Investment income
-
159,389
-
**Total income**
40,050
159,389
-
**Expenditure on:**
Grants
**2**
26,150
179,948
-
Educational awards and prizes
6,950
-
-
Investment manager's fees
-
498
-
Other management fees
-
28,440
-
Accountancy and bank cost
1,931
1,876
-
Irrecoverable VAT
350
6,038
-
**Total expenditure**
35,381
216,800
-
Net gains/(losses) on investments
-
-
473,351
**Net incoming/(outgoing)**
**resources before transfers**
4,669
(57,411)
473,351
Gross transfers between funds
-
498
(498)
**Net movement in funds**
4,669
(56,913)
472,853
Fund balances at 1 January 2024
17,960
209,355
6,683,076
**Fund balances at 31 December**
**2024**
22,629
152,442
7,155,929|**Total**
**2024**
**£**
32,700
7,350
159,389
199,439
206,098
6,950
498
28,440
3,807
6,388
252,181
473,351
420,609
-
420,609
6,910,391
7,331,000|**Total**
**2023**
**£**
35,715
4,966
148,721|
|---|---|---|
|||189,402|
|||122,862
4,690
19,787
26,819
3,760
6,019|
|||183,937|
|||405,242|
|||410,707
-|
|||410,707
6,499,684|
|||6,910,391|
- 5 -
## **THE BREWERS' COMPANY GENERAL CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **PRIOR YEAR**
|**Unrestricted**
**Restricted Endowment**
**funds**
**funds**
**funds**
**Notes**
**£**
**£**
**£**
**Income from:**
Donations from the Brewers'
Company
35,715
-
-
Other donations received
4,966
-
-
Investment income
2
148,719
-
**Total income**
40,683
148,719
-
**Expenditure on:**
Grants
**2**
29,250
93,612
-
Educational awards and prizes
4,810
(120)
-
Investment manager's fees
-
-
19,787
Other management fees
-
26,819
-
Accountancy and bank cost
2,006
1,754
-
Irrecoverable VAT
328
5,691
-
**Total expenditure**
36,394
127,756
-
Net gains on investments
-
-
405,242
**Net incoming/(outgoing)**
**resources before transfers**
4,289
20,963
385,455
**Net movement in funds**
4,289
20,963
385,455
Fund balances at 1 January 2023
13,671
188,392
6,297,621
**Fund balances at 31 December**
**2023**
17,960
209,355
6,683,076|**Total**
**2023**
**£**
35,715
4,966
148,721|
|---|---|
||189,402|
||122,862
4,690
19,787
26,819
3,760
6,019|
||183,937|
||405,242|
||410,707
410,707
6,499,684|
||6,910,391|
- 6 -
## **THE BREWERS' COMPANY GENERAL CHARITABLE TRUST**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2024**_
|**Notes**
**Fixed assets**
Investments
**4**
**Current assets**
Debtors
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**5**
Net current assets
**Total assets less current liabilities**
**Funds of the charity:**
Expendable endowment
**6**
Restricted funds
Unrestricted funds|**2024**
**£**
178
187,381
187,559
(54,335)|**£**
7,197,776
133,224
7,331,000
7,155,929
152,442
22,629
7,331,000|**2023**
**£**
32,841
182,144
214,985
(39,567)|**£**
6,734,973
175,418|
|---|---|---|---|---|
|||||6,910,391|
|||||6,683,076
209,355
17,960|
|||||6,910,391|
The financial statements were approved by the Trustee on 1 May 2025 and signed on their behalf by:
K A Smart **Master**
NHC Tindal **Clerk**
- 7 -
## **THE BREWERS' COMPANY GENERAL CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **1 Accounting policies**
## **1.1 Basis of preparation and assessment of going concern**
The accounts have been prepared under the historical cost convention with items recognised at cost of transaction value unless otherwise stated in the relevant notes to these accounts.
The financial statements have been prepared in accordance with the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2019.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 (effective 1 January 2019) rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The charity constitutes a public benefit entity.
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
## **1.2 Investments**
Investments are quoted on recognised stock exchanges and are stated at mid-market value.
## **1.3 Resources expended**
Resources expended are recognised when a legal or constructive obligation to pay arises.
Grants are accounted for when the Trustee has approved the grant and the recipients are advised of the grant.
Educational awards and prizes are accounted for when the amounts have been agreed by the Trustee.
## **1.4 Funds**
Expendable endowment funds represent funds received where the intention is to maintain the capital but where the donor has agreed that the Trustee may, if necessary to maintain grant giving, expend the capital.
Restricted funds are to be used for specific purposes as determined by the donor.
Unrestricted funds represent funds received that can be applied at the Trustee’s discretion within the general objects of the charity.
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## **THE BREWERS' COMPANY GENERAL CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
|**2**|**Charitable grants and donations awarded/(withdrawn)**|||
|---|---|---|---|
|||**2024**|**2023**|
|||**£**|**£**|
||Brewers' Research and Education Fund - Institutions:|||
||Zero Carbon Forum|55,800|-|
||Royal Agricultural University|40,666|-|
||ICBD|32,500|-|
||Cask Marque|29,750|-|
||Wye Hops Limited|15,182|26,882|
||National Brewery Heritage Trust|3,500|-|
||Oxford Brookes|2,550|2,500|
||Nottingham University|-|26,212|
||British Beer and Pub Association|-|22,000|
||Dea Latis|-|16,018|
|||179,948|93,612|
||Other charitable purposes:|||
||Aldenham School|18,000|18,000|
||Clerk's minor|3,000|3,200|
||Other amounts up to £1,000 each|5,150|4,050|
||2023 Coronation donation|-|4,000|
|||26,150|29,250|
||**Total**|206,098|122,862|
|**3**|**Net movement in funds**|**2024**|**2023**|
|||**£**|**£**|
||The net movement in funds is stated after charging/(crediting):|||
||Fees payable for the independent examination of the charity's financial|||
||statements|3,500|3,300|
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## **THE BREWERS' COMPANY GENERAL CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
|**4**|**Fixed asset investments**|||
|---|---|---|---|
|||**2024**|**2023**|
|||**£**|**£**|
||At 1 January 2024|6,734,973|6,329,731|
||Cash withdrawn|(10,548)|-|
||Increase/(decrease) in market value|473,351|405,242|
||At 31 December 2024|7,197,776|6,734,973|
|||**2024**|**2023**|
|||**£**|**£**|
||Investments at fair value comprise:|||
||Held within the UK|7,197,776|6,734,973|
|||7,197,776|6,734,973|
||The entire investment portfolio is held in the Newton Growth & Income Fund for Charities.|||
|||**2024**|**2023**|
|||**£**|**£**|
||Attributable cost:|||
||As at 31 December|6,585,819|6,596,366|
|**5**|**Creditors: amounts falling due within one year**|||
|||**2024**|**2023**|
|||**£**|**£**|
||Grant commitments|48,654|27,065|
||Accruals and deferred income|5,681|12,502|
|||54,335|39,567|
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## **THE BREWERS' COMPANY GENERAL CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **6 Funds of the charity**
|**Balance at 1**
**January**
**2024**
**£**
Expendable
endowment
6,683,076
Restricted - Brewers'
Research and
Education Fund
209,355
Unrestricted
17,960
6,910,391
**PRIOR YEAR**
**Balance at 1**
**January**
**2023**
**£**
Expendable
endowment
6,297,621
Restricted - Brewers'
Research and
Education Fund
188,392
Unrestricted
13,671
6,499,684|**Movement in**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
-
-
159,389
(216,800)
40,050
(35,381)
199,439
(252,181)
**Movement in**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
-
(19,787)
148,719
(127,756)
40,683
(36,394)
189,402
(183,937)|**funds**
**Transfers**
**Gains and**
**losses**
**Balance at 31**
**December 2024**
**£**
**£**
**£**
(498)
473,351
7,155,929
498
-
152,442
-
-
22,629
-
473,351
7,331,000
**funds**
**Transfers**
**Gains and**
**losses**
**Balance at 31**
**December 2023**
**£**
**£**
**£**
-
405,242
6,683,076
-
-
209,355
-
-
17,960
-
405,242
6,910,391|
|---|---|---|
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## **THE BREWERS' COMPANY GENERAL CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
|**7**
**Analysis of net assets between funds**
**Expendable**
**endowment**
**Restricted**
**Unrestricted**
**£**
**£**
**£**
Fund balances at 31 December 2024 are
represented by:
Investments
7,197,776
-
-
Current assets/(liabilities)
(41,847)
152,442
22,629
7,155,929
152,442
22,629
**PRIOR YEAR**
**Expendable**
**endowment**
**Restricted**
**Unrestricted**
**£**
**£**
**£**
Fund balances at 31 December 2023 are
represented by:
Investments
6,734,973
-
-
Current assets/(liabilities)
(51,897)
209,355
17,960
6,683,076
209,355
17,960|**Total**
**£**
7,197,776
133,224|
|---|---|
||7,331,000|
||**Total**
**£**
6,734,973
175,418|
||6,910,391|
## **8 Trustee's remuneration and expenses**
The charity is charged for administration costs by the Brewers’ Company, which is the Trustee of the charity, in respect of the management of the permanent endowment and grant making in accordance with the terms of the Deed relating to the Establishment of the BREF dated 9 October 2014. Included in other management fees charged in 2024 was £26,940 (2023: £25,319).
## **9 Management fees**
The charity is charged for administration costs by the British Beer and Pub Association, in respect of the Secretariat of the Advisory Committee, in accordance with the terms of the Deed relating to the Establishment of the BREF dated 9 October 2014. Included in other management fees charged in 2024 was £1,500 (2023: £1,500).
## **10 Employees**
The charity has no employees.
## **11 Future commitments**
At the balance sheet date the charity had made future commitments in respect of grants made from the BREF restricted fund over a term of years, subject to conditions and subsequent charity approval:
|Within one year
Between one and two years
Between two and three years|**2024**
**£**
72,098
40,667
-
112,765|**2023**
**£**
34,932
31,431
16,250|
|---|---|---|
|||82,613|
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