THE DISTILLERS' CHARITY
(CHARITABLE INCORPORATED ORGANISATION)
REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2022 Charity Number: 1193683
BEGBIES Chartered Accountants 9 Bonhill Street London EC2A 4DJ
THE DISTILLERS' CHARITY (CHARITABLE INCORPORATED ORGANISATION)
LEGAL AND ADMINISTRATION INFORMATION
TRUSTEES
Grant Gordon OBE (Chair) Geoffrey Bush DL Bryan Burrough (Resigned 25 January 2022) Leslie Davey (Appointed 18 July 2022) Paul Hick (Appointed 25 January 2022) Kenneth MacKay Richard Watling
REGISTERED OFFICE
1 The Sanctuary London SW1P 3JT
AUDITORS
Begbies Chartered Accountants 9 Bonhill Street London EC2A 4DJ
BANKERS
C Hoare & Co 37 Fleet Street London EC4P 4DQ
INVESTMENT ADVISERS
Cazenove Capital 1 London Wall Place London EC2Y 5AU
LEGAL ADVISERS
Lee Bolton Monier-Williams LLP 1 The Sanctuary London SW1P 3JT
CCEW CIO registered March 2021- No 1193683 OSCR CIO registered October 22 -SCO052075
THE DISTILLERS' CHARITY TRUSTEES REPORT
England & Wales (no. 1193683) Scotland (SCO052075)
REPORT OF THE TRUSTEES
The trustees present their report and consolidated financial statements of the Charity and its subsidiary for the year ended 30 September 2022.
The financial statements comply with the Charities Act 2011, the Charity's constitution, and the Charities Statement of Recommended Practice (“Charities SORP”) (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland; FRS 102) issued in October 2019.
Structure, Governance and Management
T he Charity was registered on 3 March 2021 as a Charitable Incorporated Organisation (CIO -registered no. 1193683 & SCO052075). It succeeded to the unincorporated charity of the same name, The Distillers' Charity, (charity number 1038763) and the assets of the unincorporated entity have been transferred to the new legal entity.
The Charity is governed by the rules of its constitution.
In terms of the governance of the Charity, there are at least five trustees and a maximum of nine trustees. The Worshipful Company of Distillers, acting through its Court, appoints not fewer than three and not more than seven nominated trustees, and in addition not more than two trustees may be co-opted by the nominated trustees.
During the year two new trustees were nominated by the Court of the Worshipful Company, Paul Hick as Treasurer and Leslie Davey who took up responsibility for Charity communications. Bryan Burrough, formerly Treasurer stepped down as trustee, while remaining a member of the Finance & Investment Committee.
At present the Charity has no staff, although it outsources certain tasks related to grant-making and impact to an external organisation Inspiring Scotland, specialised in advising charities on improving outcomes for young people. The Charity also received support in managing its Vocation Training & Education activities from the Worshipful Company’s Development Director.
The Charity has a wholly owned trading subsidiary, The Distillers' Ventures Limited (DVL), the purpose of which is to raise funds for the Charity. The subsidiary, which is managed day to day by two members of staff including the Managing Director, has a formal undertaking to transfer all profits to the Charity.
The trustees are responsible for relationships between the Charity and related parties, including its trading subsidiary DVL, and other charities and organisations with which it co-operates in the pursuit of its charitable objectives. Whilst there is no formal policy, the trustees take responsibility for the training and induction of new trustees.
Objectives, Public Benefit Aims and Policies of the Charity
The objects of the Charity are:
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1) The advancement of education of beneficiaries.
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2) The relief of poverty.
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3) To support young people, especially from disadvantaged backgrounds and deprived areas, to reach their full potential.
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4) To promote any charitable purpose for the benefit of the public generally.
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THE DISTILLERS' CHARITY TRUSTEES REPORT
The trustees confirm, that in pursuit of the charitable objectives of the Charity via its grants and other activities, they have both consulted and have regard to the Charity Commission guidance on achieving Public Benefit.
The Charity achieves its objectives via its programme of grants, particularly where these grants are expected to make a noticeable difference to the welfare and quality of life of the beneficiaries.
Activities and Achievements During the Period
The Charity was established in March 2021 to assume the activities of The Distillers' Charity (an unincorporated charitable trust) to carry forward the Charity’s mission supported by governance, policies and processes that are designed to support grant-making activities to achieve social impact.
Following the Charity’s incorporation work was undertaken to prepare the way for the full transfer of assets, from the old Charity and to incorporate its wholly-owned trading subsidiary, The Distillers' Ventures Limited. The main purpose of the subsidiary trading company is to organise and hold a series of biennial auctions of donated rare spirits raising funds for the benefit of the Charity and its charitable mission. The inaugural fundraising Auction was held in Edinburgh during December 2021.
Trustees also sought professional advice to recommend how proceeds from the Auction could be most effectively used to create impact in alignment with the Charity’s mission to support young people from disadvantaged backgrounds. The Scottish charity, Inspiring Scotland, produced a scoping report for trustees, which led to the inception of the Youth Action Fund (see below)
In terms of governance, as it relates to our grant-making and impact, the Youth Action Fund and Vocational Training and Education committees, both met regularly. These committees reported on their activities at Trustee meetings, accompanied by written updates on the progress of our charity partners and impact achieved. Both committees have delegated accountability to manage grant-making and other related activities and ensure the effective use of available resources to deliver social impact. New sets of KPI’s were established for monitoring and evaluating the effectiveness of the work in both areas.
Grant-making & Impact
The Distillers’ Charity grant-making activities cover three distinctive areas, each of which supports the Charity’s mission to transform the lives of young people. The Youth Action Fund is focused in Scotland on achieving employability outcomes for young people from disadvantaged backgrounds. The Charity’s two other grant-making areas, Vocational Training & Education and City & Livery Giving, build on the historic work of the original Distillers’ Charity:
Youth Action Fund
The Youth Action Fund is supported by the proceeds of the Distillers One of One Auction Series to transform the life chances of young people in Scotland aged between 16 and 25. The Fund’s portfolio of charities and impact monitoring is managed by Inspiring Scotland. From the Fund’s inception in January 2022, working with the Charity, Inspiring Scotland initially curated a portfolio of four charity delivery partners, Aberdeen Foyer, Street League, ENABLE Works and Alcohol Education Trust, each bringing deep expertise and experience in achieving sustainable employability outcomes with young people from disadvantaged backgrounds. Two further charities, FARE Scotland and Action for Children were selected, to begin work during commencing October 2022. Total grantmaking across this area of work was £514,727 (£2022- NIL)
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THE DISTILLERS' CHARITY TRUSTEES REPORT
In terms of monitoring and evaluation, Inspiring Scotland’s ‘Matrix’ system recorded the experience of each individual young person supported by the Youth Action Fund from initial engagement through to successful employability outcome and beyond. During the calendar year 478 young people were engaged for support by the Youth Action Fund charity partners, across 26 Local Authority areas in Scotland. By the end of the year (December 2022) in terms of impact 249 employability outcomes were achieved by young people being supported by the Youth Action Fund, of which 69% of these outcomes were obtained in the final quarter highlighting the Fund’s potential to deliver impact at scale.
Vocational Training and Education
Distillers’ Vocational Training and Education (VTE) provides support for the next generation of young talent in the distilling industry, promoting diversity and inclusion. It provides bursaries and scholarships, and offers mentoring, advanced learning seminars, networking opportunities, and access to industry knowledge offering an holistic support package. Total expenditure across this area totalled £27,110 (2021- £ 10,640 comparable expenditure in the Old Charity)
In terms of the impact of Distillers’ VTE, 80 students benefited from the range of activities and support offered. Outputs included, 24 bursaries awarded to students, 23 mentorship connections and 2 work experience placements as well as other activities supporting future generations into work in the drinks industry.
City & Livery Giving
City and Livery Giving reflects the Worshipful Company’s role as a Guild, and includes supporting The Lord Mayor’s Appeal for a Better City for All. Grant-making in this area of work aims to improve the lives of young people, support members of the distilling industry experiencing hardship or mental health issues, and help young people stay safe around alcohol. Total expenditure across City & Livery giving totalled £102,250 (2021- £ 83,250 –comparable expenditure in the Old Charity)
We monitored the progress of each of our charity partners across City & Livery Giving, which produced a range of outputs including 21,000 vulnerable young people being supported with knowledge and skills to reduce the misuse of alcohol and other substances, supported by training provided by the Alcohol Education Trust. At Future Youth Zone, a beneficiary of the Lord Mayor’s Appeal, our funding contributed to supporting the work that this state-of-theart institution does in building the confidence of 3,500 young people in Dagenham. At the Drinks Trust, which the Charity contributed to funding, their work helped more than 4,500 industry colleagues facing hardship.
Fundraising activities
The Charity is funded through two distinctive strategies, which benefit from its ties with the Worshipful Company of Distillers as well as its ongoing relationship with the drinks industry and individuals who work, or did so previously, in the industry. Its principal income is produced by its bi-annual Distillers One of One Auction Series, alongside income raised by way of regular donations from Livery members as well as targeted fundraising appeals.
The first 'One of One' Auction was held in December 2021 in Edinburgh and raised £2.5 million, in terms of the hammer price. Not all the funds were received during the financial year. This outcome was made possible by the generosity of the Scotch Whisky industry, through their donations and support for the Auction, for which the Charity is grateful. It had been agreed prior to the Auction, that 90% of the funds raised, representing the price paid for lots before buyer’s premium, would be allocated to newly formed Youth Action Fund established to transform the life chances of young people in Scotland, empowering them to create positive change in their lives and communities. The Founder’s Advisory Council met regularly receiving updates on the Auction and fundraising activities, as well as the progress of the Youth Action Fund and related matters, providing feedback and advice to DVL.
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THE DISTILLERS' CHARITY TRUSTEES REPORT
Livery support, in the form of annual and one-off donations from members, provided the majority of the funding to support Vocational Training & Education as well as City & Livery Giving, totalling £58,600. During the year there was an increase in the number of Livery donors, as members migrated historical standing orders from the old Charity in favour of the new organisation.
Our incoming resources for the year were supplemented by £20,675 income from the Charity’s investment funds.
Financial review
Total income for the financial period was £3,178,843 (2021- £244,409), of which £1,266,889 represented a donation from the old Distiller’s Charity, transferring the accumulated value of their investment fund. The increase in other income was derived primarily by donations from Distillers’ Ventures Limited arising from the One of One Auction totalling £1,691,613 (2021- £102,667).
In terms of expenditure fundraising costs totalled £141,307 which related mainly to the activities related to the Auction (2021- £64,733).
Charitable expenditure also grew considerably during the year totalling £644,087 (2021- £93,890 comparable expenditure in the Old Charity).
Risk review
The trustees recognise their responsibilities to ensure that risk management is approached
comprehensively throughout the organisation.
Major risks are those that would have a significant impact and a likelihood of occurring. If they arise they would have a major impact on the Distillers’ Charity. The board has a risk assessment and management process, which is a standing item at board meetings. The process identifies areas of risk under three broad sub-headings, governance & management, finance and reputation management. Each risk identified has suggested mitigation measures and related actions with named accountability.
Trustees regularly review the risks the Charity faces in all areas of its work, assessing these risks to determine their potential severity and the likelihood of occurrence taking appropriate action to manage risks that have been identified. The board reviews the risk register at each trustee meeting and are satisfied that measures are in place to manage the key identified risks.
Investment policies & reserves
The trustees set a reserves policy, consistent with the Charity Commission guidance, which requires that reserves are maintained at a level which ensures that the Charity’s core grant-making activity could continue during a period of unforeseen difficulty. Where appropriate, a proportion of the reserves will be held in a readily realisable form.
The calculation of the required level of reserves, which is subject to an annual review by trustees, is an integral part of the organisation’s planning, budget and forecasting cycle and considers risks associated with each income stream and expenditure varying from that budgeted, including future planned levels of charitable giving. Having considered the risks, activity and commitments of the organisation trustees have agreed that the organisation should retain a level of reserves of £1 million.
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THE DISTILLERS' CHARITY TRUSTEES REPORT
The investment strategy, management, and performance monitoring, related to the Charity’s reserves, is the responsibility of the Finance and Investment Committee (FIC), which is chaired by the Treasurer. Under advice of the FIC, trustees appoint an investment manager to manage the investment portfolio on its behalf. The FIC reports to the board once per year on the management and performance of its investment portfolio.
For its long-term investments (5-10 years) the trustees seek a return of CPI+2 to 3% over each 5-year cycle. The trustees recognise the last 10 years have been a period of high returns in a low inflation environment and in the future it will be more challenging to deliver similar returns on a risk adjusted basis.
The trustees follow their obligations, as defined by s4 Trustee Act, to maximise the return on the Charity’s investments and have reviewed their ESG policy. The portfolio mandate currently does not have any ESG constraints.
Financial position at the end of the year
At the end of the financial year, the charity held a total reserve of £2,302,856, split between Restricted funds of £966,673 Designated funds of £25,000 Unrestricted funds £1,311,183
Fundraising -The Charities (Protection and Social Investment) Act disclosure
Our fundraising primarily comes from the biennial One of One Auction, managed by Sotheby’s. The remaining fundraising is derived from donations made by Liverymen from the Worshipful Company of Distillers. There are no third parties involved in this fundraising.
We are not registered with the Fundraising regulator and are not bound by undertakings to any voluntary scheme. There have been no failures to comply with any codes and there have been no complaints to the Charity about its fundraising. The Trustees believe that our fundraising is outside the scope of the Act in terms of requiring policies protecting vulnerable people.
Plans for the future
Going forward the Charity aims to consolidate the progress that was made in 2022, continuing to work with our grantees, across each of our three grant-making and impact areas. For the Youth Action Fund, representing our largest area of funding, we anticipate delivering £1 million in total support in Scotland for our portfolio of charity partners, targeted at achieving positive youth employability outcomes. We will continue to monitor the Fund’s impact on individual beneficiaries with a particular focus on tracking the sustainability of outcomes with young people.
In Vocational Training & Education, further steady growth is anticipated in this important work stream that supports young talent entering and building careers in the drinks industry.
For City & Livery Giving it is planned to maintain support at historic levels overall, while introducing a new Charity of the Year. This appeal, targeting support at young people from disadvantaged backgrounds, is being led by the Master of the Worshipful Company encouraging further engagement by Livery members in our philanthropic work.
In terms of fundraising, the second edition of the biennial Distillers One of One Auction is due to be held in Scotland in October 5th 2023. Distillers Ventures Limited will experience a busy year, as the preparations for Auction are managed, including strong focus on donor engagement with the Scotch Whisky industry, and the participating company’s whose generosity provides the foundation for this unique fundraising programme to be successful. This work includes, but is not limited to, sourcing the Auction lots, marketing the event to prospective buyers, engaging sponsors, as well as encouraging industry donors to engage with our charity partners to support delivering employability outcomes for the beneficiaries.
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THE DISTILLERS' CHARITY TRUSTEES REPORT
Trustees' Responsibilities in Relation to the Financial Statements
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 charity's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to:
• Select suitable accounting policies and then apply them consistently;
- Make judgements and estimates that are reasonable and prudent;
• State whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; 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 accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. 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.
Statement of disclosure to auditor
So far as the Trustees are aware, there is no relevant audit information of which the charity’s auditor is unaware. Additionally, the Trustees have taken all the necessary steps that they ought to have taken in order to make themselves aware of any relevant audit information and to establish that the charity’s auditor is aware of that information.
Approved by the trustees and signed on their behalf by:
Grant Gordon OBE
Date: 05/07/2023
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INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE DISTILLERS' CHARITY
Opinion
We have audited the group financial statements of The Distillers' Charity (the ‘charity’) for the year ended 30 September 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated and charity Balance Sheets, the Consolidated Statement of Cash Flows 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
• Give a true and fair view of the state of the parent charity and its subsidiary undertaking’s affairs as at 30 September 2022 and of their incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Charities Act 2011.
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 discussed in the auditor’s responsibilities for the financial statements section of our report. We are independent of the charity 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 charity’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 report of the trustees. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
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INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE DISTILLERS' CHARITY
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified any material misstatements in the report of the trustees.
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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The information given in the trustees’ report is inconsistent in any material respect with the financial statements; or
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Sufficient accounting records have not been kept; or
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The financial statements are not in agreement with the accounting records; or
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We have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement, the trustees 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 charity’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditors under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 an auditor’s report 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.
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INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE DISTILLERS' CHARITY
Extent to which the audit was capable of detecting irregularities, including fraud
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:
– Agreement of the financial statement disclosures to underlying supporting documentation;
– Enquiries of management and the trustees as to their identification of any non-compliance with laws or regulations, or any actual or potential claims;
– Review of minutes of Board meetings throughout the period;
– incorporating unpredictability into the nature, timing and/or extent of testing.
– Evaluation of the selection and application of the accounting policies chosen by the charity.
– In relation to the risk of management override of internal controls, by undertaking procedures to review journal entries and evaluating whether there was evidence of bias that represented a risk of material misstatement due to fraud; and
– We assessed the susceptibility of the charity’s financial statements to material misstatement, including how fraud might occur by considering the key risks impacting the financial statements.
Other matter
The comparative year figures were not audited due to the low level of income received falling below the audit threshold.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s 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 charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Begbies Chartered Accountants Statutory Auditors Date
9 Bonhill Street London EC2A 4DJ
05/07/2023
Page 9
The Distillers' Charity Consolidated Statement of Financial Activities for the year ended 30 September 2022
Income from: Note Donations & legacies 3 Income from other trading activities: Fundraising activities 4 Investments 5 Total income Expenditure on: Raising funds Events and other fundraising costs 6 Investment management fees Charitable activities Youth Action Fund 7 City & Livery Charities 7 Vocational Training & Education 7 Total expenditure Net income / (expenditure) before net gains on investments Net gains on investments 13 Net income / (expenditure) Extraordinary item included in income See note 1 (b) Transfers between funds 17 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 17 |
Unrestricted Funds £ 1,316,514 351,280 20,675 |
Restricted Funds £ 8,975 1,481,400 - |
Total Funds Unrestricted 2022 Funds £ £ 1,325,489 54,409 1,832,680 165,000 20,675 - |
Total Restricted Funds Funds 2021 £ £ 25,000 79,409 - 165,000 - - |
|---|---|---|---|---|
| 1,688,469 | 1,490,375 | 3,178,843 219,409 |
25,000 244,409 |
|
| 141,307 791 |
- - |
141,307 64,733 791 - |
- 64,733 - - |
|
| 142,098 87,987 95,761 43,796 |
- 514,727 8,975 - |
142,098 64,733 602,714 6,455 104,736 6,455 43,796 6,455 |
- 64,733 - 6,455 - 6,455 - 6,455 |
|
| 227,544 | 523,702 | 751,246 19,364 |
- 19,364 |
|
| 369,642 | 523,702 | 893,344 84,097 |
- 84,097 |
|
| 1,318,827 (142,955) |
966,673 - |
2,285,500 135,312 (142,955) - |
25,000 160,312 - - |
|
| 1,175,871 | 966,673 | 2,142,544 135,312 |
25,000 160,312 |
|
| 1,266,889 | - | 1,266,889 54,409 |
25,000 79,409 |
|
| - | - | - 25,000 |
(25,000) - |
|
| 1,175,871 160,312 |
966,673 - |
2,142,544 160,312 160,312 - |
- 160,312 - - |
|
| 1,336,183 | 966,673 | 2,302,856 160,312 |
- 160,312 |
There were no other recognised gains or losses other than those stated above. The notes on pages 18 to 25 form part of these accounts.
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The Distillers' Charity Consolidated and Charity Balance Sheets as at 30 September 2022
| Note Fixed Assets: Investments 13 Total fixed assets Current assets: Debtors 15 Cash at bank and in hand Total current assets Liabilities: Creditors: Amounts falling due within one year 16 Net current assets Total assets less current liabilities Creditors: Amounts falling due after one year 16 Total net assets The funds of the Charity: Unrestricted income funds - general funds 17 Unrestricted income funds - designated funds 17 Restricted income funds 17 Total Charity funds |
2022 2021 £ £ 1,098,348 - 1,098,348 - 108,905 94,533 1,145,138 86,401 1,254,044 180,934 (38,909) (20,622) 1,215,134 160,312 2,313,482 160,312 (10,626) 2,302,856 160,312 1,336,183 160,312 - - 966,673 - 2,302,856 160,312 Consolidated |
2022 2021 £ £ 1,123,348 25,000 Charity |
2022 2021 £ £ 1,123,348 25,000 Charity |
|---|---|---|---|
| 1,098,348 | 1,123,348 | 25,000 | |
| 108,905 1,145,138 |
104,350 1,116,836 |
102,667 32,645 |
|
| 1,254,044 (38,909) |
1,221,187 (31,052) |
135,312 - |
|
| 1,215,134 | 1,190,134 | 135,312 | |
| 2,313,482 (10,626) |
2,313,482 (10,626) |
160,312 | |
| 2,302,856 | 2,302,856 | 160,312 | |
| 1,336,183 - 966,673 |
1,311,183 25,000 966,673 |
135,312 25,000 - |
|
| 2,302,856 | 2,302,856 | 160,312 |
The notes on pages 18 to 25 form part of these accounts.
The financial statements were approved by the Trustee Board on 05/07/2023 and signed on behalf of the Trustee Board by
Grant Gordon OBE (Chair)
Paul Hick (Treasurer)
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The Distillers' Charity Consolidated statement of cash flows for the year ended 30 September 2022
| 2022 2021 Cash flows from operating activities: £ £ Net cash provided by / (used in) operating activities (note 1 1,080,240 86,401 Cash flows from investing activities: Dividends and interest received 20,675 - Purchase of investments - - 20,675 - Change in cash and cash equivalents in the year 1,100,915 86,401 Cash and cash equivalents at the beginning of the year 86,401 - 1,187,316 86,401 Notes to the statement of cash flows 1. Reconciliation of net income/(expenditure) to net cash flow from operating activities 2022 2021 £ £ Net income/(expenditure) for the year (as per the statem 2,142,544 160,312 Adjustments for: (Gains)/losses on investments 142,955 - Dividends and interest (20,675) - Gifts of investments (1,199,126) - (Increase)/decrease in debtors (14,372) (94,533) Increase/(decrease) in creditors 28,913 20,622 Net cash provided by / (used in) operating activities 1,080,240 86,401 2. Analysis of cash and cash equivalents 2022 2021 £ £ Cash at bank 1,145,138 86,401 Cash at broker 42,178 - Total cash and cash equivalents 1,187,316 86,401 Consolidated Cash and cash equivalents at the end of the year (note 2 below) Net cash provided by / (used in) investing activities |
2022 2021 £ £ 1,105,694 57,645 Charity |
2022 2021 £ £ 1,105,694 57,645 Charity |
|---|---|---|
| 20,675 - |
- (25,000) |
|
| 20,675 | (25,000) | |
| 1,126,369 32,645 |
32,645 - |
|
| 1,159,014 | 32,645 | |
| 2022 £ 2,142,544 142,955 (20,675) (1,199,126) (1,683) 41,678 |
2021 £ 160,312 - - - (102,667) - |
|
| 1,105,694 | 57,645 | |
| 2022 £ 1,116,836 42,178 |
2021 £ 32,645 - |
|
| 1,159,014 | 32,645 |
Analysis of changes in net debt
The Charity had no net debt in either the current or previous year
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The Distillers' Charity Notes to the Financial Statements as at 30 September 2022
1. Accounting policies
The Distillers' Charity is a Charitable Incorporated Organisation (CIO) and governed by the Charity's constitution. The Charity was registered on 3 Mar 2021 with the Charity Commission of England and Wales and on 19 October 2022 with the Scottish Charity Regulator (OSCR).
(a) Basis of preparation
The financial statements have been prepared in accordance with the Charity's constitution, 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 (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
(b) Transfer of assets from The Distillers' Charity
The transfer of assets to the Charity from The Distillers' Charity (1038763), to the new CIO, does not qualify to be treated as merger under the accounting standards due to the trustee board of both organisations not having a majority of members in common. One of the requirements for a charity reconstruction to be accounted for as a merger is that the persons who constitute the trustee body are not significantly changed.
As merger accounting is not allowed under the accounting standards, the donation of the funds from the old charity have been included as a donation within these accounts and as an extraordinary item.
(c) Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
(d) Group financial statements
The financial statements consolidate the results of the Charity and its wholly owned subsidiary, The Distillers' Ventures Limited, on a line by line basis.
Inter-entity transactions have been removed on consolidation.
(e) Income
Income is recognised when the Charity is legally entitled to it, the amounts can be measured reliably, and it is probable that income will be received.
Income from investments is included in the statement of financial activities in the year in which it is receivable.
Income from fundraising activities is derived from the Charity's subsidiary Distillers ventures Limited which runs a biennial auction. The lots donated are included at the level of income derived from the auction. The operation of the auction, and the sale of the item, is considered to be a performance related condition under FRS 102 and the income is not recognised until performance related conditions are met. As the items given are for the specific biennial auction only, no income or asset is recognised in the event that the item does not sell. Similarly, if the underlying sale has not completed at the year-end, and the donor retains ownership of the item, then no income is recognised. Auction Participation fees are recognised as they fall due and donated buyer's premium is recognised when the buyer's premium is paid by the bidder, and so falls due to the company from the donor.
Donations from the transfer of the former Distillers' Charity have been recorded at the value transferred. Where the transfer involved investments, these have been recorded at their market value on the date of transfer. The remaining assets of the former Distillers Charity have been recorded as a debtor within these account. The former charity is still receiving funds from direct debit collections and any net income received by the former charity after the balance sheet date will be recorded as a donation in the following year.
(f) Expenditure and irrecoverable VAT
All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure.
The Charity makes grants to individuals and institutions in meeting its charitable objects. In accordance with the SORP provision is made for all grants authorised by the Board of Trustees in the year. Where grants are conditional, only those grants where all the conditions have been met at the year end and the grant is approved to be made are recognised in the financial statements. The expense for the period is reduced by any cancellation of grants authorised but not subsequently required.
Investment management fees are recognised on an accruals basis. As none of the funds are endowed, all the investment management fees are charged to unrestricted funds.
Governance costs are purely those necessary for the charity to meet the administrative requirements of the Charity Commission. Support costs are general administrative costs in support of the charitable activities.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
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The Distillers' Charity Notes to the Financial Statements as at 30 September 2022
(g) Allocation of support costs
In accordance with the SORP support and governance costs are allocated across the charitable activities. The basis of allocation is calculated by the percentage of total grants paid in that category after the direct allocation of the Youth Action Fund managment fee to the Youth Action Fund.
Given the nature of the fundraising activities, and their arising in the Charity's subsidiary, no general support or governance costs are allocated to the fundraising activities.
(h) Comparative period
The comparative period runs from the date of formation of 12 March 2021 to 30th September 2021 for the wholly owned subsidiary and from the 3rd March to the 30th September 2021 for the Charity. These accounts are the first prepared on a consolidated basis, and the comparatives have been adjusted as required for this purpose.
(j) Stocks
There are no stocks of donated goods for auction held at the year end.
(k) Funds accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are received for specific purposes as specified by the donor. Details of the restricted funds can be found in note 17.
(l) Pension schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
(j) Fixed asset investments
Fixed asset investments are included at their fair values (market value) at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
(k) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
(l) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
(m) Creditors and provisions
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 trade discounts due.
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
(n) Guarantees
The Charity has agreed to indemnify the former Distillers' Charity trustees against specific HMRC fundraising claims for a period of 6 years in return for the transfer of its net assets. The total transferred to date is £1,346,298.
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The Distillers' Charity Notes to the Financial Statements as at 30 September 2022
2. Financial performance of the charity
The consolidated accounts of the charity includes 100% of The Distillers' Ventures Limited (Company number 13264121). The summary financial performance of the charity alone is:
| 2022 | 2021 | |||
|---|---|---|---|---|
| Statement of Financial Activities | £ | £ | ||
| Donations - non group | 1,325,489 | 79,409 | ||
| Payable as donations from The Distillers' Ventures Limited | 1,691,613 | 102,667 | ||
| Investment income | 20,675 | - | ||
| Total income | 3,037,776 | 182,076 | ||
| Expenditure on fundraising | (1,031) | (2,400) | ||
| Expenditure on charitable activities | (751,246) | (19,364) | ||
| Total expenditure | (752,277) | (21,764) | ||
| Net income / (expenditure) before net gains on investments | 2,285,500 | 160,312 | ||
| Net gains/(losses) on investments | (142,955) | - | ||
| Net income | 2,142,544 | 160,312 | ||
| Total funds brought forward | 160,312 | - | ||
| Total funds carried forward | 2,302,856 | 160,312 | ||
| Represented by: | ||||
| Restricted income funds | 966,673 | - | ||
| Unrestricted income designated funds | 25,000 | 25,000 | ||
| Unrestricted income general funds | 1,311,183 | 135,312 | ||
| 2,302,856 | 160,312 | |||
| 3. Donations | 2022 | 2021 | ||
| £ | £ | |||
| Donation from the old Distillers' Charity (1038763)- note 1(b) | 1,266,889 | 79,409 | ||
| General donations including gift aid | 58,600 | - | ||
| 1,325,489 | 79,409 | |||
| 4. Raising funds | 2022 | 2021 | ||
| £ | £ | |||
| Charity auction proceeds | 1,777,680 | - | ||
| Other fundraising income | 55,000 | 165,000 | ||
| 1,832,680 | 165,000 | |||
| 5. Investment income | Unrestricted | Restricted | ||
| 2022 | 2021 | |||
| £ | £ | |||
| Bank deposit interest | 598 | - | ||
| Income from UK listed investments | 20,076 | - | ||
| 20,675 | - | |||
| Page 15 |
The Distillers' Charity Notes to the Financial Statements as at 30 September 2022
6. Cost of raising funds
| 6. Cost of raising funds Auction costs including advertising General fundraising costs |
2022 2021 £ £ 141,067 62,333 240 2,400 |
| 141,307 64,733 |
No allocation of support costs has been made to the costs of raising funds as all the subsidiary costs are contained within the above figure and the remaining support costs attributable are not considered material.
7. Expenditure on Charitable Activities
| Current year Grants -note 9 Share of support costs - note 10 Share of governance costs - note 11 |
Youth Action Fund City & Livery Charities Vocational Training & Education 2022 £ £ £ £ 514,727 102,250 27,110 644,087 82,540 1,404 16,399 100,343 5,447 1,082 287 6,816 |
|---|---|
| 602,714 104,736 43,796 751,246 |
The cost of third party grant monitoring of the Youth Action Fund and VTE is allocated directly to those funds, with other support and governance costs allocated in proportion to grant giving.
| Prior year Grants -note 9 Share of support costs - note 10 Share of governance costs - note 11 |
Youth Action Fund City & Livery Charities Vocational Training & Education 2021 £ £ £ £ - - - - 3,600 3,600 3,600 10,800 2,855 2,855 2,855 8,564 |
|---|---|
| 6,455 6,455 6,455 19,364 |
In 2021 there were no grants awarded as the grant giving programme was operated through the previous Charity. The support and governance costs have been divided equally over each charitable area.
8. Staff costs, trustee remuneration and expenses, and the cost of key management personnel
| Gross salaries Social security Pension costs |
2022 2021 £ £ 16,827 - 2,190 - 505 - |
|---|---|
| 19,522 - |
There were no staff employed during the year by the Charity. The Charity's subsidiary employed one person for four months giving an average staff count of nil. The employee was also a director resulting in key management salaries of £19,522. No person received remuneration above £60,000.
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the current or preceding year. No travel expenses were paid to any trustees during the current or preceding year. No insurance limiting trustees' liabilities was purchased during the year (2021: nil).
During the year there were no related party transactions other than transactions with the charity's subsidiary (2021 - £Nil) and with the Worshipful Company of Distillers'. See note 20.
Page 16
Notes to the Financial Statements as at 30 September 2022
The Distillers' Charity
9. Grants making activities
Grants were recognised as commitments during the year to the following organisations:
| Miscellaneous (note) Drinks Partnership Trust Ukraine Humanitarian Appeal Alcohol Education Trust Lord Mayor's Appeal Aberdeen Foyer Enable Street League Action for Children FARE Grants under £2,000 |
Youth Action Fund City & Livery Charities Vocational Training & Education 2022 £ £ £ £ - - 27,110 27,110 - 20,000 - 20,000 - 20,000 - 20,000 48,351 30,000 - 78,351 - 30,000 - 30,000 100,000 - - 100,000 125,114 - - 125,114 138,762 - - 138,762 62,500 - - 62,500 40,000 - - 40,000 - 2,250 - 2,250 |
|---|---|
| 514,727 102,250 27,110 644,087 |
No grants were made by the Charity in 2021.
Grant instalments subject to conditions, which have not been included in the grant expenditure in the year, total in all £982,666. Note: Institute for Brewing and Distilling, Wine & Spirit Education Trust and Heriot-Watt University ICBD.
10. Support costs
| 10. Support costs Youth Action Fund grant management fees and launch Vocational Training & Education management Vocational Training & Education administration General consultancy Bookkeeping Website and IT Bank charges Sundry 11. Governance costs Audit costs Legal costs 12. Net income Net income is stated after charging: Depreciation Auditor's remuneration - charity Auditor's remuneration - subsidiary Auditor's remuneration - subsidiary other services - VAT |
2022 2021 £ £ 75,471 - 12,960 - 3,067 - 4,200 10,800 1,466 - 897 - 395 - 1,887 - |
|---|---|
| 100,343 10,800 |
|
| 2022 2021 £ £ 6,000 - 816 8,564 |
|
| 6,816 8,564 |
|
| 2022 2021 £ £ - - 6,000 - 3,000 - 1,800 - |
Page 17
The Distillers' Charity Notes to the Financial Statements as at 30 September 2022
| 13. Investments 2022 2021 2022 2021 £ £ £ £ Market value or cost at 1 October - - 25,000 25,000 Transferred in from the The Distillers' Charity (1038763) - note 1(b) 1,220,083 - 1,220,083 - Cash movements 21,220 - 21,220 - Net gain on revaluation (142,955) - (142,955) - Market value or costs at 30 September 1,098,348 - 1,123,348 25,000 Historical cost at 30 September - transfer value or cost 1,220,083 - 1,245,083 - £ £ £ £ Investments at market value comprised: 0 Equities - UK 445,895 - 445,895 - Equities - Global 337,830 - 337,830 - Bonds 139,242 - 139,242 - Alternatives -Property Fund 106,047 - 106,047 - Alternatives -Other funds 27,156 - 27,156 - Cash held by investment manager awaiting reinvestment 42,178 - 42,178 - Unlisted investments - see below - - 25,000 25,000 Market value or cost as at 30 September 1,098,348 - 1,123,348 25,000 Unlisted investments at cost comprise: 2022 2021 £ £ The Distillers' Ventures Limited - 25,000 ordinary shares of £1 each 25,000 25,000 25,000 25,000 Consolidated Charity The Charity received the portfolio of The Distillers' Charity (no 1038763) as part of the donations detailed in note 1b. These investments were transferred at market value on the 23rd March 2022 which rebased as cost for the purposes of these accounts. |
2022 2021 2022 2021 £ £ £ £ - - 25,000 25,000 1,220,083 - 1,220,083 - 21,220 - 21,220 - (142,955) - (142,955) - Consolidated Charity |
2022 2021 2022 2021 £ £ £ £ - - 25,000 25,000 1,220,083 - 1,220,083 - 21,220 - 21,220 - (142,955) - (142,955) - Consolidated Charity |
2022 2021 2022 2021 £ £ £ £ - - 25,000 25,000 1,220,083 - 1,220,083 - 21,220 - 21,220 - (142,955) - (142,955) - Consolidated Charity |
|---|---|---|---|
| 1,098,348 - 1,123,348 25,000 |
|||
| 1,220,083 - 1,245,083 - |
|||
| 1,098,348 - |
1,123,348 | 25,000 | |
| 2022 £ 25,000 |
2021 £ 25,000 |
||
| 25,000 | 25,000 |
14. The Distillers' Ventures Limited
The Charity owns 100% of The Distillers' Ventures Limited (company number 13264121). The main activity of the company is to hold auctions of donated goods. All profits are donated to The Distillers' Charity under gift aid, and the company has been consolidated as a subsidiary in these accounts.
The registered address of the company is 9 Bonhill Street, London, EC2A 4DJ.
Trading results extracted from its audited accounts are as follows:
| Profit & Loss account Turnover Cost of sales and administrative expenses Net profit Payable to The Distillers' Charity (Loss) / Profit retained in The Distillers' Ventures Limited Balance sheet Debtors Cash at bank Creditors: amounts falling due within one year Net current assets Creditors: amounts falling due after more than one year Net assets / (liabilities) Share capital Profit and loss account Capital and reserves at 30 September The donation payable under gift aid has been removed on consolidation. |
2022 2021 £ £ 1,832,680 165,000 (141,067) (62,333) |
|---|---|
| 1,691,613 102,667 (1,691,613) (102,667) |
|
| - - |
|
| 2022 2021 £ £ 39,824 94,533 28,302 53,756 |
|
| 68,126 148,289 (43,126) (123,289) |
|
| 25,000 25,000 - - |
|
| 25,000 25,000 |
|
| 25,000 25,000 - - |
|
| 25,000 25,000 |
|
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The Distillers' Charity Notes to the Financial Statements as at 30 September 2022
| 15. Debtors Trade debtors Prepayments and accrued income Other debtors Amounts due from subsidiary undertaking All debtors are due within one year. 16. Creditors Amounts falling due within one year Trade Creditors Taxation and social security Pension contributions payable Accruals Grant accruals Amounts falling due after one year Grant accruals 17. Movements in Funds Balance at Incoming Current year 1 October 2021 Resources £ £ Restricted funds Youth Action Fund (note i) - 1,481,400 DEC Ukraine Fund (note ii) - 8,975 - 1,490,375 Unrestricted Funds Investment share capital (note iii) 25,000 - General unrestricted fund 135,312 1,688,469 160,312 1,688,469 Total Funds 160,312 3,178,843 Balance at Incoming Prior year 1 October 2020 Resources £ £ Restricted funds Investment in trading subsidiary 25,000 - 25,000 Unrestricted Funds Investment share capital - - General unrestricted fund - 219,409 - 219,409 Total Funds - 244,409 |
15. Debtors Trade debtors Prepayments and accrued income Other debtors Amounts due from subsidiary undertaking All debtors are due within one year. 16. Creditors Amounts falling due within one year Trade Creditors Taxation and social security Pension contributions payable Accruals Grant accruals Amounts falling due after one year Grant accruals 17. Movements in Funds Balance at Incoming Current year 1 October 2021 Resources £ £ Restricted funds Youth Action Fund (note i) - 1,481,400 DEC Ukraine Fund (note ii) - 8,975 - 1,490,375 Unrestricted Funds Investment share capital (note iii) 25,000 - General unrestricted fund 135,312 1,688,469 160,312 1,688,469 Total Funds 160,312 3,178,843 Balance at Incoming Prior year 1 October 2020 Resources £ £ Restricted funds Investment in trading subsidiary 25,000 - 25,000 Unrestricted Funds Investment share capital - - General unrestricted fund - 219,409 - 219,409 Total Funds - 244,409 |
2022 2021 2022 2021 £ £ £ £ 26,336 85,000 - - 13,485 3,500 13,485 - 69,084 6,033 55,596 - - - 35,269 102,667 Consolidated Charity |
|---|---|---|
| 108,905 94,533 104,350 102,667 |
||
| 2022 2021 2022 2021 £ £ £ £ 722 20,622 - - 2,463 - - - 1,347 - - - 23,751 - 20,426 - 10,626 - 10,626 - Consolidated Charity |
||
| 38,909 20,622 31,052 - |
||
| 10,626 - 10,626 - |
||
| 10,626 - 10,626 - |
||
| Outgoing Transfers Gains and Balance at Resources Losses 30 Sept 2022 £ £ £ £ (514,727) 966,673 (8,975) - |
||
| - 1,490,375 25,000 - 135,312 1,688,469 |
(523,702) - - 966,673 - - - 25,000 (369,642) - (142,955) 1,311,183 |
|
| 160,312 1,688,469 |
(369,642) (142,955) 1,336,183 |
|
| 160,312 3,178,843 |
(893,344) - (142,955) 2,302,856 |
|
| Balance at Incoming 1 October 2020 Resources £ £ 25,000 |
Outgoing Transfers Gains and Balance at Resources Losses 30 Sept 2021 £ £ £ £ - (25,000) - |
|
| - 25,000 - - - 219,409 |
- (25,000) - - - 25,000 - 25,000 (84,097) - 135,312 |
|
| - 219,409 |
(84,097) 25,000 - 160,312 |
|
| - 244,409 |
(84,097) - - 160,312 |
Restricted and designated funds
(i) Youth Action Fund
(ii) Ukraine Fund
(iii) Investment share capital
Funds for grant making to youth employability projects in Scotland. Funds raised specifically for the DEC Ukraine Humanitarian Appeal. Funds arising from a gift by the Diageo Foundation invested in the share capital of the Charity's subsidiary
The transfer between funds represents the investment being made in the subsidiary's share capital.
Page 19
The Distillers' Charity Notes to the Financial Statements as at 30 September 2022
| 18. Analysis of group net assets between funds (Current year) - Consolidated General unrestricted Designated Restricted Net assets as at 30 September 2022 Analysis of group net assets between funds (Current year) - Charity General unrestricted Designated Restricted Net assets as at 30 September 2022 Analysis of group net assets between funds (Prior year) - Consolidated General unrestricted Designated Restricted Net assets as at 30 September 2021 Analysis of group net assets between funds (Prior year) - Charity General unrestricted Designated Restricted Net assets as at 30 September 2021 |
Current Current Investments assets liabilities Total £ £ £ £ 1,098,348 287,371 (49,535) 1,336,183 - - - - - 966,673 - 966,673 |
|---|---|
| 1,098,348 1,254,044 49,535 - 2,302,856 |
|
| Net current Long term Investments assets liabilities Total £ £ £ £ 1,098,348 254,514 (41,678) 1,311,183 25,000 - - 25,000 - 966,673 - 966,673 |
|
| 1,123,348 1,221,187 (41,678) 2,302,856 |
|
| Net current Long term Investments assets liabilities Total £ £ £ £ - 180,934 (20,622) 160,312 - - - - - - - - |
|
| - 180,934 (20,622) 160,312 |
|
| Net current Long term Investments assets liabilities Total £ £ £ £ - 135,312 - 135,312 25,000 - - 25,000 - - - - |
|
| 25,000 135,312 - 160,312 |
19. Transactions with subsidiary and the Worshipful Company of Distillers
The Charity's subsidiary is obliged to donate all surpluses to the Charity with 90% of the auction hammer price (price paid before buyer's premium) being restricted to the Youth Action Fund. The donation for 2022 is £1,691,613 with £1,481,400 restricted (2021: £102,667 none restricted), of which £35,269 remains outstanding at the balance sheet date.
As detailed in the trustees report, the Worshipful Company of Distillers appoints some of the trustees of the Charity, and is also the corporate trustee of this the old Distillers' Charity. The old Distillers Charity donated £1,266,889 to the Charity during the year, of which £45,000 remains outstanding at the balance sheet date.
Page 20