J"14L l) I Sl" Il_,I,Iq"JlS' LIIARITY THE DISTILLERS. CHARITY (CHARITABLE INCORPORATED ORGANISATIONI REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024 Charity Registration Number: 1193683 (England & Wal6s) Charlty Reglstratlon Numbor.. SC052075 (Scotland) BEGBIES Chartered Accountants 9 Bonhill Street London EC2A 4DJ THE DISTILLERS. CHARITY (CHARITABLE INCORPORATED ORGANISATION) LEGAL AND ADMINISTRATION INFORMATION TRUSTEES Grant Gordon (Chair) Geoffrey Bush Leslie Davey (resigned July 2024} Paul Hick Richard Walllng Jonathan Roberts (appointed July 20241 REGISTERED OFFICE To 1411112024 1 The Sanctuary London SW1P 3JT From 1411112D24 Apothecaries Hall, B18ckfriars Lane, London EC4V 6ER AUDITORS Begbies Chartered Accountants 9 Bonhill Street London EC2A 4DJ BANKERS C Hoare & Co 37 Fleet Street London EC4P 4DQ INVESTMEfrrr ADVISERS CCLA 1 Angel Lane London EC4R 3AB LEGAL ADVISERS Lee BO￿On Monier-williams LLP 1 The Sanctuary London SW1 P 3JT CCEW CIO- No 11g3683 OSCR CIO registered Odober 22 -SC0052075 THE DISTILLERS. CHARITY TRUSTEES REPORT England & Wales (no. 11936831 S¢otland ISC0052075) REPORT OF THE TRUSTEES The tru5t88s pres8nt their repc*l and consolidated financial statements of the Charity and tts subsidiary for the year ended 30 September 2024. The financial statements have bgen prepared In accordance wth the accountiro pdicies set out in note 1 to thè financial statements and CoM￿Y with the Charity's c(xislitution. the Chartti85 Act 2011, the Charities and Twstee Investmént (Scotlandl Ad 2005, the Charities Accounts (Scotlandl Regulations 2006 las amended) and "Accounting and ReportirKJ by Charfues.. Stat8tnenl of R8cornmend8d Practice aPpI￿able to tharits'8s preparing their accounts in accordance with tha Financial R8porlin9 Standard 8pplicab18 in the UK and Republic of Ireland IFRS 1021" leffectlve 1 January 20191. Structure. Govemanco and Management Th8 Charity Was r8glsl9￿d on 3 March 2021 as a Charitable Incorporated Organlsation ICIO-r8gister8d no. 1193683 & SC00520751, It suc￿ded to Ihe unincorporat8d charity of th8 same nam8, The Di5tillers' Chari¢y, (charity number 10387631 and the a5S8ts ol the unincorporated entily have been transferred to the rew legal enb"ty. Thg Charity Is govemed by Ihe rules of ts (Jnslitvb'on. In tem15 of the govern8n￿ of the Charity, therè *a at least fiva trustees and a maximum of nina. Tha Worshipfvl Company of Distillers, a￿n9 through Court, appcNnt5 not f8wer than thrèa and not mor8 than severh nominated trustees, and in addition not MO￿ Ih8n two trustees may be oTrcpted by the nominated trustees. During the year Leslie Davey, carried responslbility lor charily c(*mmunkatlons, re91gned from thè txjard. In her place, Jonathan Roberts was aprKJint8d wih Ihe Court's approval as a twslee. Ai present the Charity has no staff, although it out50urcas certain tasks related to grant.making and irnpact lo Inspiring Scotland, specialyzed in advising charitiès on improving ouicomès for young patspl8 in Seoland. Th8 Charity also ￿ceiVed support In mJn8girMJ its Vocation Training & Education actiVit￿S from the Worshlpful Comp8ny of Di51illers' Development Director, Clive Bairslow. Th8 Charity has 8 wholly owned trading subsidiary, The Distillers, Ventures Llmited IDVLI, the pur￿)$8 of whith is to raise fund5 for the Charity. DVL is managed on a day to day basis by the Managing Director. Thé subsidiary has a formal undertaking lo transfer to the Charity in their entlrety the'hammer priee, proceeds frorn Dislllers One of One ' Auctlons as weN a8 a pioportion of the Buyer's Premium rebate received from Sothebls, after deductlon of agreed costs. Th8 trustae5 ara rèsponsib18 for relat￿nShIpS be￿en the Charily arKI related parbes, Includlng Its trading subsi(Jiary DVL. and the charities to which li grants fund5 in the pursuit of its Charitab￿ obj8ctiv&s and missK)n Iransfonning young people's lives. Whllst thérè ￿ no ft)mial policy, the trustees take responsibility for the trainiro indudion of new trustees. Page 1 THE DISTILLERS. CHARITY TRUSTEES REPORT Obj•ctives, Public 88nefit Airn5 and Pollcles of thg Charlty The objects of the Charity 8re'. 1} The advancement of educalion ol beneficlaries. 21 The reliel of poverty. 31 To support young people, especially from dis8dv8ntaged baekgrtsunds and deprlved areas, to reach th¢irfull potential. 4) To promole any charitabl8 purpose for thè b8nefit of the public generally. The trustees confirrn that, in pursuit of the charitable objectlves of the Charfty vla ils grants and other actlvitles. th8y hav8 tK)th consulted and have regard to the Charity Commission guidance on achieving Public Benefit taking legal advi￿ on this matter during Ihe year. The Charity achieves Its objectives via Its programme ol granis, paruculady where Ihesa grants arè èxpec1$d to mak8 a drffer8nc8 to 8nh8ncing the wellbeiTrJ and life opportunities of young people that it supports as beneficiar￿5. Aetivitl•s and Achièvements During the Period Th8 Charity carrie5 forward its mission supported by govemarKe, policies and processes that are desijned to ensure that grant-making activities achieve positiva social impact alignad with its mission. Grant-making and Impact The Distillers, Charity granl-making activities cover three distinct4ve areas, each of which supports the Charfty's mission to transfomi the Ilveg of young péople. The Youth Action Fund is focused in Scouand on achievir employability ovtcomes for young people from disadvantaged backgrounds. The Charity's Other grant-making area5, Vocallonal Training & Education 8nd City & Lbvery Giving, build on th8 hisioric work of th8 origlnal unlncorporated Charity. In terms of governar￿, the Youth Action Fund, Vocational Trainlng & Education and City & LSvery Giving each are managed by grantmaking comrnitt8es, all of which met regularly. These committE85 report on therr adivits'es at Truste8 meeb'ngs, accompanied by wrilten tjpdates on the pro9￿SS of our charity partners and impact aohieved. The committees have dèlegatèd accountabilty, Set out in their twm5 of rèfèrène6, to manag8 grant- making and other related activities and ensure the effective use of availaNe resources to deliver 30cial imp￿t. Youth A¢tlon Fund The Youth Action Fund is supported by th6 proceed5 of Ihe Distill8r5 One of Ona Auction Sertes to transform the lives of young people in Scodand aged between 16 and 25. The Fund's portfolio of charities and impact monitoring is managed by Inspiring Scotlan(J. Starting al the Fund's in¢ep￿.0n in January 2022. Inspiring Scod8nd ¢ur8tèd a portfolio of five principal charity delivery partners. Aberdeen Foyer. Action for Children, ENABLE Works, FARE Scottand and Street League with support from the Talk About Trust. The partners brtng deep 8xpertiS8 and exp8r18nce in achieving 8UStainable employability outcomes for young people from dIS￿Vantaged backgrounds, improviThJ their life chanees. The total grant-making across this 8rea of work was £981,93112023.' £982,665). In letrns of monKoring and ev31uation, Inspiring Scotland's 'Matrix' system Tecorded the experience of each indiv￿ual young person supported by the Youth Action Fund from Initial engagemenl through to successful employability outcorne and b8yond. cumula￿VelY since the18vnch ol the Youth Aciion Fund in January 2022 to September 2024, approximately 2,500 young people were engaged for support by the Fund's charity partneis. aehieving 1,664 employability outcomes for young people being supported underscoring the Fund'5 8bilty to deliver impact at scale. Full details regarding the KPI'S related to the Youth Action Fund were reported in the Charity's 2023 Impact Report. Page 2 THE DISTILLERS, CHARITY TRUSTEES REPORT Vocational Trainlng and Educatlon Distillers, Vocational Training and Education IvfEI provides support for the next generation of young talent in th8 distilling industry, promoling divershy a￿1 inclusion. It provides beneficlaries with bursaries and scholarships, and offers rnentoring, advanced leaming seminars. networking opportunities, and accgss lo i￿UStry k￿￿edg& alongslde a holists"e supporl pack8ge.ln sUp￿rt ol the VTE mentoring programme over 30 industry professiona15, a￿1￿ as volunteers, sutvorted over 40 students in developing th&ir knowl8dg8 and Skills. Total expenditure across thi5 area totalled £34,D2212023.. £23,045). In terms of Ihe Irnpact of Dislillers, VTE, students benefited from the range of activities and support offered leading to work experience placements as well as other activitie5 5UPlYJrting fLrtur6 generations into work in thè drinks industry. Clty & Ll¥ery Glvlng Cty and Livery Giving reflects the Worshlpful Company's role as a Guild and indudes 5UPPQrting The Lord Mayor'5 App8al. Giant-making in this area of work aims lo transform Ihe lives of young people, support memb8rs of th8 distilling industry experiencing hardship or mental health issues. and help yOLJng people stay safe around alcohol. Total expenditure across City & Livery giving lotalled £143.5(K) {2023.' £123.3521 We monitor the progress of ea¢h of our charity partners across City & Livery Giving, who deliver a broad a range of outpirts targeted towards supp)rting disadvantaged young with knowledge and skills as well as helping industry colleagues faong hardshlp. Fundralslng actlvStles Th6 Charity Is fundod thiough two dlslinetiva sour￿$ of incom8, which both banelll from ￿S tlas wlth tha Worshipful Company of Distillers as well a5 its ongoing relationship with th8 drink5 industry and indivlduals who share dose connections to thè trade. The Charitys princip81 income is produced by ils bl-annu81 Distiller5'0ne of One, Auction, alongside addltion81 I[￿ome r8i¥8d by way of regular donatlons from Livery tnember5, targ8ted fundraising appeals and other donalion5. The Charity's objective is that 100.10 of the ftjnds raised from Ihese souroes goes to gr8nl-m8king expenditure. The Charity also derives incorne from interest and capital rgtums on our inve3lment funds The'one ol One, Auction was held in October 2023 in Edinburgh and ralsed £1.779,00012023'. £2,478.0001, In temis of the hammer price. This outcome was made posslble by the generoslty ol the Scotch Whisky industry, through their donatlons and suptK)rt for the Auction, for which thtr Charity is grateful. gOV• of the funds raised. representing the price paid for lots before buyer's wemium, is allocated to the Youth Action Fund to transfom the lffe chanees ol young peop18 in Scorf8nd, 8mpowering Ih&m to creat8 positive thange in their lives and eommunrtles. In suptM)rt of the Ong of One Auction, Ihe FourKlers' Advisory Council met wularly to receive updates on the A￿tIOn and fundraising activities, as well as the prog￿$$ ol the Youth Actk)n F￿d and related chariiaNe matters, providing valuable feedback and advice to DVL. Llvary suptY)rt, In the lom of donatKJns fr(xn mwnbers, pr¢ivided the rnaF)rity of the funding to support Vocational Training & Education and City & Liv8ry Gwing, irhcrea5ing to £107,050 {2023". £90,513). Our rèsources for the year wore 8uppl$mented by 8 restricted grant for the Y(Mrth Acb'on Fund1£150,0001 and £93,776 incom¢ from the Chori113 invgstmenl funds12023'. £49,547). Flnanclal revlew Total ¢onsolldat8d In¢omg foi the finan￿31 period was £2,383,881 12023.. £1,258.5591. The inuoase In incom8 was derived primarily by don8b.ons Irom Distillers, Ventures Lirnited frorn the One of One Auction tg the Charity incr88s1￿ to to £1,786,58212023. £879,538). In terms of expenditure fundraising costs. totall8d £271,163 12023.. £286,319). Overall Charilable grdnt expenditure was broadly flat during the year totalling £1,262.565 12023.. £1,225,645), Page 3 THE DISTILLERS, CHARITY TRUSTEES REPORT Risk review The trustees recognise their responsibiliti8s to ensure that risk management is approached comprehensively throughout the organisation. Major risk5 are those that would have a signlflcant impact and a likelihood of occurTing. If they arise Ih&y would have a major impact on the Distillers, CharSty. The board has a risk assessment and management process, which is a standing item al board meetlngs. The process id8ntif188 areas ol risk und8r three broad sub-h8adings. govemance & managem6nl, linanee 8nd reputstion man￿eMent. Each risk identifigd has suggested mlUgation m8a5ures and related actions with named accountability. Trustees regular￿ revlew the risks the Charfty fae&s in all ara8s of its work. assèsslng th8s8 risks to detemiine their potential seveiity and the likelihood of occurrence tsking approprlate aC￿On to manage risks that hav8 bèèn idenb'fied. The board ￿vIewS the risk regisler al oach trustee megting and are satisfied Ihat measures are in place to manag& th8 k8y id8ntifi8d risks. The Charity's trading company. DVL, h3s a sirnilar policy for risk management and its review by the bDard of direGtOf8. R•sorvè$ Thè trusla8s $01 a reserv98 policy, conslstent wth the Charity Commlsslon guldance. whieh r8quire8 that reserves are maintained al a level which ensures that the Charity's core grant-rnaking activity could continue during a p8riod of unfores8en difficulty. Where appropriate, a proportion of th& reserves will b6 held In a readily realisable fomi. The calculation of the reqUI￿d level of resgrvè$. which is subj8¢1 to an annual review by trustees, is an integral part of the organlsation's planning, budget and forecasting cyde and considers risks associated with each income strearn and expenditure varying from that budgetgd, including future ￿anned level8 of charitable givi￿￿. HavlThJ considerèd the risks, activity and commitments ol the organlsallon trustees have agreed that thè organisation should retain a level of unrestrlcted worves of £1 million. Financial positlon at th8 gnd of the yeaT At the 8nd of the financial year, the charity hald a total r859rve of £3.069.47012023.. £2.122.2011, divided between.. Restricted funds £1,500,177 Unreslrlcted funds £1,569,293 Invèstment pollclès The investment strategy, management, and perforrnance monitoring, related to the Charity's reserves, is the responsibility of the Finance and Investmont Committ88 IFICI, which is Chaired by the Treasurer. Under advice of the FIC, trustaès appoint an investment manager to manage the investment portfolio on its b6haM. The FIC reports to the board once per year on the managemènt and p8rformance of its investment portfolio For its long-term investments15-10 years) the iNslees seek a return of CP 20A_ 3% over each 5-ye8r cycle. The trustees follow their obligations, as defined by $4 Trustee Act, lo rnaxlmise the return on the Charity's investments and have reviewed their ESG policy. Tho portfollo mandate currently do&$ not hav9 any ESG ¢on$lraints. The investments have yet to be held by Ihe Charity for a eompletè 5 y8ar eyd&. bul In(xéa$éd in value during the yèar by 8.7% ￿Mpa￿d to a CPI +2% benchmark ligure of 3.7%. PagB 4 THE DISTILLERS. CHARITY TRUSTEES REPORT Plans for the future Going forward the Charity airns to consolidate on projress following a period of signfficant growth in reeent years. The inclLJd85 condnuing to work with OLJr grantees, across each of our three grdnt-making areas and building a stronger understandlng ol their sodal Impact. The Youth Action Fund in Scotiand, rep￿ent our largost arèa of furnliThJ and we anticipate contlnuiw to grant appmximately £1 million annually in aggregate suptK)rt for our portfolio of Charity partners, targeted at a¢hieving positNe youth employability DLrtcomes. We will conllnue to monitor the Fund's impact on beneficiaries wth a particular IcKus on tracklng the suslainabllily of outcomes with young people. For the Youth Acticl) Fund, iapras6nting our18rgésl arèa of funding. we anlicipate continuing to providè approxitnately £1 rnillion ill total lunding in Scotland for our portf¢Aio of ¢harily partners, to achi8ve p05rtive youth employab￿lty outcomes particularfy in disadvantaged areas. We will continue to monitor the Fund's impact on individual beneficiaries vlith a pa￿"Cularl0¢uS on tracking the sustsinability ol tsutcomes wSih young people. In Vwational TrdlnirrfJ & Education, further steady growth is anticipated in this imwrtant work stream that supports young talent entering and building careers In th& drlnks Industry and where there is demand need for the ath"Vit￿5 that We offer beneficiaries. For City & Livery GNiTrJ. fdlowing a review of our portfolio of wort< across this area we will continue to consKler posslble avenues lor extendiw our grant-maklng work into dosely related tAustss. which align wlth our mi$$ion to Ir8nsform th9 lives of yourvJ p80pb 9ncourage furthef engagernent ty Livery members in our philanthropic work. In tarms of lundrai5ing, th8r8 will b8 no bi8nnial Distillers One of One Auctson during the coming financial year. However. Distillers Ventures Limited will still experience a busy year. with the preparations for the 2025 Auction, which will te held in Oclober 2025. The work being undertaken in the run up to the event indudes f￿uSIng on donor engagement whh the Scotch Whisky industry, and the participating eomp8ny'8 all ol whose support we dgP8nd on for Ihis unique fundraising programme lo be successful. Aeknowl•dgmènts The board ol InJsta6s wishes to record our gratitude and sIr￿er￿ appre￿atIOn to 811 our 5tak8holder5, including wr Ik)nor5 forth8ir generosily, volun¢e8rs for the time given to support our charitable woth and 185¢ bLJt not least to our small team ol stsff and other woless￿alS who support this wotk for their commitment and dedication. FundraSslng-The Charftles (Protectlon and Soclal Investment) Act dlsclosure Our fundraising primarily arises from the biennial One of One Auction, rnanaged by Solheby's. The remaining fundraislro Is prlmarily darlvad from donatlons mada by Llverymen from tha Worshlplul Company of Distlllers. W8 are not r8gistered with the Fundraising regulator and are not bound by undertakiros lo any voluntary scheme. There have been no failures to comply with any codes and there have been no complaints to the Charity atKJut its fundraising. The Tnjslees believe that our fundrai￿ng is outside the scope of the Act in tems of requiring poliu88 protecting vulnerable peopb. Statemgnt of dlsclosurg to audltor So f8r as the Trustees are aware, there is no relevant audit informalion of which the charity's audrtor is unaware. Additionally. the Trustees have taken all the necessary steps that they ought lo have taken in order to make theMse￿e$ aware of any relevant audit Infomation and to establish that the charty's auditor Is awa￿ of that Information. Pago 5 THE DISTILLERS, CHARITY TRUSTEES REPORT Trusteeg. R•8pon81bllltl•8 In Relatlon to th• FlnAncl•l Stat•m•nts Thè law appllcable lo charitSes In Engla)d and Wales and In Scovand requlres them to P￿pare financial $tst8mént$ lor each fina￿181 year which give a Irue and fair view of thè stalè ol affairs of th8 and ol the lrtoming resources aThJ application ol reS￿jrceS ol the for that yèar. In pmparlng those llnanoal statements. the twstees are requlred lo.. . So1¢rt suitablè accounung policaes and then appty them ¢onslsi•nVy. . Make ludgemgnts ano e5tirnates th81 are reasonabk and pwdenL . State whether op￿ICable accounting slandards and stslements ol recommended pracuce have been foll¢)wed $thioct lo any departures disclosed and 8xplain8d in Ihtr finand81 statemenls,. and . Prepare the ffinanual statements C4) the going ¢l￿¢eM bas15 unless h Is Inappropriate to presume that the charity will Conun￿ in business. The TNslèès 8r& rosponsitrA8 for k88pirwJ 5uffirienl a¢¢ounting ￿¢01¢8 that dl8closa wlth reasonable accuracy at any tim8 the financial PDSition of the and enable them to ensure that the flnancial statements Comply with the Ch8rilie8 Act 2011, thè Charity (Accounts and R8POrtsl Regul8tion8 2008, the Chari1185 and Trustee Investment Iscotlandl Act 2005, the Charities Accounts (Scotlandl Regulations 2006188 amended) and thg prow8ions of th8 trust dèèd. They ar6 81s9 r85ponslble for safeyuardlng the asset9 of tha and h&nc• for lakiThJ reasonable steps lor the preventlon and detection ol fraud and other I￿gUlaT￿leS. Approvad by the Iwsteas and skJnèd on their ￿ha￿ by.. G Gordon D8te'.27r2125 Page 6 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE DISTILLERS, CHARITY Oplnlon We haveaudit&l thè uftyjp nmndal #tgttmèrts ofThè ￿8￿11￿[￿, C￿￿rity Ohè'charitsll f(*thèy4ar ènrfqd 30 sèpt8rn￿r2D24 Cowr￿th￿ CDns01idaied St8tsn*nt of Flnsncial Acimbès, c￿$￿￿8t￿O Sndcharlly BaLgncè s￿•1$. t￿ Consolldatèd Slat£mèniol Cash F￿￿ notés to th8 nandal Sblemenls, incIL￿Ing 8 Summaryol ￿9n￿lc8nt accomiin9 rK)IICièS. The IID8rKial trarr*work th81 beeD aprlkd in iheii weparti￿n applkable law and United KknyS)m AttOun1K￿ s￿r￿Ids, indudifwJ Flnancial Rerthlng SI￿ard 102 The ￿n8￿181 RepOrt￿g S12thard aro&c*le ihg UK 8nd Repuyic ollr914nd IUnit9d KitwJdom GeneralyAxepiqd Accounliw pra￿¢8}. In our stalemgnls" . Glve ¥ tr￿e *d tslrwwioftt* 8t*e olthe parenlchthy and rts sub6pJklry undertskin¢s affairs as at 30 Seplsrrfber 2024 and oltreY wujrning tssourcs$ and olrgs0ur￿8 for lh$ yesrlhen eDd8d." . hBve been Fryety wepaled ITr acuTdancewth United ￿ngdom GenerdtyAccepted Ac￿uNi￿g Pracbce,. . have ken wp¥éo in at¢fjrd8rte wth the rfjqulrBwt6 Of Char￿e￿A￿2￿1l, thfyChaiii•$ and Ttuststr Investrntrnt IStotLgndlkt20DS end r6ou&tion 8 of the Chanbl$ Aeth)uni$ IS¢Otb￿l RIg￿all0￿8 200614$ aM•r¥J￿1. far opIn￿￿ W¥thndu¢ièd OUr$￿it in *¢ordan¢t￿1th Intsmal￿n9I S￿￿5rd8 on ALwJitiry IUKI IISA¥ IUKII $nd ¥DFAi¢able law. Ow t¥wn$ibilthes fvse &tÈndards are Iunher di￿$sed inlh&èthttN'8 resp￿8￿1￿￿￿10rtherln&mts9I $L4tementy $eetion of OLY repcrt. We ai4 Independent of the ih accofdancevmih the req￿r￿ment5thfiI arè relovBntlo our audilofthe finBntrJ4 stat4meMg in the UK, Including the FRC'Y Ethicd Standard. and hAvgfuifilWijuro￿r9lh￿￿ ￿$pD￿￿ibil1IIgS ￿ accordancgwth theBe ￿qu￿Qmen1B. iv9 beligvg Ihaithe audrt 9videncgwJ havg obtwnod apFryrfatg 10 plov￿9 a basisfor ow1￿. Coheluslon# rèlatin#tO goirffj In IlMno￿ StateTr￿, we haveconduded thattr* trus1￿1. uae ollhe g￿n0 conwn ba￿9 of actsyjnlinp In the wepwthn of fin8ndFJ tsternenls ￿ap￿0￿latQ. Baged on the %vorkwe have perf0M￿d. vé¥ h$v¥ not 1don￿l￿d any mat$r￿1 urtsrt4nt￿$ rèlaow to or¢ondiwonatha( Irdvithallyor ¢ol*llv91y, rrkqyC￿l Bignfftaffldoubt on Ihe chariii9abilityto conDnue a$ a gomg ¢onc&m for a peylod C￿at least**lw ￿K￿th$ fmmvéhw the finan￿￿ gialèmsnts are a￿t￿n5￿JforWuo. Our W0n￿bIl￿&s8fftd thè Irust9FT%¥lh re￿(110 canrnin desc￿ in th5[8￿a[￿S&￿thTr$0flllÈ ra￿rt. Otherlnlornwuon The irusiee5 ￿￿ respons￿ for othgrinlormèi*n. Thè othèr infoimatim cowikqès rÉport of the trus￿95. OFinion on thè fina￿81 statèmènts th)e5 ￿1 coverltrE othei Snforynatbn and, except to the exienl othephlseexplKftty st2ied In OUr￿pDrt, we do noi express any form of a55utsnce nduslon IhFrg0n. IncOnne￿￿￿ wlth Obraudltol the fmnckql $L*￿nts. Our is to read the othei infotm2tion dDiry 50. conlderwhetherthè oth¥r Informaiknn IS materi411y I￿OnSI8￿nt With the financlal S￿￿mentS Or OUT knowledoe obialned In the audlt or ot￿rNI$& a￿arS ￿ be m2ler￿llYm￿tststed. Ifwe thntify8uch Tnaterial inwns181gllCIE48 DrBpparent ffjatgw ffjlsstalemenls. are rewlr9d lod9termlDe whethpr ther9 is a ma19nal miSs￿t￿m￿nI the finÈncial ststements Ora m￿2￿>1 rni&s￿le￿9￿1O[]h￿ oth8r InF￿nat￿n. If bas￿ on IhE ¥YDrkwe have PErfattnth. y￿ tondudÈ thai thpro 15 a ￿ateri&l Th￿$$tatementOf thlsother Infoimabtsn. wegre reoui¢d 10 ¢Wrtlhaif*i. We havt nothirwJ 10 rgprd. OnwhiGh w• atw rqqvlrgd to repDrt by gmwllon ID ihg Ilghl Df the k￿%51￿d99 ￿ uthlgT6tsDLltwJ of Ihe chartyand its obtslTBd kn IhecoutsFof tr￿￿￿￿11. wg havè not any Matsr mls$tslem8nls Inth8 r9Wrt DlthplTuslge$. We h£ve to Tewrt in respeciol ihg fdknving mat￿lS in roLgilon towhkh ihg Chaoles cA¢￿U￿$ Re￿n$) Regdations 2W8AndthA Charit￿S A￿oUnts IS¢￿￿nd) ReBulaiions 20￿ 185 8m?￿ed} WU1￿ u5 to ￿port to you *. In ourokqnlon.. . Th& Inlorm8bDll 9Nan ￿ tha t￿st￿&s. rewrt Is Incon￿St￿nI ID anyrna18ri￿ r85p8cib¥fthlh@fin￿(l￿l S￿￿￿ThIs.. ly . Sufficieni ￿￿ntIng tEcords h8v8 ￿t b88n k80, or . The flnandal swttneTrts are not In BgtEemEnl ￿4th IhE acrAJunting TEcrrtd$'. or . We have Dot recerved ￿1 ihe infoirrydtyon explthnatk*)swe requlrefor our aL￿ Page 7 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE DISTILLERS. CHARITY R95p¢JnslbllttlFs oltru61og5 As exFlained more fuuy In theiNsteey' t￿t￿ateesB￿ ￿spOn￿b1ef0rtheprÈ￿tson of the financial statement6 trA beinll gatK8fi￿ Ihaiihey and18ir V￿￿. 8rvS for s￿h lThtsinalcontrol as ih(ttrustee8dpie￿rnlW rn ngcessary the wepar4tion olfiTrgncial slalemert$ thalqrefre8from nwlgllal m￿8t￿T￿n( 1%tybBtherd￿ lo fraudorewor. In prepgnng thè finArKxpJ at8téments. the truswAre re$wnslNefttaysesyifvJ the chant¢9 abdity iocontynue a$ o goingec*KerTr. OV9clos￿nQ, ay awlICa￿&, ry￿tter5 rglaung to Conc￿ and uslng the w1n9conc￿ 018ccouthg unloss thg IlUBteg6 giiberkntsndlo cgas9 operatknns, L have Do reallslK airemabve bLtio th so. AuditoV• v•wn•ibilities lorth• audrt of thefin•nclal statemonts WÈ ￿ twnominted $¥ $tyJi14f UfNJer*tion 144ollkE ¢harili¢sA¢i 2011 and 441111¢) olthe and Trn8te• Investnwrrt (Sc¢l￿al Ac12005 And re￿rt In awrfan(* th$Aty afbd ￿￿V$￿t règulotion$ m8d8 orh8ving etf6Cithereur￿Ir. OurobpGtives gre to L*tan rea$￿£b￿ as6urancg a￿UlYJhBlhPrlh8 INDcial slgtemgms a5 ab1h￿￿￿r9 treFfrorn rn4t9rt•1 mi$$i¥twwrt, whglhgr th to fraud ¢reN¢*. 8ndto $n 8uOrtorf¥f¢pMths1 m¢ludes our0￿￿10n. Rg¥¥(¥l*k $s8urant& 1$ è highkYeliA È*$uranc£. bJii$ r￿t a 9uaraniÈpthÈtgn aL*llI conducthd In *CorthnC8 thih ISAS IUKI wlllalways dthei* a maieilal rnIS￿at￿￿&rntWmfft It 6xlsts. Misststsm8n19 can ailsg from fraud or ermr and are GOn￿dered mat£d81 rf. or In thè a99rÈgatÈ, they Couknl reaSo￿bfy be exrKtt£d io inllu9nce ec0￿M￿ declsiQnS oluser6 teken on tho bBsbol these fir￿nCIal statements. Extenttowhlc* lh• 4udtt wos COPAb￿01￿0t¢ctln￿ lttègulBrMè&, lThcludlng fiaud Irrewkntrt￿￿. indudir¥J fra￿. ar9 ￿8￿￿(8$ of ￿n￿O[n￿ratUWrth L4ws and r¢gLlat￿)r￿S WE piacethres in linewith 0￿rreSpOnsi￿￿￿e$, uuuwrd atM)ve, 10 dtri¢¢t m8t¢TKqI in re¥twlol itrryvlwbe4 ￿¢ludIng fr¥LwJ The extent to our ￿￿¢￿vre? are tApaNèol ￿tecti IndudlThJ fra0 1$ dtrtpA￿d beh)w'. -Agr*en*ni¢tlh&fln*¢wl Llsdosuresw und￿￿r￿ 8uwtynyd￿V￿n￿t￿)0." - EnqukE8 of ￿nagen￿ntAnd th¢ Tful￿&s AS 101tr￿ IdènithCAtlC￿ ol8nyno￿t￿1l￿ncewth laws orreguLry)rms, LY WVaCtu* orpwtl￿£￿lms,. -RevI￿￿OI ofBoard medknYsthTrJuthoUtt￿ PEritrJ'. - wprediLtvl¥lty Krtothe nature, and1Ure￿￿tOfte5]1no. - Evth8tNM of1￿ gthlpon Bnd AthiC8lon olthe 8ttOunting pdides chosen tythe chth. -In rdabon totr* risk ofTnanagem2nt ovettide ofintemal contrds, by PftKedutes io evduotynpthdheXth￿V￿9 eV￿cL Dfblas thai rep￿ThIed a fisk ofmthal tni8skletnEntd￿ Itsfra￿d,. and - W&ass•sEedth& BU1¢e￿￿￿ty￿ Ihg thortty'5 financ4a slotemems to men?1 mi5slalomnl, indudlnp rnigmowwby the loy ks lrnpacUDg th9 ￿n￿n￿al ￿a19￿￿nts. Oursudii wr￿d￿r&SwOrn dèsbr*d io rèapond to rtgkÈ of rnat£rtal M￿Stat￿MoM intho fina￿181 staternerts. reeognls*p ihsi the r*k of rnideteciin9a Ma￿rIal m155wement due ￿ fr8th1 Is h19￿1 than rf13k of noi one resultlrg Irom eirar, a5fraud Inv(Ive dellberate C￿ce31Ment ty. for ekynple. forgery. ry4¥Tepi83enlalions vthrough collu￿0￿. Thpre aTE ￿herent limitabvn$ perfryT￿ futlhprremll￿J nor￿￿￿li￿nr￿W￿h1￿19 and re￿￿￿(￿￿15frorn theevents Énd transx1￿ns ￿lIe¢led kn the statements, the les5 likely we a￿ io be¢ome aware of k. Afurlherd•8rnptlDD of our rwnBibil￿es lor1￿￿ audit of thefimanU￿ staternents is kn¢¥led on R*POrnQg cwn¢l'sw*hit6 at." sw.Ir¢.org.vkl8uJi 12 97.486 97,486 75,042 75,042 178.450 769,169 947.fj19 55,010 1235,6651 1180,6551 Extraordlnary Item included In Incom S¢$ not¢ 1 {b} 11,000 11.000 Subsid18ry wrporalK>n tax 350 350 Net movement In fund$ 178,100 769,169 947.269 55,010 235.fje5 180,655 R8conclllation of funds.. Total funds brought forward 1.391.193 731.00 2,122,201 1.336.183 988.673 2,302,856 Total fund5 carried lorward 17 1,569,293 1,500,177 3,069,470 1.391,193 731.008 2.122.201 There were no olhtr r&wgnised gains or losses other than ihoso stat￿1 above. The notes on pag88 13 10 20 form part of these aco)unts. Page 9 The Distillers. Charity Statement of Financlal Actlvltles for the year ended 30 September 2024 of the Charlty Totsl Funds 2024 Total Funds 2023 Unrestrfcted Funds Rostrlcted Funds Unrestricted Funds Restricted Funds Income from: Note Donations & legacies 270.196 1,773A36 2,043,632 199,637 770,415 970,051 Investments 93.776 93.776 49.547 49,547 Total income 363.973 1,773,436 2,137.409 249,183 770,415 1,019.598 Expendlture on.. Fundraising and Events Costs Events and other fundraislng costs Investment managemenl fees 26.533 26.533 47,358 ?,292 49.650 47.358 2,292 49.650 26,533 26,533 Charitable activities Youth Action Fund City & Livery Charities Vocational TrainirvJ & Education 74.654 129,S11 $4,152 256,318 981,931 22.336 1.056,585 151,847 54.152 1.262.585 73,684 102,416 43,466 219,565 982.665 23,415 1.056,349 125,830 43,466 1.225.645 1,004,267 1,006,080 Total expenditur• Net Income I18xpendlturel befo net gains on investments 284.851 1.004.267 1.289.118 269,215 1,006,080 1,275,294 79.122 769.169 848,291 120.0321 1235.6651 1255,6971 Nel galns on investments Net Income I le¥pendlturel 12 97,486 97A86 75,042 75,042 176,608 769,169 945,777 55,010 1235,6651 1180.6551 Extraordlnary 1￿M Included In In¢ome S¢• notg 1 Ibl I7,(￿? 7 1.Qi70 Trtsngfers t¢￿een furKIs 17 Net movemnt In funds 176.608 769,169 945.777 55.010 235,665 180.e55 Ro￿￿¢1110110n of fund$: Totsl fund5 brought folward Total Ivnds ￿rried forward 1,391.193 1,567,802 731.008 2,122.201 3.067,979 1,336,183 966.673 2,302,856 1.500.177 1.391,193 731,008 2.122,201 There were no other recognised galns or losses other than those stated above. The notes on pages 13 to 20 fom) part of these acLounts. Page 10 The Distillers. Charity ConsolSdated and Charity Balance Sheets as at 30 Septembei 2024 Consolidatvd 2024 2023 Charlty 2024 2023 Noto Fixod A8SOts- In¥ostrnents 12 1.213,607 1.118,120 I,238,￿7 1,141.120 Total Ilxed 4880ts 1,213,607 1,116,120 1.238,607 1 141.120 Current a•8ets'. Oebtors Fixefj t&rm deposlt Éteount Cash at bank and c￿Sh equNalents 14 85,743 275.000 1,569,967 114,207 774N52 275,000 812,056 541,057 1,032,322 461.034 Totsl currnnt assèts 1,830,710 l.f46,529 1.861,608 1.002,091 Llabllltl08'. CrèdilOfS.' Amounts falllng ¢Jue within one year 15 166,6611 1138.7S71 23,9411 117,3191 Nvt ¢uvrenl •$•ot8 1,864.059 1.CM)9.773 1,837,567 984,773 Total less ¢uttent Ilabllltlès 3.077.666 2.125.893 3,076,174 2. 125.893 C•f8ditots". Arnounls falling du¥ 2ftsr on8 year 18,1961 13.6921 8,1961 13.6921 Total n8t Ats8ets 3.069,470 2,122,201 3.067.979 2,122.201 Th* fund8 of th• Char￿y. un￿$t￿C￿lI irtcome fund$- 9ener81 lunds Un￿triCted Income funds- desionated fund8 Rt8tr￿ted intDm& funds 16 16 1,569,293 1.391.193 1,542,802 25,000 1,500,177 1,388,193 25,000 731.(K)B 16 1,600,177 731.oc Tolal Chadty funds 3,089,470 2.122,201 3.067.979 2, 122,201 nots8 on pages 13 to 20 fcmi part of these ￿co￿nts. The finan¢i81 statements were 8pproved by the Trustes Sosrd on Board by and signed on bghalf of Trustee edml Chair G Gordon Treasurer P Hick PAge11 The Distillers. Charity Consolldated statement of cash flows for the year ended 30 September 2024 on8olldated 2024 Charlty 2024 2023 2023 Cash flow5 from operatlng actlvltl¢$: Net cash provided by I (used inl operatr'ng activities Inote 11 709,135 1223,7311 $72,904 1762,6181 Cash flow$ from Investlng actlvltles: Dividends and Interest recelved Transfers lo lotvJ temi deposit accounts Proceeds from the sale of Investments Purchase of invesimants 103.510 {275,0001 53,646 53,119 1275,0001 49.547 1,139,154 11,124,063) 1.139.154 11,124.0681 Net cash provided by I (used inl investing odivities 1171,4901 68,737 1221,8811 64,638 Change in cash and cash eouivalenls in tho year 537,845 1154,9941 351,022 1697,9801 Cash and cash equivalents at the beginning of the year 1,032,322 1,187,316 461,034 1,159.014 Cash and cash equlvalents at the end of the year (note 2) 1.509.967 1,032.322 812,056 461,034 Notes to the statèm•nt of cash flows 1. Reconclllatlon of not Incomgllexpenditurel tg ngt cash flow from op•ratlng actlvltles 2024 2023 2024 2023 Net Incomo1{expendlturel for the year 947.2fj9 1180,6551 945,777 1180,6551 Adlustments for- IGainsylosses on fixed as3et investments Divid&nds and interest Gifts of investments {IncrtsaseVdecrease Sn debtors Increas8lld8creasel in creditors 197,4871 1103,5101 175,0421 153,6461 197.4871 153,1191 175,0421 149.5471 28,465 {6S,6021 15.3021 90,913 1233,3941 11,126 1436.7071 120,688) Net ¢a$h provlded by I lusod Inl operatSng actlvltles 709,135 1223,7311 572.904 1762,619) 2. Analysls of cash and cash equlYalent8 2024 2023 2024 2023 Cash at bank Cash equlv818nls- CCLA COIF Deposll Fund unlts 1,000,035 569,932 1.032,322 242,124 569,932 461,034 Total cash and cash equivalents 1,569,967 1,032,322 812,050 461,034 Analys18 of changes In net debt The Charity had no n81 debt in gither Ihe Currgnt or previous year Page 12 The Distillers. Charity Notes to the Financial Statements as at 30 September 2024 I. ￿CoUnting polfjcl88 Th8 tAslilkrs' Ch30ty Is 8 charil8iAe IrK(Kporaled Organisalion ICIOI and govgrmd by the Chadlls C(￿stitu110Th. The Chadly was reglslered on 3 Mar 2021 ￿th Charfly CommSs$lon of EngL8nd ahd WalÈs and on 19 October 2022 wlh IheSGollish Charity Rogu￿10[ IOSCRI. lal B&il8 of preparatlon The fmanGial Slalefflenls hève bean prepared in 8ccordance with the Charity's consiiiution. the Charilie5 Act 2011. the Charities and Trusiee Investment Iscouandl Ad 2005, the Charities Accounts (Scollandl Reoulalions 2D06 las amended), FRS 102'The Financial Reporting Standard pplicgblp in the UK and Republic of Irdand" C'FRS 102.1 and the Chadlles SQRP'Accounllng 8nd Reporflng by Chariiies. Slalpmeni of Recomrnended Pract￿0 ap￿Icat￿* ￿ charitiès pièparfng Ihtir accountslrt 8cLordarLe wSlh tha Finawl Repcrtlng Slar￿ard appliGgtse In Ihe VK and Republic of lieland IFRS 1021. leffeGlive 1 January 20191- The is a Public Benefil Enlily ss defined by FRS 102. The financial 51alements have been prepared under the hi51oiKal cost conveffli(x), modified to includa ihe revaluali(xi of certain financial Instruments 81 falr vafue. The wlncipal accounting rR)IKks adople(J are sel ￿lOw. The linanck¥l Slalemenis are prÉp8réd in stèrting. ￿th1¢h is Ihè furtlK)n81 currency of the charity. Monetsry amounts In Ihes¢fina￿IaI $1gi¢meDly are rounded lo Ihe nearesl £. Ibl Trarbsfer of assets from The Distillers, Chaiity The transfer of ass81s lo the Ch8rily from The tYsUllers' Ch8rlly110387631. lo the new CIO, doès nDI walify lo b& I￿ated as mwger underi 8ccouniing s￿ndardS due 10 iha trusig8 board ol boih orgarisaiions not havlng a majority ol members ID oommon. One of ihe wuirements fr￿a charity re¢{￿lrUcIloTh lo be accounted for as o tnergtrr is that tho pèrsons who ctrnsiiiuie the Iruslee tn)dy are nol signffic8nOy changed. T￿ iransferof donalions to the new CIO v￿1 contsnue uDtM TIE Di5ts11ws' Cto1ily110387631 has cÈasÈd ￿llecUng funds. These donatlons no kJThJ6r qualify a5 exlraoTdinary ilerns. Icl Golng coAc•m At the lime of aptKovlng the financia slalernÈniS, Ihe trusteè5 havè a rèasonable expeclalK)n Ihal the Charfty has adequale resources lo canllnue op&raiional exlslence f(K the foreseeable future. Thus Ihe Iwslees continue lo adopt the going concwn basls of accouniing In preparlng Iha financlal slalements. Idl Group Ilnanclal 8iatsmonts Tha finarKlaf statements consolidale res￿1$ of Ihe Ch8rSty Its vthollyowned Sub￿d￿?ry, Thè Clstilers, vernu￿S LSmil￿, on a Iln8 by Ilne ba￿$. Inier¢ntity transgotson5 have been removwj on Gong)liJation. lél In¢om• Income15 recoynlsed when Ihe CThadty1s legally eniNied lo11, fv amounts can be measu￿4 rellabty, 8nd111s probawo that Income I￿11 bp recew. Income from inveslmenls15 inGluded in the sialernenl of flnancial aciivilias In the ￿ar In whkh11 is iecelvatle. Income fun(traising gcliwlies 15 derived from the Charity's 5ubSKli3ry Distil￿[5 VenlLwes Llmll6d which nty)s a blenniJ s￿110￿. The lols donaled 8re Sncluded al the k¥el ol Incthne deri¥e(I fr￿ the 8uclion. The operation of the auction, and the sal& of Ihe i18m. is considered 10 b@ performanr* rel2ied condition undèr FRS 102 and the i% r￿gnIsert uniii perfomiance related Gondlb"on5 are As the ilems giveTh are for the 5￿cifiC biernyal auclw only, no inG(Kne or a5$el is recogni5ed in the èvènt thai thé itèm doe8 not sell. Similsrfy, rf the underlying sale h35 fK)I COTrnpl6ied ai the y&ar*nd. and th8 donoi Maiis ownershlp of the Ilem. then no incorne is recognised. AuciK)n P8rtIClP8lh)n fees a recognlsed as thÈyfaii due and donated bu￿rfs premlum Is recognlsed wh8n the buyofs pr8rnlum Is p8ld by Ihe bidder, and sofall$ due 10 Ihe company from the th)nor. Tick&t S818s ar8 recognised on the dale of the auclw. Sponsorship iKome is recognizÈd t)vèr Ihe ￿rK)d (rfthe BCll¥lUés p￿ded In retum fjwome based on an estimate the level ofse[v￿￿ pprfoimed. Oonalknns from the transfer of former Thstil￿[s, Ch8rily have been fecorded al the value Iranslerred fcATmer charity is st￿1 lecei￿ry funds frcrfn direct ¢Jebit cdlectiOn5 and any net income reGelved by the fortTrer ¢h8￿lY aft£r tha b￿anCts sheei date will be recNJed as 8 donation In the followng ￿ar. General donations afft recorded recewed unless 8 pledg8 er noilficalknn proceeds recelpl. lry Expenditura and Irr*¢ovornblo VAT l expenditwe is ithled on an &crual$ ba$i% and Is recognis&d when tr*re Is 8 legal (Y constructNe oblpJalion10 payfor ¢xp¢nditure. The Charity makes grants io Indi¥ldu81s and Snslllutions in m8ellng ils charliable objects. In accordance vriih Ihe SORP provisKJn is made for all gran15 aulhoris￿ by Ifr￿ Board ofTrusiees in the y8ar. Where grants are cOnd￿lOn81. only ih05e grants where sll the Gondillons have beÈn mel al the year end ar￿ Ihe grant Is approved to be mad8 ale r￿gnised In iha finandal siaiem8nts. The expense for Iho pen(Kl is redu¢e(I by a canc8llallon ol grants aUt￿)rised t￿1 not subsequently required. Th8 ¢Jirecl cos15 of $I￿1ng the aucllon. SLth as venue hlre and programme tx)sis, are rec(¥thised on lh8 dale of Ihe 8ucllcfft as 6¥￿￿11Ur8 on rajs+ng funds. Wher8 ihase ara pald In advance al the b81ance sheet date. they wlll bg inGluded in prepasrynénis. Page 13 The Distillers, Charity Notes to the Financial Statements as at 30 September 2024 Igl ￿lOCatION of 8UPPOrt Costs Inveslmgnl management fees are recLyJni9ed on an 8ccruals b8s1s. none offv fund$ are 9nd0v￿d. all Investment management foes artr charged to unresirfct8d funds. Governance cosis 8r8 pure41 Ihose nec88saryfor the tharity to meet the 8dmlnlslr8Uve reqiMrBrnents ofthe Charity Commissioll. Support rA)stS grg g￿r￿rA1 adtnlni6tralivg cA)sts In supwrt of the tharilable actbvlLies Irrery)vtrrable VAT Is ch8r9ed 8s a cost 89aSnsl the 8CtMty lor thich the expenthtU￿ was incurred. In 8¢cordanc8 With the SORP support an(1 govemance cost5 a￿ allocat9d 8(¥05s th9 charitabl8 actsvitia$. Th& basis of all(￿tIOn is (*lculaiéd by the pÉrcéntsgè of t0181 grants p2h1 in category after the dSrect allocab.on of the Youlh Action F￿￿ m8n8gement fee to the Youih Action Fund. Given ihe nature of the fundrai￿ activities. and Iheir arisiryj in the Clkryritls subsidiary, no general support or wvemanc* costs artr aliocatsd to the lundmising activities. Ihl Sti)cks There are no stocks ofdon8ted ooods for auction hgld 81 th8 year gnd. lil Fund8 a¢eOLlllllng Unrasidciad funds are available foru88 at the dlsu81￿n of th8 trustees In fvth$r8n￿ of their charitable obi8cbves. Restric￿ lunds are for speGlfic purppses as spea￿ed by thp donot. DetaiL8 of the reslrfctsd funds can be found Sn note 17. 111 P8n8lon 6chorn9S pa￿1ents to d8fin8d contrbuuon reitremenl ber*fil schem85 are charged as an expar￿e as Ih8y fall Llue. Ikl Flxed a5$0t InvgStmBnts Fixtd è$8et Inv881menls are IndthJed 8tthelrfair v8lues Im8rkel valLEI al the balance sheet dale. Any gwn orlo$s on revgluation is laken to the Slatgment of FinarKxal Acbvitie5. 111 Dobtor8 7rad8 and other debtors 8rn r8cowls8d 81 th& 88ltttmen18rfK)unl due after anytrade dL9c￿jnt offered. Prepayn￿nIS gr& valued gt Ihe amount prepaid ret of anytrade d￿roun￿ due. Iml Ca6h at bank and cash aqulvalènts Cash al bank 8n¢J cash in hand indudes cash and S￿)rttem7 Nghlyllquid Investrnenl$ wlh a shortmat￿tY of Ihroa monihsor less from the d8to of aqvisthon oropaning ofihe depp$it or sirTMlar arx(xJnt. In) Crndltors and provlslons Crédltors and prowslons are r8cognls8d ￿er6 th& th8rity has a pres8nlabligalion resumng from 8 past eventthat ￿111 probably result in the Iransferof furKls lo a Ihird party and Ihe amountdue lo setve the obli￿d￿On Gan be rneasured or estimatéd reliabty. Cr8dilor8 arvj provision8 are normaNy rèc*Jgni$ed at ￿t￿Se￿eMpnI amouni aftera1lov￿n9 foranytrade thscounts due. The charfty only Fkqs financial assets and finandal liabilities of a kiTrY Ihatqualfy as basic fingnGk41 inslrumtrrts. lol Guarante85 The Chadty has aweed lo Indemnlfy tha former Dlsl5118rs' Charfly Irusteas a9alnsl specific HMRC fundrai5iry d8irnsfora pgriod of6 ￿)r$ in rolurn lorthe transfer of its netassels. Thfy lolal ty8n5f£rted to datè 1$ £1,357,298. 2. Net Income 2024 2023 Net incowne is slated after charging nel ol VAT where applicable.. Depreciation Auditorfs remuneration - charity Audilorfs remuneration - subsidiary Audilo¢s remuneration - payroll Auditor's retnuneralion - subsidiary oth&r services- VAT 6,300 3,150 1.010 1,000 6,000 3,000 1,090 3,500 P8gg 14 The Distillers, Charlty Notes to the Flnancial Statements as at 30 September 2024 3. DonJtions- group 2024 2023 Donation frcrfn the okj Distillers, Charity110387631- nol8 1lbl R8Stric18d granl lor Ihe Youth Action Fund General donations including grfi aid 16,251 150,000 90,799 257,050 11.000 79,513 90.513 Oonatlons Charlty 2024 2023 Donation from the old Distillers, Charlly110387631- nole 1lbl Reslricted grant for the YoLrth Actlon Fund General dc>nations Induding gilt aid Donation from The Dlstillers. Ventures Limited 16.251 150.000 90,799 1,786,582 2,043,632 11,000 79,513 879.53B 970.051 4. Ralslng furhd$- group 2024 2023 Charity auction proceeds Other inrx>m6 in Th& Distillers. Ventures Llmlted 1.779.000 244,320 2,023,320 899,400 215,0(M) 1,114.400 Ra161ng funds Charlty 2024 2023 Fundr8i$ing [r￿ome S. Invesknont Ineoma- group 2024 2023 Bank deposit interast In(yJrne from UK listed investments 50.392 53.119 103,510 12,434 41,212 53.646 Investment Income Charlty 2024 2023 Bank daposil interest Income from UK listéd invastmants 40,658 53,119 93,776 8,335 41.212 49.$47 6. Cost of falglng fund$ #nd O￿nts- group 2024 2023 The Dlstilkrs. Venture5 Limit￿1 costs Charity Comms G8nsral fundraising (v5ts 244.630 26,293 240 271,163 238,￿1 47,118 240 P8g815 The Distillers. Charity Notes to the Financial Stslements as at 30 September 2024 6. Cost of ralsing funds and events- Charlty 2024 2023 Charity Communications General fundraising eosts 26,293 47,118 240 47.358 26.533 No allocatN)n of sup￿1 costs has been made to the costs ol raising funds as all the subsidiary costs aro contained wthin the atN)ve figure and Ihe remaining support costs aliributable are not consider￿1 material. 7. Expèndltur• on ChArStabl• Actlvltl•s- Group & Charlty Vocatlonal Training & Education Youth City & Livery Actlon Fund Charltles 2024 Curr•nt year Grants- note 9 Shar8 of support costs- note 10 Share of govemaneè costs- notè 11 981,931 64,S26 10,128 1,056,585 143,500 6,867 1,480 151,847 34,022 19,779 351 54152 1,159,453 91,172 11,960 1,262,585 Vocat￿￿81 Trainirw & Educath)n Youth Action City & Livèry Fund Charities 2023 Prlor y8&r Grants-note 9 Share of support ¢osts- note 10 Share of g0Veman￿ ¢0815- note 11 982.665 63,770 9,913 1,056,349 123,352 1,234 1,244 125,830 23.045 20.188 232 43,466 1,129,062 85.192 11,390 1,225,645 The cost of thlrd party grant monitoring of the Youth Actlon Fund and VTE 18 alloraled direcuy lo thos8 lur¥J5, Wlth olh8r 5UPPOrt and govemance costs allocated in prop)Iton to grant giving. 8. Stsff costs. trustee rernuneration and expenses, and the cost of kèy man8g•m•nt personnel . Group & Charlty Group 2024 Group 2023 Gross salaries Social security Penslon costs 33,006 4,712 1250 39,968 82.622 10,957 2.250 95,630 Salarles by band- grr)ss salary £80,001-£90.000 There were no staff employed duriryJ the year by the ChaTty. The Ch8riVs subsKfiary employed one person12023. One). The employee was also a dir8Ctor r85ultir¥J in k8y man8g8m8nt S8lari85 01 £38,064 Includlng benehts, employer's national Insurance and p8nsiw12023 £101,207). Dgfined benefit t￿n￿lOn ¢oniributic*)s for thè hig￿￿ paid èmployee disctosed abov8 cost of £2.25012023-. £2,250). None of the trustees lor any persons connected with Iheml received any rèmunèration or bènèfits from the charity durir¥J tha current or p￿CedIng year. Total travel expenses of £503 were paid to one trust898 (JurirvJ tho year12023.' nill. No insur8nce Ilmiting trustees, li*)ilities w8s purchaseil during the year aside from any cov8r contain8d within th6 general insurance policy 12023.. nill. Trustees and dlreclors of The Distlllers. Ventures made general donations of £1.291 in total12023.. t3,0551. and org8nls8tions closely connected to trustees, aside from the Worshipful Company of Elist￿llerS and Thè Distillars, Vantwas, donat8d £7.500 to the Charrty12023.' £10,000). During the yoarthere were no other related party Iransadlons otherthan transac14ons ￿th the Charilys subsidrdry , the dd Dis1611ers' Chartty and with the Worshipful Company of Di5ti119rs'. See note 18. Page 16 The Distillers. Charlty Notes to the Financial Statements as at 30 September 2024 9. Grants maklng actI￿tte8- Group & Charhy Grants were rets)gnis6d as commlts))enls during the year to lh& follomns organisalions.. Vocational Youth A¢¢lon Clty & Llvery Tralnlng & Fund & Glvlng Educatlon 2024 The In5Itule of Brewing & Distilling ICgD Heriot Wait Urnversity Wlne & SpiDI Education Tru81 Thé Drinks Trust Future Youth Zone Equal Me8sure5 CIC Talk aboul Tru51 Iformerfy Ihe Mcohol Education Trust) London Sports Trust Lord Mtyorfs Appeal Th8 Sherffifs. & Record8rfs Fund AbèrdÈ&n Foyer Enable Street League Acuon IDr Childrers FAFIE Scouand Grants u￿er £2.tKIo 7.160 7.OQQ 18,461 7,160 7.000 18,461 20,000 33.000 10,000 59A32 10.000 30,000 5,000 78,751 194,248 2S2,000 262.500 168,000 3,901 1,159,453 20.000 33.000 10,000 33,000 10,000 30,000 5.000 26,432 78.751 194,24B 252.000 262,50Q 168,OQO 1.401 34.022 981.931 143,500 Vo¢ational Youth Atllon Clty & Tr8inlng & Fund & Glvlng Education 2023 The Instiknte of Brawing & Dlstilllng ICBD Herlol Watt Univèrslty Wine & Spirit Edurab'on Trust The Drink5 Twsl Future Youth Zone The Salmw Centre Talk about Trust Ifomierty the Alchel Education Trust) Lord Mayorfs App881 AberdeÉn Foyer Ena￿8 Street League Acb'on for children FARE Scouand Grants under £2.000 4,441 2,339 13,915 4,441 2,339 13,915 40.000 30.000 30.052 48.350 10,000 1tMI,ofM) 185,000 239,315 250,000 160,000 15,650 1.129,Q62 40.000 30,000 30,052 48.350 10,000 1LKJ.OOD 185,000 239,315 250,000 160,000 13,3fMI 123,352 2,350 23.045 982.e65 Grani instrimenis subje¢t10 ¢ondibons. ¥thkh have not boan in¢luded in the grant expenditure sn Ihe year. total £978,88012023'. £01. 10. Support cost8-Group & Charmy 2024 2023 Youth Acbon Fund grant mana9emenl fee5 Vocational Training & Education rnanagemenl Vocauonal Training & Education admlnls1ra￿0n General consultancy BookkÉèplng Bank chaf9es Sundry 58.13S 25A91 853 1,437 2,498 574 2,185 91,172 53,941 18,520 1,437 2,160 7,503 533 1.098 85,192 11. Governance cost8- Group & Charlty 2024 2023 Audit o)$ts Trvstees meeung exponses and room hi Legal costs 8.160 821 2,979 11.960 7,200 565 3,625 11,390 Pap17 The Distillers. Charlty Notes to the Financial Statements as at 30 September 2024 12. Investment8 Con5911datfyd 2024 2023 Charlty 2024 2023 rkel valu8 or cost al 1 October A￿d￿on$ al cost Cash movements Disposals al market Yalue Nel gain on revalualK)n Math8t value or costs al 30 September 1.098.348 1.124.063 142.1781 11.139.154) 75,042 1,116,120 1,141.120 1,123,348 1.124.063 142.1781 97,487 1.213,607 97,487 1.238,E07 75,042 1.141.120 HisloricAI cost at 30 September- trdnsfer ¥alu8 LY cost 1,124.063 1,124,063 1,149.063 1,149,063 The Charity ￿e￿ived portfolio of The Distillers, Charity Ino 10387631 as part of Ihe donations detailed in note 1b. These Investments were transferred al mark81 value on the 23rd Mar¢h 2022 %vhlch roba$etl as ¢o$i for Ihe purpo$8$ of these accounts. The portfolio Vds relnvested durirvJ the 2023 year Into COIF Chariues Investment F￿d Incoff* As5el allocat￿￿ Mlhin COIF Charkne5 Investment Fund incorne vThts'. EQuI￿8$- UK Equities Global Fixed Iniergtst InfraslrucbJre and Operatin9 Assets Private Eqully and Other Property Cash and Noar Ca$h other 8.18 63.20 8.17 9.37 2.48 0.90 1(M) 2024 2023 2024 2023 Commn Inv8slm8nl funds al m8rk81 v8lue Unlisted inveslmenis at u)si- $&È below Market value or cost as al 30 September 1.213.607 1,116.120 1,213,807 25,000 1,238.607 1,116.120 25.000 1,141,120 1,213.607 1.116.120 Unl'8tsd Investrnents at C05t comprise.. 2024 2023 The Disb'llers, Venlures Limited-25,OCQ ordinary shares of £1 each 25.000 25,000 25,000 25,000 13. Tho Dlstlllers. V•ntur•$ Llmlted The Charity owns 100% of Th8 Dislll&rs' Ventures Llmited Itompany number 132641211. The maln activity ofthe comp8ny ￿ to hold 8ucUons ol donated 9oods. The majority of profits are donated lo The Distillers, Charity under 9rft aid. and the company ha5 been ￿n$011￿ated as SLtbsidlary In these accounts. Th8 raglstered address ofth8 cofflpany Is 9 Bonhlll Stre81. Londm. EC2A4DJ. TradSng r85ulls extracted from 5ts audltEd 8ccounts aro as fdlows: 2024 2023 Piofit & Loss account Turnov8r Cost of sales arvj a(Jmini5trative expenses Net profll Interest rec¥l¥able Tax due Payable to The Di5ti11ers' Charity IL0$51 I Profit retar￿d In The Distillers, Veniur8s Llmrtad 2.023.320 244,630 1,778.690 9,734 13501 1,786.582 1,492 1,114,400 1238,961 875.439 4.099 (879.538 Balance 8h68t 2024 2023 DebltJr5 Cosh ai bank 52,011 757,911 09.922 92,628 571,288 663,91e Cr8dilors.' amounts fallir¥J due within one >tar Nel current a5sels 783A30 26,492 1638,9161 25.￿0 Creditors.. arTK>unts tsIIiD9 due after morg than one year Net assets I Iliabilitiesl Shara capital Profil aDd1055 8c(x)unt Capitsl and reseNes at 30 Seplenkner 26,492 25,000 25,000 1,492 26,492 25.000 25.000 Thtt donation payabl8 under gift aid has tÉen r8mYed on consO￿atiOn. Page18 The Distlllers, Charity Notes to the Financial Statements as at 30 September 2024 CDnsolldatèd 14. Debtors harity 2024 2023 2024 2023 Trade debiors Prepawrenls and accnjed incorne A#mounts due frorTr subsldiary undw13king 43,464 42,279 114,207 33,732 740,720 774,d52 21,579 519,478 541. 85.7 .207 I debtors are due ￿thIn ene year. 15. Cr6dltor8 Consolldatè 2024 2023 Charlty 2024 2023 Amounts falling due wlhin one year Trade Credilor5 Olher ¢rÈdllOts Taxabon and sodal security Pension coniribubofjs payable Accruals and deferTrd income ant accluals 720 13,167 25.280 688 14,331 12.465 66,651 38,894 10.946 688 67,426 10.831 12.465 23.941 9,935 7.384 17.319 136.757 Amounts fallln9 due aflerwe yE4r Grant accruals 8,196 8,196 3,692 3,692 8,196 8,196 3.692 3,692 16. Movements In Fund8- Group Balanco at 1 Octobor 2023 Ineomlng Outgoing Transf¢r$ fjalns and Balan¢¢ ot CutT￿l yéar Rosource$ R•$our¢¢$ Lo8888 3Q Sgpt 2024 Rostrlctsdlunds Youth Acti￿ Fund Reslrictsd granl- Youth Action FunLI The Distillers, Velo Club 731,008 1.601.100 150,000 22,336 1,773,436 1831.9311 1150,0001 22,336 11.0043671 1.500.177 731.008 1,500.177 UnrestrlctodFyrtd$ General unrÈsthC￿ fund 1.391.193 1.391.193 610,44S 610,445 529.831 1529,8311 1.534,098 97,486 97,486 1.569,293 1,569,293 Total Fund8 2,122,201 2,383.881 97.486 3,065,470 BaLqnce at 1 October 2022 Incoming Outgolng Transfers Gains and B&lonce at P￿or year Resources Re50urces Los8es 30 Sep12023 Restrkt8d funds Youth Action Fund Masièr's Charity of the Year The Distillers, Velo Club 966.673 747,000 4.689 18.726 770,415 1982,6651 14,6891 731,008 966,673 11.th)6,0801 731.008 Unrtrstrkted Funds General unreslricled fun¢J 1 336 183 1,336.182 2.302.856 488.14S 488,145 1,258,559 75.042 75,042 1 391 193 1,391.193 IS08,1761 1.514,255 Total Fund8 75,042 2.122.201 R¢strSct8d and d88lgnated funds Youth Action Fund A fund for grant rnaklng to youth projects In Scoland. 90% ol the hammer price of charityaucb'on prote￿818 ￿StrICted to this fund. A fundraising event forlhe Salmon Youth Centre. The funds o)Ilected were increased by the Charity to a lotsl donation of£30.052. Fundraising loro distance Cycle chall6ng8- in aid of 8 varSety of Charllles. Funds invested In the share capllal of the Cha￿ty8 $th￿dIary Masiees Chthty of the Y88r The Dl8lller8' Velo Club Investrnent share capital P890 19 The Distillers, Charity Notes to the Financial Statements as at 30 September 2024 IT. AnaI￿lS of group not assets botwoen funds (Current y•arl- Consolldated Net ¢urrent assets Long tèrm Investments Total General unrestricted Restricted Net assets as al 30 Soptember 2024 1,213.607 363,882 1.500,177 1,864,059 {8,1961 1,569.293 1,500,177 3,069,470 1,213,607 8,196 Analysls of group net assets between funds IGurrtrnt y¢arl- Charlty Net curr•nt assets Long term Il¥bllltle8 Investment8 Total G8n8ral unrestricted Re51rided Nel as88ts as at 30 September 2024 1,238.607 337.390 1.500,177 1,837,567 18,1961 1,567,801 1,500,177 3,067.978 1,238.607 8,196 Analysis of group n•t ass•ts b•tw•an funds (Prlor year}- Gonsolidated Nel currant assets Long tem Investments Total Gènèral unrestricted Restricted Net assets as al 30 Septernber 2023 1,116,120 278.765 731,008 1 009 773 13.6921 1,391.193 731,008 2 122.201 1,116 120 Analy$l$ of group net a8SOts betwoon funds (Prfor y¢arl- Charlly Net current assets LorrtJ iemi Investments Total General unreslTicled Designated Reslricled Net assets as at 30 September 2023 1.116,120 25,000 253,765 13,6921 1.366,193 25,000 731008 2.122,201 731,008 984,773 1,141 120 18. Transactlons with subsidiary and the Wtsrshipful Company of Dlstlller8 The charity'5 subsidiary is obliged to donate lo0.￿ of the Hammer Price (price paid before Buyers Premium) from the Distiller 'One of One, auctions lo the charity. wth 90Q1￿ of this being ￿strIcted to the Youth Acbon Fund. The total donation for 2023 is £1,786.582 with £1,601,100 restricted {2023.' £879,538 with £747.000 reslrictedl, of thich £740,72012023.' £519,478) remains outstanding at Ihe balance sheet date. The Charity also invests In communications lo support fundraising and ils website which included m9ntion of th8 One of One aucllon. As detailed in the trustees report, the Worshipful Company of DlslSllers appoints some tsf the trustees of the Charity, and is also the corporate Iwstee of the old Distillers, Charity. The old Dists'llers Charity donated £16,25112023.. £11,￿0) to Ihe Charity during the year. During 2024 the Charity and its subsidiary paid the Worshlpful Company of Distillers £1,437 management soNices and £1.067 for the Scottish Court & Livery Dinner in addition lo items recharged at cost (Durlng 2023 the Chaiity paid the Worshipful Company of Distlllers £4,106 for bookkeeping and management serv￿e8 and £656 for the Scoitish CoLJrt & Livery Dinner in addltion to Il8m8 recharged at costl. Page 20