THE DISTILLERS' CHARITY
(CHARITABLE INCORPORATED ORGANISATION)
REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
Charity Registration Number: 1193683 (England & Wales) Charity Registration Number: 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 Jonathan Driver (appointed 30th April 2025) Paul Hick Alexandra Oldroyd (Appointed 4th August 2025) Jonathan Roberts Richard Watling
REGISTERED OFFICE
Apothecaries Hall, Blackfriars Lane, London EC4V 6ER
AUDITORS
Begbies Chartered Accountants 9 Bonhill Street London EC2A 4DJ
BANKERS
C Hoare & Co 37 Fleet Street London EC4P 4DQ
INVESTMENT ADVISERS
CCLA 1 Angel Lane London EC4R 3AB
W1M (previously Waverton Investment Management) 16 Babmaes Street London SW1Y 6AH
LEGAL ADVISERS
Lee Bolton Monier-Williams LLP 1 The Sanctuary London SW1P 3JT
CCEW CIO - 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, Distillers Ventures Limited (DVL), for the year ended 30 September 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's constitution, the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) 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).
Structure, Governance and Management
The 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 and its board, there are no less than five 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. Two new trustees were appointed following the year-end as follows: Jonathan Driver (appointed 30 April 2025) overseeing the Charity’s fundraising as undertaken by DVL its trading company and Alexandra Oldroyd (appointed 04 August 2025) to succeed Paul Hick as lead trustee in terms of finance.
At present the Charity has no staff, although it outsources certain tasks related to the Youth Action Fund to Inspiring Scotland, specialised in advising charities on delivering better outcomes for young people in Scotland. The Charity also received support in managing its Vocation Training & Education activities from the Worshipful Company of Distillers’ Development Director, Clive Bairsto.
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 one member of staff, has a formal undertaking to transfer all surpluses to the Charity.
The trustees are responsible for relationships between the Charity and related parties, including its trading subsidiary DVL, and the charities to which it grants funds in the pursuit of its charitable objectives and mission transforming young people’s lives.
Whilst there is no formal policy, the trustees take responsibility for the training and induction of new trustees.
Page 1
THE DISTILLERS' CHARITY TRUSTEES REPORT
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.
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 difference to enhancing the wellbeing and life opportunities of young people that it supports as beneficiaries.
Activities and Achievements During the Period
The Charity carries forward its mission supported by governance, policies and processes that are designed to ensure that grant-making activities achieve positive social impact aligned with its mission.
The Charity’s wholly owned trading subsidiary, The Distillers' Ventures Limited purpose is raising funds for the benefit of the Charity and its charitable mission by organising and holding biennial auctions of rare Scotch Whiskies. The latest fundraising Auction was held in Edinburgh during October 2025, immediately following the end of this financial year. This year’s auction’s proceeds totalled £2,316,722 (2023 £1,779,000)
Grant-making & Impact
The Distillers’ Charity grant-making activities are spread across three distinctive areas, each of which supports the Charity’s mission to transform the lives of young people.
The Youth Action Fund is focused on achieving employability outcomes for young people from disadvantaged backgrounds in Scotland. It equips the beneficiaries with the skills and confidence to achieve positive and lasting change in their lives.
The Charity’s two other grant-making areas, build on the historic work of the original unincorporated Charity as well as the Charity’s position as leading City of London Livery company. City & Livery Giving works to enhance the Distiller’s philanthropic work targeting support for young people to help them reach their potential. Distillers Vocational Training and Education is dedicated to developing the next generation of talent in the spirit’s trade.
In terms of governance, the Youth Action Fund, Vocational Training & Education and City & Livery Giving each are each managed by grant making committees, all of which met regularly. These committees report on their activities at Trustee meetings, accompanied by written updates on the progress of our charity partners and impact achieved. The committees have delegated accountability, set out in their terms of reference, to manage grantmaking and other related activities ensuring the effective use of available resources to deliver social impact.
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THE DISTILLERS' CHARITY TRUSTEES REPORT
Youth Action Fund
The Youth Action Fund was established by the Charity in January 2022 with the mission of transforming the life chances of young people in Scotland aged between 16 and 25. The proceeds of the Distillers One of One Auction are the sole source of funding for the Youth Action Fund alongside, during the year, some philanthropic donations.
Since the Fund’s inception it has been managed by Inspiring Scotland, a registered charity. The fund managers remit includes oversight of the five principal delivery partners; Aberdeen Foyer, Action for Children, ENABLE Works, FARE Scotland and Street League with support from the Talk About Trust. The delivery partners are responsible for engaging with young people, particularly from disadvantaged communities, helping each individual gain the confidence and skills required to progress towards employability. The partners bring deep expertise and experience in achieving sustainable employability outcomes with young people from disadvantaged backgrounds improving their life chances. Total grant- making across this area of work was £978,880 (2024£981,931)
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. Cumulatively, since the launch of the Youth Action Fund in January 2022 to September 2025, approximately 2,750 young people achieved an employability outcome with the support by the Fund’s charity partners, underscoring the Fund’s ability to deliver impact at scale. During the year an independent evaluation report was published by Research Scotland, describing the main attributes that define the model of delivery and the Fund’s underlying key success factors.
Vocational Training and Education
Distillers’ Vocational Training and Education (VTE) provides support for the next generation of young talent in the distilling industry, widening participation in the trade. Distillers’ VTE provided beneficiaries with 29 bursaries during the year, as well as advanced learning seminars, networking opportunities, and access to industry knowledge alongside holistic individual support provided by 47 mentors from the Livery. Total expenditure across this area totalled £38,429 (2024- £34,022)
In terms of the impact of Distillers’ VTE, students benefited from the range of activities and support offered leading to work experience placements as well as other activities supporting future generations into work in the drinks industry.
City & Livery Giving
City and Livery Giving reflect the Worshipful Company’s role as a Guild and includes supporting The Lord Mayor’s Appeal. Grant-making in this area of work aims to transform 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 £223,375 (2024- £143,500)
We monitor the progress of each of our City & Livery Giving charity partners, which totalled 9 during the year, who deliver a broad a range of programmes targeted towards supporting disadvantaged young with knowledge and skills as well as helping industry colleagues facing hardship.
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THE DISTILLERS' CHARITY TRUSTEES REPORT
Fundraising activities
The Charity is funded through two distinctive sources of income, which both benefit from its ties with the Worshipful Company of Distillers as well as its ongoing relationship with the drinks industry and individuals who share close connections to the trade. The Charity’s principal income is produced by its biennial Distillers One of One Auction, alongside additional income raised by way of regular donations from Livery members, targeted fundraising appeals, other donations as well as interest and capital returns from our investment funds.
Following the financial year end the third 'One of One' Auction was held in October 2025 in Edinburgh and raised £2,316,722, in terms of the hammer price. 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. 90% of the funds raised, representing the price paid for lots before buyer’s premium, is allocated to the Youth Action Fund to transform the life chances of young people in Scotland, empowering them to create positive change in their lives and communities. The Donor’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.
Livery support, in the form of donations from members, provided £74,299 valuable additional funding to support Vocational Training & Education and City & Livery Giving, (2024- £107,050).
Our resources for the year were supplemented by a one-off restricted grant for the Youth Action Fund (£150,000) and £86,197 income from the Charity’s investments of (2024 £93,776).
Financial review
Total consolidated income for the financial period was £539,455 (2024- £2,383,881). The decrease in income was due to donations from Distillers’ Ventures Limited from the biennial One of One Auction to the Charity in 2024 of £2,023,320.
In terms of expenditure fundraising costs, totalled £258,801 (2024- £271,163). Overall charitable grant expenditure was broadly flat during the year totalling £1,240,684 (2024- £1,159,453).
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 subheadings, governance & management, fundraising & 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.
The Charity’s trading company, DVL, has a similar policy for risk management and its review by the company’s board of directors.
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THE DISTILLERS' CHARITY TRUSTEES REPORT
Investment Policies and 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 aims to maintain a level of unrestricted reserves of £1 million.
Financial position at the end of the year
At the end of the financial year, the charity held a total reserve of £2,021,528 (2024- £3,067,470), divided between Unrestricted funds £1,464,685 (2024 £1,569,293) Restricted funds £556,843 (2024 £1,500,117)
Investment policies
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 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.
Throughout the year, the Charity held CCLA COIF Charities Investment Funds. Over the 12 months, the fund returned -1.52%, compared to CPI of 3.8%. The Charity also purchased Waverton Charity Growth and Income Fund. Performance of the fund over the 12 months to the 31st August 2025, totalled 11.7%. Neither of the units have been held for the full 5-year cycle of the policy.
Plans for the future
Going forward the Charity aims to consolidate on progress following a period of significant growth in recent years. The includes continuing to work with our grantees, across each of our three strategic grant-making areas and building a stronger understanding of their social impact and effectiveness.
For the Youth Action Fund, representing our largest area of funding, we anticipate continuing to provide approximately £1 million in total funding in Scotland for our portfolio of charity partners, to achieve positive youth employability outcomes in disadvantaged areas. 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.
Trustees are working on a long-term plan for succession to ensure continuity of the Charity’s work underpinned by effective governance and good risk management. This also extends to encouraging further engagement by Livery members both as donors and volunteers supporting our collective philanthropic work.
In terms of fundraising Distillers Ventures Limited will continue its work in terms of donor engagement with the Scotch Whisky industry, the Auction sponsors and other partners, whose collective support is the foundation for the success of this unique fundraising initiative, which is the World’s largest spirits auction of its type.
Acknowledgments
The board of trustees wishes to record our gratitude and sincere appreciation to all our stakeholders, including all our donors for their generosity, volunteers for the time given to support our charitable work and last but not least to our small team of staff for their dedication and hard work.
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THE DISTILLERS' CHARITY TRUSTEES REPORT
Fundraising -The Charities (Protection and Social Investment) Act disclosure
Our fundraising in large majority arises from the biennial One of One Auction, managed by Sotheby’s, in partnership with the Scotch Whisky industry. The remaining fundraising is primarily derived from donations made by Liverymen from the Worshipful Company of Distillers.
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.
Trustees' Responsibilities in Relation to the Financial Statements
The law applicable to charities in England and Wales and in Scotland requires them to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charitable Company and of the incoming resources and application of resources of the for that 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.
They are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the trust deed. They are also responsible for safeguarding the assets of the 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:26/05/26
Page 6
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 2025 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:
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Give a true and fair view of the state of the parent charity and its subsidiary undertaking’s affairs as at 30 September 2025 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, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
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.
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 and the Charities Accounts (Scotland) Regulations 2006 (as amended) 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.
Page 7
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE DISTILLERS' CHARITY
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 auditor under section 144 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Acts 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.
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.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006. 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 the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Begbies Chartered Accountants 9 Bonhill Street Statutory Auditors Date London 26/05/26 EC2A 4DJ
Page 8
The Distillers' Charity Consolidated Statement of Financial Activities for the year ended 30 September 2025
Income from: Note Donations & legacies 3 Income from other trading activities: Fundraising activities 4 Investments 5 Total income Expenditure on: Fundraising and Events costs Events and other fundraising costs 6 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 5 Net income / (expenditure) Transfer between funds Subsidiary corporation tax Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 17 |
Unrestricted Funds £ 69,375 226,500 88,646 |
Restricted Funds £ 154,924 - - |
Total Funds Unrestricted 2025 Funds £ £ 224,299 84,714 226,500 422,220 88,646 103,510 |
Total Restricted Funds Funds 2024 £ £ 172,336 257,050 1,601,100 2,023,320 - 103,510 |
|---|---|---|---|---|
| 384,521 | 154,924 | 539,445 610,445 |
1,773,436 2,383,881 |
|
| 258,801 | - | 258,801 271,163 |
- 271,163 |
|
| 258,801 16,574 227,397 57,772 |
- 1,048,684 4,924 - |
258,801 271,163 1,065,258 74,654 232,321 129,511 57,772 54,152 |
- 271,163 981,931 1,056,585 22,336 151,847 - 54,152 |
|
| 301,744 | 1,053,608 | 1,355,352 258,318 |
1,004,267 1,262,585 |
|
| 560,545 | 1,053,608 | 1,614,153 529,481 |
1,004,267 1,533,748 |
|
| (176,024) 26,766 |
(898,684) - |
(1,074,708) 80,964 26,766 97,486 |
769,169 850,133 - 97,486 |
|
| (149,258) 44,650 - |
(898,684) (44,650) - |
(1,047,942) 178,450 - 350 |
769,169 947,619 - 350 |
|
| (104,608) 1,569,293 |
(943,334) 1,500,177 |
(1,047,942) 178,100 3,069,470 1,391,193 |
769,169 947,269 731,008 2,122,201 |
|
| 1,464,685 | 556,843 | 2,021,528 1,569,293 |
1,500,177 3,069,470 |
There were no other recognised gains or losses other than those stated above. The notes on pages 13 to 20 form part of these accounts.
Page 9
The Distillers' Charity Statement of Financial Activities for the year ended 30 September 2025 of the Charity
| Income from: Note Donations & legacies 3 Investments 5 Total income Expenditure on: Fundraising and Events Costs Events and other fundraising costs 6 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 5 Net income / (expenditure) Transfers between funds 17 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 17 |
Unrestricted Funds £ 69,375 86,197 |
Restricted Funds £ 154,924 |
Total Funds 2025 £ 224,299 86,197 |
Unrestricted Funds £ 270,196 93,776 |
Total Restricted Funds Funds 2024 £ £ 1,773,436 2,043,632 - 93,776 |
|---|---|---|---|---|---|
| 155,572 | 154,924 | 310,496 | 363,973 | 1,773,436 2,137,409 |
|
| 28,387 | - | 28,387 28,387 1,065,258 232,321 57,772 |
26,533 | - 26,533 |
|
| 28,387 16,574 227,397 57,772 |
- 1,048,684 4,924 - |
26,533 74,654 129,511 54,152 |
- 26,533 981,931 1,056,585 22,336 151,847 - 54,152 |
||
| 301,744 | 1,053,608 | 1,355,352 | 258,318 | 1,004,267 1,262,585 |
|
| 330,131 | 1,053,608 | 1,383,739 | 284,851 | 1,004,267 1,289,118 |
|
| (174,559) 26,766 |
(898,684) - |
(1,073,243) 26,766 |
79,122 97,486 |
769,169 848,291 - 97,486 |
|
| (147,793) 44,650 |
(898,684) (44,650) |
(1,046,477) - |
176,608 - |
769,169 945,777 - - |
|
| (103,143) 1,567,802 |
(943,334) 1,500,177 |
(1,046,477) 3,067,979 |
176,608 1,391,193 |
769,169 945,777 731,008 2,122,201 |
|
| 1,464,659 | 556,843 | 2,021,502 | 1,567,802 | 1,500,177 3,067,979 |
There were no other recognised gains or losses other than those stated above.
The notes on pages 13 to 20 form part of these accounts.
Page 10
The Distillers' Charity Consolidated and Charity Balance Sheets as at 30 September 2025
| Note Fixed Assets: Investments 12 Total fixed assets Current assets: Debtors 14 Fixed term deposit account Cash at bank and cash equivalents Total current assets Liabilities: Creditors: Amounts falling due within one year 15 Net current assets Total assets less current liabilities Creditors: Amounts falling due after one year 15 Total net assets The funds of the Charity: Unrestricted income funds - general funds 16 Unrestricted income funds - designated funds 16 Restricted income funds 16 Total Charity funds |
2025 2024 £ £ 1,128,497 1,213,607 1,128,497 1,213,607 124,570 85,743 - 275,000 958,045 1,569,967 1,082,614 1,930,710 (145,436) (66,651) 937,179 1,864,059 2,065,675 3,077,666 (44,147) (8,196) 2,021,528 3,069,470 1,464,685 1,569,293 - - 556,843 1,500,177 2,021,528 3,069,470 Consolidated |
2025 2024 £ £ 1,153,497 1,238,607 Charity |
2025 2024 £ £ 1,153,497 1,238,607 Charity |
|---|---|---|---|
| 1,128,497 | 1,153,497 | 1,238,607 | |
| 124,570 - 958,045 |
25,308 - 926,905 |
774,452 275,000 812,056 |
|
| 1,082,614 (145,436) |
952,213 (40,061) |
1,861,508 (23,941) |
|
| 937,179 | 912,152 | 1,837,567 | |
| 2,065,675 (44,147) |
2,065,649 (44,147) |
3,076,174 (8,196) |
|
| 2,021,528 | 2,021,502 | 3,067,979 | |
| 1,464,685 - 556,843 |
1,439,659 25,000 556,843 |
1,542,802 25,000 1,500,177 |
|
| 2,021,528 | 2,021,502 | 3,067,979 |
The notes on pages 13 to 20 form part of these accounts.
The financial statements were approved by the Trustee Board on 26/05/26 and signed on behalf of the Trustee Board by
G Gordon Chair
P Hick Treasurer
Page 11
The Distillers' Charity Consolidated statement of cash flows for the year ended 30 September 2025
| 2025 2024 Cash flows from operating activities: £ £ Net cash provided by / (used in) operating activities (note 1) (1,087,445) 709,135 Cash flows from investing activities: Dividends and interest received 88,646 103,510 Transfers (to)/from long term deposit accounts 275,000 (275,000) Proceeds from the sale of investments 643,319 Purchase of investments (531,443) 475,522 (171,490) Change in cash and cash equivalents in the year (611,923) 537,645 Cash and cash equivalents at the beginning of the year 1,569,967 1,032,322 958,044 1,569,967 Notes to the statement of cash flows 1. Reconciliation of net income/(expenditure) to net cash flow from operating activities 2025 2024 £ £ Net income/(expenditure) for the year (1,047,942) 947,269 Adjustments for: (Gains)/losses on fixed asset investments (26,766) (97,486) Dividends and interest (88,646) (103,510) (Increase)/decrease in debtors (38,827) 28,465 Increase/(decrease) in creditors 114,736 (65,602) Net cash provided by / (used in) operating activities (1,087,445) 709,136 2. Analysis of cash and cash equivalents 2025 2024 £ £ Cash at bank 279,504 1,000,035 Cash equivalents - CCLA COIF Deposit Fund units 678,540 569,932 Total cash and cash equivalents 958,044 1,569,967 Consolidated Cash and cash equivalents at the end of the year (note 2) Net cash provided by / (used in) investing activities |
2025 2024 £ £ (358,225) 532,246 Charity |
2025 2024 £ £ (358,225) 532,246 Charity |
|---|---|---|
| 86,197 275,000 643,319 (531,443) |
93,776 (275,000) - - |
|
| 473,073 | (181,224) | |
| 114,848 812,056 |
351,022 461,034 |
|
| 926,904 | 812,056 | |
| 2025 £ (1,046,477) (26,766) (86,197) 749,144 52,071 |
2024 £ 945,777 (97,487) (93,776) (233,394) 11,126 |
|
| (358,225) | 532,246 | |
| 2025 £ 248,364 678,540 |
2024 £ 242,124 569,932 |
|
| 926,904 | 812,056 |
Analysis of changes in net debt
The Charity had no net debt in either the current or previous year
Page 12
The Distillers' Charity Notes to the Financial Statements as at 30 September 2025
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, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 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) in 2022 did not qualify to be treated as merger under the accounting standards.
The transfer of donations to the new CIO will continue until The Distillers' Charity (1038763) has ceased collecting funds. These donations no longer qualify as extraordinary items.
(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. 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.
Sponsorship and participation fee income is recognized over the period of the activities provided in return for the income based on an estimate the level of service performed.
Donations from the transfer of the former Distillers' Charity have been recorded at the value transferred. 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.
General donations are recorded when received unless a pledge or notification proceeds receipt.
(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.
The direct costs of staging the auction, such as venue hire and programme costs, are recognised on the date of the auction as expenditure on raising funds. Where these are paid in advance at the balance sheet date, they will be included in prepayments.
Page 13
The Distillers' Charity
Notes to the Financial Statements as at 30 September 2025
(g) Allocation of support costs
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.
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 management 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) Stocks
There are no stocks of donated goods for auction held at the year end.
(i) 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.
(j) Pension schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
(k) 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.
(l) 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.
(m) Cash at bank and cash equivalents
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.
(n) 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.
(o) 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 £1,366,811.
| 2. Net income | 2025 | 2024 |
|---|---|---|
| £ | £ | |
| Net income is stated after charging net of VAT where applicable: | ||
| Auditor's remuneration - charity | 6,300 | 6,300 |
| Auditor's remuneration - subsidiary | 3,150 | 3,150 |
| Auditor's remuneration - payroll | 1,055 | 1,010 |
| Auditor's remuneration - subsidiary other services - VAT | - | 1,000 |
Page 14
The Distillers' Charity Notes to the Financial Statements as at 30 September 2025
3. Donations - Group
| 3. Donations - Group Donation from the old Distillers' Charity (1038763)- note 1(b) Restricted grant for the Youth Action Fund General donations including gift aid Donation from the old Distillers' Charity (1038763)- note 1(b) Restricted grant for the Youth Action Fund General donations including gift aid Donation from The Distillers' Ventures Limited 4. Raising funds - Group Charity auction proceeds Other income in The Distillers' Ventures Limited Fundraising income 5. Investment income - Group Unrestricted Restricted Bank deposit interest Income from UK listed investments Unrestricted Restricted Bank deposit interest Income from UK listed investments Gains on investments - Group and Charity Revaluation Sales on brought forward value 6. Cost of raising funds and events - Group The Distillers' Ventures Limited costs Charity Comms General fundraising costs Donations - Charity Raising funds -Charity Investment income - Charity |
2025 2024 £ £ 9,513 16,251 150,000 150,000 64,786 90,799 |
|---|---|
| 224,299 257,050 |
|
| 2025 2024 £ £ 9,513 16,251 150,000 150,000 64,786 90,799 - 1,786,582 |
|
| 224,299 2,043,632 |
|
| 2025 2024 £ £ - 1,779,000 226,500 244,320 |
|
| 226,500 2,023,320 |
|
| 2025 2024 £ £ - - |
|
| - - |
|
| 2025 2024 £ £ 61,585 50,392 27,061 53,119 |
|
| 88,646 103,510 |
|
| 2025 2024 £ £ 59,136 40,658 27,061 53,119 |
|
| 86,197 93,776 |
|
| 2025 2024 £ £ 44,914 97,486 (18,149) - |
|
| 26,766 97,486 |
|
| 2025 2024 £ £ 230,414 244,630 28,387 26,293 - 240 |
|
| 258,801 271,163 |
Page 15
The Distillers' Charity Notes to the Financial Statements as at 30 September 2025
6. Cost of raising funds and events - charity
| 6. Cost of raising funds and events - charity Charity Communications General fundraising costs |
2025 2024 £ £ 28,387 26,293 - 240 |
| 28,387 26,533 |
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 - Group & Charity
| Current year Grants - note 9 Share of support costs - note 10 Share of governance costs - note 11 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 2025 £ £ £ £ 978,880 223,375 38,429 1,240,684 79,720 7,427 19,082 106,229 6,658 1,519 261 8,439 |
|---|---|
| 1,065,258 232,321 57,772 1,355,352 |
|
| Youth Action Fund City & Livery Charities Vocational Training & Education 2024 £ £ £ £ 981,931 143,500 34,022 1,159,453 64,526 6,867 19,779 91,172 10,128 1,480 351 11,960 |
|
| 1,056,585 151,847 54,152 1,262,585 |
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.
8. Staff costs, trustee remuneration and expenses, and the cost of key management personnel - Group & Charity
| Gross salaries Social security Pension costs £70,001-£80,000 Salaries by band - gross salary |
Group Group 2025 2024 £ £ 72,069 33,006 8,880 4,712 2,550 2,250 |
|---|---|
| 83,499 39,968 |
|
| 1 - |
There were no staff employed during the year by the Charity. The Charity's subsidiary employed one person (2024: One). The employee was also a director resulting in key management salaries of £91,200 including benefits, employer's national insurance and pension (2024 £38,064). These figures exclude any accounting adjustments. Defined benefit pension contributions for the higher paid employee disclosed above cost of £2,550 (2024: £2,250).
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the current or preceding year. Total travel expenses of £831 were paid to two trustees during the year (2024: £503: one). No insurance limiting trustees' liabilities was purchased during the year aside from any cover contained within the general insurance policy (2024: nil).
Trustees and directors of The Distillers' Ventures made general donations of £7,255 in total (2024: £1,292), and organisations closely connected to trustees, aside from the Worshipful Company of Distillers and The Distillers' Ventures, donated £5,000 to the Charity (2024: £7,500).
During the year there were no other related party transactions other than transactions with the Charity's subsidiary , the old Distillers' Charity and with the Worshipful Company of Distillers'. See note 18.
Page 16
The Distillers' Charity
Notes to the Financial Statements as at 30 September 2025
9. Grants making activities - Group & Charity
Grants were recognised as commitments during the year to the following organisations:
| The Institute of Brewing & Distilling ICBD Heriot Watt University Wine & Spirit Education Trust Business of Spirits The Drinks Trust Future Youth Zone Equal Measures CIC Talk about Trust (formerly the Alcohol Education Trust) Lord Mayor's Appeal The Sheriffs’ & Recorder’s Fund National Numeracy Duke of Edinburgh's Award Scheme Aberdeen Foyer Enable Street League Action for Children FARE Scotland Grants under £2,000 The Institute of Brewing & Distilling ICBD Heriot Watt University Wine & Spirit Education Trust The Drinks Trust Future Youth Zone Equal Measures CIC Talk about Trust (formerly the Alcohol Education Trust) London Sports Trust Lord Mayor's Appeal The Sheriffs’ & Recorder’s Fund Aberdeen Foyer Enable Street League Action for Children FARE Scotland Grants under £2,000 |
Youth Action Fund City & Livery & Giving Vocational Training & Education 2025 £ £ £ £ 14,196 14,196 2,000 2,000 18,780 18,780 3,453 3,453 26,500 26,500 111,485 111,485 11,000 11,000 23,380 34,000 57,380 10,000 10,000 5,500 5,500 15,000 15,000 8,165 8,165 78,748 78,748 194,252 194,252 252,000 252,000 262,500 262,500 168,000 168,000 1,725 1,725 |
|---|---|
| 978,880 223,375 38,429 1,240,684 |
|
| Youth Action Fund City & Livery & Giving Vocational Training & Education 2024 £ £ £ £ 7,160 7,160 7,000 7,000 18,461 18,461 20,000 20,000 33,000 33,000 10,000 10,000 26,432 33,000 59,432 10,000 10,000 30,000 30,000 5,000 5,000 78,751 78,751 194,248 194,248 252,000 252,000 262,500 262,500 168,000 168,000 2,500 1,401 3,901 |
|
| 981,931 143,500 34,022 1,159,453 |
Grant instalments subject to conditions, which have not been included in the grant expenditure in the year, total £0 (2024: £978,880).
10. Support costs - Group & Charity
| 10. Support costs - Group & Charity Youth Action Fund grant management fees Vocational Training & Education management fees General consultancy Bookkeeping Bank charges Sundry 11. Governance costs - Group & Charity Audit costs Trustees meeting expenses and room hire Legal costs City & Livery & Giving management fees |
2025 2024 £ £ 69,804 58,135 5,164 - 18,693 26,344 9,429 1,437 1,616 2,498 592 574 932 2,185 |
| 106,229 91,172 |
|
| 2025 2024 £ £ 7,560 8,160 213 821 666 2,979 |
|
| 8,439 11,960 |
Page 17
The Distillers' Charity Notes to the Financial Statements as at 30 September 2025
| 12. Investments Market value or cost at 1 October Additions at cost Disposals at market value Net gain on revaluation Market value or costs at 30 September Historical cost at 30 September - transfer value or cost |
2025 2024 2025 2024 £ £ £ £ 1,213,607 1,116,120 1,238,607 1,141,120 531,443 - 531,443 - (663,826) - (663,826) - 44,914 97,487 44,914 97,487 Consolidated Charity |
|---|---|
| 1,126,139 1,213,607 1,151,139 1,238,607 |
|
| 1,124,063 1,124,063 1,149,063 1,149,063 |
The portfolio was invested during the 2023 year into COIF Charities Investment Fund income units. During 2025 £531,443 was disinvested and moved to Waverton Charity Growth & Income Fund income unit.
| Asset allocation within income units: Equities Bonds Alternatives Cash and Near Cash Common investment funds at market value Cash held with broker Unlisted investments at cost - see below Market value or cost as at 30 September Unlisted investments at cost comprise: The Distillers' Ventures Limited - 25,000 ordinary shares of £1 each |
2025 2024 £ £ 1,126,139 1,213,607 2,358 - - - |
% Waverton Charity Growth & Income Fund 67.90 17.10 10.90 4.10 |
% COIF Charities Investment Fund 71.17 10.32 16.61 1.90 |
|---|---|---|---|
| 100 2025 £ 1,126,139 2,358 25,000 |
100 2024 £ 1,213,607 - 25,000 |
||
| 1,128,497 1,213,607 |
1,153,497 | 1,238,607 | |
| 2025 £ 25,000 |
2024 £ 25,000 |
||
| 25,000 | 25,000 |
13. 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. The majority of 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 Interest receivable Tax due 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 |
2025 2024 £ £ 226,500 2,023,320 (230,414) (244,630) |
|---|---|
| (3,914) 1,778,690 2,449 9,734 0 (350) 0 (1,786,582) |
|
| (1,465) 1,492 |
|
| 2025 2024 £ £ 99,262 52,011 31,140 757,911 |
|
| 130,402 809,922 (105,375) (783,430) |
|
| 25,027 26,492 - - |
|
| 25,027 26,492 |
|
| 25,000 25,000 27 1,492 |
|
| 25,027 26,492 |
The donation payable under gift aid has been removed on consolidation.
Page 18
The Distillers' Charity Notes to the Financial Statements as at 30 September 2025
| 14. Debtors Trade debtors Prepayments and accrued income Amounts due from subsidiary undertaking All debtors are due within one year. 15. Creditors Amounts falling due within one year Trade Creditors Other creditors Taxation and social security Pension contributions payable Accruals and deferred income Grant accruals Amounts falling due after one year Grant accruals Deferred income As at 1 October Auction sponsorship and participation fees deferred As at 30 September 16. Movements in Funds - Group Current year Restricted funds Youth Action Fund Restricted grant - Youth Action Fund The Distillers' Velo Club Unrestricted Funds General unrestricted fund Total Funds Prior year Restricted funds Youth Action Fund Restricted grant - Youth Action Fund The Distillers' Velo Club Unrestricted Funds General unrestricted fund Total Funds |
Balance at Incoming 1 October 2024 Resources £ £ 1,500,177 - - 150,000 - 4,924 |
2025 2024 2025 2024 £ £ £ £ 34,500 43,464 - - 79,056 42,279 25,308 33,732 - - - 740,720 Consolidated Charity |
|---|---|---|
| 124,570 85,743 25,308 774,452 |
||
| 2025 2024 2025 2024 £ £ £ £ 953 720 - 645 98,500 13,167 - - 363 25,280 - - - 688 - - 18,424 14,331 12,865 10,831 27,196 12,465 27,196 12,465 Consolidated Charity |
||
| 145,436 66,651 40,061 23,941 |
||
| 44,147 8,196 44,147 8,196 |
||
| 44,147 8,196 44,147 8,196 |
||
| - - - - 98,500 - - - |
||
| 98,500 - - - |
||
| Outgoing Transfers Gains and Balance at Resources Losses 30 Sept 2025 £ £ £ £ (898,684) (44,650) - 556,843 (150,000) - - - (4,924) - - - |
||
| 1,500,177 154,924 1,569,293 384,521 |
(1,053,608) (44,650) - 556,843 (560,545) 44,650 26,766 1,464,685 |
|
| 1,569,293 384,521 |
(560,545) 44,650 26,766 1,464,685 |
|
| 3,069,470 539,445 |
(1,614,153) - 26,766 2,021,528 |
|
| Balance at Incoming 1 October 2023 Resources £ £ - 731,008 1,601,100 - 150,000 - 22,336 |
Outgoing Transfers Gains and Balance at Resources Losses 30 Sept 2024 £ £ £ £ (831,931) - - 1,500,177 (150,000) - - - (22,336) - - - |
|
| 731,008 1,773,436 1,391,193 610,445 |
(1,004,267) - - 1,500,177 (529,831) - 97,486 1,569,293 |
|
| 1,391,193 610,445 |
(529,831) 97,486 1,569,293 |
|
| 2,122,201 2,383,881 |
(1,534,098) - 97,486 3,069,470 |
Restricted and designated funds
Youth Action Fund The Distillers' Velo Club Investment share capital
A fund for grant making to youth projects in Scotland. 90% of the hammer price of charity auction proceeds is restricted to this fund. Fundraising long distance cycle challenge - in aid of a variety of Charities. Funds invested in the share capital of the Charity's subsidiary
The transfer between funds relate to prior year costs of operating the Youth Action Fund.
Page 19
The Distillers' Charity Notes to the Financial Statements as at 30 September 2025
| 17. Analysis of group net assets between funds (Current year) - Consolidated General unrestricted Restricted Net assets as at 30 September 2025 Analysis of group net assets between funds (Current year) - Charity General unrestricted Designated Restricted Net assets as at 30 September 2025 Analysis of group net assets between funds (Prior year) - Consolidated General unrestricted Restricted Net assets as at 30 September 2024 Analysis of group net assets between funds (Prior year) - Charity General unrestricted Designated Restricted Net assets as at 30 September 2024 |
Net current Investments assets £ £ 1,128,497 380,336 - 556,843 |
Long term liabilities £ (44,147) - |
Total £ 1,464,685 556,843 |
|---|---|---|---|
| 1,128,497 937,179 |
(44,147) | 2,021,528 | |
| Net current Investments assets £ £ 1,128,497 355,309 25,000 - - 556,843 |
Long term liabilities £ (44,147) - - |
Total £ 1,439,659 25,000 556,843 |
|
| 1,153,497 912,152 |
(44,147) | 2,021,502 | |
| Net current Investments assets £ £ 1,213,607 363,882 - 1,500,177 1,213,607 1,864,059 |
Long term liabilities £ (8,196) - |
Total £ 1,569,293 1,500,177 |
|
| (8,196) | 3,069,470 | ||
| Net current Investments assets £ £ 1,213,607 337,390 25,000 - - 1,500,177 |
Long term liabilities £ (8,196) - - |
Total £ 1,542,801 25,000 1,500,177 |
|
| 1,238,607 1,837,567 |
(8,196) | 3,067,978 |
18. Transactions with subsidiary and the Worshipful Company of Distillers
The charity’s subsidiary is obliged to donate 100% of the Hammer Price (price paid before Buyers Premium) from the Distillers ‘One of One’ auctions to the charity, with 90% of this being restricted to the Youth Action Fund. The total donation for 2025 is £0 unrestricted with £0 restricted (2024: £1,786,582 with £1,601,100 restricted), of which £0 (2024: £740,720) remains outstanding at the balance sheet date. The Charity also invests in communications to support fundraising and its website which included mention of the One of One auction and purchases insurance which provides cover to both entities.
The charity has also made available to its subsidiary a working capital loan of up to £75,000. The facility remained undrawn at the year end.
As detailed in the trustees report, the Worshipful Company of Distillers appoints the majority of the trustees of the Charity, and is also the corporate trustee of the old Distillers' Charity. The old Distillers Charity donated £9,513 (2024: £16,251) to the Charity during the year.
During 2025 the Charity and its subsidiary paid the Worshipful Company of Distillers £9,428 management and administrative services and £1,995 for the Scottish Court & Livery Dinner in addition to items recharged at cost (During 2024 the Charity and its subsidiary paid the Worshipful Company of Distillers £1,437 management services and £1,067 for the Scottish Court & Livery Dinner in addition to items recharged at cost).
19. Post balance sheet events
After the year end the charity's subsidiary held the biennial D1O1 auction which raised £2.3m for charitable giving.
Page 20