The Trustees present their annual report and financial statements for the Period ended 31 December 2024.
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 Memorandum and Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
The objectives for which The Brewgooder Foundation is established are to relieve poverty primarily by investing in clean drinking water, hygiene, and sanitation projects in developing countries, and advance education.
Our mission is to reduce poverty and inequality linked to globally recognised impact areas, with funds granted to charities, non-profits and projects that can help to empower communities and enable opportunities for one million people worldwide by 2030.
The Trustees of the Brewgooder Foundation present their report together with the financial statements for the eight-month period ending 31 December 2024. This shorter reporting window aligns the Foundation’s financial reporting with Altruist Brands Ltd, supporting improved financial planning and governance.
Over this reporting period, significant progress has been made on initiatives outlined in the previous annual report. Key governance and structural improvements have been implemented, including:
The continued execution of the Foundation’s revised constitution and strategic framework.
Strengthened internal governance processes, including due diligence and partnership evaluation protocols - as well as a new reporting schedule to align with key strategic partner reporting.
The implementation of new impact monitoring and evaluation systems, ensuring transparency and measurable outcomes.
Ongoing engagement with stakeholders to align the Foundation’s objectives with the broader impact goals of Brewgooder.
While much of the work set out in the previous report remains underway, the Foundation remains committed to ensuring its impact strategy is effectively delivered in the coming months.
During the eight-month period to 31st December 2024, our organisation made the following charitable donations:
£10,000 to Charity: Water’s Sensor Programme, supporting real-time tracking and maintenance of water projects in underserved communities.
£12,400 to Hubbub’s Community Fridges Programme, tackling food waste and supporting food redistribution to those in need and allowing for the development of additional community-based programmes.
Income for the eight-month period was £86,113 (2024: £95,969). Grossed up for a full year, this will show a growth of 35%. Total charitable distributions for the period were £22,400 (2024: £51,340). Total donations for the period, as a percentage of total income was 26%, whilst in the previous reporting period the comparable percentage was 53%. The changes to reporting and a return to a twelve-month window will provide a more accurate level of comparability between previous reporting periods.
Reserves Policy
The Trustees have set optimal reserves equating to approximately three months unrestricted expenditure, to reduce the burden in the event of a sudden fall in income.
Total retained reserves at the end of the period was £38,431 (2024: £20,612) which consists entirely of unrestricted funds.
The reserves policy is reviewed regularly as part of internal financial control systems.
Principal Risks and Uncertainties
The Trustees acknowledge that the key risks identified in previous reporting periods remain actively managed, particularly the reliance on a single funding source and the potential impact of ongoing economic pressures on consumer confidence within the craft beer industry.
With income from the trading company continuing to grow, the Foundation has progressed its planned Organisational Development initiatives to further strengthen its resilience against these risks. This structured approach is designed to enhance financial stability, ensure sustainable impact delivery, and support the Foundation’s long-term objectives.
In anticipation of the Foundation’s expanding activities, income streams, and growing network of impact partners, the Trustees are actively advancing plans to broaden the expertise represented on the Board. This will ensure the Foundation is well-positioned to navigate future opportunities and challenges effectively.
These ongoing risk mitigation efforts are fully integrated into the Foundation’s strategic plans.
As stated in the prior report, The Brewgooder Foundation remains on track to deliver a significant rebrand and strategic relaunch in 2025, as planned. This initiative will introduce a refreshed visual identity, a fully developed strategic framework, key impact partnerships, and an enhanced disbursement plan. In alignment with this, regular detailed impact reporting will be published in future reporting periods, reinforcing its commitment to transparent public communications and rigorous impact management.
Building on the governance, strategic, and structural frameworks already established, the Foundation is in the final stages of a structured project procurement process. This will facilitate the expansion of a well-defined and diverse portfolio of impact partners, encompassing both flagship global and local partnerships, as well as targeted initiatives addressing specific needs in key locations and causes.
Following from the previous Trustee report, the Foundation has taken proactive steps to explore options for external fundraising. This approach aims to enhance the organisation’s financial resilience by broadening revenue streams over time. While not yet fully implemented, a diversified income strategy—particularly one that includes a potential uplift in unrestricted income—would allow for more effective management of operational costs and reduce dependency on a single funding source. Progress towards an implementation of an external fundraising strategy in this area is considered a focus for the next reporting window as the Foundation continues to execute its long-term impact strategy.
The Brewgooder Foundation is a company limited by guarantee and is governed by its Memorandum and Articles of Association.
The Trustees, who are also the directors for the purpose of company law, and who served during the Period and up to the date of signature of the financial statements were:
Formal meetings of Trustees are held quarterly with additional meetings as required by the Foundation's business, wherein the board of Trustees is responsible for making strategic, financial and legal decisions. The power of appointing new or additional Trustees is vested in the Trustees and all the Trustees are advised of their responsibilities as part of the standard induction process, and at regular intervals.
The Trustees, who are also the directors of The Brewgooder Foundation for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that Period.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees' report was approved by the Board of Trustees.
I report on the financial statements of the charity for the Period ended 31 December 2024, which are set out on pages 5 to 13.
The charity’s Trustees, who are also the directors of The Brewgooder Foundation for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The Trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.
In connection with my examination, no matter has come to my attention:
to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the Period. All income and expenditure derive from continuing activities.
The Brewgooder Foundation is a private company limited by guarantee incorporated in Scotland. The registered office is 2nd Floor, 101 Portman Street, Glasgow, G41 1EJ.
The trustees elected to prepare financial statements for an eight month period to 31 December 2024. This election was made to align the accounting year-end of the Brewgooder Foundation to that of associate entities. The comparative figures in these financial statements are for a 12 month period and are therefore not directly comparable to the figures in the eight month period to 31 December 2024.
The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Companies Act 2006, 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 charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
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 £.
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.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the charity holds a long-term interest and where the charity has significant influence. The charity considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Donations
The average monthly number of employees during the Period was:
The remuneration of key management personnel was as follows:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
There were no disclosable related party transactions during the Period (2024 - none).
Details of the charity's subsidiaries at 31 December 2024 are as follows:
Details of the charity's associates at 31 December 2024 are as follows: