PAYNE GALLWEY 1989 CHARITABLE TRUST
FINANCIAL STATEMENTS
5 APRIL 2024
(CHARITY NO 1016286)
BREWERS
Chartered Accountants & Registered Auditors
Bourne House
Queen Street
Gomshall
Surrey GU5 9LY

PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286
YEAR ENDED 5 APRIL 2024
Contents
Page
Legal and Administrative Information
Annual Report of the Trustees
Auditors report
Statement of Financial Activities
Balance Sheet
12
Notes to the Accounts
13

PAYNE GALLWEY 1989 CHARITABLE TRUST- CHARITY NO 1016286
YEAR ENDED 5 APRIL 2024
LEGAL AND ADMINISTRATIVE INFORMATION
Reference and Administrative information
TRUSTEES
Edward Leigh-Pemberton
Emma Nutt
Caroline Todhunter
Charles Leigh-Pernberton
AUDITOR
Brewers Chartered Accountants
Bourne House
Queen Street
Gomshall
Surrey GU5 9LY
BANKERS
Brown Shipley
Private Banking
Founders Court
Lothbury
London EC2R 7HE
INVESTMENT MANAGERS
Evelyn Partners
45 Gresham Street
London
EC2V 7BG
PRINCIPAL OFFICE
Clo The Estate Office
Manor Farm
Little Coxwell
Faringdon
Oxon SN7 7LW
WEBSITE
www.pgct.co.uklhome
SOLICITORS
Humphries Kirk
17 Market Street
Crewkerne
Somerset TA18 7JU

PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286
YEAR ENDED 5 APRIL 2024
ANNUAL REPORT OF THE TRUSTEES
The financial statements have been prepared in accordance with the accounting policies set out in
notes to the financial statements, comply with the Statement of Recommended Practice" Accounting
and Reporting for Charities., statement of recommended practice applicable to charities preparing their
accounts in accordance with Financial Reporting Standards including the Financial Reporting
Standards applicable in the UK and Republic of Ireland (FRS102 2nd Edition, effective January 2019),
the Trust Deed and the Charities Act 2011.
Structure and Governance
The Trust, a registered charity - number 1016286, was originally created by Deed dated 11 January
1987 with initial capital of £200 from Sir Philip Frankland Payne-Gallwey, Bart, who also gave 15,000
British Bloodstock Agency PIC 25p Ordinary shares to the Settlement at his original cost of £2,187
(market value on date of Settlement £23,475) with hold over relief being claimed for Capital Gains tax
purposes.
Following discussion with the Charity Commission an amended Deed was drawn up dated 1
November 1989 and the assets of the original Trust Fund were re-appointed to this Trust Fund under
its terms and conditions namely that its object is to "support such Charitable Institution or Institutions
as the Trustees shall in their discretion from time to time determine"
The Trustees have fulfilled their obligations under the Trust making various donations to charities as
shown in the attached accounts.
On the death of Mrs J Payne-Gallwey on 6 June 1996 a Deed of Variation was executed whereby
investments and cash totalling £200,000 were added to the Trust. Sir Philip Payne-Gallwey Bt. died
on 3rd February 2008 and under his Will left the bulk of his estate to the Charitable Trust.
The Trust does not actively fundraise and seeks to continue its charitable work through the careful
stewardship of its existing resources.
Objects of the Charity
The object of the Charity is to make a wide range of charitable grants at the discretion of the Trustees.
Decisions on grants are made by all the Trustees. The Trustees identify projects and organisations
they wish to support as well as some organisations who apply speculatively.
Trustee Appointment and Tralnlng
Trustees are elected at a meeting of the Board of Trustees on the basis of nominations received from
the Trustees. Trustees are given training when appropriate. Were there a requirement for new
Trustees these would be identified and appointed by the remaining Trustees. The day to day
administration of the Trust is Garried out by Edward Leigh-Pemberton.
The Trustees meet at least half-yearly but have regular Contact and discussion between meetings
and agree the broad strategy areas of activity for the trust including consideration of grant making,
investment reserves and risk management policies and performance.
Apart from Trustees, charges for travelling and phone expenses totalling £969 (2023: £324), Trustees
have not charged for time spent on general matters, meetings etc, all of the Trustees give their time
freely. Related party transactions are given in notes 4 and 8.

PAYNE GALLWEY 1989 CHARITABLE TRUST- CHARITY NO 1016286
YEAR ENDED 5 APRIL 2024
ANNUAL REPORT OF THE TRUSTEES- CONT'D
Public Benefit
The objects of the Trust are to make a wide range of charitable donations. The Trustees confirm that
they have referred to the public benefit guidance published by the Charity Commission when
reviewing the Trust's aims and objectives and in planning future activities and setting the grant policy
for the year.
The Trust furthers its charitable purposes for the public benefit through its grant making policy which
aims at..
Relief of poverty
Education
Religion
Health and well being
Grant Making Policy
The trust has established its grant making policy to achieve its objects for the public benefit. The trust
aims to improve the lives of a wide range of beneficiaries through the grants it makes as noted above.
The trustees invite applications for grants which are reviewed by the trustees and grants are awarded
based on merit by all the trustees. Decisions are minuted.
Achlevements and Performance of the Trust
During the year the Trust has made donations to a wide range of beneficiaries including the sick,
disabled, elderly and disadvantaged. A list of donations is given in appendix 1 to this report.
Financial Review
The principal funding source of the Trust is investment return. During the year dividends and interest
on investments of £182,246 (2023.. £191,243) were received.
Donations of £239,509 (2023: £250,000) were granted to a wide range of beneficiaries during the
year.
Losses on disposal of investments were £46,356 (2023: gains £443,694) and gains on revaluation of
investments were £574,833 (2023: losses £974,266) in the year under review.
The net expenditure in the year before investment gains was £123,906 (2023: loss £124,291).
At the end of the year the reserves stood at £8,776,448 (2023: £8,361,877).

PAYNE GALLWEY 1989 CHARITABLE TRUST- CHARITY NO 1016286
YEAR ENDED 5 APRIL 2024
ANNUAL REPORT OF THE TRUSTEES - CONT'D
Reserves Policy
The Trustees, policy on reserves is to spend dividend income and to ensure reseFves are sufficient to
facilitate a stable donation policy- even though charitable giving exceeded investment income in the
year under review, the market value of listed investments improved over the year to a level just shy
of £9 million which far exceeds projected donations.
Investment Policy
The Trustees investment objectives are to achieve a balance between capital growth and to generate
sufficient income to cover distributions to charitable causes.
Trust investments are managed by Evelyn Partners, Stockbrokers with whom the Trustees have an
annual meeting to review its policy and to ensure that the investments continue to meet the suitability
requirements of the Trustees Act 2000 and the Charity Commission's guidan￿ thereon. the Trustees
maintain regular contact with Evelyn Partners with regard to investment performan￿ and
management.
The extreme volatility in the stock market has made the management of investments extremely
difficult, however the charity is a long-term investor and the trustees believe that a mixed portfolio of
investments and cash remains appropriate. The total return on all investments before fees was
approximately 30/0 which was better than the FTSE APCIMS Stock Market Balanced Index,
Risk Management
The Trustees have examined the major strategic business and operational risks which the charity
faces and confimi that systems have been established to enable regular reports to be produced so
that necessary steps can be taken to lessen risks. The Trustees consider variability of investment
returns to constitute the Gharity's major financial risk and recent extreme volatility in world stock
markets have demonstrated this risk. The Trustees have tempered this risk by ensuring a diverse
portfolio of investments in shares, trusts, loan notes and government stock.
Future Plans
The Trustees intend to continue providing grants on a similar scale to the past., the Trustees will
continue to take account of any increase in market value of the investments. The total grants
distributed in the year amounted to £239,509 (2023: £250,000) as listed in appendix 1.

PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286
YEAR ENDED 5 APRIL 2024
Trustees Responsibilities in Relation to the Financial Statements
The trustees are responsible for preparing the Trustees, Annual Report and the financial statements
in accordance with applicable law and regulations.
The law applicable to charities in England & Wales requires the trustees to prepare financial
statements for each financial year in accordance with United Kingdom Generally Accepted Accounting
Practice (United Kingdom Accounting Standards and applicable law). The trustees must not approve
the financial statements unless they are satisfied that they 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 charity for that period.
In preparing these financial statements, the trustees are required to..
a) select suitable accounting policies and apply them consistently-,
b) observe the methods and principles in the Charities SORP.,
c) make judgments and estimates that are reasonable and prudent.,
d) state whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements
e) prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charity will continue to operate.
The trustees are responsible for keeping sufficient 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 Act 2011, the applicable Charity (Accounts and Reports)
Regulations 2008 and the provisions of the trust deed. 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.
In so far as the trustees are aware:
> there is no relevant audit information of which the Charity's auditor is unaware., and
> the trustees have taken all steps that they ought to have taken to make themselves aware of
any relevant audit information and to establish that the auditor is aware of that information.
Edward Leigh-Pemberton
Signed on behalf of the Trustees

PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286
YEAR ENDED S APRIL 2024
AUDITOR'S REPORT TO THE TRUSTEES OF PAYNE GALLWEY 1989 CHARITABLE TRUST
Opinion
We have audited the financial statements of Payne Gallwey 1989 Charitable Trust (the 'charity') for
the year ended 5 April 2024 which comprise Statement of Financial Activities and Balan￿ Sheet and
notes to the financial statements, including a summary of significant accounting policies. The financial
reporting framework that has been applied in their preparation is applicable law and United Kingdom
Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard
applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting
Practice).
In our opinion, the financial statements..
give a true and fair view of the state of the charity's affairs as at 5 April 2023 and of its
incoming resources and application of resources for the year then ended",
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and
applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of 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 of 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 ￿e1ve 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
information included in the annual report other than the financial statements and our auditor's report
thereon. 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.

PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286
YEAR ENDED S APRIL 2024
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities
(Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
the infonnation given in the trustees. report is inconsistent in any material respect with the
financial statements., or
sufficient accounting records have not been kept" or
the financial statements are not in agreement with the accounting records and returns. or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees, responsibilities statement the trustees are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view, and
for such internal control as the trustees determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the trustees either intend to liquidate the charity or to
cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial ststements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in
accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor's report
that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee
that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when
it exists. Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they Gould reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements.
Irregularities, including fraud, are instances of noncompliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect
of irregularities, including fraud. These matters were discussed amongst the engagement team at the
planning stage and the team remained alert to noncompliance throughout the audit. Audit prO￿dureS
undertaken in response to the potential risks relating to irregularities (which include fraud and non-
compliance with laws and regulations) comprised of: inquiries of Trustees as to whether the entity
complies with such laws and regulations; enquiries with the same concerning any actual or potential
litigation or claims,. inspection of relevant legal correspondence,. review of Trustees meeting minutes.,
testing the appropriateness of journal entries,. and the performance of analytical review to identify
unexpected movements in account balances which may be indicative of fraud. No instances of
material non-compliance were identified. However, the likelihood of detecting irregularities, including
fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's
controls, and the nature, timing and extent
of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult
to detect than irregularities that result from error. As explained above, there is an unavoidable risk
that material misstatements may not be detected, even though the audit has been planned and
performed in accordan￿ with ISAS (UK).
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council's website at.. htt s"Ilwww.frc.or
.uklauditorsres
onsibilities. This
description forms part of our auditor's report.

PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286
YEAR ENDED S APRIL 2024
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities
(Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might
state to the charity's trustees those matters we are required to state to them in an auditor's report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility
to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report,
or for the opinions we have formed.
EWE
St
Bourne House, Queen Street
Gomshall, Surrey,GU5 9LY
Date.. 23 September 2024
Brewers is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment
as auditor of a company under section 1212 of the Companies Act 2006.
10

PAYNE GALLWEY 1989 CHARITABLE TRUST- CHARITY NO 1016286
YEAR ENDED 5 APRIL 2024
STATEMENT OF FINANCIAL ACTIVITIES
2024
Unrestricted
2023
Unrestricted
INCOME
Investment Income
Total Income
Notes
182,246
182,246
191,243
191,243
EXPENDITURE
Cost of raising funds
Investment manager's costs
Charitable activities
Total Expenditure
50,526
255,626
306,152
50,631
264,903
315,534
Net Expenditure before Investments {losses)Igains
123,906
124,291
Net gainsl (losses) on investments
538,477
{530,573)
Net Incomel(Expenditure)
414,571
654,864
Net movement in funds
Reconciliation of funds
Total funds brought forward
8,361,877
9,016,741
Total funds carried forward
10
8,776,448
8,361,877
Continulng activities
All the figures included in the statement of financial activities derive from continuing activities of the
charity.
Totsl recognised gains and losses
All recognised gains and losses are included in the statement of financial activities.

PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286
YEAR ENDED 5 APRIL 2024
BALANCE SHEET
2024
Unrestricted
2023
Unrestricted
Notes
FIXED ASSETS
Investments
8,719,837
8,025,670
CURRENT ASSETS
Cash with stockbrokers
Cash at bank
67,315
16,470
83,785
336,932
22,563
359.495
LIABILITIES FALLING
DUE WITHIN ONE
YEAR
Creditors
(27,174)
23 288
NET CURRENT
ASSETS
NET ASSETS
56,611
336,207
8,776,448
8,361,877
THE FUNDS OF THE
CHARITY
Unrestricted fund
8,776,448
8,36 1,877
Approved by the Trustees on
nd signed on their behalf by..
Edward Leigh-Pemberton
12

PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286
YEAR ENDED 5 APRIL 2024
NOTES TO THE ACCOUNTS
ACCOUNTING POLICIES
Basis of Preparation
Payne Gallwey 1989 Charitable Trust is a public benefit entity and the accounts are prepared
under the historical cost convention, except for investments which have been included at
market value. The accounts are prepared in accordance with the Statement of Recommended
Practice: Accounting and Reporting by Charities preparing their accounts in accordance with
the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 2nd
Edition, effective January 2019) and the Charities Act 2011 and UK Generally Accepted
Practice as it applies from 1 January 2019.
The financial statements have been prepared to give a "true and fair" view and have departed
from the Charities Accounts and Reports Regulations, 2008, only to the extent required to
provide a "true and fairf view. This departure has involved following Accounting and Reporting
by Charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102 2nd Edition, effective from January
2019)
The accounts have been prepared on a going concern basis which assumes that the charity
will continue in operational existence for the foreseeable future. The Trustees in assessing
going concern have considered a period of one year from signing of these accounts.
The functional and presentational currency is sterling and the accounts have been rounded to
£1.
b)
Incoming Resources
All incoming resources are recognised once the charity has entitlement to the income, there
is sufficient certainty of receipt and it is probable that the income will be received that the
resources will be received, and the monetary value of incoming resources can be measured
reliably.
Dividends are recognised once the dividend has been declared and notification has been
received of the dividend due. This is normally upon notification by our investment advisor.
Resources Expended
Liabilities are recognised as resources expenditure as soon as there is a legal or constructive
obligation committing the charity to the expenditure, it is probable that settlement will be
required, and the amount of obligation can be measured reliably. Expenditure is accounted
for on an accrual's basis. Irrecoverable VAT is charged to the Statement of Financial Activities
as incurred.
d)
Charitable Activities
Costs of charitable activities include grants made, support costs and governance.
Grants
Grants are made to third parties in the furtheran￿ of the charitable objectives of the Trust.
Grants are recognised once the Trust has made an unconditional commitment to pay the grant.
13

PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286
YEAR ENDED 5 APRIL 2024
Cost of Raising Funds
The costs of generating funds consists of the investment manager's fee.
g)
Governance Costs
Governance costs comprise all costs involving the public accountability of the charity and its
compliance with regulation and good practice. These costs include costs related to statutory
audit
h)
Fixed Asset Investments
Fixed asset investments are included at transaction value and are subsequently measured at
market value using the closing quoted market price. The statement of financial activities
includes the net gains and losses arising on revaluation and disposals throughout the year.
Realised Gains and Losses
The trust does not acquire, or uses put options, derivatives or other complex financial
instruments.
All gains and losses are taken to the statement of financial activities as they arise. Realised
gains and losses on investments are calculated as the difference between sale proceeds and
opening carrying value (purchase date if later). Unrealised gains and losses are calculated
as the difference between the market value at the year end and opening market value (or
purchase date) if later. Realised and unrealised investment gains and losses are combined in
the Statement of Financial Activities.
i)
Cash and cash equivalents are defined as cash at bank and cash held by investment
managers.
k)
Financial Instruments
The charity holds only basic financial instruments, including listed investments. Listed financial
investments are held at fair value. Basic financial instruments are transactions that result in
the recognition of financial assets and liabilities like debtors and creditors.
Financial assets are measured at cost and amortised cost less any provision from non-
recoverability and are assessed at the end of each rereporting period for objective evidence
of impairment. If objective evidence of impairment is found, an impairment loss is recognised
in the statement of financial activities.
Financial liabilities are measured at amortised cost and are held at their anticipated settlement
amount.
Cash and bank and cash deposits held by investment managers are held at face value.
Funds
Unrestricted funds comprise funds which the trustees are free to use for any purpose in
furtherance of the charitable objects.
INCOME FROM INVESTMENTS
2024
2023
Dividends & interest receivable
182 246 191243
Income from investments arises from dividends receivable from investments listed on
reGognised stock exchanges and interest in cash funds held by investment managers.
14

PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286
YEAR ENDED S APRIL 2024
NOTES TO THE ACCOUNTS- CONT'D
CHARITABLE EXPENDITURE
2024
2023
Grants
Support costs
239,509
16,117
255,626
250,000
14,903
264,903
List of donations made in the year, can be found in appendix 1.
SUPPORT COSTS
Accountancy
Secretarial costs and website development
Trust administration and meetings
Governance costs
Withholding taxes and sundry fees
2,520
2,914
1,060
9,000
623
16,117
2,160
3,002
324
8,100
1,317
14,903
Legal authority to pay remuneration is provided for in the trust deed dated 1 November 1989.
Expenses of £969 (2023.. £324) were reimbursed to trustees for meeting expenses incurred in
the year.
GOVERNANCE COSTS
Audit, inc. VAT
9,000
8,100
INVESTMENTS AT MARKET VALUE
Investments on a recognised stock exchange
Cost at
Purchasesl
adjustments
In year
Dlsposals
Losses on
Cost at
Market
Value
5 Aprll 2024
Market
Value
5 April 2023
6 Aprll 2023
In year
Dlsposals
5 April 2024
7,046,883
939,465
(804,797)
(46,356)
7,140,451
8,719,837
8,025,670
Holdings split between UK and overseas
2024
2023
UK
us
Europe
Far East (exc Japan)
Rest of the World
Japan
4,557,692
2,333,888
222,116
520,621
616,393
469,127
8,719,837
4,417,647
1,958,524
321,989
551,049
484,111
292,350
8,025,670
15

PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286
YEAR ENDED S APRIL 2024
NOTES TO THE ACCOUNTS - CONT'D
The 10 largest holdings as at 5th April 2024 were..
2024
2023
13,429 Xtrackers PIC Physical Gold etc
78,825 Ishares V11 PIC USD Treas Bond
20,915 SEI Global Master Fund PIC
1,990 Fulcrum Diversified ABS Rtn
248,332 Sanlam International
690 Microsoft Corp
47,294 WS Morant Wright Nippon Yield
20.096 Blackrock Emerging Mkts
1,644 AQR UCITS Managed Futures
7,133 Shell PIC Ords Euro
144,715 Hermes Invest Global Emer Mkts
50,265 UK Gov't Bonds 4.125 % 712030
176,494 UK Gov't Bond 10/0 412024
181,452 UK Gov't Bond 1.50/0 712026
369,700
354,156
287,372
248,433
238,026
232,342
225,058
201,965
201,472
198,297
326,056
370,315
269,385
230,233
251,809
168,553
201,936
176,184
172,068
171,582
2,338 121
2,556,821
A full schedule of portfolio movements during the year and holdings at the Balance Sheet date is
included as appendix 2 to this report.
Investments were held in the following sectors:
2024
2023
Fixed Interest & Index Linked UK
Equities UK
Equities USA
Multi Assets
Equities Japan
Equities Europe
Equities Far East
Equities others
HedgelABS Ret Funds
Cash
Total Investments
11%
230/0
16

PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286
YEAR ENDED 5 APRIL 2024
NOTES TO THE ACCOUNTS - CONT'D
CREDITORS: Less than one year
2024
2023
Accountancy fees, exc VAT - 2022
Accountancy fees, inc VAT- 2024
Audit, inc VAT
Investment managers fees
Secretarial costs
450
2,160
8,100
12,578
2,520
9,360
12,500
2,794
27,174
23,288
RELATED PARTY TRANSACTIONS
During the year secretarial costs of £2,794 (2023.. £2,746) were charged by Berners Allsopp,
a company of which E Leigh-Pemberton is a Director.
Reimbursement of expenses..
2024
2023
Trustee meetingsltravel
969
324
RESERVES
2024
2023
General fund at the beginning of the year
Net incomel (expenditure) for the year
General fund at the end of the year
8,361,877
414,571
8,776,448
9,016,741
654,864
8 361,877
10.
NET DEBT I CASH & CASH EQUIVALENTS
2024
2023
Cash held by stockbroker
Cash at bank
67,315
16,470
83,785
336,932
22,563
359,495
17

Payne Gallwey1989 Charitable Trust
Year to 5th April 2024
Appendix I
schedule of charitable glfts & donations
2024
2023
' Moorfields Eye Charity
Cancer Research UK
Lambourne Valley Housing Trust
Boxford Masques
Greenham Trust re Boxford PCC
National Youth Choirs of GB
Berkshire Youth
European Squirrel Initiative
Friends of Kent Churches
TWINS
Deafblind UK
RAW Workshop
Combat Stress
Family Holiday Association
Lennox Children's Cancer Fund
'Chiid Brain InjuryTrust
Rainbow Trust Chlldren's Charity
Go 8eyond
Welcome to the Future
NARA The Breathing Charity
' Tall Ship Youth
Bowel Cancer UK
Thumbs Up Club
The Corn Exchange
Versu5 Arthrit15
ABC to Read
Swings & Smiles
The Archie Lloyd Charitable Foundation
Young People and Children First
Challenger5
Children with Cystic Fibrosis
., Community Safety Education
Warrior Equine
Root & Branch Westmill
Bucks Vision
Younger People with Dementia
.Lambourn RDA
Boxford PCC
Garne & Wildlife Conservation Trust
R.A.B.l.
Greatwood Charity
, Racing Welfare
, National Gamekeepers
Clocktower Foundation
Thames Air Valley Ambulance
Royal Star Garter
The Watermill Theatre
Hunt Servants Fund
The Countryside Alliance
| Propeller Academy Trust
5,000
25.000
1.000
20,000
1,000
2,000
500
2,000
5,000
5,000
1,500
2,000
2,200
2,000
2,000
2,800
2,000
4,000
2,500
2,500
2.500
3.000
1,500
2,000
2,500
2,000
2,000
2,000
3,000
7,500
7,500
5,000
7,500
5.000
2,500
3,000
7,500
7,500
10,000
7,500
10,000
4,000
4,000
5,000
3,500
8,000

BLESMA
Wings for Warriors
Care for Veterans
STUBS
Walking with Wounded
Blind Veterans
Recovery in Mind
The Charlie Waller Trust
Motor Neurone Di5ea5e A550ciation
Leckhamstead Parochial Church
, Ufton Court
Wessex Children's Hospice Trust
The British Racing School
The Boleh Trust
.PCC St Barnabus- Peacemore
' Handicapped Children's Action Group
No. 5 Young People
British Disabled Angling Association
Horatio's Garden
3,000
3.000
3,000
5,000
2,000
3,000
5,000
5,000
3,500
4,000
5,000
5,000
3,000
1,009
3,000
3,000
5,000
3,000
2.500
5,000
Daisy's Dream
Yeldall Christian Centres
Designability
Horne.Start West Berks
Cruse Bereavement Support West Berks
The Woodland Trust Icamp Mohawkl
The Living Paintings
Aspire 2
Reading Association for the Blind
Faith in the Community
Warrior Equine
Read for Good
Hope into Action Readin8
Stepping Stones
SAFE
Cianna's Smile
St Mary's PCC
Help Musicians
Youn8 Lives vs Cancer
RNIB
Crohn's & Colitis UK I
Age Concern Slough & Berks
Colostomy UK
Re-Engage
Royal National College for Blind RNC
Racing to Help Ukraine Convoy
Chance to Shine
Alexander Devine Hospice
Alzheimers Research U K
Berkshire Vision
Footsteps Foundation,
Hearing Dogs for Deaf People
Magpas Air Ambulance
Sebastian's Action Trust
5,000
1,500
1,500
2,000
2,000
2,500
4,000
3,000
2,500
500
4,000
4,000
4,000
3,000
5,000
10,000
5,000
3.000,,
5,000,
5,000
5,000
3.000
Total for the year
239,509 250,000