110511? THE GREYS CHARITABLE SETTLEMENT (Registered Charih" Number: 1103717) REPORT A.ND ACCOLNTS 5TH APRIL. 2021 THF. GREYS CHARIT.4BLE SEThLEMF.Yr (Registered Charip. )umber: 1103717) SETTLEMENT IIIFORMATION TRUSTEES T.B.H. Brunner J.S. Brunner BANKERS Coutts & Co.. 440 Strand. London. WC2R OQS. INDEPENDENT EXAMINER Phillip Roberts: Rob¢ns & Co.. 136 Kensington Church Street. London, W8 4BH. CHAIUTY REGISTRA TION NL IIIBER 1103717 THE GREYS CHARITABLE SETTLEME.NT (Registered Chariti. Number: 1103717) RF.PORT OF THE TRUSTEES The Trusiees preseni their annLtal report and finaniial s&i¢ments of ihe Selrlemenr for ihe year ended 5th April. ?021. The financial staieTnenis hal ¢ been prepa￿d in accordance ii.ith ihe accounting policies set out in note l io the accounts and compl!" ￿ ith lh¢ charin's iru%i deed. Ihe Charities Aci ?0 I l. the Chariiies Siat¢ment of Rccomm¢nd¢d Praciice15econd edition) and the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS I O• CONSTITUTION The Greys Charitable Settlemeni M'as constiiuied b!. a SellleTnent dated 6th April. 2003. 11 is registered with the Charit} Commission under number I l 0)717. The Trustees. iiho sened throughout the )'ear, ￿'ere Timoth), Barnabas Hans Brunner and Jacob S¢bastian Brunn¢r. The poMer of appoiniing new trustees is vested in the e.xisting Trustees. TRUSTS The income and capithl of the Senlement fund is held upon trust to appl!. Ihe income. and all or such part or parts of the capital, ai such time or limes and in such manner lo. or for the bencfit or. such charitable objects and purposes in any part of ihe world as the Trn￿CeS ma¥ in their discreiion ihink fit. The Tru51ees may in their dis¢r¢tion ac¢umulatc all or anl. part of the income for a period of 21 vears and reini'esl the same. Such a¢creiions can be held as pan of ihe capital of the Settlement, without prejudice io their right to appli. Ihe H'hole or any part of such accumulaied income in any" subsequeni )'ear as if it were income arising in the currenr lear. ORGANISATION The Settlement has no voluntaTh". seconded or paid siaff. The Trustees are required to hold at least two m¢¢iings in ea¢h calendar lear and mas implemeni d¢cisions reach¢d bi" them infortnall}'. provided such decisions are raiified at the neit or subsequent meering of the Tn]siees. The Seulemeni fund consists solel), of shares in The Brunner Ini'¢siment Tntst PLC and cash. POLICY ON AND POII'ERS OF INVESTMENT The Brunner Investment Trust PLC is an intern81ionallN' dii'ersified Ini'estment Trust, seeking long-terni growth and is therefore d¢em¢d to be held for the fores¢¢able fuwre. The company's objective is to achieve a total reiurn higher than that of the knchmark index of 6￿/fj FTSE All-share and 400/0 FTSE World Index over the long ierJn. The accounts sho￿. that the market I'alue of thr ini"estmenis increased during the l'ear from £l.859.809 to £2.405.9J8. The gross income produced b!. Ihe iniestwnents amounted to £5i.848 as compared ￿,]lh £53.636 in ihe previous l'ear. The Trustees consider thai ihe capilal and in¢ome !"ield of ihe fund is sufficieni io meet all its liabilities and to enable them to make a useful coniribution in accordance with ihe charitsble purpose5 of ihe Settlement. The Tru5tces haie all the pomers of iniesliiieni of an abs()IuTe beneficial oiiner and in view of the current nature of the iniestments th¢% do not hold a statement summari5ing iheir inlesitnent policy. THF. GREYS CHAIUTABLE SETTLE.ME)T (Registered Charih. Lyumber: 1103717) REPORT OF THE TRUSTEES POLICY ON DONATIONS The Trustees seek to make donations lo other charities and i"oluntar%' bodies for thc benefi1 of Church of England preseTralion projects and other chariiies dealing ￿1th hisTorical presen'ation. both local to Oxfordshire and nationally, and Tna). also seek io rnake donaiions to the Arts. POLICY ON RESERVES As the Settlement ¢arries out no direct charithble actii'iiies and makes no commitment to fuiure gi￿.[n& there is no need to retain reseTh'es to these purwses. Hoiiei"er. lh¢ meie nature of the inK'estments held offers the Trustees protection io ils oi'erall i aluc from inflaiionaTh pressures. REVIEW OF PROGRESS AWD ACHIEVE.MESTS The Trusiees continue to Ulilise the current lears incotn¢ for the purposes of chariiable gli ingT and hai'e also Continued io uiilise Lmsh from the sale of ini'estments made in pr¢i"ious lears to incr¢a5e Ehe Charl￿ble giving during the year. PUBLIC BENEFIT The Trustees have referred to ihe Chariti. Commisgioner s general guidance on public benefit when reviewing Iheir aims and obje¢iiics and planning fuiure aci L¥.lies. In panicular the Trnstees consider ho￿. such aetil'ities 'ill contribute to the aims and objeciiies ihc) hake set. The Trusiees consider theN have complied with ih¢ir duty. to have duc regard to such guidance. RISK The Trustees a¢tivelv reN'iew anv major risks i%hich the Seulement faces on a regular basis. Thefv. beliei'e that maintaining reserne5 al curreni leTrcls. combined ith an annual rel.ie￿. of Ihe controls oi'er key financial s)'stems. ￿ ill pro￿ ide suffici¢nl resources in ihe ei etii of adlerse conditions. The Trustees hawe also examin¢d othcr operational and business risks faced bi. the Settlemeni and beliei'e that ih¢ s)stems in place to mitigate significant risks offers the Senlemcnt adequate protcction. Th¢ Trustees consider ihe Settlement is extK)sed sol¢l!' to stock market fluctuations. Hoii"eN'er. Ihe board of The Brunner Ini'esimeni Trust PLC me¢i regularll to considcr the assei allocation of the compan> in order to minimtse the risk associated M ith particular countries or indusm. sectors. The principal risk is of a reduction in the ialue of ihe Settlemeni's assets ￿ hich would Cause a fall in the valuc of the grants which it could make. Ho￿eler most of the Horking Capital is cash ai bank and the Trustees consider such a risk to be minimal. No grani recipient is dependent wholl), on the Settlement's support. THE GREYS CHARtTABLE SEThLE.MENT IReeist¢red ChariTh' Number: 1103717) REPORT OF THE TRLSTEES STATEMENT OF TRUSTEES. RESPOISIBILITIES The Trustees are reswnsible for preparing the Annual Report and the financial sraiements in accordan¢¢ ￿'1th applicable law ond reoulaiions. The law. applicable lo charities in England & Il'ales requires the Trustees to prepare financial ststements for each financial Near in accordance ￿ ith the Llnil¢d Kin?dom G¢n¢rall! Accepted A¢¢ounting Prdctice (Uniied Kingdom Accouniing Standards and applicabl¢ lai4). The Trusiee5 must nol approie Ihe financial siatetnents unless they. are satistied ihai ihei £i%'e a true and fair i ieii of ihc state of affairs of ihe charit%. and of Ihe incoming resources and application of resouices. including ihe income and eipendiiure. of the charitN' for thar period. In preparing these financial Sthiemenis. the Trnsiees are required io.. selecl suitabl¢ accounting policies and applN' Ihem ¢onsislentlN'- ob5eTre the niethods and principles of ihe Charities SORP- make judgements and accountitto esiimates that are rvasonable and prudent. state wheiher applicable accouniing Sthndards haie b¢en follo￿"ed. subject io any material departures disclosed and explained in the financial statcments. prepare the financial siatements on the going Concern basts unle55 It is inappropriate io presume that the S¢lll¢ment will coniinue to operate. The Trustees are responsible for keeping suificient accouniing records that di￿105¢ with reasonable ac¢urncy al any time the financial tx)silion of the Seiilement and enable ihem to ensure that ihe financial statements otnpl). M'ith Ihe Charities Aci ?0 I l. Ihe Charits (Accounis and Reports) Regulaiions •008 and the proi isions of ihe trust deed. The¥" ar¢ also reswnsible for safeguarding the a55¢15 Of the Selllemeni and hence for taking reasonable steps for the prel'ention and dclection of fraud and other irregulariiies. APPROVAL This report was approved b). Ihe Trustees on 4ih December. ?0? l and signed on their behalf. n. H.t8ytuuier. T.B.H. Brunner Trustee THE GKEYS CHARITABLE SErrLEMEYT (Registered Charit!. Number". 1103717 INDEPENDENT EXAMINER'S REPORT OF THE TRLSTEES OF THE GREYS CHAIUTABLE SETtLEMEYT IndepeDdeDI Examiner's Report to the Trustees of The Grel's Cb2ritable Settlemellt I report to the trusiees on mi. cxaminaiion of the financial statemenis of The Grels Charitable Settlement ('the S¢ttlement' I for the % ear ended 5th April. ?0? l M'hich comprise the Balance Sheet. th¢ Ststement of Financial Activities and related noies. This repon is made solel!" io the chari1% s irusiees. as a b(xJ!. in accordance ￿.]lh section 145 of the Charities Aci 201 I. MN, i¥ork has been und¢rtaKcn so ihai I mioht stale io ihe Settlemeni"s trustees those matters l am required to statc to them in this rewrt and for no oiher purpose. To ihe fullest eiient ￿MIl￿ed b}. law,, I do not accept or assutne responsibilits. to anlone other than ihe Scttlement and lh¢ Settlement's irustees as a b(Mly, for my work, for this report or for ihe opinions I haie formed. Responsibilities gnd basi5 of report As the irustees of the Settlement )'ou ore responsiblc for ihe prepardtion of the financial statements in accordance wilh the requirements of the Charities Aci ?01 l ("Ihe A¢i'). I rewjrt in respea of my examination of the Settlement"s financial staiemenis carried out under section 145 of the Act and in Larr! ing oui m!. ¢iaminaiion I hai"e followed all the applicable Directions given by the Charity Commission und¢r scclion 145(iMb) ot the Aci. An independ¢nt examinaiion does noi ini oli"e lJliiering all the ei'idenc¢ that ￿OUld be required in an &udit and cons¢quenil)' does nol coi'er all the matters tlia.. an audiiorconsidcrs in oil'ing iheir opinion on ihe financial ststements. The planning and conduci of an diijii goes beiond ihe limit¢d assurdnce Ihai an independent examination can provide. Consequentl! l eipress no opinio¥J as to iihether the financial sthiemenls present a 'Irue and fair, i'le￿. and mi rewrt is limited to those specific maners sei out in the independent examiner's statement. Indepelldent examiner's $talement I ha¥¢ iompleied MN ¢.xaminaiion. I confirni thai no material matt¢rs hai e com¢ io m) attention in connectio with the evmination gii'ing me cause io kliei e ihai in ani wnaierial respect- accounting re¢ords ii.ere not kept in respeci of the Settlement as required by section 130 of the Acl. or Ihe financial stat¢m¢nts do not accord li iih those records: or Ihe financial statements do not compli with the applicable requirements concerning the form and conienl of accounts set out in the Charities IAc¢ounts and R¢w)rts) Reoulaiions ?008 other ihan any requirement that ihe accounts giN'e a -mie and fair. Tr'iew M"hich is not a Tnatter consideffd as part of an independent examination. I have no concerns and haie come across no other maners in conneciion i¥iih the c￿MInatiOn to which attention should k draw.n in this report in order to enable a proper understanding of ihe financial stsiements to be reached. Phillip Roberts FCA Rob¢lls & Co.. Chartered Accouniants, 136 Kensington Church Street. London. W8 4BH. 4th De¢¢mber, 2021 THE GREYS CH.4RIT.4BLE SF.TTLEME.%T (Registered Charity" Number: IIU3717) BALANCE SHEET- 5TH APRIL. 2021 Page 2021 2020 Statement of Financial ActiN ities L?.506.252 £1,957,869 Represented by= Brunner Inveslment Tru￿ PLC 265.11 l ordinary shares of ?ip each £13,334 jQ/o cumulative preference SiiKk 396.604 9.334 1,850,475 9,334 ?.40i.938 1,859,809 Cu￿ent assets Coutts & Co. Current account 101,514 99.260 2.507.452 ,959.069 Less.- Liabilities Sundry creditors- Independent Examiner s fees (1.200) (1.200) £2.506.?52 £1,957,869 Approved by the Trustees of The Gre%5 Charitable Settlcment and signed on iheir behalf on 4th December. 2021. 75 T.B.H. Brunner Trustee Th¢ notes on pages l O to 13 forni an integral part of these accounts. THE GREYS CHARITABLE SETTLEMEYT (Registered ChariTh P*umber: 1103717) STATEMENT OF FINANCIAL A￿1vITIEs FOR THE YEAR ELYDED 5TH APRIL 2021 2021 2020 INCOME AND EXPENDITURE Income Investment in¢ome 53,848 53,636 Expenditure Resources expended- direct chariiable eipenditure Other expendiiur¢- administrdiion exp¢n5¢S.' Bank charges Independent Examiner s fees 49.900 48.460 494 1.200 497 1.200 Total expenditu 51.594 50,157 NET INCOME FOR THE YEAR 2,254 3,479 Unr¢aliscd surplU￿(defitit) on investtnent assei 546,129 (201.484) NET MOVEMENT IN FLif4DS 548.383 (198.005) FUND BALANCE5 BROUGHT FORW ARD 1,957,869 2.155,874 FUND BALANCES CARRIED FORWARD £?.506.252 £1.957.869 All amounts ￿late to continuing a¢iii ilies. All recognised surpluses and deficits are included in the statemeni of financial actil'ities ￿h1¢h shows the total net movement in funds for the year. The noles on pages l O ￿ 13 fom) an iniegrdl part of these accounts. THE GREYS CHARITABLE SErrLEMENT (Registered Charit!. Number: 1103717) CAPITAL ACCOUNT FOR THE YEAR ENDED 5TH .4PRIL 2021 2021 102 Balance as at 5th April. ?020 Less= Profit on reialuation of ini¢sltnents to markei value as at 5th April. ?020 1.952.546 2.154.030 947.939 .149,423 1,004.607 1.004.607 Profit on relaluation of ini'esiments to market value as at ith April. ?0? I: Markei value Less.. Book cost plus subsequeni additions at markei value ?.405.938 1.859.809 911.870 911.870 1.494.068 947.939 Balance as at 5th April, 20?] £? 498.675 £1,952,546 The notes on pages 10 to 13 forni an iniegral part of these accounis. THE GREYS CHARITABLE SETTLEMF.NT {Regislered ChariTh' Nutnber: 1103717) INCOME Accou￿ FOR THE YEAR ENDED 5TH APRIL 2021 2021 2020 Inv¢stment incom¢ 53.848 53.636 Less: Administration cxpenses Coutts & Co. charges Ind¢p¢ndent Examiner s fees 494 497 ?00 .694 1.697 Gross income less expenses for the l'ear Add.. Balance as ai 5th April. ?O?O 52.154 51.939 5.323 1.844 57.477 53.783 (48,460) Less.. Donations made (49.9001 Balance as at 5th April. 2021 £7.577 £5,323 The notes on pages 10 10 13 fom) an integral part of these accounts. 10. THE GREYS CHARIT ABLF. SETTLEMEYr {Regislered Charity Number: 1103717) r40TES TO THE ACCOLNTS FOR THE YEAR ENDED 5TH APIUL 2021 I. ACCOL'PNTING POLICIES Accountiug conTrelltioD The finan¢ial statements hai ¢ been p￿pared under Ihe hisiorical cost conNention w'ith items recognised ai cosi or trdnsa¢tion ¥alue unless oiherni ise stated in the releiant noies io these accounts. The financial statements have been prepared in accordance M ith lh¢ second edition of the Charities Stsiemeni of R¢cotnmended Practice issued in October ?019. the Financial Reponing Standard applicable in the Uniied Kingdom and Republic of Ireland (FRS 102) and the Charities .4ci ?01 l. The Settlement consiiiut¢s a public benefit entity. as detined bv FRS 102. Going coneern In assessing the ability. to continue as a going concern. the Trn%t¢¢s haN'c considered that the Settlemeni's liquidil). position would k sutTicient to meet its immediaie cash flom requirements for future grant making. For this reason. the Trustees belie*e il is appropriaie 10 ¢oniinue io adopt the going Concern basis in pr¢paring these accounts. Critical gecoun¢iug jud%ements gnd kei. sources of e5titnation uncertainty In th¢ application of the accouniing w)licies. Trustees are required to make judgemerkts. estimates, and assumptions about the caTTh ing i'alue of assets and liabilities ihai a￿ noi readil!. apparent from other sources. The estimates and underll'ing assumpiions arc based on historical exp¢ri¢n¢e and other factors that are relei'ant. Aciual results ma} differ from these cstitnates. The estimates and underli.ing assumptions are rei i¢iied on an ongoing basis. Revisions to accounting estiinates are r¢¢ognised in ihe period in H hich ihe estimate is rei.ised if the esiimate is rei'ised if the revision aff¢¢ts onl%, that pcriod. or in the period of ihe re%'ision artd fulur¢ p¢riod5 if the revision alT¢Li¢d LufrLllt and future periods. In the & iew of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheei date are likeli. to resuli in a material adjustment to their carry'ing amounts in the nexi financial year. The following accounting wlicies hal e been applied consisienily in dealing w.ith items which are considered mal¢rial in relation to the Seiilem¢ni'"s accounts. Income reeogllition All income is recognised on¢e the Seiilement has entiilement to ihe income. it is probable that the income will bc r¢ceiN'ed and the amouni of incotnc receiiable can be measured reliabl)". Donaiions are recognised once receiied. In the cient thai a donation is subjKt lo condilions that require leiel of perfonnance before ihe Setilemeni is entiiled to the fund5. the income is deferred and not r¢¢ognised until eiiher those condiiions are fulli met. or the fulfilmeni of ihose conditions is i￿"ho[lI. M'ithin the control of the Settlement and il is probable that those conditions M ill ￿ fulfilled in the reporting period. THE GREYS CHARITABLE SEThLEMF.IT IRegisiered Chariti. Number: 11037171 NOTES TO THE ACCOLNTS FOR THE YEAR ENDED 5TH APRIL 2021 I. ACCOUNTING POLICIES (continued) Income recogDitioll (continued) Legacs gifts are recognised on a case bN' case basis folloi4.inq the granting of probate when the administraiorlexecutor for the esiate has communicated in i%Titing both the amount and sertlement date. the eveni that ihe gift is in the form of an assei other ihan ¢ash or a financial asset traded on a recognised siock exchang¢, re¢ognition is subjeci to lh¢ ialue of ihe gift being reliabl). m¢asurable ￿'1th the a degree of rcasonable accurac) and th¢ title hal'ing been transferr¢d to the Setrlement. Expenditure recognition Liabilities are recognised as expenditure as soon as rhere is a legal or constructii'e obligation committing the Settletnent to that expenditure. it is probable ihai yelllement ii.ill be required and the amount of the obligation can be measured reliabl).. All expenditure is accounted for on an a¢¢ruals basis. All e.Kpens¢s including support costs and governance eosts are allo¢ai¢d or apportioned to the appli¢able C.i￿ndItUre headings. Donations pas'able are pa)qnents made io third parties in the furtherdnce of the charithble objeciives of the Settletnent. Irrecoverable VAT Irrecoverdble VAT is char8ed again￿ ihe categorj. of resources ¢xp¢nd¢d for which it was incurred. Govern4nce costs Governance costs comprise all costs inioli'ing ihe public accouniabiliTh' of the Settlement and its compliance with regulation and go(wJ praciice. These Costs include cosrs relaied to ihe independent examiner's fee together w'ith oiher okerhead cost5. Charitable actii'ities Costs of charitable aciii iiies include donations made. Investments Ini'estments are stated at trM)ok value. being iheir acquisition I'alue less proceeds from ihe sale of rights not taken up and fractional entitlements. However, to compl). ￿lIh the rules for the presentstion of a¢counis for chariiies ihe inl'esttnents musi be shown on the balance sheei at markei ialue. Therefore. a notional gainlloss is applied ai the balance sheet date to the book value of ini'estments and the Capital Account so as to reflect the mid-market value at that date. The notional sutll is subsequentl! reiersed in ihe neit accounting !"ear. Exccpl in Ihe case of sales as mentioned aboie. profits or losses arising on the realisation of assets are dealt 'ith through the Capital Accouni. 12. THE GREYS CHAIUTABLE sE￿LF.￿ENT (Reglytered Chariti. Number: 1103717) NOTES TO THE Accouf4TS FOR THE YEAR ENDED 5TH APIUL. 2021 I. ACCOUNTING POLICIES Iconiinuedl InN'estments Quoied investments have t*en valued at middle prices ai. or M'ithin a Meek of. the balance sheet date. Income from investmenis is crcdited io ihe Incom¢ Account in the l'ear in which it is receivable. Interesi on d¢posit accounls is credit¢d in thc lear in ￿hICh li is ￿tIl¢d. Fund strueture The Selllemeni has a single pernianent fund. Th¢ tenns of the Settlement deed allow th¢ incotne to be accumulated and the ¢apital to be spent if the Trusttts so d¢i¢rmine. 2. GENERAL lllTrestments The investmenis are held in paper fom bi. the Trusiees. The Trusiees have verified the existence of the paper securiiies at ihe date of these accounts. Income A¢count There is a balance of £7.577 available for distribution, at the Trustees discretion, as at the date of these accounts after all0￿.Ing for the donations made during the N'ear. This sum has been Ca￿led forward. Trustees, expenses- professioD¥I charges Where these haNe not alread￿. been paid ihei hai"e been pro￿lded for in these accounts subject to the Trustees formal approval. MOVEMENT ON INVESTMENTS Ordinary sbares Preference shares Total At 5th April, 2020 Brunner Ini'estment Trust PLC 270,000 ordinm shar¢s ot ?ip each at market ialue £13,334 50/0 accumulatiN'e pr¢f¢r¢n¢e st(Kk at cost 1.8iO.47i 1,850.475 9.334 9,334 Revalued to market i'alue a¢ 5th April, 2021 546.129 546.129 At 5th April. 2021 £2.J96.604 £9.334 £2.405.938 13 THE GREYS CHARITABLE SETtLEMENT (Registered Charity ￿UMber. 11037171 NOTES TO THE Accouwrs FOR THE YEAR ENDED YTH APRIL 2021 FINANCIAL II%STRU.MEYTS Financial assets thai are debt instruments tnea5ured at amonised cosi comprise other debtors. At the year end. th¢ S¢ttl¢ment had no liabilities thai 14er¢ clas5ificd a5 financial instrumenis. RELATED PARTIES The Selllement has no ultimate controlling party.. No Trustees, or persons connected ￿ iih ihe Trusl¢¢s haie receii'ed an! remuneration from the Settlement. In the opinion of the Trustees ihere are no r¢laied pam" trdnsaciions falling to be disclosed in these accounts.