THE JONATHAN BILLING CHARITABLE TRUST
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
Charity Number 1130122

THE JONATHAN BILLING CHARITABLE TRUST
CONTENTS PAGE
Pages
Reference and Administration Details
Report of the Trustees
Independent Examiner's Report
Receipts and Payments Accounl
Statement of Assets and Liabilities
Appendix 1

THE JONATHAN BILLING CHARITABLE TRUST
REFERENCE AND ADMINISTRATION DETAILS
Trustees
L M Pounder
J R B￿cheY
Corporate Trustee
HSBC Trust Company (UK) Limtted
Current Directors of Corporate Trustse
J F Goldie-scot
J Hewitson
P M Spencer
Trust Manager
C Martin
Principal Office
Forurn 1
The Forum Parknvay
WhIte￿Y
Fareham
Hampshire
P015 7PA
Independent Examlner
Frances Millar ACA
RSM UK Tax and Accounting Limited
Highfield Court
Tollgate
Chandlers Ford
EastleKJh
Hampshire
S053 3
Bankers
HSBC Bank pfc
Forum 1
The Fcrum Parl(way
4hiteley
Fareharn
Hampshire
P015 7PA
Investment Managers
HSBC UK Bank plc
1 Centenary Square
Birmingham
B1 1HQ

THE JONATHAN BILLING CHARITABLE TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED S APRIL 2024
The Trustees present their report together with the financial statements of the charity for the year ended 5
April 2024, which have been prepared on a receipts and payments basis. The financial statements have
been prepared in accordance with the charity's constitution and applicable law.
The purchase and sale of investments results from the day to day management of the investment portfolio
by the Investment Manager. In accordance with the Charities Act, the financial statements have been
prepared on the receipts and payments basis given that the definition of gross income excludes the receipt
of any endowment, loans and proceeds from the sale of investments or fixed assets.
Structure, government and management
The Jonathan Billing Charitable Trust is an unincorporated trust and is constituted under the terms of the
Trust Deed dated 22 May 2003 of the late Mr Jonathan Billing. The trust is a registered charity (no 1130122)-
The Corporate Trustee has appointed a designaLed trust manager to look after the charity. The Investment
Manager reviews the perfon￿an￿ and provides recomrnendations on the structure of the investment portfolios.
The power to appoint additional Trustees is vested in the current Trustees, and is exercisable in writing.
Should new Trustees be appointed, the existing Trustees would take responsibility for their induction.
The Trustees have examined the major strategic, business and operational risks which the charity faces
and confirm that systems have been established to enable regular reports to be produced so that the
necessary steps can be taken to mitigate these risks. The main risk in the year is considered to be the
variability of investment retums.
Objectives and activities
The objectives of the charity are to pay or apply the income of the trust fvnd to or for such charities as
defined in the Will. Charitable payments may also be made out of the capital fund at the discretion of the
Trustees.
This is perfonned through the awarding of grants. in accordance with the temis of the governing document.
The Trustees consider grant making an effective method of delivering these objectives. Grants are awarded
at the discretion of the Trustees.
Achievements and perfomiance
During the year, there was 1 grant totalling £43,981 (2023: 1 grant totalling £39,433) were awarded to
charitable institutions, in accordance with the temis of the goveming document. No grants were awarded to
individuals in either year. The beneficiaries are disclosed in Appendix 1 of the financial statements.
Financial review
The charrty re￿iVed funds under the temis of the trust deed. These funds generate investment income,
which is used for grant making in accordance with the objectives set out above. The fund generated income
of £56,812 (2023: £41,718) in the year. The expenditure on charitable activities was £55,749 (2023:
£51,226), of which £43,981 (2023: £39,433) was charitable expenditure in the form of grants to charitable
institutions.

THE JONATHAN BILLING CHARITABLETRUST
REPORT OF THE TRUSTEES conL
FOR THE YEAR ENDED 5 APRIL 2024
Investment policy
In accordance with the goveming document, the Trustees have the power to invest in such stod(s, shares,
investments and property as they see fit. The Trustees engaged HSBC UK Bank plc as Investmen.t Manager.
The policy is to adopt a low to medium risk investmenl strategy to protect, in absolute tenns, the capital
value of the fund whilst producing a sustainable and growing level of income, and also providing the
potential for longer term growth of capital in rea5 terms.
Reserves policy
The unrestricted funds, which are the free reserves ofthe charity, and which are represented by the income
arising, are paid over to beneficiaries throughout the year. It is not the policy of the charity to maintain
specific reserves.
The expendable endowment funds represent those assets which are held permanently by the charity and
are principally investments. Income arising on the endowment fund can be used in accordan￿ with the
objectives of the charity and is included as unrestricted income. Any capital gains or losses arising on the
investments fo￿ part of the fund. The Trustees have the power to convert this fund into income.
Public benefft
We have referred to the guidance contained in the Chanty Commission's general guidance on public benefit
when reviewing our aims and objectives and in planning our future activities. Sn particular, the Trustees
consider how planned activities will contribute to the airns and objectives they have set.
Plans lor the future
The Trustees intend to continue providing grants in accordance with the terms of the goveming document,
whilst retaining f exibility as to the timing and scale of grant making.
Related parties
The Corporate Trustee and the Investment Manager are both wholly owned subsidiaries of HSBC Holdings
plc.
In addition to the fees shown on page 6, as a result of the acquisition and disposal of investments, the
charity pays transaction charges to HSBC Bank plc. The charges are calculated on a sliding scale at a
percentage of the transactions value plus VAT and are added to or deducted from the cost of the
investments or the disposal proceeds in accordan￿ with UK standard accounting practice.

THE JONATHAN BILLING CHARITABLE TRUST
REPORT OF THE TRUSTEES cont.
FOR THE YEAR ENDED 5APRIL 2024
Statement of Trustees. responsibilities in relation to the financial statements
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements
for each financial year which give a true and fair view of the charity's financial activities during the year and
of its financial position at the end of the year. In preparing those financial statements, giving a true and fair
view, the Trustees should follow best practice and..
select suitable accounting policies and then apply them consistently.,
make judgements and estimates that are reasonable and prudent;
slate whether applicable accounting standards and statements of recommended yactice have been
followed, subject to any departures disclosed and explained in the financial statements, and
prepare the financial statements on the going concem basis unless it is inappropriate to presume
that the charity will continue in operation.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the
financial position of the charity. This enables tIEm to aS￿rtain the financial position of the charity and
enables them to ensure that the financial statements comply with the Charities Act 2011, the Charity
{Accounts and Reports) 2008 Regulations and the provisions of the trust deed.
The Trustees are responsible for safeguarding the assets of the charFty and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees and signed on its behaf:
M PaJ-.
HSBC Trust Company (UK) Limited
L M Pounder
Date
Date
JRBeec
Date

THE JONATHAN BILLING CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE JONATHAN BILLING CHARITABLE TRUST
I report to the Trustees on my examination of the financial statements of The Jonathan Billing Charitable
Trust for the year ended 5 April 2024, which are set out on pages 6 to 7.
Responsibilities and basis of report
As the Trustees of the chanty you are responsible for the preparation of the financial statements in
accordance with the requirements of the Charities Act 2D11 ('the 2011 Act,).
I report in respect of my examination of the charity's financial statements carried out under section 145 of
the 2011 Act and in carrying out my examination I have followed all the applicable directions given by the
Charity Commission under section 145 (5)(b} of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit
and consequently does not cover all the matters that an audÈtor considers in giving their opinion on the
financial statements. The planning and conduct of an audit goes beyond the limited assurance that an
independent examination can provide. Consequently, l express no opinion as to whether the financial
statements present a 'true and fair view, and my report is limited to those specific matters set out in the
Independent Examiner's statement.
Independent Examinerfs ststement
I have completed my examination. I confimi that no material matters have come to my attention in
connection with the examination giving me reasonable cause to believe that in any material respect..
accounting records were not kept in respect of Ihe charity as required by section 130 of the 2011
Act., or
2. the financial statements do not accord with those records., or
3. the financial statements do not comply with the applicable requirements conceming the form and
content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008
other than any requirement that the financial statements give a 'true and fair view, which is not
matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which
attention should be drawn in this report in order to enable a proper understanding of the financial statements
to be reached.
Frances Millar ACA
The Institute of Chartered Accountants in England and Wales
Chartered Accountant
On behalf of RSM UK Tax and Accounting Limited
Chartered Accountants
Highfield Court
Tollgate
Chandlers Ford
Eastleigh
Hampshire
S053 3TY
Date..
14-Jan-2025

THE JONATHAN BILLING CHARITABLE TRUST
RECEIPTS AND PAYMENTS ACCOUNT
FOR THE YEAR ENDED S APRIL 2024
Unrestricted
funds
Endolfftnt
funds
Total
2024
Total
2023
Receipts
Investment income
56.812
56,812
41,718
56,812
56,812
41,718
Investment sale proceeds
Proceeds from the sales of investments
840,095
840,095
755.310
Total receipts
56,812
840,095
896,907
797,028
Payn*nts
Cost of generating funds
hvestmenl service charge
17,054
17,054
17,610
Charitsble activities
Grants paid
Other allocated costs
43,981
11,768
43,981
11.768
39,433
11,793
Governance costs
kndependent Examinerfs fee
2,712
2,712
2,460
58,461
17,054
75,515
71,296
Investn*nt purchases
Payments for purchases of investments
831,463
831,463
718,742
Total payTrnts
58,461
848,517
906,978
790,038
Net {payments)Ireceipts
{1,649)
(8,422)
(10.071)
Transfers between funds
1,450
(1,450)
Cash invested at 6 4DriI 2023
32,383
32,667
25,677
Cash invested at 5 April 2024
85
22,511
22,596
32,667
These unaudited financial statements have been subject to independent examination. See report on
page 5.

THE JONATHAN BILLING CHARITABLE TRUST
STATEMENT OF ASSETS AND LIABILITIES
AS AT 5 APRIL 2024
Unrestricted
funds
Endovfftnt
funds
Total
2024
Total
2023
Inve3tn*rrts
UK Fixed Interest Securities
Overseas Fixed Inte￿t SeCurit￿s
Overseas Equrties
ternative Investment
Cash
31,667
1,636,309
143,357
249.584
22,511
31,667
1,636,309
143,357
249,584
21596
28,433
1,428,468
228.573
212,745
32,667
Totsl assets
2.083,429
2.083,514
1,930,886
Liabilities
Professional fees payab
4,917
4,917
4,683
Approved by the Trustees and authorised for issue on.-
and signed on their behalf..
HSBC Trust Company (UK) Limited
L M Pounder
JRBeec
ey
These unaudited financial statements have been subject to independent examination. See report on
page 5.

THE JONATHAN BILLING CHARITABLE TRUST
APPENDIX 1 .
BREAKDOWN OF CHARITABLE GRANTS
Institution
Number of
grants
An￿Unt
National Federation of Young Farmers, Clubs
43,981
43,981
These unaudited financial statements have been subject to independent examination. See report on
page 5.