)LDUOW TBH BRL'NNER CIL4RITABLE SEftL£ME.NT (Registered Charih" Number: 260604) REPORT AND .4CCOLNTS 5TH APRIL 2021
TBH BRUNTriER CHARITABLE SF.TTLEIIENT {Registered Charih. Number- 260604) SETTLEMEI%T ISFORMATION TRUSTEES T.B.H. Brunner H.U. Brunner l.C. Brunner BANKERS Coutts & Co.. 440 Strand, London. WC2R OQS. INDEPENDENT EL4MI.NER Phillip Roberts. Roberts & Co.. 136 K¢nsin¥ton Church Sireet. London. '8 4BH. CHAIUTY REGISTRATION LILIMBER 260604
TBH BRLNYER CHARIT.4BLE SEThLE.IIENT (Registered Chariti Number: 260604) REPORT OF THE TRI,STEES The Trustees present their annual reTXJrt and financial ststements of the Settlement for ihe l'ear ended Sih April. 70? l. Th¢ financial 5tat¢mcnts haie been prepared in accordance li iih the accouiiiing policies set out in note I to ihe accounis and compl! li ith the ¢harits"'5 trust deed. the Charities .4ct OI l. the Charities Statemeni of Recommend Praciice (second edition) and the Financial Rewrting Standard applicable in the United Kingdom and Ihe Republic of Ireland (FRS I O• CONSTITUTION The TBH Brnnner Charitable Trust 'aS constiwted b!. a Settlement daied 7th NoN'ember. 1969. It is registered with ihe CharitN. Commission und¢r number 760604. The Trustees. h0 ser% ed ihroughout the N"ear. were Timoth). Barnabas Hans Brunn¢r. Helen Ursula Brunner and Imogen Charlotte Brunner. The p0er of appointing neil Trustees is i esied in Timoih)" Bamaba5 Hans Brunncr as Scttlor. TRUSTS The incomc and capital of the trust fund is held uwn trusi io apply the income. and all or such part or parts of the ¢apital. al such time or times and in such manner 10. or for th¢ ben¢fil 01. such ¢hatitablc objKIs and purposes in an), part of the 'Orld as the Trnsiees ma! in their discretion think fit. ORGANISATIOYI The Settlemeni has no Tr'oluntaTh'. seconded or paid staff. The trust fund consists solel). of shares in The Brunner Infv¢stmeni Trust PLC and cash. POLICY ON AID POWERS OF tNN'ESTMENT The Brunner In¥esim¢nt Trust PLC is an iniemaiionall! diiersified Iniestment Trusi. seeking long-iem growth and is iherelore deemed to be held for the foreseeable tutu. The compan!" s objectiN"e is to achieve a total return higher ih8n that of the benchmark indei of 6IP/o FTSE All-share and 4/0 FTSE World Index over ihc long term. The accounts show that the markei i.alue of the ini'esiments increased during the )'ear from £2,792,000 to £3.616.000. Th¢ gross income prLNlu¢ed b% the ini"esmienis amounted 10 £80.940 as cotnpared with £79.920 in the previous Jear. The Trustees consider that lh¢ capital and income ! ield of the fund is Su]cIent to meet all its liabilities and to enable them io make a useful coniribulion in accordance M'ith the charitable purposes of the Trust. The Trustees haN'e all the pO"erS of iniesiment of an absolute beneficial owmer. POLICY ON DONATIOI%S The Trustees seek to make donations to oiher chariiies and olunta. EK)dies for the benefit of Church of England preserl'aiion proje¢is and oiher charities dealing 1th historical presenaiion. both local to oxfordshi and nalionall!. The Tru51ces ma!" also seek to make donationsio otherchariiies. voluntary bodies and indikiduals relaiing io the Ans. Ilusic and also for general charitable purwses.
TBH BRLYNER CH.4RITABLE SErfLF.MF.NT (Registered Charitv Number: 260604) REPORT OF THE TRLSTEES REVIEIV OF PROGRESS AYD ACHIEENTs The Trusiees continue to utilise the current l'ears income for the purw)ses of charitable 8iN'in8 w'hile noting the fall in the capital N'alue of their ini'esimenis during the last l'ear. PiiBLIC BENEFIT The Trustees ha%¢ ref¢ed io the Charit%. Commissioner s gen¢rydl guidJnc¢ on public b¢nefit "he revle.1ng their aims and objeciiies and planning futur¢ a¢tii ilies. In particularihe Trustees consider ho. such aciivities 'ill coniribuie to ihe aims and objeciiies ihe!" haie sei. The Trnstees ¢onsider the!" hafve Complied M'ith their dutw lo hai'e due regard io such 8uidan¢¢. RISK The Tn]stees aciiK"el! rel.ie att!" major risks which ihe Settlement faces on a regular basis. The!. believe that mainiaining resen es at Cuen1 leiels. combined li iih an annual rel.ie. of the controls over ke), financial sN'stems, will proi ide sufficient resources in the eieni of adi"¢r5¢ condilions. The Trustees haN'e also examined other operational and busin¢s5 risks faced b! the Settl¢m¢ni and klieN"e thal the sN'stems in place to mitigate significant risks offers lh¢ Settlement adequaie proieciion. The Truste¢s consider the Sertlenieni is ¢_iwsed solel! to siock markei fluciuaiions. HO¢1'¢r. Ihe board of The Brunner Ini¢¥iment Trust PLC meei regularli io consider the asset allocaiion of the compan), in order io minimise the risk associai¢d M ith particular couniries or indusin sectors. The principal risk is of a reduction in ihe i'alue of the Settlement's asseis ii.hich ivould Cause a fall in the value of the granis hich it could make. Hoii"ei er mosl of the iiorking capiial is cash at bank atkd the Trustees consider such a risk to be minimal. No grant recipient is dependeni h01]I. on the Settle¥¥Jent's support. The Trustees have considered ihe risks arising from ihe Co¥'id-19 pandemic. This risk is considered modesi in i'le. of the Settlement's i ery small adminisirdiii'e costs and adi.ance commitments. and the fact that the level of grant5 is assessed on the basis of cash held. STATEMEYT OF TRUSTEES, RESPONSIBILITIES The Trustees are resFK)nsibl¢ for preparing the Annual Report and the financial statements in accordance with applicable lai* and regulations. The law applicable to charities in England & 11-ales reqiiires the Trustees to prepare financial stat¢ments for each financial i¢ar in accordance M iih the L,nitcd Kingdom Getieralli A¢¢¢pt¢d Accounling Practice (United Kingdom Accounting Sthndards and applicable laii ). The Trustees must noi appro1.¢ th¢ financial statements unles5 the). are saiisfied that the!" gile a irue and fair i.icii of the stste of affairs of the Charl and of the incoming resources and application of resources. including the income and e.xpenditure. of ihe charity, for that period. In preparing these financial sthtements. the Trustees are required to= select suitable accounting w)licies and appl%. them ¢onsiStentlN': observe the methods and principles of the Chariiies SORP: make judgements and accounting esiimaies that are reasonable and prudeni:
TBH BRUIIYER CHARIT.4BLE SETTLEMENT (Registered Charih. Number: 260604) REPORT OF THE TRIISTEES STATEMENT OF TRLSTEES. RESPONSIBILITIES Icontinued) sthie M"hetherapplicable UK Accounting Standards hai'e been follow'ed, subject to any material departures disclosed and explained in the financial stsiemenis= prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Settlement will continue to operdte. The Trusiees are responsible for keeping sutTi¢ieni accounting records thai disclose with reasonable accuracy at anN' time ihe financial wsiiion of the Senlement and enable them to ensure that the financial statements complN' ith the Charities Aci ?0 I l. the Charil!" IAc¢ounis and Reports) R¢gulations ?008 and the provisions of the trust deed. The! are also reswnsible for saf¢guardinLF ihe asseis of Ihe Sertlemeni and hence tor taking reasonable steps for the preN'¢ntion and deieciion of fraud and other irregularities. APPROVAL This report w'as apprO¢d the Tru#ees on 14th March. ?0?• and signed on their khalf. T.B.H. Brunner Trustee
TBH BRUNI%ER CHARITABLE SEThLEME.NT (Re%i5tered Chants. Yumber: 260604) INDEPENDENT EXAMINER'S REPORT OF THE TRLSTEES OF TBH BRLINNER CHARrfABLE SEThLE.lIET Independent Examiner's Report to the Trn5tets OCTBH Brulln¢r Charitable Settlement I r¢pon io (he trustees on e.xamination of ihe financial siaiements of TBH Brunner Charitable Settlement (-Ihe S¢lllemeni') for the lear ended 5th April. )0? l ii.hich comprise the Balance Sheet. the Sthiement of Finan¢ial Ac[1111C$ and related noie5. This pOrt is mad¢ solel}. to the Settlemenl-s trustees. as a b(wJi'. in accordanc¢ '1th sethion 145 of the Charities Act 2011. Mi Mork has ken undenaken so ihai I mighi sthi¢ io the Charli! s trnstees those matters l atn rcquired to state io them in ihis rep)n and for no other purpose. To the fullest e.Ktent pemiitted bj law. I do not accept or assuJne responsibiliti" io an! one oiher than ihe chariTh' and the charits. 5 trustees as a body. for my worL for this rew>rL or for ihe opinions I hai'e formed. Responsibilities and basis of rep)rt As the trustees of the charits. J'ou are responsible for lh¢ prepardtion of the financial statements in accordance with the requiretnents of the Charities Act ?0 I l {-the A¢t'). report in respect of mi, examinaiion of ihe Seiilement"s financial stsiemenis carried out under seciion 145 of the Act and in caTTr ing oui mi. e.iaminaiion I haie folloiied all the applicable DI¢110n$ gien by the Charity Commission under Section 14i(iMb) of Ihe Aci. An independent exatllination does noi ini'olie gaiherino all ihe e¥"iden¢e ihai '0VId be required in an audil and consequentl!. does not coier all the matters thai an auditor considers in gil ing their opinion on the finan¢ial statemenis. The planning and conduct of an audii £oes b¢1 ond ihe limii¢d assuran¢e thai an independeni examinaiion can proi'ide. Consequentl!" l express no opinion as to iihether the financial stsiements present a 'trL]e and fair i'l¢. and m! report is litnited to those specifi¢ matters sei oui in the indendent examiner's stateTnent. Independent examiner's stglemenl I have compleied m! eiatnination. I confirni thai no material matt¢rs hai ¢ Comc to Fll)" attention in conneclion iih the e.xamination gil ing me cause to belie% e that in ani mai¢ri&l resp¢ci- accounting records iiere not kept in respect of the chariti as required b!. section 130 of the A. or the financial siatements do noi accord ith those records- or the financial siaiemenis do not compl!" "1th the applicable requirements concerning ihe forni and content of a¢¢ounis kt out in the Charities {Accounis and Reports) Regulations )008 other than any. requirement that the accounts gile a "trne and fair Tr¥ieM' hICh is noi a matter considered as part of an independent examination. I hal'e no concerns and hai¢ ¢ome across no other matrers in conneciion i¥'ith ihe examination to which allention should be drdW"n in this report in order to enable a proper understanding ofthe finan¢ial staiements io be reached. JwLLJ)wL Phillip Roberts FCA Roberts & Co., Chartered Accountant5. 136 Kensington Church Streei. London. W8 4BH. 14th March, 2022
TBH BRUNTr4ER CHARITABLE SETFLEMENT (Registered Charih" Nutllb¢r: 260604 BALANCE SHEET- 5TH APRIL. 2021 Page 2021 2020 Statemeni of Financial Actii"ities £3,709.?85 £2.876,193 Represented by: Brunner Ini'esimeni Trust PLC 400.000 ordinarj, shares of *5p each (note 3) Curreni assets Coulls & Co. 3.616.0(Kl 2.792,000 detK)Sit accouni 95.685 86,593 3,711.685 2,878,593 Less.. Liabilities Sundrn. creditors- Independ¢ni Examiner s fees {?.400) {2,400) £3.709.?85 £2,876.193 Approved b), the Trustees of TBH Brnnner Charitsblc Settlement and signed on th¢ir behalf on 14th March, 7B/I.8mM4r T.B.H. BruDner Trustee The notes on pages l O to 13 forn) an integral part of ihese accounts.
TBH BRUI%NER CHAIUTABLE SETTLE%IE)T (Registered Cbarits. Number: 260604) STATEMENT OF FINANCIAL AcftVlTIES FOR THE YEAR EYDED 5TH APRIL, 2021 2021 2020 INCOME AND EXPENDITLIiE Income Ini'estment income Bank dewsit interest 80.!40 79.920 150 Total incoming resources 80,070 Expenditure Resources expended - direci ¢harithble eypenditure Other eipenditure - administration expenses-. Bank charEes Independent ELniner s fees 68.250 80,177 519 2.400 532 2,400 Total expendilure 71.169 83,109 NET INCOMEI{DEFIC) FOR THE YEAR Unrealised gairnl(deficil) on ini esimeni asseii 9.092 {3.039) (304.000) 8*4.000 NET MOVEMEliT 1]% FL.YDS 833.092 1307.039) 3.183,232 FUND BALANCES BRObGHT FORWARD 9 876,193 FUND BALANCES CARIUED FORWARD £3,709.?85 £2,876,193 All amounts relate to continuing aciii ities. All recognised surpluses and deficits are in¢luded in the statetnent of financial a¢ti¥'ities hleh shows the total net movement in funds for th¢ i"car. The notes on pages 10 to 13 forni an iniegral part of these accounts.
TBH BRUliYER CHARITABLE SETTLEIIEYT (Registered Chxrili l%umber: 260604} CAPITAL ACCObLYr FOR THF. YF.AR ENDED 5TH APRIL. 2021 2021 2020 Balan¢e as ai 5ih April. ?020 Less- Profit on revaluation of ini ¢Men(S io market value as ai 5th April. 20?0 ? 790.340 3.094.340 !.643.OIXI) {2,947,000) 147,340 147.340 Add.. Profit on reTr'aluation of iniestmenls to markel value as ai 5th April. ?0? l= Market i'alue Less: Bk c05t 3.616.000 (149.0(K)) 2.792.000 (149,01)0) 3.467.01)O 2,643,000 Balance as at 5th April, 2021 £3.614.340 £2.790.340 The noies on pages l O to 13 forni an integral part of these accounts.
TBH BRUNNER CHARrrABLF. SF.TTLEME% (Registered Charih. Number: 260604) INCOME ACCOUI%T FOR THE YEAR ENDED 5TH APRIL, 2021 2021 2020 Investment income Bank deposit interest 80,)40 79.920 150 80.070 Less.. Administration expnseS Coutts & Co. Charges Independent EMiner s fees 519 ?.400 532 2.400 ?,919 2,932 Gross income less expenses for the l'ear Add: Balance as at 5th April. !O!O 77.342 77.138 8).853 88,892 163.195 166,030 80.177 Less.. Donations made 68.250 Balance as at 5th April. ?021 £94.945 £85.853 The noles on pages l O to 13 forni an integral part of these a¢¢ounts.
10. TBH BRUNYER CHARITABLE sELEIE5 (Registered Cb¥4rits' Ilumber: 260604) NOTES TO THE ACCOLIliTS FOR THE YEAR EI44DED 5TH APRIL. 2021 I. ACCOUNTIYG POLICIES A¢¢ounling eoni-ention The financial siaiements haie been prepared under the historical cost coniention 'ith items recognised at Cost or transaction i'alue unless oiheTh ise sled in ihe releiant noies to ihese accounis. The financial siaiements haie been prepared in accordance ii.ith thc sccond ediiion of the Charities Statemcnt of Reeommendcd Practice issued in October 10?0. the Financial R¢wrting Standard applicable in the Lnit¢d Kingdotn and Republi¢ of Ireland IFRS 102) and th¢ Charities Act ?Ql l. The Settlement constituies a public benefii eniity as defined bi FRS 10? Going eoneern In assessing the abiliTh' to coniinue as a goin? conccrn. the Trustees hae considered that the Settlemeni's liquidits. position would be s1¢1¢nI io meet its imm¢diaic cash floii rcquirements for future ¥rant making. For this reason. the TSteeS beliei'e ti is appropriate io ¢oniinue io adopi the going ¢oncem basis in preparing Ihese accounis. Critical accountillg judgements ke!" sources of estimation uneertaiDty ihe application of the accounting wili¢ies. Trusiees are required io make judgements. esiimates. and ssumpiions about the carn ing i alue of assets and liabililies thai ar¢ not r¢adil%' apparcnt from other sources. The estimaies and underl!"ing assumptions are based on historical ¢xpcricnc¢ and oiher factors thal are relevant. Actual resulis ma). differ from these estimaies. The estimates and underlN ing assumptions are rei'iemed on an ongoing basis. Revisions io accounting estimates wc recognised in Ihe period in ii.hich the ¢slimate is rei.ised if the estimate is revised if the reISIon atTecis only. thai period. or in the period of the l"l$lon and future periods if the rei ision affecied current and future periods. In the view of ihe Trustees. no &ssumprions con¢eming ihe future or estimation uncertaint! affecting assets or liabiliiies at the balancc sheet date are likel!. io resuli in a material adjusiment io their carrs'ing amourtts in the next financial ear. The follow'ing accounting policies ha¥"e been applied consisientl)" in dealing 1th iiems which are considered material in relaiion lo ihe Selllement"s accounts. Income recognition All income is rccognised once the Sertlemeni has eniitlemeni to the income. it is probable ihat the income will be received and the amouni of incowne receivable can be measured r¢liablJ". Donations are recognised once re¢eiied. In the eient that a donaiion is subject to conditions that require a l¢k¢l of performance before the Selll¢ment is eniitled to the funds. the income is deferred and noi r¢¢ognised until either those conditions are full! met. ()r ihe fulfilment nf thnqe cnnditinn£ iq u holl). .1th1 the control of the Settletnent and it is probable ihai ihose Conditions ii.ill be fulfilled in the reporting period.
TBH BRUTNER CHAIUTABLE SETTLEMEIT (Registered Cbarits. Number: 261I(d)4) NOTES TO THE ACCO[ITs FOR THE YEAR ENDED sfH APIUL, 2021 I. ACCOUNTIYG POLICIES lconiinued) lllcome recognition (continued) Legac gifts are recognised on a case bi case basis fol10.1ng ihe grdnting of probate w.hen the administraiorj ¢.iecuior for ihe esiaie has communicaied in H"riiing boih the amount and settlement date. the e¥eni thai ihe ¥ift is in the forni ot an assei oiher ihan cash or a financial asset trdded on a recognised stock exchange. recogniiion is subject to the i.alue of the gifi beinq reliabl!. measurable w'ith the a degree of reasonable accura¢). and the tille hai ing been transferred to rhe Settlement. Expettditure recognition Liabililies are r¢cognised as expendiiure as soon as there is a legal or ¢onsiru¢iii e obligation ¢ommilling (he Senlement to that eipenditure. li is probable thai senlement 1% ill be required and the amouni of the obligation can be measured reliabl%. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to thc applicable expendiiure headings. Donations payable are paNThents made to third panies in the furtherdnce of the charibIe objeciives of the Sertlement. Irrecoverable VAT Iec0¢rab[c VAT is charged against the ¢ai¢gor%" of resources expended for which it was incurred. Governnee costs Governance costs comprise all costs involTr¥'ing the public a¢counthbilit¥" of the Settlement and its compliance 'ith regulation and g(K)d practice. These ¢05ts include cosis relaied io the independent examiner s fee togeiher wilh oiher overhead costs. Charitable #¢tiN'itie5 Costs of ¢harithble aciii ities include donaiions made. Investments Inestmen15 are stated at K)k i'alue. being their acquisition value less prced$ from the sale of rights not taken up and fraciional entiileTnents. However. to compl), 1Th lh¢ rules for the presentsiion of accounts for chariiies the inesimeniS must k shown on the balance sheet at market *alu¢. Therefore. a notional gainlloss is applicd at th¢ balance sheet date to the book 'ale of ini'esimenis and the Capital .4ccouni on page 8 $0 85 to reflect the mid-market K'alue at that date. The noiional sum is subsequenil! rei ersed in ihe next accouniing l'ear.
12. TBH BRUNIIER CHARITABLE SETTLEMENT Oiegistered Chariti. Number: 261KA)4) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL, 2021 I. ACCOUNTING POLICIES (coniinuedl Investmen¢$ (continued) Excepl in the case of sales as meniioned al)o%e. profits or losses arising on the realisalion of assets are dealt with ihrough th¢ Capitsl Account. Quoted invesiments hatre ken valued at tniddle prices aL or "1th1n a "eek of. the balance shed date. Income from ini'estments is credited to ihe Income Account in the )'ear in which il is receivable. Inierest on deposit accounts is credited in the l'ear in iihi¢h il Ks receiied_ Fund structure The Settlement has a single pemanent fund. The lernis of the trust deed allo. the income to be accumulated and the capital to be speni if the Trustees so deterniine. 2. GENEIL4L Investments The ini'estments are held in paper forni bi" the Trustees. The TrusTees hai'¢ ierified the exislence of the paper securities ai the date of Ihese accounts. Income A¢couDt Th¢r¢ is a balance of £94.945 a¥ailabl¢ for distribuiion. ai the Trusiees discretion. as ai th¢ date of ihese accounts after allo%1 ing for the donations made during the lear. This sum has been carried foN'ard. Trustees, expenses- professional ebarges Where these have not alread) been paid the% hai"e been proi'ided for in these accounts subject to the Trustees. formal approval. 3. MOVEMELYT ON INVEST.MENTS At 5th April. 2020 Brunner In%'estment Trust PLC 400.000 ordinary shaS of ?5p each at market I'alue Revalued io market J-alue at 5th April. 2021 2.792.000 8?4.000 At Stb April. 2021 £3.616.000
13. TBH BRUNNER CIL4RITABLE SETTLEMENT (Registered ChariN, Number: 2611604) SCHEDULE OF DOL¥ATIONS.WE FOR THE YEAR ENDED 5TH APRIL, 2021 4. FINAliCIAL INSTRLMENTS Financial asS¢ts that are debt instrumenis measured ai amortis¢d c05t Cotnprise other debtors. At the year end, the Settlemeni had no liabilitics that ilere classified as financial insiruinenis. 5. RELATED PARTIES The Settlement has no ultimaie controlling part)". No Trusiees. or persons connected w'ith the Trustees haie ¢¢1} ed ani" remuneration from ihe Settlement. In the opinion of the Trustees Ihere are no relaied part!" Iransaclions falling to k disclosed in these accounts.