)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 p0￿er 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 AI*D 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 ACHIE￿￿￿ENTs
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 Cu￿en1 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.lIE￿T
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[1￿111C$ 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$ gi￿en 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 inde￿ndent 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 EL￿niner 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: B￿k 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 exp￿nseS
Coutts & Co. Charges
Independent E￿Miner 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 sE￿LE￿IE5
(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 s￿led 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 ha￿e considered that the Settlemeni's
liquidits. position would be s￿￿1¢1¢nI io meet its imm¢diaic cash floii rcquirements for future ¥rant making.
For this reason. the T￿SteeS 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 re￿ISIon
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 BRUT*NER CHAIUTABLE SETTLEMEIT
(Registered Cbarits. Number: 261I(d)4)
NOTES TO THE ACCO[I￿Ts
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 chari￿bIe objeciives of the
Sertlement.
Irrecoverable VAT
I￿ec0￿¢rab[c VAT is charged against the ¢ai¢gor%" of resources expended for which it was incurred.
Govern*nee 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
In￿estmen15 are stated at ￿K)k i'alue. being their acquisition value less pr￿ced$ 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 in￿esimeniS must k shown
on the balance sheet at market *alu¢. Therefore. a notional gainlloss is applicd at th¢ balance sheet date to
the book ￿'al￿e 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 sha￿S 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.