BILL 8ROWN 1989 CHARITABLE TRUST ANNUAL REPORT AND ACCOUNT 30TH JU 22 PA YNE HICKS BEACH LLP SoliGitors 10 New Square Lineo1n's Inn London WC2A 3QG PAC02G.XL812021
BILL BROWN 1989 CHARITABLE TRUST CONTENTS Adrllinislr8tive information about th8 charity, its directors and advisers 4-10 Directors. report 11- 14 Independent auditor's report Accounts 15 Statement of financial activities 16 Balance sheet Sl8tement of cash flow 18-20 Principal accounting policies 21-25 Notes lo the accounts 26 Grants p8yabl8
81LL BROWN 1989 CHARITABLE TRUST Pa ADMINISTRATIVE INFORMATION ABOUT THE CHARITY ITS TRUSTEE AND ADVISERS CORPORATE TRUSTEE Bill Brown Charily Trustees RECTORS OF THE CORPORATE TRUSTEE THE OIRECTORS Graham Stephen Brown Anthony John Barnell PRINCIPAL ADDRESS 10 New Square Llneoln's Inn London WC2A 3QG WEBS1TE ADDRE www.billbrowncharily.org CHA REGISTRATION NUMBER 801756 AUDITOR Buzzacotl LLP 130 Wood Slreel London EC2V 6DL INVESTMENT MANAGER Inv8Stec Wealth and Investment Limited 30 Gresharn Street London EC2V 7QN BANKERS CAF Bank 25 Kings Hill Avenue Kings Hill Wesl Malling Kent ME19 4JQ PRO ERTY MANAGEMENT Hall Barn Eslales Limited The Estate office Home Farm Hall Barn 8eaconslield Bucks HP9 28G Bidwells LLP Bidwell House Trumpinglon Road Cambridge CB2 gLD SOLICITORSAND ADMINISTRATORS Payne Hicks Beach LLP 10 New Square Lillcoln's Inn London WC2A 3QG
ILL BROWN 1989 C ARITABLE TRUS DIRECT ' REPORT- THJ NE 2022 The direclors of the corporate Iru51ee (the directors) presents ils statutory report tOgetherlIh the account5 ofThe Bill Brown 1989 Charllable Trust lor th6 year ended 30th June 2022. The aecounls have been ppared in a¢cordanc& with the a¢counllng policies $81 out on p3ges 18 to 21 of the attached accounts and ¢omplywilh the Charills trust deed, applicable laws, applicable United Klngdom Accounting Standards (United Kingdorn Generally Accounted A¢¢ounling PraGtiGel, and A¢¢ountin9 and Reporting by Ch4rilies.' Statement ol Recommended Practice applicabltt lo charities preparing their accounls In ac¢ordance 1th the Financial Reporting Standard applicable in the United Klngdom and Republic of Ireland IFRS 1021. second editlon (October 20191. GOVERNANCE, STRUCTURE AND MANAGEMENT Govemance The Bill Brown 1989 Charitable Tru51 is governed by a trust de8d daled 2nd May 1989. The charity is reglstered under thè Charllles Act 2011. Charily Registiation No. 801756. The statutory power ol appointment of new dlreclors of the ¢orporate truste& Iles with the conllnulng dlrectors themselves. The names of th8 Irustee51dlre¢lor8 who 5etved during the year are set out as part of the administraVe information on page 3 of Ihls Annual Report and A¢coun15. 8rlef biographical details are gwen below.. Graham Stephtrn Brown Mr. Brown ha5 been a trustee 5inGe inception and rellred on the 11th D8cember 2020. He was o Partner in Payne Hicks Beach from 1972 unlil 2009, and was senior partner from 1994 to 2008, and was a consultant with the firm until retiring on 31st May 2014. He is an Honorary Bencher ol Ih8 Honourable Sooitrty of Lincoln'5 Inn. Mr. Brown is not related lo the late settlor. Anthony John Barnett Mr. Barnett was appointed a Irusl8¢ on 26th Septernber 1997 and retired on the 1 Ith December 2020. He 15 a Chart8r8d Accounlant and retired as flnanee direGlor of Verlingue Limlted on 30th Sept8mber 2020. Blll Brown Charlty Trustees On 11th Decèmber 2020, Bill Brown Charity Trustees wa5 appoinlad the sole trustee of Ihe Trust. Th8 directors of the corpDrate Iruste& are Graham Stephen Brown and Anthony John Bamell. On agreeing to theSr appointtnenl, the dir&ctors are thoroughly briefed by theirco-director5 on the history ol th& Irust. the day-to-day managem8nt, the respon8ibililies of lh8 directors, the c}jrn1 obl8clives and luturo p18ns. Dlrectors. r¢$ponslbllltl85 Stalement Th& dir8clors a responsible lor preparing the dlre¢tors' report and aecounls In accordance with applieable law and United Kingdom Accountlng Standards (United Kingdom Generally Accepted Accounllng Practice). Charity law in England and Wales requires Ihe 1Clor8 to prtpar8 account5 for each financial year which givÈ a true and falr vlew of the stste of affairs ol the charty at the year end and of its incorne and expenditure drIng that year. In preparing accounts glvlng a true and lalr vigw, th& directors are requi to.. Select svitable acGountlng policies and then apply them }nSistenIy'.
BILL 8ROWN 1989 CHARITABLE TRUST DIRECTORS, ORT- 3DTH JUNE 202 GOVERNANCE, STRUCTURE AND MANAGEMENT Icontlnuedl DITectors' rospon$lbllltle8 Stalement Icontinuedl Observe the methods and principles in Accounting and Reporting by Charltles.. Statement of Recommended Practice applicable to char41i8s preparing their accounts in accoidan¢e ilh the Financial Reporting Stsndard applicable in the Unlt8d Kingdom and Republ1¢ of Ireland IFRS 1021., Makeludg8ment8 and estimates that are re8sonable and prudent., Slate whether applicable United Klngdom Accounting Standards have been followed. 5ubjecl lo any material departures disclosed and explained In the 8ccounls', Prepare the accounts on the going GOnM basis unless it is inappropriate to presume that the charity VAII contlnue lo operate. The directors are responslble lor keeping proper ac¢ounting record5 which disclos8 With reasonatile accuracy al any lime th& financi81 position ol the charity and which enable them to ensure that th8 accounts comply with the Charities A¢1 2011, applicable Charity IA¢counls and Reports) Regulations and the provisions of the trust deed. They are also sponsible lor safeguarding Ihe assets oftho charity and hence for taklng reasonable steps lor th8 prevention detection of fraud and olh8r Irregularie$. The dlre¢tors are responsible fof Ihg maintenance and Inl8grilyof the Charity and fin8ncial information included on the charitls web5ile. Leglslalion in the United Klngdom governlng the pparatIOn and diss8mination of accounts may differfrotn leglslallon in olher jurlsdiclions. stfucture and management reportlng The di¢10r$ are ultimately rtsponsible for the polS¢ies. activities and assets of the chaiily. They meet bMie8 a yearto revlew tho developtnenls wlth regard to the charity, 118 grant giving a¢tivities and make any important decisions. When ne¢e$sary. the dlre¢lor8 seek advice and support frotn the charity's profÈss1onal advisers includlng investment managers, 801icilors and accountants. The day to day m8nagement ol the charills activilies, and th8 implemenlalion of po1icie5, is delegated to the Private Client Department of Payne Hioks Beach LLP. The directors are continulng to review and develop the pioGess of managing grant appllcalions and Payne Hick5 Beach LLP administers payments and keeps tme books and records of the eharity. At Iheir tneetings the dire¢tors review tho Investment performanc&, 8nd the inveslm8nl m8nagers allend the meetings to update the director8 in detail on lh8 portfolio. The d1CtOrS revlew Ihg proposals for grants to be made and approve su¢h grants as approprlat8. Rlsk management In line with the requlrement for charity dlrectors lo undertake a ri8k 8sse55ment 8X8rcise an report on Ihe same in their annual report. the directors have looked at the risks the Bill Brown 1989 Charilable Trust curn11Y face5 and have reviewed Ihe measure8 in place, or needing to be pul in place, lo deal with them. sn addition to the risk5 assocSated wilh COVID-19 Isee below). the directors have identified three maln areas where rlsks may occur.. - Governance Operational Financlal
ILL BROWN 1989 CHARITABLE TRUST DIRECTOR ' REPORT- 30TH E 2022 GOVERNANCE, STRUCTURE AND MANAGEMENT Icontinuedl Rlsk management IContlnu?dl Governan¢& looks at Ihe continulty of Irusleeship. the skills and background of the dire¢tor$ 8nd the pollcles of regular rneetSngs of the dir8clor8 to review th8lr aims and activities. Op*ratlon81 looks at Ihe rlsk inhorenl in the delegation of slalulory and legal qUIreMeI5 of the charity. its management and seeretarial functions and delegation of certain ol thos8 function5, and ils grant giving actlvlli8S. Flnanclal risks include those inherent In de18galion of management and cuslodyof1ls18d inve51menls to independent investment managers. the flnan¢lal record keeping ol the charity, its inveslm8nt policy, audit and review produre$. Having assessed the major risk5 to whlch Ihe ¢h8rity is exposed, in particularthtsse relating to its investm8nls and its finanGes. the directors believe that by ensuring controls exist over keyfinancial systems incorporating the syslems and controls implemented by Payne Hicks Beach LLP, and by delegaling the listed Investment managetnenl function lo inve5ttnenl manager8. subject to gUlar monitofing, including periodic reviews ol p8rformance against benchmarks. they have established effective $yst8ms lo miligate those Asks. Th8 risk assessment is kept under regular vIeW and 18 fully asseSs&d every three years. The keys risks faced by the charity, as idenli1Sed by the directors, are describ8d below logetherwth the prinopal ways In which they are mlllgated. The value ol th8 li8t8d investments Is dgpendent on movements in UK and worfd stock rrlarkets. The investments ar8 managed by reputable inveslment managers who adhe to a pdicy agreed by th6 direclors. The dlreclors meel Mryce a yearwith lh8 investment managers and the manag8¢s performan¢8 and that of the portfollo are monitored. The inv8slm6nl strategy Is assessed regLAarly10 8n8ure it remains appropriate lo the charills nEeds- both now and in tho future. Havlng ¢ompleled a prramrne of investment In ¢ommercial propere$ in e8aconsfldd. 8u¢kinghamshire, the charily now has properties inlormallyvalued al 30th June 2022 at £9.085,000 before set off ol a108n frotn CAF Bank secured again51 th8 properties. The directors carry out regulai reviews of th8 properties In conjunction with their property agants Bidwells LLP who maIn engaged lo carry out regular stragi¢ rèviews. The charity ¢arries out Sls obje¢liv85 by providing granls lo inslitutlons that ar8 also UK regISted charities. whose oble¢ls complywth the ¢harilVs criteria. There is a risk that a grant provlded by the charity may not reach the intended recipient andlor may be used lor purposes not ¢onsisl6nl wth the ¢haritls objects. Whilst th8 directors are mindful of their own obligatlon 10 8nsure Ihal the charity benefi15 the public generally, they take some as8Uf8nce frotn the fact that recipients ol grants are themselves regulated to ensur8 that they operale forthe publ1¢ bgngfit.
ILL BROWN 1989 CHARITABLE TRUST DIRECTORS, REPORT- 30T UNE 2022 ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES Actlvlties and speclflc oble¢tlve$ The dir8clors operate a grant giving policy. prov4dlng funds for such ¢harllabl8 objects or institullons as the directors thlnk fit. Institutions Int8nding lo make an app8al are directed lo the w8bsite www.billbrownch8rity.or9 where more detslled information concerning particular aa$ ol support. applicatlon guideline5, ex¢lusions and grants can be found. The dlr8Ctors 8irn to make annual equlvaltrnt dlslrlbulions of approxlmately £475.000,excluding substsnlial bursary commltm8nls. Aftertaking a¢¢ount of Ihe bursara$s and grants regularly made, there are limited funds availab18 fordi51ributlon to other charilies in accordance wllh th8 guidelines sel out in the grant givlng policy as summarfs&d on the charills webslte. Oblectlves and a¢tlvltle8 for the publlc ben8flt The directors take Ihoir inspiration In Idenlifwng their areas of interest from the life of the Selllor, and his own Ihoughls and wi$he8, $0 far os they are known. The dlrectors confirm that they have referred to the guidance contaln8d in the Charity Commission's guldance on public benefit when reviewing th8 Trusl's aims and objectives and In planning future advilies and setting the orant makitKJ poIIcy. The Trust carries Out these obj8Ctwes by providlng gr8nts and commitmen15 10 instilulion8 Ihat a also UK registered ¢harilie8. whose obl9¢18 comply with Ih? Trusl's crileria. Whi18t the dire¢lors are mindful of their own obligation to ensure that the Trust benefits the publ1¢ generally, they lak8 Sorne assuran¢& from the faGI that recIpentS of grants ar8 themselves regulated to ensure that Ihey operat8 for the publlc benefit. Potenlial r8clpi8ni8 of grants are idenlified by the dlr8Ctors individually in 8rea5 where it 15 perceived that public benefit will be achieved. The opportunlly to benefit is not restricted in any way except that granls are restricted to bodies regi51Èr8d in the UK, not least to fa¢illlate the director being ab18 to follow up on the erricacy of th8 grants made. In all olher SpeCts grants are not limited in any way 8xcept thal the recipients should have 8 charflable need. The d1rectoi therefore nsIder that the Trust's adivltles are for the benefit of Ihe publi¢ oenerally. Key management The directors of the ¢orporat8 trustee consider that they alone Comprise the key man8gement personnel of the charity In ¢harge of directing and controlling, wunnlng and operatSng th8 Tru81 on a day to d&y basis. All diredors give of their lime fre&ly no diro¢tors received any remuneratlon in the year. Details ol directors, expenses and remuneratSon and any related party tfansaclions are d15closed in notes 3 and 4 to the a¢coun18. A5 noted abov8. the day or day management of the charitys actlvili8s, and the implemenlalion of pollei8s, is delegatsd to the Private Client Department of Payne Hicks Beach LLP. Ll$t¢d Investment poll¢y The charity has portlollos of listed investments With an aggregate market valu8 85 at 30th June 2022 of £8,580,635.
BILL BROWN 1989 CH ITABLE TRUST DIRECTORS, REPORT- 30TH JUNE 2022 ACTIVITIES, SPECIFIC OBJÉCTIVES AND RELEVANT POLICIES Icontinuadl L18ted Investment policy Icontlnuedl Th8re are no $trICtl0nS on the ¢harltls powerto Snvest. Separate Investment strategles are agreed between th8 d1ClorS and the two firm5 of investment managers and are regularly reviewed. Thes8 a the subject of Separate policy staternBnls which have been completed by the director5 and form an integral part of the agreements wvilh the Investment managers lo provide Inveslfflent manag8rnent $8rvices. The Investment managgis are invited to attend each formal me8ting of the dlrectors to provlde a report on the performan¢8 of the portlollos, Comparison sgalnsl th& benchmarks and general market issues. ACHIEVEMENTS AND PERFORMANCE Commarclal property The dlrectors have four commeiGial properties and details of these are shown in the allached account5. Improvement works to the properiles have been undertaken and the properties are let, At the period end the properii$$ were valued at £9.085,000. The property investment. including the improvem8nl works. hav& been funded by a loan ofwhlch £1,654,201 rtmains repayable at 30th June 2022 and 18 Secur on three of the commercial prop8rti88. Revlew of a¢tlvltle$ Total income received in the perlod from the charity'$ inve51menl assets and cash dep05ils amounts 10 £591.368 which equates to a weld of 3.3Yo Ibased on the market valuation of the 88sels al the year endl. The directors 8waided grants tolalling £110.ODO during the year, in accordance with th8 Gharilvs grant giving policy sel out above. A detailed list of all grants made in the period 18 included in the Appendix on page 27. The directors maintain a list ol charitable organisalions which Ihe charity QuIarlY supports and they a currently undertaklng a comprehensiv8 review ol Ihelr grant givlng policy as set out above. The directors feel that their objectives have been adequately met durin9 the period. Howev8r, the directors are aware Ihat th8re are exlgrn81 factors, which could affect the achievement ol their obj8clive5 as a signific8nl part of Ihe chsrity's assets are made up of investments and cash, the result of which a dependent on the general performanc8 of the UK and overseas stock tnaikets. As noted above under risk management, In order lo rDiniml$8 this, thè director8 have set prudent investment policies and place reliance on the investment managers lo monitor and advi8e on the necessary Inv88lment Changes and suitable a$8el allocation. Investment performance The yl8ld from the combined inGome of listed inv&stm8nt assets and cash deposlls Wds 2.3%, and there was a capitsl decrease of 10.2% (based on the valuation of 85sels at th8 period endl. At the end ol th8 period the charills Portfollo of inve51menls comprised of 37% UK equltles and unit trusts, 8% UK fixed interest, 55°k overseas equllies and fixed Interest. The a99gaI& rent5 fortha period from the lellings of the prop&rtie5 at London End was £378,931 (with rtnl arrears of £57,848) which eguales to a gr05s eld of 4.2% p.a. lexcluding arr82rsl. In view of the current volatility In financial markets, Ihe 1CtOrS are satlsfied with the performance of th8 listed investm&ntS 2nd they a content also with the return frotn the Investment properties. Thay are satisfied that their investm8ntobjeGtive$ will be tnel ov$r the medium term.
BILL BROWN 1989 CH BLE TRU DIREC ORS, RE T- 30TH JUNE 2022 FINANCIAL REVIEW Rosults for th8 year A summary of the period's r6sulls can b8 found on paoe 15 01 Ihls port and actounts. During the year ended 30th June 2022, total incorne arnounled lo £591,36812021- £495,431), being income arislng from the charitls investments Including rental Income and cash deposlls. The dlrectors made grants and commitments lo 7 institutions totslling £110,00012021 £974,114). No new grants w&r8 agr88d during lh8 year ended 30th June 2022, only gUlar donatlons We awarded. Investment manager fees were £45,50112021 £45,965), grant adminislralion costs tolalled £53,795 12021 £60.1691. property expenses amounted lo £200,387 (including CAF Loan Interest of £55,866) 12021- £171,022) and govemance c051s were £4.35912021 £11,788). Total expenditure wa5 £409,93812021 £1,263.0581. There We net losse5 on listed investm&nts and inv6slmenl propertyduring the y8ar of £703,334 12021 gains of £1.424,0511. This re5u115 in net decrease in funds during the year of £521,90412021 net increase In fund of £656,424). Re$orv0s pollcy and flnanclal posltlon Resetrves pollcy The dire¢tor5' policy is to operate on the basis of being able to continu8 to genarate 5uNicient incorne lo use towards me8ting th8ir charitable obj8els and lo accord with their princip81 aim8. The director8 are of the opinion thal the fund$ remains sufficient to enablg them to Continue this ongolng objecllve. The Charity has sufficlenl, but not excessive, funds lo Serv1 its obleclive ol maklng future charitable di511ibulion5. Flnan¢lalpLlSitlon The balance 8h881 show$ lotsl funds of £13,059.2fj612021 - £13,5B1.1701. Thg unrestri¢l8d fund comprises amounts whl¢h ultlmalely are free reserves bul whS¢h are held by the dlre¢lors for Investment so as lo ensure the conllnued generation ol income In lulure periods. thereby helping lo safeguard the long teim existence ol the charily and Ihe achievetnenl ol its objeGtives. Tho size of the unreslricled fund sustain5 and supports Ihe levels of donation5 which the direGtors w15h lo rnaintain and enhance over lim8. The directors consider free resetve5 to be adequate but not 8xcessive in th8 light of the charllls r8s8rve pollcy s81 out abov8. Future plans The dlreclors do not antlcipalo any sSgnilicant changes lo tho ChatY or Ils aclivSlles over the ne¥1 hvo to live year5. It 15 their intention lo tneel the followryng objecliv65'. To inGre&5e their direct investment in comrneraal property. To ensure the performanco of both Ilsted Investments and property achleves the crlterfa sel by them so that there are sufficient fund5 to tneel their granl giving pulicies.
LL BROWN 1989 CHA ITABLE TRUST e10 OIRECTORS, REPORT-3 UNE 2022 FINANCIAL REVIEW Icontlnuedl Future plan5 (Continued) To continue to make grants and commilmonts at a sSmilar or higher level. In ro8ponse to the COVID-19 oulbre8k, the charity 5$ pr08Ctivety revlewng grant maklng acllYltl85 to ensure continued 5uppori to b&neficiaries. The difeclors have reviewed the risks that COVID-19 poses to the charity and ¢on¢luded thal the charity is in a strong financial and operational position 8nd can continue to support bgnefiuaries now and for the foreseeabl6 future. Signed on behalf of the directors ol the corporate Irusle8'. DSrector of the Corporate Truste8 Approved by the dire¢lors of the corpDrate trustee on.. .2023
BILL BROWN 1989 CHARITABLE TRUST Pa e11 INDEPENDENT AUDITOR'S REPORT- 30TH JUNE 2022 INDEPENDENT AUDrfoR'S REPORT TO THE DIRECTORS OF THE CORPORATE TRUSTEE OF THE BILL BROWN 1989 CHARITABLE TRUST OPINION W8 have audited Ihe aGcounts of The Bill Brown 1989 Charitable Trust Ilhe'Gh2rily'l fer ihe year ded 30 June 2022 which comprise th8 slalement offinandal aclivilies. the balanca sh8el, ihe principal accounting polioos and the notes lo the accounts. Th8 linancial reporting Iram8work Ihal ha5 bÈèn applled in Iheir pr8parallon is applicable law and Unlled Kingdom Actounling Standards, inGluding Financial Reporting Standard 102'The Flnaftclal Reporting Standard applicaNe in Ihe UK and Repu1¢ of Ireland. IUnlt8d Klngdom Generally Accepted Accounting Pradlc81. In our opinn. the aNounts'. give a truè and f8ir view of Ihe 5ts18 of lh& charity's affaif5 a$ al 30 June 2022 and of Ils Income and expendilurÈ for the year then ended., have been properfy prepÈr@d In accordance wlh Unlted Kingdom GeDerallyAccepled Accounting Praclice,. and have beén prepared in £ccordante wilh Ihe requirements of u)8 Charilies Act 2011. BASIS FOR OPINION We conducted ouraudil in accordance with Intemalional S18n(lard5 on Auditing IUKI IISAS IUKII and applicable law. Our r8sponsibililies undor those siandards are furth8r described in the audilows responsibilitiès for the audit of the acwunls seclion of our reptsrt. We are independènt ol the charity In accordan¢& wllh Ihe elhi1 requirements that are relevant to our audit ol the ac¢oun18 in Ihe UK, inc5uding FRC'S Ethical Stsndard, and we have fvlfillÈd our other elhic81 responslbililies in accordanc& with these requirtmÈnls. We believe th81 Ihè audit ewdence we h8V8 oblained 15 $ufficlenl appropriale lo provide a b2sls for ouropinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the accounts. we have cOnuded th81 the dlrectors of ihe corrx)r8te Iruslees, use of th8 goin9 concern basis of accountin9 in th& preparation of tha accounls is appropriate. Bas on the work hava performed, we hav8 not Identified any matèrfal uncerlainli8s r8lalirwJ to evÈnls or condition5 that. individually or cdlecliv8ly. maycasl significant doubl on Ihg charills 8bilitylo conlinue as a gging concern for a period of al leasl iwelve months from when the accoun18 are aulhoTiS8d lor issue. Our re5pon51kn111ies and the SponSIbIlItieS of the direclors ol the corporgle tru8t88 wlh respect lo oolng concem ar8 d&scribed in Ihe relenI sections of thi5 [M)rt.
BILL BROWN 1989 CHARITABLE TRUST Pa e12 INDEPENDENT AUDITOR'S REPORT- 30TH JUNE 2022 INDEPENDENT AUDITOR'S REPORTTO THE DIRECTORS OF THE CORPORATE TRUSTEE OF THE BILL BROWN 1989 CHARITA8LETRUST OTHER INFORMATION Th& dlrectors of Ihg Gotporala Irustee are responslbl8 lor the other information. The other Information mprises the inforrnÈlion Included in the Annual Report and Awoun18, oiher than the accounts and our auditor's report thÈreon. Our opinion on lh8 accounls does nol cover the other information and we do not expSS Hny form ol assurance condusion Ihereon. In connection ¥Klh our audit of Ihe aGcounis, our respon5ibilily181o read the other information and, In doing so. considÈr whelherlhe other information is materially inconsi51enl th th8 accounts or our knowledge obiained in Ihe al11 tsrolh8rwise 8ppears lo bv materially Tni5$1ated. If we identify such materi81 inGonslslencies or appgrenl mal8rlal mi5slatem@nls, we are requirèd lo determing whether there is a material mi8818lemenl in Ihtr accounls or £ Tnglerial misslal8menl of thè other inforrnalion.11. based on the work w8 have performÉd, we wnclude that thère is a material mis81alement of th8 other inforrn3tion. we are required to report ihal f8Ct. We have noihing to report in this regard. mAER$ ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION W& have nothing lo r8POrt In respect of the following matters in relation to whlch th8 harllies Act 2011 wulr8s us lo report to you if, in ouroplnlon.. the informallon given in the dire¢lors' report 15 in¢onsislenl in any malerlal respe¢1 th the ycGounts', or suffi¢lenl accounting recd$ have not been kept". or lh8 accoun15 are not in agreement with th8 accounting re¢ords and relums,. or we have not rÉc8lved all ihe information and explanaiions we requir$ for our audil. RESPONSIBILITIES OF DIRECTORS As explained mora fully in Ihg dir8clors' responsibili1188 slalement, Ihv directors of th8 corpor810 trus188 are responsiblb for the preparation ol Ihe accounts and for being satisfied Ihal Ihgy gSve a Irue and falr wew, for such internal control as the dii&clors of the Iru5tse deiermine is necessary to enaue the preparation ol accounls that ara fr88 Irom tnalerial misslalemenl. whether duo lo fraud or error. In preparing lh8 accounts, thè dlrectors of the truste8 are responsible lor assessing Ihe chariW$ ability lo continu8 as a going conorn, disdosing, as applicable. Tngller8 related lo gging concem and uslng the going concern basis of accounting unless th& directors of ihè Iruslee eilhÈr Inténd le liquidat& charity orlo caase operaiion8. or have no realistic allernabve bul lo do so. AUDITOR'S RESPONSIBILITIE8 FOR THE AUDIT OF THE ACCOUNTS Our objectives lo obtain reasonablè assurance 81ul whether Ihe accounls as 8 whol8 are free from material misslalem8nl, whether du6 lo fraud or error, and lo issu8 an audSlorfs report that includes our opinion. Reasonabl8 a85uran¢e Is a high level of assurance, bul is not a guaranteo that an audit conducted in accordance with ISAS IUKI wryll alway8 delecl a matèrlal rni55t8temÈnl il g)usI8. Misstsioments can arise Irom fr8ud or error and are con5ider8d maleri81 if, indlvldua11yor in the aggregat&, Iheycould rÈasonably be expècted lo inlluenGe th8 8conomi¢ d8clsions of users taken on the b95is of these a¢tounls.
BILL BROWN 1989 CHARITABLE TRUST e13 INDEPENDENT AUDITOR'S REPORT- 30TH JUNE 2022 INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF THE CORPORATE TRUSTEE OF THE BILL BROWN 1989 CHARITABLE TRUST AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE ACCOUNTS Icontlnuedl Irregularitse5, including fraud. aré inslanc8s of non-complian¢e thlawS and regulallony. We design procedures in line wSth our responslbililie8, outlined above, to d&tecl material misslalements in raspecl of irregularities, includlng fraud. The exlenl lo which our procedu8 8r8 capable of delecling IrrÈgularlll8S, including fraud Is delalled below. Our approach lo Idenlllying and asse951ng the risks of mal8ri81 mlssialemenl in respèctol irregularllles, in¢ludlng fraud and non-compliance with laws and regulations, was as lollows.. We ensured th81 the engagem8nl iÈam collocllv8ly had the approprigle comp&t6nce, capaknlilies skllls to identify or recognise non-compliance wlh applicaNe18w5 reuulalions., We obtained en vDderslanding of tha18g81 and regulatory frameworks thal are applicable lo the charity and delermin8d that the most significanl fr8meworks whith ar8 directly relevant lo sp8cific a5seriion5 in the finandal sialemenls are those that relate lo tha r8POrting framewoth IStat&mantof Recornmended Pracllc8'. Accounting and Reporng by Chali1S&8 preparing thr accounts In aGwrdanca with the Flnancial Reporting standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and Ihe Charities Ad 20111. W& idontified laws and ragulalions were comrnunical&d wiihin Ihe audit tearn regulady and ihe tearn remained alért to In81an¢as of non-cornplianoe throuohoul th6 audil. We 3sse55ed th& susc8plibilily of Ihe ch8rily'5 financla1 statements lo material tnisslal&m8nl. induding obtaining an understanding ol how fraud might occur, by.. Maklng enquiries of Ihe charivs 8dminlstrators as to their knowlèdge of actual, suspected a alleged fraud.. and Considering Ihe intetnHI ¢onlrrAs in place lo mitsgate risks of fraud and rrf)n-corTpliaDctr with l¥ws and regulations. To addres5 Ihg risk of fraud through man8gerNent biys and overrLde of controls. w&.. Perforffied analytlcal Procedu lo idenbfyany unusual or unexpected relatlonships.. Assessed whether judgemeD15 and assumpllons made in (ltstermining th8 accounting eslimat8s were indicative of polenlial bia$", Tested aulhorisalion eontrols on exp8nditure ilem5, ÉnsuriNJ all expenditure wys gpprov&1 in line with the chariws linÈncial procedures.. and Performed $ubslanUve lesling on grant expenditurè lo ensure the expondituré Incurred complied w the funding agreemenls. In reswnse to Ihe rlsk of Irregularities and non-compllanea with laws and régulallons, we de5igrtgd procedurés which Included, bul were not limilé(510'. Agreeing financial $lat8menl disdo8ures to underfying 8upporbng documenlatlon.. Reading Ihe mlnules ol meeting5 of thosè charged [h govern8nce". and Enqulring of Ihe challtqs administrators a8 lo actual 8nd potsnti81 I10allOn gnd ¢lalms.
BILL BROWN 1989 CHARITABLE TRUST Pa 814 INDEPENDENT AUDITOR'S REPORT- 30TH JUNE 2022 INDEPENDENT AUDITOR'S REPORT TO The DIRECTORS OF THE CORPORATE TRUSTEE OF THE BILL BROWN 1989 CHARITABLE TRUST AUDITOR'S RESPON81BILITIES FOR THE AUDIT OF THE ACCOUNTS Icontlnuedl Th8re are inherent limilallons In ouraudit proceduras described above. Th8 more removed that laws and ragulallons are from financI81 Iransaclion5. Ihè18ss likely il 15 that we would become awar& of non- compliance. Auditing 8landards a150 litDit the audit procedures required lo identify non-compliance wlh laws regulations lo enquiry of Ihe directors ol the Irusle8 and adminislralors and lh8 InspeG*ioD of regulalory8nd1&gal correspondenca, If any. Material rnisstslèmènls that arise due lo fraud can be harder 10 d818Ct Ihan th059 that ailse ffom error as Ih8y may involv& d&llberale concealmÈntor collusion. A furfher d8scrlplion of our responsilItIeS for Ihe 8udit of th8 accoun15 is lo¢al8d on the FinanGi31 Reporting Council's websile 8tWVdW.lrc.org.uaVdIt0rS&ponSIbIiIi9s. This désuiption forms part of our 8udilor's r8porl. USE OF OUR REPORT ThiÉ report Is made so1elytrJ the charity'5 dlr¢dors, as a bodyi in accordancewilh seGtion 145 oflhe CharlUes Acl 2011 and with regulations mada und8r 8eclv)n 154 of Ihal Act. Ouraudll woik has been undertaken so Ihatwt mighl stale lo Ihe charitys director5 those mallerswg arè requlred lo slate to them in an auditorfs rèport and lor no other purpos&. To Ihe fullest Èx18nl permilled by law, we do not0¢¢8pI or 8ssume reswnslbility lo anyone olh9r than ihe charity and th8 chariV5 diréclNs as a b(Kly. for our audit work, lorlhi$ r&port, or for the opinions we have forméd. Bvzzacotl LLP StsluloryAudilor 130 Wood St1 London EC2V 6DL Date.. 11 August 2023 Buu8wll LLP is eli9ible 10 acl as an 8uditor in terms of seclion 1212 of the Cornp8nI6s Act 20C
BILL BROWN 1989 CHARITABLE TRUST e15 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH JUNE 2022 2021 Notes 2022 INCOME FROM.. Investments Rental income Service charg88 Income from Ilsted Investments Interest receivable 260,542 26,152 208,721 16 378.931 14,449 197,652 336 495,431 TOTAL INCOME 591,368 EXPENDITURE ON Raisino fund5 Investment manageryEnt ¢08tS Prop8rty 8xpenses Charitable aclivitles Promoting and enhancing charitable work 45,965 171,022 45.501 200.387 1,046,071 164,050 1.263.058 TOTAL EXPEND1TURE 409.938 1767.6271 NET IEXPENDITUREYINCOME BEFORE INVESTMENT GAINSIILOSSESI 181,430 Investment gains: Reallsed gainslllossesl on listed Inveslrn&nts Unr8ali5ed galnslllossesl on listed investments Unrealls& gainsll10s5esl on investment property 100.237 1,205,214 118.600 37,146 11,008.1641 267.684 NET INCOMEIIEXPENDITUREI AND NET MOVEMENT IN FUNDS 656.424 1521.9041 RECONCILIATION OF FUNDS Total funds brought forward at 1st July 2021 12,924.746 13.581,170 13,581,170 Total funds c8rri9d forward at 30th June 2022 13,059.266 All recognised gains and losses are included in the above staiernent of fin8ndal activities. All of the charit15 actlvlUos derived from contlnulng opgration5 dunno the abov9 b0 fin8nclal years. All ineome and expenditure were atlrfbulabl8 lo unrestrlcled funds in th8 above iwo financlal y8ars.
BILL BROWN 1989 CHARITABLE TRUST e16 BALANCE SHEET- 30TH JUNE 2022 2021 2021 Notes 2022 2022 FIXED ASSETS Investments 9,880.627 8,815,000 Listed Investments 8,580,635 9.085.000 Freehold Inveslrllenl Properties 18,695.627 17,665,635 CURRENT ASSETS 82,750 918,362 Debtors Cash 8t bank and in hand 73,021 753,749 1.001,112 Total current assets 826.770 LIABILITIES.. Creditors.. Amounts folling due within one year 1860.9401 10 11,141,471) 140,172 NET CURRENT A ETSI LIABILITIES 1314,7011 18.835.799 TOTAL ASSETS LESS CURRENT LIABILITIES 17,350.934 Creditors.. Amounts falling due after one year 15,254,629) 14.291,6681 13,581,170 ET ASSETS 13,059.266 THE FUNDS OF THE CHARITY Unrestricted Income Funds 13.581,170 General Funds 13,059,26f Approved by the directors of Ihe corporate trustee and signed on their behalf by: Directors ol the Corporate Trustee Date of Appro)val'. . 2023
BILL BROWN 1989 CHARITABLE TRUST Pa e17 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30TH JUNE 2022 2021 2022 CASH FLOWS FOR OPERATING ACTIVITIES 656.424 11,424,051) 1161 1495,4151 41,563 142.308 Net ineomellexpenditurel for the year Net Igainllloss on investments Interest receivable Investment income receivable Decreasollincrease} in deblors In¢ieaselldecreasg1 in creditors 1521.9041 703,334 13361 1591,0321 9,729 1682,4301 11,079,187) NET CASH USED IN OPERATING ACTIVITIES 11,082,639) 2021 2022 CASH FLOWS FROM INVESTING ACTIVITIES 11,194,730) Paymanls to acquire investments Payments towards investment property and Capllal improvÉments Recèipts from disposals of investments Interest receivable Investment income received 11,373,773> 16,4001 1,924,137 16 495,4fj5 12,3161 1,702,747 336 591,032 1.218,438 NET CASH PROVIDED BY INVESTING ACTIVITIES 918.026 CHANGES IN CASH AND CASH EQUIVALENTS IN THE REPORTING PERIOD Balance al beginnlng of the period Movement in cash in the year Balance at end of th6 period 779,111 139,251 918,362 918,362 1164,6131 753,749 ANALYSIS OF CHANGES IN NET DEBT Al 1st UI 2021 Movement in At 30th June 2022 Cash al bank and in hand Debt due within on¢ year Debt due aftor one year 918,362 167,5691 11,654,629) 1164,6131 5,036 62,961 753,749 162.5331 11.591,6681 Nel debt 1803,8361 196.6161 1900,4521
BILL 8ROWN 1989 CHARITABLE TRUST e18 PRINCIPAL CCOUNTING POLI OTH JUNE 2022 The principal accounting pollGle$ adopted, judgement5 and key sources of estimallon uncertalnly In the preparallon of the accounts are laid out below. Basls ot preparatlon These accoun18 have been pp3rÉd for th8 year ended 30th Jun8 2022 th comparat? InfOtIon presented In respect to the yoar lo 30th June 2021. Th& accounts have been prared under the historfcal cost convention th Items recognised at cost ortran8action value unless olh&Ms8 slated in the relevant accounting poliGles below or the notes of Ihe$e accounts. The accounls have been prepared in accord8nce with Accounting and Reportlng by Charities.. Slalernenl ol Recommended Practi¢8 apICable lo charlllas preparing their account8 In accordgnGe th the Financlal Reporting Stsndard appllcab18 in the United Kingdom and RepubllG of Ir81and Icharilies SORP FRS 1021 second edilion iodober 20191. the Fin8nGlal Reporting Standard aprAlcab18 In the UK end Rtrpubllc of Ireland IFRS 1021 and the Chariues Act 2011. The charily con$ltut8s 8 publlc benefit entity as d6fined by FRS 102. The a¢¢oun18 are presenteLI sterllng and are rounded lo th8 neare51 pound. ¢rltlcal accountlrkg èstlm8t88 and area5 Of ludgemont Thè lull impacl follovAng the recent emergenre of the global coronavlrus pandernic 15 sllll unknown. It is therefore not currently p055ible to evaluate all the wlentlal Implications for the charfty's actlvllies, ben8fiGlarles and the ryder eGonomy. Eslirnale5 used In the 8ccounts aro subjeGI to a gre8terdegree of unc8rt81nty and vOlalIty. As sel out in Ih8s8 accounling pollcles under'go¥ng concem the direGlors hav8 considered the Impact of the pand8mlc on the Gharily and have Gonclud8d that although ther8 may be 50rne negalfve consequences, It Is appropriat& for the charlty to Gonllnue lo prepare Its a¢counts on the golng concem basls. Preparallm ofthe accwnts roqulres the dlre¢lors to make sigrwfitsnt judgement5 and esllmates. Th8118ms in the accounts where thgs2 ludg8m8nts and e$Umat88 have been mad8 Include.. 68llmallng the liabilily lor mulli-year grant ¢ommllm8nls, e51itnatlng the valuation of the Inveslmenl property. A5sÈssm8nt of golng concern Th9 dlr8ctors have a5sess8d whether the use of th8 going Gw¢em assumption Is appropriate In preparing Ih8s8 accounts. Thè dlr8Ctors have rnHde Ihls assessment In respect of a pÈilod of one year Irom the dale of approval of these acwJnts. The dlffjclors have concluded that there are no materlal uncertalnues r8la18d lo events or coThJillon$ that may Gast slgnificanl doubt on th8 ability of the ¢harfty to continue as a going concÉm. The Iraclors are of thè OnIOn that the charity 11 have sufficient r8source5 to m86t ils lisbilities as Ih8y r311 du8 and therefore Ih8r8 are no conc9rns regarding the charSlWs abilily to conllnue as a going corKem. The mosl 5ignifi¢anl areas of judgernent that affect I1$ms In the account ar& detailed aVe. With regard to the next 8ccounllng perlcR1, the year 8ndlng 30th June 2023. the most slgnificanl areas Ihal affÈcl the carrylng value of th6 assets held by th8 charity are the level of Invesltnent return and Ihe pprformance of the investment markets (sep thè Investment pollcy and the risk managBm8nt sections of Iha dlreclors, report for more information).
BILL BROWN 1989 CHARITABLE TRUST PRINCIPAL ACCOUNTING POLI - 30TH JUNE 2022 Ivcome recognltlon InGotnB15 recogn188d in the period in which the Ghaiily has entldemenl lo the incotne, the amount of income can be measur8d r615ably and 1118 probable Ihal the inGom8 wlll b8 received. In¢om8 comprf88S Voperty renlal incorne and $eNlc88 charge8. Inve5trnent irKome frtm Ilsl8d Invesltnents Inleiosl from deposits. Rèn181 income and serwce charges frotn Inv881menl properbes are reGnISed wh8n Ihey become ¢Jue under the r&l8v&nt t8nancy 8greement. DIdendS are recoynlsed on¢& th& dlvldend has been declared 8nd wllflcallon has been received of the rllvEd8nd d. Inleresl on funds held on dgposII Is Included when receIvae and the amount can be rneHsur8d r&ll8bly by the charity.. this is nomially upon nolificalion of the inleresl pald or payable by the bank. ExpendItU rtrcognltlon Liabilities are reGognls8d as expenditure as soon a5 there Is a legal constructive obllgation commitllng the charily to mak$ a paym8nl to a Ihlrd party. it is prob8b18 that a transfer of eGonomlG bén&flts wlll be required in setllernenl Ihg amount of the obl1105 Gan b8 measured reliably. 18xpendilure Is acGounled for on an accruals basis. Exppndltura comprlses direct co$ls an support costs. All expenses. Indudlng 5UPPOrt CO8ts, are allocaled or apporUon8d lo Ihe apIcb1e gwandllur8 headlngs. The d95sif5catliin b8tween the acliwues is a5 follows.. lal Exp8ndilure cn raising funds In¢lud8s all expendilure a55oda18d wSlh raising fund$ for the thaty. Thls Includes Ihe fees pald to thé Inv8slment rnangger In connection wilh the rnanageménl of th8 charlty's listed investmènts and the cos15 in respect lo the charilys Inveslmenl propertlBs. Ibl Expendllur8 on charitsble aGlivilies Indud88 all costs 8550da1 wllh furtherfng the Gharilable purposes of the chaiity through the provl8ion of115 charitable acllvllles. Such costs include Gharlkabl8 grants payd)le In prornoling and enhanng charltable work carried out by olheT charitable organlsallons, and related suppori costs Including tho tost of 8dmlnlst8rfng the 8ckn'wlie5 ofthe GharSty and governance costs. Grants payable are included In th& statement of finan¢ial acllv1118s when approv8d and when the Intended r8clp18nl has either reGelvod th8 funds or been informed of Ihe decision lo make th8 donation and has sausfled all related condillons. Grants approved bul not pald 81 the end of Ihg financlal period are aGcTued for. Grants where the bgn8ficlary ha8 nol been informed or has lo rne?t ¢srtaln condilions before the grant18 r818ased are noi a¢¢ru8d for bul are noted a$ ffnand81 commilrDents In th8 notes lo the accounts. All expejitUr8 is $lat8d Inclusive of Irrecover8* VAT. Allocatlon of support and ggvernance cost5 Support costs represent Indired charilabla expenditure. In ord8r to carry out the prfmary purposes of the charily11 Is necessary lo provld8 SUPPOrt In the fom of admlnlslralion seM¢es. Governance costs cornpri$8 th8 COSt8 involving Ihe publlc accounlabilily of Ihe charlly lincludlng audt costs) and costs In respect of ils complianGo th regulallon guod practice. Support cos15 and govwnance costs are apportioned dlr8clly to the one charitable 8clivily.
BILL 3R0 N 1989 CHARITABLE TRUST PRINCIPAL ACCO NTING POLICIES- 3 TH UNE 2022 Flxed asset lThvBstmgnts Flxed asset inve51m&nts Ibolh Ilsled invesltnenls and propertyl aré Included on the ba12nc& sheet al th8lr market value at Ihe 8nd of the fin8nci81 ptyrl. Realised and unra811sed gains Iiy loss8sl are credited lor debiledl, to the slalemenl of finanGlal actlvlt188 in the year In whleh they arise. Llsted Invesltnents are 8 form of basiG fjnanclal Instrument ar8 Inlllally recognised al th81r transaction value and sub$8qU8nlly measured at IhÈlr fairvalue a5 al th8 balance sheet dale uslng the c105ing quot8d market priGe. Th8 charity doe5 not acqulre pul option5, derfvallves or her Gomplex flnanaal Inslrum8nts. As noted abov8 the main form of financial risk faced by the charity is Ih3t a volalllity in eqully markets and inv&8tment marke15 due to wlder economio Gondltlons, the attitude of Inveslor5 to Inv88tmenl risk, and changes In sentiment concernlng equilles and wllhln partl¢ular s8clers or sub 5eclors. Investmenl prop8rt188 are initially re¢ryJnlsed at cost. The cost of a purchased Investment prop8rty comprises ils purGhas8 prlce and any (Ilr$¢Uy allribulable expBndSlure such a5 legal and brokerage fees, property transfer laxÈ8 and other transaction costs. Inv8Stment propertl8s h8V8 Subsequently b88n meayured al falr valu8 li.e. q)en market value) al th8 reporting date. As a consequenc8 ofihe coronavlrus pandemic, le55 welghl can be allached to pr8vlous market dence lo inform oplnlons of value and Th8 Royal Inslilule of Chartered SuNeyor8 IRICSI has announced Ihal valuations uslng the RICS Red Book guidance are now reported on Ihe bas18 of 'malerial valuallon uncert8intl as per VPS 3 and VPGA 10 of the RICS R8d Book Global. Consequently, less certainly can be allached lo these valuallons than would normally be the Case. Th1$ applies lo all propèrty valuations in th8 UK. Realised galns lor losses) on Inv881menl asse15 are calculated 0$ the dllference betwen dlskw)sal proc8eds and Ihelr opening carrying valu8 or their purGhas8 value is aGqulred 8ubsequeDI lo th8 rir51 day of the financlal p8riod. Unreali5ed galns and1055es ale calculated as the differenGe between th& fair value 31 the pgrlod end and thelr carrying value at Ih8t dale. Realls&d 8nd unrealised investment galns lor loss&sl 8re credited lor debiledl in the sta18ment of financlal aGlivllies In the period In which they arise. Loan8 Bank1oan5 ore a baslc financial inslrnmenls and are recognised at their Iransaclion value, which is tmally the prinGlpal ameunt advanGed plus transaction costs. Sub5equont lo initial reGognlllon, loans are staled al atnortl$8d cost with any dlfference belwe&n cost and redemptlon value bdng recognlsBd the statement of financlal aclivilie5 uslng the effective Intere81 method. Debtor8 08blors are re¢ognlsed al their 5elUgm8nl amount, le55 any prO510n for non-r8cQver8Ity. Prepayments are valuBd 8t the amount prepald. They havé been discounted lo the present value of the future cash receipl whore such discounllng is material. ash In bank and In hand Cash al bank and in hand represents such accounts and Instruments that ar8 8vailaLle dem8nd or have a maturty of18S8 than thre8 months from the dal8 of acqulsStlon. Crédltors and provlslons Credltors and provisiws are recognlsed when there Is an obllgatlon at the balance sheet date as resull ol a p8St event, il 15 probable that 8 tranBl8r of economlc b&nefil vill be Tequlred in setllèmenl. and the atniiunl of the selllement can be eslima18d rellably. CredllNs and provislon8 are recognised et the amount the charity anlicip8le511 wlll pay lo sellle th8 debt. They hav8 been Iscounled to pr8s8nl v8lue of th8 future cash paymènt where th8COUntiDg Is material. Fund acGountlng The utweslrlcted fund repr8ssnls funds avallabl8 for the uen8rpJ charllable purr)se5 of the charity vthiGh may be applied at th8 discretion of the dlrectors.
BILL BROWN 1989 CHARITABLE TRUST e21 NOTES TO THE ACCOUNTS- 3 TH JUNE 2022 1 INVESTMENT INCOME Incomg from listed Inveslrnonts arlstrs from th8 followlng inveslrnenls.. 2021 20 Direct inveslmenls.. 142,980 11,700 1,974 38.345 13.722 UK Equities and Unit Tru8t8 Flxed Interest REITS Overseas Equities Overseas Interest 132,791 12,870 2,936 42.567 8.488 208,721 197,652 2 PROMOTING AND ENHANCING CHARITA8LE WORK 2021 2022 975.000 Grant5 payable to institullons Addl le5S Bristol Grammar School exc8SS 18861 donation 201912020 AlloGaled donatn lo CAF Trust in 2021 110,000 896 15.0001 105.896 53,795 4,359 80,169 Grant administratlon Costs 11,788 Governance costs Inotg 31 1,046.071 164.050 A reconciliation of th8 grants payable and grant oommllments figures 8hown in these 8ccounts is as 1011ow5.' 2021 2022 3,979,520 Grant commilmgnls at 1st July 2021 975,000 Grant5 aoregd during the year Addl less 8rislol Grammar School 8xce55 18661 donation 201912020 4,164,760 110.000 898 110,896 4,953,634 Grants payable 1788,8741 Grants paid during the year 4,275.656 1625,6561 4,164,760 Grant commitments at 30th Jung 2022 3,650,000 In additlon to Ihe amount$ committed and accrued and noted abov&. the directors from time to time also authori5e certain granls which are subj8cl lo the recipignt fulfllllng certaln conditions. The lolal amount authorised but nol accrued for In these a¢wunt5 at 30th June 2022 wa5 £nil12021 £nlll.
BILL BROWN 1989 CHARITABLE TRUST e22 NOTES TO THE ACCOUNTS- 30TH JUNE 202 3 GOVERNANCE COSTS 2021 2022 5,330 statutory aud51 lee 1.700 Directors, 8xp8ns85 4,758 Appolnlmenl ol corporate trustee 4.620 12611 11.788 4,359 4 STAFF COSTS, DIRECTORS. REMUNERATION AND RELATED PARTY TRANSACTIONS The charity employed no staff during the year12021 nonel. No director8 received any remun&ration in r&spect of IheSr serwces during the year12021 £nill. The Trustee Secretary, Neil Wingerath, was reimbursed £589 for expendituro incurr8rJ i the performance of Ihelr Lsulies dudng th8 y88r12021- one dire¢lor was reirnbursed £8501. Thg key rnanagemenl personnel of th8 charity In charge ol directing and controlling the eharity compris8 th& direcllxs. The total remuneration (including tsxable b8n8fits and employer's pension contribulionsl of the key management personnel lor the year was £nil12021 £nill. There were no other related party Ir8nsaotbns during the period of the rgport12021- none). 5 TAXATION The Bill Brown 1989 Charitable Trust is a registered charity and, therefore, is rt li&bl81ts income tax or ¢orporalion lax on Income or gains derive¢J from its charitable aCtItIeS a$ they fall within the exemptions available to reglslered charitie5. 6 LISTED INVESTMENTS 2021 2022 Movements in li8t8d inveslments durirw the year were as follows.. 9.304,583 Mark8t value al 1st July 2021 1.194,730 AddilioF15 al cost Disposals al bwk value 11,823,900) (proceeds.. £1,702,747., gain8 £37,146) 1,205,214 Net unre8li5ed galnsll10$88sI in year 9,880,627 1.373,773 11,665.6011 11.008.164) 9,880.627 Mark81 value at 30th June 2022 8,580,635 6,590,486 Cost of1I5ted invèstments 30th June 2022 6,428,OD5
BILL BROWN 1989 CHARITABLE TRUST e23 NOTES TO THE ACC UNTS- 30TH JUNE 2022 6 LISTED INVESTMENTS Icontlnuedl All investmen15 were dealt In on a r8cogni5ed sto¢k ex¢hang8.' 2021 2022 L5sied investmgnls held al 30th June 2022 compTIS8 the following Investments all lisl8d on a UK stock ex¢hange'. UK Equilles and Unil Trusls UK Fixed Interest 4,091.414 930.136 3,201,021 680,530 5,021,550 3,881,551 Over$gas Equilies Flxed Interest 4,522,879 336,198 4,046,907 652.177 9.880.627 8,580.635 At 30th June 2022 the folk)wlro indiwdual holdinos had a market value In ex$ ol 5% of the 8ntlTe wrtlollo.. Value Portfollo iShHres S&P 500 Index Fund 7.28 624,475 7 FREEHOLD INVESTMENT PROPERTY 2021 2022 8,690,000 Market value brought forward 6,400 Additions 118,600 Revaluatlon 8,815,000 2.316 267,684 8.815.000 9,085,000 The freehold propertie5 were ValUed 88 al 30th June 2022 on an open market value. The valuations w9re carrled out by th8 directors wllh professional assistance. The market values of th8 properties as al 30th June are.. 1.610.0(X> 5 London End, B8acon5field, Bucks 4,015.000 35137139 London End, Boaconsfield, Bucks 3,190,000 51153 London End, Bèa¢onsfi8ld, Bucks 1,440.0(M) 4,080,000 3,565.000 8,815.000 9,085,000
BILL BROWN 1989 CHARITABLE TRUST &24 NOTES TO THE ACCOUNTS- 30TH JUNE 2022 7 FREEHOLD INVESTMENT PROPERTY Icontlnuedl 2021 2022 The historic c08t of the properties are.. 1,358,150 5 London End, Beaconsfield, Bucks HP9 2HW 570,408 35 London End. Beaconsfield, Bucks Hpg 2HW 3.112,554 37139 London End, Beaconsfield, 8u¢ks HP9 2HW 3,152,714 51153 London End, Bea¢on$field, Buck5 HP9 2HW 1,358,150 570,408 3.112,554 3.155,030 8,193.826 8,196,142 8 DEBTORS 2021 2022 184 Income Tax recoverablè 4,294 VAT iecoverable 70,691 Rent arrears 7.581 Accrued Inler8St on inve51ments other debtors 184 8,975 57,646 6,216 82,750 73,021 9 CASH AT BANK AND IN HAND 2021 2022 462,347 Investec We8llh and Investment 48,485 CAF Bank Ltd. 250,000 Payn$ Hicks Beach LLP 130,703 Phllip Marsh Collin5 Deung 26,827 Hall 8arn Estates Ltd. 535.116 65,016 93,153 51,827 8,637 918.362 753,749
ILL BROWN 1989 CHARITABLE TRUST 825 NOTES TO THEACCOUNTS. 30TH JUNE 2022 10 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2022 67,569 Loan Inole 111 3.458 CAF Loan repayment and interest a¢crual 47.264 Deferred income 33.144 Grant administration costs Statutory au(Sil fee 2020 2021 2022 62.533 4,050 23,983 44,216 4.488 4,620 4,488 4.620 4.620 13,728 10,580 11,683 Investment management f965 70,059 Tenancy d¢w)sils Grants 14,760 Bri5101 Gramtnar School 150,000 University of Bristol- 8i518rown Design Suite 250,000 University of Bri5tol- Premier Lecture Theatr8$ 150,QQO Churchill Co11898- Bill Brown calIve Workshop 5,562 VAT payable Lease tenancy deposit 48.333 Other creditor$ 500,000 450,000 5,818 11,955 14,608 860,940 1,141,471 11 CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR 2021 2022 Loan Wllhln 1 2 y8ars Within 2- 5 years After 5 years 71.677 234,931 1.348,021 67.223 219,216 1,305.229 1,654,629 1.591,668 Grants 3,000,000 Universlty of Brlslol- Premier Lecture Theatres 600,000 Churchill College. Bill Brown Cre8b've Workshop 2.500,000 200,000 5,254.629 4,291,e68 The dlre¢lors look out a 25 ye3rterm paYMent loan with CAF of £2,100,000 on the 31st March 2015, secured on 5. 35 and 37139 London End, Beaconsfield, Bucks HP9 2HW. The monthly repayments ar8 £11,046.41 ¥th a total lease of 25 years. The ¢urr8nt interest rate 15 6.9%.
BILL BROWN 1989 CHARITABLE TRUST APPENDIX.. GRANTS PAYABLE GRANTS PAYABLE: Amount Institutions Charities Aid Foundation Trust DEBRA DEC Ukraine Humanilarian Appeal Leonard Cheshire Disability Multiple Sclerosis Socioty RAF Benevolent Fund TIDar Trust 70,000 7,500 2,500 7,500 7.500 7,500 7.500 110.000 Total grants and donations made lo inslilulions during 2021 amounted to £2ZLQQQ