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 tOgether￿lIh the
account5 ofThe Bill Brown 1989 Charllable Trust lor th6 year ended 30th June 2022.
The aecounls have been p￿pared 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 administra￿Ve
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}jr￿n1 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 ￿1￿Clor8 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 d￿rIng 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$lbllltle8 Stalement Icontinuedl
Observe the methods and principles in Accounting and Reporting by Charltles.. Statement
of Recommended Practice applicable to char41i8s preparing their accounts in accoidan¢e
ilh the Financial Reporting Stsndard applicable in the Unlt8d Kingdom and Republ1¢ of
Ireland IFRS 1021.,
Makeludg8ment8 and estimates that are re8sonable and prudent.,
Slate whether applicable United Klngdom Accounting Standards have been followed.
5ubjecl lo any material departures disclosed and explained In the 8ccounls',
Prepare the accounts on the going GOn￿M basis unless it is inappropriate to presume
that the charity VAII contlnue lo operate.
The directors are responslble lor keeping proper ac¢ounting record5 which disclos8 With reasonatile
accuracy al any lime th& financi81 position ol the charity and which enable them to ensure that th8
accounts comply with the Charities A¢1 2011, applicable Charity IA¢counls and Reports) Regulations
and the provisions of the trust deed. They are also ￿sponsible lor safeguarding Ihe assets oftho
charity and hence for taklng reasonable steps lor th8 prevention detection of fraud and
olh8r Irregulari￿e$.
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
p￿paratIOn 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 d1￿CtOrS 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 cur￿n11Y 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 ￿qUIreMe￿I5 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 pro￿dure$.
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 $yst8ms lo miligate those Asks.
Th8 risk assessment is kept under regular ￿vIeW and 18 fully ￿asseSs&d every three years.
The keys risks faced by the charity, as idenli1Sed by the directors, are describ8d below
logetherwth the prinopal ways In which they are mlllgated.
The value ol th8 li8t8d investments Is dgpendent on movements in UK and worfd stock rrlarkets.
The investments ar8 managed by reputable inveslment managers who adhe￿ to a pdicy agreed by th6
direclors. The dlreclors meel Mryce a yearwith lh8 investment managers and the manag8¢s performan¢8
and that of the portfollo are monitored. The inv8slm6nl strategy Is assessed regLAarly10 8n8ure it
remains appropriate lo the charills nEeds- both now and in tho future.
Havlng ¢ompleled a pr￿ramrne of investment In ¢ommercial proper￿e$ 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 stra￿gi¢ rèviews.
The charity ¢arries out Sls obje¢liv85 by providing granls lo inslitutlons that ar8 also UK
regISte￿d 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 a￿a$ 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, $0 far os they are known.
The dlrectors confirm that they have referred to the guidance contaln8d in the Charity
Commission's guldance on public benefit when reviewing th8 Trusl's aims and objectives and In
planning future advilies and setting the orant makitKJ poIIcy.
The Trust carries Out these obj8Ctwes by providlng gr8nts and commitmen15 10 instilulion8 Ihat a
also UK registered ¢harilie8. whose obl9¢18 comply with Ih? Trusl's crileria. Whi18t the dire¢lors are
mindful of their own obligation to ensure that the Trust benefits the publ1¢ generally, they lak8 Sorne
assuran¢& from the faGI that recIp￿entS of grants ar8 themselves regulated to ensure that Ihey
operat8 for the publlc benefit.
Potenlial r8clpi8ni8 of grants are idenlified by the dlr8Ctors individually in 8rea5 where it 15
perceived that public benefit will be achieved. The opportunlly to benefit is not restricted in
any way except that granls are restricted to bodies regi51Èr8d in the UK, not least to fa¢illlate
the director being ab18 to follow up on the erricacy of th8 grants made. In all olher ￿SpeCts
grants are not limited in any way 8xcept thal the recipients should have 8 charflable need.
The d1rectoi therefore ￿nsIder that the Trust's adivltles are for the benefit of Ihe publi¢ oenerally.
Key management
The directors of the ¢orporat8 trustee consider that they alone Comprise the key man8gement personnel
of the charity In ¢harge of directing and controlling, wunnlng and operatSng th8 Tru81 on a day to d&y
basis. All diredors give of their lime fre&ly no diro¢tors received any remuneratlon in the year.
Details ol directors, expenses and remuneratSon and any related party tfansaclions are d15closed in
notes 3 and 4 to the a¢coun18. A5 noted abov8. the day or day management of the charitys
actlvili8s, and the implemenlalion of pollei8s, is delegatsd to the Private Client Department of Payne
Hicks Beach LLP.
Ll$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 d1￿ClorS 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$8el allocation.
Investment performance
The yl8ld from the combined inGome of listed inv&stm8nt assets and cash deposlls Wds 2.3%, and
there was a capitsl decrease of 10.2% (based on the valuation of 85sels at th8 period endl. At the
end ol th8 period the charills Portfollo of inve51menls comprised of 37% UK equltles and unit trusts,
8% UK fixed interest, 55°k overseas equllies and fixed Interest.
The a99￿gaI& rent5 fortha period from the lellings of the prop&rtie5 at London End was £378,931
(with rtnl arrears of £57,848) which eguales to a gr05s ￿eld of 4.2% p.a. lexcluding arr82rsl.
In view of the current volatility In financial markets, Ihe ￿1￿CtOrS are satlsfied with the
performance of th8 listed investm&ntS 2nd they a￿ content also with the return frotn the Investment
properties. Thay are satisfied that their investm8ntobjeGtive$ 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 Cha￿tY 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 Repu￿1¢
of Ireland. IUnlt8d Klngdom Generally Accepted Accounting Pradlc81.
In our opin￿n. 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 elhi￿1 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 cOn￿uded 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 rele￿nI 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
exp￿SS 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 al￿11 tsrolh8rwise 8ppears lo bv materially Tni5$1ated. If we identify such
materi81 inGonslslencies or appgrenl mal8rlal mi5slatem@nls, we are requirèd lo determing whether there
is a material mi8818lemenl in Ihtr accounls or £ Tnglerial misslal8menl of thè other inforrnalion.11. based
on the work w8 have performÉd, we wnclude that thère is a material mis81alement of th￿8 other
inforrn3tion. we are required to report ihal f8Ct.
We have noihing to report in this regard.
mA￿ER$ 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 rec￿d$ 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 81￿ul 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 procedu￿8 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 Repor￿ng by Chali1S&8 preparing th￿r 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 I1￿0allOn 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 responsi￿lItIeS for Ihe 8udit of th8 accoun15 is lo¢al8d on the FinanGi31
Reporting Council's websile 8tWVdW.lrc.org.u￿aVdIt0rS￿&ponSIb￿IiIi9s. 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 St￿1
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 b￿0
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 p￿p3rÉd for th8 year ended 30th Jun8 2022 ￿th comparat￿?
InfO￿￿￿tIon presented In respect to the yoar lo 30th June 2021.
Th& accounts have been pr￿ared 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$e accounts.
The accounls have been prepared in accord8nce with Accounting and Reportlng by Charities..
Slalernenl ol Recommended Practi¢8 ap￿ICable lo charlllas preparing their account8 In accordgnGe
th the Financlal Reporting Stsndard appllcab18 in the United Kingdom and RepubllG of Ir81and
Icharilies SORP FRS 1021 second edilion iodober 20191. the Fin8nGlal Reporting Standard
aprAlcab18 In the UK end Rtrpubllc of Ireland IFRS 1021 and the Chariues Act 2011.
The charily con$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 vOla￿lIty. 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 O￿nIOn 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 a￿Ve.
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 $eNlc88 charge8. Inve5trnent irKome frtm Ilsl8d
Invesltnents Inleiosl from deposits.
Rèn181 income and serwce charges frotn Inv881menl properbes are reG￿nISed wh8n Ihey become
¢Jue under the r&l8v&nt t8nancy 8greement.
DI￿dendS are recoynlsed on¢& th& dlvldend has been declared 8nd wllflcallon has been received
of the rllvEd8nd d￿.
Inleresl on funds held on dgposII Is Included when receIva￿e and the amount can be rneHsur8d
r&ll8bly by the charity.. this is nomially upon nolificalion of the inleresl pald or payable by the bank.
ExpendItU￿ rtrcognltlon
Liabilities are reGognls8d as expenditure as soon a5 there Is a legal ￿ constructive obllgation
commitllng the charily to mak$ 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 obl￿￿110￿5 Gan b8 measured reliably.
18xpendilure Is acGounled for on an accruals basis. Exppndltura comprlses direct co$ls an
support costs. All expenses. Indudlng 5UPPOrt CO8ts, are allocaled or apporUon8d lo Ihe
ap￿Ic￿b1e gwandllur8 headlngs. The d95sif5catliin b8tween the acliwues is a5 follows..
lal Exp8ndilure cn raising funds In¢lud8s all expendilure a55oda18d wSlh raising fund$ for the
tha￿ty. 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 enhan￿ng 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 expe￿jitUr8 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 betw*en 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 prO￿510n for non-r8cQver8￿I￿ty.
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 donat￿n 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 r￿t li&bl81ts
income tax or ¢orporalion lax on Income or gains derive¢J from its charitable aCtI￿tIeS 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 c￿alIve 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
T￿IDar 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