BILL BROWN'S CHARITABLE SETTLEMENT OF 1989 ANNUAL REPORT AND ACCOUNTS 30TH JUNE 2023 PA YNE HICKS BEACH LLP Solicitors 10 New Square Lincoln's Inn London WC2A 3QG PAC02G.XLS12021
BILL BROWN'S CHARITABLE SETTLEMENT OF 1989 CONTENTS Re Administrative information about the charity, ils directors and advisèrs 4-10 Dir8clors' rgport Independent auditor's report AccoLJnts 15 Statement of financial a¢tivities 16 Balance sheet 17 Slalement of ¢ash flow 18-20 Principal accountlng policies Notes lo the accounts endix 27 Grants payable
BILL BROWN'S CHARITABLE SETTLEMENT OF 1989 ADMINISTRATIVE INFORMATION ABOUT THE CHARITf ITS TRUSTEE AND ADVISERS CORPORATE TRUSTEE Bill Brown Charity Trustees DIRECTORS OF THE CORPORATE TRUSTEE THE DIRECTORS Graham Stephen Bmwn Anthony John Barnett Nell John Wingeralh PRINCIPAL ADDRESS 10 New Square Lincoln's Inn London WC2A 3QG WEBSITE ADDRESS www.billbrowncharity.org CHA ISTRATION NUMBER 801756 UDITOR Brlght Graharne Murray Emperor's Gate 114a Cromwell Road K8nsington. London, SW7 4AG INVESTMENT MANAGER Inveslec Wealth and Investment Limited 30 Giesham Street London EC2V 7QN BANKERS CAF Bank 25 Kings Hill Av8nu8 Kings Hill W851 Malling Kent ME19 4JQ PROPERf( MANAGEMENT Hall Barn Estates Limlted The Esta18 Office Home Farm Hall Bam Beaconslield Bucks HP9 2SG Bidwells LLP Bidwell House Trurnpinglon Road Cambridge CB2 9LD SOLICITORS AND ADMINISTRATO Payne Hicks Beach LLP 10 New Square Lincoln's Inn London WC2A 3QG
BILL BROWN'S CHARITABLE SETTLEMENT OF 1989 P8 DIRECTORS. REPO T- 30TH JUNE 2023 The directors ol the corporate Iruslee (the director51 presenls its slalutory report togethor with the accounls of Bill Brown's Charitable Seltlomenl of 1989 lalso referred to as'The Bill Browll 1989 Charitable Trust") lor the year ended 30th June 2023. The accounts have been prepared in accordance wllh Ihe accounting policies set out on pages 18 to 2101 Ihe attached accounts and comply wilh the Charily's trust deed, applicable laws, applicable United Kingdom Accounting Standard5 (United Klngdtsm Generally Accounted AccoLJnting Practice), and Accounting and Reporting by Chariti&s'. Statement of Recommended Practice applicable to charities preparing their a¢ntS in accordance wilh the Financial Rers)rting Standard applicable in the United Kingdorn and Republlc of Ireland IFRS 1021, second edition (October 20191. GOVERNANCE, STRUCTURE AND MANAGEMENT Governance The Bill Brown's Charit8blg Settlement 011989 is governed by a trust deed dated 2nd May 1989. The unincorporated charity is registered under the Charities Act 2011, Charity Reglstration No. 801756. The slalutory power ol appointmenl ol new directors ol the corporate trustee lies vAth the continuing directors themselves. The names of the Irusteesldirectors who served during the year are set out as part ol the 8dminislralive information on page 3 01 this Annual Report and Accounts. Brief biographical details are given beltsw.. Graham Stephen Brown Mi. Brown has been a trustee since inception and retired on the 11th December 2020. He was a partner in Payne Hicks Beach from 1972 until 2009, and was senior partner from 1994 to 2008, and was a consultant with the firm until rgtiring on 31st May 2014. He is an Honor8ry Bencher ol the Honouiable Society of Lincoln's Inn. Mr. Brown is ntst related lo the late seluor, Anthony John Barnott Mr. Barnett was appointed a trustee on 26th September 1997 and retired on tho 11th December 2020, He 15 8 Chartered Accountant and retired as linan¢g dlreetor of Verlingue Limited on 30th September 2020. N8il John Wlngèrath Mr. Wingerath was appointed a director in January 2024. He was for many years employed as Head of the Tiust and Tax Department ol Payne Hi¢ks Beach LLP. Bill Brown Charlty Trustees On 11th December 2020, Bill Brown Charity Truslees was appointed the solg trustee of the Trust. The dlrectors ol the corporate trusloe are Graham Stephen Brown, Anthony John Barnett and Neil John Wingerath. The corpcKate trustee holds lille ol the investment prtsperties beloNJing lo trust. On agre61ng to their appointment, the directors are thoroughly briefed by their w-directors on the history ol the trust. the day-ltrday management. the responsibllilies ol the directors, th8 current objectives and future plans, Dire¢tors' rèsponslbllltles statement The dirfjctors are responsible lor pparIng the directors. report and accounts in accordanee with applicable law and Unlted Kingdom Accounting Standards (United Kingdom Gonerally Accepted AccoLJnting Praeltcèl.
BILL BROWN'S CHARITABLE SETTLEMENT OF 1989 Pa DIRECTORS, REP - 30TH UNE 2023 GOVERNANCE, STRUCTURE AND MANAGEMENTIContinuedl Director5, responsibllities statement Icontlnuedl Charity law in England and Wales reqLJire5 the directors to prepare accounts for each financial year which give a tru8 and fair view of the state ol affairs ol the charity at Ihe year end and ol its income 8nd expenditure during that year. In preparlng accounts giving a true and lair vi8W, the directors are required lo.. S818cI suit8b1e aeeounting pollcies and then apply them consistently., Observe the methods and principles in Accounting and Reporting by Charities.. Statement of Recomrnended Pr8Ctice applleable to charities preparing their accounts in aGcordance with the Financial Reportlng Standard applicaNe in the United Kingdorm and Republic ol Ireland IFRS 1021.. Make judgements and estimates that ar& reasonable and prudent., Slate whether applicable United Kingdom Aceounling Standards have been followed, subject to any material departures disclosed and explained In the 8ccounts', Prepare the accounts on the going concern basis unless11 Is Inappropriate lo presume th81 the charily wlll eontinue lo operate. The directors are responsible for keeping proper accounting records which disclose with ressonable accuracy at any time the financial position of the charity and which enable thern lo ensure that the accounts comply with the Charities A¢1 2011, applicable Charily (Accounts and Reports) Regulallons and the provisions of the trust deed. They are also responsible lor safeguarding the assets ol the charity and hen lor taking reasonable steps for the prevenlion and detection ol fraud and other Irregularities. The dlreclors are responsible lor the maintenance and integrity ol the charity and financial Information included on the charity's website. Legislation in the United Kingdom governing the preparallon and dissemination ol accounts may differ from legislallon in other jurisdictions. StructLsro and management reportlng The directors are ulllmately responsible for the policies. •¢tivitles and assets ol the charity. They meet twice a year to revlew the developments with regard to the ch8rity, its grant giving activities and make any Smportanl decisions, When necgssary, the directors seek advi and support from the charity'5 professional advisers including investmenl managers. solicitors and account8nt5. The day to day management of the charitls activities, and the implementation of policies, is delegated to the Piivate Client Department of Payne Hicks Bea¢h LLP. The directors are continuing to review and develop the process ol managing grant applicstions and Payne Hicks Beach LLP administers payments and keeps the books and records of the charily. At their meetings the directors review the investtnent performance, and the investment managers attend the meetings lo update the directors in detail on the portf()lio. The directors review th8 proposals for grants to be made and approv8 such grants as appropriate.
BILL BROWN'S CHARITABLE SETTLEMENT OF 1989 Pa DIRECTORS, REPORT- 30TH JUNE 2023 GOVERNANCE. STRUCTURE AND MANAGEMENT Icontlnuèd Rlsk management In line with the requirernent for charity d1CtOrS to undertake a rlsk assessment exercise and report on the same in their annual repori. the directors have looked al the rlsks the Blll Brown's Ch8riiabl& Settletn8nl of 1989 curr8ntly laces and have revlewed the measures in place. or needing to be put in place, to deal with them. The diieclors have identllied Ihree main areas where risks may occur.. Gtsvernance Operational Financlal Govornancg looks at the continuity ol trusteeship. the skills and background of tho directors and the policies ol regular meetillgs of the dlrectors tts review their aims and activities. Operatlonal looks at the risk inherent in th8 delegation of st8lutory and legal requirements of the charity, its management and secretarial functions and delegation of rtain ol those functions. and ils grant giving activities. Financlal risks include those inherent in delegation of management and custody ol listed investments to independent investrnent rnanagers, the linsnclal record keeping ol the charity, its investment policy, audit and r8vi8w proc8dLJres. Having assessed Ihe major rlsks lo whlch the charfly Ss exposed, in particular those relating to its investm&nts and its financ8s. the diFeclois believe that by ensuring conlrols exist over key financial Systems incorporating the systems and controls implemented by Payne Hicks Beach LLP, and by d818galing the listed investment management function lo investment managers, subject to regular monitoring, including peiiodic revlews ol performance against benchmarks. they have established effective systems to mitigate those rlsks. The risk as5essrnent 15 kept under regular revSew and is fully reassessed every three years. The keys risks laced by the charity, as identified by the directors, are d8scribed below together with the principal ways in whieh they are mlligaled. The value of the Ilsled Investments Is dependent on movements in UK and worfd stock markets. The investments are managed by reputabl8 investrnent rnanagers who adhere to a policy agreed by the directors. The directors meet twlce a year with the investment rnanagers and the manager'5 perfomance and that ol the portfolio are monitoreos. Tho inve5trnent strategy is assessed regularly to ensure il remains approprlate to the charity's needs- both now and in the future. Having completed a programme of investment in cornmgrcial prop8rties in Beaconslield, Buckinghatnshire. the charlty now has properties informally valued al 30th June 2023 at £8,535,000 before sel off ol a loan from CAF Bank secured against the properties. The directors carry out regular reviews of the properties in conjunction with their property agents Bidwells LLP who remain engaged to carry out r8gu18r strategic reviews. The charity carries out its objectives by providing grants lo institutions that are 81so UK registered charities, whose objects cornply with the eharltvs crlleria. There is a risk that a grant provided by the charity may not reach the intended recipient andlor may be used lor purposes not COnSiStent with the charills objects. Whilst the directors are mindful of their own obligation lo ensure that the ch8rily benefits the public generally, they lake some assurance Irom the lact that recipients of grants are thernselves regulated to ensure that they operate for th8 public benofit.
BILL BROWN'S CHARITABLE SETTLEMENT OF 1989 Pa DIRECTORS. REPORT- 30TH JUNE 2023 ACTIVITIES. SPECIFIC OBJECTIVES AND RELEVANT POLICIES Activit185 and specific oblectlves The directors operate a grant glving pollcy, providing funds lor such charitable objects or Inslilulions as the directors think lil. Institutions Intending to rnake an appeal are directed to the websit8 www.billbrowncharity.org where more detailed information concerning particular areas of support, application guidelines, exclusions and grants Can be found. The directors aim to make annual equlvalenl dislrSbullons ol approxlmately £475,000.exduding substantial bursary comrnitments. After taking account of the bursaries and grants regularly mado, there are limited funds available lor distribution to other charities in accordance wilh the guidelines sel out in the grant giving pollcy as summarlsed on the charlly's website. Oblectlves an(1 actlvitles for the public beneflt The directors take their inspiration in identifying their areas ol interest from the life ol the Settlor, and his own thoughts and wishes. so far as they are known. The directors confirm that they have referred lo the guidance contained in the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objectives and in planning lulure aclivilies and selllng the grant making policy. The Trust carries out these oblectSves by provlding grants and commitments to institutions that are also UK registered charities, whose objects comply with the Trust's criteria. Whilst the directors are mindful ol their own obligation lo ensure that the Trust benefits the public generally. they take some assurance from the lact that recipienls ol grants are Ihemselves regulated lo ensure that they operate lor the public benefit. Potential recipients ol grants are idenlllied by the directors Individually in areas where it is perceived thAt publie benefit will be aehieved. The opporiunity to benefit Is not restricted in any way except that grants are restrleted lo bodies regislered in Ihe UK, not least lo lacililale the director being able to follow up on the efficacy of the grants made. In all other respects grants are not limited in any way exp1 that the recipients should have a charilable need. The director therefore consider that the Trusts aclivilies are for the benefit ol the public generally. Key managemgnt The directors ol the corporate trustee consider that they alone comprise the key management personnel ol the charity in charge ol directing and controlling, running and operating the Trust on a day to d8y basis. All directors give of their time freely and no directors received any remuneration in Ihg yèar. Details of directors. expenses and remuneration and any related party transactions are disclosed in notes 3 and 4 to the accounts. As noted above, the day or day management ol the charity's activities, and the Implementation ol policles. Is delegated lo the Privale Client Oepartmenl ol Payne Hicks Beach LLP. Llsted Investmènt polley The charlty has ptsrllollos of listed investments wlth an aggregate market value as at 30th June 2023 01 £7,636,208.
BILL BROWN'S CHARITABLE SETTLEMENT OF 1989 Pa DIRECTORS, REPORT- 30TH JUNE 2023 ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES Icontlnuèdl Llsled Investment pollcy Icontlnuedl There are no reslriclions on Ihe charity's power to invest. Separate investment slratogi85 are 8gre8d belween the directors and the two firms of illvestment managers and are regu18rly reviewed. Th@s& are the subject ol separate policy slatements which have been ¢(>mpleted by the director5 and fortn an integral part ol the agreements wlth the Iriveslment mÈnagers to provide invo5tmfynt rnanagemenl services. The investment managers are Invlted to attend 68eh formal me8ting ol the directors to provide 8 r8port on the performanee of the portfolios, cornparison against the benchmarks and g9neral market issues. ACHIEVEMENTS AND PERFORMANCE Commercial property The directors have four commercial properties and details of these are shown in the attached accoun15. Improvement Works to the properties have been undertaken and the properties are let. Al the period end the properties were valued at £8,535,000. The property investment, including the Improvernent works, have been funded by a loan of which £1.599,318 remains repayable at 30th June 2023 and is secured on Ihree of the commercial properties. RevF8W of actlvllles Total income received in the perlod from the charltrfs Investmenl assets and eash deposlts amounts 10 £484,862 which equ81es lo 8 yield 012,9% (based on the market valuation of the 85SQts at the year endl. The directors awarded granls totalling £153,250 during the year, in accordance with the charity's grant giving policy set out above. A detailed Ilst of all grants made in the period Is included In thg Appendix on page 27. The directors rnaint8in a list of charitable organisalions which the charity regularly supports and (hey are currently undertaklng a eomprehenslve review ol their grant givlng ptslicy as sel out above. The directors feel Ihal their objectives have been adequately met rjuring (he period. How8ver, the directors are aware that there are exlemal factors, which could affect the achievement of their objectives as a slgnllicant part of the charity's assets are made up ol investments and cash, Ihe result ol which are dependent on the general perfoirnance of the UK and overseas stock markets. As noted above under risk management. in order to minimise Ihls, the directors have set prudent investment policies and place reliance on the investrnent managers to monitor and advlse on the necessary investment changes and suitable asset allocation. Investment performance The yield from the combined Income of listed Investment assets and cash deposils was 2.4%, and there was a capltal Increase 012.3% Ibased on the valuallon of assets at the period endl. Al the end of the period the charitys portfolio ol investments comprised of 29% UK equities and unil trusts. 9QA UK flxed interest. 62QA overseas equities 8nd fixed interest. The aggregate rents lor the perlod from the lettings of the properties at London End was £255,958 Iwilh rent 8rr8ars of £10,9881 which equat8S to a gross yield of 3 /0 p.a.18xcluding arre8rsl. In vlew ol the current volatility in finaneial markets, the direelors are satlsfied with the performance of the listed investments and they are content also with the return from the investment prop8rti8S. They are satisfied Ihal Iheir investment objectives will be met over the medium term.
BILL BROWN'S CHARITABLE SETTLEMENT OF 1989 DIRECTORS, REPORT- 30TH JUNE 2 23 FINANCIAL REVIEW Results for the year A summary ol the period's results can be found on page 15 of this report and aeeount$. During the year ended 30th June 2023, lotal income amounted lo £464,86212022- £591.3681, being income arising from the charity's investments including rental income and cash deposits. The directors made grants and commitments to 13 Snstitutions tolalling £153,25012022- £110,000). No n8w grants were 8gregd during the year ended 30th June 2023, only regular donations were awarded. Investment manager fe8s were £39,94812022 £45,501), grant adminislralion costs totalled £37.454 12022- £53,795), property expenses amounted lo £228,840 (including CAF Loan Interest ()f £98.7511 12022- £200,387) and governan cosls were £12,72712022- £4,359). Total expendlture was £472,21912022- £409,938). There were net losses on listed investments and Investmonl property during the year 012377,507 12022 - losse5 of £703,334). This results in net decrease in funds during the year of £384,86412022- nel decrease In fund 01 £521,904>. Re$eNes polley and financial posltlon Resèrves policy Tho directors, poliey 15 to operate on the basis ol belng able to continue lo generate sufficient income Io Ljse towards meeting their charitable objects and to accord with their princlpal alms. The directors are ol the opinion that the lund5 romains sufficient lo enable them to continue this ongoing objective. The charity has sulflcient. but not excessive, funds lo service Sls objective of making future charitable dislribulions. Fln8nGlalposl(lon The balanoe sheet shows lolal funds tsf £12,674,40212022- £13,059,266). The unrestrlctad fund cornprises amounts which ultlmately are free reserves bul which are held by the directors for investment so as to ensure the conlinued generation ol income in future periods, thereby helplng to safeguard the long term existence of the Charity and the achievement ol its oblectlves. The size ol the unrestricted fund sustains and supports the levels ol donations which the directors wish to maintain and enhance over lime. The directors cor15ider free reserves lo be adequate but not excessive in the light of the chaiity's reserve policy sel out above. Future plans The diredors do not anticipate any signific8nl changes to the charlty or Its actlvltles over the next two to five ytsars. 11 is their intention to meet the following objectives.. To increase Ihelr direct investment in commercSal property. To ensure the performance of btsth listed investments and property achieves the crlterla set by them so that there are sufficient funds lo meet their grant glving policias.
BILL BROWN'S CHARITABLE SETTLEMENT OF 1989 Pa e10 DIRECTORS, REPORT- 30TH JUNE 202 FINANCIAL REVIEW {Contlnuedl Future plans Icontinuedl To continue lo rnake grants and commitments al 8 simi18r or high8r18v81. Signed on behalf ol lh8 directors of the corporate trustee.. Direetor of the C rp(>rate Trustee Approved by the direciors of the corporate trustee on.. .2024
BILL BROWN'S CHARITABLE SETTLEMENT OF 1989 Pa INDEPENDENT AUDITOR'S REPORT- 30TH JUNE 2023 INDEPENDENT AUDITOR'S RepoRT TO THE DIRECTORS OF THE CORPORATE TRUSTEE OF THE BILL BROWN'S CHARITABLE SETTLEMENT OF 19B9 OPINION WÈ have audited IhÈ atcoun15 of Bill Brown'5 Chgrilable Settlement 011989 Ilhe'charity'l f(K Ihe year Ènded 30 June 2023 which comprise the slalernenl of finan1 aclivilies. the balance sheet. the principgl accounting policie5 and the notes lo the 8ccounls. The fin8noal reporbng framework Ihal h8s been applRd In their preparation 15 8pplicable18w and United Kingdom Accounting Standards, including Financial Reporting Siand8rd 102'The Finanal Reporting sndard 8pplicable in the UK and RepuNic of Ireland, Iuniled Kingdorn GenerallyAcTrpled Accounting Practi1. In our opinion. Ihe accounts.. give a true and fair w8wof Ihe stale of ihe charnls affairs as at 30 June 2023 and of its Income an(J expenditure for the year then ended., have been properly prepared In gccor(Sance UrFited Kingdom (?enerallyAocepl2d AGvnI10 Pradice,. h8v• bten prepared in accordancè with the qUIrementS ol thè Charities Act 2011. BASIS FOR OPINION We conducted our audit in accordance wlh International Standards on Audits'ng IUKI IISAS IUKII and applicable law. Our r8sponsibillli8s und8rlhosè standards further d&scrid in lh8 8udllor's responslbillil88 lor the audlt of Ihe accounts setllon of our report. We aré IndÈpÈnd&nl ol lh8 charlly in accordanc& wllh the elhical r6qulremenis Ihal ar6 relevanl lo our audit of the accounls in the UK, Including ihe FRC'S Elhical Standard, and we have fulfilled our other elhic81 sPonsIbl11148s in accordance with these r6quiiÉm&nls. We bèli&ve Ihal the audit Èvid&nc8 wa hav8 obtained is suificienl and appropriale io provld8 a basss lor our OniOn. CONCLUSIONS RELATING TO GOING CONCERN In audibw the qccounls, we have concluded that the directors of the corpor8te ItU51ees' use of thè going rn basis of accounting in Ihe prep3ralion of the 8ccoun15 is 8ppropriate. Based on the work we have perforffled. we have nol identified any material uncertainties lating kn wants or coTrdilions Ihal, individuallyorcollecbvely. may cast significant (loubt on the charity5 abilityto continuÈ as a going concern for a period of al least twelve monlhs from when the 8ccounls are aulhorised for issue. Our ie5ponsibililies and the respon5ibililies of the (lireclors of the Corate truslge wlh rgspecl lo goi cern are described in the rdevanl yeclions of Ihis report. OTHER INFORMATION The directors of the corporate trustee are responsible lor the other inforrnalion. The other inlorinalion omprises the inform8lion include(l in the Annual Report and Accoun15. oiher than the accounts and our vdilorfs report thereon. Our opinion on the accounls does nol cover the other infortnalion and WÈ do not express anyforrn of assurance conclusion Ihereon.
BILL BROWN'S CHARITABLE SETTLEMENT OF 1989 812 INDEPENDENT AUDITOR'S REPORT- 30TH JUNE 2023 INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF THE CORPORATE TRUSTEE OF THE BILL BROWN'S CHARITABLE SETTLEMENT OF 1989 OTHER INFORPAATION Icontlnuedl In wnneclion ryth our auoil of Ihe accounts, our responslblllly Is lo read Ihe other Informallon and, In doing o, wnsider elher the other information is malerially inconsislenl Mlh the accounls or our knowledge obtsine(l in the audit or olherwise appears lo be materially misslaltd.11 id8nlify$uch malèrlal inconsistencies or apparent material misslal8m8nLs, w8 ar8 r8qulrÉd lo d818rmln8 wh8lh8r Ih8r8 Is a material misslalemenl in Ihe accounts or a malerlal mlsslalÉm&nl ol th8 olher inlormallon.11. based on Ih@ woth we have performed, ¥v8 conclud& that Ih8r6 is a malerial mlsslalemenl ol Ihls olher information, we a required to report that fact. We have nolhing lo report In Ihls r6gard. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have noihing lo report In respacl of lh8 follong maltets In rélation lo which th8 Charities Act 2011 ffj4uir8s us lo rèport lo you il, our oplnion-. th8 inlormalion givèn in IhÈ direciors. rtport is inconsistent in any tnatÈrfal Spect the accounts,. or suffIent 8ccounling r8cords h8V8 nol been k8pI,' or the accwnls a not in agreement Vlilh the accounling reCS and relurD5.' or we have not received all the information and expl8nalions we require for our audil. RESPONSIBILITIES OF DIRECTORS As explained more fully in the directors. responsibilities 5talernenl, Ihe directors of th& corporal& Irusl8 Hre responsible lorlhe preparalion ol the accounts and for being satisfied that Iheygive a true and lair view, and for such internal control as Ihe directors of the Iruslee (lelermine is necsssary to enable Ihe preparalion of 8ccount5 th81 are free from materi81 mis51aleMenl, whether due lo fiaud or error. In prepariffj th8 accounts, thé diredc*s of lh8 Irust8è arè rèspmslble for assessing the charit5ls ability lo nlinu8 as a ooing concBrn. disc105ing, as applicable, mallBrs relaltd lo going concern 8nd using Ihe going conc8rn basis of accounti unltss the diltsdors of Imsl&8 dlh&rlnlend lo liquidale Ihe chaiily or lo cease op8ralions, or hav& no r&alisllc all8rnallv8 bul to do so. AUDITOR'S RESPONSSBILITIES FOR THE AUDIT OF THE ACCOUNTS We have been appointed as 8udilors under 144 of the Charitie5 Acl 2011 and report in acwrdancé vth Ihe Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assur8nce about vthelher the accounts as a whole are free fiom material misslalemenl, whether due lo fraud or error, and io Issue an auditorfs report that indudes our opinion. Reasonable assurance Is a high level o188surance. bul is not a guarantee that an 8udil conducted in accordance vAlh ISAS IUKI wll 81ways delecl a materi81 misstatemenlwhen il exi51s. Misslalemenls c8n 8rlse Irom fraud orerror and are considered material if. individually or in the a9gregale. they could reasonably be expected lo Influence the economic deusions ol users taken on the basis of these accounts. Iiregularilie5. including fraud. are inslances of non-c1¥nplian wilh18ws and regulations. W8 dèsKJn proTrdures in line with our responsibilities. outlined above, lo delect maleiial misslalemen15 in respect of irtegularilies, including frau(l. The exlenl lo which our proce(lures are capable of delecling irrégularlbes, includin9 fraud is delaiFed below.
BILL BROWN'S CHARITABLE SETTLEMENT OF 1989 Pa e13 INOEPENDENT AUDITOR'S REPORT- 30TH JUNE 2023 INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF THE CORPORATE TRUSTEE OF THE BILL BROWN'S CHARITABLE SETTLEMENT OF 1989 AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE ACCOUNTS Icontlnuedl Our approaca) lo Identifn9 and assessing Ihe iisks of material misslalernenl in respect of irr8gularllles. Includlng fraud and non-compliance with laws 8nd regulalions. was as follow5.. We ensured Ihal Ihe engagement leam collectively had the appropriate comp818nce, capabilities and skllls to Idenlifyor recognise non-compli8Dce ryth 8pplicable laws and f8gulalions,' We obtained an understanding ofihe legal and regulalory IramÉworks Ihal are appliCae lo the charily and determined Ihal the most significant frameworks whlch ara dir8cIIyf61evanl lo specilic assertions in the financial statements are those that relate lo th8 roportlng Iramework Islalemenl or R8commendad Praciice.. Accounting an(1 Reporfing by Charili8s préparing Ihair accounls in accordance wilh Ihe Financial Reporfing Sl8ndard aptAicabl8 in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 20111. We identified laws and regulalions ware communicaled within Ihe auditleam reguladyand th8 team remained alertto instancès of non-ccmpllanc8 Ihrou9houl the audit. We assessed the sv5ceplibililyof thè charity's financS8l slalemenls to material mis5taletnènl. including obtaining an underslandino of how fraud mlghl occur, by.. Maklng enoulrl88 ol Ihe charity's adminislr8lor5 as to their know18dg6 of aclual, suspected 8nd a118ged fraud., and cSIderIng the internal controls in tAace lo rniligal& risks of fraud and non-compliance vilh laws and regulallons. To address the iisk ol fraud Ihrough managernerTrl bias 8nd i)verridÉ of controls, w8.. Perforrn8d 8nal5thcal proc8dur65 to identify any unusual or unexpected rèlationshlps.. Assessed whelherjudgaments and assumplions made in determining thè accounlrwJ 8siimates were indiGalive of potenlial bia8-, TÈsied authorisatn eonlrols (hi expendilure ileTn5. ensuring all èxpendlture was approved in line with Ihe charills financial procadur8s,' and Pèrform8d sttbslanlive tesling on grant expenditure lo ensure the expenditur8 incurred cornplie(I wilh Ihe funding agr88menls. In r&sponsa lo Ihe risk of irregularities and non-Gompliance wlh laws 8nd regulations. we designed proc8dur8s which included, bul were not litniled to". Agreeing financial 5ts1emetit disclosvr8s tr> und8rlwrKJ supporting documgnlalK)n,' Resding Ihe minuie5 01 meetings of th088 charged 1h governance., and Enquiring of the charivs admiDislralors as to actual and potential liligalion and daims. There are inheRnl limil8lion5 in our audit prOdre$ d8scribed above. The more removèd UTral laws and regulalions are Irom financial Ir&n5a¢lions. the less likely il 58 that we would becorne aware of non- complian. Auditing standards also limillhe audit procedures required lo idenlifynon-compliaTrctr wlh laws and rsgulalions lo enquiryof the direGtor5 of the trust88 and administrators and Ihe inspection of r&gulalory and legal correswndence. if any.
BILL BROWN'S CHARITABLE SETTLEMENT OF 1989 Pa e14 INOEPENDENT AUDITOR'S REPORT- 30TH JUNE 2023 INDEPENOENT AUDITOR'S REPORT TO THE DIRECTORS OF THE CORPORATE TRUSTEE OF THE BILL BROWN'S CHARITABLE seTTLEMENT OF 19B9 AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE ACCOUPQTS Icontlnuedl Malerial misslalemenls Ihal arise due lo fraud can hard8r trj detect than those th81 arise frotn trrror as they may involve deliberale concealmenl or cdlusion. A Iuflher de5cpIlo of our responsibili116s for the audit of Ihe accounts is located on the Fln8ncial Reporting Council's website HI www.frc.org.uklaudilorsresponsibililie5. This descriplion lorms part ol our audilorts report. USE OF OURREPORT This réport is mad8 solely lo Ihe charily's (lireclor5, as a dy, In accordance wilh section 145 01 IhB Charili&s Act 2011 and with regulations made under section 154 of that Acl. Our audit work has been undtrrtaken so Ihalwe might stale lo the ch8rily's directors thosé mttters we are required lo stale lo th&rn in an 3udilor's r8port and lor no olher purpose. To the fullest 8xl8nl pÈrmilled by law, we do not acp1 or ssutne responsiblllly lo anyone olher Ih8n e ¢hBrilyand thè charitys directors as a body, for our audit wotk, for Ihis report. or for lh6 opinions we have lorrned. Pavl Davi5 FCA ISBnior SlaluloryAudilorl for and on bphalf of Bright Graham& Murr8y Ch8rtefed AcCOunnIS Empefor's Gale 114a Cromwell Road KeTrsin9lon. London, SW7 4AG 30 April 2024 Bright Grahame Murrayis eligible for appoinlrnent as auditor of Ihe Charity by Yiriue of 115 eligibility for apKKJlnm&nl as audllor ofa company under seolion 1212 of tha Companie5 Act 2006.
BILL BROWN'S CHARITABLE SETTLEMENT OF 1989 e15 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH JUNE 2023 2022 Notes 2023 INCOME FROM.. Investments Rental income Service charges lllcotne from listed investments Interest reeeivable 378,931 14,449 197,652 336 255.958 25.292 181,052 2,560 591,368 TOTAL INCOME 464,862 EXPENDITURE ON Raising funds Investment managernent costs Property expenses Charitable activities Promoting and enhancing charitable work 45,501 200,387 39,948 228,840 164,050 203,431 409,938 TOTAL EXPENDITURE 472,219 181,430 NET IEXPENDITUREYINCOME BEFORE INVESTMENT GAINSIILOSSESI 17,3571 Inv8Strnenl gains.. Realised gainslllos5esl on listed investments Unrealised gainslllosse51 on listed investments Unrealised gainslllossesl on investment property 37.146 11,008.1641 267.684 1,116,379 1942,2121 1551.6741 1703,3341 NET GAINSIILOSSESI ON INVESTMENTS 1377,5071 NET INCOMEIIEXPENDITUREIAND NET MOVEMENT IN FUNDS 1521,9041 1384,8641 RECONCILIATION OF FUNDS Total funds brought forward at 1st July 2022 13.581.170 13.059,266 13.059,266 Total funds carried f0pard 8130th June 2023 12.674,402 A51 recognised gains and losses are included in the above stal8rnent of financial activities. All ol the charity's activities derivod frorn continulng operations during the Èbove two financial years. All income and expeNditur8 were altributable lo UnstriCted funds in the above two rinandal years.
BILL BROWN'S CHARITABLE SETTLEMENT OF 1989 Pa e16 BALANCE SHEET- 30TH JUNE 2023 2022 2022 Notes 2023 2023 FIXED ASSETS Investmenls 8,580.635 Listed Investments 7.636,208 9,085.000 Freehold Investment Properties 8.535,000 17,665,635 16,171,208 CURRENT ASSETS 73,021 753.749 Dgbtors Cash at bank and in hand 16,925 969,928 826,770 Total current assets 986,853 LIABILIT1ES'. CTeditors.. Amounts falling dug withln one year 11.141,4711 10 1929.2611 1314,7011 NET CURRENT ASSETSI LIABILITIES 57,592 17.350,934 TOTAL ASSETS LESS CURRENT LIABILITIES 16,228.800 Creditors.. Amounls falling due after one year 14,291,668) 13,554.3981 13,059.266 NET ASss 12,674,402 HE FUNDS OF THE CHARITY Unrestricled Income Funds 13,059,266 General Funds 12,674.402 Approved by the directors of tho corporate Irusleg and signed on their behalf by.. DSrectors of the Corporal8 Trustee Dale of Approval.. . 2024
BILL BROWN'S CHARITABLE SETTLEMENT OF 1989 Pa e17 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30TH JUNE 2023 2022 2023 CASH FLOWS FOR OPERATING ACTIVITIES 1521,9041 703,334 13361 1591,0321 9,729 1682.4301 Net incomellexpendilursl lor the year N81 Igainllloss on investments Interest receivable Inveslmenl incorne receivable Decreasellln¢reasel in debtors Incr8aselldecreasel in creditors 1384,8641 377,507 12,5601 1462,3021 56,096 1949,4801 11,082.6391 NET CASH USED IN OPERATING ACTIVITIES 11,365.6031 2022 2023 CASH FLOWS FROM INVESTING ACTIVITIES 11,373,773) Paymènts to acquirè inv8Stmènts Payments towards investment property and c8pilal improvements Receipls from disposals of investments Interest receivable Investment in¢omfy received 12.160,1671 12.3161 1.702,747 336 591,032 11,6741 3,278,761 2,560 462,302 918,026 NET CASH PROVIDED BY INVESTING ACTIVITIES 1.581,782 CHANGES IN CASH AND CASH EQUIVALENTS IN THE REPORTING PERIOD 918,362 1164,6131 753,749 Balance al beginning of the period Movement in cash in the year Balance at end of the period 753.749 216,179 969.928 ANALYSIS OF CHANGES IN NET DEBT At 1st Jul 202 Movement in AI 30th June 2023 Cash al bank and in hand Debt due within one year D8bl dug after one year 753.749 162,5331 11.591.668) 216,179 969.928 17,613 144.9201 37.270 11,554.3981 Net debt 1900,4521 271.062 1629.3901
BILL BROWN'S CHARITABLE SETTLEMENT OF 1989 e18 PRINCIPAL ACCOUNTING POLICIES- 30TH UNE 2023 Charlly Information Bill Brown'5 Charltable Selllement of 1989 is an unlncorporated charity registered in England and Wales (Charily Nutnber 8017561. The charily is governed by a Trust Deed dated 2nd May 1989. The registered office is 10 New Square, Lincoln's Inn, London, WC2A 3QG. The prlncipal accounting policie5 adopted, judgements and koy sources ol eslimats'on unc8rtainty in tho preparallon of the accounts ar8 laid oul below. Basis of preparatlon These accounts have been prepared for the year ended 30th June 2023 with eomparative information presented in r85pecl to the year to 30th June 2022. The accounts have been prepared under the historical cosl convention modified to include investrnent properties and rtain fin8ncl81 instruments at fair value. The principle accounting policies adopted are set out below. The accounts have been prepared in accordance wlth Accounting and Reportlng by Charities.. Statement ol REwmmended Practice applicable lo charitles preparing their accounts in accordance with th9 Financlal Reporiing Standard applieable in the United Kingdom and Republic of Irel8nd Icharilies SORP FRS 1021 second edilion (October 20191, the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 and the Charities Act 2011. The charity constilules 8 publie benefit entity as defined by FRS 102. The accounts are presented In sterling and are rounded to the nearest pound. Crltlcal accountin9 ¢Stlmatès and areas of judgement Prop8ration ol the accounts requirgs the dlreclors to make significantludgemenls and estlmates. The Items In the accounts wh8rÈ these ludgemenls and ostimates have been rn8de Inelude.. estimating the liability for mulli-year grant comrnltments. eslimatlng the valuation of th8 inv8Stment property. Assessmènt of golng concern The directors have assessed whether th8 use of the going concern 8ssumptlon Is appropriate in pparIng these accounts. The dlrectors have made this assessmenl in respect ol a period of one year from the date of approval of these aceoLints. The directors have conclud9d that the are no rnat8rial uncerialnlies related to events or conditions that may cast signllicanl doubt on the ability tsf the charily to wntinue as a going concern. The directors are of the opinion that the charity will have sullicienl resouroes to meel its liabili118S 8S they 1811 due and therefore there are no concerns regarding th8 charittys ability to continue as a going concern. The most signllicant areas of judgetnenl Ihal allect items in the account are detailed atK)ve. With regard lo the next accounting period. the year ending 30th June 2024, the most significant areas that affecl the carrying value of the assets held by the chaiity are Ihe level of investment return and the performance ol the investment markets (see Ihe investment pollcy and the risk managernent sections ol the directors, report lor more information). Income recognltlon Income is recognised in the period in which th8 charfty has entitlemet to the Income, the amount of incoThe can be measured reliably and il Is probabl8 thal the income will be received.
BILL BROWN'S CHARITABLE SETTLEMENT OF 1989 Pa PRINCIPAL ACCOUNTING P 30TH JUNE 2023 Income fecognltlon Icontlnuedl Income comprises property rental income and services charges, investrnent income from Ilsled Inveslmenls and interest from deposits. Ren181 income and service charges from investment properties arg recognlsed when they become due under the relevant t8nancy agreement. Dividends are recognised once the dividend has been declared and notificallon has been received ol the dlvidend due. Interesl on funds held on deposit is included when re1vable and the amount can be measured reliably by Ihg charity., thls is normally upon nolificalion of the inter85t Paid or payable by the bank. Expenditure Tecognitlon Llabililies are recognised as expenditure as soon as there is a1egal or conslruclive obligation committing the chaiity lo make a payment to a third party, it is probable that a Iransler ol economic benefits will be r&quired in settlement and the amount ol the obligation5 can be measured reliably. All expenditure is accounted lor on an accruals basis. Expendllure comprises direct costs and support costs. All expenses, inoluding support costs, are allocated or apportioned to the applicable expenditure headlngs. The classification belween the activities is as lollows.. (•) Expenditure on ralsing funds in¢lkJdes all 8xpendilure assooated with raising funds lor the harily. Thi5 includes the lees paid lo the investrnenl manager in connection with the management ol the charitys listed investments and the costs in rospect to the charity's investment properties. Ibl Expendlture on charitable activities includes 811 costs associated with furthgring the charitable purposes of the charily through the provision ol Its charitable aclivilies. Such cosls include charitable grants payable in promoting and enhancing charitable work carried out by olh8r charitable organisalions, ar)d related support costs including the cost ol administering the 8clivities ol the charily and governance costs. Grants payable 8re included in Ihe slalement of financial activities when approved and when the intended recipient has either received the funds or been Informed of the d8cision to make the donation and has satisfied all related conditions. Grant5 approved but not paid al the end of the financial period are accrued for. Grants where the beneficiary has not been informed or has lo meet certain conditions beltsre the grant is released 8r9 not accrued lor bul are noted as fin8nclal commitments in the notes to the accounts. l expenditure is staled inclu8lV8 of irrecoverable VAT. Allocatlon of support and govèrnance costs Support costs represent indirect charilable expenditure. In order lo ¢arry out the prlmary purpos8s of the charity il is necessary to provide support in Ihe lorrn ol administration servlces. Gov8rn8nce costs comprise the costs involving the publlc accountability of the charlty linc5uding audit Costs) and costs in respect ol ils compliance with regulation and good pracllce. Support costs and govemance costs 8re apportioned d1CtlY lo the one charitable activity. FIx8d asset Investments Fixed asset inveslrnent5 ItK)th Ilsted investments and property) are Included on the balance sheet al their market value 81 the end of the financial period, Realised and unrealised gains lor losses) are credited lor debited), to the statement ol fin8ncial activities in the year in which they arise.
BILL 8ROWN'S CHARITABLE SETTLEMENT OF 1989 e20 PRINCIPAL ACCOUNTING POLICIES- 30TH JUNE 2 Flxed assèt Investments Icontlnuedl Listed inveslfflents ars a form of basic financial instrument and a initially recognlsed at their transaction value and subsequently measured al their fair value 88 al the b818n¢e sheet dale usiwvJ the c105ing quoted market prlce. The charFty does not acqulre put optlons, derSvatives or other complex financial inslriJm8nts. As noted above the main form of financial risk faced by thg charity is that a volatility in equity markets and investment markets due lo wider economic conditions. the allilude ol investors to investment risk, and changes in sentiment concerning gquilies and within particular sectors or sub sectors. Investmet)t Propertles Investment properiies are initially r8cognis@d at cost. The cost ol a purchased Investment properly comprlses Its purchase price and any directly attributable expenditure such as leg81 and brokerage f888. prop8rty tiansfer taxès and other transacUon eosts. Investment properlles have subsequently been measured al fair value li.e. open market V81uel at the reporting date. The property valuation is based on the v81ualion by an independent valuer who holds a recognised and relev8nt professional qualllication and has rent experience in the location and cla55 01 the investment proporties b9ing valued. Realised gains lor Iossesl on investment assets are calculated as the difference between dispos81 proceeds and Iheir opening carrying value or their purchase value is acqulred subsequent to the flrst day of the financial period. Unrealised gains and losses are cal¢ulal&d as the differenee betweell the fair value al the period gnd and Ihelr Carrn9 value al that date. Realised and unrealised investment gains lor losses) are credited lor debiledl in the 8tatetMent of linanclal aclivilies in the period in which th&y ariso. L08ns Bank loans are 8 basic financial instrument5 and are reeognlsed at their transaction value, which is normally Ihe principal amount advanced plus transaction costs. Subsequent to initial recognition, loans are slated al 8mortised c051 with any differen between cost and redemption value belng recognised the slalemenl ol financial activities using th8 effective Interest method. Dèbtors Debtors are recognised al their settlement 8mount,18ss any provislon lor non-recoverabilily. Prepayment5 are valued at the amount prepaid. They have been discounted to the present value ol the future cash r&¢eipt where such disctsuntlng Is material. Cash in bank and in hand Cash at bank and in hand represents such 8¢wunls and instruments that are available on demand or have a maturlly ol less than three months Irorn the dat8 of acquisition. Crèdltors and provlslons Credilors and provisions are recognised when there is an obligation at Ihe balance sheet date as a result ol a past event, il Is probable that a transfer ol economic benefit will be required in selllement, and Ihe amount of th8 settlement can be eslimaled reliably. Creditors and provisions are recognised al the amount the charity anticipates it will pay to settle the debt. They have been discounted lo the present value of the future cash payment where such discounting is material. Fund accountlng The unrestrictgd fund rgpresgllts funds 8v8llaNe for the general charitable purw)sg8 of the charity which may be applied at the discretion ol the directors.
BILL BROWN'S CHARITABLE SErrLEMENT OF 1989 Pa e21 NOTES TO THE ACCOUNTS- 30TH JUNE 2023 1 INVESTMENT INCOME Inctsme from Ilsted Investments adses from the followlng Inveslments.. 2022 2023 Direcl iTive8tmenl8'. 132,791 12,870 2.936 42.567 6,488 UK Equities and Unil Trusts Fixed Interest REITS Overseas Equi118$ Ov8rs8as Int8r8sI Excess reportable incorne 98.089 5.850 749 56.341 20.016 197,652 181.052 2 PROMOTING AND ENHANCING CHARITABLE WORK 2022 2023 110,000 Giants payable lo Inslitutlons Addl less Bfislol Grammar School excess 896 donation 201912020 15.0001 AIIoc8ted donation to CAF Tru51 in 2021 153,250 153,250 37.454 12,727 53,795 Grant adminlslrallon ¢osts 4.359 Gov&rnan¢8 Costs (not8 31 164,050 203,431 A reconciliation of the grants payable and grant ¢ommilmenls figures shown in thes8 accounts is as follows.. 2022 2023 4.164.760 Granl comrnilmenls at 1st July 2022 110,1>00 Grants agreed during the year Addl less Brislol Grammar School excess donallon 201912020 3,650.000 153,250 898 153.250 4.275,656 Grants payable 1625,6561 Grants paid durlng the year 3,803,250 11.091,2501 3,650,000 Grant commitm&nls at 3Dlh Jurie 2023 2.712,orKJ In addition lo the amounts commSlled and a¢crued and noted above, the director5 frorn tSme lo time also authorise rtain grants which are subj&cl to the recipient fulfllling certain conditions. The lolal amount authorised bul not a¢crued for in Ihe5e accounts at 30th June 2023 was £nil12022- £nill.
81LL BROWN'S CHARITABLE SEThLEMENT OF 1989 e22 NOTES TO THE ACCOUNTS- 30TH JUNE 2023 3 GOVERNANCE COSTS 2022 2023 statutory audit fee Adju51menl lo 2021 fee5 4,620 Adjustment lo 2022 fees 2023 1361 4,380 7,200 11,544 12611 Directors. expen58s 1,183 4,359 12,727 4 STAFF COSTS, DIRECTORS. REMUNERATION AND RELATED PARTY TRANSACTIONS Th6 charity employed no slaff during the year12022- none). No d1ClorS iecelved any iemuneration In re5pe¢l tsf thelr servlces durlng the year12022- £nill. One dire¢lor wa$ reimbursed £1,183 for expenditur8 incurred in th8 p8rformanc8 of their duties during the year12022- Neil Wingeralh in his fomier role as Trustee Secretary was ieimburse(S £5891. Tha key management personnel of the charily in charge of directing and controlling Ihe charity compri88 the directors. The total rernuneralion (including taxable benefits and employerf5 pension conlribulionsl of the key man8g8m8nl p8rsonn81 for thg year was £nil12022- £nill. Thera were no oth8r related party transactions during th8 period of th8 r8POrt12022- none). 5 TAXATION The Bill Brown's Charitable Settlement of 1989 is a registered charity and. therefore. is not Ilable to income lax or corporalion lax on income or gains derived from its charitabl& activities as they fall withln the exemptSons avallable to gIstered charflles. 6 LISTED INVESTMENTS 2022 2023 Movemenls in1isled investments during the year were as follows,. 9.880.627 Market value at 1st July 2022 fj.373,773 Additions al c05t Oi5posals al Lwk value 11,665,601) Iproc&eds.' £3,278,761,. gains £1.116,3791 11,008,184) Nel unrealised gainslllo$8e$l in y8ar 8.580,635 2.160,167 12.162,3821 1942,2121 8,580,635 Market value at 30th June 2023 7,636,208 6,404,802 Cost ol Ilsted investments 30th June 2023 6.400,639
BILL BROWN'S CHARITABLE SErrLEMENT OF 1989 Pa e23 NOTES TO THE ACCOUNTS- 30TH JUNE 2023 6 LISTED INVESTMENTS Icontinuedl All investments were dealt in on a re¢ognised stock exchange.. 2022 2023 Li51e(f investtnent5 held al 30th June 2023 comprise the following investments all li51ed on a UK stock exchEnge'. UK Eoullies and Un51 Trusts UK Fixed Interest 3,201.021 680.530 2.204.545 682.083 3,881,551 2,886.628 Oversèas Equities Fix8d In18re8t 4,046,907 652.177 4,127,267 622,313 8,580,635 7.636,208 AI 30th Jun8 2023 no individu81 holdings had a rnarkel value in excess 015% 01 th& entire portfolio. 7 FREEHOLD INVESTMENT PROPERTY 2022 202 8,815,000 Market value brought forward 2,316 Additions 267.684 Revaluation 9.085,000 1,674 1551,6741 9.085,000 8,535,000 The freehold properties were revalued as at 30th June 2023 on an open m31kel value. The valuation5 We carried out by the dire¢tor$ wlh professional a5Si5tance. The marf¢el values of the propgrties as at 30th June ar8.. 1,440,000 5 London End, Beacon5field, Bucks 4,080.000 35137139 London End, 8eaconsfielLS, Bucks 3,565,000 51153 London End, B8aconsfield. Bucks 1,200.000 3,900.000 3,435,000 9,085,000 8,535,000
BILL BROWN'S CHARITABLE SEThLEMENT OF 1989 Pa &24 NOTES TO THE ACCOUNTS- JOTH JUNE 2023 7 FREEHOLD INVESTMENT PROPERTY ICDntinuedl 2022 2023 The hlsloric cost of th8 Properties 8re'. 1.358,150 5 London End, Beacon5field, Bucks HP9 2HW 570,40B 35 London End, Beaconsfield, Bucks HP9 2HW 3.112,554 37139 London End, Beaconsfield, 8uck5 HP9 2HW 3.155,030 51153 London End, Be8consf181d, Bucks HP9 2HW 1,358,150 570,408 3,112.554 3,156,704 8.196,142 8,197.816 8 DEBTORS 2022 2023 184 Income Tax r8¢0verable 8,975 VAT recoverable 57,646 Rent arrear5 6,216 Accrued interest on inveslmenls 184 10,988 5.753 73,021 18.925 g CASH AT BANKAND IN HAND 2022 535.116 Inv&st8c Wealth and Investment 65.016 CAF Bank Ltd. 93.153 Payn8 Hicks B8ach LLP 51,827 Philip M8rsh Collins Deung 8,637 Hall Barn Eslates Lld. 700,373 60.999 82.166 105.014 21.376 753,749 969,928
BILL BROWN'S CHARITABLE SETTLEMENT OF 1989 e25 NOTES TQ THE ACCOUNTS- 30TH JUNE 2023 10 CRÉDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2023 Accruals for grants payable Agr6ed donations in 2023 awailing payment University of Bri810l- Premier Le¢lure Theat$ Churchill Collsge- Bill Brown Creative WorkshDP Bank loan$ and overdrafts 62,533 Loan Inole 111 4,050 CAF Loan repayment and Interest accrual Trade ¢redltor$ 10.580 Investment managemenl fees 44.216 Grant adminislralion costs Slatulory audll fee 2020 2021 2022 2023 12,000 500,000 200,000 500,000 450,000 44,920 5,275 9,881 37,454 4,488 4,620 4,620 4,488 4,584 9,000 7,200 25,272 Accruals and deferred Income 23,983 Deferred income Taxation and social security 5,818 VAT payable Other creditors 11,955 Lease 18nancy d8POSIt 14,608 Other creditor8 50,338 12,253 18,643 15,225 1,141,471 929.261 11 CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR 2022 2023 67,223 219,216 1,305,229 Within 1 2 years Within 2- 5 year5 After 5 year5 50,539 178,846 1,325,013 1,591,668 1.$54,398 Grants University of Bristol- Premier Lecture Theatres Churchill College- Blll Brown Cr&alive Workshop 2,500,000 200,0(K> 2,000,000 4,291.668 3,554,398 The directors took out a 25 year term repayment loan 1th CAF of £2.100,000 on th& 31st March 2015, secured on 5, 35 and 37139 London End, Bea(x)nsfi81d. Bucks HP9 2HIN. The Fnonthly repaym8nls are £14,386.24 with a lolal leas& of 25 years. The current intere81 rate has b88n fix8d at 8.17% lor 3 ygars ending 20 July 2028.
BLL BROWN'S CHARITABLE SETTLEMENT OF 1989 Pa e26 NOTES TO THE ACCOUNTS- 30TH JUNE 2023 12 Operating Lease Commitments (Lessorl The Charity has entered inlo a number ol non-cancellable opeialing leases a5 lessoi for whSch the total tsf future minirnutn lease payrnent5 are as follows.. 2022 2023 258.838 Within one year 235.753 330,462 Later than one year bul within Ilve years 319.210 147,748 Later than five years 737,048 554,963
BILL BROWN'S CHARITABLE SETTLEMENT OF 1989 Pa e27 APPENDIX.. GRANTS PAYABLE GRANTS PAYABLE.. Amount Institutions Charities Aid Foundation Trust Alzheimer's Society Barnado's Crohn's and Colitis UK Debra Dementia Support Fight Againsl Blindness Leonard Chgshire Disability Macmillan Gancer Support Multipl& Sclerosis Society On Course Foundation RAF Benevolent Fund Re-Engage 70.000 7,500 3,750 7.500 7.500 S.OQO 5.OC>O 7,500 15,000 7.500 2.000 7.500 7,500 153.250 Total grants and don8tions mada to SnstilLJtions during 2022 amounted lo £JItLQt