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 p￿parIng 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 d1￿CtOrS 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
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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 ex￿p1 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 finan￿￿1 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 Finan￿al Reporting s￿ndard 8pplicable in the UK and RepuNic of Ireland,
Iuniled Kingdorn GenerallyAcTrpled Accounting Practi￿1.
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 AG￿vnI1￿0
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&scri￿d 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 O￿niOn.
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 Co￿rate 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 follo￿ng 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
suffI￿ent 8ccounling r8cords h8V8 nol been k8pI,' or
the accwnls a￿ not in agreement Vlilh the accounling reC￿￿S 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 v￿th
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 Identif￿n9 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 appliCa￿e 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
c￿SIderIng 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 authorisat￿n 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 prO￿d￿re$ 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 de5c￿pIlo￿ 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 ac￿p1 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 AcCOun￿nIS
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 f0p￿ard 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 Un￿striCted 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 ASs￿s
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
p￿parIng 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 entitleme￿t 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 re￿1vable 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 d1￿CtlY 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 re￿nt 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 Carr￿n9 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 d1￿ClorS 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.

B￿LL 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