2021-03-31-accounts

						PAGE
Trustees' annual report (incorporating		the	director's	report)
Independent auditor's report to	the members
Statement of financial activities	(induding		income and expenditure		account)	10
Statement of financial position
Statement ofcash flows						12
Notes to the financial statements						13

Reference	and administrative	and administrative	details
Registered	charity name		The Percy Bilton		Charity
Charity registration		number	1094720
Company	registration	number	04529052
Principal oNce and registered			7 Culmington	Road
oNce			Ealing
			London
			W13 9NB
The trustees
			Mr] R Lee
			Ms H Bilton
			Ms K Lansdown
			Mr C L Sosna
			Mr BChance
Company	secretary		Ms K Lansdown
Auditor			BSG Valentine	(UK) LLP
			Chartered Accountants			8 Statutory	Auditor
			Lynton House
			7-12 Tavistock	Square
			London WC1H	9BQ
Bankers			HSBC Bank PLC
			46The Broadway
			London
			W5 5jR
Solicitors			Maples Teesdale		LLP
			30 King Street
			London
			EC2V BEE

				2021		2020
			Unrestricted	Endowment
			funds	funds	Total funds	Total funds
		Note				f
Income and endowments
Charitable activities Investment income		5 6	16,000 769,056		16,000 769,056	1,100 831,886
Tota I income			(85,056
Expenditure
Expenditure on raising funds:
Investment management	costs	7		102,681	102,681	102,473
Expenditure on charitable activities		8,9	1,096,055		1,096,055	906,160
Total expenditure			1,096,055	102,681	1,198,73	1,008,633
Net lasses/(gains) on investments		12		(7,334,750)	(7,334,750),136,067
Net income/(expenditure)	and net
movement in funds			(310,999)	7,232,069	6,921,070	(3,311,714)
Reconciliation offunds
Total funds brought forward			2,457,267	22,050,453	24,507,720	27(819,434
Total funds carried forward			2,146,268	29,282,522	31,428,790	24,507,720

		STATEM	ENT O	F FINANCIAL	POSITION
			31	MARCH 2021
				2021		2020
			Note
Fixed assets
Tangible fixed assets investments			%6 17		440(229 29,902,380		440,229 23,495,0SI
					30,342,609		23,935(280
Current assets
Debtors			18	686		787
Cash at bank and	in hand			1,120,420		601,191
				l(121,106		601,978
Creditors: amounts		falling due
within one year			19	(34,925)		(29,538)
Net current assets					1,086,181		S72,440
Total assets less	current liabilities				31,428,790		24,S07,720
Net assets					31,428,790		24,507,720
Funds ofthe charity
Endowment funds					29,282,522		22/050, 453,
Unrestricted funds					2,146,268		2,457,267
Total charity funds					31,428,790		24,507,720

YEAR END	ED 31MARCH 2	021
		2021	2020
		E
Cash flows from operating actNities
Net income/(expenditure)		6,921,070	(3,311,714)
Adjusfrnenh for:
Net losses/(gains) on investments		(7,334,750)	3,136,067
Dividends, interest and rents from investments		(769,056)	(831,886)
Accrued expenses/(income)		5,485	(7,021)
Changes in:
Trade and other debtors		101	(175)
Trade and other creditors		(98)	1,042
Cash generated from operations		(1 177 248)	(1IO13,687)
Net cash used in operating activities		(1,177,248)	(1,013,687)
Cash flows from investing activities
Dividends, interest and rents from investments		769,056	831,886
Purchases of other investments		(4,017,566)	(6,183,556)
Proceeds from sale of other investments		4,944,987	6,382,721
Net cash from investing activities		1,696,477	1,031,051
Net increase in cash and cash equivalents		519,229	17,364
Cash and cash equivalents at beginning	ofyear	601,191	583,827
Cash and cash equivalents at end ofyear		1,120,420	601,191

							Unrestricted	Total Funds	Unrestricted	Total Funds
							Funds	2021	Funds	2020
							E		E	E
	Grants	returned					16,000	16,000	1,100	1,100
6.	Investment			income
							Unrestricted	Total Funds	Unrestricted	Total Funds
							Funds	2021	Funds	2020
							E		E	E
	Income	from		listed investments			769,056	769,056	831,886	831,886
7.	Investment			management		costs
							Endowment	Total Funds	Endowment	Total Funds
							Funds	2021	Funds	2020
							E	E	E	f
	Investment		management		fees		102,681	102,681	102,473	102,473
8.	Expenditure			on charitable		activities	by fund type
							Unrestricted	Total Funds	Unrestricted	Total Funds
							Funds	2021	Funds	2020
							f	E	f	E
	Grants	payable					1,002,671	1,002,671	800,768	800,768
	Support	costs					937384	93,384	105,392	105,392
							1,096,055	1,096,055	906,160	906,160

9.	Expenditure	on char	itable activities by activity t	itable activities by activity t	ype
			Grant funding			Total funds	Total fund
				ofactivities	Support costs	2021	2020
				E	E	E	E
	Grants payable			1,002,671		1,002,671	800,768
	Grant support	costs			83,296	83,296	95,3'l3
	Governance costs				10,088	10,088	10,049
				1,002,671	93384	1096/055	906,160
10.	Analysis ofsupport		costs
					Analysis of
					support costs E	Total 2021	Total 2020 f
	Staff costs				73,519	73,519	73,922
	Premises				5,761	5,761	11,828
	General oNce				4,016	4/016	9,593
					83,296	83,296	95,343
11.	Analysis ofgrants
						2021	2020
						E	E
	Grants to institutions
	Grants to institutions					730,844	486,305
	Grants to individuals
	Grants to individuals					271,827	314,463
	Total grants					1,002,671	800,768
12.	Net losses/(gains)		on investments
				Endowment	Total Funds	Endowment	Total Funds
				Funds	2021	Funds	2020
				E		f
	Gains/(losses)	on listed investments		7 334/750	7/334 750	(3 136/067)	(3/136 067)
13.	Auditors remuneration
						2021	2020
						E	E
	Fees payable	for the audit ofthe financial		statements		6,600	6,600

Staff co	sts
The total	staff costs and	employee	beneRts for the reporting	period are analysed as	follows:
				2021	2020
					E
Wages and salaries				65,704	65,366
Social security costs				2,673	3,459
Employer	contributions	to pension	plans	5,142	5,097
				73,519	73,922

Tangible	fixed assets
		Freehold
		buildings	Equipment	Total
		E	E	E
Cost
At 1April	2020 and 31March 2021	4'}0,000	14,515	454,515
Depreciation
At 1April	2020 and 31March 2021		14,286	14,286
Carrying	amount
At 31March 2021		440,000	229	440,229
At 31 March 2020		440,000	229	440,229

Investments
	Listed
	investments
	E
Cost or valuation
At 1 April 2020	23,495,051
Additions	4,017,566
Disposals	(4,944,987)
Fair value movements	7,334,750
At 31March 2021	29,902,380
Carrying amount
At 31March 2021	29,902,380
At 31 March 2020	23,495,051

18.	Debtors
					2021	2020
					E	E
	Prepayments	and accrued		income	611	612
	Other debtors				75	175
					686	787
19.	Creditors: amounts		falling due within one year
					2021	2020
					E	E
	Accruals and	deferred	income		33,918	28,433
	Other creditors				1,007	1,105
					34,925	29,538

			At				Gains and	At
			1 Apr 2020	Income	Expenditure	Transfers	losses 31 Mar 2021
			E	E	E	E	E	E
General	funds		2,338,977	785,056	(1,096,055)	(78,929)		1,949,049
Designated
special	reserve
fund			118,290			78,929		197,219
			2,457,267	785,056	(1,096,055)			2,146,268
			At				Gains and	At
			1 Apr 2019	Income	Expenditure	Transfers	losses 31 Mar 2020
			E	E	E	E	E	E
General	funds		2,230,780	832,986	(906,160)	181,371		2,338,977
Designated
spedal	reserve
fund			299,661			(181,371)		118,290
			2,530,441	832,986	(906,160)			2,457,267
Endowment		funds
			At				Gains and	At
			1 Apr 2020	Income	Expenditure	Transfers	losses 31 Mar 2021
			E	E	E	E	E	E
Expendable
endowment			22,0S0,453		(102,681)		7,334,7SO	29,282,522
			At				Gains and	At
			1 Apr 2019	Income	Expenditure	Transfers	losses 31 Mar 2020
			E	E	E	E	E	E
Expendable endowment			25I288,993		(102,473)		(3,136,067)	22,050,453

Analysis	ofnet a	ssets between funds
			Unrestricted	Endowment	Total Funds
			Funds	Funds	2021
				E	E
Tangible	fixed assets		440,229		440,229
Investments			592,836	29,309,544	29,902,380
Current	assets		1,121,106		1,121,106
Creditors	less than	1year	(7,903)	(27,022)	(34,925)
Net assets			2,146,268	29,282,522	31,428,790
			Unrestricted	Endowment	Total Funds
			Funds	Funds	2020
			E	E	E
Tangible fixed assets Investments			440,229 1,423,061	22,071,990	440,229 23,495,051
Current	assets		601,978		601,978
Creditors	less than	1year	(8,001)	(21,537)	(29,538)
Net assets			2,457,267	22,050,453	24,507,720

Anal	ysis	of	chan	ge	s in net debt
										At
						At	1	Apr 2020	Cash flows	31Mar	2021
								E	E		E
Cash	at	bank	and	in	hand			601,191	519,229	1,120,420