| PAGE | |||||||
|---|---|---|---|---|---|---|---|
| Trustees' annual report (incorporating the |
director's | report) | |||||
| Independent | auditor's | report to | the members | ||||
| Statement of | financial | activities | (including | income and expenditure | account) | ||
| Statement of | financial | position | 12 | ||||
| Statement of | cash flows | 13 | |||||
| Notes to the | financial | statements | 14 |
| Reference | and administrative | and administrative | details | details | |||
|---|---|---|---|---|---|---|---|
| Registered | charity name | The Percy Bilton | Charity | ||||
| Charity registration | number | 1094720 | |||||
| Company | registration | ||||||
| number | (8529052 | ||||||
| Principal office and | |||||||
| registered | Bilton House | ||||||
| office | 7 Culmington | Road | |||||
| Ealing | |||||||
| London | |||||||
| W13 9NB | |||||||
| Mr 3 R Lee | |||||||
| Ms H Bilton | |||||||
| Ms K Lansdown | |||||||
| Mr C LSosna | |||||||
| Mr BChance | |||||||
| Company | secretary | Ms K Lansdown | |||||
| Auditor | BSGValentine | (UK) LLP | |||||
| Chartered Accountants |
S.Statutory | Auditor | |||||
| Lynton House | |||||||
| 7-12Tavistock | Square | ||||||
| London | |||||||
| WC1H 9BQ | |||||||
| Bankers | HSBC Bank PLC | ||||||
| 46The Broadway | |||||||
| London | |||||||
| W5 53R | |||||||
| Solicitors | Maples Teesdale | LLP | |||||
| 30 King Street | |||||||
| London | |||||||
| EC2V BEE |
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Endowment | |||||
| Note | funds f |
funds f |
Total funds f |
Total funds f |
||
| Income and endowments | ||||||
| Charitable activities |
3,508 | 3,508 | 1,045 | |||
| Investment income |
904,905 | 904,905 | 828,081 | |||
| Total income | 908,413 | 908,413 | 829,126 | |||
| Expenditure | ||||||
| Expenditure on raising funds: |
||||||
| Investment management |
costs | 7 | 51,602 | 51,601 | 103,168 | |
| Expenditure on charitable activities |
8,9 | 967,198 | — | 967,199 | 890,901 | |
| Total expenditure | 967,198 | 51,602 | 1,018,800 | 994,069 | ||
| Net losses/(gains) on investments |
12 | 2,308,974 | 2,308,974 | (1,560,080) | ||
| Net (expenditure)/income | and net | |||||
| movement in funds |
(58,785) | (2,360,576) | (2,419,361) | 1,395,137 | ||
| Reconciliation offunds | ||||||
| Total funds brought forward |
2,084,492 | 30,739,435 | 32,823,927 | 31,428,790 | ||
| Total funds carded forward | 2,025,707 | 28,378,859 | 30,404,566 | 32,823,927 |
| 31 | MARCH 2023 | ||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Note | |||||
| Fixed assets | |||||
| Tangible fixed assets |
16 | 440,229 | 440,229 | ||
| Investments | 17 | 29,583,756 | 31,677,338 | ||
| 30,023,985 | 32,117,567 | ||||
| Current assets | |||||
| Debtors | 18 | 611 | 960 | ||
| Cash at bank and in hand | 422,880 | 798,635 | |||
| 423,491 | 799,595 | ||||
| Creditors: amounts | falling due | ||||
| within one year | 19 | (42,910) | (93,235) | ||
| Net current assets | 380,581 | 706,360 | |||
| Total assets less current liabilities | 30,404,566 | 32,823,927 | |||
| Net assets | 30,404,566 | 32,823,927 | |||
| Funds ofthe charity | |||||
| Endowment funds |
28,378,859 | 30,739,435 | |||
| Unrestricted funds |
2,025,707 | 2,084,492 | |||
| Total charity funds | 21 | 30,404,566 | 32,823,927 |
| YEAR END | ED 31MARCH 2 | 023 | |
|---|---|---|---|
| 2023 | 2022 | ||
| f | f | ||
| Cash flows from operating activities |
|||
| Net (expenditure)/income | (2,419,361) | 1,395,137 | |
| Adjusts for: Net losses/(gains) on investments |
2,308,974 | (1,560,080) | |
| Dividends, interest and rents from investments |
(904,905) | (828,006) | |
| Other interest receivable and similar income |
(75) | ||
| Accrued expenses/(income) | 1,265 | (5,455) | |
| Changes in: | |||
| Trade and other debtors | 349 | (274) | |
| Trade and other creditors | (51,590) | 63,765 | |
| Cash generated from operations |
(1,065,268) | (934,988) | |
| Interest received | 75 | ||
| Net cash used in operating activities |
(1,065,268) | (934,913) | |
| Cash flows from investing activities |
|||
| Dividends, interest and rents from investments |
904,905 | 828,006 | |
| Purchases ofother investments | (5,462,481) | (15,924,243) | |
| Proceeds from sale ofother investments | 5,247,089 | 15,709,365 | |
| Net cash from investing activities |
689,513 | 613,128 | |
| Net decrease ln cash and cash equivalents | (375,755) | (321,785) | |
| Cash and cash equivalents at beginning |
ofyear | 798,635 | 1,120,420 |
| Cash and cash equivalents at end ofyear |
422,880 | 798,635 |
| 5. | Charitable | a | ctivities | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||||||
| Funds | 2023 | Funds | 2022 | ||||||
| f | E | f | f | ||||||
| Grants returned | 3,508 | 3,508 | 1,045 | 1,045 | |||||
| 6. | Investment | income | |||||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||||||
| Funds | 2023 | Funds | 2022 | ||||||
| E | E | f | |||||||
| Income from | listed investments | 904,905 | 904,905 | 828,006 | 828,006 | ||||
| Bank interest | receivable | 75 | 75 | ||||||
| 904,905 | 904,905 | 828,081 | 828,081 | ||||||
| 7. | Investment | management | costs | ||||||
| Endowment | Total Funds | Endowment | Total Funds | ||||||
| Funds | 2023 | Funds | 2022 | ||||||
| E | E | f | f | ||||||
| Investment | management | fees | 51,602 | 51,601 | 103,167 | 103,168 | |||
| 8. | Expenditure | on charitable | activities | by fund type | |||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||||||
| Funds | 2023 | Funds | 2022 | ||||||
| E | E | E | |||||||
| Grants payable | 844,723 | 844,723 | 772,808 | 772,808 | |||||
| Support costs | 122,475 | 122,476 | 118,094 | 118,093 | |||||
| 967,198 | 967,199 | 890,902 | 890,901 |
| 9. | Expenditure | on ch | aritable activities | by activity t | by activity t | ype | ||
|---|---|---|---|---|---|---|---|---|
| Grant | ||||||||
| funding | of | Total funds | Total fund | |||||
| activities f |
Support costs f |
2023 f |
2022 f |
|||||
| Grants payable | 844,723 | 844,723 | 772,808 | |||||
| Grant support | costs | 96,437 | 96,437 | 100,061 | ||||
| Governance costs |
26,039 | 26,039 | 18,032 | |||||
| 844,723 | 222,676 | 967,199 | 890,901 | |||||
| 10. | Analysis ofsupport | costs | ||||||
| Analysis of | ||||||||
| support costs f |
Total 2023 f |
Total 2022 f |
||||||
| Staff costs | 76,427 | 76,427 | 75,584 | |||||
| Premises | 14,452 | 14,452 | 16,579 | |||||
| General office | 5,558 | 5,558 | 7,898 | |||||
| Finance costs | 26,039 | 26,039 | 18,032 | |||||
| 122,476 | 122,476 | 118,093 | ||||||
| 11. | Analysis ofgrants | |||||||
| 2023 | 2022 | |||||||
| f | f | |||||||
| Grants to institutions | ||||||||
| Grants to institutions | 426,266 | 382,836 | ||||||
| Grants to Individuals | ||||||||
| Grants to individuals | 418,457 | 389,972 | ||||||
| Total grants | 844,723 | 772,808 | ||||||
| 12. | Net losses/(gains) | on investments | ||||||
| Endowment | Total Funds | Endowment | Total Funds | |||||
| Funds | 2023 | Funds | 2022 | |||||
| f | f | f | f | |||||
| Gains/(losses) | on listed investments | (2,308,974) | (2,308,974) | 1,560,080 | 1,560,080 | |||
| 13. | Auditors remuneration |
|||||||
| 2023 | 2022 | |||||||
| f | ||||||||
| Fees payable for the | audit ofthe financial | statements | 7,200 | 6,600 |
| Staff co | sts | ||||
|---|---|---|---|---|---|
| The total | staff costs and | employee | benefits for the reporting | period are analysed as |
follows: |
| 2023 | 2022 | ||||
| f | f | ||||
| Wages and salaries | 69,061 | 67,455 | |||
| Social security costs | 2,008 | 2,868 | |||
| Employer | contributions | to pension | plans | 5,357 | 5,261 |
| 76,426 | 75,584 |
| received by the trustees in either the current or p Tangible fixed assets |
revious year. | ||
|---|---|---|---|
| Freehold | |||
| buildings f |
Equipment f |
Total f |
|
| Cost | |||
| At 1April 2022 and 31March 2023 | 440,000 | 14,515 | 454,515 |
| Depreciation At 1April 2022 and 31March 2023 |
14,286 | 14,286 | |
| Carrying amount | |||
| At 31March 2023 | 440,000 | 229 | 440,229 |
| At 31March 2022 | 440,000 | 229 | 440,229 |
| Investments | |
|---|---|
| Listed | |
| investmentsf | |
| Cost or valuation | |
| At 1 April 2022 | 31,677,338 |
| Additions | 5,462,481 |
| Disposals | (5,247,089) |
| Fair value movements | (2,308,974) |
| At 31March 2023 | 29,583,756 |
| Carrying amount |
|
| At 31March 2023 | 29,583,756 |
| At 31March 2022 | 31,677,338 |
| 18. | Investments Debtors |
are state | d at quoted market prices. |
||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| E | |||||
| Prepayments | and accrued income | 611 | 611 | ||
| Other debtors | 349 | ||||
| 611 | 960 | ||||
| 19. | Creditors: amounts | falling due within one year | |||
| 2023 | 2022 | ||||
| f | E | ||||
| Trade creditors | 12,065 | 63,783 | |||
| Accruals and | deferred | income | 29,728 | 28,463 | |
| Other creditors | 1,117 | 989 | |||
| 42,910 | 93,235 |
| At | |||||||
|---|---|---|---|---|---|---|---|
| At | Gainsand | 31Mar 202 | |||||
| 1 Apr 2022 | Income | Expenditure | Transfers | losses | 3 | ||
| E | E | ||||||
| General | funds | 1,845,217 | 908,413 | (967,198) | 4,271 | 1,790,703 | |
| Designated | |||||||
| special | reserve | ||||||
| fund | 239,275 | (4,271) | 235,004 | ||||
| 2,084,492 | 908,413 | (967,198) | 2,025,707 | ||||
| At | |||||||
| At | Gains and | 31 Mar 202 | |||||
| 1 Apr 2021 f |
Income E |
Expenditure E |
Transfers f |
losses f |
2 E |
||
| General | funds | 1,949,049 | 829,126 | (890,902) | (42,056) | — | 1,845,217 |
| Designated | |||||||
| special | reserve | ||||||
| fund | 197,219 | 42,056 | 239,275 | ||||
| 2,146,268 | 829,126 | (890,902) | 2,084,492 | ||||
| Endowment | funds | ||||||
| At | |||||||
| At | Gains and | 31 Mar 202 | |||||
| 1Apr 2022 | Income | Expenditure f |
Transfers E |
losses | 3 E |
||
| Expendable | |||||||
| endowment | 30,739,435 | (51,602) | (2,308,974) | 28,378,859 | |||
| At | |||||||
| At | Gains and | 31Mar 202 | |||||
| 1 Apr 2021 E |
Income E |
Expenditure E |
Transfers | losses f |
2 | ||
| Expendable | |||||||
| endowment | 29„282,522 | (103,167) | 1,560,080 | 30,739,435 |
| Analysis ofnet a | ssets between fund | s | ||
|---|---|---|---|---|
| Unrestricted | Endowment | Total Funds | ||
| Funds | Funds | 2023 | ||
| f, | f | f | ||
| Tangible fixed assets | 440,229 | 440,229 | ||
| Investments | 1,186,265 | 28,397,491 | 29,583,756 | |
| Current assets | 423,491 | 423,491 | ||
| Creditors less than | 1year | (24,278) | (18,632) | (42,910) |
| Net assets | 2,025,707 | 28,378,859 | 30,404,566 | |
| Unrestricted | Endowment | Total Funds | ||
| Funds | Funds | 2022 | ||
| f | f | f | ||
| Tangible fixed assets | 440,229 | 440,229 | ||
| Investments | 916,336 | 30,761,002 | 31,677,338 | |
| Current assets | 799,595 | 799,595 | ||
| Creditors less than | 1year | (71,668) | (21,567) | (93,235) |
| Net assets | 2,084,492 | 30,739,435 | 32,823,927 |