COMPANY REGISTrATION NUMBER: 04529052 CHARrrY REGIsfRATION NUMBER: 1094720 THE PERCY BILTON CHARITY COMPANY UMtfED BY GUARANTEE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE PERCY BILTON CHARrrY COMPANY UMITED BY GUARAf4TEE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 PAGE Trustees, annual rep)rt (Inc¢xtM)ratlThJ the directorfs rqxrt) IndeperKÈnt audltorfs report to the members ststement of finandal actlvities (induding Sncome and experKlthre accwnt) 12 Ststement of finanaal positlon 13 Statement of cash fiows 14 Notes to the financlal statements 15
THE PERCY BILTON CHARrrY COMPANY LIMrrED BY GUARANTEE TRusfEES' ANNUAL REPORT (INCORPORATING THE DIREcfoR'S REPORT) YEAR ENDED 31 MARCH 2024 The trustees, who are a150 the dlrectors for the purposes of company law, present their pOrt and the financlal statements of the charlty for the year ended 31 March 2024. Refernnce and admlnistrative detslls Reglstered charlty name The Percy Bllton Charlty Charlty reglstration number 1094720 Company reglstratlon number 04529052 Prlnclpal office and Reglstered office Bllton House 7 Culmlngton Road Eallng London W13 9NB The trustees MrJRLee Ms H Bllton Ms K Lanthwn Mr C L Sosna Mr B Chan Company secretsry Ms K Lansdown Audltor TC Group Statutory Audltor Lynton House 7-12 Tavlstock Square London WCIH 9BQ Bankers HSBC Bank PLC 46 The Broadway London W5 5JR Solicitors maeS Teesdale LLP 30 Klng Strt London EC2V 8EE
THE PERCY BILTON CHARrrY COMPANY LIMrrED BY GUARANTEE TRusfEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) fcondnueé) YEAR ENDED 31 MARCH 2024 Strurturei governanrx and management The DIrtOrS, who are also the Trustees for the purpose of the Charltles Act 2011, present thelr annual report and audlted financlal statements for the financial year ended 31 March 2024. In this Rep)rt we refer to the Percy Bllton Charlty as "the Charlty" for the purpose of repJtlng on Its activities durlng the year. The Charity is a company Ilmlted by guarantee and Its govemlng document Is the memorandum and articles of association. The Charity's objects are to cary out actlvltles relatlng to the rellef of poverty, the advanment of educatlon and other exclusively charltable purposes in the U.K. Appolntment of New Trustees: When required, new Trustees wlll be appNJlnted by the Board of Trust In order to provlde the Board wlth the appropriate tsalan of expertlse and experfjen. They wlll be provlded wlth Informatlon about the Charlty and kept Informed of relevant developments In the chartty settor. Organlsatlonal structure: The Trustees vIeW thelr grant-maklng pollcles on a regular basts at least every five years, guldelines re publlshed on the Charfty's webslte at www.percyblltoncharlty.org.uk. The full Trustee Board meets quarterly to consider Large Grant applicatlons and to recelve pOrts from the sub-commlttees. The Small Grants and grants to Ir5vIdualS In Need programmes run throughout the year and an appllcatlon on be made at any tlme. Objertlves and actlvltles The Charlty's objects a the support of: older people chlldren or adults wlth leamlng or physlcal dlsablllties or mental health problems chlldren and young people who are sodally or educatlonally dlsadvantaged. The Dlrectors confirm that they had due regard to the guldance contalned In the Charlty Commlsslon's general guldance on publlc benefit when revlewing the Charlty's alms and objectlves and In plannlng futu actlvities and setting its grant-maklng pollcy. The Charlty carrles out these objects by maklng grants to reglstered charftles In the U.K. whose primary objectives match those of the Charitvs as stated ab¢)ve. The Charity also makes grants to Individuals in need In the following groups who are sponsored by local or health authorltles: older peOe on low Income chlldren or adults wlth physlcal or learnlng dlsabllltses or mental health problems. Revlew of actlvltles dur1ng the year: The Charity distributed a total of £911,452 whlth represents 1,778 grants (2023 £844,723, 1,666 grants) for the financial year ended 31st March 2024. Grants that were not drawn down by 31st Marth 2024 were retained in the deslgnated SFeclal reserve fund which at 31st March 2024 was £200,540 (2023: £235,004). The designated speclal resen fund represents grant offers whlch were not taken up by the end of the finandal year for reasons specific to each application. We contlnue to monltor arKI evaluate the use of grants by requestlng reports from tsneficiaries.
THE PERCY BILTON CHARrrY COMPANY LIMITED BY GUARANTEE TRusfEES' ANNUAL REPORT (INCORPORATING THE DIREcfoR'S REPORT) (¢ontinuad) YEAR ENDED 31 MARCH 2024 Achievements and performance The Charity's investment objectNe durlng the year was to achieve a reasonable long term overall retum wlth an emphasis on Income to meet the needs of current benefiaaries whllst preserving the real value of the capitsl in the long term to protect the Interests of future beneficlarles by iesting in a dlversified portfolio of listed investments and fixed interest securities at moderate risk. Grants to oryanisations The Charlty's fundlng prloritie5 a to support projects to provlde day centres, care homes, resplte care facillties, theltered houslng, Independent livlng accommodation, educational and recreatlonal facllltles f older peopEe and those wlth physical or learnlng disabilities or endurlng mental health problems, as well as educational and recreatlonal facilities or supported living schemes for disadvantaged young people. The Charity runs two programmes for organlsations, a main grants programme for larger donations and a small grants programme for donations of up to £750 aimed at helplng smaller organisations with immediate fijnding for equipment and furniture. A totsl of £483,108 (186 grdnts) was distributed to organlsations under both pr()3rammes during the year (2023: £426,266 - 168 grants). Grants to Individuals in Need The Individuals in Need programme asssts people who have a physical or learnlng dlsability, enduring mental health problems or a over 65 and are faciThJ financlal hardship. During the year under review the Charity paid grants totalling £428,344 - 1,592 grants (2023: £418,457 - 1,298 grants).
THE PERCY BILTON CHARrrY COMPANY LIMrrED BY GUARANTEE TRusfEES' ANNUAL REPORT (INCORPORATING THE DIREcfoR'S REPORT) (c<mtinued) YEAR ENDED 31 MARCH 2024 Finanaal and investment review The nRmorandum and article5 empower directors to invest in such investments, securltles or property as may be thought fit subjett to any conditions arKI consents imposed or required by law and subject to the terms in the memorandum and artICS. The Charity's governing d¢xument authorises the directors to delegate the investment dedslons to fund managers who invest and manage the Charitys funds at their d[stiOn. The expendable endowment from the Charlty's founder, Mr Percy Bilton, is investej in a balanced portfollo of equities and fixed Interest Instruments. The Investments are managed by Brewin Dolphln and Sarasin & Partners. At 31st March 2024 the Brewln Dolphln portft)lio value incIling cash was £21,903,831 (2023: £20,780,373). Over the year the InVestMts have increasa in value by £1,392,708. The income from the portfolio was £572,713 for the year (2023: £642,497). At 31st March 2024 the Sarasin & Partners portfollo value induding cash was £9,883,780 (2023: £9,141,388). The value of the investments has increased by £713,374 durlng the year. The income from the portfolio was £271,434 (2023: £262,408) ft)r the year. The total Incomlng resources were £846,538 for the fsnancial year (2023: £908,413). Net income for the year was £1,866.911 (2023: Net expendlture £2,419,361). Freehold Property The Charity owns and occuples a freehold Offi property In West London. Reserves policy The Board considers It prudent to have sufficlent cash erVeS and Ilquld assets to cover approved grants and anticipated expenditure. The reserve5 a detemiined wlth reference to the level of estlmated Income from the investment p)rtfolio and the budgeted amount of grants. The Charity considers appllcatlons throughout the year from organlsations and individuals and holding sufficient reseNes enabled the Charlty to give financial support on an ongoing and conslstent basis. At 31 March 2024 Charlty's free reserves amounted to £1,199,439 {2023: £1,350,703) in addltlon to designated reserves of £200.540 (2023: £235,004). Risk Management The Board carried out a review of the areas of potential major rlsks faclng the Charity arKI assessed their likelihood of Occurren and p)tentlal Impact. The key risk area Is seen to be the management of Investments. The Board are satisfied that appropriate controls are In pla to mltlgate those risks arKI protect the Charity's grant-makirg activities. The risk management p)licy is revlewed periodically. Plans for future perlods The Trustees plan to contlnue the grant-making attivities In future years provldlng supp)rt to appropriate beneficiaries. Trustees. responslbllttles statement The trustees, who are also directors for the pUoSe$ of company law, are restK)nsible for preparlng the trustees, report and the financial statements In accordan with at)pllcable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting PractiTr).
THE PERCY BILTON CHARrrY COMPANY UMrrED BY GUARANTEE TRusfEES' ANNUAL REPORT (INCORPORATING THE DIREcfoR'S REPORT) (contlnued) YEAR ENDED 31 MARCH 2024 Company law requires the charity trustees to prepare flnancial ststements for each year whlth glve a true and falr vlew of the state of affalrs of the charltable company and the Incomlng resources an appllcatlon of resources, Induding the income and expendlture, for that period. In prepartng these finanaal statements, the trustees are requlred to: select sultsble accountlng pdicles and then apply them conslstently; observe the methods and prfnclples In the appllcable Charftles SORP; make Judgments and accountlng estlmates that a asOnable and prudent. prepare the flnanclal ststements on the golng concern basls unless It Is Inapproprlate to presume that the charlty wlll continue In business. The trustees are responslble for keeplng adequate accounting records that are sufficlent to $lW and explaln the charlty's transactlons and dlxlose wSth reasonable accuracy at any tlme the finandal posltlon of the charlty and enable them to ensure that the financlal ststements comply wlth the Companles Act 2006. They are also spOnSIble for safeguardlng the assets of the charlty and hence for taklng asonable steps ft)r the preventlon and detectlon of fraud and other Irregularltles. Audltor Each of the persons who Is a trustee at the date of approval of thls report conflrms that: so far as they are aware, there Is no relevant audlt Informatlon of whlch the charlty's audltor Is unaware; and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audlt Snformatlon and to establlsh that the charlty's audltor Is aware of that Informatlon. The audltor Is deemed to have been re-appolnted In accordance wlth sethon 487 of the Companles Act 2006. Small company provisions Thls pOrt has been ppared In accordan wlth the provlslons appllcable to companles entltled to the small companles exemption.
THE PERCY BILTON CHARrrY COMPANY UMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIREcfoR'S REPORT) Icanth) YEAR ENDED 31 MARCH 2024 The trustees, annual report was approved on .1.1: .l.:.A..*........... and stgned on behalf of the board of MrJR Tnjstee
THE PERCY BILTON CHARrrY COMPANY LIMrrED BY GUARAiifEE INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF THE PERCY BILTON CHARrrY YEAR ENDED 31 MARCH 2024 Opinion We have audited ts finarla1 statements cl The Pwcy B11t( Charity (the 'd7aritV) for the year endal 31 March 2024 which comprise the statent of finandal activities (indLKJing income and expenditure account), statement of financkil ttic, Staternt of cash flows and the related notes, IndlIng a summary of slgnlficant accounting rK)lioes. The finanoal reporting framework that has been applied in their preparati is applicable law arKI United KI.jd0rn Accounting Standards, Induding FRS 102 The Financial Reporting Standard alICable in UK and Republic of Ireland (United Kingdom Generally Accepted AccountlrvJ Pract1). In our opinion the finandal statememts: give a true and falr view of the state of the charity's affairs as at 31 March 2024 and of Its Incomlng resour and appllcation of resour, indudiNJ its income and expenditure, for the year then ended; have been properly prepared In acc(Kthn wlth Unlted Klngdom Generally Accepted Accountlng Practlce; have been prepared In accordan wbth the reOulrants of the Companles Att 21J06 arKI the Charltles Act 2011. Basls for oplnlon We conducted our alt In accordan wlth IntematK)nal Stsndards on Audltlng (UK) (ISAS (UK)) and appllcable law. Our re¥K)nsibilities undtr those standards are further described In the audltorfs responslbllltles for the aLKlIt of the finanaal statements sectk)n of our rep. We a Independent of the charity Sn accordance wlth the ethical requirements that are relerfant to our audit of the finanoal statements In the UK, indudlng the FRC'S Ethical Standard, and we have ftjlfilled our other ethical responslbilities in accordan with these requirements. We belEve that the audit evidence V have obtalned is sUffint and approwiate to provlde a basis for our o[Mnl. Concluslons relatlng to golng concern In audltlng the flnanclal statements, we have conduded that the trustees, use of the going concern basls of acccAJntlng In the pparath)n of the finarKial ststements Is apwoprfate. Based on the work we have puforme(J, we have nrt IdtIfied any matslal unrtaIntleS relatlng to events or corKIIUons that, individually or collecttvdy, may cast sgnificant ¢Joubt on charitys ability to continue as a going concem for a cl at least twelve months when the finandal statements are authorised for issue. Our respjnsibillties and the reSPSIbIlItIeS of the tru&ees with re4Xt to golng Crn are described in the leVant sections of this repM)rt.
THE PERCY BILTON CHARITY COMPANY LIMrrED BY GUARANTEE INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF THE PERCY BILTON CHARrrY YEAR ENDED 31 MARCH 2024 Other infornialjon The other infomiation ComseS the infcrntion induded In the annual rep)rt, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other informatlon. Our opinion on the finanaal Statements does not cover the other Information and, eJcept to the extent otherwlse expliatty statsi In our repNt, we (b not express any form of assurance conclusion thereon. In connection wlth our audtt of the finandal Staternts, our responsibillty Is to other information and, in doing so, conslder whether other information is materially inconsistent with the financSal statements or our knowledge obtalned In the aLKlit or otherwi* appears to be materially mlsstated. If V identlfy such materlal IonSIstenC1eS or apparent materlal mlsstatements, we are required to determine whether there is a material misstatement in the finanaal statements or a material mlsstatement of the other information. If, based on the Wrk we have kErformed, we conclude that there Is a materfal missratement of this ottrEr inforniation, we a required to report that fact. We have nothlng to report In thls regard. Oplnlons on other matters prescrfbed by the C4xnpanles Art 2006 In our oplnlon, based on the work urxjtrtsken In the course of the audlt: the Infomiatlon glven In the tru#ees' port for the finarKlal year for whlch the financlal ststements are prepared Is constent vAth financlal ststema)ts' and the trust$, rert has been prepared In aCC(Kdan wlth applICat legal reqUIrnents. Matters on whlch we are requlred to report by exCeon In the light of ttE knowledge and understanding of the charlty Its emilronmt obtalned In the course of the audlt, we have rt Identlfied materral mi5Statements In the trusteeg rt. We have nothlng to report In reSpt of the following matters in rdation to whlch the Companies Act 2006 arKI the Charltles Att 2011 requlres us to reFy)rt to Sf, In wr oplnlon: adequate accounung rrdS have rK)t bn kepL or returns adequate for our aJIt have not been reIVed from branches not NlsSted by us; or the flnarKial stateffEnts are not in agreernt with the accountlrKJ records and retums. or certaln dlsclosures of trustees, reMUneratt( Stlfi by law are not made. or we have not recelved all the infomiation and explarkltlons we requi for our audlt; or the trustees Y not entitled to prepa the finarKlal ststements in accordan wlth the small companies reglme and take advantage of the small companies, exemptK)ns in preparing the directors, reFort and from the requirnent to prepare a strategic report.
THE PERCY BILTON CHARrrY COMPANY LIMrrED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PERCY BILTON CHARrrY (contlnuedj YEAR ENDED 31 MARCH 2024 Responslbllltles of trustees As explained MO fully In the trustees, responslbilitles statement, the trUStS (who are also the dlrectors for the purpo of company law) are responslble for the preparatlon of the financial statements and for being satlsfied that they give a true and fair view, and for such Intemal control as the trustees detennlne Is necessary to enable the preparatlon of flnanclal statements that are free from material misstatement, whether due to fraud or error. In txeparlng the finandal statsments, the trustees are responslble for assesslng the charlty's ablllty to contlnue as a going COnrn, dlscloslng, as appllcable, matters related to golng concern and uslng the golng conrn basls of accountlng unless the trustees elther Intend to Ilquldate the charlty or to cease operations, or have no reallstlc alternative but to do so. Audltor's responslbllltles for the audlt of the financial statements Our objectlves are to obtsln reasonable assuran about whether financlal ststements as a whole are free from materfal mlsstatement, whether due to fraud or error, and to Issue an audltor's report that Includes our oplnlon. Reasonable assuran Is a hlgh level of assuran, butls not a guarantee that an audlt conducted In accordan wlth ISAS (UK) wlll always detect a materlal mlsstatement when It exlsts. Mlsstatements can arlse from fraud or error and are consldered materSal If, Indlvldually or In the aggregate, they could reasonably be eXted to Influence the economlc declslons of users taken on the ba515 of these financlal statements. Irregularltles, Indudlng fraud, a Instances of non-compllance wlth laws and regulatlons. We deslgn procedures In Ilne wlth our SponSibl11t1es, outllned above, to detect materlal mlsstatements In respett of Irregularltles, Includlng fraud. The extent to which our procedures are capable of detectlng Irregularities, Includlng fraud Is detalled below: Extent to whlch the audlt was consldered capable of detectlng Irregularltles, Includlng fraud The objectlves of our audlL In respect to fraud, are: to Identlfy and assess the rlsks of materlal misstatement of the financlal ststements due to fraud; to obtaln suffident apprq)rlate audlt evlden regardlng the assessed rlsks of material mlsstatement due to fraud, through deslgnlng and implementlng appropriate spOnSe5. and to respond approprlately to fraud or suspected fraud Identlfled durlng the audit. However, the primary responslblllty for the preventlon and detectlon of fraud rests wlth b)th charged wlth governan of the entity and its management. Our approach was as follows: We identiftej areas of laws and regulatlons that could reasonably be expected to have a material effect on the financlal statements from our general commerclal and sertor experience, and through dlscusslon wlth the directors and other management (as required by auditing standards), and dlscussed wlth the dlrettots and other management the policies and procedures regarding complIan wlth laws and ula'0ns; We consKJered the legal and ulatOry frameworks dlrectly apICable to the financlal statements reporting framework (FRS 102, Charlties SORP FRS 102, Companles Act 2006 and the Charities Act 2011) and the levant tsx complIan regulats'ons in the UK; We consldered the natu of the Industry, the control environment and buslness performan, Includlng the key drlvers for managemenvs remuneratlon.
THE PERCY BILTON CHARrrY COMPANY LIMrrED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PERCY BILTON CHARrrY (L¥mtlnued) YEAR ENDED 31 MARCH 2024 We communlcataj identified laws and regulatlons throughout our team and remained alert to any Indlcatlons of non-complian throughout the audlt; We consldered the procedures and controls that the company has establlshed to address risks identified, or that otherwAse prevent, deter and detect fraud; and how senlor management monltors those programmes and controls. Based on thls understandlng deslgned our audlt procedures to Identlfy n0n-c0mpllan viith such laws and regulatlons. whe the rlsk was consldered to be hlgher, we performed audlt procedures to address each identlfied fraud risk. These procedures Induded: testlng manual Journals. revlewlng the financlal statement dlsclosures and testlng to supportlng documentation; performlng ana1Cal procedures; revlewlng mlnutes of trustee meetlngs. performlng approprlate testlng In respett of the rlsk of fraud In revenue agnItIon through a revlew of Investment Income p)rtS and bank recelpts; testlng the valldlty of grants payable ty agreelng to appllcatlons, underlylng purchases and authorlsatlon procedures; and enqulrlng of management; and were deslgned to provlde reasonable assurance that the flnanclal statements were free from fraud or error. Owing to the inherent Ilmltatlons of an audlt, there Is an unavoldable rlsk that we may not have detected some materlal mlsstatements In the financlal statements, even though we have properly planned and perfomied our audlt In accordance wlth audltlng standards. For example, the further MOVed non- compllance wlth laws and regulatlons (Irregularltles) Is from the events and transacdons reflected In the financlal statements, the less Ilkely the Inherently Ilmlted predureS requlred by audltlng standards would Identlfy It. The rfsk Is also greater regardlng Irregularltles occurrfng due to fraud rather than error, as fraud Involves Intentlonal concealment, forgery, colluslon, omlsslon or mlsrepresentauon. We are not responslble for preventlng non-compllance and cannot be expected to detect non-c0mp1lan wlth all laws and wulatlons, A further descrtptlon of our responsibilltles for the audlt of the finandal statements Is locat&1 on the Flnanclal Repjrtlng Council's webslte at Mvw.frc.org.uk/audltorsresponslbllltles. Thls descrlptlon forms part of our audltor s repjrt. io
THE PERCY BILTON CHARrrY COMPANY UMrrED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PERCY BILTON CHARrrY {ntinued) YEAR ENDED 31 MARCH 2024 Use of our report Thls repjrt Is made solely to the charity's members, as a bcdy, in accordan with section IH of the Charitles Att 2011 and regulatlons made under sectlon 154 of that Art. Our audit work has been undertaken so that we might state to the charitys members those matters we are required to state to them In an auditor's port and for no other purpose. To the fullest extent permitted by law, we do not acw or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit vlork, for thls repor( or for the oplnions we have formed. (G crt)R Gary All FCA (knior Statutory Audltor) For and on behalf of TC Group ststutory Auditor Lynton House 7-12 Tavistock Square London WCIH 9BQ li
THE PERCY BILTON CHARrrY COMPANY LIMITED BY GUARANTEE srATEMEKf OF FINANCIAL AcrIvrrIES (INCLUDING INCOME AND EXPENDrruRE ACCOUNT) YEAR ENDED 31 MARCH 2024 2024 Unrestrlcted Endowment funds funds Totsl funds Total funds 2023 Note Income and endowments Charitable activities Investment income 2,250 8H,288 846,538 2,250 844,288 846,538 3,508 904,905 908,413 Totsi income Expenditure Expenditure on raising funds: Investment management costs EXperltUre on charitable attivities Total expenditure (53,443) (53,443) (51,601) (1,032,266) (967,199) (53,443) (1,085,709) (1,018,800) 8,9 (1,032,266) (1,032,266) Net gainsl(bsses) on investments 12 2,106,082 2,106,082 (2,308,974) Net incomel(expenditure) and net movement in funds (185,728) 2,052,639 1,866,911 (2,419,361) Reconaliation of funds Totsl funds brought forward Total funds carried forward 2,025,707 28,378,859 30,404,566 32,823,927 1,839,979 30,431,498 32,271,477 30,404,566 The statement of finanaal attivities indudes all galns and losses recognlsed In the year. All income and expenditure derive from continuing activities. The notes on pages 15 to 23 forni part of these financlal statements. 12
THE PERCY BILTON CHARrrY COMPANY UMrrED BY GUARANTEE STATEMENT OF FINANCIAL POSITION 31 MARCH 2024 2024 2023 Flxed assets Tangible fixed assets Investments 16 17 440,229 31,557,481 31,997,710 440,229 29,583,756 30,023,985 Current assets Debtors Cash at bank and In hand 611 312,109 312,720 611 422,880 423,491 Credltorg: amounts falllng due wlthln one year Net current assets 19 (38,953) (42,910) 273,767 380,581 30,404,566 30,404,566 T¢)tsl assets less current Ilabllltles 32,271,477 32,271,477 Net assets Funds of the charlty Endowment funds Unrestrfcted funds 30,431,498 1,839,979 32,271,477 28,378,859 2,025,707 30,404,566 Total charlty funds 21 These financlal statements have been ppared In accordance wlth the provisions appllcable to companles subject to the small companles, reglme. Thes .11.. nanclal ststements were approved by the board of trustees and authorlsed for Issue on .lo.*, and are slgned on behalf of the board by: MrJRLee Tru Ms K Lansdown Trustee The notes on pages 15 to 23 form part of these financlal statements. 13
THE PERCY BILTON CHARrrY COMPANY LIMrrED BY GUARANTEE srATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating activitie5 Net income/(expenditure) 1,866,911 (2,419,361) Adjusthents for.. Net galns/(losses) on investments Dividends, interest and rents from Investrnents Other interest receivatrAe and slmllar IrKome Accrued expenses (2,106,082) 2,308,974 (844, 147) (904,905) (141) 196 1,265 anges in.. Trade and other debtors Trade and other creditors 349 (4,153) (51,590) (1,087,416) (1,065,268) Cash generated from operations interest recelved 141 Net ca4) used In operatlng actlvlties (1,087,275) (1,065,268) Cash flows from investing activities Dividends, interest and rents from Investments Purchases of other investments PeedS from sale of other inveStsn1ts 8+1,147 904,905 (6,062,392) (5,462,481) 6,194,749 5,247,089 976,504 689,513 Net cash from investing activlties Net decrease In cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equlvalents at end of yr (110,771) (375,755) 422,880 798,635 312,109 422,880 The notes on pages 15 to 23 forni part of these financial statements. 14-
THE PERCY BILTON CHARrrY COMPANY UMfTED BY GUARANTEE NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 31 MARCH 2024 General Infornmtion The charlty Is a publlc benefit entity and a prfvate company Ilmlted by guarantee, reglstered in England and Wales and a registered charity in England and Wales. The address of the reglstered Offl Is Bllton House, 7 Culmlngton Road, Eallng, London, W13 9NB. Statement of compliance These flnandal statements have been prepared In complIan wlth FRS 102, The Flnancial Reporting Standard applicable In the UK and the Republlc of Ireland,, the Statement of Recommended Pract1 appllcable to charltles preparlng thelr accounts In accordan wlth the Flnanclal Reportlng Stsndard appllcable In the UK and Republlc of Ireland (FRS 102) {CharltJes SORP (FRS 102)) and the Companles Act 2006. Accountlng pollcles Basls of preparatlon The financlal statements have been ppared on the hlstorlcal cost basls, as modffied by the revaluatlon of Investments measured at fair value through Income or expendlture. Golng concern The trustees have consldered the golng concem status of the Charlty and, based on contlnulng hlgh levels of Investment Income and the Ilquldlty of the Investment portfollo, have not Identlfied any materlal unrtaInty regardlng golng cOnrn. Judgements and key sourcqs of estlmatlon unc¢rtalnty The preparatlon of the flnanclal statements requlres management to make Judgements, estlmates and assumptlons that affect the amounts pOrted. These estlmates and Judgements a contlnually reviewed and are based on eXperfen and other factors, Includlng expeLtatlons of future events that are belleved to be reasonable under the clrcumstantrs. Fund accountlng Unrestricted funds are avallable for use at the dlscretion of the trustees to further any of the charlty's purposes. Designated fvnds a unrestrlcted fijnds earmarked by the trustees for partlcular future project or commitment. Restricted funds a subjected to restrlctlons on thelr expenditure declared by the donor or through the terms of an appeal, and fall into one of tsvo sub-classes: restrittal income funds or endowment funds. Is
THE PERCY BILTON CHARrrY COMPANY LIMITED BY GUARAKfEE NOTES TO THE FINANaAL STATEMENfs (cortIn) YEAR ENDED 31 MARCH 2024 Ac¢ount•ng policies fcmtbwedj Incomlng resources All IncomlrHJ resour are itKluded in the statement of financial actlvlties when entitlement has passed to the charlty; It Is wobable that ts nomIC beneffts asg)aated wlth the transaction will flow to the charfty and the amount can be rellatY measured. The followlng SFeclfic polioes a appll&J to parCUlar categorles of incorne: income from datIOnS or grants Is TOgnISed when there ts eVIde of entitlement to the gift, recelpt Is probable armd its amount can be mea9Jred rdiably. gaq Income Is recognlsed when rpt Is wobable and tttIernent Is estaulthed. Income from donated gLS Is measured at the falr value of the goods unless thls Is Impractkal to measure rellably, in whlch case the value Is derived from the cost to the donor or the esrnated resale value. Dorh2ted faolities and *rI1 are recognlsed in the accounts when recdved If the value can be reliably measur&l. No amounts a IndUd for the contrlbutlon of general volunteers. Income from contracts for trÉ supth of ser4lces Is recognlsed wlth the dellvery of the contracted serv1. Thls Is classlfled as unrestrlLted funds unless there Is a contrattual requirement to be spent on a partlcular purp)se and retumed If urspen¢ In whlch ca It may be regarded as restrlcted. Resources expended Expendlture Is recognised on an accruals basis as a Ilablllty Is Incurred. Expendlture Includes any VAT whlch cannot te fully recovered, and Is dassified under headlngs of statement of finandal actlvltles to whlth It relates: eXpendItu on ralslThJ funds Indudes the costs of all fundralsSng actlvltles, events, non- charltable trddlng acuvldes, and the sale of (k)nated goc expendlture on charltabte acuvltles Indudes all costs incurred by a charfty In undertaking actlvltles that further its charftable aims for the bat of Its beneficlarles, Includlng those support costs and costs rdating to the governan of the tharlty appOoned to charitable activiUes. other expendItU Indudes all experK1itU that Is nelthw rdatal to ralslng funds for the charlty nor part of Its expenditure on charitsbk activities. All costs are allcTrted to exFendlture categories reflectlng the U of the resource. Dlrect costs attrlItaNe to a single aCty are allocated directly to that actfvlty. Shared costs are apportioned between the acttS they contribute to on a reasonable, justifiable arKI consistent basis. 16
THE PERCY BILTON CHARrrY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL sfATEMENTS (contlnuedj YEAR ENDED 31 MARCH 2024 Accounttng policies (¢ontlnued) Tangible assets Tangible assets are initially recorded at cos¢ and subsequentty stated at cost less any accumulated depreciation and Impairment loss. Ary tanglble assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated deprÈriation and subsequent accumulated Impairment losses. Depreclation Detxeciatlon Is calculated so as to write off the cost or valuation of an asset, less its resldual value, over the uful economlc Ilfe of that ast as follows: Equipment 20 % stralght line Freehdd land Is not deprecrated. The trustees consid¥ that the disposal value of the freehold property is in excess of the deemed cost stated in the financial stateMts and thefOre any depreaation charge on the building would be Immaterial. Investments Llsted Investments a rneasu at fair value with changes in falr value being recognil In Income and expendlture. Impairment of fixed assets A review for Indicators of impairment is carrled out at each pOrtIng date, wlth trE recoverable amount being estimated where such indicators exlst. Where the carrylng value exceeds the recoverable amount, the asset is impaired accordingly. Prior Impalmients are also reviewed for possItAe reversal at each reportirvJ date. Flnanclal Instruments A flnanaal ast or a financlal Ilablllty Is recognlsed only when the tity become5 a party to the contractual provisions of the Instrument. BaC financial instruments are Initially recognid at the amount re1vable or payable indudlng any related transaction costs, unless the arrangement cor6tltutes a financlng transaction, whe it is recognised at the present value of the future payments discounted at a market rate of interest for a slmllar debt instrument. Current assets and current Ilablllties are subsequently measured at the cath or other cor61deratlon expected to be pald or received and not dlscountgj. Where Investments in shares or preferen Sha a publicly traded or thelr falr value can otheNi* be measured reliably, the investment is subsequently measured at fair value wlth thanges in falr value recognised In Income and expenditure. All other such investments are subsequently measured at cost less impairment. 17
THE PERCY BILTON CHARTrY COMPANY LIMrrED BY GUARAKfEE NOTES TO THE FINANCIAL STATEMENTS {¢ontinu YEAR ENDED 31 MARCH 2024 Accounting 1cleS (Conth) Defined contribution plans Contributions to defined contrilxrtion plans are rec(nISed as an expense In the pemd in which the relat&J sep41 is provided. Prepaid contributions are rec(wlsed as an asset to the extent that the prepayrnt will lead to a reduction in fLrtU payrnts a cash refund. Limited by guarantee The company is limited by guarant* The liatMIty of members is limited by the companvs Memorandum of Asso(iation to a not exc&thng £10 memLEr. Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Grants retumed 2,250 2,250 3,508 3,508 Investmnt income Unrestricted Total Funds Unrestritted Total Funds Funds 2024 Funds 2023 IrKome from listed invesknents Bank interest re1vable 844,147 141 844,147 141 904,905 904,905 84,288 844,288 904,905 904,905 Investment Managent costs EndOwt Total Funds Endowment Totsl Funds Funds 2024 Funds 2023 Investment ManageMt fees 53.443 53.443 51,602 51,601 8. Expendlture on charltable acbvibes by fund type Unrestrlcted Totsl Funds Unrestricted Total Funds FurKJs 2024 Funds 2023 Grants payab Support costs 911.452 120,814 1,032,266 911,452 120,814 844,723 122,475 967,198 844,723 122,476 967,199 1,032,266 18
THE PERCY BILTON CHARrrY COMPANY UMrrED BY GUARANTEE NOTES TO THE FINANaAL STATEMEKfs YEAR ENDED 31 MARCH 2024 9. Expendlture on charltable actlvltles by actlvlty type Grant fun(fing of activrties Sljprnrt costs Totsl funds 2024 Totsl fund 2023 Grants payable Grant SUPFx)rt costs GOVWnan costs 911.452 911.452 101.112 19,702 1,032.266 844.723 96.437 26.039 101.112 19,702 120,814 911,452 967,199 10. Analys1$ of Support cost• Analysls of support costs Totsl 2024 Total 2023 staff costs Premlses General offl Flnance costs 79,546 16,569 4,996 19,703 79,546 16,569 4,996 19,703 76,427 14,452 5,558 26,039 120,814 120.814 122,476 11. Analysls of grants 2024 2023 Grants to Instltutlons Grants to Instbtutions 483,108 426,266 Grants to Ondlvlduals Grants to Indfvlduals 428,344 911,452 418,457 844,723 Totsl grants 12. Nrt galnsl(losses) on Investn*nts Errflowment Total Funds Endowmert Total Funds Funds 2024 Fund5 2023 Galnsl(losses) on listed investMts 2,106,082 2,106,082 (2,308,974) (2.308,974) 13. Audltors remuneratoon 2024 2023 Fees payable for the audtt of the finarla1 ststemerts 8,000 7,200 19
THE PERCY BILTON CHARrrY COMPANY UMITED BY GUARANTEE 140TES TO THE FINANaAL sfATEMENTS (¢vnttsxj YEAR ENDED 31 MARCH 2024 14. Staff costs The total staff costs and emth benefits fcy the repiting Ftsiod are analysed as fdlows.. 2024 2023 Wages and salaries Sc(ial secunty costs Employer contributions to plans 71.866 2,081 5,600 69.061 2,008 5.357 79,547 76,426 average head count of empbyees duriTrJ the year was 2 (2023". 2). No emrloyee received anOyee benefits of more than £60,OIY) durirMJ ttE year (2023: Nil). 15. Trustee remuneration and expenses No remuneraUon other bts from ernnnt with the charity or a related entity were recaved by the trustees In ather the current or previous year. 16. Tangible fixed assets Freehold tlIdIngS Equipment Total Cost At l April 2023 and 31 Marth 2024 Depreciation At l April 2023 and 31 March 2024 Carrying amount At 31 March 2024 440,000 14,515 454,515 14,286 14.286 440.000 229 440,229 440,229 At 31 March 2023 440,0 229 17. Investments sted Investments Cost or valuation At l April 2023 Additions Disposa15 Fair value movements 29,583,756 6.062,392 (6,194,749) 2,106,082 31,557,481 At 31 March 2024 Carrying amount At 31 March 2024 31.557,481 At 31 March 2023 29,583,756 20
THE PERCY BILTON CHARrrY COMPANY UMrrED BY GUARANTEE NOTES TO THE FINANaAL sfATEMENfs (cortIn) YEAR ENDED 31 MARCH 2024 17. Investments (cont) All investments strn above are IEld at valuab'on. Flnandal assets held at falr value At 31 March 2024 the portfollo of Investments was invested as to 15.5% in fixed inter* 72.3% In equities, 3.1% In wopty, 7% Sn altematlve InVeStmt and 2.1% In (zsh. The historlcal (Dst of the Brthvln Dolphln p)rtfollo fed InteSt SrItIeS and equltle5 at 31 March 2024 was £19,436,336 (2023: £19,253,947). hlstorlcal cost of the Sarasln & Partners 0110 fixed Interest seoJrltles and equltles at 31 March 2023 was £10,036,917 (2023: £10.011,054). lnVestrnts are stated at quoted market wlce5. 18. Debtors 2024 2023 pyrnents arKI accrued Income 611 611 19. Credltors: amounts falllng due wlthln one year 2024 2023 Trade creditors Accruals and deferred Income Other credltors 6.642 29,924 2,387 38,953 12,065 29,728 1,117 42,910 20. Penslons and other post retlrement benefits Defined contrlbutlon plans The amount rec<Jgnlsed In Income or expltU as an eXpse In relaOn to defined contribution plans was £5,600 (2023: £5,357). 21
THE PERCY BILTON CHARrrY COMPANY UMXTED BY GUARAi¥fEE NOTES TO THE FXNANCIAL STATEMEfiTS (NeNd) YEAR ENDED 31 MARCH 2024 21. Anatysis of charitable funds Unrestricted funds Gains and losses 31 Mar 2024 l Apr 2023 Income Expenditure Trar General funds Deslgnated speclal reserve fund 1,790,703 846,538 (1,032,266) 34,464 1,639,439 235,004 (34,464) 200,540 1,839,979 2,025,707 846,538 (1,032,266) At l Apr 2022 Galns and losses 31 Mar 2023 IrKome EXp(Nture Transfers General funds Deslgnated special reserve fund 1,845,217 908,413 (967,198) 4,271 1,790,703 239,275 2,084,492 (4,271) 235,004 2,025,707 908,413 (%7,198) Endowment funds At l Apr 2023 Galns and losses 31 Mar 2024 Income Expendlture Transfexs Expendable 28,378,859 (53,443) 2,106,082 30,431,498 At l Apr 2022 Galns and losses 31 Mar 2023 Income EndItu Transfers Expendable 30,739,435 (51,602) (2,308,974) 28,378,859
THE PERCY BILTON CHARrrY COMPANY LIMrrED BY GUARANTEE NOTES TO THE FINANCIAL sfATEMEKfs fcontlnued) YEAR ENDED 31 MARCH 2024 22. Analysis of net assets between funds Unrestricted Endowment Total Fund5 Funds Funds 2024 Tanglble fixed assets Investments Current assets Crejjltors less than l year Net assets 440,229 +10,229 1,107,155 30,450,326 31,557,481 312,719 312,719 (20,124) (18,828) (38,952) 1,839,979 30,431,498 32,271,477 Unrestrlcted Endowment Total Funds Funds Funds 2023 Tanglble flxed a55ets Investments Current assets Credttors less than l year Net assets 440,229 440,229 1,186,265 28,397,491 29,583,756 423,491 423,491 (24,278) (18,632) (42,910) 2,025,707 28,378,859 30,404,566 Unrestricted funds are funds whlch the company can use In accordan wlth Its charltable objectlves and restrfcted funds are those whlch must be used In accordan wlth the donor's Inkntlons. The deslgnatej speclal reseNe fund contalns grants whlch have been condltlonally approved for payment by the Board of Dlrectors at the Balan Sheet date, but vthlch had not been finally apwoved or pald by 31 March 2024. Endowment funds represent an expendable endowment, the Income from whlch can be used In accordan wlth the companvs charltable objects. At the formatlon of the Percrf Bilton Company Umlted then known as the Percy Bllton Charlty, Mr Percy Bllton, the founder, endowed It wlth a parcel of shares In a property company that he also founded. These shares were sold In 1998 aThY, In accordance wlth the founder's wishes, were held as an expendable endowment In the form of Investments. These amounts have b*n held as an expendable endowment by the company sln they yre trarsferred on 4 Aprll 2003. 23. Aftalysls of changes In net debt At At l Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand 422,880 (110,771) 312,109 24. Related partles During the year a grant of £4,954 was pald to another charlty whtch has a common trustee.