Charity registration number 1094720 Company registration number 04529052 (England and Wales) THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION The trustees MrJRLee Ms H Bilton Ms K Lansdown Mr C Lsosna Mr B Chance Charity number 1094720 Company number 04529052 Registered office Bilton House 7 Culmington Road Ealing London W13 9NB Auditor TC Group Statutory Auditor Lynton House 7-12 Tavistock Square London WCIH 9BQ Bankers HSBC Bank PLC 46 The Broadway London W5 5JR Solicitors Maples Teesdale LLP 30 King Street London EC2V 8EE
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE CONTENTS Page Trustees, Report Independent auditor's report 7-10 Statement of financial activities li Statement of financial position 12 Notes to the financial statements 14-24
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report and financial statements for the year ended 31 March 2025. Introduction The Percy Bilton Charity was founded on 9th July 1962 by the late Percy Bilton originally to relieve poverty, advance education and other exclusively charitable purposes for the benefit of the community. Percy Bilton was an entrepreneur who in the 19205 and 1930s built up a group of successful property companies which in the 1970s was listed on the London Stock Exchange. He endowed the Charity with a substantial parcel of shares in Percy Bilton Limited, which later became Bilton plc. This investment was sold in 1998 and the proceeds invested in a diversified investment portfolio. During his lifetime, Percy Bilton took a keen personal interest in the activities of the Charity retaining his involvement until his death in 1982. The directors of the Charity, who are its trustees, have continued the Charity's activities but redefined the grant making policies over time to suit changing social and economic needs. The Charity now makes distributions in areas relating to older people, people with disabilities, enduring mental health problems and young people who are socially or educationally disadvantaged. Objectives and activities The Charity's objects are the support of- • older people • children or adults with learning or physical disabilities or mental health problems children and young people who are socially or educationally disadvantaged. The Directors confirm that they had due regard to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities and setting its grant-making policy. The Charity carries out these objects by making grants to registered charities in the U.K. whose primary objectives match those of the Charity's as stated above. The Charity also makes grants to individuals in need in the following groups who are sponsored by local or health authorities.. older people on low income children or adults with physical or learning disabilities or mental health problems. Review of activities during the year The Charity distributed a total of £899,100 which represents 1,952 grants {2024 - £911,452, 1,778 grants) for the financial year ended 31st March 2025. Grants that were not drawn down by 31st March 2025 were retained in the designated special reserve fund which at 31st March 2025 was £244,175 (2024: £200,540). The designated special reserve fund represents grant offers which were not taken up by the end of the financial year for reasons specific to each application. We continue to monitor and evaluate the use of grants by requesting reports from beneficiaries.
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance The Charity's investment objective during the year was to achieve a reasonable long term overall return with an emphasis on income to meet the needs of current beneficiaries whilst preserving the real value of the capital in the long term to protect the interests of future beneficiaries by investing in a diversified portfolio of listed investments and fixed interest securities at moderate risk. Over the course of the most recent year, the charity's investment assets delivered broadly in line with these objectives, generating a combination of income and capital growth sufficient to more than meet funding requirements. Whilst CPI inflation remains above the official Bank of England target level. the excess growth of the assets above total expenditure in this particular time period did not maintain the real value of the assets. This is to be expected as part of the charity's long term investment objective and performance was otherwise in line with expectations and correlated to peer group benchmarks for the underlying investment managers. The Charity'5 Strategy for meeting its charitable aims is to continue to make grants in the areas set out in its Objectives and Activities. The Trustees believe this has been achieved during the year through generally maintaining its level of grant-giving overall with a total distribution of £899,10012024- £911,452) and therefore deem its performance to be satisfactory. Grants to organisations The Charity's funding priorities are to support projects to provide day centres, care homes, respite care facilities, sheltered housing, independent living accommodation, educational and recreational facilities for older people and those with physical or learning disabilities or enduring mental health problems. as well as educational and recreational facilities or supported living schemes for disadvantaged young people. The Charity runs two programmes for organisations, a main grants programme for larger donations and a small grants programme for donations of up to £750 aimed at helping smaller organisations with immediate funding for equipment and furniture. A total of £408,212 1179 grants} was distributed to organisations under both programmes during the year12024.' £483.108- 186 grants). Grants to Individuals in Need The Individuals in Need programme assists people who have a physical or learning disability. enduring mental health problems or are over 65 and are facing financial hardship. During the year under review the Charity paid grants totalling £490,888- 1,773 grants {2024: £428,344- 1,592 grants).
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Financial and investment review The memorandum and articles empower directors to invest in such investments. securities or property as may be thought fit subject to any conditions and consents imposed or required by law and subject to the terms in the memorandum and articles. The Charity's governing document authorises the directors to delegate the investment decisions to fund managers who invest and manage the Charity's funds at their discretion. The Charity's Investment Committee are charged with agreeing a suitsble asset allocation strategy with the investment managers, which is set to achieve the overall Charity investment objective The Charity's assets should be diversified across a wide range of investments. Asset classes will normally include cash, bonds. global equities. property. alternative investments (including private equity, infrastructure and absolute return vehicles), commodities and any other asset that is deemed suitable for the Charity. The Trustees wish to adopt industry best practice and are committed to investing in a responsible manner. The Trustees expect the investment managers to integrate environmental. social and governance IESGI considerations into investment management processes and ownership practices. Individual investments may be excluded if perceived to conf lict with the Charity's purposes. The expendable endowment from the Charity's founder. Mr Percy Bilton. is invested in a balanced portfolio of equities and fixed interest instruments. The investments are managed by Brewin Dolphin and Sarasin & Partners. During the year the directors transferred £6,150,000 from the Brewin Dolphin portfolio to the Sarasin portfolio. At 31st March 2025 the Brewin Dolphin portfolio value including cash was £15.987,53312024'. £21.903,8311. Over the year the investments have increased in value by £404.988. The income from the portfolio was £473,858 for the year12024: £642,497). At 31st March 2025 the Sarasin & Partners portfolio value including cash was £16,099,101 12024: £9,883,780). The value of the investments has increased by £80.929 during the year. The income from the portfolio was £361,49712024: £271,434) for the year. The total incoming resources were £836.702 for the financial year12024: £846.5381. Net income for the year was £277,07512024: Net income £1,866,911). Freehold Property The Charity owns a freehold office property in West London, which serves at the company's registered office, and part of which is let at a peppercorn rent. Reserves policy The Board considers it prudent to have sufficient cash reserves and liquid assets to cover approved grants and anticipated expenditure. The reserves are determined with reference to the level of estimated income from the investment portfolio and the budgeted amount of grants. The Charity considers applications throughout the year from organisations and individuals and holding sufficient reserves enabled the Charity to give financi31 support on an ongoing and consistent basis. At 31 March 2025 the Charity's free reserves amounted to £982.024 (2024: £1.199.4391 in addition to designated reserves of £244,17512024: £200,540).
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT {INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Risk Management The Board carried out a review of the areas of potential major risks facing the Charity and assessed their likelihood of occurrence and potential impart. The key risk area is seen to be the management of investments. The Board are satisfied that appropriate controls are in place to mitigate those risks and protect the Charity's grant-making activities. The risk management policy is reviewed periodically. Plans for future periods The Trustees plan to continue the grant-making activities in future years providing support to appropriate beneficiaries. Structure. governance and management The Charity is a company limited by guarantee and its governing document is the memorandum and articles of association. The Charity's objects are to carry out activities relating to the relief of poverty, the advancement of education and other exclusively charitable purposes in the U.K. Appointment of trustees When required, new Trustees will be appointed by the Board of Trustees in order to provide the Board with the appropriate balance of expertise and experience. They will be provided with information about the Charity and kept informed of relevant developments in the charity sector. Organisational structure The Trustees review their grant-making policies on a regular basis at least every five years. guidelines are published on the Charity's website at www.percybiltoncharity-org.uk. The full Trustee Board meets quarterly to consider Large Grant applications and to receive reports from the sub-committees. The Small Grants and grants to Individuals in Need programmes run throughout the year and an application can be made at any time.
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Statement of trustees. responsibilities The trustees, who are also the directors of The Percy Bilton Charity for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for that year. In preparing these financial statements, the trustees are required to- select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent: and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the f inancial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor Each of the persons who is a trustee at the date of approval of this report confirms that: so far as they are aware. there is no relevant audit information of which the charity's auditor is unaware,. and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006. Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Disclosure of information to auditor Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit. but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. The trustees, report was approved by the board of trustees Trustees. Ms K Lansdown Trustee 0611012025 Date:.............................................
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PERCY BILTON CHARITY Opinion We have audited the financial statements of The Percy Bilton Charity (the 'charity'} for the year ended 31 March 2025 which comprise the ststement of financial activities. the statement of financial position. the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applict7ble in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilitie5 for the audit of thefinanciol statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE MEMBERS OF THE PERCY BILTON CHARITY Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit- the information given in the trustees, report for the financial year for which the financial statements are prepared, which includes the directors, report prepared for the purposes of company law. is consistent with the financial statements: and the director5, report included within the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit: or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explai ned more fully in the statement of trustees, responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE MEMBERS OF THE PERCY BILTON CHARITY Our approach was as follows- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the direttors and other management las required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations; We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework IFRS 102, Charities SORP FRS 102, Companies Act 2006 and the Charities Act 20111; We considered the nature of the industry. the control environment and business performance- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit; We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detett fraud; and how senior management monitors those programmes and controls. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals: reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; reviewing minutes of trustee meetings- performing appropriate testing in respect of the risk of fraud in revenue recognition through a review of investment income reports and bank receipts- testing the validity of grants payable by agreeing to applications, underlying purchases and authorisation procedures- and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements. even though we have properly planned and performed our audit in accordance with auditing standards. For example. the further removed non-compliance with laws and regulations lirregularitiesl is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. A further description of our responsibilities is available on the Financial Reporting Council's website at: httPS:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the company's members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company's members those matters we are required to State to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE MEMBERS OF THE PERCY BILTON CHARITY Gary Allen FCA (Senior Statutory Auditor) for and on behalf of TC Group 0611012025 Statutory Auditor Lynton House 7-12 Tavistock Square London WCIH 9BQ
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Endowment funds funds 2025 2025 Total Unrestricted Endowment funds funds 2024 2024 Totsl 2025 2024 Notes Income from: Charitable activities Investment income 1,000 835.702 1,000 835.702 2,250 844,288 2,250 844,288 Total income 836.702 836.702 846,538 846,538 Expenditure on: Raising f unds: Investment management costs Charitable activities 35,062 35,062 1,010,482 53,443 53,443 1,032,266 1,010,482 1,032,266 Total expenditure 1,010,482 35,062 1,045,544 1,032,266 53,443 1,085,709 Net gains1llossesl on investments io 485,917 485.917 2,106,082 2,106,082 Net income/(Èxpenditure) and movement in funds 1173.780) 450,855 277.075 (185.728) 2.052.639 1,866,911 Reconciliation of funds: Fund balances at l April 2024 1,839,979 30,431,498 32,271,477 2,025,707 28,378,859 30,404,566 Fund balances at 31 March 2025 1,666,199 30,882,353 32,548,552 1,839,979 30,431,498 32,271,477 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 14 to 24 form part of these financial statements.
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL POSITION AS AT31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets Investments 12 440,229 31,770.040 440,229 31,557,481 13 32,210,269 31,997,710 Current a55ets Debtors Cash at bank and in hand 14 611 415.761 611 312,109 416.372 312,720 Creditors: amounts falling due within one year 15 (78,089) {38,9531 Net current assets 338,283 273,767 Total assets less current liabilities 32,548,552 32,271,477 Net assets excluding pension liability 32,548,552 32,271,477 The funds of the charity Endowment funds Unrestricted funds 17 30,882,353 1,666,199 30,431,498 1,839,979 32,548,552 32,271,477 The notes on pages 14 to 24 form part of these financial statements. 0611012025 The financial statements were approved by the trustees on . Ms K Lansdown Trustee Company registration number 04529052 (England and Wales)
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operating artivities Cash absorbed by operations 22 {1,005,4081 {1,087,4161 Investing activities Purchase of investments Proceeds from disposal of investments Investment income received (10,686.377) 10,959.735 835.702 16,062,392) 6,194,749 844,288 Net cash generated from investing activities 1,109,060 976,645 Net cash used in financing activities Net increase/ldecrease) in cash and cash equivalent5 103.652 {110,7711 Cash and cash equivalents at beginning of year 312.109 422,880 Cash and cash equivalents at end of year 415,761 312,109 The notes on pages 14 to 24 form part of these financial statements.
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity information The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Bilton House, 7 Culmington Road, Ealing, London, W13 9NB. 1.1 Accounting convention The financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102,1 and the Charities SORP Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective l January 20191. The is a Public Benefit Entity as defined by FRS 102. 1.2 Going toncern The trustees have considered the going concern status of the Charity and. based on continuing high levels of investment income and the liquidity of the investment portfolio, have not identified any material uncertainty regarding going concern. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial Statements. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statement5. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably. and it is probable that income will be received. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity- The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity- Direct costs attributable to single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use.
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting polities (Continued) 1.6 Tangible fixed assets Tangible f ixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Equipment 2(fA straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset. and is recognised in the statement of financial activities. 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/lexpenditure) for the year. Transaction costs are expensed as incurred. 1.8 Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). 1.9 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Bosicfinoncial ossets Basic financial assets are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Where investments in shares and are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure.
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) Basicfinonciul liabilities Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. 1.10 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.11 Limited by guarantee The company is limited by guarantee. The liability of members is limited by the company's Memorandum of Association to a sum not exceeding £10 per member. Income from charitable artivities Unrestricted funds 2025 Unrestricted funds 2024 Grants returned 1,000 2,250 Income from investments Unrestrirted Unrestricted funds funds 2025 2024 Income from listed investments Interest receivable 835,355 347 844,147 141 835,702 844,288
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on raising funds Endowment Endowment funds fund5 2025 2024 Investment management fees 35,062 53,443 Expenditure on charitable activities Grants payable 2025 Grants payable 2024 Support costs Staff costs Premises General office 80.692 9.538 4.486 79,547 16,568 4,996 94,716 ioi,iii Grant funding of activities (see note 6) 899.100 911,452 Share of support and governance costs (see note ) Governance 16,666 19,703 1,010,482 1,032,266 Analysis by fund Unrestricted funds 1,010,482 1,032,266 Grants payable Grants payable 2025 Grants payable 2024 Grants to institutions Grants to individuals 408.212 490.888 483,108 428,344 899.100 911,452
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Grants payable (Continued) During the period the charity made 179 grants to organisations. as described in the trustee's report. The maximum grant given to any one organisation was approximately £8,000. Auditor'5 remuneration Fees payable to the charity's auditor and associates: 2025 2024 For audit services Audit of the financial statements of the charity 6,500 6,000 For other services All other non-audit services 7,500 7,500 Trustees No remuneration or other benefits from employment with the charity or a related entity were received by the trustees in either the current or previous year. Employees The average monthly number of employees during the year was: 2025 Number 2024 Number Employment Costs 2025 2024 Wages and salaries Social security Costs Other pension costs 72.859 2,177 5.656 71,866 2,081 5,600 80.692 79,547 There were no employees whose annual remuneration was more than £60,00012024: Nil).
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Gains and losses on investments Endowment Endowment funds funds 2025 2024 Gains/llosses) arising on: Revaluation of investments 485.917 2,106,082 11 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 12 Tangible fixed assets Freehold land and buildings Equipment Total Cost At l April 2024 440,000 14,515 454,515 At 31 March 2025 440,0 14,515 454,515 Depreciation and impairment At l April 2024 14.286 14,286 At 31 March 2025 14,286 14,286 Carrying amount At 31 March 2025 440,0(K) 229 440,229 At 31 March 2024 440,0(X) 229 440,229
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Fixed asset investments Listed inve5tment5 C05t or valuation At l April 2024 Additions Valuation changes Disposals 31,557,481 10,686,377 485,917 {10,959,7351 At 31 March 2025 31,770,040 Carrying amount At 31 March 2025 31,770,040 At 31 March 2024 31,557,481 All investments shown above are held at valuation. Financial a55et5 held at fair value At 31 March 2025 the portfolio of investments was invested as to 13.4Y.12024: 15.5%) in fixed interest, 70.1%12024- 72.3%) in equities, 3.3%12024.. 3.1%) in property, 8% {2024- 7%) in alternative investments and 5.3% {2024: 2.1%) in cash and other liquid assets. The historical cost of the Brewin Dolphin portfolio fixed interest securities and equities at 31 March 2025 was £14,182,591 {2024: £19,436,336). The historical cost of the Sarasin & Partners portfolio fixed interest securities and equities at 31 March 2025 was £16,179,236 {2024: £10,036,917). Investments are stated at quoted market prices. 14 Debtors 2025 2024 Amounts falling due within one year: Prepayments and accrued income 611 611
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Creditors: amounts falling due within one year 2025 2024 Trade creditors Other creditors Accruals and deferred income 47,022 5,022 26,045 6,642 2,387 29,924 78,089 38,953 16 Retirement benefit schemes 2025 2024 Defined contribution schemes Charge to profit or105s in respect of defined contribution schemes 5.656 5,600 17 Endowment funds Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund. At l April 2024 Resources expended Gains and At 31 March Ios5e5 2025 Expendable endowment 30.431.498 (35.0621 485,917 30,882,353 Previous year: At l April 2023 Resources expended Gains and At 31 March losses 2024 Expendable endowment 28,378,859 (53,4431 2,106,082 30,431,498
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Unrestrirted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At l April 2024 Incoming resources Resources expended Transfers At 31 March 2025 General funds Designated special reserve fund 1,639,439 836,702 {1,010,4821 (43,6351 1,422,024 200.540 43,635 244,175 1,839,979 836,702 {1,010,4821 1,666,199 Previous year: At l April 2023 Incoming resources Re50urce5 expended Transfer5 At 31 March 2024 General funds Designated speci31 reserve fund 1.790,703 846.538 {1.032,2661 34.464 1,639,439 235,004 (34,4641 200,540 2,025,707 846,538 {1,032,2661 1,839,979 19 Analysis of net assets between funds Unre5trirted Endowment funds funds Total 2025 2025 2025 At 31 March 2025: Tangible assets Investments Current assets/lliabilities} 440.229 873,138 352,832 440,229 31,770,040 338,283 30,896,902 {14,5491 1,666,199 30,882,353 32,548,552
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Analysis of net assets between funds (Continued) Unrestricted Endowment funds funds 2024 2024 Total 2024 At 31 March 2024: Tangible assets Investments Current assets/lliabilities} 440,229 1,107,155 292,595 440,229 31,557,481 273,767 30,450,326 {18,8281 1,839,979 30,431,498 32,271,477 Unrestricted funds are funds which the company can use in accordance with its charitable objectives and restricted funds are those which must be used in accordance with the donor's intentions. The designated special reserve fund contains grants which have been conditionally approved for payment by the Board of Directors at the Balance Sheet date. but which had not been finally approved or paid by 31 March 2025. Endowment funds represent an expendable endowment. the income from which can be used in accordance with the company's charitable objects. At the formation of the Percy Bilton Company Limited then known as the Percy Bilton Charity, Mr Percy Bilton. the founder. endowed it with a parcel of shares in a property company that he also founded. These shares were sold in 1998 and, in accordance with the founder's wishes, were held as an expendable endowment in the form of investments. These amounts have been held as an expendable endowment by the company since they were transferred on 4 April 2003. 20 Events after the reporting date Following the year end the charity has received a donation of £605,000 from The Mary Minet Trust. 21 Related party transactions During the prior year a grant of £6.000 {2024: £4.9541 was paid to another charity which has a common trustee.
THE PERCY BILTON CHARITY COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 22 Cash generated from operations 2025 2024 Surplus for the year 277,075 1,866,911 Adjustments for: Investment income recognised in statement of financial activities Fair value gains and losses on investments {835,7021 (844,2881 (485,9171 {2,106,0821 Movements in working capital- Incre3se/ldecreasel in creditors 39,136 13,9571 Cash absorbed by operations 11,005,408) {1,087,4161 23 Analysis of changes in net funds At l April 2024 Cash flows At 31 March 2025 Cash at bank and in hand 312,109 103,652 415,761 312.109 103,652 415,761