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