Company registration number.. 03053290 Charity registralion number.. 1046559 Boots Benevolent Fund Annual report and financial statements for the year ended 31 ALigusl 2024
Boots Benevolent Fund Contents Strategic report Trustees. and Directors. report Statement of Trustees. responsibilitles Independent auditorfs report Statement of financlal activities (incorporating the incorne and expenditure account) Balance sheet 10 Statement of Cash Flows 11 Notes to the flnanclal statements 12
Boots Benevolent Fund strategic report for the year ended 31 August 2024 The Trustees. ln prepaAng Ihls straglc r8pcl, have compled 1th $414c ofU Comparlles ALa 21X%. In a¢cordanee th sect1¢ 60 ofthe coMpar88ACt 2£, the Bools 8Vent Fund is exempl from ihe rerwlrem8nis ofthalAct to Inejude 'Limited" as part ol ils name. The Tfuslees 8re also the DirectOTS ol the Fu)d for th8 purFx)ses ofthe cle$A 2Cth. ThTwfvt the finan(ial stsiernents. they 11 be reletred lo as Trusl88S. Prlnclpal actjvltles The prfn¢lpal 8Ctivlty or the FU is Ihal ol a charity. 11 prowdes finandal assislan thrgh the gNing of grants lin the form ol c85h or sup8rmarkel vouchers) lo relieve finartlal hardship to qual110 eM)YeeS. lom)er employee5 and U)elr dePeentS. Ouriru FY23, Ihe Tru51ees had agr8ed, Ihat with effeel from 1 September 2(r23. the provisth of interest tree loans be suspended for an indefirli wl(NJ and Iherelore no Interest free loans were awarded durina the Irret finanual year. OblectlV85 and actlvltles forthe publlc benefit The objectives ol Ihe Fund are to relieve wverty anwsl and wowdts aSsisc? to eloYeeS Iheir deentS or immediat8 relatives of qualifying Boois companies wlhin Walgreens 800ts lIan. InG. or persons LY their d•pend8nts or imrllediai8 r8LqlNes wfv) havÈ at any time been employed by qU8llfylng Boois companie5 I' Redplenl'l. In the ¢(lexI of Ihe Fund. the RecipSent is UTKletslcx)d to Irthde empbyees and Iheir dependenls or immedlale relalwes, or persons Iheir depenIS or Immediai8 relal¢ves have 81 any time Len employed by (D9allng "Bools" c(xnpanies. The Fund regulatty undertakes adiviiles to raise 8w8reness of the Fund amongst Ihe IK)tential Reurents, irKJudin9 mentiLW of the Fund through the various empk>yee engagements. ApplKallons reCved are reMthv8d by a lun time ernoYee of Ihe Fund and d¢sbursed after appropriate appfoval. Tiu$tees of Ih8 Fund meet regularty to reeW th8 colledlon, investing and disbursemenl acliwties ol the FJrMI. Mor8 details around Ihe actN4bes of the tund during th8 year ar dls¢ussed In the Business r8vivw. athiev•n8nt8 arml w[nal SeCn. Publlc beneflt The Trustees have tomrlled $th thwr duty secl1$ 4 and 17 01 the Charilles Act 201110 have the regard to public benefil guKl8nce pubilshed by the Ctrkrily CommissK)n. The Trustees cr51der that the charitable purpose of Ihe Fund Is the preventh)n iy Telf of poverty. Thls purpose Is pursued through the prO$n ofgrants and supemiarket V0her5 to the benefit of ReryPt. Bu81nes3 revlew. achlevem&nt$ and perfomianetr Duri the year, the Tnjstees made awards in line wlh th8 Fuw¥J's Criieria a$ xcor¢firvJly suwxw18d Iho Re¢lentS with grants. supermarket vouchers, or hampers conlalning Boots producls. DecisnS to award grants and sarket v(x]thws up to the Ydllte of £1.$ are made by Ihe Fund Manaw. Grants In ex5 01 £1,500 are consider8d by thè Grants ComrrHttee aml rewire the arwoval of Iwo Trustees. ThÈ Trusl8es mollltor the su¢xess ol Il Fund by the finandal p&f(Thiance ¥ersus Ihe wor year. Tr key rfOrMancE m8triC5 tx)nsldered are funds rai58d and gianls issued. Income In the year was malnly from donallc)$ 8nd this. al(g wih ¢ther funthai$I actbmlies. goal inrA8 of £612.3[ In the year 12023., £886.1491. There were Th) prole$sK)nal or extemal fundralsers vsed. Employees of B(x)ts were encoww to slgn up fry wir¥J. whKh ras&l £40.367 in the ye8r12023.' £392181. Thls 15 Incbjded wthln In(x)me from donations. Th8 Fund received an irKowne of £44.96412023.. £31,084) frorn ils approved investment p)rtfdK). The Val of these investments Incteased by £115,697 12023.. e¢aSe of £4661, during th8 year. The Fund has nol any fresh inveslments dvring the y8ar {2023.' £280,000). Durlng the year. Ihe Fund aWdf4Jed 20312023: 238} granls and sup&mad(et vOudTS to the R•*lent 8MnI1 to £228.389 {2023.. E218.853 PrSn¢ipal risks and Uncertain$$ The Truste85 have reviewed the stfate9i¢, op8rati(ml and imjsiness iisks whh the Fund fa and have confimied Ihal there aTe 5uffident controls to mIgate tha signifi¢anl rL8ks. PeriLKlic reviews of the Fwmfs risks aThJ conlrols tak8 KAace lo ensure risk5 I11 be sUfflent ¢trolled. The Tru5lee5 eonslder th81 lh8 rbks uncertolnbe8 Ihat face tho Bo¢)ts Benevolent FLW)d dumg lh8 y8aF induded: Macroeconomlc and polltkal envlrnnnl. Includlng Cost of lfvlng crlsls Rlsk The impad of the rrent global cost pressures resulted in high inflation rates in th8 Uniled Kwdom 8nd gbbally which has also had an impacl on interest rates. This has been eXaceale{s by Ihe ongoDig c<Jnflict tWeen Russia and Ukralne. These faclixs have o)nlribuled to a Ix)st of livlNJ crisls within th8 Uniled Kingdom which COU see an increase N) applKations to the Fund (or grants and SupeMiae1 V0erS. as well as 8ftecting retums from investmerts. An impad may 8180 b8 5¢an on Ihe Furvys atmlity io meet its fundraising targ8ts. Arfltlgallon The cost of lfving $1$ has Thit caused a SIgfiCant Impact on Ihe Fund lo dale. The TteeS eonlknue to mormtor the have 8djusted thg financlal proieclltsns and forecasts f<K the year to 31 August 2025 as ap)ale.
Boots Benevolent Fund strategic report (continued) for the year ended 31 August 2024 Prlnc5pa1 rlsks and un¢ortalnt1é8 Icontlnuedl Insufllclent lunds Risk Ir6uffi¢ienl funds are received lo enabl8 Ihe FLThI to athieve ils slated obiedwes. Miligatton The Fund is rdi8nt on incorne ff¢Xn investments. dIatic and fUndraIng t{ty. The Trustees meet re9ularfy lo discuss fundraising plans aNI opwrtunitSes lo raise awareness of the Fund. The investment5 a rÈvi8wd on a quarterfy bas by Iho Trus¢ees and on an annual basis wth the CCLA Investment manager. Out of pollcy commllments Risk Commllments are made vJhKh do not fall within the slated aims ol the Fund. Miligalio Th8 Fund operate5 a pr(&8 in reviewing grwl apicalll ensuring the FuT¥ls G1Vk Criteria 15 rnet Pri to issuino thg grdnl or sup8rm8iket voUCr. InsuffiGien¢ awaleness Risk InsuffKient awarenèss of the Frjnd d¢$ noi altow it to re&h dMJiNe rr$t)n$ and thefOre prevents il le¥lg its Slat o14edlves. MlflgHÈlon The Fund UertakeS 8ignifirAnt wY)rk to arUr6 that all emp4oyee3 are are of Ihe Fuj Ihrovgh fundraising and awaTenBss rai51ng activit$ during the year pro19 guidancè CK) %th3t the Fund thès. how to dona18 lThf lo acSS in order to 8nsur8 Ihat th8 Furyj continue5 to m88l hs staled obleclives. Incorrèct books anil records Risk Th8 ÈM)oks records ofthe Fund aT8 nol wcpedy maintain8d. Alilig81ion Th8 books aryj rerdS are maint8ined by a luty qualif member 018 Profess&1 brAIy8nd are re1 regularty. The Straleglc reportwas aF4)roved by the Biid $Tred Tls behdf by: L Kr2emlnskl Tru51ee aThJ Dlrector 9 Dgcember 2024
Boots Benevolent Fund Trustees, and Directors, report for the year ended 31 August 2024 The Trusiees present theif annual Ttst9. and ThrecloTS' rerM)rt on th8 affairs of B(K)b Ben8volenl Fu¥¥J ftho Funtt). whh incOrpte$ the Strategic Repott on pages 1-2. together wilh the financial slalemenls and a(Klilorfs rew>rt foT th¢ year 8nd8d 31 Jgust 2024. The fina[f81 stalements bav8 been prepared in aCrdance wlh the pdlaes sel out In note 1 to Ihe financial slalemenls and comply wth the Charitls Trust Deed. th8 Charities Acl 2011 arml AccountitYJ and Reporting by Charities.. Slalement of Recommended plaCe ISORP - se¢ond edilK)n 20191 applicable lo charitss weparing thew fmaw815talennts in acdan wlh the Fvwn(xal ReFX)rting StandaTd 8ppll(xe in Ihe UK and Republic of Ireland IFRS 102). Professlonal Bdvlsers Auditor Deloitte LLP. Stalul(ryAuditoT. Abts House, 189 Abbay Street, Reading. RG1 3BD. Unlted Kingd Bankers w9nal Westminsler Bank. 1 City Square, Leth, LSI 2AL InVeStnt managers CCL& Inv6slnnt Managem1 Linited, Senator trk)L. 1 ANJgl L8. LO)mJL. EC4R 3A8 R8gistered ¢)Ifice & prinrypal I 1 Thane Road West. Nottingham, NG2 3AA Company reglslratlcm nUMr 03053} Charity reglstralion number 1046559 Structure, governance and management The Fund is a limited company wlhout share caplal, fThited by gLBrantee and registered in ErvJland 8nd Wdles. The liatility of 8 member In the evenl of the Fund being wound up whilst a mèmber. or wthin (8 year of asIng to a member. is not to 8xcee(J £1. 11 is reglstered with the Charity comrssion and rnu¥t Gn[Y wlh the CL¥npaniosAd and CharitEsAcl 2011. The Fund i8 governed by Ils memrandrn and Artides of AsSatIOn whiGh provides lor a fflinimum 013 Tm8te85 to a maximum of 20 Tru51ees. For Ihe year ended 31 Augusl 2024 the Chalr is Paula Bobbelt and th&e are 8 Trustees I[(11[¥ the Chalr. The Chair of Trusle8S together wbth the C(Hnpany Se¢Tet8ry is reswnsible for the induckn of any new Trustees. Truslee lThlv¢tion Invdves ralslng awareness of Trustees to their dulles and Te5ponsib'les uley both Charities ACA 2011 and the C1)mpanS Act 20( and emerglng regulatory issues as well as an introduction to the goveming dcvJnnts of th8 Fund and Ihe inlemal p(AKxs è(Icyted. New Trustèes reCve an Induction Pack in which coples ol the following 8re InLluded= the Fund's lalesl Annual re[t 8Th1acr1s.' the Fund's Intern govemiry dcKuments,' the Fund's Memotandum and Artides olAssotiats"on: and lh8 Charity Commisslon publicalions'The EssenlSal Truslee.. WTh8t You Need lo Knw. What You Need lo Do. and 'The Charlty G0Vemar CLyJ8.' Trustees are enCraged io review thè lalest d8V8k)Fwls in d)arily legIatiL aThJ rewlatI on th8 Charity COmnNs( website to mainlain Iheir unders¢andirvJ of the rde and ensure their effe('v8 perfomiarKe. Tnjslees are appolnted following reeommendath)Tr ty Ihe Trustees and the consenl ol Ihe Indivhlual prorx>sed. The sh811 then hold offi¢e unlll the next Annual General Meebng where they may be re-aptx)inled. In aCCordare ¥ith the Artides of Assouabon. al ea¢h general meeting after the first. L¥)e third of th8 Truslees are FAJt4"ecl to retwement by rotè.0n. shall retire from office and may Off thefflselves lor re-eleclion. The Trusteés recognise Ihat in reTht T8ewS ol tharily law. th8 Charity CommissK)n has stOpj short of speuty.ng a maximum 18nglh of Trustee tenure on Ihe basls thal all thartties are drfleient. How8ver. in more genèral lemis, it suggests Ihal Tnjstees 5trK)ukl not exceed thr88, thre8-year appoSntments In p)sL There are wrently no Trustees who have 8erbTd for than 9 years. Th8 Trustees meel no lèss Ihan four times a year to agree broad strategy aThJ areas of aciwiiy lor th8 Fund. review financial perfum8nce including the managem1 ol the funds wlhin inv8Stmenl and reserves teXt. conslder Ihe effi(xcy of Its ternal pdicie5. and revlew all appltIOnS apwoved under its d&l8Q8ted power& The Fund does rt hav8 direct empbyees. a day lo day basis tho FuThJ is man8ged by emttye8 of Boots Management Services. Fund Admlnislrator5 gre responsible IOT th8 inili81 assessrll8nl of ap[Aat)nS against th& Fund's GMr¥J Crtieria and elvJib18 applicat)n$ are passed lo th8 Fupd Manager and Trnstees based on the Fun(5s giant award prAicy. In a&lition, th8 Fund Manager ¢tr(InateS fi5ndraisin9 a¢liviliès, promotes the Fund and supwrts th the w0$10n of managernenl infrna00n. Going concern The finanual stalements have been prepared on a going tx4sis. In adopbng Ihe gokng c¢x)cem basls. the Tntslees have considered the ¢h8rilabl8 acliwlies and principal risks aThJ uncertaintles as set out vithin the Strategic rep(Yt. Th8 Fund generated nel incon bgforè gains1kn58es inveslm8nts of £329,560 (2023.. £405.5141. It has nel current assets ol £941,935 12023.. £812,375) and generated rx)&tive cash flows. Th8 charivs adlMit88 8re 8VCted to conlinve inlo ihe k¥8watrAe fvtLwa and for at108sI 12 month$ from approval of these finanGh41 Statents. The Trusle$s thntinue to rYK)nitor and res to the hiipact of Ihe cost of ciisls on Ihe Fvnd arNJ all avallable aclton5 have been laken lo [tect performa. Grants armj superrnatkel v(MJchers are subject to approval and are onty awarded from available ILands- the kvel ol grants and supemwrket vLwthers awarded can be attered in line vrith any variatxlty of Income from (kyHtKm.
Boots Benevolent Fund Trustees, and Directors. report {continued) for the year ended 31 August 2024 Golng concern l¢ontlnuedl Based on these lacls, the Trustees have assessed ihat the is no fflaterial uncetsinty surrounding the ctern of the Fund and Iheref(xe conslder that it will be a g)Ing f(x at leasl 12 nnthS from the dale of approval ol Ihese fjnandal statetnenis. Future developments In the forthcoming year. the Trustees ptan to Increase the aWareSS and aeSbility of the Fund based on feedback reiVed from engagemenl wih the Recipients. The Trustèes ho also pul together a plan of vamus fund raising actiwties 1hroughl Ihe year lo 8n9ag8 with donors and mainlain ¢)n8tk)ns to the Fund. The Twslees expecl donavons to 0)nnue from gNe as y(xTr eam and l(nJwlng actIleS lor the foreseeat4e future. Post balance sheet events There have been m significant even(s slnce Ihe balan sheet date lo the date olthi8 rep(Kt Ihal sh(MAd thange Ihe finanual p8rforrnarw. posllk)n and golng COnM trlusIOnS reFK>rted %ithin these finawal statements. Trustees The following served as Trustees during the year and to the dale of IhK% r S Alimahomad A Franas S Mody L Krzerninski H Morgan M G8rdneT P Bobbelt M Kirk E Vargas-Bro lappdnted 11th October20231 lapp(Mnted 11th Oclober 20231 (resign8d 27th J8 20241 As a part of Ihelr inducIn, th8 Trustees are briefed Iheir duti8s, aryj they can access prolessional athce on these elher frcm the Company Secretary or. rf théy judge necessary, from irKSepondent 1$(S f(w offective dischar9e of their duties. Remuneratlon olTrustees The Tw51ees recelved no reMUnerab lor their seceS dwir¥J the ar(2023.. £nli }. Relationships wlth related parties rjetails of transacliorts with relat pwlies gre sel J1 in note 16 to the finanaal statements. Financlal raview Th¢ Fund Ss dependenl on dalths from tuTh1r8isv. a(vibe8. cash fLwJnd in BLKAS st(, donaied seThi(xs from Bools UK Limited and Boots Managernent SeNE¢es LInled, gfve 8s you earn ¢knalions and In18reSt ils inv6slments. ThL% arMunted to £662,362 duriNJ the year {2023.. £919,235). There was an unrealised nel galn on Inveslmenl assets of £115.69712023.. loss of £4661. Over811 Ihe Fund reporled a net gain 01 £245.25712023.. £405.0481. AS a resulL tolal funds have Incieasd 12.2°A lo £2.262,W trotn £2.016.807. Th8 Trustees are satisfied with Ihe yearfs resull. however th8y arè awa that the cost of IrwNJ have an adv8ts8 lrnpact on the m8rket value of Inv8slrnenl8 and fundraisi Income and cujid lo an l<ease in grant aat11. Fundra151ng Th8 Tru51ee5 acknowledge wilh thanks Ihe t1onaln$ r1ved Ihroughtyjl Ihe year from al svpporters ofthe FU1. Significant fuTrds are generated Bemy Week, through sales of n*rchandk8e and organlsed ac1nile$. Parlkipalion in toth is always enliiely VOnIary and contlnues lo prove very wpujar. The Fund's JustGwiw p8ge available to ap[ ¢j8£ trom peOtt VillglY donate or who hava raised funds for and on behawof the Fund. In all areas of fundials1 adSwty, Ihe Fund is respIful n8V8r pr8SgJi585 aryLw lo make a thna. If the Fund oThJau6s wth wlnerable people, il Is In 8 particulady senliVe m8nnw. We comply wlh the UK General Data Protethon Reall)n aThJ do mt share aThl wer have shared cAJr Sup[WIerS {Jetal wllh any other charlly or bJsines& We have re¢xived no tomplaints in lerms of our fuThJraisino eff(rt. Reserves pollcy 11 Is the pollcy of the Fund to tnalnlain unre51itled funds at a 18vel suffident lo luifil (he Ikety otwlng oNigation8 ol the Fund, gNan Ihe CIpatsd fulure Income and level ol ¢harilaNe donalion5. ContingeY rese88 sIKxAd be avail&)le thal Ihe currenl b8vel of outgoi$ ean be maknlÈin8d even il fundraising should dech.ne Mi any given year.
Boots Benevolent Fund Trustees. and Directors. report (continued) for the year ended 31 August 2024 Rese@8 pollcy Icontlnuedl ShortlalllexG8ss olreserves In the evenl that the Fvnd is holdw lower reserves Ihan the poh slales. Ihe TTuslees ¥1 investigaie qil)ns for fundraising. Communlcalion alld promotion ol fundr&isltKJ wll also b8 inueased. In the event that the FurMI Ls h¥Jlw Teseryes Ihan the tmthcy stales the Trust8es will enn5ider oplh)ns lor increasing wlgcongs wthin the folh)vAng ye8F. These wll indude.. Incxeasing aware[$ of Ihe Fund to increas8 th8 number of Reciments: aj re@ng Ihe level and ty ol SUort gfven lo Recwrts. The Trustees have agreed that three bmes Ihe level of annual expenditure w)uld be a prudent lÈvel of re8eNe5. Thls has en set as Ihe TrLJsle88 have declded that this is a reasix)ab level to ensu that adeqvate 14Jnds are general and avallable io cover future donailons to thaf11ae Causes. Unrestricted funds al 31 August 2024 were £2,258,90912023.. £2.013,6521 vkni¢h was 4.2 times12023.. 3.9 times) annual expenditure. The Reserves Policy will be reved adjusted as nesSary on an annual bas¥s by the Twslees ol Ihe Fund, aongside lotasted fundr8ising and grants. The Trustees hava agreed thal awareness and oulgoings are an{pated to increase to align Ihe serveS wilh the p(AScy above. Investment polley The Fund retains its cash reserve5 in iftvtsstmenl fund5 managed by CCLA. The management of the Boots B8nevoienl Fund's funds has an objective lo provide reasonable Sncome and grovAh agalnsl Irflali. The Truslees 8re satisfied wth the perforrnance of thè Inv8siMeTTrt5. In aword88 wilh the Truslees, duties of tAre and wudence, the funds are managed by an 8Xternal spedallsl investnnt mBnager the Trustee5' behalf, Ihrough Ihe COIF Charity Funds. C(X)sideratn is given by the Truste85 lo the swal rOnMents1 and ethical ¢s%1e[al40n impacts of investrnenls, and Ihere has been a focus on investing in COIF Ethiral fuTKls in the financial year. The FurKI ptKttolio InlS in rK)oleil investment vehides are made up of assets which IT%ludè overseas equities. UK equit18s, propertyfinfrasl¥u¢ture. fixed interest and tash. perforrnance of the funds is MlIored quarterfy by Ihe Trustees. The Fund made a net unre81ised gain on investrnents in Ihe year of £115,69712023.' loss of £4661 due to a gain In Ihe capilal value of Ihe fund5. References to Straleglc raport Oelails of the Idlwng areas can found in the Stratey¢ teport and Ic¥m part of thls by cross-r8feren Objectlves an¢J acliwlies f the publ benefit lindyding publ benefil stslemenl) Allements a1 perf0mMe Audltor Pursuant 10 5487 01 the Comp3ni8s AGt 2(Y)6, DekMtt8 LLP r8 d88m8d to be wAxMnted and will therefw8 u)nlww8 in offi. Dlsclosure of lllfomiatlon to audltor The Trustees who hèld offKe at the dale ol apyoval ol this Ttees. and Dlrectors, reFX)rt confLrm thal, so lar as they &e each aware, thele is no relevant audit inloTrnalion ol which the Funds au¢Jitor is unaware, and each Trustee has ta all Ihe steps that Ihey ought lo have tsken as a Trusiee lo make themselves awao ol any r81wdnt audit information aThJ lo est8Nish Ihal the Fund's alitOr is aware of that informaiM. This conflrnialion is gwen skKJld be inlerweted In accordance wlh ihg PTrWSiL¥ts d s418 of lh8 Compar4esAct 2(M)6. The Trustees and directors reFth, rlUdIng the Slrategk rewl. wwe aprd by the B(ord and $•3n8d on its behall by.. L Kr18mlnski Trusl8e and Directc g December 2024 Registered offica.. 1 Thane Road West Nottingham NG2 3AA Reglstered In England and Waks 03053290 Charity Regtration No. 1046559
Boots Benevolent Fund statement of Trustees. responsibilities for the yoar ended 31 August 2024 The Tru51ees, who are also Diroclors of Boots Ben8volenl Fund f( the purposes of Company Law, a responsilA8 for prèparing the annual Trustees, and Directors, report and the financial slatemenls in 8CCL¥dance Vth applicab18 law 8nd UK Accounb"ThJ S18ndard5 IUK GenerdtyAc¢epled Accounting Pra¢{1). Including FRS 102'The Flnandal Repry Standard AK4)Ikable In the UK and RewL4i¢d Irel8n¢r. Company law reouires the Trvstees to p¢epare finan(xal statements lor eath finanixal year give a and lair view ot the stale of affairs ol the tharilable company and ol the incornlng resources and application ol resources. 1rU.nQ Irthtne anrj experKliluie ol Ihe c<xnpany lor th81 perK)d. In wepadng Ihese financial slalem8nts, Ihe Truste8s aro re4LRred to.. 88led suitable aC£oUnb pdKies aThJ then 8prly tM iy)n5iStenty. obSee the methods and ryinciple5 of Ihe CharitS SORP.. make judgemenis and esllrnaies thal are reasonable and [mJent. slate whether applical)le UK Alnng Stsndards have been l(Alowed. sut4eca to any maierial departures dlsdosed and explalned In th8 rinanaal s18lemenls', and prepar& the financial stalemeTrts on thè n9 corwn basks unless M Is Inapprowale to presun that the tharilable Comp8nywill Ix)nlnue In business. Tho Trustees are r8spon&ble for keeplTrJ adequal8 accounlitvJ records Ihal disdose with rea5(ad* atturacy 81 any time the financial position ol the charitable company and enable them lo ensure thai the fin3n¢lal stal8menls coMY wiu) the C(mpanies Acl 2006. They are dso respcms1b for saleguaidlng the assets ol the tharÈtat4e company hce f¢y t8knng re&8on8ble steps for lh8 prevention and detedon of fraud and other iffeoularitles.
Boots Benevolent Fund Independent auditor's report to the members of Boots Benevolent Fund Report on Èh8 audli of the Iln8nclalst8tement5 Oplnlon In our oplnlon the finandal slatements of Boots Benevdenl Fund lth8'ch8rilable Ix)rnpanYk ve 8 true and lair vW of the slate of the charilable companys affairs as at 31 August 2024 and of lis incxjmlng res(yJrces and applkallon of resouFces, Including ils Incor arKS experKliluie. for Ihe year then eNSed- have b88n properly prepared in accordance wilh United Kingdom Generalty A(xepled Accounlirwj Pracbce. in(Jdlng Flnandal Reportlng Standaril 102 Th Flnan¢ial Reporiing StarKlaTd app4ble in the UK and Republic of ITelarwf. and have been prepared in acwdancÉ wth Ihe requirernenls of the CompaniesAcl 2006. We have audlled lh8 financlal Statements whkh ¢(mPE= the statement of finanelal adiwlles IlncwraU Ihe InCc atxl eXndItre acc1).. the balance sheet., the slatemenl of eash Ik)ws'. the reLated notes 1 to 19. The financial reporting fram8vrk that ha5 apped in thr preparalion is applicable law and United Kins¥J Accounlino Standards. induding Fnancial Reportlng Slaard 102 "The FInanLY Repcdr¥J StandaTd applicaiAe in thtr LIK and Re1C of Ireland" (Unlied Klrgdom G8ner811y Accepted Aca)untlng Pra¢ll¢el. Basis for oplnlon We cduCted audil In accordance wth Intèmalkjnal Standards Authg IUKI IISAS (UKII and applicab law. OUT SpOnsI)lItIeS Und those slarKlards are furtherdescribed in the altaS responsibrfilies Ihe audit of th8 financial stalem)1$ Secti of our retx>rt. We are ind&p8nd8nt of Ihe charltalAe company vrith fv èthica re(¥Mrem8nts thal are rthwanl to ow 8u¢tht of the ly81 slatements In the UK, Indudiro Ihe Financial ReFY)rbro Councifs Illie'FRCs'1 Ethal Stsndard. and we h8ve fulfilled our other 8th81 r88pon8ibililies in acc(danc th these requlrornents. We lIeVe that the audit eVidee have oblaned is sufficienl and appropriate lo wovldo a basls for ouropinK)n. Concluslons rel8¢ing to going cortc•m In auditing the finanaal statements, we have cOncjd Ih8t the Trustees, Ltse of Ihe goirMJ ba5k% ol acc(yJNiThJ the prepara1 oft finanal si8temenls is apprc¥Jriate. Based on the work have performed, we ha not identifd ary mat181 uncertainties rati to events or condith)ns that. Individually or co118Ctwely, rTray ra51 sSgnificant dwbt on the charikble conwanls ability lo conlinu8 as a g¢ng o)nc8m for a P8riL%J of at tgasl twalvè monlhs from when the finanaal slalemenls are authori$8d for Issue. ourresn5lbll£eS the resFw)nSiItitt5 of VTnJstees with respecl to goiw (x)ncern are desi¥#Jed in ts relevant sectlons of thLs rerJ)rt. Olherinfomi8tion Th& other infomiation cornpd5es thÉ information indLwJgJ in the Trustees. and Dir8CtOT5' iepK)rt, other than Ihe financial Statements and our audiloffs rolWrt th8r8on. The Trustee5 8re r&$FM)nsib18 for the er infom)atits) conl&ned within the annual pOrt. Our onn fjhe finalloal statemonts does not Ver the other Infom)al¥)n and, 8xcepl io Ih8 extenl (thaN%ise exrAiraUy slated in Jr rew1. t)Dt 8x[@S8 any lom of 8ssuran¢a wnclusion Ihereon. Our stnsIbIl11Y is lo read the other infcThation and. Fft dolfto so. consider vthether the olhet Infonnalion is malerially Inconslslent wilh Ihe finanual st81emenls OT our knowledge obtained in the cour88 of the a11, or othermse appears lo malerally misslated. 11 we entIty sueh material irwn51slen¢ies or apparenl material misslatemenls. we are req[ed to delemiine vknether thi5 gives rtse to a material misslaternent in the fin8nu81 slatemonls themsèlves. If. based ijn the wod( we have perftxmed. cortthde that there is a material mSsslatetren¢ of Ihis other inforrn81ion. we are required to report that facl. We have nothlng to reFQrt In tli5 regard. Responslbllltlès of Tru$lees As explain8d more fully in the slalemenl ol Trustees. responsibhities. Ihe Trustees (who are also Ihe tlrectors of the charitable company for the purpose of cornpany lawl are responsitl8 for the preparation of th8 fina81 slaternents and for b8ing salisfied Ihèl they give a Iwe and fair w&w, 8nd for such inlemal conlrol as th8 Trustees detemiSne Is ne¢ess8ry to 8nable the Wepara1 of an(1 statemtrnts that a free from material mlssta16rn8nl. whether due to fraud CK errLY. In preparSng the finandal slalemenls. the Trustees aro re$r1e asse$51rwJ tho d)arilable rA)mp8ny's hbthty lo conJtw8 as 8 golng corern. disdosing, as ap[cae, mallers rdaled to wing concem and ng the going COnM basis of arLoUnn9 unless the Trustees either intend lo lmiutdale t1 ()aritable cc¥npany or to cease owaltons. or h8ve no iealistic aliemats.ve bJt lo do so. AudlloPs responsibllltl•s for the audil of Ihe financlal slatemenls Our ableclivès are lo oblaln reaSonae assurance atwtvthelher Ihe fina1 statements as a wkjle are free from malerlal misstatement. whether i8 to fraud or error. and to Issuts an gudilorfs report Ihat indudes our opinKJn. Reasork3lAe ass¢JrancÉ is a high levd of as5LTrllCè. bul Is not a guarante8 Ihal an audll conducted In accordance with ISAS IUKI wll alwdys deterj a malerial mk851atement when il exists. mstatementS can arf5e from fr8ud or error and are cong1ded malwlal if, IndivKlually In the aggr6gale. Ihey fA)uld reasonalty be exp8cled io Influence the 8o)nomlc deosions ol users taken on basls ol these financial ststernents. A further desuiption of cwr resp(S11111eS IOT a¢t rf Ihe finaal stalements is located on FRC'S webslte at.. ww.frc.org.ukl 8uditorsresponsibili118s. This descriplTon forffls part of ourautht(¢s POrt.
Boots Benevolent Fund Independent auditor's report {continued) to the members of Boots Benevolent Fund ExlenÉ lo whlch the audlt was consldered cop8ble of detecting ltregularltles. In¢ludlng ffraud Itregularities. including fraud, are instances of rw-cA)mpEidnce with tsws and regulath)ns. We design sxoc4dur8s in wth our reSp(sl185. ouuined atK)ve. to delecl malerial rnisstalemenls in iespect ol iiregulariiEs. Indud1 Iraud. The extent to our pri)cedufes are c8patAe of d8tecling Irregulari8$, indudiw fravd is detailed beh)w. We CL51dered Ihe naluTe of the charitable CL)tnpans iluSty aTrJ rfs ¢41T01 enmronmenl. and Teviewed the charilab18 ci)rnpanVs do¢ument&tlon ol their policies and procedures relating to fraud and c(mrAiance wlh laws and regulations. We also enquir8d of manaoem8nl and the Truste85 aboul their own Identlfication and assessment of Ihe iisks of wegut8rilies IrthJi Ihat are s(4r1¢ lo the charilable CA)nan1S bu51Tresg sector. We oblained an vnderstandlng of Ihe legal Yd regvlaw fraffle kn3l Ihe tha[lble nanY operales In, and IdentIfd the key 18WS 8nd regulations that.. had a direct ettect on Ihe delermination of material aM1ntS and disdosures In Ihe firTranLual slatements. These Included UK Companles Act and UK ChariliesAcl-. aTrJ do not have a direct effect on the finanLyal s1&temlS bul ojrnplkin wth may be fundam8ntal to Ihe th3rilabl8 companvs ability lo OP8rate orto avcAd a malerial pendly. These inclu¢Jed Charity CL¥nmBsion fcf England and wa (Charity Commission} ragulations. We di$ssed arrK)w the audil eroagemenl learn regardiThJ the corM)rtunitios and incsnlives that tnay tsxlsl vhlhin th8 gnIsatiOn for fraud an¢J ly)w and where fraud tnlght occur h th8 finand31 statements. As a result ol performing the above, we enlINed the greatest wlenlial foT frdLKI ornon<(mFdianc6wiU) laws and r8gulations In the fcllry•Ang area. and OUF prOdre9 perfamied lo address it are described b.. Wè ptssume a risk of material misstatement due to fraud in Venlle recognil)n vthith is related to the u)MtAelesS of donalK)n inme. To address this risk. rewewed Ihe TTU5tees' meeting mirwtÈs and bank slatements in the peri(MJ, and post year end records., and tested a 58mple of Income to supwrtlng 8Mdenea. to lesl vthether irKm had bean wowaldy indLS8d in thè fina181 statèments. In common wlth all audits under ISAS IUKI. we are also requKed lo p&l¢ym srIC procedures lo res lo the risk of mana9ement ov8thd8. In addressing the r4sk of fraud throuoh management overrKle of CltrOlS. we le51ed Ihe approwateness ol loumal eDlrie8 and other adjuslrnenl8-. assessed wh8lh the judgem8nts rrode in rnaking accountiry esbm31es are Indtive of a w)lential tsas- a1 ewdluated the buslnes5 ralknnale ol any Signifant transacllons thal ar8 Unusu Qf wtside nomial cwrse of bJ&ness. In addllk)n to the above, our prrKedures to respMd lo thè risks Mlentified induded Ihe l¢)HowThJ". re8wing financial staiernenl disdosures by te5b.ng to supp(Xi1 ¢JUMental?n lo a5SOSS KL9n< wlh pro610n$ of r818v8llt laws and regulations described as having a dlreci effect on the financial slaiemenis.. performing 8nalyUcal procedur&8 to 8entity any unusual or Unexed relalthships that may indiG8le risk5 of matemal mis8t8tem8nt dlw to fraud- eNuirirKJ of managemenl (x)nceming tUal w)11¢al litlqats( and daim, a1 In51ances of nOrp1[anee th laws and regulatl(M)s: and readlng nynutes of meekngs of ihose tharged wlh govemance. R8POrt on olherle9al8nd regulalory requlremnts Opinlons on otherm8ners pres¢rtbed by the Companles Act 2006 In our (yinion, based on Ihe work urhJertaken Ihe course of the Èudll-. the InlormatK)n given in the Twste8s' report, ¥thich includes Ihe str8tegk rw and Ihe Direcl(Ms' rewJrt prepared f[ the purposes of company law for Ihe financial yearf(x vthich ttre finaal saiements are prepared is C51ent th the finala1 s13t8menls.' and the strategic report and Dlredors. rep(Mt induded 1th1n lh8 Truslees, rewrt have been prepared in accordancewih applleable legal T8qUireMt8. In the liohl of Ihe knOedge and Understandi of the tharitatrAe company and ils environrTrenl obtained in the cours8 of the audit. we ho not Idenlified any Tn8lerial misstatements In th8 slraiegic rewrt or th¥ DecI1. report Includ1 withln Ihe TnJslee5' rep(¥t. Mat¢4rs on which we are required to report by excèprfon Under the Companies Ad 2006 we are required to rewxt In St of the fiAtoving rnatte rf. In our opin. adequat8 acc(wntlw records hava nol been kepl, relums adequale tyjr wdit hav8 not bea) re(%iv8d ffom ta)ches visited by us: or the fLnancial sialemenls are nol in agr86menl with Ihe a¢cnunling records and returns- or certain dlsclosures of Trustees. remun2r8tlon 5peofied bylaw are not made.. Of we have Aot received all the Inlormalion and explanati($ we require (or our audiL We have r¥)thiw to tep(%t wi respect ol these mattws. Use ofour roport This report is mad8 soldy to the tharilaile cunpanrfs rnembws, as a t, in accThdanc8 vMlh Chapter 3 of Part 16 of Ihe Companie5 Act 2006. Our audll work has b8en undertgken so Ihat wo mlght slate to th$ charitalAe companys memb8rs those matters aye Tequired lo stale to them In an audllors report and for no olher purpose. To the fulb8st extw)t permilted by law. we do not accept assume reSFKjribIlity lo anyone olhor than the ¢haritable clxnpany and Ihe charllabl6 companls members as a b(Nly. for our authl wk. for Ihis repLYt. Or( lh8 0[NThor we have fomi8d. Holen P8Tkins FCA (Senior Statutory auditor) For an6 on behalf of Deloille LLP slalul0ryAj1l0r Readlro, Unlled Klngdom 9 December2024
Boots Benevolent Fund Statement of financial activities (incorporating the income and expenditure account) for the year ended 31 August 2024 Unrestri¢ted Restrlcted 2024 2023 nd8 funds Total funds T(*al funds Notes Income from.. Dall$ Investments 612,306 50.056 662.362 612,306 50.056 662,362 886.149 33.086 919.235 Total income Expenditure on: Charilable acliwlles Raising funds Other {S24.2351 18,5041 1631 1532.8021 {524,2351 18,5041 1631 1532,8021 1503,8881 {9.8061 147} 1513.7211 Total exp8ndlture Nel income bèfore gains on investments 129.$60 129.560 405,514 Olh¢r recounlsed gainslllossèsl: Net unreaSed galnlllossl on investments 115,697 115,697 {466} Net movement in funds 245.257 245,257 405.048 Reconclllation of funds.. Total funds brought foTwdrd Net movement In funds for the year Total funds carried forward 1013.652 24S257 2,258.909 3.155 2,016,807 245,257 2,262,064 1.611.759 405,048 2.016.807 3.155 The movernent in lunds arises Irom iyj)tlnTrj Cwdlkns afyy trK4udes gairts aThJ losw recogni8ed in the ytsbr. All income and expenoilwe in 2024 and 2023 was attributab to unrestri¢t8d funds. Thè cOmpanng notes to the financial staltsments are an integral part ol the FurKI's finawl statne1)ts.
Boots Benevolent Fund Balance Sheet as al 31 August 2024 2024 2023 Notes Assets Flxed assets Investments 1,320,129 1,320,129 1.204,432 1.204.432 Current a5$ets Trade and other 1vable$ Cash and bank ba1CeS 127,622 821,842 949,464 64.676 757,385 822,061 10 Total assets 2,269.593 2.026,493 Current Ilabilities Trade and other aes 11 7,529 .529 9,686 9,686 Nel current assets 941.935 812.375 Tot81 as88ts loss cuffont Ilabllltles 2.262.064 2.016.607 Nét assets 2.262.064 2.016,807 Funds R8slricled funds Unrestrieted funds Total charlt 12. 13 13 3,155 2,258,909 2 262.064 3,155 2.013,652 2,016,807 su lus The &cornpanying notes to the finanaal statements aTe an integrd part of ihe Fund's finandal statements. Thè finanoal slaternents of Boots Benevolenl Fund lajmpany reglstraticl) nUMr 030532WJ. chartty rwstraticn number 10465591 were approv8d by the Board ofTrusiees and authlSed kn i5SL on 9 Decmber 2024. Tho finarKi81 statements signad its b9hfbY. L Krzernlnskl Truste8 and Director 9 Dermber 224 10
Boots Benevolent Fund statement of Cash Flows as al 31 August 2024 2024 2023 Notes Cash flows from operètlng actlvllles Net cash In operaling actlvltles 15 14,401 449.412 Cash flows from Investing actlvltles: DIdendS and interesl from Investmenis SO.056 33,086 {280.0001 1246,9141 Purchase ol Investments Net cash provld¢d by investing actlvities 50,056 Change In cash and cash equlvalents In the reportlng year Cash and cash equlvalents at the beglnning ttf the reportiny yéar Cash and ca$h èqulval8nts at th• end of the Teportlng year 64,457 202,498 554,887 757.385 821,842 10 757,385 11
Boots Benevolent Fund
Notes to the financial statements
fo¥ th8 year ended 31 August 2024
1. Material accountlng pollclès
The following Èccounling poliaes have teen applied (x)nsIs{ty In
Boots Benevolent Fund Notes to the financial statements (continued) for the year ended 31 August 2024 1. Materlal accountlng pollcles l¢ontlnuedl Expendbiure I¢oDtlnuèdl Grant5 fynd6d &¢fivity Grant5 funded Actiwly is payrnents made to Ihird partles in lh8 furihetance of Ihe ¢hariiaN8 01411Ve$ of Ihe Fu1 as staled in the Trustee8' and Dir8clor5' rep)rL Flnanclal In5tntments Finandal assets and finanoal 1k3bLes are re¢ognised ¥hn ts Fund becornes a party to the contraclual provisions ol the Instwmenl. Wl fin8nci81 assets and Ilabillties are I11181 measured al transaction pr {including tran5adlon toslsl, except for IIN)se finandal assels dassified as al lalr value through profrt or loss. which ar8 initially measured al lair value (whh 15 nOMllY the transa¢lion excluding Iransactk)n costs). unless the arrangemenl con51ilules a financing transadton. 11 arrangement CO511tU£eS a finan IranSadi. th8 ffiThancial asset or finathC4al Ilablllly is measured at Ihe present Wdlue ol the fulure payments discounted at 8 markel rale ol iTrter8St a rNlar 4Jebl inslntfflent. The Fund only flnandal awts and financaal Ilab111188 ol a klnd Ihal qualify 8s b85 fina81 knstnjments. 8¥$k financial inslruM8nls are Inilially recognised al tranStIOn value and subseqntIY measur8d at the se¢llnnt value. Inv8Stment$ Realis6é and unreaFsed gairts and losses are Included in Ihe statement ol fThrKial a(kn16es. Inveslmenls are stated at mathel wJlu8 al tl balanoe sheet dal8 and are derived frotll STveslment assets the United Kingdn. Ca8h at bank and In hand Casli al bank and cash Sn hand IndLwJes ¢ash and short term highty liqu¥J iwNestmeTrls wilh a short Thatuiity of t88 month5 or less from the dal8 of acquisllion or openlng of Ihe dewjsit or slmilar a(xounL Tayatlon The Fund is a r8gistered charity arKI has no Ilabilily for (woralM)n lax on its dIarita acibvilies under Corpordlk)n Tax Aci 2010 Ichaplers 2 and 3 of part ii, ctIOn 466 onwards) or SectlL¥1 256 01 Ihe Taxation ChargealAe Galns Act 1992. lo the ext&)t surpluses are applie(S lo As dwrilable purposes. Fund accountlng The Fund has varfous funds for vthich 115s reswnslkAe. whkh I1e separate dKscwJre. Theso are &8 lollows.. UnreslFKled fvnds Fund5 which are 8¥P8ndale at Ihe dis(xetii)n of Ihe Tnjstees in knrtherae of lh8 obje(Jfves of the Fund and whlth have not been designated forolheT PUIFKJ5es. Restii¢led Incom8 funds Donallons recelved which are earmarked by donor tr sp8cific purp¥)ses wthin Ihe over8H aim5 of Ihe Fund. The donation and incorne derivg from these funds wlll b8 US8d In acdan wlh the speclfK purposes. Furlher delall is gl¥6n In nole 12 of th¢ fina[81 stalemeTrts. 2. Critical accountlng judgemlnts and key sources of estsmalion uncertalnty In the application ol Ihe Fund's accounting p)li¢ies, are ebed in note 1. Ihe Truste8s are fequwed to mak6 judgements, eslimales and a55umplions about the carrying arunt$ ol assels and liabililes that aTe Tt wdli y apparent frorn other sources. The eslimales and associaled assumpt1c5 are b&s8d on histical ex1( rAh8rfatlors that are L¥Jn5vJgrod to ix relevant. Actual restffts rnay dsff8r from these eslimales. The eslimales arKI UNJerfwng 8ssurrytions are reVIeEd an ongoing basis. Re$lOn$ b) accnting e511tnales are recogn15ed In the pert( in which Ihe estlmate is revlsed il the revlsK)n allec only that period. u In the perlljd of the re$)n th Ilrture perithys If the revision affecls l)Dth oJrr¥nl and fvture r)(ts. The Twslees do not conslder there any criltcal judaem8nts or key sourc£s of eStw[tIcII unrtnty r8qulrhwJ disdoswe. 3. Incomè from donatlon5 An an8lysL8 of th8 Fur,$ VenUe Ss as f01lty'. 2024 2023 Donatn$ from 8mployees and others Conlribulion from Boots UK Llmiied {note 61 369,899 242,407 612,306 659,611 226,538 886.149 Income from donations ielates primarity to fundraIsi (xsh collectK)ns by ernpkjyees hl stores. as 11 as £40,36712023.. £39,218) fiom pa011 oiving. Thè donalions from emrdoyees others In 2023 induded a e off nYmouS IlonatKJn of £250,0(K) thich vas not repeated In 2024. 13
Boots Benevolent Fund Notes to the financial statements (continued) for the year ended 31 AugLbSt 2024 4. Investment Income 2024 2023 Interest reGalved from COIF Chari88 InveslMentA¢UJt Bank Interest 44.9£4 5,092 50,056 31.084 2,002 33.086 Expenditure on charltable aetlvltles The Fund's expendlture on charilaile act1vilS in the 12 monlhs to 31 August 2024 is rewesenled by. Granis funded actlvity {nota 71 Supportl goveTnarbce costs {not8 61 2024 Total Expenditure on d)arilabl8 activ$ 228,389 295.846 524,235 The year lo 31 Auousl 2023 Is rewesented by.. Supportl gOVean (x)sts Inole 61 Granls funded acli Inole 2023 Total Expendllure on ¢harllatAe aedwlles 218,853 285,015 503.868 6. Analysls ol support co818 and gowmance costs Expendilure on tharltable a¢tivilie5 indudes survort av governan costs of t295.84612023." £285.0151. Of this. f53,439 {2023-. £58.4771 rdat8S to costs IncWl dlredy by the FWKI and £242,407 (2023.. £226.5381 a nInlon kn klnd trom Bth)ts UK Lsmited for eA)sls il has inGurred on behalf of the FU1. Costs in ralalton lo Ih8 part time Fu1 Manager have been Lx)me by Bts Benev(lent Fund. The lotal supp¢%1 costs dIrllY Incurred by the Fund lor th58 servke wa8 £53.43912(Y23: £58.4TII whkh is incI]ed wilhin eXj71Ure ¢harit8tAe 8ctMiies. The audit fee was ffle by 800ls UK Limited and is induded as a th)n8ted serKe %Mlhin 8xpendilure on tharilable 8ctivities. The open m8rket vatue is eslimated al £5,00012023." £5,01. There are no lees payable to Ihe FurKI'5 authtor for nortr-audil serw¢8s12023.. £nill. Gov8mance cos15 of £5,000 12023.. £5,000) conssts ol the audit fee. rwslees. r8munerali(x7 8nd6xnSes The Trust885, or ary perCS CLffinected to them. have not r8C8Ned any muneration reImtMJrser1l ofexper)sg5 from the Fund (2023.. £nill. 7. Grants funded activlty 2024 2023 Miscellaneous gr8nts io reliTed and semng m0YesS expewkn(iNJ finant7al hard5h4) SupemiaTkel V0ChS 169,801 58,588 228,389 148.366 70.487 218.853 AM grants 0Tè made to Indlwthals or 3rd party ¢rynpanie5 in rttp8d ofthe aptdiranfs requlwernenls. 14
Boots Benevolent Fund Notes to the financial statements (continued> for the year ended 31 August 2024 Investm8nts 2024 2023 Fair vakte al beginning ol year Amounts inv6sted during (ho year Net wrealised galnlllossl on revak¢alhon Falrvalue at end of year 1.204,432 924,898 2,000 1466) 1,204,432 115.697 1,320,129 Hlstorlc cost al end of year 1,004.328 1,004.328 The Fund portfolio invests in pooled investment vehlths Nch are n7th up ol assets indude ovetseas Ul(Se$. UK equilles, txopertyl Infrastrlure, fixed interest bonds and Cash. 9. Trad8 and other re¢•lvabl8s: amounts falling due within ono y•ar 2024 2023 Amounts falling duè wlthln one year. Loans io Boots emyoyees Amounts due frotn Bwls UK Limiled A¢cEued InCrne 716 56,461 7,499 64.676 127.541 81 127.622 In the current and prior year, anTh)unls dtte frowTr Boots UK Limited a¥e Inlerest free and repayatrAe on demand.Accrued Income relaies to incixne generated through fundrdising aclivitses that remaI[d Outstaing 8s al 31 August 2024. O. Cash and bank balances 2024 2023 Dèposll accounts - COIF Gharitl88 Inv8slrnent Fund - Rese¥ve account Total cash and cash 8quivalents 524.474 297,368 821.842 479,510 277,875 757,385 The Reserv8 aCcnt 4)dudes £3,155 of restricted cash irb respect ol the TeStted fuwKIs. s8e Th)te 12. 11. Trad8 and other payabla8 2024 2023 Amoun¢s falling due wilhln one year. Grant award5 payable 7,529 7,529 9,686 9,686 Granl awards pay8ble iude anTh)unts due to aw)IKants Ihat le apwOV ws the year io 31 Aust 2024 but not pald unUI posl year end. 12. Re$trl¢ted funds Re51riGled funds represent gn amunl of monies owing to investtyB in th9 BoDls Employ88s' Sa*ings Fund which w8r8 Iransf8rr8d to the General Ban6volenl Fund when ¢h8 Salgs Fund was di8cA)ntinued. This ant was tr8nslerTed to the Fund (n 31 March 1997 Imjt is held in trusl and, as such. is N)1 available fdIstrIbUtKYn by Fund. Rest¢ted funds are he bank ac£wnts operated by the F1 (see 101. Inlerest rVed Irom Ihfjs acuAJnt É8 trealed as Ipcome of the Fund. 15
Boots Benevolent Fund Notes to the financial statements (continued) for the year ended 31 August 2024 13. Analysls of net assets between fund$ Fund balances at 31 A$1 2024 8Te represented by.. Restrlcted Unreslrl¢ted funds funds Total funds InvestwEnts 1.320,129 946.309 17,5291 3,155 2,258,909.05 1,320,129 949,464 17,5291 2.262.064 CUrnt assets 3.155 Current liabilities Totol n&1 asset8 The movement Sn funds relaling to unrealised gains is £115.69712(r23.' k)sses of £46fj1. Fund balances at 31 Augusl 2023 are represented by- Reslri¢led UnresliScled lunds funds Tolal funds Investnts Currenl assets 1,204,432 818,906 19.6861 2.013.652 1.204,432 822.061 19,6861 2.016.807 3,155 Current liabilltles TcAal net assets 3,1SS 14. EmFAoy¢• numbers and costs The Fund has no employees12023.' non81. 8nd Th) TTU5tee has r8t8ival any reTrration or re1mbU8m8nl of exp8ns8s fo their seryi¢es to th8 Fd duhng the ¢vrient or prior year. 15. Reconclllatlon of nel expendlture to net cash flows from operatlng actlvltles 2024 2023 Ne( incom8 for th8 rop)rtiNJ year Adjuslments f(Y'. Dfvidends, Interest and rents from Inveslmeni8 IlncreaseVdecTea$8 in debtors IDecreas8ifintt8as¢ in uedilors IGainllloss on investments Net ¢ash used In operatlng actlvllles 241257 405.048 150,0561 162,9461 12,157} {115.6971 14,401 133.0861 67.298 9,686 449.412 16. Relo¢ed partles Boots Benevolenl Fund Is a wholty d)arttatle ccmpany Witt Ihe Waiqfeens B(th AIIL4nce. In& Grp. Al cunp3nies wlthln the Group are a relaled party lo the Fund. Durlng the year. the Fund was d(78ted Seice5 to the walue of £242.407 {20ZJ: £226.5381 from a rel81 company, Boots UK LMnit8d la wholly owned 5ub5idiary wlhin lh8 Group). Intom8 fr(xn certain donalitins i8 (Al8Cted by B(KA5 UK Limited on behalf of the FUTYJ aThl available to lh8 Fund on dand. Th8 oulslanding balance du8 FrC BLxJts UK Linited as al 31 Augusl 2024 was £127.541 {31 Augus12023'. £56,461}. Amounts wlst8nding in ielallon to empkiyee loar as at 31 Augusl 2024 was £rhd {31 Aywsl2023.. £7161. 17. Post balance sheet evènts There haw b88n no swJr¥ficant events sir& lh8 baL8nce sheel date whith 5h(yJkJ rAfflsKlered fora prtyer underslaMlirvJ of these financial stalemenl5. 18. Commltments Al the balan sheet dat8. Ihere are no gnts to wl*th the Fd was ry)mnitted to makiry thal have rK)t lor P023.' non@ 16
Boots Benevolent Fund Notes to the financial statements (continued) for the year ended 31 August 2024 19. Ultlrnale parenl undertaklng The Fund has fio share ca181 and is lirniied by guaranlee of Ihe members. Ai 31 Augusl 2024, the Fund's immeijiale parent compani88 are Alliance Boots HoldSng5 Llmiled and Walgre8ns Bi)ots Aliance Services Limited, tK)th incOrTated in the Unfjted Kingik)m. The Fund's ulllmate parenl company and controlling party Is Walgreens B)S AlkIn. Ino. Walgreens 800ts Allwn¢e. Ino is also Ihe parent vrmlert2kn.ng of Ihe largest and smallesi group in which th8 Fund 15 consolidated. The Idated financAal stalemenls ol this Grow> are available from Ihe W8lgieens >Ots Alliance website at ww.walgreensboot5alliaH¢e.wn. WaIgen$ Bocts Aliance. In& Is Iworated in the Unlied St8le5 of Amerts. w)d Us VApa1 registered oific8 addr8S5 15 108 Wilmol Road. Deerfiekl, Illlnoi8, 60015.