Company regislralion number.. 03053290 Charity regislralion number., 1046559 Boots Benevolent Fund Annual report and financial statements for the year ended 31 August 2025
Boots Benevolent Fund Contents Stratègic report Truste8s' and Dlrectors. report Statement of Trustèes. responsibilltles Independent audilorfs report Statèmenl of financial activities Iln¢orporating the income and expendlture account) Balance Sheet 10 statement of cash flows 11 Notes to the financial statements 12
Boots Benevolenl Fund strategic report for the year ended 31 Augusl 2025 The Truslees, In praparfng ihls Slraieglc rapori, have eortpllèd wllh $414¢of the Companies Act 2(M)6. In auor(lance ryth Sedion 60 01 the CompaniesAct 2006, Ihe Boots B8nevdenl Fynd I'the Fund'l Is èxempl from Ihe requliernenls of ihal Aci 10 Sndude "Llm1ted as parf of ils name. The Trugtee5 8r8 also th& Dlr8ctors ol the Fund for the purposas oflhe CompanlesAcl 2006. Through1 the flnan¢Sal slelempnts, Ihey will be r8ferred lo as fruslees. 28 Augusl 202Jf Sycamow Partner¥ comtAeied lis acquls511on ol w>reen$ Boots Alliance InG.. From Ihls dale, The B(M)k Group LlmNtsd l°Ih8 Gioup") be¢8me Ih8 ullimalo p2r61)I Company and conlrallin9 party Ihe Fund. The change in ownership doès t)ot allect the operalions ylnGlpal actwilies of Ihe Fund. Th& prlnclpal aclivaly of Iha Fund Is Ih81 of 8 charity. 11 prowdes financltl assl518n Ihraugh the giving ol grants 1Sn the form of cash or surmtet voueheysl to relieve Ia¢s87 hardship io qualilying employees, f([ner employees 8nd Iheir depeTrdentS. Oblectlves and activitie8 for tha publlc benÈllt The obleclive8 of Ihe Fund arB lo relieve poverty amongst and asslslance lo employees and Iheir dependanls or Immedial& relailves of qualilying Botsl% conipanies wilhin The Boots Group Limiled. The Fund also asslst8 OPle (including their dependen or Immedlale relelivesl who have al any ilme been empbyed byqualifyin9 8001$ r.ompanies I'lhe Reapienl.). In Ihts eonlexl ol Ihe Fund, Ilie Recipi8nls ¥a current emFloyees. their depènd6nLs. mmediale rdgllves or pr£vious omployees who have been employed by qiJalifWng 'gools' companies al any Ilme. Ikir dependents OT Immodlalo rtrlallves. Tli• Fund ragularly undertakes aclbAls lo raise ewareness of the Fund 8mongsl potenlial reciyenls. includlw r&f6rence lo the Fund Uirough various smployeo engagements by holding 8ve.nl$ ¥1 the Cornpany's pretnises, and promolion81 ealivilies Bnd offering otportunilles for employees lo b8com6 Invdv8d wllh Ie$¢ events. Appllcèiions r8¢elved ar8 revlewed by a pari lime Manager ol the Fund and disbursed afltr approprfale approv81. Tru51ees of the Fund meet regularly lo [&&W tm collocilon, Investing and disbur8Èmanl 2clfvllles of the Fund. More details arourKJ th8 8rJlvlls of the Fund dufing the ye8r are dlseu5sed in th8 BUneSS ew, achkverwnls and pgrfomiance secllon. Publlc benefit The Trustees h8va compllÈd wSih Ihalr duly In seclbns 4 and 17 01 th8 Charllle8 Acl 2011 lo have due ragard ts) public benenl guidance published by th8 Charily Commission. The charitabltr purpose of the Fund is the prevention or reliel of povorty. This puipose is pursued Ihrou9h lh8 provBion of granis and supenn8ikel vouchers lo the b&nefiioI the Recipienl,The Truste8s aré confidènt Ihal the breadih and scope ol the work ofihe Ch4rily. as disclosed ill Ihis Report, clearly f811swithin the gukJellna8 sel in Secb'on 17 af the 2011 Charlli&s ACL Busln8ss r•vl8w, achlevgments and pèrformancé During the year. the TruskÈ$ madtr awards Ilna wllh the Funds GivlNJ Cilleda and a)rdInglY suworted lh8 RécipSenls grants. SLpermatk81 vouchers, or hamr8 containlng Bo¢rts preducts. Dedslons award gran15 sup8rmarkel vouchers up lo the value of £1,500 are by the Fund Manag8r. Granis in exc4ss of £1,500 ar6 consldartd by the Gr8nts CommlNa& and requlro Ihe aptKoval ol two Tru51e8s. The Truslees monilLY the succesg of th8 Fund by CorIden9 the ftnanclaS p8rformance versu5 the pr[ year. Tha key perfomiarKe metrlcs considered are funds ralsed and grants issued. IntomÈ In the year was mainly frcr donallons and this. along wilh olh&r fundraIr actDlrties. generaled income of £655.413 in the yegr 12024: £612,306]. Th8re were no professlunal orexlernal fundraisers used. EMOYeeS of Dools were encouraged lo up for payroll giwng, whkh 181s8d £36.595 In the year12024.. £40,367). TNS Is Irduded withlry hcome from doaon$. The Fund received an Income of £46,06212024.' £44.9fj41 Irijm lis approved inveslmenl fn)rtlollo. Tlie value of thes8 InSImlS1nCreSed by £73.798 12024.. Increase of £11S.6971, dUnll the ytrar. The Fund Invested a fumher £110,000 durifjg the year12024.. £nlll whl¢h was P8rtlally offset by the la value Ios5&s of £36.20212024'. gain of £115,697). Dudng tho year, Ihg Fund awarded 23112024.. 2031 granis and supermaikd vouch8rs lo the beneficiarie5 amounting 10 £277.74412024.. £228.3801. Principal rlsks and uncertalntleB The Twslees have revEwed the sirtleolo, operatron81 and buslnès8 rlsks vA)kh the Fulld f8¢es 2nd Conrml Ihal there aro sufficlenl corrd5 to ligale the significant ri%ks. Periodlc ongoino rewews of Ihe Fur.5 risks 8nd controls lake pl8ce to en$urg riskswl b8 suffiuenllyContrle. Th&Tru8tees nserthat thè prfncjpal risks gnd uncerfainbes thai fac8 Boots B8ne¥olenl Fund durin9 the year induded.. Al8Groeconomle andpolltlcal envlronment, Inoluding co&tolllvlng crlsls Risk The Smpad ol currenl global ¢osl pressures resulted In high Infiallon rates in Ihe United Kingd( and globally vJhich h8s a0 hBd an Impscl on niaresl rates. ThLs has eXarb¥1ed by th8 ongoing 0b81 confll¢l. These factors hav8 conlribuled lo a ¢osl of living crisis wilhin thé Urtled Klngdom which could tsetr sn In¢r08se In app1icaliLYkS lo lh8 Fund for granlg and sur[rnarkel V(XJGh8rs, as wdl 88 sftecling returns from invesiments. An impa¢1 may 8150 be seen on Ihe Fund abilily lo meet ils fundraisin9 largeis. Milwllon The cost of living crfsls has not caused a svJnrficani impaci on the Fund to dale. The Trustees conllnL to MlIOr Ihe siluati(Ni and have ahjsled the financ1 projection8 and loa81S forthe yearlo 31 Avgusi 2026 as approtKiale.
Boots Benevolent Fund strategic report (continued) for the year ended 31 Augusl 2025 Prlnelplll rfsks arbd uncertainties ltontlnuedl Insufficlenl lunds Ri.8k Insutfieienl fund5 are recelved loènatAe the Fund 1¢ achieve its slated objÉdwÈ8. klillg811on The Fund Is rellant on Inc9 fr(xn Snvaslments, don21ion5 and fundraisliig 2¢lrrflly. Th& Tru81ees meel regulaTly to discuss lundralsiny pkans and opportunities to raise aw8MèSS 4)f th8 Fund. The inveslmenls are revlewed on a quarterfy basls by Ihe Trustees and on an annual basls 1h the CCLA Snveslrnenl manager. Out ofpollcy comfftllm&nts Rksk Cormilmenls are madè whlch do not f811 lhI tho slated aims of the Fund. k1lflg8lll Th8 Fund operales a rigorous prttess In raVIn9 9ranl application5 en5uriry th8 Fund's Glvlng Crilerfa is rnel pri(Y lo issuing Ihe grant or sup6miarket Jcher. Insuffl¢lenl awareness Risk In$utfjd8nl woranass ofihe Fund doès rti allow 51 lo reach eligille persons and therefor8 prevenis It ach4 Ils staled objecbves. kthllg81ion The Fund uNJertakes 5paniliGanl WOTk lo ensure Ihal all employees gre made awar8 01 ffta Fth)d Ihrouoh funLlral81w and awareness ralslng adthl8 during the year promding guKlallce on Fund does. hjw lo dongle and how lo accÈss Sn order lo SUre Ihal Ihe Gontiwes lo m881 Its slated oblectlves. Incorr8ctl>ooks re¢or(ts RNsk The books and records ol the Fund are not propfrdy melntahed. ttgèllon Th8 bwks and records gre rnaIntBIn by a fully quallflad men)ber of a profesOn2j accountlng bodyand are revbwgd regularly. Th8 Siraleglc report Was approved bythe Board and signed on 114 behglf by.. H Mor9an T[Ut and DTrrector 5 December2025
Boots Benevolent Fund Trustees. and Directors. report for the year ended 31 August 2025 Th8 Twslges tKasenl Ihelr annual Trusiées. and Dlreclars. report on the affaiis of BDols Bettevolenl Fund I'the Fund'l, which ]rtpOrattss the Stteg R8POrt on pages 1-2, tog8lhervAlh th8 financi81 stslem9nis audilorfs report for the yaai endod 31 Augus12025. Th¥ finan81 $181e.menls have been prepared In 8r.cord8nrE wlh the accounllng wllcies Set out in note 1 lo the financlal slal8ments und comply wilh the Memorandum ol Articles, lh8 Charill¥sAci 2011 and Accounling and Reporiing by Ch8ri1Ses.' Slalemenl of Recommendod PraGlicÈ ISORP- se(t)nd cdilion 201918pplicable to chariiiè8 preparlng their financial slalemenls accordancE wSlh the FIrrla1 Rp.porting Standard applE&tAe In Ihe UK and R¢public of Irel8nd IFRS 1021- Professlon81 advlse¥s Oeldlle LLP. Slalulc>ryAuditor, The Ewart, 3 Bedford Sguarfr, Be51£sl. BT2 7EP, United Kingdom 88nkor5 Nationgl Wèslmlnslèr Bank. 1 City Squgre, Leeds, LS12AL Inveslmwl m8nagers CCLA. Investment Man&o&m8ni Llmil8d, S8nalor House. 1 Angel Lanè. London, EC4R 3A RegK818red office & prlnapal office Thar Road Wesl. Mollinghgrn, NG2 3A C(xYyany tsgk%lr2Uon number 030532 Chgrity registrauon nvmb8r 1046559 Structure¥ govern8nce and managèment Th8 Fund is 8 limited company without sh8r8 cap1181. Ilmlled by guarante8 and reglslerè(S Engla and Ws. The Ilabllity of a member in the evanl of the Fund being wound up whilst a member. or within one year of ceasing to b& a m8mber. Is not to exceed £1. 11 is registerèd wllh the Charity Commlssion and mu51 CoMY wilh the Companies Acl 2006 and ChariliesAcl 2011. Th& Fund Is govern by 115 Metnorandum and Arte$ ofAssOcialn which provides for a minlmum of 3 Tw51ee5 lo a maxirnum of 20 Tm$lees. Fer Ih6 year ended 31 Avgust 2025 the Chalr 1$ Paula Bobbell and there are g Ttusl8es Incjudiny Iha Ch81r. Thtr Chalr of Twslees logeiher wilh th8 Comp8ny Secrelery is iesponsible for Ihè inductlon of any new Trustees. Ttuslee induction Involvés raIj awareness of Truglees lo their dulles and responslbllllies undpr holh the Charllies Acl 2011 and the Companieg Act 2006 and emerglno reguLolory Issuès as well as an 1n1r0dtIon lo Ihè govemln9 documenls of the Fund arKJ lh8 internal polides ¥dapled. New Trustees receive an IriduGtiM Pick whlth topies of Ihe following ore Indud&d.' the Fund'$18lesl Annual report and accots.. Ihe Fund's inlernal goveTniry documtnls., the Fund's MemLandm th Articles ofAssoclallon,' and the Charity Cwmi5sion publallOnS.The Essenllal Ttuslae. WhBI YÉXJ Néed lo Know., What You Need la Do. and'The Charily Governatr Code., Trusisas are encouraged lo review th618ie8t develowenls h ch8rity legislabon and rogulaOn ihe Charity Commission wBbsilO 10 mahiah Ihelr undÉrsiandlng ol Ihe role and ensure Ihelr èffaclive parfoMi8n. TTusI888 are 8ppoinled folloThg rEtcomrn&nd811on by the TTu5ts9s and the CDnsènt of ihÈ Indmdual proposed. The Individu81 shall then hold offl¢e unlN the nèxl Annual Gen Meeling vthere théy m8y be re-appointed. In accordance wlh th8 Articles of Association, al each general maèihg aftèr th r5tsl, on• Ihlrd of the TFUglees WIK) are sUt4ect lo relSremenl by rolalion. shall retire frotn offlce 8nd may offerlhemsebs lor r&elecllon. Th8 Tru818e8 rewgnise that In [1 rèvl8ws of charlty law, the Ch8tily Comtn1s0n has 81opped short of specifying a maximum lenglh of Trustee lenurfs on the basls Ihal all charities ar8 dlff8rtni. However. in more general terms, 11 $U99frsls Ihal Trustees should nol exceed Ihree, Ihrèe-year appoinimenls in po$l. One TTuslee, MrA FranThs w8$ 8piY)iDled 8s a Trustee on 11 Atxil 2016. Recrtynising that Mr Francis has served forjusl ovor9 years, and In accordance wilh the Chaiily Governarta Code for Smaller Charities, Ihe 8oard of Trtsslees proposeil Mr Froncis conlinuè In officè for a further year. The Trustges COnder il pwdeni lo r8taln Mr Frances for a further year glven h58 exlenslve knowedoe end experience of the Fund forthe purposè of conlinully. The Trus18es meet no le95 than fijur lirnas 8 year to 8gree the broad slralegy and ar8as ofacllvily for the Fund. reviewfinancigl perfomancè hdudlng IhÈ managamenl of the lunds yth1Th an investment and reserves conl¥AI, considtr Ihe eificacy of ils internal poliies, and reviéw èll applltations apwoved under ils dekgaled powers. Th8 Fund does not have any dir6¢1 employees. Qn e day to dBy basls Ihe FurKI Is managed by employees of 8oots Managemnt se¢$$. Fund Admlnlslrelors are responsibl8 fer the Snilial assessment of apICatIOnS 8gain$l th6 Fund's Giving Cri18ria and ellgible appli1108 ar6 passed lo the Fund fvlanager and Trustees based on ihe Fund's grant award policy. In addlllon. the Fund Man&ger co-ordinalB& lundiaislivJ acllvlll88, yomoies the Fund and supp(Kis th the wovision ofm?nagemenl 1nfoTmaii. Golng con¢ern financi81 stalements have been yepered on 8 golno concorn bas18. In adopllrvJ the going ncern bas, the TwslÈas have cOnSer0d the charfiable aciivilEs and principal rfsks and uncertainlie5 a5 Sel out wilhSn tha Slr8tegK report. The Fund gen8raled n81 incom$ belor8 losseslgains on invesimenls of £106.319 12024.. £129,560). 11 has nel Current assols of £938.254 12024.. £941.93518nd gèneral8d posltlvo ¢8sh flow5. The charftls advllles are 8xp8¢led lo conllnue Into the foresètrab fuiurts and for al a$1 12 mwths from epprov81 of thes& fln&n(x81 sialemenls.
Boots Benevolent Fund Tru5tees' and Directors, report (contlnued) for the year ended 31 Au(Just 2025 Golng concern Icontlntsèdl The Truslees (x)nlinue to monllor and r68pond lo the impacl of thé cost oflfvlng ¢)n the Fund and all avallable 8¢1bns, induding managlng cos16 and ensuriiig sufficient donat4on lrgels 8re achie.ved. h9ve been taken lo protect porformanc. Grants 8nd suporm8thel vouchers gre 5ubj£cl lo aptKoval and are only awardad fiom Ivallable lunds,. Ilie level of granls and superrrbark81 vouchers awarded can be 3llered in line wth 8ryvariability of IneA)me from donation5. Based on Ihese facts, the Truste&8 h8ve assessed that IherG is no malerlal uncertainty surrounding the goSng conr ol Ihs Fund and therefore )der Ihal il ryI1 be a going concem for al least 12 monlhs from the dale of apwoval of Ih&st financial slalemenl8. Futuro d¢volopMents In the forfkKoming year, the Trustees an lo cDnlinug lo Increase the awareness and 8ttasslb5151y of lh8 Fund based on feedback rVed frorn engagent wilh Ihe Repts. Th8 Twsle8s have also pul logoihero plan of various fundralsirwJ actfvllies Ihioughoul the year lo engage ryth donors and m8lntain drfftalions lo the Fund. The Tiuslegs expect donalionÉ lo conllnu& frem GlveAs You Earn and fundraising aGtiwli8s for ihe 1or65eeablts lulure. Post balan¢e sheet events There have been no significant ev8nts Eince the b8lance sheet dale lo Ihe d8t8 oflhls report that Shou chang8 financlal perfMar, posthon and golng cOnrI) conclusKJns reported wilhin Ihtrse finand81 siaiemenls. TMst688 The followng served as Trusleos dunno th8 year 8nd to tho date of Ihks report.. S Alimahom8d AFrancis S Mody L Knetnln$ H Mor9an Gardnèr P BobbÈti k4 Kirk ALowe {apInted.. 29 J8nuary 20251 As a pgri of Iheir induclk)n, tha Trustees are briefe(l on Ihgir dules. thèy tan ac¢88s professbngl aibricB on these eilh8r frotn the Company Secreiary or, if th8y1Jga necessary. from independent 8difjs(Ys for 8ffeotw• thstharge of Ih8Srduties. Remuneratlon of Trustee8 The TNytee5 r8colved nD fÈmun¢raL fortheirservlces durfng the y£ar12024-. £nill. Relatlonshlps with relalod partles t)81811s of iran5aclions wlh related partles are sel oul In note 16 to Ihe financial slalèments. Flnan¢lal revlew The Fund is dependènt on donaNons from fundralslllg.. indudlng stay atllthuès, cash founrj sn Boots stores, don8led senrices from Boots UK LIMle and 8ty)Is M8nagement S8rwces Llmlled, ve As You Eem datiOns and nilér&sl on Its Inveslmenls. Thkq amounted io £705.115 durino Itr year 12024.. £662,362). There was an Unrealed n81 loss on invesbrEnl assets of £36,202 12024.. net galn £115.6971. Overall Ihe Fund rèported a nel gain of £70.117 12024. £245,257). As a result. lolal lunds h¥ve Increased 3.1% to E2.332,181 from £2,262.064. Th8 fruslees are salisfied with Ihe year's result, howevp.r Ihey are aware that the ongoSno cosl of IF7g crisis COU IN9ve an gdverse itnpacl on th8 martel valu0 01 Invesifflenls and fundrak4ing incow and COU lead lo an inGrease In granl appllcalions. FundralslDg The Truslees 2cknowledg8 th thanks ihe donolions received throughout th@ ytar from all wpporters of the Fund. Slgn5ficanl funds are yen8ral8d durlng Benny Week. through sales of MerChande and organised 8¢tivilies. PArtIpatIOn in bolh is alwa enlirdy voluntary 8nd conllnutrs to prove vwy popular. The Fund's Ju51Giving pa98 is avallable io a¢¢epl donallons from peOe who wllingly donale or who have r8lsed fund& for aNJ on boh811 of th9 Fund. In all areas of fundr815Sn9 8¢llvily. the Fund 15 respeclful nevtr w6s8udse8 anyone lo m8ke 8 donal. If Ih• Fund ongag88 wth wlnwab16 People, itls in a parfi¢ulaily s8nslllve rnBnner. We ¢1pVAth th8 UK Gener81 Data ProlBction Regulatn and do noi share nev8r hgva shared our sutwrters dtriail$ wlh any Olharchadly busin8ss. We have receivad no CmplaInIS In tems ofourfundraln9 èffort Reserve$ poll¢y 11 is Ihc policy ol the Fund lo malnlgln Unr&8¢1&d furK58 at 8 level suffldBnl lo fulfil the likely on-golng thlgalloThs ol the Fu. glven Ihe anvcipaled future IncomB and level of ¢harilable donallons. Conllngency regeTves slxluld be availaNe such Ihat th8 current of oulgdngs can bo maiDlain8d evèn If fundrai$lng should decline in any givÈn yéar.
Boots Benevolent Fund Trustees. and Dlrectors. report {continued) for the year ended 31 August 2025 Re$8tWA polley Icontlnuedl SIN)rtfalVex¢e$s olr8$eives In Ihe event Ihal the Fund 18 holding Jower rèsÉNes Ihan Ihtr pollcy siales, Twslees wlll Invesllgale opllons for fundraislng. Communlcaiv)n and promolK)n nl fundraising olso b8 increased. In tho ont that th8 Fund is hok1ino hlohor reseryes than the wllcy 5lale6 TtuÈtees wll unsldèr op11S lor incre8sing oulgiHngswilhin Ihe following year. Thesewill include.. ID¢re3ng 2wareness ofihe Fund lo Intrtsasé numb$r ol Rsclplenls., and reeing Ihe ve1 ond type of supportglven 10 ReclplenlÉ. Thp Trustees heve agreed that Ihree limes the leve1 of ennual expendilure would be a prudent leve.1 of reserves. This ha5 boon set as Ihe Trusl8Ès have deckjed Ihal this Is a reasonable levd lo ensure Ihal adequat8 funds are generated and avallaNe io cover lulure don81ions lo charitable causes. Unroslrfcled funds al 31 Augusl 2025 were È2,332,18fj 12024.. £2,258,9) which wa%.3.9 Ilmes12024' 4.2 limes) annual expendl1u. Th8 R&seNes Pdlcy wlll b8 revlewgd and adju51ed gs necessary on an annual basls by tha Trustees ol Ihe Fund, alongsld9 forecasled lundralsing arid 1$. The Trustees have agreed Ihal 8WBreness and OLrtgolnus aré anikipaled lo Sn¢re8Se to 81Sgn ihe r•se$wIth Ihg pdloyabovè. Inv88lm6nt poll£y The Fund retglns ils cash resgrves in investment funds M29&d ty Chur¢h8s, Charilies and Locol Aulh(Yibes Inwe51menl hAAnagement Litniled I CCLA'I. The m8n8gemenl ol the Boots Benevolenl Fund's funds has an oblecuve lo provlde reasonable Iorn and growih again51 inflation. The Ttusta65 8re satisfied wilh Ihe parformance of the Irweslmenl$. In ec¢ord8nce lh8 Trusl88$' du118s of care and prudence. lh8 fur5 are manag8d by an exlem¥l spe¢i81isl inveslmenl rngnager on the Trustees, b8hall, ihrwgh the COIF Chedly Funds. considera11( is given by the TruslèÈS 10 thè social •nvlronmenlal and ethi81 consideralion impacts of inveslTnents, and there has been * focu8 on investing in COIF Ethical funds in the finanua yèar. The Fund portfollo Inwesls pcM)led inveslmenl vehides which are made up ol assets whl¢h Indude overseas equities. UK equili, propertyl inlrasirucLur&, fiKed interest and cash.Th8 perf0mlan ol fvnds monllorod quart¢ily by Ihe Trustees. The Fund m2de a Del unrealised loss on invtsimenls In the year ol E36.20212024.' gaill of £11S,6971 dut 10 8 bss in tha ¢8pllal valu8 ol the assets of the funds during the ye8r. The Trusle8S are Gonfldenl In Ihe future perform8ncp. af Ihe fund and that thls loss cen be ftcovered have Iherelore invested further £1tO,OOD Into the fund dur9 th8 year. Reforoncès to Stratogle r8port DetÈils of the following areas can be found in Ihe Slrategb rÈport and form partof thLs r6port by cross-relerorKe'. Objfjclives and 8cliwlies for the publ benefit linduding puNic ben8fil St8lem8ntl', aNJ AchI6vonI$ ¥nd performance Audltor PratIO s487 oflhe Corbwanle8Acl 2006, Deloitte LLP Were dè&m8d to b8 reapwlnl8d 8NJ wfjll Iharafore conllnve In afficg. Dlsclosure of Informallon to audltor Thts Tiuslees Vdho held oifice al Ihe dgie of approval of this Trusie8s' and Dir•clois' rep¢ nfirM Ihal. w far as they 8re eaGh aware. Ihere is nD rdevani Èudll hformallon of whlch Ihe Fund's Charflae compahWs auditor Is unaware, and each Trusles h8s taken all Ihe 51eps th31 they ought lo have takèn as 8 Truste? lo make Ihemselves 8ware of any relev8nl audil Infomiaiion and lo éslabllsh Ihal the ¥udilor 1$ 8w8re of Ihal informallon. This confirtnallon l¥ gIv8n and ShOd be Inlerpreled in accordance with the proK)n¥ ol $418 of the CcmpenlesAct 2006. Thè Trusttrès, and DI1$ report. Including the Strategic repori, w£re approved by ihe Board and gned on Ils beh8lfby'. H Morgan Truste8 and D1Ctor 5 Dec8mb8r2025 Regisleied office.. 1 Thane Road We81 Nollinghatn NG2 3AA Registor In England 8nd Wales No. 03053290 Charity Regislr8Uon No. 1046559
Bools Benevolent Fund Statement of Trustees. responsibilities for the year ended 31 Augus12025 Tho Tiusl$es. who ¥re also Dreclors of Boo15 Bènèvolenl Fund for wrp)ses ol Company Law. 8re responsiNe for preparing the annual Trustees. and Direclors. reporf and ile financial slalemenls in accordan¢8 appli¢aNe law and UK Ac¢ounling Stalards (UK GenprallyAccepled Acwunling Praclicel. IncludlfvJ FRS 102'The Fin8nclal R8portiThJ standard Ap[1¢0 In the UK and Republic ol Irelsnd.. Ccmpany law iequires Ihe Twslees lo prepare financhl $18lemenis fer each financi81 yesr which give o true and fair Mew of iha slal8 of affalrs of Ihe ch¥sr41aNe Lampany and ol 113e incoming resour and ap1¢aln ol resources, includirwJ Income 8nd expenditure of Ihe chaIable (x)mpew for Ihal perbd. In preparlw Ihase finllnclal slalemenis. Ihe Tr$1088 ar& requlred lo.. select suilable 8ccounling poliGie5 and thén apply Ih8m tonskslenlly,. observe Ihe melh(Klg and principles of the Charilies SORP., make ludgemenlg and eslimales Ihal are rea8ble and WU1., siale whether appIable UK Accounting SndardS hav8 been followed, sublecl lo any malerlal depariures dk£dosed and exrAained In I fin8n¢lal 81alemenis'. and prepare the fi'nanciql sl8lemenls on Ihè wing torK8rn ba8Ss UnSSI1 Is Inapwaprfale lo wesume that th8 charttsble Companywll toniinue In buslness. Tha Trusleas ar8 re4)onsilAè for kaephg adequale accounling r8(ords Ihal dSs¢h)sa th r$asonaNe accuracy al any time Ihe financAal p{lIn of th8 chariiabl8 comp8ny and enable them to ensure Ihal th8 flnan¢Sal slalemenls Comply wlth Ilie Companies Acl 2006. They are 3150 reSpOne for safeguardlna the assets ¢f Ihp ¢haiitobl8 company and h8nctr for lakSng rtasonabl8 steps for Ihe preVenOn and delecUoD of frgud and oth£r 1tr8gularflS.
Boots Benevolent Fund Independent auditor's report lo the members of Boots Benevolonl Fund Rèport On the aydlt olthe fflnar>¢lèl siat8m8nts Oplnlon In our oplnion the linancial Stalemts ol 818 Benevo1enl Fund Ilhfj'ch8rf18b18 J)mp4nyI'. glve ? true and lalrview of siale ol Ihe charilable cornpany's 8ffalrs as al 31 Awusl 2025 and of Its Incoming resources ond applltAllon ol resources. Including ils ill¢ome and expenditure, for Ihe year the.n trnded.. have been property pr8parÈd In ¥cc(Ydance wilh Unlled Klwdom GenefallyAceepledAccixJnling Praciktr, Induding Financial Rerx)rting Standard 102 'The Flnanclal Reporting Sl8ndard appllcable In tho UK anil Republlcof Ireland. and have been pyepared in aCcOrdae wllh the requirements ol thé Cow8nlesAcl 2006. Wa haw audSled Ihe finandd sktnenlswhl¢h ¢cThprise.' lh8 Stslemenl of finCIal tlvlll68 lincuporallng the incomè and expendllure account)., Ihe Balance sheet., the Slaiemenl of cdsh Aows., and Ihe r8lal8d noles 110 19. Thè financial r8porting frsrneW Ihat has b88n appligd ln Ihelr preratn Is aP1¢8b1& law and United Kingdom Attounlino Sl8ndBr(ts, includi Finandal Reporting SIAndard 102 'Th8 Fln8nd81 Reporbng Slandard aPKllcabla In the UK and ReputAic of Irdand. (Uniied ngdorn Genaralty Accepled Arxounllng Practi1. Basls foroplnloj) Wè CoU¢ld ouraudil In acwrdance wlh Ini8rnallonal Slandards onAudiling (UK) IISAS IUKII and applicable law. Our responsibilities under thos standards are further described in the 8udiioVs résponsibilllles for the audllof the fin&nc&l 8lalemenls seCtn of our repcrt. We are irKJep8nd8nt of ihe CharibIe ci)rnpany In a¢Ldance wlh the elhkal rewlremen18 Ihal are revant to audlt of the financl81 slalemellts In the UK, Includlng th$ Flnancigl Reporfing Counul's Ilhe'FRC'5'1 Elliical Siandard, and we have fulfilled ow other ethical respons511t1eS in acwrdÈncé th Ihésè r@qulr8monls. W8 bell8ve that IhÈ audll 6vldence we have obtained is suffi¢S6nl and approtKiale lo provide a b8sis for our opinion. ConGluslohs rel8tlsJp to polnu concern In auditing the financlal $18lemenls. we have concluded Ihal Ihe Trusiees. use of th6 oolng eoncem b95 ol acCounn9 In tha w8par81k)n of thg flnancial slatÈmenis Is ar¥)ioprlale. Based on th• w(k we have perf(xm, w• hav8 nol Idenuffied eny matertal uncértalnlles reLgllng lo events or condiilons Ihal, IndIdUallY or co1ctive1y, may casl svJnlflcanl d¢wbl the charilablo wmpanys aNlily lo conllnu8 as 8 golng CO8rn for g pariod of al a$1 Iw8lv8 monlhs Irom when Ihe finaal sialem8nls are aulhorised for issue. Our reswnslblllll88 and the restM)n5lbBitrts of Iha TrLBless wlth respect lo g(xffj concwn are described in the re18vanl s8cllons ol this report. Olherinformalion The other infotrnalbn CoMpre5 the informalSnn Included in Ihe Truslees. and Dir@clor8' report. other than Ih8 financlal statsmenls 8Dd our audllo¢s report Ihsreon. The Trus106s are respansib18 for lh8 other informalion coniained wlhin the annual report. cmjr opinlon on Iha finanal st8lements do8S ng1 covor Ihé other InformaOry and, excÈo 10 Ihe exlent atherwlse expliciuy Sld In eur report. we do rH)l express any femi ol assur8nc£ conduslon Ihereon. Our responsibdily 15 lo re8d Ihe other Informaon find, in doing so, nsider whttrr th8 other informdlion 15 matsiially Inconsislenl ryth the financial s121ements or our kno$d9 obiained in 1118 course of the audit, or othetwise 8ppear8 lo be materiglly misÈialed. If we Yjenlrfy gwh materlal 1nconsi51ereS or appaffjnl material mr6sialemeni8. We required lo deleimine whftlhar Ihis gives re lo a material rrissl8lemenl in Ihe financial $IAlements Ih8mselv8s. If. based i)n thtr w(k wa hava parformed. cond ll)al ihera Is a Malerlal mi5sialemenl of lh oiher Infoimelion. w8 are required lo reFK)rt Ihal fact. We have mlhing lo r8POrt In Ihis regard. Responsibllllles af Truslees As expL4ined moro lully In the slalement of Trustees. responsibili11gs, th8 Truslèas (W 8re 81s0 Ihe Dlreclors of thè ch8rllabl$ company for ihe wrpose of cotnpany lawl are responsib for tho preparation of the financkal stat6m8nls 8nd for being sglisfied that thBy glv6 a true aThl falr Mew, and for such Inlemal ¢onlrol as the Tru51ees determlntr Is necess&ry lo enab the preparaden of fina11 slaiém8nts thal ar8 free from m818ri missl8lerneni, wheihor dw lo fr2ud or Èrror. In preparing Ihe financlal $18lements, Ihe Twsl8&s are re5pon5iI4e for assasÉlng lh8 charllgble wmpanls abllSly conllnue as a gdng concgm. dCloSIng, as a[plicae. mallers relat£d lo oolng concem ond USITVJ th8 ooino coneern basis of ac(thnlin9 unl8ss the Twsl805 either Inlend 10 Ilquidale lh& chariiatle ¢<xnp3ny or to G8ats6 oper¥llons. (w h8ve no reallsti¢ a51ernallve bvl lo do so. AudAlor$ iesponslbllltles lorlhe audltof the lln8nclalslalefftenl$ Our obleclives Bre lo obiain reasonablo 88surance about whether Ihe finandal slatemenls ag a wknl& are freé from malerfal misslalemenl, whelher due lo fTaud or error, 8nd lo issue an a110$ report that include5 our onIOn. R&asonab1e 8ssurance is a high lèvel ol assurance. bul 55 nol a gtsaranl88 that an audil ndUCIed in acrdanCe wilh ISAS WKI will glwgys doleGI $ m8lerid m18slalement whon il &xi$is. Mlsslalements c9n arlse from fraud etror and are eonsldered material if, Indivrdually Or In Ihe aggregate, Ihey ¢OLld reasonably be expeGted lo Influence the economio deciÈions of users laken on lh8 basls ol these nnanclal slalem8nls. A tvrth6r descriplion of our resronsibilities for audit of th8 finan81 8t8lements Is en the FRtrs web511e al.. www.frc.org.ukl audiiorsiesponslbilille5. Thi5 desGriplknn forms pert of our audiloi'5 report.
Boots Benevolent Fund
Independent auditor's report (continued)
lo Éhe members ol Boots Benevolent Fund
Exlent to whl¢h Ihe audlt was coyJsideredG8pable of d6toctlng Irreyulgrllles, Includlnu fraud
Irregularities, including fraud, are inslances of non-romplian¢e wSlh laws and iegula11005. We design procedure5 in line with our responbillI16&,
outlined 8bov8. lo delecl maierial misslatsmenis In r8sp6cl of Irregulsrllleg, iTrdudiDg Iraud. The exlenl io Trthich our wocedures are capable of
elecllng IFregul8rati95, Ind19 fraud Is délèlled bdow.
We considered Ihe natur8 of Iho charrfable companws Snduslry and ils control e.wronmenl. and reviewed the charitab company's docutneniauon of
Iheir pollcies and procedures ielaiing lo fraud and ¢ompllan¢e th laws and regulalions. We also enquired of managernenl and lh8 TnJ3leo$ about
their (hvn IdeniificgUoD and assessment of the rlsks of Irwularilie8 Indudln9 those th41 are ¥)edfic lo the charitable wmpanl5 tXJsines5 sector.
We ot)leined an understsnding of th8 logal and re110ry fr8mework that the cbaritsble conwwy oper819g In, Bnd eritir1ed the kèy laws Ènd
regul81ions Ihal..
had a direcl effeGI Ihe delwninallon of matsiial amounts Ind dlsc4osures in Ihe linanckql slalernenls. Thpse included UK Compan$ Aei
and UK Charllies Act". arLd
do not heve 8 dir8cI 8ffecl on Ihe financlal SleniS bul compllance wllh may be fundamgnlal lo Ihe ch2Tliable companvs abllY Io
operale or lo avo a material penalty. Th8s8 Includ8d the Charity Commission for Ewland and Wales (Charity Commlssionl regulations.
Wa disSsed arnonp Ihe audit engagement leani regarding Ihtr opportunilias and irn've$ Ihal m&y exisl vAlhin Ihe organisa.an for fraud and I
d whore fraud might 1crIn the financial stsiémÈnls.
As a resull ol kErforming the above, we identifièd Iht grèatest potenlkgl for Iraud or non-compmance wllh wS and regul8llons In the follovArwJ artra. and
wr procedures perfomied to address it are desfflbed bobw..
W$ presume a risk ofmalerial mi5slalemenl du8 to fraud In r6venue rec0ynilb vthich Is relaled lo Ilie c¢Yrpkleness ol don8lion income. To
address Ihlg risk, we remewed IhB TtU51ees' meeting minu16S and bank stal6menl% in the peri(M5. 8nd post year end record5,' and lesled
whelher Ineomg had been approprlalety included In Ihè finand21 sta1nIs.
In common with all audits under ISAS IiJKI, we are 81so requlrtd lo perform sp6cSfic procedures lo respond lo the risk ol mgnagemenl override. In
addressSng the rlsk ol fraud Ihrough managernenl overridè of controls, we lesled Ihe approprlaleness ol jown81 enlries and other adjustments.,
assèssed wh8llier Ihe Ivdgamenis made In making accouniirYJ esiim8lt$ 8r8 indK81ive of a potentl81 blas,. and ev¥lualed Ihe Pw51nes5 ratnale of any
glonlficanl Iransacuons Ihal are unusual or outside the nomal c
Boots Benevolent Fund Statement of financial activities {incorporatlng the income and expenditure account) lor Ihe year ended 31 Augu512025 Unrestricted Re5liicted 2025 Total funds 2024 funds funds Toial funds Notos In¢omg from.. Oonallons 655,413 49,702 705,115 655,413 49,702 705.115 612,306 50,056 662,362 Investments T(>tal Income Expendltur9 on: Cli8riiable ac11vil5 1571,3781 127,3791 1571,3761 127.3791 1411 1598,7961 1524.2351 18,5041 1631 1532.8021 Oih8r Total oxpendlturè 1598,7961 Not Inme before Ilossesllgains ort invè¥tment8 108,319 106,319 129,560 Other recognlsed (losslI9a1S'. Nel unre8llsed11055VgBln on 1ThlnIs 136,2021 136.2021 f15,697 Nel movemtnt in lunds 70.117 70,117 245,257 Reconcillatson of funds.. Total funds broughtforward Nel tnovem&nl in funds for Ihe year Trdnsferbelween funds Total funds carried foN4ard 12. 13 2,258,909 70,117 J,Iss 2,332,181 3,155 2,262,064 70,117 2.016,807 245,257 12,13 13,1551 2,332.181 2.262,064 Thè nal movement In funds aiises from contlnulng oparallons and includ85 211 gains and losses rècognised In th& y68r. All lfic(Th and expenditure 2025 and 2024 was 8llribu18ble lo unreslricted funds. The &companng note$ lo flnancHI slalernènis ar8 an Integral p8rl ol the Fund's financial stalemenls.
Boots Benevolent Fund Balance Sheet as al 31 August 2025 2025 2024 Notes Assets Flxed as5et5 Inveslmenis
3Y3,927
1,393,927 f,320.129 f,320,129 Current assets Trade and olher receivables Cash and l)ank balancgs 67,993 980,120 948,113 127,822 821.642 949,464 Total assets 2.342.040 2,269,593 Curr8nt Ilabllltlès TrddÈ and oilier pa 9,859 9,859 7,529 7,529 Nat ¢urr8nt assÈ¢g 93B.254 941,935 Total assèts IASS currènf Ilabllltles 2,332,181 2.?62,(4 Not aggèts 2.332,181 2,262,(4 Fund8 Restr1¢ funrjs Unresiddad fuThJs Total charl¢ 12,13 13 12, 13 3,155 2.258.9)9 2.262.4 2,332,181 2,332,q11 sur lus The aGcompanylng notes lo the flnancial 818lemenl4 Bra integral part of the Fund's financial staletn@nis. The financAd statements of Boois B¢n8vok9nl Fund Icompany regislralion number 030532), charrfy rejisirabon nLJmi*r 10465591 were approved by Ihg Board of Ttust888 and aulhorlsed lor Sssue on 5 ¢tbe[ 2025. The flnanclal statements w£rÈ 9Thed on Ils bahaf by. H Morgan Trustee Director 5 December2025 10
Boots Benevolent Fund statement of cash flows as at 31 August 2025 2025 2024 Notes Ca8h flows from opbratlng actlvlll8S'. Nel eash generated from op2rsting acuvibes 116,576 14.401 Cash flows from Invfystlng acllvltles.. Inleresl re¢elved Ir(Kn Invoslments 49.702 50.056 Purchase of 5nveslmenis 1110,0001 160.2981 Ntrt ca8h flows from Invostlng actlvlt1&5 50,056 Chartgo In Cash and cash tqulv8lBnts In the reportlng year Cash and ¢ash equlvalonts at tha b&glnnlng of the reportlng yoar Cash and ¢ash ègulvalants 3t Ihfy end ol the reportlng year 58.278 B21.842 757.385 10 880,120 821,842 There e no rash equDfalents a13fj August 202512024.. Done).
Boots Benevolent Fund Notes to the financial statements for the year ended 31 August 2025 l. MateTial ac£ounting poll¢lps The Idlowlng acuunung poli¢las have been Bpplled consIentlY In dealing vAlh ilems whith are considered malerial in relaiion lo Ihe Fund's financlal ÈIalÈniÈn. General Inforrnatlon The Fund is a PLJblic benafil enlily. a reglslered d)arily and ig incorporated in England and Waes as a company limiled by guarant88 not htvlng sha c111. The Ilabililyof a mtmber In the event ol the Fund being wound up whilsl d tnember, orwilhin one year of aSIng lo be a member. is nol to èxcted £1.111s r8glsléred 117 the Charily CommissloD and niusl Comy1h lh& Companles Acl 2006 and Chariiie5 Acl 2011. The address of Iho reglstered offSce Is gen on p8ge 5. The naiure ollhe Fund's c¥)erallons and Ils princlpal 8cUvllleg are seloul in the SIraleg repori page 1. BaslB of preparatlon The financial slal@menls are prepad under the hk81orul cost convention. exp1 for inveslm8nls. in aCw[dBn wth Ih8 Stalem8ntof Rétomm&nd8d Praclice Accounling and RfjpodiTYJ by ch8rilie$ ISORP 20191. app1icabk lo Charle8 preparing Iheir Accounts in accordae wlh the Financial ReporiirwJ sndd aK¥)Ikabl8 In the UK and R8publK ol Ireland IFRS 1021. effecflve 1 January 2019,. the Companies Acl 2(M)6 and Ihe Charities Act 2011. These finBncA81 slaletnents are presented in BrM"sh pDurKSs slertiw because Ihal is the oulrency of the prim8ry e¢onomlc envarontnonl In whlch I Fund operates. Golng concgrn The financial staletll8nis hav& b88n pwpared on a gog eoncem basis. In adoptlDg tha concem b8s15, the Ttustees have Consider th ch9rilable acbiri1s and prindp81 risks and unc8rtalnlies as set out within Ihe Slralegic report. The Fund generaled nel incomo [orts gainsllosses on InveslrrEnl$ 01 £106.YfjQ 12024.. £129.5601. 11 has nel current a55ets of £938,254 12024.. £941,935) and gen8raiÈd posltiva cash flows. The charlty's 8clivit46s are exp8cled lo continue Into lh8 foreseeable fuluf& and for al ast 12 months from opprovgl of these finÈncl slal8m8ni$. The Tn151ees (yjnlinue to rnonilor and respond lo Ihe impact ol the ¢osl ol living 1918 on Ihe Fund and 811 availalAe 2clions, including managing costs and ensuring sutfiaeni thnalion larg81$ are achieved. have been taken lo prolecl perforrn8n. Granis and supermarket vouchers are subjecl lo approval and are only awarded frorn avaIlab lunds., lh8 lavel of giants and sup8rmark&l vouchers awarded be altersd h line ryth any variabilily of inwme from donauons. B8yed on these fads, th8 Trusl•&s havo assessed Ihal there is no maieTial un¢ert8inly swrounding the C1]nrn of the Fund and thereforo consider that il wll be a g)Ino carM for al least 12 mLK)ih$ from the date of approval ol Ihege fin¢181 stalemenls. Incom¢ l income is recwnistid Ihè FU h88 trniilleml to the resouKes, il is prob8ble Ih81 th9 in(y)me will be rec4lved arxl the M¢et9ry value Ixn t measured with suffici8ni reliabillly. Such voluntary Inctsre k$ accte£l for on the d8le vrtien * be.rA)mes receiv8Ne. which is when the Fund is entilled io Ihe r£si)urce. All irKi>rrb2 is gen8ra18d in lh8 United Klngdom. Income from investffl8nlÈ Incorne from fixed interest sÈcurillÉs is ac¢ounl8d for on Ihe dale vthen il becLKngs reiV8ts. Other Investment irwmo Is 0CcnIÈ for on } ac¢ruels basis. Interest IS shown as gross amounls priorlo 8ny18% deductn. whKh 48 recoverable. Don8lions Su() voluntsry incom8 Is accounted for on the datè when 11 bec(*nes recglvable. Donated professional setvkes 2nd donated ladlllies are recognls8d as inc4)me the charity has conlrol ovtr the Itfrm. any conditions asg00iated the donaled Ilem have been mel, the receipt of economlc bpnefil Irom the use by the chaTity of the item Is probabl8 and th81 economlc benefit can be meawred lIablY. In gttordarw with (he Charitie5 SORP IFRS 1021, gener81 volunteer lime is Tecognlsed. On recgipt. donat8d profè5snal and donaied faclltles are recognlsed on the basls of the valu$ of the gift lo the Gharliy whlch is the 3moufti Ihe charity would hBve been th4lling lo pay 10 obtain ge¢8S or fadlllles dequh8lenl economic bellefil on the open market,. a corresponding amount Is Ihen recognised in expendllure in thè yoarol rec6lpl. Expgndlture LwNlils are recognised as 8yendiiure as soon as Iherg Is 8 leg81 or construclive obligabon commilling the Fund lo expenditure. All 8xpenditur£ is accijunled for on an accmals ba8 and has been CLgssifd underheadlrwJs Ihal aggregate 911 cos15 related lo Ihe calewry. Charitable The Tru51ees consld8r thai Ihtr Fund's acllvlties ¥re lo relieve poveriy amongst and prode assisian to empby8es and their deppndenls or Irnmedlale relatives ot qualifylng Bools companlos 11 The Bools Group Limlled. The Fund also as51sls people (including Ihelr dèptndénis or irnmediale rcl&Uv&sl who hav8 ai any Ilme been employed by quallfylng Soots cornpanies I'lhe ReGiplenl l. In Ihe CleXi of Ihe Fund. Ih8 R£dplents are current employefrs. Ihelrdependenls. immediale rdBlives or previou5 employ8e6 have been employed by qDallfylng'Boois" tomp8nl8s 81 any lime, thrdependentS or ImmedK8le relatives. 7his c4rkqlittJles aN expendiiure besides c051s of r8i5ing fun(Ss. 12
Boots Benevolent Fund Notes to the financial statements (continued) for the year ended 31 August 2025 . Malerlal accounting policles Icontinuédl Exp&ndllure Icontlnuedl cos1s0frSpng fuJ)ds These cosis are incTred In relallon lo markeiiw. Support andgDvGinanG8 Gijsrallcicdllon Suppori costs include contribution5 from Bwis UK led and Boois bAaDagetnent Se[vI5 mIled, TrAdilch Is an appr0MaIl0n, based on saparale1y identifiable csiS. In respoct ol tnanaglng and admlnislering the Fund. They also Indude management cosis direGlly Incurred byihB Fund. Governance cosis comprise all costs involving ts cornpliance vAlli conslilulional and stalulory requirernents. Tlie5e cosis Include costs rélated lo slalulfxg audll. All sPOri and gOve[nan (x)sls are all(KaiÉd lo charllebk adiviiies and raisin9 funds on the bH%ig of lirnp spenl on th8 act[1188. Granls funded8cÈivlly Gr8nis funded OGlivity payments m&dt lo thlrd p8rf1e8 In Ihe lurtherance of lh9 thgrilatlg oblecllves of the Fund as siaiad In tha Trusle8s' and Dire¢lors' reporf. Flnanclal Instruments Financi81 agsels and financl&l 11a118$ aré ra(x)ynlsad when the Fund bBc£Kllés g party io Ihe contractusl proMsion5 of the irtslrumonl. Al finandal assets and liabilities are inltially measured al Ir8nsa¢llon pCe lincludiw Ir8Dsaclion eostsl. except for those financial asseis classifièd as ai falr value Ihrough pmlil or loss. which are inilkally moasured al 18ir v8lue (whh is norrnally Ihe Irans&Glion price exdudlTrJ Iransacuon cosisl, unlÈgs the arrangement constilules a financing Iransacbon. If 8n arrangemenl Conslliuies a finance Irans¥lion. Ihe finala1 8ss8tiJrfinanrAal liability Is measured al Ihe present value ol the future paytn8nis dIsnIed ai a Ma1 rnle of liileresl for a similardebl inslrumenl. The Fund haB financAal aslts and financlal Ilabllliltr8 of 8 klnd 11)al quallfy as bag1¢ fin8nckql InstMents. Bas finan(xal insimmBnls arè Inlllally recognk8ed at tran1) vglue and subsequenlly m8asvred 81 Ihelrsellkmenl value. R•86Jves pollcy 11 Ss the poli¢y ol Iho Fund lo malnlaln unreslitièd funds ai a18v8I suffi¢k8nt lo fulfil the likely (Trgovig otllgalions of the Fund, p1vén the a)IkSpai8d fulure Income end level of charil4bb donabon$. Conllngency r8serw&s 8hould available Such Ihal currgnt levd of oulo(xrvJs Gan be malnlalned 6ven il fundraising should d8Gline in any given year. Shortf8lUex¢ess olresenes In the event Ihal the Fund is holding lower reseNIIS than lh6 polKy slal85. lh& Trusteès WMI investigate opbons for fundraising. Communication a omolion of fundraising wiu also be Incrèaséd. In lh8 ev8nl th81 the Fund Is holding lilgher resery9S than the tM)lty stales TtU51èÈs 11 conslder op11$for in¢reagiro oulg(xng5vilhin Ihe follory ye8r. Thes8 wdl indude.. Inereaslw awareness of the Fund lo increase the numbBraf Recipients.. and rovlewing the level and lype of support 95vtn lo Rèclplenls. Th6 Twslees have agreed Ihal three limes the levèl of annu81 exp8ndlure would be a prudenl level of reservey. Thls ha5 I9n sèi as Iha Truslt88 hBve dpcllled th81 is a reasonable level lo ensure Ih818deouale Ivnds are gerated end AV8i18ble lo eover future dOnaOn5 to Chatabl0 ¢aUS&8. Unreslricled funds £131 Augu512025 We £2,332,181 12024." £2,258.9091 which was 3.9 Ilmes12024.. 4.2 linEsl annual expendilure. Th8 ReSeTV8S Pellcy will be revlewed and adjusted as necèssary on an annu81 basls by Ihe Truslees ol Ihe Fund. alongside forecasted fundraising and giants. Th8 Tmsle8s have agreed th81 awgren955 oulgoings artr anticipats 10 Increase lo 8lign Ihe reserves with tho policy abova. Inve3tm•nt8 Réallsad and unreallsed gains and losse5 are induded in thè slalemenl of financi91 aclivlbes. Inveslmenls are si8led al markel value al thtr balance sheèldale and 8re deved from IDvesknenl ass£Is In the Unli8d Klngdom. Cash at bank and In hand Cash al b8nk and cash in helld indLKles cash and sknrt lami hlghly IUld Inveslmenls ryth a short malurily of Ihree mlh5 or less from th8 dal8 er acqul$Sllon or opening ol Ihe deposll orsimilar aCc(nI. Thè COIF ChariUes D9wwI Fund Is a 5hort-tem low volaiiiity nèl as881 valu8 monay-mark&l fwd Ihal glms lo provide a 1 level of capltal SeclY and Ilquidlty. The holding is v81ued al Ils con51anl n618$s•1 v8lu8 lapwox. £1 per unill and Is considered a Iwul(I resource due lo the abilily lo wlhdraw funds on demand on 8 d8Y basis. The Fund is not a guaranteed Inve8lmenl and the value ol dep19 may ba affected by interest ratè fluctualons.. the rlsk olloss cl prin¢%p81 15 bome by Ihe charily. Taxatlon The Fund is a registered charity and has no Ilablllty forcorporalion lay on bts ch8ri18ble activ1e5 under ts cO[all0n TaKAet 2010 (chaptérs 2 and 3 of part li. secbon 466 onwards) or S8clion 256 of Taxalion for Chargeable Gains Act 1992. 10 thg ext8nl surplusès 8pplled to ch8rit8ble wiposes. Fund ac¢ountlng The Fuj has v8rious funds k*whlch It Is rÉsponslFAe, thlch requlre separate dlsdogure, These Bre as folows.. Untrslricled funds Funds vthkh are expendablÈ ai Ihe discr8Uon of IheTrusie8s In furtheran of the objeclives ofihe Fund and whlch ha not be6n deslgnated for olher wrposes.
Boots Benevolent Fund Notes to the financial statements (continued) for the year ended 31 August 202J 1. Ma(erlal a¢¢ourbllng pollcles Iconllnuedl Fund a¢countlng Icontlnuedl Reslrycledincolne ftind8 TIre are no reslrictp.d Iijnds in 202512024.. £3.1551. The re$lncled funds in 2024 have bepn rpc189silpd lo unre51ricled funds In 2025 follolg a board rneellng Field by Ihe truslees le[e il was deleptnlntd Ihal the donor had specified 11181 Ihese funds are vswj for 8 specific purpose whicli Is in I1 wlh Ihe over811 aim of the Fund. Further deta115 are given In nol8 12 01 the financSal stalemenls. 2. Crltlcal a¢countlng judgements and key sources of èstimatlon unc&rtalnty In the applkallon of Iho Fund's gccounllng polldes, which dre described In note 1, lh& Tiusl8es are requlred lo make judgemen15, e5tirnale5 and assumpti($ about U)9 carng 8mounts ol assets and liabllllios ihal 8ro rd roadlly apparent Trom other sources. Ttp esllmales and assoclaled sssumptiS ere b88ed en histori¢91 experien and olh8rfaciots Ihal 8r8 consld8red lo b8 relevanl. Actu resulls may differ from Ihesg 9Stimale5. The esumaias and urthrlying assumplK>nS are reviewed on an ongolry ba*s. Re$[on& lu attounting eslimalvs are rewnised in the period in wlvch Ihe esllmata Is rovIs8d11 Iho ra50 affects only Ihal period, er In the p8ritsJ of Ihe revislon and fulure pedods If the rems7 gffecis both crien1 and future p&rlo($8. ThtrTruslees do not Consider there are any judgements or key sour<E3 of estlmallon uncertainty requiring disdo8ure. 3. Incom8 from d(pnallon8 An analy5 ofihe Fund's revenue as fdlows.. 2025 2024 Donations from e0ye.PA and others Conlribuiion from Bools UK Llmlled Inote 81 417.576 237,837 655,413 369,899 242,407 612,306 Income frotn dOnalnS rdales lo fundraising and cash colkdions by emtAoyees in stores. es well as É36.59512024.. £40,367) from Give As You Earn. 4. Investment income 2025 2024 Inlere51 received from COIF Charit5 lnves1mlAccounl Bank Interest 46,062 3,640 49,702 44,964 5,092 50,056 5. Expendlturè on charitable actlvltl88 Th8 Fund's exp8ndilurtr on CharKab 8cb"viiles in Ihe 12 months to 31 Augusl2025 Is rèprèsènièd by.. Supportl govemance costs Grants funded activity (not8 71 Inote 61 2025 Yoial Expenditure on charitable actimlies 277.744 293.632 571,376 The year lo 31 Awusl 2024 Is rtprtsenled by.. Supportl goveinance Costs Grants fundéd 8ciivily Irw)le 71 Inote fjl 24 Totgl Expwoilura on tharitaNe actiwliès 228,389 295,846 524.235 14
Boots Benevolent Fund Notes to the financial statements (continued) for the year ended 31 August 2025 Analysls of 8UPPOrt Cost8 and gowrnancts cos18 E%tnditure on charf18b 8ctwilles Includes svpport and governance costs of £293.63212024.. £295.8461. Of Ihls. £55,79512024". £53.4391 relales 10 costs incurred dlre¢.Uy by Ihe Fund and £237,83712024'. £242,407) is a corFlribuiion iii kind from Boots UK Llmlled lor cosis11 hag Incurred on behalf of e Fund. Cogls In rel8lion lo the p8rl 1Sme Fund M8n8g8r h8v8 b88n bornè by the Boots B8nevalenl Fund. The lolal support costs dlreclly inCrred by the Fund for Ihis servitE was £55,79512024.' £53,439) whlch Included wllhin expenditure on ch8ri18ble aclmlies. The 8udil fee was b(Jrn$ by Bools UK Llmlltrd Is Indudsd a8 a donated ser4Ace wllhin expenditure on £1)al¥bI dcllvllles. The open tnarkelvalue Is estimated al £5,(WJO12024.' £5,000). Therè aro no lees payable lo Ihe Fund'5 auditor lor non-audil servlcÈ$12024." £nlll. Govemarta cos15 of £5.000 12024.. £5,QiK)I nslI8 of th8 audit f88. Yruslees'remun&rsllon 8ndexp&iises The Trugleas. or any peMns connectèd 10 1m, have not reCd any remuner81ion or r6Yffbursem8nl of@xpÈnsès from Fund P024.. £nlll. 7. Grant$ fund8d 8¢tlvlty 2025 2024 miSlIaneOuS gr8nl8 lo lelired and tseNlno emoYeeS expedendrvJ fitsnciol hgrdth Supermarket voUtsrs 203,922 73.822 277.744 169,801 58,588 228,389 A41 oranls are mad? IndIdual$ or3rd Pdrty MpanIeS In respect ol the appIr$ requlrernents. 8. Investmtsnts 2025 2024 F¥lrv¥lue ai olytrar Amoun18 invèstèd thFing thè yè&r Nel unrealised110gsygain on revoluatn Folr value at end of yèar 1,320,129 110.000 136,2021 1,393,927 1204,432 11f,e97 1,320,129 Hlstorl¢ cost at Énd of year 1.114,328 1.004.328 The Fund poril(Alo invests pooled investment vehldes whlch ara rnada up of asÈèts which Indude oversegs ewth"es, UK 8qubi1, prop8ty1 inlrastruclure. fixed interest bonds ¢esh. There were £217.08612024.. £01 inve81menl swltoFEs thring the year. The Fund Is exposed lo Iul11y. credll, and market r818 rfsk. The Trusioas managt IhÈsè rlsks by consldering how furKJs are Invt818d tr> tr8m r&lum8 ensurlng all funds are nol exposed to the same rfsk and al80 maklng sur8 donatn$ are In excess of grants aw8rded. 9. Trade and other re¢elvablfrs.' amounts falllno duo wlthln one year 2025 2024 Amounts falling due withln one year.. Amounls due from Boots UK UnYlBd Aocruod income 67,493 500 127,541 81 67,993 127,622 In th8 current prfor year, £mounlB duo trotn Boots UK Limited af8 Inieresl free 8nd rep8y8ble on dand. Acuued income rdgles lo 98neraled through fundraising gcliwlies that rernained oulslanding 8$ 8131 Augusl 2025.
Boots Benevolent Fund Notes to the financial statements (continued) for the y68r ended 31 August 2025 10. C88h and bank balanc¢s 2025 2024 Deposil 8¢counis COIF Charilios Inveslmenl Fund - Reservè accouni 623,537 256,583 880,120 524,474 297.368 lJ21,842 To¢al ¢a$h and cash equlvalents Th& R8serv8 accounl Includes £nll12024.. t3,1551 of reslited cash In r&1 ofihe re$lrl¢led funds, see nole 12. 11. Trade and other payables 2025 2024 Amount$ folllng due wllhin one year.. Grant awards payable 9,859 9,B59 7,529 7,$29 Grant awards pay8Ne ilUde dtnounls due 10 applicants Ihatwere approved in Ihe year lo 31 Augus12025 bul not pad until pusl y881 end. 12. Restricted funds Restrlcled fvnds iepresenled an amount of undalmed monies owng io inveslors in Ihe Boots Employees. Savings Fund whlch were transferred lo the General Benevolenl Fund when the Savings Fund was dlseonllnued. Thls amounl was transferred lo the Fund on 31 March 1997 bul he In irusl and. as such, wa$ nol a¥a1e for dlslribubon by the Fund. In Ihe cuirenl year the Twstees passed a resolut1 to recla&8ify Ihe8e funds to unreslrfcled fund. 43. Analysls of nat asset5 between fndS FUNJ ba18n5 at 31 August2025 ArÉ repréaand by.. R•slricted Unre8tri¢t8d fund8 funds Total hjnds Invesimenls 1.393,927 949,113 19,8591 2,332,181 1.393,927 94B,113 19,8591 2,332,181 Currenl assets Current liablllties Total net assets The movèmarn In funds relallng to unreallsad loss Is £36,20212024'. galns of £115.6971. Fund balance3 al 31 Augusl 2024 are repr8senled by.. Reslrleted UnreslrKted fvnds funds Total funds Inve51menls 1,320.129 946.309 17.-5291 2.258.909 1,320,129 g49,464 17,5291 2.262.064 Currenl assèts 3,155 Tol81 nel assets 3,155 14. Employ6e numbers and costs The Fund has no ernpbyeg512024.. Nlll. Apart-Ilm8 fur rnanag who Iwks ?jha &dnIS1[allth ofiha eharity Is amplwd by anoIrgrouP 8nUty 16001$ Management Servi3 Limiledl and Ihe Costs 8re rechargpd (see note 61. No Trustee has reCeed any r8tnuneraUon or r8imMr8emntof expenses for Iheir ServIS lo Ihe Fund during Iho current or prw)r year. 16
Boots Benevolent Fund Notes to the financial statements (continued) for the y$ar ended 31 August 2025 15. Re¢on¢lllatlon of net expendlture to net cash Ilows fram operallng a¢tlvltle5 2025 2024 rboles Nel incorth forth8 reporbng year Adjuslm8nts for.. 70.117 245,257 Inlerfr81 from In8tS 149,7021 59,629 150,0561 102,9461 12,1571 1115,6971 14,401 Decr88s8lfjeasQI In deblors 1Wr88sId8¢asel In Gr8dilors Li)ssllgainl on Invoslfflenls N8t cash genèrated from operating a¢tl¥ltl68 2.J31b 36,202 118,576 16. Rèlated partles Boots BenevonI Fund a Ktholly ovKEd ch8ritable cornpany wlhin Ihe Thp Boots Grwp LlrThled. All cOmnieS wilhin thè Group ar& a rèlated plY lo the Fund. During the ygar, the Fund WBS donaled semcés to the valu8 of £237,83712024.. £242.4071 from a rèLgled wmp8ny. acrt)Is UK Llmiled la who1ty owned subsldlary wthin Ihe tsroupl Income from ctrrt8ln donations is cdleoted by Boots UK Limlled on behalf ol Ihe. Fund and avallable lo the Fund on dama. Th8 oulstsnding b8iance due from Boths UK Limited as 8131 Avgusl 2025 was £67,493131 August 2024.. £127.J411. Costs in relallon lo the parl liina Fund Managér have been boine by the Boots Y8nevoleni Fund. The to131 support cosls directty Incutréd by Fund for this servic& was t55.79512024'. £53,439) whiGh is Induded Mnlhln expgnollure on char118bltt actIlIes. 17. Post balance sheetevents There have been no sIgn¢an1 eveni8 slnce Ihe balan sheet dale whh shId ba cortsldered for a proper unOersl8ndlng of Ih8sÈ financlal Slalemenls. 18. Commitments Al Ihe balan sheet dele. there no grants 10 whith Ihe Fur w85 commlU8d lo maklng Ihai have not b2en prowded for12024'. nonè). 19. Ultlmafe paT&nl und8rtaklng The Fund has no shgre ¢api181 and Is Ilmlted by Jjaranlee ofihe wembers. On 28 August 2025 Syc£more Pannars compleied ils acquItiOn of Walgreens Boots AllSèneè InG.. FrorrTr this dale. The Boots Group Llrni18d became the ulbmale parent company and controlling party. The immediate parent CLKnpanles iem81n as Aliance Boots Hddlngs LSmlled and Walgreens Boolg Allance Se[vis timlled. As 9131 August 2025 Ihe Imrrtdlale parent wmparHes were AllIant 800ts Hokllngs Llmiièd and W3re9 Boots lanCe SaM¢és Umlted 8Dd ulbrnale and controlling party was Tr Boois Group Limited. Th8 princip81 acliiity of ults"ma pÉr6nl company is pharmacy. heallh 8nd beauty r8lailing aong with pharmacy wholesale. The campany is conlrolkd and managed by the Twst66s Iwlh the parent company aclwe 8$ a hokJSng company. ie Boots Group Llmiled Is Inwiporaied In the Unlled Khgdom, IIB reglslerfjd office address is 3rd Flwr 1 Ashley Road, Allrfncham. Cheshire. United Klngdom. WA14 2DT. 17