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2025-03-31-accounts

Charity number: 1073359

THE NICHOLAS BOAS CHARITABLE TRUST

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

THE NICHOLAS BOAS CHARITABLE TRUST

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 16

THE NICHOLAS BOAS CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

Trustees

Mrs Elisabeth Boas, Chair Miss Helena Boas, Secretary Mr Christopher Boas, Trustee Mr Robert Boas, Treasurer Miss Elizabeth Rantzen, Trustee

Charity registered number

1073359

Principal office

Flat 79 Harley House Marylebone Road London NW1 5HN

Accountants

GMBC LLP Chartered Tax Advisers and Accountants Marine House 151 Western Road Haywards Heath West Sussex RH16 3LH

Page 1

THE NICHOLAS BOAS CHARITABLE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their annual report together with the financial statements of The Nicholas Boas Charitable Trust for the period 1 April 2024 to 31 March 2025.

Objectives and activities

a. Policies and objectives

The principal object of the Charity is the advancement of education through the provision of scholarships, bursaries, loans, grants or prizes for beneficiaries studying the performing and visual arts.

b. Activities undertaken to achieve objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. The Trustees have, in particular, considered their future vision of the Charity's activities with regard to continuing to provide public benefit.

Achievements and performance

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

b. Review of activities

During the year donations totalling £39,676 (2024: £4,040) were received from various donors Income from investments and interest amounted to £12,177 (2024: £10,227).

Management expenses were £301 (2024: £301).

Grants amounted to £41,668 (2024: £31,950).

Grants were made to charitable organisations supporting young musicians, including IMS Prussia Cove, English National Opera, Opera Holland Park, Hatfield House Chamber Music Festival ,Gabrieli Consort, Southwell Music Festival, Purbeck International Chamber Music Festival, Regents Park Music Festival, English Music Festival, Chamber Studios, City Music Fund and Swap'va.

Grants were made to 29 young musicians to fund travel to auditions, vocal coaching, masterclasses and special projects etc.

Two travel scholorships were awarded for young architectural students to study at The British School at Rome.

c. Material investments policy

The Trustees' investment policies are governed by the Trust Deed which permits the funds available to be invested in a wide range of securities and assets. The Charity's listed securities are managed by Ruffer LLP and the policy has been to maximise return from a portfolio invested in low risk securities.

d. Principal risks and uncertainties

The Trustees have examined any major strategic, business and operational risks which the Charity may face and confirm that systems have been established to lessen those risks.

Page 2

THE NICHOLAS BOAS CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management

a. Constitution

The Nicholas Boas Charitable Trust is a registered charity, number 1073359, and is constituted under a Trust deed dated 6 October 1998

b. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. The Trustees meet on a regular basis to decide on fund raising strategies and to award grants and scholarships.

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees on _______ and signed on their behalf by:

Page 3

THE NICHOLAS BOAS CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025

Independent examiner's report to the Trustees of The Nicholas Boas Charitable Trust ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2025.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Signed: Dated:

Tina Pearce

GMBC LLP

Chartered Tax Advisers and Accountants Marine House 151 Western Road Haywards Heath West Sussex RH16 3LH

Page 4

THE NICHOLAS BOAS CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Note
Income and
endowments from:
Donations and legacies
3
Investments
4
Total income and
endowments
Expenditure on:
Charitable activities
5
Total expenditure
Net
income/(expenditure)
before net
gains/(losses) on
investments
Net unrealised
gains/(losses) on
investments
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Endowment
funds
2025
£
-
-
-
-
-
-
13,432
13,432
454,181
13,432
467,613		 Restricted
funds
2025
£
8,210
-
8,210
8,210
8,210
-
-
-
-
-
-		 Unrestricted
funds
2025
£
31,466
12,177
43,643
41,969
41,969
1,674
-
1,674
4,389
1,674
6,063		 Total
funds
2025
£
39,676
12,177
51,853
50,179
50,179
1,674
13,432
15,106
458,570
15,106
473,676		 Total
funds
2024
£
4,040
10,227
14,267
32,251
32,251
(17,984)
(6,973)
(24,957)
483,527
(24,957)
458,570

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 7 to 16 form part of these financial statements.

Page 5

THE NICHOLAS BOAS CHARITABLE TRUST

BALANCE SHEET AS AT 31 MARCH 2025

Note
Fixed assets
Investments
8
Current assets
Debtors
9
Cash at bank and in hand
Creditors: amounts falling due within one
year
10
Net current assets
Total net assets
Charity funds
Endowment funds
12
Restricted funds
12
Unrestricted funds
12
Total funds		 130
27,122
27,252
(15,304)		 2025
£
461,728
461,728
11,948
473,676
467,613
-
6,063
473,676		 130
25,544
25,674
(6,957)		 2024
£
439,853
439,853
18,717
458,570
454,181
-
4,389
458,570

The financial statements were approved and authorised for issue by the Trustees on _______ and signed on their behalf by:

The notes on pages 7 to 16 form part of these financial statements.

Page 6

THE NICHOLAS BOAS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. General information

The Charity is a constituted by a Deed of Trust dated 6 October 1998 and is a registered charity number 1073359. Its registered address and principal office is 22 Mansfield Street, London W1G 9NR.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Nicholas Boas Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

Page 7

THE NICHOLAS BOAS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.4 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

Investments held as fixed assets are shown at cost less provision for impairment.

2.5 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.6 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.7 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.8 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 8

THE NICHOLAS BOAS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.9 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Income from donations and legacies

Donations
Donations		 Restricted
funds
2025
Unrestricted
funds
2025
£
£
8,210
31,466
Unrestricted
funds
2024
£
4,040		 Total
funds
2025
£
39,676
Total
funds
2024
£
4,040

Page 9

THE NICHOLAS BOAS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

4. Investment income

Unrestricted
funds
2025
£
Dividends received
12,177
Unrestricted
funds
2024
£
Dividends received
10,227		 Total
funds
2025
£
12,177
Total
funds
2024
£
10,227

5. Analysis of expenditure on charitable activities

Summary by fund type

Grants and scholarships
Support costs
Grants and scholarships
Support costs		 Restricted
funds
2025
Unrestricted
funds
2025
£
£
8,210
41,668
-
301
8,210
41,969
Unrestricted
funds
2024
£
31,950
301
32,251		 Total
2025
£
49,878
301
50,179
Total
2024
£
31,950
301
32,251

Page 10

THE NICHOLAS BOAS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

6. Independent examiner's remuneration

Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts

2025 2024
£ £
240 234

7. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL) .

8. Fixed asset investments

Cost or valuation
At 1 April 2024
Additions
Revaluations
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Investments
in
subsidiary
companies
£
1
-
-
1
1
1		 Ruffer
Absolute
Return Units
£
154,344
3,193
3,098
160,635
160,635
154,344		 Charishare
Distribution
Units
£
258,508
-
10,334
268,842
268,842
258,508		 Instrument
Trusts
£
27,000
5,250
-
32,250
32,250
27,000		 Total
£
439,853
8,443
13,432
461,728
461,728
439,853

Page 11

THE NICHOLAS BOAS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8. Fixed asset investments (continued)

Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Name Company Registered office or principal Principal activity number place of business The Nicholas Boas Trading Co 4374132 Flat 79, Harley House, Fund raising events Ltd Marylebone Road, London. NW1 5HN Class of Holding shares Ordinary 100%

The financial results of the subsidiary for the year were:

9.

Name
Income
£
Expenditure
£
Profit/(Loss)
/ Surplus/
(Deficit) for
the year
£
The Nicholas Boas Trading Co Ltd
59,480
60,328
(848)
Debtors
2025
£
Due within one year
Other debtors
130
130		 Net assets
£
(921)
2024
£
130
130

Page 12

THE NICHOLAS BOAS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

10. Creditors: Amounts falling due within one year

Accruals and deferred income
Financial instruments
Financial assets
Financial assets measured at fair value through income and expenditure		 2025
£
15,304
2025
£
488,980		 2024
£
6,957
2024
£
465,397

11. Financial instruments

Financial assets measured at fair value through income and expenditure comprise fixed asset investments together with the balance at the charity's bank account.

Page 13

THE NICHOLAS BOAS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

12. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds - all funds
Endowment funds
Endowment Funds - all funds
Restricted funds
Donations for funding of
specific festivals or musicians
Total of funds		 Balance at 1
April 2024
£
4,389
454,181
-
458,570		 Income
£
43,643
-
8,210
51,853		 Expenditure
£
(41,969)
-
(8,210)
(50,179)		 Gains/
(Losses)
£
-
13,432
-
13,432		 Balance at
31 March
2025
£
6,063
467,613
-
473,676

Page 14

THE NICHOLAS BOAS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

12. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
General Funds -
all funds
Endowment
funds
Endowment
Funds - all funds
Total of funds		 Balance at
1 April 2023
£
2,373
481,154
483,527		 Income
£
14,267
-
14,267		 Expenditure
£
(32,251)
-
(32,251)		 Transfers
in/out
£
20,000
(20,000)
-		 Gains/
(Losses)
£
-
(6,973)
(6,973)		 Balance at
31 March
2024
£
4,389
454,181
458,570

13. Analysis of net assets between funds

Analysis of net assets between funds - current year

Fixed asset investments
Current assets
Creditors due within one year
Total		 Endowment
funds
2025
Unrestricted
funds
2025
£
£
467,613
(5,885)
-
27,252
-
(15,304)
467,613
6,063		 Total
funds
2025
£
461,728
27,252
(15,304)
473,676

Page 15

THE NICHOLAS BOAS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

13. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Fixed asset investments
Current assets
Creditors due within one year
Total		 Endowment
funds
2024
£
454,181
-
-
454,181		 Unrestricted
funds
2024
£
(14,328)
25,674
(6,957)
4,389		 Total
funds
2024
£
439,853
25,674
(6,957)
458,570

Page 16