**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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
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