Charity number.. 1123129 THE BOLTINI TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
THE BOLTINI TRUST CONTENTS Page Reference and adminlstrntlve dets118 of Ihe Charlty, its Trn8tees and advisOTS Trustees. report Independont auditors, report on the flnanclal statements Siatement of flnanGial activitles 10 Balance sheet 11 ststement of cash flows 12 Notes to the finantlal statements 13-26
THE BOLTINI TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022 Trustoes Anthony John Bolton, Cha¢r of Trustee8 Sarah Clare Bolton James AlxandeT Nelson (resigned 24 October 20221 Oliver James Bolton Benjamin Alexander Bolton Fiona ElrLabelh Milward BoMon Pheobe Eleanor Jewell Bolton Charlty rnglstsrod nUMr 1123129 Prfnclpal offl¢a WoolbedSng Glebe Woolb8dlng Mldhursl West Sussex GU29 9RR Indepondent audltor• Wlse & Co Chartered Accountants Wey Court West Unlon Ro8d Famh8m Surrey GU9 7PT B•nker4 Na$t Bank 39 The Borough Famh8m Surrey GU9 7NP Soli¢ltorn Boyce Hatton Sollcltors 58 The Terrace Torquay Devon TQ11DE Page 1
ThE BOLTINI TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trusteos preserrt their annual report together with the audited financlaj statements of the The Bottini Tnjst for the 1 April 2021 to 31 March 2022. The Trustees confim that the Annual report and finanual statements of the charity comply with the current statutory requirements. the requirements of the charivs goveming document and the pmmsions of the Statment of Reccrfnmended Prnctiee (SORP), appficable to charities preparing their accounts in accordance with the Financiat Reporttng Standard appficable in the UK and Republic of Ireland (FRS 1021. Objectlves and actlvltles . Policies and objectives The objectNe of the Trust is to support deserwng charitable causes that the Trustees think are undertaking worthwhile actiwties generally. but ncrt exdusNeFy. located wthin the home counties of England wf(h a particular fuS on Surrey and West Sussex or arternativety those that have a o)nnection to one of the Tnrstees. Some harilies are also supported that benefft people liwng in third wortd countries induding Africa, Asia and the Wesl Indies. The Trust also supports the Arts through funding musvt organisations particularly those wth an involvement in contemporwy musio Al charibes must have demonstrated to the Trustees a worthy need for grant funding. The beneffciaries of our grant making p)Iw need to explain ary granted funds be utilrzed arKt allow Trustees to verify the utili2ation of granlad funds from time to b"m8. The Trust does not usually make mujti-year grant commitmerts allhough cKCas[cIY organisati$ have been supported over a period of years. Designated Trustees and one outshje person are involved in monitoring a number of beneficiaries to detemine Ihal grant funds have been property and suitabty utt to the satisfaction of the Twstees and deude rf fijrther support might be gNen. In setting objeclives 8nd planning for adi¥ibes, the Trustees have gNen due eonskleration to general guidance published by the Charty Commi8sion Tdating to publ benefft, including the guidance 'Public benefit.. running charity (P82)'. Achievements and perfoTmanco Flnanclal review a. Golng concern After making aF9rlIate enquiries. the Trustees have a reaK[e expectation that the Charity has adequate resources to continue in operational exstence for the foeeabl8 future. For this reayon. they continue to adopt the going concom basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can be found in the accounting p)licies. b. Reserves pollcy Durtng the year dNi¢Jend income is receNed from the portfor of funds held. The income 18 aifowed to build up until the biannual Trustee meetings after which grants are generalty made. Unapplied funds during the year a retained by the Twst lo cover operating costs and any residual income after sèttlement of operating costs is held over forthe next yearfs grant making. The Trustees aim to mwntain free reserves in unrestrided funds at a level that at least equates to forecast c¢)erating ¢osl lahwgh these arg Icrw a5 the Twst has no employee or propety costs). They are happy to ¢aTry fomard unutilized reseNes. As one Trustee meetirkg is normally held in November or Dewber inccne will aecumulate frn this meetiTrJ until the Tru5fs year*nd. The balance held as unrestricted fvnds as at 31 March 2022 vras £236.W {2021: £228.985). There are no reStrted fvnds Page 2
THE BOLTINI TRUST TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 c. Investments policy and porfomiance The assets of the Trust are invested in a portfolio of funds. which rnain invest in equit that promde a reasonable level of income a5 well as the Prospect of growth over the longer-term. The funds have signiffcanl eyposure to overseas equities. The chaim)an oversees the Investments using his experience gained from over 40 years working in the investsnent industry. Although the high exposure to equities moans higher volatility and the short4eTm prospect of losses he believes that, given the long-temi nature of this chanty. such an approach is warrantgd. The fund¥ in which the Endowment Fund has been invested in have been chosen primanly for Investment rSonS rather than social. environmental or ethlcal con3ideration5. d. PrfnGlpal rlsks and uncertalnlle8 The Trustees have assessed the major risks lo which the charity 18 exposed. in particular those rel8ling lo operations and finance of thg chanty, and are satisfied that systems and procedures are in pla lo mitlgate exposure to major risks. The chaimian makes all grants lo the recipients etectronicalty frorn the charitys bank account diroct to the recipienfs accounL e. Review of thg year During the year grants lolalling £570,144 were agreed. Investment Income was £586,813 and donations were £345. The net movement in incorne and expenditure before investment gains and losses was a surplus of £7,979. Structure. governanco and managgment a. Constltutlon The Bottini Trust is a registered charity, number 1123129, and 18 constituted under a Trust deed dated 28th February 2008. The twst Was established by an initial endowment gift from the founder Anthony Bolton. The charity seeks to conllnue ils charitable work through the careful stewardshtp of 8$tIng resources. The Tnjst Deed provides for a minimum of three Trustees and for a minimum of two ordinary meetings per year which the Trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investrnent, reseNes and risk management and the handling of applications prior lo consideration. The Founder must chair such meetings and no business of the chadty must be conducted unless the Founder and at least bNo other Trustees are present through the meeting. b. Methods of appolntment or electlon of Truste The management of the Charity is the responsibilty of the Trustees who are elected and c(>opted under the lemis of the TTUSt deed. The current Trustees are all members of the Bolton family and conslsl of Anthony Botton. his wfe Sarah and their three children and Ihelr spouses. Trustees are not required lo retir8 after a certaln length of service. Declslons are made by consensus and on the rare occasion there is a stalemate the chairman h8$ the casting vote. Page 3
THE BOLTINI TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Structurep governance and management {¢ontinuedl c. Oryanisatlonal structurn and d•¢l8lon4naklng pollc188 The Trustees currently meet and are encouraged to bring suggeBtions to the meoting of charities that they think 8houFd be conskjered for lunding. The inilral endowment consisted of sha$ In Fldelty Intemakn'onal given by Anthony BoRon {these shares were required to bo sold when Anthony Bolton retired from FKldty}. From Ilme to time he has made further donations to the trust. The Trust also recetves the royamies on his bc4)k 'lnvesling Again81 the Tlde,. Funds a not raised from Ihlrd parties awhough som• unsdic1 donabon8 have been recaved. Generalty the donations are funded from the investment income receNed by tho Tru81 plus donation8 received in that year. Hcwever, capital can be used lo tKM)st income rf necessary. Af50 fund8 can be held over for allocal¢on in future yearn. The Trust does not Cary ¢Xrt signrfnI fundraising aCtIve8. A su1committee comprlsing the Founder and ono other Trustee Is t88ked to revlv4V all grant 8pplkall¢X8 recewed by the charity for presentation at Trusteè meetsngs. Its make8 Tecommendatlons a5 to the appllcalion¥ they consider are the most de88Mng and frt into the areas focused on by the Trust. Ail Trustees grve their lime freety and no trust remuneration was pabd in the year. Tnjslees are required to di8closo any conllicts of interest that arise vthen grants are considernd and register them wth the Chaimian. The Trust ha8 no empknyee8. Futurg developments The Tru8tee8 expect the charity lo be run on 8 similar basis for the foTe8eeable bjture. Page 4
THE BOLTINI TRUST TRUSTEES. REpoi¥r (coKnNUED) FOR THE YEAR ENDED 31 MARCH 2W22 Slat•m•nt of Try6t•6rf rnaponslbUltle8 Thé Trust8e8 are rn8p0nsll& for prfjpBring the Twstee5' fBPOrt arKI the Ilnandal stotenwts In accordanca wSth appllLabie law and Unlted lQwdom AClng Standards (Unlled Klwdom Ggnerally A• Ac£ounlTrJ Prado). Thg law appli¢•ble to tharlll88 In England & Wdes quIr88 th8 Trnte88 kn Fry8re fin8n¢W 5tateThnts for each financlal year which ghe a truo and tslr vlaw of the state of affalr8 of the Charity and of Its tnwnirwj re8Ou and appll(xtion of re8ourc88, Irthdlng Its Inwme arKI expendlture. for that period. In prep8dng th880 financlal ststwnants. the Trustees are rgquired to: 8818cl SUttab aco)unllry prAldes and Itn apptythom consl¥tenty, obserye thg methods and prfnclples ofthg Charld8s SORP (FRS 12K m8ke ludgments and accounllng estimate8 that are rea8Dn8L4e arKI pnKI[ ststs wttether 8ppllcBiI8 UK Aoxiunllng Stsndard6 (FRS 102) have ljegn follml. wt4ect lo any matsrfol d8pathrg8 dlsdosed arKI eW8ired In the finand818latement6; prepare the finandal stat9ménts on the golro basL¥ unl888 It18 In8pprowl8ts b) pre8m Ihat the ch8rttywl continue In bustness. The TnJ8tg95 w8 r8SFKThlAe for keaplng adgquate ac¢ountlrvJ r8t4)rdB that are 8how and exploln Charftys transactlons dd0$e wlth reasonable acLuracy al any tlme the flnandal posmon of Ihe Charfty and ènable them to enwm that the financial stments comply Ch8rfUes Act 2011. the Chadty 1Ac¢xnts and Reports) RegallonS 2008 and th6 yovknlons of fhg Tnt deed. Thay aro al>) reSporble for ¥afeguarding the assets ofthe Ch¥lty arKI henca taklng re880nabl& Sta for the wevenlort and detectlon of fraud and other Irregulortues. Dknclo#ur• d Infomialkm to oudllorn E¥h ofthe per80 am TNees at thé tlme when th18TnMtee¢ reFth18 approved h85 nfiMi8d thaL' 80 lar as that TnJ8tse b awarp, thern Is no ro18v8nt d]i Inlornwknn of whtth the ctsrttys audltor8 We unaware. aThJ that TnJst¢e t06 taken ell the steps that ought to been taken as a Tntsteè In order to be 84vare of any rd8vant audlt and to e8tabll6h thatts audlkx¥ we aware ofthat infom)thn. Thg audlkws. Wl80 & c ho¥0 Indkd th8lr wIng$S to conYnu8 In office. The de¥lgnated Tn06 VAII propose a mcrtlon reappoinllng the auditors at a rr*edng ofthe TNste88. Approved byorderof m8ntsrs oftho bogrd oTTN8te88 and Slgned on Itolr bghalf ty. Ihony John Bollon Pog8 5
THE BOLTINI TRUST INDEPENDENf AUDtTORS' REPORT TO THE MEMBERS OF THE BOLTINI TRUST Oplnlon We have audited the financid S&eMents of The Bohini Trust (the 'thaTtV) for the year ended 31 March 2022 which eomprise the Statemerrt of finanad activikn. the Bance sheet. the Statement of cash flows and the related notes. induding a summary of svJnificant accounting policies. The finanoal reporting framework that has been applied in thr preparation is appli¢xbbe law and Unrted ngIJc(n Accounting Standards. induding Financi Reporting Stsndard 102 Yhe Financid Repottng Standard appcable in the UK and Republic of Ireland, (United Kingdom Generdly Accepted Accounting Practice). The finanaal statements ha¥E been prepared in accordance with Accounttng and ReF4)rttng by Charities preparing thelr accounts in accordance Tith the Finanaal Reporbng Stsndards applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Rewting by Charities.. Statement of Recommended Practice issued on 1 April 2005 whith is referred to in the extant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair vivN in accordance with the Generally Accepted Accounting Practs'ce effective for reporting peri¢>Js beginning on or after 1 January 2015. In our oP10n the financial statements.. give a true and fair view of the State of the ch&iVs affairs as ai 31 March 2022 and of its incoming resources and application of resources for the year then ended; have been property prepared in accord8n¢e *ith United King(th Genernlty Acwted Accounting Prathce,. and have been prepared in acwrdance wilh the requirwnents ofthe Charities Act 2011. Basis for oplnlon We conducteA ¢)ur audit in accordan with International Standards on Auditsng (UK) (1&4s (UK)) and applicable I. Our responsbililies under those stsndards are further desenbed in the Auditors, responsibilities for the audit of the financial slatements section of our report. We are independent of the charity in accordance wrth the ethtsl requirernents that are rdevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethic Standard. and * have fulfilbd our other ethical responsibilities in accordance w(th these requirements. We believe that the audit evidenc£ have obtained is sufficient and appropriats to provide a basis for our opinion. Concluslons relating to golng concern In 8udiliThJ the financial statements. have corK4uded that the Trustees, use of the gotng o)ncem basis of accounting in the preparation of the financial st8tements is appropriate. Based ¢)n the work we have perfomied. we haNE ncl klentified any materfal uncertainties reL3tfng to events or conditions that, individualty or collectNefy. may cast signifieanl ¢Joubt on the charitls abilty to continue as a golng concem for a perirxl of al least months frc4n when the financial statements are authorised for Su8. Our responsibilities and the rewSibli7es of the Trustees with resp&t to 90ing concern are dgscribed in the relevant sections of this repo P4e6
THE BOLTINI TRUST INDEPENDEKf AUDITORS. REPORT TO THE MEMBERS OF THE BOLTINI TRUST (CONTINUED) Other inforniation The other information comprises the IrrfOnnatn induded in the Annual report othor than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other information contsined wrthin the Annual repott Our opinion on the financi Slalements do&s not cover the other inforn81ion and. except lo tha extent otherwise expliatty ststed in our report. V•E do not express any forn of assurance conclusion thereon. Our reswsibility is to read thé other information and, in doing so. [nsider whether the ¢Xher information is materially inconsistent wrth the finarrial statements or our knowtedge cl)tained in the course of the audit. or otherwise appears to be materially misstated. If we identfy such material inconsistencies or apparènt material misstatements. we are required to deternin& whether this gives rise lo a malettal missL2temenl in the financial ststemerts themsefves. If. based on the Work we have perfomed. V•E conchjde that there is a matsrral misstatement of this i>ther irrformation. VI are required to rek that fact. We h8ve nothing to reFL)rt in this regard. Matters on vthlch we are requlred to report by exception We have nothing lo report in respect of the lokniryng matters where Charitw (Accounts and Reports) Regulations 2008 requires us to reF4Jrt to rf. in our oplnion= the informati¢)n gNen in the Trustee5' report 15 Ywnsistent in any material respect with the financial slatemenls: or $ufficient aeeounting records have not been kept.. or the financial statements are not in agreement with the aCUnI1ng recg)rds and retums., or VR have not Tecwed all the infomation arKI explanations V•E require fc our audiL Responslbllltles of tnBt••s As explained more fulty in the Trustees, responsibTI rties statement. the Trustees are re5pon5ible for the preparation of the financial statrtent$ which gr¥e a true and fair vi•v. and for 5uth inlemal control as the Trustees detemiine is necessary to enable the preparation of financial ststements that are free from merial misstatement, whether due to fraud or ernjr. In preparing the finanaal sL8tements. the Trustees are rttponsible for assessing the charitls abilty to continue as a going concem, disclosing, as applicable. matters related to golng COnM and using the golng concem basis of accounting unless the Trustees either Intend to liquidate the chanty or to cease operattons. or have no realistic aternatNe but to do s Page 7
THE BOLTINI TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE BOLnNI TRUST (CONTINUED) AudStors' rospon81bllltle8 for the audlt of tho flnanclal statements We have been appolnted a$ auditor under section 144 of the Charit188 Act 2011 and report In accordance wth the Act and relevant regulation8 made or havlng effect thereunder. Our oblectfves are lo obtain reasonable 888uranc8 about whether the flnanclal statements 88 a whob ar6 free from material misslalemenl, whether due lo fraud or error, and to issue an Auditors, report that includes our oplnlon. Reasonable a88uranc8 is a high level of assurance, bul is not a guarantee that an altdll conducted in accordance wrth ISAS {UK) will always detect a material mlsstalement when It exist8. Misstatements can arise from fraud or error and are considered m8ler181 If. Indfvidualiy or In the aggregate, they could reasonably be expect lo irblluence tho eGonornlc decision8 of us8rs taken on the ba818 of the8e finandal $tstemenl$. Irregularfties, including fraud, are Instances of non<ompliance laws and regulatlon8. We de8ign pro¢edure8 in line th our responsibl11&s, oulllnad above, to delecl material mis5talements in Tespect of irregularilles. Including fraud. The extent to whl¢h our procedures are capable of detecting irregularilles, Including fraud 18 detailed be1Cv.. We g81ned an under8landlng of the legal 8nd regulatory frameworf( appll¢8bl8 to the ¢harty and the obje¢tive$ it opgrales for, and consldered the rlsk of aGls by the Ghathy th8t were contrary to appllG8ble law8 and regulallon8, Inciudlng fraud. We designed auéll procedure8 to r88pond lo the r58k, recognlsing that the ri8k of nol detecting 8 material mi#8tatement due to fraud 18 higher than th$ rf$k of not d$lecllng one re8ulllng from 8rror, a8 fraud may Invofve deliberate conc8alment by, for example. forgery or Intentional mi8representation8, or through collusion. We focussed on laws and règul#llon8 which eould glve rt88 lo a malerfal mlsstatement in the financt81 8talemen18, Including, but not limited lo, the Charity Law. Our tasls Included agreeing the finan1 statement dlsclosure8 to underlying supporting documenlatlon, enqulrleB th management and In8pecllon of leg81 correspondence. In addillon to th18, during the course of the audll our le8tlng reviewed grants p8y8blg lo ensure they were lo relevant and actlve ch8ritie8 in ordar to cover the d8k of fraudulent acllvltie8. A$ In all our audit8, we 8180 addre$8ed the rlsk of management 0Mda ol internal contro18. Including 108ling jouma15 and evaluating whether there was evidence of bla8 by th8 tru81ees that repreJented 8 rl$k of materi81 mi&5tatement due to fraud. There are inherent limitatlons In the audlt procedurts$ de8crlbed above and, the fijrther rnmov8d non-compllance wilh1gw8 8nd regulatSons 18 from the events and Irans8Ctions reftected In the flnanclal 8ta18ments, the les8 likely we would become aware ol it. We dld not Ident any key audit matters relatlng to irregularitles, In¢ludlng fraud. A further description of our re4)onsibililies for the audit of the financlal statemenls ts located on the Flnan¢lal Repting CouncS1's websile al.. www. .ukJ8udilorsres Thi8 d88crfplion fom18 part of our Auditors, report. Page 8
THE BOLTINI TRUST INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF THE BOLTINI TRUST (CONTINUED) U•è of our roport This report 18 made soldy to the thariils trustees. a8 a body. kn accordance wth Part 4 of the Charities {Account8 and Reports) Regulations 2008. Our audit work has been undert*8n so that we might statè to the charity$ Iru$lees those matters we are requir&Y to stste to thwn in an Auditors, report and for no other purpose. To the fullest exienl p8mittted by18W. V•P do not aept or assume responsibility to anyone other than the tharrty and ils Iruste8s, as a body, for our audit work. for this reix)rt. or for the opinions we have fom)ed. Wlsè & Co Chartered Accountant8 Wey Court Wesl Union Road Farnham Surrey GU9 7PT Page g
THE BOLTINI TRUST STATEMEPIT OF FINANCIAL ACTIVMES FOR THE YEAR ENDED 31 MARCH 2022 Unrestiict8d Endowmgnt funds fvnds 2022 2022 Totsl funds 2022 Total ftjnds 2021 Income and endowments from: Donations arKI legacies Investments 1.707 469.563 $86,813 586.813 Total incom• and end¢)wments 587,158 587.158 471,270 Expendltura on: Charitable aV8$ 579,179 579.179 388.069 Total expenditure 5PJ.179 579,179 388,069 Net income before not gains on investsnents Net gains on investrnents 7.979 7.979 387,459 83,201 Z858,921 Net movement In funds 7.979 387.459 395A38 2,942.122 Roconeiliation of funds: Total funds brought foryArd Net mcNemrrt in funds 228,985 14187,394 7.979 387A59 14416,379 395.438 11,474,257 2,942,122 Total funds carrled forward Z36,964 14,¥14,853 I411,817 14,416,379 The Statement of Financial Activ1b inckKles 11 gain$ al losses Tecognised in the year. The note5 on pages 13 to 26 fom part d these financial statements. Page10
THE BOLTINI TrUST BALANCE SH AT 31 MARCH 2022 2021 Flxod aB8ets 10 14A80,307 14.090.066 1WOJ07 t4.0,068 Investments Cash at bank and In 11 102,266 12,266 249.047 3W10 361.313 CreditOTh 8mourts f8lMng kn wlthln 12 ps,000) (24tX) 331,510 32&313 14811,817 14,41&379 Charlty fvnd* 13 13 14574853 23Q964 14,187.394 22&985 Total fvnd8 14.81117 14.41&379 The flnarthl stotements were apwo¥ed and auth for tswa bythg Trustses and shjned cm their bd)df by. thony John Bolton ¢rfocY(krf aOL The nolgs on pa 13 to 28 partdthese finarKaal ¥18temenl& Page11
THE BOLTINI TRUST STATEMENT OF CASH FLOYIS FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Cash flows from operatlng actsvitsos Net cash used in operating aCtItieS 16 9,977 136. Cash flows from Investlng actlvhles Proceeds from sale of investrrtent8 Purchase of investments 926,233 (4.781) (2, 760,945) Ngt cash used In Investing acttvities {4,7811 11.834,712) Cash flows from ffnaneing actlvities Net ctsh provlded by financing acllvities Change In cash and cash equlvalonts In the year Cash and cash eqUlents at the beg*ining ofthe year 5,196 11.698.207) 361,314 2.049.521 C•5h and cash gquivalents at th• end of the year 17 356,510 351.314 The notes on pagey 13 to 26 form part ofthese financial statements Page 12
THE BOLTINI TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 General infomiatlon The Boltini Trust Iregislered number 11231291 18 an unlncorporated charity registered wth the Chartty Commis8ion in England and Wales. The piincipal office is at Woolbeding Glebe, Woolbeding, West Sussex, England. A¢¢ountlng policies 2.1 Basls of preparation of flnancial ststements The financial statements have been prepared in accordance with the Charities SORP IFRS 102) - Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities prepartng their accounts in accordance %Mth the Financial Reporting Standard applieable in the UK and Republic of Ireland IFRS 1021 leffectNe l January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} and the Charitles Act 2011. The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 onty to the extent require(I lo provtde a Irue and fairf vièw. This departure has involved following the Charities SORP {FRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Ststement of Recommended Prdctice effective from 1 April 2005 which has since bgen wlhdrawn. The Boltini Trust meets the d&finilion of a public benefit entty under FRS 102. Assels and Ir8bililie3 arg initsalty recognised a historical cost or transaction value vntess othewlise stated in the relevant a¢UntIng policy. 2.2 Income l incom8 is recognised onc8 the Charity has entitlement to the income, it Is probablg that the income wlll be received and the amount of income receivable can be measured reliably, Income tsx recoverable in relation to invesknent income 18 recogni8ed at the time the Investsnent incomg is re¢eNable. 2.3 Expendlture Expendlture is recognised once there is a legal or constNctive obllgation lo transfer economic beneff( to a third party. il is probable that a transfer of economi¢ benefits wll be required in settlement and the amount of the obligation can be measured reli8bly. Expenditure is classified by activity. The osls of eaGh aclimty are made up of the total of direct costs and shared c08ts, including support costs invoEved in undertaking each aGtivily. Expenditure on charitable activities is incurred on directly undertaking the actlvilies which ftjrther the Charitys objectives. as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cas&s where the offer 1$ conditional. Such grants being recognised as expenditure when tha conditions attaching are fvlfilled. Grant8 offered SLsbject lo conditions which have not been met at the end are notgd as a commliment, but not ac¢rued as expenditure. All expenditure is inclu$lve of irrecoverable VAT. Page 13
THE BOLTINI TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accountlng pollcies (contintsedl 14 Interest receivab Interest on funds hekl on derJSit 13 induded vAwi receivable and the amount can be measured reliabty by the Charity,. this is nomialty up)n notification of the int paid or payable by the institution with whom the funds are deF*JSiteJJ. 2ts Inv8Stments Fixed asset irNestments are a form of financi81 instrurnent and are initially rwnised at therr transadion cost and subsequentty measured at falr value al the Balance sheet date, unless the vdue Cannot be measured reliably in which e rt is measured at cost less impaimienL Investment gains and losses. whether realised or unrealiwj, are o)mtMned and presen as 'GaingJ(Los8esl on investrnents, in thg Ststement of financial acliwties. 2.6 Debtors Trade and other debtors ar8 recognised al the settlement amount after any trade discount offered. PrepayTnents are vdued at the amount prepamj net of anytrade discounts due. 2.7 Cash at bank and in hand Cash al bank and in hand includes cash and short-tenn htghty liquid investments a short maturity of three months or kss the dale of acquisifion or opening of the deposit or similar accoLtnt. 2.8 Uabllltles Liabilrties are recognise(I when there is an obligation at the Balance sheet date as a result of a pa81 evert it is probable that a transfer of econcKnic benefft wiu be required in settlernenL and the amount of the setmefflent can be estimated reliabty. Liabllitie¥ are reQJn18ed at the amount that the Charity anbcipates it 11 pay to settle the debt or the amount it has receiv&1 as advanced payments for the gryxls or services it must prode. 2.9 Flnanclal Instruments The Charity onty has finanaal assets arml finanaal liabilittes of a kind that qualfy as basic fInCla instruments. Basic financid instruments are inrtially recognised at transaction value and subsequent measured at their setuement value with the exeeption of bank loans wh¢ch are subwuent measured at amortised cost using the effective interest method. 2.10 Fund •GGounting Gener81 fvnds are unrestricted fvnds whth are available for use at the disuetion of the Trustee8 ift furtherance of the gOnW objectives of the Charty and whth have not been designated for other purposes. Investment Inco, gains arKI1055es are alted to the appropriate fvnd. Page 14
THE BOLTINI TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Incorno from donatlons and lègacles Unrgstri¢ted funds 2022 Total funds 2022 Oonations 345 Unrestiicted funds 2021 To181 fijnds 2021 Donations I, T07 1,707 Investment income Unrestrfcted funds 2022 Total fund¥ 2022 Investment income Inleresl recelved 586,797 16 686.797 16 586.813 586,813 Unrestrfct6d funds 2021 Total funds 2021 Inveth)enl income Interest received 469,520 469,520 43 469.563 469,563 Page 15
THE BOLTINI TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysis of grnnts Grant8 to Instltutlons 2022 Total funds 2022 Grants p8yable 570,144 870,144 Grants to Institution¥ Tol81 fund 2021 2021 Grants p8yable 378,276 378,276 Page 16
THE 80LTINI TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PAARCH 2022 The Charity has made the following grants to institutions during the year. Unrestrlcted grants payable 2022 2021 Disadvantaged l Dlsabled I Chlldren & Young People Care Institutlon SKk Children's Trust Children's Bookfest Dreams C¢yne True Life Centre perth YcAJth Asxoation Chichester Infomiatton Centre Parents and Carers Support Oryanisation IPACSO) Elizabeth Foundati¢ Winston's Wish Sl Barnabas lfjdscamp The Prince's Trust H¢ytey 5.000 5,000 5.000 2.000 10,000 4.260 2,500 38, 760 Dlsadvantaged l Disabled l Homeless Adutt Carg Instttutions Rothervalley Together Homestart The Therapy G*den Re-engage Young Women's Tnjst Carers Support Age UK Eleclric Umbrella stonepillow Voluntary Actkjn Arun and Chithestw (VAACI Only Connect Listening Books West Sussex Mind PeOrth Cottage 16.000 7.500 5.000 s,000 4.000 2,000 2.000 10,000 4,000 3.885 3,000 3,000 2.500 40,500 40.385 Page 17
THE BOLTINI TrUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Medical Research l Medlcal InstitiOn$ Alike Akheimerfs Research KSS AirAmbulance Hope for Tomorrow Tommls Bli88 Wesl Sussex Mind Pregnancy Opl*Jns st Wilfred's Hospice Marie Curie Anthony Nolan Trust Macmillan Cancer Research Breast Cancer Haven Dementia Supwl RN18 20,000 15.000 10.000 10,000 6.000 6.000 5,500 5.000 s,000 6,000 3,000 10,C 10.GtX7 88,500 28,5CXI Major Dlsast•r Rellef Funds me¢in$ Sans FrontieTes UK UNICEF Save the Chiklren Shettertox David Knott Foundation The Refugee Counul Swiss Red Cross (for Ukraine R.C.) Caritas Ukraine 30,000 30.000 30.000 15.000 10,000 5.000 s.000 1337 20,OCQ 10,OC 129,337 30.000 Community & Educatlonal Institutlons South D¢)wrts Nakn'onal Park Easeboume Parish Sussex Communty Ft)undafion Investment Management Gillld Project Wingman Chichester Cathe¢lral UK Harvest RNIB Midhurst Green 25.000 13,000 10.118 10,000 10.000 6.000 6.000 2.000 2,000 30.000 Page 18
THE BOLTINI TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 RPD FOundatn North Paddington Fdtsank Care fof Veterans Camels¢Jale Primary Schcd Interim Chichest8r Focd Bank Midhurst Angels TelS Trust Carers Support- West Sussex 13.CK(I 82.118 74,0 Internatlonal Island Academy The Care Project Mondo chlenge Fund a Future Liv Foundation High Commission (Antigua) National Sailing Academy (Antigua) Friends of the Care Prcil (Antigua) 21.962 6,827 5.000 3.20D 10,OCQ 3.883 3,222 36,989 59,959 Envlronm¢ntal Organic Research Repowering The Climate Movement 16,0(K) 10.000 14000 5,000 25,000 20,000 Muslc Sound & Music Royal College of Music Royai Philharmon Lond¢)n Philhamonic Petrrth Festal Antigua and Barbuda Youth sYrtph Orchestra National Opera Studio NMC Recordings Royal Opera House Music Theatre Wdes 100,000 12.000 10.000 7.600 5,000 6,200 4LXIO Page 19
THE BOLTINI TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Britten Pearn Art8 Opera Prelude 3,672 140.700 86,672 Totsl grnnts pay•b 670.144 378.276 Analysls of èxp•ndltur• on ¢h•rftsbl• actlvltios Summary by fund tyixi Unro•trlcted fund8 2022 Tot•1 2022 Charitable actNitle8 579,179 679,179 Unrnstiicled funds 2021 Tot81 2021 Ch8rltable actiwlles 388,069 388,069 Anaty818 of •xpondlturn by actfvliles GrnTrt funding of vltles 2022 Support costs 2022 Total fvnd* 2022 Chartitable 8ctsvibes 570,144 9.035 679.179 Page 20
THE BOLTINI TRUST NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 MARCH 2022 Analysls of expendlture by actlvltle8 {c¢)ntlnued) Grant lunding ol actNities 2021 Support Tot fvnds 2021 2021 Charitable actfvttles 378.276 9. 793 388,069 Audltorn, r•munornllon 2022 2021 Fees p•yable to tho Ch8rity8 auditor for the audit ofthe Charitsls annual accounts 6,600 Tru•tse•' rnmunerntlon and exp•n Durfng thé year, no Trustees recelved any remuneration or other benefits (221- £NIU. Durlng the year ended 31 March 2022, no TnJ8tee 6ws8s haN* been Incurred {2021- £NILJ. 10, Flxed as••t Inv•stm•nts Ll8ted Investments Cost or valuatlon At 1 April 2021 Additions Rev81ualions 14,090,066 4.781 38S,460 At 31 March 2022 14.480.307 N•t Ixx)k vllue At 31 March 2022 14.480,307 At31 Mah 2021 14,090,066 Page 21
THE BOLTINI TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 10. Flxed asset Investments {tontlnuedl Ail the fixed asset investment are held in the UK PAatsTlal Inv8gtmonl8 2022 2021 Ml Somerset Asla Ineome Fund l - Inc Lazard Global Equlty Income C In¢ ASI Worfd Incomé Equity Fund I In¢ Fld61tty Multi A$¥el Incomg Fund W-lncome Jupiter Monlhty Allemative Income Fund I Class Inc Man GLG Income Fund Prof Inc D IFSL Marfborough Mutts Cap Income Fund P Inc BNY Mellon UK Income In8t Fund W Inc Artemi$ In¢om¢ Fund C188$ I In¢ Prernler Mrton UK Mulll Cap Income Fund InstUOn81 8 In¢om8 2,256,896 2,202,297 2.009,397 1,973,048 1,761,805 1,032,049 967.637 786,210 774.265 716,713 2,388, 707 2,057,239 1,826, 700 2,086,688 1,629, 108 991.287 927.340 718,159 728,941 735,897 14,480,307 14,090,066 11. Currgnt assrt Inv•stm•nt• 2022 2021 Investment8 102,267 102,267 2022 2021 Fidelity Cash Fund Y- ACC 102,267 102.267 12. Credttors: Amount8 falllng due within one year 2022 2021 rua18 for grants payable 26,000 2&000 Page 22
THE BOLTINI TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOEO 31 MARCH 2022 13. Statement of funds Statement of funds- current year Balance at 31 March 2022 8alance at 1 Aprfl 2021 Galnsl (Losses) Incom& Exp¢ndlturo Unre8trlctsd tund* General Fund8- all fund8 228.986 587.168 {579,179 236.964 Endowmont funds End¢)wmenl Fund8- AN fund8 14,187,394 387fv59 14,674,863 Tot•1 of funds 14,416,379 687,168 {079,179) 387,459 14.811.817 Page 23
THE BOLTINI TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 13. Ststement of funds Icontlnuedl Statoment of funds- prioryo•r Balance 81 31 March 2021 88lanGe 8t 1 Apnl 2021 G8in (Losses) Incom8 Expenditure Unrgstrlcted funds General Funds 145. 784 471,270 (388,069) 228,985 Endowment funds Endowment Funds 11.328,473 2.858.921 14, t87.394 Totsl of funds 11,474,257 471,270 (388,069) 2.858,921 14.416.379 1 Summary offunds Sumrnary of fvnd5- currentyear Balance at 31 Mah 2022 Balance at 1 April 2021 Galnsl {Lwesl Income Expendrturg General fund¥ Endowment fund5 228.985 14,187.394 587,158 (579.1791 238.964 387.459 14574.853 14A16.379 587,158 (579.179} 387,459 14,811,817 Summary of funds- prlor year Balance at 31Ma 88lanc8 8t f Apnl 2020 Gain (Losses) Incom8 Expenditure General funds Endowment funds 145,784 11,324473 471,270 (388,069) 228.985 2,858,921 14. 187.394 11,474,257 471,270 (388,069) 2,858,921 14,416,379 Page 24
TrIE BOLTINI TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 15. Analysls ol not assets betweén fund8 Analyals of nat ass•ts b•tween fvnds - current year Unrestrlcted Endowmant funds fund8 2022 2022 Total fund8 2022 Fixed a88el investments Current assets Creditors due withln one year 14,480,307 14,480,307 94,546 3S6.510 126.0001 261,964 125,0001 Totsl 236.964 14,574,853 14,811,817 Analysls of net assets botweon fund8- prlor y•ar Unrestricted Endowment funds lunds 2021 2021 Tot&1 fvnds 2021 Flxed 88set investments Current as8ets Creditors due wmhln one year 14,090,066 14,090,066 97,328 351.313 (25,OOOJ 253,985 (25,000) Total 228,985 14, 187,394 14,416,379 16. Rgconclllatlon of net movement In fundi to net cash flow from operatlng actlvltles 2022 2021 Net income for the year {a8 per Statement of Flnancial ActhAties} 395,438 2.942. 122 AdJustment8 for: Gain8 on inve5tmenl$ Decreas6 In debtors Increase in creditors Revaluation of ca8h balance Investment Fees (387.469) f2,85a,923) 28,296 25.OCiI 10 1.998 Net ca6h provlded by operating actfvitles 9.977 136,505 Page 25
THE BOLTINI TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THe YEAR ENDED 31 MARCH 2022 17. Analy$ls of cash and ¢a8h oquSval&nts 2022 2021 Cash In hand 368,610 351,314 Total cash and cash gqulvalants 356,510 351,314 18. Analysls of changes In not debt At 1 Aprll 2021 C•8h flows Al 31 March 2022 Cash al bank and In hand Llquid invoslment¥ 249,047 102.267 6,197 264,244 102,267 351,314 5,197 356,511 19. Rol•t8d party tran¥acUon8 Th? Charity has not entered into any related paty IranBactlon during the year. nor are ther• any out8tandlng b8lance$ owlng betsvagn related partie8 and the Ch8rty at 31 March 2Q22. Page 26
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