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 nUM￿r 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￿$t Bank 39 The Borough Famh8m Surrey GU9 7NP Soli¢ltorn Boyce Hatton Sollcltors 58 The Terrace Torquay Devon TQ11DE Page 1 ThE BOLTINI TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trusteos preserrt their annual report together with the audited financlaj statements of the The Bottini Tnjst for the 1 April 2021 to 31 March 2022. The Trustees confim that the Annual report and finanual statements of the charity comply with the current statutory requirements. the requirements of the charivs goveming document and the pmmsions of the Statment of Reccrfnmended Prnctiee (SORP), appficable to charities preparing their accounts in accordance with the Financiat Reporttng Standard appficable in the UK and Republic of Ireland (FRS 1021. Objectlves and actlvltles . Policies and objectives The objectNe of the Trust is to support deserwng charitable causes that the Trustees think are undertaking worthwhile actiwties generally. but ncrt exdusNeFy. located wthin the home counties of England wf(h a particular f￿uS on Surrey and West Sussex or arternativety those that have a o)nnection to one of the Tnrstees. Some harilies are also supported that benefft people liwng in third wortd countries induding Africa, Asia and the Wesl Indies. The Trust also supports the Arts through funding musvt organisations particularly those wth an involvement in contemporwy musio Al charibes must have demonstrated to the Trustees a worthy need for grant funding. The beneffciaries of our grant making p)Iw need to explain ary granted funds be utilrzed arKt allow Trustees to verify the utili2ation of granlad funds from time to b"m8. The Trust does not usually make mujti-year grant commitmerts allhough cKCas[c￿IY organisati￿$ 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 aF9r￿lIate enquiries. the Trustees have a reaK￿*[e expectation that the Charity has adequate resources to continue in operational exstence for the fo￿eeabl8 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 la￿hwgh 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 incc*ne will aecumulate fr￿n 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 reStr￿ted 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 r￿SonS 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 signrf￿nI fundraising aCtIv￿e8. A su1￿committee 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 AC￿l￿ng 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 It￿n apptythom consl¥tenty, obserye thg methods and prfnclples ofthg Charld8s SORP (FRS 1￿2K m8ke ludgments and accounllng estimate8 that are rea8Dn8L4e arKI pnKI￿[ ststs wttether 8ppllcBiI8 UK Aoxiunllng Stsndard6 (FRS 102) have ljegn follm*l. 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 ch8rttyw￿l continue In bustness. The TnJ8tg95 w8 r8SFKThlAe for keaplng adgquate ac¢ountlrvJ r8t4)rdB that are 8how and exploln Charftys transactlons d￿d0$e wlth reasonable acLuracy al any tlme the flnandal posmon of Ihe Charfty and ènable them to enwm that the financial st*ments comply Ch8rfUes Act 2011. the Chadty 1Ac¢x￿nts and Reports) Reg￿allonS 2008 and th6 yovknlons of fhg Tn￿t deed. Thay aro al>) reSpor￿￿ble for ¥afeguarding the assets ofthe Ch¥lty arKI henca taklng re880nabl& Sta￿ for the wevenlort and detectlon of fraud and other Irregulortues. Dknclo#ur• d Infomialkm to oudllorn E¥h ofthe per80￿ am TN*ees at thé tlme when th18TnMtee¢ reFth18 approved h85 ￿nfiMi8d thaL' 80 lar as that TnJ8tse b awarp, thern Is no ro18v8nt ￿d]i Inlornwknn of whtth the ctsrttys audltor8 We unaware. aThJ that TnJst¢e t06 taken ell the steps that ought to been taken as a Tntsteè In order to be 84vare of any rd8vant audlt and to e8tabll6h thatts audlkx¥ we aware ofthat infom)thn. Thg audlkws. Wl80 & c￿ ho¥0 Indk*d th8lr wI￿ng￿$S to conYnu8 In office. The de¥lgnated Tn￿06 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 B￿ance 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 th￿r preparation is appli¢xbbe law and Unrted ￿ngIJc(n Accounting Standards. induding Financi￿ Reporting Stsndard 102 Yhe Financid Repottng Standard app￿cable 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 oP￿10n 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 rewSib￿li7es 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 IrrfOnnat￿n 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 $ufficient aeeounting records have not been kept.. or the financial statements are not in agreement with the aC￿UnI1ng recg)rds and retums., or VR have not Tecwed all the infomation arKI explanations V•E require fc* our audiL Responslbllltles of tnBt••s As explained more fulty in the Trustees, responsibTI rties statement. the Trustees are re5pon5ible for the preparation of the financial stat￿rtent$ 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 m*erial 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 COn￿M 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