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← The Boltini Trust

2024-03-31-accounts

Charity number: 1123129

THE BOLTINI TRUST

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TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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| | THE BOLTINI TRUST | CONTENTS | \ CC a | Page Reference and administrative details of the Charity, its Trustees and advisers 1 Trustees’ report 2-5 indepet dant auditors’ report on the financial statements 6-9 state of financial activities 10 Balance sheet 11 Statement of cash flows 12 Notes to the financial statements 13-27

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THE BOLTINI TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Trustees

Anthony John Bolton, Chair of Trustees Sarah Clare Bolton Oliver James Bolton Benjamin Alexander Bolton Fiona Elizabeth Milward Bolton Pheobe Eleanor Jewell Bolton Emma Louise Lamont James David Hamilton Lamont (appointed 9 June 2024)

Charity registered number

41123129

Principal office Woolbeding Glebe Woolbeding Midhurst West Sussex GU29 9RR

Independent auditors

Shaw Gibbs (Audit) Limited Statutory auditors Wey Court West Union Road Farnham Surrey GUS 7PT

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Bankers

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Natwest Bank 39 The Borough Farnham Surrey GU9 7NP

Solicitors

Kitson Boyce LLP Minerva House Orchard Way Edginswell Park Torquay TQ2 7FA a

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| i 1 a THE BOLTINI TRUST a | TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the audited financial statements of the The Boltini Trust for the :1 April 2023 to 31 March 2024. The Trustees confim that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statment of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Objectives and activities a. Policies and objectives | The objective of the Trust is to support deserving charitable causes that the Trustees think are undertaking worthwhile activities generally, but not exclusively, located within the home counties of England with a particular focus on West Sussex or alternatively those that have a connection to one of the Trustees. Some charities are also supported that benefit people living in third world countries including Africa, Asia and the West Indies where there is a specific connection to a Trustee. The Trust also supports the Arts through funding musical organisations particularly those with an involvement in contemporary music. All charities must have demonstrated to the Trustees a worthy need for grant funding.

The beneficiaries of our grant making policy need to explain how any granted funds will be utilized and allow Trustees to verify the utilization of granted funds from time to time. The Trust does not usually make multi-year grant commitments although occasionally organisations have been supported over a period of years. Designated Trustees and one outside person are involved in monitoring a number of beneficiaries to determine that grant funds have been properly and suitably utilized to the satisfaction of the Trustees and decide if further support might be given.

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)'.

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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. Further detaiis regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy | During the year dividend income is received from the portfolio of funds held. The income is allowed to build up until thé biannual Trustee meetings after which grants are generally made. Unapplied funds during the year are retained by the Trust to cover operating costs and any residual income after settlement of operating costs is held over for the next year’s grant making. The Trustees aim to maintain free reserves in unrestricted funds at a level that at least equates to forecast operating cost (although these are low as the Trust has no employee or property costs).November [Theyor Decemberare happy incometo carrywillforwardaccumulateunutilizedfrom reserves.this meetingAs untilonetheTrusteeTrust'smeetingyear-end.is Thenormallybalanceheldheldin as~e funds as at 31 March 2024 was £253,824 (2023: £350,510). There are no restricted funds Page 2

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THE BOLTINI TRUST

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

c. Investments policy and performance

The assets of the Trust are invested in a portfolio of funds, which mainly invest in equities that provide a reasonable level of income as well as the prospect of growth over the longer-term. The funds have significant exposure to overseas equities. The chairman oversees the investments using his experience gained from over 40 years working in the investment industry. Although the high exposure to equities means higher volatility and the short-term prospect of losses he believes that, given the long-term nature of this charity, such an approach is warranted.

The funds in which the Endowment Fund has been invested in have been chosen primarily for investment reasons rather than social, environmental or ethical considerations.

d. Principal risks and uncertainties

The Trustees have assessed the major risks to which the charity is exposed, in particular those relating to operations and finance of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to major risks.

The chairman makes all grants to the recipients electronically from the charity's bank account direct to the recipient's account.

e. Review of the year

During the year grants totalling £616,282 (2023: £607,260) were agreed. Investment Income was £536,540 (2023: £727,881) and donations were £272 (2023: £820). The net movement in income and expenditure before investment gains and losses wasa deficit of £96,686 (2023: gain of £113,546).

Structure, governance and management

a. Constitution

The Boltini Trust is a registered charity, number 1123129, and is constituted under a Trust deed dated 28th February 2008. The trust was established by an initial endowment gift from the founder Anthony Bolton. The charity seeks to continue its charitable work through the careful stewardship of existing resources.

The Trust Deed provides for a minimum of three Trustees and for a minimum of two ordinary meetings per year at which the Trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management and the handling of applications prior to consideration. The Founder must chair such meetings and no business of the charity must be conducted unless the Founder and at least two other Trustees are present through the meeting.

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 current Trustees are all members of the Bolton family and consist of Anthony Bolton, his wife Sarah and their three children and their spouses. Trustees are not required to retire after a certain length of service. Decisions are made by consensus and on the rare occasion there is a stalemate the chairman has the casting vote.

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a | THE BOLTINI TRUST
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| TRUSTEES’ REPORT (CONTINUED)
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Structure, governance and management (continued)

c. Organisational structure and decision-making policies The raletoes currently meet twice a year and are encouraged to bring suggestions to the meeting of charities that they think should be considered for funding.

| The initial endowment consisted of shares in Fidelity International given by Anthony Bolton (these shares were required to be sold when Anthony Bolton retired from Fidelity). From time to time he has made further donations to the trust. The Trust also receives the royalties on his book ‘Investing Against the Tide’. Funds are not raised from the parties although some unsolicited donations have been received.

Generally the donations are funded from the investment income received by the Trust plus donations received in that year. However, capital can be used to boost income if necessary. Also funds can be held over for allocation in future years. The Trust does not carry out significant fundraising activities.

A sub-committee comprising the Founder and one other Trustee is tasked to review all grant applications received by the charity for presentation at Trustee meetings. Its makes recommendations as to the applications they consider are the most deserving and fit into the areas focused on by the Trust. All Trustees give their time freely and no trustee remuneration was paid in the year. Trustees are required to disclose any conflicts of interest that arise when grants are considered and register them with the Chairman. The Trust has no employees.

Future developments The Trystoes expect the charity to be run on a similar basis for the foreseeable future.

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eae "THE BOLTINI TRUST | ae ) _ "TRUSTEES" REPORT (CONTINUED) ™ oe re ‘FOR THE YEAR ENDED31° MARCH 2024 © © = ‘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). . Lops eS uo - , - » The:lawapplicableto charities in’ England & Wales requires-the Trustees to prepare financial statements for > -@ach financial--which give.a true.andfair: view. of the stateof affairs ofthe Charity andof its incoming resources_ . and’application:of resources, including its Income.and ‘expenditure, for that period. In preparing these financial’ _ Statements, the Trusteesare requiredto: ~ ” ne gee : Oo - ©, ‘select suitable accounting policiesand then apply them consistently, ~ “(9 -observethe methods and principlesof the Charities SORP (FRS102);" _ #>> make judgmentsand accounting estimatesthat 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; ©. 8 . .®°. prepare the financial statementson the: going concem basis unless it Is inappropriate to presume that the a Charity will continue in business: moe St OE oe a va © 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 ensurethat: 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 hencefor taking reasonable steps for the prevention and detection of 2 oaks Disclosure of Information to auditors : , Eachof the persons who-are Trustees at ‘the time. when this Trustees’ report is approved. has confirmed that: °. so:far as. that Trustee. is aware;, there is no. relevant audit information of which the charity's auditors are : -ocunaware,and eS aie vs oe e .- -that Trustee has:taken all the steps:that ought fo have: been taken:as:a Trustee in.order. to.be aware: of “> any-relevant-audit information and:to establish that the charity's auditors are aware of that information. oe _ Auditors So! oon 7 _ a a - The auditors, Shaw. Gibbs (Audit).Limited,. have.indicated their-willingness.to. continue in office. The designated Trustees: will propose @.motion reappointing the auditors at a meeting of the Trustees. ; ,

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Approved by order of the members oftheboard of Trustees and signed on thelr behaif by:
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. Anthony(Trustee). John Bolton:: AukNA — a
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a THE BOLTINI TRUST eee INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BOLTINI TRUST

Opinion

We have audited the financial statements of The Boltini Trust (the 'charity') for the year ended 31 March 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The. Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards 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.

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.

In our opinion the financial statements:

Basis for opinion

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We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

. In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities| and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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THE BOLTINI TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BOLTINI TRUST (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors’ report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees’ responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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THE BOLTINI TRUST

a INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BOLTINI TRUST (CONTINUED) |

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Auditors’ responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act ‘and relevant regulations made or having effect thereunder. I Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion, Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. | Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detalled below: We gained an understanding of the legal and regulatory framework applicable to the charity and the objectives it operates for, and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may ivlveelberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Charity Law. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and inspection of legal correspondence. In addition to this, during the course of the audit our testing reviewed grants payable to ensure they were to relevant charities in order to cover the risk of fraudulent activities. | . As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We aidlnot identify any key audit matters relating to irregularities, including fraud. | . A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.fre.org.uk/auditorsresponsibilities. This description forms part of our Auditors’ report.

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THE BOLTINI TRUST

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE BOLTINI TRUST (CONTINUED)

Use of our report

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. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity - and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Shaw Gibbs (Audit) Limited Statutory auditors Wey Court West Union Road Farnham Surrey GU9 7PT Date: 2S-O*N. 72

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THE BOLTINI TRUST

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||||||||| |---|---|---|---|---|---|---|---| |pe| |||STATEMENT OF|FINANCIAL ACTIVITIES| |||FOR|THE YEAR ENDED 31 MARCH 2024| |||Unrestricted|Endowment|Total|Total| |||funds|funds|funds|funds| |2024|2024|2024|2023| |||Note|£|£|£|£| |Income and|endowments|from:| |Donations and|legacies|3|272|-|272|820| |Investments|4|536,540|-|536,540|727,881| |Total income and endowments|.|536,812|;|-|536,812|728,701a| |Expenditure on:| |Charitable|activities|6|633,498|-|633,498|615,155| ||| |Total|ene|633,498|-|633,498|615,155| |Net (expenditure)/income|before|net| |gains/(losses)|on|investments|(96,686)|-|(96,686)|113,546| |Net|gains/(losses)|on|investments|-|74,340|74,340|(1,215,683)| |Net|“enon in funds|(96,686)|74,340|(22,346)|(1,102, 137)| |Reconeiliation|of funds:| |Total|funds|brought forward|350,510|13,359,170|13,709,680|14,811,817| |Net movement|in|funds|(96,686)|74,340|(22,346)|(1,102, 137)| |Total funds|carried forward|253,824|13,433,510|13,687,334|13,709,680| |The semen of Financial Activities includes|all gains and losses recognised|in the year.|

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The notes on pages 13 to 27 form part of these financial statements.

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||||||| |---|---|---|---|---|---| |a|:|THE|BOLTINI|TRUST| |ce|BALANCE SHEET.| |ener|AS AT 31 MARCH 2024|.| |ae|2024|2023| |po|Ra|Note|a:|£| ||Fixed assets| |>|Investments.|10|12,667,472|13,260,471| |OBR|yes|;|.|12,687,472|13,260,471| |Current assets| |,|“Debtors|°|A|41,856|119,944| |«Investments|42|774,344|104,420| |.|Cash vat bank and|in hand|228,662|249,845| |DBS|1,044,862|474,209| ||«|Creditors:|amounts|falling due within one| |:|years.|2|43|(25,000)|(25,000)| |"Net current assets|1,019,862|449,209|-| |‘sTotal assets|less current liabilities|.|"13,687,334|13,709,680| |oo|‘Net assets excluding|pension|asset|13,687,334|13,709,680| |-|"Total net|assets|-|13,687,334|4,709,680| |Charity|funds| |Endowment funds|.|40|13,433,510|13,359,170| |Unrestricted funds|14|263,824|350,510| |Totalfunds|13,687,334|13,709,680| |)|Thefinancial statements were|approved and authorised for issue by|the Trustees and signed on their behalf by:| |-”|Anthony| |“(Trustee)-John Bolton|fh:|/| |Pe|Lae|™*| |10|Adu|202Y| |a|The notes on pages 13 to 27 form part ofthese financial statements.|.|

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |||FORSTATEMENT THE|YEAR|ENDED OF CASH31|FLOWSMARCH|2024| ||| ||| |!|2024|2023| |||£|£| |Cash fows from operating|activities| |Net cash|used|in|operating|activities|(15,962)|(4,399)| |Cash|flows from|investing|activities| |Proceeds from sale of investments|1,976,638|3,311,466| |rune of investments|(1,311,935)|(3,309,312)| |Net cash|provided by|investing|activities|664,703|2,154| |Cash|iia from financing activities| |Net cash provided by financing activities|-|-| |||————| |Change|in|cash|and|cash|equivalents|in|the year|648,741|(2,245)| |Cash and cash|equivalents|at the beginning of the year|354,265|356,510| |Cash an||cash equivalents at|the end ofthe year|——S1,003,006|=354,265| |The|notes|on|pages|13|to 27|form|part|of these|financial|statements|

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a THE BOLTINI TRUST

SSS SSS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 _ | ae 1. General information The Boltini Trust (registered number 1123129) is an unincorporated charity registered with the Charity Commission in England and Wales. The principal office is at Woolbeding Glebe, Woolbeding, West Sussex, England.

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 providea '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 Boltini 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.

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.

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.

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

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THE BOLTINI TRUST
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| NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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2. Jecounting policies (continued) .
2.4 Interest receivable
| Interest on funds held on deposit is included when receivable and the amount can be measured
i teliablyinstitutionbywi th ewhomCharity;the thisfundsisarenormallydeposited.upon notification of the interest paid or payable by the
2.5 Investments
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| Fixed asset investments are a form of financial instrument and are initially recognised at their
| transactioncannot be measuredcost and subsequentlyreliably in which measurcas e dit atis fairmeasured value atat thecost Ba l essanceimpairmen sheet da t .e,Investmentunless the vg a lueins
| and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on
; _ investments’ in the Statement of financial activities.
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2.6 Debtors
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| | | TradePrepaymentsand otherare debtorsvalued ataretherecognisedamount prepaidat thenetsettlementof any trade amountdiscountsafter anydue. trade discount offered. | 2.7 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. | 28 Liabilities : 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.

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| 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.
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2.9 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. 2.10 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.

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

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THE BOLTINI TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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3. Income from donations and legacies
Unrestricted
funds		 Total
funds
2024 2024
£ £
Donations 272 272
Unrestricted
funds		 Total
funds
2023 2023
£ £
Donations 820 820
4. Investment income
Unrestricted
funds		 Total
funds
2024 2024
£ £
Investmentincome 534,583 §34,583
Interest received 1,957 1,957
536,540 536,540
Unrestricted
funds		 Total
funds
2023
£		 2023
£
Investment income 727,050 727,050
Interest received 831 831
727,881 727,881

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THE BOLTINI TRUST

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

5. Analysis of grants

; ; ; | Grants payable . Grants payable

Grants to Total
Institutions funds
2024 2024
£ £
616,282 616,282
Grantsto
Institutions		 Total
funds
2023 2023
£ £
607,260 607,260

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THE BOLTINI TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

ee The Charity has made the following grants to institutions during the year:

Unrestricted grants payable

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2024|2023| |£|£| |Disadvantaged|/|Disabled|/|Children|&|Young|People|Care|Institution| |Young|People's|Shop|10,000|-| |PACSO|(Parent|&|Carers|Support|Organisation)|6,000|-| |Sick|Children's|Trust|6,000|-| |The|Bell|Tower|Drop-in|/|Chichester|City|Centre|Drop-in|5,000|-| |Elizabeth's|Smile|UK|4,000|-| |Chailey|Heritage|Foundation|3,500|-| |Tuppenny|Barn|3,000|-| |Wellspring|West|Sussex|2,000|-| |Renaissance|Foundation|-|10,000| |Magic|Breakfast|-|10,000| |Dreams|Come|True|-|5,000| |The Young|People's|Shop|-|5,000| |Sense|-|2,400| |39,500|32,400| |Disadvantaged|/|Disabled|/ Homeless Adult Care|Institutions| |North|Paddington|Foodbank|10,000|-| |UKHarvest|6,000|-| |Home-Start UK|5,000|-| |St|Wilfreds|Hospice|5,000|3,000| |Age|UK|3,000|-| |Listening|Books|3,000|-| |Family Support|-|20,000| |Bramber|Bakehouse|-|10,000| |Refugee|Council|-|10,000| |St|Barnabas|Hospice|-|5,000| |Changing|Faces|-|2,500| |32,000|50,500| |Medical|Research|/|Medical|Institutions| |Alzheimer's|Research|UK|20,000|-| |Chichester|Medical|Educational|Centre|(CMEC)|20,000|-| |Antenatal|Results|and|Choices|(ARC)|10,000|-| |Hope|for Tomorrow|10,000|-|

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! NOTESTOTHEFINANCIALSTATEMENTS NOTESTOTHEFINANCIALSTATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Medical Research /Medical Institutions (continued)
Bliss 5,000 -
Marie Curie 5,000 -
Tommy's
Grohns& ColitisUK		 5,000
3,000		 -
.
Cystic FibrosisTrust - 25,000
Cosmic - 10,000
Alike - 10,000
CoppaF eel - 10,000
Noah's Pink Balloon - 10,000
Dementia Support - 5,000
BreastCancer Now - 5,000
Target Ovarian Cancer - 2,500
Blood Pressure UK - 2,000
Cancerwise - 5,000
78,000 84,500
Major Disaster Relief Funds
Medecins Sans Frontieres UK 33,000 -
Savethe Children
Shelterbox		 30,000
15,000		 -
30,000
WarChild (Ukraine Appeal) 10,000 -
Swiss Red Cross (for Ukraine R.C.) - 21,442
88,000 51,442
Community & Educational Institutions
SussexCommunityFoundation 20,000 20,000
Midhurst CLT 15,000 -
Goodwood Education Trust 5,000 -
MidhurstCommunityHub
National Garden Scheme		 5,000
5,000		 7,000
-
Petworth and District CommunityAssociation 5,000 -
RSPCA 5,000 -
Selsey Community Forum 3,000 -
St Mary's - 25,000
Bishop Luffa - 20,000
North Paddington Foodbank - 15,000
Stonepillow - 10,000
WestSussex Mind - 10,000
Chichester Foodbank - 10,000
Trust - 10,000

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Community &|Educational|Institutions|(continued)| |Midhurst|PCC|-|10,000| |Life|Centre|5,000| |Pregnancy|Options|5,000| |Re-Engage|-|5,000| |Life|2009|-|3,000| |Carers|Support|-|3,000| |4|Sight Vision|-|3,000| |PCC|Trotton|-|2,000| |63,000|163,000| |International| |Halo|Foundation|23,838|10,210| |Friends|of the|Care|Foundation|12,311|-| |Children|on|the|edge|40,000|20,000| |MondoChallenge|Foundation|10,000|-| |Prospect|Burma|10,000|-| |The|Sofiia|Okunevska|Foundation|10,000|-| |Second|Sight|6,000|-| |Touching|Hearts|Ministries|2,047|-| |The Care Project|-|10,000| |Street|Child|-|10,000| |Island|Academy|-|8,326| |Friends|of Kagando|-|7,500| |Elizabeth's|Smile|-|4,282| |Fund|a|Future|-|4,000| |84,196|74,318| |Environmental| |Rewilding|Europe|10,224|-| |Chichester|Harbour|Trust|10,000|-| |Mongabay|5,115|-| |Client Earth|-|5,000| |25,339|5,000| |Music| |Sound &|Music|100,000|100,000| |Royal|Opera|House|Foundation|20,000|-| |Antigua and Barbuda Youth Symphony Orchestra|(ABYSO)|10,247| |The|BRIT|School|10,000| |Future Talent|10,000|6,000| |The|London|Symphony Orchestra|10,000|-|

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|||||||| |---|---|---|---|---|---| ||||NOTES TO THE FINANCIAL STATEMENTS||| ||||FORTHEYEAR ENDED 31 MARCH 2024||| |||||||| |||Music(continued)|||| |||Ora Choir
Royal Philharmonic Orchestra
Royal Philharmonic Society||10,000
10,000
10,000|10,000
-| |||Children's Concerts||5,000|| |||MusicTheatreWales||5,000|| |||Petworth Festival||3,500|3,500| |||lping Parochial Church Council||2,500|| ||||
Gerald Finzi Trust||-|11,100| |||Opera Holland Park||-|5,000| |||CambridgeMusic
Nash ConcertSoc
Wild Plum||-
-
-|5,000
3,000
2,500| |||||ee|| |||||206,247|146,100| |||Totalgrants payable
|
|||616,282
————— 9»——|607,260| |6.||Analysis ofexpenditureon|oncharitable activities||| |||Summarybyfund type|||| |||i|||| ||.||||Unrestricted|| ||||||funds|Total| |||||2024|2024| |||||£|£| |||Phaniable activities
|||633,498|633,498| |||||Unrestricted|| |||||funds|Total| ||||
Charitable activities|;|2023
£
615,155|2023
£
615,155| ||||||———=_=|| ||||||||

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

7. Analysis of expenditure by activities

----- Start of picture text -----
Grant
funding of Support Total
activities costs funds
2024 2024 2024
£ £ £
Chartitable activities 616,282 17,216 633,498
Grant
funding of Support Total
activities costs funds
2023 2023 2023
£ £ £
Charitable activities 607,260 7,895 615,155
8. Auditors' remuneration
2024 2023
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 7,144 4,740
----- End of picture text -----

9. Trustees’ remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL).

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NOTES TOTHE THE FINANCIALSTATEMENTS
FORTHEYEAR YEAR ENDED 31 MARCH 2024
10. Fixedassetinvestments
£
Costorvaluation
At 1 April 2023 13,260,471
Additions
Disposals		 1,311,935
(1,965,727)
Revaluations 60,794
At31 March 2024 : 12,667,473
Netbookvalue
At 31 March2024 12,667,473
At 31March 2023 13,260,471
——_
Allthefixed asset investmentareheld intheUK
. Material investments
! 2024 2023
£
Artemis IncomeFund Class Inc 1,758,760
BlackRock World Mining Trust PLC Ord GBP0.05 1,110,164 -
IFSL Marlborough MultiCap Income FundP Inc 827,815 792,953
JupiterMonthlyAlternative IncomeFund Class Inc 1,814,957
lazard Global Equity Income C Inc 1,594,652 1,402,174
ManGLG Income Fund ProfIncD 2,024,011 1,877,868
MI Somerset Asia Income Fund - Inc 2,195,914
PremierMitonUK MultiCapIncomeFund Institutional B Income
ASIWorldIncome EquityFund		 Inc 1,341,200
-
12,667,473

aee

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

11. Debtors

2024 2023
£ £
Due within one year
Prepayments and accrued income		 41,856 119,944
SN
12. Current asset investments
2024
£		 2023
£
Investments 774,344 104,420
.
2024 2023
£ £
FidelityCashFund W -ACC 774,344
—___————		 9§ 104,420
§___
13. Creditors:Amountsfallingduewithinoneyear
2024
£		 2023
£
Accrualsforgrantspayable 25,000 25,000

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| NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 | 14. Statement of funds

Statement of funds - current year

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |:|Balance|at| |||Balance at 1|Gains/|31|March| |||April|2023|Income|Expenditure|(Losses)|2024| |£|£|£|£|£| |Unrestricted|funds| |General|Funds|-|all|funds|350,510|536,812|(633,498)|-|253,824| |||eee| |Endowment funds| |Endowment Funds-|all funds|13,359,170|-|-|74,340|13,433,510| |pee| |!| |Total|of funds|eee13,709,680|eee536,812|(633,498)|74,340|13,687,334| ||| |Statement of funds-|prior year| |Balance|at| |;|Balance|at|Gains/|31|March| |||1|April 2022|Income|Expenditure|(Losses)|2023| |||£|£|£|£|£| |Unrestricted funds| |I| |General|Funds-|all funds|236,964|728,701|(615,155)|-|350,510| |Endowment funds| |Endowment||Funds -|all funds|eee14,574,853|-|-|(1,215,683)|13,359,170| |Total of|funds|SS14,811,817hS== Co728,701|(615,155)|en(1,215,683)|SS|13,709,680|

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. Summary of funds

Summary of funds - current year

Balanceat 1
April 2023		 Income Expenditure Gains/
(Losses)		 Balance at
31 March
2024
£ £ £ £ £
General funds 350,510 536,812 (633,498) - 253,824
Endowment funds 13,359,170 - - 74,340 13,433,510
13,709,680 536,812 (633,498) 74,340 13,687,334
Summary offunds - prioryear
Balance at
1Apnil2022		 Income Expenditure Gains/
(Losses)		 Balance at
37 March
2023
£ £ £ £ £
General funds 236,964 728,701 (615,155) - 350,510
Endowment funds 14,574,853 - - (1,215,683) 13,359,170
14,811,817 728,701 (615,155) (1,215,683) 13,709,680

16. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024		 Endowment
funds
2024		 Total
funds
2024
£ £ £
Fixed asset investments 201,991 12,465,481 12,667,472
Current assets 51,833 993,029 1,044,862
Creditors due within one year - (25,000) (25,000)
Total 253,824 13,433,510 13,687,334

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024:

16. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Unrestricted|Endowment|Total| |funds|funds|funds| |2023|2023|2023| |£|£|£| |Fixed|asset|investments|-|13,260,471|13,260,471| |Current|assets|375,510|98,699|474,209| |Creditors|due within|one year|(25,000)|-|(25,000)| |7otal|350,510|13,359,170|13,709,680|

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  1. Reconciliation of net movement in funds to net cash flow from operating activities

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |.|2024£|2023£| |Net expenditure|for the period (as per Statement of Financial|Activities)|(22,346)|(1,102, 137)| |Adjustments|for:| |Gains|on|investments|(74,340)|1,215,683| |Decrease/(increase)|in|debtors|78,088|(119,945)| |Investment|Fees|2,636|2,000| |Net cash|used|in|operating|activities|(15,962)|(4,399)|

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18. Analysis of cash and cash equivalents

----- Start of picture text -----
|||||| |---|---|---|---|---| |2024|2023| |;|£|£| |Cash|in|hand|1,003,006|354,265| |Total|cash and cash|equivalents|1,003,006|354,265|

----- End of picture text -----

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

19. Analysis of changes in net debt

Changes in
market
value and
exchange
At 1 April rate At31 March
2023 Cash flows movements 2024
£ £ £ £
Cash at bank and in hand 249,845 (21,183) - 228 662
Liquid investments 104,420 662,329 7,595 774,344
354,265 641,146 7,595 1,003,006
———

20. Related party transactions

The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 March 2024.

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